Agreement made this [date] between [name of seller], residing at [address] (Seller) and [name of purchaser], residing at [address] (Purchaser).
WITNESSETH, The Seller agrees to sell and the Purchaser agrees to purchase the following described Property: [description].
The Purchaser will pay for the Property and the Seller will accept as the purchase price therefor the sum of [$ amount] to be paid as follows:
1. [$ amount] on the signing and delivery of this Contract, the receipt of which is acknowledged; the sum of [$ amount] on [date] and a like sum on the [day] of each month thereafter. The installments are to be applied, first, to the payment of interest due on unpaid balances of the purchase price at the rate of [percent] per annum and, second, to the reduction of the purchase price. Together with the monthly payments, the Purchaser shall pay a sum equal to one-twelfth of the annual taxes, assessments, and water rents taxes or assessed on or levied against the said Premises and a sum equal to one- twelfth of the annual insurance premiums as hereinafter provided.
2. The installment payments by the Purchaser shall continue until the entire purchase price is paid in full or until the Purchaser shall have paid a total of [$ amount], at which time the entire unpaid balance of the purchase price shall become due and payable. When either of the foregoing events occurs, the Seller shall deliver to the Purchaser a bargain and sale deed with covenant against the grantor's acts in proper form for recording, duly executed and acknowledged by the Seller, including revenue tax stamps, if any, so as to convey to the Purchaser the fee simple of the said Premises, free of all encumbrances, and the balance of the purchase price shall be paid by the Purchaser executing, acknowledging, and delivering to the Seller a purchase money note and mortgage in an amount equal to the said balance. The Note shall be paid in equal monthly installments of [$ amount], commencing one month after the making thereof and a like sum monthly thereafter until said Note has been fully paid together with interest thereon at the rate of [percent] per annum from the date of said Note, to be paid monthly simultaneously with the installments of principal.
3. The Mortgage shall be drawn on the standard form used by title companies for first mortgages.
4. The Purchase Money Note and Mortgage are to be drawn by the attorney for the Seller at the Purchaser's expense. The Purchaser shall pay the mortgage tax, recording fees, and stamps on the said Bond, if any, at the time of the delivery of the Deed and execution of the said Bond and Mortgage.
5. Taxes, water rates, rentals, and insurance premiums are to be apportioned as of the date the Seller delivers the Deed to the Purchaser.
6. Notwithstanding the fact that the Deed to the aforesaid Property will not be delivered to the Purchaser until the purchase price and interest thereon has been paid in full, the Purchaser and his agents and employees may enter on the Premises for the purpose of taking soil samples, making surveys, removing underbrush and other vegetation, and for general inspections of the Property, provided that such activities cause no permanent damage to adjoining property or to the Premises themselves. In the event title does not close because of the Purchaser's default, then the Seller, in addition to other remedies he may have, including the right to retain or recover liquidated damages, shall be entitled to be indemnified and held harmless by the Purchaser for any permanent damage caused to the Premises or adjoining property by reason of the Purchaser's entry on the Premises.
7. In the event the Purchaser defaults in making any of the installment payments and the Seller, as a result, wishes to exercise his option to terminate this Agreement as heretofore provided, this Agreement shall not terminate unless the Seller first notifies the Purchaser of the default and termination, in writing by certified mail, return receipt requested, addressed to the Purchaser at the address set forth above. The Purchaser may cure the said default by payment of all sums in arrears by cash or certified check delivered to and received by the Seller no later than [number] business days following receipt of the aforesaid Note by the Purchaser.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals the day and year first above written.
[Signatures]
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