Land Contract (Page 2 of 5) in pdf

Seller’s Duty to Convey

existing mortgage or mortgages, and the surrender of the duplicate of this contract, to execute

and deliver to the Purchaser or the Purchaser’s assigns, a good and sufficient Warranty Deed

conveying title to said land, subject to aforesaid restrictions and easements and free from all

other encumbrances, except such as may be herein set forth, and such encumbrances as shall

have accrued or attached since the date hereof through the acts or omissions of persons other

then the Seller or his assigns.

(d) To deliver to the Purchaser as evidence of title, at the Seller’s option, a Policy of Title

To Furnish Title

Insurance insuring Purchaser, the effective date of the policy to be approximately the date of

Evidence

this contract, and issued by Devon Title Agency, as agent for a title underwriter in good

standing.

2. THE PURCHASER AGREES AS FOLLOWS:

Purchaser’s Duties

(a) To purchase said land and pay the Seller the sum aforesaid, with the interest thereon as above

provided.

(b) To use, maintain and occupy said premises in accordance with any and all restrictions thereon.

any governmental authority.

To Pay Taxes and Keep

(d) To pay all taxes and assessments hereafter levied on said premises before any penalty for non-

Premises Insured

payment attaches thereto, and submit receipts to Seller upon request, as evidence of payment

thereof; also at all times to keep the buildings now or hereafter on the premises insured

Alternate Payment

against loss and damage, in a manner and to an amount approved by the Seller, and to deliver

Method

the policies as issued to the Seller with the premiums fully paid.

If the amount of the estimated monthly cost of taxes, assessments and insurance is inserted in the

following Paragraph 2(e), then the method of the payment of these items as therein indicated shall

be adopted. If this amount is not inserted, then Paragraph 2(e) shall be of no effect and the

method of payment provided in the preceding Paragraph 2(d) shall be effective.

(e) To pay monthly in addition to the monthly payments herein before stipulated, the sum of

Insert amount, if Advance

Monthly Installment

$____________________, which is an estimate of the monthly cost of the taxes, assessments

Method of Taxes and

and insurance premiums for said premises, which shall be credited by the Seller on the unpaid

principal balance due on the contract. If the Purchaser is not in default under the terms of this

Insurance is to be Adopted

contract, the Seller shall pay for the Purchaser’s account, the taxes, assessments and insurance

premiums mentioned in Paragraph 2(d) above when due and before any penalty attaches, and

submit receipts therefore to the Purchaser upon demand. The amounts so paid shall be added

to the principal balance of this contract. The amount of the estimated monthly payment, under

this paragraph, may be adjusted from time to time so that the amount received shall

approximate the total sum required annually for taxes, assessments and insurance. This

adjustment shall be made on demand of either of the parties and any deficiencies shall be paid

by the Purchaser upon the Seller’s demand.

Acceptance of Title and

(f) That he has examined a Title Commitment referenced above covering the above described

Premises

premises, and is satisfied with the marketability of the title shown thereby, and has examined

the above described premises and is satisfied with the physical condition of any structures

thereon.

(g) To keep and maintain the premises and the buildings thereon in as good condition as they are

Maintenance of Premises

at the date hereof, reasonable wear and tear excepted, and not to commit waste, remove or

demolish any improvements thereon, or otherwise diminish the value of the Seller’s security,

without the written consent of the Seller.

Land Contract Page 2

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