CONTRACT FOR THE SALE OF REAL PROPERTY
THIS AGREEMENT made and entered into on this _____ day of ____________,
2000 by and between Edwin J.Nagle and Dianna L. Nagle, Husband and Wife,
hereinafter referred to as "Seller", and (buyer's name here) hereinafter
referred to as "Buyer", WITNESSETH:
1. Seller hereby agrees to sell and Buyer agrees to purchase the following
described real property situated in _________ County, Arkansas, for the
price, on the terms, and subject to the conditions hereinafter set forth:
Lot/s (legal description of lots here)per recorded plat or plats and
subject to the easements, notes and other indicated restrictions on said
plat or plats and subject to the conditions and restrictions as set forth
in the Bill of Assurance and Amendments thereto, if any, of record in the
office of the Circuit Court Clerk and Ex-Officio Recorder of said County
and State.
2. Buyer hereby agrees to pay and Seller agrees to accept for the aforesaid
property, the sum of (purchase price here _____) of which the sum of (downpayment
here _______) has been paid in cash and the receipt of which is hereby
acknowledged. The balance of($____) shall be paid as follows, to-wit: (monthly
payment here ______), including interest at the rate of (% interest) Percent
per annum due on or before the ___ day of _____ , 2000, and a like sum,
including interest at the rate of (%) percent per annum, due on or before
the same day of each succeeding month thereafter for a total period of
______ months, at which time the entire balance of principal and interest
then due and owing shall be paid in full. Buyer shall have the right to
pay the balance of the purchase price, including accrued interest, on the
property at any time without penalty.
3. If Buyer shall make all of the payments herein called for and shall
fully keep and perform each and all of the covenants herein made by Buyer,
Seller shall make, execute and deliver to Buyer Seller's Warranty or Limited
Warrant Deed conveying the aforesaid property free and clear of all liens
and encumbrances.
4. Seller warrants each lot to be free and clear of all debts except
current taxes and Suburban Improvement District (SID) or Property Owner
Association (POA) fees if any. Buyer agrees to pay all taxes and SID or
POA fees that become due and payable or delinquent from the time this contract
is executed. If the title remains in Seller's name as security, Seller
will forward the tax and SID or POA fees bill to Buyer who hereby agrees
to and will make the payments promptly.
5. Waste shall neither be committed or permitted on or to the subject
property by Buyer. Buyer acknowledges that he/she has inspected the premises
or otherwise accept the premises as is and has not relied upon any representations
made by Seller or Seller's agents in making a decision to purchase the
described property.
6. Seller covenants not to encumber the record title to the property
after this day. Buyer covenants not to allow laborers’ or materialmen’s
liens or other statutory liens to attach to the subject property during
the term of this contract without first obtaining the written permission
of Seller.
7. It is agreed that time is of the essence of this contract and that
should Buyer fail to make any payment when due or within thirty (30) days
thereafter, or make a default of this contract for any reason, then Seller
shall have the following options: (A) to declare the entire balance of
the purchase price plus accrued interest thereon to be immediately due
and payable and to pursue an action in the nature of foreclosure in a Court
of Equity to impress said purchase price plus interest as a lien upon the
described real estate. In the event that Seller chooses this alternative,
Buyer shall pay, in addition to the principal and accrued interest due
hereunder, a sum equal to ten percent (10%) of said principal and accrued
interest as reasonable attorney’s fees, plus all costs of collection, or
(B) to declare this contract to have terminated, at which point this contract
shall become deemed a nullity and Seller is entitled to retain all prior
payments made as rent, and as liquidated damages, with the status of the
parties being deemed as landlord/tenant, or (C) to pursue any other action
for legal or equitable relief including but not necessarily limited to
the equitable remedy of specific performance.
8. Buyer shall be entitled to possession of any lot as soon as the Deed
to that lot is recorded in Buyer's name.
9. The waiver by Seller of a breach by Buyer of any of the covenants
or conditions of this contract on Buyer's part shall not constitute a waiver
of the same or a similar default by Buyer on any subsequent occasion.
10. Buyer expressly waives all rights of redemption, appraisement and
homestead in the event that this contract is foreclosed.
11. It is agreed by the parties hereto that this contract shall be binding
upon each party's respective heirs, administrators, executors, successors
and assigns.
IN WITNESS WHEREOF, the parties hereto have set their signatures the
day and year first above mentioned.
________________________________ Date ______
Buyer's Signature
________________________________ Date _______
Seller's Signature ------------------------------------
You are welcome to submit for our signature an alternate agreement prepared
by or recommended by your own attorney, as long as you pay all legal fees
and expenses associated with your attorney's professional services, and
the instrument conforms with Arkansas laws.
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