INSTALLMENT CONTRACT FOR DEED
| SELLER: PAY MY LAND INC |
BUYER(S): {primaryBuyer6}
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DATE: {todaysDate18}
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DESCRIPTION: All that tract or parcel of land lying and being in {typeA19} County, Georgia. Said Parcel being described as {farm} of {chooseThe} consisting of {typeA21} acres more or less as shown on a plat of survey prepared for Pay My Land Inc, by {typeA20} and recorded in {typeA19} County Clerk of Court records. This plat is by reference made a part of this description.
FOR AND IN CONSIDERATION of the premises, the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties do hereby agree as follows:
1. Agreement of Sale and Purchase. Seller hereby agrees to sell the Property to Buyer, and Buyer agrees to purchase the property from Seller, on the terms and conditions herein set forth.
2. Purchase Price. The purchase price shall be $ {purchasePrice} . If not financed, the purchase price shall be paid as stated in paragraph 19. If financed, the purchase price shall be paid as follows:
Down payment $ {typeA} cash down payment, the receipt of which is hereby acknowledged by the Seller.
Deferred Payment. The balance of $ {financedAmount} with interest at the rate of {interestRate} percent per annum shall be due in {termmonths} monthly installments of $ {monthlyPayment} Per month, beginning on the 1st day of and continuing on the same day each month thereafter until paid in full. Reference is hereby made to a “Deferred Payment Note” for the terms and conditions of Buyer’s repayment obligation thereunder. Buyer may prepay said Deferred Payment Note at any time, without penalty.
| ATTACHED DOCUMENTS TO THIS CONTRACT |
| EXHIBIT ”A” PLAT OF PROPERTY |
| EXHIBIT “B” COVENANTS OF PROPERTY |
| EXHIBIT “C” TAX ESCROW AGREEMENT |
3. Conveyance of Title upon Buyer’s Satisfaction of its Obligations. Upon Buyer’s satisfaction of its obligation hereunder, including but not limited to the payment in full of the Deferred Payment Note, Seller will deliver to Buyer a special Warranty Deed conveying title to the Property. Buyer’s title shall be subject to the then current taxes, easements, and restrictions of record, utility easements, matters of survey and other such conditions, reservations, and restrictions as may appear of record, including but not limited to restrictive covenants as may be established by Seller for the Subdivision. At closing, Buyer shall pay its own closing costs of transfer.
4. Conveyance of Title Prior to Buyer’s Satisfaction of its Obligations. From time to time, the Seller, at its option, may elect to convey title to the property to buyer prior to Buyer’s satisfaction of his obligations hereunder. Then, and in that event, Seller will deliver to Buyer a special Warranty Deed conveying title to the Property and Buyer will deliver to Seller a new note for the balance due on the property at the date of conveyance and a Deed to Secure Debt securing said note amount and which shall be recorded in the Office of the Clerk of Superior Court of the county where the property is located. In order to effectuate said conveyances of Warranty Deed, Promissory Note and Deed to Secure Debt, Buyer agrees to enter into a formal closing, with Seller, and execute the necessary documents at a time and place mutually agreed upon. The costs of this closing shall be paid by the Buyer, including the cost of recording the Warranty Deed, any releases pertinent thereto, and State and County transfer tax. Said closing costs to be paid at time of closing. The interest rate for the new note shall be the same as the prior “Deferred Payment Note”
5. Possession. Subject to paragraph 3 above, Seller hereby grants to Buyer the right to immediately occupy and possess the property. Provided however, that Buyers right to so occupy and possess the Property is expressly subject to Buyer’s complying with all terms and conditions hereof. In the event of the cancellation of this contract due to Buyer’s default, Buyer agrees to immediately surrender and deliver possession of the property to the Seller.
6. Condition of the Property. Buyer expressly acknowledges that:
a) Buyer has examined, investigated and accepted the physical nature and conditions of the property and the availability of water supply, sewage disposal (including the type and cost of onsite septic system, as some properties may require a dripp emmitter type alternative septic system) electric and telephone service, gas, fire protection, ingress and egress and roads.
b) Neither Seller, nor any representative, employee or agent of Seller has made any representations regarding the property which is not expressly set forth herein.
c) In determining the legal description of the real estate, the Seller has relied upon a survey prepared by a surveyor licensed in the state where the real estate is situated. Seller does not assume any liability for errors or omissions in the survey or the legal description in real estate. If the legal description of the real estate specifies an amount of acreage, the amount of acreage may be more or less than specified and may include rights of way and easements, both public and private.
d) Unless otherwise specified herein, Buyer acknowledges and agrees that no additional services, amenities, improvements or maintenance of any kind whatsoever are to be provided by Seller. Buyer expressly acknowledges that if utility services are not included herewith, such services must be provided by Buyer, at his expense, prior to his occupancy of the Property.
e) Buyer acknowledges and accepts the property “AS IS”.
