Made and concluded this 30th day of August A. D., 1948, by and between Loretta Meyers party of the first part, and Harold A. Burnham and Emma Burnham, his wife, parties of the second part.
Witnesseth: First, That the said parties of the second part hereby agree and bind themselves, their legal representatives, to pay or cause to be paid, to the said party of the first part, her heirs or assigns, the sum of One Thousand Six Hundred Fifty and 00/100 Dollars, in the manner following: Four Hundred and 00/100 Dollars, at the ensealing and delivery hereof: and the balance of One Thousand Two Hundred Fifty ($1,250.00) and 00/100 Dollars payable in month installments of Twenty Five and 00/100 ($25.00) Dollars or more, commencing with September 20th, 1948. Said monthly installments shall include both principal and interest on all unpaid sums at the rate of 5% per annum, which said interest is to commence on the 20th day of August, 1948 and shall be computed semi-annually on the 1st day of January and the 1st day of July of each year during the life of this contract. Said monthly installments paid shall be applied first on the accrued interest and then in reduction of the principal, and the balance created shall constitute a new principal for the subsequent six months; and such semi-annual computation shall so continue until the execution and delivery of a deed as hereinafter provided. The entire balance due on the Land Contract shall be paid within five years of date hereof.
The said payments to be made to the party of the first part, at 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 16 Sixteen (16) in Venice Beach a Subdivision of Block “F” of the Plat of Venice Park situated in the North East ¼ of Section 24, Town 7 North, Range 17 East.”
The said parties of 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., 1 948, and also all such as may be hereafter assessed or levied thereon or upon the interest of said party 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 party 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 party 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 One Thousand Six Hundred Fifty Dollars, against loss or damage by fire, in the name of the party 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 party of the first part to the extent of her 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 party of the first part her heirs, legal representatives or assigns, as collateral to this contract; and the said parties of 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 party of the first part, her 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 or 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 party of the first part, subject to be removed as her 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 as 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 party of the first part hereby agrees and bind herself, her heirs, executors and administrators, that in case the aforesaid sum of One Thousand Two Hundred Fifty 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, she will on demand, thereafter cause to be executed and delivered to the said parties of the second part, or her 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 of 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 party 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 party 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 party 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.
Dredging
