Dredging
Made and concluded this third day of March A.D., 1924, by and between Arthur B. Meyers, and Loretta Meyers, his wife, of the City of and County of Milwaukee, State of Wisconsin. parties of the first part, and Edward J. Schiederer of the City of West Allis, County of Milwaukee, State of Wisconsin, party of the second part.
Witnesseth: First, That the said party of the second part hereby agrees and bind himself, his legal representatives, to pay, or cause to be paid, to the said parties of the first part, their heirs or assigns, the sum of Three Hundred Fifty and 00/100 ($350.00) Dollars, in the manner following: Fifty Dollars ($50.00) Dollars, at the ensealing and delivery hereof: and the balance of Three Hundred Dollars ($300.00) to be paid in the manner following: Two Hundred Dollars ($200.00 on or before six months from date hereof, and One Hundred Dollars ($100.00) to be paid on or before eight months from date hereof, bearing interest at the rate of six per cent (6%) per annum. Is is hereby agreed and understood that the parties of the first part will not furnish any abstract of title for this property.
The said payments to be made to the parties of the first part, at 460 Eleventh 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:
Lot in Block F, Venice Park, bounded on the West by the Bark River, on the North by Upper Nemahbin Lake, on the east by Lot owned by Joe Niessen, on the south by Highway leading to Delafield. Lot has about fifty-two feet on highway.
The said party of the second part further agree that he 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., 1924, 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 party 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 party of the second part and the said party 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 party 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 parties of the first part as owner in fee, with clause in said policy that the said party of the second part has 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 their interest and the surplus, if any, to the said party 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 party 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 party 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 party 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 Three Hundred Fifty and 00/100 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 party of the second part, or his 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 party of the second part, and except any liens or incumbrances created by the act or default of the party of the second part, his heirs, legal representatives or assigns.
Third, It is distinctly agreed and understood by and between the parties hereto, that if the said party 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 party 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 party of the second part further promises and agrees that in case of the commencement of an action to foreclose this contract and also in case of the foreclosure thereof, he will pay in addition to the taxable costs and expenses incurred, a reasonable sum of money as attorney's fees.
