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Sample- Purchase-agreement Form 21

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Form 21 ©Copyright 2011
Residential Purchase & Sale Agreement Northwest Multiple Listing Service
Rev. 8/11 ALL RIGHTS RESERVED
Page 1 of 5
RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT
SPECIFIC TERMS
1. Date: __________________________________________ MLS No.: __________________________________
2. Buyer: _____________________________________________________________________________________
3. Seller: ______________________________________________________________________________________
4. Property: Tax Parcel No(s).: ____________________________________ ( ______________________County)
Street Address: ___________________________________________________ Washington ________________
Legal Description: Attached as Exhibit A.
5. Included Items: stove/range; refrigerator; washer; dryer; dishwasher; hot tub; fireplace insert;
wood stove; satellite dish; security system; other ___________________________________________
6. Purchase Price: $_____________________________________________________________________________
7. Earnest Money: (To be held by Selling Firm; Closing Agent)
Personal Check: $______________; Note: $______________; Other ( ________________ ): $ _______________
8. Default: (check only one) Forfeiture of Earnest Money; Seller’s Election of Remedies
9. Title Insurance Company: _____________________________________________________________________
10. Closing Agent: a qualified closing agent of Buyer’s choice; _______________________________________
11. Closing Date: ________________________________________________________________________________
12. Possession Date: on Closing; Other _________________________________________________________
13. Offer Expiration Date: _________________________________________________________________________
14. Services of Closing Agent for Payment of Utilities: Requested (attach NWMLS Form 22K); Waived
15. Charges and Assessments Due After Closing: assumed by Buyer; prepaid in full by Seller at Closing
16. Agency Disclosure: Selling Broker represents: Buyer; Seller; both parties; neither party
Listing Broker represents: Seller; both parties
17. Addenda: ___________________________________________________________________________________
____________________________________________________________________________________________
____________________________________________________________________________________________
______________________________________________ ____________________________________________
Buyer’s Signature Date Seller’s Signature Date
______________________________________________ ____________________________________________
Buyer’s Signature Date Seller’s Signature Date
______________________________________________ ____________________________________________
Buyer’s Address Seller’s Address
______________________________________________ ____________________________________________
City, State, Zip City, State, Zip
______________________________________________ ____________________________________________
Phone No. Fax No. Phone No. Fax No.
______________________________________________ ____________________________________________
Buyer’s E-mail Address Seller’s E-mail Address
______________________________________________ ____________________________________________
Selling Firm MLS Office No. Listing Firm MLS Office No.
______________________________________________ ____________________________________________
Selling Firm’s Assumed Name (if applicable) Listing Firm’s Assumed Name (if applicable)
______________________________________________ ____________________________________________
Selling Broker (Print) MLS LAG No. Listing Broker (Print) MLS LAG No.
______________________________________________ ____________________________________________
Phone No. Firm Fax No. Phone No. Firm Fax No.
______________________________________________ ____________________________________________
Selling Broker’s E-mail Address Listing Broker’s E-mail Address
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Form 21 ©Copyright 2011
Residential Purchase & Sale Agreement Northwest Multiple Listing Service
Rev. 8/11 ALL RIGHTS RESERVED
Page 2 of 5
Continued
Initials: BUYER: _________________ Date: _____________ SELLER: ________________ Date: ___________
BUYER: _________________ Date: _____________ SELLER: ________________ Date: ___________
RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT
GENERAL TERMS
a. Purchase Price. Buyer shall pay to Seller the Purchase Price, including the Earnest Money, in cash at Closing, unless
otherwise specified in this Agreement. Buyer represents that Buyer has sufficient funds to close this sale in accordance
with this Agreement and is not relying on any contingent source of funds, including funds from loans, the sale of other
property, gifts, retirement, or future earnings, except to the extent otherwise specified in this Agreement.
b. Earnest Money. Buyer shall deliver the Earnest Money within 2 days after mutual acceptance of this Agreement to
Selling Broker who will deposit any check to be held by Selling Firm, or deliver any Earnest Money to be held by Closing
Agent, within 3 days of receipt or mutual acceptance, whichever occurs later. If the Earnest Money is held by Selling
Firm and is over $10,000.00 it shall be deposited into an interest bearing trust account in Selling Firm’s name provided
that Buyer completes an IRS Form W-9. Interest, if any, after deduction of bank charges and fees, will be paid to Buyer.
