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HomeMy WebLinkAbout890445LI~',IOO_?.I GOJ!'ITY CLERK BOOK."~,t,,Z PR PAGE ~;' (il./'* """ ~'''' !:i .... " :: CONTACT OF S~E .... This is a Con~a~ °fSalg ma~ ~d entered Into eff~ve mis ~ ~y of ~O 2003, by ~d be~n LYAL E. ~FORD, SR. ~D VIRG~IA A. ~DFORD, Husband and. Wlfq of L~ln CounW, ~vom~g ("Sellers"), and LY~ E. ~DFORD, JR. and NICOLE ~DFORD, Husband and Wife, of Lin~ CounW, Wyoming ("Buyers") . 1. Sellers hereby agree to sell to Buyers, and Buyers hereby agree to purchase from Sellers, the following described real property, for the purchase price and on the terms and conditions set forth hereafter. The real property which is the subject matter of this Contract of Sale, which is hereinafter referred to as "the property", is located in Lincoln County, Wyoming, and is described as Plat 5, Lot 146 of the Star Valley Rancl~ Lincoln County, Wyoming, according to that Plat recorded in the office of the County Clerk of Lincoln County, Wyoming on May 25, 1971. The property is being sold from Sellers to Buyers Including and together with all improvements and appurtenances thereon and thereunto belonging, and restrictive covenants, conditions, and easements of sight and record any. 2. purchase Price. The purchase price of the property is One Hundred Fifty-three Thousand Dollars ($153,000.00) payable as follows: A. The sum of One Hundred Fifty-three Thousand Dollars ($153,000.00), together with intere~ thereon at the rate of slx and three hundred seventy five thousandths percent (6.375000%) per annum accruing from January 1, 2003, shall be payable according to a thirty (30) year amortization schedule In monthly Installments In the amount of Nine Hundred Fifty-four Dollars and Fifty-two Cents ($954.52)~ each. The first monthly installment shall commence on the 1 st day of January, 2003, 'and succeeding monthly installments shall be made on or before the same date of each consecutive month thereafter until principal and accrued interest have been paid in full. If payment is fifteen (15) days late, Buyer will be charged Five percent (5.0000%) of the payment. Buyers shall pay all payments to Major Mortgage PO Box 12026, Cheyenne, WY 82003-1219. B. ' Buyers shall have the right to prepay part or all of the Unpaid principal and accrued interest due hereunder at any time, without penalty or premium. 3. Possessiolh Buyers shall be entitled to enter Into possession of the property November 1, 2002, and shall be entitled to remain in possession, unless and until default is made in the terms and conditions of the Contract, which default Is not remedied in accordance ~qth the terms and provisions hereof. In the event of a default by Buyers not remedied in accordance with the terms and provisions of this Contract, Sellers will be entitled to retake possession of the properly any time thereafter. 4. Title. Upon payment In full by the Buyers of the purchase price and interest as provided for herein, Sellers shall convey the property to Buyers by good and sufficient Warranty Deed; provided however, that Sellers shall not be required to warrant title against any person, firm or corporation claming through Buyers. 5. Taxes and Assessments, Buyers shall pay all taxes and assessments on the property levled or becoming due after December 31, 2002. Page 1 :" ;'! 8 6. Default and/or Termination. In the event that Buyers default in the performance of any of the provisions contained in the Contract, or fails to make any of the payments or Is adjudicated bankrupt, Sellers shall have the right at any time thereafter to notify Buyers in writing of the nature and extent of such default. If such default Is not corrected or remedied with In thirty (30) days after notice of such default is personally delivered or mailed by certified mall, return receipt requested, the Sellers shall have the right to terminate this Contract and Buyers' rights hereunder, and to retain all sums paid by Buyers as liquidated damages. 7. .M. em. orandum of Sale. The parties agree that they will, execute and record, a Memorandum of Sale establishing, of record, the Buyers' contract interest in the properly. 