COMMERCIAL - INDUSTRIAL - INVESTMENT
REAL ESTATE PURCHASE CONTRACT
This is a legally binding contract. It has been prepared
by the Utah Association of REALTORS for the use of its members
only, in their transactions with clients and customers. Parties to
this contract may agree, in writing, to alter or delete provisions
of this contact. Seek advice from your attorney or tax advisor
before entering into a binding contract.
EARNEST MONEY RECEIPT
The Buyer Cyber Lacrosse Inc., a Nevada Corporation offers to purchase the
Property described below and delivers as Earnest Money Deposit $500.00 In the
form of check# to:
[ ] the Brokerage, to be deposited within three business day after Acceptance of
this Offer to Purchase by all parties.
[ ] the Title/Escrow Company identified below.
Brokerage or Title/Escrow Company ______________________Address_______________
Received _____________________ by _____________ on_______________ (date)
Phone Number_______________
(if Title/Escrow Company) for deposit no later than (date)__________________.
================================================================================
OFFER TO PURCHASE
1. PROPERTY: 26 S Main Street
Address _________________ City Nephi County Juab State Utah
For legal description, see attached Addendum #__________________ [] preliminary
title report when available as provided below.
1.1 INCLUDED ITEMS: Unless excluded herein, this sale shall include all
fixtures presently attached to the Property. The following personal property
shall also be included in this sale and conveyed under separate Bill of Sale
with warranties as to title: See Addendum #1
1.2 EXCLUDED ITEMS: These items are excluded from this sale:
2. PURCHASE PRICE AND FINANCING. Buyer agrees to pay for the Property as
follows:
$ 500.00 Earnest Money Deposit
$____________ Loan proceeds:
[] Representing the liability to be assumed by Buyer under an
existing assumable loan ([] with [] without Seller being release
of liability) in this approximate amount with [] Buyer [] Seller
agreeing to pay any loan transfer and assumption fees. Any net
differences between the approximate balance of the loan shown
above and the actual balance at Closing shall then be adjusted
in cash [] other .
[] From new institutional financing on terms no less favorable
to the Buyer than the following: (interest rate for first period
prior to adjustment, if any);___________ (amortization period);
________________________ (term). Other than these, the loan
terms shall be the best obtainable under the loan for which the
Buyer applies below.
[X]From Seller-held financing, as described in the attached
Seller Financing Addendum.
$ ___________ Other:
$ 15,000 Balance of Purchase Price in cash at closing.
-----------
$ 200,000 TOTAL PURCHASE PRICE
3. CLOSING. This transaction shall be closed on or before April 30 . Closing
shall occur when: (a) Buyer and Seller have signed and delivered to each other
(or to the escrow/title company),all documents required by this Contract, by the
Lender, by written escrow instructions signed by the Buyer and the Seller, and
by applicable law; (b) the moneys required to be paid under these documents have
been delivered to the escrow / title company in the form of collected or cleared
funds; and (c) the deed wich the Seller has agreed to deliver under Section 6
had been recorded. Seller and Buyer shall each pay one-half of the escrow
Closing fee, unless otherwise agreed by the parties in writing. Taxes and
assessments for the current year, rents, and interest on assumed obligations
shall be prorated as set forth in this Section. All deposits on tenancies shall
be transferred to Buyer at Closing. Prorations set forth in this Section shall
be made as of date of Closing;
date of possession; other ____________.
4. POSSESSION. Seller shall deliver possession to Buyer within 2 hours after
Closing.
5. CONFIRMATION OF AGENCY DISCLOSURE. At the signing of this Contract the
Listing Agent Linda W. Represents Seller Buyer, and the Selling Agent Dawn
Colbert Represents Seller Buyer. Buyer and Seller confirm that prior to signing
this Contract written disclosure of the agency relationship was provided to
him/her. ( ) Buyer's initials ( ) Seller's initials.
6. TITLE TO PROPERTY AND TITLE INSURANCE. (a) Seller has, or shall have at
Closing, free title to the Property and agrees to convey such title to Buyer by
general special warranty deed, free of financial encumbrances as warranted under
Section 10.6; (b) Seller agrees to pay for, and furnish Buyer at Closing with, a
current standard form Owner's policy of title insurance in the amount of the
Total Purchase Price; (c) the title policy shall conform with Seller's
obligations under subsections (a)and(b).Unless otherwise agreed under Section
8.4, the commitment shall conform with the title insurance commitment provided
under Section 7.1.
[] The Buyer elects to obtain a full - coverage extended ALTA policy of
title insurance under 6 ( b ). The cost of this coverage, above that of a
standard Owner's policy, shall be paid for by the Buyer Seller. Also, the cost
of a full-coverage ALTA survey, shall be paid for by the Buyer Seller.
