Land Contract - DOC by PrestigeLegalDoc

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Between: Buyer By_________________________ Title:_____________________ & Seller By:_________________________ Title:_____________________ ************************************************************************ ** The undersigned Holder acknowledges receipt of $________ as Earnest Money hereunder, and agrees to be bound by the provisions of this Contract____________________________ Holder ************************************************************************ ** W I T N E S S E T H: THE PARTIES hereto, intending to be legally bound, hereby agree as follows: 1. Property Details Seller hereby agrees to sell the parcel of land (“Premises”), more particularly described in the Schedule A, to Buyer and Buyer will purchase from Seller, as provided in this Contract. 2. Purchase Price, Financing, and Earnest Money 2.1 Purchase Price. Buyer will at Closing pay the Seller a purchase price of $____________________________in the following manner: a. The Earnest Money of $ _______ will be paid at the time of execution of this Contract and $ by , 20___ b. The balance of the Purchase Price will be paid (subject to pro-ratings and closing adjustments): i. $ by cash ii. $ by acceptance of title subject to the following Continuing Mortgages

[Any other if applicable] 2.2 Earnest Money. The Earnest Money of $________, will be paid in the manner described above, and will be held (subject to section 12. 2) by the ______________ ("Holder") for the benefit of Buyer and Seller. a. Holder will hold any cash as specified until Closing or earlier termination of the Contract and will pay over or apply the cash and deliver any other deposits in accordance with the Contract. b. Use of deposited funds. i. If Closing occurs as scheduled, any cash that is so held will be paid by Holder to Seller, and any earnings thereon will be paid to Buyer. Any deposit other than cash will be treated as cash unless otherwise specified. ii. If Closing does not occur as scheduled: A. On the receipt of a notice from a party Holder shall notify the other party of such a notice to deliver the Earnest Money. If Holder does not receive a written objection from the other party to the proposed delivery within ___ business days after Holder gave such notice, Holder is authorized to deliver the deposit. If Holder receives an objection within the notice period or if for any other reason Holder in good faith elects not to deliver the deposit, Holder will continue to hold the deposit until otherwise directed by instructions from the parties or a final judgment of a court. B. Any earnings on the Earnest Money will be paid to the party entitled to the Earnest Money, and the party receiving the earnings will pay any income tax thereon. 3. Title Insurance and Condition of Title 3.1 Title Commitment. Promptly after the Execution Date Buyer will apply Buyer for issuance by Title Insurer of a commitment for an owner's title insurance policy directly or through its Lender that will be in the same amount as the Purchase Price, include a zoning endorsement that insures Buyer that the existing structures on, and the present use of, the Property do not violate any zoning laws, regulations and ordinances, and to cover title to the Property on or after the Date of Execution. 3.2 On receipt of the commitment Buyer will promptly furnish a copy of the commitment to Seller's attorney. Seller will use best efforts to ensure the commitment to comply with the condition of title specified in Section 3.3 within ___ after Seller receives a copy of the commitment and the expiration date of any written loan commitment of Buyer's Lender that was delivered to Buyer prior to the scheduled date of Closing. Seller will pay for the title insurance commitment and the resulting owner's title policy. 3.3 Condition of Title. Seller will use best efforts to convey, and Buyer will accept if tendered, fee simple title to the Property in accordance with the terms of this Contract, subject only to Permitted Exceptions set forth in Schedule B, matters that are insured against pursuant to section 12. 4-b, and (c) any other matters as to which both (i) Title

Insurer is willing, without additional premium, to insure by endorsement and (ii) Buyer's Lender, if any, will accept, except that if such acceptance by Buyer's Lender is unreasonably withheld or delayed, the acceptance will be deemed to have been given. 4. Inspection, Due Diligence and Termination 4.1 Information Regarding the Premises. Within ___ days from the Date of Execution Seller will make available to Buyer for inspection and copying documents such as leases and tenancy agreements, and others such as building plans and specifications, and such operating statements and balance sheets for the current fiscal year and for the immediately preceding fiscal year, as are in the possession or control of Seller and relate to the Premises. 4.2 Inspection of the Premises. Within ___ days after the Date of Execution Buyer may inspect the Premises and obtain soil environmental reports of the Premises, all subject to the rights of any tenants. Seller will use best efforts to obtain any necessary consent from tenants. 4.3 Buyer's Election to Terminate. Buyer may terminate this Contract by notice to Seller at any time prior to ___ days after expiration of the time period that is provided for by section 4.2 if Buyer the material that is described in section 4.1 has not been made available to Buyer as required, Buyer has not been able to inspect the Premises and obtain soil and environmental report of the Premises, or Buyer is dissatisfied with any matters disclosed by such documents, inspection or tests. If Buyer so elects to terminate this Contract in accordance with the termination clause described herein. 4.4 Acceptance of the Premises. If Buyer does not elect to terminate this Contract pursuant to section 4.3 Seller will deliver Buyer and the Buyer shall accept the Premises „as is‟ at closing as on the Date of Execution, except for normal wear and tear, and matters described in Clause 10, but Buyer will have the benefit of any representations and warranties by Seller relating to the Premises. 5. Continuing Mortgage 5.1 Due-on-Sale Provision. If a mortgage that encumbered the Premises before the Date of Execution exists (“Continuing Mortgage”) or a note secured thereby contains a Due-onSale Provision (that prohibits or restricts conveyance or encumbrance of the Property or any part thereof without the prior consent of the Mortgagee, or enables the Mortgagee to accelerate payment of the indebtedness): a. Seller will within __ days after the Date of Execution request the Mortgagee to consent to sale of the Premises pursuant to this Contract. Seller and Buyer will furnish the Mortgagee with such information as may reasonably be required in connection with the request and will cooperate with each other to procure such consent from Mortgagee, but neither will be required to make any payment to obtain the consent. b. If the Mortgagee fails or refuses to consent in writing on or before ______, or
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