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CHICAGO ASSOCIATION OF REALTORS/MLS
CO-OPERATIVE APARTMENT REAL ESTATE SALE CONTRACT
1 This Contract is made between ______________________________________________ ("Buyer") and _______________________________________________ ("Seller") (collectively,
2 CHICAGO ASSOCIATION known as _________________________________; (b) ______ beneficial interest under
"Parties"), to convey (strike one) (a) _______ shares of common stock in the corporationOF REALTORS/MLS
3 CO-OPERATIVE APARTMENT REAL
with it SALE CONTRACT
the trust known as __________________________________________, that carries ESTATE the right to a proprietary lease to the apartment known as
4 1 This Contract is made between ______________________________________________ ("Buyer") and _______________________________________________ executed original of this
__________________________________________________________________________________________________________________ ("Property"). A fully ("Seller") (collectively,
5 to convey
2 "Parties"),(Address) (strike one) (a) _______ shares (City)
(Unit No.) of common stock in the corporation known as _________________________________; (b) ______ beneficial interest under
(ST) (Zip) (Garage No.) (Pkg. Space No.)
6 3 the trust known by Listing Broker. The date of the offer of this Contract is _________________, 200__.
Contract shall be held as __________________________________________, that carries with it the right to a proprietary lease to the apartment known as
7 4 Fixtures and Personal Property. In addition to the Property, Seller shall transfer to Buyer by a Bill of Sale, all heating, cooling, electrical, and this
1. __________________________________________________________________________________________________________________ ("Property"). A fully executed original of plumbing
8 5 (Address) (Unit items:
systems, together with the following checkedNo.) (City) (ST) (Zip) (Garage No.) (Pkg. Space No.)
6 Contract shall be held by Listing Broker. The date of the offer of this Contract is _________________, 200__.
9 � T.V. Antenna___ � Washer ___ � Central air conditioner___ � Water softener___ � Wall to wall carpeting___
7 1. Fixtures and Personal Property. In addition to the Property, Seller shall transfer to Buyer by a Bill of Sale, all heating, cooling, electrical, and plumbing
10 � Refrigerator___ � Dryer___ � Window air conditioner___ � Fireplace gas log___ � Existing storms & screens__
8 systems, together with the following checked items:
11 � Oven/Range___ � Attached book cases and cabinets___ � Electronic air filter___ � Firewood___ � Radiator covers___
9 � T.V. Antenna___ � Washer ___ � Central air conditioner___ � Water softener___ � Wall to wall carpeting___
12 � Microwave___ � Smoke and carbon monoxide detectors__ � Central humidifier___ � Lighting Fixtures___ � All planted vegetation___
10 � Refrigerator___ � Dryer___ � Window air conditioner___ � Fireplace gas log___ � Existing storms & screens__
13 � Dishwasher___ � Garbage disposal___ � Fireplace screen and equipment__ � Sump pump___ � Trash compactor___
11 � Oven/Range___ � Attached book cases and cabinets___ � Electronic air filter___ � Firewood___ � Radiator covers___
14 � Outdoor shed___ � Built-in or attached shelving___ � Home warranty (as attached)___ � Security system___ � Window treatments___
12 � Microwave___ � Smoke and carbon monoxide detectors__ � Central humidifier___ � Lighting Fixtures___ � All planted vegetation___
15 � Ceiling fan___ � Electronic garage door(s) with ____ remote unit(s)___
13 � Dishwasher___ � Garbage disposal___ � Fireplace screen and equipment__ � Sump pump___ � Trash compactor___
16 The following items attached)___
Seller also transfers the following:__________________________________. � Home warranty (asare specifically excluded:________________________________________________.
14 � Outdoor shed___ � Built-in or attached shelving___ � Security system___ � Window treatments___
17 Purchase Price. The purchase price fordoor(s) with ____ remote unit(s)___
2. � Ceiling fan___
15 � Electronic garage the Property and the items identified in Paragraph 1 is $_______________________________ ("Purchase Price").
18 3. Earnest Money. Upon Buyer's execution of this Contract, Buyer shall deposit with ______________________________ ("Escrowee"), initial earnest money in
16 Seller also transfers the following:__________________________________. The following items are specifically excluded:________________________________________________. the
19 amount of $__________________, in the price for ________________________________ ("Initial Earnest Money"). The Initial Earnest Money shall be returned and this
17 2. Purchase Price. The purchase form of the Property and the items identified in Paragraph 1 is $_______________________________ ("Purchase Price").
