05-91 Purchase 1424-26 Victoria Ave

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Property parties 1. PURCHASE PRICE. The purchase price for the shall be SEVENTY-NINE THOUSAND (79,000) DOLLARS. The acknowledge that this property is subject to an outstanding Installment Land Contract between the Sellers and another party, wherein Sellers are the Vendee and the other party is the Vendor. At the time of the signing of this contract, Sellers do not have legal title to the property. The Sellers shall be responsible for the payment in full of the outstanding installment Land Contract, together with any other outstanding liens on the property, and the delivery into escrow · of a deed vesting title in them from the Land Contract Vendor or other parties as appropriate. The Parties agree that the balance due on the Land Contract, and any underlying mortgage, shall be paid from the escrow established in this matter and the deed or deeds from the Vendor or other parties as necessary filed as a part of this transaction. The escrow agent is authorized to pay the balance due under the Land Contract or any underlying mortgage or other lien from the Sellers' funds to the land contract Vendor upon receipt of a deed and title guarantee acceptable to Buyer vesting title in the Sellers and insuring marketable title in the Sellers pursuant to the terms of the Land Contract, which has been attached hereto. The escrow agent shall insure that all present liens upon the property, including the ones recited in the land Contract, Home Federal Savings and Loan Association, are satisfied before releasing any funds or shall make arrangements to satisfy all such liens out of the escrow established hereunder. The Sellers shall pay for any of the costs associated with the satisfaction of all such liens. The escrow agent shall not pay out any funds until deeds required hereunder vesting marketable title in Buyer, together