REAL ESTATE PURCHASE CONTRACT
This is a legally binding contract. Utah law requires teal estate licensees to
use this form. Buyer and Seller, however, may agree to alter or delete its
provisions or to use a different form. If you desire legal or tax advice,
consult your attorney or tax advisor.
EARNEST MONEY RECEIPT
Buyer, David Michael Trust or assigns offers to purchase the Property described
below and hereby delivers to the Brokerage, as Earnest Money, the amount of
$_____ in the form of check # which, upon Acceptance of this offer by all
parties (as defined in Section 23), shall be deposited in accordance with state
law.
Received by: ___________________ on _______________(Date)
Brokerage: ___________________ Phone Number ______________________
OFFER TO PURCHASE
1. PROPERTY: 390 South Main also described as ___- City of Nephi, County
of Juab, State of Utah, (the "Property")
1.1 Included Items. Unless excluded herein, this sale includes the
following items if presently attached to the Property:
plumbing, heating air conditioning fixtures and equipment;,
ceiling fans; water heater, built-in appliances; light
fixtures and bulbs; bathroom fixtures; curtains, draperies and
rods; window and door screens; storm doors and windows; window
blinds; awnings; installed television antenna; satellite
dishes and system; permanently affixed carpets; automatic
garage door opener and accompanying transmitter(s)' fencing;
and trees and shrubs. The following items shall also be
included in this sale and conveyed under separate Bill of Sale
with warranties as to title: all equipment
1.2 Excluded Items. The following items are excluded from this
sale: N/A
1.3 Water Rights. The following water rights are included in this
sale: as per property profile.
1.4 Survey. A survey map of the Property certified by a licensed
surveyor [ ] WILL [ X ] WILL NOT be prepared. The Property
corners [ ] WILL [ X ] WILL NOT be marked by survey stakes set
by a licensed surveyor or engineering company. The costs of
the applicable items check above will be [ ] paid by Buyer [ ]
paid by Seller [ ] shared equally by Buyer and Seller [ ]
Other (Specify) ________ . For additional terms, see attached
Survey addendum if applicable.
2. PURCHASE PRICE. The Purchase Price for the Property is $ One Hundred
Thousand Dollars and 00/100.
2.1 Method of Payment. The Purchase Price will be paid as follows:
$500.00 (a) Earnest Money Deposit. Under certain conditions described
in this Contract THIS DEPOSIT MAY BECOME TOTALLY
NON-REFUNDABLE.
$______ (b) New Loan. Buyer agrees to apply for a new loan as provided
in Section 2.3. Buyer will apply for one or more of the
following loans:
[ ] CONVENTIONAL [ ] FHA [ ] VA [ ] OTHER (specify) _______.
If an FHA/VA loan applies, see attached FHA/VA Loan Addendum.
If the loan is to include any particular terms, then check
below and give details: [ ]SPECIFIC LOAN TERMS_____________
$______ (c) Loan Assumption (see attached assumption Addendum if
applicable) $89,500
(d) Seller Financing (see attached Seller Financing Addendum if
applicable)
$_____ (e) Other (specify)___________
$10,000 (f) Balance of Purchase Price in Cash at Settlement
$100,000 PURCHASE PRICE. Total of lines (a) through (f)
Page 1 or 6 pages Seller's Initials /s/ JLC and LC Buyer's Initials /s/ BJT
2.2 Financing Condition. (Check applicable box)
(a) [ ] Buyer's obligation to purchase the property IS conditioned upon the
Buyer qualifying for the applicable loan(s) referenced in Section
2.1(b) or (c) (the "Loan"). This condition is referred to as the
"Financing Condition."
(b) [X] Buyer's obligation to purchase the Property IS NOT conditioned upon
Buyer qualifying for a loan. Section 2.3 does not apply.
2.3 Application for Loan.
(a) Buyer's duties. No later than the Application Deadline referenced in
Section 24(a), Buyer shall apply for the Loan. "Loan Application"
occurs only when Buyer has: (i) completed, signed, and delivered to the
lender (the "Lender") the initial loan application and documentation
required the Lender, and (ii) paid all loan application fees as
required by the Lender. Buyer agrees to diligently work to obtain the
Loan. Buyer will promptly provide the Lender with any additional
documentation as required by the Lender.
(b) Procedure if Loan Application is Denied. If Buyer receives written
notice from the Lender that the Lender does not approve the Loan (a
"Loan Denial"), Buyer shall, no later than three calendar days
thereafter, provide a copy to Seller. Buyer or Seller may, within three
calendar days after Seller's receipt of such notice, cancel this
Contract by providing written notice to the other party. In the event
of a cancellation under this Section 2.3(b); (i) if the Loan Denial was
received by Buyer on or before the Earnest Money Forfeiture Deadline
referenced in Section 24(d), the Earnest Money Deposit shall be
returned to Buyer; (ii) if the Loan Denial was received by Buyer after
the Earnest Money Forfeiture Deadline, Buyer agrees to forfeit, and
Seller agrees to accept as Seller's exclusive remedy, the Earnest Money
as liquidated damages. A failure to cancel as provided in this Section
2.3(b) shall have no effect on the Financing Condition set forth in
Section 2.2(a). Cancellation pursuant to the provisions of any other
section of this Contract shall be governed by such other provisions.
2.4 Appraisal of Property. Buyer's obligation to purchase the Property [ ]
IS [ X] IS NOT conditioned upon the Property appraising for not less
than the Purchase Price. If the appraisal condition applies and the
Property appraises for less than the Purchase Price, Buyer may cancel
this Contract by providing written notice to Seller no later than three
calendar days after Buyer's receipt of notice of the appraised value.
In the event of such cancellation, the Earnest Money Deposit shall be
released to Buyer, regardless of whether such cancellation is before or
after the Earnest Money Forfeiture Deadline. A failure to cancel as
provided in this Section 2.4 shall be deemed a waiver of the appraisal
condition by Buyer.