20 shall be of no force or effect if this Contract this Contract, Buyer shall deposit with ______________________________ ("Escrowee"), initial earnest money to the
ContractEarnest Money. Upon Buyer's execution of is not accepted by Seller on or before _____________, 200___. The Initial Earnest Money shall be increased in 10% of
18 3.
21 19 amount of Price ("Final Earnest Money") within _______ business days after the expiration of theMoney"). Approval Period (See Paragraph be returned and this
the Purchase $__________________, in the form of ________________________________ ("Initial Earnest Attorney The Initial Earnest Money shall 12 of this Contract) (the
22 20 ContractFinal Earnest force or are collectively referred notas the "Earnest Money"). Buyer and Seller 200___. The Initial Earnestagreed and necessary documentsof
Initial and shall be of no Money effect if this Contract is to accepted by Seller on or before _____________, shall execute all mutually Money shall be increased to 10% with
23 regard to the Earnest Money. Except Money") within _______ business days after the expiration of the the Earnest Money. If (See Paragraph 12 of this Contract) (the
21 the Purchase Price ("Final Earnestas otherwise agreed, Buyer shall pay all expenses with regard toAttorney Approval Period written approval of Buyer's application for
24 the completion of this Contract is not given by the Board of Directors of the corporation Buyer and Seller shall execute trust within ____ business days from the Acceptance
22 Initial and Final Earnest Money are collectively referred to as the "Earnest Money"). or Managing Committee of the all mutually agreed and necessary documents with
25 Date, the to the Earnest shall be returned to Buyer agreed, Buyer shall pay become null and void. Seller Earnest Money. If diligent efforts of Buyer's the approval
23 regard earnest moneyMoney. Except as otherwise and this Contract shall all expenses with regard to theand Buyer shall usewritten approval to expediteapplication for as
26 24 the completion of this Contract is not given by the Board of Directors of the corporation or Managing Committee of the trust within ____ business days from the Acceptance
quickly as possible.
27 Payment of Balance; Mortgage Contingency. this Contract shall become null and void. Seller and Buyer shall Purchase efforts to expedite at approval as
25 Date, the earnest money shall be returned to Buyer and(a) In addition to the Final Earnest Money, the balance of theuse diligentPrice shall be paidthe closing, plus or
4.
28 26 quickly as possible.cash, cashier's check, certified check, wire transfer of funds, or other payment mutually agreed by the Parties. (b) Buyer may also pay ____________
minus prorations, by
29 (including Earnest of Balance; Mortgage Contingency. (a) In addition to the Final Earnest Money, the balance of the Purchase Note for ______________ with interest on
27 4. Payment Money) by cash, cashier's check or certified check, and the balance by purchase money Collateral Installment Price shall be paid at closing, plus or
30 unpaid balance at _______% cashier's check, certified check, wire transfer year (including payment of _______________ each, the final payment to be pay on ___________,
28 minus prorations, by cash, per annum, with 12 monthly payments perof funds, or other interest) mutually agreed by the Parties. (b) Buyer may also due ____________
31 20___, and with unlimited prepayment privilege without penalty. The Note shall be by purchase money Collateral Installment Note for ______________ with interest on
29 (including Earnest Money) by cash, cashier's check or certified check, and the balanceprepared by Seller or Seller's attorney in a form to be approved by Buyer or Buyer's
32 attorney. balance at _______% agree on the form of the Note, Seller or Seller's (including interest) of the Note on legal form No. TI-150 UCC to be due B. ___________,
30 unpaid If the Parties cannot per annum, with 12 monthly payments per year attorney shall prepare _______________ each, the final payment by George on Cole & Co. The
31 20___, and with unlimited prepayment privilege without penalty. The Note shall be prepared by Seller or Seller's attorney in a form to be approved by Buyer or Buyer's
33 Note shall be secured by assignment from Buyer to Seller of the proprietary lease and stock or beneficial interest. (c) This Contract is contingent upon Buyer securing by
32 attorney. If the Parties cannot agree on the form of the Note, Seller or Seller's attorney shall prepare the Note on legal form No. TI-150 UCC by George B. Cole & Co. The
34 _____________, 200___ ("First Commitment Date") a written commitment ("Required Commitment") for a fixed rate or an adjustable rate mortgage permitted to be
33 Note shall be secured by assignment from Buyer to Seller of the proprietary lease and stock or beneficial interest. (c) This Contract is contingent upon Buyer securing by
35 made by a U.S. or Illinois savings and loan association or bank for $_____________________, the interest rate (or initial interest rate if an adjustable rate mortgage) not to
34 _____________, 200___ ("First Commitment Date") a written commitment ("Required Commitment") for a fixed rate or an adjustable rate mortgage permitted to be
36 exceed ______% per year, amortized over ____ years, payable monthly, loan fee not to exceed _______%, plus appraisal and credit report fee, if any ("Required Mortgage").
