1st RIDER TO CONTRACT OF SALE by Levone

VIEWS: 7 PAGES: 5

									                         1st RIDER TO CONTRACT OF SALE

Seller:
Purchaser:
Premises:      , Jackson Heights, NY 11372
Date:           December      , 2007

1.             In the event of any inconsistency between the provisions of this Rider and
those contained in the printed form of the contract of sale to which this Rider is annexed,
the provisions of this Rider shall govern and prevail.

2.              Said premises are sold subject to any facts an accurate survey may show
provided same does not render title unmarketable and/or uninsurable; (i) to restrictive
convents, utility easements, agreements and reservations, if any, of record: law and
regulations of the Village, City, Town or Country, provided the same are not violated by
the existing structures or present use thereof and (ii) encroachments and variations of
hedges, shrubs, bushes, retaining walls, and fences from the record line of the premises,
provided title company will insure; this shall not be deem an objection to title.

3.             Intentionally Omitted.

4.             Intentionally deleted.

5.              SELLER is under no obligation to comply with terms/conditions that may
be required from lending institution or any government agency for approval of
PURCHASERS’ request for a mortgage loan, including but not limited to repairs and
improvements. SELLER sole liability shall be to return down payment, and upon such
refund, the contract shall be deemed cancelled and neither of the parties shall have further
rights, obligations pr liabilities to each other. If the mortgage to which this Contract is
subject; is not approved in the amount set forth in the Contract but is approved for a
lesser amount, SELLER, at its option, shall have the option to reduce that selling price by
the amount that the mortgage has been reduced; if SELLER reduce the price,
PURCHASES shall complete the sale and accept that mortgage in the reduced amount.

6.             This transaction is an all -CASH DEAL.

7.              If Contract provides for obtaining a V.A. insured mortgage, it is expressly
agreed that, notwithstanding any other provisions of this Contract that PURCHASER
shall not incur any penalty by forfeiture of the earnest money or otherwise to be obligated
to complete the purchase of the property described herein, if the contract purchase price
or cost exceeds the reasonable value of the property established by the Veteran’s
Administration. The PURCHASER shall however, have the privilege and option of
proceeding with the consummation of this contract without regard to the amount of
reasonable by the Veteran’s Administration.

8.           The PURCHASERS have inspected that premises and agree to accept
same “as is” condition, reasonable wear and tear to date of delivery of deed except
Seller’s liability in connection with any appliances shall be in working order with liability
not to exceed one hundred and fifty ($150.00) dollars. PURCHASER further
acknowledge that they are satisfied by their own thorough investigation regarding all
matters pertaining to the premises and the transaction as contemplated, and that the
contract of sale as written and executed by the parties contains all that terms agrees upon,
and that SELLER is not bound by any representation, data, statement, information,
warranties given or made by seller’s representatives, including but not limited to any real
estate agents, except as specifically set forth herein. The PURCHASER shall have the
right to inspect the premises within forty-eight (48) hours of the time fixed for closing or
taking possession. Said inspection to be made at reasonable hours and by prior
appointment.

9.              SELLER may have the option of remaining in possession of the premises
for a period not exceeding seven (7) days following closing of the title, provided that
upon that closing SELLERS deposit with his attorney in escrow the sum of $1,500.00 to
guarantee delivery of the premises vacant and broom cleaned within said seven (7) days
period, with the understanding that the sum of $100.00 per day shall be paid to the
PURCHASER by the Seller’s attorney for each day SELLER remains in possession after
the said seven (7) days period. All adjustments including interest on purchaser’s
mortgage are to be as of the date of closing or possession in the event of SELLER’S
failure to vacate after seven (7) days. In the event that seller remains in possession
pursuant to this paragraph, the following provisions shall govern. Once possession is
given, PURCHASER shall have one (1) full business day to notify seller’s attorney that
he intends to make a claim against the sum held in escrow and shall submit written
estimates or bills for all claims within ten (10) days of the giving of possession. If the
parties cannot agree on an amount due purchaser, the purchaser shall have sixty (60) days
from the date given possession to commence an action in the appropriate court and serve
same upon the seller with a copy to the seller’s attorney by the 60th day. In the event that
purchaser does not comply with any of the terms of this clause, the seller’s attorney is
authorized to release the full escrow amount to seller; this shall constitute a release
regarding this issue. In on event shall seller’s attorney incur any liability for the release of
the escrow under this paragraph except due to gross misconduct.