Buyer shall reimburse Selling Firm for bank charges and fees in excess of the interest earned, if any. If the Earnest
Money held by Selling Firm is over $10,000.00 Buyer has the option to require Selling Firm to deposit the Earnest
Money into the Housing Trust Fund Account, with the interest paid to the State Treasurer, if both Seller and Buyer so
agree in writing. If the Buyer does not complete an IRS Form W-9 before Selling Firm must deposit the Earnest Money
or the Earnest Money is $10,000.00 or less, the Earnest Money shall be deposited into the Housing Trust Fund
Account. Selling Firm may transfer the Earnest Money to Closing Agent at Closing. If all or part of the Earnest Money is
to be refunded to Buyer and any such costs remain unpaid, the Selling Firm or Closing Agent may deduct and pay them
therefrom. The parties instruct Closing Agent to provide written verification of receipt of the Earnest Money and notice of
dishonor of any check to the parties and Brokers at the addresses and/or fax numbers provided herein.
Upon termination of this Agreement, a party or the Closing Agent may deliver a form authorizing the release of Earnest
Money to the other party or the parties. The party(s) shall execute such form and deliver the same to the Closing Agent.
If either party fails to execute the release form, the other party may make a written demand to the Closing Agent for the
Earnest Money. If only one party makes such a demand, Closing Agent shall promptly deliver notice of the demand to
the other party. If the other party does not object to the demand within 10 days of Closing Agent’s notice, Closing Agent
shall disburse the Earnest Money to the party making the demand. If Closing Agent complies with the preceding
process, each party shall be deemed to have released Closing Agent from any and all claims or liability related to the
disbursal of the Earnest Money. The parties are advised that, notwithstanding the foregoing, Closing Agent may require
the parties to execute a separate agreement before disbursing the Earnest Money. If either party fails to authorize the
release of the Earnest Money to the other party when required to do so under this Agreement, that party shall be in
breach of this Agreement. Upon either party’s request, the party holding the Earnest Money shall commence an
interpleader action in the county in which the Property is located. For the purposes of this paragraph, the term Closing
Agent includes a Selling Firm holding the Earnest Money. The parties authorize the party commencing an interpleader
action to deduct up to $500.00 for the costs thereof.
c. Included Items. Any of the following items, including items identified in Specific Term No. 5 if the corresponding box is
checked, located in or on the Property are included in the sale: built-in appliances; wall-to-wall carpeting; curtains,
drapes and all other window treatments; window and door screens; awnings; storm doors and windows; installed
television antennas; ventilating, air conditioning and heating fixtures; trash compactor; fireplace doors, gas logs and gas
log lighters; irrigation fixtures; electric garage door openers and remotes; water heaters; installed electrical fixtures;
lighting fixtures; shrubs, plants and trees planted in the ground; all bathroom and other fixtures; and all associated
operating equipment. If any of the above Included Items are leased or encumbered, Seller shall acquire and clear title at
or before Closing.
d. Condition of Title. Unless otherwise specified in this Agreement, title to the Property shall be marketable at Closing.
The following shall not cause the title to be unmarketable: rights, reservations, covenants, conditions and restrictions,
presently of record and general to the area; easements and encroachments, not materially affecting the value of or
unduly interfering with Buyer’s reasonable use of the Property; and reserved oil and/or mining rights. Monetary
encumbrances or liens not assumed by Buyer, shall be paid or discharged by Seller on or before Closing. Title shall be
conveyed by a Statutory Warranty Deed. If this Agreement is for conveyance of a buyer’s interest in a Real Estate
Contract, the Statutory Warranty Deed shall include a buyer’s assignment of the contract sufficient to convey after
acquired title.