3. SETTLEMENT AND CLOSING. Settlement shall take place on or before the
Settlement Deadline referenced in Section 24(e). A Settlement shall
occur only when all of the following have been completed: (a) Buyer and
Seller have signed and delivered to each other or to the escrow
.closing office all documents required by this Contract, by the Lender,
by written escrow instructions or by applicable law; (b) any monies
required to be aid by Buyer under these documents (except for the
proceeds of a new loan) have been delivered by Buyer to Seller or to
the escrow/closing office in the form of collected or cleared funds.
Seller and Buyer shall each pay one-half (1/2) of the fee charged by
the escrow/closing office for its services in the settlement/closing
process. Taxes and assessments for the current year, rents, and
interest on assumed obligations shall be prorated at Settlement as set
forth in this Section. Tenant deposits (including, but not limited to,
security deposits, cleaning deposits and prepaid rents) shall be paid
or credited by Seller to Buyer at Settlement. Prorations set forth in
this Section shall be made as of the Settlement Deadline date
referenced on Section 24(e), unless otherwise agreed to in writing by
the parties. Such writing could include the settlement statement. The
transaction will be considered closed when Settlement has been
completed: (i) the proceeds of any new loan have been delivered by the
Lender to Seller or to the escrow/closing office: and (ii) the
applicable Closing documents have been recorded in the office of the
county recorder. The actions described in parts (i) and (ii) of the
preceding sentence shall be completed within four calendar days of
Settlement.
4. POSSESSION. Seller shall deliver physical possession to Buyer within: [
] __ hours [ ] ___ days after Closing; [ ]Other
(specify)__________________________-
5. CONFIRMATION OF AGENCY DISCLOSURE. At the signing of this Contract: /s/
JLC and LC Sellers initials /s/ BJT Buyer's initials
The Listing Agent, ______ represents, [ ] Seller [ ] Buyer [ ] both Buyer and
Seller as Limited Agent
The Selling Agent , Linda Welberg, Dawn Colbert, represents [ ] Seller [X] Buyer
[ ] both Buyer and Seller as Limited Agent
Page 2 of 6 Pages Seller's Initials /s/ JLC and LC Buyer's Initials /s/ BJT
The Listing Broker, _____, represents [ ] Seller [ ] Buyer [ ] both Buyer and
Seller as a Limited Agent
The Selling Broker, ERA - Carlson Realtors, represents [ ] Seller [ X] Buyer [ ]
both Buyer and Seller as a Limited Agent
6. TITLE INSURANCE. At Settlement, Seller agrees to pay for a
standard-coverage owner's policy of title insurance insuring Buyer in
the amount of the Purchase Price.
7. SELLER DISCLOSURES. No later than the Seller Disclosure Deadline
referenced in section 24(b), Seller shall provide to Buyer the
following documents which are collectively referred to as the "Seller
Disclosures";
(a) a Seller property condition disclosure for the Property, signed and
dated by Seller;
(b) a commitment for the policy of title insurance;
(c) a copy of any leases affecting the Property not expiring prior to
Closing;
(d) written notice of any claims and/or conditions known to Seller
relating to environmental problems and building or zoning code
violations; and
(e) Other (specify) ________________________________
8. BUYER'S RIGHT TO CANCEL BASED ON EVALUATIONS AND INSPECTIONS. Buyer's
obligation to purchase under this Contract (check applicable boxes)
[ X] IS [ ] IS NOT conditioned upon Buyer's approval of the content of
all the Seller Disclosures referenced in Section 7;
[X] IS [ ] IS NOT conditioned upon Buyer's approval of a physical
condition inspection of the property
[ ] IS [X ] IS NOT conditioned upon Buyer's of the following tests and
evaluations of the Property:
(specify)________________________________________________
If any of the above items are checked in the affirmative, the Sections 8.1, 8.2,
8.3, and 8.4 apply; otherwise, they do not apply. Unless otherwise provided in
this Contract, the Evaluations & Inspections shall be paid for by Buyer and
shall be conducted by individuals or entities of Buyer's choice. Seller agrees
to cooperate with the Evaluations & Inspections and with the walk through
inspection under Section 11.
8.1 Period for Completion and Review of Evaluations and Inspections. No
later than the Buyer Cancellation Deadline referenced in Section 24(c)
Buyer shall: (a) complete all Evaluations & Inspections; and (b)
determine if the Evaluations & Inspections are acceptable to Buyer.
8.2 Right to Cancel or Object. If Buyer determines that the Evaluations and
Inspections are unacceptable, Buyer may, no later than the Buyer
Cancellation Deadline, either; (a) cancel this Contract by providing
written notice to Seller, whereupon the Earnest Money Deposit shall be
released to Buyer; or (b) provide Seller with written notice of
objections.
8.3 Failure to Respond. If by the expiration of the Buyer Cancellation
Deadline, Buyer does not: (a) cancel this Contract as provided in
Section 8.2; or (b) deliver a written objection to Seller regarding the
Evaluations & Inspections, the Evaluations & Inspections shall be
deemed approved by Buyer.
8.4 Response by Seller. If Buyer provides written objections to Seller,
Buyer and Seller shall have seven calendar days after Seller's receipt
of Buyer's objections (the "Response Period') in which to agree in
writing upon the manner of resolving Buyer's objections. Seller may,
but shall not be required to, resolve Buyer's objection. If Buyer and
Seller have not agreed in writing upon the manner of resolving Buyer's
objections, Buyer may cancel this Contract by providing written notice
to Seller no later than three calendar days after expiration of the
Response Period; whereupon the Earnest Money Deposit shall be released
to Buyer, regardless of whether such cancellation is before or after
the Earnest Money Forfeiture Deadline. If this Contract is not canceled
by Buyer under this Section 8.4, Buyer's objections shall be deemed
waived by Buyer. This waiver shall not affect those items warranted in
Section 10.
