10-22-2014 Council Agenda - Laserfiche WebLink

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ADDENDUM TO PURCHASE AGREEMENT: CONVENTIONAL. OR PRIVATELY INSURED CONVENTIONAL MORTGAGE FINANCING 40. Page 41. Properly located at 3046 Lab,ro 0000 Little Canada, tai 55109 42, If the Written Statements not provided by the dale specllled on line 24, Seller may, at Sellor's option, declare this 43. Purchase Agreement canceled by written notice to Buyerat any time prlor to Seller receiving the Written Statement, 44, In which case this Purchase Agreement Is canceled. In the eventSeller declaresthis Purchase Agreementcanceled, 46. Buyer and Seller shall Immediately sign a Cancellation of Purchase Agreement confirming said canoellatlon 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 Agroenontoon(Irming said cancellation and directing all earnest 50. money paid hereunder to be refunded to Buyer. 51. PRIVATE MORTGAGE INSURANCE ("PMI"): PMI may be required by the lending Instllutlon(s), Buyer agrees to pay 52. all subsequent years' mortgage Insurance premiums as required by the lending Institullon(s). The said mortgage 53. Insurance premiums will Increase the 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 thls 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 66, $ to make repairs as required by the lender commitment, if the lender commitment 61. is subject to any work orders for which the cost of mating said repairs shall exceed thls amount, Seller shall have the 62, following options: 63. (a) making the necessary repairs; or 64. (h) negotiating the cost of making said repairs with Buyer; or 85. (c) declaring this Purchase Agreement canceled, in which case this Purchase Agreement Is canceled, Buyer and Seller 66, shall lmmedlatefyslgn a Cancellation of Purchase Agresmenioonflrming said 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 specllled on line 60 of this Addendum. 69. OTHER; 70 71, 72 73. 74 75 76 (Cello,) --/y (Oa10) 11{1110‘5;"(o m) 470141401-1 01- M aM .. 9'/a9/fy (colo) (Buyer) (Cam) 77. THIS ISA LEGALLY BINDING CONTRACT BETWEEN BUYER(S) AND SELLER(S). 78. IF YOU DESIRE LEGAL 013 TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. 12