Fillable Commercial Sales Contract Template (Page 3 of 6) in pdf

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fixtures and systems on the Real Estate and all equipment to be transferred to Buyer pursuant to this contract are in working order

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and will be so at the time of closing.

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Seller represents that, to the best of Seller’s knowledge, there are not now, nor have there been, any underground storage tanks

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located on the Property and no chemicals or toxic waste have been stored or disposed of on the Property, except for ___________

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___________________________________________________________________, and that the Property has not been cited for

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any violation of any Federal, State, County or local environmental law, ordinance or regulation and the Property is not located

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within any designated legislative “superfund” area, except for ______________________________________________________.

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10. LEASES: Seller will not enter into or extend any leases with respect to the Real Estate from and after the date Seller signs this

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contract without the express prior written consent of Buyer. All security deposits, damage deposits, or other deposits in the

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possession of Seller, including interest earned, if applicable, shall be assigned to Buyer at the time of closing; Seller shall deliver to

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Buyer, within 5 business days after the Date of Acceptance, true and correct copies of all leases, and this contract is subject to

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Buyer’s review and approval of same within 10 business days from Date of Acceptance. If written notice of Buyer’s disapproval is

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not served within 10 business days after Date of Acceptance, this provision shall be deemed waived by the Buyer and this contract

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shall remain in full force and effect.

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11. TITLE: At Seller’s expense, Seller will deliver or cause to be delivered to Buyer or Buyer’s attorney within customary time

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limitations and sufficiently in advance of Closing, as evidence of title in Seller or Grantor, a title commitment for an ALTA title

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insurance policy in the amount of the Purchase Price with extended coverage by a title company licensed to operate in the State of

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Illinois, issued on or subsequent to the Date of Acceptance, subject only to items listed in Paragraph 15. The requirement of

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providing extended coverage shall not apply if the Real Estate is vacant land. The commitment for title insurance furnished by

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Seller will be conclusive evidence of good and merchantable title as therein shown, subject only to the exceptions therein stated. If

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the title commitment discloses unpermitted exceptions, or if the Plat of Survey shows any encroachments which are not acceptable

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to Buyer, then Seller shall have said exceptions or encroachments removed, or have the title insurer commit to insure against loss

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or damage that may be caused by such exceptions or encroachments. If Seller fails to have unpermitted exceptions waived or title

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insured over prior to Closing, Buyer may elect to take the title as it then is, with the right to deduct from the Purchase Price prior

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encumbrances of a definite or ascertainable amount. Seller shall furnish Buyer at Closing an Affidavit of Title covering the date of

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Closing, and shall sign any other customary forms required for issuance of an ALTA Insurance Policy.

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12. PERFORMANCE: Time is of the essence of this Contract. In any action with respect to this Contract, the Parties are free to

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pursue any legal remedies at law or in equity and the prevailing Party in litigation shall be entitled to collect reasonable attorney

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fees and costs from the non-Prevailing Party as ordered by a court of competent jurisdiction. There shall be no disbursement of

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earnest money unless Escrowee has been provided written agreement from Seller and Buyer. Absent an agreement relative to the

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disbursement of earnest money within a reasonable period of time, Escrowee may deposit funds with the Clerk of the Circuit Court

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by the filing of an action in the nature of interpleader. Escrowee shall be reimbursed from the earnest money for all costs,

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including reasonable attorney fees, related to the filing of the interpleader action. Seller and Buyer shall indemnify and hold

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Escrowee harmless from any and all conflicting claims and demands arising under this paragraph. __________________________

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________________________________________________________________________________________________________.

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13. NOTICE: All Notices,

except as provided otherwise in Paragraph 31(C) (2),

shall be in writing and shall be served by one

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Party or attorney to the other Party or attorney. Notice to any one of a multiple person Party shall be sufficient Notice to all. Notice

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shall be given in the following manner:

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(a) By personal delivery of such Notice; or

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(b) By mailing of such Notice to the addresses recited herein by regular mail and by certified mail, return receipt requested.

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Except as otherwise provided herein, Notice served by certified mail shall be effective on the date of mailing; or

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(c) By sending facsimile transmission. Notice shall be effective as of date and time of facsimile transmission, provided that

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the Notice transmitted shall be sent on Business Days during Business Hours. In the event fax Notice is transmitted

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during non-business hours, the effective date and time of Notice is the first hour of the next Business Day after

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transmission; or

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(d) By sending e-mail transmission. Notice shall be effective as of date and time of e-mail transmission, provided that the

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Notice transmitted shall be sent during Business Hours, and provided further that the recipient provides written

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acknowledgment to the sender of receipt of the transmission (by e-mail, facsimile, regular mail or commercial overnight

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delivery). In the event e-mail Notice is transmitted during non-business hours, the effective date and time of Notice is the

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first hour of the next Business Day after transmission; or

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(e) By commercial overnight delivery (e.g., FedEx). Such Notice shall be effective on the next Business Day following

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deposit with the overnight delivery company.

Buyer Initial ___________

Seller Initial ___________

Seller Initial____________

Address _______________________________________________________________________________________

(Page 3 of 6) Form 6008 Rev. Nov. 2007 – MAINSTREET ORGANIZATION OF REALTORS

Commercial Sales Contract Template Page 3

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