10-08-2014 Council Agenda - Laserfiche WebLink

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ADDENDUM TO PURCHASE AGREEMENT; CONVENTIONAL OR PRIVATELY INSURED CONVENTIONAL MORTGAGE FINANCING 40. Page \C) 41. Property located at 3046 Labore Read Little Canada, PIN 55109 42. If the Written Statement is not provided by the date specified on line 24, Seller may, at Seller's option, declare this 43. Purchase Agreement canceled by written notice to Buyer at any time prior to Seller receiving the Written Statement, 44, in which case this Purchase Agreement Is canceled. In the event Seller declares this Purchase Agreement canceled, 45. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 46. directing all earnest money paid hereunder to be refunded to Buyer. 47. If the Written Statement is not provided, and Seller has not previously canceled this Purchase Agreement, this 48. Purchase Agreement is canceled as of the closing date specified in this Purchase Agreement. Buyer and Seller 49. shall immediately sign a Cancellation of Purchase Agreernentconfirming said cancellation and directing all earnest 50. money pald hereunder to be refunded to Buyer. 51. PRIVATE MORTGAGE INSURANCE ("PMI"): PMI may be required by the lending Institution(s). Buyer agrees to pay 52. all subsequent years' mortgage insurance premiums as required by the lending institution(s). The said mortgage 53. Insurance premiums will increase tho mortgage amount unless paid In cash at closing. . 54. LOCKING OF MORTGAGE INTEREST RATE ("RATE"): The Rate shall be locked with the lender(s) by Buyer 55. (check one): 56. ❑ WITHIN FIVE (5) BUSINESS DAYS OF FINAL ACCEPTANCE DATE OF THIS PURCHASE AGREEMENT; OR 57. ' AT ANYTIME PRIOR TO CLOSING OR AS REQUIRED BY LENDER(S). 58. LENDER COMMITMENT WORK ORDERS: Nothing in this Purchase Agreement shall be construed as a 59. warranty that Seller shall make repairs required by the lender commitment. However, Seller agrees to pay up to 60. $ to make repairs as required by the lender commitment. ll the lender commitment 61. is subject to any work orders for which the cost of making said repairs shall exceed this amount, Seller shall have the 62. following options: 63. (a) making the necessary repairs; or 64. (h) negotiating the cost of malting said repairs with Buyer; or 65, (c) declaring this Purchase Agreement canceled, in which case this Purchase Agreement is canceled, Buyer and Seller 66. shall immediately sign a Cancellation of Purchase Agreement confirmingsaid cancellation and directing all earnest 67, money paid hereunder to be refunded to Buyer, unless Buyer provides for payment of the cost of said repairs or 68. escrow amounts related thereto above the amount specified on line 60 of this Addendum. 69. OTHER: 70. 71. 72. 73. 74 75.�!-=/�.- ...a --� 9127`1 (Onto) 76. (Seller) (Date) (etetet)� :