Terms of Agreement

LAND SALE CONTRACT

 

Seller hereby agrees to sell to Buyer and Buyer hereby agrees to purchase from Seller the Property for a total purchase price listed. Buyer agrees to pay monthly payments to Seller, payable in the amount, interest and terms chosen upon purchase by the Buyer until paid in full. Which shall be paid as follows:

 

(a) Initial Payment.  Upon the Effective Date of this Contract, Buyer shall pay to Seller, the initial first months payment upon start of this contract (Paid as of agreement of terms and purchase).  Such initial payment shall be held by Seller and applied to the purchase price of the Property for the first months payment upon Buyer completing the final installment payment under this Contract.  Should Buyer default under the terms of this Contract, such payment shall remain with and be the property of the Seller.  If Seller shall default under the terms of this Contract, then such initial payment shall be returned to the Buyer at the time of such default.
(b) Installment Payments.  The Buyer promise to pay to the Seller, Riverbank Land Group LLC, doing business as LandZero, the monthly payments payable in the amount, interest and term stated herein above per annum from the date hereof until all principal and interest are paid in full.  Payments of principal and interest Each payment shall be credited first on interest then due and then on principal; interest shall thereupon cease upon the principal so credited. Each monthly payment shall be due on the same day each month of the initial purchase date, till the property is paid in full.  The Buyer may make prepayments on this note at any time without penalty.  All payments shall be applied first to interest accrued and unpaid, then to principal.
(c) Late Payment.  Buyer shall receive a late charge in the amount of $25.00 for any monthly payment which becomes 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.
(d) Default by Buyer:  The Buyer will be in default if any of the following occur:

(i) the Buyer fails to pay any amount due under this Contract at the time required

(ii) the Buyer fails to fulfill any other obligation under this Contract; or

(iii) if, in the sole opinion of the Seller, which opinion is held in good faith, the prospect of repayment under this Contract is substantially impaired. 

In the event of default, as described above, the Seller may declare the entire balance then owing under this contract immediately due and payable.  Furthermore, any payments made to Seller under this Contract shall be retained by Seller and the Seller shall retain the Property. 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 thereafter.  Time is of the essence in performance of the obligations herein.

 

CONTRACT FOR DEED: Seller hereby agrees to assign, transfer, and set over unto Buyer(s), their heirs, personal representatives, successors, and assigns, a good and sufficient deed, its entire right, title, and interest in and to the Property. This Deed shall be held in escrow by the Seller during the term of this Contract, and Seller shall delivery a good and sufficient Deed to Buyer, within thirty (30) days of Buyer making the final payment under this Contract.

 

CONDITIONS: Buyer acknowledges the land is being purchased ‘AS-IS’, subject to whatever physical and/or environmental condition and location the parcel may be found at the time of sale, subject to all existing covenants, conditions, restrictions, HOA/POA restrictions, reservations, exploration rights, easements, rights of way, assessments, zoning of record and any land use restrictions. Seller does not guarantee the suitability of property for any specific purpose and does not guarantee zoning. Buyer acknowledges having inspected the property and investigated its suitability for any given purpose prior to purchasing, including availability of access and utilities or lack thereof, and hereby accepts the property “AS-IS’.

 

MAINTENANCE AND ALTERATIONS:  Buyer agrees not to alter the Property without the written consent of the Seller and 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 will maintain the Property and structures in the same condition as of the Effective Date of this Contract. Buyer will not remove or destroy any existing improvements, tarnish 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, the 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).

 

TAXES: All taxes and assessments levied or assessed against the Property prior to the Effective Date of this Contract shall be paid by Seller.  All taxes and assessments levied or assessed against the Property after the Effective Date, and up to the final payment by the Buyer under this Contract will be paid by Buyer to Seller.  During the term of this agreement Seller shall collect from Buyer, necessary amounts for payment of HOA dues, taxes, and utilities.  Such payments are included in the total purchase price under this Contract.

 

EXPENSES: The costs and expenses not otherwise discussed herein shall be borne by the party that incurs such cost and expense.

 

RISK OF LOSS: Risk of loss by virtue of damage or destruction to all or any part of the Property shall be borne by Buyer until the time that Buyer has completed all Installment Payments and the Warranty Deed has been recorded to Buyer.  In the event the Property shall be damaged or destroyed by any cause at any time prior to said date, then this Contract shall be null and void, in which event Buyer shall release Seller from any liability for failure to deliver the property hereunder, or Buyer may elect to accept the property in its damaged condition.

 

LIMITATION OF LIABILITY.  Buyer agrees to hold Seller Harmless from and indemnify for, from and against any and all liability or claims, raised by the Buyer or any third party against Seller resulting from Seller’s interest hereunder and/or the acts of the Buyer. Such indemnification shall include Seller’s reasonable attorney fees, costs, lost compensation, or profits of the Seller resulting from the preparation for and participation in any litigation.  Buyer shall be solely responsible for maintaining any liability insurance on the property. 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 the buyer to the Seller.

 

SEVERABILITY: If for any reason any provision hereof shall be determined to be invalid or unenforceable, the validity and effect of the other provisions hereof shall not be affected thereby.

 

ENTIRE AGREEMENT: The parties acknowledge and agree that there are no other agreements or representations, either oral or written, express or implied, that are not included in this Contract.

 

GOVERNING LAW, JURISDICTION AND BINDING EFFECT: This Contract and all the transactions described herein shall be governed in accordance with the laws of the state of California and shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors, and assigns. The exclusive jurisdiction for any legal actions brought under this Contract shall be the state of California.

 

WARRANTIES: Seller makes no warranties with respect to the condition, suitability or quality of the Property and any improvements thereon. Buyers hereby acknowledge having had the opportunity to inspect the Property and any improvements thereon. The parties hereto agree that the Property and any improvements thereon are being sold “AS IS” in its current condition and without warranty by Seller. Seller warranties are limited to these expressed warranties. (A) There are no liens other than any recurring assessments. (B) Title to the property is marketable title. (C) Seller reserves the right to place a deed of trust on the property at any time but warrants that any such deed of trust will be removed prior to deed being recorded to Buyer.  Should the Buyer discover a breech of these Seller warranties, Seller at its sole discretion shall either cure the breach or cancel the sale and refund all moneys to Buyer.

 

ASSIGNMENT: The parties hereto understand and agree that this Contract may not be assigned without the prior written consent of all parties.

 

DEFAULT:  In the event of default under the terms and conditions of this Agreement, the non-defaulting party shall give written notice of such default to the defaulting party, and in the event such default is not cured within thirty (30) days after the date of such written notice, then the non-defaulting party shall be entitled to pursue all remedies allowed by law and in equity and foreclose on the contract for deed. In addition, the non-defaulting party per their discretion, shall be entitled to recover their collection costs and expenses, including but not limited their reasonable attorneys’ fees and expenses.

 

By accepting these terms of the land sale contract the undersigned Buyer(s) agree to purchase the described real property on the terms and conditions above.