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<br /> : LAND CONTRACT Ar*D �SCROW AGRESMENT
<br /> r THIS AGREE,M�NT" made this � day of `��J�JI/ riir• l•r �' ' ,
<br /> I : 1976 , by Davis Distributing Company , inc . , hereina ter re erred to as
<br /> i the " Seller ° and Gary Major , hereinafter referred to as "Buyer . °
<br /> �
<br /> � WITNESSETH , that the Seller has this day 6arqained and sold to
<br /> ? the Buyer the following descrihed xeal estate , to -cait :
<br /> � " See ��Gxhibit A" attached hereto .
<br /> : �
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<br /> � for the sum of Twelve Thousand ($ 12 , 000 . 60 } Dollars , o£ which One
<br /> + Thousand ( $ 1 , � 00 . 00 � Dollars has been paid to Seller . The remaining
<br /> ; principal is the amount of Eleven Thousand ( $ 11 , 000 . 00 ) Dollars with
<br /> ; interest at the rate of 9 � per annum on the unpain portion of the
<br /> principal , which sum sha11 be paid at the rate of $ 150 . 06 per month
<br /> beginning on the first day of , S��� 1976 , with a like payment
<br /> � on th correspondin�q day oE each month thereafter until the first day
<br /> of 6i' �:978 , at �,�hich time the entire balance of principal and
<br /> interest shall be paid in a lump sum .
<br /> The Buyer shall have the right to pay additional amounts on the
<br /> v unpaid principal without penalty , and interest thereafter shall: be
<br /> computed only u��he unpaid principal balance .
<br /> � �
<br /> The 1976 gal� esta�e taxes shall be prorated between Buyer and
<br /> , � . Seller as of S�� 1 ; 1976 , and all subsequent real estate taxes
<br /> shall be paid by as they become due and befor - s e ecome
<br /> i delinquent . u„� �y <r �l ; , _ . , --/'�
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<br /> ' � The Seller shall have the right to pay said taxes if they are
<br /> delinquent , and at his election may charge such advances to the Buyer
<br /> with interest at nine ( 9 ) per cent or elect to pursue such remedy as
<br /> � , ; provided by the statutes of the State of Nebraska pertaining to sales
<br /> of real property under contract for deed .
<br /> ;' : The Buyer will create no encumbrance of any kind on the above
<br /> ` described property subsequent to the date hereof prior to the delivery
<br /> to thr.m of the Warranty Deed herein referred to , and the Seller �vill
<br /> + create no encumbrance of any kind on said real estate grior to the
<br /> delivery of the Warranty Deed mentioned herein .
<br /> ^ It is further agreed time is the essence hereof and if the Buyer
<br /> fails to make the payments in the amounts and at the times herein pro -
<br /> vided or fails to pay the taxes before the same become de2inauent or
<br /> in case of breach of any covenants or provisions herein contained , and
<br /> if such default continues for a period of sixty ( 60 ) days , the Seller
<br /> , ' shall qive notice of said default by certified maiZ , return receipt
<br /> requested , to Buyer and Buyer shall have an additional 30 days to cure
<br /> said default . If said de£ault is not cured by Buyer , after notice as
<br /> hereinbefore provided is given , the Seller may elect to declare the
<br /> entire unpaid balance due and oayable immediately , and the Seller shall
<br /> at once become entitled to immediate and exclusive possession , use , and
<br /> enjoyment of a11 the above described real estate and to a11 rents ,
<br /> issues and profits thereof , and the Seller may elect to declare all o£
<br /> the Buyer ' s rights hereunder terminated , and upon the Seller doing so ,
<br /> all payments made by the Buyers hereunder and all improvesnents placed
<br /> upon said real estate shall be forfeited to the Seller as liquidated
<br /> damages and the Seller shall have the right to re -enter and take possess -
<br /> ion of the real estate described in this agreement , and all of the rights
<br /> of the Buyer in this agreement shall be forfeited and at an end at the � �` � �'` '
<br /> election of the Seller . Failure by the Seller to exercise said option � N �•
<br /> l' shall not constitute a waiver of the right to esercise the same in the � � �
<br /> event of any subsequent default . ,
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