This agreement, made and entered into this 20th day of June, A. D. 1905, by and between Frank Smith, of the City and County of San Francisco, State of California, hereafter called the vendor, the party of the first part, and James Jackson, of the County of Los Angeles, State aforesaid, hereinafter called the purchaser, party of the second part,
Witnesseth : That the said vendor agrees to sell and convey, and the said purchaser agrees to purchase, upon the terms and conditions hereinafter expressed, all that certain tract of land situate in the County of Los Angeles, State of California, bounded and more particularly described as follows, to-wit:
The purchase price, payable for said property, is the sum of $20,ooo.oo, in United States gold coin, of which the sum of $5,000.00 has this day been paid, the receipt whereof is hereby acknowledged; and the further sum of $5,000.00 shall be paid on the 20th day of July, 1905, and the remainder of the purchase money, to-wit: the sum of $10,000.00, shall be paid upon the consummation of the purchase as herein provided. All payments shall be made at the office of the German Savings & Loan Society in the City and County of San Francisco, for the account of said vendor.
The purchaser shall have 20 days from and after this date in which to examine the title to said property; if, upon such examination, the title be found to be good and valid, the purchase shall be consummated within five days thereafter. If, however, upon such examination, the title be found not to be good and valid, the purchaser shall specify in writing his objections thereto, and furnish the same to the vendor, who shall have 20 days thereafter in which to perfect the title. Upon such title being perfected, the vendor shall give the purchaser written notice thereof, by registered mail, addressed to said purchaser at Room 420 Byrne Block, in the City of Los Angeles, California, and the purchase shall be consummated within five days thereafter. If the title be not so perfected, within the said 20 days, however, this agreement shall be cancelled and all monies paid on account thereof shall be returned to the purchaser. If the title be or be made good and valid, and the purchaser shall fail to consummate the purchase as herein provided, the vendor shall retain for himself all moneys received on account hereof, as liquidated and stipulated damages.
Upon the consummation of the purchase, the purchaser shall pay the further sum of $5,000.00 in cash, and for the balance of $5,000.00 he shall execute to the vendor his negotiable promissory note for said sum, payable on or before one year thereafter, with interest from date, until (paid, at the rate of 8 per cent, interest payable quarterly, together with a deed of trust to a trustee, to be named by the vendor, conveying said property in trust as security for the payment of said note, which deed of trust shall be a first lien on said property; and the vendor, if required, shall execute a tax agreement in the form now in use by the said German Savings & Loan Society, providing, in effect, that if the purchaser shall pay all taxes upon said deed of trust, the vendor shall account for all interest upon said promissory note in excess of 5 per cent per annum.
The said purchaser, upon consummation of the purchase, may take possession of said lands and he hereby agrees to pay all taxes and assessments of whatsoever nature or kind that may be levied or assessed hereafter against said premises or any part hereof, whenever the same or any of them shall be due and payable.
The said purchaser agrees not to commit any waste in or upon said premises.
All of the stipulations, agreements, covenants, provisos and conditions herein shall bind the heirs, legal representatives, successors or assigns of the parties hereto and each of them.
Time is of the essence of this agreement and of all the obligations hereof.
In Witness Whereof, the parties hereto have hereunto set their hands and seals the day and year first above written.
Frank Smith, (Seal)
James Jackson. (Seal)