Fillable Printable Contract for Deed - Texas

Contract for Deed - Texas

CONTRACT FOR DEED

State of Texas

County of Bastrop

THIS AGREEMENT is made on ___________________, between, Woodrun Ltd., a limited

partnership organized under the laws of the State of Texas, with offices at 7901 East Ben White

Blvd., Austin, Travis County, Texas ("Seller"), and ___________________, of

___________________, ___________________County, Texas ("Purchaser").

Purchase and Sale

1. Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller, the following

described real property ("the Property"), together with all improvements on the Property, situated

in Bastrop County, Texas:

Lot ____, Wood Run Subdivision, a Subdivision located in Bastrop County, Texas of record in

Vol. ____, Page ____________ of the Plat Records of Bastrop County, Texas.

Purchase Price

2. Purchaser promises to pay to Seller or to Seller's order the purchase price of

___________________ for the Property, payable as follows:

$___________ on execution of this Agreement, receipt of which is acknowledged, and the

balance in installments of $___________________ or more per month payable to Seller at

Woodrun Development Co. LTD, 7901 E. Ben White Blvd, Austin, TX 78741, or such other

place or places as Seller may from time to time designate by notice in writing, on or before the

first (1

) day of every month commencing ______________ 20_____ and continuing until the

full amount of the purchase price together with interest from the date of this Agreement on the

remaining unpaid principal balance of the purchase price at the rate of ____________ (______)

percent per annum has been paid, not exceeding _____________ (_____) years. Each

installment, when received by Seller, shall be credited first to the payment of the interest on the

then-remaining unpaid principal balance of the purchase price due to the date of receipt of the

installment, then to the reduction of the unpaid principal balance of the purchase price, and

interest on the amount credited to payment on the principal balance of the purchase price shall

cease.

Risk of Loss and Insurance

3. Purchaser assumes all hazards of damage to or destruction of any improvements now on the

Property or placed on the Property after the date of this Agreement. Until full payment of the

purchase price and delivery of the Warranty Deed as provided in Paragraph 9 of this Agreement,

the premises are to be insured to at least the amount of the purchase price against loss or damage

by fire, with extended coverage to include loss by windstorm, hail, explosion, riot, riot attending

a strike, civil commotion, aircraft, vehicles and smoke, with Purchaser to pay the premiums for

such insurance.

Taxes

4. Purchaser agrees to pay all taxes assessed and to be assessed against the Property and any

improvements or personality now or later placed on the Property.

5. At the option of Seller, Purchaser shall pay to Seller monthly a sum equal to one-twelfth

(1/12) of the real estate taxes and insurance premiums, and Seller shall hold these payments in

escrow for the annual payment of such taxes and premiums.

Good Condition and Repair

6. Until full payment of the purchase price and delivery of the Warranty Deed as provided in

Paragraph 9 of this Agreement, Purchaser agrees to maintain the Property and all improvements

located on the Property at Purchaser's sole cost, and keep them in good repair and condition.

Personal Injuries

7. Seller is not liable to Purchaser or Purchaser's agents or invitees, or to any other person for any

injury to person or damage to property on or about the Property for any reason, and Purchaser

agrees to indemnify Seller and hold Seller harmless from any loss arising out of any such

damage or injury.

Right of Inspection

8. Purchaser agrees that full inspection of the Property has been made and that neither Seller nor

Seller's heirs, representatives, or assigns shall be held to any covenant respecting the condition of

any improvements on the Property nor to any agreement for alterations, improvements, or

repairs, unless the covenant or agreement relied on is in writing and attached to and made a part

of this Agreement.

Conveyance on Full Performance

9. On payment of the full amount of the purchase price and full compliance with the terms of this

Agreement, Seller agrees to execute and deliver to Purchaser within thirty (30) days from the

receipt of the final payment set out in Paragraph 2 above, a Warranty Deed conveying good and

marketable title to the Property free and clear of all liens and encumbrances created by Seller

against the Property, subject only to restrictive covenants and easements of record, if any

existing as of the date of this Agreement against the Property, as well as the present existing

building and zoning ordinances.

No Future Easements by Seller

10. During the term of this Agreement, Seller shall not, without first having obtained the consent

of Purchaser in writing, grant any easement in, over, or under the Property, or agree to any

change in the present building and zoning ordinances.

Assignment by Purchaser

11. If not in default of any of the terms, conditions, or covenants contained in this Agreement,

Purchaser may, without the written consent of Seller, assign this Agreement, but any such

assignment shall be subject to all of the terms and conditions of this Agreement and,

notwithstanding any such assignment, Purchaser shall at all times remain fully responsible and

liable for the purchase price of the premises and for compliance with all of the other obligations

of Purchaser set forth in this Agreement. Seller is not required to honor any assignment of this

Contract until a written notice of the assignment is delivered to Seller that is signed by both

Purchaser and assignee.

