This section is from the book "The Law Of Land Contracts", by Asher L. Cornelius. Also available from Amazon: Michigan Law Of Land Contracts.
This contract, made this......................day of......................A. D. 19......, between....................of....................of the first part, and........
............of....................of the second part, witnesseth:
1. The said party of the first part, in consideration of the sum of..................dollars to be paid to the said party of the first part, and of the covenants to be performed by the said party of the second part, as hereinafter expressed, hereby agrees to sell to the said party of the second part, all that certain tract of land situated in the township of...................., County of........
..................and State of...................., known and described as follows : etc., with the privileges and appurtenances thereunto belonging.
2. The said party of the second part in consideration of the covenants herein contained on behalf of the said party of the first part, hereby agrees to purchase the above described land and to pay for the same to the said party of the first part or his legal representatives the sum of..............................
..............................dollars in manner following, that is to say,
(state the terms of payment), with interest to be computed from the date of these presents at the rate of....................per cent, per annum, on the whole sum that shall be from time to time unpaid, and to be paid annually....................aforesaid and also that he will, so long as any part of the principal or interest of the said consideration money remains unpaid, well and faithfully in due season, in each and every year, pay or cause to be paid all taxes and assessments, ordinary and extraordinary, that may for any purpose whatever be levied or assessed on said premises or on this contract; and that he will not commit or suffer any other person to commit any waste or damage to the said lands or the appurtenances except for firewood or otherwise for his own use, or while clearing the lands for cultivation in the ordinary manner.
3. The said party of the first part further covenants and agrees with the said party of the second part that upon the faithful performance by the said party of the second part of the covenants and agreements by him to be performed, and upon the payment of the several sums of money above mentioned, and the interest thereon, at the time and in the manner and at the place above mentioned, to the said party of the first part, that thereupon the said party of the first part will well and faithfully execute and deliver a good and sufficient deed or deeds, and thereby convey to the said party of the second part, his heirs and assigns, a good and unencumbered title in fee simple to the above described premises with their appurtenances.
4. It is further mutually covenanted and agreed by and between the parties hereto, that the said party of the second part may immediately enter on the said land and remain thereon and cultivate the same as long as he shall fulfill and perform all the agreements hereinbefore mentioned, on his part to be fulfilled and performed, and no longer; and that if he shall, at any time hereafter violate or neglect to fulfill any of said agreements, he shall forfeit all right or claim under this contract and be liable to said party of the first part for damages, and shall also be liable to be removed from the said land in the same manner as is provided by law for the removal of a tenant who holds over after the expiration of the time specified in his lease. And it shall be lawful for the said party of the first part, at any time after the violation or non-fulfillment of any of the said agreements on the part of the said party of the second part, to sell and convey the land, or any part thereof, to any other person whomsoever; and the said party of the first part shall not be liable in any way, or to any person, to refund any part of the money which he may have received on this contract, or for any damages on account of such sale.
And it is hereby expressly understood and declared that time is and shall be deemed and taken as of the essence of this contract, and that unless the same shall in all respects be complied with by the said party of the second part at the respective times and in the manner above limited and declared, that the said party of the second part shall lose and be debarred from all rights, remedies, or actions either in law or equity, upon or under this contract.
5. It is hereby agreed that this contract shall be binding on the respective representatives of the parties hereto.
In witness whereof, the parties to this agreement have hereunto set their hands and seals the day and year first above written.
................................................
................................................
Signed, sealed and delivered in the presence of
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