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<br />(lnsen factual statements and business details applicable to this sale.)
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<br />11, SALES EXPENSES 10 BE PAID IN CASH AT OR PRIOR 10 CLOSING:
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<br />A. SELLER'S EXPENSES,: All costs of releasing existing loans and recording the releases; Owner's Title Policy: survey; We statements: 1/2 of
<br />any escrow fee; preparation of Deed: other expenses stipulllt~d to be paid by Seller under orher provisions of this Contract.
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<br />B. BUYER'S EXPENSES: All expenses incident to any loan (e,g., lo~n procurement fees, preparation of Note, Deed of Trust, and other loan
<br />documents, recording fees, Mongagee's Title Policy, prepayable interest, credit repons): 1/2 of any escrow fee: copies of restrictions, easements,
<br />reservations, or conditions affecting the Propenyl and expenses stipulated to be paid by Buyer under other provisions of this Contract.
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<br />12. PRORATIONS: Insurance (at buyers option), Interest on any debt assumed or taken subject to, assessments, current taXes, and any rents, and
<br />maintenance fees shall be prorated at the date of closing. No proration shall be made for delinquent rents existing as of Closing Date, which
<br />rents Seller shall be responsible for collecting. At the closing, Seller shall pay to Buyer in cash the amo~nt of any ~aid rents paid to Seller
<br />by tenants ~ the Propeny for periods ~ubsequent to the Closing Date. If ad valorem taxes for the year in which the sale Is closed are not available
<br />on the Closing Date, proration of taXes shall be made on the basis of taxes assessed In the previous year, with a subsequent cash adjustment of
<br />such proration to be made 'betWeen Seller and Buyer, If necessary, when actual taX figures are available. If Buyer is assuming payment of or taking
<br />subject tl;) any existing loin on the Propeny, all reserve deposits for the payment of taxes, Insurance premiums, or other charges shall be transferred
<br />to BuYer by Seller and Buyer shall pay to Seller tl1e amount of such reserve deposits, Any special assessments applicable to the Property for ImJXCM=ll'ent;s
<br />previously made to ben,e(jt the Propeny shall be paid by Seller, Seller shall PBv to Buyer at closing in cash the amount of any, deposits paid to
<br />Seller by tenants of the Propeny, including but not limited to, all rental security, cleaning, utility" key, damage, and other deposits. All other
<br />income Rnd ordinary operating expenses of the Propeny, including but not limited to, public utility charges, maintenance, management, and other
<br />narmal, eperating,charges shill be prorated BI of t~e date of closing.
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<br />: 'i. TInE APPROVAL: Seller shall deliver to Buyer within twenty (20) days from the date of this Contract a Commitment for Title Insurance (the
<br />"Commitment") and, at Buyet's request. legible copies of all recorded instruments l!ffecting the Propeny and recited BI exceptions In the Commit.
<br />meJ:\t. If Buyer has an objection to items disclosed in such Commitment or survey provided for herein, Buyer shall'have founeen (14) days after
<br />receipt of each such instrument to make written objections to Seller. If Buyer or third pany lender makes such objectiOns or If the objections
<br />are disclosed in Commitment, survey or by ,the issuer of the Title Policy. Seller shall have thiny (30) days from the date such objections are disclosed
<br />to cure the same, and tJ1e Closing Date shall be,extended, if necessary. Seller agrees to utilize its best effortS and reasonable diligence to CUte
<br />such (.bjecrian, if any. If the objections are not satisfied within such time period, Buyer mliy (I) terminate this Contract and the Eamest Money
<br />shall be refunded to Buyer, and neither pany shall have any funher rights or obligations pursuant to this Conmict, or (il) waive the unsatisfied
<br />objections and close the transac~ion,
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<br />i4. DEFAULT: Unless otherwise provid~ far herein, if Buyer filils to comply herewith, Seller may eithe~ (I) enforce specific performance and s~ek
<br />s\lch other relief as may be provided 'by law, or (ii) terminate this Contract and receive the Eamest Money as'liquldated damages, one-h,alf of
<br />which (but not exceeding the herein recited Broker's fee) shall be paid by Seller to Broker In full payment of Broker's services. The Broker's fee
<br />is payable only if and when Seller enforces specific performances, collects damages for such default by suit, compromise, settlement, or receives
<br />the Eamest Money as liquidated damages. Unless otherwise provided for herein, if Seller fails to comply herewith, Buyer may either (I) enforce
<br />specific performance hereof and seek such other relief as may be provided by law, or (ii) terminate this Contract and receive the Eamest Money.
<br />NotWithstanding the abpve, accrued interest, If any, on,the Earnest ~oney shall be paid to Buyer.
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<br />15. 'ATTORNEY'S FEES: Ar'V signatory to this Contract who is the prevailing pany in any legal proceeding against any other signatory brought under
<br />or with relation to the Contract or transaction shall be additionally entitled to recover coun costs and reasonable attorney's fees froll\ the
<br />non-prevailing pany. '
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<br />16. ESCROW: The Earnest Money is deposited with ,Escrow Agent with the understanding that Escrow Agent (i) Is not a party ro,this Contract
<br />and does not assume or have any liability for performance or non-performance of any,pany and (ii) has the right to requite from all signatories
<br />a written release of liability of the Escrow Agent, termination of the Contract and authorization to disburse the Eamest Money, At closing, Earnest
<br />Money and accrued Interest shall be applied to any cash down payment required, next to Buyer's closing costs and any excess It'funded to Buyer.
<br />Any refund or payment of the Eamest Money under this Contract shall be reduced by the amount of any actual expenses u:cuned on bt..h,,!f
<br />of the, pany rec,eiving the Eamest Money, and the Escrow Agent wil,l pay the, same to the creditors entitled thereto.
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<br />17. REPRESENTATiONS AND WARRANTIES OF SELLER: Seller hereby represents and warrants to Buyer as follows, which representations and
<br />warran~ies shall.,be deemed made by Seller to Buyer also as of closing date and such representatlo~' and warranties shall survive the closinl::
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<br />A. There are no panies in possession o( any ponion of the Pro~ny as lessees, tenants at,sufferance, or rresspassers except tenantS under the
<br />written leases delivered to Buyer pursuant to .the Contract: ." .. ,.. ,.... " . ........' .. ' I' '.. , '
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<br />:'.', ' B. ~ere is no pending or threatened condemnation or similar proceeding or assessment affect~ng the PropertY, 'or any ~ dt~f, nor to the
<br />best lcn~ledg~ and belief, of S!!ller Is any such, p~eeding or assessment contemplated by any govemmental authority;
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<br />C' Seller i~' the fee I!lmple owner of the title to the Propeny and Is duly authorized and empowe~ 'to sell Sllld Propeny;
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<br />D. Seiler has paldt:thlOu~h the'current year, all taXes,.charges, debts, and other ~ssments,due by the Seller wit,h respect ~ the Property:
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<br />E.;, The Pl9peny Is n~t in a flood plain or, water district, eiccept as follows' .
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<br />Allloan(s) assumed or taken subject to are not presently in default and will not be in default at the time of c10singj
<br />The~ will be no unrecorded Iieris or Unifonn Commercial Code liens against any of the Propeny wh!ch will not be satisfied out of the Sales. !'rice:
<br />Seller knoWs of nn existing cimditi~m with respect to the. Prop~ny or its operation which vi~lates any govemm~nt code or regulation:
<br />ScI,ler hilS nil knllwlcJ"e that the Pmperry inuhject to any sunace or sub-surface ground faults:
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