Travis County Deed Records: Deed Record 598 - Mechanics Liens Page: 468
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shall
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U
T. P. Showalter
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Veta Mae Showalter
Owner s
E. E. Drake
Contractor
assigns
THE STATE OF TEXAS
COUNT^OF TRAVIS
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have the right, at its election, to complete said improvements in order to protect its
rights on the premises.
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And I, E. E. Drake Contractor, for and in consideration of the sum of Thirty Four
Hundred and no/100 (#3400.00) Dollars, to be paid as hereinbefore provided by said
Association, have sold, assigned and conveyed and do by these presents sell, assign and
convey to First Federal Savings & Loan Association of Austin, a corporation, of Austin
Trevis County, Texas, the within mechanic’s and materialman's lien and note being that
certain indebtedness due by Owners to Contractor as hereinabove provided in the sum of
Thirty Four Hundred and No/100 ($3400.00) Dollars, together with all liens hereby created
and/or rights, titles or equities to which Contractor is entitled in law or in equity
securing the payment of any portion of said indebtedness hereby assigned, and Contractor
agrees that said indebtedness hereby assigned shall be secured by a superior lien to
that securing any portion of said indebtedness, if any, not assigned by the express terms
of this instrument.
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in such case said indebtedness and lien shall exist in favor of Contractor and his
for such contract price, less an amount necessary to complete said improvements in
accordance with this contract, and said Association, as the assignee of Contractor,
controversy and that his decision shall be final and binding on both parties.
This contract is executed, acknowledged and delivered by Owners and Contractor before
any labor is performed or material furnished under the terms hereof.
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Taxes, fire, tornado, hail and gas explosion insurance are to be paid by owners
and in case of failure to pay same the holder of said note and lien shall have the right
of paying same and adding it to the amount due on said note and said taxes and insurance
so paid shall be secured by this mechanic's and materialman’s lien.
In case of any dispute, misunderstanding or disagreement between Owners and Contractor
arising out of this contract or the manner of its performance, it is agreed that H. E.
Wattinger, of Austin, Travis County, Texas, shall be the arbiter of such matters in
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It is within the contemplation of all parties to this contract that said indebtedness
or a part thereof is to be assigned by Contractor to said Association, and that in case of
default or error on the part of the Contractor no set-off or discount as against the
indebtedness assigned to said Association shall be claimed or asserted, Owners agreeing to
look only to Contractor for any damages arising therefrom.
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Nothing herein shall be construed to create or effect any obligation or liability
against said Association, other than one to pay to Contractor the consideration recited
in theassignment from Contractor to said Association, if, as and when the terms and
conditions set out herein are complied with by Contractor.
Witness our hands, this 25 day of April, 1939.
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During the erection of said improvements and until final acceptance thereof by the
Owners, Contractor agrees to keep said improvements insured against fire and tornado,
with mortgage clause in favor of Owners and said Association, as their respective interests
may appear, for the full insurable value of said improvements in some reputable company,
acceptable to said Association.
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# BEFORE ME, the undersigned authority, a Notary Public in and for
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Travis County (Tex.). Clerk's Office. Travis County Deed Records: Deed Record 598 - Mechanics Liens, book, 1938-11/1939-03; (https://texashistory.unt.edu/ark:/67531/metapth1564399/m1/474/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Travis County Clerk’s Office.