Fill and Sign the Seller Secured Form

Contract to Sell Commercial Property with Commercial Building - Seller Financing Secured by Mortgage and Security Agreement Agreement made on the _______________________ (date) , between ________________________ (Name of Seller) of ___________________________________ _____________________________________ (street address, city, county, state, zip code) , referred to herein as Selle r , and _______________________________ (Name of Purchaser) , a corporation organized and existing under the laws of the state of _______________, with its principal office located at ________________________________________________________ _____________________________________ (street address, city, county, state, zip code) , referred to herein as Purchaser . For and in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Purchaser agrees to purchase at a price of $______________, on the terms set forth in this Agreement, the following-described real estate, located at __________________________ ____________________________________________________________________________ (street address, city, county, state, zip code) , and described as follows: (Legal Description of Property) ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ Together with the personal property listed in Exhibit A attached hereto and made a part hereof. Said real estate and personal property are hereafter sometimes referred to as Property . 2. Seller agrees to sell the Property at the price and terms set forth in this Agreement, and to convey or cause to be conveyed to Purchaser title to the Property by general warranty deed and an appropriate bill of sale, subject only to: A. Covenants, conditions, and restrictions of record; B. Private, public, and utility easements and roads and highways; C. Any party wall rights and agreements; D. Existing leases and tenancies as listed in Exhibit B , which is attached and incorporated herein by reference; E. Special taxes or assessments for improvements not yet completed; F. Installments not due at the date of this Agreement of any special tax or assessment for improvements previously completed; G. The deed of trust described below; H. General taxes for the year __________ (identify year) and subsequent years; and I. Any and all applicable zoning ordinances, and any and all recorded building restrictions, restrictive covenants, rights-of-way, easements, and mineral reservations applicable to the Property. 3. Purchaser has paid $_____________ as earnest money to be applied on the purchase price, and agrees to pay or satisfy the balance of the purchase price, plus or minus pro-rations, at the time of closing as follows: A. The payment of $______________ at closing. B. The balance of the purchase price shall be payable as follows: $________________ to be evidenced by the Promissory Note of Purchaser to Seller in the form set forth in Exhibit C attached hereto and made a part hereof, which shall be secured by a deed of trust (or mortgage ) in the form set forth in Exhibit D attached hereto and made a part hereof. Said Note shall be further secured by a security agreement covering the personal property being sold, in the form set forth in Exhibit E attached hereto and made a part hereof with UCC-1 Financing Statements executed by Purchaser in the appropriate form[s). Purchaser shall also furnish to Seller an American Land Title Association lenders policy insuring the deed of trust (or mortgage) in the amount of $______________ issued by ______________________________________ (name of title insurance company) . C. The acceptance of the title to the Property by Purchaser subject to the Deed of Trust (or Mortgage) of record in Book _______ at Page _________ of the land records of the ____________________________ (Recording Officer) , which Purchaser agrees to assume. 4. Seller , at Seller 's own expense, agrees to furnish Purchaser with a current plat of survey of the real estate made, and so certified by the surveyor as having been made, in compliance with the __________________ (name of state) and __________________________________ (name of title insurance company) land survey standards. 5. The date and time of the closing shall be on ______________________ (date) , at _____________________ (time of day) , or at such other date and time as shall be mutually agreed to by the parties, at the office of _______________________________ (name of closing attorney) , provided title is shown to be good or is accepted with defects by Purchaser . 6. Seller agrees to pay a broker's commission to __________________________ (name of broker) in the amount of _________ % as set forth in the broker's listing contract. 7. The earnest money shall be held by _______________________________ (name of closing attorney or broker) for the mutual benefit of the parties. 8. Seller warrants that Seller , its beneficiaries or agents of Seller or of its beneficiaries have received no notices from any city, village, or other governmental authority of zoning, building, fire, or health code violations in respect to the Property that have not been corrected. 9. This Agreement is further subject to the following additional conditions and stipulations: A. Seller shall deliver or cause to be delivered to Purchaser or Purchaser 's agent, not less than _________ (number of days) days prior to the time of closing, the plat of survey and a title commitment for an owner's title insurance policy issued by ___________________________________ (name of title insurance company) in the amount of the purchase price, covering title to the real estate on or after the date of this Agreement, showing title subject only to: 1. The general exceptions contained in the policy, 2. The title exceptions set forth above, and 3. Title exceptions pertaining to liens or encumbrances of a definite or ascertainable amount that may be removed by the payment of money at the time of closing and which the Seller may so remove at that time by using the funds to be paid on the delivery of the deed (all of which are referred to in this Agreement as the permitted exceptions ). The title commitment shall be conclusive evidence of good title as in this Agreement is shown as to all matters insured by the policy, subject only to the exceptions as stated in it. Seller shall also furnish Purchaser an affidavit of title in customary form covering the date of closing and showing title in Seller subject only to the permitted exceptions in foregoing Items (2) and (3) and unpermitted exceptions or defects in the title disclosed by the survey, if any, as to which the title insurer commits to extend insurance in the manner specified in Paragraph B below. B. If the title commitment or plat of survey discloses either unpermitted exceptions or survey matters that render the title unmarketable _____________________________ ______________________________________________________________________ ( survey defects ) , Seller shall have ________ (number) days from the date of its delivery to have the exceptions removed from the commitment or to correct the survey defects or to have the title insurer commit to insure against loss or damage that may be occasioned by the exceptions or survey defects. In the latter event, the time of closing shall be ___________ (number) days after delivery of the commitment or the time specified in Paragraph 5 above, whichever is later. If Seller fails to have the exceptions removed or correct any survey defects, or in the alternative, to obtain the commitment for title insurance specified above as to the exceptions or survey defects within the specified time, Purchaser may terminate this contract or may elect, on notice to Seller within ___________ (number) days after the expiration of the _______ (number) - day period, to take title as it then is with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount. If Purchaser does not so elect, this Agreement shall become null and void without further action of the parties. C. Rents, premiums under assignable insurance policies, water and other utility charges, fuels, prepaid service contracts, general taxes, accrued interest on mortgage indebtedness, if any, and other similar items shall be adjusted ratably as of the time of the closing. If the amount of the current general taxes is not then ascertainable, the adjustment of it shall be on the basis of the amount of the most recent ascertainable taxes. All pro-rations are final unless otherwise provided in this Agreement. Existing leases and assignable insurance policies, if any, shall then be assigned to Purchaser . Seller shall pay the amount of any recording fees. D. If this Agreement is terminated without Purchaser 's fault, the earnest money shall be returned to Purchaser . However, if the termination is caused by Purchaser 's fault, then at the option of Seller and on notice to Purchaser , the earnest money shall be forfeited to Seller and applied first to the payment of Seller 's expenses and then to payment of broker's commission, the balance, if any, to be retained by Seller as liquidated damages. E. Any payments required in this Agreement to be made at the time of closing shall be by certified check or cashier's check, payable to Seller . 10. No Waiver The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, 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. 11. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of __________________. 12. Notices Any notice provided for or concerning this Agreement 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 Agreement. 13. Entire Agreement This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 14. Modification of Agreement Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 15. Assignment of Rights The rights of each party under this Agreement 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. 16. Counterparts This Agreement 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. WITNESS our signatures as of the day and date first above stated. _____________________________ (Name of Purchaser) _________________________ By: _________________________________ (P rinted name) _____________________________________ (P rinted Name & Office in Corporation) __________________________ ________________________________ (Signature of Seller) (Signature of Officer)