Land of My Own

299 S. Main St Suite 1300 PMB 92819, Salt Lake City, Utah 84111

(866) 309-2578 | paul@landofmyown.com | landofmyown.com

PURCHASE TERMS OF USE

AGREEMENT FOR THE SALE AND PURCHASE OF REAL ESTATE

NO BROKER – VACANT RESIDENTIAL LAND

WARNING: THIS CONTRACT HAS SUBSTANTIAL LEGAL CONSEQUENCES AND THE PARTIES ARE ADVISED TO CONSULT LEGAL AND TAX COUNSEL.

FOR VALUABLE CONSIDERATION OF TEN DOLLARS and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, (herein “Buyer”) and Land Of My Own with a mailing address of 299 S. Main St Suite 1300 PMB 92819 Salt Lake City, Utah 84111 (herein “Seller”) do hereby covenant, contract and agree as follows:

AGREEMENT TO SALE AND PURCHASE: Seller agrees to sell, and Buyer agrees to buy from Seller the property described as follows:

Parcel ID:
Legal Description:

All property sold by this contract is called the “Property.”

SALES PRICE: The parties agree to the following sales price:

Purchase Price:
Down Payment:
Balance Due / New Loan:

FINANCING: The following provisions apply with respect to financing:

CASH SALE: This contract is not contingent on financing.

– OR –

OWNER FINANCING: Seller agrees to finance the purchase price pursuant to a Promissory Note from Buyer to Seller, bearing interest per annum, payable over the agreed term with even monthly payments, plus a Note Servicing Fee, plus estimated taxes, secured by a Land Contract.

DOWN PAYMENT MONEY: Buyer has deposited the agreed down payment money with Seller. Additionally, Buyer acknowledges that there is a one-time processing fee due at signing. For cash sales, this fee is non-refundable.
PROPERTY CONDITION: Buyer represents that they have personally inspected and examined the property and accepts it in its “as-is” and present condition. This property is covered by a Satisfaction Guarantee as covered in Section 24 below.
UTILITIES: The present condition of all utility access to the property is accepted by Buyer. Seller is not aware of the existence of wetlands, shoreland, or flood plain on or affecting the real property except as noted. Seller knows of no hazardous substances or petroleum products having been placed, stored, or released from or on the real property by any person in violation of any law, nor of any underground storage tanks having been located on the real property at any time, except as follows: None.
CLOSING: The closing of the sale will be on or before the agreed date, unless extended pursuant to the terms hereof. Closing may be extended to within 7 days after objections to matters disclosed in the title abstract, certificate or Commitment or by the survey have been cured. The closing date may also be extended by written agreement of the parties.
TITLE AND CONVEYANCE: Seller is to convey title to Buyer by Warranty Deed. Seller shall, prior to or at closing, satisfy all outstanding mortgages, deeds of trust and special liens affecting the subject property which are not specifically assumed by Buyer herein. Title shall be good and marketable, subject only to: (a) covenants, conditions and restrictions of record; (b) public and private utility easements, roads and rights-of-way; (c) applicable zoning ordinances, protective covenants and prior mineral reservations; (d) special and other assessments on the property, if any; and (e) general taxes for the current year and subsequent years.

A title report shall not be provided to Buyer at closing. Buyer may elect to do their own title search at their own expense. If there are title defects, Seller shall notify Buyer within 5 days of closing and Buyer, at Buyer’s option, may either: (a) cancel this contract and receive a return of all earnest money or down payment monies deposited; (b) accept title as-is; or (c) permit Seller reasonable time to perform curative work at Seller’s expense. Seller represents that the property may be legally used as zoned and that no government agency has served any notice to Seller requiring repairs, alterations or corrections of any existing condition except as stated herein.

APPRAISAL, SURVEY AND TERMITE INSPECTION: Any appraisal of the property shall be the responsibility of Buyer. A survey is not required.
POSSESSION AND TITLE: Prior to closing the property shall remain in the possession of Seller.
CLOSING COSTS AND EXPENSES: The following closing costs shall be paid as provided, if closed through a title company. No cost to Buyer by closing directly.

Closing Cost	Buyer	Seller	Both*	N/A
Attorney Fees / Title Company Fees		X
Title Insurance		X
Title Abstract or Certificate		X
Recording Fees		X
Appraisal				X
Survey				X
Transfer Taxes		X
All other closing costs				X

* 50/50 between Buyer and Seller.

PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and rents, if any, will be prorated through the Closing Date. If taxes for the current year vary from the amount prorated at closing, the parties shall adjust the prorations when tax statements for the current year are available.
DEFAULT:

Buyer Default: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may either: (a) enforce specific performance, seek such other relief as may be provided by law, or both; or (b) terminate this contract and receive the earnest money as liquidated damages, thereby releasing both parties from this contract.

