This Agreement, made and entered into, in duplicate, this Tenth day of March, Nineteen Hundred and Five, by and between S. A. Belcher and Sarah Belcher, his wife, of the City of Los Angeles, County of Los Angeles, State of California, the parties of the first part, and James R. Black and George L. White, of the County and State aforesaid, the parties of the second part,
Witnesseth : That for and in consideration of the covenants and agreements hereinafter set forth, and the reservation of one inside lot on Thirty-ninth street in the lands hereinafter mentioned, the said parties of the first part have appointed and do hereby appoint the said James R. Black and George L. White the sole and exclusive agents of said parties of the first part to subdivide and sell in subdivisions, in accordance with their judgment, provided that in the exercise of their judgment they shall act for the best interests of all parties concerned, the following described property, to-wit:
The East One-half (½) of the Southwest One-quarter (½) of Section One (1) in Township Two (2) South of Range Fourteen (14) West, San Bernardino Meridian, in the City of Los Angeles, State of California.
It is agreed between the parties hereto that said land shall be sold for such price or prices as shall net the parties of the first part the sum of Eleven Thousand Dollars ($11,000), lawful money of the United States of America, without interest, except as hereinafter set forth and independent of the lot reserved to said parties of the first part as hereinabove mentioned.
It is further agreed by and between the parties hereto that the sale of all subdivisions shall be made upon the following terms and conditions, to-wit: At least one-third cash in lawful money of the United States as aforesaid, One-third on or before one year from the date of sale, and the remaining one-third on or before two years from date of sale.
It is further agreed between the parties hereto that all deeds conveying subdivisions of the above described property shall be in the form of a grant bargain and sale, or in form prescribed by the Civil Code of the State of California, and that each such sale shall be made subject to the following conditions, and the said deeds to be made pursuant to this contract shall contain the following clauses, namely:
"Provided, however, that this conveyance is made and accepted upon each of the following conditions which shall apply to and be binding upon the grantee,.........heirs, devisees, executors, administrators and assigns, namely: That said premises shall be used for residence purposes only; that no residence shall be erected, placed or permitted on said premises that shall cost or be fairly worth less than one thousand dollars ($1,000); that said residence and all portions and projections thereof shall be located not less than.........feet from the front line and.........feet from the side lines of said premises and shall face the front line of said premises, namely, on...........................; that no barn, no store building, shop or place for the sale of merchandise of any description shall be erected, placed or permitted on said premises.
"Provided, further, the party of the second part.........heirs and assigns, shall not convey, lease, or rent said premises or any part thereof to any person of African descent.
"Provided, that upon the breach of any of the foregoing conditions the said premises shall revert to the said grantor........., successors or assigns, each of whom shall have the right of immediate re-entry upon said premises."
And that such deeds are to be delivered to the purchaser upon the receipt of the first payment, and of promissory notes and mortgages evidencing and securing the second and third payments; that all notes shall be payable to the parties of the first part, and that the parties of the first part shall have the notes secured by a first mortgage on the property sold and to which said mortgages relate, and that such mortgages shall be in the form in use by the Title Insurance and Trust Company, or the Title Guarantee and Trust Company, both of the said City of Los Angeles; that said notes shall bear interest at the rate of nine (9) per cent per annum, payable semi-annually, and that the parties of the first part shall execute and deliver to the purchaser a tax agreement, in the form in use by the Trust Companies aforesaid, providing in effect that if the purchaser shall pay all taxes upon the lands so purchased by him, the parties of the first part shall account for all interest upon said promissory notes in excess of six (6) per cent, per annum.
It is further agreed between the parties hereto that upon the making of each and every sale, and prior to the execution of any deed therefor, the said parties of the second part shall render to and for the information of said parties of the first part, a statement in writing of the transaction, showing in detail the property sold, the price to be paid therefor, and the amount of cash received and the amounts and terms of the deferred payments; and that 70% of the cash received on all sales shall be given to said parties of the first part immediately after the consummation of the sale and the remaining 30% shall be retained by the parties of the second part for their own use and benefit.
It is further agreed between the parties hereto that the parties of the second part shall keep all their transactions relating to the property hereinabove described, and their accounts with the parties of the first part, in a book separate from all transactions of the parties of the second part in relation to other business matters, and that such book shall at all times be open to the inspection of said parties of the first part, their agents and attorneys.
It is further agreed between the parties hereto that said parties of the first part shall pay for bringing down to date an unlimited certificate of title in respect to said premises, such certificate to be issued by the Title Insurance and Trust Company of Los Angeles at the request of said parties of the second part, and that the said parties of the second part shall pay for each separate certificate of title, or policy of title insurance, as the lots are sold, such certificates or policies of title insurance to be delivered to the parties of the first part with the promissory notes and mortgages aforesaid.