Buyer’s Initials _______ Seller’s Initials _______
Buyer, Seller, and any real estate agent, will be awarded reasonable attorneys’ fees, costs,
and expenses.
XXIII. DAMAGE TO THE PROPERTY. If the property is damaged, by fire or other casualty,
after the Effective Date and before the Closing, the Seller will bear the risk of loss and the
Buyer may cancel this Agreement without liability and the Escrow Money shall be returned
to the Buyer. Alternatively, the Buyer will have the option of purchasing the Property at the
agreed-upon Purchase Price and the Seller will credit the deductible, if any, and transfer to
the Buyer at Closing any insurance proceeds or Seller's claim to any insurance proceeds
payable for the damage. The Seller will cooperate with and assist the Buyer in collecting
any such proceeds. The Seller shall not settle any insurance claim for damage caused by
casualty without the consent of the Buyer.
Furthermore, if any part of the Property, after the Effective Date and before the Closing, is
taken in condemnation or under the right of eminent domain, or proceedings for such taking
are pending or threatened, the Buyer may cancel this Agreement without liability and the
Escrow Money will be returned to the Buyer. Alternatively, the Buyer will have the option of
purchasing what is left of the Property at the agreed-upon Purchase Price and the Seller
will transfer to the Buyer at Closing the proceeds of any award or the Seller's claim to any
award payable for the taking. The Seller will cooperate with and assist the Buyer in
collecting such an award.
XXIV. OPERATION OF PROPERTY DURING AGREEMENT PERIOD. The Seller will
continue to operate the Property and any business conducted on the Property in the
manner operated prior to the Agreement and will take no action that would adversely
impact the Property, tenants, lender, or business, if any. Any changes, such as renting
vacant space, that materially affects the Property or the Buyer's intended use will be
permitted only with the Buyer's consent.
XXV. CLOSING PROCEDURE. Unless otherwise agreed or stated herein, the Closing
shall be in accordance with the Governing Law where the Property is located.
a.) Possession and Occupancy. The Seller will deliver possession and occupancy of
the Property to the Buyer at Closing. The Seller shall provide access to all locks,
including keys, remote controls, and any security/access codes, necessary to operate
all locks, mailboxes, and security systems.
b.) Costs. The Buyer will pay the Buyer's attorneys' fees, taxes, and recording fees on
notes, mortgages, and financing statements and recording fees for the deed. The Seller
will pay the Seller's attorneys' fees, taxes on the deed, and recording fees for
documents needed to cure title defects.
c.) Documents. The Seller will provide: the deed, the bill of sale, mechanic’s lien
affidavit, originals of those assignable service and maintenance contracts that will be
assumed by the Buyer after the Closing, letters to each service contractor from the
Seller advising each of them of the sale of the Property, and if applicable, the transfer of
its contract, and any assignable warranties or guarantees received or held by the Seller
from any manufacturer, contractor, subcontractor, or material supplier in connection
with the Property; current copies of the condominium documents, if applicable;