Land Contract

This Contract, made this between, hereinafter referred to as the Seller, whose
address is , and , hereinafter referred to as the buyer, whose address is .
WITNESSETH:
1. THE SELLER AGREES:
(a) To sell and convey to the Purchaser land in the City of , County,
Michigan , described as follows:
.
Commonly known as:
Together with all tenements, hereditaments, improvements and appurtenances, including any
lighting fixtures, plumbing fixtures, shades, Venetian blinds, curtain rods, storm windows, storm
doors, screens, awnings, if any, (excluding washer, dryer, and pool table) now on the premises,
and subject to any applicable building and use restrictions, and easements, if any, affecting the
premises.
(b) That the consideration for the sale of the above described premises to the
Purchaser is: ($135,000.00) DOLLARS, of which the sum of ()
DOLLARS has heretofore been paid to the Seller, the receipt of which is hereby
acknowledged, and the balance of () DOLLARS, is to be paid to Seller,
with interest on any part thereof at anytime unpaid at the rate of () percent per
annum.
This balance of purchase money and interest shall be paid in monthly installments
of () DOLLARS, each or more at Purchasers 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 2 year(s) from the date hereof, anything herein to the contrary
notwithstanding. Winter and Summer taxes are the responsibility of the purchaser
and shall be kept current.
(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 Purchasers assigns, a
good and sufficient Warranty Deed conveying title to said land, subject to aforesaid
restrictions and easements and subject to any then existing mortgage or mortgages,
and free from all other encumbrances, except such as may be herein set forth, and
except such encumbrances as shall have accrued or attached since the date hereof
through the acts or omissions of persons other than the Seller or his assigns.
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.

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(c) To keep the premises in accordance with all police, sanitary and other
Regulations imposed by any governmental authority.
(d) That he has examined a Title Insurance Commitment covering the above
Described 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.
(e) To keep and maintain the premises and the building(s) thereon in as good
Condition as of the date hereof, reasonable wear and tear accepted, and not to
commit waste, remove or demolish any improvements thereon, or otherwise
diminish the value of the Sellers security, without the written consent of the 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
mortgages or mortgages shall provide for payment of principal and interest in
monthly installments which do not exceed such installments provided for this
contract; shall provide for a rate of interest on the unpaid terms as may be agreed
upon by the Seller and Purchaser, and shall be a first lien upon the land superior to
the rights of the Purchaser herein; provided for this contract; shall provide for a rate
of interest on the unpaid terms as may be agreed upon by the Seller and Purchaser,
and shall be a first lien upon the land superior to the rights of the Purchaser herein;
provided notice of the execution of said mortgage or 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 here under to the lien of any such
mortgage or mortgages. In event said Purchaser shall refuse to execute any
instruments demanded by said 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 Purchasers 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 above provided for giving notice of the execution of said mortgage or
mortgages.
(b) That if the Sellers interest be that of land contract, or now or hereafter be
Encumbered by 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 Sellers default, the Purchaser may at any time thereafter,
while such proceedings 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 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 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 contained, a conveyance shall be made in the form above provided
containing a covenant by the grantee to assume and agree to pay the same.

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(c) That during the existence of this contract, any proceeds received from a hazard
insurance 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.
(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.
Purchasers liability hereunder shall not be released or affected in any way by
delivery of such assignment, or by Sellers endorsement of receipt and/or
acceptance thereon.
(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 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.
(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, Purchaser as his tenant holding over
without permission and may take immediate possession of the premises, and the
Purchaser and each and every other occupant removed and put out. A proper notice
of forfeiture, giving Purchaser at least whatever time mandated by the laws of the
state of Michigan to pay any moneys required to be paid hereunder or to cure other
material breaches of this contact, shall be served on Purchaser, as provided by
statute, prior to institution of any proceedings to recover possession of the land.
(g) If default is made by the Purchaser and such default continues for a period of fortyfive 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.
(h) 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 by Registered Mail.

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IN WITNESS WHEREOF, the parties hereto have executed this contract in
duplicate and have caused their hands and seals to affixed hereto the day and tear
first above written.
Signed in the presence of:
Purchaser
__________________
Witness

___________________

STATE OF MICHIGAN
COUNTY OF OAKLAND
The foregoing instrument was acknowledged before me this _______ day of
___________, 200__ by ____________________________.
_______________________ Notary Public
___________ County, Michigan
My commission expires:
______________________

______________________

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ADDENDUM TO LAND CONTRACT

Buyer to furnish copy of 1 year paid in full home owners insurance declaration page
showing both seller and buyer as beneficiaries.
Buyer will be responsible for Winter & Summer taxes.
Buyer will be responsible for water and sewerage bill.
Payments will be due on the first of each month. Any payment received after the 10th of the
month will incur a ninety dollar ($90.00) late fee.

_______________________________

_______
Date

_______________________________

_______
Date

MEMORANDUM OF LAND CONTRACT

THIS MEMORANDUM OF LAND CONTRACT ENTERED INTO THIS BY AND BETWEEN:
WHOSE ADDRESS IS
HEREINAFTER SELLER AND
WHOSE ADDRESS IS
HEREINAFTER BUYER
WITNESSETH:
WHEREAS, BUYER AND SELLER HAVE ENTERED INTO A LAND CONTRACT OF EVEN DATE
HEREWITH; AND WHEREAS, THE PARTIES DESIRE TO ENTER INTO THIS MEMORANDUM OF LAND
CONTRACT TO GIVE RECORD NOTICE OF EXISTENCE OF SAID LAND CONTRACT.
NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND FOR OTHER GOOD AND VALUABLE
CONSIDERATION, SELLERACKNOWLEDGES AND AGREES THAT THEY HAVE SOLD TO BUYER ON
THE LAND CONTACT DATED February 20, 2006 THE FOLLOWING DESCRIBED PREMISES SITUATED
IN THE CITY OF COUNTY OF AND STATE OF MICHIGAN, TO-WIT;

.
cka:
Tax ID:
THE PURPOSE OF THIS MEMORANDUM OF LAND CONTRACT IS TO GIVE RECORD NOTICE TO THE
EXISTENCE OF THE AFORESAID LAND CONTRACT.
IN WITNESS WHEREOF, THE PARTIES HERETO HAVE EXECUTED THIS MEMORANDUM OF LAND
CONTRACT AND HAVE CAUSED THEIR HANDS AND SEALS TO BE AFFIXED HERETO THE DAY AND
YEAR FIRST ABOVE WRITTEN.
Signed, Sealed and Delivered
In the presence of:
__________________________(L.S.)
(Seller)
_______________________________
__________________________(L.S.)
(Buyer)
_______________________________

STATEOF MICHIGAN
COUNTY OF

)
)ss.

On this _______________ before me, the subscriber, a Notary Public in and for said County,
appeared ________________________________, and __________________________________________
to me known to be the person (s) described in and who executed the foregoing instrument and respectively
acknowledged the execution thereof of to be his/her/their free act and deed and who have sworn that they
are over 18 years of age.
___________________________
Notary Public
My commission expires___________________________________
DRAFTED BY: Geraldine McAfee
AFTER RECORDING RETURN TO: