Contract with provisions for note and purchase money mortgage.
This agreement made _________[date] between _________, of _________, as seller, and _________, of _________, as purchaser, provides:
1. Seller, in consideration of the agreements of purchaser in this agreement, agrees to sell and convey to purchaser in fee simple, by a good and sufficient deed, with covenants of warranty, free and clear from all liens, rights of dower, or other incumbrances (unless specified below), all that piece or parcel of land, situated in the Town of _________, County of _________, and State of _________, briefly described as follows _________.
2. Purchaser agrees to purchase from seller the premises above described, and to pay and secure to be paid for it $_____, in the manner following: $_____ to be paid in cash upon execution of such deed, and the remainder of the purchase money, being $_____, to be secured by the note and mortgage of purchaser in the manner described below.
3. On payment of the sum to be on or before _________[date], seller agrees on that day to deliver to purchaser the deed; and purchaser agrees concurrently, to secure seller the balance of the purchase money by executing and delivering h? note for it, with a mortgage upon the premises duly acknowledged as collateral to it, which note and purchase money mortgage shall be conditioned to pay $_____ in _________ years from _________[date], with interest payable semiannually, and to be computed from the last-named date at the rate of _____% per annum. [The following provision for a mortgage may be used instead: Purchaser shall, on the execution of such conveyance to h?, execute and deliver to seller a note secured by a purchase money mortgage of all the premises agreed to be sold to secure the portion of the purchase money not paid in cash, not to exceed $_____, which mortgage shall contain a power of sale in the usual form, and all such covenants and other clauses and provisions for securing such purchase money and interest on it as the counsel of seller shall require.]
4. The deed and note and mortgage shall be delivered and the money paid at the office of _________, in the City of _________.
5. Seller agrees that on _________[date] and on the performance by purchaser of agreements contained in this agreement, ?he will deliver to purchaser quiet and peaceable possession of the premises, in as good condition as they now are, natural wear excepted.
6. Purchaser agrees to pay all taxes and assessments that shall be paid or assessed on premises during the term ?he shall have possession under this agreement.
7. In case purchaser has possession of premises before execution and delivery of the deed, and in case of failure on h? part to perform any of the agreements contained in this agreement, ?he will yield and deliver to seller quiet and peaceable possession of premises; seller may immediately after such failure reenter and take possession of the same, without any previous notice to quit in reference to any legal proceedings to recover possession of it.
8. In case either party fails to perform the agreements agreed to be performed by such party in this agreement, the party so failing shall and will pay to the other $_____, which sum is expressly fixed and agreed upon as the liquidated damages for such failure, and the same shall in no event be considered a penalty. In witness, etc.
- Purchase Money Mortgage Contract