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<br />37745645
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<br />If any defects are discovered as a result of the title examination, title commitment or the
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<br />survey and if Buyer chooses to act on this contingency', Buyer shall within days
<br />(25 if none stated) after the "Acceptance Deadline" date, furnish a copy of the document evi-
<br />dencing the defect to Seller or listln, broker stating, in writina, anv title or survey defects
<br />that are 1) unacceptable to Buyer; 2 not listed above; and 3) adversely affect the use of
<br />the property as it exists for resldentia purposes at the time of the contract. Failure by Seller
<br />or listing broker to receive such objections to title or survey within such time will
<br />constitute a waiver by Buyer of any objections to the title so long as Buyer is able to obtain
<br />at closing, an Owner s title insurance policy in the latest AL TA form including mechanics lien
<br />coverage. If Buyer does timely object to any title or survey defects, Seller has five (5) days
<br />from receipt of Buyer's notice of objection by Seller or listinQ.. broker, to agree in writing to
<br />correct the defects prior to closing at Seller's eXp'ense. If Seller does not so agree, this
<br />contract is terminated unless Buyer, within two (2) additional days, agrees in writing to
<br />accept the title and survey "as is", If the contract is terminated in accordance with the
<br />provisions of this paragraph, Buyer's earnest money to be refunded, subject to paragraph
<br />12, and Seller agrees to reimburse Buyer's cost to pay for title, survey, inspection(s) and
<br />appraisal. Seller shall be responsible for clearing any defects that arise Between the date of
<br />the contract acceptance and closing.
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<br />Note: Easements, subdivision indentures, and government regulations may affect Buyer's, intended use
<br />of the property. Construction of improvements (for example: a room addition, fence or
<br />swimming pool), non-residential use of the property (for example: use of a room for a business), or the
<br />right to keep certain vehicles or animals on the property, all may be affected. Buyer is advised to review
<br />all easements, government regulations, and subdivision indentures before making an offer to
<br />purchase the property if he plans these or similar uses. If Buyer requires assistance in reviewing
<br />easements, surveys, indentures, or other matters affecting title or use of the property, he should
<br />consult an attorney.
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<br />1257. ADJUSTMENTS AND CLOSING COSTS.
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<br />126 Buyer and Seller shall have prorated and adjusted between them on the basis of thirty (30)
<br />127 days to the month as of the date of closing (Seller to pay for last day); current rents (Seller
<br />128 to receive rent for day of closing); rents which are delinquent over thirty (30) days are to be
<br />129 collected by seller and not adjusted; general taxes (based on assessment and rate for
<br />130 current year, if both are available, otherwise, based on previous year); subdivision upkeep
<br />131 assessments and monthly condominium fees; interest (when Buyer assumes existing loan);
<br />132 flat rate utility charges including waste, sewer and trash. Buyer shall pay the Seller the fair
<br />133 market value of any heating oil or propane gas in tank(s) on the property at closing based
<br />134 on suppliers current charges. Seller and lor Buyer to pay Broker(s) in accordance with any
<br />135 written commission agreements. Buyer and Seller to pay closing cost customarily charged.
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<br />136 8. LOSS.
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<br />137 Risk of loss to the improvements of the property shall be borne by the Seller until title is
<br />138 transferred. If any improvements covered by this contract are damaged or destroyed, Seller
<br />139 shall immediately notify Buyer or selling broker in writing of the damage or destruction, the
<br />140 amount of insurance proceeds payable, if any, and whether Seller intends prior to closing, to
<br />141 restore the property to its condition at the time of the contract. In the event Seller restores
<br />142 the property to its prior condition before scheduled closing, and provides Buyer with proof of
<br />143 the repairs, Buyer and Seller shall proceed with closing. In the event the
<br />144 property is not to be restored to its prior condition by the Seller before closing, Seller shall
<br />145 immediately provide Buyer or selling broker with a copy of any policies of insurance, the
<br />146 name and number of the agent for each of said policies, and written authorization (if
<br />147 needed) for Buyer to communicate with the insurer. Buyer may either a) proceed with
<br />148 closing and be entitled to the amount of insurance proceeds relating to real property
<br />149 improvements, if any, payable to Seller under all policies insuring the improvements plus
<br />15Q receive a credit from the Seller at closing in an amount equal to the deductible not covered
<br />151 by insurance, or b) terminate the contract, thereby releasing all parties from liability
<br />152 hereunder. If all of the aforementioned insurance information is received by the Buyer or
<br />153 selling broker more than ten (10) days prior to the scheduled closing date, Buyer is to give
<br />154 written notification to Seller or listing broker as to his election of (a) or (b) above within ten
<br />155 (10) days after the Buyer or selling broker's receipt of such information; and if not received
<br />156 by Buyer or selling broker more than ten (10) days prior to the scheduled closing date, Buyer
<br />157 may, at Buyer's option and by written notice to Seller or listing broker, extend the closing
<br />158 date up to ten (10) days, during which time Buyer may make his election as to (a) or (b)
<br />159 above. Failure by Buyer to notify Seller shall constitute an election to terminate the con-
<br />160 tract. If the contract is terminated in accordance with the provisions of this paragraph,
<br />161 earnest money to be returned to Buyer, subject to paragraph 12, and Seller agrees to reimburse
<br />162 Buyer's cost to pay for title, survey, inspection(s) and appraisal.
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<br />163 9. ASSIGNABILITY OF CONTRACT.
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<br />164 This contract is assignable by Buyer, but not without the written consent of Seller if a) Seller
<br />165 is taking back a note and deed of trust as part of the purchase price, or b) Buyer is assuming
<br />166 the existing note. Assignment does not relieve the parties from their obligations under this contract.
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