Contract For Deed (Page 2 of 5) in pdf

Conveyance on Full Payment. On payment of the full amount of the purchase price and full

compliance with the terms hereof, Seller agrees to execute and deliver to Buyers, a Warranty Deed

conveying good and marketable title to the property free and clear of all liens and encumbrances

that may have been created by Seller against the Property subject only to the restrictive covenants

and easements of record, if any existing as of this date against the Property, as well as the present

existing zoning ordinances.

10. No Future Easements by Seller. It is understood and agreed that during the term of this Contract,

Seller shall no without first having obtained the consent of Buyers in with, grant any easement in,

over or under the Property, or agree to any change in the present building and zoning ordinances.

11. Assignment by Buyers. Buyer may assign this contract or resale the property upon condition that

all monthly payments remain the responsibility of the Buyer unless otherwise released by the

Seller.

12. Events of Default. The following events shall be deemed to be events of default by Buyers under

this agreement:

a) Failure of Buyers to make any payment of the purchase price or payments of interest as

hereinabove provided at the time the same shall fall due.

b) Failure of Buyers to perform promptly, any covenant or agreement provided herein.

c) Insolvency of Buyers, or transfer by Buyers in fraud of creditors, or any assignment by

Buyers for the benefit of Buyers’ creditors.

d) Filing by Buyers of a petition under any section of chapter of the Bankruptcy Code, as

amended, or under any similar law or statute of the United States of and State thereof; or

judgment of Buyer’s bankruptcy or insolvency in proceedings filed against Buyers there

under.

e) Appointment of a receiver or trustee for all or substantially all of the assets of Buyers in

the event of Bankruptcy.

13. Seller’s Remedies on Default. On the occurrence of any of the events of default specified in

Paragraph 12 of this agreement, Seller shall have the option to either of the following remedies

without any notice or demand:

a) To declare the entire unpaid debt, together with all interest accrued thereon, immediately

due and payable, and by appropriate action, in law or in equity, proceed to enforce

collection thereof; or

b) To terminate the agreement and retain as liquidated damages any and all payments thereto

fore made hereunder by Buyers, to compensate Seller for the breach of this Contact and

for rental and deterioration of the Property. If Seller elects this remedy, Buyers shall

immediately surrender the premise to Seller; if Buyers fail to do so, Buyers shall from and

after the termination of this Contact be tenants at will of Seller, and Seller shall be entitled

to bring an action for forcible Detainer of the Property.

14. Other Rights and Remedies Available to Seller. Not withstanding the language contained in

paragraph 13 of this agreement, it is agreed that Seller may elect to bring an action or actions on

any intermediate overdue installment or on any payment or payments made by Seller and repayable

by Byers. It is stipulated that the covenant to pay intermediate installments, or to pay items

repayable by Buyers, is independent of the covenant to make a deed, and that every such action is

an action arising on contract for the recovery of money only, as if the promise to pay had been

expressed in a different instrument. It is also stipulated that no such action shall constitute an

election not to proceed otherwise as to any subsequent default, and no waiver by Seller of any

default on the part of Buyers shall be construed as a waiver of any subsequent default.

15. Payments by Certified Funds. In the event that any payments made by Buyers hereunder are by

check and the check given in payment therefore is returned by Buyers’ bank for any reason unpaid,

Seller may at Seller’s option demand that all future payments be made by certified funds.

16. Rights and remedies Seller and Specified in Contract. No right or remedies given to Seller under this

agreement shall be construed to deprive Seller of any rights or remedies otherwise given by law or

equity.

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Contract For Deed Page 2

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