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of this contract, Buyers shall insure and keep insured against
fire or other casualty all improvements now on the property and
improvements that may hereafter be built thereon in an amount not
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less than $35,500.00, and said policy of insurance shall have
contained upon the face thereof a mortgagee clause in favor of
the Sellers as their interest may appear. All premiums on such ~
policy shall be paid by the Buyers. ~
7. If Buyers fail or neglect to pay any +
installment of taxes or any assessment or insurance premium when
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due, Sellers shall have the right to make such payment and to add
the amount or amounts thereof, together with interest at 10'Jo
per annum to the obligation of the Buyers. Such right shall be
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deemed to be an option and shall impose no obligation on the
Sellers and Sellers may elect to treat such neglect or failure on
the part of the Buyers as a breach of this contract.
8. Title in the aforesaid realty shall be and is ~
reserved to the Sellers, their heirs, executors, administrators, ~
successors and assigns until full performance by the Buyers as
required hereunder. Upon full performance by the Buyers, the
Sellers shall deliver to the Buyers a fee simple title to said
realty, by general Warranty Deed, free and clear of all liens and ~
t
i encumbrances, except for zoning and other governmental
f t
t
regulations and such restrictions, easements and reservations as
may appear of record in the Abstract of Title being delivered to
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~ the Buyers prior to the closing hereof.
9. Time is of the essence of this Agreement. In
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the event Buyers fail to make any payments required by the terms }
of this contract at the time the same falls due and prior to the
delinquency thereof, including installment payments to the
Sellers, taxes, assessments and insurance premiums, and if such
a
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default continues for Thirty (30) days, Sellers at their option
may: ~
A. Declare a forfeiture of Buyers' rights
hereunder and cancel this contract. On such election, all right,
title and interest of the Buyers hereunder shall cease and
determine and all payments therefor made by Buyers shall be
H A R OLD H. GOIDMAN
•~°""~~*u" retained by the Sellers as liquidated damages and as rental for
q2a i. FEOEIIK 11"Y_
n n. LUCIE, iU?. asst
the use and occupancy of the property. ~ `
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