Glassell

The plaintiff and the defendant Wilson entered into an agreement, bearing date September 1, 1888, by which the plaintiff agreed to sell and Wilson to purchase a tract of land in Los Angeles County for the sum of one hundred and eighty-two thousand dollars, payable in installments, of which the second, of fifty thousand dollars, was to be paid on or before ten years from the date of the agreement, and the third, of one hundred and twenty-five thousand dollars, on or before fifteen years from said date. Said installments were to bear interest at the rate of six per cent per annum, payable yearly; but it was provided that of said interest Wilson need pay only one thousand dollars for the first year, and only three thousand dollars for each of the second and third years. Other provisions not necessary to be mentioned here were made in the contract in reference to the payment by Wilson of interest and taxes, and for the expenditure by him of money in improving the land, and its subdivision and sale in parcel’s. The agreement provided that a writing, “ somewhat in the form of a promissory note,” should be executed by Wilson, “ expressing the terms of the obligation as to the payment of…