Land Purchase Advance Payment Agreement
I. Agreement Overview
This Land Purchase Advance Payment Agreement ("Agreement") is entered into on January 2, 2050, by and between [Your Company Name], with its principal place of business located at [Your Company Address], and TeamUp, a company duly incorporated and existing under the laws of the State of Massachusetts, with its principal place of business located at Worcester, MA 01601. The purpose of this Agreement is to outline the terms and conditions of an advance payment related to the purchase of land from [Your Company Name].
II. Definitions and Interpretation
"Land" refers to the property identified for sale by [Your Company Name], which is located at 123 Maple Street, Springfield, MA 01101.
"Advance Payment" refers to the initial payment made by TeamUp to [Your Company Name] in relation to the purchase of the Land.
"Total Purchase Price" refers to the agreed-upon price for the Land, as outlined in the final purchase agreement between both parties.
"Parties" refers to [Your Company Name] and TeamUp, collectively.
III. Advance Payment Terms
1. Advance Payment Amount
The advance payment made by TeamUp to [Your Company Name] shall be $250,000, which will be credited toward the Total Purchase Price for the Land.
2. Payment Schedule
TeamUp agrees to make the advance payment to [Your Company Name] on or before February 1, 2050. This payment shall be made via bank transfer to the account details specified by [Your Company Name].
3. Non-Refundable Deposit
The advance payment is non-refundable unless otherwise specified in a subsequent agreement, provided that the sale of the Land does not proceed due to a breach by [Your Company Name].
IV. Responsibilities of the Parties
1. [Your Company Name]'s Responsibilities
[Your Company Name] agrees to hold the Land in escrow and proceed with the sale to TeamUp once the advance payment is received. Additionally, [Your Company Name] shall provide all necessary documentation related to the Land, including but not limited to ownership certificates, environmental reports, and tax status.
2. TeamUp's Responsibilities
TeamUp shall ensure that the advance payment is made according to the agreed-upon schedule. TeamUp is also responsible for conducting due diligence regarding the Land, including inspections, surveys, and any legal matters prior to the final purchase.
V. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Massachusetts. Any disputes arising from or related to this Agreement shall be resolved in the courts of Massachusetts, and both parties hereby submit to the jurisdiction of these courts.
VI. Termination of Agreement
1. Termination by [Your Company Name]
[Your Company Name] may terminate this Agreement in the event of a material breach by TeamUp, including failure to make the advance payment as agreed.
2. Termination by TeamUp
TeamUp may terminate this Agreement if [Your Company Name] fails to meet its obligations, including failing to provide the necessary documentation or failing to deliver the Land as agreed.
VII. Signatory Section
This Agreement is executed by the undersigned representatives of both parties, who represent and warrant that they are authorized to enter into this Agreement on behalf of their respective organizations.
For [Your Company Name]
Signed by: [Your Name]
Title: Chief Executive Officer
Date: January 2, 2050
For TeamUp
Signed by: George Homes
Title: President
Date: January 2, 2050
For further inquiries, please contact [Your Name] at [Your Email], or reach out to [Your Company Name] via [Your Company Email].
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