e. Title Insurance. Seller authorizes Buyer’s lender or Closing Agent, at Seller’s expense, to apply for the then-current
ALTA form of Homeowner’s Policy of Title Insurance for One-to-Four Family Residence, from the Title Insurance
Company. If Seller previously received a preliminary commitment from a Title Insurance Company that Buyer declines
to use, Buyer shall pay any cancellation fees owing to the original Title Insurance Company. Otherwise, the party
applying for title insurance shall pay any title cancellation fee, in the event such a fee is assessed. If the Title Insurance
Company selected by the parties will not issue a Homeowner’s Policy for the Property, the parties agree that the Title
Insurance Company shall instead issue the then-current ALTA standard form Owner’s Policy, together with
homeowner’s additional protection and inflation protection endorsements, if available. The Title Insurance Company
shall send a copy of the preliminary commitment to Seller, Listing Broker, Buyer and Selling Broker. The preliminary
commitment, and the title policy to be issued, shall contain no exceptions other than the General Exclusions and
Exceptions in the Policy and Special Exceptions consistent with the Condition of Title herein provided. If title cannot be
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Form 21 ©Copyright 2011
Residential Purchase & Sale Agreement Northwest Multiple Listing Service
Rev. 8/11 ALL RIGHTS RESERVED
Page 3 of 5
Continued
Initials: BUYER: _________________ Date: _____________ SELLER: ________________ Date: ___________
BUYER: _________________ Date: _____________ SELLER: ________________ Date: ___________
RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT
GENERAL TERMS
made so insurable prior to the Closing Date, then as Buyer’s sole and exclusive remedy, the Earnest Money shall,
unless Buyer elects to waive such defects or encumbrances, be refunded to the Buyer, less any unpaid costs described
in this Agreement, and this Agreement shall thereupon be terminated. Buyer shall have no right to specific performance
or damages as a consequence of Seller’s inability to provide insurable title.
f. Closing and Possession. This sale shall be closed by the Closing Agent on the Closing Date. If the Closing Date falls
on a Saturday, Sunday, legal holiday as defined in RCW 1.16.050, or day when the county recording office is closed,
the Closing Agent shall close the transaction on the next day that is not a Saturday, Sunday, legal holiday, or day when
the county recording office is closed. “Closing” means the date on which all documents are recorded and the sale
proceeds are available to Seller. Seller shall deliver keys and garage door remotes to Buyer on the Closing Date or on
the Possession Date, whichever occurs first. Buyer shall be entitled to possession at 9:00 p.m. on the Possession Date.
Seller shall maintain the Property in its present condition, normal wear and tear excepted, until the Buyer is entitled to
possession. If possession transfers at a time other than Closing, the parties agree to execute NWMLS Form 65A
(Rental Agreement/Occupancy Prior to Closing) or NWMLS Form 65B (Rental Agreement/Seller Occupancy After
Closing) (or alternative rental agreements) and are advised of the need to contact their respective insurance companies
to assure appropriate hazard and liability insurance policies are in place, as applicable.
g. Section 1031 Like-Kind Exchange. If either Buyer or Seller intends for this transaction to be a part of a Section 1031
like-kind exchange, then the other party shall cooperate in the completion of the like-kind exchange so long as the
cooperating party incurs no additional liability in doing so, and so long as any expenses (including attorneys’ fees and
costs) incurred by the cooperating party that are related only to the exchange are paid or reimbursed to the cooperating
party at or prior to Closing. Notwithstanding the Assignment paragraph of this Agreement, any party completing a
Section 1031 like-kind exchange may assign this Agreement to its qualified intermediary or any entity set up for the
purposes of completing a reverse exchange.
h. Closing Costs and Prorations and Charges and Assessments. Seller and Buyer shall each pay one-half of the
escrow fee unless otherwise required by applicable FHA or VA regulations. Taxes for the current year, rent, interest,
and lienable homeowner’s association dues shall be prorated as of Closing. Buyer shall pay Buyer’s loan costs,
including credit report, appraisal charge and lender’s title insurance, unless provided otherwise in this Agreement. If any
payments are delinquent on encumbrances which will remain after Closing, Closing Agent is instructed to pay such
delinquencies at Closing from money due, or to be paid by, Seller. Buyer shall pay for remaining fuel in the fuel tank if,
prior to Closing, Seller obtains a written statement as to the quantity and current price from the supplier. Seller shall pay
all utility charges, including unbilled charges. Unless waived in Specific Term No. 14, Seller and Buyer request the
services of Closing Agent in disbursing funds necessary to satisfy unpaid utility charges in accordance with RCW 60.80
and Seller shall provide the names and addresses of all utilities providing service to the Property and having lien rights
(attach NWMLS Form 22K Identification of Utilities or equivalent).
