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HomeMy WebLinkAbout960812REAL ESTATE PURCHASE AGREEMENT CONTRACT FOR DEED 000082 THIS AGREEMENT made and entered into this /0 day of August, 2011, by and between, LINDA D. LAWRENCE and LOUIS SCOTT LAWRENCE, hereinafter referred to as Sellers and RON DEE MERRITT and GAIL MERRITT, husband and wife, hereinafter referred to as Purchasers. WITNESSETH: That for and in consideration of the payments made and to be made, the covenants made to be kept and performed, the Sellers agree to sell and the Purchasers agree to purchase from the Sellers, the following described property located in Lincoln County, Wyoming and more particularly described as: Lots 3,4,5,6,7,8,9, 10, 11, 12, 13, 14, 15, and 16 Block A, Riverview Addition to the Town of La Barge, Lincoln County, Wyoming TOGETHER WITH and SUBJECT TO: All Easements, Exceptions, Restrictions, Reservations, Rights, Rights -of -Way, and Improvements of sight and or record; EXCLUSIVE OF All Mineral Rights and Mineral Lease Rights, which are retained by the Grantors. 1. PURCHASE PRICE AND MANNER OF PAYMENT. The Purchasers shall pay, as consideration for the above described property, the purchase price of the total sum of One Hundred and Ten Thousand Dollars ($110,000.00) at the time of closing. The sum of Ten Thousand Dollars ($10,000.00) shall be paid by the Purchasers as the down payment. The total purchase price shall be as follows: Lawrence /Merritt SALES AGREEMENT 1 of 10 RECEIVED 9/1/2011 at 12:56 PM RECEIVING 960812 BOOK: 772 PAGE: 82 JEANNE WAGNER i ikir'r\I Al r•ry InrTV r'i CDV VPNIRA RFR \A/V 000083 a. The sum of Ten Thousand Dollars ($10,000.00) as a down payment. Said amount shall be due on the 1st day of November, 2011. b. The balance of the purchase price, One Hundred Thousand Dollars ($100,000.00), shall bear interest at a rate of six percent (6 per annum and shall be paid two hundred and forty (240) monthly installments of Seven Hundred and Sixteen Dollars and Forty -Three Cents ($716.43), principal and interest included, first payment due September 1, 2011, and due every 1st day of each subsequent month there after until paid in full. c. Payments more than ten (10) days late shall be assesssed a late fee of One Hundred Dollars ($100.00). 2. ESCROW. It is agreed that the Purchasers and Sellers shall execute and deliver appropriate escrow instructions to Alliance Title Escrow, Afton, Wyoming 83110 with full authority to carry out the terms thereof. Purchasers and Sellers shall also deliver to the escrow agent, all necessary documents to complete this purchase agreement. The Purchasers shall pay all of the fees to set up the escrow account, in the amount of Three Hundred Dollars ($300.00). The Purchasers shall also pay the fees for maintaining the escrow account, in the amount of Six Dollars ($6.00) per disbursement, or per month. 3. POSSESSION. The Purchasers may take possession of the property on August 1, 2011. 4. INSPECTION OF PREMISES. The Purchasers warrant and agree that they have personally, 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 representations, statements or warranties, express or implied, with respect to their condition, and that they are purchasing said property Lawrence /Merritt SALES AGREEMENT 2 of 10 000084 solely upon said inspection and not upon any statement made by the Sellers or the Sellers' agents respecting the condition, productive capacity, or income derived therefrom. 5. TAXES, ASSESSMENTS AND INSURANCE. All taxes, assessments and insurance shall be pro -rated between the Sellers and the Purchasers for the year 2011 so that the Sellers shall be responsible for all such taxes, assessments and insurance levied up to September 1, 2011, and the Purchaser shall pay all subsequent taxes, assessments or insurance in connection with the property here in. If the Purchasers fail or neglects to pay any installment of taxes, assessments or insurance premiums, when due, the Sellers shall have the right to make such payment and to add the amount thereof, together with interest at a rate of eighteen percent (18 per annum to the obligation of the Purchasers hereunder. Such right shall be deemed an option and shall impose no obligation on the Sellers and the Sellers and other insurance of a sufficient amount and may elect to treat such a failure on the part of the Purchasers as a default under this contract. Purchasers 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 of the amount remaining due under this agreement. The loss payable clause shall include the Sellers as a beneficiary for the amount of its interest. 6. LIENS. During the term of this contract the Purchasers shall not allow any liens of any form to attach to the real property and premises which may be superior to the rights of the Sellers. 7. WASTE AND REPAIRS. During the life of this contract the Purchasers 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 Purchasers' own cost and expense. All such Lawrence /Merritt SALES AGREEMENT 3 of 10 000085 improvements and repairs shall be deemed fixtures attached to the premises and shall not be thereafter removed in case of forfeiture hereunder. The Sellers have a right to inspect the property at reasonable times until full final performance by Purchasers. 8. DEFAULT BY PURCHASER. Sellers shall have the right to declare the default of the Purchaser and to proceed pursuant to paragraph 9, upon the occurrence of any of the following: a. The failure of the Purchasers to make any payment required in this agreement at the time it falls due. b. The failure of the Purchasers to abide by any one of the terms and conditions of this agreement. c. The filing of a petition for the adjudication of the Purchasers, or any one of the Purchasers, as bankrupt. d. Failure to pay property taxes. e. Failure to maintain insurance on the property. 9. 