7. SPECIFIC UNDERTAKINGS OF SELLER AND BUYER.
7.1 SELLER DISCLOSURES. The Seller will deliver to the Buyer the following
Seller Disclosures no later than the number of calendar days indicated below
which shall be days after Acceptance: (days)
[X] (a) a Seller Property Condition Disclosure for the Property,
signed and dated by Seller:
[X] (b)a commitment for the policy of title insurance required under
Section 6, to be issued by the title insurance company chosen by
Seller, including copies of all documents listed as Exceptions on the
Commitment:
[ ](c) a copy of all loan documents relating to any loan now existing
which will encumber the Property after Closing:
[X](d) a copy of all leases and rental agreements now in effect with
regard to the Property together with a current rent roll:
[X] (e) operating statements of the Property for its last 2 full
fiscal years of operation plus the current fiscal year. through
_______________ , certified by the Seller or by an independent
auditor:
[ ] (f) tenant Estoppel agreement:
Seller agrees to pay any charge for cancellation of the title commitment
provided under subsection (b).
If Seller does not provide any of the Seller Disclosures within the
time periods agreed above, the Buyer may either waive the particular Seller
Disclosure requirement by taking no timely action or the Buyer may notify the
Seller in writing within 3 calendar days after the expiration of the particular
disclosure time period that the Seller is in Default under this Contract and
that the remedies under Section 16 are at the Buyer's disposal. The holder of
the Earnest Money Deposit shall, upon receipt of a copy of Buyer's written
notice, return to the Buyer the Earnest Money Deposit without the requirement of
further written authorization from the Seller.
7.2 BUYER UNDERTAKINGS. The Buyer agrees to: I II
[](a) Apply for approval of the assumption or funding of the loan
proceeds described in Section 2 by completing, signing, and
delivering to the Lender the initial loan application and
documentation required by the Lender and by paying all fees as
required by the Lender (including appraisal fee) no late than N/A
calendar days after Acceptance; and N/A
[](b) No later than N/A calendar days after Acceptance, obtain from
the Lender to whom application is made under subsection (a) a written
commitment to approve the assumption of the existing loan or to fund
the new loan subject only to changes of conditions in Buyer's credit
worthiness and to normal loan closing procedures; or, if Buyer
elects, providing the Seller with absolute assurance, within the same
time frame, that the proceeds required for funding the Total Purchase
Price are available. N/A
These Buyer Undertakings are at the sole expense of the Buyer and are material
elements of this Contract for the benefit of both the Buyer and the Seller. If
Buyer does not initiate any Buyer Undertaking and provide Seller with written
confirmation in the time agreed above, the Seller may either waive the
particular Buyer Undertaking requirement by taking no timely action or the
Seller may notify the Buyer in writing with 3 calendar days of the expiration of
the particular undertaking time period that the Buyer is in Default under this
Contract and that the remedies under Section 16 are at the Seller's disposal.
The holder of the Earnest Money Deposit shall, upon receipt of a copy of
Seller's written notice, deliver to the Seller the Earnest Money Deposit without
the requirement of further written authorization from the Buyer.
7.3 ADDITIONAL DUE DILIGENCE. The Buyer shall undertake the following
Additional Due Diligence elements at its own expense and for its own benefit for
the purpose of complying with the Contingencies under Section 8:
[](a) Ordering and obtaining an appraisal of the Property if one is
not otherwise required under Section 7.2;
[] (b) Ordering and obtaining a survey of the Property if one is not
otherwise required under Section 6;
[] (c) Ordering and obtaining any environmentally related study of
the Property;
[X](d) Ordering and obtaining a physical inspection report regarding,
and completing a personal inspection of, the Property;
[X](e) Requesting and obtaining verification that the Property
complies with all applicable federal, state, and local laws,
ordinances, and regulations with regard to zoning and permissible use
of the Property. Liquor license to be transferrable est. (60 days)
Seller agrees to cooperate fully with Buyer's completing these Due Diligence
matters and to make the Property available as reasonable and necessary for the
same.
8. CONTINGENCIES. This offer is subject to the Buyer's approving in its sole
discretion the Seller Disclosures, the Buyer Undertakings, and Additional Due
Diligence matters in Section 7. However, the Buyer's discretion in approving the
terms of the loan under subsection 7.2(b) is subject to Buyer's covenant with
regard to minimally acceptable financing terms under Section 2.
