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and performed by the second party hereunder, then and in that event, such sum or sums of money as may have been paid hereunder, and all improvements made on said premises by said second party, shall be forfeited to and be retained by said party of the first part as agreed compensation for the possession and use of said premises hereunder, and liquidated damages for the non-fulfill­ment of said contract by the said party of the second part; and said party of the first part may at its option, be released from all obligations in law or in equity to convey said property, and may re-enter and take possession of the same, and remove all per­sons therefrom; and said party of the first part upon receiving such payments at the times and in the manner herein specified, agrees within a reasonable time to execute and deliver to said party of the second part or to his assigns, a grant, bargain and sale deed, conveying said land to said second party, subject to a mortgage dated July 1st, 1911, held by the Guaranty Trust Com­pany of Hew York, on the entire property of the party of the first part,- which mortgage is recorded in Book 1 of Beal and Chattel Mortgages, page 137, Clark County, Nevada records. It is further expressly agreed as a part of the con­sideration hereof, that the time when the payment of said pur­chase price, principal and interest, is to be paid, and the time when and within which any act required to be done or per­formed by the party of the second part shall be done, is of the essence of this contract. This agreement is intended to inure to and bind the heirs, executors, administrators, successors and assigns of the respective parties hereto. IN WITNESS WHEREOF, the said parties have executed 3-