Seller Default: If Seller fails within the time allowed to make any non-casualty repairs or deliver evidence of clean title, Buyer may either: (a) extend the time for performance up to 15 days; or (b) terminate this contract and receive a refund of the earnest money. If Seller fails to comply with this contract for any other reason, Buyer may either enforce specific performance or terminate this contract and receive the earnest money.

ATTORNEY’S FEES: The prevailing party in any legal proceeding brought under or with respect to the transaction described in this contract is entitled to recover from the non-prevailing party all costs of such proceeding and reasonable attorney’s fees.
REPRESENTATIONS: Seller represents that as of the Closing Date: (a) there will be no liens, assessments, or security interests against the Property which will not be satisfied out of the sales proceeds unless securing payment of any loans assumed by Buyer; and (b) assumed loans will not be in default. If any representation in this contract is untrue on the Closing Date, this contract may be terminated by Buyer and the earnest money will be refunded to Buyer. All representations contained in this contract will survive closing.
FEDERAL TAX REQUIREMENT: If Seller is a “foreign person” as defined by applicable law, or if Seller fails to deliver an affidavit that Seller is not a “foreign person”, then Buyer shall withhold from the sales proceeds an amount sufficient to comply with applicable tax law and deliver the same to the Internal Revenue Service together with appropriate tax forms. IRS regulations require filing written reports if cash in excess of specified amounts is received in the transaction.
AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their written agreement.
NOTICES: All notices from one party to the other must be in writing and are effective when mailed to, hand-delivered at, or transmitted by facsimile machine as follows:

To Buyer:

To Seller:

Name: _________________________

Address: ______________________

Phone: ________________________

Email: ________________________

Land Of My Own

299 S. Main St Suite 1300 PMB 92819

Salt Lake City, Utah 84111

Phone: (866) 309-2578

Email: paul@landofmyown.com

ASSIGNMENT: This agreement may not be assigned by Buyer without the consent of Seller. This agreement may be assigned by Seller and shall be binding on the heirs and assigns of the parties hereto.
PRIOR AGREEMENTS: This contract incorporates all prior agreements between the parties, contains the entire and final agreement of the parties, and cannot be changed except by their written consent. Neither party has relied upon any statement or representation made by the other party or any sales representative bringing the parties together. Neither party shall be bound by any terms, conditions, oral statements, warranties, or representations not herein contained. Each party acknowledges that he has read and understands this contract. The provisions of this contract shall apply to and bind the heirs, executors, administrators, successors and assigns of the respective parties hereto. When used herein, the singular includes the plural and the masculine includes the feminine as the context may require.
NO BROKER OR AGENTS: The parties represent that neither party has employed the services of a real estate broker or agent in connection with the property, or that if such agents have been employed, the party employing said agent shall pay any and all expenses outside the closing of this agreement.
EMINENT DOMAIN: If the property is condemned by eminent domain after the effective date hereof, the Seller and Buyer shall agree to continue the closing, or a portion thereof, or cancel this Contract. If the parties cannot agree, this contract shall remain valid with Buyer being entitled to cancel and the down payment money returned to Buyer.
RECORDING: This agreement may be recorded in the official records of the applicable county and state.
OUR GUARANTEE: Land of My Own will allow an additional inspection period from date of down payment (60 days for Cash purchases / 90 days for Terms/Financed purchases). If, for whatever reason, Buyer is unsatisfied with the property, then PRC Development LLC agrees to either exchange said property or refund all monies minus closing costs, payment fees and accounting setup fees.

TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT.

GOVERNING LAW: This contract shall be governed by the laws of the State of Utah.

EXECUTED (THE EFFECTIVE DATE)

Buyer:

Signature: _______________________

Name: ___________________________

Date: ____________________________

Seller: Land Of My Own

Signature: _______________________

Name: Paul Coon

Date: ____________________________

RECEIPT

Receipt of Down Payment Money is acknowledged.

Receipt of Document Preparation Fee is also acknowledged.

Date: _______________________

PROMISSORY NOTE

For value received, Borrower(s) promise to pay to Land Of My Own, 299 S. Main St Suite 1300 PMB 92819, Salt Lake City, Utah 84111 (“Lender”), or to order, the principal amount agreed upon, together with interest on the unpaid principal balance from the date of signing until paid in full.

