Res 2004-090 - Laserfiche WebLink

Home Browse Search

Commercial Contract - Improved Property concerning 1402 West Hopkins Street, San Marcos o (1) Seller is not aware of any material defects to the Property except as stated in the attached Property Condition Statement. IX! (2) Seller is not aware of any of the following, except as described otherwise in this contract: (a) any subsurface: structures, pits, waste, springs, or improvements; (b) any pending or threatened litigation, condemnation, or assessment affecting the Property; (c) any environmental hazards or conditions that affect the Property; (d) whether the Property is or has been used for the storage or disposal of hazardous materials or toxic waste, a dump site or landfill, or any underground tanks or containers; (e) whether radon, asbestos insulation or fireproofing, urea-formaldehyde foam insulation, lead- based paint, toxic mold (to the extent that it adversely affects the health of ordinary occupants), or other pollutants or contaminants of any nature now exist or ever existed on the Property; (f) whether wetlands, as defined by federal or state law or regulation, are on the Property; (g) whether threatened or endangered species or their habitat are on the Property; and (h) any material physical defects in the improvements on the Property. (Describe any exceptions to (a)-(g) in Paragraph 11 or an addendum.) B. Each written lease Seller is to furnish to Buyer under this contract must be in full force and effect according to its terms without amendment or modification that is not disclosed to Buyer in writing. Seller must disclose, in writing, to Buyer if any of the following exist at the time Seller provides the leases to the Buyer or subsequently occur before closing: (1) any modifications, amendments, or default by landlord or tenant under the I~ases; (2) any failure by Seller to comply with Seller's obligations under the leases; (3) any circumstances under any lease that entitle the tenant to terminate the lease or seek any offsets or damages; (4) any non-occupancy of the leased premises by a tenant; (5) any advance sums paid by a tenant under any lease; (6) any concessions, bonuses, free rents, rebates, brokerage commissions, or other matters that affect any lease; and (7) any amounts payable under the leases that have been assigned or encumbered, except as security for loan(s) assumed or taken subject to under this contract. 19. NOTICES: All notices between the parties under this contract must be in writing and are effective when hand-delivered, mailed by certified mail return receipt requested, or sent by facsimile transmission to the parties addresses or facsimile numbers stated in Paragraph 1. The parties will send copies of any notices to the broker representing the party to whom the notices are sent. 20. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person" as defined by applicable law, or if Seller fails to deliver at closing an affidavit that Seller is not a foreign person, then Buyer will withhold from the sales proceeds at closing an amount sufficient to comply with applicable tax law and deliver the amount withheld to the Internal Revenue Service (IRS), together with appropriate tax forms. IRS regulations require filing written reports if currency in excess of specified amounts is received in the transaction. 21. DISPUTE RESOLUTION: The parties agree to negotiate in good faith in an effort to resolve any dispute related to this contract that may arise. If the dispute cannot be resolved by negotiation, the parties will submit the dispute to mediation before resorting to arbitration or litigation and will equally share the costs of a mutually acceptable mediator. This paragraph survives termination of this contract. This paragraph does not preclude a party from seeking equitable relief from a court of competent jurisdiction. 22. AGREEMENT OF THE PARTIES: A. This contract is binding on the parties, their heirs, executors, representatives, successors, and permitted assigns. (TAR-1801) 2-6-02 Initialed for Identification by Buyer # ,_ selle~,-SL2 Page 11 of 14 Produced with ZipForm'" by RE FormsNet, LLC 18025 Fifteen Mile Road, Clinton Township, Michigan 48035, (800) 383-9805 T6285880.zFX