Land Contract-Knight.pdf
Matthew S Knight, Petitioner V Township Of Clyde, Respondent · 24-003993-TT
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04-26-2015 Patrick O. Kelly 243 Clover Street Saranac, Michigan 48881 Matt Knight 5081 118" Avenue Fennville, Michigan 49408 Patrick O. Kelly/Matt Knight, This letter is to acknowledge that Matt Knight fulfilled his requirement of $4000.00 down payment for property on 1762 54™ Street Fennville, Michigan, prior to the official signing of the Land Contract on 04-26-2015. On 04-26-2015 the remaining balance for the property listed above will be $81,000.00 eum ($85,000.00 - $4000.00). Patrick O. Kely X Ofc O felts, 4— 26-2215 X Mit Fats H-26-30)S Matt Knight . Date
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CONTRACT FOR DEED THIS CONTRACT FOR DEED (this " Agreement") dated this 26th day of April, 2015 BETWEEN: Patrick O. Kelly of 243 Clover Lane Saranac, Michigan 48881 (the "Seller") OF THE FIRST PART Matthew Scott Knight of 5081 1 18th Street Fennville, Michigan 49408 (the "Purchaser) OF THE SECOND PART and agreements contained in this Agreement and IN CONSIDERATION OF the covenants acknowledged, the parties other good and valuable consideration, the receipt of which is hereby Initials: 14 QA : /Y 4
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Land Contract Page 2 of 13 to this Agreement agree as follows: Sale of Property 1. On the 26th day of April, 2015, the Seller, for and in consideration of the sum of $85,000.00, does hereby convey and grant with warranty covenants to the Purchaser, all of the following lands and property, together with all improvements located on the property: Property referred in this legal description is on 1762 54th Street Fennville, Michigan 49408. Property is situated in Township of Clyde, County of Allegan. State of Michigan, described as: Beginning on the East line of Section 21, Town 2 North, Range 15 West at a point 994.80 feet South 01°40'20" East of the Northeast corner of the Section; thence South 01°40'20" East, along the East Line of the Section, a distance of 331.00 feet to the Southeast corner of the Northeast % of the Northeast %; thence North 89°59'30" West, along the South line of the Northeast % of the Northeast Y% , a distance of 336.95 feet; thence North 01°37'14" West parallel with the West Line of the Northeast % of the Northeast , a distance of 330.94 feet; thence East, parallel, with the North line of the Section, a distance of 336.65 feet to the place of beginning. P.P. # 03-04-021-001-10 (the "Premises"). 2. The Purchaser and the Seller agree that the Purchaser takes the property with the following conditions and defects relating to the property: Kitchen Faucet defected will need to be replaced. was fH SIL
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Land Contract Page 3 of 13 Purchase Price 3. The purchase price (the "Purchase Price") of the Premises is $85,000.00. The Purchaser agrees to pay $4,000.00 upon execution of this Agreement and the balance of the Purchase Price being payable in monthly installments of § 736.36, due on the 15th of each month, beginning on June 15,2015 until the Purchase Price is paid in full. Interest 4. Interest of 0% per year will be computed monthly and deducted from the monthly payments. The balance of the monthly payment will be applied to the principal amount of the Purchase Price outstanding. Lump Sum Peyments 5. Lump sum payments may be made at any time, without penalty, to reduce the principal amount of the Purchase Price outstanding. Taxes and Assessments 6. For the duration of the Agreement, the Seller will be responsible for all taxes, and assessments levied against the Premises and may collect the same from the Purchaser by giving 30 days notice in writing. Insurance 7. The Purchaser is not responsible for insuring the Seller's contents and furnishings in or about the Premises agaihst either damage or loss and the Purchaser assumes no liability for any such damage or loss. 8. The Purchaser is hereby advised and understands that the personal property of the Purchaser is not insured by the Seller for either damage or loss, and the Seller assumes no responsibility for any such damage or loss. The Purchaser is advised that, if insurance coverage is desired by the Purchaser, the Purchaser should inquire with the Purchaser's insurance agent regarding a personal contents policy of insurance. Initials: 4 i) HN - / 8
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Land Contract Page 4 of 13 10. 11. 12. 13. The Purchaser is hereby advised and understands that the Premises is insured by the Seller for both damage and loss to the structure, mechanical or improvements to the Premises, and the Seller assumes responsibility for any such damage or loss. Any premiums paid by the Seller for the insurance on the Premises are payable to the Seller by the Purchaser within 30 days of the Seller furnishing receipts evidencing such insurance to the Purchaser. The Seller will maintain liability insurance on the Premises, and the Seller assumes responsibility for any such damage or loss resulting from the liability of the Purchaser or the Seller. Any premiums paid by the Seller for the insurance on the Premises are payable to the Seller by the Purchaser within 30 days of the Seller furnishing receipts evidencing such insurance to the Purchaser. For any required insurance of the Purchaser stipulated in this contract, the proof of insurance will be furnished to the Seller upon the request of the Seller. Purchaser's Default In the event of the Purchaser's failure to perform any covenant or condition contained in this Agreement, the Seller will give the Purchaser a notice of default. The notice will give the Purchaser 14 days from the date the notice is received to remedy the default. If the Purchaser fails to remedy the default within 14 days, then the entire balance of the Purchase Price, including interest payable, will become due 30 days after the 14 day period to remedy the default expires (the "Notice Period"). Failure to pay the full amount of the Purchase Price owing will result in the termination of this Agreement at the end of the Notice Period. The Purchaser and the Seller agree that in the event that the Purchaser fails to remedy a default and this Agreement is terminated, the Purchaser will vacate the Premises within 90 days of the Agreement terminating. The Purchaser and the Seller further agree that failure of the Purchaser to vacate within that period gives the Seller a right to maintain an action to obtain vacant possession of the Premises. Initials: p of MA
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Land Contract Page 5 of 13 14. 15. 16. 17. 18. Initials: In the event of default and termination of this Agreement by the Purchaser, the Purchaser forfeits any and all payments made under the terms of this Agreement, including but not limited to all payments made towards the Purchase Price, and any and all taxes, assessments, or insurance premiums paid by the Purchaser, as liquidated damages for breach of this Agreement. The Seller reserves the right to recover damages resulting from the willful acts or negligence of the Purchaser. Seller's Right to Reinstate Agreement After Default In the event of the Purchaser's default and the termination of this Agreement, the Seller, at his sole discretion, will have the right to reinstate this Agreement. In exercising his discretion, the Seller may require the Purchaser to: (i) pay all amounts due and owing under this Agreement had the Agreement not been terminated; (ii) cure any defaults that have occurred; and (iii) pay all expenses incurred by the Seller in enforcing their rights under this Agreement. All payments made under the preceding provision must be made in a form acceptable to both parties. Assignment or Sale of the Premises The Purchaser may not sell, assign, transfer, convey, encumber, Of otherwise deal with any interest in the Premises without the written consent of the Seller. por ME
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Land Contract Page 6 of 13 19. 20. 21; 22. 23. Deed and Evidence of Title Upon payment of the full Purchase Price, including all taxes, assessments, interest, and other charges due to the Seller, the Seller agrees to deliver to the Purchaser, within a reasonable amount of time, a Warranty Deed to the Premises in the name of the Purchaser, free and clear of all liens and encumbrances. Notices All notices required to be sent under this Agreement will be sent by pre-paid registered mail to: If to the Purchaser: Matthew Scott Knight of 5081 118th Street Fennville, Michigan 49408. If to the Seller: patrick O. Kelly of 243 Clover Lane Saranac, Michigan 48881. for Late In the event the Purchaser pays 2 monthly installment payment after it becomes due, there will be a late fee of $25.00 assessed to the Purchaser as a reasonable pre-estimate of the Seller's loss as a result of the late payntent. Such fees will be deducted from any payment to the Seller before being applied against the monthly installment owing. Conveyance or Mortgage by Seller The Seller reserves the right to encumber the Premises with 2 mortgage. The Seller agrees to meet the obligations due under the mortgage and to provide proof of the same to the Purchaser upon the written demand of the Purchaser. The Seller reserves the right to convey their interest in the Premises, subject tO this Agreement. Such conveyance will not be cause for termination of this Agreement. Initials: 4 ox. M. A
