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201606889
<br /> Buyer states it has made an inspection of the Property and is purchasing same in "AS IS
<br /> CONDITION" without any type of warranty thereon. Buyer further understands that Seller has
<br /> not made and does not make any representations or warranties of any kind as to the condition of
<br /> the Property, buildings, improvements, or fixtures located thereon, and/or the location of the
<br /> boundaries of the Property.
<br /> 4. POSSESSION
<br /> Buyer shall be entitled to enter into possession of Property on September 01, 2015 and to
<br /> continue in possession thereof so long as it is not in default in its performance of this Contract.
<br /> 5. DELIVERY OF DEED
<br /> Upon full payment of this Contract, Seller shall issue a General Warranty Deed
<br /> conveying to Buyer good and marketable title to the Property as evidenced by a title guarantee in
<br /> the full amount of the purchase price procured and paid for by Seller.
<br /> 6. EVIDENCE OF TITLE
<br /> Seller shall be required to provide an abstract or guarantee of title, statement of title, title
<br /> insurance, or any such other evidence of title at Seller's expense upon request from Buyer. Such
<br /> evidence of title shall show marketable title of the Property conveyed free and clear of all
<br /> encumbrances except those mortgages or liens, if any, mentioned herein, easements, restrictions,
<br /> limitations, reservations, covenants and conditions of record not coupled with a possibility of
<br /> reverter,right of reentry, or other reverter right that amounts to a qualification of the fee,and subject
<br /> also to applicable zoning ordinances and real estate taxes for the year in which the deed is delivered
<br /> and thereafter.
<br /> 7. TAXES AND ASSESSMENTS
<br /> Buyer shall pay all general and special taxes, liens, and charges including any and all
<br /> assessments of every nature, levied, assessed, or accruing on the Property after the Effective
<br /> Date. Real estate taxes shall be prorated to the date of closing using the short-term method of tax
<br /> proration. The Real Estate Taxes shall be paid monthly in the amount of$ 67.14 per month along
<br /> with the mortgage payment to J&B Rentals. The amount will be reviewed at the end of each year
<br /> and the amount will be changed accordingly.
<br /> 8. RISK OF LOSS AND INSURANCE
<br /> Buyer shall be liable for risk of loss by negligence, fire, or other casualty. Buyer agrees to
<br /> keep the Property insured, with at least content, liability, fire, casualty, hazard, and windstorm
<br /> insurance with an insurance company and to an amount satisfactory to Seller and a comprehensive
<br /> liability insurance coverage for the benefit of both Parties, as their interest may appear, and
<br /> provide a copy of said policy to Seller or to any mortgagee. All insurance proceeds shall be
<br /> payable to Seller. The cost of this insurance paid by the seller shall be eiinbursed by the Buyer in
<br /> the amount of$43.08 per month and added to the monthly mortgage payment. The insurance will be
<br /> reviewed at the end of each year and changed accordingly. The Buyer understands that their
<br /> personal property is not covered in the above insurance and that the Buyer will need to insure their
<br /> personal property.
<br /> 9. UTILITIES
<br /> Buyer shall pay the cost of all utilities in connection with the Property, including,but not
<br /> limited to, telephone, gas, electric, water, sewage, and cable,that may become due or payable on
<br /> or after the Effective Date. Buyer shall at no time have any utility service disconnected without
<br /> written authorization from Seller.
<br /> 10. POSSESSION OF PROPERTY
<br /> Upon execution of this Contract, Buyer shall take possession of the Property and shall
<br /> enjoy peaceful possession of the Property for as long as all payments due under this Contract are
<br /> made in a timely manner and all other terms and covenants are in compliance.
<br /> 11. TIME IS OF THE ESSENCE
<br /> Time is of the essence with respect to the terms and provisions of this Contract. The time of
<br /> each payment shall also be an essential part of this Contract.
<br /> 12. DEFAULT BY SELLER
<br /> In the event of the failure of Seller to comply with the terms of this Contract or perform any
<br /> of the covenants hereby made and entered into, Buyer shall have the option to collect damages at
<br /> law or demand specific performance,costs,and reasonable attorney's fees from Seller.
<br /> 13. DEFAULT BY BUYER
<br /> In the event of the failure of Buyer to pay any of the sums in this Contract agreed to be
<br /> paid by Buyer,for a period of 20 days after they become due, either as installments or on account
<br /> of interest, taxes, assessments, or procuring insurance, or should Buyer fail to comply with any
<br /> of the covenants or conditions of this Contract on its part to be performed, or if a receiver is
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