Dredging
Made and concluded this first day of September, A. D, 1921 in and between Michael Bucholz and Anna M. Buchholz, his wife, of Waukesha County, Wisconsin, parties of the first part, and Arthur B. Meyers, and Loretta Meyers, his wife, parties of the second part.
Witnesseth: First, That the said parties of the second part hereby agree and bind themselves and legal representatives, to pay, or cause to be paid, to the said parties of the first part, their heirs or assigns, the sum of One Thousand Dollars, in the manner following: Three Hundred Dollars, at the ensealing and delivery hereof: and the balance of Seven Hundred Dollars ($700) to be paid within two years from date hereof with interest at the rate of five per cent per annum payable semi-annually. The privilege is given the parties of the second part to pay off the principal in sums of One Hundred Dollars ($100) or multiples thereof at any interest paying date.
The said payments to be made to the parties of the first part, at #460-11th Avenue Milwaukee, Wisconsin, and the same being intended to apply, when fully completed as the purchase money for the following tract, piece or parcel of land, situated in the County of Waukesha, and State of Wisconsin, to-wit:
All of Block F, of Venice Park, a subdivision of the Northeast one quarter (NE 1/4) of Section Twenty-four (24) Town Seven (7) North, Range Seventeen (17) East, Waukesha County, Wisconsin excepting the following pieces: Commencing in the southeasterly corner of said Block F, thence in a southwesterly direction along the northerly line of the right of way to the Milwaukee Electric Railway and Light Company 312 feet to a point; thence North 6 degrees 55 minutes 71.5 feet to a point; thence south 83 degrees 5 minutes East 14.9 feet to the shore line of the Bark River; thence in an easterly direction along said shore line to the north-easterly corner of said Block F. thence South 13 degrees 20 minutes East 11 feet to place of beginning; and a part or partial of land in Block F, Venice Park running 35 feet East and West along the lake shore and extending southerly from the Lake shore 30 feet in width, together with a strip of land 10 feet wide extending southerly from the center of the southern boundary of above described to the highway line just south of said Block F; the western boundary of said 10 foot strip of land to commence at a point on said highway 59 feet East of water at the North-East abuttment of bridge between Upper and Lower Nemahbin Lakes.
The said parties bf the second part further agree that they will pay, when due and payable, all taxes and assessments which have been assessed or levied on the above described premises since the 1st day of January, A. D.,1921, and also all such as may be hereafter assessed or levied thereon or upon the interest of said parties of the first part in said premises; and also all taxes and assessments now or hereafter assessed or levied against any mortgage which may exist against said premises or against the note or the indebtedness secured by such mortgage or against the interest in said premises of any party holding a mortgage against said premises during the term of this contract, and promise and agree that the interest of the parties of the first part and the interest of the parties of the second part in said real estate and the interest of any party holding a mortgage against said real estate during the term of this contract, shall be assessed for taxation and taxed together, without separate valuation as unincumbered real estate and shall be paid by the said parties of the second part and the said parties of the second part hereby waive all rights of offsets or deductions because of the payment of any such taxes and assessments, until the aforesaid purchase money shall be fully paid in the manner above stated.
The parties of the second part further agree that the said parties of the first part shall insure and keep insured against loss or damage the building now on said premises and such as may hereafter be erected thereon during the life of this contract in the sum of at least Dollars, against loss or damage by fire, in the name of the part of the first part as owner in fee, with clause in said policy that the said parties of the second part have a land contract interest therein and the loss, if any, under such insurance shall be payable to the said parties of the first part to the extent of interest and the surplus, if any, to the said parties of the second part, subject, however to the rights of mortgagees, if any, respecting such insurance; such policy or policies to be held by the said parties of the first part, their heirs, legal representatives or assigns, as collateral to this contract; and the said parties bf the second part shall pay the premium on such policy or policies when due, and in case of the failure or neglect of the said parties of the second part to pay such premiums when due, said parties of the first part, their heirs, legal representatives or assigns may pay the same and charge the cost thereof with interest thereon at the legal rate, to the said parties of the second part, and the same shall be considered and taken to be an additional part of the consideration of this contract.
The parties of the second part further agree to hold the said premises from the date hereof, as the tenant by sufferance of the said parties of the first part, subject to be removed as their tenant holding over, by process under the statute in such case made and provided, whenever default shall be made in the payment of any of the installments of purchase money, interest, taxes, assessments or insurance premiums as above specified; and also to keep the building fences and improvements on said premises in a good repair and condition as they now are, except ordinary wear and decay, and not to do any act whatsoever which tends to depreciate the value of said premises.
Second, That the said parties of the first part, hereby agree and bind themselves, heirs, executors and administrators, that in case the aforesaid sum of One Thousand Dollars with the interest and other moneys shall be fully paid and all the conditions herein provided shall be fully performed at the times and in the manner above specified, they will on demand, thereafter cause to be executed and delivered to the said parties bf the second part, or their heirs or legal representatives, a good and sufficient Warranty Deed, in fee simple, of the premises above described, free and clear of all legal liens and incumbrances, except the taxes and assessments herein agreed to be paid by the parties of the second part, and except any liens or incumbrances created by the act or default of the parties the second part, their heirs, legal representatives or assigns.
Third, It is distinctly agreed and understood by and between the parties hereto, that if the said parties of the second part shall fail to make any of the payments of purchase money and interest above specified, at the times and in the manner above specified, or fail to pay the taxes and assessments, or fail to insure and keep insured the premises herein as above stipulated, or fail to pay any or all insurance premiums herein specified, or violate any other terms or conditions herein contained, this agreement shall at the option of the said parties of the first part be henceforth utterly void without any notice whatsoever, and all payments thereon forfeited, subject to be revived and renewed only by the act of the parties of the first part, or the mutual agreement of both parties; and whenever such default or violation shall occur, the parties of the second part shall have no further right to collect rents from tenants, if any, of the said real estate, or any part thereof, but such rents shall be collected by, and belong to the parties of the first part.
The said parties of the second part further promise and agree that in case of the commencement of an action to foreclose this contract and also in case of the foreclosure thereof, they will pay in addition to the taxable costs and expenses incurred, a reasonable sum of money as attorney's fees.
