Buyer agrees to pay the listed sum for the property selected for purchase. The total sum is payable as follows: CASH PURCHASE: If buyer elects to pay cash then total purchase price listed is due and payable upon execution of this contract and no further payments are required. SELLER FINANCING WITH AUTOMATIC BILLING: If buyer elects to purchase property using seller financing and agrees to make payments on an automatic billing program, also referred to as “Recurring Billing,” the sum will be paid by Buyer in equal installment payments calculated at an interest rate of 12.7% for the amortization period listed above until sum is paid in full. The first payment is due and payable as listed above and subsequent installment payments will be due and payable each month on the same day beginning 30 days from the date of execution of this contract and will be charged to buyer automatically through an online credit card merchant of seller’s choosing. Each payment shall be credited first on interest then due and then on the principal; and interest shall thereupon cease upon the principal so credited. Buyer agrees to register for automatic payments through the credit card merchant service of Seller’s choosing at the time of sale or at the request of the Seller prior to the first installment payment being due. The interest rate of 12.7% will only remain in effect if buyer continues to make automatic payments for the life of the loan. If Buyer fails to register for automatic payments at time of sale or request, cancels recurring automatic billing enrollment or if Seller is unable to successfully process recurring automatic payments, then Seller may at its sole discretion, increase the interest rate by up to, but not more than, Seller’s standard rate of 14.7%. SELLER FINANCING WITHOUT AUTOMATIC BILLING: If buyer elects to purchase property using seller financing the sum will be paid by Buyer in equal installment payments calculated at an interest rate of 14.7% for the amortization period listed above until sum is paid in full. The first payment is due and payable as listed above and subsequent Installment payments will be due and payable each month on the same day beginning 30 days from the date of execution of this contract. Each payment shall be credited first on interest then due and then on the principal; and interest shall thereupon cease upon the principal so credited. LATE PAYMENTS AND REMEDIES: If after 15 days of the agreed upon payment due date Buyer fails to pay the agreed upon monthly payment either by invoice or automatic billing, Buyer will be charged a late fee of $25.00. Buyer will charged a service fee of $25.00 for any payment which is denied or returned by buyer’s bank or credit card company. PREPAYMENT: There is no prepayment penalty. TIME: Time is of the essence in this agreement. LIMIT ON PURCHASES: Seller reserves the right to limit the amount of properties financed at one time to 3. Should Seller at their sole discretion, waive the financing limit of 3 and allow additional accounts, Seller also reserves the right to request an additional down payment on said purchases. SALE FINAL: All sales are final.
Buyers entering into a seller financing agreement agree to pay an impound amount shown in the cost breakdown above. The impound amount equals one monthly payment of the year’s property taxes plus administrative processing fees.. The impound amount will be used by Seller to pay for the yearly taxes on behalf of the Buyer during the term of the land sale agreement. Property taxes and impound amounts are estimates based on the most recent tax and assessment of the property and may be adjusted at anytime, at Seller’s sole option, to reflect the current tax year’s assessments. Seller will pay for all real property taxes, liens and other assessments due and payable before the sale date. Buyer agrees to pay all taxes and liens hereafter levied upon the property and all public or private liens which may hereafter be imposed upon the property as the same become due and before they become delinquent.
DELIVERY OF DEED
Seller shall deliver to Buyer a good and sufficient deed of the above real property as hereinabove provided for within thirty (30) days of such time as Buyer has paid to Seller, as hereinabove provided, the entire balance due directly to Seller, or before at Seller’s sole discretion.
NO STRIP, WASTE, OR SEVERANCE
Buyer agrees that they shall not commit any strip or waste on the property, or sever any growing timber from said premises, nor shall the Buyer suffer or permit any strip or waste to be committed on such premises.
Buyer shall not use or allow the use of the property in a manner that may cause “Hazardous Materials” to be released or to become present on, under, or about the property or other properties in the vicinity of the property. Buyer shall be responsible for any and all damages, cost of remediation, removal and/or cleanup of hazardous materials and for any and all costs related any claim of property damage, injury or death related to the release of hazardous materials on the property or other properties in the vicinity of the property made by Seller or any other party. For the purpose of this contract “Hazardous Materials” shall mean: Any item or agent (biological, chemical, radiological, and/or physical), which has the potential to cause harm to humans, animals, or the environment, either by itself or through interaction with other factors. Any substance or chemical which is a “health hazard” or “physical hazard,” including: chemicals which are carcinogens, toxic agents, irritants, corrosives, sensitizers; agents which act on the hematopoietic system; agents which damage the lungs, skin, eyes, or mucous membranes; chemicals which are combustible, explosive, flammable, oxidizers, pyrophorics, unstable-reactive or water-reactive; and chemicals which in the course of normal handling, use, or storage may produce or release dusts, gases, fumes, vapors, mists or smoke which may have any of the previously mentioned characteristics. Any item or chemical which can cause harm to people, plants, or animals when released by spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping or disposing into the environment. Any materials that produce alpha particles, beta particles, gamma rays, x-rays, neutrons, high-speed electrons, high-speed protons, and other particles capable of producing ions. This includes “special nuclear material,” byproduct material, and radioactive substances. Hazardous materials may include but are not limited to, petroleum, petroleum products, controlled substances, asbestos, radon, polychlorinated biphenyls (PCBs) and all of those chemicals, substances, materials, controlled substances, objects, conditions, wastes and living organisms that are now or become in the future listed, defined, or regulated in any manner by any Environmental Law.
DEFAULT AND REMEDY
If Buyer fails to make their agreed upon monthly payment for thirty (30) days their contract will be considered “In Default.” A contract in default may be cancelled by Seller, at Seller’s option, without notice to Buyer, and Seller may retain as damages any and all moneys paid by Buyer to Seller.
