|
1028
<br />1029
<br />1030
<br />1031
<br />1032
<br />1033
<br />1034
<br />1035
<br />1036
<br />1037
<br />1038
<br />1039
<br />1040
<br />1041
<br />1042
<br />1043
<br />1044
<br />1045
<br />1046
<br />1047
<br />1048
<br />1049
<br />1050
<br />1051
<br />1052
<br />1053
<br />1054
<br />1055
<br />1056
<br />1057
<br />1058
<br />1059
<br />1060
<br />1061
<br />1062
<br />1063
<br />1064
<br />1065
<br />1066
<br />1067
<br />1068
<br />1069
<br />1070
<br />1071
<br />1072
<br />1073
<br />1074
<br />1075
<br />1076
<br />1077
<br />1078
<br />1079
<br />1080
<br />1081
<br />1082
<br />1083
<br />1084
<br />1085
<br />1086
<br />1087
<br />1088
<br />1089
<br />1090
<br />1091
<br />1092
<br />1093
<br />1094
<br />1095
<br />1096
<br />1097
<br />1098
<br />1099
<br />1100
<br />1101
<br />1102
<br />1103
<br />1104
<br />1105
<br />1106
<br />https://www.ctmecontracts.com/eContracts!m eCQN/Contracts/Listin.
<br />19. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION;
<br />AND WALK-THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both will be
<br />delivered in the condition existing as of the date of this Contract, ordinary wear and tear excepted.
<br />19.1. Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire, other
<br />perils or causes of loss prior to Closing in an amount of not more than ten percent of the total Purchase Price
<br />(Property Damage), and if the repair of the damage will be paid by insurance (other than the deductible to be
<br />paid by Seller), then Seller, upon receipt of the insurance proceeds, will use Seller's reasonable efforts to repair
<br />the Property before Closing Date. Buyer has the Right to Terminate under § 25.1, on or before Closing Date if
<br />the Property is not repaired before Closing Date or if the damage exceeds such sum. Should Buyer elect to
<br />carry out this Contract despite such Property Damage, Buyer is entitled to a credit at Closing for all insurance
<br />proceeds that were received by Seller (but not the Association, if any) resulting from damage to the Property and
<br />Inclusions, plus the amount of any deductible provided for in the insurance policy. This credit may not exceed the
<br />Purchase Price. In the event Seller has not received the insurance proceeds prior to Closing, the parties may
<br />agree to extend the Closing Date to have the Property repaired prior to Closing or, at the option of Buyer, (1)
<br />Seller must assign to Buyer the right to the proceeds at Closing, if acceptable to Seller's insurance company and
<br />Buyer's lender; or (2) the parties may enter into a written agreement prepared by the parties or their attorney
<br />requiring the Seller to escrow at Closing from Seller's sale proceeds the amount Seller has received and will
<br />receive due to such damage, not exceeding the total Purchase Price, plus the amount of any deductible that
<br />applies to the insurance claim.
<br />19.2. Damage, Inclusions and Services. Should any Inclusion or service (including utilities and
<br />communication services), system, component or fixture of the Property (collectively Service) (e.g., heating or
<br />plumbing), fail or be damaged between the date of this Contract and Closing or possession, whichever is earlier,
<br />then Seller is liable for the repair or replacement of such Inclusion or Service with a unit of similar size, age and
<br />quality, or an equivalent credit, but only to the extent that the maintenance or replacement of such Inclusion or
<br />Service is not the responsibility of the Association, if any, Tess any insurance proceeds received by Buyer
<br />covering such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or replaced on
<br />or before Closing or possession, whichever is earlier, Buyer has the Right to Terminate under § 25.1, on or
<br />before Closing Date, or, at the option of Buyer, Buyer is entitled to a credit at Closing for the repair or
<br />replacement of such Inclusion or Service. Such credit must not exceed the Purchase Price. if Buyer receives
<br />such a credit, Seller's right for any claim against the Association, if any, will survive Closing. Seller and Buyer are
<br />aware of the existence of pre -owned home warranty programs that may be purchased and may cover the repair
<br />or replacement of such Inclusions.
<br />19.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending
<br />condemnation action may result in a taking of all or part of the Property or Inclusions, Seller must promptly notify
<br />Buyer, in writing, of such condemnation action. Buyer has the Right to Terminate under § 25.1, on or before
<br />Closing Date, based on such condemnation action, in Buyer's sole subjective discretion. Should Buyer elect to
<br />consummate this Contract despite such diminution of value to the Property and Inclusions, Buyer is entitled to a
<br />credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value of the Property
<br />or Inclusions but such credit will not include relocation benefits or expenses, or exceed the Purchase Price.
<br />19.4. Walk -Through and Verification of Condition. Buyer, upon reasonable notice, has the right to
<br />walk through the Property prior to Closing to verify that the physical condition of the Property and Inclusions
<br />complies with this Contract.
<br />19.5. Risk of Loss - Growing Crops. The risk of loss for damage to growing crops by fire or other
<br />casualty will be borne by the party entitled to the growing crops as provided in § 2.8 and such party is entitled to
<br />such insurance proceeds or benefits for the growing crops.
<br />20. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller
<br />acknowledge that the respective broker has advised that this Contract has important legal consequences and has
<br />recommended the examination of title and consultation with legal and tax or other counsel before signing this
<br />Contract.
<br />21. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence for all dates and deadlines in
<br />this Contract. This means that all dates and deadlines are strict and absolute. If any payment due, including
<br />Earnest Money, is not paid, honored or tendered when due, or if any obligation is not performed timely as
<br />provided in this Contract or waived, the non -defaulting party has the following remedies:
<br />21.1. If Buyer is in Default:
<br />® 21.1.1. Specific Performance. Seller may elect to cancel this Contract and all Earnest Money
<br />14of19 6/10/20162:16PM
<br />
|