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'17 118 119 120 121 122 1:2:3 124 1257. '26 12 1.2 129 130 1:31 t32 1:3:3 134 13 1 t38 139 140 141 142 143 144 14 146 147 1.43 149 150 151 152 153 1S.t 155 156 157 158 159 180 1St 162 1639. 164 185 1GS 1- - . 12605782 If any defects are discovered as a result of the title examination, title commitment or the survey and if 8~er chooses Lo act on this contingency, Buyer shall within da~ (25 if none state after the "Acceptance Deadline. date) furnish a copy of the document evi- dencing toe defe to Seller Dr Iistin1 broker stating, In writin.9. any title or survey defects that are 1} unacceptable to Buyer: 2 not listed above; Clnd 3) adversely affect the use of the property as it ~xi5ts for resldentia purposes at toe time of the contract. Failure by Seller or nsting broker to receive such objeytions to title or survey within such time will constitute a waiver by Buyer of any objections to the title so long' as Buyer is able to obtain at closing, an Owner's title insurance policy in the latest AL TA form inClUding meChanics lien coverage. If Buyer does timely object to any title or survey defects, Seller has five (5) days from receipt of Buyer's notice of objection by Seller or listing broker, to agree in writing to correct the deTects prior to closing at Seller's exEense. If ~eller does not so agree, this contract is terminated unles$ Buyer. within two (2\ additional days. agrees In writing to accept the title and survev "as IS., IF the contract is terminated in accordance with the provisions of this para~raph. Buyer's earnest money to be refunded, subject to paragraph 1:2, and Seller agrees to reimburse Buyer's cost to pay for title, survey, Inspection(s) and appraisal. Seller shall be respon8ible for clearing any defects that arise Detween the date of the contract acceptance and closing. Note: Easeml:nts, subdivision Indentures. end gtJVllmm.nt I1Igulatlons may affect Buyer's intended USII of the property. Construction of improvements (for example: a rool\1 ;addition. fence or swimming pooll. non-residential us. of the pl'C:lperty rrcr eample: use of 3 room for ;z business), or the right to keep ~ert;;lin VQhlvlDs or .::Inlmals on the property, all m~y be ;ztfectecl. Buyer Is advised to review all euements, gOl/ernment rwIJulatlons, and subdivision Indentures before making an ofTer to purchase the IlroP.rty if he plans these or similar uses. If Buyer requires assistance In reviewing e3sements, sUrYgys, Indentures, or ather matters affecting title or use of the property, h. sbould consult an atlDmey. ADJUSTMENTS AND CLOSING COSTS. Buyer and Seller shall h:,we prorated and adjusted between them on the basis of thirty (30) days to the month as of the date of closing (Seller to pay for last day): current rents (Seller to receive rent for day of closing); rents which are delinquent over thirty (30) days are to be collected by seller and not adjusted; general taxes (based on assessment and rate for current year, if both are 3vall:lble, otherwise. based on previous year): subdivision upkeep assessments and monthly condominium fees: interest (when Buyer assumes existing loan): flat rate utility charges in~ludin~ waste, sewer ane;i trash. Buyer shall pay the Seller the fair market value of any heating oil or propane gas '" tan~(s) on the property at ClOSing DClsed on suppliers current charges. Seller and for Buyer to pay Broker(s) in accordance with any written commission agreements. Buyer and Seller to pay closing cost customarily charged. lOSS. Risk of loss to the improvements of the property shall be bome by the Seiler until title ia transferred. If any improvements covered by this. contract are damaged or destroyed. Seller shall immediately notify Buyer or selling broker in writing of the damage or destruction, the :amount of insurance proceeds payable, IT any, and whether Seller intends prior 10 closing, to restore the property to its condition at the time of the contract. In the event Seller restores the property to its prior condition before schedUled closing, and provides Buyer with proof of the repairs, Buyer and Seller shall proceed with closing. In the event the property is net to be restored to its prior condition by the Seller before closing, Seller shall immediately provide Buyer or selling broker with a copy of any policies of insurance, the name and number of the agent for each of said policies, and written authorization [if needed) for Buyer 'to communicate with the insurer, Buyer may either a) proceed with closing and be . entitled to the amount of insurance proceeds relating to rea! property improvements, if any. payable to Seller under all policies insuring the Improvements plus receive a credit from the Seller at closing in an :lmount equal to the .deductible not covered by insurance, or b} terminate the contract, thereby releasing all perties from liability hereunder. If all of the aforementioned insurance information is received by the Buyer or selling broker more than ten (10) d;ys prior to the scheduled closing date. Buyer is to give written notifieation to Seller or listing broker as to his election of (a) or (b} above wilhin ten (10) days after the Buyer Or selling broker's receipt of such infornHltlon: :;and if not received by Buyer or selling broker more than ten (10) days prior to the scheduled closing date. Buyer may, at Buyer's option and by written notice to Seller or listing broker, extend the closing date up to ten (10} days, during which time Buyer may make nis election as to (a) or (b) above. Failure by BUYll:r to notify Seller shall con~titute an election to terminate the con- tract. If the contract is terminated in accordance with the provisions of this p;lr:~grClph. earnest money to be returned to Buyer, subject to paragraph 12, and Seller agrees to reimburse Buyer's cost to pay for title. survey, inspection(s) and applOllSdI. ASSIGNABILITY OF CONTRACT. Tl'lis contracrt is assignable by Buyer. but not without the written consent of Seller if a} Seller is taking back a note and deed of trust as part of the purchase price, or 0' Buyer is assuming the existing note. Assignment does not relieve the p:1I'tles from their obligations under this contract. 30'6