Residential Contract Of Sale Template Page 4
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16State Land Title Association. Purchaser shall pay at Closing the mortgage recording tax,
recording fees and the attorney’s fees in the amount of $__________ for its preparation.
(b) The purchase money note and mortgage shall also provide that it is
subject and subordinate to the lien of the existing mortgage and any extensions,
modifications, replacements or consolidations of the existing mortgage, provided that (i)
the interest rate thereof shall not be greater than __________ percent per annum and the
total debt service thereunder shall not be greater than $ __________________ per annum,
and (ii) if the principal amount thereof shall exceed the amount of principal owing and
unpaid on the existing mortgage at the time of placing such new mortgage or
consolidated mortgage, the excess be paid to the holder of such purchase money
mortgage in reduction of the principal thereof. The purchase money mortgage shall also
provide that such payment to the holder thereof shall not alter or affect the regular
installments, if any, of principal payable thereunder and that the holder thereof will, on
demand and without charge therefor, execute, acknowledge and deliver any agreement or
agreements further to effectuate such subordination.
6. Downpayment in Escrow. (a) Seller’s attorney (“Escrowee”) shall hold the
Downpayment
in
escrow
in
a
segregated
bank
account
at
____________________________, address: __________________________________,
until Closing or sooner termination of this contract and shall pay over or apply the
Downpayment in accordance with the terms of this paragraph. Escrowee shall hold the
Downpayment in a(n) _________-bearing account for the benefit of the parties. If interest
is held for the benefit of the parties, it shall be paid to the party entitled to the
Downpayment and the party receiving the interest shall pay any income taxes thereon. If
interest is not held for the benefit of the parties, the Downpayment shall be placed in an
IOLA account or as otherwise permitted or required by law. The Social Security or
Federal Identification numbers of the parties shall be furnished to Escrowee upon request.
At Closing, the Downpayment shall be paid by Escrowee to Seller. If for any reason
Closing does not occur and either party gives Notice (as defined in paragraph 25) to
Escrowee demanding payment of the Downpayment, Escrowee shall give prompt Notice
to the other party of such demand. If Escrowee does not receive Notice of objection from
such other party to the proposed payment within 10 business days after the giving of such
Notice, Escrowee is hereby authorized and directed to make such payment. If Escrowee
does receive such Notice of objection within such 10 day period or if for any other reason
Escrowee in good faith shall elect not to make such payment, Escrowee shall continue to
hold such amount until otherwise directed by Notice from the parties to this contract or a
final, nonappealable judgment, order or decree of a court. However, Escrowee shall have
the right at any time to deposit the Downpayment and the interest thereon with the clerk
of a court in the county in which the Premises are located and shall give Notice of such
deposit to Seller and Purchaser. Upon such deposit or other disbursement in accordance
with the terms of this paragraph, Escrowee shall be relieved and discharged of all further
obligations and responsibilities hereunder.
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