Understanding Land Records
Land records are not my forte. I'd appreciate some interpretation of the following. What does the option for the seller to reposes the land mean?
In consideration for which the second parties agree to pay for said real estate and other property included herein the sum of seventeen thousand four hundred dollars payment to be made as follows: one thousand cash down the receipt of which is hereby acknowledged and six thousand four hundred to be paid March 1st, 1911 and first party agrees to take back mortgage for $10000 for five years at 6% interest. Interest payable annually, second party has right to pay any part or all of the $10000 on the first day of March 1911.