Fill and Sign the Agreement for Sale Residential Form

AGREEMENT FOR SALE OF REAL PROPERTY Effective Date:       County and State:       GRANTOR/SELLER (Name, Address & Zip Code)                         GRANTEE/BUYER (Name, Address & Zip Code)                         Escrow Agent (Name, Address & Zip Code)       Real Property (Address or Location)       Real Property (Legal Description, Acreage, and Use)       Purchase Obligation Buyer is obligated to pay Seller the Purchase Price as follows: (1) PURCHASE PRICE ............................................................................................ $ _________________ (2) CASH DOWN PAYMENT ................................................................................. $ _________________ (3) TRADE IN AND/OR DISCOUNT ..................................................................... $ _________________ (4) TOTAL DOWN PAYMENT ............................................................................... $ _________________ (5) UNPAID BALANCE OF PURCHASE PRICE (AMOUNT FINANCED) ........ $ _________________ (6) FINANCE CHARGE: (Charge commences: _______________ ) (a) Time Price Differential .................................................................................. $ _________________ (b) Interest ( ___ % per annum on UNPAID BALANCE OF PURCHASE PRICE and, if applicable, on TIME PRICE DIFFERENTIAL) ........................................................................................................................ ........................................................................................................................ $ _________________ (7) DEFERRED PAYMENT PRICE (Item 1 plus 6) ................................................. $ _________________ (8) ANNUAL PERCENT RATE ............................................................................... _______________ % (9) TOTAL OF PAYMENTS .................................................................................... $ _________________ The above Total of Payments is payable by the Buyer in _____________ monthly installments of $ __________ or more, beginning on or before the __________ day of _______________ , 20 __ and on the ____________ day of each successive month thereafter until paid in full, interest to be first deducted and the balance, if any, to be applied to principal. - 1 - The unpaid principal balance due may be paid in full at anytime without penalty and in such event, the Buyer shall not be liable for the payment of any unearned interest. Unearned interest shall be the pre-computed interest less interest, paid to date of payment. The interest will be computed on the declining principal balance. ________________________________________________________________________________________ 1. Consideration. For and in consideration of the monies constituting the Purchase Obligation and for other valuable consideration exchanged between Seller and Buyer, Seller agrees to sell and convey unto Buyer, and Buyer agrees to buy, the above described Real Properly pursuant to the terms of this Agreement. 2. Conveyance. The deed of Seller conveying the Real Property to Buyer, subject to liens, encumbrances, reservations, restrictions and exceptions set forth on such deed, has been delivered in escrow to the Escrow Agent specified above and shall, as provided by the escrow instructions given to Escrow Agent, be delivered to Buyer upon fulfillment of Buyer's obligations to Seller under the provisions of this Agreement. 3. Appurtenances. Seller agrees to sell together with the Real Property all buildings and improvements now or hereafter erected thereon, and all fixtures attached to or used in connection with the Real Property (including, without limiting the generality of the foregoing, all ventilating, heating, air conditioning and/or refrigeration, plumbing and lighting, fixtures) together with all and singular the tenements, hereditaments and appurtenances, privileges, water and water rights, pipes, flumes and ditches and the water flowing through the same, thereunto belonging to or in any way appertaining, and the reversion, reversions, remainder, remainders, rents, issues and profits herefrom. 4. Title in Seller. Seller hereby covenants that he is well and truly seized of good and perfect title to the Real Property conveyed in fee simple, that he has the good right and lawful authority to convey the same, that the title when conveyed will be fee and clear and unencumbered except as to documents of record of which Buyer has been informed, and that Seller will warrant and forever defend the same to the Buyer, his successors and assigns against all claims whatsoever. 5. Taxes and Assessments. Buyer shall pay to the proper officers all taxes and dues for water and assessments, general and special, which may be levied or assessed upon the Real Property and improvements and appurtenances on or before the date when such taxes or assessments shall become delinquent, mailing to Seller at his address the receipts of proper officers evidencing such payments. Buyer shall purchase and use thereon the amount of water to which Real Property is or shall be entitled, shall not abandon any water rights, power rights, or any rights of whatever nature which are appurtenant to the Real Properly, and shall take the same care thereof as a prudent owner would take. 6. Fire Insurance. Unless these obligations are changed by this Agreement, Buyer shall continually keep in force, during the life of this Agreement, fire and extended coverage insurance in the amount of not less than the full insurable value of any buildings which may exist on the Real Property. Buyer shall provide fire insurance protection on his furniture, fixtures, and other personal property within the Real Property, in an amount equal to the full insurable value thereof, and promises that any insurance coverage in this regard will contain a waiver of the insurer's right of subornation against Seller. Buyer shall promptly deliver to Seller the originals or true and exact copies of any and all such policies of insurance. Buyer shall not do or admit to do any act in or about the Real Property which will in any way impair or invalidate the obligation of any policy of insurance on or in reference to the Real Property or any buildings thereon. 