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HomeMy WebLinkAbout935022 UNIFORM REAL ESTATE CONTRACT 000231 ¡~/'I <je.l ~te), is by ODd ,kv w~ ¿¿P~k// rÞÍ1. þ4.e 'pIeJ ~ ~t-. Hereafter called Bu er". 2. Property. Se ler agrees 0 sell and Buyer agrees to buy the real property (the Property), located l{t/( ¡(J ç, /4-rL , in the city of' I'<H~ County of .L,ÍMrJ/1<'I , State of LJ. , described at as: /(r1t¿ fir 6 30 L /2-- 7u Lltb S 1'''/ 3. Date of Possession. Seller agrees to deliver possession and Buyer agrees to enter into possession of the Property on Ibl'1 ~ {ð~ ZðO b (date). 4. Price and Payment. . , A L B,!x~r agrees to pay for the Pr.o2erty the purchase price of 7Iu í Ir. /Õ",.. f1ø~d h ~ ~ ~q. t'jr.øv-Dollars ($ '3 't'; .,7(7. 30 ) payable at Sellers address above given, or to Seller's order »n the following terms: . " ,,/ / /' L / // / /f / ./ / / / Dollars ($ /7; ~O~) down payment recei t of which is hereby acknowledged, and the balance of r K cI $I 3e>. =-7-~~~lars / ($1'f¡S70..,t? ) to be paid as follows: Øl'/th~' ~ ~ ~ nf- ~ 6~(c...t KI-" "U'" 4..-yu""'W, ",., B. Payments shall include interesfat the ra of .ø/4 percent ( ¢~Io) p~r annum on the unpaid principal balance from the date of ¿* . Any payment not made within~( ,,~ ) days of its due date shall subject Buyer to a late payment charge of percent ~%j öfsuch overdue payment, which charge must be paid before receiving credit for the last paý1Í1ent. The forgoing payments include a re rve for payment of [ ] taxes [ ] insurance [ ] condo fees [ ] other (explain) ~ Initially, the reserve amount per payment is In the event reserve payments on underlying obligations for the Property change, Seller shall give Buyer thirty (30) days written notice of change, and reserve payments herein shall be adjusted accordingly. C. All payments made by buyer shall be applied first to payment of late charges, next to Seller's payments under Section 12, with interest as provided therein, next to the payment of reserves if any, next to the payment of interest, and then to the reduction of principal. Buyer may, at Buyer's option, pay amounts in excess of the periodic payments herein provided, and such, excess shall be applied to unpaid principal unless Buyer elects in writing at the time of such payment that is shall be applied as prepayment of future installments. In the event of any prepayment by Buyer, Buyer shall assume and pay all penalties incurred by seller in making accelerated payments on any underlying obligations. D. When the unpaid principal balance owing under this contract is equal or less than the total balance outstanding on the underlying obligation(s) shown in Section 8 below, then: Ii' :J: W a:: « W "- .... ~ M ("lIMa:: ~ eX) NW W .... ("llooz ~ CI eWe!) "- It)e!) ~ 0 M«~ c:: 0 Ø)Q. 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'It ZO .... e!) zç .... z cnL5z 05 ,... .., ::> ww CQ e >O~ 0 -we z wC::e ..J (J ID 0 W ü 0::: z :J (1) Upon (i) assumption by Buyer of the underlying obligation(s) and (ii) release of Seller from all liabilities and obligations thereunder, Buyer may request and Seller shall execute and deliver a Warranty Deed subject to the then existing underlying obligations(s) shown in Section 8 Below; or (2) Provided there is no "due-on-sale" provision contained in any underlying obligation(s) shown in Section 8 below, Seller may execute and deliver to Buyer a Warranty Deed subject to the then existing underlying obligation(s) shown in Section 8 below, which Buyer agrees to assume and Pay; or (3) In the event neither Buyer nor Seller exercises the option provided in (1) and (2) of this subsection, and this contract therefore remains in effect, then the payments and interest rate shown in this section, to the extent they differ from the underlying obligations, shall immediately and automatically be adjusted to equal the payments and interest rate then required under the ~3® underlying obligations, and Buyer, in additio 0 such adjusted payments, shall also pay a monthly servicing fee to Seller in the amount of $ . 5. No Waiver. If Seller accepts payments om Buyer on this contract in an amount less than or 000232 at a time later than herein provided, such acceptance will not constitute a modification of this contract or a waiver of Seller's rights to full and time performance by Buyer. 6. Risk of Loss. All risk ofloss and destruction of the Property shall be borne by Seller until the agreed date of possession. 