This Option and Agreement, in duplicate, dated this 19th day of February, 1905, made by and between Joel Jenkins, of the County of Los
Angeles, State of California, party of the first part, and the Builders' Wrecking Company, a corporation organized and existing under the laws of said State, and having its principal place of business at Los Angeles, California, party of the second part;
Witnesseth, That the said party of the first part, for and in consideration of the sum of Five Hundred Dollars ($500.00), receipt whereof is hereby acknowledged, does hereby give unto the said party of the second part the exclusive option to purchase from him at any time within thirty (30) days from the date hereof, the following described real property situated in the City of Los Angeles, County of Los Angeles, State of California, viz:
Lots Numbers Three (3) and Four (4) of the Dumas Tract, for the sum of Five Thousand Dollars ($5000.00), Gold Coin of the United States, on the following terms and conditions:
The party of the first part agrees to renew this option from month to month upon the payment to him of the sum of One Hundred Dollars ($100), which said sum is to be paid on or before the 19th day of each calendar month, commencing witht the 19th day of March, 1905; together with interest at the rate of 6 per cent per annum from date until paid on the monthly balance remaining unpaid at the close of each preceding calendar month, said interest also to be payable monthly on the said roth day of each calendar month, commencing March 19th, 1905, as aforesaid, and when said payments made for said option and for the renewals thereof shall amount to the sum of Five Thousand Dollars ($5000.00) (provided said monthly installments of interest shall have been paid in the meantime, as hereinabove mentioned), or upon the payment of said last named sum at any time while this option is in force, the party of the first part agrees to deliver to the party of the second part an unlimited certificate of title to be issued by the Title Insurance & Trust Company of Los Angeles, California, showing the title to the said premises vested in said party of the first part, free and clear of all incumbrances, except such taxes and liens for street or other improvements as may be assessed against said property from the date hereof, together with a good and sufficient deed for said property, conveying the same free and clear of all incumbrances, except as aforesaid.
All payments made hereunder shall be made at the office of the party of the second part, corner First and Spring Streets, in the City of Los Angeles, Cal.
The party of the second part may take possession of said premises and improve the same, and may continue in such possession so long as it performs and observes this contract.
In the event of a failure of the party of the second part to make said monthly payments of principal, or any of them, or said monthly installments of interest, or any of them, or to pay before delinquency said taxes or street assessments, or any of them, or to exercise this option within the time limited as originally given or as thereafter extended, then, in any such event, this instrument shall be void and at an end and cannot thereafter be exercised, and the amounts which have been paid by the party of the second part hereunder shall be retained by the party of the first part as the consideration for the granting of this option and the extensions thereof; and in the event of such forfeiture, the right of the party of the second part to the possession of said premises shall immediately cease, and all improvements placed on said premises by said party of the second part shall forthwith become vested in the party of the first part, and said party of the first part may re-enter said premises and remove all persons therefrom.
In no event shall the party of the second part acquire any right or title in or to said premises, or any part thereof, either in law or equity, until the execution and delivery of the deed therefor.
Time is of the essence of this option and of all and singular its covenants and conditions.
Each and all of the covenants and conditions of this option and agreement shall inure to the benefit of and be binding upon the heirs, executors, administrators, successors and assigns of the respective parties, hereto.
In Witness Whereof, the said party of the first part has hereunto set his hand and seal, and the said party of the second part has hereunto caused its corporate name and seal to be affixed by its President and Secretary, thereunto duly authorized by resolution of its Board of Directors, the day and year herein first above written.
Joel Jenkins, (Seal)
(Corporate Seal) Builders' Wrecking Company,
By its President: Andrew Adams.
By its Secretary: Eben Edwards.