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146 17. MAINTENANCE AND CONDITION OF PROPERTY:
147 The Seller agrees to maintain the grounds, buildings and improvements, in good condition, subject to ordinary wear and tear. The
148 premises shall be in "broom clean" condition and free of debris on the date of Closing. Seller represents that all electrical, plumbing,
149 heating and air conditioning systems (if applicable), together with all fixtures included within the terms of the Agreement now work and
150 shall be in proper working order at the time of Closing. Seller further states, that to the best of Seller's knowledge, there are currently no
151 leaks or seepage in the roof, walls or basement UNLESS OTHERWISE INDICATED IN THE ADDITIONAL CONTRACTUAL
152 PROVISIONS SECTION (Section 30) OF THIS AGREEMENT. ALL REPRESENTATIONS AND/OR STATEMENTS
153 MADE BY THE SELLER, IN THIS SECTION, SHALL NOT SURVIVE CLOSING OF TITLE. This means that the Seller DOES
154 NOT GUARANTEE the condition of the premises AFTER the deed and affidavit of title have been delivered to the Buyer at the "Closing".
155
156 18. LEAD-BASED PAINT DOCUMENT ACKNOWLEDGMENT: (Applies to dwellings built before 1978)
157 Buyer acknowledges receipt of the EPA pamphlet entitled "Protect Your Family From Lead In Your Home." Moreover, a copy of
158 a document entitled "Disclosure of Information and Acknowledgment Lead-Based Paint and Lead-Based Paint Hazards" has been
159 fully completed and signed by Buyer, Seller and Broker(s) and is appended to this Agreement as Addendum "A'' and is part of this
160 Agreement.
161
162 19. LEAD-BASED PAINT AND/OR LEAD-BASED PAINT HAZARD CONTINGENCY CLAUSE: (This paragraph is
163 applicable to all dwellings built prior to 1978. The law requires that unless the Buyer and Seller agree to a longer or shorter
164 period, Seller must allow Buyer a ten-day (10) period within which to complete an inspection and/or risk assessment of the
165 Property. Buyer, however, has the right to waive this clause in its entirety.)
166 This Agreement is contingent upon an inspection and/or risk assessment (the "Inspection") of the Property by a certified
167 inspector/risk assessor for the presence of lead-based paint and/or lead-based paint hazards. The Inspection shall be ordered and
168 obtained by the Buyer at the Buyer's expense, within ten (10) calendar days after the termination of the Attorney Review period set forth
169 in Section 22 of this Agreement (the "Completion Date”). If the inspection indicates that no lead-based paint or lead-based paint hazard
170 is present at the Property, this contingency clause shall be deemed to be null and void. If the Inspection indicates that lead-based paint or
171 lead-based paint hazard is present at the Property, this contingency clause will terminate at the time set forth above unless within five (5)
172 days from the Completion Date, the Buyer delivers a copy of the inspection and/or risk assessment report to the Seller and Broker(s) and
173 (a) advises Seller and Broker(s), in writing, that Buyer is voiding this Agreement; or (b) delivers to Seller and Brokers(s) a written
174
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amendment (the "Amendment") to this Agreement listing the specific existing deficiencies and corrections required by the Buyer.
The Amendment shall provide that the Seller agrees to (a) correct the deficiencies; and (b) furnish the Buyer with a certification
from a certified inspector/risk assessor that the deficiencies have been corrected, before the date of Closing. The Seller shall have
days after receipt of the Amendment to sign and return it to Buyer or send a written counter-proposal to Buyer. If Seller does not
sign and return the Amendment or fails to offer a counter-proposal , this Agreement shall be null and void. In the event Seller
offers a counter
179
proposal, Buyer shall have
days after receipt of the counter-proposal to accept it. If the Buyer fails to accept the
180
counter-proposal within the time limit provided, this Agreement shall be null and void.
