Agenda - 06-21-2011 - 8e - Laserfiche WebLink

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r ANY EARNEST MONEY DEPOSTTED BY BUYER IN A TRUST ACCOUNT MAY BE PLACED IN AN INTEREST BEARING TRUST ACCOUNT, AND: (check wrly DNS box) J-" ANY INTEREST •EARR'ED THEREON SHALL BE APPLIED AS PART PAYMENT OR THE PURCHASE PRICE OR TEE PROPERTY AT CLOSING, OR DISBURSED AS AGREED UPON UNDER THE PROVISIONS OF SECTION IO i~REIN. (Buyers Taxpayer Identification Number is; ) r ANY INTEREST EARNED THEREON SHALL BELONG TO THE ACCOUNT HOLDER IN CONSIDERATION OP' THE EXPENSES INCURRED BY MAINTAII~'ING SUCH AGCOUNT AND RECORDS ASSOCIATED THERER'ITH. $ Na (ii) Proceeds of a new ioan in the amount of Na Dollars for a term of Na years, withan amortization period not to exceed Na years, at an interest rate not fo exceed n/a % per annum with mortgage loan discount points not to exceed Na % of the ioan amount, or such other teens as may be set forth on Exhibit B. Buyer stall pay ail costs associated with any such. ioan. . $ Na (iii) Delivery Hof a nromissarv note secured by a-deed of trust, said promissory note in the amount of Na • Dollars being payable over a term of n!a years, with an amortization period of n/a years, payable in monthly installments of principal, together with accrued interest on the-outstanding principal balance at the rate of_p!a percent { n/a %} par annum irr the amount of $ n/a ,with the first principal payment beginning on the first day of the month next sucgeeding the date of Closing, or such older terms as may be set forth on Exhibit B. At any time, the promissory note may be prepaid in whole or in part without penalty and without further interest on the amounts prepaid from-the date of such prepayment. (NOTE: In the event of Buyer's subsequent default upon a promissory note and deed of trust given hereunder, Seller's remedies may-be limited to foreelosure of the Property. If the deed of trust given hereunder is subordinated to senior financing, the material terms of such financing must be set forth on Exhibit B. If such senior financing is subsequentlyJ'oreclosed, the Seller mays have no remedy taxecover nnderthe notes) $ Na (iv) Assumption of that unpaid obligation of Seiler secured by a deed of trust on the Property, such • obligation having an outstanding principal balance of $ t1la and evidenced by a note bearing iuterest-at-the rate of n!a percent ( Na °/.) per annum, and a current payment amount of $ Ne .The obligations.of Buyer under this Agreement aro conditioned upon Buyer being able to assume the existing loan described above. If such assumption requires the lender's approval, Buyer agrees to use its best efforts to seatre such approval and to advise Seller immediately upon receipt of the leride~s decision. Approval must be gnuitcd on err before Na . On or before this date, Suyer has the right to terminate Phis Agreement for failure to be able to assume the loan described above by delivering to Seller written notice of terminafion by We above date, lime bring ojthe essence. )f Buyer delivers such notice, this Agreement shall be null and void and Earnest Money shall be refunded to Buyer. If Buyer fails to deliver such no6cc, then Buyer will be deemed to have waived the loan condition. Unless provided otherwise in Section 3 hereof, Buyer shall ply al! fees and costs associated vrith any such assumption, including any assumption fee charged by the lender. At Closing, Seller shall assign to Buyer all interest of Seller in any current reserves or escroty§ held 63' the lender, any property management company and/or Seiler, including but not Limited to any tenant improvement reserves, leasing commission reserves, security deposits and operating or capital reserves for which Seiler shelf be credited said amounk at Closing •..` S 585,000.00 (v) Cash. balance of Purchase Price, at Closing in the amount of Five Hundred Eightyf)ve Thousand point Zero Zero (e) "Closter'! shall mean the dale sari time of recording of the deed. Closing shall occur on or before nla or Page 2 of 7 Buyer init e~~~~~~ Sella initials ~ STANDARD FORM 58D-T asPArICD W.D~W/MoR rmurtoro~ast~soA.ns. Revised 7/2008 (wsant~.oiao,awu~xre.~,ureaa:ouo,ai a.xwco~rar-~.Parus ®7/2009