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thirty (30) days from the date of closing, which sum shall
include interest at the rate of ten (108) per cent per annum.
B. Buyer acknowledges that he is aware that
the within property is subject to a Mortgage in favor of GDV
FINANCIAL CORP., and in this connection Seller agrees to maintain
said Mortgage in all respects fully current and free from
default.
C. Notwithstanding anything contained herein
to the contrary, the parties agree that the entire balance of
indebtedness due from the Buyer to the Seller shall be'due and
payable within two (2) years from the date of the closing, at
which time, as a part of such payment, the Buyer shall have the
right and option to assume and to recieve"credit for the balance
of the Mortgage as it shall then exist with the said GDV
FINANCIAL CORP.
4. Buyer shall be entitled to possession of the
premises herein described upon the closing hereof, and during the
life of this contract, Buyer shall maintain the property,
_ including improvements erected thereon, in a state of repair and
condition that is good and proper. Seller shall have the right
to inspect the property at all reasonable times until the final
performance by the Buyer has been completed.
5. Buyer. shall be obligated to pay and shall pay
before delinquency all taxes and assessments coming due on and
after the date of closing, said payments to be made from the
aforementioned escrow account. In addition thereto, during the
life of this contract, each of the parties 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 as each
parties respective interest may so appear.
6. Buyer 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 Seller in favor of the GDV
iaRO~oH.GOLDMAN FINANCIAL CORP. as it may then exist.
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cn26 5 FEOEIIK Ilwr.
5~ 7. Seller has obtained or shall obtain prior to
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