181
182 20. INSPECTION CONTINGENCY CLAUSE:
183 A. Responsibilities of Home Ownership
184 The Buyer and Seller acknowledge and agree that because the purchase of a home is one of the most significant investments a person can
185 make in a lifetime, all aspects of this transaction require considerable analysis and investigation by Buyer before closing title to the
186 Property. While the Broker(s) and Salesperson(s) who are involved in this transaction are trained as licensees under the License Law of
187 the State of New Jersey, they readily acknowledge that they have had no special training or experience with respect to the complexities
188 pertaining to the multitude of structural, topographical and environmental components of this Property. For example, and not by way
189 of limitation, the Broker(s) and Salesperson(s) have no special training, knowledge or experience with regard to discovering and/or
190 evaluating physical defects including structural defects, roof, basement, mechanical equipment such as heating, air conditioning, electrical
191 systems, sewage, plumbing, exterior drainage, termite and other types of insect infestation or damage caused by such infestation.
192 Moreover, the Broker(s) and Salesperson(s) similarly have no special training, knowledge or experience with regard to evaluation of
193 possible environmental conditions which might affect the Property pertaining to the dwelling such as the existence of radon gas,
194 formaldehyde gas, airborne asbestos fibers, toxic chemicals, underground storage tanks, lead or other pollutants in the soil, air or water.
195 B. Buyer's Rights To Inspections
196 The Buyer acknowledges that the Property is being sold in an “AS IS” condition and that this Agreement is entered into based
197 upon the knowledge of the Buyer as to the value of the land and whatever buildings are upon the Property, and not on any
198 representation made by the Seller, the named Broker(s) or their agents as to character or quality. Therefore, the Buyer, at the Buyer's
199 sole cost and expense, is granted the right to have the dwelling and all other aspects of the Property, inspected and evaluated by
200 “qualified inspectors" (as the term is defined in paragraph E below) for the purpose of determining the existence of any physical
201 defects or environmental conditions such as outlined above. If Buyer chooses to make the inspections referred to in this paragraph,
202 such inspections must be completed, and written reports must be furnished to the Seller listed in Section 1 and Broker(s) listed in
203 Section 24 of this Agreement within 14 calendar days after the end of the Attorney Review Period set forth in Section 22 of this
204 Agreement. If Buyer shall fail to furnish such written reports to the Seller and Broker(s) within the time period specified in this
205 paragraph, this contingency clause shall be deemed waived by Buyer, and the Property shall be deemed acceptable by Buyer. The time
206 period for furnishing the inspection reports is referred to as the “Inspection Time Period".
207 C. Responsibilities to Cure
208 If any physical defects, or environmental conditions are reported by the inspectors to the Seller within the Inspection Time
209 Period, the Seller shall then have seven (7) calendar days after the receipt of such reports to notify the Buyer in writing that the Seller
210 shall correct or cure any of the defects set forth in such reports. If Seller shall fail to notify Buyer of Seller's agreement to so cure and
211 correct, such failure to so notify shall be deemed to be a refusal by Seller to cure or correct such defects. If Seller shall fail to agree to
212 cure or correct such defects within said seven (7) day period, or if any part of the dwelling is found to be located within a flood hazard
213 area, or if the environmental condition at the Property is incurable and is of such significance as to unreasonably endanger the health
214 of the Buyer, the Buyer shall then have the right to void this Contract by notifying the Seller in writing within seven (7) calendar days
215 thereafter. If Buyer shall fail to void this Contract within the seven (7) day period, the Buyer shall have waived his right to cancel this
216 Contract and this Contract shall remain in full force, and Seller shall be under no obligation to correct or cure any of the defects set
217 forth in the inspections. If Seller shall agree to correct or cure such defects, all such repair work shall be completed by Seller prior to
218 the closing of title.
219 D. Flood Hazard Area (delete if not applicable)
220 Buyer acknowledges that the Property is within a flood hazard area, and Buyer waives Buyer's right to void this Agreement for
221 such reason.
222 E. Qualifications of Inspectors
223 Where the term "qualified inspectors" is used in this Contract, it is intended to refer to persons who are licensed by the State of
224 New Jersey for such purpose or who are regularly engaged in the business of inspecting residential properties for a fee and who
225 generally maintain good reputations for skill and integrity in their area of expertise.
226
227 21. NOTICES: