8570-12 Authorize purchase of 1446 Mars & 1436 Grace

Home Browse Search

^ The property was constructed in or after 1978 and a lead based paint warning is not required. ® The property vvas constructed prior to 1978 and the Seller has provided to the Buyer a lead based paint warning statement and pamphlet as required by Federal Law. D. Private Inspection. Buyer shall have 10 days following the date of this Agreement (the "Inspec- tion Deadline"): (I) to cause the Property to be inspected by one or more qualified inspectors or contractors of Buyer's choosing (the "Private Inspection") and (2) to notify Seller in writing of any deficiencies disclosed by such inspection(s). If the residence on the Property was built before 1978, such inspection(s) shall include, at Buyer's option, a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards. Seller agrees to cooperate with such inspection(s). If Buyer does not notify Seller of any deficiencies prior to the Inspection Deadline, then Buyer shall be deemed to accept the Property in its present, AS-IS condition. If Buyer gives timely notice, specifying such deficiencies, then unless Buyer and Seller otherwise agree in writ- ing, this Agreement shall terminate 5 days after Seller's receipt of Buyer's notice. E. Pre-Closing Walk-Through. (Reserved.) F. Government Requirements. If any governmental notices of violations are received prior to the Closing Date but after the date of this agreement, Seller will immediately advise Buyer. G. Lead Warnine Statement. If the residential dwelling was built prior to 1978 Addendum A must be completed by the parties. 6. DAMAGE. Seller shall bear the risk of loss and shall maintain adequate insurance until title transfer. If any portion of the Property is damaged or destroyed prior to Closing, Seller shall promptly provide written notification to Buyer of such damage and the cost of repair. If the amowrt of damage as de- termined by the insurance adjuster or, if none, by a contractor selected by mutual agreement, exceeds 10% of the Purchase Price then Buyer shall have the option, to be exercised by written notice to Seller not later than 5 days after notice from Seller, to: (a) complete the transaction and receive the proceeds of any insurance payable for damage to the Property plus a credit at Closing' equal to the amount of the "deductible," or (b) terminate this Agreement. The failure of Buyer to timely exercise its option shall be deemed an electioii to complete this transaction. If the amounf of the dainage is IO% or less of the Purchase Price Buyer shall receive a credit at Closing for the agreed cost to repair such dam- age. 7. TITLE. A. Seller shall convey marketable title to the Property to Buyer or Buyer's nominee, by general war- ranty deed or fiduciary deed (the "Deed"), with release of dower, if any, free and clear of all liens and encumbrances except the "Permitted Exceptions," defined as follows: (1) any mortgage that Buyer has agreed to assume; (2) real estate taxes and assessments both private and public, which are not yet due and payable; (3) zoning ordinances, if any; (4) restrictions, conditions, reserva- tions, and easements of record, if any, which do not materially and adversely affect the use or value of the Property and are not objected to as provided in 7(D); and (5) any liens or encum- brances created by the acts of Btryer or waived by Buyer as provided in 7(E). Seller specifically agrees that "encumbrances" as defined herein shall include any and all tenancies on the Property. B. The Buyer(s) agree to take title in the name of CITY OF LAKEWOOD. If more than one person, such persons shall take title in the following manner: