Unimproved Property Contract (Page 6 of 8) in pdf

Contract Concerning

Page 6 of 8

12-05-2011

(Address of Property)

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 Seller at:

To Buyer at:

Telephone: (

)

Facsimile:

(

)

(

)

E-mail:

22. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and

cannot be changed except by their written agreement.

Addenda which are a part of this

contract are (check all applicable boxes):

Third Party Financing Addendum for Credit

Addendum for "Back-Up" Contract

Approval

Seller Financing Addendum

Addendum for Coastal Area Property

Addendum for Property Subject to

Environmental Assessment, Threatened

Mandatory Membership in a Property

or Endangered Species and Wetlands

Owners Association

Addendum

Buyer’s Temporary Residential Lease

Addendum for Property Located Seaward

of the Gulf Intracoastal Waterway

Seller’s Temporary Residential Lease

Addendum for Sale of Other Property by

Buyer

Other (list):

Addendum for Reservation of Oil, Gas

and Other Minerals

Initialed for identification by Buyer

and Seller

TREC NO. 9-10

Unimproved Property Contract Page 6

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