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IMPROVEMENT CONTRACT!.-(Minnesota.). Al>f Tllis ^gree__nent_j(i made this, apa^aazApa. \2A Z ~ in year i88/?.__.., belween AAAZyA _\ of the first part, and of -~- PZTyAzAAorZAZZy. in the .County of. I EFORBo .) \fzl.\8?7 of the second part, WITNESSETH: Thar in consideration of the stipulations herein contained, and the payments to be made as is herein specified, the first party hereby agrees to sell lo the second party _%C_PrrArr?__.A7.._AL^t__^A-y..ZPZry_^^^ ALZ&<<aA A^^a^i_AAA-(.ZP777..°t Section 7.7. in Township.../^.<?..._<^_^^..... North, of Range .__Azz7- Wesl of ihe fifth Principal .Meridian.-containing, aeon-cling to thelJuited States survey, . P/At-ATiy. yAZry^rZrZ^Z PA 7i,ci.A>AAPZ^gJ acres, be the same more or less, for the sum of i^J^W-z?.^ r-^*r^^ £.7_70_ty 2y_y^_-^ jf^rA./fy_-__-_ Dollars, on which said second party has -paid the sum of _^yZ^^CyZP,_ APA^2--t<t^ey /J*-^/ - . " T. 7"_ ..Dollars, on account of principal. P* And the said second party, in consideration of the premises, hereby agrees to pay to said first party, at the office of Close Bros. & Co., at Chicago, 111., the following sums of principal and interest, at the several times named below: WHEN DUE EVIDENCE OE PAYMENT. ^r. __. su-. rr-.. A. /A- # ?y- a7,gi But said second party shall have the right to make payments on account of principal, in sums of one hundred dollars, or any multiple thereof, with interest accrued on same at eight per cent, to date of payment, which said payment of principal and interest shall be received by said first party at any time. It is mutually understood and agreed th$_t the above premises are sold to «aid second party for improvement and cultivation, and said second party further agrees and obligates..Ar£^£_-<*r<*^3^AA' _, ~~-'Ac._<__•«_ heirs and assigns, to cultivate and imjj land, making thereon, to the satisfaction of said Close Bros. & Co., permanent and valuable improvements, as follows: ___-co_ A_At^c^f_?-*l?. sAryAZ%.__yA£__y_ that all improvements placed upon said premises shall "remain thereon, and shall not be removed or destroyed until final payment for said land. And further, that said second party will insure all buildings erected or to be erected upon said land, in a good, responsible insurance company, to the satisfaction of said first part/" ajjd .will assign or cause to be assigned to said first party said policy of insurance, with the loss, if any, payable to said first party,-,/-?*' _>%«-_-_-^ assigns. And it is expressly understood and agreed that in case of loss the amount received from such insurance company or companies shall be used, if said second party so elects, for the purpose of replacing buildings destroyed; otherwise said first party shall apply the amount of insurance received as part payment of the purchase money for the above described land. Said second party further agrees that he will punctually pay said sums of money specified, as each of the same becomes due, and that he will regularly and seasonably pay all such taxes aud assessments as may be lawfully imposed upon said premises. If said party of the second part fails to pay the said taxes and assessments before the same become delinquent, or to procure insurance as above provided, the first party may pay such taxes and assessments and the premium for such insurance, and the amount or amounts so paid shall be immediately due from the second party as part of the purchase money of said land, and shall draw interest at the rate of eight per cent, per annum until paid; but the payment of any tax or insurance premium or premiums by the first party shall not be a waiver of the forfeiture or ihe right to declare or enforce the forfeiture for the non-payment by said second party of such taxes, assessments, insurance premium or premiums, or for any oilier default. Jy ■ ^y ' And in ease the said second parly, __--*-c_c__.__ legal representatives or. .rAAi-k*.. assigns, shall pay the several sums of money aforesaid punctually, and at the several times above limited, and shall strictly and literally perform all and singular the agreements and stipulations aforesaid, according to their true tenor and intent, then the first parly will make 10 the said second party, rrAK<_K.he\.-_ or assigns (upon request at the office of Close Bros. & Co., at Chicago, Illinois, and the .surrender of this contract), a warranty deed, conveying said premises in fee simple, excepting, however, from covenants of warranty, such incumbrance as may be placed thereon by the location of public highways, railroads, or other public use, or from taxes becoming due after the date of this contract, or that may attach thereto by reason of some act or thing done or suffered by the party of the second part. Hut in case the second party shall fail to make the payments aforesaid, or any of them, punctually, and upon the strict terms and times above limited, and likewise to perform and complete all and each of the agreements and stipulations aforesaid, strictly and literally, without any failure or default, the time of payment being the essence of this contract, then the .party of the first part shall have the right to declare this contract null and void, and all right and interest hereby created or then existing iu favor of the second party, or derived under this contract, shall utterly cease and determine, and the premises hereby contracted shall revert to and revest in said first party (without any declaration of forfeiture or act of re-entry, or without any other act by said first party to be performed, and without any light of said second party of reclamation or compensation for moneys paid and improvements made), as absolutely, fully and perfectly as if this contract had never been made. And if, in case of default of any of the conditions or payments above mentioned, the party of the first part shall commence any action or legal proceedings, either to enforce the forfeiture or foreclose the interest of the party of the second part, or collect the amount due thereon, or to obtain possession of said premises, or restrain the removal of any improvements therefrom, the said party of the second part hereby agrees to pay a reasonable attorney's fee for the commencement or prosecution of such action, and the same shall be assessed and taxed by the court, and the party of the first part shall Have judgment therefor, to be paid or collected the same as the purchase price of the land. And it is further stipulated that no assignment of the premises shall be valid unless the same shall ba^ndorsed hereon, or permanently attached hereto, and countersigned by the first party (for which purpose this contract must be senior the office of Close Bros. & Co., Chicago, Illinois), and that no agreements or conditions or relations between the second party and.Z.-PTX-^y?.. assigns, or any other person acquiring tit^e or interest from or through _ .r71<^c__^y^ha.\ preclude the first party from the right to convey the premises to said second party or.._<^_ir£^-.assigns, on the surrender of this agreement and the payment of the unpaid portion of the purchase money which may be due to the first party. Said second party will be entitled to a warranty deed when one-third of the purchase money is paid, and notes secured by mortgage bearing interest at eight per cent, per annum, payable semi-annually, are given for the balance; said mortgage to be a first lien on Ihe premises. IN witness whereof the parties hereto have hereunto set their hands the day and year first above written. SOUTH MINNESOTA LAND CO., Ld. X l_xecu$>n*b<Vji)6md party witnessed by: Ai^llv-y\_^y- By t
|Title||Page One Front|
Tllis ^gree__nent_j(i made this, apa^aazApa.
\2A Z ~ in
year i88/?.__.., belween AAAZyA _\
of the first part, and
of -~- PZTyAzAAorZAZZy.
I EFORBo .) \fzl.\8?7
of the second part, WITNESSETH: Thar in consideration of the stipulations herein contained, and the payments to be made as is herein
specified, the first party hereby agrees to sell lo the second party _%C_PrrArr?__.A7.._AL^t__^A-y..ZPZry_^^^