Real Estate Purchase Contract For Residential Construction (Page 4 of 7) in pdf

8.1 Evaluations & Inspections Deadline. No later than the Evaluations & Inspections Deadline referenced in Section 24(e)

Buyer must: (a) provide Seller with written notice of Buyer's approval of the Evaluations & Inspections (including initialing each

page of the Plans & Specifications provided by Seller under Section 7); or (b) provide Seller with written objections regarding the

Evaluations & Inspections.

8.2 Obligation to Approve or Object. If, by the Evaluations & Inspections Deadline, Buyer fails to provide Seller with written

notice of approval, or with written objections as required in Section 8.1, this Contract shall automatically be deemed canceled;

whereupon the Earnest Money Deposit shall be released to Buyer upon receipt of written request from Buyer.

8.3 Response to Objections. If Buyer provides written objections to Seller, Buyer and Seller shall have [ ] 7 DAYS

[ ]

DAYS after Seller's receipt of Buyer's objections (the "Response Period") in which to agree in writing upon the manner

of resolving Buyer's objections. Such writing must include Buyer's and Seller's initials on each page of the Plans & Specifications

as submitted by Seller under Section 7, and as modified by Buyer and Seller under this Section 8.3. Seller may, but shall not

be required to, resolve Buyer's objections. If Buyer and Seller have not agreed in writing upon the manner of resolving Buyer's

objections as provided in this Section 8.3 this Contract shall automatically be deemed canceled; whereupon the Earnest Money

Deposit shall be released to Buyer.

9. ADDITIONAL TERMS. There [ ] ARE [ ] ARE NOT addenda to this Contract containing additional terms. If there are, the

terms of the following addenda are incorporated into this Contract by this reference: [ ] Addendum No.

[ ] Survey Addendum [ ] Seller Financing Addendum [ ] FHA/VA Loan Addendum [ ] Other (specify):

10. SELLER WARRANTIES AND REPRESENTATIONS.

10.1 Condition of Title. Unless the Buyer owns the Lot on the date of Acceptance, Seller represents that Seller has fee

title to the Property and will convey good and marketable title to Buyer at Closing by general warranty deed. The Residence

will be delivered to Buyer at Closing, free and clear of mechanic's liens and claims for mechanic's liens. Buyer agrees

however, to accept title to the Property subject to: easements; deed restrictions; CC&R's (meaning covenants, conditions and

restrictions), and rights of way; and subject to the contents of the Commitment for Title Insurance as agreed to by Buyer

under Section 8. Buyer agrees to be responsible for taxes, assessments, homeowner's association dues, utilities, and other

services provided to the Property after Closing. If Seller owns the Lot, Seller will pay off by Closing, all mortgages, trust

deeds, judgments, mechanic's liens, tax liens and warrants. Seller agrees to pay current at Settlement all assessments and

homeowners association dues.

10.2 Condition of Property. Unless Seller is providing an alternate Builder's Warranty under Section 7(g) (in which case this

Section 10.2 shall not apply) Seller [ ] DOES [ ] DOES NOT warrant the heating, cooling, electrical, plumbing and sprinkler

systems (including all gas and electric appliances), fixtures, and structural elements of the Residence (including the roof, walls,

and foundation) against defects in material and workmanship for a period of one year after the Settlement Deadline. Seller

further warrants that as of the date Seller delivers possession of the Residence to Buyer, any private well or septic tank serving

the Residence shall have applicable permits and shall be in working order and fit for its intended purpose.

11. SUBSTANTIAL COMPLETION. The Residence shall be considered "Substantially Complete" when occupancy of the

Residence is allowable under the rules, ordinances and laws of the appropriate civil jurisdiction in which the Residence is located.

In the absence of such governmental regulations, Substantial Completion shall be when the Residence is ready for occupancy

and only minor work remains to be completed, corrected or replaced. Subject to the exceptions referenced in Section 12, the

Substantial Completion Deadline shall be as referenced in Section 24(f). Seller shall provide Buyer written notice of Substantial

Completion of the Residence.

11.1 CONSTRUCTION ACCESS. Buyer agrees that during the period of construction Seller shall have the unrestricted right

to access the Lot for the purpose of construction of the Residence and any necessary subdivision improvements. Buyer shall

have the right to reasonable inspection of the Residence. However, Seller reserves the right to limit Buyer's inspection of the

Residence in order to not hinder, interfere, or delay the work. Buyer assumes all risks and liability associated with all such

inspections.

12. PLANS AND SPECIFICATIONS. The Plans & Specifications contain descriptions of the type of materials to be used in

finishing the Residence, a dollar allowance for specific items (including landscaping, if applicable), and copies of the floor plans

and elevations for the Residence. Buyer's selection of color, grade and type of finishing materials (including appliances, floor

coverings, fixtures, cabinets, etc.) may differ from the Plans & Specifications, and may change the Substantial Completion

Deadline and the Purchase Price. No change shall be made to the Plans & Specifications except by a written Change Order

signed in advance by Buyer and Seller which sets forth: (a) the change to be made; (b) any adjustment in the Purchase Price;

and (c) any change in the Substantial Completion Deadline. All changes shall be paid for at the time of signing the Change

Order or as mutually agreed in writing by the parties. Seller agrees to construct the Residence in substantial compliance with the

Plans & Specifications. Buyer acknowledges that the Residence, upon Substantial Completion, may vary from exact dimensions

shown on the Plans & Specifications. To the extent that a choice of color, grade, or type of material is required, Buyer shall notify

Seller in writing of such selections no later than [ ] 10 DAYS [ ]

DAYS after receipt of Seller's written request for such

Page 4 of 7

Buyer's Initials___________ Date___________ Seller's Initials___________ Date___________

Real Estate Purchase Contract For Residential Construction Page 4

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