Ground rents

Document Sample
Ground rents Powered By Docstoc
					Ground rents. This agreement, made _________[date] between _________ and _________, h— spouse, of _________, vendors, and _________, of the same place, purchaser, provides: Vendors by this agreement sell to purchaser, and the latter by this agreement purchases from the former the following-described property, situated and lying in _________, and being located on the west side of _________ street, and beginning about _________ feet and _________ inches north of _________ avenue, and running north on the west side of _________ street _________ feet, with a depth of even width of _________ feet, more or less, to the center of an alley _________ feet wide, in fee simple and free and clear and discharged from all claims, liens and incumbrances of every kind, at and for the price of $_____ and ____¢ which purchase money is to be paid as follows: In two ground rents of $_____ each to be created, upon lots _________ feet front on _________ street, and with a depth to the _________ foot alley, and forming part of the original lot sold to purchaser in this agreement, the lots to be improved with two-story houses, containing _________ rooms each, and it is further agreed the ground rents so to be conveyed shall be capitalized at _____%, with the rents beginning _________[date], and whatever difference there may be between the two ground rents capitalized at _____% and the purchase money of $_____ and ____¢ shall be paid in cash by vendors to purchaser, and if the rents shall be created before _________[date], then vendors are to pay the ground rents so conveyed to them to purchaser from the date of such creation to the first day of _________, _________[year], which would entitle them to collect the rents from the date of creating the same. And it is further agreed between the parties to this agreement, that no interest shall be paid on the purchase money of $_____ by purchaser from the date of this contract to the first day of _________, _________[year], and that the two ground rents which vendors are to take shall be those rents which vendors are to take under the fourth and fifth houses to be erected on the lot. And it is further agreed between the parties to this contract that vendors will at the time of the signing of this contract execute to purchaser a deed for the lot in fee and free of all liens, claims and incumbrances, which deed shall convey the lot by a good and marketable title, and that the deed shall be held in escrow by _________, and when the houses to be erected are trimmed out and papered, the deed shall be delivered to purchaser, and —he shall in turn deliver a deed to vendors for the two ground rents, they paying to h— the difference between the purchase price for the lot and the rents capitalized at _____% in cash. Taxes to be adjusted to date of this agreement and city and street charges of every kind to be paid or allowed by vendors.

Shared By:
Brea Brea