|
51 option if Buyer defaults ; will give Buyer the ngN.jo prepay without pena),tyfall or part of the principal at
<br /> any time(s) with
<br /> 52 interest only to date of payment ; will be due on conveyance or sale; will provide for release of contiguous
<br /> parcels, if
<br /> 53 applicable ; and will require Buyer to keep liability insurance on the Property, with Seller as additional named insured. Buyer
<br /> 54 authorizes Seller to obtain credit , employment and other necessary Information to determine creditworthiness for the
<br /> 55 finandng . Seller will , within 10 days from Effective Date , give Buyer written notice of whether or not Seller will make the loan.
<br /> 5e* ❑ (3) Mortgage Assumption : Buyer will take title subject to and assume and pay existing first mortgage to
<br /> 57•
<br /> ss• LN # in the approximate amount of $ currently payable at
<br /> 59 $ per month including principal , interest, ❑ taxes and insurance and having a ❑ fixed ❑ other
<br /> (describe)
<br /> 51 • Interest rate of % which ❑ will ❑ will not escalate upon assumption, Any variance in the mortgage will be
<br /> 62 adjusted in the balance due at closing with no adjustment to purchase price . Buyer will purchase Seller's
<br />escrow
<br /> sa& account dollar for dollar. If the lender disapproves Buyer , or the interest rate upon transfer exceeds %
<br />or the
<br /> 54• assumption/transfer fee exceeds $ either party may elect to pay the excess , failing which this
<br /> 55 agreement will terminate and Buyer's deposit(s) will be returned .
<br /> ss CLOSING
<br /> 67 4 . CLOSING DATE ; OCCUPANCY: This Contract will be closed and the deed and possession delivered on
<br /> 6` "Closing Date") , Unless the Closing Date is specifically extended by the Buyer and Seller or
<br /> sg by any other provision in this Contract, the Closing Date shall prevail over all other time periods including , but
<br /> not limited to,
<br /> 70 financing and feasibility study periods , If on Closing Date insurance underwriting is suspended , Buyer may postpone closing up to
<br /> 71 5 days after theInsurancesuspension is lifted , If this transaction does not dose for any reason, Buyer will immediately return
<br />all
<br /> 72 Seller-provided title evidence , surveys, association documents and other items.
<br /> 73 5 . CLOSING PROCEDURE; COSTS: Closing Wil take place in the county where the Property is located and may be conducted
<br /> 74 by mail oelectronic means, If tide insurance insures Buyer for title effective e defects arising between
<br />the title binder date and
<br /> r
<br /> 75 recording of Buyer's deed, closing agent will disburse at closing the net sale proceeds to Seller (in local cashier's checks if
<br />Seller
<br /> 76 requests in writing at least 5 days prior to closing) and brokerage fees to Broker as per Paragraph 17 , In addition to otherexpenses
<br /> 77 provided in this Contract, Seller and Buyer will pay the costs indicated below.
<br /> 78 (a) Seller Costs:
<br /> 79 Taxes on the deed
<br /> eo Recording fees forbocuments needed to cure title
<br /> 81 Title evidence (if appli ble under Paragraph 8)
<br /> ez• Other: ,a -g4 - rz 2A4Q - c%�f �Git� dl L' �c � ` G►^ �h� � r Cv7 -
<br /> 83 (b) Buyer Costs:
<br /> B4 Hetes at�d r�aortgage� w
<br /> 85 •Record nglems erHhE} -deed-ar r fRanGing-statements—
<br /> W I=eaftexpenses#
<br /> e7 Genders titiG- licy-at4h"- ndlfaneoas- ssuef-ate-
<br /> 88 Inspections
<br /> as Survey and sketch
<br /> so Jpsuraraee-
<br /> 01 • Other:
<br /> 92 (c) Title Evidence and Insurance: Check (1 ) or, (2) :
<br /> e3• rJ4 (1 ) The title evidence will be a Paragraph 8(a)(1 ) owner's title insurance commitment, ❑ Seller will select the title agent and
<br /> W will pay for the owner's tide policy, search , examination and related charges or O Buyer will select the title agent and pay for
<br /> 956 the owner's title policy, search, examination and related charges org Buyer will select the title agent and Seller will pay for
<br /> ea the owner's title policy, search, examination and related charges ,
<br /> 97* O (2) Seller will provide an abstract as specified in Paragraph 8(a)(2) as title evidence. ❑ Seller 0 Buyer will pay
<br /> for the
<br /> 98 owners title policy and select the title agent, Seiler will pay fees for title searches prior to closing, including tax search
<br />and
<br /> 99 lien search fees, and Buyer will pay fees for title searches after dosing (d any), title examination fees and closing fees .
<br /> 100 (d) Prorations: The following items will be made current and prorated as of the day#K*m: rClosing Date: real estate taxes,
<br /> 101 interest, bonds, assessments, leases and other Property expenses and revenues, If taxes and assessments for the current
<br /> 102 Year cannot be determined, the previous year's rates will be used with adjustment for any exemptions , PROPERTY TAX
<br /> los DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER ' S CURRENT PROPERTY TAXES AS THE
<br /> 104 AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO
<br /> las PURCHASE, A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE
<br /> 106 PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING
<br /> 107 VALUATION , CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION.
<br /> 108 (e) Special Assessment by Public Body: Regarding special assessments imposed by a public body, Seller will pay (tthe full
<br /> 109 amount of Gens a certiliWoned and ratified before closing and (ii) the amount of the last estimate of the assessment
<br /> 110' Buyer ( � d Sell ) acknowledge receipt of a copy of this page, which is Page 2 of 7 Pages.
<br />
|