8. ROOF INSPECTION: At least 15 days before closing, Buyer, at Buyer’s expense, shall have the right to obtain
a written report from a licensed roofer stating that the roof is in a watertight condition. In the event repairs are
required either to correct leaks or to replace damage to facia or soffit, Seller shall pay up to three (3%) percent of the
purchase price for said repairs which shall be performed by a licensed roofing contractor; but if the costs for such
repairs exceed three (3%) percent of the purchase price, Buyer may elect to pay such excess. If Buyer elects not to
pay, Seller may pay the excess or cancel the contract.
9. OTHER INSPECTIONS: At least 15 days before closing, Buyer or his agent may inspect all appliances,air con-
ditioning and heating systems, electrical systems, plumbing, machinery, sprinklers and pool system included in the
sale. Seller shall pay for repairs necessary to place such items in working order at the time of closing. Within 48 hours
before closing, Buyer shall be entitled, upon reasonable notice to Seller, to inspect the premises to determine that said
items are in working order. All items of personal property included in the sale shall be transferred by Bill of Sale with
warranty of title.
10. LEASES: Seller, not less than 15 days before closing, shall furnish to Buyer copies of all written leases and
estoppel letters from each tenant specifying the nature and duration of the tenant’s occupancy, rental rates and
advanced rent and security deposits paid by tenant. If Seller is unable to obtain such letters from tenants, Seller shall
furnish the same information to Buyer within said time period in the form of a seller’s affidavit, and Buyer may con-
tact tenants thereafter to confirm such information. At closing, seller shall deliver and assign all original leases to
Buyer.
11. MECHANICS LIENS: Seller shall furnish to Buyer an affidavit that there have been no improvements to the
subject property for 90 days immediately preceding the date of closing, and no financing statements, claims of lien
or potential lienors known to Seller. If the property has been improved within that time, Seller shall deliver releases
or waivers of all mechanics liens as executed by general contractors, subcontractors, suppliers and materialmen, in
addition to the seller’s lien affidavit, setting forth the names of all general contractors, subcontractors, suppliers and
materialmen and reciting that all bills for work to the subject property which could serve as basis for mechanics liens
have been paid or will be paid at closing.
12. PLACE OF CLOSING: Closing shall be held at the office of the Seller’s attorney or as otherwise agreed upon.
13. TIME IS OF THE ESSENCE: Time is of the essence of this Sale and Purchase Agreement.
14. DOCUMENTS FOR CLOSING: Seller’s attorney shall prepare deed, note, mortgage, Seller’s affidavit, any cor-
rective instruments required for perfecting the title, and closing statement and submit copies of same to Buyer’s attor-
ney, and copy of closing statement to the broker, at least two days prior to scheduled closing date.
15. EXPENSES: State documentary stamps required on the instrument of conveyance and the cost of recording any
corrective instruments shall be paid by the Seller. Documentary stamps to be affixed to the note secured by the pur-
chase money mortgage, intangible tax on the mortgage, and the cost of recording the deed and purchasing money
mortgage shall be paid by the Buyer.
16. INSURANCE: If insurance is to be prorated, the Seller shall on or before the closing date, furnish to Buyer all
insurance policies or copies thereof.
17. RISK OF LOSS: If the improvements are damaged by fire or casualty before delivery of the deed and can be
restored to substantially the same condition as now within a period of 60 days thereafter, Seller shall so restore the
improvements and the closing date and date of delivery of possession hereinbefore provided shall be extended
accordingly. If Seller fails to do so, the Buyer shall have the option of (1) taking the property as is, together with
insurance proceeds, if any, or (2) cancelling the contract, and all deposits shall be forthwith returned to the Buyer and
all parties shall be released of any and all obligations and liability.
18. MAINTENANCE: Between the date of the contract and the date of closing, the property, including lawn, shrub-
bery and pool, if any, shall be maintained by the Seller in the condition as it existed as of the date of the contract,
ordinary wear and tear excepted.
19. CLOSING DATE: This contract shall be closed and the deed and possession shall be delivered on or before the
day of , (year) , unless extended by other provisions of this contract.
