Memorandum of Land Contract: Definition, Example
Jump to Section
Quick Facts — Memorandum Of Land Contract Lawyers
- Avg cost to draft a Land Contract: $510.00
- Avg cost to review a Land Contract: $410.00
- Lawyers available: 112 real estate lawyers
- Clients helped: 199 recent memorandum of land contract projects
- Avg lawyer rating: 4.94 (12 reviews)
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.
Who Helps With Memorandum Of Land Contracts?
Lawyers with backgrounds working on memorandum of land contracts work with clients to help. Do you need help with a memorandum of land contract?
Post a project in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate memorandum of land contracts. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.
See Real Land Contract Projects
Wisconsin Land contract offer to purchase with 2 payments, with a legal easement description in the deed, added to 2 40's and amended in 3 other 40's for the easement. Drafting
- Wisconsin
- 3 lawyer bids
- $450 - $900
See all Land Contract projects
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
Need help with a Memorandum Of Land Contract?
Meet some of our Memorandum Of Land Contract Lawyers
Agnes M.
Agnes Mombrun Geter is the Founder and Managing Attorney of Mombrun Law, PLLC. She is an experienced attorney and is a member of the Florida Bar, New Jersey Bar, and the Pennsylvania Bar. The firm's practice focuses on Estate Planning, Business Law, and Debt Settlement including IRS Debt Relief. The firm's goal is to simplify the law and provide clients with the confidence and information necessary to make their decisions. The firm also provides project-based legal services to other attorneys and law firms, along with assisting as personal counsel and local counsel on legal matters.
"Ma. Agnes was very kind and thorough. I highly recommend her and would hire her again if needed."
Nicholas V.
I am a solo practitioner, and manager of the Law Office of Nicholas J. Vail, PLLC, with offices in Denver, Colorado and Austin, Texas with a focus on general business and real estate contracts.
"Nicholas was great! Highly recommend and I will be using his services again."
Jonathan M.
Owner and operator of Meek Law Firm, PC. Meek Law Firm provides comprehensive business law representation, precise and informed representation for real estate transactions in the commercial and residential markets of North and South Carolina and efficient succession and estate planning for business owners and individuals.
"He educated and did a through job with making sure that all the bases were covered in the contract reviewed. I do hope to work with again."
Benjamin E.
Benjamin is an attorney specializing in Business, Intellectual Property, Employment and Real Estate.
"Benjamin E was very easy to work with and would recommend him."
Jane C.
Skilled in the details of complex corporate transactions, I have 15 years experience working with entrepreneurs and businesses to plan and grow for the future. Clients trust me because of the practical guided advice I provide. No deal is too small or complex for me to handle.
"Jane was great to work with. She was responsive, thorough, and made every revision I requested without any issues. She took the time to ensure the agreement reflected exactly what I wanted and was very knowledgeable throughout the process. I appreciate all of her hard work and would definitely recommend her to anyone looking for quality legal drafting services."
Danny J.
I have had my own law practice since 2014 and I enjoy solving my clients’ problems. That’s why I constantly stay on top of the latest developments in the law and business of startups, entertainment, art, intellectual property, and commercial enterprise. I constantly keep learning because everything I learn helps me make my client’s life better. I assist clients in all aspects of copyright, trademark, contract, trade secret, business, nonprofit, employment, mediation, art, fashion, and entertainment law. Even though I am licensed to practice law in NY, I have worked for clients all over the country and even in Europe, Africa, and Latin America. No matter the client, I always look for ways to protect their assets, artworks, businesses, and brands with strategies to help them grow. I am a fluent bilingual legal professional who can analyze complex legal and business problems and solve them creatively for the benefit of my clients. I am detail-oriented and attentive which makes me excellent at negotiating, drafting, and revising all types of agreements and deals. I advise creatives and companies on intellectual property issues, risk management, and strategic planning. My clients love what I do for them because I employ a practical, client-tailored, and results-oriented approach to their case, no matter how small.
"Solid substantive work on a B2B services agreement review. Danny strengthened the data rights, IP, and liability sections with precise definitions and useful statutory references, delivered ahead of schedule, and his cover memo was clear and well-organized. Would hire again."
October 14, 2022
Jingjing L.
I am a dual qualified (Illinois; England & Wales) transactional lawyer with about 6 years of legal experience. I'm very commercial and pragmatic in my approach, and I provide clear and timely service. I have worked in two of the top international "big law" firms focusing on corporate, private equity, insurance and financial services work. I'm now working in-house at a Fortune 500 company and have a wide range of experience with commercial and corporate contracts as well as legal and regulatory research.
Find the best lawyer for your project
Browse Lawyers NowLawyer Reviews for Memorandum Of Land Contract Projects
Road Agreement Addendum
"He educated and did a through job with making sure that all the bases were covered in the contract reviewed. I do hope to work with again."
ContractsCounsel User
Review Land Contract
"You are amazing! Thank you for putting our minds at ease."
ContractsCounsel User
Contract for Deed for deal between family
"Great to work with."
ContractsCounsel User
Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.
View Trustpilot ReviewNeed help with a Memorandum Of Land Contract?
Real Estate lawyers by top cities
- Austin Real Estate Lawyers
- Boston Real Estate Lawyers
- Chicago Real Estate Lawyers
- Dallas Real Estate Lawyers
- Denver Real Estate Lawyers
- Houston Real Estate Lawyers
- Los Angeles Real Estate Lawyers
- New York Real Estate Lawyers
- Phoenix Real Estate Lawyers
- San Diego Real Estate Lawyers
- Tampa Real Estate Lawyers
Memorandum Of Land Contract lawyers by city
- Austin Memorandum Of Land Contract Lawyers
- Boston Memorandum Of Land Contract Lawyers
- Chicago Memorandum Of Land Contract Lawyers
- Dallas Memorandum Of Land Contract Lawyers
- Denver Memorandum Of Land Contract Lawyers
- Houston Memorandum Of Land Contract Lawyers
- Los Angeles Memorandum Of Land Contract Lawyers
- New York Memorandum Of Land Contract Lawyers
- Phoenix Memorandum Of Land Contract Lawyers
- San Diego Memorandum Of Land Contract Lawyers
- Tampa Memorandum Of Land Contract Lawyers
ContractsCounsel User
Land installment Contract Drafting
Location: Alabama
Turnaround: Less than a week
Service: Drafting
Doc Type: Land Contract
Number of Bids: 2
Bid Range: $700 - $750
ContractsCounsel User