Land Contract Agreement

This Agreement is made and entered into by and between:
RAPIDYNE CORPORATION hereinafter referred to as SELLER
whose address is:
3301 MALIBOU AVE
PAHRUMP NV 89048
and ,
hereinafter referred to as BUYER,
whose address is:
,
,
contact phone number and/or email address:
,

Witnesseth: The SELLER, for himself, his heirs and assigns, does hereby agree to sell to the BUYER, their heirs and assigns, the following real estate commonly known as:

3760 W NEVADA HWY 372, PAHRUMP NV 89048

and further described; as:

Assessor's Parcel Number: 2857601
Undivided Lots 4 & 5, Block 16, Pahrump City
Vacant Land

together with all appurtenances, rights, privileges and easements and all buildings and fixtures in their present condition located upon said property.

1. CONTRACT PRICE. METHOD OF PAYMENT, INTEREST RATE:

In consideration whereof, the BUYER agrees to purchase the above described property for the sum of Twenty One Thousand Nine Hundred Fifty Dollars ($21,950.00), payable as follows:

The sum of $1,000.00 as down payment at the time of execution of this Land Contract Agreement, the receipt of which is hereby acknowledged, leaving principal balance owed by BUYER of $20,950.00 together with interest on the unpaid balance payable in consecutive monthly installments of $138.74 beginning on the first day of the month following the execution of this Agreement, and on the first day of each and every month thereafter for a total of 10 years (120 months) at which time the entire remaining balance plus accrued interest shall become due and payable. The Interest on the unpaid balance due hereon shall be six and one half per cent (6.5%) per annum computed monthly, in accordance with a monthly amortization schedule during the life of this Contract.

Payments shall be made to the SELLER at the above mentioned location, unless otherwise directed by the SELLER, and such payments shall be credited first to the Interest, and the remainder to the principal or other sums due. The total amount of this obligation, both principal and interest, unpaid after making any such application of payments as herein receipted shall be the interest bearing principal amount of this obligation for the next succeeding interest computation period. The BUYER may pay the entire balance due under this contract without prepayment penalty.


2. ENCUMBRANCES:

For the duration of this Land Contract Agreement neither SELLER nor BUYER shall place, or cause to be placed, any mortgage on the premises in excess of this Land Contract Agreement balance without prior written consent of the other party.


3. REAL ESTATE TAXES:

Real estate taxes on this property are approximately $50.00 per year.

For the duration of this Land Contract Agreement, annual real estate taxes shall be the responsibility of the BUYER as of the date of the execution of this agreement. Said annual real estate taxes shall be billed to the BUYER during the month of June each year and must be paid before the end of July each year.


4. INSURANCE AND MAINTENANCE:

Insurance is not required by SELLER.

The BUYER agrees to maintain the property in accordance with any government requirements and/or ordinances.

BUYER is hereby authorized to make any improvements on or to the property as long as said improvements meet State, County, and local requirements for same.

The BUYER has inspected the property constituting the subject matter of this Land Contract Agreement, and no representations have been made to the BUYER by the SELLER in regard to the condition or use of said property; and it is agreed that the said property is being sold to the BUYER as the same now exists and that the SELLER shall have no obligation to do or furnish anything toward the improvement of said property, except as may be provided herein.

To the best of SELLER's knowledge, utilities such as electricity, water, sewer, and trash pick-up, are currently available to said property. Costs to bring utilities to said property is to be determined by the individual utility supplier and are the responsibility of the BUYER should BUYER desire said utilities. SELLER makes no claims as to the costs of said utilities


5. POSSESSION:

The BUYER shall be given possession of the above described premises upon Land Contract Agreement execution, or as otherwise provided herein and shall thereafter have and hold the same subject to the provisions for default hereinafter set forth.


6. ASSIGNMENT:

The BUYER shall not sell, assign, or pledge their interest in this Land Contract Agreement without the SELLER's written consent which consent shall not be unreasonably withheld.


7. DELIVERY OF DEED:

Upon full payment of this contract, the SELLER shall prepare a Grant, Sale & Bargain Deed in the name of BUYER or BUYER's assigns and cause said Deed to be recorded with the Nye County Recorder's office. The Nye County Recorder will mail confirmed recorded Deed to BUYER within a reasonable time.


8. DEFAULT:

If any installment payment to be made by the BUYER under the terms of this Land Contract Agreement is not paid by the BUYER when due or within two (2) installments thereafter, the entire unpaid balance shall become due and collectable at the election of the SELLER and the SELLER shall be entitled to all the remedies provided for by the laws of this state and/or to do any other remedies and/or relief now or hereafter provided for by law to such SELLER; and in the event of the breach of this contract in any other respect by the BUYER. SELLER shall be entitled to all relief now or hereinafter provided for by the laws of this state.

Waiver by the SELLER of a default or a number of defaults in the performance hereof by the BUYER shall not be construed as a waiver of any default, no matter how similar.


9. GENERAL PROVISIONS:

There are no known pending orders issued by any governmental authority with respect to this property other than those spelled out herein prior to closing date for execution of this Land Contract Agreement.

It is agreed that this Land Contract Agreement shall be binding upon each of the parties, their administrators, executors, legal representatives, heirs and assigns.


Signature of BUYER(S) & Date

_______________________________________________ Date: ______________


Signature of BUYER(S) & Date

_______________________________________________ Date: ______________


The Rapidyne Corporation hereby acknowledges receipt and acceptance of this offer to purchase the above mentioned property for the above mentioned dollar amount and hereby acknowledges receipt of the down payment in the amount of $1,000 for said property.

Signature of SELLER & Date

_______________________________________________ Date: ______________
by officer of the Rapidyne Corporation


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