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The said party of the second part contracts and agrees, that if any of the property owners on said street elect to pay said assessments in ten equal annual installments as promised by said acts, it will make and issue to said first party improvement bonds, bearing interest at the rate of six per cent, per annum, covering such deferred payments. Said work of this contract on or before September 1st, unless said time be extended, in writing, by the Board of Trustees of said Town. If the party of the first part fails or neglects to commence said work on or before the time mentioned, said Board of Trustees may declare this contract null and void and relet the same, and in the event said first party or the sureties of this contract fail or neglect to prosecute said work with such vigor as, in the opinion of the Board of Trustees, will complete the same within the time above fixed, and fail to increase the force employed on said work, on notice from said Board, then said Board may declare said contract null and void, and adjudge the same to have been abandoned and forfeited, and may re-let or require said sureties to complete the same, as said Board shall elect; and said first party and sureties hereto shall be liable for all damages that may accrue by said failure to perform said work according to this contract, and shall be entitled to recover nothing from said Town or the property owners along said improvement, for work already performed or materials used, and such materials shall be retained by and belong to said Town. Said first party further contracts and agrees to pay any and all moneys due to any contractor, person or persons furnishing any material by contract for said work, and to pay any laborers employed by said party of the first part for any work done in the prosecution of such improvement.

It is hereby expressly understood that no assignment of this contract shall be made to any party with out the consent of said Board of Trustees of said Town in writing.

It is further agreed that the said Town shall not be liable to said first party or assigns for any delay or loss in the payment of assessment or interest thereon my the property owners who fail or refuse to sign a waiver availing themselves of the ten-year installment plan of payment as provided by law, or for attorney's fees; and that, although suits for the collection of such assessments may be brought in the name of said party of the second part, said Town shall not be or me held liable foe the cost or expense of such suits, or for any failure to recover the amount or amounts therein claimed to be due.