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HomeMy WebLinkAbout928290 (\n........oo ~ 1\\ REAL ESTA TE SALES AGREEMENT INSTALLMENT CONTRACT-CONTRACT FOR DEED THIS AGREEMENT made and entered into this ICf~ay of March, 2007 by and between PAUL CROOK and NANCY LOUISE CROOK, husband and wife, hereinafter referred to as Seller and JON PAUL CROOK of Star Valley, Wyoming and TAWNEE J. CROOK of Betavia, Ohio, hereinafter referred to as Purchaser. WITNESSETH That for and in consideration of the payments made and to be made, the covenants made to be kept and performed, the Seller agrees to sell and the Purchaser ') ( agrees to purchase from the Seller the following described property located in Lincoln \ <'.1 County, Wyoming and more particularly described as follows, to-wit: SEE "EXHIBIT A" ATTACHED HERETO AND MADE PART OF BY REFERENCE AS IF FULLY SET FORTH HEREIN. 1. PURCHASE PRICE AND MANNER OF PA YMENT. The Purchaser shall pay as consideration for the above described property, a purchase price of the total sum of ninety eight thousand five hundred dollars and no cents ($98,500.00) lawful money of the United States of America shall be paid as follows: a. The sum of eight thousand five hundred dollars ($8,500.00) as down payment. b. Ninetythousand dollars ($90,000) shall bear interest at a rate of zero percent (0%) per annum and shall be paid in annual installments of five thousand dollars ($5000.00), until the balance shall have been paid in full. The first payment shall be due Page 1 of 11 RECEIVED 4/10/2007 at 3:33 PM RECEIVING # 928290 BOOK: 654 PAGE: 100 JÈANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 0'328290 on the first day of June 2008 and continue on the first day of June each ye~~PrtQ~ until the balance of the purchase price is paid in full. Payments will be applied first to late charges and penalties, then to interest then to principle. c. The Purchaser shall pay a surcharge of FIFTY DOLLARS ($50.00) for any payment which is received more than thirty (30) days after it is due. d. The Purchaser may prepay or accelerate the payments provided herein. 2. ESCROW. It is agreed that the Purchaser and Seller shall execute and deliver appropriate escrow instructions to The Bank of Star Valley of Afton, Wyoming, with full authority to carry out the terms thereof. Purchaser and Seller shall also deliver to the escrow agent, all documents necessary to complete this purchase agreement. Purchasers will pay for all fees necessary to set up the escrow account. The Purchasers shall pay all yearly charges for maintaining the escrow account. 3. POSSESSION. The Purchaser may take possession of the property on the 1st day of January, 2007. 4. MERCHANT ABLE TITLE. The Seller warrants that the title to the property being sold herein is merchantable, and agrees to pay any cost associated with clearing said title in the event that there is a defect in title which renders it unmerchantable. 5. INSPECTION OF PREMISES. The Purchaser warrants and agrees that they have persÖnally or through their authorized agents made a full and complete inspection of the described property and all of the improvements located thereon, and accepts said property in its present condition and state of repair and without any Page 2 of 11 0928250 representations, statements, or warranties, express or implied, with respect to their 000102 condition, and that they are purchasing said property solely upon said inspection and not upon any statement made by Seller or Seller's agents respecting the condition, productive capacity, or income derived therefrom. 6. TAXES. ASSESSMENTS AND INSURANCE. All taxes, assessments and insurance shall be paid by the Purchaser after January 151 , 2007, in connection with the property herein. If the herein described property is located in Flood Zone, designated as such by the United States Federal Government, the purchaser is required to maintain flood insurance on the property. If the Purchaser fails or neglects to pay any installment of taxes, assessments or insurance premiums when due, the Seller shall have the right to make such payment and to add the amount thereof, together with interest at a rate of twenty one (21) percent per annum to the obligation of the Purchaser hereunder. Such right shall be deemed an option and shall impose no obligation on the Seller and the Seller may elect to treat such a failure on the part of the Purchaser as a default under this contract. Purchaser shall pay for and maintain fire, casualty and other insurance of a sufficient amount to cover the property subject to this agreement and any indebtedness thereon and in no event shall the amount of coverage be less than the total ofthe amount remaining due under this agreement. The loss payable clause shall include the Seller as a beneficiary for the amount of their interest. 