10.            Supplementing and modifying this Contract, it is agreed that if the
approval of the corporation to the sale is not received due to the Purchasers’ failure to
comply with the provisions of the application, then the Sellers shall have the right to
cancel this Contract and retain the Contract Deposit as liquidated damages as provided in
Paragraph 15 of this Rider. Furthermore, Purchaser shall notify Seller within ten (10)
days of making such application. Purchaser’s agreement to proceed diligently and to
perform in good faith the obligations under the application is of the essence of this
Agreement. Without limiting the generality of application, Purchaser understands that the
corporation may require copies of Purchaser’s income tax returns, W-2 forms and /or
1099 forms, for the last three (3) years and a statement of Purchasers net worth compiled
by a certified public accountant and Purchaser agrees to provide said information if the
Corporation shall so require. Seller agrees to adjourn the closing for up to thirty (30) days
if the Corporation requires a statement of Purchaser’s net worth compiled by a certified
public accountant.

11.            PURCHASER, at his own expense, shall have the premises inspected for
termites or wood destroying insect infestation. If termite infestation is found,
PURCHASER shall remit a copy of the termite inspection report to the seller’s attorney.
SELLER has the option of (a) agreeing to treat said condition at Seller’s expense, and
furnish Purchaser with a guarantee from the treating expert for a period of one year
against re-infestation; (b) or elect not to treat the condition terminating the contract,
refunding the DOWNPAYMENT money to Purchaser; (c) or PURCHASER shall within
ten (10) days of notification that Seller shall not treat condition, have the option of (i)
electing to take the premises with said condition, or (ii) canceling the Contract and have
the DOWNPAYMENT monies refunded. Purchase’s failure to have a termite inspection
performed within 20 days from the date of that executed copy of the contract shall be
deemed a waiver of this paragraph, and the right to an inspection; the rest of the contract
shall remain in full force and effect.

12.             Supplementing paragraph 21 of the printed contract, SELLER shall be
given a minimum of ten (10) days notice of any objections to title prior to closing. The
parties agree that if for any reason whatsoever, except SELLER’S willful default,
SELLER is unable to deliver to PURCHASER a good and marketable title in accordance
with the provisions of the contract, and subject to the matters set forth in this contract,
SELLER shall not be required to bring any action or proceeding or otherwise incur any
expense more than $500.00 to render the title to the premises marketable or insurable in
removing such violation/s; and if PURCHASER shall refuse same, SELLER may rescind
this Contract, and upon resuming to the PURCHASER herein the down payment money,
this Contract all shall be cancelled; and all further liability on the part of the SELLER
hereunder shall cease. FURTHERMORE, in regards to the municipal violations, Seller is
unaware of any municipal violations as if the date of this contract, but if a search
discloses violations of the law or ordinances, orders or requirements issued by the
housing, building, fire, labor, health or other state or municipal departments having
jurisdiction over the premises, SELLER shall be given a reasonable opportunity to
correct same, and the right to adjourn for up to (90) days for the projected closing date; or
in lieu to cancel the contract and refunding the down payment. In the event
PURCHASER willfully defaults or elects to cancel the contract. PURCHASER shall pay
to the Seller’s Attorney the sum of $250.00 which will be deducted from the down
payment. If check is returned for any reason whatsoever, it shall be charged to the
Purchaser, the cost of $50.00 as a handing fee.

13.            Notwithstanding anything to the contrary, the premises is sold subject to
any restricted use and maintenance as imposed by Section 35 of the General City law
with respect to any street widening affecting the premises.

14.            If the SELLER herein or a principal of the Seller is a licensed real estate
broker, salesman, or any relation to a licensed real estate broker, named herein or
otherwise, or salesman, the Purchaser represents that he has been advised of that fact and
of the relationship. If the Purchaser herein or a principal is a licensed real estate broker,
salesman, or any relation to a licensed real estate broker or salesman, named herein or
otherwise, than the Seller represents than the has been advised of that fact.

15.              Seller’s attorney shall hold the down payment for the SELLER in an
IOLA escrow account or as permitted by law until closing or sooner termination of this
contract and shall pay over the down payment in accordance with the terms of this
paragraph; the social security number if the parties shall be furnished to the Escrowee. If
for any legitimate reason the closing does not occur and either party give the Notice to
the Escrowee demanding the payment of the down payment, escrowee shall give prompt
notice to the other party of such a demand. If the escrowee does not receive notice of
objection from such other party to the proposed payment within ten (10) days after the
giving of the notice escrowee is hereby authorized and directed to make such payment. If
escrowee does receive such notice of objection from such other party to the proposed
payment within such (10) day period or if for any other reason escrowee in good faith
shall elect not to make such payment, escrowee shall continue to hold such amount until
otherwise directed by notice by the parties to this contract or a final non-appeasable
judgment order or decree of a court. Escrowee shall be relieved and discharged of all
obligations and responsibilities hereunder if down payment is deposited in a court in a
county where the premises are located. The parties acknowledge that although the
escrowee is holding down payment for the seller’s account, for all other purpose
escrowee is acting solely as a stakeholder at their request and for their convenience and
that escrowee shall not be liable to either party for any act or omission on its part unless
taken or suffered in bad faith or gross negligence on the part of the escrowee. Seller and
Purchaser jointly and severally agree to defend, indemnify and hold escrowee harmless
from and against all costs, claims and expenses, including reasonable attorney’s fees
incurred in connection with the performance of the escrowee’s duties hereunder, except
with respect to actions or omissions taken or suffered by escrowee bad faith or gross
negligence. Escrowee may act or refrain from acting in respect of any matter referred
herein in full reliance upon and with advice of council which may be selected by it,
including any other dispute between the parties whether or not escrowee is in possession
of the down payment and continues to act as escrowee. In view of the duel role of seller’s
attorney as escrowee agent and seller’s attorney shall be considered waived; however all
notifications, demands and objections required to be made by the purchaser shall be
strictly construed to be timely made. 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.

16.            The Purchaser(s) hereby acknowledge that Purchaser is aware of the
provisions of the Property Condition Disclosure Act (PCDA), 2001 N.Y. Laws 53339-A,
effective March 2002 and represented that they have obtained a home inspection or have
the opportunity to obtain one and are satisfied with the results thereof. Seller has NOT
provided Purchaser with a Property Condition Disclosure Statement (PCDS).
Purchaser(s) are entitled to a credit of $500.00 as required by the PCDA. Purchaser
waives all rights to demand any further diminution of the purchase price or that a PCDS
be provided by the Seller at any time and expressly waive the right to make any claim
under PCDS.

17.             Miscellaneous
     1)         The provisions of Rider are intended as a supplement or addition to the
printed contract; if any provisions of this Rider shall be in conflict with any printed
provisions of this contract, the provisions of this Rider shall control; this applies also to
all amendments that are handwritten or typed.
     2)         Purchaser shall not record this contract; any recordation shall be deemed a
default and Seller’s remedies shall include cancellation and other remedies provided
herein and by law.
     3)         All adjustments and appointments shall be made on the basis of a thirty
(30) day month.
     4)         Any errors in adjustment shall be corrected thirty (30) days after closing
subject to such error being documented and both parties agree to pay any differentials as
ascertained after closing this clause shall survive delivery of the deed.
     5)         Purchaser acknowledges a right to a summary of the heating/and or
cooling bills, but waive his rights to such bills, and acknowledge that has not requested
same in connection with this transaction.
     6)         Delivery and acceptance of the deed at the time of closing of title shall
constitute full compliance by Seller for the terms of this contract, except as otherwise
herein expressly provided.
     7)         Any single word or term herein shall also be read as plural, whenever the
sense of the contract requires it.
     8)         This contract has been prepared as a convenience only and is not to be
deemed an offer to sell or shall not be binding until signed by all parties and returned
therewith.
     9)         The balance of the purchase price to be paid at closing shall be certified or
official check. Notwithstanding the acceptance of any uncertified funds for the balance of
the consideration said acceptance shall not constitute a waiver of any rights under this
contract and shall only be construed as a conditional delivery of the deed herein to
purchasers, pending collection of the funds represented by the uncertified checks, and
shall constitute a failure of consideration by the purchaser under this contract of sale,
requiring the purchaser to deliver the deed back within five (5) days of written notice of
this event, and the purchaser shall vacate the premises immediately. This provision shall
survive closing of title.
     10)        In the event of death of any of the parties herein, or destruction of the
property or a substantial portion of the property by way of fire, the seller reserves the
right to cancel this contract and refund the down payment to the purchaser.
     11)        IF CLOSING ACCURED IN AN COUNTY OTHER THAN QUEENS
COUNTY, PURCHASER SHALL PAY SELLER’S ATTORNEY $300.00.


__________________________________________________     ___________________________________________________
                          Seller                                        Purchaser
____________________________________________________   __________________________________________________
                                             Seller                                             Purchaser

								
To top