35 made by a U.S. or Illinois savings and loan association or bank for $_____________________, the interest rate (or initial interest rate if an adjustable rate mortgage) not to
37 If the Required Mortgage has a balloon payment, it shall be due no sooner than ____ years. Buyer shall pay for private mortgage insurance as required by the lending
36 exceed ______% per year, amortized over ____ years, payable monthly, loan fee not to exceed _______%, plus appraisal and credit report fee, if any ("Required Mortgage").
38 institution. If a FHA or VA mortgage is to be obtained, Rider 8, Rider 9, or the HUD Rider shall be attached to this Contract. (1) If Buyer is unable to obtain the Required
37 If the Required Mortgage has a balloon payment, it shall be due no sooner than ____ years. Buyer shall pay for private mortgage insurance as required by the lending
39 Commitment by the First Commitment Date, Buyer shall so notify Seller in writing on or before that Date. Seller may, within 30 business days after the First
38 institution. If a FHA or VA mortgage is to be obtained, Rider 8, Rider 9, or the HUD Rider shall be attached to this Contract. (1) If Buyer is unable to obtain the Required
40 Commitment Date the First Commitment Date"), secure the notify Seller in writing on or before that same Seller and within 30 the closing date by 30 First
39 Commitment by ("Second Commitment Date, Buyer shall so Required Commitment for Buyer upon theDate. terms, may,may extendbusiness days after the business
41 days. The Required Commitment may be given by Seller or third party. Buyer shall for Buyer requested credit information, extend the closing date by relating to
40 Commitment Date ("Second Commitment Date"), secureathe Required Commitment furnish allupon the same terms, and may sign customary documents 30 business the
42 application and securing of the Required Commitment, and pay one party. Buyer shall furnish all requested credit information, sign customary documents Commitment
41 days. The Required Commitment may be given by Seller or a third application fee as directed by Seller. Should Seller choose not to secure the Requiredrelating to the for
43 Buyer, this Contract shall of the and void as of the First Commitment Date, and as Earnest Money shall be Seller choose not to (2) If the Required Seller on or for
42 application and securingbe nullRequired Commitment, and pay one application fee thedirected by Seller. Shouldreturned to Buyer. secureBuyer notifiesCommitment before
44 the First this Contract shall be null and void as of the First Commitment Date, and the Earnest Money shall be returned to Buyer. (2) If Required Commitment on or before
43 Buyer,Commitment Date that Buyer has been unable to obtain the Required Commitment, and neither Buyer nor Seller secures the Buyer notifies Seller on or before
45 the Second Commitment Date this Contract been unable and void and the Earnest Money shall be returned to nor Seller If Buyer does not provide any notice to Seller
44 the FirstCommitment Date, that Buyer hasshall be null to obtain the Required Commitment, and neither BuyerBuyer. (3) secures the Required Commitment on or before by
46 the First Commitment Date, Buyer shall be deemed to null waived and the Earnest and this Contract shall to Buyer. full force and effect.
45 the Second Commitment Date, this Contract shall be haveand void this contingency Money shall be returned remain in (3) If Buyer does not provide any notice to Seller by
47 5. Stock Transfer or Trustee's shall be deemed pay the stock this contingency and this Contract shall remain in full force and effect.
46 the First Commitment Date, BuyerFee. Seller shallto have waived transfer fee or trustee's fee, if any.
48 6.