In the event Buyer fails to make the payments provided for herein, or any of them, punctually and under strict terms and at the times above specified, or commits or suffers any strip or waste of or on such premises, or violates any of the Environmental Provisions described above or the other terms or conditions of this contract, time of payment and strict performance being declared to be the essence of this contract, then the Seller at its option, shall have the right: (A) To collect from Buyer a “contract termination fee” of no more than $200.00. Seller may collect the termination fee by charging the Buyer’s credit card or bank account, and (B) To foreclose this contract by suit, in equity, or assert any other right existing by law or in equity including forfeiture remedy in applicable states.
In event of such cancellation,forfeiture or foreclosure all of the right and interest herein created or then existing in favor of Buyer derived under this contract shall utterly cease, and the right to possession of the real property above described and all rights acquired by the Buyer shall revert to and revest in Seller without an act of reentry or any other act of Seller to be performed, and without any right of Buyer of return, reclamation or compensation for moneys paid on account of the purchase of said property, as absolutely, fully and perfectly as if this contract and such payments had never been made; and, in the event of such default, all payments heretofore made on this contract are to be retained by and belong to Seller as the agreed and reasonable rent of said premises to the time of such default. In the event of such default, Seller shall have the right to immediately, or at any time thereafter, enter upon the real property aforesaid without any process of law and take immediate possession thereof, together with all improvements and appurtenances thereon or thereto belonging. The remedies provided Seller above are nonexclusive and in addition to any other remedies provided by law.
Failure by Seller at any time to require the performance by the Buyer of any of the provisions hereof shall in no way waive or affect Seller’s right hereunder to enforce the same, nor shall any waiver by Seller of any breach be held to be a waiver of any succeeding breach or a waiver of this Non-Waiver Clause.
Buyer shall defend and hold Seller, its officers and employees, harmless from all claims, losses, damages or liability of any kind arising out of or in any way connected with the Buyer’s use or possession of the property purchased herein. Such indemnification shall include Seller’s reasonable attorney’s fees, costs and lost compensation or profits of Seller or their agents resulting from the preparation for and participation in any litigation. Buyer hereby releases and holds Seller harmless with respect to all liability, loss, damages, claims, suits, causes for action awards, decrees, judgments, or expense of any kind, including legal fees and costs in connection with the property arising out of personal injury, death, or property damage actually or allegedly arising from the condition of the property during any on-site and/or off-site inspections.
Buyer agrees that Buyer shall not assign this contract or Buyer’s rights hereunder without the written consent of the Seller.
GOVERNING LAW; JURISDICTION; AND VENUE
The parties agree that the venue of any legal action shall be in Clark County, WA and governed by the laws of the State of WA. In the event of a legal dispute where the claim is $5,000 or less, the parties agree to resolve the dispute utilizing binding arbitration. Under no circumstances shall the Seller’s liability exceed the amount paid by Buyer(s) to the Seller. Only in the event of court judgment shall the prevailing party be entitled to recover reasonable attorney’s fees and costs. The undersigned Buyer(s) agree to purchase the above-described real property on the Terms and Conditions stated herein.
PROPERTY CONDITION AND WARRANTIES
Buyer makes no other warranties, express or implied, regarding the property or the condition or state of repair thereof, it being understood by all parties that the property will be conveyed to the Buyer AS IS. Buyer hereby accepts the property in whatever physical condition and geographic location the parcel may be found at time of sale. Buyer acknowledges that it their sole responsibility to personally inspect the parcel prior to purchase. All property is sold subject to all existing covenants, conditions, restrictions, reservations, exploration rights, easements, rights of way, assessments, zoning of record and any land use restrictions. All parcels sold by Seller are sold as residential property; Seller does not guarantee the suitability of property for any specific purpose and does not guarantee zoning. Improvement bonds on the property are to be assumed by Buyer(s) in addition to the sale price. Buyer hereby accepts property “AS-IS.” Seller’s warranties are limited to these expressed warranties. (A) Title to the property is marketable title. (B) There are no liens other than recurring assessments. (C) Seller reserves the right to place a deed of trust on the parcel at any time, but warrants that such deed of trust shall be re-conveyed (removed) prior to a deed being recorded to Buyer. (D) Should Buyer(s) discover a breach of any of these warranties, Seller at its sole discretion shall (1) cure the breach or (2) cancel the sale and refund all moneys to Buyer(s). No oral representations may be relied upon.
Buyer(s) will execute all documents required to complete this purchase within thirty (30) days or DEPOSIT WILL BE FORFEITED to Seller. Upon completion of payments or payment in full, Seller shall have the exclusive right to extend the recording for an additional period of ninety (90) days. Buyer hereby waives any right to stop the payment of or dispute any monies or credit card charges paid. Any refunds owed to Buyer for overpayment, or for any other reason, shall be disbursed to Buyer within 90 days of notice being delivered to Seller that such a refund is due. Under no circumstance shall the documentation fee, shown above, be refunded. No preliminary title report or title insurance will be issued. If Buyer(s) should fail to perform any part of the contract, Buyer(s) WILL FORFEIT ALL MONIES PAID to Seller, and Seller shall have no further obligation to Buyer(s), or Seller at its sole discretion shall have the exclusive right to enforce this agreement while extending the recording date until all funds due the Seller have been paid in full. If an Affidavit of any kind is customarily recorded with documents in the State in which this property is located, Buyer expressly authorizes Seller to sign said Affidavit on Buyer’s behalf. Buyer understands and agrees to follow all rules and procedures required by the county before making any improvements on the land. Any fines, imposed by the county as a result of Buyer’s actions shall be paid by Buyer.
The headings herein contained are for reference only and are not to be construed as part of this Agreement.