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HomeMy WebLinkAbout954124Parsons Cameron, P.C. 1909 Warren Avenue Cheyenne, WY 82001 (307) 778-2822 RECEIVED 6/25/2010 at 1:31 PM RECEIVING 954124 BOOK: 749 PAGE: 663 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY x:00663 CONTRACT FOR DEED THIS AGREEMENT, made and entered into by and between Michael R. Decker, hereinafter referred to as "Seller," and Lorin Joslin and Kimberley Barker of LaBarge, Wyoming, hereinafter collectively referred to as "Buyer." WITNESSETH: WHEREAS, Seller is the owner of certain real property and improvements thereon located in LaBarge, Lincoln County, Wyoming; and WHEREAS, the Seller desires to sell and the Buyer desire to purchase said real property under the terms and conditions set forth herein; NOW, THEREFORE, the parties hereto mutually agree as follows: 1. Property to be Purchased. If the Buyer shall first make the payments and perform the covenants hereinafter mentioned as set forth on its part to be performed; the Seller hereby covenants and agrees to convey and assure to Buyer, in fee simple, by good and sufficient warranty deed, the real property located at 130 West Birch Creek Drive, LaBarge, Wyoming 83123, more particularly described as follows: Lots 7 and 8 of Block 2 of the Second Amended Plat of Birch Creek Commercial Park to the Town of LaBarge, Lincoln County, Wyoming, as described on the official plat No. 286 filed June 2, 1985, as Instrument No. 58779 of the records of the Lincoln County Clerk, also known as 130 West Birch Creek Drive, LaBarge, Wyoming 83123. Said real property and the improvements thereon hereinafter collectively referred to as "the Property." 2. Purchase Price. Buyer agrees to pay to Seller for the Property the total purchase price of Sixty -Five Thousand Dollars ($65,000.00) in the following manner: a. The down payment on the property has previously been paid to Seller. b. The balance of the purchase price of Sixty -Five Thousand Dollars ($65,000.00) shall be amortized over ten (10) years, bearing interest at the rate of six percent (6 per annum. Buyer shall make monthly payments to Seller consisting of interest only of Three Hundred Twenty -Five Dollars ($325.00) per month beginning on August 1, 2008, for five (5) years at which time the Buyer shall pay the purchase price of $65,000.00 in full. c. Any monthly interest payment not received by the Seller on or before the tenth (10') day of each month shall be subject to a late payment charge of Seventy Dollars ($75.00) per day from the first day of the month until the date paid, which late charge shall be included with the late payment. Buyer shall be in default if the payment is not received by Seller by the end of the month. d. Buyer shall have the privilege to make prepayments at any time without penalty. Such prepayment shall apply only to interest. Should the full purchase price be prepaid in full by such prepayment, the Buyer shall be deemed to have complied with the price requirements of this contract. All payments received shall be applied first to interest and then to principal. 3. Manner of making Payments. Said monthly installment payments shall commence on August 1, 2008, and shall be made to Michael R. Decker, as under and in keeping with the terms of this agreement. 4. Seller's Obligations. Seller shall hold the instruments of conveyance described hereinafter, which shall be provided to Buyer upon completion of all the terms and provisions of this agreement. a. Documents to be held by Seller: Page 2 of 8 Parsons Cameron, P.C. 1909 Warren Avenue Cheyenne, WY 82001 (307) 778-2822 C i. Original Contract for Deed executed between Michael R. Decker, Seller, and Lorin Joslin and Kimberley Barker, Buyer for the sale of certain real property located in LaBarge, Lincoln County, Wyoming. ii. Quitclaim Deed from Lorin Joslin and Kimberley Barker, joint tenants with full rights of survivorship, to Michael R. Decker, Seller. b. Pursuant to paragraph 11 of the Contract for Deed, in the event of a default by Buyer, Seller shall serve Notice of Default as required by paragraph 11. If Buyer fails to cure the default within ten(10) days of the postmark date of the Notice of Default, Seller shall have the right to exercise all his rights and remedies under this Contract for Deed. c. Seller accepts no responsibility for paying of real estate taxes or insurance, and all real estate taxes and insurance for the Property shall be paid by Buyer. d. Upon satisfaction by Buyer of all the terms and conditions contained herein and upon full performance under this Contract for Deed, Seller shall release all above described documents to Buyer. 5. Taxes. Seller agrees to pay all taxes legally levied on the Property for the year 2008. Buyer agrees to pay all taxes legally levied on the Property for the year 2008 and all subsequent years. Buyer shall pay the taxes for all subsequent years by directly paying Seller on an annual basis Parsons Cameron, P.C. 1909 Warren Avenue Cheyenne, WY 82001 (307) 778 -2822 upon Buyer' s receipt of the tax assessment from Seller. Seller shall forward to Buyer the tax assessments at the address set forth in paragraph 16, below. Page 3 of 8 6. Liens and Encumbrances. Buyer agrees that during the time there are any moneys due by Buyer to the Seller that it will not permit any liens, claims or mortgages of any kind to be filed against the Property herein described. Seller also agrees not to place any encumbrances of liens on the Property. Buyer shall hold the Seller harmless from any claim, suit or demand of any nature whatsoever