Land Contract Template (Page 4 of 7) in pdf

(a) Give the buyer a written notice specifying the default and informing the Buyer that if

the default continues for a period of fifteen days after service of the notice that the

Seller will without further notice declare the entire balance due and payable, and

proceed according to the common law or the statutes of the State of Michigan; or

(b) Not declare the entire balance due and payable, and proceed according to the common

law or the statutes of the State of Michigan including but not limited to the right of

Seller to declare a forfeiture in consequence of the nonpayment of any money

required to be paid under the Contact or any other breach of the Contract, but in the

event the Seller elects to proceed under this sub-paragraph the Seller shall give the

Buyer a written notice of forfeiture specifying the default which has occurred and

shall give the Buyer a period of fifteen days after service of the notice of forfeiture to

cure the default.

other party for any and all enforcement of this Agreement. “Prevailing party” is

defined under MCR 2.625.

12. ASSIGNMENT. The Seller may assign, sell, or convey an interest in this Contract, but shall

immediately give written notice to the Buyer of the action, which notice shall give the name

and address of the new party. The Buyer further agrees that, notwithstanding any other

provision herein contained, this land contract shall become, at Seller’s option, immediately

due and payable in the event Buyer shall sell, assign, lease with option to purchase, transfer

or convey his/her interest or any part of his/her interest in the subject property by assignment,

sub-land contract, or any other manner, without first securing the written consent of the Seller

in its sole discretion. No assignment, sale, or conveyance, shall release Buyer from

obligations under the provisions of this Contract unless Seller releases the Buyer in writing.

13. ASSIGNMENT OF LEASES AND RENTS. As additional security for the performance of

Buyer's obligations under this Contract, Buyer assigns, sells, and conveys to Seller all of

Buyer's right, title, and interest in and to all existing and subsequent leases and occupancy

Contracts of any type and nature affecting all or a portion of the Premises (collectively

referred to as "Leases") and all rents, issues, payments, and profits currently and in the future

to be derived from all or any portion of the Premises (collectively referred to as "Rents").

This assignment shall constitute an absolute and present assignment of the Leases and Rents

and any other benefits derived from the Premises, subject, however, to the conditional

permission given to Buyer to collect and use the Rents and other benefits from the Premises

so long as no default exists under this Contract.

If Buyer fails to perform any of the covenants or conditions contained in this Contract or in

the other documents signed in conjunction with this Contract under the parties' purchase

Contract for the sale of the Premises, Seller, in addition to all other remedies set forth in this

Contract, shall give Buyer a written notice specifying the default. The notice shall inform

Buyer that if the default continues for 15 days after such notice, Seller may, without further

notice to Buyer, with or without any action or proceeding, and with or without a court

Land Contract Template Page 4