8.1 Buyer shall have 20 Calendar days after the times specified in
Section 7.1 and 7.2 for receipt of Seller Disclosures, and for completion of
Buyer Undertakings to review the content of the disclosures and the outcome of
the undertakings. The latest applicable date under Section 7.1 and 7.2 applies
for completing a review of Additional Due Diligence matters under Section 7.3.
8.2 If Buyer does not deliver a written objection to Seller regarding a
Seller Disclosure, Buyer Undertaking, or due Diligence matter within the time
provided in Section 8.1, that term will be deemed approved by Buyer.
8.3 If Buyer objects, Buyer and Seller shall have 10 Calendar days
after receipt of the objections to resolve Buyer's objections. Seller my, but
shall not be required to, resolve Buyer's objections. Likewise, the Buyer is
under no obligation to accept any resolution proposed by the Seller. If Buyer's
objections are not resolved within the stated time Buyer may void this Contract
by providing written notice to Seller within the same stated time. The holder of
the Earnest Money Deposit shall, upon receipt of a copy of Buyer's written
notice, return to Buyer the Earnest Money Deposit without the requirement of any
further written authorization from Seller. If this Contract is not voided by
Buyer, Buyer's objection is deemed to have been waived. However, this waiver
does not affect warranties under Section 10.
8.4 Resolution of Buyer's objections under Section 8.3 shall be in
writing and shall become part of this Contract.
9. SPECIAL CONTINGENCIES. This offer is made subject to: see addendum #1 The
terms of attached Addendum # 1 Are incorporated into this Contract by this
reference.
10. SELLER'S LIMITED WARRANTIES. Seller's warranties to Buyer regarding the
Property are limited to the following:
10.1 When Seller delivers possession of the Property to Buyer, it will
be broom-clean and free of debris and personal belongings;
10.2 Seller will deliver possession of the Property to Buyer with the
plumbing, plumbed fixtures, heating, cooling, ventilating, electrical
and sprinkler (indoor and outdoor) systems, appliances, and fireplaces
in working order;
10.3 Seller will deliver possession of the Property to Buyer with the
roof and foundation free of leaks known to Seller;
10.4 Seller will deliver possession of the Property to Buyer with any
private well or septic tank serving the Property in working order and
in compliance with governmental regulations;
10.5 Seller will be responsible for repairing any of Seller's
moving-related damage to the Property.
10.6 At Closing, Seller will bring current all financial obligations
encumbering the Property which are assumed in writing by Buyer and will
discharge all such obligations which Buyer has not so assumed;
10.7 As of Closing, Seller has no knowledge of any claim or notice of
an environmental, building, or zoning code violation regarding the
Property which has not been resolved.
11. VERIFICATION OF WARRANTED AND INCLUDED ITEMS. After all contingencies have
been removed and before Closing, the Buyer may conduct a "walk-through"
inspection of the Property to determine whether or not items warranted by Seller
in Section 10.1, 10.2, 10.3 and 10.4 are in the warranted condition and to
verify that items included in Section 1.1 are presently on the Property. If any
item is not in the warranted condition, Seller will correct, repair or replace
it as necessary or, with the consent of Buyer and (if required) Lender, escrow
an amount at Closing to provide for such repair or replacement. The Buyer's
failure to conduct a "walk-through" inspection or to claim during the
"walk-through" inspection that the Property does not include all items
referenced on Section 1.1 or is not in the condition warranted in Section 10 ,
shall constitute a waiver of Buyer's rights under Section 1.1 and of the
warranties contained in Section 10.
12. Changes during Transaction. Seller agrees that no changes in any existing
leases shall be made, no new leases entered into, and no substantial alterations
or improvements to the Property shall be undertaken without the written consent
of the Buyer.
13. AUTHORITY OF SIGNERS. If Buyer or Seller is a corporation, partnership,
trust, estate, or other entity, the person signing this Contract on its behalf
warrants his or her authority to do so and to bind Buyer or Seller and the heirs
or successors in interest to Buyer or Seller . If the Seller is not the vested
Owner of the Property but has control over the vested Owner's disposition of the
Property, the Seller agrees to exercise this control and deliver title under
this Contract as if it had been signed by the vested Owner.
14. COMPLETE CONTRACT. This instrument (together with its Addenda, any attached
Exhibits, and Seller Disclosure) constitutes the entire Contract between the
parties and supersedes all prior dealings between the parties. This Contract
cannot be changed except by written agreement of the parties.
