Real Estate Purchase Contract For Residential Construction (Page 6 of 7) in pdf

21. TIME IS OF THE ESSENCE. Time is of the essence regarding the dates set forth in this Contract. Extensions must be agreed

to in writing by all parties. Unless otherwise explicitly stated in this Contract: (a) performance under each Section of this Contract

which references a date shall absolutely be required by 5:00 PM Mountain Time on the stated date; and (b) the term "days" shall

mean calendar days and shall be counted beginning on the day following the event which triggers the timing requirement (i.e.,

Acceptance, receipt of the Seller Disclosures, etc.). Performance dates and times referenced herein shall not be binding upon

title companies, lenders, appraisers and others not parties to this Contract, except as otherwise agreed to in writing by such non-

party.

22. FAX TRANSMISSION AND COUNTERPARTS. Facsimile (fax) transmission of a signed copy of this Contract, any addenda

and counteroffers, and the retransmission of any signed fax shall be the same as delivery of an original. This Contract and any

addenda and counteroffers may be executed in counterparts.

23. ACCEPTANCE. "Acceptance" occurs when Seller or Buyer, responding to an offer or counteroffer of the other: (a) signs the

offer or counteroffer where noted to indicate acceptance; and (b) communicates to the other party or to the other party's agent

that the offer or counteroffer has been signed as required.

24. CONTRACT DEADLINES. Buyer and Seller agree that the following deadlines shall apply to this Contract:

(a) Application Deadline

(Date)

(b) Pre-Qualification Deadline

(Date)

(d) Seller Disclosure Deadline

(Date)

(e) Evaluations & Inspections Deadline

(Date)

(f) Substantial Completion Deadline

(Date)

(g) Settlement Deadline

days after the Buyer's receipt of written Notice of

Substantial Completion

25. OFFER AND TIME FOR ACCEPTANCE. Buyer offers to purchase the Property on the above terms and conditions. If Seller

does not accept this offer by:

[ ] AM [ ] PM Mountain Time on

(Date) this offer shall lapse;

and the Brokerage shall return the Earnest Money Deposit to Buyer.

(Buyer's Signature)

(Offer Date)

(Buyer's Signature)

(Offer Date)

The later of the above Offer Dates shall be referred to as the "Offer Reference Date"

(Buyers' Names) (PLEASE PRINT)

(Notice Address)

(Phone)

Page 6 of 7

Buyer's Initials___________ Date___________ Seller's Initials___________ Date___________

Real Estate Purchase Contract For Residential Construction Page 6