9 ADDITIONAL TERMS. There [X] ARE [ ] ARE NOT addenda to this Contract
containing additional terms. If there are, the terms of the following
addenda are incorporated into this Contract by this reference: [X]
Addendum No. 1 [ ] Survey Addendum [ X] Seller Financing Addendum [ ]
FHA/VA Loan Addendum [ ] Assumption Addendum [ ] Lead-Based Paint
Addendum (in some transactions this addendum is required by law) [ ]
Other (specify)_______________________
Page 3 of 6 pages Seller's Initials /s/ JLC and LC Buyer's Initials /s/ BJT
10. SELLER WARRANTIES & REPRESENTATIONS.
10.1 Condition of Title. Seller represents that Seller has fee title to the
Property and will convey good and marketable title to Buyer at Closing
by general warranty deed; unless the sale is being made pursuant to a
real estate contact which provides for title to pass at a later date.
In that case, title will be conveyed in accordance with the provisions
of that contract. Buyer agrees, however, to accept title to the
Property subject to the following matters of record; easements, deed
restrictions, CC&R's (meaning covenants, conditions and restrictions),
and rights-of-way; and subject to the contents of the Commitment for
Title Insurance as agreed to by Buyer under Section 8. Buyer also
agrees to take the Property subject to existing leases affecting the
Property and expiring prior to Closing. Buyer agrees to be responsible
for taxes, assessments, homeowners association dues, utilities, and
other services provided to the Property after Closing. Except for any
loan(s) specifically assumed by Buyer under Section 2.1(c), Seller will
cause to be paid off by Closing all mortgages, trust deeds, judgements,
mechanic's liens, tax liens and warrants. Seller will cause to be paid
current by Closing all assessments and homeowners association dues.
10.2 Condition of Property. Seller warrants that the property will be
in the following condition ON THE DATE SELLER DELIVERS PHYSICAL
POSSESSION TO BUYER:
(a) the Property shall be broom-clean and free of debris and
personal belongings. Any Seller or tenant moving-related
damage to the Property shall be repaired at Seller's expense;
(b) the heating cooling, electrical plumbing and sprinkler systems
and fixtures, and the appliances and fireplaces will be in
working order and fit for their intended purposes;
(c) the roof and foundation shall be free of leaks known to
Seller;
(d) any private well or septic tank serving the Property shall
have applicable permits, and shall be in working order and fit
for its intended purpose; and
(e) the Property and improvements, including the landscaping, will
be in the same general condition as they were on the date of
Acceptance
11. WALK THROUGH INSPECTION. Before Settlement, Buyer may, upon reasonable
notice and at a reasonable time, conduct a "walk-through" inspection of
the Property to determine only that the Property is :as represented"
meaning that the items referenced in Sections 1.1, 8.4 and 10.2 ("the
items") are respectively present, repaired/changed as agreed, and in
the warranted condition. If the items are not as represented, Seller
will, prior to Settlement, replace, correct or repair the items or,
with the consent of Buyer (and Lender if applicable), escrow an amount
at Settlement to provide for the same. The failure to conduct a
walk-through inspection, or to claim that an item is not as
represented, shall not constitute a waiver by Buyer of the right to
receive, on the date of possession, the items as represented.
12. CHANGES DURING TRANSACTION. Seller agrees that from the date of
Acceptance until the date of Closing, none of the following shall occur
without the prior written consent of Buyer: (a) no changes in any
existing leases shall be made; (b) no new leases shall be entered into;
(c) no substantial alterations or improvements to the Property shall be
made or undertaken; and (d) no other financial encumbrances to the
Property shall be made.
13. AUTHORITY OF SIGNERS. If Buyer or Seller is a corporation, partnership,
trust, estate, limited liability company, or other entity, the person
executing this Contract on its behalf warrants his or her authority to
do so and to bind Buyer and Seller.
14. COMPLETE CONTRACT. This Contract together with its addenda, any
attached exhibits, and Seller Disclosures, constitutes the entire
Contract between the parties and supersedes and replaces any and all
prior negotiations, representations, warranties, understandings or
contracts between the parties. This Contract cannot be changed except
by written agreement of the parties.
15. DISPUTE RESOLUTION. The parties agree that any dispute, arising prior
to or after Closing, related to this Contract [X] SHALL [ ] MAY (upon
mutual agreement of the parties) first be submitted to mediation. If
the parties agree to mediation, the dispute shall be submitted to
mediation through a mediation provider mutually agreed upon by the
parties. Each party agrees to bear its own costs of mediation. If
mediation fails, the other procedures and remedies available under this
Contact shall apply. Nothing in this Section 15 shall prohibit any
party from seeking emergency equitable relief pending mediation.
16. DEFAULT. If Buyer defaults, Seller may elect either to retain the
Earnest Money Deposit as liquidated damages, or to return it and sue
Buyer to specifically enforce this Contract or pursue other remedies
available at Legal Assistant. If Seller defaults, in addition to return
of the Earnest Money Deposit, Buyer may elect either to accept from
Seller a sum equal to the Earnest Money Deposit as liquidated damages,
or may sue Seller to specifically enforce this Contract or pursue other
remedies available at law. If Buyer elects to accept liquidated
damages, Seller agrees to pay the liquidated damages to Buyer upon
demand. It is agreed that denial of a Loan Application made by Buyer is
not a default and is governed by Section 2.3(b)
Page 4 of 6 pages Seller's Initials /s/ JLC and LC Buyer's Initials /s/ BJT
17. ATTORNEY FEES AND COSTS.
17.1 In Actions to Enforce this Contract. In the event of litigation or
binding arbitration to enforce this Contract the prevailing party shall
be entitled to costs and reasonable attorney's fees. Attorney fees
shall not be awarded for participation in mediation under Section 15.
