By Sally Palmer,2014-05-06 15:03
9 views 0

STANDARD ROCKLAND COUNTY CONTRACT 3/97 ?Copyright 1997 Rockland County Bar Association, Inc. All Rights Reserved. (Any change in the text without authorization shall constitute copyright infringement under the Copyright Act of the United States.)




ATTORNEY APPROVAL: This Contract is contingent upon PURCHASER and SELLER obtaining

    approval of this Contract by their respective attorneys as to all matters contained herein. This

    contingency shall be deemed waived unless PURCHASER'S or SELLER'S attorney on behalf of their

    client notifies the other party or that party's attorney in writing by facsimile or certified mail of their

    disapproval of this Contract, no later than five (5) business days after this Contract has been signed by

    both SELLER and PURCHASER. If PURCHASER'S or SELLER'S attorney provides such

    notification, then this Contract shall be deemed cancelled, null and void, and all deposits or

    Downpayment shall be returned in full to PURCHASER. In the event the premises herein consist of a

    condominium unit or is part of a homeowners association/PUD the review period provided for herein

    shall be eight (8) business days. IT IS ESSENTIAL THAT YOU CONSULT YOUR ATTORNEY



NOTE: FIRE AND CASUALTY LOSSES: This Contract form does not provide for what happens in the event of fire or casualty loss before the title CLOSING. Unless different provision is made in this Contract, Section 5-1311 of the General Obligations Law will apply. One part of that law makes a PURCHASER responsible for fire and casualty loss upon taking of title to or possession of the PREMISES.

     CONTRACT OF SALE made as of the day of , 199 Date:

    BETWEEN Parties:


    hereinafter called "SELLER", who agrees to sell, and

     Address: hereinafter called "PURCHASER", who agrees to buy: The property, including all buildings and improvements thereon (the Premises: "PREMISES") more fully described on a separate page marked "Schedule A" and the personal property, if any, set forth on "Schedule B" and also known as: Street Address: Tax Map Designation: 1.(a) The purchase price is ..................................................................... $ Purchase Price: (b) Payable as follows: (c) On the signing of this Contract, by check

     subject to collection: .................................................................................. $

     (d) BALANCE AT CLOSING:.......................................................... $

     2.(a) The downpayment herein shall be held in escrow by SELLER’S

     attorney (the "escrow agent") in an IOLA account at

     until CLOSING, or until this

     Escrow of Contract is otherwise rendered null and void pursuant to its terms; and 1 Downpayment: thereafter shall be disbursed to SELLER or PURCHASER, as the case

    may be. In the event of a dispute as to whom is entitled to such sum, the

    Escrow Agent may (i) continue to retain such sum in escrow or; (ii) in

    the event no litigation is instituted within twenty (20) days of delivery of

    a notice of default, transmit same to SELLER; or (iii) deposit such sum

    in the Court of pending litigation.

    (b) The parties acknowledge that the Escrow Agent is acting solely

    as a stakeholder at their request and for their convenience, that the

    Escrow Agent shall not be deemed to be the agent of either of the parties, and that the Escrow Agent shall not be liable to either of the parties for any act or omission on its part unless taken or suffered in bad faith, in willful disregard of this Contract or involving gross negligence. SELLER and PURCHASER shall jointly and severally indemnify and hold the Escrow Agent harmless from and against all costs, claims and expenses, including reasonable attorneys' fees, incurred in connection with the performance of the Escrow Agent's duties hereunder, except with respect to actions or omissions taken or suffered by the Escrow Agent in bad faith, in willful disregard of this Contract or involving gross negligence on the part of the Escrow Agent. The Escrow Agent shall have no duty to invest any of the funds deposited with it hereunder and shall not be responsible for any action or failure to act, unless said action or failure demonstrates bad faith. (c) In the event that the downpayment check given by PURCHASER pursuant to the terms and conditions of this Contract is returned for "Insufficient Funds" or not honored by any bank for any reason whatsoever, PURCHASER shall be deemed to be in default of this Contract and PURCHASER shall be responsible to pay to SELLER as and for liquidated damages, a sum equal to the amount of said downpayment, unless PURCHASER delivers a bank or certified check

     for said amount to SELLER’S attorney within three (3) days of said

     dishonor, plus the cost of bank charges incurred as a result of the check

     being dishonored.

