STANDARD FORM PURCHASE CONTRACT (Full Purchase) THIS CONTRACT entered into this ____ day of ______________, ____, by and between __________________________________________________, hereinafter referred to as Seller, and __________________________________________________, hereinafter referred to as Purchaser. 1. Seller represents and warrants to Purchaser and Purchaser's assigns that he is the legal owner (or current assignee) of the following described note and (mortgage) (deed of trust) (contract for deed), hereinafter referred to as Note and Security Instrument, executed by _________________________________, herinafter referred to as Payor, in favor of _________________________________, original Principal Balance $_________________ (____________________________) bearing interest at the rate of ____ percent per annum and being amortized over ____ (interest-only) (equal monthly principal and interest) payments of $__________ (__________________________________), dated _____________, with a final payment in the amount of $____________ (________________________) due and payable _____________, ____ and recorded in Deed Book _____, Page _____, ___________________ County records, State/Commonwealth of ______________. Legal description of real property securing the Note and Security Instrument: 2. In consideration of the agreements contained herein, Seller agrees to sell, transfer, convey and assign to Purchaser and Purchaser agrees to purchase upon the terms and conditions hereinafter set out, all of Seller's rights, title, powers, interest in and to the above styled Note and Security Instrument, together with: all of Seller's rights, claims and causes of action which Seller has or may have against the Payor of the Note and Security Instrument, and all of Seller's rights, title, powers, interest in and to the real property which is described in the Note and Security Instrument, and all of Seller's rights, title, powers, interest in and to any insurance policies, both title and property damage. The purchase price shall be the sum of $___________________ (___________________________), payable at (issuance of title insurance policy) (after ____ payments have been received by Seller) (Other: subject to proportionate adjustment if the balances, terms, payments or conditions stated in Paragraph 1 are incorrect or inaccurate. 3. Purchaser shall receive (______) ___________ Note and Security Instrument payments (hereinafter referred to as payments) beginning on ______________________, 19___, and a final balloon payment of $__________ (________________________) due and payable on _____________________________, 19___. 4. Seller represents and warrants to Purchaser that the Payor has been late ____ times and the payments are now _______________________. 5. Time is of the essence of this Contract. Purchaser shall have thirty (30) days from the date of this Contract to examine all documents, property and information deemed necessary by Purchaser to satisfy all contingencies and to close the transaction contemplated by this Contract, and to cancel this Contract without penalty or liability if any of the same is found unsatisfactory to Purchaser as determined by Purchaser in his sole opinion. Seller shall cooperate with Purchaser or Purchaser's attorney in obtaining any information necessary for such timely examinations and verifications. Purchaser shall have the right to extend this date for a maximum of 15 days if in his sole opinion it is necessary in order to complete due diligence. The closing shall occur at a mutually agreed-upon time and place. In the event the transaction contemplated by this Contract is not completed within the above period including extension this Contract shall become null and void and there shall be no liability between the parties. 6. Closing costs, including attorney's fees, mortgagee's title insurance, appraisal and credit check shall be paid by (Seller) (Purchaser) (Other: ________________________________). 7. At time of closing the principal balance due under the Note and Security Instrument shall be no less than $____________ (___________________) or there shall be no less than ___ payments of $________ (______________) each remaining due and owing on the Note and Security Instrument or an appropriate adjustment shall be made. 8. Any payments received by Seller during the term of this Contract or of any extension shall be credited to the cash required of Purchaser at closing and to the purchase price. There shall be no proration of interest. 9. Seller shall not sell, convey or assign any interest in said Note and Security Instrument or attempt to negotiate for the sale, conveyance or assignment of any interest of said Note and Security Instrument to any other party during the term of this Contract or any extension. 10. Seller authorizes Purchaser, its successors or assigns, to order, receive and review on Seller's behalf one or more consumer reports on any Mortgagor(s) in connection with this transaction from one or more consumer reporting agencies, all as permitted by the federal Fair Credit Reporting Act and applicable state law. 11. This Contract shall be construed in all respects with the laws of the State/Commonwealth of ___________. It is the intention of Purchaser and Seller that this Contract be interpreted in conformity with those laws. If, however, any portion of this Contract is deemed unenforceable, the remaining portions shall remain in full force and effect and be fully binding on the respective parties. This Contract may not be assigned by Seller without the prior written permission of Purchaser. Handwritten or typewritten provisions initialed by all parties to this Contract shall control if inserted herein or attached as addenda hereto if in conflict with any provisions of this agreement. In the event of any litigation concerning this Contract the prevailing party shall be entitled to reasonable attorney's fees in addition to such other relief provided by the Court. Seller acknowledges that this Contract may be recorded in the appropriate county land records at Purchaser's option and that such recordation will cloud the title of the instruments. 12. This Contract shall inure to the benefit of, and be binding upon, the parties and their respective heirs, executors, administrators, legal representatives, successors and assigns. 13. Other terms and conditions: 14. This Contract represents the entire agreement between the parties on this subject matter and supersedes all prior agreements, written or oral and may not be amended except in writing signed by the parties. Addenda attached: YES ____ NO ____ This Contract is entered into the day and year first written above. _________________________________ _________________________________ Seller Purchaser _________________________________ Seller -------- Print above document and fill Mail/Fax To: Mpnnotes - P.O. Box 561 - Gary - Indiana 46402 USA. --------