Purchase Agreement (Page 7 of 8) in pdf

Community Land Trusts:

Sample Purchase Agreement

(e) Taxes and Prorated Items. All taxes and current installments of assessments which have become a

lien on the Property as of the date of closing shall be paid by Seller. All current property taxes shall be

prorated between Seller and Buyer as of the date of closing on a due-date basis assuming payment in

advance (e.g., taxes due July 1 will be treated as if paid for the period July 1 through the following June

30, and taxes due December 1 shall be treated as if paid for the period December 1 through the following

November 30). Buyer shall be responsible for the payment of all property taxes and installments of

assessments falling due after the date of closing without regard to lien date. Current dues and assessments

under the Ground Lease, if any, shall also be prorated between Seller and Buyer as of the date of closing

on a due date basis. Seller shall pay the cost of all utilities and service charges through and including the

date of transfer of possession and occupancy to Buyer. Buyer shall pay the cost of all utilities and service

charges after the date of transfer of possession and occupancy to Buyer.

(f) Possession. Seller shall deliver possession of the Property to Buyer at closing.

12.

Buyer’s Default:

In the event of material default by Buyer under this Agreement, Seller may, as Seller’s sole option, terminate

this Agreement and retain the Deposit as liquidated damages.

13.

Seller’s Default:

In the event of material default by Seller under this Agreement, Buyer may, at Buyer’s option, elect to do one of

the following: (1) enforce the terms of this Agreement through an order of specific performance, or (2) demand

and be entitled to an immediate refund of the Deposit in full termination of this Agreement, or (3) if and only if

specific performance is not available due to impossibility attributable to the acts or omissions of Seller, pursue

any other legal or equitable remedy available to Buyer.

14.

Binding Agreement:

This Agreement shall bind and inure to the benefit of the heirs, executors, administrators, successors, and

assigns of the respective parties.

15.

Time of the Essence:

Time is of the essence of this Agreement. Either Buyer or Seller may waive this provision in writing as to a

particular time requirement.

16.

Entire Agreement/Written Agreements Only:

MICHIGAN COMMUNITY RESOURCES

C O M M U N I T Y L A N D T R U S T: S A M P L E P U R C H A S E A G R E E M E N T

Purchase Agreement Page 7