real estate purchase contract arizona

ADDENDUM BUYER IN RESIDENCE If Buyer and Seller have each signed this Addendum, the following terms and conditions shall supplement the attached Contract. In the event of any conflict or inconsistency between the terms of the Contract and this Addendum, the terms and conditions of this Addendum shall control: 1. 2. The parties acknowledge that Buyer currently occupies the Unit of the Project pursuant to the terms of a rental agreement between the Buyer as tenant and Seller, or its affiliates, (the “Lease”). In addition to other adjustments that shall take place at the Closing, Buyer and Seller shall prorate all rent and other amounts due from the Buyer as tenant under Lease as of the Closing. Seller shall return to Buyer at the Closing all refundable deposits payable by the tenant under the Lease to the extent same are refundable without regard to the terms or existence of the Contract. In addition to other deliveries to Buyer at the Closing, Seller shall deliver the original Lease or a certified copy thereof, marked “terminated and discharged.” From and after said delivery, Buyer shall indemnify, defend and hold harmless Seller, or its affiliates, from and against any further obligations or claims under the Lease. Buyer is acquiring the Unit in its “AS IS” condition and Seller will only be completing limited upgrades to the unit as set out in Exhibit B-1 “As Is Package”. If the Buyer, as tenant, has caused any damage to the Unit, repairs of same shall be at the sole expense of Buyer. Buyer agrees to purchase the Unit in accordance with the terms and provisions of this Contract even if on the date of the Closing, the Lease is not then in effect. 3. 4. 5. SELLER: Lakeside Village Condominium, LLC, An Arizona limited liability company By: Lakeside Condominium Management Inc., An Arizona corporation, Manager BUYER: Name Name Name: Its: Gary Maister President Signature Signature Date Executed: Date Executed: ADDENDUM KEY RELEASE & AUTHORIZATION BUYER: BUYER: Purchase Contract Date: Date Email Received from Escrow Officer Confirming Closing: Unit Key(s) Received Mail Box # ________________ Mail Box Key Received Pool Key Received Covered Parking Space #: BUYER Authorizes Third Party To Accept Keys (if applicable): Print # of Keys Received and Initial Print # of Keys Received and Initial Print Spot Number & Initial BUYER’s Signature Date Name of Authorized Acceptor: Keys Accepted By: Keys Accepted By: Print Name Print Name Signature Date: Time: If key acceptor is not BUYER, explain relationship: Sales Representative: Sales Representative: Print Name Signature Date: IMPORTANT NOTES: This office does not maintain copies of your keys so it is recommended that you have duplicates made. Please make arrangements to have your utilities turned on in your name immediately: SRP: Consolidated Smart Systems: Qwest Communications: (602) 236-8888 (800) 991 -1250 (800) 475-7526 www.SRPnet.com www.consolidatedsmart.com www.qwest.com # # # Initial: Initial: Initial: Print # of Keys Received and Initial # Initial: Sales Agent to Fax this signed Key Release to Lakeside Village Condominium LLC (905-248-3061) ADDENDUM LEASE ASSUMPTION If Buyer and Seller have each signed this Addendum below, the following terms and conditions shall supplement the attached Contract. In the event of any conflict or inconsistency between the terms of the Contract and this Addendum, the terms and conditions of this Addendum shall control: 1. The parties acknowledge that the Unit is currently occupied by a tenant of the Project pursuant to the terms of a rental agreement between the tenant and Seller, or its affiliate, (the “Lease”). Buyer acknowledges that Seller (a) has provided Buyer with a copy of the Lease and that Buyer has reviewed the Lease and approved the terms thereof, and (b) has made no representation or warranty as to (1) whether or not the Lease will be in effect as of the Closing; (ii) whether or not the tenant is now in default, or will be in default at the Closing, under the Lease; (iii) whether or not the tenant has the ability to perform its obligations under the Lease; or (iv) whether or not any concessions may have been extended to the tenant under the Lease Buyer shall be acquiring the Unit subject to the occupancy rights of the tenant under the Lease. From and after the Closing Buyer shall assume and be responsible for all obligations of the landlord under the Lease arising after the Closing, and Buyer will indemnify, defend and hold Seller and Landlord harmless for, from and against all matters arising under the Lease following the Closing. Seller makes no representations or warranties to Buyer as to the creditworthiness of the tenant under