Commercial Real Estate Purchase And Sale Agreement Template Page 4

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Northern Illinois Commercial Association of Realtors
(m)
Seller shall duly pay and discharge, or cause to be paid or discharged, or shall provide a credit to Buyer at closing for
all taxes, assessments, and other governmental charges imposed upon the Property, as well as all claims for labor, materials,
or supplies which have been incurred prior to Closing the final date for payment of which will occur prior to Closing, and which
if unpaid, might by law become a lien or charge upon the Property.
(n)
To the best of Seller’s knowledge, no Hazardous Materials (as defined below) have been used, placed,
manufactured, stored, handled, generated, released or disposed of on, under, at or from the Property or any part thereof or
from any property located within 300 feet of any boundary line of the Property, and which could be detrimental to the Property,
or which is in violation of any applicable law or regulation. For purpose hereof, “Hazardous Materials” means any hazardous,
toxic, or dangerous substance, material, waste, gas or particulate matter which is defined as such for purposes of regulation
by any local government authority, the State of Illinois, or the United States Government, including, but not limited to, any
material or substance which is (i) defined as a “hazardous waste,” “hazardous material,” “hazardous substance,” “extremely
hazardous waste,” or “restricted hazardous waste” under any provision of Illinois law, (ii) petroleum, (iii) asbestos, (iv)
polychlorinated biphenyl, (v) radioactive material, (vi) designated as a “hazardous substance” pursuant to Section 311 of the
Clean Water Act, 33 U.S.C. Sec. 1251 et seq. (33 U.S.C. Sec.1317), (vii) defined as a “hazardous waste” pursuant to Section
1004 of the Resource Conservation and Recovery Act, 42 U.S.C. Sec. 6901 et. seq. (42 U.S.C. Sec. 6903), or (viii) defined as
a “hazardous substance” pursuant to Section 101 of the Comprehensive Environmental Response, Compensation, and
Liability Act, 42 U.S.C. Sec. 9601 et. seq. (42 U.S.C. Sec 9601).
4.02
Buyer:
Buyer hereby represents, warrants, and covenants to Seller that it:
(a)
Has the authority to execute this Agreement and bind Buyer;
(b)
Shall make best efforts to perform any and all inspections or other tasks of its due diligence in a timely manner; and
(c)
Shall make best efforts to obtain mortgage financing in accordance with the terms, conditions, and time periods
described herein.
ARTICLE 5:
TITLE INSURANCE
Seller shall provide to Buyer at closing, at Seller’s expense, an Owners Title Policy as described above with the following
endorsements: [Extended coverage, zoning, contiguity, EPA]. Seller and Buyer shall share equally the costs for any deed and money
escrow, Gap Coverage, and/or New York Style Closing.
Seller shall pay all required State and County transfer taxes, and
_____________ shall pay any Municipal Transfer Tax. Buyer shall pay all expense related to its mortgage lender including without
limitation the cost of any loan policy or policies and endorsements thereto, or lender’s escrow required by Buyer’s lender(s).
ARTICLE 6:
MORTGAGE
This Agreement is subject to the condition that Buyer be able to procure within ______ days of the Agreement Date a firm commitment
for a loan to be secured by a mortgage or trust deed on the property in the amount of $_________________, or such lesser sum as
Buyer accepts, with interest not to exceed _______% a year to be amortized over ____________ years, the commission and service
charges for such loan not to exceed _________%.
If, after making every reasonable effort, Buyer is unable to procure such
commitment within the time specified herein and so notifies Seller thereof within _______ days of the Agreement Date, this Agreement
shall become null and void and all earnest money shall be returned to Buyer; provided that if Seller, at its option, within a like period of
time following Buyer’s notice, procures for the Buyer such a commitment or notifies Buyer that Seller will accept a purchase money
mortgage upon the same terms, this Agreement shall remain in full force and effect.
ARTICLE 7:
INSPECTION
From the Agreement Date and continuing for a period of __________ (____) days from receipt of the documents described below
(“Inspection Period”), Buyer, its employees and agents, shall have the right to inspect:
(a)
The Property, including the right to make such physical investigations and studies of the structural and mechanical
aspects of the Property as Buyer shall deem necessary , provided that Buyer shall hold Seller harmless from any claims
or liabilities based upon accidents, injuries or damages sustained by virtue of Buyer’s inspection pursuant to this paragraph;
(b)
The leases relating to the property;
(c)
All Contracts of the property;
(d)
All notices of changes in assessed valuation relating to the property for the current or subsequent tax year, if any, in
possession of the Seller, and the current real estate tax bill(s) covering the property;
4
C:\Dave\NICAR\NICAR RE PURCH SALE AGRMNT 030305clean.doc

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