Fill and Sign the Installment Contract PDF Form

Land Installment Contract This Contract entered into on this       day of       , 20       ,by and between       of       , (Name of Vendor) (Street Address)       , referred to herein as Vendor, and (City, County, State, Zip Code)       of       , (Name of Vendee) (Street Address, City, County, State, Zip Code) referred to herein as Vendee. Vendor agrees to sell and convey to Vendee, and Vendee agrees to purchase and pay for, upon the provisions, terms and conditions of this Contract, the real property described in Exhibit A (the Property) attached hereto and made a part hereof, together will all the appurtenances and hereditaments thereof, but subject to all legal highways, restrictions of record, and zoning laws. I. Purchase Price. The Purchase Price for said Property is $       , payable as follows: A. $       on execution of this Contract, receipt of which is hereby acknowledged. B. The balance of $       is to be paid in installments of $       per month (which includes the principal and interest) payable to Vendor on or before the first day of each month commencing on       , until such time when the full (Date) amount of said purchase price and unpaid interest is paid in full. Interest at the rate at       % per annum is payable on the remaining unpaid principal balance until the principal and unpaid interest are paid in full. Each such installment, when received by Vendor, shall be credited first to the payment of the interest on the remaining unpaid balance of such purchase price due to date of receipt of such installment, then to the reduction of the unpaid principal balance of such purchase price. II. Taxes and Assessments. V endee shall pay all general and special taxes, liens and charges including any and all assessments of every nature, levied, assessed or accruing on said Property after such date of Contract. III. Insurance. Vendee, throughout the entire term of this Contract, shall procure and maintain, at his/her own expense hazard insurance with a coverage of structures not to be less than $       and loss payee to be Vendor and/or as interest may appear. Vendee must furnish a true and correct copy of insurance policy to Vendor annually. IV. Utilities. Vendee shall pay the cost of all utilities in connection with the Property that may become due or payable on or after the date of this Contract. Vendee shall at no time have any utility service disconnected without written authorization from Vendor. Land Installment Contract Page 1 of 5 V. Outstanding Encumbrances. Said Property is subject to any and all mortgage(s) recorded in the Office of the       County Recorder. Except as stated (Name of County and State) above Vendor shall not additionally, in any manner, encumber said Property without written consent of Vendee. VI. Alterations to Property. Vendee will not construct any additional buildings or make any structure change to said Property without first obtaining written approval from Vendor. VII. Mechanic’s Liens. If written approval is given to construct or improve Property, Vendee shall indemnify and hold Vendor and the Property of Vendor, including Vendor’s interest in said Property, free and clear from liability for any and all mechanic’s liens or other expenses or damages resulting from any renovations, alterations, buildings, repairs, or other work placed on said Property by Vendee. VII. Personal Injuries. Vendee shall indemnify and hold Vendor free and harmless from any and all demands, loss, or liability resulting from the injury to or death of any person or persons because of the negligence of Vendee or the condition of said Property at any time or times after the date of possession of said Property is delivered to Vendee. VIII. Observance of Laws. Vendee will observe and obey all statutes and laws of the United States and of the State of       , including all rules or orders of any official (Name of State) commission or board of the United States, or the State of       , or of the (Name of State) county or of the city in which the Property is located. The Vendee will obey all ordinances of such city in respect to the use and occupation of the Property, and will not do or suffer to be done anything that may constitute a nuisance. IX. Possession. Vendee shall be entitled to enter into possession of Property on the       , and to continue in possession thereof so long as he/she is not in default in (Date) the performance of this Contract. X. Default Clause. Payment of all monies becoming due hereunder by Vendee and the performance of all covenants and conditions of this Contract to be kept and performed by Vendee are conditions precedent to the performance by Vendor of the covenants and conditions of this Contract to be kept and performed by Vendor. In the event, Vendee shall fail for a period of       days after they become due to pay any of the sums in this Contract agreed to be (Number) Land Installment Contract Page 2 of 5 paid by Vendee, either as installments or on account of interest, taxes, assessments, or to procure insurance, or should Vendee fail to comply with any of the covenants or conditions of this Contract on his/her part to be performed, or if a receiver is appointed for the Vendee (Vendee is prohibited from assigning said interest in Property for benefit of creditors due to bankruptcy or otherwise) or should any action or proceeding be filed in any court to enforce any lien on or claim against, the Property seeking to reach the interest of the Vendee, then: