6607 - Laserfiche WebLink

Home Browse Search

12605782 167 10. TIME IS OFTHE ESSENCE. 168 Time is of tITe essence in the performance of the obligation$ of the parties. All references to a 169 specIfied time shall mean Central Time. 170 11. BINDING EFFECT. 171 This contract shall be binding on and for the benefit of the parties and their respective heirs, pen:sonal 172 . representatives, executors, administrators or assigns. 173 12. EARNEST MONEY. 174 Buyer and Seller agree that the earnest money receivcO by the escrow agent in connection with 175 this contract shall be deposited within ten (10) banking days after the . Acceptance 17e Deadline' date. Additional earnest money, if applicable, is to be deposIted by escrow 177 agent within ten (10) banking days after receipt. Any earnest money received within ten 178 (10) bank:ing days prior to the scneduled closing date, shall be in the form of a cashier's check 179 or any other form acceptable to the escrow agent. If sale is closed, earnest money to apply to 100 the purchase. If any earnest money is being returned to Buyer, Buyer agrees '81 that any expenses fOl services requested by Buyer may be withheld by escrow agent and 182 p;:lld to the applicable service provider(s). 183 In the event of a dispute over any earnest money held by the escrow agent, the escrow 184 ::lgent shall continue Lo hold said deposit in its escrow account until: 1) escrow agenL ha::l ~ 185 written release from all parties consenting to its disposition; or 2) until a civil action is filed 186 to determine its disposition (at wllich time payment may be made Into court. and inslIch '87 event. court costs and escrow agent's attorney tees will be paid from earnest money); or 3) 188 until . a final court judgment mandates its disposition: or 4) as may be required by applicable '89 law. The parties specifically acKnowledge and agree that whenever ownership of the earnest 190 money or any other escrowed funds, received by a Missouri licensed real estate broker, is in un dispute between the parties, said broker is required by Missouri Statute, Section 339. '05..4 '92 RSMo to report and deliver the monies to the State Treasurer within 365 d:ays of the initial 193 projected closing date. Broker shall not report and deliver any such monies to the State 19" Treasurer until at least sixty (60) days after the initial projected closing date. ' . 195 Not.: An escrow agent who is not a licensed reel !!3tate broker ill not bound by Missouri statuteS and 196 relJut:ltjoll~ which apply to eernest money depoSits. .f the accraw agent is not a licen:oo:d broll!!r. the 197 par1ies ere urged to hay. the escrow ~gent ~t1ree in writing to bt' bound by the provisions of this 198 contrac:lllefore being named :13. (he e::crow allm. '99 13. REMEDIES. 200 Z01 202 2Q3 204 205 206 207 2D8 209 :1:10 211 2'2 213 214 21~ 211i 217 218 14. 219 zzo If either party defaults in the performance of any obligation of this contr:act, the p;;rty claiming a default snail notify the other party in writing of the nature of the de~ult and his ele(;j:ion of remedy. The notifying party may, but is not required to, provide the defaulting party with a deadline for curing the default If the default is by Buyer, Seller may either accept the ea'mest money as liquidated damages and release Buyer from the contract (in lieu of making any claim in court), or may pursue any remedy at law or in equity. If Seller accepts the earnest money, it shall be divided as follows: expenses of broker and seller in this transaction will be reimbursed, and balance to go one.half to Seller, and one-half divided equal- ly between listing broker and selling broker [if working as 5ubagent of Seller) in lieu of commission on thIs contract. If the default is by Seller, Buyer may either release Seller from liability upon Seller's release of the earnest money and reimbursement to Buyer for all direct costs and expenses, as specified In Buyer's notice of default (in lieu of making ;:my claim in court), or may pursue any remedy at law and in equITy, including enforcement of sale. Buyer's release of Seller does not relieve Seller of his liability to brokers underthe listing contract. In the event of litigalion between the parties, the prevailing pgrty shall recover, in addition to dam:ages or eQuitable relief, the cost of litigation including reasonable attorney's fee. This provision shall survive closing and delivery of Seller's deed to Buyer. GOVERNING LAW. This contract shall be considered a contract for the sale of real property and shall be construed in accordance with the laws of the State or Missouri. ZZ' 15. ENTIRE AGREEMENT. 2ZZ This contract constitutes the entire agreement between the partie!5 hereto and there are no other 223 understandings, written or oral, . relating to the subject matter nereof. Tl1e contract may not be 224 changed. modified or amended, in whole or in part, except In writing signed by all parties. 40t6