Indiana Land Contract Example PDF Details

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QuestionAnswer
Form NameIndiana Land Contract Example
Form Length5 pages
Fillable?Yes
Fillable fields50
Avg. time to fill out11 min 15 sec
Other namesprintable land contract forms for indiana, land contract indiana pdf, land contract homes, land contract

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LAND CONTRACT

 

(WITH ALTERNATE TAX AND INSURANCE PROVISIONS)

Parties

This Contract, made this ___________day of ___________________________, ____________ between

 

____________________________________________________________________________________,

 

hereinafter referred to as the “Seller,”whose address is _____________________________________ and

 

____________________________________________________________________________________,

 

hereinafter referred to as the “Purchaser,” whose address is ____________________________________.

 

Witnesseth:

Description

1. THE SELLER AGREES AS FOLLOWS:

Of Premises

(a) To sell and convey to the Purchaser the following described property:

 

Land situated in the __________________ of ______________________, County of

 

______________________, State of MI.

 

Commonly known as:

 

Tax ID:

 

Together with all improvements, appurtenances, tenements and hereditaments, including all

 

lighting fixtures, plumbing fixtures, shades, Venetian blinds, curtain rods, storm windows,

 

storm doors, screens, awnings, if any, now on the premises, and subject to all applicable

 

building and use restrictions, and easements, if any, affecting the Premises.

Terms of

(b) That the consideration for the sale of the above described premises is:

Payment

_________________________ and 00/100 Dollars ($___________.00) of which the sum

 

___________________________________________________ (__________.00) has

 

heretofore been paid to Seller, the receipt of which is hereby acknowledged, and the balance

 

of __________________________________ (____________________) is to be paid to the

 

Seller, with interest on any part thereof at any time unpaid at the rate of ______% per annum

 

while the Purchaser is not in default, and at the rate of ___ % per annum when and as often

 

as the Purchaser is in default. This balance of purchase money and interest shall be paid in

 

monthly installments of _________________ each, or more at Purchaser’s option, on the

 

________ day of each month, beginning ____________________________________, said

 

payments to be applied first upon interest and the balance on principal; PROVIDED, the

 

entire purchase money and interest shall be fully paid within _________ years from the date

 

hereof, anything herein to the contrary notwithstanding.

Seller’s Duty to Convey

(c)

Upon receiving payment in full of all sums owing herein, less the amount then due on any

 

 

existing mortgage or mortgages, and the surrender of the duplicate of this contract, to execute

 

 

and deliver to the Purchaser or the Purchaser’s assigns, a good and sufficient Warranty Deed

 

 

conveying title to said land, subject to aforesaid restrictions and easements and free from all

 

 

other encumbrances, except such as may be herein set forth, and such encumbrances as shall

 

 

have accrued or attached since the date hereof through the acts or omissions of persons other

 

 

then the Seller or his assigns.

To Furnish Title

(d)

To deliver to the Purchaser as evidence of title, at the Seller’s option, a Policy of Title

Evidence

 

Insurance insuring Purchaser, the effective date of the policy to be approximately the date of

 

 

this contract, and issued by Devon Title Agency, as agent for a title underwriter in good

 

 

standing.

Purchaser’s Duties

To Pay Taxes and Keep

Premises Insured

Alternate Payment

Method

Insert amount, if Advance Monthly Installment Method of Taxes and Insurance is to be Adopted

2.THE PURCHASER AGREES AS FOLLOWS:

(a)To purchase said land and pay the Seller the sum aforesaid, with the interest thereon as above provided.

(b)To use, maintain and occupy said premises in accordance with any and all restrictions thereon.

(c)To keep the premises in accordance with all police, sanitary and other regulations imposed by any governmental authority.

(d)To pay all taxes and assessments hereafter levied on said premises before any penalty for non- payment attaches thereto, and submit receipts to Seller upon request, as evidence of payment thereof; also at all times to keep the buildings now or hereafter on the premises insured against loss and damage, in a manner and to an amount approved by the Seller, and to deliver the policies as issued to the Seller with the premiums fully paid.

If the amount of the estimated monthly cost of taxes, assessments and insurance is inserted in the following Paragraph 2(e), then the method of the payment of these items as therein indicated shall be adopted. If this amount is not inserted, then Paragraph 2(e) shall be of no effect and the method of payment provided in the preceding Paragraph 2(d) shall be effective.

