Laserfiche WebLink
317 <br />318 <br />319 <br />320 <br />321 <br />322 <br />323 <br />324 <br />325 <br />326 <br />327 <br />328 <br />329 <br />330 <br />331 <br />332 <br />333 <br />334 <br />335 <br />336 <br />337 <br />338 <br />339 <br />340 <br />341 <br />342 <br />343 <br />344 <br />345 <br />346 <br />347 <br />348 <br />349 <br />350 <br />351 <br />352 <br />353 <br />354 <br />355 <br />356 <br />357 <br />358 <br />359 <br />360 <br />361 <br />362 <br />363 <br />364 <br />365 <br />366 <br />367 <br />368 <br />369 <br />370 <br />371 <br />372 <br />373 <br />374 <br />375 <br />376 <br />377 <br />378 <br />379 <br />380 <br />381 <br />382 <br />383 <br />384 <br />385 <br />386 <br />387 <br />388 <br />389 <br />390 <br />391 <br />392 <br />393 <br />394 <br />395 <br />5 of 19 <br />https://www.ctmecontracts.com/eContracts/m eCON/Contracts/Listin <br />terminate on such deadline. Seller has the Right to Terminate under § 25.1, on or before Closing, in Seller's sole <br />subjective discretion, if Seller is to be released from liability under such existing loan and Buyer does not obtain <br />such compliance as set forth in § 4.6. <br />6. APPRAISAL PROVISIONS. <br />6.1. Appraisal Definition. An "Appraisal" is an opinion of value prepared by a licensed or certified <br />appraiser, engaged on behalf of Buyer or Buyer's lender, to determine the Property's market value (Appraised <br />Value). The Appraisal may also set forth certain lender requirements, replacements, removals or repairs <br />necessary on or to the Property as a condition for the Property to be valued at the Appraised Value. <br />6.2. Appraisal Condition. The applicable appraisal provision set forth below applies to the respective <br />loan type set forth in § 4.5.3, or if a cash transaction (Le. no financing), § 6.2.1 applies. <br />6.2.1. Conventional/Other. Buyer has the right to obtain an Appraisal. If the Appraised Value is <br />Tess than the Purchase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline Buyer <br />may, on or before Appraisal Objection Deadline, notwithstanding § 8.3 or § 13: <br />6.2.1.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or <br />6.2.1.2. Appraisal Objection. Deliver to Seller a written objection accompanied by either <br />a copy of the Appraisal or written notice from lender that confirms the Appraisal Value is less than the Purchase <br />Price. <br />6.2.1.3. Appraisal Resolution. If an Appraisal Objection is received by Seller, on or <br />before Appraisal Objection Deadline, and if Buyer and Seller have not agreed in writing to a settlement thereof <br />on or before Appraisal Resolution Deadline (§ 3), this Contract will terminate on the Appraisal Resolution <br />Deadline, unless Seller receives Buyer's written withdrawal of the Appraisal Objection before such termination, <br />i.e., on or before expiration of Appraisal'Resolution Deadline. <br />6.3. Lender Property Requirements. If the lender imposes any requirements, replacements, removals <br />or repairs, including any specified in the Appraisal (Lender Requirements) to be made to the Property (e.g., roof <br />repair, repainting), beyond those matters already agreed to by Seller in this Contract, Seller has the Right to <br />Terminate under § 25.1, (notwithstanding § 10 of this Contract), on or before three days following Seller's receipt <br />of the Lender Requirements, in Seller's sole subjective discretion. Seller's Right to Terminate in this § 6.3 does <br />not apply if, on or before any termination by Seller pursuant to this § 6.3: (1) the parties enter into a written <br />agreement regarding the Lender Requirements; or (2) the Lender Requirements have been completed; or (3) the <br />satisfaction of the Lender Requirements is waived in writing by Buyer. <br />6.4. Cost of Appraisal. Cost of the Appraisal to be obtained after the date of this Contract must be <br />timely paid by ®Buyer ❑Seller. The cost of the Appraisal may include any and all fees paid to the appraiser, <br />appraisal management company, lender's agent or all three. <br />7. OWNERS' ASSOCIATION. This Section is applicable if the Property is located within a <br />Common Interest Community and subject to such declaration. <br />7.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A <br />COMMON INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. <br />THE OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS' <br />ASSOCIATION FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND <br />REGULATIONS OF THE ASSOCIATION. THE DECLARATION, BYLAWS, AND RULES AND REGULATIONS <br />WILL IMPOSE FINANCIAL OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN <br />OBLIGATION TO PAY ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE <br />ASSESSMENTS, THE ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT <br />TO PAY THE DEBT. THE DECLARATION, BYLAWS, AND RULES AND REGULATIONS OF THE <br />COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN <br />ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A COMMITTEE OF THE ASSOCIATION) AND THE <br />APPROVAL OF THE ASSOCIATION. PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST <br />COMMUNITY SHOULD INVESTIGATE THE FINANCIAL OBLIGATIONS OF MEMBERS OF THE <br />ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE DECLARATION FOR THE COMMUNITY <br />AND THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. <br />7.2. Owners' Association Documents. Owners' Association Documents (Association <br />Documents) consist of the following: <br />7.2.1. All Owners' Association declarations, articles of incorporation, bylaws, articles of <br />organization, operating agreements, rules and regulations, party wall agreements; <br />7.2.2. Minutes of most recent annual owners' meeting; <br />6/10/20162:16 PIM <br />