15. DISPUTE RESOLUTION. The parties agree that any dispute or claim relating to
this Contract, including but not limited to the disposition of the Earnest Money
Deposit and the breach or termination of this Contract, shall first be submitted
to mediation in accordance with the Utah Real Estate Buyer/Seller Mediation
Rules of the American Arbitration Association. Each party agrees to bear its own
costs of mediation. Any Agreement signed by the parties pursuant to the
mediation shall be binding. If mediation fails, the procedures applicable and
remedies available under this Contract shall apply. Nothing in this Section
shall prohibit the Buyer from seeking specific performance be the Seller by
filing a complaint with the court, serving it on the Seller by means of summons
or as otherwise permitted by law, and recording a lis pendens with regard to the
action provided that the Buyer permits the Seller to refrain from answering the
complaint pending mediation. Also, the parties may agree in writing to waive
mediation.
16. DEFAULT. If Buyer defaults, Seller may elect to either retain the Earnest
Money Deposit as liquidated damages or to return the Earnest Money Deposit and
sue Buyer to enforce Seller's rights. If Seller defaults, in addition to return
of the Earnest Money Deposit, Buyer nay elect to either accept from Seller as
liquidated damages a sum equal to the Earnest Money Deposit or sue Seller for
specific performance and/or damages. If Buyer elects to accept the liquidated
damages, Seller agrees to pay the liquidated damages to Buyer upon demand. Where
a Section of this Contract provides a specific remedy, the parties intend that
the remedy shall be exclusive regardless of rights which might otherwise
available under common law.
17. ATTORNEY'S FEES. In any action arising out of this Contract, the prevailing
party shall be entitled to costs and reasonable attorney's fees.
18. DISPOSITION OF EARNEST MONEY. The Earnest Money Deposit shall nor be
released unless it is authorized by: (a) Section 7.1, 7.2 and 8.3; (b) separate
written agreement of the parties, including an agreement under Section 15 if (a)
does not apply; or (c) court order.
19. ABROGATION. Except for express warranties made in this Contract, the
provisions of this Contract, shall not apply after Closing.
20. RISK OF LOSS. All risk of loss or damage to the Property shall be borne by
Seller until Closing.
21. TIME IS OF THE ESSENCE. Time is of the essence regarding the dates set forth
in this transaction. Extensions must be agreed to in writing by all parties.
Performance under each Section of this Contract which references a date shall be
required absolutely by 5:00 P.M., Mountain Time on the stated date.
22. COUNTERPARTS AND FACSIMILE (FAX) DOCUMENTS. This Contract may be signed in
counterparts, and each counterpart bearing an original signature shall be
considered one document with all others bearing original signature. Also,
facsimile transmission of any singed original document and re-transmission of
any signed facsimile transmission shall be the same as delivery of an original.
23. ACCEPTANCE. Acceptance occurs when Seller or Buyer, responding to an offer
or counteroffer of the other; (a) signs the offer or counteroffer where noted to
indicate acceptance; and (b) communicates to the other party or the other
party's agent that the offer or counteroffer has been signed as required.
24. OFFER AND TIME FOR ACCEPTANCE. Buyer offers to purchase the Property on the
above terms and conditions. If Seller does not accept this offer by AM PM
Mountain Time, February 27 , 1997 , this offer shall lapse; and the holder of
the Earnest Money Deposit shall return it to the Buyer. At 5 PM
/s/ BonnieJean C. Tippetts 2/25/97
- - -------------------------
(Buyer's Signature) (Offer Reference Date)
BonnieJean C. Tippetts
- - ---------------------------
Buyer's Name (please print)
- - ------------------------------------------------ ----------------
(Notice Address) (Phone)
- - --------------------------------------------------------------------------------
ACCEPTANCE/REJECTION/COUNTEROFFER
Acceptance of Offer to Purchase: Seller Accepts the foregoing offer on the terms
and conditions specified above.
/s/James D. Hansen
- - -------------------- 2/26/97
(Seller's Signature) (Date) (Time)
- - ------------------------------------------------
Seller's Name (please print)
- - ------------------------------------------------ ----------------
(Notice Address) (Phone)
Rejection: Seller Rejects the foregoing offer.
________________ (Seller's initials) __________________(Date) ____________(Time)
Counter Offer: Seller presents for Buyer's Acceptance the terms of Buyer's
offer subject to the exceptions or modifications as specified in the attached
Counter Offer #____________.
- - --------------------------------------------------------------------------------
DOCUMENT RECEIPT
State Law requires Broker to furnish Buyer and Seller with copies of this
Contract bearing all signatures. (One of the following alternatives must
therefore be completed).