(e)To pay monthly in addition to the monthly payments herein before stipulated, the sum of

$____________________, which is an estimate of the monthly cost of the taxes, assessments and insurance premiums for said premises, which shall be credited by the Seller on the unpaid principal balance due on the contract. If the Purchaser is not in default under the terms of this contract, the Seller shall pay for the Purchaser’s account, the taxes, assessments and insurance premiums mentioned in Paragraph 2(d) above when due and before any penalty attaches, and submit receipts therefore to the Purchaser upon demand. The amounts so paid shall be added to the principal balance of this contract. The amount of the estimated monthly payment, under this paragraph, may be adjusted from time to time so that the amount received shall approximate the total sum required annually for taxes, assessments and insurance. This adjustment shall be made on demand of either of the parties and any deficiencies shall be paid by the Purchaser upon the Seller’s demand.

Acceptance of Title and

(f) That he has examined a Title Commitment referenced above covering the above described

Premises

premises, and is satisfied with the marketability of the title shown thereby, and has examined

 

the above described premises and is satisfied with the physical condition of any structures

 

thereon.

Maintenance of Premises

(g) To keep and maintain the premises and the buildings thereon in as good condition as they are

 

at the date hereof, reasonable wear and tear excepted, and not to commit waste, remove or

 

demolish any improvements thereon, or otherwise diminish the value of the Seller’s security,

 

without the written consent of the Seller.

Mortgage by Seller

3. THE SELLER AND PURCHASER MUTUALLY AGREE AS FOLLOWS:

 

(a) That the Seller may, at any time during the continuance of this contract encumber said land by

 

mortgage or mortgages to secure not more than the unpaid balance of this contract at the time

 

such mortgage or mortgages are executed. Such mortgage or mortgages shall be payable in

 

not less than three (3) years from the date of execution thereof and shall provide for payment

 

of principal and interest in monthly installments which do not exceed such installments

 

provided for in this contract; shall provide for a rate of interest on the unpaid balance of the

 

mortgage debt which does not exceed the rate of interest provided in Paragraph 1 (b); or on

 

such other items as may be agreed upon by the Seller and Purchaser, and shall be a first lien

 

upon the land superior to the rights of Purchaser herein; provided notice of the execution of

 

said mortgage or mortgages containing the name and address of the mortgagee or his agent,

 

the amount of such mortgage or mortgages, the rate of interest and maturity of the principal

 

and interest shall be sent to the Purchaser by registered mail promptly after execution thereof.

 

Purchaser will, on demand, execute any instruments demanded by the Seller, necessary or

 

requisite to subordinate the rights of the Purchaser hereunder to the lien of any such mortgage

 

or mortgages. In event said Purchaser shall refuse to execute any instruments demanded by

 

Seller and shall refuse to accept such registered mail hereinbefore provided, or said registered

 

mail shall be returned unclaimed, then the Seller may post such notice in two conspicuous

 

places on said premises, and upon making affidavit duly sworn to of such posting, this

 

proceeding shall operate the same as if said Purchaser had consented to the execution of said

 

mortgage or mortgages, and Purchaser’s rights shall be subordinate to said mortgage or

 

mortgages as hereinbefore provided. The consent obtained, or subordination as otherwise

 

herein provided, under or by virtue of the foregoing power, shall extend to any and all

 

renewals or extensions or amendments of said mortgage or mortgages, after Seller has given

 

notice to the Purchaser as above provided for giving notice of the execution of said mortgage

 

or mortgages.

Encumbrances on

(b) That if the Seller’s interest be that of land contract, or now or hereafter be encumbered by

Seller’s Title

mortgage, the Seller shall meet the payments of principal and interest thereon as they mature

 

and produce evidence thereof to the Purchaser on demand, and in default of the Seller said

 

Purchaser may pay the same. Such payments by Purchaser shall be credited on the sums first

 

maturing hereon, with interest at the rate provided in Paragraph 1 (b) on payments so made.

 

If proceedings are commenced to recover possession or to enforce the payment of such

 

contract or mortgage because of the Seller’s default, the Purchaser may at any time thereafter,

 

while such proceeding are pending, encumber said land by mortgage securing such sum as

 

can be obtained, upon such terms as may be required, and with the proceeds pay and

 

discharge such mortgage, or purchase money lien. Any mortgage so given shall be a first lien

 

upon the land superior to the rights of the Seller therein, and thereafter the Purchaser shall

 

pay the principal and interest on such mortgage so given as they mature, which payments

 

shall be credited on the sums of matured or first maturing hereon. When the sum owing

 

hereon is reduced to the amount owing upon such contract or mortgage or owing on any

 

mortgage executed under either of the powers in this contract a conveyance shall be made in

 

the form above provided containing a covenant by the grantee to assume and agree to pay the

 

same.

Non-payment of Taxes or

(c) That if default is made by the Purchaser in the payment of any taxes, assessments or

Insurance

insurance premiums, or in the payment of the sums provided for in Paragraph 2(e), or in the

 

delivery of any policy as herein before provided, the Seller may pay such taxes or premiums

 

or procure such insurance and pay the premium or premiums thereon , and any sum or sums

 

so paid shall be a further lien on the land and premises, payable by the Purchaser to Seller

 

forthwith with interest at the rate as set forth in Paragraph 1(b) hereof.