47 5. Credit Information. Trustee's Fee. Seller shall paythe Acceptance Date, or trustee's fee, if any. cost, furnish any and all credit information requested by the Board
Stock Transfer or Within ____ business days of the stock transfer fee Buyer shall, at Buyer's
49 of 6. Credit Information. Within
48 Directors or Managing Committee. ____ business days of the Acceptance Date, Buyer shall, at Buyer's cost, furnish any and all credit information requested by the Board
50 Directors At closing, Committee.
49 of Closing. or ManagingSeller shall deliver to Buyer the lease and stock or beneficial interest with proper and effective assignments, and the Bill of Sale as provided in
7.
51 50 7. Closing. At closing, Seller shall deliver liens or security interest or beneficial interest with proper and effective assignments, and for the mortgage referenced
Paragraph 1 above, free of any encumbrances,to Buyer the lease and stockin favor of other parties under the UCC or otherwise, except the Bill of Sale as provided in in
52 Paragraph 4(c) above, free of any pay the balance of or Purchase Price in favor of other parties under the UCC or otherwise, except for the mortgage if any, together
51 Paragraph 1above. Buyer shallencumbrances, liensthe security interestto Seller, and deliver to Seller the purchase money Collateral Installment Note,referenced in
53 with Buyer's 4(c) above. Buyer shall pay the balance of the Purchase Price to Seller, and deliver to Seller the purchase money the assignment. Any encumbrances, liens
52 Paragraphassignment to Seller of lease and stock or beneficial interest and customary UCC financing statement coveringCollateral Installment Note, if any, together or
54 security interest may be paid Seller of lease of sale proceeds, provided the and customary UCC financing statement covering the assignment. Any encumbrances, liens or
53 with Buyer's assignment to at closing out and stock or beneficial interest parties entitled to those payments furnish appropriate releases, waivers or other documents at
55 closing. Buyer may direct paid at closing manner in which the shares or parties entitled to and the lease shall be appropriate releases, waivers or other documents at
54 security interest may be in writing the out of sale proceeds, provided thebeneficial interest those payments furnish assigned. Closing shall be on ______________, 200___
56 (except as Buyer may direct in writing the Contract), at a time shares or beneficial interest and the lease shall be
55 closing.provided in Paragraph 4(c) of this manner in which the and location mutually agreed upon by the Parties. assigned. Closing shall be on ______________, 200___
56 (except as provided in Paragraph 4(c) of this Contract), at a time and location mutually agreed upon by the Parties.
57 8. Possession. (a) Seller agrees to surrender possession of the Property on or before _______________, 200__ ("Possession Date"), provided the transaction has closed.
57 8. Possession. (a) Seller agrees to surrender possession of the Property on or before _______________, 200__ ("Possession Date"), provided the transaction has closed.
58 (b) If the Possession Date is not the date of closing, then, at closing, Seller shall pay to Buyer $_____________ per day for monthly assessments and use and occupancy
58 (b) If the Possession Date is not the date of closing, then, at closing, Seller shall pay to Buyer $_____________ per day for monthly assessments and use and occupancy
59 commencing the first day after closing up to and including the Possession Date or on a monthly basis, whichever period is shorter ("Use/Occupancy Payments"). Buyer
59 commencing the first day after closing up to and including the Possession Date or on a monthly basis, whichever period is shorter ("Use/Occupancy Payments"). Buyer
60 shall refund any part of Use/Occupancy Payments for use and occupancy beyond the date possession is actually surrendered. Additionally, Seller shall deposit with
60 shall refund any part of Use/Occupancy Payments for use and occupancy beyond the date possession is actually surrendered. Additionally, Seller shall deposit with
61 Escrowee a sum equal to 2% of the Purchase Price ("Possession Escrow") to guarantee possession on or before the Possession Date, which sum shall be held from the net
61 Escrowee a sum equal to 2% of the Purchase Price ("Possession Escrow") to guarantee possession on or before the Possession Date, which sum shall be held from the net
62 proceeds at closing on Escrowee's form of receipt. If Seller does not surrender the Property on the Possession Date, Seller shall pay to Buyer, in addition to the
62 proceeds at closing on Escrowee's form of receipt. If Seller does not surrender the Property on the Possession Date, Seller shall pay to Buyer, in addition to the
