|
CONTRACT FOR DEED ADDENDUM Minnesota Uniform Conveyancing Blanks
<br />Form 30,2.1 (2006) ·
<br />THIS CONTRACT FOR DEED ADDENDUM (this "Addendum") Is attached to and made a part of that certain Contract for Deed dated
<br />July q ; 2015 between Gregory C. White and Lynn M. White also known as
<br />(monlh/day/year) · {Insert name of Seller)
<br />_L.a..yn_n_H_._W_h_lle...;.,_h_us_b_an_d_a_n_d_w_lfe _______________________ _, as {"Seller"),
<br />and Todd G. Sylvester and Lisa M. Sylvester , as {"Purchaser''),
<br />{Insert nume or Purchaser)
<br />The terms and conditions contained In the Addendum shall supersede any conflicting provisions contained In this Contract. Unless defined In
<br />this Addendum, all capitalized terms have the same meaning as In the Contract. Only those provisions checked In the "Yes" column, below,
<br />shall be included and be part of this Addendum.
<br />Yes No
<br />• □
<br />• □
<br />□ ■
<br />• □
<br />• □
<br />A. Lat~ Payment Fee, If any payment Is not received by Seller within fifteen (15) days of the date when due, Purchaser
<br />shall addltlonally pay to Seller, to the extent allowed by law, a late charge of four percent {4%) of the amount of the delinquent
<br />payment. ·
<br />B, Transfer Restrictions, Purchaser may not sell, assign, or otherwise transfer Purchaser's Interest In this Contract, or the
<br />Property, or any part thereof, or if Purchaser Is an entity, the controlling interest In Purchaser may not be transferred without
<br />the written consent of Seller, which consent: ·
<br />(ti .• 1 ba·' ■ shall be granted or wlthheld in the sole discretion of Seller. c ,ec~ onrr one ,.,
<br />□ shall not be unreasonably wlthheld, or delayed by Seller.
<br />C, Escrows. In Addition to the monthly payments of principal and interest, Purchaser shall-deposit with Seller, with each
<br />payment, an amount representing one-twelfth (1/12) of the annual real estate taxes, Installments of special assessments, and
<br />Insurance premiums with respect to the Property (or such other amount as Seller Is required to deposit under any underlying
<br />encumbrance on the Property). The amount of such taxes, special assessments, and Insurance premiums, when unknown,
<br />shall be estimated by Seller. Such deposit shall be used by Seller to pay real estate taxes, Installments of special
<br />assessments, and Insurance premiums with respect to the Property when due. If Seller falls to do so, Purchaser may, at
<br />Purchasers option, pay any such delinquent amounts and deduct the amounts so paid from payments next coming due under
<br />this Contract. If the balance deposited with Seller ls Insufficient to pay such real estate taxes, special assessments and
<br />insurance premiums when due, Purchaser shall pay the deficiency to Seller upon written demand,
<br />D. Property Improvements. Except for work reasonably necessary to permit Purchaser to comply with Purchasers ·
<br />obllgatlons under this Contract, Purchaser shall not hire or perform any repairs or improvements to or replacements of the
<br />Property having an aggregate cost In excess of _F_iv_e_T_ho_u_sa_n_d_a_nd_No_/_1o_o ____________ _
<br />________ Dollars ($ 5,000.00 ) without securing the prior .written consent of the
<br />Seller. Purchaser wlll not cause or permit any mechanics' liens to be recorded against the Property. Purchaser agrees to
<br />defend, Indemnify, and hold Seller harmless from any loss, damage, or expense Incurred by Seller with respect to any party
<br />asserting a mechanics' lien claim, It being understood and agreed that this undertaking shall survive cancellation of this
<br />Contract or the delivery of a deed pursuant to the terms hereof,
<br />E. Hazardous Substances. Purchaser shall not bring, store, generate, or treat hazardous wastes or substances or
<br />petroleum products upon the Property, except for small quantities which are stored and used In compliance with applicable
<br />law. Purchaser hereby agrees to Indemnify, defend and hold Seller harmless from any and all claims, demands, ac;tlons,
<br />causes of action, llabllltles or rights which may be asserted against Seller with respect to such substances, or products, it being
<br />understood and agreed that this obligation wlll survive the cancellation of this Contract or the delivery of a deed pursuant to the
<br />terms hereof,
<br />Note: This document must be atlached to a contract for deed and cannot be independently recorded.
<br />Page 1 of2
|