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LAND INSTALLMENT CONTRACT
1) THIS AGREEMENT, is entered into in the City of Cleveland, County of Cuyahoga, and State of Ohio by and between JOHN SMITH AND JANE SMITH (hereinafter referred to as "Vendor") whose address is: 1234 WEST 567TH STREET, UPCHUCK, OHIO; and DUDLEY DOORIGHT AND HIS HORSE (hereinafter collectively referred to as "Vendee"), whose address will be: 1238 WEST 567TH STREET, CLEVELAND, OHIO 4????
2) In consideration of the mutual promises herein contained, Vendor agrees to sell and convey, and Vendee agrees to buy and pay for, in accordance with the terms and conditions of this Contract, the following described real property, together with all appurtenances, hereditaments and fixtures thereof, commonly known as: the real property located at: 1238 WEST 567TH STREET, the City of Cleveland, County of Cuyahoga and State of Ohio, permanent parcel No. 000-00-000 and more fully described on Exhibit "A" attached hereto.
I. CONTRACT PRICE AND PAYMENT
3) The contract price for the property is ??,000 DOLLARS, ($??,000)
4) The Vendee shall upon execution of this Land Installment Contract pay a down payment
to Vendor in the amount of $?,???.00 DOLLARS (?? DOLLARS).
The balance of ??,000 DOLLARS ($??,000.00) shall bear interest at the rate of ?? Percent (??%) per annum. The balance and schedule of payments shall be evidenced by a Promissory Note executed by Vendee and incorporated herein, and attached hereto as Exhibit "B".
(A) Vendee shall pay to Vendor sixty (60) consecutive installments on the l9TH day of each month beginning on the l9TH day of MAY ????.(B) The base monthly payment beginning the l9th day of MAY, shall be SEVEN HUNDRED AND FIFTY DOLLARS AND NO CENTS, ($750.00), which shall be applied first to interest then to late fees, if any and then to principle.
The balance due on this contract shall be due and payable in full on the l9th day Of JUNE 2004 (Hereinafter "Closing Date").The Vendee agrees to pay 45 dollars late fee. The payment shall be understood as late when it falls ten days past the due date.
6) Vendee shall make all payments required herein to Vendor at the below listed address or at other places the Vendor may designate:
JOHN SMITH
1234 WEST 567TH STREET
UPCHUCK, OHIO 4????
II. TAXES. ASSESSEMENTS AND INSURANCE
7) In addition to the consideration stated in paragraphs 4 and 5 above, Vendee shall pay to Vendor at the beginning of each month the sum of SIXTY-SIX DOLLARS AND SIXTY-SIX CENTS: ($66.66) which sum is equal to one twelfth of the current annual property tax on said property. Vendor shall make all property tax payments directly to Cuyahoga County. The amount due Vendor from Vendee for property taxes may be changed from time to time to reflect the then actual property taxes assessed.( divide the annual premium by twelve)
8) Vendor shall maintain its policy of fire, extended coverage and casualty insurance on the building until the date of legal transfer of title and Vendee shall reimburse Vendor for the cost of said policy in monthly installments. Said payments shall be in addition to any payments specified in paragraph 4, 5 and 6 above. The amount due Vendor from Vendee for reimbursement of insurance costs may be changed from time to time to reflect the then actual insurance costs. Vendor shall provide Vendee with evidence of such insurance and cause Vendee to be listed as an additional loss payee.
III. COSTS TO BE PAID BY VENDOR.
9) At or before the Closing Date, Vendor shall pay or be charged with the following costs and expenses in connection with the transaction: (a) any and all state transfer taxes and conveyance fees on the sale and transfer of the Property; (b) the cost the of the Land Contract form of Title Guaranty; (c) the cost of the supplementary Title Guaranty (c) one-half the escrow fee, if any; (d) Vendor's pro rata share of all items to be prorated in escrow; (e) any expenses in connection with clearing of title, including the payment of any mortgage presently encumbering the Real Property, except as stated herein (f) the cost of deed preparation.
IV. COSTS TO BE PAID BY VENDEE
10) At or before the Closing Date, Vendee shall pay the following costs and expenses in connection with the transaction: (a) the cost of the owner's policy of title insurance, should Vendee require the same; (b) one-half the escrow fee; (c) all costs and expenses in connection with Vendee's financing, including the filing of all documents necessary to complete such financing; and (d) Vendee's pro rata share of all items to be prorated in escrow and (e) the cost of preparation and recording the land installment contract;
V. UTILITIES
11) Vendee shall cause all utilities to be transferred into his/her name as of the date of transfer of possession of said property. Including but not limited to water and sewage.
X. MECHANIC'S LIENS/ENCUMBRANCES
18) Both parties agree that they will not pledge, mortgage, hypothecate or otherwise
encumber the aforementioned property and will indemnify and hold harmless the other parties,
interest in said property, free and clear from liability for any and all mechanic's liens,
judgments, debts, dues or encumbrances of any kind or nature except as stated in Paragraph 17
below
XI. LIENS AND MORTGAGES
19) Vendor represents that there are the following liens against the property at the time of recording of this Land Contract:
First Mortgage held by: _____________________________
Loan Number: _____________________________
Present Balance: _____________________________
Other liens: _____________________________
20) Vendor shall be responsible for payment in full of the above referenced mortgage and
other liens and upon payment in full shall, cause a releases and satisfactions of said mortgage
or other liens to be filed.
21) Notwithstanding the above, Vendee and Vendor agree to refrain from encumbering the
property in any way whatsoever and shall not cause any liens or encumbrances to be placed on
said property. Vendee agrees to indemnify Vendor and Vendee's interest in said property and
to hold the same harmless from any and encumbrances caused to be incurred by Vendor.
XII. POSSESSION
22) Vendee shall be entitled to enter into possession of said property upon the following
conditions being met:
(A) Vendees & Vendor's execution this Land Installment Contract and Promissory Note.
XV. BINDING ON HEIRS AND SUCCESSORS
29) This Contract shall be binding on and shall inure to the benefit of the heirs, executors, administrators, successors and assigns of the parties.
XVI. WAIVER
30) The waiver of any breach of this Contract by either party shall not constitute a continuing waiver or a waiver of any subsequent breach, either of the same or another provision of the Contract. The delay or omission by either party to exercise this right or power provided by this Contract shall not constitute a waiver of such right or power or acquiescence in any default on the part of the other. The acceptance of any payments made by the Vendee in a manner or at a time other than as required by the terms and conditions of the Contract shall not be construed as a waiver or variation of such terms or conditions. Any default on the part of either party shall be construed as continuous, and the other party may exercise every right and power under the Contract at any time during the continuance of such default, or upon the occurrence of any subsequent default.
XVII. RECORDING
31) At the option of Vendee, Vendor shall cause an executed copy of the Land Installment Contract, or memorandum thereof, to be recorded in the Office of the County Recorder of Cuyapuka County, Ohio within ten (10) days of the execution of this agreement. Vendee shall pay the costs of recording said document(s).
XVIII. FIXTURES AND EQUIPMENT
32) The property shall include the land, all appurtenant rights, privileges and easements, and, all buildings and fixtures in their present condition.
XIX. CONSTRUCTION
33) The terms "real property", "real estate", and "property" have been used herein interchangeably, and shall be construed to mean the property described on Page One (1) hereof.
XX. TAX TREATMENTS
34) This Contract shall be construed so as to give the Vendee any and all tax treatments that are lawfully available to the owners of real property, including but not limited to deduction of interest and taxes paid.
XXII. CONVEYANCE
36) When the Vendee has paid the full contract price, and has performed all other conditions required to be performed by them under this Contract, Vendor shall execute and deliver to Vendee a General Warranty Deed conveying the property free and clear of all encumbrances incurred by Vendor or his predecessors, in title.
XXIII. ENTIRE AGREEMENT: NO ORAL MODIFICATION
37) This Agreement constitutes the entire final agreement between the parties hereto with respect to the subject matter hereof, and supersedes any and all prior agreements between the parties hereto, both oral and written, concerning the subject matter hereof. This Agreement may not be amended, modified or terminated except by a writing signed by the parties hereto and which makes reference to this Agreement.
XXIV. SEVERABILITY
38) If any provision, sentence, phrase or word of this Agreement shall be held invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision, sentence, phrase or word and shall not in any way affect or render invalid or unenforceable any other provision, sentence, phrase or word of this Agreement, and this Agreement shall be carried out as if such invalid or unenforceable provision, sentence, phrase or word were not contained herein.
XXV. COMPLIANCE WITH LAWS:
39) Vendee shall promptly comply with any governmental orders pertaining to the maintenance of the premises, and adjacent sidewalks and shall keep the same free and clear of all ice and snow.
IN WITNESS WHEREOF, the parties have signed _____copies of this contract at Cleveland, Ohio this_____day of ____________________1999.
SIGNED AND ACKNOWLEDGED VENDOR:
IN THE PRESENCE OF:
_____________________
JOHN SMITH
___________________________
Witness
___________________________ VENDEE:
Witness
____________________
___________________________ DUDLEY DOORIGHT
Witness
___________________________ ____________________________
Witness HIS HORSE
STATE OF OHIO............... )
...........................................)
COUNTY OF CUYAPUKA )
Before me a Notary public in and for said County and State, personally appeared JOHN SMITH, who acknowledges that he did sign the foregoing instrument and that the same is his free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this______ Day OF ___________________, 1999.
PROMISSORY NOTE
...................................................................................................................................................Cuyahoga, Ohio
$68,000.00
...................................................................................................................................................MAY 19th,1999
FOR VALUABLE CONSIDERATION, john smith (hereinafter collectively referred to as the
("Maker"), promise to pay to the order of dudley doo right and his horse (hereinafter referred
to as the "Payee"), the principal sum of SIXTY-EIGHT THOUSAND DOLLARS
(68,000.00) AND interest at the rate of TEN PER CENT(10%). Payments of principal and
interest at the rate of (10 %) shall commence on the 19th day of MAY, 1999, and shall
continue for a total of Sixty Months (60) months with each payment due on or before the day
of each month.
Monthly payments shall be made by the Maker in the amount of SEVEN HUNDRED
AND FIFTY DOLLARS per month until the NINETEENTH day of JUNE when the entire
principal amount shall be paid in full. Payments shall be applied first to interest and the
balance shall then be applied to principal. Maker may prepay principal at any time without
penalty.
In the event of default in the payment of principal and interest by the Maker to the Payee when each such payment becomes due and payable pursuant to this Note and/or in the event of any breach of the terms, conditions and provisions of the Land Installment Contract, then at the option of the holder(s) hereof, the entire amount of the said principal of the Note and all accrued and unpaid interest shall become immediately due, provided however Maker shall have forty-five days to cure any such default for the first year of this agreement and sixty days to cure any default after the first year of this agreement.
This note has been made and delivered in the county of cuyapuke and the state of insanity.
the note shall be binding upon t e heirs, personal representatives, successors and assigns of the maker and shall innure to the benefit of the payee, its successor and assigns.
The maker hereby acknowledges that this Note was signed at the place of execution, in cuyapuka county, ohio, set forth above
MAKERS:
_________________________________ ........................................._________________________________
.................John Smith.............................................................DUDLEY DOORIGHT