     3. In the event PURCHASER fails to make any payments due under

     this Contract, fails or refuses to sign any documents required to close Defaults by title, refuses to pay any costs required by this Contract or fails to keep

    Purchaser: any promises made by PURCHASER pursuant to this Contract,

     SELLER shall provide written notice of PURCHASER’S failure (also

    known as a default). If PURCHASER fails to correct said default within

    fifteen (15) days after receipt of notice from SELLER, SELLER may

    terminate this Contract, and retain the downpayment made hereunder.

    The amount retained by SELLER shall be considered "liquidated

    damages" based upon an understanding between the parties hereto that

    SELLER will have suffered damages due to the withdrawal of the

    PREMISES from sale to the general public. The damages suffered by

    SELLER as a result will be substantial, but incapable of determination

    with mathematical precision. It is, therefore, agreed by the parties that the amount retained by SELLER is not a penalty, but rather a mutually beneficial estimate of damages suffered by SELLER. 4. If SELLER wilfully defaults hereunder, PURCHASER shall have such remedies as PURCHASER is entitled to at law or in equity, including, but not limited to, specific performance. Defaults by Seller: 5. All money payable under this Contract, unless otherwise specified, shall be either: (a) Cash, or personal check, but not over one thousand ($1,000.00) Acceptable Funds: Dollars; (b) Good certified check of PURCHASER, or official check of any bank, savings bank, trust company, or savings and loan association having a banking office in the State of New York, payable to the order of SELLER;


    (c) As otherwise agreed to or requested within five (5) days of

    CLOSING in writing by SELLER or SELLER'S attorney.

    6. Said PREMISES are sold and conveyed subject to the following:

    (a) Any state of facts an accurate survey or physical inspection may

    show, provided same does not render title uninsurable at normal rates;

     Subject to Provisions:

    (b) Covenants, restrictions, easements, reservations, consents and Contracts of record, if any, provided same are not violated by the existing dwelling structure and present use thereof; (c) Rights of record, if any, acquired by any utility company to maintain and operate lines, wires, cables, poles and distribution boxes, in, over and upon the PREMISES; (d) Laws and governmental regulations that affect the use and maintenance of the PREMISES, provided they are not violated by the buildings and improvements erected on the PREMISES. 7. SELLER shall give and PURCHASER shall accept such title as any title underwriter, or any agent in good standing with its underwriter, will be willing to approve and insure in accordance with the standard form of title policy approved by the New York State Insurance Department, subject only to the matters provided for in this Contract. Title Company Approval: 8. “CLOSING” means the settlement of the obligations of SELLER and PURCHASER to each other under this Contract, including the payment of the balance of the purchase price to SELLER, and the delivery to PURCHASER of a Bargain & Sale Deed with Covenants

     Against Grantor’s Acts in proper statutory form for recording so as to Closing Defined and transfer to PURCHASER full ownership (fee simple title) to the Form of Deed: PREMISES, free of all encumbrances except as herein stated. The deed

     will contain a covenant by SELLER as required by Section 13 of the

     Lien Law.

     9. If SELLER is a corporation, SELLER shall provide to

     PURCHASER at the time of CLOSING (a) a resolution of its Board of

     Directors authorizing the sale and delivery of the Deed; (b) a certificate

    by the Secretary or Assistant Secretary of the corporation certifying such

    resolution and setting forth facts showing that the transfer is in

    conformity with the requirements of Section 909 of the Business

    Corporation Law; and (c) any and all further documents reasonably Corporate Seller:

    required to show that the corporation is authorized to sell and deliver the

    deed pursuant to Law. The Deed in such case shall contain a recital

    sufficient to establish compliance with that Section.

    10. CLOSING will take place at the office designated by PURCHASER’S lender; or [ ] office of SELLER’S attorney; or [ ] other. Closing Date and On , 199 . Place: It is understood by and between the parties that CLOSING of the within title shall take place within the confines of Rockland County and PURCHASER represents that PURCHASER will make application to a lending institution which closes the mortgage loan within the County of Rockland; failing which, PURCHASER shall pay to SELLER, at CLOSING, the additional sum of $250.00, to compensate SELLER for their additional legal fees. 11. In the absence of a written Contract to the contrary, possession of


    the PREMISES shall be delivered at CLOSING, vacant and broom

    clean, except as to articles of personal property passing to PURCHASER

    under the terms of this Contract.

