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I R4 u ~.-... 004743 TAXES: Taxes shall be prorated to date of possession, with Seller to pay all taxes before that date, and Buyer to pay all taxes thereafter. Parties agree that "taxes" also includes all assess- ments and special taxes for municipal and other public im- provements of record, or which may come into existence after the date of this agreement. INSURANCE: Buyer agrees to keep any improvements on said property insured under fire and extended coverage policies, and to pay the premiums on such insurance policies as they become due, Such policies shall be carried in an amount not less than the unpaid balance of the purchase price due hereunder. Such policy or policies shall be issued in the names of Seller and Buyer, as their respective interests may appear, and shall be delivered to and retained by Seller during the continuance of this con- tract. TITLE: Seller has furnished Buyer with an abstract of title to any real estate involved herein, extended to date, which abstract will show marketable title in Seller at the date thereof. Said abstract is to he 1tained by Seller during the continuance of this ag c,:,~'_it, unless provision is made herein for an escrow agenL, in which case the ab- stract shall be retained by the escrow agent. SELLER'S REMEDIES ON BUYER'S DEFAULT: Time is of the essence of this contract. Buyer further agrees that if he shall fail to pay any taxes or assessments levied or assessed against the real estate, or fails to pay the premium of insurance, Seller may pay said taxes, assessments or premiums, and the amount so paid shall become due and payable forthwith by Buyer to Seller without notice or demand, and shall become a part of the principal balance due under this contract. If Buyer fails to pay any amount due under the terms of this contract, or if Buyer fails to perform any of the other terms, covenants or agreements of this contract, or if Buyer shall abandon the real estate, the whole of the indebtedness due under this contract, together with any advances made by Seller as herein provided, shall become and be immediately due and payable at the option of Seller without notice or demand, the same being expressly waived, and Seller may proceed to foreclose this contract in the manner provided bv law. Failure of Seller to exercise any optional remedy here- by specified at the time of any default shall not operate as waiver of the right of Seller to exercise such optional remedy for the same or any subsequent default at any time thereafter. COVENANTS OF THE SELLER: Upon payment bv Buyer of the purchase price in tull, with all interest thereon, and the performance by Buyer of all CGvenants and conditions which, by the terms of this contract, are to be performed by Buyer, Seller agrees and covenants to convey the real es- tate to Buyer by deed of general warranty, subject, how- ever, to all conditions, easements, restrictions and limita- tions of record; to the rights of persons in possession; to the lien of all unpaid taxes and assessments for public improvement; and to any other encumbrances which, by the terms of this agreement, are to be paid by Buyer. GENERAL AGREEMENT OF PARTIES: Buyer and Seller respec- tively bind their heirs, success5rs an~ assigns to the faithful performance oE the terms DE this agreement,