7. LIENS. During the term of this contract the Purchaser shall not allow any liens of any form to attach to the property and premises which may be superior to the rights of the Seller. Page 3 of 11 O~~8290 OOOj.03 8. WASTE AND REPAIRS. During the life ofthis contractthe Purchaser shall maintain the property, including the improvements thereon, in a good state of repair and condition, and to make all repairs and improvements thereon at the Purchaser's own cost and expense. All such improvements and repairs shall be deemed fixtures attached to the premises and shall not be thereafter removed in case of forfeiture hereunder. The Seller has a right to inspect the property at reasonable times until full final performance by Purchaser. 9. DEFAUL T BY PURCHASER. Seller shall have the right to declare the default of the Purchaser and to proceed pursuant to paragraph 10 upon the occurrence of any of the following: a. The failure of the Purchaser to make any payment required in this agreement at the time it falls due. b. The failure of the Purchaser to abide by anyone of the terms and conditions of this agreement. c. The filing of a petition for the adjudication of the Purchaser, or any one of the Purchasers if more than one, as a bankrupt. 10. REMEDIES OF SELLER. Time is of the essence of this agreement. If any breach or default continues for a period of thirty (30) days after the Seller has sent written notice thereof to the Purchaser, the Seller has, at his option, any of the following remedies: a. Declare this contract ended, canceled and of no further force and effect. On such action, all right, title and interest of the Purchaser hereunder shall cease Page 4 of 11 O~28290 000104 and all payments heretofore of the Purchaser hereunder shall cease. Seller shall have the right to retain all amounts theretofore paid by Buyer to Seller as rental for said property and as liquidated damages. The Parties agree that because of the great fluctuation in market value of property of the type described herein, and because of the inability of the Parties to fix an accurate and correct measure of damages in the event of a default hereunder or the termination hereof, that the amount so specified herein to be liquidated damages is a fair and equitable estimation of the damages resulting from such breach or termination and all payments heretofore made by the Purchaser shall be retained by Seller as rental for said property and as liquidated damages for the failure on the part of the Purchaser to comply with the terms of this agreement. All improvements and additions appurtenant to said property made by the Purchaser shall remain and become the property of the Seller. If this agreement or notice thereof shall have been recorded or filed in the office of the County Clerk and Ex-Officio Register of Deeds then the filing of an affidavit declaring the default and forfeiture of the Purchaser or the filing of the Quit Claim Deed held by the Escrow Agent shall be sufficient to cancel all obligations hereunder on the part of the Seller and fully vest in the Seller, all right, title and interest in and to the property agreed to be sold, conveyed and delivered and the Purchaser shall surrender to the Seller forthwith peaceable possession of the property. b. In lieu of declaring a forfeiture, accelerate and bring an action for the balance of the purchase price remaining due or for any other relief available in law or in equity including suit to recover any payment or payments made by the Seller to be payable by the Þurchaser hereunder, it being stipulated and agreed that such obligation to pay the contract amount is a separate and independent covenant of the Purchaser Page 5 of 11 O~28290 000105 hereunder. 11. REDEMPTION PERIOD FOR PURCHASER. If the Seller has declared the Purchaser to be in default and notifies the Purchaser of this, the Purchaser shall be entitled to redeem the property within three (3) months from the date of default, by paying the amount owing on the mortgage, any expenses incurred by the Seller as a result of the default, and interest in the amount of eighteen percent (18%) per annum from the date of the default on any past due payments. This clause shall not give the purchaser any other rights for redemption other then the ones herein stated and is not intended to change the character of this contract. 