7. Liability Insurance. Unless otherwise indicated above, Buyer shall at his own risk and expense, during the life of the Agreement, provide and maintain in force policies of liability insurance, with Seller as an additional insured thereunder insuring Buyer to the amount of $100,000 against any loss or damage, or any claim thereof, resulting from injury to or the death of any one person and to the amount of $300,000 against any loss or damage, or any claim thereof, resulting from the injury to or the death of any number of persons - 2 - from any one accident, as a result of or by reason of Seller's interest hereunder or the use and occupancy of the Real Property by Buyer; and to procure and maintain in full force and effect, during the life of this Agreement, a policy or policies of insurance, with Seller as an additional insured thereunder, in an amount not less than $50,000 insuring Buyer against any loss or damage or any claim thereof resulting from the damage to or destruction of any property belonging to any persons whomsoever, as a result or by reason of Seller's interest hereunder or the use and occupancy of the Real Property by Buyer. Buyer shall promptly deliver to Seller the originals or true and exact copies of any and all such policies of insurance. All policies shall contain a written obligation of the insurer to notify Seller in writing at least ten days prior to any cancellation thereof. 8. Indemnification of Seller. Buyer shall hold Seller harmless from and indemnify Seller for any and all claims raised by and third party against Seller resulting from the Seller's interest hereunder or the acts of Buyer. Such indemnification shall include Seller's reasonable attorney's fees, costs and lost compensation or profits of Seller or his agents resulting from the preparation for and participation in any litigation. 9. Right of Seller to Pay Obligations of Buyer. In the event Buyer fails or refuses to pay any sums due to be paid by him under the provisions of this Agreement, or fails or refuses to take any action as herein provided, then, and in such event, Seller, after ten days notice in writing to Buyer, shall have the right to pay any sum or sums due to be paid by Buyer and to do and perform any act necessary; and the amount of such sum or sums paid by Seller for the account of Buyer and the costs of any such action; together with interest thereon at the maximum legal rate per annum from the date of payment thereof by Seller until satisfaction, shall be added to the Purchase Price. The payment by Seller of any sum or sums or the performance by Seller of any such act shall be prima facie evidence of the necessity therefore. 10. Condemnation. All awards of damages in connection with any condemnation for public use or injury to any of the Real Property are hereby assigned in full and shall be paid to Seller, who may apply the same to the payment of the principal of the Purchase Obligation, the interest thereon, and any other charges and amounts secured hereby in such manner as Seller may elect. The remaining balance after Seller has been paid in full shall be paid to Buyer. 11. Care of Property. Buyer shall take reasonable care of the Real Property and the buildings thereon, maintain the same in good repair and condition as at the original date of this Agreement of Sale, ordinary depreciation excepted, and will commit or permit no waste and do act which will unduly impair or depreciate the value of the Subject Real Property. In the event that Buyer fails to maintain the Real Property in the same good repair and condition as at the original date of this Agreement, ordinary depreciation excepted, then Seller, at his option, may make such necessary repairs to property maintain the Real Property and tax the cost thereof to the Purchase Obligation. 12. The Right to Inspect Sold Property. At all convenient and reasonable times during the life of this Agreement, Seller shall have the right and license to go on and into the Real Property to inspect it in order to determine whether the provisions of this Agreement are being kept and performed. 13. Event of Default. Each of the following shall be deemed an event of default: a. The failure of Buyer to make any payment due hereunder on or before the due date thereof; b. The failure of Buyer to perform any duty required by this Agreement; c. The breach by Buyer of any covenant or warranty contained in this Agreement; d. The sale or attempted sale of the Real Property by Buyer without the consent of Seller; e. The removal or attempted removal by Buyer of any property included in the Real Property without the consent of Seller; f. Abandonment of Real Property by Buyer; - 3 - g. The Filing or execution or occurrence of: (1) A petition in bankruptcy by or against Buyer; (2) A petition or answer seeking a reorganization, composition, readjustment, liquidation, dissolution or other relief of the same or different kind under any provision of the Bankruptcy Act. (3) Adjudication of Buyer as a bankrupt or insolvent; or insolvency in the bankruptcy equity sense. (4) An assignment for the benefit of creditors whether by trust, mortgage or otherwise. (5) A petition or other proceeding by or against Buyer for the appointment of a trustee, receiver, guardian, conservator or liquidator of Buyer with respect to all or substantially all his property. (6) A petition or other proceeding by or against Buyer for its dissolution or liquidation, or the taking of possession of the property of the Buyer by any governmental authority in connection with dissolution or liquidation. (7) The taking by any person of the title created hereby or any part thereof upon execution, attachment, or other process of law or equity. h. A determination by Seller that the security of the Agreement is inadequate or in danger of being impaired or threatened by any cause whatsoever. 