Form Rd 1955-45 - Standard Sales Contract - Sale Of Real Property By The United States Page 3
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4THE FOLLOWING CONDITIONS OF SALE ARE AGREED TO BY PURCHASER AND SELLER
BEING THE CONDITIONS OF SALE REFERRED TO IN PARAGRAPH 2, PAGE 1
GENERAL - APPLICABLE TO ALL CONTRACTS EXCEPT AS MODIFIED BY PRIOR PARAGRAPHS
Earnest Money Deposit. The earnest money deposit, shall be in the amount set forth in Agency regulations (7 CFR, Part 1955,
A.
Subpart C or 7 CFR Part 3550, as appropriate).
B.
Deed to the Property. Within thirty (30) days after acceptance of the contract or removal of the contingency of Paragraph 6, page
1 (if applicable), whichever occurs last, the Government shall prepare for the purchaser a quitclaim deed to the property for
delivery at the closing. The closing shall occur within thirty (30) days after the Government notifies the purchaser that the sale is
ready to be closed. If a credit sale has been approved, the Government will also provide the required promissory note and security
instruments. The purchaser shall deliver the executed promissory note and security instruments to the Government at the closing.
if the contingency in Paragraph 6 is applicable and the Government disapproves the purchaser's credit, the purchaser shall be
notified of the disapproval of credit and the contract shall terminate.
Encumbrances or Defects. If the purchaser, before receiving a deed and within thirty (30) days after the Government's acceptance of the bid,
C.
submits proof of any encumbrances or title defects, the Government may take any necessary remedial action. If the Government does not elect
to exercise the right, the purchaser may, if the encumbrance or title defect affects the marketability of the title, rescind purchaser's purchase
obligation and recover all amounts paid by purchaser to the Government on account of the purchase price. However, neither the purchaser nor
parties claiming under purchaser shall be entitled, under any circumstances, to recover from the Government any damages, interest, or costs
on account of any encumbrance or defect affecting the title of the property. Unless proof of encumbrances or defects, other than any
enumerated on Exhibit A, is submitted by the purchaser within the time specified above, any and all encumbrances and defects shall be
conclusively presumed waived, and the purchaser and any parties claiming under purchaser shall be forever barred from asserting them
against the Government.
Abstracts or Title Evidence. The Government is not obligated to furnish any abstracts or other title evidence but will permit
D.
purchaser to inspect its title papers at a place selected by, and at no expense to, the Government.
Accepting the Property. The purchaser agrees to accept the property as is, in its present condition. No warranty is given on the
E.
condition of the property.
F.
Loss or Damage to Property. If, through no fault of either party, the property is lost or damaged as a result of fire, vandalism or an
act of God between the time of acceptance of the offer and the time the title of the property is conveyed by the Agency, the Agency will
reappraise the property. The reappraised value of the property will serve as the amount the Agency will accept from the purchaser. However,
if the actual loss, based on reduction in market value as determined by the Agency is less than $500, payment of the full purchase price is
required. In the event the two parties cannot agree upon an adjusted price, either party, by mailing notice in writing to the other, may terminate
the contract of sale, and the earnest money will be returned to the offeror.
Possession Rights. The purchaser will accept the property subject to the rights of any person or persons in possession of or
G.
presently occupying the property or claiming a right to occupy the property as indicated in Paragraph 9, page 1.
H.
Payment of Taxes. If the property while in Government inventory is subject to taxation, the taxes will be prorated between the
Government and the purchaser as of the date title is conveyed. If the property is not subject to taxation while in Government
inventory, the purchaser will pay all taxes on the property which become due and payable on or after the date the title of the
property is conveyed by the Government.
I.
Mineral Rights. The Government will convey to the purchaser all mineral rights to which it has title.
J.
Liquidated Damages. If the purchaser fails to comply with any of the terms or conditions hereof, the Government, by mailing
notice in writing, may terminate the contract for sale. The earnest money deposit shall be retained by the Government as full
liquidated damages except where failure to close is due to non-approval of credit.
K.
Representation Regarding Property. Representations or statements regarding the property made by any representative of the
Government shall not be binding on the Government or considered as grounds for any claim for adjustment in or rescission of
any resulting contract. The purchaser expressly waives any claim for adjustment or rescission based upon any representation or
statement not expressly included herein. The Government makes no warranties or representations not set forth in writing herein
concerning the condition of title or the permissible uses of the property.
L.
Member of Congress. No Member of or Delegate to Congress or Resident Commissioner shall be admitted to any share or part
of the contract of which these conditions form a part, or to any benefit that may arise therefrom.
M.
Subject to Agency Regulations. All offers and resulting contracts shall be subject to the regulations of the Agency, now or hereafter
in effect.
N.
Documentary Stamps. The purchaser will be required to purchase and place upon the deed the necessary documentary stamps.
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