Buyer is advised to verify the existence and amount of any local improvement district, capacity or impact charges or
other assessments that may be charged against the Property before or after Closing. Seller will pay such charges that
are encumbrances at the time of Closing, or that are or become due on or before Closing. Charges levied before
Closing, but becoming due after Closing shall be paid as agreed in Specific Term No. 15.
i. Sale Information. Listing Broker and Selling Broker are authorized to report this Agreement (including price and all
terms) to the Multiple Listing Service that published it and to its members, financing institutions, appraisers, and anyone
else related to this sale. Buyer and Seller expressly authorize all Closing Agents, appraisers, title insurance companies,
and others related to this Sale, to furnish the Listing Broker and/or Selling Broker, on request, any and all information
and copies of documents concerning this sale.
j. FIRPTA - Tax Withholding at Closing. The Closing Agent is instructed to prepare a certification (NWMLS Form 22E or
equivalent) that Seller is not a “foreign person” within the meaning of the Foreign Investment In Real Property Tax Act.
Seller shall sign this certification. If Seller is a foreign person, and this transaction is not otherwise exempt from FIRPTA,
Closing Agent is instructed to withhold and pay the required amount to the Internal Revenue Service.
k. Notices. In consideration of the license to use this and NWMLS's companion forms and for the benefit of the Listing
Broker and the Selling Broker as well as the orderly administration of the offer, counteroffer or this Agreement, the
parties irrevocably agree that unless otherwise specified in this Agreement, any notice required or permitted in, or
related to, this Agreement (including revocations of offers or counteroffers) must be in writing. Notices to Seller must be
signed by at least one Buyer and shall be deemed given only when the notice is received by Seller, by Listing Broker or
at the licensed office of Listing Broker. Notices to Buyer must be signed by at least one Seller and shall be deemed
given only when the notice is received by Buyer, by Selling Broker or at the licensed office of Selling Broker. Receipt by
Selling Broker of a Form 17, Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards, Public
Offering Statement or Resale Certificate, homeowners’ association documents provided pursuant to NWMLS Form
22D, or a preliminary commitment for title insurance provided pursuant to NWMLS Form 22T shall be deemed receipt
by Buyer. Selling Broker and Listing Broker have no responsibility to advise of receipt of a notice beyond either phoning
the party or causing a copy of the notice to be delivered to the party's address shown on this Agreement. Buyer and
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Form 21 ©Copyright 2011
Residential Purchase & Sale Agreement Northwest Multiple Listing Service
Rev. 8/11 ALL RIGHTS RESERVED
Page 4 of 5
Continued
Initials: BUYER: _________________ Date: _____________ SELLER: ________________ Date: ___________
BUYER: _________________ Date: _____________ SELLER: ________________ Date: ___________
RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT
GENERAL TERMS
Seller must keep Selling Broker and Listing Broker advised of their whereabouts in order to receive prompt notification
of receipt of a notice.