7. Evidence of Title. Buyer has received a Commitment for Title Insurance (Commitment) on the Property at the time of or prior to execution of this contract. Seller shall, at his expense, furnish Buyer evidence of marketable title in the form of an Owner's Title Insurance (Title Policy) insuring Buyer's interest in the Property under this contract for the amount of the purchase price. The Title Policy will be based on Commitment No. ...--- issued by: ~ . The Title Policy issued to Buyer will contain the following numbered exceptions shown on the Commitment: ~ (f4.. 8. Underlying Obligations. A. Seller warrants that the only yndÿrl~in~obJigati9Ds against the Property. ar5~ (1) Obligation in.1avor of ¡:;~tl!Y:L.~/~MP'~ f.(/i-- unpaid principal balal}ce of" I t:f, 570 2!!. - ($~J as of /IJ(U7(7.Q()' ' with monthly payments of$..,¿l(!,'.with interest at ? ( ,,/14. %) per annum and balloon payments as follows: "l {:.4- , (2) Obligation in favor of --- .J principal balance of ~ with monthly payments of$ <--, with interest at and balloon payments as follows: D' - (3) Obligation in favor of ~ principal balance of ~ with monthly payments of $ ~, with interest at and balloon payments as follows: B. COPIES OF SUCH UNDERLYING OBLIGATIONS [ ] HAVE [ ] HAVE NOT BEEN DELIVERED TO BUYER AT OR PRIOR TO CLOSING. SUCH UNDERLYING OBLIGATIONS [ ] CONTAIN [ ] DO NOT CONTAIN DUE ON SALE OR PUE ON ENCUMBRANCE PROVISIONS. with an Dollars percent with an unpaid Dollars ($ -c:.--) as of -<-' ~ercent ( --- %) per annum with an unpaid Dollars ($ -c...--J as of -c:....,... -c...--¡5ercent ( ....e.-' %) per annum B. IN THE EVENT THE HOLDER OF ANY UNDERLYING OBLIGA TION(S) REFERRED TO IN SUB-SECTION A. CAUSES TO BE ISSUED A WRITTEN NOTICE OF ITS INTENT TO EXERCISE ANY OFTHE DUE ON SALE REMEDIES, THEN BUYER AGREES TO EITHER PARY, ASSUME OR REFINANCE SUCH UNDERLYING OBIGA TION(S) IN THE MANNER PROVIDED BELOW, AND BUYER AGREES TO PAY ALL COSTS, FEES AND CHARGES INCURRED IN CONNECTION WITH SUCH PAYMENT, ASSUMTION OR REFINANCING (INCLUDING, BUT NOT LIMITED TO, PREPAYMENT PENALTIES, LOAN POINTS, UNCREASED INTEREST RATE, APPRAISAL, AND CREDIT REPORT FEES, ESCROW AND TITLE CHARGES, TITLE INSURANCE PREMUIMS, AND RECORDING FEES). BUYERS INABILITY OR FAILURE TO PAY, ASSUME, OR REFINANCE SUCH UNDERLYING OBLIGA TION(S) WITHIN FORTY -FIVE ( 45) DAYS FROM THE DATE OF NOTICE TO BUYER OF SUCH WRITTEN NOTICE FROM THE HOLDER, SHALL CONSTITUTE A DEF AULTBY BUYER UNDER THIS CONTRACT. (1) Assumption. In the event Buyer elects to assume such underlying obligation(s), Buyer shall be entitled to the delivery of a Warranty Deed executed by the Seller wherein the Buyer is the Grantee upon the satisfaction ofthe following conditions precedent: (i) Buyer is not then in default under the terms of this contract; (ii) Buyer has deposited with Seller written evidence from the holder ofthe underlying obligation(s) being assumed that such holder has approved Buyer's assumption; and (iii) if any portion of the Sellers equity under this contract remains unpaid, Buyer shall execute and deliver to Seller, Buyers Trust Deed Note in a principal amount equal to the unpaid balance of Seller's equity under this contract which shall include any accrued unpaid interest. Said note shall bear interest from the date thereof at the same rate which interest accrues on the Seller's equity under this contract. Installments shall be made over the term then remaining and at the same time as I provided for in this contract with the exact amount of the installments being /þ' .... calculated by re-amortizing the aforesaid amount of the Trust Deed Note utilizing the ~~ interest rate at which interest a"'rues on Sener's eqnity onder this con_~ the e!> schedule of payment, and terms specified herein. Such note shall be secured by a , Deed of Trust encumbering the property which shall be subordinate only to the Deed or Deeds of Trust securing the underlying obligation(s) and any obligations 000233 refinanced as provided in sub-section C. (2). (2) ReflnancinglPay-Out. In the event Buyer pays or obtains a new refinancing one or more of the uriderlying obligation(s), then Buyer shall be entitled to the delivery ofa Warranty Deed executed by the Seller wherein the Buyer is Grantee; provided, however, if any portion of the Seller's equity remains unpaid, then the following conditions precedent shall have been satisfied: (i) Buyer is not then in default under any ofthe terms of this Contract; (ii) the principal amount of the new loan may exceed the unpaid balance of the underlying obligation(s) being refmanced only if all loan proceeds which exceed the unpaid balance of the underlying obligation(s) are paid to the Seller as a credit against the unpaid balance of Seller's equity in this Contract; and (iii) Buyer shall have executed and delivered to Seller, Buyers Trust Deed Note in the form, the amount, and with the terms of the Trust Deed Note described in Section C(l)(iii). Such note shall be subordinate only to the Deed(s) of trust securing the new loan(s) and any remaining Deed(s) of Trust securing the underlying obligation(s) which have not been reconveyed. 