Professional Land Contract
I. Agreement Overview
This Professional Land Contract (the "Contract") is entered into as of January 1, 2050, by and between Jeremy Marvin, representing ApTerra, with a principal office located at Omaha, NE 68101 (hereinafter referred to as the "Buyer") and [Your Name], representing [Your Company Name], with a principal office located at [Your Company Address] (hereinafter referred to as the "Seller").
The Buyer and Seller agree to the following terms and conditions for the purchase of the land as described in this Contract, and each party acknowledges that they have had the opportunity to review and fully understand the terms herein before signing.
II. Description of the Property
The Seller agrees to sell, and the Buyer agrees to purchase, the real property located at 456 Oak Drive, Lincoln, NE 68508 (the "Property"), which includes any and all improvements, fixtures, and appurtenances currently on the land. The Property is legally described as follows:
The Property is intended to be used for agriculture, including farming and livestock operations.
The Buyer acknowledges that the Property is being sold "as is" and that the Buyer has had the opportunity to inspect the Property before entering into this Contract.
III. Purchase Price and Payment Terms
The total purchase price for the Property is $500,000 (the "Purchase Price"). The Buyer agrees to pay the Purchase Price to the Seller in the following manner:
Down Payment
The Buyer will make an initial down payment of $100,000 upon execution of this Contract.
Financing
The remaining balance of $400,000 will be financed by a loan secured by a mortgage on the Property. The Buyer agrees to apply for financing through a reputable lender and obtain approval for the loan no later than March 1, 2050.
Payment Schedule
The Buyer agrees to make monthly payments of $4,000 to the Seller for a period of 10 years, beginning on April 1, 2050. The remaining balance shall be due in full on the final payment date, March 1, 2060, unless otherwise agreed by both parties in writing.
Late Payments
If the Buyer fails to make a payment within 15 days of the due date, the Buyer will be charged a late fee of 5% of the missed payment.
IV. Closing and Transfer of Title
Closing Date
The closing of the sale shall occur on or before March 1, 2050, at a location mutually agreed upon by the parties. On the closing date, the Buyer will pay the remaining balance of the Purchase Price, subject to the financing arrangements outlined above.
Transfer of Title
Upon receipt of the full Purchase Price, the Seller will execute and deliver to the Buyer a deed of bargain and sale, transferring title to the Property. The Buyer will assume all responsibility for the Property from the closing date forward.
Title Insurance
The Buyer is responsible for obtaining title insurance at their expense, ensuring the Property is free from any encumbrances or liens that could affect ownership.
V. Warranties and Representations
Seller’s Representations
The Seller warrants and represents that:
They have full ownership of the Property and the legal right to sell it.
The Property is not subject to any legal disputes or claims of ownership.
The Property has no environmental hazards or violation notices.
Buyer’s Representations
The Buyer warrants and represents that:
They have the financial ability to make the payments outlined in this Contract.
They have no conflicting contracts or agreements for this purchase.
They'll secure the necessary approvals and financing to complete the purchase.
VI. Taxes and Insurance
Taxes
The Buyer will be responsible for all property taxes from the date of closing onward. The Seller will ensure that all property taxes are paid up to the closing date.
Insurance
The Buyer agrees to maintain property insurance on the Property with coverage sufficient to protect the Buyer and Seller from any loss or damage to the Property, starting from the closing date.
VII. Default and Remedies
Default by Buyer
In the event the Buyer fails to make any payment or perform any obligation under this Contract, the Seller may declare the Buyer in default and may:
Cancel this Contract and keep the Buyer's payments as liquidated damages.
Seek legal remedies, including foreclosure on the Property.
Default by Seller
If the Seller fails to fulfill their obligations under this Contract, the Buyer may:
VIII. Governing Law
This Contract shall be governed by and construed in accordance with the laws of the state of Nebraska. Any legal disputes arising from this Contract shall be resolved in the courts of Nebraska, and both parties consent to the exclusive jurisdiction of these courts.
IX. Signatures
The undersigned, by signing below, agree to all terms and conditions set forth in this Professional Land Contract.
For the Buyer:
Name: Jeremy Marvin
Company: ApTerra
Date: January 1, 2050
For the Seller:
Name: [Your Name]
Company: [Your Company Name]
Date: January 1, 2050
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