l. Computation of Time. Unless otherwise specified in this Agreement, any period of time measured in days and stated
in this Agreement shall start on the day following the event commencing the period and shall expire at 9:00 p.m. of the
last calendar day of the specified period of time. Except for the Possession Date, if the last day is a Saturday, Sunday
or legal holiday as defined in RCW 1.16.050, the specified period of time shall expire on the next day that is not a
Saturday, Sunday or legal holiday. Any specified period of 5 days or less shall not include Saturdays, Sundays or legal
holidays. If the parties agree that an event will occur on a specific calendar date, the event shall occur on that date,
except for the Closing Date, which, if it falls on a Saturday, Sunday, legal holiday as defined in RCW 1.16.050, or day
when the county recording office is closed, shall occur on the next day that is not a Saturday, Sunday, legal holiday, or
day when the county recording office is closed. If the parties agree upon and attach a legal description after this
Agreement is signed by the offeree and delivered to the offeror, then for the purposes of computing time, mutual
acceptance shall be deemed to be on the date of delivery of an accepted offer or counteroffer to the offeror, rather than
on the date the legal description is attached. Time is of the essence of this Agreement.
m. Facsimile and E-mail Transmission. Facsimile transmission of any signed original document, and retransmission of
any signed facsimile transmission, shall be the same as delivery of an original. At the request of either party, or the
Closing Agent, the parties will confirm facsimile transmitted signatures by signing an original document. E-mail
transmission of any document or notice shall not be effective unless the parties to this Agreement otherwise agree in
writing.
n. Integration and Electronic Signatures. This Agreement constitutes the entire understanding between the parties and
supersedes all prior or contemporaneous understandings and representations. No modification of this Agreement shall
be effective unless agreed in writing and signed by Buyer and Seller. The parties acknowledge that a signature in
electronic form has the same legal effect and validity as a handwritten signature.
o. Assignment. Buyer may not assign this Agreement, or Buyer’s rights hereunder, without Seller’s prior written consent,
unless the parties indicate that assignment is permitted by the addition of “and/or assigns” on the line identifying the
Buyer on the first page of this Agreement.
p. Default. In the event Buyer fails, without legal excuse, to complete the purchase of the Property, then the following
provision, as identified in Specific Term No. 8, shall apply:
i. Forfeiture of Earnest Money. That portion of the Earnest Money that does not exceed five percent (5%) of the
Purchase Price shall be forfeited to the Seller as the sole and exclusive remedy available to Seller for such failure.
ii. Seller’s Election of Remedies. Seller may, at Seller’s option, (a) keep the Earnest Money as liquidated damages
as the sole and exclusive remedy available to Seller for such failure, (b) bring suit against Buyer for Seller’s actual
damages, (c) bring suit to specifically enforce this Agreement and recover any incidental damages, or (d) pursue
any other rights or remedies available at law or equity.
q. Professional Advice and Attorneys’ Fees. Buyer and Seller are advised to seek the counsel of an attorney and a
certified public accountant to review the terms of this Agreement. Buyer and Seller agree to pay their own fees incurred
for such review. However, if Buyer or Seller institutes suit against the other concerning this Agreement the prevailing
party is entitled to reasonable attorneys’ fees and expenses.
r. Offer. Buyer shall purchase the Property under the terms and conditions of this Agreement. Seller shall have until 9:00
p.m. on the Offer Expiration Date to accept this offer, unless sooner withdrawn. Acceptance shall not be effective until a
signed copy is received by Buyer, by Selling Broker or at the licensed office of Selling Broker. If this offer is not so
accepted, it shall lapse and any Earnest Money shall be refunded to Buyer.
s. Counteroffer. Any change in the terms presented in an offer or counteroffer, other than the insertion of the Seller’s
name, shall be considered a counteroffer. If a party makes a counteroffer, then the other party shall have until 9:00 p.m.
on the counteroffer expiration date to accept that counteroffer, unless sooner withdrawn. Acceptance shall not be
effective until a signed copy is received by Seller, by Listing Broker or at the licensed office of Listing Broker. If the
counteroffer is not so accepted, it shall lapse and any Earnest Money shall be refunded to Buyer.
t. Offer and Counteroffer Expiration Date. If no expiration date is specified for an offer/counteroffer, the
offer/counteroffer shall expire 2 days after the offer/counteroffer is delivered by the party making the offer/counteroffer,
unless sooner withdrawn.