Assignment by Purchaser

(d) No assignment or conveyance by the Purchaser shall create any liability whatsoever against

 

the Seller until a duplicate thereof, duly witnessed and acknowledged, together with the

 

residence address of such assignee, shall be delivered to the Seller. Purchaser’s liability

 

hereunder shall not be released or affected in any way by delivery of such assignment, or by

 

Seller’s endorsement of receipt and/or acceptance thereon.

Possession

(e)

The Purchaser shall have the right to possession of the premises from and after the date

 

 

hereof, unless otherwise herein provided, and be entitled to retain possession thereof only so

 

 

long as there is no default on his part in carrying out the terms and conditions hereof. In the

 

 

event the premises herein above described are vacant or unimproved, the Purchaser shall be

 

 

deemed to be in constructive possession only, which possessory right shall cease and

 

 

terminate after service of a notice of forfeiture of this contract. Erection of signs by

 

 

Purchaser on vacant or unimproved property shall not constitute actual possession by him.

Right to Forfeit

(f)

If the Purchaser shall fail to perform this contract or any part thereof, the Seller immediately

 

 

after such default shall have the right to declare the same forfeited and void, and retain

 

 

whatever may have been paid hereon, and all improvements that may have been made upon

 

 

the premises, together with additions and accretions thereto, and consider and treat the

 

 

Purchaser as his tenant holding over without permission and may take immediate possession

 

 

of the premises and have the Purchaser and each and every other occupant removed and put

 

 

out. In all cases where a notice of forfeiture is relied upon by the Seller to terminate rights

 

 

hereunder, such notice shall specify all unpaid moneys and other breaches of this contract and

 

 

shall declare forfeiture of this contract effective in the time period provided by statute or if no

 

 

statutory provision applies then within 30 days after service unless such money is paid and

 

 

any other breaches of this contract are cured within that time.

Acceleration Clause

(g)

If default is made by the Purchaser and such default continues for a period of thirty (30) days

 

 

or more, and the Seller desires to foreclose this contract in equity, then the Seller shall have at

 

 

his option the right to declare the entire unpaid balance hereunder to be due and payable

 

 

forthwith, notwithstanding anything herein contained to the contrary.

Disposition of Insurance

(h)

That during the existence of this contract, any proceeds received from a hazard insurance

Proceeds

 

policy covering the land shall first be used to repair the damage and restore the property, with

 

 

the balance of such proceeds, if any, being distributed to Seller and Purchaser, as their

 

 

interests may appear.

 

(i)

Time shall be deemed to be of the essence of this contract.

 

(j)

The individual parties hereto represent themselves to be of full age, and the corporate parties

 

 

hereto represent themselves to be valid existing corporations with their charters in full force

 

 

and effect.

Notice to Purchaser

(k)

Any declarations, notices or papers necessary or proper to terminate, accelerate or enforce this

 

 

contract shall be presumed conclusively to have been served upon the Purchaser if such

 

 

instrument is enclosed in an envelope with first class postage fully prepaid, if said envelope is

 

 

addressed to the Purchaser at the address set forth in the heading of this contract or at the

 

 

latest other address which may have been specified by the Purchaser and receipted for in

 

 

writing by the Seller, and if said envelope is deposited in a United States Post Office Box.

Additional Clauses

 

 

The pronouns and relative words herein used are written in the masculine and singular only. If more than one joins in the execution hereof as Seller or Purchaser, or either be of the feminine sex or a corporation, such words shall be read as if written in plural, feminine or neuter, respectively. The covenants herein shall bind the heirs, devisees, legatees, assigns and successors of the respective parties.

In Witness Whereof, the parties hereto have executed this Contract in duplicate the day and year first above written.

Land Contract Seller(s) / Vendor(s)

 

______________________________________________

 

______________________________________________

 

Land Contract Purchaser(s) / Vendee(s)

 

_______________________________________________

 

_______________________________________________

Use this

STATE OF MICHIGAN

Acknowledgement Form

} S.S.

for Individuals

COUNTY OF ____________________

 

The foregoing instrument was acknowledged before me this _________day of _________________,

 

__________ by _____________________________________________________________________

 

____________________________________________

 

Notary Public

 

______________________________________County

 

My commission expires: _______________________

Use this

STATE OF MICHIGAN

Acknowledgement Form

} S.S.

for Corporations

COUNTY OF ____________________

 

The foregoing instrument was acknowledged before me this ____________day of ________________,

 

________ by ________________________________________________________________________

 

__________________________________________

 

Notary Public

 

____________________________________County

 

My commission expires: _____________________

Drafted by:

When recorded return to:

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