Bessemer Coal, Iron & Land Co. v. Bullard

Appellee, intending to purchase a lot in or near the city of Bessemer, on April 7, 1923, entered into a contract with appellant of the kind commonly designated as a lease sale contract. The contract provided that appellee should pay rent at the rate of $5 a month, with interest on deferred payments, and, if at the end of 116 months he had paid each installment, appellant would execute and deliver to him a warranty deed without further consideration. It was provided in the written contract that-—

“If any of said monthly installments are not paid within sixty days after the same become due, * *…