Particular Contracts-Purchaser to Erect Buildings and Selle
224 Particular Contracts-Purchaser to Erect Buildings and Seller
Agreements made between the purchaser and the seller provides that the seller sells the property at an agreed rate per square foot of land and that the entire property consists of a stipulated amount of square feet. This property also needs to be free from incumbrances and allows the purchaser the right to use the streets which adjoin the property and the common passageway as well.
It also states that the purchaser pays the seller interest at a stipulated percent on the purchase money and interest on all the advances which the seller makes to the purchaser as per the terms of the agreement till the purchase has been completed.
The purchaser is entitled to possession of the land and will bear all the taxes as well as rates and assessments and the purchaser will not dig or remove anything more than what is required to excavate from the land in order to erect a building, without getting the permission of the seller.
It states that in a month after the agreement has been executed, the purchaser shall commence the building on the piece of land and it needs to be finished before the date specified in the agreement.
The house which is to be constructed needs to be approved of by the architect of the seller and it needs to be built with good material with a distance which is stipulated away from the street.
If all these norms are adhered to, the seller will advance the sum agreed upon for the erection of the house.
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Particular contracts—Purchaser to erect buildings and seller to advance money therefor.
This agreement, made _________[date] between _________, of _________, seller, and _________, of _________, purchaser, provides:
1. Seller agrees to sell, and purchaser agrees to purchase, for $_____ being at the rate of $_____ for each square foot of land comprised in the parcel described below, all that piece of land situated, etc., containing _________ square feet, and delineated in the plan annexed to this agreement, and colored red, with the appurtenances, in fee simple in possession, free from all incumbrances, with the right of using and enjoying the streets adjoining the same, and the common passageway shown in that plan, and all outlets of it, in common with all other persons entitled to use and enjoy the same.
2. The purchase-money shall be paid by purchaser to seller on or before _________[date] at the office number _________ on _________ Street, or elsewhere, as seller may direct; and installments of such purchase-money may be paid at any time, and seller shall convey to purchaser at any time the lot of land upon which any house shall have been built in the manner provided below upon the payment of the above-named stipulated price of such land, and all advances made by seller in respect of the house built upon the same. Purchaser shall pay to seller interest at the rate of _____% per annum on the purchase-money from the _________ day of _________, and interest at the same rate on all advances made by seller to purchaser as contemplated in this agreement, until the purchase shall be completed.
3. Purchaser shall be entitled to the immediate possession of the piece of land, and shall bear and pay all taxes, rates and assessments in respect to the same as if the piece of land had been conveyed to h?.
4. Purchaser shall not dig for or remove from the piece of land or any part of it any gravel, sand, clay or other substance, beyond the necessary excavations for the buildings to be erected, without previous consent in writing of seller.
5. Purchaser shall, within one calendar month after the execution of this agreement, commence, and without intermission and with reasonable expedition proceed with, the erection of _________ houses on the piece of land, and shall completely finish, fit for habitation, the houses on or before _________.
6. Such houses shall front upon _________ Street, and shall be erected in a proper, workmanlike manner, in accordance with plans and elevations, to be first approved of in writing by seller’s architect, and shall be built of good materials, and the houses shall be set back _________ feet from _________ Street.
7. If purchaser shall in all respects observe and perform h? part of the agreement, seller will advance to h? for the purpose of assisting h? in the erection of the houses, $_____ in respect of each house at the times and in the sums following, namely: _________[insert dates and amounts]. But it is expressly agreed that seller shall not be required to make any advance in respect of any house unless such house, exclusive of the value of the land, shall be equal in value to double the amount of the sums, if any, then advanced on them, and of the sum or sums so required to be advanced. Application for each advance shall be made not less than _________ days before the same is payable.
8. Purchaser shall, at h? own expense, insure the buildings to be erected on the land, and any building materials for the time being on it, for the benefit and security of seller, in a sum or sums equal in amount to any advances made pursuant to this agreement. If purchaser shall fail to make such insurance vendor may obtain the same in h? own name, and purchaser shall repay the sums expended by vendor in effecting and keeping in force any such insurance, with interest on it, at the same rate provided in this agreement to be paid upon the advances contemplated by this agreement.
9. Seller shall have a lien or charge upon the land, and all the buildings for the time being erected or in course of erection on it, and upon all the building materials and other things which shall for the time being be brought upon the land, or the streets and passageways adjoining the same, for the purchase money and the interest on it and also for such sums of money as seller may have advanced or paid as provided in this agreement, and all such building materials or other things shall be considered as immediately attached to the buildings for the erection of which the same may have been provided, and it shall not be competent for purchaser, without the consent in writing of seller or h? architect for the time being, to remove any such building materials or other things from the land, streets, or passageways.
10. On payment by purchaser to seller of the purchase money and all sums of money advanced or paid by seller in respect of any building or buildings on it, pursuant to this agreement, seller shall execute a proper conveyance of the land, and such deed shall contain covenants on the part of purchaser that _________.
11. Purchaser shall be entitled to have the piece of land conveyed to h? by several conveyances, not exceeding the number of houselots into which the land may be divided, upon payment to seller on account of the purchase money of the sum of $_____ for each square foot of land to be comprised in such conveyance, with interest on it as stated above, and the advances made by seller in respect of the buildings erected on the land to be comprised in such conveyance, with interest as stated above, and all sums paid for insurance and the interest due in respect of it, provided that purchaser shall not at any time require a conveyance of part of the land under this clause, unless at the time of such conveyance he shall have proceeded with the erection of at least _________ houses on the land remaining, and shall have complied in all respects with the provisions contained in this agreement.
12. If default shall be made by purchaser in the observance and performance of h? part of this agreement in any particular, and time shall be deemed to be of the essence of the contract, or if purchaser shall become bankrupt or make any composition with, or any assignment for the benefit of h? creditors, then and in such case it shall be lawful for seller to reenter upon such land, or any part of it not previously conveyed to purchaser, and by notice in writing to be delivered to purchaser, or left for h? at h? usual and last known place of abode, absolutely to determine this agreement so far as relates to such portion of the land as may not previously have been conveyed to purchaser.
13. If this present agreement shall be determined by seller under the preceding clause, so much of the land as shall not have been conveyed to purchaser pursuant to this agreement, together with the buildings on it, and all building materials which, under the previous clauses of this agreement, are provided to be attached and belong to the land or the buildings on it, shall immediately after the delivery of the notice to determine this agreement, be and remain the absolute property of seller, freed and discharged from all claims and demands of purchaser in respect of it or otherwise on account of this agreement, and purchaser shall be freed and discharged from all obligations created by this agreement, and which then remain unperformed.
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