the Lease and Seller is in no way guaranteeing to Buyer the payment or performance obligations of the tenant under the Lease and Buyer is assuming all risks in connection therewith. In addition to other adjustments that shall take place at the Closing, Buyer and Seller shall prorate all rent and other amounts due from the tenant under Lease as of the Closing. Seller shall assign to Buyer at the Closing the Lease and all refundable deposits payable by the tenant under the Lease. Buyer shall be responsible for properly applying all such refundable deposits upon expiration or termination of the Lease and Buyer shall indemnify, defend and hold harmless Seller for its failure to do so. Buyer is acquiring the Unit in its “AS IS” condition and Seller will only be completing limited upgrades to the unit as set out in Exhibit B-1 “As Is Package”. If the existing tenant causes any damage to the Unit, repairs shall be at the sole expense of Buyer. Buyer agrees to purchase the Unit in accordance with the terms and provisions of this Contract even if on the date of the Closing, the Lease is not then in effect. BUYER: 2. 3. 4. 5. SELLER: Lakeside Village Condominium, LLC, An Arizona limited liability company By: Lakeside Condominium Management Inc., An Arizona corporation, Manager Name Name Name: Its: Gary Maister President Signature Signature Date Executed: Date Executed: ADDENDUM UNIT TRANSFER ADDENDUM BUYER: BUYER: The undersigned BUYER(s) hereby acknowledges and agrees to all terms and conditions in the original Purchase Contract and Addenda dated _______________ from the originally purchased unit to the new unit as follows: Original Unit: Legal Address: Building: Unit: Parking Spot: Type of Purchase: Unit Size: Base Purchase Price: Total Premiums Less Discounts: Total Purchase Price: New Unit: Legal Address: Building: Unit: Parking Spot: Type of Purchase: Unit Size: Base Purchase Price: Total Premiums Less Discounts: Total Purchase Price: SELLER: Lakeside Village Condominium, LLC, An Arizona limited liability company By: Lakeside Condominium Management Inc., An Arizona corporation, Manager BUYER: Name Name Name: Its: Gary Maister President Signature Signature Date Executed: Date Executed: ADDENDUM PURCHASE CONTRACT CANCELLATION REQUEST BUYER: BUYER: Mailing Address: Purchase Contract Date: Cancellation Date: # Days From Purchase to Cancellation: BUYER’s Reason for Cancellation: It is mutually agreed between the undersigned parties herein to cancel this escrow in its entirety. BUYER(s) is/are aware of, understands, and agrees to the following: I understand that as I am in breach of my Purchase Contract I hereby release to Seller any interest I may have in the earnest money deposit. I also understand that SELLER may impose cancellation fees that shall be deducted from the earnest money deposit. I hereby release the SELLER from all liabilities in connection with this transaction. ALLOW FIFTEEN BUSINESS DAYS FOR REFUND IF ANY FROM THE ESCROW COMPANY. Earnest Money on Deposit: Other Funds on Deposit: Total Funds on Deposit: Funds to be dispersed as follows: TO SELLER: Amount: Address: TO BUYER: Amount: Address: Lakeside Village Condominium LLC $ On File at Title Company Each of the undersigned states and declares that they have read the foregoing instructions and understands them and does hereby acknowledge receipt of a copy of these instructions. SELLER: Lakeside Village Condominium, LLC, An Arizona limited liability company By: Lakeside Condominium Management Inc., An Arizona corporation, Manager Name BUYER: Name Name: Its: Gary Maister President Signature Signature Date Executed: Date Executed: ADDENDUM EARLY CLOSING BUYER: BUYER: Purchase Contract Date: FOR GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, BUYER (JOINTLY AND SEVERALLY IF MORE THAN ONE INDIVIDUAL OR ENTITY) AND SELLER HEREBY FURTHER MUTUALLY AGREE AS FOLLOWS: 1. Pursuant to BUYER’s request, and solely as an accommodation to BUYER, SELLER agrees to close Escrow prior to conducting a mutual “walk-through “of the Property, the correction or completion by SELLER of such items (if any) noted during the walk-through, which SELLER has agreed to complete or correct (“Punch List Items”), and obtaining BUYER’s final inspection and “final sign-off ”. 