Standard Real Estate Purchase And Sale Agreement Page 2

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5.
Title Examination, Place and Time for Closing:
A. If title evidence and survey show Seller is vested with a good, clear and
marketable title, subject to permitted title exceptions contained in a national title insurance company commitment at its standard rates
(permitted exceptions are for restrictive covenants, leases, survey, current taxes, zoning ordinances and easements of record), the transaction
will be closed and the deed and other closing papers delivered on or before ________________________, 20____, plus any extensions
necessary in order to complete paperwork, unless extended by other conditions of this Agreement or this Agreement is canceled by the
Buyer. Buyer shall select closing attorney or title company.
B. If title evidence or survey reveal any defects which render the title unclear,
Buyer will have 7 days from receipt of title commitment and survey to notify Seller of such title defects and Seller agrees to use reasonable
diligence (including payment of money) to cure such defects at Seller's expense and will have 30 days to do so, in which event this
transaction will be closed within 10 days after delivery to Buyer of evidence that such defects have been cured. Seller agrees to pay for and
discharge all due or delinquent taxes, liens and other encumbrances, unless otherwise agreed. If Seller is unable to convey to Buyer a good,
clear and marketable title, Buyer will have the right to terminate this Agreement, at the same time returning to Seller all title evidence and
surveys received from Seller, OR Buyer shall have the right to renegotiate this agreement with Seller and accept such title as Seller may be
able to convey, which election will be exercised within 10 days from notice of Seller's inability to cure. Closing attorney or title company
will then close upon the modified agreement.
6.
Loss or Damage: If the property is damaged by fire or other casualty prior to closing, and cost of restoration does not exceed 3% of
the assessed valuation of the improvements located on the Property, cost of restoration will be an obligation of the Seller and closing will
proceed pursuant to the terms of this Agreement with cost thereof escrowing at closing. In the event cost of restoration exceeds 3% of the
assessed valuation of the improvements and Seller declines to repair or restore, Buyer will have the option of either taking the Property as is,
together with either the said 3% or any insurance proceeds payable by virtue of such loss or damage, with Seller paying Buyer in cash any
insurance deductible, OR of canceling this Agreement.
7.
Property Condition: Seller shall deliver the Property in the same condition as they were on the date of this Agreement, normal wear
and tear excepted, and they shall be in a clean and ready to occupy condition, except as otherwise specified herein. Seller further certifies and
represents that Seller knows of no latent defects to the Property and knows of no facts materially affecting the value of the Property except
the following: _____________________________________________________________________________________________________
_________________________________________________________________________________________________________________
_________________________________________________________________________________________________________________
Furthermore, buyer is purchasing the property in its’ present as-is condition and holds seller harmless for any repairs that may be needed.
8.
Occupancy: Seller represents that there are no parties in occupancy other than Seller and Buyer will be given occupancy at closing.
Any belongings, furniture or fixtures on property after closing shall be considered as abandoned and Buyer shall have the right of disposal of
same.
9. Personal Property: Included in the purchase price are all fixed equipment including all window treatments, built-in appliances,
refrigerator, floor coverings, stove, air conditioner(s), ceiling fans, attached lighting fixtures, mailbox, fence, plants, and shrubbery as now
installed on the property, and these additional items which will be conveyed by Bill of Sale at the closing: ____________________________
_________________________________________________________________________________________________________________
_________________________________________________________________________________________________________________
Items specifically excluded from this Agreement: _________________________________________________________________________
_________________________________________________________________________________________________________________
________
________
Buyer Initials
Seller Initials
10. Default and Attorney's Fees: If Buyer defaults on this Agreement, all deposits will be retained by the Seller as full settlement of any
claim, whereupon Buyer and Seller will be relieved of all obligations under this Agreement. If Seller defaults under this Agreement, the
Buyer may seek specific performance or elect to receive the return of the Buyer's binder deposit(s) without thereby waiving any action for
damages resulting from Seller's breach. If Seller refuses to sell for any reason other than those outlined herein, Seller and Buyer herewith
agree to resolve this dispute through binding arbitration with all costs of such arbitration to be borne by the losing party, in accordance with
procedures outlined by state law, if any. In connection with any other litigation arising out of this Agreement, the prevailing party will be
entitled to recover all costs including 15% of the purchase price as attorney's fees.
11. Zoning and Restrictions: Seller warrants Property is zoned residential. Should Buyer discover any proposed zoning change
unacceptable to Buyer, prior to closing, Buyer may void this Agreement.
12. Maintenance: Until title is delivered, Seller agrees to maintain all heating, sewer, plumbing and electrical systems and any appliances
remaining with the Property, and other equipment in normal working order and to keep the roof water tight and to maintain the grounds.
Buyer has the right to make repairs, show the Property to prospects, lenders, contractors or partners, and to post signs for sale, rental or rent
to own before closing.
13. Purchase Money Note: Seller agrees to take back a Purchase Money Note, as contained in paragraph 1D, for the amount of
$____________________ for a period of _________ months. Payments, which include principal and interest are $__________ per month.
In the event of default, Seller must notify Buyer, in writing by certified mail, of default, and give Buyer 30 days to cure default. This
property shall stand as sole security for the Purchase Money Note. Buyer may at any time, without penalty, pay in part or in full the
principal balance of the Purchase Money Note owing to Seller. Buyer has the right to substitute like collateral of equal or greater value.
Should Seller decide to sell Purchase Money Note, the Buyer shall have the first right of refusal to buy Seller's interest. Any mortgage
created by this transaction must be acceptable to Buyer.
Innitials ______________________

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