contract for sale of real estate by smilingpolitely


									Contract for Sale of Real Estate
This Contract is made between Lake Regional Hospital Foundation_(“Seller”), and ____________________________________________________________(“Buyer”) and shall be effective as of the last day written below. 1. In consideration of the mutual obligations being assumed by Seller and Buyer as set forth herein, Seller agrees to sell and convey to Buyer and Buyer agrees to purchase from Seller, upon and subject to the terms and conditions stated in this Contract, the following described real estate (legal description to govern):

2. The purchase price includes all existing improvements on the Property and appurtenances, fixtures and equipment, unless expressly excluded herein. The following items are also included in the sale: _____________________________N/A_______________________________________ _______________________________________________________________________ _______________________________________________________________________. The following items are excluded from the sale: _____________________________N/A_______________________________________ ________________________________________________________________________ _______________________________________________________________________.

3. The purchase price for said Property shall be $___________________, to be paid by Buyer as follows: $ ___________________ as “Earnest Money” at the time of the delivery of this Contract, the receipt of which is hereby acknowledged by Seller. If this Contract is closed pursuant to the terms hereof the Earnest Money shall be applied towards the purchase price. Buyer shall pay the balance of the purchase price in good funds, i.e., cash, cashier’s check, wire transfer or by other form of funds acceptable to Closing Agent. 4. Closing will be at the office of Closing Agent on or before __________________, or such other place and time as the parties may mutually agree. Possession of the Property will be delivered to Buyer at closing. 5. This Contract is not contingent upon financing; however, the Buyer has the right to finance any part of the Purchase Price. 6. Seller shall transfer marketable title to Buyer by general warranty deed at closing unless provided for otherwise in this agreement. Seller shall arrange, at _X__ Seller’s cost ____ Buyer’s cost, a commitment to issue an

owner’s policy of title insurance from a licensed title insurance agency. This commitment shall be delivered to Buyer no later than two days prior to closing. If Buyer disapproves of any exceptions shown in the title commitment Buyer shall have two days after the delivery of the title commitment to terminate this Contract by delivering written notice of termination to Seller and the Earnest Money shall be returned to Buyer. The cost of any owner’s policy of title insurance shall by paid by ____ Seller _X_ Buyer and the Buyer shall pay for the cost of any loan title policy. 7. Risk of loss to the Property shall be borne by Seller until title is transferred. If any improvements covered by this Contract are damaged or destroyed, Seller shall immediately notify Buyer in writing of the damage or destruction, the amount of insurance proceeds payable, if any, and whether Seller intends, prior to closing, to restore the Property to its condition on the effective date of this Contract. If Seller restores the Property to its prior condition before scheduled closing, Buyer and Seller shall proceed with closing. If the Property is not to be restored to its prior condition by the Seller before closing, Buyer may either (1) proceed with the transaction and be entitled to all insurance money, if any, payable to Seller under all policies insuring the improvements, or (2) rescind the Contract, and thereby release all parties from further liability hereunder, in which case the Earnest Money shall be returned to Buyer. Buyer shall give written notice of Buyer’s election to Seller within ___ days after Buyer has received written notice of such damage or destruction and the amount of insurance proceeds payable, and closing will be extended accordingly, if required. Failure by Buyer to so notify Seller shall constitute an election to rescind this Contract. A rescission hereunder does not constitute a default by Seller. 8. Buyer and Seller agree to pay for all charges for services incurred in connection with this Contract as set for herein. General real estate taxes, property owner association assessments, rents receivable, if any, and boat dock assessments shall be pro rated to the day of closing. The Closing Agent’s charge for closing the transaction shall be paid by ___ Buyer ___ Seller _X_ split equally between Buyer and Seller. 9. This Contract is assignable by Buyer, but not without the written consent of Seller if (a) Seller is financing part of the purchase price, or (b) Buyer is assuming the existing note. Assignment does not relieve the parties from their obligations under this Contract. 10. This Contract shall be binding on and for the benefit of the parties and their respective heirs, personal representatives, executors, administrators, successors and assigns. 11. This Contract shall be construed in accordance with the laws of the State of Missouri. 12. This Contract constitutes the entire agreement between the parties hereto. There are no other understandings, written or oral, relating to the subject matter hereof. This Contract may not be changed, modified or amended, in whole or in part, except in writing signed by all parties. 13. If either party defaults in the performance of any obligation of this Contract, the party claiming a default shall notify the other party in writing of the nature of the default and the party’s election of remedy. The notifying party may, but is not required to,

provide the defaulting party with a deadline for curing the default. In the event of litigation between the parties, the prevailing party shall be entitled to recover, in addition to damages or equitable relief, the cost of litigation including reasonable attorney’s fees. This provision shall survive closing. 14. Seller agrees to permit inspections of the Property by any qualified independent inspectors, and appraisers selected by Buyer as provided for in the Contract, and/or inspections required by Buyer’s lender, upon reasonable advance notice to Seller. 15. The terms “Seller” and “Buyer” may be singular or plural, masculine, feminine or neuter gender, according to whichever is evidenced by the signatures below. Paragraph captions in this Contract are intended solely for convenience of reference and will not be deemed to modify, place any restriction upon, or explain any provisions of this Contract. If any one or more provisions contained in this Contract shall for any reason be held to be invalid, illegal or unenforceable in any respect, then such invalidity, illegality or unenforceability shall not be deemed to terminate this Contract or to affect any other provision hereof, but rather this Contract shall, to the fullest extent permitted by law, remain in full force and effect and be construed as if such invalid, illegal or unenforceable provision(s) had never been contained herein; provided, however, that such provision(s) may be referred to in order to determine the intent of the parties. 16. For purposes of this Contract, any notices to be delivered shall be deemed to have been delivered two days after delivery to the U.S. postal service with adequate postage thereon. 17. Special Agreements or Conditions.

Offer to automatically expire at: ____o’clock __.m. on________________________, if not accepted by Seller or withdrawn by Buyer before then.

_____________________________ BUYER DATE

____________________________ SELLER DATE

_____________________________ BUYER DATE

_____________________________ SELLER DATE

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