that shall be brought as a result of the activities of the Buyer, or the Buyer's agents, guests, invitees, representatives or employees upon the Property and shall, in addition, indemnify Seller for payment of any and all attorneys' fees, costs of litigation and court costs incurred by the Seller in defending against any such claim, suit or demand, whether such attorneys' fees and costs shall be incurred in connection with or without litigation. Buyer shall specifically hold Seller harmless from any hazardous waste violations and shall not store hazardous waste on the property. In the event of any hazardous waste spills or the like, the Buyer shall be responsible for the clean-up of said spill, all in accordance with applicable law. 7. Improvements to Property. All additions, improvements, alterations and major repairs to the Property shall be subject to the following restrictions, limitations, conditions and agreements, to -wit: a. It is the intent of Seller and Buyer in this provision to protect and enhance the value, desirability and attractiveness of the Property. Any and all additions, improvements, alterations or major repairs must be made in good, careful and professional workmanlike manner, using modern, approved methods of engineering and construction, as the case may be, and protecting the existing Property against waste and depletion. All such improvements or alterations shall be done in accordance with and pursuant to all applicable Town or County code provisions as either or both may apply. b. Once construction with respect to additions, improvements, alterations or major repairs is begun on any structure, including walls, fences or ancillary building, or any other structure, construction of that particular structure, wall, fence, ancillary building or other structure shall be completed within a reasonable time after such construction was begun. c. Buyer agrees to be responsible for any and all costs incurred with respect to additions, improvements, alterations or repairs upon the Property and, in connection with paragraph 6 of this contract for Deed, shall not permit any materialman's or contractor's lien, claim or encumbrance of any kind to be filed against the property herein described. Buyer shall hold the Seller Parsons Cameron, P.C. 1909 Warren Avenue Cheyenne, WY 82001 (307) 778-2822 Page 4 of 8 OG J 666 harmless from any claim, suit or demand of any nature whatsoever that may arise out of the making of any addition, improvement, alteration or repair upon said property, and Buyer agrees to indemnify Seller fully for any damages or losses suffered by Seller with respect thereto, including but not limited to, attorney fees, litigation and court costs incurred by Seller. d. Rubbish, garbage or other waste shall be kept and disposed of in a sanitary manner and as required by law. 8. Title Issues. Upon full compliance with all the terms and conditions contained herein, Seller shall convey said premises by good and sufficient warranty deed and shall deliver said warranty deed to Buyer upon satisfaction of this agreement by the Buyer and Buyer' s full compliance with all terms and conditions contained herein. 9. Insurance. Buyer shall secure and maintain in good standing a homeowner's and commercial fire, casualty and liability insurance policy on the Property and all insurable improvements on said Property. Included in said insurance policy shall be hazardous waste provisions as deemed necessary by the Seller and the underwriter for the insurance policy and shall be sufficient to meet applicable law. Such insurance shall be for the full insurable value of the improvements and personal property covered, and shall include Seller as co- insured and loss payee on all policies. Buyer shall supply Seller with proof of insurance with regard to all aforementioned policies at closing. Failure of Buyer to secure or maintain any insurance required under provisions hereof shall be a breach of this agreement resulting in a default by Buyer and, without further notice, Seller shall have the option of proceeding under the default provisions of paragraph 11 herein, or in the alternative, Seller may obtain and pay for such insurance, and either add the premium cost thereof to the principal balance remaining due hereunder, together with interest as herein provided, or recover such costs from Buyer in an independent action. 10. Possession. Seller acknowledges that possession of the Property will be given to the Buyer at time of closing, and Buyer shall have the right to possession of the Property during the term of this contract provided Buyer is not in default. Buyer must immediately notify Seller in writing when Buyer no longer occupies the Property as a primary residence. 11. Default. Time is of the essence in this Contractfor Deed. Should the Buyer fail to make the payments as required, or fail to perform any of the covenants or obligations contained in Parsons Cameron, P.C. 1909 Warren Avenue Cheyenne, WY 82001 (307) 778-2822 Page 5 of 8 A00 66'7 this agreement when due, or if any liens, taxes, or assessments, claims or mortgages of any kind have been filed or recorded against the property herein described, Buyer shall be in default and Seller shall have a right of immediate possession unless Buyer shall correct said default within ten (10) days of the postmark date of "Notice of Default." Upon default, Buyer shall be entitled to written "Notice of Default" sent to Buyer by postage paid, certified mail at the address set forth in paragraph 16 below. Said "Notice of Default" shall set forth the exact nature