17.2 In Interpleader Actions. If a principal broker holding the Earnest
Money Deposit is required by law to file an interpleader action in
court to resolve a dispute over that Deposit, Buyer and Seller
authorize that principal broker to draw from that Deposit an amount
necessary to advance the court costs needed to bring that interpleader
action. The amount of the Deposit remaining after advancing those costs
shall be interpleaded into court. Buyer and Seller further agree that
whichever of them is found to be in default may be ordered to pay any
reasonable attorney fees, or additional court costs, incurred by the
principal broker in bringing the action, unless the court finds that
there was fault on the part of the principal broker or his or her agent
that would make such an award of attorney fees and costs unjust.
18. NOTICES Except as provided in Section 23, all notices required under
this Contract must be: (a) in writing; (b) signed by the party giving
notice; and (c) received by the other party or the other arty's agent
no later than the applicable date referenced in this Contract.
19. ABROGATION. Except for the provisions of Sections 15 and 17.1 and
express warranties made in this Contract, the provisions of this
Contract shall not apply after Closing.
20. RISK OF LOSS. All risk of loss to the Property not caused by Seller or
Buyer, including physical damage or destruction to the Property or its
improvements due to any cause except ordinary wear and tear and loss
caused by a taking in eminent domain, shall be borne by Seller until
Seller delivers possession of the Property to Buyer.
21. TIME IS OF THE ESSENCE. Time is of the essence regarding the dates set
forth in this Contract. Extensions must be agreed to in writing by all
parties. Unless otherwise explicitly stated in this Contract: (a)
performance under each Section of this Contract which references a date
shall absolutely be required by 5:00 PM Mountain Time on the stated
date; and (b) the term "days" shall mean calendar days and shall be
counted beginning on the day following the event which triggers the
timing requirement (i.e., Acceptance, receipt of the Seller
Disclosures, etc.). Performance dates and times referenced herein shall
not be binding upon title companies, lenders, appraisers and others not
parties to this Contract, except as otherwise agreed to in writing by
such non-party.
22. FAX TRANSMISSION AND COUNTERPARTS. Facsimile (fax) transmission of a
signed copy of Contract, any addenda and counteroffers, and the
retransmission of any signed fax shall be the same as delivery of an
original. This Contract and any addenda and counteroffers may be
executed in counterparts.
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 to the other party's agent that the offer or counteroffer has
been signed as required,
24. CONTRACT DEADLINES. Buyer and Seller agree that the following deadlines
shall apply to this Contract: (a) Application Deadline No later than
-0- calendar days after Acceptance. (b) Seller Disclosure Deadline No
later than 10 calendar days after Acceptance. (c) Buyer Cancellation
Deadline No later than 70 calendar days after Buyer's receipt of all of
the Seller's Disclosures. (d) Earnest Money Forfeiture Deadline 10
calendar days after Buyer Cancellation Deadline. (e) Settlement
Deadline June 30
25. 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 upon presentation.
/s/BonnieJean C. Tippetts
(Buyer's Signature) (Offer Date)
BonnieJean C. Tippetts
Buyer's Names) (PLEASE PRINT) (Notice Address) (Phone)
Page 5 of 6 pages Seller's Initials /s/ JLC and LC Buyer's Initials BJT
ACCEPTANCE/COUNTEROFFER/REJECTION
CHECK ONE:
[ ] ACCEPTANCE OF OFFER TO PURCHASE: Seller Accepts the foregoing offer
on the terms and conditions specified above.
[X] COUNTEROFFER; Seller presents for Buyer's Acceptance the terms of
Buyer's offer subject to the exceptions or modifications as specified
in the attached ADDENDUM No. 2.
/s/ Jack L. Carter
(Seller's Signature) (Date) (Time)
[ ] REJECTION: Seller Rejects the forgoing offer.
(Seller's Signature) (Date) (Time)
***********************************************************
DOCUMENT RECEIPT
State law requires Broker to furnish Buyer and Seller with coopies of this
Contract bearing all signatures. (Fill in applicable section below.)
A. I acknowledge receipt of a final copy of the foregoing Contract bearing
all signatures:
/s/ BonnieJean C. Tippetts
(Buyer's Signature) (Date)
/s/Jack L. Carter
(Seller's Signature) (Date)
B. I personally caused a final copy of the foregoing Contract bearing all
signatures to be [ ] faxed [ ] mailed [ ] hand delivered on ______ ,
19__, postage, prepaid, to the [ ] Seller [ ] Buyer
Sent/Delivered by (specify)____________________________________
THIS FORM APPROVED BY THE UTAH REAL ESTATE COMMISSION AND THE OFFICE OF THE
UTAH ATTORNEY GENERAL, EFFECTIVE JUNE 12, 1996. IT REPLACES AND
SUPERSEDES ALL PREVIOUSLY APPROVED VERSIONS OF THIS FORM.
Page 6 of 6 pages Seller's Initials /s/ JLC and LC Buyer's Initials BJT
DISCLOSURE AND ACKNOWLEDGEMENT REGARDING
LEAD-BASED PAINT AND/OR LEAD-BASED PAINT HAZARDS
THIS IS A DISCLOSURE AND ACKNOWLEDGEMENT concerning Property (the "Property")
located at 390 South Main . This document contains certain provisions required
by federal law. If Buyer and Seller enter into a contract for the purchase of
the Property (a "REPC"), this document shall be attached to that contract and
made a part thereof.
