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mortgage ~nd the elate of 8uoh aloaing , one for 'orty nine thou8and on. hundred six dollars
(1.9,106.) payable two years after date and the other tor one b'onve4 :forty..seven thousanc\ three
hundred eighteen dollars (1147,318.) payable five years after date, and suoh note8 shall provide
for the payment of interest on the respeotive prinoipal amounts thereof a8 aforesaid.
Said purohase oontraot shall, among other things pro~i4e.
(a) that time 1s of the essenoe of the oontraot;
.,
(b) that at the time of oloaing, the taxes shall be apportioned a8 of the date of the
exeoution of the purohase oontraotJ
(0) that in the event that the title to any portion of the premise8 de80ribed in the
~urohaae oontraot (which shall be the same premises 68 are desoribed in this option), which por-
tion shall oonstitute not more than ten per oent. (l~) of the entire aoreage above mentioned, shall
prove unmerohantable, the purGha8e. shall complete his purcha8e and shall be allowed a propor-
tionate rebate, wbioh shall be at the rate of Eight dollars (18.) per aore, of whioh Eight Dollara
Two dollars sisty-s1x and two thirds cents (12,66 2/3) per aorep shall be returned in caah and the
balance of Five Dollars thirty-three and one third oents ($5.~J 1/3 ) per aore shall be oredite~
prorortionately on the two notes to be given, and the oontract 8hall not merge in the d~ed a8 to
lands to which the title shall have proved unmerchantable, and the purchaser shall oomplete the
purchase of said land8, or, any portion thereof, the title to which may be perfeoted and made
merohantable .ithin twelve (12) months from the date fixed for the delivery of the deed a8 in
aaid purohase c~ntr~ot to be proyided for, and at the olosing of title to any of .uoh lands the
title to which has been perfeote~, said Byington shall pay Two Dollars Sixty-six and two-thirds
oents ('2,66 2/3) per aore in oash and shall pay the balan~e, via: 'ive Dollars Thirty-three
and one third cents ($5.33 1/3) per aore in a purchase money first mortgage, the note or note8
seoured by said purchase money mortgage to be payable one quarter of suoh balanoe in two years
after the date of the closing and the other three quarters of such balance in five years after
the date of the closing and to bear interest at the rate of six peA oent. (6~) per annum
payable seml-annually~ and the pur~hase money mo~tgage to be similar to the purchase money
mortgage to be given at the time of the olosing of the lands first purohased.
The Company stipulates to use its best efforts to perfeot and make merchantable the title
to any of the above dp.scribed lands, the title to which may be defective if the defects are -~
correctable and the expense to the Company ln so doing should not be unreasonable. considerine
the land to be worth Eight Dollars ($8.) per acre; the Company shall not be responsible in damages
or otherwiee for its failure to correct any defects in title, it belng intended that the per-
formance of this 8 tipulation shall rest on th~ good faith of the Company and nothing herein
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shall be deemed to obligate the Company morally to make good tho ti'le to any of such lands where
there ia a fal1ure of such title.
(d) that in the event thst title to more than ten per cent. (l~) of the acreage
mentloned above shall prove ~r~erch8at8ble. the purchaser shall havw tho option of co~pleting
the purchase of that ~ortion of the premises to which the seller oan give a merchantable title
and shall be allowed 8 corresponding rebate on. the price, vis: ; Bight Dollars (ta.) per acre or
of cancelling his contract and receiving back the amount paid at the, time of the execution of I
such purchase contraot, together with his reasonable oosts for the examination of title and the :
amount paid fo~ the option, viz: Seven hundred fortr six und 93/100 (e7~6.93) Dollars.
PCURTH: The 8aid purchase money mortgage ehall, among other thinge, provide:.
ta) \hat if the prinoipal of any of e8i6 notes i8 not paid at a~turity or if the in-
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tereet on any ~f said note8i8 not pait within thirty (30) daY8 after the date fixed for payment
thereof, thp mortgagee shall haTe the right thsresfter and 80 long a8 any 8uch default oontinues
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to deolare all of 8aid notes immediately due and payable an4 sai4 notes shall beoome immediatell
due and paya'Dle upon suoh c).~e-.t1on;
532
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