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balance of the said monthly payment shall apply on the principal. ~
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T'he parti~~ of the second part will pay all taxea and assessments ~ 2
or impositions that may be legally levied or imposed upon said land
subsequent to ~ly 8, 1968, and keep the buildings upon said premises
insured in some company satisfactory to the party of the first part,
and payable for the parties, respectively as their interests may
appear in a sum not less than Ten Thousand ($10,000.00) Do.llars,
during the term of this agreement. And in case of failure of the
said parties of the second part to make any of the payments or any
part thereof, or to perform any of the covenants on their part hereby
made and entered into, this contract shall, at the option of the
party of the first part, be forfei~~d and terminated, and the parties
of the second part shall forfeit all payments made by them on-this
contract; and such payments shall be retained by the said parties
of the first part in full satisfaction and liquidation of all.damages
by them sustained, and the said parties of the first part shall have
the right to re-enter and take possession of the premises aforesaid
without being liable to any action therefor.
IT IS MU7~JALLY AGREED, by and between the parties hereto, that
the time of each payment shall be an essential part of this contract,
and that all covenants and agreements herein contained shall extend
;
` to and be obligatory upon the heirs, executors, administrators and
assigns of the respective parties.
~ IN WITNESS WI~REOF, The parties to these presents have hereunto
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~ set their hands and seals the day and year first above written.
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Signed, Sealed and Delivered ~ EAL)
in Presence of:
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, . . . . . . . . . . . . . . BOOIi 243 PAGE
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