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HomeMy WebLinkAbout874387 814381 REAL ESTATE CONTRACT f1ECEIVED LINCOLN COUNTY CLERK 01 JUL-9 P¡'\ 2: 37 JEANNE W¡:\GNEH KEMMEliEf1. wyorvllNG -"f~ ' )~. (j BOOK llbu PRPAOE ,...1 This agreement made this 1st day of July 2001, by and between Sharon K Costello and Roger L Costello ("seller") and Larry and Kathy Gieck ("buyer") --~ - -- ____<5-~ ~ /WITNESSETH: J--,'/' That the seller agrees to sell and convey to the buyer, and the buyer agrees to purchase the following described real property, situate in the County of Lincoln, State of WyomIng, to-wit: The Southerly 20 feet of the Lot Numbered Ten (10) and the Northerly 25 feet of the Lot Numbered Eleven (11) of Block Numbered Fifty-two (52) in the SECOND ADDITION to the Town of Kemmerer, Lincoln County, Wyoming, as surveyed, platted and recorded, more particularly described as follows: BEGINNING at a point on the Easterly boundary line of said Block Number _ ) 52, a distance of20 feet from the Southerly Comer of said Lot Number 10, thence running Westerly parallel to the Northerly and Southerly boundary lines of said Lot, a distance of 140 feet to the Westerly boundary line of said Lot, thence Southerly along said Westerly boundary line of Lots Numbers 10 and 11, a distance of 45 feet, thence Easterly at right angles, a distance of 140 feet to the Easterly boundary line of Lot Number 11, thence Northerly along the Easterly boundary line of said Lots numbers 10 and 11, a distance of 45 feet to the place or point of beginning, The sale is made upon the following terms and conditions, to-wit: 1, Price and terms of payment. The total price of the property is the sum Thirty Nine Thousand Five Hundred dollars (39,500) with Five Thousand dollars ($5,000) down payment received, The balance Thirty Four Thousand Five Hundred dollars ($34,500) shall be paid to the 1 seller by the buyer as follows: With interest on the unpaid principal balance from July 1,2001 until paid at the rate of9,5 percent per annum for Eight (8) years Four (4) months, Principal and Interest shall be payable to sellers order at the First National Bank 716 Pine Avenue Kemmerer, Wyoming, in 100 consecutive monthly installments of Five Hundred dollars and 69 cents ($500,69) on the 1 st day of each month beginning on July 1, 2001 and continuing on the 1 st day of each , month thereafter until the entire remaining indebtedness, together with any accrued unpaid interest, has been paid in full, All installmen~s shall be applied first to any applicable late charges, then to accrued interest on the unpaid balance, then to principal. Buyer shall pay to the seller a late charge of five percent (5%) of any monthly installment not received by the escrow agent within fifteen (15) days after the installment is due, Buyer may prepay the principal amount outstanding in whole or in part at any time without penalty, Any partial prepayment s~U be applied against accrued interest 1 O~174:jt:i7 211 first and then against the principal amount outstanding, and shall not postpone the due date of any subsequent monthly installments or change the amount of such installments~ unless the seller shall otherwise agree in writing, Said payments are to be made to the seller's account at the First National Bank 716 Pine Avenue~ ~emmerer WY, 83101, hereby designated the escrow agent of the parties to collect the monies and deliver a deed when all of the payments required to be made by the buyer to the seller have been made, It is understood and agreed that if the seller accepts payment from the buyer on this contract less than according to the tenns herein mentioned~ then by so doing, it will in no way alter the terms ofthe contract as to the forfeiture hereinafter stipulated~ or as to any other remedies ofthe seller, 2, Closing date and possession, The parties shall have a closing on or before July 1,2001 or as otherwise agreed by the parties, The buyer shall be entitled to possession of the described premises and to receive all rents and profits therefrom as of the date of closing, 3, Prorations, The following items shall be prorated as of the date of closing: real estate taxes and assessments, The seller represents that there are no assessments against the premises, The buyer agrees to pay all taxes and assessments of every kind and nature which are or which may be assessed and which may become due on the described premises during the term of this agreement. 4, Closing expenses, The expenses associated with the closing of this transaction~ such as legal fees~ closing fees~ title insurance premium, and recording fees, shall be paid as follows: seller and buyer shall pay there prorated share of the real estate taxes, Buyer shall pay the recording fees, 5, Underlying obligations, Seller represents~ and it is understood~ that there presently exists no obligation against the premises except the real estate taxes described in Paragraph 3 above, 6, Seller's further obligations, Seller shall incur no further obligations against the described property during the term of this agreement, 7, Insurance, The buyer shall keep all insurable buildings and improvements on the premises insured in a company acceptable to the seller in an amount equal to their replacement value and shall assign said insurance policy to the seller as loss payee and deliver a copy of the insurance policy to seller a1].d copies of each paid annual renewal during the term of this agreement, 8, Seller's right to procure, In the event the buyer shall default in the payment of any special or general taxes or assessments as herein provided~ the seller may~ at its option, pay said taxes or assessments, and if seller elects so to do~ then the buyer agrees to repay the seller upon demand all such sums so advanced and paid together with interest thereon from the date of payment of said sums at the rate of eighteen percent (18%) per annum until paid, . 