1. LEAD WARNING STATEMENT. Every purchaser of any interest in residential real
property on which residential dwelling was built prior to 1978 is notified that
such property may present exposure to lead from lead-based paint that may place
young children at risk of developing lead poisoning. Lead poisoning in young
children may produce permanent neurological damage, including learning
disabilities, reduced intelligence quotient, behavioral problems, and impaired
memory. Lead poisoning also poses a particular risk to pregnant women. The
seller of any interest in residential real property is required to provide the
buyer with any information on lead=based paint hazards from risk assessments or
inspections in the seller's possession and notify the buyer of any known
lead-based paint hazards. A risk assessment or inspection or inspection for
possible lead-based paint hazards is recommended prior to purchase.
2. SELLER'S DISCLOSURE AND ACKNOWLEDGEMENT. ( Initial applicable boxes)
(a) Presence of lead-based paint and/or lead-based paint hazards
(initial one box only):
(i) ( - ) Known lead-based paint and/or lead-based paint hazards
are present in the Property (explain):____________________________
(ii) ( - ) Seller has no knowledge of lead-based paint and/or lead
based paint hazards in the Property.
(b) Records and reports available to Seller (initial one box only):
(i)( - ) Seller has provided Buyer with all available records and
reports pertaining to lead-based paint and/or lead-based hazards in
the Property (list documents):_____________________________
(ii) (BJT) Seller has no reports or records pertaining to
lead-based paint and/or lead-based paint hazards LC in the
property.
(c) Seller understands that under federal law, if Seller has not yet
made the disclosures in Sections 2(a) and 2 (b) of this document, or Buyer has
not yet been provided with an EPA approved lead hazard information pamphlet,
Seller may not accept an offer by Buyer to purchase the property until after
those steps have been completed and Buyer has been given an opportunity to
review that information and amend the offer.
(d) Seller understands that if Buyer initials the box in Section
3(d)(I) of this document, the REPC must include the Lead-Based Paint Addendum.
3. BUYERS ACKNOWLEDGMENT. (Initial)
(a) ( - ) Buyer has received copies of any
information listed in Sections 2(a) and 2(b)
above.
(b) (BJT) Buyer has received the pamphlet Protect Your
Family from Lead in You Home or an
Equivalent lead hazard information pamphlet
approved by the federal Environmental
Protection Agency.
(c) (BJT) Buyer has read the Lead Warning Statement in
Section 1 above and understands it contents.
(d) Buyer has (initial one box only):
(i) ( - ) a 10-day opportunity (or mutually agreed upon
period) to conduct a risk assessment or
inspection for the Presence of lead-based
paint and/or lead-based paint hazards. If
this box is initialed, the REPC must include
the Lead-Based Paint Addendum; OR
(ii)(BJT) By initialing this box, waived the
opportunity to conduct a risk assessment or
inspection for the presence of lead-based
paint and/or lead-based paint hazards.
4. AGENT'S ACKNOWLEDGEMENT. (Initial) ( - ) Agent has informed Seller of
Seller's obligations under 42 U.S.C. 4852d and is aware of his/her
responsibility to ensure compliance.
5. CERTIFICATION OF ACCURACY. Buyer, Seller and Agent (s) must sign The
following parties have reviewed the information above and certify, to the
best of their knowledge, that the information they have respectively
provided is true and accurate.
/S/JACK L. CARTER 4-24-97 /S/LOA CARTER 4-24-97
SELLERS SIGNATURE DATE SELLERS SIGNATURE DATE
/S/BONNIEJEAN C. TIPPETTS 4-24-97
BUYER SIGNATURE DATE BUYER SIGNATURE DATE
SELLER FINANCING ADDENDUM TO
REAL ESTATE PURCHASE CONTRACT
This is a legally binding Contract, Utah State Law required that licensed real
estate agents use this form, but the Buyer and the Seller may legally agree in
writing to alter or delete provisions of this form. If you delete legal or tax
advice, consult your attorney or tax advisor.
- ------------------------------------------------------------------------------
THIS SELLER FINANCING ADDENDUM (the "Addendum") is made a part of that REAL
ESTATE PURCHASE CONTRACT (the "REPC") with an Offer Reference Date of 4/2 ,
1997, between David Michael Trust or assigns , as Buyer, and 390 S. Main , as
Seller. The terms of this Addendum shall control. All other terms of the REPC
not modified by this Addendum shall remain the same:
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: $89,500 principal amount of the note (the "Note");
interest at 6% per annum; payable at approximately $533.92 per month. The entire
unpaid balance of principal plus accrued interest is due in 120 months from date
of the Note. First payment due 1 month after closing. Additional principal
payments, balloon payments or other terms as follows: 89,500 amortized over 30
years with a balloon in 10 yrs. No prepayment penalty. $533.92 plus ins. &
taxes. Taxes & ins. to be verified and added to 533.92. Title co. to verify all
payments. The credit documents referenced in Section 1 of this Addendum will
contain a due-on-sale clause in favor of Seller. Buyer [X] will [] will not
provide Seller at Closing with a lender's title policy insuring Seller in the
amount of the Note. Seller agrees to provide to Buyer at Closing: (i) an
amortization schedule based on the above terms; and (ii) a written disclosure of
the total interest Buyer will pay to maturity of the Note.
3. TAXES AND ASSESSMENTS. In addition to the payments referenced in Section 2
above, Buyer shall also be responsible for: (i) property taxes; (ii) homeowners
association dues; (iii) special assessments; and (iv) hazard insurance premiums
on the Property. These obligations will be paid: [] directly to Seller/Escrow
Agent on a monthly basis [X] 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,____________________ , will act as Escrow Agent and
will be responsible for disbursing payments on the underlying mortgage and to
the Seller. Cost of setting up and maintaining the escrow account shall be paid
by: [] Buyer [] Seller [] split evenly between the parties.
5. LATE PAYMENT/PREPAYMENT. Any payment not made with 5 days after it is due is
subject to a late charge of $___ Or 5% of the installment due. Amounts in
default shall bear interest at a rate ___of % per annum. All or part of the
principal balance on the Note may be paid prior to maturity without penalty.
