2002 034 Ordinance - Laserfiche WebLink

Home Browse Search

NOT ItELIED UPON ANY REPRESENTATION, WARRANTIES OR STATEIMENTS ABOUT THE PROPEit'Y'Y (INCLLTI3IIVG BUT NOT LIMITED TO ITS CONDI'TION OR USE). BUYER ACKNOWLEDC'rES THAT BUYER WILL HAVE THE OPPORTUNITY TO EXAMINE TBIE PROPERTY TO DETERIVIIlNE TI3E CONDITION OF THE PROPERTY. NOTWITHSTANDING ANYTHING TO THE CONTitARY CONTAIIVED HEREIN, BUYER ACTREES THAT THE PROPERTY IS BEING PURCHASEI) IN ITS "AS IS" PRESENT CONDITION INCLi1DING ANY DEFECTS I3ISCLOSEIa BY SELLEIZ. B. Private Inspection. Buyer shall have ten (10) days following the date of this Agreement (the "Inspection Deadline") to cause the Property to be inspected by one or more persons of Buyer's choosing and to notify Seller in writing of lead-based pauit hazards or any other deficiencies disclosed by such inspections(s). Seller agrees to cooperate with such inspection(s). If Buyer does not notify Seller of any deficiencies prior to the Inspection I9eadline, then Buyer shall be deemed to accept the Property in its present, "AS IS" condition and fiarther agrees to complete this transaction notwithstanding the condition of the Premises. If Buyer gives timely notice, specifying such deficiencies, then, unless Buyer and Seller otherwise agree in writing, this Agreeinent sha11 terminate ten (10) days after Seller's receipt of Buyer's notice. C. Lead Waniing Statement. Seller shall have furnished Buyer vvith a completed "Lead Paint Disclosure Form° in the form attached as Exhibit "B". Buyer sha11have ten (10) da.ys from the date of this Agreement to have a risk assessinent or inspection for the presence of lead-based paint and/or lead-based paint hazards. If, at the end of the ten (10) day period, Buyer has failed to have the inspection performed, or has failed to notify Seller in writing of Buyer's dissatisfaction with said inspection report, then Buyer hereby agrees to complete this trausaction nottvithstanding the condition of the Premises. D. Lea,d Information Pamphlet: Buyer aclnowledges receiving the pamphlet titled "Protect Your Family From Lead in Your Home." 6. DAMAGE. Sefler sha11 bear the risk of loss and shall maintain adequate insurance until title transfer. If any portion of the i'roperty is damaged or destroyed prior to Closing, Seller sha11 promptly notify Buyer of such damage and of the amount of insurance proceeds payable (exclusive of proceeds specifically for damage to personal property of Seller not to be conveyed to Buyer). If the asnount of damage (detennined by the insurance adjuster) exceeds 10% of the Purchase Price, the Buyer sha11 have the option, to be exercised by notice to Seller not later than five (5) days after notice from Seller, to: (a) complete the transaction and receive the proceeds of any insurance payable for damage to the Properiy plus a credit at Closing equal to the amount of the "deductible", or (b) terminate this Agreement and receive back the earnest maney paid by Buyer. The failure of Buyer timely to exercise its option sha11 be deemed an election to complete this transaction. If the amount of the damage is less than the amount specified above, then Buyer sha11 be required to accept the nisurance proceeds plus a credit at Closing equal to the amount of the damage not paid by insurance. 7. TITLE. A. Seller s11a11 convey marketable title to the Property to Buyer, or Buyer's nominee, by general wananty deed or fiduciary deed (the "Deed"), with release of dower, if aiiy, free and clear of all liens and encumbrances except the "Pernutted Exceptions", defined as follows: (1) any mortgage which Buyer has agreed to assume; (2) real estate taxes and assessments which are not yet due and payable; (3) zoning ordinances, if any; (4) restrictians, conditions, reservations, and easements of recard, if any, which