2 u f~r( t.'\:,.l87 212 9, Buver's right to Procure, In the event that there are ariy liens or encumbrances against the said premises, other than those provided for or referred to, or in the event any liens or encumbrances other than herein provided for shall hereafter accrue against the same by acts or neglect of the seller, then the buyer may, at his option, pay and discharge the same and receive credit on the amount then remaining due hereunder in the amount of any such payment or payments and thereafter the payments herein provided to be made, may, at the option of the buyer, be suspended until such a time as such suspended payments shall equal any such sums advanced as aforesaId, 10, Proof oftaxes paid, The buyer agrees to pay when due the general real estate taxes after the date of closing, and to provide seller with an annual proof in writing that said taxes have been paid in full, 11, Deed. The warranty deed of the seller conveying the described property to buyer shall be delivered in escrow to the escrow agent at the time of the closing of this contract, and shall, as provided in the escrow instructions executed, be delivered to buyer on fulfillment of buyer's obligations to seller under the tenns of this agreement. The quitclaim deed of the buyer conveying the described real property to the seller shall be delivered in escrow at the time of closing, In the event of buyer's default and seller's enforcement of a forfeiture under Paragraph 18 hereof, the escrow agent shall deliver the quitclaim deed of buyer to the seller, In the event buyer fulfills all their obligations UJ;lder this agreement, the escrow agent shall deliver the quitclaim deed of buyer to the buyer when all those obligations have been fulfIlled by the buyer, 12, Property purchased as is, It is hereby expressly understood and agreed by the parties hereto that the buyer has had full opportunity to fully inspect the property and accepts the said property in its present condition and that there are no representations, covenants, or agreements between the parties hereto with reference to said property except as herein specifically set forth, 13. Maintenance of premises, The buyer agrees to maintain the described premises and all of the improvements thereon in good repair, and shall permit no waste thereof, and shall take the same care thereof that a prudent owner would take, 14, Marketable title, The seller agrees to furnish to the buyer at the time the buyer has made all of t~e payments required on his part to be made a marketable title to the described property, 15, Assignment by buver. Buyer may not conveyor transfer any interest in or encumber the described premises without the prior written consent of the seller, Buyer must give seller written notice ofbuyers intent to conveyor transfer any interest in or to encumber the described premises at least thirty (30) days prior to the proposed conveyance or encumbrance. If all or any part of the described premises or an interest therein is sold, transferred or encumbered by buyer without seller's prior written consent, excluding death of a joint tenant, seller may, at seller's option, declare the 3, Of_f74:jSt, 213 entire remaining balance due under this agreement to be immediately due and payable and give written notice to buyer thereof. After receipt of such written notice, buyer shall have thirty (30) days in which to pay the entire remaining balance to seller, 16, Appointment of receiver, In the case of a forfeiture or in the case of the buyer entering voluntary or involuntary bankruptcy proceedings, or the parties hereto become involved in litigation over this agreement, the seller hereunder, upon the filing of an appropriate complaint or petition, shall be immedtateiy entitled to the appointment of a receiver to take possession of said premises and collect the rents, issues and profits there:&om and apply the same to the payment of the obligation hereunder, or hold the same pursuant to order of the court. 