Commercial Real Estate Purchase And Sale Agreement Template Page 6
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16Northern Illinois Commercial Association of Realtors
(i)
All files relating to the tenants of the property, original leases, Contracts, warranties and guaranties regarding the
Property in the possession of Seller or Seller’s agent;
(j)
A letter from Seller to each tenant of the Property advising, if applicable, the tenant to make payments of rent due
from the from and after the closing to Buyer or at Buyer’s direction;
(k)
An assignment of all warranties, guaranties and rights under contracts and subcontracts held by Seller with respect to
the construction of the improvements on the Property and the installation of all fixtures and equipment thereon, if any, which
warranties and rights under contracts are set forth in Exhibit F;
(l)
Keys to all locks on the Property, if available;
(m)
Real Estate Transfer Declarations.
The parties hereto shall also deliver such additional documents and matters as shall be reasonable required to close the transactions
contemplated by this Agreement including without limitation, Real Estate Transfer Tax Declarations, copies of paid real estate tax bills,
and most recent notices of assessment valuation, if any.
9.03
Buyer’s Closing Documents: At or prior to closing, Buyer shall deliver to Seller or to Escrowee each of the following:
(a)
The purchase price, plus or minus adjustments, credits, and prorations provided for herein;
(b)
Real Estate Transfer Declaration(s);
(c)
Acceptance of assignment of all leases, warranties, guarantees, and rights under Contracts held by Seller as
described above;
(d)
All other documents required pursuant to other provisions of this Agreement and the Escrow Agreement to be
executed and delivered by Purchaser; and
(e)
Such other instruments and documents as may be reasonably required in order to carry out the purposes of this
Agreement.
ARTICLE 10:
BROKERS
10.01
Seller
represents
and
warrants
to
Buyer
that
it
has
worked
with
no
real
estate
broker
other
than
___________________________________ (“Seller’s Broker”), and Buyer represents and warrants to Seller that it has worked
with no real estate broker other than _______________________________ (“Buyer’s Broker”). In the event that Seller’s
Broker and Buyer’s Broker is the same individual licensee, then Seller and Buyer acknowledge that if there is dual agency the
disclosure of dual agency has been made and that Seller and Buyer have consented to such dual agency, and that this
Agreement shall serve as confirmation of such consent.
10.02
Seller shall pay the sales commission pursuant to separate Agreement between Seller and Seller’s Broker [or computed in the
amount of ____________% of the purchase price to Seller’s Broker who shall share this commission with Buyer’s Broker
pursuant
to
separate
agreement
between
Seller’s
Broker
and
Buyer’s
Broker
[or
in
the
following
ratio:
_______________________]. Seller’s Broker and Buyer’s Broker are intended third party beneficiaries of this Agreement.
Seller and Buyer agree to indemnify, defend, and hold the other harmless against any and all claims of other real estate
brokers if such claims are based on the acts of the indemnifying party.
ARTICLE 11:
FLOOD PLAIN
If the property is located within a designated flood plain as determined by the flood plain maps of the Department of Housing and Urban
Development, Buyer may, at its election obtain flood plain insurance if required by its lender.
ARTICLE 12:
NOTICES
12.01
Whenever notice is required by the provisions of this Agreement to be given to the parties, it shall be deemed to have been
duly given when delivered personally, or within forty-eight (48) hours after deposit in the United States mail, postage pre-paid,
registered or certified mail, or by the next business day if sent by express courier service, or by telephone facsimile, to the
persons named in Section 1.07 at the addresses shown in such section.
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C:\Dave\NICAR\NICAR RE PURCH SALE AGRMNT 030305clean.doc
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