Contract to sell land in series of conveyances.
This agreement, made _________[date] by and between _________ and _________, husband and wife, sellers, and _________, buyer, provides:
1. Sellers agree to sell and buyer agrees to buy, that real property in the County of _________, State of _________, described as follows: _________.
2. Sellers, at their expense, will cause the property to be surveyed by a registered civil engineer who shall furnish a mutually satisfactory survey to buyer.
3. Purchase price of the land shall be $_____ per acre, acreage to be determined by the survey.
4. Buyer shall acquire title to, and sellers shall convey the property in parcels, as follows:
(a). Upon execution of this agreement, buyer shall deposit the sum of $_____ in escrow; sellers shall as soon as practicable convey to buyer a portion or parcel with area equal to _____% of the total area of the land, the location of the portion to be mutually agreed by the parties. At the time of such conveyance buyer will pay the balance of the purchase price of _____% portion over and above the initial payment of $_____, and this first escrow shall close. It is understood the portions referred to are not undivided interests in the whole of the land, but rather parcels within the land.
(b). Buyer shall acquire at least _____% of the remainder of the area of the land in each of the _________ years following the conveyance set forth in (a) above, paying for them at the rate specified in this contract, provided, that buyer may accelerate acquisition in any manner it desires after one year from the conveyance set forth in (a), and provided further that payment may be made by an exchange transaction as described in this contract.
5. Buyer shall pay interest at the rate of _____% per annum on unpaid portions of the total purchase price for all the land.
6. Buyer shall have the right to pay for any acquisition covered in 4(b) by a conveyance of property, called "exchange property," of value equal to or less than the price of the parcel being acquired. If the value of such exchange property is less than the price of the parcel acquired, buyer shall pay the difference in cash. It is understood, however, buyer shall pay by means of exchange property only if at the time of such transaction a purchaser stands ready, willing and able to buy such exchange property from sellers. The value of the exchange property to sellers shall be measured by the price offered by such purchaser.
7. After execution of this agreement sellers shall remain in possession of all of the property without rental or other payment to buyer for a period of _________ days. Buyer shall then have possession of all of the property without rental or other payment to sellers, and together with all rights incident to its possession, including the right to lease, to receive rental, and to conduct operations of every sort.
8. Sellers shall make all conveyances by good and sufficient grant deed, free and clear of all incumbrances except easements of record.
9. Sellers shall provide and pay for policy or policies of title insurance for buyer. Sellers shall pay for all revenue stamps and any broker's or other commissions due on this transaction. Current taxes shall be prorated as of the date first written above. Buyer shall pay all recording fees. Other expenses shall be in accordance with usual practice in _________ County, _________.
10. This agreement shall inure to the benefit of and be binding upon the successors and assigns of the sellers and the assigns of buyer.
In witness [etc.].
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