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Land Contract Page 7 of 13 24. 2; 26. 27. 28. 29. Security This Agreement will act as security for the performance of all of the Purchaser's obligations under this Agreement. Time of the Essence Time is of the essence for the performance of all of the Purchaser's obligations under this Agreement. . Attorney Fees In the event of a default by the Purchaser, the Purchaser will pay all the Seller's reasonable and actual attorney fees associated with enforcing the Seller's rights under this Agreement. The default will not be deemed to be corrected until all attorney fees have been paid. Entire This Agreement will constitute the entire agreement between the Purchaser and the Seller. Any prior understanding or representation of any kind preceding the date of this Agreement will not be binding on either party except to the extent that it is incorporated into this Agreement. ’ Amendments Any amendments or modifications of this Agreement or additional obligations assumed by either party in connection with this Agreement will only be binding if they are evidenced in writing and signed by each party or an authorized representative of each party. Waivers A waiver of any rights by any party in connection with this Agreement will only be binding if evidenced in writing and signed by each party or an authorized representative of each party. Initials: I4 OA. MN (©
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Land Contract Page 8 of 13 30. 31. 32. 33. 34. Severability If there is a conflict between any provision of this Agreement and the applicable legislation of the State of Michigan (the "Act"), the Act will prevail and such provisions of this Agreement will be amended or deleted as necessary in order to comply with the Act. Further, any provisions that are required by the Act are incorporated into this Agreement. In the event that any of the provisions of this Agreement will be held to be invalid or unenforceable in whole or in part, those provisions, to the extent enforceable and all other provisions of this Agreement will nevertheless continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Agreement and the remaining provisions had been executed by both parties subsequent to the expungement of the invalid provision. ion Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa. Joint and Several Liability All Sellers are jointly and severally liable for the acts, omissions, and liabilities of all other Sellers to this Agreement. Heirs and Assigns This Agreement will extend to and be binding upon and inure to the benefit of the respective heirs, executors, administrators, successors, and assigns, as the case may be, of each party to this Agreement. All covenants are to be construed as conditions of this Agreement. Initials: f OA M -
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Land Contract Page 9 of 13 35. Additional Clauses -Seller will sell property "As is". -Purchaser will maintain property in good conditions. -$85000.00 (Selling Price) - $4000.00 (down payment)=$81000.00 /110 months =$736.36 (Fixed Monthly Payment) -Allow Purchaser 15 day grace period for payment. -Any shortage of in escrow account for property taxes will be responsibility of seller. -Any surplus in escrow account for property taxes can be retained by Seller. -Upon execution of Land Contract Purchaser will have possession of property through the term of the Land Contract. -Any maintenance to property will be responsibility of Purchaser. -If Purchaser selects to add a structure within the term of the Land Contact it will be the responsibility of the Seller to acquire permits. Purchaser will pay the cost of any permits needed for addition of any structural building. -There will be no fee for Purchaser for early payoff of property. -Upon Purchasers’ completion the Seller will deliver in the Purchasers’ name a Warranty of Deed clean and free from any liens and emcumbrances, and pay any transfer taxes required due at closing. -Upon execution the Land Contract will become part of public record with the County Register of Deeds. -Purchaser will be allowed to move possessions into property immediately following both parties signature on Land Contract.
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Land Contract Page 10 of 13 IN WITNESS WHEREOF the Seller and Purchaser have duly affixed their signatures under hand and seal on this 26th day of April, 2015. Patrick 0. Kelly (Seller) Initials: Pek -
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Land Contract Page 11 of 13 Sed <. 1G T= Matthew Scott Knight (Purchaser) Initials: N j&
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Land Contract Page 12 of 13 ACTING In THE COUNTY OF ALLEGAN MY COwviiSSION EXPIRES 07-07-2 SELLER ACKNOWLEDGMENT STATE OF MICHIGAN COUNTY OF _Hileg 4m Acknowledged before me in Al legnn County, Michigan, on 26th day of April, 2015 by Patrick O. Kelly. H DIANE BEATY | NOTARY PUBLIC - MICHIGAN ALLEGAN COUNTY hs Gel Notary Public My commission expires: 7- 7-2/ Initials: N=
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Land Contract Page 13 of 13 PURCHASER ACKNOWLEDGMENT STATE OF MICHIGAN COUNTY OF Aun Acknowledged before me in IN [AN County, Michigan, on 26th day of April, 2015 by Matthew Scott Knight. DIANE BEATY NOTARY PUBLIC - MICHIGAN ! ALLEGAN COUNTY | ACTING IN THE COUNTY OF ALLEGAN Notary Public iY COMMISSION EXPIRES 07-07-2021 My commission expires: -~ 2 Drafted by: Sam C. Callejas of 2883 56th Return to; Matt Knight of 5081 118th Avenue, treet Fennville, Michigan Fennville, Michigan 49408 Initials: oe _ : A oT ©2002-2015 LawDepol. Ee