HomeMy WebLinkAbout2590In the case of the failure of the said partfes of the second part
to make any of the payments or any part thereof or to perform any
of the covenants and conditions on their part hereby made and entered
into under the terms of this Agreement, this Agreement shall, at the
option of the parties of the first part, be forfeited and terminated,
and the parties of the second part shall forfeit all payments made
by them on this Aqreement; and such payments shall be retained by
the said parties of the first part in full satisfaction a~d liquida-
tion of all damages by them sustained, and the said parties of the
first part shall have the right to reenter and take possession of~
the premises aforesaid without being liable for any action therefore;
and it is further agreed that the parties of the first part, in the
event of default hereunder,~shall be entitled to institute legal
proceedinqs to foreclose any right, title or interest of the parties
of the second part in or to the above-described real property and
in the event thereof, shall be entitled to collect their reasonable ,
attorney's fees and costs relative thereto. '
The parties acknowledge,that the above-described property is
subject to a lien in favor of Amerifirst Federal Savings and Loan
Association (hereinafter referred to as Amerifirst), who owns and
holds a first mortgage lien on said property. With respect to the
principal indebtedness owed to Amerifirst, parties of the first
part hereby covenant and agree that such indebtedness has been
validly incurred and the outstanding principal balance owing
the=eunder is . $ 60.p00.00 . '
Parties of the second part agree to comply with all of the terms
and conditions of the said mortgage held by Amerifirst other than
with respect to payment of principal and interest due thereunder.
In the event the parties of the second part shall fail to.so comply
with all of the terms, provisions and conditions of Amerifirst's
mortgage so as to result in a default thereunder (other than with
respect to the payments of principal and interest due thereunder
after this date) such failure on the part of the parties of the
second part shall constitute a default under the terms of this
Agreement and shall entitle parties of the second part, at their
option to exercise any and all rights and remedies available to
them as set forth herein,
Parties of the first part agree to pay to Amerifirst the afore-
said•unpaid principal balance owing under the mortgage held by
Amerifirst, together with all interest thereon accruing from this
date and such payments shall be made by the parties of the first part
before the expiration of the applicable grace periods provided for
such payment as contained in Amerifirst's mortgage. Notwithstanding
the foregoing, the obligation of the parties of the first part to
make such payments shall be conditioned upon parties of the second
part not otherwise being in default hereunder. It is specifically
understood and agreed that the parties of the second part are not
assuminq any of the financial obligations owing under Amerifirst's
mortqage and the indebtedness secured thereby.
The parties, and each of them agree, that neither shall make
any prepayments of principal or interest to Amerifirst under its
aforesaid obligation and shall not enter into any agreement with
Amerifirst modifying or amending any of the terms, covenants or
provisions of its said mortgaqe, without the prior written consent
of the other party hereto. In the event the unpaid-principal balance
of Amerifirst's mortgage is reduced by applying insurance proceeds
or condemnation proceeds in reduction thereof or by prepayments by
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