This Agreement, made in duplicate, this 12th day of January, 1906, between John W. Ives, the first party, and Mrs. Mary Davis, the second party, each of said parties being a resident of the County of Los Angeles, State of California.
WITNESSETH, That for and in consideration of the agreements hereinafter expressed, the parties hereto do hereby mutually covenant and agree, each with the other, as follows, to wit:
Said first party agrees to sell and convey to said second party, and said second party agrees to purchase forty (40) acres of land, situate in the County of Los Angeles, State of California, described as the S. E. one-fourth (1/4) of the N. E. one-fourth (1/4) of Section 17, in Township 4 N., Range 15 W., S. B. M., subject to a mortgage thereon, for the sum of $500, dated July 21, 1905, in favor of Isaac Jackson, of Pasadena, California, payable three years after date, with interest at the rate of 7 per cent per annum, net, said premises to be conveyed free and clear of all incumbrances, save and except said mortgage ,by a good and sufficient deed, the title thereto to be marketable and to be evidenced by an unlimited certificate of title to be issued by the Title Insurance & Trust Company of Los Angeles, at the expense of first party, showing the title in said first party as afore-said at this date or later. The deed to said premises shall contain a clause to the effect that second party shall assume and pay said mortgage.
The second party agrees to sell and transfer to said first party, and said first party agrees to purchase the furniture of ten-room lodging house, and the good will and lease thereof, at No. 805 Central Ave., in the City of Los Angeles, State aforesaid, said furniture having been this day inventoried and listed as shown in Exhibit A, hereto attached; said furniture, good will and lease to be transferred to said first party free and clear of incumbrances by a recordable bill of sale to be executed and delivered by said second party.
Said first party shall have said certificate of title to said premises brought down to this date or later, and if said certificate, when so continued, shall show said premises vested in said first party clear of all incumbrances, except said mortgage, as aforesaid, then said conveyances shall be exchanged and said second party shall put said first party in possession of said lodging house. The first party shall pay interest on said mortgage to the date when said exchange shall be made, and said second party shall pay the rent of said lodging house to said date. The said papers shall be exchanged at the real estate office of George W. Brown, Room 404, Chamber of Commerce Building, Los Angeles, California.
In Witness Whereof, the parties hereto have hereunto set their hands and seals the day and year first above written.
John W. Ives, (seal)
Mrs. Mary Davis (seal)