A. I acknowledge receipt of a final copy of the foregoing Contract
bearing all signatures:
SIGNATURE OF SELLER SIGNATURE OF BUYER
/s/James D Hansen 2/25/97 /s/ BonnieJean C. Tippetts 2/25/97
- - ----------------------- ----------- --------------------------- --------
Date Date
- - ------------------------ ----------- ----------------------------- --------
Date Date
B. I personally caused a final copy of the foregoing contract
bearing all signatures to be mailed on _____________, 19______ by
certified Mail and return receipt attached hereto to the Seller
Buyer, Sent by _______________
Seller's Initials ( ) Date ____________ Buyer's Initials ( ) Date ____________
SELLER FINANCING ADDENDUM
TO
REAL ESTATE PURCHASE CONTRACT
THIS SELLER FINANCING ADDENDUM is made a part of that REAL ESTATE PURCHASE
CONTRACT (the "REPC") with an Offer Reference Date of 2-18 , 19 97 , between
CYBER LACROSSE, INC, a Nevada Corporation as Buyer, and JAMES HANSEN As Seller,
regarding the Property located at 26 SO Main Street, Nephi .
The terms of this ADDENDUM are hereby incorporated as part of the REPC.
1.CREDIT DOCUMENTS: Seller's extension of credit to Buyer shall be evidenced by:
(X) Note and Deed of Trust ( ) Note and All-Inclusive Deed of Trust ( )
Other:__________________________________________________
2. CREDIT TERMS: The terms of the credit documents referred to in Section 1
above are as follows: $ 180,000 principle amount of the note (the "Note");
interest at 7 % per annum; payable at approximately $ $ 1272.20 per month. The
entire unpaid balance of principle plus interest is dune in 180 months from date
of the Note. First payment due 1 month after close. Additional principal
payments balloon payments or other terms as follows: $180,000 amoritized over 25
years with final payoff in 15 years. Payment to be paid to seller is approx.
$1272.20 P & I 65.70 taxes & ins. Amt TBD for a payment of approx $1400.00 .
The credit documents referenced in Section 1 of the ADDENDUM will contain a
due-on-sale clause in favor of Seller. Seller agrees to provide to Buyer at
Settlement: (a) an amortization schedule based on the above terms; (b) a written
disclosure of the total interest Buyer will pay to maturity of the Note; and (C)
the annual percentage rate on the Note based on loan closing costs.
3. TAXES AND ASSESSMENTS. In addition to the payments referenced in Section 2
above. Buyer shall also be responsible for: (a) property taxes; (b) homeowners
association dues; (C) special assessments; and (d) hazard insurance premiums on
the Property. These obligations will be paid. (X) directly to Seller/Escrow
Agent on a monthly basis ( ) directly to the applicable county treasurer,
association, and insurance company as required by those entities.
4.PAYMENT. Buyer's payments under Section 2 and 3 above will be made to: (X)
Seller ( ) an ESCROW AGENT. If an Escrow Agent ______________ will act as Escrow
Agent and will be responsible for disbursing payments on any underlying mortgage
or deed of trust ( the "underlying mortgage") and to the Seller. Cost of setting
up the escrow account shall be paid by: ( ) Buyer ( ) Seller ( ) split evenly
between the parties.
5. LATE PAYMENT/PREPAYMENT. Any payment not made withing 5 days after it is due
is subject to a late charge of $___________________ or --5--% of the installment
due, whichever is greater. Amounts in default shall bear interest at a rate of 7
% per annum. All or part of the principal balance on the Note may be paid prior
to maturity without penalty.
6. DUE-ON-SALE. As a part of the Seller Disclosure referenced in Section 7 of
the REPC, Seller shall provide to Buyer a copy of the underlying mortgage, the
note secured thereby, and the amortization schedule. Buyer's obligation to
purchase under this Contract is conditioned upon Buyer's approval of the content
of those documents, in accordance with Section 8 of the REPC. If the holder of
the underlying mortgage calls the loan due as a result of this transaction,
Buyer agrees to discharge the underlying loan as required by the mortgage
lender. In such event, Seller's remaining equity shall be paid as provided in
the credit documents.
7. BUYER DISCLOSURES. Buyer has provided to Seller, as a required part of this
ADDENDUM, the attached Buyer Financial information Sheet. Buyer may use the
Buyer Financial information Sheet approved by the Real Estate Commission and the
Attorney General's Office, or may provide comparable written information in a
different format, together with such additional information as Seller may
reasonably require. Buyer (X) WILL ( ) WILL NOT provide Seller with copies of
IRS returns for the two preceding tax years. Buyer acknowledges that Seller may
contact Buyer's current employer for verification of employment as represented
by Buyer in the Buyer Financial Information Sheet.
8. SELLER APPROVAL. By the Seller Disclosure Deadline referenced in Section
24(b) of the REPC, Buyer shall provide to Seller, at Buyer's expense, a current
credit report of Buyer from a consumer credit reporting agency. Seller may use
the credit report and the information referenced in Section 7 of this Addendum
("Buyer Disclosures") to evaluate the credit-worthiness of Buyer.
