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Land Contract Template 1

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Land Contract Template 1 Page 2
Land Contract Template 1
be adopted time to time so that the amount received shall approximate the total sum required annually for taxes,
special assessments and insurance. This adjustment shall be made on demand of either of the parties
and any deficiencies shall be paid by Purchaser upon Seller's demand.
Acceptance of
Title and
Premises
(g) That he has examined a title insurance commitment/policy dated
an abstract of title
certified to covering the land, and is satisfied with the marketability of title shown thereby. Delivery of
such commitment or an owner's title policy issued pursuant to such commitment, or an abstract, to
Purchaser shall constitute fulfillment of Seller's agreement to furnish title evidence herein contained.
(h) That he has examined the land and is satisfied with the physical condition of any structure thereon,
and hereby waives any and all claims on account of any encroachments on the land or any premises
adjacent thereto.
Mortgage
by Seller
3. Seller and Purchase Mutually Agree:
(a) That Seller may at any time encumber the land by mortgage or mortgages to secure not more than
the balance owing hereon at the time such mortgage or mortgages are executed, which mortgage or
mortgages shall provide for payments of principal and/or interest not in excess of nor sooner than those
provided for in this contract, and shall be a first lien upon the land superior to the right of Purchaser
therein; provided notice of the execution of such mortgage or mortgages containing the name and
address of the mortgagee or his agent, the amount of such mortgage or mortgages and the rate of
interest and maturity of the principal and interest shall be sent to Purchaser by certified mail promptly
after execution thereof. Purchaser shall, on demand of the Seller, execute any instruments that may be
required for the exercise of the foregoing power. If Purchaser shall refuse to execute any such
instruments demanded by Seller or to accept such certified mail, or such certified mail shall be returned
unclaimed, then Seller may post such notice in two conspicuous places on the land, and make affidavit
of such facts and of such posting, after which Purchaser's rights shall be subordinated to such mortgage
or mortgages as hereinbefore provided. The consent obtained, or subordination effected as herein
provided, under or by virtue of the foregoing power, shall extend to any and all renewals, extensions or
amendments of such mortgage or mortgages after Seller has given notice thereof to Purchaser in like
manner as is herein provided for giving notice of the execution of such mortgage or mortgages, except
as to amendment which would increase the mortgage amount to one in excess of that owing hereon, or
provide for a rate of interest in excess of that provided or a maturity date sooner than provided herein.
Encumbrances
on Seller's
Title
(b) That if the title of Seller is evidenced by land contract or now or hereafter encumbered by mortgage,
Seller shall meet the payments of principal and interest thereon as they mature and produce evidence
thereof to Purchaser on demand. On Seller's default Purchaser may pay the same, which payments
shall be credited on the sums matured or first maturing hereon with interest at
% per annum on
payments so made. If proceedings are commenced to recover possession of the land or to enforce the
payment of such contract or mortgage, because of Seller's default, Purchaser may at any time thereafter
while such proceedings are pending encumber the land by mortgage securing such sums as can be
obtained upon such terms as may be required and with the proceeds pay and discharge such mortgage
or purchase money lien, and any mortgage so given shall be a first lien upon the land superior to the
rights of Seller therein. Thereafter Purchaser shall pay the principal and interest on such mortgage so
given as they mature, which payments shall be credited on the sums matured or first maturing hereon.
When the amount owing hereon is reduced to that owing upon such contract or mortgage or upon any
mortgage executed under either of the powers contained in this contract, a conveyance shall be made in
the form above provided with a covenant by the grantee to assume and pay the same.
Non-payment
of Taxes or
Insurance
(c) That if default is made by Purchaser in the payment of any tax or special assessment or insurance
premiums or in the delivery of insurance as above provided, Seller may pay such tax, special
assessments or premiums or procure such insurance and pay the premiums therefore, and any amount
so paid shall be a further lien on the land payable by Purchaser to Seller forthwith with interest at
% per annum. This provision shall be effective only if Paragraph 2(e) applies.
Disposition
of Insurance
Proceeds
(d) That during the existence of this contract, any proceeds received from a hazard insurance policy
covering the land shall first be used to repair the damage and restore the property, with the balance of
such proceeds, if any, being distributed to Seller and Purchaser, as their interests may appear.
Assignment
by Purchaser
(e) That no assignment or conveyance by Purchaser shall create any liability whatsoever against Seller
until a duplicate thereof duly witnessed and acknowledged, containing the residence address of the
assignee, shall be delivered either personally or by certified mail to Seller and receipt therefor obtained.
Purchaser's liability hereunder shall not be released or affected in any way by delivery of such
assignment, or by Seller's endorsement of receipt or acceptance thereon.
Possession
(f) That Purchaser shall have the right to possession of the land from and after the date hereof, unless
otherwise herein provided, and be entitled to retain possession thereof only so long as there is no default
on his part in carrying out the terms and conditions hereof. If the land is vacant or unimproved,
Purchaser shall be deemed to be in constructive possession only, which possessory right shall cease
and terminate after service of a notice of forfeiture of this contract. Erection of signs by Purchaser on
vacant or unimproved property shall not constitute actual possession by him.
Right
to Forfeit
(g) That should Purchaser fail to perform this contract or any part thereof, Seller immediately after such
default shall have the right to declare this contract forfeited and void, and retain whatever may have been
paid hereon, and all improvements that may have been made upon the land, together with additions and
accretions thereto, and consider and treat Purchaser as his tenant holding over without permission and
may take immediate possession of the land, and Purchaser and each and every other occupant remove
and put out. A proper notice of forfeiture, giving Purchaser at least fifteen (15) days to pay any moneys
required to be paid hereunder or to cure other material breaches of this contract, shall be served on
Purchaser, as provided by statute, prior to institution of any proceedings to recover possession of the
land.
Acceleration
Clause
(h) That if proceedings are taken to enforce this contract by equitable action, after Purchaser shall have
been in default for a period of forty-five (45) days or more, the entire amount owing hereon shall be due
and payable forthwith, anything herein contained to the contrary notwithstanding.
Land Contract Template 1