9. Taxes and Assessments. Buyer agrees to pay all taxes and assessments of every king which become due on the Property during the life of this Contract. Seller covenants that there are no taxes, assessments, or liens against the Property not mentioned in Section 8 except: 4~--- which will be paid by: [ ] Seller [ ] Buyer [ ] Other (explain) 10. Covenant Against Liens. Except for the liens and encumbrances listed in Sections 8 and 9, Seller Covenants to keep the Property free and clear of all liens and encumbrances resulting from acts of Seller. So long as Buyer is current hereunder, Seller agrees to keep current the payments on all obligations to which Buyer's interest is subordinate. Should Seller default on the foregoing covenants on anyone or more occasions, Buyer may, at Buyer's option, in whole or in part, make good Seller's default to Seller's obligee and deduct al expenditures so paid from future payments to Seller and Seller shall credit all Buyer's sums so expended to the indebtedness herein created just as if payment had been made directly to Seller under provisions of Section 4 above. 11. Insurance. On and after the agreed date of possession, Buyer shall maintain at Buyer's expense, the following insurance policies naming the Seller as an additional insured and with a certificate of insurance provided to Seller that includes a ten (10) day notice of cancellation in favor of Seller: (i) insurance against loss by fire and other risks customarily covered by "All Risk" insurance or insurable buildings and improvements at 80% of replacement value; and (ii) general liability insurance having coverage of not less than $.'5'~ ~- . All such insurance policies shall be in companies, which are duly licensed by the State of Utah and are acceptable to Seller. Acceptance of such companies by Seller may not be unreasonably withheld. 12. Sellers Option To Discharge Obligations. In the event Buyer shall default in the payment oftaxes, assessments, insurance premiums or other expenses, and if Seller elects to do so, Buyer agrees to repay Seller upon demand all such sums so advanced and paid by Seller together with interest thereon from date of Rayment of said sums at the rate of the greater of one (l %) or .-a-- percent ( ->" %) per month until paid and when the principal sum provided in this contract is paid, if Buyer fails to also repay Seller such advances, Seller may refuse to convey title to the Property until such repayment is made. 13. Conveyance of Title. Seller on receiving the payments herein reserved to be paid at the time and in the manner specified herein, agrees to execute and deliver to Buyer or assigns, a good and sufficient Warranty Deed conveying the title to the above described premises free and clear of all encumbrances except those which have accrued by or through the acts or neglect of Buyer and those which Buyer has specifically agreed to payor assume under the terms of this contract, and subject to the following numbered exceptions to title that are con~ed in the commitment for title insurance described in Section 7 hereof: ~ ~ ¿3 ~ 14. No Waste. Buyer agrees that Buyer will neither commit nor suffer to be committed any waste, spoil or destruction in or upon the Property which would impair Seller's security, and that Buyer will maintain the Property in good condition. 15. Attorneys Fees. Both parties agree that, should either party default in any of the 000234 covenants or agreements herein contained, the non-defaulting party or, should litigation be commenced, the prevailing party in litigation, shall be entitled to all costs and expenses, including a reasonable attorney's fee, which may arise or accrue from enforcing or terminating this contract, or in obtaining possession of the Property, or in pursuing any remedy provided hereunder or by applicable law. 16. Buyer's Default. Should buyer fail to comply with any ofthe terms hereof, Seller may, in addition to any other remedies afforded the Seller in this contract or by law, elect any of the following remedies: A. Seller shall give Buyer written notice specifically