Contract to sell promissory notes.
This agreement, made and entered into [Date] between _________, called seller, and _________, called purchaser, states:
That seller, for and in consideration of the covenants and agreements specified here to be performed by purchaser, agrees to sell to purchaser for $_____ _________ certain promissory notes, dated [Date], signed by _________ for the aggregate sum of $_____; all of the notes to bear interest at the rate of _________ percent per year, payable monthly; the notes being secured by trust deed dated [date] to _________, trustee, conveying property known as _________, in _________ county, _________.
Seller agrees to furnish a _________ trust company mortgage guarantee policy, guaranteeing the notes to be a second lien on the property described above, the cost of the policy to be deducted from the purchase price of the notes.
Seller further agrees that in case there should be any defects in the title to the property above, or in case the described mortgage should not be a second mortgage, seller will reimburse purchaser for reasonable expenses incurred and services which have been rendered.
And, purchaser, for and in consideration of the covenants and agreements specified above to be performed by seller, agrees to purchase from seller the notes described above for the sum of $_____.
In witness, etc.
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