the purchasers had an election; they could either continue their payments, collect the insurance proceeds in lieu of the building, and, at the time specified in the contract, receive a warranty deed, or they could default, in which event the seller would be entitled to declare a forfeiture, retain the previous payments as liquidated damages, recover the land and building and, since the building had been damaged, the insurance proceeds to the extent of the unpaid balance on the contract.
In the present case the contract of sale required the plaintiffs, as purchasers, to maintain insurance on the premises. They accomplished this by arranging for Goran to obtain a policy and deduct the premiums from their monthly payments. Goran obtained a policy from USF&G in which he was namedas the insured. Although not specified in the contract, there can be little doubt that the purpose of this insurance was, as in Marbach, to secure payment of the balance due under the contract in the event that the building should be damaged or destroyed.
There is no question the fire was of undetermined origin and the fault of neither party. If the evidence is viewed in the light most favorable to the plaintiffs, it may be inferred that the subsequent vandalism, which resulted in the building's total loss, was likewise the fault of neither party, although, arguably, it could have resulted at least in part from the plaintiffs' neglect. Following the fire the plaintiffs made no further payments on the contract. The parties differ concerning the exact balance