14. Fair Notice of Default. The parties are desirous of giving one another fair notice of any default before sanctions are imposed. In the event of an act of default with respect to any provision of this Agreement, neither party may institute legal action with respect to such default without first complying with the following condition: a. Notice of such event of default must be in writing and mailed to the other party by U.S. Certified Mail, return receipt requested. b. Such written notice shall set forth the nature of the alleged default in the performance of the terms of this Agreement and shall designate the specific paragraph(s) herein, which relate to the alleged act of default. c. Such notice shall also contain a reasonably understandable description of the action to be taken or performed by the other party in order to cure the alleged default and the date by which the default must be remedied, which date may be not less than ten business days from the date of mailing the notice of default. 15. Default. In the event of default and after proper notice has been given, Seller, in addition to all other rights provided herein and/or by law or equity, may forfeit the rights of Buyer hereunder. Such forfeiture shall be in the manner prescribed by law in effect at the time of default. In the event of forfeiture, Buyer shall forfeit any and all rights and interests hereunder in and to the Real Property and all appurtenances thereto, and Buyer shall surrender to Seller, forthwith, peaceful possession of the Real Property and shall forfeit to Seller any and all payments made hereunder, together with any and all improvements placed on the Real Property by Buyer. 16. Defaults on Prior Encumbrances. In the event there are other encumbrances upon the Real Property which are prior in time or prior in right, then and in that event, Buyer promises to comply with the terms of those prior encumbrances. In the event that Buyer fails to comply with those terms and becomes in default on those obligations, such default shall be considered also a default of this Agreement, and Seller or his successors in interest may advance the monies necessary to remedy such default, and, if they do, such money shall be secured by this Agreement and bear the maximum legal rare of interest from the date the monies are tendered. Or Seller may proceed on this default exercising the same remedies he has on this Agreement. 17. Peaceful Possession. Until default is made under any provision of this Agreement as herein before provided, Buyer may continue in the peaceful possession of all the Real Property. 18. Satisfaction of the Purchase Obligation. When buyer has fully satisfied the Purchase Obligation together - 4 - with all other obligations hereunder, Buyer shall request that Seller serve notice to Escrow Agent requesting Escrow Agent to record the deed from Seller to Buyer, which deed Escrow Agent will be holding pursuant to Paragraph 2 (Conveyance). If the parties desire, title insurance may be obtained covering the Real Property, which cost shall be apportioned between the parties according to the escrow instructions or other agreement between the parties. 19. Notices. Copies of all notices and communications concerning this Agreement shall be mailed to the parties at the addresses written on this Agreement, and any change of address shall be communicated to the other party in writing. Documents which may adversely affect the rights of any party to this Agreement shall be dispatched by certified mail, return receipt requested. For all documents mailed to persons in the continental United States, the time period shall begin running on the day following the date that the document is postmarked. For documents mailed to persons outside the continental United States, the time period begins to run on the date that the document is received by the other party. 20. Headings. The marginal or topical headings of the several paragraphs are for convenience only and do not define, limit or construe the contents of these paragraphs. 21. Waiver. Any waiver by either party of a breach of any provision of this Agreement shall not operate as or be construed as a waiver of any subsequent breach hereof. 22. Succession of Benefits. The provisions of this Agreement shall inure to the benefit or and be binding upon the parties hereto, their heirs, personal representatives, conservators, and permitted assigns. 23. Interpretation. It is intended by all parties to this Agreement that the laws of _________ are to be used in the interpretation of the rights and duties of the parties under this Agreement. 24. Entire Agreement. The terms of this Agreement constitute the entire agreement between the parties, and the parties represent that there are no collateral agreements or side agreements not otherwise provided for within the terms of this Agreement. 25. Time of Essence. Time is of the essence in this Agreement and every term, condition, covenant and provision hereof. 26. Modification. No modification of this Agreement shall be binding unless evidenced by an agreement in writing and signed by both parties. 27. Requirements of Escrow Agent. In the event Escrow Agent requires further documentation before accepting this Agreement, Buyer and Seller agree to comply with Escrow Agent's request so long as these additional requirements do not substantively change this Agreement. 28. Additional Provisions: I/We have read the foregoing Agreement for Sale and by our signatures below, attest that we agree to all the terms set forth therein, exactly the way that they are written. Signature of Seller Signatures of Buyer Signature of Seller Signatures of Buyer - 5 - STATE OF ___________________ ) ) ss: County of ___________________ ) SUBSCRIBED AND SWORN BEFORE ME ON THIS DATE _______________________ by _________________________________ Notary Public ____________________________________ ( seal ) STATE OF ___________________ ) ) ss: County of ___________________ ) SUBSCRIBED AND SWORN BEFORE ME ON THIS DATE _______________________ by _________________________________ Notary Public ____________________________________ ( seal ) - 6 -