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• <br /> . i ♦ / <br /> • <br /> y:. <br /> r.' <br /> 76.- 000869 <br /> i4 4 . The Buyer shall purchase and maintain faire and extended <br /> insurance coverage on the real estate in the amount of at least <br /> Twenty Thousand and No / 100 Dollars ( $ 20 , 000 . 00 ) . Said insurance <br /> shall name Sellers and Equitable Building and Loam Association of <br /> Grand Island , Nebraska as loss payees as their interests may appear . <br /> Buyer shall furnish to Sellers a certificate evidencing the fact: that <br /> such insurance has been procured and that it is in full force and <br /> effect and further that the same cannot be terminated without <br /> reasonable notice to the Sellers . This certificate shall be <br /> obtained prior to lurch 1 , 1976 . <br /> III . <br /> Title <br /> 1 . Sellers agree to furnish Buyer with an abstract of title <br /> showing merchantable title to the real estate . In case the Buyer ' s <br /> attorney makes objection to the title of Sellers as shown by such <br /> abstract of title the Sellers shall have a reasonable time in <br /> which to correct any valid defect of title . If Sellers fail <br /> - r , or refuse to correct any meritorious defects in their title <br /> Buyer shall be entitled to rescind this contract and receive <br /> back from Sellers all payments made hereunder or Buyer may make <br /> said corrections and deduct the reasonable costs and expenses <br /> thereof from the balance due hereunder to Sellers . <br /> o <br /> 2 . Buyer agrees not to place or to allow to remain if placed <br /> by others any liens or encumbrances upon the real estate until <br /> Sellers have been paid in full under this Contract . <br /> 3 . A Warranty Deed conveying the real estate to the Buyer <br /> is being executed concurrently with the execution of this Agreement . <br /> Said Deed and the abstract shall be placed in escrow with the <br /> Escrow Agent hereinafter named and upon full payment of all principal <br /> installments and accrued interest by the Buyer and the performance <br /> by the Buyer of all covenants and conditions which , by the terms <br /> of this Contract , arc to be performed by the Buyer , or his successors , <br /> nominees or assigns , the Buyer shall be entitled to the delivery <br /> of the Deed and abstract from the Escrow Agent hereinafter named . <br /> Sufficient revenue stamps shall be placed upon said Warranty <br /> -rr <br /> Deed at the expense of the Sellers . <br /> 4 . Buyer hereby covenants and agrees that any requirements <br /> for the approval of this sale by any planning commission or other <br /> governmental authority , and the expense thereof , i_ ncieeing platting <br /> expense , legal expense , and any other expenses , shall be the <br /> sole responsibility of Buyer and shall be assumed and paid by <br /> Buyer . In regard thereto , Sellers ' responsibility shall be limited <br /> to signing any plats , deeds , or other papers which are presented <br /> to them by Buyer . <br /> IV , <br /> Remedies on Default <br /> y.` 1 . In case the Buyer is in default for a 60 day period on <br /> any payment due under this Contract , the entire amount owing on <br /> this Contract shall become due and payable at once in the option <br /> of the Sellers . Buyer shall be entitled to written notice of the <br /> same if the Sellers elect to exercise the option to make the <br /> balance due under the Contract immediately due and payable . After <br /> the option is exercised by the Sellers and reasonable and written <br /> } notice is given to the Buyer , the Sellers may foreclose this Contract <br /> a ' in the manner provided by law for the foreclosure of real estate <br /> mortgages . <br /> - 2 - <br /> , ; • <br />