HomeMy WebLinkAbout0334 .
bearing interest at the prevailing rate of Federal Savings and
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Loan Associations per annum and payable in one hundred twenty ~
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(120) consecutive equal monthly payments with the payments to be ~
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applied first to interest and the balance to principal and with '
the right of prepayment at any time and from time to time without ~
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penalty. ~ ~
The Purchaser shall be permitted to go into possession
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of the property covered by this Agreement on the date of its
execution, and shall assume all liability for insurance, taxes '
and maintenance from and after that date. The Purchaser agrees
to maintain the exterior and interior of all buildings in good
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condition and to maintain fire and extended coverage insurance
on the buildings in an amount of not less than the balance due
Sellers under this Agreement or the maximum insurable value of
the property, whichever is less.
Required documentary stamps shall be placed on the deed
by Sellers. In the event that a purchase money mortgage is taken i
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by the Sellers as a part of the purchase price, the intangible
tax on it shall be paid by the Sellers, and the required docu-
i
mentary stamps on the note secured by it shall be paid by the
Purchaser.
The time of payment shall be of the essence and in the
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; event of any default in payment of any part of the purchase money
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~ as and when it becomes due or in the performance of any other ~
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` obligations assumed by the Purchasers in this Agreement,and in
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~ the event that the default shall continue for a period of fifteen
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~ (15) days, then the Sellers may consider the whole of the balance
$ due under this Agreemen~ as i~diately due and payable and
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~ . collectible, or the Sellers may rescind this Agreement, retaining ;
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= the cash consideration paid for it as liquidated damages, and thi
Agreement then shall become null and void. In the event that it
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~ is necessary for the Sellers to enforce this Agreement by fore-
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u closure proceedings, or ctherwise, all costs of those proceedings
~ including a reasonable attorney's fee, shall be paid by the Purch ser
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