63 Use/Occupancy Payments, the sum of 10% of the original amount of the Possession Escrow per day up to and including the day possession is surrendered to Buyer plus
63 Use/Occupancy Payments, the sum of 10% of the original amount of the Possession Escrow per day up to and including the day possession is surrendered to Buyer plus
64 any unpaid Use/Occupancy Payments to the date possession is surrendered, these amounts to be paid out of the Possession Escrow and the balance, if any, to be returned
64 any unpaid Use/Occupancy Payments to the date possessionis surrendered, these amounts to be paid out of the Possession Escrow and the balance, if any, to be returned
65 to to Seller. Acceptance payments by Buyer shall not limit Buyer's other legal remedies. Seller and Buyer hereby acknowledge that Escrowee shall distribute the
65 Seller. Acceptance of of payments by Buyer shall notlimit Buyer's other legal remedies. Seller and Buyer hereby acknowledge that Escrowee shall notnot distribute the
66 Possession Escrow without the joint written direction of Seller and Buyer. If either Party objects to disposition of the Possession Escrow, then Escrowee may deposit
66 Possession Escrow without the joint written direction ofSeller and Buyer. If either Party objects to disposition of the Possession Escrow, then Escrowee may deposit the the
67 Possession Escrow with the Clerk of the Circuit Court by the filing of an action in the nature of an Interpleader. Escrowee shall reimbursed from the Possession Escrow
67 Possession Escrow with the Clerk of the Circuit Court by thefiling of an action in the nature of an Interpleader. Escrowee shall bebe reimbursed from the Possession Escrow
68 for all costs, including reasonable attorneys' fees, related to the filing of the Interpleader, and the Parties shall indemnify and hold Escrowee harmless from any all
68 for all costs, including reasonable attorneys' fees, relatedto the filing of the Interpleader, and the Parties shall indemnify and hold Escrowee harmless from any andand all
69 claims and demands, including the payment of reasonable attorneys' fees, costs, and expenses.
69 claims and demands, including the payment of reasonable attorneys'fees, costs, and expenses.
70 9.
70 9. Assessment. Seller represents that the monthly assessment as of the Acceptance Date is _________________, which includes (strike through any inapplicable item)
Assessment. Seller represents that the monthly assessment as of the Acceptance Date is _________________, which includes (strike through any inapplicable item)
71 operating expenses, taxes, insurance, interest and amortization of mortgage, heat air conditioning. Buyer acknowledges and agrees that the representations in in
71 operating expenses, taxes, insurance, interest and amortizationof mortgage, heat and air conditioning. Buyer acknowledges and agrees that (i) (i) the representationsthisthis
72 Paragraph are provided as of the Acceptance Date; (ii) this information may and these fees may increase, prior the closing date; and (iii) Seller is is under
72 Paragraph are provided as of the Acceptance Date; (ii)this information may change, and these fees may increase, prior toto the closing date; and (iii) Seller under no no
73 obligation to to notify Buyer any changes to this information, and, should changes
73 obligation notify Buyer of of any changes to this information,and, should changes occur, this Contract shall remain in full force and effect.
this Contract shall remain in full force and effect.
EQUAL HOUSING
OPPORTUNITY
74 10. Disclosures. Buyer has received the Residential Real Property Disclosure Report -- � Yes/ � No; Lead Paint Disclosure � Yes/ � No
75 11. Dual Agency. The Parties consent to _________________________ ("Licensee") to act as Dual Agent in providing brokerage services on their behalf and specifically
76 consent to Licensee acting as Dual Agent on the transaction covered by this Contract. ______________Seller(s) Initials _______________ Buyer(s) initials
77 12. Attorney Modification. Within ____ business days after the Acceptance Date ("Attorney Approval Period"), the Parties' respective attorneys may make
78 modifications to this Contract ("Proposed Modifications") on matters other than the Purchase Price, broker's compensation, and dates, that are mutually acceptable to
79 the Parties. If, within the Attorney Approval Period, the Parties cannot reach agreement regarding the Proposed Modifications, then, at any time thereafter, either Party
80 may terminate this Contract by written notice to the other Party. In that event, this Contract shall be null and void, and the Earnest Money shall be refunded to Buyer
81 upon joint written direction of the Parties to Escrowee. IN THE ABSENCE OF DELIVERY OF PROPOSED MODIFICATIONS PRIOR TO THE EXPIRATION OF THE
82 ATTORNEY APPROVAL PERIOD, THIS PROVISION SHALL BE DEEMED WAIVED BY ALL PARTIES, AND THIS CONTRACT SHALL BE IN FULL FORCE AND