6. DUE-ON-SALE. This transaction is subject to Buyer's approval of the terms of
any underlying loan as provided in Section 8 of the REPC. Buyer acknowledges
that any underlying loan on the Property may contain a due-on-sale clause which
requires the lender's consent to this transaction. If the lender does not
consent to this transaction and calls the loan immediately due, Buyer agrees to
discharge the underlying loan as required by the lender. In such event, Seller's
remaining equity shall be paid as provided in the credit documents.
7. BUYER'S DISCLOSURES. Buyer has provided to Seller, as a required part of this
Addendum, the attached "Buyer Financial Information Sheet - Part B." Buyer [X]
will [] will not provide Seller with copies or 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. Within the time reference in Section 7 of the REPC, Buyer
shall provide to Seller, at Buyer's expense, a current credit report on Buyer
from a consumer credit reporting agency. Seller may use this information
contained in the credit report and the information referenced in Section 7 of
this Addendum (collectively referred to as the "Buyer Disclosures") to evaluate
the credit-worthiness of Buyer. Seller agrees to maintain confidential all
information contained in the Buyer Disclosures.
8.1 Seller Review. Within the time period allowed in Section 8.1 of the
REPC, Seller shall review the credit report and the Buyer Disclosures to
determine if, in Seller's sole discretion, the content of the credit report, and
the Buyer Disclosures, is acceptable. If the content of the credit report or the
Buyer Disclosures is not acceptable to Seller, Seller may elect to either: (i)
provide written objections to Buyer as provided in Section 8.2 of this Addendum;
or (ii) immediately void the REPC by providing written notice to Buyer within
the time referenced in Section 8.1 of the REPC. The Brokerage, upon receipt of a
copy of Seller's written notice of cancellation, shall return to Buyer the
Earnest Money Deposit without the requirement of any further written
authorization from Seller.
8.2 Seller Objections. If Seller does not immediately void the REPC as
provided above, Seller may within the time period allowed in Section 8.1 of the
REPC, provide Buyer with written objections. Buyer and Seller shall have seven
calendar days after Buyer's receipt of the objections to resolve Seller's
objections. Buyer may, but shall not be required to, resolve Seller's
objections. If Seller's objections are not resolved within the seven calendar
days, Seller may void the REPC by providing written notice to Buyer within the
same seven calendar days. The Brokerage, upon receipt of a copy of Seller's
written notice of cancellations, shall return to Buyer the Earnest Money Deposit
without the requirement of any further written authorization from Seller.
8.3 Failure to Object. If Seller does not deliver a written objection
to Buyer regarding the credit report or a Buyer Disclosure within the time
period allowed in Section 8.1 of the REPC, or if Seller does not void the REPC
as provided in Section 8.1 or 8.2 of this Addendum, any objections to the credit
report and Buyer Disclosures will be deemed approved or waived by Seller.
[] Seller [] Buyer shall have until______ [] A.M. [] P.M. Mountain Time upon
presentation, 19__, to accept these terms in accordance with Section 23 of the
REPC. Unless so accepted, this offer shall lapse.
/s/BonnieJean C. Tippetts
[X] Buyer [] Seller Signature Date
[] Buyer [] Seller Signature Date
- ------------------------------------------------------------------------------
ACCEPTANCE/REJECTION/COUNTER OFFER
CHECK ONE:
[]ACCEPTANCE: []Seller []Buyer hereby accepts these terms.
[]Buyer []Seller Signature Date Time
[]Buyer []Seller Signature Date Time
[]REJECTION: []Seller []Buyer rejects these terms.
_______________________ (Initials) _________ (Date) _________ (Time)
COUNTER OFFER:[X]Seller[] Buyer presents as a counter offer the terms set forth
on the attached Counter Offer #2.
/s/JLC /s/LC (Sellers Initials)
ADDENDUM # 1 / COUNTER OFFER #
TO
REAL ESTATE PURCHASE CONTRACT
This is an ADDENDUM/COUNTER OFFER to that REAL ESTATE PURCHASE CONTRACT (the
"REPC") with an Offer Reference Date of 4/2 , 19 97 , including all addenda and
counter offers, between David Michael Trust or assigns , as Buyer, and Jack and
Loa Carter, as Seller. The following terms are hereby incorporated as part of
the REPC, and to the extent these terms modify or conflict with any provisions
of the REPC, these terms shall control. All other terms of the REPC not modified
shall remain the same:
1. Plat map to property
2. 3% commission to be paid to buyers agent Linda Wilberg & Dawn Colbert with
ERA Carlson Realtors.
3. Listing agent to negotiate with Seller on their percentage fee.
[ ] Seller [ ] Buyer shall have until [ ] A.M. [ ] P.M. Mountain Time, upon
presentation , 19 , to accept these terms in accordance with Section 23 of the
REPC. Unless so accepted, this offer shall lapse.
/s/BonnieJean C. Tippetts
[x] Buyer [ ] Seller Signature Date
[ ] Buyer [ ] Seller Signature Date
- ------------------------------------------------------------------------------
ACCEPTANCE/REJECTION/COUNTER OFFER
CHECK ONE:
[x] Acceptance: [ ] Seller [ ] Buyer hereby accepts these terms.
/s/ Jack L. Carter
[ ] Buyer [x] Seller Signature Date Time
/s/ Loa Carter
[ ] Buyer [ ] Seller Signature Date Time
[ ] Rejection: [ ] Seller [ ] Buyer rejects these terms.
___________________ (Initials) ___________ (Date) _____ (Time).
[x] Counter Offer: [ ] Seller [ ] Buyer presents as a counter offer the terms
set forth on the attached Counter Offer # .
