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HomeMy WebLinkAbout0868 less than $55 000.00, and said policy of insurance shall have contained upon the face thereof a mortgagee clause in favor of the Seller as its interest may appear. All premiums on such policy shall be paid by the Buyers. ' 6. If Buyers fail or neglect to pay any installment of taxes or any assessment or insurance premium when due, Seller shall have the right to make such payment and to add the amount or amounts thereof, to the obligation of the Buyers. Such right shall be deemed to be an option and shall impose no obligation on the Seller and Seller may elect to treat such neglect or failure on the part of the Buyers as a breach of this - contract. 7. Seller has obtained or shall obtain prior to the closing hereof an Abstract of Title, or Title Insurance Policy certified to at least the date of this Agreement and shall pay the cost thereof, said Abstract or Title Insurance Policy showing good and merchantible title, subject only to this contract, 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. Said Abstract or Title Insurance Policy shall be delivered to Buyers on its issuance and shall be accepted by them as evidence of Seller's title to the property as hereinabove - - i described. f ~ 8. Title in the aforesaid realty shall be and is reserved to the Seller, its heirs, executors, administrators, successors and assigns until full performance by the Buyers as required hereunder. Upon full performance by the Buyers, the Seller shall deliver to the Buyers a fee simple title to said -realty, by statutory Warranty Deed, free and clear of all liens and encumbrances, except for zoning and other governmental regulations and such restrictions, easements and reservations as may appear of record in the Abstract of Title or Title Insurance P Policy being delivered to the Buyers prior to the closing hereof. ~ 9. Time is of the essence of this Agreement. In HAROLD H. (iOLDMAN ?i70NNE11 AT U?w the event Buyers fail to make any payments required by the terms s02t 4. FEOE11Al qMY. . R. ST. LUpE. FLA. 3181 F -3- j. X331 t~68