McCarthy

The defendants, prior to and at the time of the transaction upon which this action is founded, were the owners of lots 30 and 31, block No. 515, of the city of Modesto, in the county of Stanislaus. On the first day of September, 1920, the defendants and the plaintiff entered into and executed a written contract, whereby the former sold to the latter said lots for the sum of $4,800, of which the sum of $1,000 was to be and was paid upon the execution of said contract, and the balance to be paid in monthly installments of $30 or more until January 1, 1921, “at which time said monthly installments shall be increased • to thirty-five dollars or more for each month,” deferred payments to bear interest at the rate of seven per cent per annum. The con tract provided that the vendee should be let into immediate possession of the premises; that time shall be of the essence of the contract; that if the vendee failed to pay any of the installments as stipulated within thirty days after the same became due the vendors shall be released from all obligation to convey said property, in which event the vendee shall forfeit all right to said property, and all payments theretofore made by him shall…