Contract of creditors to bid in and convey property to trustee.

Agreement made and entered into _________[Date], by and between _________, party of the first part, _________ and _________, parties of the second part, and _________, party of the third part, witnesseth:

Whereas the party of the first part is the owner, subject to certain incumbrances of record, of the following described real estate, to wit: _________.

And whereas each of the above-named parties of the second part has a judgment in the circuit court of _________ county, _________, against the party of the first part and his wife and have made a levy on the above described real estate, and the same has been advertised for sale under the executions issued on said judgments for _________[Date];

And whereas the above-named _________ is a surety on a note for first party, and a judgment has been rendered on said note against first party and an execution levied on said real estate:

It is hereby mutually agreed between the parties hereto as follows: That the parties of the second part will at such sale bid for the above described real estate the full amount of their judgments and costs, and if they or either of them become the highest bidder at such sale and acquire a sheriff's deed for such land, they hereby agree to convey by quitclaim deed the same to third party, as trustee, immediately upon the receipt of such sheriff's deed or deeds.

In consideration of the covenants and agreements herein made by the other parties hereto, the party of the first part hereby agrees to convey by quitclaim deed to _________ as trustee, all his interest in and to the above described real estate for the purposes hereinafter set forth.

For and in consideration of the covenants and agreements of the other parties hereto, the party of the third part hereby agrees to accept such conveyances to him as trustee, and does hereby promise and agree upon the receipt of such conveyances to proceed at once to try to find a buyer for said premises, and when such property is sold, and in any event within one year from this date, the party of the third part does hereby agree to pay to the parties of the second part the full amount of their respective bid or bids at such sale of said real estate, together with interest at the rate of _________ percent per annum from the date of such sale to the date of such payment. Party of the third part further agrees that when said real estate is sold he will account to first party for the proceeds thereof, and will pay out of such proceeds any valid judgments or liens against said real estate owing by party of the first part, and will also pay the necessary expenses incurred in connection with the selling and conveying of said real estate to the purchaser, and, if there is any balance left after making such payments, including the payment so agreed to be made by third party to the parties of the second part, party of the third part hereby agrees to pay and deliver the said balance to first party.

It is further agreed by the parties hereto that any real estate levied on under executions above mentioned other than the land above described, shall upon the signing and delivering of this contract be released from said judgments.