Agenda - 12-12-2006-9d - Laserfiche WebLink

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I I. PROPERTY INSPECTION, APPRAISAL, INVESTIGATION (Choose ONLY ONE of the following Alternatives): ^ ALTERNATIVE 1: (a) Soil, Water, Utilities And Environrmental Contingency: This contract is contingent upon Buyer obtaining report(s) that (i) the soil is suitable for Buyer's Intended Use, (ii) utilities and water are available to the Propeny, (iii) there is no environmental contamination, law, rule or re17ulation that prohibits, restricts or limits Buyer's Intended Use. and (iv) there is no hood hazard that prohibits, resu~icts or limits Buyer's lntrnded Use (collectively the "Reports"). All costs and expenses of obtaining the Repons shall be home by Buyer. Buyer shall use Buyer's best effort's to obtain such Reports. If the Repons cannot be obtained, Buyer-may terminate this contract and the Earnest (v9oney Deposit shall be rellrnded to Buyer. Buyer waives this condition unless Buyer provides written notice to Seller by that this condition cannot be satisfied, time being of the essence. (b) Se.+•er S}'stem (check only ONEj: ^ Buyer has investigated the costs and expenses to install the sewer system approved by the Improvement Pern~it attached hereto as Exhibit A and hereby approves and accepts said Improvement Perntit. ^ Seller represents that the system has been installed, which representation survives Closing, but makes no further representations as to the system. Buyer acknowledges receipt of the Improvement Permit attached hereto as Exhibit A. Buyer shall have the option of inspecting or obtaining, at Buyer's expense, inspection(s) to determine the condition of the system. If the system is not perl'onmin~ the function for which intended and is in need of immediate repair, Buyer may terminate this Contract and the Earnest Money Deposit shall be refunded to Bu}~er. Buyer waives this condition unless Buyer provides written notice to Seller by that this condition cannot be satisfied, time being of the essence. ^ This contract is contingent upon ^ Buyer ^ Seller ("Responsible Party") obtaining an Improvement Permit or written evaluation from the County Health Department ("County") fora (check only ONE) ^ conventional or ^ other ground absorption sewage system fora bedroom home. All costs and expenses of obtaining such Permit or written evaluation shall be borne by Responsible Party unless otherwise agreed. In any event Seller, by no later than , shall be responsible for clearing that portion of the Propeny required by the County to perform its tests and/or inspections. Responsible Party shall use best efforts to obtain such Permit or written evaluation. if the Improvement Permit or written evaluation from the County cannot be obtained by (date), either pam~ may terminate this Contract and the Earnest Mone_v Deposit shall be refunded to Buyer. ^ Buyer has investigated and approved the availability, costs and expenses to connect to a ^ public or ^ community sewer system. (c) Appraisal Contingency: The Property must appraise at a value equal to or exceeding the purchase price or, at the option of Buyer, this contract may be tern~inated and all earnest monies shall be refunded to Buyer. ]f this contract is not subject to a financing contingency requiring an appraisal, Buyer shall arrange to have the appraisal completed on or before ~- The cost of the appraisal shall be borne by Buyer. (d) CLOSING SHALL CONSTITUTE ACCEPTANCE OF THE PROPERTY IN ITS THEN EXISTING CONDITION UNLESS PROVISION IS OTHERWISE MADE IN WRITING. ^ ALTERNATIVE Z: (This A(fernntive npp(ies ONL }' if A(ternnlive 2 is checked AND Buyer has paid the Option Fee.) (a) Property Investigation with Option to Terminate: In consideration of the sum set forth in paragraph 2(c) paid by Buyer to Seller (not 1/scrow Agent) and other valuable consideration, the sufficiency of which is hereby acknowledged (the "Option Fee"), Buyer shall have the right to terminate this contract for any reason or no reason, whether related to the physical condition of the Property or otherwise, by delivering to Seller written notice of termination (the "Termination Notice") b}~ 5:00 p.m. on ,lime being of the essence (the "Option Termination Date"). At any time prior to Closing, Buyer shall have the right to inspect the Property at Buyer's expense (Buyer is advised to have all inspections and appraisals of the Property, including but not limited to those matters set forth in Alternative 1, performed prior to the Option Tern~ination Date). (b) Exercise of Option: If Buyer delivers the Termination Notice prior to the Option Ternination Date, rime being of the essence, this contract shall become null and void and all earnest monies received in connection herewith shall be refunded to Buyer, however, the Option Fee will not be refunded and shall be retained by Seller. if Buyer fails to deliver the Tenmination Notice to Seller prior to the Option Termination Date, then Buyer will be deemed to have accepted the Property in its physical condition existing as of the Option Termination Date; provided such acceptance shall not constitute a waiver of any rights Buyer has under paragraph 3. The Option Fee is not refundable, is not a pan of any earnest monies, and will be credited to the purchase price at Closing. (c) CLOSING SFIALL CONSTITUTE ACCEPTANCE OF TIIE PROPERTY IN ITS THEN EXISTING CONDITION UNLESS PROVISION IS OTHERWISE MADE IN WRITING. Pa~~e ± of 4 STANDARD FOK1~I 12 - T ~ , Buyer htitials Seller Initials ~_~{,,C.r i ©7/2006 Produced with ZipForm "' by RE FonnsNet, LLC 18025 Fifteen Mile Road. Clinton Township, Michigan 48035 www ziolorm com crabtrce