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of $48,000.00, payable to Seller as its interest shall appear/ <br /> that Buyer shall maintain liability insurance on said premises <br /> in the sum of #300,000.00, that Buyer will deposit with the <br /> Seller exact copies of said policies of insurance: and that if <br /> Buyer fails to pay any item to be paid by Buyer under this con- <br /> tract th! oaten army be paid by the. Belli r and shall forthwith. with <br /> interest.thrreon, be payable by the Buyer as an additional aaomat. <br /> due to *e ler under this contract. <br /> . . <br /> That .th Meyer siwst1 be entitled to full possessi�os of.. <br /> •said property oft January 1, 1979, but should default be ,wade in <br /> the payst of principal due hereunder, or for any part thereof, • - <br /> to be paid by Buyer, or sh'uld Buyer fail to pay the taxes or <br /> assessments upon said land for the building and improvements <br /> thereon, or to purchase or to pay the premiums on said insurance, <br /> or to perform any of the agreements, terms or conditions herein <br /> contained, to be performed by Buyer, Seller may at Seller's <br /> option, by written notice, declare this contract cancelled and <br /> terminated, and all rights, title and interest acquired hereunder <br /> by Buyer shall thereupon terminate, and all improvements made <br /> upon the premises and all payments made hereunder shall belong <br /> to the Seller es liquidated damages for breach of this contract <br /> by Buyer since damages to Seller from such breach will be sub- <br /> stantial and difficult of measurement. <br /> That the Buyer hereby agrees to execute a quit claim <br /> deed on behalf of the Seller for said real property to be recorded <br /> by the Seller in the event of Buyer's default. Said quit claim <br /> deed is to be held by Seller and is to be returned to Buyer upon <br /> Buyer's complete performance hereunder. <br /> Neither the extension of time of payment of any cum or <br /> sums of money to be paid hereunder or any waiver by Seller of <br /> rights to declare this contract forfeited for any breach thereof <br /> shall in any matter effect the right of the Seller to cancel this <br /> contract and to retain all sums paid thereunder as liquidated <br /> damages for default by the Buyer subsequently occurring; and no <br /> extension of time hereunder shall be valid unless evidenced by a <br /> -2- <br />