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month thereafter, provided, however that the balance <br /> Of said purchase price and all interest shall be due <br /> and payable in full on or before the 1st day Of October, <br /> 1986. Each monthly inStallment paymen't shall be applied <br /> first to the payment of interest and second to the reduc- <br /> tion of principal, interest to be ratab]y reduced from and <br /> after each part payment of principal. Additional partial <br /> payments or entire payment of the principal may be made at <br /> any time Without penalty. <br /> <br /> In addition to the foregoing purchase price and separate from and in <br />addition thereto, VENDEE agrees to pay all of the real estate taxes and assess~ <br />ments, both general and special, if any, due and payable during the term of this <br />Land Contract and shall pay the same promptly as the same fall due. <br /> <br /> The VENDOR agrees to furnish, as soon as the same can reasonably be <br />procured, a Title Guarantee as issued by Lawyers Title Insurance Corporation <br />guaranteeing to VENDEE that title to said property is free and clear of all liens <br />and encumbrances except conditions, ~eservations and easements of record, if any, <br />restrictions of record and zoning ordinances. <br /> <br /> The parties hereto hereby agree that it shall be a condition of this <br />Contract that the proposed use of the premises by VENDEE is permitted and is in <br />conformity with the Codified Ordinances of the City of Lakewood. VENDOR agrees <br />to initiate forthwith such legislation as may be deemed necessary to permit the <br />use of said premises as contemplated by VENDEE. <br /> <br /> VENDEE covenants and agrees that it has examined the above described <br />premises including the building and improvements thereon and accepts the same in <br />their present condition; that VENDEE will maintain '~aid building in good order <br />and repair and in accordance with all applicable laws, statutes, ordinances and <br />regulations; that VENDEE will not make any structural alterations in or to said <br />premises without the written consent of the VENDOR, which consent will not be <br />unreasonably withheld and that in the event VENDEE defaults in the performance of <br />any of the terms provisions or conditions of this agreement, said building and <br />premises will be returned to VENDOR in as good order and condition as the same <br />now are, or may be put by VENDEE, reasonable use and ordinary wear and tear <br />thereof only excepted. <br /> VENDEE shall provide and maintain fire and extended' insurance coverage <br />for the improvements on the property in an amount not less than the purchase <br />price, in companies satisfactory to the VENDOR, with loss payable to VENDOR and <br />VENDEE, as their respective interest may appear. The insurance policy shall be <br />delivered to and held by VENDOR. <br /> Upon fulfillment of VENDEE'S obligations under the terms and provisions <br />of this Contract, VENDOR agrees to convey said property to VENDEE by deed of <br />general warranty describing and conveying said premises to VENDEE fr~e and clear <br />of all liens and encumbrances except as hereinabove set forth. <br /> <br />- 2- <br /> <br /> <br />