| 1. TAXES which accrue during the year of purchase by BUYER shall be prorated as of the date of execution of this Agreement. Thereafter, BUYER shall pay for all subsequent taxes and all assessments levied subsequent to date of this Agreement. |
| 2. BUYER shall have no right to cut or harvest any trees from the property excepting for his personal use until such time as the property is paid in full. No trees over 4" in diameter can be harvested. |
| 3. BUYER shall construct no buildings upon the property that do not conform to applicable Health and Building Codes of Costilla County, Colorado. |
| 4. BUYER will allow no public nuisances to be created upon the property and will not allow the property to become unsightly. |
| 5. IT IS understood and agreed between said parties that time is of the essence of this Agreement, excepting: SELLER reserves all rights and should BUYER(S) fail to comply with the terms thereof, then SELLER, at his option, be released from all obligations in law and in equity to convey said property; and BUYER shall thereupon be deemed to have waived all rights thereto and all monies under this contract shall be deemed as payments to SELLER for the execution of this Agreement and for the rental of the premises. |
| 6. SELLER, 12 (Twelve) months from the date of this Agreement, at the time and in the manner described, agrees, at BUYER'S expense, to deliver a policy of title insurance., excepting: SELLER reserves all oil, gas and other hydrocarbon substances lying in, under or around said property. |
| 7. AT BUYER'S request, SELLER will issue to BUYER, his heirs and assigns, 12 (Twelve) months subsequent to the date of this Agreement, a Grant Deed secured by a Note and Deed of Trust to the subsequent property, provided that BUYER has adhered to ALL of the terms and conditions of this Agreement, and all payments have been timely, and account is current. |
| 8. A LATE CHARGE of ten percent (10%) of gross monthly payment, but not less than Five Dollars ($5.00), will be charged for any payment RECEIVED ten (10) days after the date as set forth on Page 1 of this Agreement. |
| 9. BUYER agrees to pay one-half (1/2) monthly collection fee on each installment. The fee as of the date of this Agreement is Six Dollars ($6.00). BUYER will pay Three Dollars ($3.00) as his portion. This fee may be subject to minimum increase during the term of this contract. SELLER will notify BUYER in writing prior to increase, if any. |
| 10. SELLER will allow bearer a one year exchange on any parcel of comparable price. BUYER may upgrade at any time during the term of this Agreement. |
| 11. BUYER agrees upon issue of Deed and Note to sign Estoppel Deed in Lieu of Foreclosure with a 90-day grace period attended by SELLER. |
| 12. DISCOUNT: a discount of ten percent (10%) off the principal balance is offered to buyer for a cash out of principal balance at any time. |
| 13. PREPAYMENT PENALTY: There is NO penalty for early pay-off. BUYER can make greater installments and avoid some of the INTEREST charges. |
| 14. SELLER shall have the right to assign this Agreement. |
| 16.THIS LOT is sold as is, SELLER makes no representation as to the value, if any. |
