|
<br />.-.. .
<br />
<br />12606782
<br />
<br />If any defects are discovered as a result of the title exarnination, title commitment or the
<br />survey and if B~er chooses lo act on this contingency, Buyer shall within da~
<br />(25 if none state after the "Accectance Deadline. date, furnish a copy of the document evi-
<br />dencing the defe to Seller or listin1 broker stating, in writinJ:) , any title or survey detects
<br />that are 1) unacceptable to Buyer: 2 not listed 3tiove: and 3) adversely affect the use of
<br />the property as it e,'ll;i8ts for resldentia purposes at tl"le time of the contract. Failure by Seller
<br />or n~ting bro~er to receive such o.bje~ions to title or survey within. such time will
<br />constItute a waiver by Buyer of. any objections to the title so long' as 8uyer 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 listing broker, to agree in writing to
<br />correct tne aerects prior to closing at Seller's ex'p-ense. If Seller does not so agree, this
<br />contract is terminated unless Buyer. within two (21 additional days, agrees In writing to
<br />accept the title and survev "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 />1:2, and Seller agrees 10 reimburse Buyer's cost to pay for title, survey, Inspection(s) and
<br />appraisal. Seller shall be relJpon5ible for clearing any defects that arise Detween the date of
<br />the centrad acceptance and dosing.
<br />
<br />" Note: Easements. :subdivision Indentures, and gttYllnlm.nt regulations may affect Buyer"s intended USQ
<br />118 ot the property. Construction of impronments (for e:r:ample: a room addition, fence or
<br />119 swimming poOl). nDn-residential u.s. of the prcperty rror example: use at :1 roOm for a business), or the
<br />120 right to keep cl:f'bln vQhlGlas or :lInlmOlls on the prr;lperty, 1111 may be .:atrected. Buyer Is advIsed ID review
<br />1Z1 all easements, gOl/ernment regulations, and subdivision Indentures before making an oNer to
<br />122 purchase the property if h. pl::ans these or similar uses. If Buyer requires aszistance In reviewing
<br />123 e3ScmJcnts, survaVl:, Indentures. ar atller m.Jlltters affecting title or use of the property, h. shauld
<br />124 consult an attorney. .
<br />
<br />
<br />
<br />1
<br />138
<br />139
<br />140
<br />141
<br />142
<br />143
<br />144
<br />145
<br />146
<br />147
<br />148
<br />149
<br />'50
<br />151
<br />152
<br />153
<br />154
<br />155
<br />156
<br />157
<br />156
<br />159
<br />160
<br />16t
<br />1G2
<br />
<br />163 9.
<br />
<br />164
<br />165
<br />1GS
<br />
<br />ADJUSTMENTS AND CLOSING COSTS.
<br />
<br />Buyer and Seller shall h::we prorated and adjusted between them on the basis of thirty (30}
<br />days to the month as of the date of closing (Seller to pay for last day): current rents (Seller
<br />to receive rent for day of closing); rents Which are delinquent over thirty (30) days are to be
<br />collected by seller and not adjusted; general taxes (based on assessment and rate for
<br />current year, If both are <3\1;]II:lble, othelWise. based on previous year): subdivision upkeep
<br />assessments and monthly condominium fees: interest (when Buyer assumes exisling 103n):
<br />flat rate utility charges including waste, sewer and trash. Buyer shall pay the Seller the fair
<br />market value of any heating oil or propane gas in tan~(s) on the property at ClOSing Dased
<br />on suppliers current charges. Seller and lor Buyer to pay Broker(s) in accordance with OIny
<br />written commission agreements. Buyer and Seller to pay closing cost customarily charged.
<br />
<br />LOSS.
<br />
<br />Risk of los$ to the improvements of the property shall be bome by the Seller until title is
<br />transferred, If any improvements covered by this contract are damaged or destroyed, Seller
<br />shall immediately notify Buyer or selling broker in INriling Dr the damage or destruction, the
<br />amount of insurance proceeds payable, IT :my, and whether Seller intends prior to closing. to
<br />restore the property to its condition at the lime of the contract. In the event Seller restores
<br />the property to its prior condition before scheduled closing, and provides Buyer with proof of
<br />the repairs, Buyer and Seller shall proceed with closing. In the event the
<br />property is not to be restored to its prior condition by the Seller before closing, Seller shall
<br />immediately provide Buyer or selling broker with a copy of any policies of insurance, the
<br />name and number of the agent for each of said policies, and written authorizoation (if
<br />needed) for Buyer to communicate with the insurer. Buyer may either a) proceed wilh
<br />closing and be entitled to the amounl of insurance proceeds relating to real property
<br />improvements, if any. payable to Seller under all policies insuring the Improvements piUS
<br />receive a credit from the Seller at closing in an ~mount equal to the .deductible not covered
<br />by insurance, or b) terminate the contract, thereby releasing all parties from liability
<br />hereunder. If all of the aforementioned insurance information is received by the Buyer or
<br />selling broker more tnan ten [10} d;ys prior to the scheduled closing date, Buyer is to give
<br />written notification ttl Seller or listing broker as to his election of (a) or (b) above within ten
<br />(10) days after the Buyer or selling broker's receipt of such informQtlon: :md if not received
<br />by ,Buyer or selling broker more than ten (10) days prior to the scheduled closing date. Buy~r
<br />may, at Buyer's option and by written notice to Seller or listing broker, extend the closing
<br />date up to ten (10) days, during which time Buyer may make !lis election as to (a) or (b)
<br />above. F;1l1ure by l3uyer to notify Seller ahall oonlJtitute .m election to terminate the con-
<br />tract. If the contract is terminated in accordance with the provisions of this par:dgr:aph.
<br />earnest money to be returned to Buyer, subject to paragraph '2, and Seller agrees to reimburse
<br />Buyer's eosllo pay ior title.l)urvey, inspection(s} and appraisal.
<br />
<br />ASSIGNABILITY OF CONTRACT.
<br />
<br />This contract is assignable by Buyer. but not without the written consent of Seller ir a} Seller
<br />is taking back a note and deed of trust as part of the purchase price, or 0) Buyer is assuming
<br />the existing note. Assignment does not relieve the p:1rtles from their obligations under this contract.
<br />
<br />30'6
<br />
|