FONG REAL ESTATE PAYMENT OR CREDIT ADDENDUM Property Address: _______________________________________________________________ Buyer(s):______________________________________________________________________ Seller(s):______________________________________________________________________ California Residential Purchase Agreement and Joint Escrow Instructions: (date) ____________ Both the Buyer(s) and Seller(s) acknowledge that the terms and conditions of the California Residential Purchase Agreement referenced above stipulate a payment or credit given to the Buyer(s) at close of escrow. This payment or credit will benefit the Buyer(s). a) Payment or Credit in the amount of $______________________ will be given to the Buyer(s) __________________________________________________________________________ for ________ Recurring Closing Costs ________ Non-Recurring Closing Costs ________ In Lieu of Repairs Requested ________ Other (specify):___________________ b) All references for the payment or credit shall be in documents which are being provided to the mortgage broker, mortgage banker and/or actual lending institution that will be funding the loan. c) Buyer shall obtain written approval for receiving the payment or credit from their lending institution’s underwriting department prior to removing any type of contingency including their loan contingency. If Buyer is unable to receive written approval for the payment or credit from their lending institution, the Seller may cancel this purchase agreement in writing. d) All payments or credits shall be identified, referenced and labeled on the final HUD-1 closing statement that is prepared and certified by the title/escrow company. e) Both Buyer(s) and Seller(s) agree to indemnify and hold all brokers and their agents harmless for any negative or adverse financial aspects resulting from this transaction because of the payment or credit given to the Buyer(s), including but not limited to; the loss of property through foreclosure, alienation or acceleration clause implemented by the buyer’s lending institution after close of escrow, property tax or any governmental tax liability, any fines, fees or charges placed against the subject property or against both Buyer(s) and Seller(s).
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