Contract For Sale Of Real Estate Page 3

ADVERTISEMENT

The Seller(s) agrees to furnish within __________days of the date of the Contract, at Seller(s)'s
expense a title insurance policies insuring in an amount equal to the purchase price, marketable
title in and to the promises in the Seller(s) on or subsequent to the date of this Contract and
further, save and except the usual printed exceptions and the building or other restrictions and
easements now of record, if any. Seller(s) also agrees that when the purchase price is fully paid
and upon request and upon surrender to this Contract, Seller(s) will deliver a good and sufficient
deed conveying the premises in fee simple until the Buyer(s), Buyer(s)'s heirs, assigns, free and
clear of encumbrances as of the date herein identified and fee and clear of all encumbrances that
date placed, permitted or arising by, through or under the Sellers(s), except the easements,
restrictions and the taxes, municipal liens, water rents and public charges as assumed by the
Buyer(s) and further excepting all liens and encumbrances created by the Buyer(s) or Buyer(s)'s
assigns.
Time is of the essence
It is further understood and agreed between the parties that time is of the essence
in this Contact, and should the Buyer(s) fail to make the payments as required, or any of them,
punctually within 20 days of the time limited therefor, or failure to keep any of its obligations
under this Contract, then the Seller(s) shall have the following rights and options:
(1) to declare the contract cancelled for default and thus null and void and to declare the
Buyer(s)'s rights forfeited and the debt extinguished, and to retain sums previously paid under this
Contract, subject to the Seller(s) complying with all applicable law pertaining to the exercise of
this remedy, including ORS 93.905, et seq., or successor statutes;
(2) to declare the whole unpaid principal balance of the purchase price with the interest thereon at
once due and payable; and/or
(3)to foreclose this Contract by suit in equity.
In any of such case, all rights and interest created or then existing in favor of the Buyer(sa) as
against the Seller(s) hall utterly cease and the right to possession of the premises described above
and all other rights acquired by the Buyer(s) under this Contract revert to an revest in the Seller(s)
without an act of re-entry, or any other act of the seller to be performed and without any right of
the Buyer(s) to return, reclaim or seek compensation of monies paid on the account of the
purchase un the property as absolutely, fully and completely as if this contract and such payment s
had never been made, and in case of such default all payment previously made on this contract are
to be retained by and belong to the seller as the agreed and reasonable rent of the premises up to
the time of such default and the Seller(s) in case od such default, shall have right immediately, or
at any time thereafter, to enter upon the land, without process of law, and take immediate
possession thereof, together with all the improvements and appurtenances thereto on thereto
belonging.
Buyer(s) further agrees that Seller(s)'s failure to at any time require performance by Buyer(s) of

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Business
Go
Page of 8