Yacht Purchase And Sale Agreement (Page 3 of 5) in pdf

Yacht Finders International Purchase & Sales Agreement Page 3 of 5

E. To hold harmless and defend the BUYER and BROKERS against any and all claims incurred prior to closing that may

impair or adversely affect the BUYER’s receipt, use and possession of the YACHT including good and absolute title

thereto; and to assume all costs incident to defending BUYERS and BROKERS against such claims including their

reasonable attorney’s fees.

F. To pay the BROKERS the commission as soon as the sale is consummated, and authorizes the BROKERS to deduct the

commission from payments received directly or indirectly from the BUYER. Such commission shall be calculated upon

the above stated selling price without regard to subsequent adjustments as a result of survey or otherwise. Should the sale

not be consummated for any reason, and the SELLER transfers any interest in the YACHT to the BUYER, directly or

indirectly, within two years of the closing date of the Agreement (except a charter of one month or less); then the

SELLER agrees to pay the BROKERS an amount equal to the commission which would have applied to the sale for

which this Agreement is now created.

10. The BUYER warrants and/or agrees as follows:

A. That he has full power and legal authority to execute and perform this Agreement, and to obtain the permission of any

authority to buy the YACHT, if required.

B. To deliver the following at closing:

Certified or collected funds payable to the SELLER, or for the SELLER’s account, in the amount equal to the

balance of the selling price as set forth in paragraph #1.

Certified or collected funds payable to the BROKERS, in an amount equal to any charges incurred against the

YACHT by the BROKERS on behalf of the BUYER, including costs related to any survey of the YACHT.

Any and all documents, including authorization, required to complete this purchase.

C. To pay all sales and/or use taxes, now and hereafter, imposed as a result of this sale, to indemnify the SELLER and

BROKERS against any obligations to pay such taxes, and to furnish proof of such payments upon request by the

BROKERS.

D. The BUYER will have the right of possession of the YACHT only upon completion of the closing.

11. INTERIM RESPONSIBILITIES: The SELLER shall bear all risk of loss or damage to the YACHT, or to any person or

property on said YACHT until closing. Any damages to the YACHT subsequent to acceptance as set forth in paragraph #5, and

prior to completion of closing, shall be repaired by the SELLER at his expense, subject to approval of the BUYER, who has the

right to request a reasonable price adjustment or to cancel the sale if substantial damages cannot be repaired to his satisfaction.

12. DEFAULT BY SELLER: SELLER’s failure to deliver the YACHT to the BUYER or otherwise to perform the terms of this

Agreement, due to any reason (including loss of or substantial damage to the YACHT caused by the SELLER’s negligence which

prevents completion of this sale), shall obligate the SELLER to pay all costs and charges incurred in connection with any survey

undertaken on behalf of the BUYER, and to pay the BROKERS the full brokerage commission which would have otherwise been

due pursuant to Paragraph #9. SELLER’s obligation is without prejudice to any other right the BUYER might also have as a

result of the SELLER’s default. However, if the sale cannot be completed by the closing date, due to substantial damage to the

YACHT not caused by the SELLER’s negligence, the SELLING BROKER is authorized to deduct from the deposit, any fees or

charges incurred against the YACHT by the BUYER, including the cost of the survey and related expenses, and return the

balance to the BUYER.

Initials: Buyer_________ Seller_________

Yacht Purchase And Sale Agreement Page 3