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which to remedy the same; in event of such cancellation, all payments thereto- <br />fore made by the Buyer shall be retained by the Seller, not as a penalty, but <br />as liquidated damages for the breach of this agreement, and in such event all <br />rights and demands of the Buyer shall cease and terminate and the Buyer shall <br />have no further right, title, interest or claim of any kind and character in or <br />to the real estate described herein, or the legal or equitable title thereto, <br />or any of the benefits provided, under the terms of this agreement. Failure or <br />delay of the Seller to execute any option hereunder at the time of any default, <br />shall not operate as a waiver of the right of the Seller to exercise such option <br />for the same, or any subsequent default, at any time thereafter. And it is fur- <br />ther expressly agreed and it is further expressly agreed and covenanted by the <br />parties hereto that any and all payments, in event of the Seller exercising an <br />option to cancell, as hereinbefore provided for, by way of improvement, insur- <br />ance, taxes, etc., and any rights which might otherwise arise therefrom, shall <br />be forfeited by the Buyer, not as a penalty hereunder, but as liquidated damages. <br />XVI. <br />It is mutually agreed by and between the parties hereto that time is <br />of the essence of this contract; that all of the covenants and agreements herein <br />contained shall extend to and be. obligatory upon the heirs, executors, adminis- <br />trators, successors, and assigns of the respective parties; that there are no <br />representations respecting said real estate or the sale thereof except as in <br />this agreement contained. <br />r.Tr TLTT. COL'n _ <br />