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closing and shall be in the amount of Five Hundred Dollars <br />(5b00.00) per month, out of which the Vendors shall first <br />deduct the interest on the balance of principal then due and <br />shall apply the balance of such payment upon the principal <br />amount due under this contract and agreement. <br />I'' 1S IT1,DERSTOOD n: D AGREED that the Purchaser shall have the <br />right to prepay at any time all or any portion of the balance of <br />the purchase price due hereunder.. In the event the Purchaser shall <br />pay any amounts in excess of the installments above provided, <br />such excess amounts shall be applied to reduce the principal due <br />hereunder as they are paid and shall serve to remove the Purchaser, <br />at its option, of the obligation to pay subsequent installments <br />and interest until the total amount of such subsequent installments <br />with interest equal or exceed the total amcunt of such excess so <br />previously paid. <br />IT IS F U- T1HER UNDERSTOOD AND 'GREED that the Vendors will <br />immediately submit to the Purchaser an abstract of title certified <br />to recent date, and that the Purchaser shall have a reasonable time <br />from the date of this contract within which to approve the merchanta- <br />bility of the title of the Vendors to such real property. <br />The Vendors further agree that upon the payment to them, <br />their assigns, or to the survivor of them, or to the heirs or <br />assigns of the survivor of them, of the full purchase price with <br />interest and advances, if any, for taxes or insurance, that the <br />Vendors will again have such abstract of title certified to show <br />merchantable title to such real property free of any encumbrances <br />and liens incurred by the Vendors, subject, however, to all <br />encumbrances and liens incurred or permitted on such property by <br />the Purchaser, its successor or assigns. <br />The Vendors agree that upon the execution of this contract <br />and agreement by the parties hereto, to make, execute and to <br />place in escrow with The First National Bank of Grand,Island, <br />Nebraska, together with the abstract of title and a copy of this <br />contract, a warranty deed conveying such real property to the <br />