    12. PURCHASER hereby states that PURCHASER has not dealt

    with any broker in connection with this sale other than

     and SELLER agrees to pay Possession:

    the broker the commission earned thereby (pursuant to separate

    Contract). 13. This sale includes all of SELLER’S ownership and rights, if any, in any land lying in the bed of any street or highway, opened or proposed, Broker: in front of or adjoining the PREMISES to the center line thereof. It also includes any right of SELLER to any unpaid award by reason of any taking by condemnation and/or for any damage to the PREMISES by reason of change of grade of any street or highway. SELLER will deliver at no additional cost to PURCHASER, at CLOSING, or thereafter, on Streets and demand, any documents which PURCHASER may require to collect the Assignment of Unpaid award and damages. Awards: 14. SELLER makes the following warranties and representations: (a) The street address of the PREMISES is: ; (b) The approximate area of the parcel of land conveyed hereunder is ; Seller’s (c) The current real estate taxes for the PREMISES total Representations: approximately $ , and SELLER does (not) have the

     benefit of any exemptions;

     (d) To SELLER’S best knowledge, there are no assessments of any

     type affecting the subject PREMISES;

     (e) SELLER is not a "foreign person," as that term is defined for

     purposes of the Foreign Investment in Real Property Tax Act, Internal

     Revenue Code ("IRC") Section 1445, as amended, and the regulations

     promulgated thereunder (collectively "FIRPTA").

    15.(a) PURCHASER’S obligation under this Contract is subject to, and

    contingent upon, the PURCHASER obtaining, at PURCHASER’S own

    cost and expense, a mortgage commitment in the sum of

     $ , repayable over a period of

    ( ) years with interest at the prevailing rate per annum, as shall be then

    charged by such lending institution, registered mortgage broker or

    licensed mortgage banker, plus any applicable "points", discount charges

    or loan origination fees. PURCHASER warrants and represents that PURCHASER will, diligently and in good faith, apply for said mortgage Mortgage no later than seven (7) business days after the end of the review period, Contingency: and as the same may be extended by the parties or their attorneys, and will promptly furnish all reports, documents, verifications and/or fees required in connection therewith. PURCHASER agrees to promptly send to SELLER’S attorney a copy of any bank letter received by PURCHASER granting or declining the mortgage commitment. In the event PURCHASER does not obtain said mortgage commitment by , after the exercise of good faith, then this Contract shall be deemed null and void at the option of either party to this Contract, communicated to the other party, or to the other party’s attorney, in writing, via the United States Postal System; and SELLER’S sole liability thereunder shall be the return of all monies paid pursuant to this Contract. If, however, prior to actual denial of PURCHASER’S mortgage application, PURCHASER elects to cancel this Contract pursuant to the provisions of this Paragraph; SELLER may, by notice to PURCHASER’S attorney given within three (3) days thereafter,


    unilaterally extend the time, for an additional period of not more than

    thirty (30) days, for PURCHASER to obtain the said mortgage

    commitment; during which period of time, PURCHASER shall continue

    to diligently pursue PURCHASER’S efforts to obtain such mortgage


    (b) A commitment requiring PURCHASER to sell any property, or

    to discharge any debt, as a condition precedent to CLOSING of the

    mortgage loan, shall be deemed to be a "mortgage commitment" which shall satisfy the contingent aspect of this Paragraph; however, a Commitment Letter which is subject to an appraisal of the PREMISES, or a credit report of PURCHASER, or a P.M.I. application, and/or verification of PURCHASER’S income, assets and/or source of funds shall not be deemed a commitment for purposes of this Paragraph. (c) If PURCHASER is unable to obtain a commitment for such mortgage, SELLER’S attorney shall, upon request, have the right to see copies of the application filed by PURCHASER with the proposed mortgagee. If requested, PURCHASER will request, in writing, that the proposed mortgagee send a copy of the application to SELLER’S attorney. (d) In the event that PURCHASER receives a commitment for a new first mortgage for a sum less than the amount applied for, SELLER may reduce the Purchase Price by the amount of the difference between the mortgage applied for and the mortgage obtained and PURCHASER shall not have the right to declare this Contract null and void, if such modification is acceptable to PURCHASER’S mortgage lender. 16. If the PREMISES are encumbered by an existing mortgage(s) SELLER agrees to deliver to PURCHASER at CLOSING a duly

     executed Satisfaction of such Mortgage(s) in proper recordable form for

     such mortgage(s) together with the underlying note(s) and mortgage(s).