2. In lieu of the procedure described in paragraph 1 above, SELLER and BUYER shall do the following: (a) After Closing at a date and time selected by SELLER in its sole and absolute discretion, BUYER shall examine and inspect the Property during a mutual “walk-through ” with an authorized representative of SELLER. During the “walk-through ”, BUYER shall note any and all items to be placed on the Punch List. (b) SELLER shall have a reasonable period of time, as determined by SELLER in its reasonable discretion, to complete or correct Punch List Items. Following completion or correction by SELLER of Punch List Items, BUYER shall examine and inspect such Punch List Items during a mutual “final walk-through” with an authorized representative of SELLER, as reasonably scheduled by SELLER. At the “final walk-through ”, BUYER shall approve and “sign off” on the completed or corrected Punch List Items (“BUYER’s Final Sign-Off”). 3. It is BUYER’s sole responsibility to coordinate Closing with BUYER’s lender (e.g. ordering loan documents and ensuring timely delivery to Escrow Agent of all loan documents, timely execution and delivery by BUYER of all loan documents, and timely funding of BUYER’s loan ). BUYER shall be solely responsible for making all payments when and as required under BUYER’s financing, including, but not limited to, from and after Closing but before possession of the Condominium Unit is delivered to BUYER. 4. BUYER shall not receive possession of, or keys to, the Condominium Unit until such time as SELLER has completed or corrected all Punch List Items and SELLER has received BUYER’s Final Sign-Off. No funds shall be withheld from SELLER at Closing for Punch List Items. SELLER shall be entitled, after Closing, to enter up on the Property for all “walks-through” and to complete and/or correct any and all Punch List Items. Buyer’s obligations under Section 8 of the Purchase Contract regarding Closing, shall survive Closing ,and shall be extended to apply to the period of time from and after Closing which SELLER needs to complete or correct all Punch List Items, until SELLER’s receipt of BUYER’s Final Sign-Off. 5. The Purchase Contract and its provisions are hereby modified and supplemented, to the extent reasonably necessary or appropriate to give effect to this Addendum and the matters set forth herein. All other terms and conditions of the Purchase Contract shall, except as modified hereby (and as may otherwise be modified in a writing duly executed by the parties), remain in full force and effect. This Addendum shall not be binding upon SELLER unless and until executed, as provided below, by a duly authorized officer of SELLER. SELLER: Lakeside Village Condominium, LLC, An Arizona limited liability company By: Lakeside Condominium Management Inc., An Arizona corporation, Manager Name BUYER: Name Name: Its: Gary Maister President Signature Signature ADDENDUM NON-PREFERRED LENDER ACKNOWLEDGEMENT The Non-Preferred Lender must complete this Acknowledgement and send by fax to number below: BUYER: BUYER: Lender Company Name: Loan Officer: Loan Officer Phone/Extension: Loan Officer Fax Number: Loan Officer Email Address: Loan Officer Address In response to your request to process the Conventional loan on the above-referenced property, Lakeside Village Condominium, L.L.C., an Arizona limited liability company, (“SELLER”), hereby advises that it will not accept the BUYER's Purchase Contract and Escrow Instructions for the above noted Unit until BUYER discloses the costs associated with the loan BUYER wishes to place with you. In order for your company to proceed with this loan, you must acknowledge that the following guidelines must be met: 1. 2. 3. The SELLER will pay no extraneous lender charges including but not limited to Photo Fees, Warehouse Fees, Processing Fees, Document Preparation Fees, Underwriting Fees, Wire Transfer Fees, Agent Fees, etc. Any agreement between the BUYER and you to pay points or fees that the SELLER has not agreed to in writing is an agreement solely between the BUYER and their lender. If this Acknowledgment is not received by SELLER within 48 hours of submittal, or if, for any reason, SELLER believes it necessary to transfer the BUYER's loan package and all original documentation (with BUYER's consent), to another lender in order to facilitate the timely consummation of the Purchase Contract between BUYER and SELLER, you must do so at no additional cost to BUYER or SELLER and fully cooperate in such transfer. You must be willing to NOT delay a Closing for a Lead Certification (Potable Water), HUD-1 Certification, Warranty of Completion, Builder's Certification or any other minor documentation that may be provided with SELLER's signature inadvertently missing. SELLER understands the importance of these documents to the lender and agrees to sign these items with 48 hours of a request to do so. SELLER will provide a Loan Status Update report, which you must update on a weekly basis and return to SELLER's representative via email or fax each Monday by 3:00 p.m., until Closing. You must provide a copy of the loan approval (or denial) to SELLER immediately upon receipt from your underwriter