ADDENDUM/COUNTER OFFER
NO. 2
TO
REAL ESTATE PURCHASE CONTRACT
THIS IS AN [ ] ADDENDUM [x] COUNTER OFFER to that REAL ESTATE PURCHASE CONTRACT
(the "REPC") with an Offer Reference Date of 4/2 , 19 97 , between David Michael
Trust or assigns , as Buyer, and Jack & Loa Carter, as Seller. The following
terms are hereby incorporated as part of the REPC, and to the extent that they
modify or conflict with any provisions of the REPC, including all prior addenda
and counter offers, these terms shall control. All other terms of the REPC,
including all prior addenda and counter offers, not modified shall remain the
same:
Purchase price to be $150,000.00. Down payment to be increased to a total of
$80,000.00. Seller to finance $70,000.00 @ 10% interest amortized over 10 yrs.
Payment to be approx. $925.06 per month.
The Buyer and Seller agree that the Seller has the right to continue to offer
the property for sale and to accept offers subject to the rights of the Buyer.
If the Seller accepts such an offer, the Seller must notify the Buyer at:
The Buyer has 72 hrs. From receipt of Seller's notice to either
1. Remove applicable contingencies and increase earnest money to a total of
$10,000.00 (Ten Thousand) dollars which shall be non-refundable, or
2. Allow the agreement automatically to become null and void. In the latter
case, the earnest money will be returned to the buyer.
Payments to be set up with escrow specialists, box 3287, Ogden, Ut 84409. Set-up
fee and monthly fee to be paid 1/2by Buyer and1/2 by Seller.
[ ] Seller [x] Buyer shall have until upon presentation [ ] A.M. [ ] P.M.
Mountain Time, , 19 , to accept the terms of this ADDENDUM/COUNTER OFFER in
accordance with the provisions of Section 23 of the REPC. Unless so accepted,
the offer as set for in this ADDENDUM/COUNTER OFFER shall lapse.
/s/Jack L. Carter 4/3/97 /s/Loa Jean Carter 4/3/97
[] Buyer [] Seller Signature Date Time [] Buyer [] Seller Signature Date Time
z------------------------------------------------------------------------------
ACCEPTANCE/REJECTION/COUNTER OFFER
CHECK ONE:
[ ] ACCEPTANCE of ADDENDUM/COUNTER OFFER: [ ] Seller [ ] Buyer hereby accepts
the terms of this ADDENDUM/COUNTER OFFER.
[ ] Buyer [ ] Seller Signature Date Time [ ] Buyer [ ] Seller Signature Date
Time [ ] REJECTION: [ ] Seller [ ] Buyer rejects the foregoing ADDENDUM/COUNTER
OFFER.
______________(Initials) ________________ (Date) ___________________ (Time).
[x] COUNTER OFFER: [ ] Seller [x] Buyer presents as a counter offer the terms
set forth on the attached Counter Offer # . ---------
ADDENDUM # / COUNTER OFFER # 3
TO
REAL ESTATE PURCHASE CONTRACT
This is an ADDENDUM/COUNTER OFFER to that REAL ESTATE PURCHASE CONTRACT (the
"REPC") with an Offer Reference Date of 4-2 , 19 97 , including all addenda and
counter offers, between David Michael Trust or assigns , as Buyer, and 390 S.
Main, as Seller. The following terms are hereby incorporated as part of the
REPC, and to the extent these terms modify or conflict with any provisions of
the REPC, these terms shall control. All other terms of the REPC not modified
shall remain the same:
1. Purchase price to be $120,000
2. Sellers to finance $60,000 at 7% interest amortized over 30 years with a 10
yr. balloon
3. 72 hr. clause not acceptable. .
[x] Seller [ ] Buyer shall have until 5:00 [ ] A.M. [x] P.M. Mountain Time,
April 15 , 19 97 , to accept these terms in accordance with Section 23 of the
REPC. Unless so accepted, this offer shall lapse.
/s/BonnieJean C. Tippetts 4-4-97
[x] Buyer [ ] Seller Signature Date
[ ] Buyer [ ] Seller Signature Date
- --------------------------------------------------------------------------------
ACCEPTANCE/REJECTION/COUNTER OFFER
CHECK ONE:
[x] Acceptance: [ ] Seller [ ] Buyer hereby accepts these terms.
/s/ Jack L. Carter
[ ] Buyer [ ] Seller Signature Date Time
/s/ Loa Carter
[ ] Buyer [ ] Seller Signature Date Time
[ ] Rejection: [ ] Seller [ ] Buyer rejects these terms.
______________________ (Initials) ________________ (Date)___________(Time).
[ ] Counter Offer: [ ] Seller [ ] Buyer presents as a counter offer the terms
set forth on the attached Counter Offer # . ---------
ADDENDUM/COUNTER OFFER
NO. 4
TO
REAL ESTATE PURCHASE CONTRACT
THIS IS AN [x] ADDENDUM [ ] COUNTER OFFER to that REAL ESTATE PURCHASE CONTRACT
(the "REPC") with an Offer Reference Date of 4-2 , 19 97 , including all addenda
and counter offers, between David Michael Trust or assigns , as Buyer, and Jack
and Loa Carter, as Seller. The following terms are hereby incorporated as part
of the REPC, and to the extent that they modify or conflict with any provisions
of the REPC, including all prior addenda and counter offers, these terms shall
control. All other terms of the REPC, including all prior addenda and counter
offers, not modified shall remain the same:
Payments to be set up with Escrow Specialists Set-up and monthly fee to be paid
1/2 to Buyer and 1/2 to seller.
Payments to be approx. $500.00 per mo. @ 7% annum with balloon in 10 yrs.
[ ] Seller [x] Buyer shall have until upon presentation [ ] A.M. [ ] P.M.