     SELLER shall pay the fees for recording such Satisfaction of

     Mortgage(s). If the holder of a mortgage is a bank or other institution as

     defined in Section 274-a, Real Property Law, SELLER may, instead of

     the satisfaction, furnish an unqualified letter signed by the holder of such

     existing mortgage(s) dated not more than thirty (30) days before

     CLOSING certifying the amount of the unpaid principal and interest and Mortgagee’s the per diem interest rate.

     Certificate or

    17.(a) SELLER will comply with all notes or notices of violations of Letter as to

    law, municipal ordinances, order or requirements noted in or issued by Existing

    any governmental department having authority as to lands, housing, Mortgage(s):

    buildings, fire, health and labor conditions affecting the PREMISES at

    the date of CLOSING. The PREMISES shall be transferred free of them

    at CLOSING and this provision shall survive CLOSING. SELLER shall

    furnish PURCHASER with any authorizations necessary to make the

    searches that could disclose these matters. (b) Violations that may be required to be removed by SELLER shall not constitute objections to title, provided SELLER at CLOSING, Compliance with deposits with SELLER’S attorneys, in escrow, a sum reasonably State and sufficient to remedy and cure said violations within ninety (90) days from Municipal the date of CLOSING and submits proof of the discharge of said Department violations of record to PURCHASER or their attorneys within one Violations and hundred twenty (120) days from the date of CLOSING, provided same is Orders: acceptable to the lending institution, if this Contract is conditioned upon the procurement of a mortgage. A sum reasonably sufficient shall be that sum agreed upon by the parties; and, if the parties cannot so agree, then the respective attorneys shall choose an independent Contractor whose decision as to said amount to be held in escrow shall be deemed final and binding on all parties. (c) If the PREMISES are located within a jurisdiction which requires


    personal inspection of the PREMISES, SELLER will reasonably

    cooperate in obtaining the Certificate of Occupancy and Violation


    18. If the cost of the removal of violations required to be removed by

    SELLER pursuant to the provisions of this Contract shall be in excess of

    Two Thousand Five Hundred ($2,500.00) Dollars, SELLER is hereby

    granted an option to withdraw from this Contract, in which event,

    SELLER shall refund to PURCHASER the monies paid on the execution hereof, whereupon this Contract shall become null and void without further liability from either party to the other, unless PURCHASER shall agree to take title subject to said violations and assume the performance thereof and receive an abatement in reduction of the Purchase Price in the sum of Two Thousand Five Hundred ($2,500.00) Dollars. The options herein granted shall be exercised by notice in writing by either party, or their attorneys, on or before the time fixed for CLOSING, by certified mail, return receipt requested. Violations of Record: 19. SELLER shall deliver, prior to CLOSING, to PURCHASER a valid and subsisting Certificate of Occupancy or other required certificate of compliance, or evidence that none was required, covering the building(s) and all of the other improvements located on the property authorizing their use as a [ ] one family dwelling; or [ ] two family dwelling at the date of CLOSING. 20. If at the time of CLOSING the PREMISES are affected by an

     assessment which is or may become payable in annual installments, and Conditions of the first installment is then a lien, or has been paid, then for the purposes Closing: of this Contract all the unpaid installments shall be considered due and

     are to be paid by SELLER at CLOSING, unless the assessment is part of

     the State, County, Town taxes and/or Village taxes (if applicable) in

     which event same shall be adjusted in accordance with Paragraph 21


     21.(a) The following are to be apportioned as of Midnight of the date

    before CLOSING: Taxes, water charges and sewer rents, fuel, if any,

    and municipal solid waste fees, if any.

