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improvements to the property made by or on the behalf
of the buyer(s) during the life of this contract, if
forfeited by the buyer(s) as a result of default or
breach of the contract, is a fair value for the
liquidated damages incurred by the seller as a result
of said breach or default.
No warranties as to the condition or usability of the
property are either expressed or implied by the seller.
It is herein disclosed to the buyer(s) that the subject
property may presently have existing debt being
serviced by the seller, and that future debt (not to
exceed the amount payable under this contract) may be
incepted by the seller.[1]
The conditions of sale, as well as the provisions related to
default, voidability, and liquidated damages, were substantially
identical in all material respects in each of the contracts.
Printed descriptions or handwritten notations indicate that the
subject property of most of the agreements was a residence. A
small percentage of the contracts may have been for land alone.
The majority of the contracts were for terms of between 240 and
300 months and specified interest at a rate of 11 to 18 percent.
The sales prices ranged from a low of less than $3,000 to a high
of $40,000. The total gain represented by the contracts,
1 With respect to this final paragraph, we note that neither
party has referenced its existence or discussed its intended
operation. Our own research has similarly yielded no insight
into the precise meaning of such a provision or its potential
impact on the buyer-seller relationship. Hence, since the
parties apparently regard it as insignificant boilerplate, we
shall do likewise and shall give it no further consideration.
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Last modified: May 25, 2011