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 Sellers have sent written notice thereof to the Purchasers. After notice of default the Purchasers, the Sellers have, at their 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 Purchasers shall cease and all payments heretofore of the Purchasers hereunder shall cease. Sellers shall have the right to retain all amounts theretofore paid by Buyer and Sellers as rental for said property and as liquidated damages. The Parties agree that because of fluctuations in market value of properties of this type, and because of the inability of the Parties to fix an accurate and correct measure of damages in the event of a default Lawrence /Merritt SALES AGREEMENT 4 of 10 000086 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 Purchasers shall be retained by Sellers as rental for said property and as liquidated damages for the failure on the part of the Purchasers to comply with the terms of this agreement. All improvements and additions appurtenant to said property made by the Purchasers shall remain and become the property of the Sellers. 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 of 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 Sellers and fully vest in the Sellers, all right, title and interest in and to the property agreed to be sold, conveyed and delivered and the Purchasers shall surrender to the Sellers 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 Sellers to be payable by the Purchasers hereunder, it being stipulated and agreed that such obligation to repay the contract amount is a separate and independent covenant of the Purchasers hereunder. c. Upon notice of default the Purchasers shall have sixty (60) days to redeem and bring current all amounts due and in default. 10. WAIVER. It is further agreed that the failure on the part of the Sellers 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 wavier or relinquishment of the Sellers' rights under this Agreement to thereafter enforce any such terms, Lawrence /Merritt SALES AGREEMENT 5 of 10 000087 conditions, or payments, it being expressly agreed that all 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 Sellers on account of prior default in performance of the conditions and terms hereof, or in payments as provided in this Agreement. 11. ATTORNEYS FEES. The Parties agree that each will pay one -half of the attorneys fees associated with the drafting and preparation of this agreement and the corresponding documents associated with this sale. Attorneys fees shall be due no later than September 1, 2011. The Parties 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. In the event of a dispute under this contract, the Parties agree to pay their own attorney's fees which may arise as a result of resolving the dispute. 12. ASSIGNABILITY. a. Purchasers may sell, transfer or assign, or contract to sell, transfer or assign all or any of the Purchasers' 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 Purchasers without Sellers' prior written consent, Sellers may, at their election, declare all sums owing on this contract to be immediately due and payable, notwithstanding anything contained herein to the contrary. Failure of Sellers to declare all sums owing as provided above shall not constitute a waiver of Sellers' right. In the event Sellers elect to declare all sums owing Lawrence /Merritt SALES AGREEMENT 6 of 10 000088 due and payable, Sellers shall mail to Purchasers notice of the declaration and such notice shall provide a period of not Less than thirty (30) days from the date of mailing within which Purchasers may pay the sums declared due. If Purchasers fail to pay such sums prior to the expiration of such period, Sellers may, without further notice or demand, invoke the remedies provided by paragraph 10. b. No assignment, transfer, or conveyance (assignment) by the Purchasers shall create any obligation on the Sellers until a duplicate thereof, duly witnessed, together with the residence address of such Assignee, has been delivered to the Sellers. In the event of assignment such notice to the Sellers and acceptance of the assignment by him or acceptance of payment made by Assignee shall constitute an acceptance of the assignment and privity of contract between the Sellers and the Assignee and enable the Sellers to maintain any suit or action for payment, specific performance, deficiency or summary proceeding for possession against the Assignee. c. The Purchasers are not relieved of the obligation under this contract in transfer of an assignment unless the Sellers have specifically released the Purchasers, in writing, from the contract. Unless the Purchasers are released from the obligation by the Sellers, in writing, the Purchasers shall be a guarantor of the obligations assumed by the Assignee. 13. 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 Untied States mail regardless of whether or not is received by the part to whom it is addressed. Personal delivery of such notice shall have the same effect as notice given by mail. Lawrence /Merritt SALES AGREEMENT 7 of 10 000089 Addresses to which the notices shall be sent unless another address has previously been provided in writing shall be: Linda D. and Louis Scott Lawrence P.O. Box 711 Afton, WY 83110 Lawrence /Merritt SALES AGREEMENT 8 of 10 Ron Dee Gail Merritt P.O. Box 11 Auburn, WY 83111 14. ENTIRE AGREEMENT. With the exception of the Escrow Instructions, the documents associated therewith, the Bill of Sale and Promissory Note, this written agreement is the only and entire contract covering the subject matter herein. No other representations have been made by either the Purchasers or the Sellers 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. 15. BINDING EFFECT. 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. 16. 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. 17. APPLICABLE LAW. This Agreement shall be construed and governed in all respects by the laws of the State of Wyoming. SELLERS: IN WITNESS WHEREOF, dated this U day of August, 2011. Cam Linda D. Lawrence PURCHASERS: on Dee'Merritt STATE OF WYOMING COUNTY OF LINCOLN ss. The foregoing instrument was acknowledged before me, a Notarial Officer, this /b 1/4F/1- day of August, 2011 by Linda D. Lawrence and Louis Scott Lawrence. TRACY MATTHEWS NOTARY PUBUC County of Lincoln State of Wyoming Commission Ex. ires September 26, 2013 My Commission Expires: Lawrence /Merritt SALES AGREEMENT 9 of 10 9 t f Louis Scott Lawrence 000090 STATE OF WYOMING COUNTY OF LINCOLN The foregoing instrument was acknowledged before me, a Notarial Officer, this day of August, 2011 by Ron Dee Merritt and Gail Merritt, husband and wife. Witness my hand and official seal. RYSTAL L. SLAUGHTER NOTARY PUBLI State of Wyoming County of Lincoln My Commission Expires February 3, 2014 My Commission Expires: 21 3 lit Lawrence /Merritt SALES AGREEMENT 10 of 10 s s. NOTAR PUBLIC 000091