12. WAIVER. It is further agreed that the failure on the part of the Seller to enforce the strict performance of the terms and conditions of this Agreement or the prompt payment of the installments herein agreed upon shall not constitute or be construed as a waiver or relinquishment of the Seller's rights under this Agreement to thereafter enforce any such terms, conditions, or payments, it being expressly agreed that all the provisions of this Agreement are continuing ones and shall always be in full force and effect and are not waived by reason of any leniency which may have been granted or extended by the Seller on account of prior default in performance of the conditions and terms hereof, or in the payments as provided in this Agreement. 13. ASSUMPTION OF PRIOR CONTRACTS. The Purchaser agrees to assume the existing contracts related to the property. 14. A TTORNEY'S FEES. a. The Seller and Purchaser will divide the attorney contract set up fee Page 6 of 11 0328290 000106 equally, and each will be responsible for fifty percent of the cost of setting up this agreement. b. The Purchaser and Seller each agree that should they default in any of the covenants and agreements contained herein, that the defaulting party shall pay all costs and expenses including a reasonable attorney's fee which may arise or accrue from enforcing this agreement or in obtaining possession of the premises covered hereby or in pursuing any remedy provided hereunder or by the statutes of the State of Wyoming whether such remedy is pursued by filing a suit or otherwise. 15. ASSIGNABILITY. a. Purchaser may sell, transfer or assign or contract to sell, transfer or assign all or any portion of Purchaser's interest in this contract or premises subject to the following provisions: If all or any part of said contract or premises, or any interest therein, is sold, transferred or assigned by Purchaser without Seller's prior written consent, Seller may, at its election, declare all sums owing on this contract to be immediately due and payable, notwithstanding anything contained herein to the contrary. Failure of Seller to declare all sums owing as provided above shall not constitute a waiver of Seller's right. In the event Seller elects to declare all sums owing due and payable, Seller shall mail to Purchaser notice of the declaration and such notice shall provide a period of not Jess than thirty (30) days from the date of mailing within which Purchaser may pay the sums declared due. If Purchaser fails to pay such sums prior to the expiration of such period, Seller may, without further notice or demand, invoke the remedies provided by paragraph 10 herein. b. No assignment, transfer, or conveyance (assignment) by the Page 7 of 11 0928230 000107 Purchaser shall create any obligation on the Seller until a duplicate thereof duly witnessed, together with the residence address of such Assignee, has been delivered to the Seller. In the event of assignment such notice to the Seller and acceptance of the assignment by him or acceptance of payment made by Assignee shall constitute and acceptance of the assignment and privity of contract between the Seller and the Assignee and enable the Seller to maintain any suit or action for payment, specific performance, deficiency or summary proceedings for possession against the Assignee. c. The Purchaser is not relieved of the obligation under this contract in transfer of an assignment unless the Seller has specifically released the Purchaser, in writing, from the contract. Unless the Purchaser is released from the obligation by the Seller, in writing, the Purchaser shall be a guarantor of the obligations assumed by the Assignee. 16. NOTICE. All notices to the Parties required hereunder shall be deemed to have been properly given when sent by certified or registered mail, postage prepaid to the parties last known address. The date of service of notice shall be the date on which the notice is deposited in the United States mail regardless of whether or not it is received by the party to whom it is addressed. Personal delivery of such notice shall have the same effect as notice given by mail. Addresses to which the notices shall be sent unless another address has previously been provided in writing shall be: Paul and Nancy Crook Box 41 Smoot, WY 83126 Jon Paul and Tawnee Crook Box 52 Smoot, WY 83126 17. ENTIRE AGREEMENT. With the exception of the escrow instructions and Page 8 of 11 Ü~28290 0001.08 the documents associated therewith, this written agreement is the only and entire contract covering the subject matter herein. No other representations have been made by either the Purchaser or the Seller and each has fully read and understood each condition herein stated. No change, alteration, or modification of this instrument shall be valid unless the same shall have been made or-specified in writing and signed by all the parties hereto. 