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This
Agreement made and entered into by and between
__________________________________________ hereinafter called the Vendor and _________________________________________,
hereinafter called hereinafter called the Vendee. Witnesseth: The Vendor, for
himself, his heirs and assigns, does hereby agree to sell to the Vendee, their
heirs and assigns, the following described real estate
_________________________________________
together
with all appurtenances, rights, privileges and easements and all buildings and
fixtures in their present condition located upon said property
1. CONTRACT
PRICE, METHOD OF PAYMENT, INTEREST RATE: In consideration whereof, the Vendee agrees to
purchase the above described property for the sum of ________________________________________
Dollars ($_______________), payable as follows: The sum of
_______________________________ Dollars ($_______________) as down payment at
the time of execution of the within Land Installment Contract, the receipt of
which is here-by acknowledged, leaving a principle balance owed by Vendee of
________________________________ Dollars ($_______________) together with
interest on the unpaid balance payable in consecutive monthly Installments of
________________________________ Dollars ($_______________) beginning on the
_______ day of _______________________ 20__
, and on the___________ day of each and every month thereafter until
said balance and interest is paid in full, or until the _____ day of
___________, 20___ whichever event
occurs first. The interest on the unpaid balance due hereon shall be
___________ ( %) percent per annum
computed monthly, in accordance with a ____ month amortization schedule during
the life of this Contract. Payments
shall be credited first to the interest, and the remainder to the principle or
other sums due Vendor. The total amount of this obligation, both principle and
interest, unpaid after making any such application of payments as herein
receipted shall be the interest bearing principle amount of this obligation
for the next succeeding interest computation period. It any payment is not
received within ________________ (____) days of payment date, there shall be a
late charge of __________________ ( %)
percent assessed. The Vendee may pay the entire purchase price on this contract
without prepayment penalty. The monthly installments shall be payable as
directed by the Vendor herein.
2.
ENCUMBRANCES:
Said real estate is presently subject to a mortgage and the Vendor shall not
place any additional mortgage on the premises without first obtaining the
written permission of the Vendees. In the event the Vendor should become
delinquent in payments on the mortgage, the Vendee may pay the same and credit
said payment to the contract price.
3. EVIDENCE OF
TITLE: The
Vendor shall be required to provide an abstract or guarantee of title,
statement of title, title insurance, or such other evidence of title at
Vendor's expense upon request from the Vendee..
4. RECORDING OF
CONTRACT:
The Vendor shall cause a copy of this contract to be recorded in the Official
Records of _______________________________County Recorder's Office within a
period of twenty (20) days after the execution of this Contract by the parties
hereto.
5. REAL ESTATE
TAXES: Real
estate taxes shall be prorated to the date of the closing using the short term
method of tax proration being those becoming due and payable on
_____________________ 20___. When the real estate taxes become due and payable,
the Vendee shall pay same directly to the ___________________ County Treasurer
and provide proof of payment to the Vendor within 180 days.
6. INSURANCE
AND MAINTENANCE: The Vendee shall keep the premises insured for at least
_______________________________________ thousand
Dollars against fire and extended coverage for the
benefit of both parties, as their interest may appear, and provide a copy of
the said policy to the Vendor or any mortgagee. Vendee shall keep the building
in a good state of repair at the Vendee's expense. At such time as the Vendor
inspects the premises and finds that repairs are necessary Vendor shall request
that these repairs be made within sixty (60) days at the Vendee's expense. The
Vendee has inspected the premises constituting the subject matter of this Land
Installment Contract, and no representations have been made to the Vendee by
the Vendor in regard to the condition of said premises; and it is agreed that
the said premises are being sold to the Vendee as the same now exists and that
the Vendor shall have no obligation to do or furnish anything toward the
improvement of said premises. Vendor shall furnish a clear termite report at
Vendor's expense prior to executing this contract. If the property has live
infestation of wood destroying organisms, Vendor will pay costs of treatment
and repair damages caused by same. If Vendor elects not to do so, Vendee may
elect to waive Vendor's responsibility and proceed, or Vendee may elect not to
proceed with this contract and receive a full refund of all money paid to
Vendor.
7. POSSESSION: The Vendee shall be given
possession of the above described premises at Contract execution and shall
thereafter have and hold the same subject to the provisions for default
hereinafter set forth.
8. DELIVERY OF
DEED: Upon
full payment of this contract, Vendor shall issue a General Warranty deed to
the Vendee, free of all encumbrances except as otherwise set forth.
9. DEFAULT BY
VENDEE: If
an installment payment to be made by the Vendee under the terms of this Land
Contract is not paid by the Vendee when due or within two (2) installments
thereafter, the entire unpaid balance shall become due and collectable at the
election of the Vendor and the Vendor shall be entitled to all the remedies
provided for by the laws of this state and/or to do any other remedies and/or
relief now or hereafter provided for by law to such Vendor; and in the event of
the breach of this contract in any other respect by the Vendee, Vendor shall be
entitled to all relief now or hereinafter provided for by the laws of this
state.
10. GENERAL PROVISIONS: There are no known pending orders issued by any
governmental authority with respect to this property other than those spelled
out in the Land Installment Contract prior to closing date for execution of the
contract. It is agreed that this Land
Installment Contract shall be binding upon each of the parties, their
administrators, executors, legal representatives, heirs and assigns.
IN WITNESS
WHEREOF, the parties have set their hands this day of _____________, 20__.
Witness:______________________________________________ Vendor/Seller:_________________________________________________
Witness:______________________________________________ Vendor/Seller:_________________________________________________
Witness:______________________________________________ Vendee/Buyer:_________________________________________________
Witness:______________________________________________ Vendee/Buyer:_________________________________________________
STATE OF:_______________
COUNTY OF:______________
On this ______day of
_______________, 20____, before me, a Notary Public in and for said county and
state, personally came _______________________
_______________________________________________, Vendors, and
__________________________________________________________________, Vendees,
and acknowledged before me the signing thereof to be their voluntary act and
deed.
WITNESS my official signature and seal on
the day last above mentioned. ___________________________________
Notary
Public
(SEAL) State
of ____________________________
My
Commission Expires: ______________
LICTB
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