General form. State of _________, County of _________. Recitals: A is the owner of certain property in _________, consisting of a lot and two houses more fully described below: B is the owner of _________ acres of land out of the _________ survey, of _________ County, _________. It is the desire of both parties to make an exchange of this property on certain terms, covenants and conditions as more fully set out below. Therefore, we agree and do by this agreement bind ourselves, executors and administrators as follows, to wit: 1. The 40 acres of land owed by B is worth $_____, against which there is a first seller's lien note in the principal sum of $_____, which indebtedness A assumes. 2. The value of lot No. _________, block No. _________, in _________ Subdivision at _________, is $_____, and is clear of incumbrance. 3. B is to pay the _________[year] taxes on the property now owned by A. A is to pay the _________[year] and _________[year] taxes on the _________ acres now owned by B. 4. B agrees to deliver a good and merchantable abstract of title to the _________ acres of land conveyed out of the _________ survey, and being the same land more fully described in the deed from _________ to _________ dated _________ of record in deed records of _________ County, _________, subject only to _________[year] and _________[year] taxes and subject to _________ $_____ notes, described in the deed and a balance of $_____ still remaining on the _________[year] $_____ note. 5. A agrees to execute a good and sufficient warranty deed to lot No. _________, block No. _________, _________ Subdivision, showing a good and merchantable title in h—, same being free of all liens and incumbrances, subject however to the purchaser assuming the _________[year] taxes accruing on the property. 6. Each party shall bring h— abstract down to date immediately and shall deliver same to the other party who shall be allowed _________ days from the receipt of it for the examination and approval of the abstract. If there are any objections to the title by that party's attorney, the other party shall be allowed a reasonable time to perfect the objections, which shall be done at the expense of the party whose land is affected. Notices of any objections of the title shall be given immediately upon complete examination of the title. 7. Each party agrees to take every step to expedite the conclusion of this deal. Each party agrees to execute a proper warranty deed to the property —he conveys and on completion of the deal each party shall be given immediate possession of the property conveyed to h—. 8. Each party shall pay to _________, _____% commission on a valuation of $_____, and _________ on a valuation of $_____. 9. This contract shall be enforceable in _________ County, _________, and any suit to enforce it shall be brought in _________ County, _________. 10. Each party unconditionally agrees to convey the property which —he now owns to the other party immediately on the approval of the title and if any objections are raised to h— title binds h—self to correct h— title at h— own expense. If neither party is notified of any objections to the property conveyed after _________ days after examination of title, then the objections are waived. 11. If either party fails or refuses in any way or manner to carry out or completely fulfill this contract —he agrees and binds h—self to pay to the other party the sum of $_____ as liquidated damages for h— failure or refusal to strictly comply with this contract. 12. This contract is executed in duplicate; each is declared to be an original for all legal purposes the same as if original. A third copy is being kept by the party drawing up the contract.
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