Contract Giving Grantor In Deed To Avoid Foreclosure The Right To Repurchase

ADVERTISEMENT

Contract giving grantor in deed to avoid foreclosure the right to repurchase.
A agrees to sell to B, and B agrees to purchase from A the land described below, and on the terms and conditions
to be set forth. The conditions of this contract are such that:
B and h spouse, have been indebted to A in the sum of $_____;
This indebtedness has been secured by a real estate mortgage on the land described below, which is the land
included in this contract;
The _________ Bank has a first mortgage on the land amounting to about $_____;
The indebtedness to A is now past due, and B has given deed this day to the land to A in payment of the
indebtedness mentioned;
Such deed and transfer of the real estate from B to A has made unnecessary a foreclosure by A;
In consideration of the execution of the deed, A is granting, by this contract, to B the right to repurchase the land
within a period of _________ months from the date of this contract:
Therefore, in consideration of the premises set forth below, A will retransfer, by deed to B, the land included
in this contract, if and when, on or before _________[date], B shall pay to A $_____, together with interest at
the rate of _____% per annum from _________[date], together with any and all taxes that shall have been paid
on the property by A, together with all interest or principal that may have then been paid by A to the _________
Bank on the indebtedness of B to the _________ bank. B to have lease on the premises and remain in the
possession of same for year _________[year] for consideration of $_____.
It is further agreed that B gave a bill of sale to the livestock and hay included in the chattel mortgage issued as
further security to A and dated _________, which livestock and hay is to be sold at public auction by A within the
next _________ days. The proceeds of the sale are to be applied to the payment of taxes and interest due the
_________ Bank on their notes and mortgages, and the balance, if any, deducted from the amount to be repaid by B
in fulfilling the terms of this contract, and reobtaining title to the land.
The land included in this contract is all of the land owned by B prior to the date of this contract, and is the land
this day deeded to A by B and more particularly described as follows: _________.
It is further agreed that A shall have the right to assign and transfer or dispose of its interest in the land subject
only to the conditions contained in this contract.

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Business
Go