and/or investor. You must also list any and all conditions of the approval on SELLER's copy of the loan approval. You will not draw Closing documents until notified by SELLER or SELLER’s Title Company, in writing, to do so. Further, you will deliver loan documents to the SELLER's designated Title Company within the time frame specified by SELLER, preferably by email. You acknowledge that BUYER is buying in a condominium conversion community and that any loan approval is based on current condominium mortgage restrictions. You understand and acknowledge that the Purchase Contract requires BUYER to close escrow on the date specified by SELLER. You also understand and acknowledge that if BUYER fails to close escrow on the date specified by SELLER, BUYER shall pay to SELLER a late Closing fee equal to $100.00 per day for each day from date specified to and including the Closing date. 4. 5. 6. 7. 8. 9. 10. You understand and acknowledge that this Acknowledgment does not constitute an agreement or create any other legally enforceable relationship between you and SELLER. 11. By initialing this Acknowledgement where indicated below, BUYER acknowledges that this Acknowledgment does not alter or amend any provision of the Purchase Contract between Seller and Buyer and without limitation to the generality of the foregoing does not create any condition precedent to Buyer’s obligation to provide the funds required to close the transaction contemplated in the Purchase Contract and Seller assumes no obligation with regard to BUYER’s sole responsibility to provide such funds. NON-PREFERRED LENDER ACKNOWLEDGEMENT Page 2 Please sign and date below and fax this Acknowledgement to the attention of the Sales Associate named below no later than ___________________________. Fax Number: Sales Associate Name: 480-855-0663 ACCEPTANCE OF THE ABOVE TERMS: I, ,an Authorized Agent for the above-referenced lending institution, have read and fully understand and agree to the above terms and conditions. Signature Date Title of Authorized Agent (required) Acknowledged by BUYER(S): Name Name Signature Signature Date Date ADDENDUM PREFERRED LENDER INCENTIVE 5% OF PURCHASE PRICE INCENTIVE SELLER is offering an incentive to BUYERS who close their loan with either of the project preferred lenders: (1) Veracity Lending Group or (2) Revolution Mortgage. Seller will contribute up to a maximum of five percent (5%) of the purchase price to be applied at buyer's discretion towards any combination of (a) closing costs, (b) a reduction in the purchase price, (c) Lakeside Village Condominium Association fees, (e) Andersen Springs Master Association fees, (e) an interest rate buy-down, or (f) upgrades and/or options. Seller will purchase a home warranty protection plan (the “Warranty Plan”) issued by 2-10 Home Buyers Warranty (“2-10”) as described in Exhibit “C” the cost of which will be within this 5% incentive and therefore not incremental to the seller. BUYER agrees to pay for all closing costs, pre-paid expenses, and other costs associated with loan as represented on Final HUD Settlement Statement provided by the title company in excess of SELLER’S maximum contribution listed above. BUYER is aware that BUYER may be required to make a down payment depending on loan program qualification as determined by lender. SELLER: Lakeside Village Condominium, LLC, An Arizona limited liability company By: Lakeside Condominium Management Inc., An Arizona corporation, Manager Name BUYER: Name Name: Its: Gary Maister President Signature Signature Date Executed: Date Executed: ADDENDUM EXTENSION TO LOAN APPROVAL DEADLINE If buyer has commenced the Loan Application, as evidenced by BUYER’S compliance with the five (5) day deadline specified in subparagraph 4 (a) of the Purchase Contract, but BUYER has failed to obtain the Loan Approval within the fifteen (15) day deadline specified in subparagraph 4 (a), or BUYER has obtained Loan Approval but failed thereafter to maintain Loan Approval, SELLER, rather than exercise one or all of the remedies set forth in Paragraph 6, hereby grants BUYER an additional period of ten (10) days from the date of this addendum for BUYER to gain Loan Approval and written verification thereof. In the event BUYER is unable, to qualify for and obtain such Loan in the full amount described in subparagraph 4(a), above, within ten (10) days from the date of this Addendum, BUYER shall have the right to cancel this Purchase Contract by providing written notice, within said period, of such cancellation to SELLER. In the event of such cancellation, SELLER agrees to instruct Escrow Agent to refund to BUYER the Deposit, less $500.00, to compensate SELLER for expenses of administration and costs incurred