Memorandum of Land Contract: Definition, Example
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What is a Memorandum Of Land Contract?
A memorandum of land contract is a document that is added as an amendment to an original land contract that serves to make changes to the original terms within. The memorandum of land contract can be used to alter major terms of the agreement, such as payment amount. However, it is also commonly used to change more minor items, such as length of the contract.
The purpose of a memorandum of land contract is to make it easy and cost effective to modify terms or add new terms to the original lease agreement. By using the memorandum, contract parties can avoid procuring legal services to make changes both parties agree to.
Memorandum Of Land Contract Sample
| 1. Paragraph 1(b) shall be amended as follows. The balance of the purchase price ($2,948,259.82) and any unpaid interest shall be paid in a balloon payment prior to, but in no event later than May 1, 2009 (the “Extension Period”). The interest rate for the Extension Period shall be a rate of five percent (5%) per annum, simple interest. Purchaser shall make current any unpaid interest (at the 5% rate) from July 1, 2007 through October 31, 2007 upon execution of this Amendment by the parties hereto. Purchaser shall pay interest on the balance of the purchase price of $2,948,259.82. |
| 2. During the Extension Period, the Purchaser shall have the option, at any time, to: (1) pay the purchase price referred to in Paragraph 1 above, or (2) reduce the Principal (as defined in the Land Contract) balance due upon payoff of the Land Contract by Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00) from Two Million Nine Hundred Forty-Eight Thousand Two Hundred Fifty-Nine and 82/100 Dollars ($2,948,259.82) to Two Million One Hundred Ninety-Eight Thousand Two Hundred Fifty-Nine and 82/100 Dollars ($2,198,259.82) if the Purchaser is able to consummate a lease transaction sufficient to satisfy construction lender requirements and to permit construction on the Property. In the event Purchaser exercises option 2 above, Seller shall be assigned a seventeen percent (17%) interest in the net distributions to be made to members of the Purchaser from the operating revenues of the Property in exchange for Seller’s agreement to the purchase price reduction of $750,000.00, until such time as the Property is sold. The seventeen percent (17%) interest in the net operating cash flow distributions to be assigned to Seller shall come from the member share of |
| 3. Seller and Purchaser acknowledge that, due to the refusal of the City of Southfield Building Department to approve the separation of the Property from Seller’s adjoining property, presently designated as Unit 13 of the American Commerce Centre condominium, without construction of a solid fire wall between the properties, which cannot be done without changing the configuration of the connector and changing the character of the building in a manner that is not acceptable to either Seller or Purchaser, Seller and Purchaser are in the process of re-combining the Property of Seller’s adjoining Unit 13, and creating a two unit office condominium on the combined properties, to be known as Meadowbrook Condominium (or if that name is not available at the time of recording, such other name as Seller shall reasonably determine) (the “Condominium”). Seller and Purchaser shall continue to cooperate in connection with the creation of the Condominium, including without limitation, executing a master deed creating the Condominium or, in the case of Purchaser, a land contract vendee’s consent thereto, and such other documents as may be necessary to effectuate the same. Upon recording of the master deed for the Condominium, this Land Contract shall be deemed to be automatically amended to change the description of the Property to Unit 2 of the Condominium, and the parties shall execute and record an amended memorandum of land contract evidencing that change. The deed to be delivered, pursuant to this Land Contract, shall convey Unit 2 of the Condominium. |
| 4. | Except as amended hereby the Land Contract shall remain in full force and effect. |
| PURCHASER: | SELLER: | |||||||||
| MB CENTER II LLC, a Michigan limited | MEADOWBROOK INSURANCE GROUP, | |||||||||
| liability company | INC., a Michigan corporation | |||||||||
| By: | KIRCO Development LLC a Michigan | |||||||||
| limited liability company | ||||||||||
Its:
|
Manager | By: | /s/ Robert S. Cubbin | |||||||
| Robert S. Cubbin | ||||||||||
| By: | /s/ A. Mathew Kiriluk, II | Its: | President & CEO | |||||||
| A. Mathew Kiriluk, II | ||||||||||
| Its: | President | |||||||||
Reference:
Security Exchange Commission - Edgar Database, EX-10.47 4 k24822exv10w47.htm LAND CONTRACT AMENDMENT, Viewed October 25, 2022, View Source on SEC.
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Stacey D.
I enjoy helping businesses of all sizes succeed, from start-ups to existing small and medium sized businesses. I regularly advise corporate clients on a variety of legal issues including formation, day to day governance, reviewing and drafting business contracts and other agreements, business acquisitions and sales, as well as commercial and residential real estate issues, including sales, purchases and leases. As an attorney licensed in both Michigan and Florida, I also advise clients on real estate issues affecting businesses and individuals owning real property in either state, whether commercial, residential or vacation/investment property. I also regularly assist nonprofit organizations in obtaining and maintaining tax exempt status, and provide general legal counsel on all matters affecting public charities, private foundations and other nonprofit organizations.
"She is clear, concise and insightful. She provided real value at a fair price. Do yourself a favor and hire her."
Tim E.
I am a business attorney focused on providing practical, targeted legal services for small businesses, startups, contractors, consultants, and service providers. I help clients efficiently review, draft, and improve everyday business contracts, including service agreements, NDAs, independent contractor agreements, vendor contracts, commercial leases, and purchase documents. My approach is straightforward: identify the terms that matter, explain risks in plain English, and deliver clear, usable edits or drafts without unnecessary complexity. I regularly handle fixed-fee, quick-turnaround projects such as contract reviews, agreement drafting, and demand or termination letters. While I offer streamlined, project-based services for routine matters, I can also assist with broader business legal needs as they arise.
"Excellent experience with Tim on my relatively complex EULA for a suite of network appliance products. Tim was very fair with pricing, responsive, diligent, thorough, technically knowledgeable, took the time to address all my questions and concerns, and finished (with revision) on schedule and budget. Great experience overall and I'll definitely be using Tim for more work in the future with my business. I'll also be using Contract Counsel and recommending it to everyone I know as well! THANK YOU! -Devin"
Rebecca R.
Experienced attorneyin leasing, NDA, family law, commercial real estate, immigration and employment . Well versed in internal and external policy document and manual creation.
"Quickly understood our requirements and created a customized doc to meet our needs with a fast turnaround... We'd definitely work with Rebecca again!"
Moss S.
Over 30 years of experience practicing commercial real estate and complex business litigation law.
"Moss S was responsive and attentive to my needs and completed the task ahead of time and within budget"
Jehan C.
Experience business, estate and intellectual property attorney ready to serve entrepreneurs and creatives in all 50 state and those that have wills and estate planning needs in the District of Columbia.
"Jehan was responsive, spent time understanding the issue and provided a solution. Thank you."
September 6, 2023
Kahlee S.
I opened Hestia Legal when I was 6 months pregnant with the focus on educating and assisting families in my community. While the majority of my practice revolves around Estate Planning, I have a history of experience with contract and general business agreement drafting, discovery drafting, and general litigation document drafting.
September 6, 2023
Nadir C.
I am a licensed attorney in Illinois, I am currently a Regulatory Compliance Analyst.
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"Allen was extremely easy to work with, was very prompt, and went above and beyond what was asked."
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Thank you so much for the kind words and the five stars! I really appreciate you taking the time, and I'm glad I could help get the land contract drafted and squared away for you. If anything else comes up, don't hesitate to reach out. Allen
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