Attached files
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STATE OF SOUTH CAROLINA)
COUNTY OF HORRY )
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RENT TO OWN CONTRACT |
This is a Rent to Own Contract by and between Shirley Faye M. Strickland, 916 Highway 905, Conway, SC 29526 hereinafter, referred to as "Landlord" and 4Cable TV, Inc., 1256 Highway 501 Business, Conway, SC 29526 hereinafter, referred to as "Tenant", dated this 7th Day of August, 2012.
Landlord agrees to rent/sell and Tenant agrees to rent/purchase the following property to wit:
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ALL AND SINGULAR, all that certain piece, parcel or lot of land, situate, lying and being in Conway Township, Horry County, South Carolina, and more particularly designated as a part of Lot 17, Section "A", Revised, Red Hill Subdivision on a map prepared for W. T. Hardwick by S. D. Cox Surveyors, Inc., dated May 25, 1978. A copy of said map is recorded in Deed Book 614 at Page 472, office of the R.M.C. for Horry County and is by reference incorporated herein as forming a part and parcel of this description.
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This being a portion of the property conveyed by Donald E. Strickland a/k/a Donald Edward Strickland and Shirley F. Strickland a/k/a Shirley Faye Strickland a//a Shirley M. Strickland to Shirley Faye M. Strickland by Deed dated May 17, 2012, recorded May 21, 2012 in Deed Book 3585 at page 2145 in the office of the ROD for Horry County, South Carolina.
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TMS #: 137-16-01-026
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Page 1of 5
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The Total Rental/Purchase Amount of Two Hundred Fifty Thousand and No/100ths ($250,000.00) Dollars shall be paid as follows: The sum of Five Thousand and No/1OOths Dollars ($5,000.00) being paid upon the execution of this Contract, with the sum of Two Hundred Forty-Five Thousand and No/1Oaths ($245,000.00) Dollars shall be financed, at the rate of (4%) percent interest per annum, to be made in two hundred thirty-three (233) consecutive equal monthly installments of One Thousand Four Hundred Eight-Four and 65/100ths ($1,484.65) Dollars, with an additional Five Thousand and no/1OOths Dollars ($5,000.00) being paid toward the principal on February 1, 2013; said payments to commence on September 1, 2012 and continuing on the 1st day of each month thereafter until the entire sum, both principal and interest is paid in full.
Payments shall be payable to Shirley Faye M. Strickland, 916 Highway 905, Conway, South Carolina 29526.
Upon payment of the full rental/purchase price and interest, as set out above, Landlord hereby covenants and agrees and binds her heirs and assigns, executors and administrators, to convey the property described herein to the said Tenant, its successors, assigns, in fee simple, by proper deed, with covenants of general warranty free from all encumbrances, except as are herein referred to. Upon tender of such deed to the Tenant, Tenant agrees that the Landlord has met his entire obligation under the terms of this Rent to Own Contract. The title shall be made subject to all covenants, restrictions, zoning ordinances and easements imposed on the property herein described and appearing of record.
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Page 2 of 5
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1. All closing costs shall be evenly divided between the Landlord and Tenant; including deed preparation, documentary stamps, attorney fees, and recording fees
2. Possession of the property herein shall be with the Tenant, immediately upon the execution of this Rent to Own Contract, and all improvements made to subject property from this date forward shall be at the expense of the Tenant, including but not limited to upkeep, repair & maintenance
3. The Tenant further agrees that he will save and hold Landlord harmless from all liability that may result from the Tenant's possession. Tenant also agrees to carry, at its own expense, fire and liability insurance on the buildings on the property herein described of an amount equal to the balance of the entire rental/purchase balance, showing the Landlord as loss payee; or to reimburse Landlord for the same.
4. Should the Tenant be placed in Bankruptcy, Receivership or abandon the subject property for a period of 1.§ days, then this contract may be deemed null and void by the Landlord without further notice to the Tenant.
5. The Tenant shall be liable for the payment of all ad valorem taxes, building and lot assessments for the year 2012 and thereafter shall pay taxes and/or assessments no later than thirty (30) days after a copy of said statement has been furnished to the Tenant by the Landlord.
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Page 3 of 5
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6. If the Landlord has not received any amount of the monthly rental payment within 10 days after payment is due, a five ($5.00) per day late fee shall be charged to the Tenant, if after (30) days the Tenant has not paid; all rights of Tenant under this Rent to Own Contract shall be terminated and Landlord shall retain all amounts paid as rent and/or liquidated damage.
Time is of the essence, and no extension, forbearance or any contemporaneous or subsequent agreement in any way modifying the above payment schedule shall be valid unless executed in writing by the Landlord.
Should Landlord not be in a position to tender marketable title in fee simple at the time the entire rental amount, plus interest have been made by the Tenant, Landlord's sole responsibility unto the Tenant shall be to return unto the Tenant all amounts paid.
The Tenant acknowledges that this is a RENT TO OWN Contract; not a mortgage, and that it acquires no equity in said property until the entire rental amount/purchase price is paid. That in the event of default of any terms and conditions herein that all sums paid are forfeited and shall be treated as rent. That the Landlord can evict said Tenant in the Magistrate Court.
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The within written document constitutes the entire agreement between the parties and is binding on them, their/its heirs/successors and assigns, and may be modified only by subsequent writing signed by all parties. Tenant shall have no rights to assign this Rent to Own Contract unless said assignment is approved in writing by the Landlord.
Witness the hands and seals of the undersigned this 7th day of August, 2012.
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4Cable TV, Inc.
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| /s/Steven K, Richey | ||||
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Witness
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Steven K. Richey, President
(Tenant)
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| /s/Andrew F. Staniak | ||||
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Witness
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Andrew F. Staniak, Vice-President
(Tenant)
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| /s/Shirley Faye M Stickland | ||||
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Witness
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Shirley Faye M Strickland
(Landlord)
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