Mountain Time, , 19 , to accept the terms of this ADDENDUM/COUNTER OFFER in
accordance with the provisions of Section 23 of the REPC. Unless so accepted,
the offer as set for in this ADDENDUM/COUNTER OFFER shall lapse.
/s/Jack L. Carter 4/15/97 12:01 PM /s/Loa Jean Carter 4/15/97 12:02PM
- --------------------------------------------------- -------------------------
[]Buyer [] Seller Signature Date Time [] Buyer [] Seller Signature Date Time
- ------------------------------------------------------------------------------
ACCEPTANCE/REJECTION/COUNTER OFFER
CHECK ONE: subject to addendum #5
[x] ACCEPTANCE of ADDENDUM/COUNTER OFFER: [ ] Seller [ ] Buyer hereby accepts
the terms of this ADDENDUM/COUNTER OFFER.
/s/BonnieJean C. Tippetts
[x] Buyer [ ] Seller Signature Date Time [ ] Buyer [ ] Seller Signature Date
Time [ ] REJECTION: [ ] Seller [ ] Buyer rejects the foregoing ADDENDUM/COUNTER
OFFER.
____________________ (Initials)_____________________ (Date)__________ (Time).
[x] COUNTER OFFER: [ ] Seller [ ] Buyer presents as a counter offer the terms
set forth on the attached Counter Offer # 5 to extension of time. ---------
ADDENDUM # / COUNTER OFFER # 5
TO
REAL ESTATE PURCHASE CONTRACT
This is an ADDENDUM/COUNTER OFFER to that REAL ESTATE PURCHASE CONTRACT (the
"REPC") with an Offer Reference Date of 4/2 , 19 97 , including all addenda and
counter offers, between David Michael Trust or assigns , as Buyer, and Jack &
Loa Carter, as Seller. The following terms are hereby incorporated as part of
the REPC, and to the extent these terms modify or conflict with any provisions
of the REPC, these terms shall control. All other terms of the REPC not modified
shall remain the same:
1. Because of length of time, due to out of town buyers/sellers, the buyer is
requesting 90 days from time of acceptance. Closing to take place July 30th.
Section 24 (b), (c) and (d) time frames shall start once this addendum has been
signed.
2. All other terms to remain the same.
Sellers Note: If at all possible sellers are requesting closing on or before
June 30, 1997, due to extreme medical condition.
[ ] Seller [ ] Buyer shall have until [ ] A.M. [ ] P.M. Mountain Time, upon
presentation , 19 , to accept these terms in accordance with Section 23 of the
REPC. Unless so accepted, this offer shall lapse.
/s/BonnieJean C. Tippetts
[x] Buyer [ ] Seller Signature Date
[ ] Buyer [ ] Seller Signature Date
- ------------------------------------------------------------------------------
ACCEPTANCE/REJECTION/COUNTER OFFER
CHECK ONE:
[ ] Acceptance: [ ] Seller [ ] Buyer hereby accepts these terms.
/s/ Jack L. Carter
[ ] Buyer [ ] Seller Signature Date Time
/s/ Loa Carter
[ ] Buyer [ ] Seller Signature Date Time
[ ] Rejection: [ ] Seller [ ] Buyer rejects these terms.
_____________________ (Initials) __________________ (Date)______(Time).
[ ] Counter Offer: [ ] Seller [ ] Buyer presents as a counter offer the terms
set forth on the attached Counter Offer # .
ADDENDUM NO. 6
TO
REAL ESTATE PURCHASE CONTRACT
Page of
THIS IS AN [ ] ADDENDUM [ ] COUNTEROFFER to that REAL ESTATE PURCHASE CONTRACT
(the "REPC") with an Offer Reference Date of , 19 , including all prior addenda
and counteroffers, between David Michael Trust , as Buyer, and Jack & Loa
Carter, as Seller, regarding the Property located at . The following terms are
hereby incorporated as part of the REPC:
Buyer will pay $20,000 down. Seller to carry $120,000 note at 7% interest
amortized over 15 years.
Payments are $898.83 per month. Pay off balloon will be t the end of 18 months.
Buyer will close by June 30, 1997.
To the extent the terms of this ADDENDUM modify or conflict with any provisions
of the REPC, including all prior addenda and counteroffers, these terms shall
control. All other terms of the REPC, including all prior addenda and
counteroffers, not modified by this ADDENDUM shall remain the same. [ ] Seller [
] Buyer shall have until [ ] A.M. [ ] P.M. Mountain Time, upon presentation , 19
, to accept the terms of this ADDENDUM in accordance with the provisions of
Section 23 of the REPC. Unless so accepted, the offer as set forth in this
ADDENDUM shall lapse.
/s/BonnieJean C. Tippetts
[x] Buyer [] Seller Signature Date Time [] Buyer [] Seller Signature Date Time
ACCEPTANCE/REJECTION/COUNTER OFFER
CHECK ONE:
[x] ACCEPTANCE: [X] Seller [ ] Buyer hereby accepts the terms of this ADDENDUM.
[ ] COUNTEROFFER: [ ] Seller [ ] Buyer presents as a counteroffer the terms of
attached ADDENDUM NO. .
/s/Jack L. Carter 5-27-97 /s/ Loa Carter 5-27-97
(Signature) (Date) (Time) (Signature (Date) (Time)
[ ] REJECTION: [ ] Seller [ ] Buyer rejects the foregoing ADDENDUM.
5-27-97 5-27-97
(Signature) (Date) (Time) (Signature) (Date) (Time)
THIS FORM APPROVED BY THE UTAH REAL ESTATE COMMISSION AND THE OFFICE OF THE UTAH
ATTORNEY GENERAL, EFFECTIVE JUNE 12, 1996. IT REPLACES AND SUPERCEDES ALL
PREVIOUSLY APPROVED VERSIONS OF THIS FORM.