NOTICE OF CANCELLATION OF CONTRACT FOR DEEDDATED: January 24, 2003TO: TRAVIS LANE HOWARD AND CINDI RUTH BROWNTHIS NOTICE IS TO INFORM YOU THAT BY THIS NOTICE THE SELLER HAS BEGUN PROCEEDINGS UNDER MINNESOTA STATUTES, SECTION 559.21, TO TERMINATE YOUR CONTRACT FOR THE PURCHASE OF YOUR PROPERTY FOR THE REASONS SPECIFIED IN THIS NOTICE. THE CONTRACT WILL TERMINATE 90 DAYS AFTER SERVICE OF THIS NOTICE UPON YOU UNLESS BEFORE THEN:(a) THE PERSON AUTHORIZED IN THIS NOTICE TO RECEIVE PAYMENT RECEIVES FROM YOU:(1) THE AMOUNT THIS NOTICE SAYS YOU OWE; PLUS(2) THE COSTS OF SERVICE (TO BE SENT TO YOU); PLUS(3) $500.00 TO APPLY TO ATTORNEY’S FEES ACTUALLY EXPENDED OR INCURRED; PLUS(4) FOR CONTRACTS EXECUTED ON OR AFTER MAY 1, 1980, ANY ADDITIONAL PAYMENTS BECOMING DUE UNDER THE CONTRACT TO THE SELLER AFTER THIS NOTICE WAS SERVED ON YOU; PLUS(5) FOR CONTRACTS, OTHER THAN EARNEST MONEY CONTRACTS, PURCHASE AGREEMENTS, AND EXERCISED OPTIONS, EXECUTED ON OR AFTER AUGUST 1, 1985, $34.00 (WHICH IS TWO PERCENT OF THE AMOUNT IN DEFAULT AT THE TIME OF SERVICE OTHER THAN THE FINAL BALLOON PAYMENT; ANY TAXES, ASSESSMENTS, MORTGAGES OR PRIOR CONTRACTS THAT ARE ASSUMED BY YOU); OR(b) YOU SECURE FROM A COUNTY OR DISTRICT COURT AN ORDER THAT THE TERMINATION OF THE CONTRACT BE SUSPENDED UNTIL YOUR CLAIMS OR DEFENSES ARE FINALLY DISPOSED OF BY TRIAL, HEARING OR SETTLEMENT. YOUR ACTION MUST SPECIFICALLY STATE THOSE FACTS AND GROUNDS THAT DEMONSTRATE YOUR CLAIMS OR DEFENSES. IF YOU DO NOT DO ONE OR THE OTHER OF THE ABOVE THINGS WITHIN THE TIME PERIOD SPECIFIED IN THIS NOTICE, YOUR CONTRACT WILL TERMINATE AT THE END OF THE PERIOD AND YOU WILL LOSE ALL THE MONEY YOU HAVE PAID ON THE CONTRACT; YOU WILL LOSE YOUR RIGHT TO POSSESSION OF THE PROPERTY; YOU MAY LOSE YOUR RIGHT TO ASSERT ANY CLAIMS OR DEFENSES THAT YOU MIGHT HAVE; AND YOU WILL BE EVICTED. IF YOU HAVE ANY QUESTIONS ABOUT THIS NOTICE, CONTACT AN ATTORNEY IMMEDIATELY.THE PERSON AUTHORIZED TO RECEIVE PAYMENTS PURSUANT TO THIS NOTICE IS: Paul A. Vis Eisma and Eisma 130 E. Main, PO Box 625 Luverne, Minnesota 56156 (507)283-4828YOU ARE HEREBY FURTHER NOTIFIED: That default has been made in the conditions of that certain contract, dated November 19, 2001, whereby John W. Vis and Margie Vis, husband and wife, as vendors sold and agreed to convey to Travis Lane Howard and Cindi Ruth Brown, as vendees, the tract of land lying in the County of Rock, State of Minnesota, described as follows, to wit: The North Half (N1/2) of Lot Eight (8) and the South One-Quarter (S1/4) of Lot Nine (9), Block Sixteen (16) in Warren and Kniss Addition to the City of Luverne, Minnesota.That the mortgage registration tax on said contract in the sum of $0.00 was paid to the Treasurer of Rock County, Minnesota, on the __ day of ___, 20___, as evidenced by the Treasurer’s receipt No. N/A; that the conditions of said contract in which said default has been made are as follows, to wit:4. PURCHASE PRICE. Purchaser shall pay to Seller, at Seller’s residence or otherwise agreed upon by the Parties the sum of Thirty-nine Thousand and no/100 ($39,000.00), as and for the purchase price for the Property payable as follows:$ 400.00 cash herewith, receipt of which is hereby acknowledged.