Approving a Contract between City of South Bend and John & Marie Schlecht for Purchase of Certain Real Estate

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T 1S E.G. 0 1T, Made this 73th dcy of St ' eariber, 1929,, between. JOHN SCELECHt and MARIE SCIi:GECfT, Ouspend and wife* of St. Joseph County, Indiana, parties of the first part, and THE MUNICIPAL CITY OF SOUTH k3: [ab of St. Joseph County, Indiana, party of the second part, WITNESS:NTH, Thot the party of the first part agrees to sell to the party of the second part, tor and in consideration of the cum of Ten Thousand Dollars (x, 3, 0n Je) and such other payments and performances a$ may be set out hereinafter, the following des cribed rea. . estate, situate in St. Joseph Donny, Indiana, to-wit: Lots Aumbered Twenty (23) and Twenty-one ( 1) in Jacob Miller' s ArAdition to the City of South Bend, Indiana, Of this consideration the sum of Two Thousand Doiiars ($2,003.00) has been paid by the party of the second part to the party of the first part, the receipt of which is hereby acknowledged. As a part of the consideration the party of the second part shall pay all taxes that may he levied or assessed against said real estate after March l t, 1930 and all assessments for street or sewer improvements UOV: a lion or heraaft3r :ose. ed a ..inst said property. Said party of the second part shali pay to the party of the first part the bum of not :'Less than One Thousand Do:!.iars 4141.)00. 10) on the 13th day of each month of ;elttmber theitafter, commencing on the 18th day of September, 193G, until said consideration with interest thereon has been fully paid, o n which b lance shall be reckoned interest at the raye of seven percent (7;=) per annum, payable annually, which computation shall de as follows: Interest for one (?.) year period shall be FJacjded to the Un- paid balance of Eight Thousand Dollars (Z3,000.GG) . on September 30th, 1930, and from said amount shall be deducted payments made during said year, and the balance or remainder shall stand as the new principal for the ne::.t succeeding period of one (1) year, an which interest shall be reckoned for one (I) year and from the amount of sai4 principal - 1 -