18. BINDING EFFECT. If more than one joins in the execution hereof as Seller or Purchaser, or be either of the feminine sex, or a corporation, the pronouns and relative words herein used shall be read as if written in plural, feminine or neuter respectively. It is expressly understood and agreed by the parties hereto that time shall be deemed as of the very essence of this contract and all stipulations and agreements herein contained shall apply to and bind the heirs, executors, administrators, successors and assigns of the parties hereto. 19. SEVERABILITY CLAUSE. If any part of this Agreement shall be declared invalid by a court of competent jurisdiction such judgment shall not affect the remainder of this agreement and it shall remain in full force and effect. 20. APPLICABLE LA W This agreement shall be construed and governed in all respects by the laws of the State of Wyoming. III III III III III Page 9 of 11 0328290 000109 IN WITNESS WHEREOF, the parties hereto have executed this agreement the day and year first above written. SELLER: ~ÅAP ~ PAUL CROOK ./~~ ~)~ NANCY L UISE CROOK ~C~ N PAUL CROOK -¡;;:,w ~~ TAWNEE CR OK PURCHASER: STATE OF WYOMING ) ) SS. COUNTY OF LINCOLN ) The foregoing instrument was acknowledged before me by PAUL CROOK and NANCY LOUISE CROOK this \'\~ day of March, 2007. WITNESS my hand and official seal. My Commission Expires: \. \- \.1 . 'ljj l D County of Uncaln Wyoming My Commission Expires l \. \ 'ß' m '0 STATE OF WYOMING ) COUNTY OF LINCOLN ) SS. ) {},~ The foregoing instrument was acknowledged before me by JON PAUL CROOK this \ -\ day of March, 2007. WITNESS my hand and official seal. ~;J, ~ NOTARY PUBL C My Commission Expires: \\- \~. 20 \ D Page 10 of 11 PAMELA J. ClEME~T . NOTARY PUBUC County of State of Uncoln Wyoming My Commission Expires \~. ~'ß' 20 10 O~~82S0 000110 STATE OF WYOMING ) ) SS. COUNTY OF LINCOLN ) The foregoing instrument was acknowledged before me byTAWNEE CROOK this \a~ \; day of March, 2007. WITNESS my hand and official seal. ~ <=1- ~ NOTARY PUBLIC My Commission Expires: \ \- ~.'Z..\? \ Ù PAMELA J. CLEMENT· NOTARY PUBLIC County of Stale of Lincoln Wyoming My Commission Expires ~~ It ·lÞ\.c STATE OF WYOMING ) ) SS. ) COUNTY OF LINCOLN The foregoing instrument was acknowledged before me by NANCY LOUISE CROOK this \'\~ day of March, 2007. My Commission Expires: \ \: \1>' 'Z..O \ D WITNESS my hand and official seal. \=>~ ~ NOTARY PU~ PAMELAJ. CLEMENT· NOTARY PUBLIC County 01 State 01 Lincoln Wyoming My Commission Expires \ \' \ -9,. . 2. 0 I 'b Page 11 of 11 O~28290 0001.j.1. DESCRIPTION: CROOK 282-655 REMAINING A PORTION OF THE DEED RECORDED IN BOOK 282PR, ON PAGE 655, WITH THE OFFICE OF THE CLERK OF LINCOLN COUNTY, WYOMING, WITHIN THE SE1/4NW1/4 OF SECTION 31, T31N, R118W, OF THE 6TH P.M., LINCOLN COUNTY, WYOMING, THE BOUNDARY BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A POINT IN THE NORTH LINE OF THE SW1/4 OF SAID SECTION 31, SAID POINT OF BEGINNING, BEING 616.05 FEET N89°32'56"W, ALONG SAID NORTH LINE FROM THE BAKER ENGINEERS PE/LS 698, 1981 LOCATION FOR THE NORTHEAST CORNER OF SAID SW1/4¡ THENCE N89°32'56"W, ALONG SAID NORTH LINE,· 703.45 FEET TO THE LLOYD B. BAKER PE/LS 698, 1997 LOCATION FOR THE SOUTHEAST CORMER OF THE W1/2 OF THE NW1/4¡ THENCE Noo43'39"E, ALONG THE EAST LINE OF SAID W1/2NW1/4, 1,320.41 FEET TO THE LLOYD B. BAKER PE/LS 698, 1997 LOCATION FOR THE SOUTHWEST CORNER OF THE NE1/4NW1/4, OF SAID SECTION 31¡ THENCE S89°32'42"E, ALONG THE SOUTH LINE OF SAID NE1/4NW1/4, 1,318.33 FEET TO THE LLOYD B. BAKER PE/LS 698, 1997 LOCATION FOR THE NORTHWEST CORNER OF THE SW1/4NE1/4, OF SAID SECTION 31¡ THENCE Soo40'36"W, ALONG THE WEST LINE OF SAID SW1/4NE1/4, 947.66 FEET¡ THENCE N89°08'25"W 617.55 FEET¡ THENCE Soo26'53"W 377.05 FEET, TO THE POINT OF BEGINNING, ENCUMPASSING 34.67± ACRES OF LAND. SUBJECT TO: THE RIGHT-OF-WAY EASEMENT, AS REFERRED TO, AND RECORDED IN BOOK 176PR, ON PAGE 672, WITH SAID OFFICE FOR SMOOT COUNTY ROAD 12-151. TOGETHER WITH AND SUBJECT TO: ALL EASEMENTS, EXCEPTIONS, RESTRICTIONS, RESERVATIONS, RIGHTS-OF-WAY, IMPROVEMENTS AND CONDITIONS OF SIGHT AND OR RECORD, INCLUDING BUT NOT LIMITED TO THOSE SHOWN HEREON.