You are on page 1of 1

550 25th Avenue North, Saint Cloud MN 56303 P/763.565.2000 F/763.565.

2001

ADDENDUM TO MUTUAL CANCELLATION OF CONTRACT FOR DEED

Doug and Mundy Thiel have requested a mutual cancellation of contract for deed with Real
Assets LLC for their home at 806 3rd Ave SW Isanti, MN. Real Assets LLC has provided the
cancellation as requested in order to help Doug and Mundy obtain bank financing for a new
residence at 13229 Fremont Avenue in Zimmerman. Doug and Mundy owe Real Assets LLC
approximately $126,000 for 806 3rd Ave SW as of 7/27/2015.

Real Assets LLC will list the home at 806 3rd Ave SW as soon as possible upon the Thiels moving out.
Real Assets LLC has agreed to share remaining equity in the home above the current contract balance of
$126,000 and accrued interest until the home sells. Real Assets LLC agrees to share equity and let
interest accrue through September 30th, 2015. If the home is still unsold after this date, Doug
and Mundy Thiel must cover the ongoing interest payments in order to benefit from a sale of
the home.

All parties agree to the following;

Doug and Mundy will leave the home in as good and clean of condition as possible in order to
prepare the home to be marketed on the MLS.

Premier Real Estate Services will market the home as it does any other Real Assets LLC
inventory.

Any repairs needed to help to market or sell the home will be either paid by the Thiels at time
of service or added to the Real Assets LLC pay-off for the home.

All parties will work in good faith to get the home in good marketing condition and to sell the
home as quickly as possible.

An estimated net sheet has been presented to the Thiels as an example of what the proceeds of
a sale might look like.

It is understood that the subject property is the sole possession of Real Assets LLC and that Real
Assets LLC is simply trying to help Doug and Mundy Thiel to recover as much of their down-
payment as reasonably possible.

You might also like