In a cancellation of land instalment contract, two parties who have previous entered into a land instalment contract cancel their contract due to some reason like breach of agreement, non feasibility of the project, etc. Hence the cancellation of land contract would contain new effective dates of cancellation and the agreement of cancellation agreed to by both the parties. The below is a sample cancellation of land instalment contract which can give a greater understanding of the same.
Sample Cancellation of land installment contract:
Cancellation of Land Installment Contract
Terms of the Cancellation of Land Instalment Contract:
Under the agreed upon land instalment contract, the undersigned
HMDA Developers, referred to here after as the vendor and
State of Alaska, referred to as the owner,
do hereby certify that the Land Instalment contract signed and agreed upon by both the parties and effective from the date 01 Jan 2011 has been cancelled. The vendor and the owner do hereby authorise and direct the recorder to cancel the Land instalment contract of record.
Agreement for cancellation
In witness thereof,
The owner and the vendor have executed this cancellation of land instalment contract on this 12th day of the month April in the year 2011.
The cancellation of land instalment contract is agreed to by both the parties with mutual consent.
Signature of the owner: City of California
Address: 4309 S Morgan Street, Chicago, Illinois, 60609, United States
Date: 09th Jan 2010
Signature of the contractor: Ohio Municipal Corporation
Date: 10th Jan 2010
Address: 123 Park Avenue, Edison, New Jersey, 08817, United States