Land Contract Template (Page 5 of 7) in pdf

appointed receiver, take possession of the Premises and have, hold, manage, lease, and

operate the Premises for the period of time that Seller deems proper to cure the default. The

notice shall also state that Seller may, either with or without taking possession of the

Premises in Seller's own name, sue for or otherwise collect all Rents and apply the Rents

against all the expenses of enforcing Seller's remedies, including but not limited to Seller's

attorney fees, and against the principal and interest and all other amounts then due under this

Contract. Seller's rights and remedies under this assignment are cumulative and in addition to

any other rights and remedies that Seller may have under this Contract and any other Contract

between Seller and Buyer, as well as any other legal rights that Seller may have. The parties

intend that this assignment shall function in the same form and manner as a statutory

assignment of rents and leases as provided for by MCL 554.211 et seq., as amended, and

MCL 554.231 et seq., as amended. The parties intend that all the rights and remedies

provided for in those statutes shall be available between the parties under the assignment

provided for in this Contract. Seller shall not be liable for any loss sustained by Buyer

resulting from Seller taking possession of the Premises after default or from any other act or

omission of Seller in managing the Premises after default, unless the loss is caused by the

willful misconduct or bad faith of Seller. Seller shall not be obligated to perform any

obligation, duty, or liability under the leases, even if Seller elects to collect the rents under

this Contract following a default by Buyer.

14. BUYER’S ACCEPTANCE OF TITLE AND PREMISES. The Buyer acknowledges having

been previously advised to request an attorney at law to examine a policy of title insurance or

binder covering the Premises, dated _________________ by Lighthouse Title Inc., policy

number _________________, and agrees to accept as merchantable the title now disclosed

there except: See Schedule BII.

15. CONVEYANCE. Upon full final payment of the principal and interest of this Contract within

the time and the manner required by this Contract, together with all other sums chargeable

against the Buyer, and upon full performance of the covenants and agreements of the Buyer,

the Seller shall convey the Premises to the Buyer or the Buyer’s legal representative,

successors or assigns by Warranty deed, subject to easements and restrictions or record and

free from all other encumbrances except those, if any, as shall have been expressly assumed

by the Buyer and except those, if any, as shall have arisen through the acts of neglects of the

Buyer or others holding through the Buyer. At the time of delivery of the deed, the Seller will

deliver all insurance policies mentioned in this Contract properly assigned by the Seller to the

Buyer, and at Seller’s expense, a title search to the date of the deed. Title Insurance has

already been issued at the time of close pursuant to the purchase agreement and will therefore

not be provided at a cost to the Seller at the time land contact is paid in full and a Warranty

deed issued.

16. LOAN OF PAPERS. Upon request, the Seller shall deliver the abstract or the policy of title

insurance or binder to the Buyer for a period not exceeding thirty (30) days, for which the

Buyer shall give a receipt.

Land Contract Template Page 5