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life of this contract, Sellers 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 less than its full insurable value, and said policy
of insurance shall have contained upon the face thereof a clause
in favor of the Buyers as their interest may appear. All
premiums on such policy shall be paid by the Sellers from the ;
aforesaid escrow account, all insurance proceeds shell be payable
to the respective parties as their interest may appear, any '
excess funds thereof to be paid to the Buyers.
6. Buyers shall have the right to prepay all or
any portion of the within mentioned indebtedness in whole or in
part at any time without penalty and may, in the payment thereof,
assume the existing Mortgage of the Sellers in favor of the
WILLIAMSBURG SAVINGS BANR as it may then exist.
- 7. Sellers have obtained or shall obtain prior to
the closing hereof an Abstract of Title certified to at least the ~
date of this Agreement and shall-pay the cost thereof, said
Abstract showing good and merchantible title, subject only to
this contract, the mortgage hereinabove referred to, taxes and
assessments not yet due and payable and such easements,
restrictions, reservations and other related items so as not to
- - ~ -
interfere with the intended use of the property by the Buyers.
R - ~
Said Abstract shall be delivered to Buyers on its issuance and ~
if
~ shall be accepted by them as evidence of Sellers' title to the
( property as hereinabove described.
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
i
encumbrances, except for zoning and other governmental
regulations and such restrictions,_easements and reservations as
4 may appear of record in the. Abstract of Title being delivered to
~ -
tiaROLDH.coLOtiuw the Buyers prior to the closing hereof, and the Mortgage
nrroa»er wt uw
eon s- scoe~ Mwr.
" "'~'E•"" hereinabove recited.
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