Commercial Real Estate Purchase And Sale Agreement Template Page 2
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16Northern Illinois Commercial Association of Realtors
1.09
List of Exhibits
Exhibit A
Legal Description
Exhibit B
List of Personal Property
Exhibit C
List of Leases
Exhibit C-1
List of Defaults in Leases
Exhibit D
List of Mortgage(s) to be Assumed by Buyer
Exhibit E
Notice(s) of Increased Assessed Valuation of the Property
Exhibit F
Service Contracts of the Property
Exhibit G
Estoppel Certificate
ARTICLE 2:
AGREEMENT TO CONVEY
2.01
In consideration for payment of the Purchase Price by Buyer to Seller, Seller agrees to convey:
(a)
Legal title to the Property to Buyer, by [Warranty, Special Warranty, or Trustee’s] Deed; and
(b)
Legal title to the personal property (if any) listed on Exhibit B by Bill of Sale.
2.02
Title Commitment Review:
Within 14 days after the Agreement Date, Seller shall provide Buyer with a current title
commitment in a preliminary amount of $10,000, covering title to the real estate described on Exhibit A. Unless Buyer and/or
Buyer’s counsel objects to encumbrances shown in the title commitment (other than the Permitted Exceptions described
below) within 15 days after receipt from Seller, than all objections thereto shall conclusively presumed to be waived by Buyer.
During the 30-day period, Buyer may, by written notice to Seller, cancel this agreement in the event Buyer finds any conditions
of title reflected in such title commitment which are objectionable to Buyer in Buyer’s sole and absolute discretion
(“Unacceptable Exceptions”) provided, however, that Seller shall first be given the opportunity to remove or insure over the
Unacceptable Exceptions. If Seller is unable to remove or insure over the Unacceptable Exceptions within 15 business days
of Buyer’s notice, then Buyer may terminate this Agreement. Title to the Property shall be deemed acceptable to Buyer if it is
subject only to the following exceptions, if any (“Permitted Exceptions”):
(a)
Conditions, Covenants, and Restrictions of Record, provided same do not prohibit use of the property for Buyer’s
Intended Use;
(b)
Easements of record for the benefit of private parties and the public, for the following uses: utilities, drainage, and
roads and highways, provided same do not prohibit use of the property for Buyer’s Intended Use;
(c)
Party wall rights and agreements;
(d)
Existing leases and tenancies (if any) as listed on Exhibit C, which leases shall be assigned by Seller to Buyer and
assumed by Buyer at closing of the sale of the Property,
(e)
Special taxes or assessments for improvements not yet completed and for improvements already completed;
(f)
Mortgage(s) of Seller (if any) to be assumed by Buyer as listed on Exhibit D and mortgage(s) of Buyer; and
(g)
General taxes for the year ________ and subsequent years.
2.03
Seller shall provide to Buyer at closing an Affidavit of Title covering the date of closing, subject
only
to
the
Permitted
Exceptions listed in Section 2.02, and any un-permitted exceptions over which the Title Insurer commits to extend title
insurance. In the event that title to the Property is to be conveyed by Trustee’s Deed, the Affidavit of Title shall be executed by
the beneficiary or beneficiaries of the Trust.
ARTICLE 3:
SURVEY
3.01
Seller, at its expense, shall furnish to Buyer within thirty (30) days of the Agreement Date a staked survey of the Property.
Such survey shall show the location and course of all visible and recorded easements and rights-of way, access to public
rights-of-way, the location of the building and improvements on the subject property (including fences) to be within the lot lines
and not encroaching over any setback line or easement, and no encroachments of buildings or other improvements from
adjoining properties. If requested, the Seller shall provide an affidavit verifying that no changes in improvements have been
made since the date of said survey. If said survey shows improper location of improvements or encroachments and Seller is
unable to obtain title insurance protection for the benefit of Buyer and Buyer’s mortgage lender, if any, against any loss
resulting from such improper location or encroachment, Buyer may, at Buyer’s option, declare this Agreement to be null and
void.
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C:\Dave\NICAR\NICAR RE PURCH SALE AGRMNT 030305clean.doc
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