Land Contract (Page 2 of 2) in pdf

Purchaser agrees that time is of the essence and (a) in the event of a default in the payment of any principal or

interest which continues for a period of _________ days following the specified due date or (b) in the event of a

default in performance of any other obligation of Purchaser which continues for a period of _________ days

following written notice thereof by Vendor (delivered personally or mailed by certified mail), then the entire

outstanding balance under this contract shall become immediately due and payable in full, at Vendor's option and

without notice (which Purchaser hereby waives), and Vendor shall also have the following rights and remedies

(subject to any limitations provided by law) in addition to those provided by law or in equity: (i) Vendor may, at

Vendor's option, terminate this Contract and Purchaser's rights, title and interest in the Property and recover the

Property back through strict foreclosure with any equity of redemption to be conditioned upon Purchaser's full

payment of the entire outstanding balance, with interest thereon from the date of default at the rate in effect on such

date and other amounts due hereunder (in which event all amounts previously paid by Purchaser shall be forfeited as

liquidated damages for failure to fulfill this Contract and as rental for the Property if purchaser fails to redeem); or (ii)

Vendor may sue for specific performance of this Contract to compel immediate and full payment of the entire

outstanding balance, with interest thereon at the rate in effect on the date of default and other amounts due

hereunder, in which event the Property shall be auctioned at judicial sale and Purchaser shall be liable for any

deficiency; or (iii) Vendor may sue at law for the entire unpaid purchase price or any portion thereof; or (iv) Vendor

may declare this Contract at an end and remove this Contract as a cloud on title in a quiet-title action if the equitable

interest of Purchaser is insignificant; and (v) Vendor may have Purchaser ejected from possession of the Property

and have a receiver appointed to collect any rents, issues or profits during the pendency of any action under (i), (ii)

or (iv) above. Notwithstanding any oral or written statements or actions of Vendor, an election of any of the

foregoing remedies shall only be binding upon Vendor if and when pursued in litigation and all costs and expenses

including reasonable attorneys fees of Vendor incurred to enforce any remedy hereunder (whether abated or not) to

the extent not prohibited by law and expenses of title evidence shall be added to principal and paid by Purchaser, as

incurred, and shall be included in any judgment.

Upon the commencement or during the pendency of any action of foreclosure of this Contract, Purchaser

consents to the appointment of a receiver of the Property, including homestead interest, to collect the rents, issues,

and profits of the Property during the pendency of such action, and such rents, issues, and profits when so collected

shall be held and applied as the court shall direct.

Purchaser shall not transfer, sell or convey any legal or equitable interest in the Property (by assignment of any of

Purchaser's rights under this Contract or by option, long-term lease or in any other way) without the prior written

consent of Vendor unless either the outstanding balance payable under this Contract is first paid in full or the

interest conveyed is a pledge or assignment of Purchaser's interest under this Contract solely as security for an

indebtedness of Purchaser. In the event of any such transfer, sale or conveyance without Vendor's written consent,

the entire outstanding balance payable under this Contract shall become immediately due and payable in full, at

Vendor's option without notice.

Vendor shall make all payments when due under any mortgage outstanding against the Property on the date of

this Contract (except for any mortgage granted by Purchaser) or under any note secured thereby, provided Purchaser

makes timely payment of the amounts then due under this Contract. Purchaser may make any such payments directly

to the Mortgagee if Vendor fails to do so and all payments so made by Purchaser shall be considered payments made

on this Contract.

Vendor may waive any default without waiving any other subsequent or prior default of Purchaser.

All terms of this Contract shall be binding upon and inure to the benefits of the heirs, legal representatives,

successors and assigns of Vendor and Purchaser. (If not an owner of the Property the spouse of Vendor for a

valuable consideration joins herein to release homestead rights in the subject Property and agrees to join in the

execution of the deed to be made in fulfillment hereof.)

Dated: _________

[Signatures]

_________

[Authentication or acknowledgment]

_________

Land Contract Page 2

Related Articles

Related forms

Related Categories