179 Iowa 1069 | Iowa | 1917
On June 1, 1912, the parties hereto entered into a written contract for the purchase and sale of certain real estate at an agreed price of $95,205. This contract was to be performed on March 1st, following, until which time the defendant, as vendor, retained the possession. Under the statute, the taxes for the year 1912 became a lien upon the property on the last day of the year. The plaintiff, as vendee, was later compelled to pay the same, in order to protect his title.
Under the terms of the contract, the plaintiff paid $4,000 at the time of the execution thereof.- He was to pay the further sum of $10,000 on the first of March following, and the balance on or before 10 years, with annual interest, with an option to the defendant to convey at any time after March first, and to take mortgages for the purchase money, and with an option to the plaintiff to demand a conveyance at any time upon payment of 40 per cent of the purchase price and to give mortgages for the unpaid portion. Possession was reserved to the defendant until March 1st. The contract also contained the following provision :
The judgment of the district court is, therefore, — Affirmed.