7. Buyers Obligations. Buyer covenants and agrees:
a) To make prompt payment of all installments due under the “Deferred Payment Note”
b) To perform all the covenants and agreements herein imposed upon Buyer
c) To pay when due, all taxes and assessments as to the property, it being agreed that the current year’s taxes shall be prorated as of the date hereof, (If required by Seller, Buyer shall escrow each month with Seller 1/12 of the annual tax bill)
d) If improvements are now or hereafter located on the property, Buyer shall obtain and maintain casualty (fire and extended coverage) insurance for such improvements, naming Seller as an Insured
e) To fully comply with all restrictions of record and all applicable governmental laws and regulation
8. Community Association. Buyer acknowledges that there may be a community association or that Seller may create a community association for the benefit of all owners. In such event, Buyer acknowledges that his ownership of the property shall automatically entitle him to membership in such association, and he agrees to pay such reasonable association dues as may be established to operate the association. If required by Seller, Buyer agrees to escrow each month with Seller such monthly assessment.
9. Indemnification of Seller and Waiver of Claims. Buyer agrees to indemnify and hold Seller harmless from any costs or liability which may arise out of Buyer’s occupancy of the property, including any such cost or liability arising out of the condition, use, or maintenance of the property.
10. Default. If Buyer fails to pay any one or more payments due under the Deferred Payment Note, or if Buyer fails to comply with any of the terms and conditions set forth herein, and such nonpayment or failure to comply continues for a period of ten (10) days after written notice thereof to Buyer, Seller shall have the right to declare Buyer in default hereunder, in which event the Deferred Payment Note shall, without further notice or demand, be due and payable in full. Upon Buyer’s failure to pay Deferred Payment Note in full within 48 hours, Seller shall have all rights and remedies available at law or equity as the result of such default, including but not limited to the right to cancel Buyer’s rights herein, in which event:
a) Seller shall be released from all obligations and equity to convey the property to Buyer.
b) Buyer shall forfeit all rights to the property and any improvements located thereon (including but not limited to utilities), and to the possession thereof.
c) Seller shall have an immediate right to retake possession of the property; and all payments which have been made by Buyer to Seller shall be credited and retained by Seller to the reasonable rental value of the property during the period for which Buyer had the right to use and occupy the same, and any excess of such payments shall be deemed liquidated damages, Seller and Buyer hereby agreeing and acknowledging that the actual measure of Seller’s damages would be impossible to ascertain.
d) If Buyer’s right to occupy the Property has been terminated, but Buyer continues to occupy the same, Buyer shall be deemed a tenant at sufferance, and Seller shall be entitled to institute and maintain an action for forcible entry and detainer of the Property. If Seller retains an attorney to enforce or protect its rights hereunder, Buyer hereby agrees that Seller shall also be entitled to attorney’s fees in the amount of 15% of the unpaid balance and accrued interest of the Deferred Payment Note, and all costs of the collection. No waiver or forbearance by Seller of any breach by Buyer shall be deemed a waiver or forbearance by Seller as to any other breach. No right or remedy herein reserved to Seller is intended to be exclusive of any other right or remedy available at law or equity, but each shall be cumulative and in addition to every other such right or remedy.
11. Late Fees. Seller is under no obligation to accept any payment that is considered to be late in accordance to paragraph 11 (Default) herein. However, at Sellers sole discretion, Seller may from time to time elect to accept a late payment. If Seller elects to accept a late payment, and such payment is received more than ten (10) days after the monthly payment is due, Buyer shall pay a late charge of $48.00 per month beginning and including on the 11th day the payment is due.
12. Buyer agrees to first obtain the written consent of Seller before.
a) Removing or demolishing any building now or hereafter erected on the premises.
b) Altering the arrangement, design or structural character thereof.
c) Making any repairs which involve the removal of structural character thereof.
d) Cutting or removing or permitting the cutting and removal of any trees or timber on the premises.
e) Dredging, filling, grading, excavating, or making application for permits to do so.
f) Conveying or allowing to be conveyed or suffering a transfer of title to the property or any portion thereof by conveyance or by operation of law.
g) Selling, contracting to sell, leasing or agreeing to lease all or any portion of the property; or further encumbering the property or permitting any lien to be created.
13. Seller’s Mortgage. Buyer acknowledges that it has been advised that the property may be subject to a security deed. So long as Buyer is not in default hereunder, Seller shall keep the security deed current and in good standing. Upon payment in full of the Deferred Payment Note, Seller shall promptly cause the Property to be released from the lien of said security deed.