stating: (1) The Buyer's default(s); (2) that Buyer shall have thirty (30) days from his receipt of such written notice within which to cure the default(s), which cure shall include payment of Seller's costs and reasonable attorney's fees; and (3) Sellers intent to elect this remedy if the Buyer does not cure the default(s) within thirty (30) days. Should Buyer fail to cure such default(s) within the thirty (30) days, then Seller shall give to Buyer another written notice infonning Buyer of his failure to cure the default(s) and of Seller's election of this remedy. Immediately upon Buyer's receipt of this second written notice, Seller shall be released from all obligations at law and equity to convey the Property to Buyer, and Buyer shall become at once a tenant-at-will of Seller. All payments which have been made by Buyer prior thereto under this contract shall, subject to then existing law and equity, be retained by Seller as liquidated and agreed damages for breach of this contract; or B. Seller may bring suit and recover judgment for all delinquent installments and all reasonable costs and attorney's fees, and the use ofthis remedy on one or more occasions shall not prevent Seller, at Seller's option, from resorting to this or any other available remedy in the case of sµbsequent default; or C. Seller shall give Buyer written notice specifically stating (1) The Buyer's default(s); (2) that Buyer shall have thirty (30) days from his receipt of such written notice within which to cure the default(s), which cure shall include payment of Seller's costs and reasonable attorney's fees; and (3) Seller's intent to elect this remedy if the Buyer does not cure the default(s) with the thirty (30) days. Should Buyer fail to cure the default(s) within the thirty (30) days, then Seller shall give to Buyer another written notice informing Buyer of his failure to cure the default(s), Seller's election of this remedy, and that the entire balance hereunder is at once due and payable. Thereupon, Seller may treat this contract as a note and mortgage, pass or tender title to Buyer subject thereto, and proceed immediately with a mortgage foreclosure in accordance with the laws of the State of Utah. Upon filing the foreclosure complaint in court, Seller shall be entitled to the immediate appointment of a receiver. The receiver may take possession of the premises, collect the rents, issue and profits therefrom and apply them to the payment of the obligation hereunder, or hold them pursuant to the order of the court. Upon entry of a judgment offoreclosure, Seller shall be entitled to possession of the premises during the period of redemption. 17. Time of Essence. It is expressly agreed that time is of the essence in this contract. 18. Warranties of Physical Condition. With respect tp the physical condit,ion of the Property, Seller warrants the following: Ci<J /' 5 (¿~ /5 19. Other Provisions. ~- e- ® 20. Captions. Sections captions shall not in any way limit, modifY, or alter the provisions of the Section. 21. Notices. Except as otherwise provided herein, all notices required under this contract will be effective when: (a) personally delivered or; (b) mailed certified or registered, addressed to the applicable party at the address shown in Section 1, or at 000235 such other address as may be hereinafter designated by such party by written notice to the other party. 22. Binding Effect. This contract is binding on the heirs, personal representatives, successors and assigns of the respective parties hereto. 23. Entire Agreement. This contract contains the entire agreement between the parties hereto. Any provision hereof not enforceable under the laws of the State of Utah shall not affect the validity of any other provisions hereof. No supplement modification or amendment of this contract shall be binding on the parties hereto unless signed in writing by both parties hereto. In Witness Whereof, the parties have set their signatures on the day and year first above written. Buyer: -- ~ ".. ~.~ ~ -- ~~ STATE OF UT!:J ' COUNTY OF QL\~ My commission eXPires:~q ~r$ .. KlMO'~ ~. '. NotaryPubllc ! Slal8ofUloh . Mreomm.e.-""'I1.. .S.IIOWlltSll.......UT84010 STATEOFUT~L) C- COUNTY OF ~ On this date o~t O'rY f )O.'~ersOnallY appeared before ~ ~(1 \ n wt:WLGtI..~-ú' and signer of the above instrument, who duly acknowledged to methat--eLexcuted thy/e. ~~ ~'/ NOTAR UBLIC My commission expires: \YI()'~ II} ;J(Jfö RESIDING AT: 12cu (J hit ¿ /) fa fí) ICNO'~ Notary PU::IIc SlaleofUloh MrComm. e.-Mar 111.. es.IIOWlltSll..BaldUUTI4010 / ..