Page 1 of 2 pages Seller's Initials_/s/JDH________Date_2/18/97__Buyer's
Initials__/s/BT___Date_2/18/97
SELLER FINANCING ADDENDUM
TO
REAL ESTATE PURCHASE CONTRACT
THIS SELLER FINANCING ADDENDUM is made a part of that REAL ESTATE PURCHASE
CONTRACT (the "REPC") with an Offer Reference Date of 2-25 , 19 97 , between
CYBER LACROSSE, INC, a Nevada corporation as Buyer, and JAMES HANSEN As Seller,
regarding the Property located at 26 SO Main Street, Nephi .
The terms of this ADDENDUM are hereby incorporated as part of the REPC.
1.CREDIT DOCUMENTS: Seller's extension of credit to Buyer shall be evidenced by:
(X) Note and Deed of Trust ( ) Note and All-Inclusive Deed of Trust ( )
Other:__________________________________________________
2. CREDIT TERMS: The terms of the credit documents referred to in Section 1
above are as follows: $ 184,500 principle amount of the note (the "Note");
interest at 7 % per annum; payable at approximately $ $ 1296.40 per month. The
entire unpaid balance of principle plus interest is dune in 180 months from date
of the Note. First payment due 30 days after closing. Additional principal
payments balloon payments or other terms as follows: $184,500 amortized over 25
years with final payoff in 7 years. Payment to be paid to seller is approx.
$1296.40 P & I 65.70 taxes & ins.175.00 a month for a total payment approx
$1,537.10. No prepayment penalty .
The credit documents referenced in Section 1 of the ADDENDUM will contain a
due-on-sale clause in favor of Seller. Seller agrees to provide to Buyer at
Settlement: (a) an amortization schedule based on the above terms; (b) a written
disclosure of the total interest Buyer will pay to maturity of the Note; and (C)
the annual percentage rate on the Note based on loan closing costs.
3. TAXES AND ASSESSMENTS. In addition to the payments referenced in Section 2
above. Buyer shall also be responsible for: (a) property taxes; (b) homeowners
association dues; (C) special assessments; and (d) hazard insurance premiums on
the Property. These obligations will be paid. (X) directly to Seller/Escrow
Agent on a monthly basis ( ) directly to the applicable county treasurer,
association, and insurance company as required by those entities.
4.PAYMENT. Buyer's payments under Section 2 and 3 above will be made to: (X)
Seller ( ) an ESCROW AGENT. If an Escrow Agent ______________ will act as Escrow
Agent and will be responsible for disbursing payments on any underlying mortgage
or deed of trust ( the "underlying mortgage") and to the Seller. Cost of setting
up the escrow account shall be paid by: ( ) Buyer ( ) Seller ( ) split evenly
between the parties.
5. LATE PAYMENT/PREPAYMENT. Any payment not made withing 5 days after it is due
is subject to a late charge of $___________________ or --5--% of the installment
due, whichever is greater. Amounts in default shall bear interest at a rate of 7
% per annum. All or part of the principal balance on the Note may be paid prior
to maturity without penalty.
6. DUE-ON-SALE. As a part of the Seller Disclosure referenced in Section 7 of
the REPC, Seller shall provide to Buyer a copy of the underlying mortgage, the
note secured thereby, and the amortization schedule. Buyer's obligation to
purchase under this Contract is conditioned upon Buyer's approval of the content
of those documents, in accordance with Section 8 of the REPC. If the holder of
the underlying mortgage calls the loan due as a result of this transaction,
Buyer agrees to discharge the underlying loan as required by the mortgage
lender. In such event, Seller's remaining equity shall be paid as provided in
the credit documents.
7. BUYER DISCLOSURES. Buyer has provided to Seller, as a required part of this
ADDENDUM, the attached Buyer Financial information Sheet. Buyer may use the
Buyer Financial information Sheet approved by the Real Estate Commission and the
Attorney General's Office, or may provide comparable written information in a
different format, together with such additional information as Seller may
reasonably require. Buyer (X) WILL ( ) WILL NOT provide Seller with copies of
IRS returns for the two preceding tax years. Buyer acknowledges that Seller may
contact Buyer's current employer for verification of employment as represented
by Buyer in the Buyer Financial Information Sheet.
8. SELLER APPROVAL. By the Seller Disclosure Deadline referenced in Section
24(b) of the REPC, Buyer shall provide to Seller, at Buyer's expense, a current
credit report of Buyer from a consumer credit reporting agency. Seller may use
the credit report and the information referenced in Section 7 of this Addendum
("Buyer Disclosures") to evaluate the credit-worthiness of Buyer.
