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B. EXISTING MORTGAGES: The Seller shall obtain and furnish a
<br />statement from the mortgagee setting forth the principal balance,
<br />method of payment, interest rate, and whether the mortgage is in
<br />good standing. If there is a charge for the change of ownership
<br />records by the mortgagee, it shall be borne by the Buyer.
<br />C. SURVEY. The Buyer, within the time allowed for delivery of
<br />evidence of title and examination thereof, may have said property
<br />surveyed at his expense. .If the survey shows any encroachment on
<br />said property or that the improvements intended to be located on
<br />the subject property in fact encroach on the lands of others, or
<br />violate any of the covenants herein, the same shall be treated -'`as
<br />a title defect.
<br />TERMITE INSPECTION: Prior to closing, at Buyer's ex .a- e
<br />Buye shall have the right to have the property �pected by a
<br />licensed terminating company to determine wYOher there is any
<br />active ter a or wood -destroying orga�L present in any
<br />improvements o aid property, or any age from prior termite or
<br />wood destroying or nism to said Jailirovements. If. there is any
<br />such infestion or da e, Seller shall pay all costs of
<br />treatment and repairing /or replacing all portions of said
<br />improvements which ar nfest\or have been damaged; provided,
<br />however, in the e t the cost tomb` incurred is more than three
<br />percent (3%) he purchase price, t�e,n .either party may cancel
<br />the contra within ten (10) days of 'r•e.ceipt of the termite
<br />inspecti report and cost estimate for effecting exterminations
<br />and ecessary repairs, by giving written notice -to the other
<br />ty• "`'•-
<br />E. INSURANCE: The premium on any
<br />EXHIBIT "A"
<br />insurance policy
<br />STANDARDS FOR REAL ESTATE TRANSACTIONS
<br />force covering improvements on the
<br />subject
<br />property, shall
<br />be
<br />-k:
<br />A. EVIDENCE OF TITLE: A title guarantee commitment issued by a
<br />may be cancelled
<br />qualified title insurer agreeing to issue to the buyer, upon the
<br />the Buyer may elect. If insurance is
<br />recording of the deed by buyer an owner, guarantee in the amount
<br />prorated, the Seller
<br />of the purchase price insuring the title of the buyer to that real
<br />shall, on or before closing date,
<br />property, subject only to liens, encumbrances, exceptions or
<br />to the Buyer
<br />qualification set forth in this contract and those which shall be
<br />insurance policies or copies thereof.
<br />t
<br />discharged by seller at or before closing.
<br />• f • t t
<br />F. LEASES: The Seller shall convey
<br />Buyer shall have 15 days from the date of receiving the evidence
<br />free and clear
<br />of title to examine same. If title is found to be defective, the
<br />all leases and aIgn an affidavit stating there are no leases
<br />buyer shall, within said period notify the seller in writing
<br />specifying the defects. If the said defects render the title
<br />unmarketable, the seller shall have 120 days from the receipt of
<br />such notice to cure the defects, and shall use due diligence to do
<br />so; but if after said time has expired, said defects are not
<br />cured, Buyer, upon request, shall have an additional 120 days to
<br />cure said defects, and the reasonable costs and fees incurred
<br />thereby shall be paid by seller. If Buyer does not cure said
<br />defects within said addditional time period, then buyer shall have
<br />the option: (1) accepting the title as it then is, or (2)
<br />demanding a refund. of all monies paid hereunder which shall
<br />forthwith be returned to the buyer, and thereupon the buyer and
<br />seller shall be released of all further obligations under this
<br />contract.
<br />B. EXISTING MORTGAGES: The Seller shall obtain and furnish a
<br />statement from the mortgagee setting forth the principal balance,
<br />method of payment, interest rate, and whether the mortgage is in
<br />good standing. If there is a charge for the change of ownership
<br />records by the mortgagee, it shall be borne by the Buyer.
<br />C. SURVEY. The Buyer, within the time allowed for delivery of
<br />evidence of title and examination thereof, may have said property
<br />surveyed at his expense. .If the survey shows any encroachment on
<br />said property or that the improvements intended to be located on
<br />the subject property in fact encroach on the lands of others, or
<br />violate any of the covenants herein, the same shall be treated -'`as
<br />a title defect.
<br />TERMITE INSPECTION: Prior to closing, at Buyer's ex .a- e
<br />Buye shall have the right to have the property �pected by a
<br />licensed terminating company to determine wYOher there is any
<br />active ter a or wood -destroying orga�L present in any
<br />improvements o aid property, or any age from prior termite or
<br />wood destroying or nism to said Jailirovements. If. there is any
<br />such infestion or da e, Seller shall pay all costs of
<br />treatment and repairing /or replacing all portions of said
<br />improvements which ar nfest\or have been damaged; provided,
<br />however, in the e t the cost tomb` incurred is more than three
<br />percent (3%) he purchase price, t�e,n .either party may cancel
<br />the contra within ten (10) days of 'r•e.ceipt of the termite
<br />inspecti report and cost estimate for effecting exterminations
<br />and ecessary repairs, by giving written notice -to the other
<br />ty• "`'•-
<br />E. INSURANCE: The premium on any
<br />hazard
<br />insurance policy
<br />in
<br />force covering improvements on the
<br />subject
<br />property, shall
<br />be
<br />prorated between the parties, or the
<br />policy
<br />may be cancelled
<br />as
<br />the Buyer may elect. If insurance is
<br />to be
<br />prorated, the Seller
<br />shall, on or before closing date,
<br />furnish
<br />to the Buyer
<br />all
<br />insurance policies or copies thereof.
<br />t
<br />• f • t t
<br />F. LEASES: The Seller shall convey
<br />property
<br />free and clear
<br />of
<br />all leases and aIgn an affidavit stating there are no leases
<br />Riving any rights to any other persons.
<br />32
<br />BOOK
<br />APR 11 1985 P'�E�L-0
<br />J
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