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09-14-11 Additions
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9/15/2011 8:15:21 AM
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(H) ANY CLAIMS OR LOSSES THE PURCHASER MAY INCUR AS A RESULT OF CONSTRUCTION <br />ON, REPAIR TO, OR TREATMENT OF THE PROPERTY, OR OTHER DEFECTS, WHICH MAY <br />NOW OR HEREAFTER EXIST WITH RESPECT TO THE PROPERTY; <br />(I) <br />ANY CLAIMS OR LOSSES RELATED TO ENVIRONMENTAL CONDITIONS AFFECTING THE <br />PROPERTY INCLUDING, BUT NOT LIMITED TO, MOLD, DRYWALL, LEAD PAINT, FUEL <br />OIL, ALLERGENS, OR TOXIC SUBSTANCES OF ANY KIND; <br />(J) ANY RIGHT TO AVOID THIS SALE OR REDUCE THE PRICE OR HOLD THE SELLER <br />RESPONSIBLE FOR DAMAGES ON ACCOUNT OF THE CONDITION OF THE PROPERTY, <br />LACK OF SUITABILITY AND FITNESS, OR REDHIBITORY VICES AND DEFECTS, APPARENT, <br />NONAPPARENT OR LATENT, DISCOVERABLE OR NONDISCOVERABLE; AND <br />(K) ANY CLAIM ARISING FROM ENCROACHMENTS, EASEMENTS, SHORTAGES IN AREA OR <br />ANY OTHER MATTER WHICH WOULD BE DISCLOSED OR REVEALED BY A SURVEY OR <br />INSPECTION OF THE PROPERTY OR SEARCH OF PUBLIC RECORDS. <br />References to the "Seller" in this Section 17 of this Addendum shall include the Seller and the Sellers servicers, <br />representatives, agents, brokers, employees, and /or assigns. <br />In the event that the Purchaser breaches any of the terms described or contemplated under this Section 17 of this <br />Addendum, the Purchaser shall pay all reasonable attorney fees and costs incurred by the Seller in defending such <br />action, and the Purchaser shall pay Five Thousand Dollars ($5,000) as liquidated damages for breach of this Section <br />17 of the Addendum, which amount shall be in addition to any liquidated damages held or covered by the Seller <br />pursuant to Section 19 of this Addendum. <br />18. Conditions to the Seller's Performance: The Seller shall have the right, at the Seller's sole discretion, to extend the <br />Expiration Date or to terminate this Agreement if: <br />(a) full payment of any mortgage insurance claim related to the loan previously secured by the Property is not <br />confirmed prior to the closing or the mortgage insurance company exercises its right to acquire title to the <br />Property; <br />(b) the Seller determines that it is unable to convey title to the Property insurable by a reputable title insurance <br />company at regular rates; <br />the Seller at any time has requested that the servicing lender, or any other party, repurchase the loan previously <br />secured by the Property and /or such lender or other party has elected to repurchase the property; <br />a third party with rights related to the sale of the property does not approve the sale terms; <br />full payment of any property, fire or hazard insurance claim is not confirmed prior to the closing ; <br />any third party, whether tenant, homeowner's association, or otherwise, exercises rights under a right of first <br />refusal to purchase the Property; <br />the Purchaser is the former mortgagor of the Property, or is related to or affiliated in any way with the former <br />mortgagor, and the Purchaser has not disclosed this fact to the Seller prior to the Seller's acceptance of this <br />Agreement. Such failure to disclose shall constitute default under this Agreement, entitling the Seller to <br />exercise any of its rights and remedies, including, without limitation, retaining the earnest money deposit; <br />the Seller, at the Seller's sole discretion, determines that the sale of the Property to <br />transactions are in any way associated with illegal activity of any kind; <br />the Agreement was accepted and executed by Seller in noncompliance with <br />guidelines; <br />Seller determines in its sole discretion that the sale of the Property will subject Seller to liability and /or have <br />an impact on pending, threatened or potential litigation; or <br />the Purchaser or any related <br />Fannie Mae procedures or <br />PURCHASER (Initials) <br />SELLER (Initials) <br />NPCC FORM 001 Leiter 11 -30 -2009 <br />REO tl Cl00HF4 <br />
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