Real Estate Purchase And Sale Agreement (Non-Residential) (Page 4 of 9) in pdf

condition of the Property, merchantability, or the suitability or fitness of the Property

for any use whatsoever, known or unknown to Seller. In no event shall Seller be

responsible or liable for defects or faults, if any, in the Property, or for remedying or

repairing the same, except as noted herein. Purchaser warrants that Purchaser has

fully inspected the Property, performed all due diligence deemed necessary by

Purchaser, and is fully satisfied with the same in all respects “AS-IS, WHERE-IS,”

“WITH ANY AND ALL FAULTS.”

b. Seller to Maintain Property. Seller shall make reasonable efforts to maintain the

Property in its condition as of the date of acceptance of this offer by Seller as

described in Seller’s contingencies above and until Purchaser is entitled to

Possession. Purchaser and/or his/her agent is entitled to receive access prior to

Closing at a mutually agreed and reasonable time, to walk through and visually

inspect and perform due diligence upon the Property.

c. Risk of Loss. If improvements on the Property are destroyed or materially damaged

by accidental fire or other accidental casualty prior to Closing, and if Closing has not

occurred, then Purchaser may elect to terminate this Agreement and the earnest

money shall be refunded to Purchaser.

3. Purchase Price and Payment. Except as expressly stated otherwise herein:

a. The Purchase Price will be paid in cash, inclusive of earnest money; and

b. Purchaser represents they have sufficient funds available to close this sale without

relying on any contingent source of funds, including funds from loans, sale/closing

of other property, gifts, retirement or future earnings.

c. Any earnest money shall be deposited with Closer within five (5) days after

acceptance of this Agreement. If earnest money is not deposited with the Closer as

required in this Agreement, Seller may declare this Agreement terminated.

4. Lender Financing. If Purchaser’s obligations are contingent upon receiving lender

financing, Purchaser shall make a complete written application and pay any required Lender

costs within the time specified in Section IV. Contingencies. Purchaser shall use best efforts

to obtain loan approval meeting the terms of Purchaser’s application, or terms more

favorable to Purchaser. Loan approval meeting the terms of Purchaser’s application, or

terms more favorable to Purchaser shall be accepted by Purchaser. Lender may require

inspections and or work to be performed as a condition of loan approval, however Seller

shall not be required to pay any part thereof.

Purchaser acknowledges hereby that the minimum purchase price offered must be no less

than the appraised value of the Property as determined by the appraisal obtained by Seller

prior to the Property being announced for sale. If the appraised value of the Property

obtained for purposes of financing is less than the Purchase Price and obtaining financing

depends upon the appraised value of the Property, Seller shall not be required to lower the

sale price for the real property.

Real Estate Purchase and Sale Agreement

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Real Estate Purchase And Sale Agreement (Non-Residential) Page 4