LAND CONTRACT (CONTRACT FOR DEED)

This Land Contract, also known as a Contract for Deed or Installment Sale Contract (the "Contract"), is entered into as of ______________ by and between ______________, located at ______________ ("Seller"), and ______________, located at ______________ ("Buyer").

1. Property

Seller agrees to sell, and Buyer agrees to purchase, the following real property (the "Property"): Street Address: ______________ Legal Description: ______________

2. Purchase Price and Payment

The total purchase price of the Property is $0.00 (the "Purchase Price"). Buyer shall pay the Purchase Price as follows: (a) Down Payment: $0.00, paid upon execution of this Contract, receipt of which Seller hereby acknowledges. (b) Balance: The remaining balance of $0.00 minus $0.00, bearing interest at the rate of 6% per annum, shall be paid in monthly installments of $0.00, commencing on ______________ and continuing on the same day of each month thereafter until the Purchase Price, together with all accrued interest, is paid in full.

3. Balloon Payment

This Contract is fully amortizing. Buyer shall continue to make monthly installment payments until the entire Purchase Price, together with all accrued interest, is paid in full. Estimated payoff date: as calculated based on payments made.

4. Title and Possession

Seller shall retain legal title to the Property until Buyer has made all payments required under this Contract and has fully performed all of Buyer's obligations hereunder. Buyer shall receive possession of the Property upon execution of this Contract and payment of the Down Payment. Buyer has equitable title to the Property and the right to occupy and use the Property during the term of this Contract, subject to the terms and conditions hereof.

5. Conveyance of Title

Upon Buyer's full payment of the Purchase Price and all other amounts due under this Contract, and upon Buyer's full performance of all obligations herein, Seller shall promptly execute and deliver to Buyer a Warranty Deed (or such other deed as the parties agree) conveying marketable title to the Property, free and clear of all liens and encumbrances created by Seller, subject only to current real property taxes, matters of record existing at the time of this Contract, and easements and restrictions of record.

6. Taxes, Insurance, and Maintenance

During the term of this Contract, Buyer shall: (a) pay all real property taxes and special assessments on the Property before delinquency; (b) maintain adequate hazard insurance on all improvements on the Property in amounts acceptable to Seller, naming Seller as loss payee; (c) keep the Property in good repair and condition and not commit waste or allow deterioration; (d) comply with all applicable laws, ordinances, and regulations affecting the Property; and (e) not make structural alterations or improvements without Seller's prior written consent.

7. Default and Forfeiture

Time is of the essence as to all payments. Buyer shall be in default under this Contract if Buyer fails to make any payment within 10 days of its due date, or breaches any other obligation under this Contract. Upon default, Seller shall provide Buyer with written notice of the default. Buyer shall have 30 days from the date of notice to cure the default by paying all amounts due, including a late charge of 5% of the overdue payment. If Buyer fails to cure the default within the cure period, Seller may, at Seller's option, declare this Contract forfeited and terminated, in which case Buyer shall have no further right or interest in the Property, and all payments previously made shall be retained by Seller as liquidated damages for Buyer's use and occupancy of the Property, and not as a penalty. Seller's right to elect forfeiture is subject to applicable state law, which may require additional notice periods or judicial proceedings.

8. Prepayment

Buyer shall have the right to prepay the outstanding balance, in whole or in part, at any time without penalty. Any prepayment shall first be applied to accrued interest, then to the outstanding principal balance.

9. Recording

Buyer may, at Buyer's expense, record a memorandum of this Contract in the real property records of the county in which the Property is located. Seller shall cooperate with Buyer in executing any such memorandum. Seller shall not transfer, encumber, or convey the Property to any third party during the term of this Contract.

10. Seller's Representations

Seller represents and warrants that: (a) Seller has good and marketable title to the Property; (b) there are no liens or encumbrances on the Property other than as disclosed to Buyer; (c) Seller has the full right and authority to enter into this Contract; and (d) there are no pending or threatened condemnation, environmental, or legal proceedings affecting the Property.

11. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of ______________, without regard to its conflict-of-laws principles.

SELLER SIGNATURE ______________________________ ______________ Date: ____________________ BUYER SIGNATURE ______________________________ ______________ Date: ____________________

NOTARY ACKNOWLEDGMENT — SELLER STATE OF ______________ COUNTY OF ____________________ Before me, a Notary Public, personally appeared ______________, who acknowledged executing the foregoing Land Contract. Notary Public: _________________________ My Commission Expires: _________________ [SEAL]

NOTARY ACKNOWLEDGMENT — BUYER STATE OF ______________ COUNTY OF ____________________ Before me, a Notary Public, personally appeared ______________, who acknowledged executing the foregoing Land Contract. Notary Public: _________________________ My Commission Expires: _________________ [SEAL]