This section is from the book "American Law Of Real Estate Agency", by William Slee Walker. Also available from Amazon: American law of real estate agency.
This agreement made this ...... day of......, 19......., by and between ......, henceforth called the seller, and ......, henceforth called the buyer, witnesseth: That the seller had sold to the buyer Lot No.......in ...... addition to the city of
......, for......dollars, upon the following terms and conditions, . to-wit: ...... dollars cash; the balance,...... dollars per week, payable on each Saturday after date, to the seller's credit, at the ......bank of ......, the bank crediting payments on the......book furnished by the seller, until said balance is paid down to a sum which the buyer can borrow from a building and loan association, when the seller shall convey said premises to the buyer by warranty deed, furnishing abstract of the title to said lot, showing a good and merchantable title in him, clear of incumbrances, except taxes and special assessments, and the buyer shall borrow said balance then owing hereon, ......, and pay the seller off in full. Said balance of......dollars shall bear interest from the date hereof, at the rate of......
per cent. per annum, and at the end of each year from date hereof, the interest for said year shall be deducted from the payments made during the said year, and the balance credited on the principal. The buyer shall have possession of said premises from date hereof, and he agrees to use the same well, keep the house in good repair, and not commit, or permit, waste to be committed thereon. The buyer assumes and agrees to pay all taxes on said lot maturing in 19.............., and thereafter; also, the balance of the street and sewer assessments thereon, beginning with that due
......,19..............., and any future ones. The buyer agrees to keep the house on said lot insured against loss by fire, lightning or windstorm, for its fair insurable value, in the seller's name, and for the joint benefit of the parties hereto, seller to have possession of the policies until deed is made; also, the buyer is to have the benefit of the unexpired insurance now on said house.
A default of the buyer in making any of the payments herein provided for, and a continuance thereof, as to said weekly payments, for thirty days, shall give the seller the right to declare the whole amount owing him hereunder due and payable. To exercise said right the seller shall give the buyer written notice of his decision to so exercise said option, by letter mailed to the buyer, through the United States Post Office at......, or elsewhere, addressed to the buyer at the premises aforesaid, to-wit,
....... The mailing of said notice shall be taken as the service of the same, the seller assuming no responsibility for the delivery thereof. Within ten days from the giving of such notice, as aforesaid, the buyer shall pay the balance then owing the seller hereunder, and take and receive the deed for the premises on the conditions above named; or, in lieu thereof, shall vacate and surrender the premises to the seller within said period, in which case the payments made hereon to said time shall be taken and held by the seller, as and for rent of the premises, while so occupied by the buyer, and as liquidated damages for such default. The failure of the seller to exercise such right, upon any default hereunder, shall not bar or prejudice his right so to do on any future default, but said right shall continue throughout the life of this contract.
Executed by the parties, in duplicate, the day and year first above written.
 
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