Farm And Ranch Contract (Page 7 of 9) in pdf

Contract Concerning

Page 7 of 9

8-01-2011

(Address of Property)

shall bear the mediation costs equally. This paragraph does not preclude a party from seeking

equitable relief from a court of competent jurisdiction.

17. ATTORNEY'S FEES: A Buyer, Seller, Listing Broker, Other Broker, or escrow agent who prevails

in any legal proceeding related to this contract is entitled to recover reasonable attorney’s fees

and all costs of such proceeding.

18. ESCROW:

A. ESCROW: The escrow agent is not (i) a party to this contract and does not have liability for

the performance or nonperformance of any party to this contract, (ii) liable for interest on the

earnest money and (iii) liable for the loss of any earnest money caused by the failure of any

financial institution in which the earnest money has been deposited unless the financial

institution is acting as escrow agent.

B. EXPENSES: At closing, the earnest money must be applied first to any cash down payment,

then to Buyer's Expenses and any excess refunded to Buyer. If no closing occurs, escrow

agent may: (i) require a written release of liability of the escrow agent from all parties, (ii)

require payment of unpaid expenses incurred on behalf of a party, and (iii) only deduct from

the earnest money the amount of unpaid expenses incurred on behalf of the party receiving

the earnest money.

C. DEMAND: Upon termination of this contract, either party or the escrow agent may send a

release of earnest money to each party and the parties shall execute counterparts of the

release and deliver same to the escrow agent. If either party fails to execute the release,

either party may make a written demand to the escrow agent for the earnest money. If only

one party makes written demand for the earnest money, escrow agent shall promptly provide

a copy of the demand to the other party. If escrow agent does not receive written objection

to the demand from the other party within 15 days, escrow agent may disburse the earnest

money to the party making demand reduced by the amount of unpaid expenses incurred on

behalf of the party receiving the earnest money and escrow agent may pay the same to the

creditors. If escrow agent complies with the provisions of this paragraph, each party hereby

releases escrow agent from all adverse claims related to the disbursal of the earnest money.

D. DAMAGES: Any party who wrongfully fails or refuses to sign a release acceptable to the

escrow agent within 7 days of receipt of the request will be liable to the other party for

liquidated damages in an amount equal to the sum of: (i) three times the amount of the

earnest money; (ii) the earnest money; (iii) reasonable attorney's fees; and (iv) all costs of

suit.

E. NOTICES: Escrow agent's notices will be effective when sent in compliance with Paragraph

21. Notice of objection to the demand will be deemed effective upon receipt by escrow agent.

19. REPRESENTATIONS: All covenants, representations and warranties in this contract survive

closing. If any representation of Seller in this contract is untrue on the Closing Date, Seller will

be in default. Unless expressly prohibited by written agreement, Seller may continue to show the

Property and receive, negotiate and accept back up offers.

20. FEDERAL TAX REQUIREMENTS: If Seller is a "foreign person,” as defined by applicable law, or

if Seller fails to deliver an affidavit to Buyer that Seller is not a "foreign person,” then Buyer shall

withhold from the sales proceeds an amount sufficient to comply with applicable tax law and

deliver the same to the Internal Revenue Service together with appropriate tax forms. Internal

Revenue Service regulations require filing written reports if currency in excess of specified

amounts is received in the transaction.

21. NOTICES: All notices from one party to the other must be in writing and are effective when

mailed to, hand-delivered at, or transmitted by facsimile or electronic transmission as follows:

To Buyer at:

To Seller at:

Telephone: (

)

Facsimile:

(

)

(

)

E-mail:

TREC NO. 25-8

Initialed for identification by Buyer

and Seller

American LegalNet, Inc.

Farm And Ranch Contract Page 7

Related Articles

Related forms

Related Categories