TICOR TITLE INSURANCE LAND CONTRACT
FORM 1971
================================================================================
THIS CONTRACT, made this 26th day of October, 1994 between Cass
Parties River Investment Company, a Michigan co-partnership hereinafter
referred to as "Seller", whose address is 0000 Xxxxxxx Xxxxxx
Xxxx Xxxxx, XX 00000
and Cass River Coatings, Inc., a Michigan Corporation hereinafter
referred to as "Purchaser", whose address is 000 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000
WITNESSETH:
1. Seller Agrees:
Description (a) To sell and convey to Purchaser land in the City of
of Land Vassar, County of Tuscola, Michigan, described as:
See attached schedule "A"
, hereinafter referred to as "the land", together with all
tenements, hereditaments, improvements, and appurtenances,
including any lighting or plumbing fixtures, shades, Venetian
blinds, curtain rods, storm windows, storm doors, screens,
awnings, and
now on the land, subject to any applicable building and use
restrictions and to any easements affecting the land.
(b) That the full consideration for the sale of the land to
Purchaser is:
($ 600,000.00) dollars, of which the sum of Zero Dollars ($ Zero)
dollars has been paid to Seller prior to the delivery hereof, the
receipt of which is hereby acknowledged, and the additional sum
of Six Hundred Thousand no/100 ($ 600,000.00 ) dollars, is to be
Terms of paid to Seller, with interest on any part thereof at any time
Payment unpaid at the rate of 8 per cent per annum while Purchaser is not
in default, and at the rate of 9 per cent per annum, computed
upon the balance of the purchase price then unpaid, during the
period of any default in payment. Such additional purchase money
and interest is to be paid in monthly installments of Seven
Thousand Two Hundred Seventy-Nine 66/100 7279.66) dollars each,
or more at Purchaser's option, on the 1st day of each month,
beginning November 1, 1994; such payments to be applied first
upon interest and the balance on principal. All of the purchase
money and interest shall, however, be fully paid within 10 years
from the date hereof, anything herein to the contrary
notwithstanding.
Seller's (c) To execute and deliver to Purchaser or his assigns, upon
Duty to payment in full of all sums owing hereon, less the amount then
Convey owing on any unpaid mortgage or mortgages, and the surrender of
the duplicate of this contract, a good and sufficient warranty
deed conveying title to the land, subject to abovementioned
restrictions and easements and to any then unpaid mortgage or
mortgages, but free from all other encumbrances, except such as
may be herein set forth or shall have accrued or attached since
the date hereof through the acts of omissions of persons other
than Seller or his assigns.
Furnishing
Evidence
of Title
Purchaser's 2. Purchaser Agrees:
Duties
(a) To purchase the land and pay Seller the sum aforesaid,
with interest thereon as above provided.
Maintenance (b) To use, maintain and occupy the land in accordance with
Premises any and all building and use restrictions applicable thereto.
(c) To keep the land in accordance with all police, sanitary
or other regulations imposed by any governmental authority.
(d) To keep and maintain the land and the buildings thereon
in as good condition as they are at the date hereof and not to
commit waste, remove or demolish any improvements thereon or
otherwise diminish the value of Seller's security, without the
written consent of Seller.
To Pay Taxes (e) To pay all taxes and special assessments hereafter
and Keep levied on the land before any penalty for non-payment attaches
Premises thereto, and submit receipts to Seller upon request, as evidence
Insured of payment thereof; and also at all times to keep the buildings
now or hereafter on the land insured against loss and damage, in
manner and to an amount approved by Seller, and to deliver the
policies as issued to Seller with the premiums fully paid.
Dower If the wife of Seller has dower rights in the land, she
Rights agrees, by joining in the execution of this contract, to join in
executing the deed to be given in fulfillment hereof.
Capacity Any individual parties hereto represent themselves to be of
of Parties full age. Any corporate parties hereto represent themselves to be
existing corporations with their charters in full force and
effect.
Interpretation The pronouns and relative words herein used are written in
of Contract the masculine and singular. If, however, more than one person
joins in the execution hereof as Seller or Purchaser, or either
party be of the feminine sex or a corporation, such words shall
be read as if written in plural, feminine or neuter,
respectively. The covenants herein shall bind the heirs,
devisees, legatees, successors and assigns of the respective
parties.
Signatures Signed, sealed and delivered by the parties in duplicate the day
and year first above written.
IN PRESENCE OF:
/s/Xxxx Xxxxxx /s/Xxxxx X. Xxxxxx, Xx. (L.S)
------------------------ ---------------------------
Xxxx Xxxxxx Xxxxx X. Xxxxxx, Xx.
/s/Xxxxxxx X. Xxxxxxx (L.S)
------------------------ ---------------------------
Xxxxxxx X. Xxxxxxx
/s/Xxxxxx Xxxxxxx (L.S)
------------------------ ---------------------------
Xxxxxx Xxxxxxx
above three signatures are
Cass River Investment partners
/s/Xxxxx Xxxxxxxx /s/Xxx Xxxx (L.S)
------------------------ ---------------------------
Xxx Xxxx,
Vice President
Cass River Coatings, Inc.
/s/Xxxxxxxx Xxxxxxxx (L.S)
---------------------------
Xxxxxxxx Xxxxxxxx,
Vice President
Cass River Coatings, Inc.
Individual STATE OF MICHIGAN
Acknowl- COUNTY OF ss.
edgment
On this day of 19 before me
appeared
to me known to be the person described in and who executed
the foregoing instrument and acknowledged that executed the
same as free act and deed.
My commission expires 19
----------------------------
----------------------------
Notary Public,
County, Michigan
Corporate STATE OF MICHIGAN
Acknowl- COUNTY OF ss.
edgment
On this day of 19 before me
appeared
to me personally known, who being by me sworn, did (1)
say that (2) the
of
the corporation named in and which executed the within
instrument, and that the seal affixed to said instrument is the
corporate seal of said corporation, and that said instrument was
signed and sealed in behalf of said corporation by authority of
its board of directors; and said
acknowledged said instrument to be the free act and deed of said
corporation.
My commission expires 19
----------------------------
----------------------------
Notary Public,
County, Michigan
Note: If more than one officer acknowledges insert at (1)
"each for himself," and (2) "they are respectively"
-----------------------------------------------------------
Instrument Business
Drafted by: Address:
----------------------------- -------------------------
-------------------------
