LAND INSTALLMENT CONTRACT THIS LAND INSTALLMENT CONTRACT (hereinafter the “Contract”), entered into at __________ County, ______, by and between _______________, his/her heirs and assigns (collectively hereinafter called the “Vendor”), whose mailing address is ________________________ who agrees to sell to _________________________ (hereinafter called the “Vendees”), whose mailing address is _____________________________, and Vendees agree to purchase, upon the following terms and conditions, the real estate improvements, fixtures and appurtenances located at _______________________________, the legal description of which is as follows (the “Premises”):
INSERT LEGAL DESCRIPTION
1. Purchase Price and Payment. The Vendees agree to pay to Vendor for the Premises the sum of ________________________ ($____________) (the “Purchase Price”). In addition, the following shall constitute charges or fees for services which are includable in the Contract separate from and in addition to the Purchase Price: (i) real estate taxes; (ii) insurance premiums; and (iii) utility charges. The Purchase Price shall be payable as follows: A. Vendees shall make payment to Vendor as follows: (1) A non-refundable down payment in the amount of ____________________ ($____________) payable upon execution of this Agreement, receipt of which is hereby acknowledged. (2) The balance of $____________ shall accrue interest at the rate of ___% per annum and shall be paid in equal payments in the amount of __________________ ($_______) per month beginning _________, 200__, and due the 1st day of each month for a period of 30 years ending ________, 20___. If payment is not received by the _____ day of each month, a $______ late fee will be assessed. An amortization schedule is attached hereto as Exhibit A. In the event of any default by Vendees, Vendor and Vendees agree that Vendor shall be permitted to retain any and all payments made by Vendees to Vendor. (3) Vendees also must pay the insurance for the month of ______ 200__ in the amount of $_________. Thereafter, beginning _______, 200_, Vendees must pay both the taxes and insurance on the property which currently amount to $________ per month. If the taxes or insurance go up at any time during the term of this contract, the Vendees are required to pay the increased amount. B. Provided that all payment and other charges are timely paid by Vendees, Vendor shall deliver a General Warranty Deed to Vendees and closing shall occur on or before _________, 20___ (the "Closing Date"). Vendor shall deliver copies of the following documents to
2.
Instruments of Conveyance.
Vendees and the originals of the following documents to _______________________________ (the “Title Company”) on or before ________, 20___, or 15 days prior to