    (b) Tax adjustments shall be made in accordance with the following

    procedure (the Rockland County Bar Association Resolution): Installment


    (1) State, County and Town Taxes shall be adjusted for the

    tax year from January 1st through December 31st;

     (2) School Taxes shall be adjusted for the tax year from September 1st through August 31st; (3) Village Taxes shall be adjusted for the tax year from June 1st through May 31st (unless the subject Village utilizes a different tax year, in which case such tax year shall be the basis Apportionments: for adjustment); (4) The taxes shall be computed on a 365 days basis; and (5) PURCHASER shall pay the tax for the day upon which the adjustment is made. (c) If CLOSING shall occur before a new tax rate is fixed, the apportionment of taxes shall be upon the basis of the old tax rate for the preceding period applied to the latest assessed valuation. (d) Any errors or omissions in computing apportionments at CLOSING


    shall be corrected. This provision shall survive CLOSING, but in no

    event shall survival exceed 60 days from the actual date of CLOSING.

    22. If there are water meter(s) and other utilities meters on the

    PREMISES, SELLER shall furnish a reading for each meter to a date not

    more than Five (5) days before CLOSING date and the unfixed utility

    meter charges if any, shall be apportioned on the basis of such last


     23. SELLER has the option to credit PURCHASER as an adjustment of Unpaid Taxes, etc., the Purchase Price with the amount of any unpaid taxes, assessments or utility charges, together with any interest and penalties thereon, to a date not less than three (3) business days after CLOSING, provided that official bills therefor computed to said date are produced at CLOSING. 24. If there is anything else affecting the sale of which SELLER is obligated to pay and discharge at CLOSING, SELLER may use any portion of the balance of the purchase price to discharge it. As an Water Meter alternative, SELLER may deposit money with the Title Insurance Readings: Company employed by PURCHASER and required by it to assure its discharge; but only if the Title Insurance Company will insure PURCHASER’S title clear of the matter or insure against its enforcement out of the PREMISES, and if acceptable to the mortgage lender. Upon request, made within a reasonable time before CLOSING, PURCHASER agrees to provide separate certified checks as requested to Allowance for assist in clearing up these matters. Unpaid Taxes, etc.: 25. If a title examination discloses judgments, bankruptcies or other returns against persons having names the same as or similar to that of

     SELLER, SELLER shall deliver a detailed affidavit satisfactory to the

     Title Insurance Company insuring PURCHASER at CLOSING showing

     that they are not against SELLER. SELLER’S representations herein

    Use of Purchase shall survive CLOSING. Price to Pay Seller

    Obligations: 26. At CLOSING, SELLER shall deliver a check or other acceptable

     funds payable to the order of the Rockland County Clerk, or to the Title

     Company, in the amount of any applicable transfer tax payable by reason

     of the recording of the Deed, together with any required tax return.

    PURCHASER agrees to duly complete the tax return and to cause the

    check(s) and the tax return to be delivered to the Title Insurance

    Company representative at CLOSING.

    27. All money paid on account of this Contract, and the reasonable

    expenses of examination of the title to the PREMISES and of any survey

    and survey inspection charges are hereby made liens on the PREMISES Affidavit as to

    and collectable out of the PREMISES. Such liens shall not continue after Judgments,

    default in performance of this Contract by PURCHASER (the term Bankruptcies, Etc.: default being herein defined in Paragraph 3 above). 28. If SELLER is unable to transfer title to PURCHASER in accordance with this Contract, SELLER’S sole liability shall be to refund all money paid on account of this Contract, plus all charges incurred for: Deed Transfer and (i) examining the title; (ii) any appropriate additional searches made in Recording Taxes: accordance with this Contract; and (iii) survey and survey inspection charges; (iv) prepaid, non refundable lenders fees, not to exceed 1% of the mortgage amount; (v) credit check and appraisal fees in the actual amounts incurred; and (vi) engineers inspection fees, not to exceed Five Hundred ($500.00) Dollars. Upon such refund and payment, this Contract shall be considered cancelled, and neither SELLER or PURCHASER shall have any further rights against the other party. Purchaser’s Lien 29. The PREMISES are sold in an "AS IS" physical condition and SELLER makes no representations other than that the roof is free of leaks, and the plumbing, heating and electrical systems, appliances, air-


    conditioning systems, if applicable, septic system, if applicable, and items

    of personal property to be conveyed to PURCHASER under this

    Contract, now in said dwelling, are in working order and will be in such

    condition at the time of transfer of possession to PURCHASER, normal Seller’s Inability to

    wear and tear excepted and that the premises will be delivered free of Convey; Limitation