14. Notice. Any notice required to be given hereunder shall be in writing and either personally delivered or sent by certified or registered United States Mail, postage prepaid, addressed to the address set forth herein below, or such other address as either party hereto may designate to the other in writing. Such notice shall be deemed given when actually delivered by hand,or three (3) days after depositing into the mail.
15. Miscellaneous. This contract shall be constructed in accordance with the laws of the State of Georgia, and shall be binding upon, and insure to the benefit of the parties hereto, their heirs, successors and permitted assigns. This Contract, together with the Deferred Payment Note and the Disclosure Statement represent the entire agreement between the parties and no warranties, representations or promises shall be of any force or effect unless expressly set forth herein.
a) TIME IS OF THE ESSENCE
16. Title and Taxes. All parties to this agreement understand and agrees that:
a) A portion of the sales price is being seller financed using this Installment Sales Contract and/or Deferred Payment Note for Deed and that no title to this property will be transferred until all obligations of said contract are met.
b) It is also understood that the purchaser is responsible for paying real estate taxes on this property.
17. Transfer of Sellers Note. Seller reserves the right to convey this note to a 3rd party without notice to the buyer, all provisions of the “Deferred Payment Note” shall remain the same upon such conveyance.
18. Notice to Customer required by Federal Law. In the event that financing is supplied by the Seller then: You have entered into a transaction which may result in forfeiture of the above described property and of your funds paid in connection with its purchase. You have a legal right to cancel this transaction, if you desire to do so, without any penalty or obligation, you may do so within five (5) days from the date of this transaction. If you choose to cancel this transaction you are entitled to receive a refund of any down payment or other consideration. If you decide to cancel this transaction, you may do so by notifying us in writing at: Pay My Land Inc, Po Box 2065, Loganville, Georgia, 30052. Any notices sent to Seller must comply with paragraph 14 of this agreement.
EFFECT OF RECISION: When a buyer exercises his right to rescind under paragraph 18 of this section, he or she is not liable for any finance or other charge and any contractual right to the property becomes void upon such rescission, the seller shall return to the buyer any money or property given as earnest money, down payment, or otherwise, and shall take any action necessary or appropriate to reflect the termination of any security interest created under the transaction and the contract shall automatically be void and of no further force or effect. Upon the performance of buyer’s right under this section, the buyer shall tender the property to Pay My Land Inc.
IN WITNESS WHEREOF, the parties hereto have signed, sealed and delivered this Contract as of the day and year first above written.
Time Limit The terms of this Agreement shall constitute an offer ("Offer") which shall be open for acceptance until 24 hours from the date of- {todaysDate}
| "Seller" |
"Buyer" |
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| For Pay My Land Inc |
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| Signature of Seller |
Signature of Buyer |
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{primaryBuyer6} |
| Pay My Land Inc |
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| Print Name |
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Pres. Chris Folgman
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| Title Print Name |
Signature of Buyer |
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{secondaryBuyer10} |
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| Sellers Address: |
Buyers Address:
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Pay My Land Inc
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Address- {currentAddress}
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PO Box 2065
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Loganville, Ga 30052
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Office- 770.466.1200
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Phone- {phoneNumber}
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| Cell- 404.354.5872 |
Email- {emailAddress} |
Exhibit "A"
Land Plat Inserted Here
Exhibit "B"
These are Protective Covenants that must be followed when purchasing a property that is bound by these Protective Covenants
Protective Covenants Inserted Here for Your Property, Covenants can be viewed on the "Customer Portal" link at 5land.com
Exhibit "C"
Tax Escrow Agreement
All parties hereby understand and agree that the Buyer(s), {primaryBuyer6} are responsible for paying its own real estate taxes for the property located at {chooseThe} , {farm} .The Seller shall assess the estimated annual taxes that will be due to the County the following year and the buyer shall pay to the seller 1/12th of the total tax assessment each month.
Buyer understands that this monthly amount is an estimate and that the County in which the property lies will make the final determination of the total taxes due at the end of the year. Buyer also understands that the monthly amount due may be adjusted from time to time.
These monthly tax payments that are being paid to the Seller shall be held by the Seller and used to pay the buyers annual property taxes that are due at the end of each year.
Both parties agree that the seller shall collect the taxes from the Buyer, until the Buyer satisfies the loan with the Seller. After the Buyer has paid its loan in full, then the Seller will no longer collect taxes from the Buyer.
Monthly Principal and Interest Payment $ {monthlyPayment}
1/12th taxes due to seller each month $ {propertyTaxes}
Total Monthly payments due to seller each month $ {propertyTax}
Buyer
Signature of Buyer
Buyer
Signature of Buyer