Contract/Purchase Agreement
This agreement is made on June 10th, 2008 by and between Regions Land Company, LLC (seller) whose mailing address is PO Box 343, Willow Springs, Missouri 65793 and John Jacobson and Jane Jacobson, husband and wife (buyers) whose mailing address is 456 Sunset Lane, Miami, Florida 44735. It is agreed between the parties as follows:
Seller agree to sell to buyer and buyer agrees to buy, property in the state of Missouri, described as follows:
The Northwest Quarter of the Southwest Quarter of the Northeast Quarter of Section 25, Township 26, Range 11, Douglas County, Missouri. Containing 10 acres, more or less.
1. The sale price for the property shall be twenty nine thousand eight hundred fifty dollars ($29,850.00).
2. Seller acknowledges receipt of one thousand dollars and 00/100 ($1,000.00) as a down payment.
3. Buyer agrees to pay seller the balance of twenty eight thousand eight hundred fifty dollars and 00/100 ($28,850.00) as a contract for deed, also known as a Land Contract or Installment Sales Agreement.
4. Buyer is responsible for any desired insurance.
5. Buyer is responsible for any survey(s) them may deem necessary.
6. It is further agreed that:
A. The monthly payments shall be $301.26 which shall include principal and interest.
B. Said monthly payments shall commence July 1st, 2008 and like payments will continue to be due the first day of each month thereafter until all principal, accrued interest and applicable late fees have been paid in full.
C. Any payment not received within seven days of the date in which it is due is subject to a late fee in the amount of thirty five dollars ($35.00).
D. The interest rate on the unpaid balance of the contract shall be 9 1/2% per annum and will begin to accrue July 1st, 2008.
E. The buyer may pay off the balance due under this contract at any time with no prepayment penalties.
F. Upon payment in full for subject property seller shall deliver to buyer a Warranty Deed and does guarantee that said property will be free and clear of any liens excepting those which may have accrued after the date of this contract. If subject property is encumbered by a mortgage or deed of trust a release will be provided upon buyer's payment in full for subject property, releasing subject property from said mortgage or deed of trust.
F. It is understood that this property is sold "as is" with no warranties as to a particular use for the property and all permits for special uses must be obtained through the county, state or appropriate agency.
G. In the event of any breach of the payment or any other allowed charges, or other breach of this contract, seller shall have full rights to terminate this contract in accordance with state law and re-enter and re-claim possession of the premises, in addition to such other remedies available to seller arising from said breach. All monies paid and property transferred will be retained by seller as liquidated damages.
H. Seller agrees that this contract shall not be deemed to be in default and cancelled unless buyer is more than 30 days behind on a payment or portion thereof, or by mutual agreement of buyer and seller.
I. After seller has received six monthly payments from buyer, seller may transfer property to buyer via Warranty Deed and buyer agrees to sign a note, deed of trust and quitclaim deed to subject property, to be held by seller. Buyer and seller agree to a "Deed in Lieu of Foreclosure" whereby a quitclaim deed executed by buyer is held by seller and shall be used only by mutual agreement of buyer and seller or in the event of a default of payment of more than 45 days. In this event seller agrees not to pursue judicial action against buyer for default and agrees not to pursue judgment proceedings/collections against buyer related to the default.
7. No trees on the property with a stump diameter of greater than 8 inches shall be cut, removed or sold until this contract has been paid in full unless Seller gives written permission.
8. This agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns and personal representatives.
10. Property taxes up to the date of this contract shall be the responsibility of seller, property taxes after the date of this contract shall be the responsibility of buyer. During the term of this contract property taxes shall be paid to the county by seller and seller shall bill buyer for buyer's prorated portion of property taxes.
11. Additional terms: Buyer may not transfer, sell or assign this agreement without seller's written permission.
12. Contract payments to be sent to: Regions Land Company, LLC
Willow Springs, Missouri 65793
or wherever directed by seller in writing.
______________________________ __________________________________
John Jacobson (buyer) Regions Land Company, LLC (seller)
______________________________
Jane Jacobson (buyer)
End of Contract/Purchase Agreement
