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�yz <br />-F -- .un.rAi oui ad u, ililliifiiiiiW i9liii0'III IiIlldVIWid'i <br />A warranty deed with general covenants of warranty, excepting any <br />easements of record and excepting any obligations that may be <br />placed thereon, or suffered to be placed thereon, by the second <br />party, shall be deposited in escrow in said Equitable Building and <br />Loan Association, together with a copy of this contract. As the <br />payments are made in the said Equitable Building and Loan Associa- <br />tion they are to be endorsed upon the contract and are to be <br />applied oa the present mortgage to said Equitable Building and <br />Loan Association, of the first party, in the approximate amount <br />of $3000.00. First party agrees that he will deliver possession <br />of the premises on the 21st day of November, 1962, on the payment <br />of the balance of the down payment. He further agrees that he will, <br />once, after the principal, including the down payment,paid upon <br />said loan, shall equal the sum of $4000.00, deliver to the party <br />of the second part an abstract of title, showing a marketable title <br />free and clear of liens and encumbrances whatsoever, except ease- <br />ments of record and such encumbrances as may have been placed thereon <br />by the second party, with all taxes including the taxes for the <br />year 1962 shown paid in full. The second party shall have a <br />reasonable time within which to have said abstract of title ex- <br />amined, and the first party shall have a reasonable time thereafter <br />within which to correct any defects,which may render the title not <br />marketable. <br />The parties hereto agree that when the principal sum, with interest, <br />shall have been paid in full, the Equitable Building and Loan Asso- <br />ciation shall out of the last payment made, pay the revenue stamps <br />on the deed in escrow, and deliver the same to the second party <br />or her assigns. The deed shall have the grantees name in blank. <br />The parties hereto further agrees that this contract is based upon <br />the integrity or moral character of the second party, and it shall <br />not be assignable without the consent of the first party. The <br />first party, however, agrees that he will not arbitrarily withhold <br />his consent after the principal unpaid shall have been reduced to <br />$4000.00. In the event of the death of the second party or an <br />asst ent of her interest, either voluntarily or involuntarily, <br />with the consent of the first party, the entire amount of the con- <br />tract shall immediately fall due and become payable forthwith, <br />' and draw interest at 8% per annum from said date until paid. <br />The parties hereto agree that any payment notpaid promptly when <br />due shall draw interest at the rate of 8% per annum from the date <br />when due until paid. The parties hereto agree that in the event <br />two successive payments are not paid promptly when due the first <br />party, at his option, may declare the entire balance due and un- <br />paid aW*'due and payable forthwith, in which event it shall draw <br />interest at 8% from the date when so declared due until paid, <br />and that he may, without waiving any other remedies either at <br />law or in equity, proceed immediately for a strict foreclosure <br />of "the contract. <br />The parties hereto agree that when possession is given the insur- <br />ance policy'or policies upon said premises shall, at the option <br />of the second party, be assigned to the second party, the second <br />party to pay the prorata for the unexpired term, or the second <br />party may take out insurance in accordance with the terms of this <br />contract, in which case the first party may cancel the present <br />insurance and receive any unearned premiums. <br />