Page 1 of 2 pages Seller's Initials_______________Date__________Buyer's
Initials__________Date_________
SELLER FINANCING ADDENDUM
TO
REAL ESTATE PURCHASE CONTRACT
THIS SELLER FINANCING ADDENDUM is made a part of that REAL ESTATE PURCHASE
CONTRACT (the "REPC") with an Offer Reference Date of 2-18 , 19 97 , between
CYBER LACROSSE, INC, a Nevada Corporation as Buyer, and JAMES HANSEN As Seller,
regarding the Property located at 26 SO Main Street, Nephi .
The terms of this ADDENDUM are hereby incorporated as part of the REPC.
1.CREDIT DOCUMENTS: Seller's extension of credit to Buyer shall be evidenced by:
(X) Note and Deed of Trust ( ) Note and All-Inclusive Deed of Trust ( )
Other:__________________________________________________
2. CREDIT TERMS: The terms of the credit documents referred to in Section 1
above are as follows: $ 180,000 principle amount of the note (the "Note");
interest at 7 % per annum; payable at approximately $ $ 1272.20 per month. The
entire unpaid balance of principle plus interest is dune in 180 months from date
of the Note. First payment due 1 month after close. Additional principal
payments balloon payments or other terms as follows: $180,000 amoritized over 25
years with final payoff in 15 years. Payment to be paid to seller is approx.
$1272.20 P & I 65.70 taxes & ins. Amt TBD for a payment of approx $1400.00 .
The credit documents referenced in Section 1 of the ADDENDUM will contain a
due-on-sale clause in favor of Seller. Seller agrees to provide to Buyer at
Settlement: (a) an amortization schedule based on the above terms; (b) a written
disclosure of the total interest Buyer will pay to maturity of the Note; and (C)
the annual percentage rate on the Note based on loan closing costs.
3. TAXES AND ASSESSMENTS. In addition to the payments referenced in Section 2
above. Buyer shall also be responsible for: (a) property taxes; (b) homeowners
association dues; (C) special assessments; and (d) hazard insurance premiums on
the Property. These obligations will be paid. (X) directly to Seller/Escrow
Agent on a monthly basis ( ) directly to the applicable county treasurer,
association, and insurance company as required by those entities.
4.PAYMENT. Buyer's payments under Section 2 and 3 above will be made to: (X)
Seller ( ) an ESCROW AGENT. If an Escrow Agent ______________ will act as Escrow
Agent and will be responsible for disbursing payments on any underlying mortgage
or deed of trust ( the "underlying mortgage") and to the Seller. Cost of setting
up the escrow account shall be paid by: ( ) Buyer ( ) Seller ( ) split evenly
between the parties.
5. LATE PAYMENT/PREPAYMENT. Any payment not made withing 5 days after it is due
is subject to a late charge of $___________________ or --5--% of the installment
due, whichever is greater. Amounts in default shall bear interest at a rate of 7
% per annum. All or part of the principal balance on the Note may be paid prior
to maturity without penalty.
6. DUE-ON-SALE. As a part of the Seller Disclosure referenced in Section 7 of
the REPC, Seller shall provide to Buyer a copy of the underlying mortgage, the
note secured thereby, and the amortization schedule. Buyer's obligation to
purchase under this Contract is conditioned upon Buyer's approval of the content
of those documents, in accordance with Section 8 of the REPC. If the holder of
the underlying mortgage calls the loan due as a result of this transaction,
Buyer agrees to discharge the underlying loan as required by the mortgage
lender. In such event, Seller's remaining equity shall be paid as provided in
the credit documents.
7. BUYER DISCLOSURES. Buyer has provided to Seller, as a required part of this
ADDENDUM, the attached Buyer Financial information Sheet. Buyer may use the
Buyer Financial information Sheet approved by the Real Estate Commission and the
Attorney General's Office, or may provide comparable written information in a
different format, together with such additional information as Seller may
reasonably require. Buyer (X) WILL ( ) WILL NOT provide Seller with copies of
IRS returns for the two preceding tax years. Buyer acknowledges that Seller may
contact Buyer's current employer for verification of employment as represented
by Buyer in the Buyer Financial Information Sheet.
8. SELLER APPROVAL. By the Seller Disclosure Deadline referenced in Section
24(b) of the REPC, Buyer shall provide to Seller, at Buyer's expense, a current
credit report of Buyer from a consumer credit reporting agency. Seller may use
the credit report and the information referenced in Section 7 of this Addendum
("Buyer Disclosures") to evaluate the credit-worthiness of Buyer.