Events of Default

12. The following events shall be deemed to be events of default by Purchaser under this

Agreement:

(a) Failure by Purchaser to make any payment of the purchase price or payment of interest as

provided in this Agreement at the time the payment falls due.

(b) Failure of Purchaser to perform promptly any covenant or agreement provided for in this

Agreement.

Purchaser for the benefit of Purchaser's creditors.

(d) Filing by Purchaser of a petition under any section or chapter of the Bankruptcy Code, as

amended, or under any similar law or statute of the United States or any state; or judgment of

Purchaser's bankruptcy or insolvency in proceedings filed against Purchaser.

(e) Appointment of a receiver or trustee for all or substantially all of the assets of Purchaser.

Seller's Remedies on Default

13. On the occurrence of any of the events of default specified in Paragraph 12 of this

Agreement, Seller shall have the option to pursue either of the following remedies without any

notice or demand to Purchaser:

(a) To declare the entire unpaid debt, together with all accrued interest, immediately due and

payable, and by appropriate action, in law or in equity, proceed to enforce collection the amount

due; or

(b) To terminate this Agreement and retain as liquidated damages any payments made by

Purchaser under this Agreement, to compensate Seller for breach of this Agreement and for

rental and deterioration of the Property. If Seller elects this remedy, Purchaser shall immediately

surrender the premises to Seller; if Purchaser fails to do so, Purchaser shall from and after the

termination of this Agreement be a tenant at will of Seller, and Seller shall be entitled to bring an

action for forcible detainer of the Property.

14. Notwithstanding the language contained in Paragraph 13 of this Agreement, Seller may elect

to bring an action or actions on any intermediate overdue installment or on any payment or

payments made by Seller and repayable by Purchaser. The covenant to pay intermediate

installments, or to pay items repayable by Purchaser, is independent of the covenant to make a

deed, and every such action is an action arising on contract for the recovery of money only, as if

the promise to pay had been expressed in a different instrument. No such action shall constitute

an election not to proceed otherwise as to any subsequent default, and no waiver by Seller of any

default on the part of Purchaser shall be construed as a waiver of any subsequent default.

15. No rights or remedies given to Seller under this agreement shall be construed to deprive

Seller of any rights or remedies otherwise given by law or equity.

Residential Property

16. Notwithstanding the language contained in Paragraph 13 of this Agreement, it is agreed that

if the Property is used or is to be used as the Purchaser's residence, Seller shall give notice to

Purchaser of Seller's intention to enforce a forfeiture of the interest or an acceleration of the debt,

or both, or obtain a rescission, in accordance with Sections 5.063, 5.064, and 5.065 of the

Property Code of the State of Texas, as that law is in effect at the time the notice is given. It is

further agreed that if, at the time of default, Purchaser has paid 40 percent or more of the amount

due under Paragraph 2 of this Agreement, or the equivalent of 48 monthly payments under this

Agreement, Seller shall not pursue its remedies of rescission or forfeiture and acceleration under

Paragraph 13 of this Agreement; however, Seller shall have the power to designate a trustee to

sell the Property in accordance with Section 5.066 of the Property Code of the State of Texas.

Attorney's Fees

17. If, there is any breach or default by Seller or Purchaser of the obligations to the other under

the terms, covenants, and conditions of this Agreement, it shall become necessary for either of

the parties to employ an attorney to enforce or defend any of their rights or remedies under this

Agreement, the prevailing party shall be entitled to any reasonable attorney's fees incurred as a

result of this enforcement or defense, and shall also be entitled to be reimbursed for all expenses

incurred in connection with such enforcement or defense.

Entire Agreement

18 This Agreement is the entire agreement between Purchaser and Seller respecting the Property,

and any agreement or representation respecting the Property or the duties of either Purchaser or

Seller in relation to the Property not expressly set forth in this Agreement is null and void.

THIS AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN SELLER AND

PURCHASER AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,

CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

Binding on Heirs and Successors

19. All of the terms, covenants, and conditions contained in this Agreement shall apply to, inure

to the benefit of, and be binding on the heirs, executors, administrators, successors, and assigns

of the parties, except as otherwise expressly provided in this Agreement.

YOU, THE PURCHASER, MAY CANCEL THIS CONTRACT AT ANY TIME DURING THE

NEXT TWO WEEKS. THE DEADLINE FOR CANCELING THIS CONTRACT IS

___________________ [date 14 days after date of contract]. THE ATTACHED NOTICE OF

CANCELLATION EXPLAINS THIS RIGHT.

SELLER

WOODRUN, LTD.

BY: L & L INVESTMENT, LLC

ITS GENERAL PARTNER

By: _____________________________

Sidney E. Lanier, Its Manager

PURCHASER

_________________________________ [signature]

_________________________________ [typed name]

ACKNOWLEDGMENT

STATE OF TEXAS

COUNTY OF BASTROP

This instrument was acknowledged before me the undersigned authority on the _______ day of

____________________, 20__ by ___________________________.

__________________________

Notary Public for Texas