Memorandum of Sale, in duplicate, made this 10th day of February, 1905, between and for the account of Hiram Balch, the Seller, to Samuel Smith, the Buyer, by Byron & Clark, agents, of the following described premises, situate in the County of Los Angeles, State of California, to-wit:
Lot 15 of the Alexandre Weill Tract, in the City of Los Angeles, as per map of said tract recorded in the office of the County Recorder of said County of Los Angeles, in Book 6 of Miscellaneous Records, at page 300, for the sum of Two Thousand Dollars ($2,000.00) in United States Gold
Coin, on the following terms: $200.00 as a deposit and part payment, the receipt whereof, by the seller, is hereby acknowledged. $800.00 to be evidenced by a negotiable promissory note, executed by the buyer in favor of the seller, and secured by a mortgage on said premises, said note to bear date February 10th, 1905, and to be payable three years after date, with interest at the rate of 6 per cent per annum, net, payable quarterly. $1000.00, being the balance of the purchase price, to be paid in cash within fifteen days from the date hereof.
The seller, within said fifteen days, is to furnish an unlimited certificate of title, made by the Title Insurance and Trust Co., of Los Angeles, Cal., showing title vested in seller, free and clear of incumbrances, and a good and sufficient deed, conveying said premises to the buyer; and the buyer, within said time, is to execute and deliver said note and mortgage, and pay the balance of said purchase price; all papers to be exchanged, and the said monies to be paid, at the office of said Byron & Clark, within said fifteen days.
In the event this contract is not approved by the seller, or if seller cannot furnish a marketable title to said premises, the above mentioned deposit is to be returned to the buyer.
If the buyer shall fail to comply with his part of this agreement within said fifteen days, the buyer shall retain for himself the aforesaid deposit as liquidated and stipulated damages.
Witness the hands and seals of the Seller, the Buyer, and the said Agents, the day and year first above written.
Hiram Balch, (Seal)
Samuel Smith. (Seal)
Byron & Clark, Agents, Per L. A. Byron.