Page 1 of 2 pages Seller's Initials_/s/JDH________Date_2/18/97__Buyer's
Initials__/s/BT___Date_2/18/97
SELLER FINANCING ADDENDUM
TO
REAL ESTATE PURCHASE CONTRACT
THIS SELLER FINANCING ADDENDUM is made a part of that REAL ESTATE PURCHASE
CONTRACT (the "REPC") with an Offer Reference Date of 2-25 , 19 97 , between
CYBER LACROSSE, INC, a Nevada corporation as Buyer, and JAMES HANSEN As Seller,
regarding the Property located at 26 SO Main Street, Nephi .
The terms of this ADDENDUM are hereby incorporated as part of the REPC.
1.CREDIT DOCUMENTS: Seller's extension of credit to Buyer shall be evidenced by:
(X) Note and Deed of Trust ( ) Note and All-Inclusive Deed of Trust ( )
Other:__________________________________________________
2. CREDIT TERMS: The terms of the credit documents referred to in Section 1
above are as follows: $ 184,500 principle amount of the note (the "Note");
interest at 7 % per annum; payable at approximately $ $ 1296.40 per month. The
entire unpaid balance of principle plus interest is dune in 180 months from date
of the Note. First payment due 30 days after closing. Additional principal
payments balloon payments or other terms as follows: $184,500 amortized over 25
years with final payoff in 7 years. Payment to be paid to seller is approx.
$1296.40 P & I 65.70 taxes & ins.175.00 a month for a total payment approx
$1,537.10. No prepayment penalty .
The credit documents referenced in Section 1 of the ADDENDUM will contain a
due-on-sale clause in favor of Seller. Seller agrees to provide to Buyer at
Settlement: (a) an amortization schedule based on the above terms; (b) a written
disclosure of the total interest Buyer will pay to maturity of the Note; and (C)
the annual percentage rate on the Note based on loan closing costs.
3. TAXES AND ASSESSMENTS. In addition to the payments referenced in Section 2
above. Buyer shall also be responsible for: (a) property taxes; (b) homeowners
association dues; (C) special assessments; and (d) hazard insurance premiums on
the Property. These obligations will be paid. (X) directly to Seller/Escrow
Agent on a monthly basis ( ) directly to the applicable county treasurer,
association, and insurance company as required by those entities.
4.PAYMENT. Buyer's payments under Section 2 and 3 above will be made to: (X)
Seller ( ) an ESCROW AGENT. If an Escrow Agent ______________ will act as Escrow
Agent and will be responsible for disbursing payments on any underlying mortgage
or deed of trust ( the "underlying mortgage") and to the Seller. Cost of setting
up the escrow account shall be paid by: ( ) Buyer ( ) Seller ( ) split evenly
between the parties.
5. LATE PAYMENT/PREPAYMENT. Any payment not made withing 5 days after it is due
is subject to a late charge of $___________________ or --5--% of the installment
due, whichever is greater. Amounts in default shall bear interest at a rate of 7
% per annum. All or part of the principal balance on the Note may be paid prior
to maturity without penalty.
6. DUE-ON-SALE. As a part of the Seller Disclosure referenced in Section 7 of
the REPC, Seller shall provide to Buyer a copy of the underlying mortgage, the
note secured thereby, and the amortization schedule. Buyer's obligation to
purchase under this Contract is conditioned upon Buyer's approval of the content
of those documents, in accordance with Section 8 of the REPC. If the holder of
the underlying mortgage calls the loan due as a result of this transaction,
Buyer agrees to discharge the underlying loan as required by the mortgage
lender. In such event, Seller's remaining equity shall be paid as provided in
the credit documents.
7. BUYER DISCLOSURES. Buyer has provided to Seller, as a required part of this
ADDENDUM, the attached Buyer Financial information Sheet. Buyer may use the
Buyer Financial information Sheet approved by the Real Estate Commission and the
Attorney General's Office, or may provide comparable written information in a
different format, together with such additional information as Seller may
reasonably require. Buyer (X) WILL ( ) WILL NOT provide Seller with copies of
IRS returns for the two preceding tax years. Buyer acknowledges that Seller may
contact Buyer's current employer for verification of employment as represented
by Buyer in the Buyer Financial Information Sheet.
8. SELLER APPROVAL. By the Seller Disclosure Deadline referenced in Section
24(b) of the REPC, Buyer shall provide to Seller, at Buyer's expense, a current
credit report of Buyer from a consumer credit reporting agency. Seller may use
the credit report and the information referenced in Section 7 of this Addendum
("Buyer Disclosures") to evaluate the credit-worthiness of Buyer.
Page 1 of 2 pages Seller's Initials_______________Date__________Buyer's
Initials__________Date_________