Contract For The Sale And Purchase Of Real Estate Developed Condominium Unit Page 2
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4(a)
Seller acknowledges that construction is complete of the Condo to be sold and
that the condominium is exempt from the Interstate Land Sales Procedure Act, or
if subject to said act that all required registrations have been met. If Seller is the
developer and the Condo is subject to the Interstate Land Sales procedure Act,
Seller agrees to provide Buyer with the Report of the development as required by
said act.
(b)
Common area ownership is vested in the Condominium Cooperative.
(c)
Buyer will be provided by Seller, the Condominium by-laws, rules and
regulations, operating budget and any other documents applicable to the
condominium ownership and Cooperative desired by Buyer, not privileged.
(d)
Buyer acknowledges that Buyer is aware of the assessment fees for upkeep of the
Condo common areas.
(e)
Termite inspection report will be provided by Seller.
10.
TITLE AND CONVEYANCE: Seller is to convey Title by Warranty Deed or other
instrument (as appropriate) and provide Buyer with a Certificate of Title prepared by an
attorney or title company which will allow Buyer to obtain title insurance from a title
company qualified to do and doing business in the state of ____________. Seller shall,
prior to or at closing, satisfy all outstanding mortgages, deeds of trust and special liens
affecting the subject property which are not specifically assumed by Buyer herein. Title
shall be good and marketable, subject only to the fo llowing items recorded in the County
recorder's office of said County; easements without encroachments, applicable zoning
ordinances, protective covenants, condominium restrictions and declaration and prior
mineral reservations; otherwise Buyer, at his option, may either (a) if defects cannot be
cured by designated closing date, cancel this contract, in which case all earnest money
deposited shall be returned, (b) accept title as is, or (c) if the defects are of such character
that they can be remedied by l e gal action within a reasonable time, permit Seller such
reasonable time to perform his curative work at Seller's expense. In the event that the
curative work is performed by Seller, at the time specified herein for closing of this sale
shall be extended for a reasonable period necessary for such action. Seller represents that
the property may be legally used as zoned and that no government agency has served any
notice to Seller requiring repairs, alterations or corrections of any existing condition
except as stated herein.
11.
BREACH OF CONTRACT: Specific performance is the essence of this contract,
except as otherwise specifically provided:
(a)
In the event of breach of this contract by Buyer, Seller at his option may either:
(1) accept the earnest money deposit as liquidated damages and this contract shall
then be null and void, or (2) enter suit in any court of competent jurisdiction for
damages, giving credit on said damages for the said earnest money deposit, or (3)
enter suit in any court of competent jurisdiction for specific performance.
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