A. The Vendor shall be released from all obligations in law or equity to convey said Property to Vendee. B. Vendee agrees to forfeit all rights to said Property, improvements made to Property, fixtures added to Property, including but not limited to lighting, carpet, ceiling fans, etc., any monies paid either through down payment or monthly payments and rights to the possession commencing on the 31st day of default. C. Vendor shall have a right to retake possession of said Property after the 31st day of default. D. In lieu of the foregoing, Vendor, at his/her option, may declare by notice to Vendee, the entire unpaid balance of the purchase price specified in this Contract to be due and payable, and may be appropriate action, in law or in equity, proceed to enforce payment thereof. E. Any rights, powers, or remedies, special, optional or otherwise, given or reserved to Vendor by this paragraph shall not be construed to deprive Vendor of any rights, powers or remedies otherwise given by law or equity. F. Any and all legal fees incurred resulting in default of this Contract by Vendee shall be due and payable from Vendee. XI. Conveyance on Full Performance. When the purchase price and all other amounts to be paid by Vendee pursuant to this Contract are fully paid as provided in this Contract, the Vendor will execute and deliver to Vendee a good and sufficient deed conveying to Vendee good and marketable title to said Property as evidenced by a title guarantee in the full amount of the purchase price procured and paid for by Vendor. Land Installment Contract Page 3 of 5 XII. No Representations. Vendee agrees with, and represents to Vendor that said Property has been inspected by him/her and that he/she has been assured by means independently of Vendor or of any agent of Vendor of the truth of all facts material to this Contract, and that said Property, as it is described in this Contract, is and has been purchased by Vendee as a result of such inspection or investigation and not by or through any representation made by Vendor, or by an agent of the Vendor. Vendee hereby expressly waives any and all claims for damages or for rescission or cancellation of this Contract because of any representations made by Vendor, or by an agent of the Vendor, other than such representations as may be contained in this Contract. Vendee further agrees that Vendor and any and all agents of Vendor shall not be liable for or on account any inducements, promises, representations, or agreements not contained in this Contract; that no agent or employee of Vendor is or has been authorized by Vendor to make any representations with respect to said Property; and that if any such representations have been made they are wholly unauthorized and not binding by Vendor. XIII. Vendee states he/she has made an inspection of said Property and is purchasing in its as in and present condition . XIV. Inspection Rights of Vendor. Vendor has the right to an inspection of said Property with a proper notice not being less than       hours either written or verbal. (Number) XV. Default of Vendor. In the event of default by Vendor in regards to current mortgage or property tax, Vendee shall be given notice and have first right to assume any and all obligations in regards to said Property. XVI. Severability. The invalidity of any portion of this Contract will not and shall not be deemed to affect the validity of any other provision. If any provision of this Contract is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. XVII. No Waiver. The failure of either party to this Contract to insist upon the performance of any of the terms and conditions of this Contract, or the waiver of any breach of any of the terms and conditions of this Contract, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. XVIII. Governing Law. This Contract shall be governed by, construed, and enforced in accordance with the laws of the State of       . (Name of State) XIX. Notices. Unless provided herein to the contrary, any notice provided for or concerning this Contract shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Contract. Land Installment Contract Page 4 of 5 XX. Mandatory Arbitration . Any dispute under this Contract shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. XXI. Entire Contract . This Contract shall constitute the entire Contract between the parties and any prior understanding or representation of any kind preceding the date of this Contract shall not be binding upon either party except to the extent incorporated in this Contract. XXII. Modification of Contract. Any modification of this Contract or additional obligation assumed by either party in connection with this Contract shall be binding only if placed in writing and signed by each party or an authorized representative of each party. XXIII. Assignment of Rights. The rights of each party under this Contract are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. XXIV. Counterparts. This Contract may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. XXV. Compliance with Laws. In performing under this Contract, all applicable governmental laws, regulations, orders, and other rules of duly-constituted authority will be followed and complied with in all respects by both parties. WITNESS our signatures as of the day and date first above stated. By: By: (Signature of Vendor) (Signature of Vendee)             (P rinted Name of Vendor) (P rinted Name of Vendee ) (Acknowledgements before Notary Public) Land Installment Contract Page 5 of 5