of the default or defaults of the Buyer. The depositing of the "Notice of Default" with the United States Post Office, postage paid, addressed to the Buyer at the address stated in paragraph 16 shall constitute notice to the Buyer. If Buyer fails to cure any default occurring hereunder within the time limit set forth above, Buyer's interest in the Property shall, without further notice, be absolutely and entirely forfeited and shall cancel all Seller's obligations under this agreement and shall fully reinvest Seller with all right, title and interest hereby agreed to be conveyed. In that event, Buyer shall forfeit all payments made by Buyer under this agreement in liquidation of all damage sustained by Seller. Buyer acknowledges and agrees that said liquidated damages are a reasonable sum to compensate Seller for rent and loss of revenue. Seller shall have the right to re -enter and take possession of the Property. In the event Buyer shall fail to vacate the Property upon default, the Seller may obtain possession thereof by forcible entry and detainer or by eviction at the option of the Seller, and the Buyer shall pay any and all attorney's fees, court costs and other expenses incurred in connection with any action of eviction or forcible entry and detainer, including the expenses of retaking the Property. 12. Binding Effect. It is agreed that all covenants and agreements contained herein shall extend to, and be obligatory upon, the heirs, executors, administrators and assigns of the respective parties. 13. Non Waiver. The waiver of any breach of this agreement by either party shall not constitute a continuing waiver or any subsequent breach of either the same or another provision of this agreement. 14. Restrictions on Assignment of Buyer. No assignment of this agreement by Buyer shall be valid without prior written consent of the Seller. 15. Maintenance and Use of the Property. Buyer shall maintain the Property in good order and proper condition at all times and shall not permit the Property to be used for any purpose that would constitute a nuisance, or for any purpose that would violate the laws or ordinances of the City of Town of LaBarge, Lincoln County, Wyoming, or the statutes of the State of Wyoming. 16. Notices. All written notices required to be served on a party to this agreement shall be served on the party by hand delivery or postage paid, certified mail, return receipt requested, at the address contained herein for said party, or at such other address as one party notifies the other: Seller: Michael R. Decker c/o Guy C. Decker P.O. Box 206 LaBarge, WY 83123 Buyer: Lorin Joslin and Kimberley Barker P.O. Box 1368 Big Piney, WY 83113 Any notice required to be given under this agreement shall be deemed received by the addressee on the date of the deposit of the same with the United States Post Office, postage paid, certified mail, return receipt requested, addressed to the party at the address set forth in this paragraph. If either Seller or Buyer desire to have such notice sent to another address, that party shall notify the other party in writing. 17. Time of Essence. In construing and applying the provisions of this agreement, time shall be of the essence in each instance. 18. Modification or Waiver. A modification or waiver of any of the provisions of this agreement shall be effective only if made in writing and executed with the same formality as this agreement. The failure of any party to insist upon strict performance of any of the provisions of this agreement shall not be construed as a waiver of any subsequent defaults of the same or of a different nature. 19. Necessary Documents. The parties hereto agree to execute any and all documents necessary to effect the purposes of this agreement. 20. Survival. This contract shall inure and be binding upon all heirs, executors, successors and assigns of the parties. Parsons Cameron, P.C. 1909 Warren Avenue Cheyenne, WY 82001 (307) 778-2822 Page 6 of 8 21. Legal Agreement. This is a legal and binding agreement. Both parties are encouraged to consult with their respective attorneys before executing this agreement. 22. Entire Agreement. This contract contains the entire agreement of the parties on the subject matter dealt with in it. No promise or undertaking has been made by any party, and no understanding exists with respect to the Property or the income or production therefrom on the part of any party, except as herein expressly set forth. Buyer has examined the Property and accepts the Property in its present condition. IN WITNESS WHEREOF, the parties hereto have set their hands and seals the day and year set forth below. Buyer: Seller: Date: Parsons Cameron, P.C. 1909 Warren Avenue Cheyenne, WY 82001 (307) 778 -2822 Date: 9 Z.3• WG7c3 The remainder of this page is intentionally left blank. Page 7 of 8 :40i :14369 STATE OF WYOMING ss. COUNTY OF LINCOLN The foregoin Contract for Deed was acknowledged before me by Michael R. Decker this ate da of SEAL My commission expires: a STATE OF WYOMING COUNTY OF LINCOLN ss. The foregoing Contract for Deed was acknowledged before me by Lorin Joslin this c ti ET PAULSON Notary Public (Lincoln County, WY ;fit Crnmission Expires SEAL My commission expires: STATE OF WYOMING ss. COUNTY OF LINCOLN AULSON Notary Public Lincoln County, WY y Commission Expire My commission expires: S t t Parsons Cameron, P.C. 1909 Warren Avenue Cheyenne, WY 82001 (307) 778-2822 n 00 6 90 The foregoing Contract for Deed was acknowledged before me by Kimberley Barker this LL, day of 2008. 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