in obtaining appraisal and credit information concerning BUYER. After any refund described above has been given by SELLER to BUYER, neither party shall have any further duty, obligation or responsibility to the other under the Purchase Contract. If BUYER does not qualify for and obtain such Loan in the full amount described in Paragraph 4(a) within ten (10) days from the date of this addendum, and BUYER does not provide cancellation notice to SELLER within said ten (10) day period, then such failure shall constitute a default by BUYER under the Purchase Contract, and SELLER may terminate for BUYER’S default, and, in the event of such termination, at any time after said ten (10) day period, if the Earnest Deposit is held by Escrow Agent, Escrow Agent shall immediately release the Earnest Deposit and all other amounts paid by BUYER to SELLER. SELLER: Lakeside Village Condominium, LLC, An Arizona limited liability company By: Lakeside Condominium Management Inc., An Arizona corporation, Manager BUYER: Name Name Name: Its: Gary Maister President Signature Signature Date Executed: Date Executed: ADDENDUM & NOTICE CITY OF CHANDLER “SALES TAX” The City of Chandler has asserted a right to levy a tax equal to one and one-half percent (1½%) of the gross sales price of units on multi-unit residential developments that have been converted from tenant-rentals to ownership by individual unit holders (a “Condominium Conversion”). This tax will be contested. Lakeside Village Condominium LLC has not been advised that the City intends to levy this tax on sales of its units. However, if it is ultimately determined that this tax is applicable to the sale of the unit Buyer is acquiring, Buyer will be responsible to pay said tax to the City of Chandler, either at closing of the unit or if previously closed, after closing. Buyer is aware that Seller will not pay this tax on behalf of buyer. This Notice and Addendum shall be added to the Real Estate Purchase Agreement by and between Seller and Buyer(s) dated _______________________, be incorporated therein by this reference and be binding among the parties upon signature by each. SELLER: Lakeside Village Condominium, LLC, An Arizona limited liability company By: Lakeside Condominium Management Inc., An Arizona corporation, Manager BUYER: Name Name Name: Its: Gary Maister President Signature Signature Date Executed: Date Executed: ADDENDUM OPTIONAL BUYER’S PROFILE BUYER: BUYER: HEAD OF HOUSEHOLD’S ANNUAL INCOME Up to 14,999 () $50,000 - 59,999 () $15,000 - 17,499 ( ) $60,000 – 69,999 () $17,500 – 19,999 ( ) $70,000 – 79,000 () $20,000 – 24,999 ( ) $80,000 – 89,000 () $25,000 – 29,999 ( ) $90,000 – 99,000 () $30,000 – 39,999 ( ) 100,000 over () $40,000 – 49,999 ( ) None () SOURCE OF DOWN PAYMENT Sale of Home () Gift () Other () SPOUSE OR OTHER ANNUAL INCOME Up to 9,999 () $30,000 – 34,999 ( ) $10,000 - 12,499 ( ) $35,000 – 39,999 ( ) $12,500 - 14,999 ( ) $40,000 over ( ) $15,000 – 17,499 ( ) None () $17,500 – 19,999 ( ) $20,000 – 24,999 ( ) $25,000 – 29,999 ( ) BUYER’S AGE (Age of male if purchased by couple) Up to 19 ( ) 35-39 ( ) 55-59 ( ) 20-24 ( ) 40-44 ( ) 60-64 ( ) 25-29 ( ) 45-49 ( ) 65 over ( ) 30-34 ( ) 50-54 ( ) EMPLOYER EMPLOYER Savings ( ) HEAD OF HOUSEHOLD’S OCCUPATION SPOUSE OR CO-BUYER OCCUPATION SEX OF BUYER Couple ( ) Male () Female ( ) NUMBER OF CHILDREN LIVING AT HOME UNDER AGE OF 21 1 () 3 () 5 () above 6 () 2 () 4 () 6 () None () ETHNIC ORIGIN OF HOMEBUYER (OPTIONAL) Afro-American ( ) Asian () Caucasian () Other () Latino () MARTIAL STATUS Single ( ) Married ( ) AGES OF CHILDREN 1yr. () 5yrs. 2yrs. () 6yrs. 3yrs. () 7yrs. 4 yrs, ( ) 8yrs. Divorced () Other () () () () () 9yrs. 10yrs. 11yrs. 12yrs. () () () () 13yrs. 14yrs. 15 yrs. 16yrs. () () () () 17yrs. 18yrs. over 18 None () () () () IN WHAT TYPE OF HOUSING DO YOU PRESENTLY LIVE? Owned Home () Rented Apartment Owned Townhouse/Condo () Rented Mobile Home Owned Mobile Home () Other Rented Home () CURRENT LOAN TYPE Conventional () Other () () () WHAT ARE YOUR REASON(S) FOR BUYING? Tired of Renting ( ) Vacation Home ( ) Location () Price () Schools () Larger Home () Floor Plan () Smaller Home ( ) Architecture Job Transfer Other () () () HOW DID YOU FIRST FIND OUT ABOUT LAKESIDE VILLAGE? Referred by Friends/Relatives () Driving By () New Homes & Lifestyles Mag. () AZ Republic () Signs () East Valley Tribune () Internet () Ad at Movie Theater () Other () If “other” is checked please explain: Comments Radio TV Direct Mail Realtor () () () () The completion of this addendum is entirely optional. Federal law prohibits discrimination in the sale of dwellings, based on race, color, national origin, religion, sex, familial status, and handicap (disability). ADDENDUM