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(2) cont'd... Refusal on the part of the parties of the second part
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to pay these late charges will be considered the same as
failure to make the aforesaid regul~rly scheduled payments.
The parties of the second part agree and covenant: .
(1) To keep the property insured at their expense with an insurance
company satisfactory to the party of the first part in an .
amount of not less than $16,000.00. Said insurance to cover
both fire and windstorm dama.ge, with a ma.ximum deductible of
$100.00. • ~ ;
(2) To pay all ad valorem city and county taxes and other
governmental assessments accruing subsequent to the llth day
of September A.D. 1973• '
(3) Failure to perform any of the covenants on their part, within
30 days of the due dates, shall constitute forfeiture and
termination of the within contract and all payments made by
the parties of the second shall be forfeited and constitute
full and liquidated damages to the party of the first part.
Neither forebearance nor acceptance by the party of the first
part after any default-in any payment hereon, shall be deemed
extension hereof. ~
' (4) That in the event it is necessary to use legal means or processss `
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f to enforce performa.nce of this contract or to foreclose this
~ contract to obtain possession of this property, the parties of _
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Q the second part agree to pay a reasonable attorney's fee and
~ all other costs pertaining to the legal procedure involved. :
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(5) That it is not necessary for the party af the first part to
notify the parties of the second part when any of the amounts come ~
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~ due under this contract. ;
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~ It is mutually agreed, by and between the parties hereto: (1) that
~ the time of payment shall be an essential part of this contract, and
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_ that all the covenants and agreements herein contained shall extend
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- to and be obligatory upon the successors, heirs, executors,
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adminstrators and assigns of the respective parties and that this ~
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~ herein contract is the only contract between the respective parties s
herein with regards to the aforesaid real property. (2) That the
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a~ principal balance due under this contract can be paid off in full
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~ or in any part at any time after the lst day of January A.D. 1977
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~ BOOK219 PACE ~
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