83 EFFECT.
84 13. Inspection. In addition to the inspection provided in Paragraph F of the General Conditions of this Contract, within ____ business days after the Acceptance Date
85 ("Inspection Period"), Buyer may provide at its expense (unless otherwise provided by law) a home, radon, environmental, lead-based paint and/or lead-based paint
86 hazards (unless separately waived), wood infestation, and/or mold inspection(s) of the Property ("Inspections") by one or more properly licensed or certified inspection
87 personnel ("Inspector"). The Inspections shall include only major components of the Property, including, without limitation, central heating, central cooling, plumbing,
88 well, and electric systems, roofs, walls, windows, ceilings, floors, appliances, and foundations. A major component shall be deemed to be in operating condition if it
89 performs the function for which it is intended, regardless of age, and does not constitute a health or safety threat. Buyer shall indemnify Seller from and against any loss
90 or damage to the Property or personal injury caused by Buyer or Buyer's Inspector. Prior to expiration of the Inspection Period, Buyer shall notify Seller or Seller's
91 attorney in writing ("Buyer's Inspection Notice") of any defects disclosed by the Inspections that are unacceptable to Buyer, together with a copy of the pertinent pages
92 of the relevant Inspections report. Buyer agrees that minor repairs and maintenance costing less than $250 shall not constitute defects covered by this Paragraph. If the
93 Parties have not reached written agreement resolving the inspection issues within the Inspection Period, then either Party may terminate this Contract by written notice
94 to the other Party. In the event of such notice, this Contract shall be null and void and the Earnest Money shall be refunded to Buyer upon joint written direction of the
95 Parties to Escrowee. IN THE ABSENCE OF WRITTEN NOTICE PRIOR TO EXPIRATION OF THE INSPECTION PERIOD, THIS PROVISION SHALL BE
96 DEEMED WAIVED BY ALL PARTIES, AND THIS CONTRACT SHALL BE IN FULL FORCE AND EFFECT.
97 14. General Provisions and Riders. THIS CONTRACT INCLUDES THE GENERAL PROVISIONS ON THE REVERSE SIDE OF THIS CONTRACT AND
98 THE RIDERS ATTACHED TO AND MADE A PART OF THIS CONTRACT: _________________________________________________________________________________.
99 ACCEPTANCE DATE 200___
100 Buyer Signature: Seller Signature:
101 Buyer Signature: Seller Signature:
102
103 Print Buyer(s) Name(s) Social Security # Print Seller(s) Name(s) Social Security #
104
105 Address City State Zip Address City State Zip
106 ___
107 Phone #(s) Email Phone #(s) Email
108 FOR INFORMATIONAL PURPOSES:
109
110 Selling Office and Agent MLS# Email Listing Office and Agent MLS# Email
111
112 Address City State Zip Address City State Zip
113 Phone # Fax # Phone # Fax #
114
115 Buyer's Attorney Email Seller's Attorney Email
116
117 Address City State Zip Address City State Zip
118 Phone # Fax # Phone # Fax #
119 Mortgage Company Fax # Loan Officer Fax #
120 GENERAL PROVISIONS
121 A. Prorations. All proratable items shall be prorated to date of closing, including but not limited to monthly assessments and special or extra assessments, if
122 any.
123 B. Uniform Vendor and Purchaser Risk Act The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this
124 Contract.
125 C. Notice. All notices required by this Contract shall be in writing and shall be served upon the Parties or their attorneys at the addresses provided in this
126 Contract. The mailing of notice by registered or certified mail, return receipt requested, shall be sufficient service when the notice is mailed. Notices may also be served
127 by personal delivery or commercial delivery service, by mail-o-gram, telegram, or by the use of a facsimile machine with proof of transmission and a copy of the notice with
128 proof of transmission being sent by regular mail on the date of transmission. In addition, facsimile signatures shall be sufficient for purposes of executing, negotiating,
129 and finalizing this Contract. E-mail notices shall be deemed valid and received by the addressee when delivered by e-mail and opened by the recipient, provided that a
130 copy of the e-mail notice is also sent by regular mail to the recipient on the date of transmission.
