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the Buyers prior to the closing hereof. Buyers acknowledge that
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they are aware of the existence of a first Mortgage on the said `
property in favor of OLIVER C. LENTZ, et al, dated January 2,
1976 and recorded in the Public Records of St. Lucie County,
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Florida in O. R. Book 247,_Page 891 and having a balance of
principal indebtedness due at the time of the execution hereof in
the sum of approximately $13,975.00. Sellers agree to keep said i
Mortgage current and free from any defect until. the date of the
closing and conveyance of the property by General Warranty Deed
shall be subject to said Mortgage, the then principal balance
thereof being given as credit to the Buyers as a part of the
balance of the purchase price due hereunder.
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9. Time is of the essence of this Agreement. In
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
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delinquency thereof, including installment payments to the
Sellers, and if such 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 deter-
mine and all payments therefor made by Buyers shall be retained
( by the Sellers as liquidated damages and as rental for the use ~
and occu anc of the ro ert
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B. In lieu -of declaring a forfeiture, accele-
rate and bring an action for the balance of the purchase price
.remaining due, or for any other relief available in. law or
equity, including suit to recover any payment or payments made by i
the Sellers and repayable to the Buyers hereunder; it being stip-
ulated and agreed that such obligation tore-pay is aseparate
and independent covenant of the Buyers. No action to recover any
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payment or payments so made by the Sellers shall constitute a
waiver of the rights to proceed otherwise with respect to any
subsequent default.
C. No waiver by the Sellers of any default of
rtAROLDH.GOLDMAN the Buyers shall be construed as a waiver of any subsequent de-
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