Land Sale Agreement
Payment Terms: Buyer shall pay the purchase price, plus any interest, fees, and other assessments (collectively, the “Purchase Price”) in monthly payments, payable in the amount, interest and terms chosen as displayed for each property (the “Property”), until paid in full. The first monthly payment shall be paid immediately on purchase. Subsequent payments shall be made monthly, on the monthly anniversary of the first payment, in consecutive month until the Purchase Price is paid in full (each payment a “Monthly Payment”). Each payment shall be credited, first, to interest due, any property taxes, late fees, HOA dues or utility payment due and then, second to principal. The Buyer may make prepayments on this note at any time without penalty. Upon receipt of the final Monthly Payment, or the entirety of the Purchase Price, Seller shall execute to Buyer a deed conveying covenants of the purchased property and subject to the terms of this Agreement (the date on which this deed is to be conveyed shall be the “Closing”).
Late Payment: Buyer shall be assessed a late fee in the amount of $25.00 for any payment more than 15 days delinquent and/or a service fee of $25.00 for any payment which is returned by Buyer’s bank due to insufficient funds, at the discretion of Seller.
Other Purchase Terms: Seller may limit the amount of properties financed to Buyer, at the discretion of Seller, and may limit such number of financed properties to one property. All sales are final, no refunds will be issued and Buyer accepts they have completed any due diligence on the property before buying. If Buyer has chosen the ‘Buy in Full’ option, the Purchase Price will be due immediately upon purchase.
Taxes and Assessments: All known taxes and assessments levied or assessed against the Property prior to the Effective Date of this Contract have been paid by Seller. Al l taxes and assessments levied or assessed against the Property after the Effective Date, and until the Closing as contemplated under this Contract shall be paid by Buyer to Seller. During the term of this Agreement, Seller shall collect from Buyer, and Buyer shall transfer to Seller, any necessary amounts for payment of HOA dues, taxes, and utilities. Such payments shall be included in the Monthly Payment.
Transfer and Warranties: The Seller agrees to transfer, and the Buyer agrees to accept ownership of the property. The Seller warrants the property is free and clear of all known encumbrances, except for:
(a) The rights of utility companies to maintain pipes, poles, cables and wires over, on and under the street, the part of the Property next to the street or running to any structure on the Property;
(b) Recorded agreements, documents and instruments affecting title as of the date hereof, which limit the use of the Property.
This sale will be subject to easements, conditions, and restrictions of records to include any and all zoning and use restrictions, if any, and such statement of facts as an accurate survey might disclose. Title to the Property shall only be transferred by Special Warranty Deed unless otherwise stated in the property description.
Seller reserves the right to place a deed of trust on the parcel at any time, and such deed of trust shall be re-conveyed (removed) prior to a deed being recorded transferring title to Buyer. Should Buyer(s) discover a breach of any of these warranties or covenants, Seller may, at its sole discretion (1) cure the breach within a reasonable amount of time, or (2) cancel the sale and refund all moneys to Buyer(s).
Default and Remedy: The Buyer shall be in default in the event any of the following occurs: • the Buyer fails to pay the Monthly Payment when due and fails to cure the default within thirty (30) days; or
• the Buyer fails to fulfill any other obligation under this Agreement, or threatens to breach any provision of this Agreement; or
• if, in good faith opinion of Seller and at its sole discretion, Buyer conducts any action or fails to conduct an action which suggests Buyer will not honor its commitments under this Agreement and may default.
Maintenance and Alterations: Buyer contracted under financing, shall not alter the property without the express written consent by the Seller. Such consent shall not be unreasonably withheld. “Alterations” include, but are not limited to: the removal of any timber, excavation or removal of minerals, rocks, gravel, soil or sand; installation of any utilities, or closing of wells or septic systems; construction or deconstruction of any structures or dwellings or paving of any roads or driveways. Buyer shall maintain the Property and structures in the same condition as of the Effective Date of this Contract. Buyer shall not remove or destroy any existing improvements, diminish or alter the value of the Property or allow any liens to attach to the Property. If written consent is given by Seller to Buyer for improvements to be made, Buyer understands and agrees to follow all rules, procedures or restrictions given by the State, County, any local rules and regulations, or HOA/POA (if any).
No Recording: This Agreement may not be recorded by either party.
General Authority: The execution, delivery and performance of this Contract by the Buyer has been duly authorized by all necessary action of the Buyer. The Buyer has duly and validly executed and delivered this Contract which constitutes a valid, binding and enforceable obligation of the Buyer in accordance with its terms.
Non-Contravention: Neither the execution, delivery nor performance of this Contract nor the consummation of the transaction described herein, does or will conflict with or result in a breach of, or constitute a default under, any federal, foreign, state or local court or administrative order or process, statute, law, ordinance, rule or regulation, or any contract, Contract or commitment to which the Buyer is a party, or under which the Buyer is obligated.
No Waiver: Failure of the Seller to require strict performance in accordance with the terms of this Contract on any one occasion shall not serve as a waiver of such failure on any other occasion nor prohibit demand by the Seller for strict performance.
Limitation of Liability: Buyer shall defend and hold Seller, its officers and employees, harmless from all claims, losses, damages or liability of any kind arising out of or in any way connected with the Buyer’s use or possession of the Property purchased herein. Such indemnification shall include Seller’s reasonable attorney’s fees, costs and lost compensation or profits of Seller or their agents resulting from the preparation for and participation in any litigation. Buyer hereby releases and holds Seller harmless with respect to all liability, loss, damages, claims, suits, causes for action awards, decrees, judgments, or expense of any kind, including legal fees and costs in connection with the property arising out of personal injury, death, or property damage actually or allegedly arising from the condition of the property during any on-site and/or off site inspections. Notwithstanding the foregoing, if for any reason Seller is held liable, Seller's cumulative liability for any loss or damage, for any cause arising out of or related to this Agreement, shall not exceed the amount of the purchase price paid by Buyer to Seller for Property. Buyer understands this limitation on liability to be a reasonable allocation of risk and expressly agrees and consents to such allocation of risk.
Miscellaneous: Unless otherwise specifically set forth, any conditions or covenants contained in this Contract shall not survive closing of title.
Representations: All representations are to the best of Seller’s knowledge and belief and shall not survive closing of title in this matter.
Complete Agreement: This Agreement is the entire and only agreement between the Buyer and the Seller. This Agreement can only be changed by an agreement in writing signed by both the Buyer and Seller. The Seller states that the Seller has not made any other Agreement to sell the Property or to grant an option, right of first refusal, easement or other right in the Property, to anyone else.
Jurisdiction and Binding Effect: The Parties agree that the venue of any legal action shall be in Sheridan County, Wyoming and shall be governed by the laws of the State of Wyoming. In the event of a legal dispute where the claim is $5,000 or less, the Parties agree to resolve the dispute utilizing binding arbitration. Under no circumstances shall the Seller’s liability exceed the amount paid by Buyer(s) to the Seller.