Purchase sale agreement terms

INSTALLMENT AGREEMENT

THIS AGREEMENT is made on MM/DD/YYYY, between Buyer’s Name (hereinafter “Buyer”), of Buyer’s Address and Community LD LLC (hereinafter “Seller”), of 70-13 Austin Street, Forest Hills, New York 11375 for the sale of the below described property pursuant to the following terms and conditions:

  1. PROPERTY DESCRIPTION:

The real property is located in NameOfCounty County ST, together with all buildings, improvements and fixtures constructed or located on the Land (Buildings) and all easements and rights benefiting or appurtenant to the Land (collectively the Real Property). The Real Property has an APN/Parcel # of APN.

  1. INSTALLMENT: $Amount (hereinafter “Installment Amount”) of the purchase price shall be in the form of a MONTHLY PAYMENT from Buyer payable to Seller.
  2. MONTHLY PAYMENTS: The monthly payment amount is $____ (hereinafter “Monthly Payment”). Buyer shall make any and all Monthly Payments online through the Buyer’s registered account portal on the Community Lands website. Any other payment method(s) must be agreed to by Seller in advance, in writing.
  3. PAYMENT TERM: _______ months. The above described Installment shall be payable as follows: Monthly Payments are due every month on the same date, starting one month after your checkout date. This date shall be known as the “Due Date”.

(Note that the monthly payment amount may change from time to time based on any increase in property tax due; the payment amount will change to reflect this)

  1. INTEREST RATE: The installment amount shall accrue interest at a fixed per annum rate of ____%.
  2. TAXES: If paying in installment with Installment Agreement, Buyer(s) agree to pay the monthly impound amount shown above, to be used by Seller to pay all property taxes, other assessments and maintenance costs during the term of this contract. The impound amount is based on prior year’s taxes and assessments. Monthly property tax amounts to be paid by the Buyer(s) may be adjusted at any time due to fluctuation in taxes set by the county.
  3. LATE CHARGE: Buyer shall pay a late fee of the greater of $150 or Seven (7%) percent of the monthly payment amount for each payment not received within Seven (7) calendar days after its due date.
  4. PREPAYMENT: Buyer shall have the right to prepay the principal or any portion thereof at any interest paying date without penalty. However, any such prepayment shall not reduce the amount of monthly payment stated above unless otherwise agreed by Buyer and the Seller in writing.
  5. DEFAULT/RIGHT TO CURE/ ACCELERATION: If any monthly installment is not paid when due and remains unpaid for a period of one (1) month after notice to Buyer, the entire balance outstanding and accrued late fees thereon shall at once become due and payable at the option of the Seller.
  6. SALE OF INSTALLMENT AGREEMENT : (1) Community LD, LLC, at any time and without the consent of the Buyer or the Principals, may grant participations in or sell, transfer, assign and convey all or any portion of its right, title and interest in and to the Installment Agreement. (2) Community LD LLC will notify the Buyer prior to selling the Installment Agreement to offer a payoff option.
  7. REPOSSESSION: Seller may commence repossession action after one (1) month of missed payment. Buyer only owns property after Buyer completes payment in full under the terms of this Agreement.
  8. DUE ON SALE CLAUSE: The Seller may demand payment of the entire remaining balance outstanding on said INSTALLMENT, in the event of the sale, transfer or other conveyance of the property described herein.
  9. ADDITIONAL LIENS: Buyer must keep sufficient funds to provide for the payment of real estate taxes, betterment assessments, and other municipal charges which can become a lien against the premises. Buyer will not take out a second mortgage, or any other lien on the property without notifying Seller. If the Seller approves an additional loan or lien, this loan will be subordinate to the Seller’s interest.
  10. TITLE INSURANCE AND OTHER LOAN COSTS: Buyer shall pay for Seller’s title insurance policy and all other costs associated with obtaining and perfecting the deed of trust including any document preparation fees, mortgage registration tax, if applicable, and recording fees.
  11. DAMAGE AND DESTRUCTION: In the event of loss, damage or destruction of all or substantially all of the Installment Payment Property, Buyer will give immediate written notice to the insurance carrier and to Seller. Buyer hereby authorizes and empowers Seller as attorney-in-fact for Buyer to make proof of loss, to adjust and compromise any claim under insurance policies, to appear in and prosecute any action arising from such insurance policies, to collect and receive insurance proceeds, and to deduct therefrom Seller’s expenses incurred in the collection of such proceeds; provided however, that nothing contained herein shall require Seller to incur any expense or take any action hereunder. Buyer authorizes Seller to hold the balance of such proceeds and Seller may, at its option, apply the proceeds held by it to the payment, whether or not then due, in such order and in such amounts as Seller may elect. If the insurance proceeds are applied to the payment of the Installment, any such application of proceeds to principal shall not extend or postpone the due dates of the monthly installment payment.
  12. SEVERABILITY: In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, but this Agreement shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the court or other tribunal making such determination is authorized and instructed to modify this Agreement so as to effect the original intent of the parties as closely as possible so that the transactions and agreements contemplated herein are consummated as originally contemplated to the fullest extent possible.
  13. BINDING AGREEMENT: The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, expressed or implied, is intended to confer upon any third party any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
  14. INSURANCE: In the event that Buyer elects to build on the property, Buyer must maintain a liability insurance policy at the maximum of $300,000 or 1.25 times the estimated cost of construction. This requirement shall continue until delivery of deed in Buyer’s name.

 

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____________________ __________            _____________________        ___________

SELLER DATE           BUYER DATE

 

 

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