u. Agency Disclosure. Selling Firm, Selling Firm’s Designated Broker, Selling Broker’s Branch Manager (if any) and
Selling Broker’s Managing Broker (if any) represent the same party that Selling Broker represents. Listing Firm, Listing
Firm’s Designated Broker, Listing Broker’s Branch Manager (if any), and Listing Broker’s Managing Broker (if any)
represent the same party that the Listing Broker represents. If Selling Broker and Listing Broker are different persons
affiliated with the same Firm, then both Buyer and Seller confirm their consent to Designated Broker, Branch Manager
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Form 21 ©Copyright 2011
Residential Purchase & Sale Agreement Northwest Multiple Listing Service
Rev. 8/11 ALL RIGHTS RESERVED
Page 5 of 5
Continued
Initials: BUYER: _________________ Date: _____________ SELLER: ________________ Date: ___________
BUYER: _________________ Date: _____________ SELLER: ________________ Date: ___________
RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT
GENERAL TERMS
(if any), and Managing Broker (if any) representing both parties as dual agents. If Selling Broker and Listing Broker are
the same person representing both parties then both Buyer and Seller confirm their consent to that person and his/her
Designated Broker, Branch Manager (if any), and Managing Broker (if any) representing both parties as dual agents. All
parties acknowledge receipt of the pamphlet entitled “The Law of Real Estate Agency.”
v. Commission. Seller and Buyer agree to pay a commission in accordance with any listing or commission agreement to
which they are a party. The Listing Firm’s commission shall be apportioned between Listing Firm and Selling Firm as
specified in the listing. Seller and Buyer hereby consent to Listing Firm or Selling Firm receiving compensation from
more than one party. Seller and Buyer hereby assign to Listing Firm and Selling Firm, as applicable, a portion of their
funds in escrow equal to such commission(s) and irrevocably instruct the Closing Agent to disburse the commission(s)
directly to the Firm(s). In any action by Listing or Selling Firm to enforce this paragraph, the prevailing party is entitled to
court costs and reasonable attorneys’ fees. Seller and Buyer agree that the Firms are intended third party beneficiaries
under this Agreement.
w. Cancellation Rights/Lead-Based Paint. If a residential dwelling was built on the Property prior to 1978, and Buyer
receives a Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards (NWMLS Form 22J) after
mutual acceptance, Buyer may rescind this Agreement at any time up to 3 days thereafter.
x. Information Verification Period and Property Condition Disclaimer. Buyer shall have 10 days after mutual
acceptance to verify all information provided from Seller or Listing Firm related to the Property. This contingency shall
be deemed satisfied unless Buyer gives notice identifying the materially inaccurate information within 10 days of mutual
acceptance. If Buyer gives timely notice under this section, then this Agreement shall terminate and the Earnest Money
shall be refunded to Buyer. Buyer and Seller agree, that except as provided in this Agreement, all representations and
information regarding the Property and the transaction are solely from the Seller or Buyer, and not from any Broker. The
parties acknowledge that the Brokers are not responsible for assuring that the parties perform their obligations under
this Agreement and that none of the Brokers has agreed to independently investigate or confirm any matter related to
this transaction except as stated in this Agreement, or in a separate writing signed by such Broker. In addition, Brokers
do not guarantee the value, quality or condition of the Property and some properties may contain building materials,
including siding, roofing, ceiling, insulation, electrical, and plumbing, that have been the subject of lawsuits and/or
governmental inquiry because of possible defects or health hazards. Some properties may have other defects arising
after construction, such as drainage, leakage, pest, rot and mold problems. Brokers do not have the expertise to identify
or assess defective products, materials, or conditions. Buyer is urged to use due diligence to inspect the Property to
Buyer’s satisfaction and to retain inspectors qualified to identify the presence of defective materials and evaluate the
condition of the Property as there may be defects that may only be revealed by careful inspection. Buyer and Seller
acknowledge that home protection plans may be available which may provide additional protection and benefit to Buyer
and Seller. Brokers may assist the parties with locating and selecting third party service providers, such as inspectors or
contractors, but Brokers cannot guarantee or be responsible for the services provided by those third parties. The parties
agree to exercise their own judgment and due diligence regarding third-party service providers.
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Sample- Purchase-agreement Form 21

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Completed 19 July 2020

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