    debris. This Paragraph shall not be construed as a warranty surviving of Liability

    transfer of possession. The limit of SELLER’S liability for non-working

    appliances, however, shall be the market value of such appliances in their

    condition as of the date hereof. 30. It shall be the obligation of SELLER to maintain the PREMISES, both interior and exterior, in present condition, except as may be otherwise set forth herein, until the transfer of possession of the PREMISES. 31. PURCHASER shall have access to the PREMISES within forty Condition of eight (48) hours prior to CLOSING or taking possession, with all utilities Premises: in service, in order to ascertain the condition of the PREMISES with regard to Paragraphs , "11", "29 " and "30" herein. 32. All notices required pursuant to this Contract shall be in writing and forwarded to the other party's attorney at the office address of such party's attorney (except for paragraph "15(a)") via the United States Postal Service, certified mail, return receipt requested; and such notice shall be deemed given on the third business day following mailing of such notice. Alternatively, a notice may be delivered by an overnight delivery service, or by facsimile, but in any case, such notice shall be deemed made upon the date such notice is actually received by the attorney. However, a notice of default or cancellation shall only be made Maintenance: by certified mail return receipt requested.

     33. PURCHASER does hereby personally guarantee all funds that

     shall be submitted by PURCHASER, or on their behalf, to SELLER at

     the time of CLOSING as and for the balance of the Purchase Price; it Inspection: being understood that this personal guaranty shall survive the delivery of

     the Deed.

     34. The paragraph headings are for convenience only and have no

     legal significance.


    35. This Contract may not be assigned or transferred by

    PURCHASER without the prior express written permission of SELLER.

    36.(a) In the event PURCHASER shall seek to have conducted a home

    and/or termite inspection, same should be accomplished on or before

     and SELLER’S attorneys shall be notified in writing

    or by facsimile transmission within three (3) business days thereafter if

    there are any objectionable conditions which PURCHASER request to be corrected. Upon receipt of such notice by SELLER’S attorneys, SELLER shall have three (3) business days to notify PURCHASER whether SELLER agrees to make such repairs or refuses to do the Closing Funds: requested repairs. In the event SELLER refuses to make such repairs, PURCHASER shall have three (3) additional business days to notify SELLER’S attorneys that PURCHASER elects to cancel this Contract of Sale. In the event of such cancellation, SELLER’S attorneys shall forthwith, subject to clearance of PURCHASER’S downpayment check, return the downpayment to PURCHASER’S attorney, made payable to Headings: PURCHASER. In the event that PURCHASER does not cancel this Contract, as provided in this Paragraph, then, and in that event, this Contract shall be deemed to be in full force and effect with no Assignment: responsibility on the part of SELLER to make the repairs originally requested by PURCHASER. Inspections: (b) In the event PURCHASER obtains a written home inspection report, a copy thereof shall be delivered to the attorneys for SELLER within five


    (5) business days of receipt thereof by PURCHASER.

    (c) [NOTE: This provision 36(c) shall not apply to any

    residential dwelling (including any cooperative

    apartment or condominium unit) where a building

    permit was obtained after January 1, 1978 or, where

    no permit was obtained, where construction actually started after January 1, 1978 ("Target Housing").] [This provision (i) below shall be included in all contracts involving Target Housing.]

     (i) The parties acknowledge that all disclosures required pursuant to 42 U.S.C. 4852d (Residential Lead-Based Paint Hazard Reduction Act of 1992) and 24 CFR Part 35 and 40 CFR Part 745 (Requirements for Disclosure of Known Lead-Based Paint and/or Lead-Based Paint Hazards in Housing) have been made and that PURCHASER has been

     provided with the pamphlet Protect Your Family from Lead in Your

     Home. Attached to this contract and made a part hereof is the form

     entitled Disclosure of Information on Lead-Based Paint and Lead- Based Paint Hazards. This form has been completed, initialed and executed by the parties and their agents, if any.

     (ii) [NOTE: This provision 36(c)(ii) shall not apply in

     the event that PURCHASER has waived the

     opportunity to conduct a risk assessment or

     inspection of the PREMISES for the presence of

     lead-based paint and/or lead-based paint hazards and

     has further affirmed that waiver by completing and

     initialing the Purchaser's Acknowledgment portion,

     section e, of the aforementioned form Disclosure of

     Information on Lead-Based Paint and Lead-Based

     Paint Hazards attached to this contract and made a

     part hereof.]