Payment: Borrower will pay Lender the agreed monthly principal and interest payments, plus a Note Servicing Fee, plus estimated property taxes, for the total monthly payment inclusive of interest, beginning on the first payment date. Interest is calculated on the unpaid principal balance at the agreed per annum rate. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest, then to any late charges, then to principal. Borrower will pay Lender through the Seller’s payment system, or at such other place as Lender may designate in writing.
Default Rate: Upon default, including failure to pay upon final maturity, Lender, at its option, may increase the interest rate on this Note by five (5) percentage points (“Default Rate”). The Default Rate shall thereafter supersede the rate set forth in Paragraph 1, even if the default is subsequently cured.
Prepayment: Borrower may prepay this note, in whole or in part. There is no prepayment penalty. Only the interest accrued to the date of payoff will be assessed.
Late Charge: If a payment is 10 or more calendar days late, Borrower will be charged an additional late fee in addition to all other sums owed.
Default: Each of the following shall constitute an event of default under this Note:
Borrower fails to make any payment when due.
Borrower fails to comply with or to perform any other material term, obligation, covenant or condition contained in any other agreement between Lender and Borrower, including the Purchase and Sale Agreement, Promissory Note and Land Contract.
Borrower defaults under any loan in favor of any other creditor, if such default may materially affect the Real Property securing this Note.
Any statement made or furnished to Lender by Borrower in connection with this loan was false at the time the statement was made.

If any non-payment default is curable and Borrower has not been given a notice of breach of the same provision within the preceding twelve (12) months, it may be cured if Borrower, after receiving written notice from Lender: (1) cures the default within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days, immediately initiates steps sufficient to cure the default and completes compliance within thirty (30) days.

This Note is secured by a Land Contract of this same date. In the case of a default in payment, failure to perform any covenant contained in the Land Contract securing this Note, or if Borrower becomes insolvent or makes a general assignment for the benefit of creditors, the unpaid principal balance and accrued interest shall, at the option of the holder, immediately become due and payable. In the event of any sale, transfer, alienation, or other disposition of the property, the entire unpaid principal balance and accrued interest shall, at the option of the holder, immediately become due and payable.

Borrower agrees to pay all costs, including reasonable attorneys’ fees, incurred in the collection of any unpaid amounts. Borrower waives presentment for payment, demand, notice, protest, notice of protest, diligence, and non-payment of this Note, and all defenses on the ground of any extension of time for payment that may be given by Lender to Borrower.

LAND SALE CONTRACT

Purchase and Sale: The undersigned Buyer agrees to buy and the undersigned Seller, Land Of My Own, 299 S. Main St Suite 1300 PMB 92819, Salt Lake City, Utah 84111, or its assigns, agrees to sell all that tract or parcel of land, with such improvements as are located thereon, together with all fixtures, landscaping, improvements, and appurtenances, all referred to as the “Property”.

Items that will NOT remain with the property: N/A

Purchase Price and Terms of Payment:

Seller warrants the Property to be free of all liens and taxes are current.
Seller warrants the Property to be available to the Buyer at the time of this contract’s effective date.
Seller holds the right to limit the amount of timber removed from the property to include only that area needed to place a dwelling or structure, until the total price of the property including interest is paid.
Seller holds the Title Warranty Deed to the Property until the Property is completely paid, and Seller warrants that the Property Title will remain free from any loans, liens, or encumbrances through the period of payment.
The Seller, at the time of title transfer, will provide the Buyer with a marketable title.
Seller will pay the taxes on the Property each year and Buyer will reimburse the Seller each year. Failure of the Buyer to reimburse the Seller for all taxes accrued from the date of purchase within 60 days of the date due will void this Contract and the remaining amount owed will become due within 30 days.
The Seller will notify the Buyer by email if the Buyer is in default. Buyer must keep a valid email address on file.
Grace Period: Seller allows a grace period of 10 days from the monthly payment due date. If the payment has not been received within the grace period, a penalty will be assessed.
Foreclosure/Default: Seller reserves the right to take back possession of the Property if Buyer is in default of the monthly payment by 35 days. Seller will notify Buyer by email of default. Buyer will have 30 days to bring payments current in order to cure the default. If full payment is not received at this time, the property will be considered foreclosed and Buyer will forfeit all interest and payments made. If legal action is taken, the losing side will be responsible for all costs and legal fees.

Payment Terms Summary:

Purchase Price
Down Payment
Total Amount Financed + Interest
Monthly Payment
Term (Months)
Interest Rate
Note Servicing Fee
Estimated Property Taxes (Monthly)
First Payment Date

There is no prepayment penalty. This note can be paid off at any time. Only the interest accrued to the date of payoff will be assessed.

Deed Recording: Seller will record the title Warranty Deed to the applicable county within 30 days of payoff

Binding Agreement Date

This instrument becomes binding once the Buyer signs this instrument.

Buyer:

Signature: _______________________

Name: ___________________________

Date: ____________________________

Seller: Land Of My Own

Signature: _______________________

Name: Paul Coon

Date: ____________________________

TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT.

GOVERNING LAW: This contract shall be governed by the laws of the State of Utah.

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