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20160558 The unpaid principal shall be payable in monthly installments of $ 05Rginning on July 01 2016, and continuing until . 01-01 -ac the "Due Date "), at which time the remaining unpaid principal and interest shall be due in full. x°75,00 -}-1° $(j11,0O w i 11 be_ e5Crtwie Q rltor -hly -o Li ye&H y }-axes oand nc.e- All payments on this Contract shall be applied first in payment of accrued interest, if applicable, and any remainder in payment of principal. If any payment obligation under this Contract is not paid when due, the remaining unpaid principal balance and any accrued interest, if applicable, shall become due immediately at the option of the Seller. LATE PAYMENT CHARGE. There will be late payment charge for payments received after the Due Date. NON - SUFFICIENT FUNDS. The Buyer shall be charged the maximum amount allowable under applicable law for each check that is returned to Seller for lack of sufficient funds in addition to any late payment charges allowable under this Contract. PREPAYMENT. The Buyer reserves the right to prepay this Contract in whole or in part) prior to the Due Date with no prepayment penalty. ENCUMBRANCES. The Seller guarantees the Property is not currently encumbered and further agrees to take no action causing the Property to become encumbered so long as this Contract is in effect. MAINTENANCE AND IMPROVEMENTS. Buyer agrees that any and all buildings, permanent fixtures and improvements currently on or subsequently added to the land or Property may not be removed, but will remain on the Property until the contract is fully performed. In the event of default by the Buyer under this Contract, any and all permanent fixtures and improvements made on the Property will remain with the Property. POSSESSION. Buyer will maintain possession of the Property upon execution of this Contract. CONDITION OF PREMISES. The Buyer recognizes the Property is being sold as is and the Seller is under no obligation to make any improvements or repairs during the time of this Contract. INSURANCE. Seller agrees to maintain adequate property insurance on the Property equal to the assessed value of the Property from the date of signing this agreement. The Seller shall immediately notify the Buyer of any lapse in coverage. The Buyer is responsible for maintaining insurance on any personal property or other items the Buyer places inside or on the Property. TAXES AND ASSESSMENTS. Seller agrees to pay all taxes including but not limited to federal, state, and municipal, that arise as a result of this sale, excluding income taxes.