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201608'76 ct
<br /> Upon full payment of this Contract, Seller shall issue a General Warranty Deed conveying to Buyer good
<br /> and marketable title to the Property as evidenced by a title guarantee in the full amount of the purchase
<br /> 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 insurance, or
<br /> any such other evidence of title at Seller's expense upon request from Buyer. Such evidence of title shall
<br /> show marketable title of the Property conveyed free and clear of all encumbrances except those
<br /> mortgages or liens, if any,mentioned herein,easements,restrictions, limitations,reservations,covenants
<br /> and conditions of record not coupled with a possibility of reverter,right of reentry, or other reverter right
<br /> that amounts to a qualification of the fee,and subject also to applicable zoning ordinances and real estate
<br /> taxes for the year in which the deed is delivered and thereafter.
<br /> 7. TAXES AND ASSESSMENTS
<br /> Buyer shall pay all general and special taxes,liens and charges including any and all assessments of every
<br /> nature, levied, assessed, or accruing on the Property after the Effective Date. Real estate taxes shall be
<br /> prorated to the date of closing using the short-term method of tax proration. The Real Estate Taxes shall
<br /> be paid monthly in the amount of$76.90 per month along with the mortgage payment to J&B Rentals.
<br /> The amount be reviewed at the end of each year 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 keep the
<br /> Property insured, with at least content, liability, fire, casualty,hazard, and windstorm insurance with an
<br /> insurance company and to an amount satisfactory to Seller and a comprehensive liability insurance
<br /> coverage for the benefit of both Parties,as their interest may appear, and provide a copy of said policy to
<br /> Seller or to any mortgagee. All insurance proceeds shall be payable to Seller. The cost of this insurance
<br /> paid be the seller shall be reimbursed by the Buyer in the amount of$25.91 per month and added to the
<br /> monthly mortgage payment. The insurance will be reviewed at the end of each year and changed
<br /> accordingly.The Buyer understands that their personal property is not covered in the above insurance and
<br /> that the Buyer will need to Insure their personal property.
<br /> 9. UTILITIES
<br /> Buyer shall pay the cost of all utilities in connection with the Property, including, but not limited to,
<br /> telephone, gas, electric, water, sewage, garbage, and cable, that may become due or payable on or after
<br /> the Effective Date, Buyer shall at no time have any utility service disconnected without written
<br /> authorization from Seller.
<br /> 10. POSSESSION OF PROPERTY
<br /> Upon execution of this Contract, Buyer shall take possession of the Property and shall enjoy peaceful
<br /> possession of the Property for as long as all payments due under this Contract are made in a timely manner
<br /> and all other terms and covenants are in compliance.
<br /> 11. TIME OF THE ESSENCE
<br /> Time is of the essence with respect to the terns and provisions of this Contract.The time of each payment
<br /> 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 of the
<br /> covenants hereby made and entered into,Buyer shall have the option to collect damages at law or demand
<br /> 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 paid by Buyer,for
<br /> a period of 20 days after they become due, either as installments or on account of interest, taxes,
<br /> assessments, or procuring insurance, or should Buyer fail to comply With any of the covenants or
<br /> conditions of this Contract on its part to be performed, or if a receiver is appointed for Buyer(Buyer is
<br /> prohibited from assigning its interest in the Property for benefit of creditors due to bankruptcy or
<br /> otherwise), or should any action or proceeding be filed in any court to enforce any lien on claim against
<br /> the Property seeking to reach the interest of Buyer,then:
<br /> a. Seller shall be released from all obligations in law or equity to convey the Property to Buyer.
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