131 D. Disposition of Earnest Money. In the event of default by Buyer, the Earnest Money, less expenses and commission of the Listing Broker, shall be paid to
132 Seller. If Seller defaults, the Earnest Money, at the option of Buyer, shall be refunded to Buyer, but such refunding shall not release Seller from the obligations of this
133 Contract. In the event of any default, Escrowee shall give written notice to Seller and Buyer indicating Escrowee's intended disposition of the Earnest Money and request
134 Seller's and Buyer's written consent to the Escrowee's intended disposition of the Earnest Money within 30 days after the notice. However, Seller and Buyer acknowledge
135 that if Escrowee is a licensed real estate broker, Escrowee may not distribute the Earnest Money without the joint written direction of Seller and Buyer or their authorized
136 agents. If Escrowee is not a licensed real estate broker, Seller and Buyer agree that if neither Party objects, in writing, to the proposed disposition of the Earnest Money
137 within 30 days after the date of the notice, then Escrowee shall proceed to dispose the Earnest Money as previously noticed by Escrowee. If either Seller or Buyer objects
138 to the intended disposition within the 30 day period, or if Escrowee is a licensed real estate broker and does not receive the joint written direction of Seller and Buyer
139 authorizing distribution of the Earnest Money, then the Escrowee may deposit the Earnest Money with the Clerk of the Circuit Court by the filing of an action in the
140 nature of an Interpleader. Escrowee may be reimbursed from the Earnest Money for all costs, including reasonable attorney's fees, related to the filing of the Interpleader
141 and the Parties indemnify and hold Escrowee harmless from any and all claims and demands, including the payment of reasonable attorneys' fees, costs, and expenses
142 arising out of those claims and demands.
143 E. Operational Systems. Seller represents that the heating, plumbing, electrical, central cooling, ventilating systems, appliances, and fixtures on the Property
144 are in working order and will be so at the time of closing and that the roof is free of leaks and will be so at the time of closing. Buyer shall have the right to inspect the
145 Property during the 48-hour period immediately prior to closing to verify that they are in working order and that the Property is in substantially the same condition,
146 normal wear and tear excepted, as of the Acceptance Date.
147 F. Code Violations. Seller warrants that no notice from any city, village, or other governmental authority of a dwelling code violation that currently exists on
148 the Property has been issued and received by Seller or Seller's agent ("Code Violation Notice"). If a Code Violation Notice is received after the Acceptance Date and
149 before closing, Seller shall promptly notify Buyer of the Notice. Seller further warrants that Seller is not aware of any litigation brought against the developer by the
150 corporation, any shereholders of the corporation, the trust, or any beneficiaries of the trust.
151 G. Removal of Personal Property. Seller shall remove from the Property by the Possession Date all debris and Seller's personal property not conveyed by Bill
152 of Sale to Buyer.
153 H. Surrender. Seller agrees to surrender possession of the Property in the same condition as it is on the Acceptance Date, ordinary wear and tear excepted,
154 subject to Paragraph B of the General Provisions of this Contract. To the extent that Seller fails to comply with this Provision, Seller shall not be responsible for that
155 portion of the total cost related to this violation that is below $250.00.
156 I. Time. Time is of the essence for purposes of this Contract.
157 J. Number. Wherever appropriate within this Contract, the singular includes the plural.
158 K. Business Days and Time. Any reference in this Contract to “day” or “days” shall mean business days, and not calendar days. Business days are Monday,
159 Tuesday, Wednesday, Thursday, and Friday, excluding all official federal and state holidays.
160 L. Patriot Act. Seller and Buyer represent and warrant that they are not acting, directly or indirectly, for or on behalf of any person, group, entity, or nation
161 named by Executive Order or the United States Treasury Department as a Specially Designated National and Blocked Person, or other banned or blocked person, entity,
162 nation or transaction pursuant to any law, order, rule or regulation which is enforced or administered by the Office of Foreign Assets Control ("OFAC"), and that they are
163 not engaged in this transaction directly or indirectly on behalf of, or facilitating this transaction directly or indirectly on behalf of, any such person, group, entity, or
164 nation. Each Party shall defend, indemnify, and hold harmless the other Party from and against any and all claims, damages, losses, risks, liabilities, and expenses
165 (including reasonable attorneys’ fees and costs) arising from or related to any breach of the foregoing representation and warranty.
166 M. Brokers. The Real Estate Brokers named in this Contract shall be compensated in accordance with their agreements with their clients and/or any offer of
167 compensation made by the Listing Broker in a multiple listing service in which the listing and Cooperating Broker both participate.
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