8. Inspection. The property, Including any and all Improvements and/or fixtures thereon, has been fully Inspected by the Buyers. No representations have been made by the Sellers to the Buyers concerning the property, or the state or condition of any improvements thereon. Buyers have not relied upon statement or declaration of Sellers, oral or in writing, as an inducement to the making of this Contract other than those statements expressly set forth in this Contract. Buyers are purchasing the properly and Improvements based solely upon inspections made by Buyers. 9. Insuranco-IndemnLfication. As long as any amounts remain due and unpaid under this mortgage, or the promissory note whose payment it secures, Buyers will contract for and maintain In full force and effect, comprehensive general liability Insurance on the Improvements on the property in an amount not less than the replacement cost thereof. In addition. Buyers will also maintain liability insurance on the property, with coverage not less than $500,000.00 per occurrence. Sellers shall be natned as additional insureds under both the casualty and liability Insurance policies. 10. Liens. Buyers shall not allowthe attachment of. and Buyers shall indemnify and hold the Sellers and the property of the Sellers, including the Sellers Interest' interest in the property, free and harnfless from liability from any and all encumbrances or other obligations or any liens resulting from any construction, renovation, alteration, repair or other work placed on the property by Buyers. Buyers shall have the right to contest, In good faith, by appropriate proceedings, any lien asserted or placed against the property, provided that Buyers shall pay the full amount of an3' final judgment within the time frame glven from the courts after such Judgment has become final. 11. Assi£nnoent Buyers shall not sell or otherwise dispose of Buyers' Intere~ in this Contract at any time during which this Contract remains not fully performed or during which there are outstanding amounts due under this Contract, without the express written consent of the Sellers first had and obtained. Sellers shall not unreasonably withhold such consent for the sell of this Contract of Sale. A lease or transfer of this Contract of Sale is not an option. 12. Waiver of Breach. A wavier by the Sellers of any breacb of any of the provisions of this Contract required to be performed by the Buyers shall not bar the rights of the Sellers to enforce the terms of this Contract as to any subsequent or continuing breach by the Buyers, nor abrogate the Time of Essence clause of this Contract. 13. Time of Essence, Time Is expressly declared to be of the essence of this Contract. 14. Modiflcallon. This Contract may not be changed orally, but only by an agreement in wrlting~ signed by the parties against whom enforcement of any waiver, change, modification or discharge is sought. Page 2 15. Entire A~reeme~t, This ContraCt constitutes the entire agreement of the parties and supersedes all prior or contemporaneous oral representations or agreements of the parties. 16. ~ The headings used in this Contract are for convenience only and are not to be used In its construction. 17. Bindin .Eg~__ec~t_._. This Contract shall be binding upon and inure to the benefit of the parties hereto, their heirs, legal representatives, successors and permitted assigns. 18. Counteroat7 Execul~lon. This Con~rac~ may be executed in Multiple counterparts, each of which shall'be an original, but aH of which shall be deemed to be one and the same instrument.  rI~ESS WHEREOF, the parties have executed this Contract of Sale effective the.-~-~ day of . . ~ ,2003. SELLERS: ~al E~. Radfor/d, ~. Vlrg~la A. ga~ord / BUYERS: I~ E. Radfo~d, Page 3 STATE OF WYOMING ) COUNTY OF TETON ) 750 The foregoing Instrument wa~ a~cknowiedged~.A%re me by Lyal E. Radford, Sr. and Virginia A. Radford, husband and wife, this ~.~ daY of '~[Lo~_~ ,2003. My Commission expires: The foregoing Instrument was acknowledge.~d~efore me by Lyal E. Radford, Radford, husband and wife, this ~ ~ day of / / l ~ ,2003. Jr. and Nlcole Witness my hand and official seal. Notary Public co.,W of lY~ll~ s~t~ o~ (( Lincoln I~1~ Wyoming I/ My Commission Expires Page 4