17, Attorney's fees. Should any litigation be commenced between the parties hereto concerning the property, this agreement, or the rights and duties of either in relation thereto, the party, the buyer or the seller, prevailing in such litigation shall be entitled, in addition to such other relief as may be granted, to a reasonable sum as and for their attorney's fees in such litigation which shall be detennined by the court in such litigation or in a separate action brought for that purpose, 18, Seller's remedies in case of buyer's default. In the event of a failure to comply with the terms hereof by the buyer, or upon failure of the buyer to make any payment or payments when the same shall become due, the seller, at their option, shall have the following alternative remedies: a, The seller may give written notice to the buyer of such default, after which buyer shall have thirty (30) days in which to cure the default. If during said period the buyer has failed to cure the default in the manner described, the seller shall be released :&om all obligations in law and in equity to convey said prQperty, and all payments which have been made theretofore on this agreement by the buyer shall be forfeited to the seller as liquidated damages for the nonperformance of this contract, and the buyer agrees that the seller immediately, at its option, reenter and take possession of said premises without legal process as in its :first and former estate, together with all improvements and additions made by the buyer thereon, and the said additions and improvements shall remain with the land, become the property ofthe seller, the buyer becoming at once a tenant at will of the seller. In the event a forfeiture as provided herein is enforced, buyer shall forfeit any and all rights and interests hereunder in and to such property and the appurtenances, b, The seller may bring suit and recover judgment for all delinquent installments, including costs and attorney's fees, (The use ofthis remedy on one or more occasions shall not prevent the seller, at their option, :&om resorting to one of the other remedies hereunder in the event ofa subsequent default.) c The seller shall have the right, at its option and upon thirty (30) days written notice to the buyer, if the buyer fails to cure the default and pay all installments due within such 30-day period, to declare the entire unpaid balance hereunder at once due and payable, and may elect to treat this contract as a note and mortgage, and pass title 4, OB74:i87 ?14 ~... to the buyer subject thereto and proceed immediately to foreclose the same in accordance with the laws of the State of Wyoming, and have the property sold and the proceeds applied to the payment of the balance owing, including costs and attorney's fees, In the event that seller elects this alternative remedy, buyer hereby grants to seller a Power of Sale to foreclose on and sell the said premises at public auction pursuant to the laws of the State of Wyoming, The seller shall be entitled to the possession of the said premises during the period of redemption. 19, Notices, Any notice which may be or is required to be given, pursuant to the provisions of this agreement, shall be sent by postage prepaid and addressed as follows: If to the seller to: Sharon K and Roger L Costello 73 McGovern Ave, Kemmerer, WY 83101 If to the buyer to: Larry and Kathy Gieck 1115 Pine Ave, Kemmerer, WY 83101 20, Affidavit of forfeiture, In the event of buyers default under this agreement and forfeiture of buyer's interest in the described premises pursuant to the terms of this agreement, an affidavit by seller, or his agent, showing such default and forfeiture and recorded in the County Recorder's Office of Lincoln County, Wyoming, shall be conclusive proof in favor of any subsequent bona tide purchaser or encumbrancer for value of such default and forfeiture, and buyer hereby irrevocably authorizes seller or his agent to declare and record such default and forfeiture and agrees to be bound by such declaration as his act and deed, 21, Entire Agreement. This instrwnent, together with the documents executed pursuant to its terms, embodies the hole agreement of the parties, There are no promises, terms, conditions, or obligations other than those contained herein; and this Contract shall supersede all previous communications, representations, or agreements, either verbal or written, between the parties hereto, This agreement may be altered or amended only by an agreement in writing signed by all of the parties to this agreement 22, Time of the essence, Time is of the essence of this agreement. 23, Binding eifect. This agreement shall be binding upon, the heirs, executors, administrators, successors and assigns- of the respective parties hereto, 5 UB74:i8~7 215 IN WITNESS WHEREOF, the said parties to this agreement have hereunto signed their names, as ofthe day and year first ove written, Sharon K Costello ~J ? L . . . " d ¿fU/-L/G ( Roger L Costello .J 4 ÆJ·~ /~ . .~.- ¿~..- Gieck ~:t 1f2 Q~('i: Kat Gieck STATE OF WYOMING) :ss COUNTY OF LINCOLN) The foregoing Real Estate Sales Agreement was acknowledged before me by Sharon K Costello and Roger L Costello this 9th day of July ,2001. Witness my hand and official seal. F'~~~U~t)..~~¡,~:;::..¡;"" T 0 . erè!Q A. Frommel ~..."..;'..~..'..... NOfo.ry Public ':.' ;., C,-,un! '. \,1· ~' ,"5, . , \ G' ",..'.,..,1' 'ta"C!of ..~ linea:" ",~::..' V··"Y~· : i;, !( ....minI"!! ; ,v.,y Commission Expires' Mey 9, 2U02 ~ . ~"'Þ.~~~'$~~, fl h 0 m t A '- j(ìY\\rfí\ 0 l NOTARY PUBLIC My Commission Expires: May 09, 2002 ------------------------------------------------------------------------------------------------------------------- STATE OF WYOMING) :ss COUNTY OF LINCOLN) The foregoing Real Estate Sales greement was acknowledged before me by Larry Gieck and Kathy Gieck this .E " day of , 200 I Witness my hand an official seal. ELIlABET CouII&J' II ~ . . e. .... ........ c0 ~ )r;.(7r~~~ NOT PUBLIC My Commission Expires: / - 7 - ~o cA6- M , lOde 6