SHORT RIDER to Contract of Sale favoring BUYER although we prepared K

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SHORT RIDER to Contract of Sale favoring BUYER although we prepared K Powered By Docstoc
					                            RIDER TO CONTRACT OF SALE
Seller:
Purchaser:
Premises:     , JAMAICA, NY 11436
Date:         JANUARY     , 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 Seller is not out of possession and same does not render title unmarketable
and/or uninsurable; including (i) 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 (i) and (ii) are insurable by
Purchaser’s title company and marketable and provided acceptable to Purchaser’s lender or
counsel.

3.             SELLER represents that premises are a LEGAL                   ( ) family
detached/attached dwelling with a community/private driveway with a one/two car garage,
if any. This representation may not be construed to obligate seller to incur any costs or
expense to obtain a Certificate of Title, Completion of Existing Use; in the event Seller
cannot comply with this representation without incurring any cost, Seller or Purchaser
shall have the option of canceling this contract, and returning to the Purchaser the
deposit paid hereunder and net cost of title examination, survey and any other out-of
pocket expenses, thereupon the liabilities of the parties shall cease to terminate.


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 net cost of title examination,
survey and any other out-of pocket expenses, 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 reduces the price, PURCHASES shall complete
the sale and accept that mortgage in the reduced amount.

6.             If this Contract provides for obtaining a F.H.A. insured mortgage, it is
expressly agreed that, notwithstanding any other provisions of this contract, the
PURCHASERS’   shall not be obligated to complete the purchase of the property described
herein or to incur any penalty by forfeiture of earnest money deposits or otherwise,
unless the SELLER has delivered to the PURCHASER a written statement issued by the
Federal Housing Commissioner setting forth the appraised value of the property (excluding
closing costs) of not less then $370,000.00 which statement that SELLER hereby agrees
to deliver to the PURCHASER promptly after such appraised value statement is made
available to the SELLER. The PURCHASER shall, however, have the privilege and option of
proceeding with the consummation of this contract without regards to the amount of the
appraisal valuation made by the Federal Housing Commissioner. The appraised valuation is
arrived at to determining the maximum mortgage and Department of Housing and Urban
Development will insure. HUD does not warrant that value of the condition of the
property. The PURCHASERS should satisfy himself/herself that the price and condition of
the property are acceptable.

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 that SELLER’S
only representations in connection therewith is that the plumbing, heating, electrical
system, and appliances shall be in working order and the roof and basement are free of
leaks on date of delivery of deed, or possession, whichever is later. Notwithstanding the
above, the Seller’s liability in connection with any appliances shall be limited to the
sum of two hundred fifty dollars ($250.00) per appliance. 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 $2,000.00 to
guarantee delivery of the premises vacant and broom cleaned within said seven (7) days
period, with the understanding that the sum of $150.00 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,
electric, gas, water 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 to paragraph 27 of the printed contract, each party
represents to the other that it has not used the services or received the assistance of
any real estate broker, directly or indirectly, in connection with the transaction
contemplated herein, except SEE HEREIN. This is a material representation of the contract
and survives closing or the termination of this contract.

11.            PURCHASER, at his own expense, (except of this is a VA transaction, in
which case the SELLER shall pay for the inspection) 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 $1500.00 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 returning to the PURCHASER herein the down payment money, net costs of
title examination, and survey, if any, and any other out-of pocket expenses, this
Contract shall be cancelled; and any 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 of 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 prior to closing, Purchaser may provide SELLER a written
estimate to correct same and Seller must correct same if estimate does not exceed
$1,500.00.    Seller may not adjourn the projected closing date beyond Purchaser’s
expiration date for the mortgage commitment.

13.            Notwithstanding anything to the contrary, premises are not 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.     If there is a proposed street
widening, Purchaser may elect to cancel the contract and all sums paid under this
contract shall be returned.

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.

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 when the Seller(s) has not
provided a PCDS prior to Purchaser signing the contract of sale.

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.

18.     If premises contains any shed, deck, above ground pool, awning, roof-over, or
gazebos and these are an objection to title by the purchaser(s) or purchaser(s) lender,
then   seller(s)  shall   not   be obligated  to   provide  a   permit,  certificate  of
occupancy/completion for existing use; seller reserves the right to remove said existing
structure(s) from premises without any abatement in price and be deemed to satisfy
seller’s obligations hereunder.

19.           Premises shall be vacant and broom clean.




_____________________________________              _____________________________________
Seller:                                            Purchaser:




_____________________________________              _____________________________________
Seller:                                            Purchaser:

				
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