LAND CONTRACT
This agreement made this 1st day of September, 201X, by and between Jed Curtiss, a married man, 3673 Incochee Road, Traverse City, MI 49684, hereinafter called “Seller”, and John Doe, 000 E. Main Street, Cadillac, MI, 49601, a married couple hereinafter called “Buyer or Purchaser”, is as follows:
WITNESSETH
1. Sale: Seller agrees to sell, and Buyer agrees to buy the following described real estate located in City of Cadillac, County of Wexford, State of Michigan, to- wit: The South ½ of Lot 1, Block 000, Chittenden & Wheeler’s Addition to the City of Cadillac, Wexford County, Michigan.
Tax ID Number 00-000-00-000-00
Commonly known as 000 E. Main Street, Cadillac, Michigan, 49601, and hereinafter called the “premises”.
2. Conveyance: Seller agrees that if buyer shall first make the payments and perform the covenants, agreements and conditions on their part hereinafter set forth, that seller shall convey to, except as hereinafter provided, by good and sufficient Warranty Deed, the said Premises, subject to the conditions hereinafter stated.
3. Purchase Price: Buyer agrees to pay the seller as full purchase price for said premises, the sum of $70,000, Seventy Thousand, Dollars, such sum to be due and payable as follows:
(a) The Buyer shall pay a $7,000 down payment and the balance of the contract price, $63,000, to be paid in equal monthly installments on the contract balance at a 8.5% interest rate and are payable as follows:
(b) Seven Hundred dollars, ($700.00) starting on January 1st, 2013, and on the 1st day of every month thereafter for a total of three years with the contract balance due on December 31st, 2015. There will be no prepayment penalty.
(c) Installment payments due the 1st day of each month shall not be considered overdue or in default if paid by the 1st day of each month; there shall be a late payment penalty of $10.00 per day each time the monthly installment payment is not paid by the 1st of the month. Late payments must include the penalty payment or shall remain in a late status until such payment is made in full.
4. Buyers shall be responsible for any and all improvements to premises.
5. Liens. The Buyer shall not and will not suffer nor permit any mechanics liens or other lien to attach to, or be against or upon premises sold hereunder, which shall or may be superior to the rights of the Seller.
6. Title Defects. If the title commitment discloses an unmerchantable title, Seller shall have 60 days from the date of delivery thereof to have the exceptions removed from the commitment, or have the title insurer commit to insure against loss or damage that may be occasioned by such exceptions.
7. Personal Property. Appliances to be included in as is condition: (Stove and Refrigerator).
8. Utilities. Buyer shall pay and keep current all such utilities, including sanitary district fees. On land contracts, the City of Cadillac issues a duplicate invoice to the contract holder for informational purposes only. There may be a deposit required by the City of Cadillac.
9. Forfeiture. Time is of the essence of this agreement, and if the Buyer shall fail to make payments, or in any part thereof, or shall fail to perform any of the covenants to be performed by the purchaser, and any failure or default shall continue for a period of 30 days, then this agreement shall, at the option of the Seller, be forfeited and determined, and shall immediately become null and void, and purchaser shall forfeit all payments and improvements made under this agreement and such payments shall be retained by Seller in full satisfaction and in liquidation of all damages sustained, and the purchaser shall immediately give up and surrender peaceful possession of said real estate in a good condition, reasonable wear and tear excepted; and in the event Buyer fails, neglects or refuses to surrender up possession, the Seller shall have the right to enter upon and take possession of said premises and remove all property.
10. Forfeiture Declaration. In the event Seller shall declare this agreement null and void on account of any default by Buyer in any of the provisions thereof, this agreement shall be null and void and be so conclusively determined by the filing by Seller or Seller’s attorney a written declaration of forfeiture in the appropriate office in Wexford County.
11. Legal Expense. In the event this agreement is placed in the hands of an attorney for enforcement the prevailing party shall be entitled to recover court cost and attorney fees.
12. Remedies. The remedy of forfeiture herein given to the seller shall be exclusive of any other remedy, but the seller shall in case of default or breach, or for any other reason herein contained, have every other remedy given by this agreement and by law or equity, and shall have the right to maintain and prosecute any and every such remedy, contemporaneously or otherwise, with the exercise of the right of forfeiture, or any other right herein given.
13. Non-Waiver. A waiver by Seller of any default or breach of any of the provisions hereof by Buyer shall not be deemed a waiver of any future default or breach of any of the provisions of this agreement by Buyer.
14. Closing. Closing shall be at a location mutually agreeable to purchaser and seller.
15. Agreement Binding. This agreement shall be binding upon the parties hereto, their heirs, executors, administrators, successors and assigns of the respective parties.
16. Payments. Payments, unless otherwise notified by sellers in writing, shall be made to sellers, and are due on or before the 1st day of every month at the following address: Jed Curtiss, 3673 Incochee Road, Traverse City, MI 49684.
17. Condition of Property. Buyer acknowledges that they are purchasing the premises in its present “As is, Where is” condition and there are no warranties or guaranties either expressed or implied. Also, It is always risky to store anything of value in a basement because they are prone to high moisture, it is advisable to run a dehumidifier during the summer months. Buyer's Initials _____
18. Insurance. While this Agreement shall remain in effect, the Buyer shall maintain current fire and extended coverage upon the property. In the event of loss or destruction in whole or in part of said property, the Buyer shall make a claim to the insurance company and make needed repairs from the proceeds. Buyers shall list Sellers as additional insured.
19. Property Tax: Buyer shall pay property taxes in a timely manner and provide Seller with proof of payment each time property taxes are paid. It is the buyers obligation to file for the Homestead Exemption / PRE to reduce their tax liability.
20. Possession. Possession shall be tendered to the purchaser immediately.
21. Upon full and timely performance of all provisions stated herein, if buyer so desires, seller shall negotiate terms of a new land contract for an additional three-year period.
Disclosure of Information on Lead-Based Paint
Housing built before 1978 may contain lead based paint. Lead from paint, paint chips, and dust can pose health hazards if not taken care of properly. Before renting or selling pre-1978 housing, Landlord/Seller must disclose the presence of known lead-based paint hazards in the dwelling. Seller acknowledges that there is neither the known presence nor known lack of presence of any lead-based paint and that the buyer should always be cautious.
IN WITNESS WHEREOF, the parties hereto have executed this contract in triplicate the day and year first above written.
BUYER(S): SELLER(S):
_____________________________ _______________________________
Mr. John Doe, Buyer Jed Curtiss, Seller
_____________________________ _______________________________
Mrs. John Doe, Buyer
The foregoing instrument was acknowledged before me, a Notary Public, on this _____ day of
__________, _____, by Jed Curtiss, a married man, as seller and Mr. and Mrs. John Doe, a married couple,
as purchaser.
____________________________ _______________________________
Signature print name:
Notary Public in and for the County of Wexford, State of Michigan.
My commission expires: ________________________
Prepared by:
Jed Curtiss
3673 Incochee Road
Traverse City, MI 49684