Land Contract (Page 4 of 5) in pdf

Possession

(e) The Purchaser shall have the right to possession of the premises from and after the date

hereof, unless otherwise herein provided, and be entitled to retain possession thereof only so

long as there is no default on his part in carrying out the terms and conditions hereof. In the

event the premises herein above described are vacant or unimproved, the Purchaser shall be

deemed to be in constructive possession only, which possessory right shall cease and

terminate after service of a notice of forfeiture of this contract. Erection of signs by

Purchaser on vacant or unimproved property shall not constitute actual possession by him.

(f) If the Purchaser shall fail to perform this contract or any part thereof, the Seller immediately

Right to Forfeit

after such default shall have the right to declare the same forfeited and void, and retain

whatever may have been paid hereon, and all improvements that may have been made upon

the premises, together with additions and accretions thereto, and consider and treat the

Purchaser as his tenant holding over without permission and may take immediate possession

of the premises and have the Purchaser and each and every other occupant removed and put

out. In all cases where a notice of forfeiture is relied upon by the Seller to terminate rights

hereunder, such notice shall specify all unpaid moneys and other breaches of this contract and

shall declare forfeiture of this contract effective in the time period provided by statute or if no

statutory provision applies then within 30 days after service unless such money is paid and

any other breaches of this contract are cured within that time.

(g) If default is made by the Purchaser and such default continues for a period of thirty (30) days

Acceleration Clause

or more, and the Seller desires to foreclose this contract in equity, then the Seller shall have at

his option the right to declare the entire unpaid balance hereunder to be due and payable

forthwith, notwithstanding anything herein contained to the contrary.

(h) That during the existence of this contract, any proceeds received from a hazard insurance

Disposition of Insurance

policy covering the land shall first be used to repair the damage and restore the property, with

Proceeds

the balance of such proceeds, if any, being distributed to Seller and Purchaser, as their

interests may appear.

(i) Time shall be deemed to be of the essence of this contract.

(j) The individual parties hereto represent themselves to be of full age, and the corporate parties

hereto represent themselves to be valid existing corporations with their charters in full force

and effect.

Notice to Purchaser

(k) Any declarations, notices or papers necessary or proper to terminate, accelerate or enforce this

contract shall be presumed conclusively to have been served upon the Purchaser if such

instrument is enclosed in an envelope with first class postage fully prepaid, if said envelope is

addressed to the Purchaser at the address set forth in the heading of this contract or at the

latest other address which may have been specified by the Purchaser and receipted for in

writing by the Seller, and if said envelope is deposited in a United States Post Office Box.

Additional Clauses

The pronouns and relative words herein used are written in the masculine and singular only. If more than

one joins in the execution hereof as Seller or Purchaser, or either be of the feminine sex or a corporation,

such words shall be read as if written in plural, feminine or neuter, respectively. The covenants herein

shall bind the heirs, devisees, legatees, assigns and successors of the respective parties.

Land Contract Page 4

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