LAND CONTRACT THIS LAND CONTRACT is made os of the doy of 20___, between ("Seller"), whose address ond (‘Purchaser’), whose address is In consideration of the mutual covenants herein contcined, itis hereby agreed 0s follows 1, Seller heteby ogrees to sell and convey to Purchaser a certain porcel of land (he “Premises’), located in the Townshio/City of » County of , Siote of Michigan, legally described on attached Exhibit A 2. Purchaser agrees to buy the Premises and to pay Seller the sum of 5 the “Purchose Price’) as follows: $. on signing this Contract, the receipt of which is acknowledged, ond the remaining bolance of $. fo be paid in monthly installments of $. including interest which shall accrue at the rate of percent (__%) per annum over (_) years commencing on , 200__ ond on the first day of each month thereafter until , 20__, ot which time the entire balance of principal ond accrued interest shall be due and payable. 3. Possession of the Premises shall be delivered to Purchaser al Closing, subject only to 4, Purchaser shall corry liability and casualty insurance on the Premises with componies and in amounis acceptable fo Seller, naming Seller as additional insured ond shall provide Seller with evidence thereof. Any such policy shall require ten (10) doys’ prior written notice of cancellation to Seller 5. Purchaser shall enter the Premises for taxation in its name and shall pay, prior to the imposition of any interest or penalty, all taxes and assessments which become a lien on the Premises after the date hereof. Any special assessment may be paid in installments if permitted by the taxing authority 6. ff Purchaser defaults in making ony requied payments of taxes, ‘assessments or insurance premiums within ten (10) days affer Seller’s written demand, Seller moy pay same, including any interest or penalty, and the amount so paid shall be due ai once, shall be added to the unpaid balance of this Contract, and shall be a lien on the Premises.¥. Upon full performance of Purchaser's covenants hereunder, Seller shall deliver to Purchaser a warranty deed, excepting only from the warranty, restrictions, rights and easements of record on the date hereot, taxes which Purchoser is obligated to pay and defects of title due fo the acts or omissions of Purchaser. The deed shall convey the Premises to Purchaser or, at its option, 10 such other entity os Purchaser may designate. Transfer taxes due and owing shall be paid by Seller 8. Purchaser shall not have the right fo transfer its interest in this Contract or the Premises without the prior writen consent of Seller other than to an entity in which all or some of the principals of Purchaser have a controlling interest. Furthermore, no transfer of the Premises by Purchaser shall release Purchaser from liability to Soller except in the cose of explicit writlen release by Seller. 9. Seller reserves the right to convey her interest in this Contract. In addition, Seller may place one or more morlgages on the Premises, provided that at no time shall the total amount secured by such morgage(s) secure more than the balance owing under this Contract, nor shall the total amount of the payments of interest and principal on such debi(s) exceed the payment amounts hereunder 10. I Purchaser defaults in making any poynent required hereunder or commils any other moterial default of this Contract, Seller moy give Purchaser writen notice of forfeilure of this Contract in the monner prescribed by low. lf default is not cured within such time 05 is permitted by law, said Contract shall be forfeited to Seller. All payments made on soid Contract shall belong to Seller os stipulated damages for breach of said Coniract and Purchaser and cll persons holding possession under it shall be licble to be removed from possession of the Premises in any manner provided by low. 11. Notwithstonding the provisions of the preceding Paragraph (10), Seller may elect o pursue any other legel or equitable remedy which Seller may have available fo i in consequence of Purchaser's defoull hereunder. Seller also has the righ! lo declare the entire bolance of principal and interest immediately due and payable ofter default by Buyer. 12. It is hereby expressly agreed that time is of the very essence of this Contract. Its further agreed that all notices shall be conclusively presumed to be served upon the porties hereto when deposited in the United States mail, enclosed in an envelope with postage fully prepaid thereon, addressed fo such party al the eddress given in the heading of ‘his Contract of at such other address os may be specified in writing, from time to time. 13. Purchaser has received a fitle insurance policy covering the Premises and agrees to accept as merchantable the title disclosed thereby.14. Purchaser has examined the Premises and is accepiing such in their “os is” condition. Purchaser covenants to maintcin the Premises in @ good condition os they ore at the date hereof, reasonable wear and fear excepted, and not to commit waste, remove or demolish ony improvements thereon or olherwise diminish the value of Seller's secutily, without the writen consent of Selle 15. Purchaser will comply with all laws and regulations applicable to the Premises and will promplly nofily Seller of receip! of any notice of a violation of any such low or regulation. Purchaser will indemnify and hold Seller hormless from ond against any ond all claims, losses and liabilties caused by Purchaser's breach of this paragraph. 16. Neither parly may record this Contract, At the request of Purchaser, Seller will execute ao Memorandum of Land Contract for the purpose of providing record notice of Purchaser's interest in the Premises. IN WITNESS WHEREOF, the said parties have executed this Land Contract as of the day ond year first writen above. PURCHASER: SELLER: