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<br /> �; pri:ncipal sum remaining unpaid has been reduced to the sum of �i5,000,at which time and ;
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<br />� ' �when said principai is reduced to �15,O�O,f�rst par�y agrees to convey said premises by good ,;
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<br />' i and sufficient deed of conveyance, subject only to any liens placed thereon,or suffered to ;,
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<br /> I � accrue by second parties after this date,and take back a purchase money mortgage from seeond ;!
<br /> parties to first party on said premises for said sum of �15,OOO.unpaid, said mortgage to run �
<br /> ' for five years from date,with interest at seven per cent.per annum,payable semi-annually, '!
<br /> ' tax-free in farm,with insurance of �15,OOO.as additional security thereon,and with the option ';
<br /> of paying �1000 ,or any multiple thereof,at any interest due da.te.
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<br /> It is further agreed betv�een the parties hereto that the said easterly half of said Lot 2 '
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<br /> ' is nov� owned by said firs� party and the sale price thereof is the sum of �7500,and that said�!
<br /> Lo� 1 in said Block 7�,has been conveyed on this date by second parties to first party,free
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<br /> !�, of all liens and incurnbrances thereon,for a valuable consideration, for the following reasons !
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<br /> � and purposes to be held as security fos advancemer.ts made by first party. �,
<br /> That said second parties desir•e to have erected on all of said prernises a one-story bri�k ��
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<br /> '; an� cement garage building and oil station,according to and as shown by the�lans and specifi- ;i
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<br /> ' cations prepared therefor by The Geer Company,of Gra.n� Island,Nebraska,and submitted to and �
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<br /> ; apnroved by firs�t p�.rty,and that first party has and does hereby agree to advance for said
<br /> � ; building purposea the sum of twer.ty thousand ��20 ,000) Dolla.rs, ox so much thereof as may be '!
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<br /> ;; required to construct and complete said building as per said plans and specifications.That '�
<br /> ;; contracts for said construction are to be made by the first party �ith all contractors and �
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<br /> � said construction is �to be pushed to completion as rapidly as possible after this date, the sa�.d
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<br /> ! first party to pay out of said �20,OOO.agreed by him to be adganced for said purpose,and bein�
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<br /> j a part of the cansiaeration of this contra.et, the sums necessary for said xork,as same progres�eq
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<br /> i upon �he proper est3mates for such installation as made, �the same to be estimated and approved;;
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<br /> � by first party,and in case the entire sum of �20,OOO. is not required to complete said buildin�s
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<br /> , and improve:aents, the remainder is to to be credited on this contract as a payment thereon,andii
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<br /> � �' in case the said improvements should cost more than the surn of �20,OOO, then any additional am�unt
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<br /> - � required to be paid out by said first party shall be added to the said sum of �22,500,balance�
<br /> due hereunder and bear interest at the rate of seven per cent. �
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<br /> I That an account of al,l such pay:l�ents and expenditures made bp said first party for said co�-
<br /> j; struction shall be kep�,�rith d.a.te� and amounts paid out,and receipted bills therefor exhibite�.
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<br />( - '; to second parties ,and the interest on said seyeral amounts and payments equalized between Apr�l
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<br /> ;� 1,1923, the da,te �rhen interest starts hereunder,and the dates �Nhen said mone� �is actually paid;j
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<br /> � ; out for said cor.strvetion,and credit given to second parties accordinolq. �
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<br /> That in addition to said pay:�ents as herein provided to be made by second parties to first �.
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<br /> jj party,the said second parties are also to p�.y all taxes on said premises from and after the !
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<br />� !!, year 1922,they to pay all taxes on said Lot 1,the first varty to pay all taxes up to and in- ;I
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<br /> ; cluding 1922 on said easterly half of Lot 2,and said secorld �arties are to pay such taxes and�;
<br /> �; all paving^or special assess��lents, including the year 1g23 ,and thereafter,at the times when saa�e
<br /> �� are due and �a aY�le and are also to carr fire and tornado insurance on said buildin in at ';
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<br /> 'I least the sum of �15,OOO . each,policies therefor to be delivered to first party and losses the'�e—
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<br /> !; uz�der to be payable to both parties,hereto,as their several interests may appear. In case seco�d
<br /> '� parties fail to pay such taxes and special assessments,if any,before the same become delinque�it
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<br /> ��, or to provide said insurance, the said first party ca,n thereupon pay sasne and provide insuranej�,
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<br /> ;; as herein set forth,and the amaunts thus paid and expended shall become and for�n 19.ens under ',';
<br /> '� this contract upon all of said pxemises,�rith interest from the several aa��s of pay.�ent at th'�
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<br /> ii rate of seven per cent.per a..nnum,and be repaid by second parties as a nart of the �urchase pr� ce
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