     [Delete if inapplicable:]

    The PURCHASER has completed a risk assessment or inspection of the

    PREMISES for the presence of lead-based paint and/or lead-based paint

    hazards and all changes, if any, to the PURCHASER'S offer to buy the

    premises have been incorporated into this contract.

    [Delete if inapplicable:]

    Unless same shall have been waived by PURCHASER, this contract is

    further contingent upon PURCHASER obtaining, at PURCHASER'S

    sole cost and expense, a risk assessment or inspection of the PREMISES for the presence of lead-based paint and/or lead-based paint hazards on or before (the date inserted here should be at least 10 days from the date of this contract). In the event that PURCHASER determines that there is/are lead-based paint and/or lead- based paint hazards on the PREMISES, PURCHASER shall, within three (3) business days, (a) notify SELLER'S attorney(s) in writing of any specific existing deficiencies and corrections needed; and (b) simultaneously furnish SELLER'S attorney(s) with a copy of the inspection and/or risk assessment report. Upon receipt of such notice and report by SELLER'S attorney(s), SELLER shall have three (3) business days to notify PURCHASER whether SELLER elects, at SELLER'S sole option, to correct such deficiencies and/or conditions prior to closing and further to furnish PURCHASER, before or at closing, with certification from SELLER'S inspector or risk assessor that the deficiencies and/or conditions have been remedied. In the event SELLER elects not to correct such deficiencies and/or conditions, PURCHASER shall have three (3) additional business days to notify SELLER'S attorney(s) in


    writing that PURCHASER either (x) waives this contingency and agrees

    to accept the PREMISES "as is"; or (y) cancels this Contract of Sale. In

    the event of such cancellation, SELLER'S attorney(s) shall forthwith,

    subject to clearance of PURCHASER'S downpayment check, return the

    downpayment to PURCHASER'S attorney, made payable to

    PURCHASER, whereupon this contract shall be deemed canceled and

    neither party shall have any further rights or claims against, or

    obligations or liabilities to, the other by reason of this contract. In the

    event that PURCHASER does not cancel this Contract, as provided in this Paragraph 36(c)(ii), then, and in such event, this Contract shall be deemed to be in full force and effect with no responsibility on the part of SELLER to correct the deficiencies and/or conditions originally requested by PURCHASER and PURCHASER shall have no further claim(s) against SELLER for such deficiencies and/or conditions. 37. SELLER shall, at CLOSING, include in the Deed of Conveyance such description of the PREMISES as may be required by the lending institution, or the Title Insurance Companyinsuring the conveyance of title. In the event such description is based upon a new survey, such survey shall also be certified or guaranteed to SELLER. 38. This Contract shall also apply to and bind the distributees, heirs, executors, administrators, successors and permitted assigns of the respective parties. 39. Any singular word or term herein shall also be read as in the plural, and vice versa, whenever the sense of this Contract may require it. 40. This Contract constitutes the entire Contract between the parties and shall not be cancelled, modified or altered by any Contracts,

     warranties or representations, whether expressed or implied, unless set

     forth in writing and executed by all of the parties hereto or their

     respective attorneys.



     THE FOLLOWING Deed Description:


    41. PURCHASER shall be required to comply in good faith with all

    requirements of the Declaration, By-Laws, Rules and Regulations,

    including membership application, if any, and execution of Power of

    Attorney. Contract Binding:

    42. SELLER represents that:

     (a) Any alteration or improvement has been made to the Singular also Means original unit with all necessary Authorizations, Permits or Plural: Certificates having been obtained from the Board and from the Municipality; Conflicts: (b) Common charges are currently $ per month and are not in arrears; (c) No information has been received as to future dues, charges, assessments, or work to be done, or as to any proposed change in the Declaration, By-Laws or Rules and Regulations of the Condominium; (d) There are no outstanding loans or other obligations by the Board of Managers or any claims or actions against them for which unit owners may be assessed, to the knowledge of Compliance by SELLER;

    (e) To the best of SELLER’S knowledge, there have been no amendments to the Offering Plan, other than as shown to 10

Report this document

For any questions or suggestions please email