$38,600.00 Balance of purchase price payable as follows: In monthly installments of interest and principal of $400.00 commencing on the 1st day of January 1, 2002, and continuing on the 1st day of each and every month thereafter until November 1, 2011, at which time the entire unpaid principal balance and any accrued interest shall become fully due and payable, all with interest computed on the unpaid principal balance from December 1, 2001 at the rate of 8.50% PER ANNUM with each installment applied first to accrued interest and balance, if any, to principal according to the herewith attached amortization schedule which is hereby made a part of this contract.PURCHASERS ARE DELINQUENT ON PAYMENTS HEREUNDER IN THE AMOUNT OF $1,700.00, WHICH IS 4 1/4 MONTHS OF PAYMENTS, WITH THE NEXT PAYMENT BEING DUE FEBRUARY 1, 2003. 6. REAL ESTATE TAXES AND ASSESSMENTS. Seller shall pay, before penalty accrues, 12/12 of the real estate taxes and installments of special assessments assessed against the Property which are due and payable in the year 2001 and buyer shall pay 0/12 of the real estate taxes and installments of special assessments assessed against the Property which are due and payable in the year 2001 and in all subsequent years. Real Estate taxes and installments of special assessments which are due and payable in the year in which this contract is dated shall be paid as follows: 2002 Purchaser shall pay 100% of the real estate taxes and special assessments due and payable in 2002 and all years thereafter. PURCHASERS DID NOT PAY THE PROPERTY TAXES DUE AND PAYABLE IN 2002 FOR THIS PROPERTY IN THE AMOUNT OF $675.91, WHICH AMOUNT INCLUDES AN $87.91 PENALTY.7. PROPERTY INSURANCE.(a) INSURED RISKS AND AMOUNT. Purchaser shall keep all buildings, improvements and fixtures now or later located on or a part of the Property insured against loss by fire, extended coverage perils, vandalism, malicious mischief and, if applicable, steam boiler explosion for at least the amount of the fair and reasonable value of the above-described property. If any of the buildings, improvements or fixtures located in a federally designated flood prone area, and if flood insurance is available for that area, Purchaser shall procure and maintain flood insurance in amounts reasonably satisfactory to Seller. (b) OTHER TERMS. The insurance policy shall contain a loss payable clause in favor of Seller which provides that Seller’s right to recover under the insurance shall not be impaired by any acts or omissions of Purchaser or Seller, and that Seller shall otherwise be afforded all rights and privileges customarily provided a mortgagee under the so-called standard mortgage clause.(c) NOTICE OF DAMAGES. In the event of damage to the property by fire or other casualty, Purchaser shall promptly give notice of such damage to Seller and the insurance company. PURCHASERS ALLOWED PROPERTY INSURANCE TO LAPSE AS OF JANUARY 15, 2003.and that said contract will be cancelled and terminated 90 days after the date of the first publication of this notice unless prior thereto you comply with said conditions of said contract so in default and pay the costs of service of this notice and attorney’s fees* in the amount of $500.00 actually expended or incurred by the undersigned, and the mortgage tax of $0.00 (if paid by vendor).**See Minn. Stat. 559.21 /S/and Chapter 240, 1996 Sessions Laws. Paul A. Vis, Attorney for the Vendors 130 East Main, PO Box 625 Luverne, Minnesota (507)283-4828This Instrument Drafted By:Paul A. VisEisma and Eisma130 East Main, PO Box 625Luverne, Minnesota 56156I.D.#297550(7-31, 8-7)
