ÿWPCN mÞëø5]š´·“#=;@šÅ›ìeY g‰ŒðËÎËÒ Î=õ‰½ñIC“ìf¤‘]UÒˆœð÷Œˆ–³‰XƒG5.Oá±&‰GÄ벉gðΤ¬½§E·4‡(}dNeœ÷ò‚§Ý‘°µWÆö»öñA‹ tU:ýƒ7sóôäϨRžsv£YoÈÛ1]pÕIÂͱª’­³:Á[SøRE?õÔoK¯×þ1¨LïÛºê]ì%)’iŸ^h~¬±6,ð¹"ÿìïyXf>ø¦õßš0j4>^OBé„»FRÇ#þPY²Oè5yã$ûñù&þàûNlšr뀇ÖŸ¸_ê õßO?›²¡b¥¼È×á‹åÿŸTډ²”AjÔxÞÏ–9'˜" ¬>†`?†wF¤´ßâR-å8ÙM¥4qË|qßP Œßxþ¼ç3·‹É6,‹a]yþžzæÜÃéìÓl È÷ÇBŸ×^t w±,k?s^YçÿÍôaOž¬ÿiÔûf”¢E›Ú@$vüœ¿Gi¹ç3 ¸ìh¥Hu%GZún¸(€Þ,Ý@ Np ϸU$YŽS&• «e¶„"²œôœ]æÔÔ~WÎF8ƒ ¨#ɸUN %Ï 0:ÕN^ w4!5 m7#|x˜EPSON Stylus COLOR 3000Œ”ŒŒŒŒŒ”0(  Z‹6Times New Roman RegularX(üœ$¡¡ÔUSUS.,Ôs2¸ ‚¢Œ/ê:i¢×+00ÿU‹ÿÀÀÀÝ ƒüœ!ÝÔUSUS.,ÔÝ  ÝÔ_Ô123€-€Contract€of€sale€cooperative€apartment,€7-01€à  àÐ ° ÐPrepared€by€The€Committee€on€Condominiums€and€Cooperatives€of€the€Real€Property€Section€ofÐ í Ðthe€New€York€State€Bar€Associationà h àÐ ŠÚ ÐÌCONSULT€YOUR€LAWYER€BEFORE€SIGNING€THIS€AGREEMENTÐ d´ ÐÌContract€of€Sale€-€Cooperative€ApartmentÐ > Ž ÐÌThis€Contract€is€made€as€of€à  àbetween€the€"Seller"€and€the€"Purchaser"€identified€below.Ð  h ÐÌÌ1€Certain€Definitions€and€Information€Ð ß/  Ð1.1€The€"Parties"€are:€Ð Ì  Ðà  à1.1.1€"Seller":à ¸ àÐ ¹  ÐÌÌPrior€names€used€by€Seller:€Ð €Ð ÐAddress:Ð m½ ÐÌÌÌÌÌS.€S.€No.:Ð ûK Ðà  à1.1.2€"€Purchaser":Ð è8 ÐÌÌAddress:Ð ¯ÿ ÐÌÌÌÌÌS.€S.€No.:Ð =#! Ð1.2€The€"Attorneys"€are€(name,€address€and€telephone,€fax):Ð *$z" Ðà  à1.2.1€"Seller's€Attorney"Ð %g # ÐÌÌÌà  à1.2.2€"Purchaser's€Attorney"Ð Ë($' ÐÌÌÌÌ1.3€The€"Escrowee"€is€the€[Seller's]€[Purchaser's]€Attorney.Ð l-¼(, ЇÌÌÌÌ1.4€The€Managing€Agent€is€(name,€address€and€telephone,€fax):Ð d´ ÐÌÌÌÌÌ1.5€The€real€estate€"Broker(s)"€(see€ðð€12)€is/are:Ð ò B  ÐÌÌCompany€Name:Ð ¹  ÐÌÌ1.6€The€name€of€the€cooperative€housing€corporation€("Corporation")€is:Ð €Ð ÐÌÌ1.7€The€"Unit"€number€is:Ð G— ÐÌÌ1.8€The€Unit€is€located€in€"Premises"€known€as:Ð ^ ÐÌ1.9€The€"Shares"€are€theà  àshares€of€theÐ è8 ÐCorporation€allocated€to€the€Unit.Ð Õ% ÐÌ1.10€The€"Lease"€is€the€Corporation's€proprietary€lease€or€occupancy€agreement€for€the€Unit,Ð ¯ÿ Ðgiven€by€the€Corporation€which€expires€onÐ œì ÐÌ1.11€"Personalty"€is€the€following€personal€property,€to€the€extent€existing€in€the€Unit€on€the€dateÐ v Æ Ðhereof:€the€refrigerators,€freezers,€ranges,€ovens,€built-in€microwave€ovens,€dishwashers,€garbageÐ c!³ Ðdisposal€units,€cabinets€and€counters,€lighting€fixtures,€chandeliers,€wall-to-wall€carpeting,Ð P"   Ðplumbing€and€heating€fixtures,€central€airconditioning€and/or€window€or€sleeve€units,€washingÐ =#! Ðmachines,€dryers,€screens€and€storm€windows,€window€treatments,€switch€plates,€door€hardware,Ð *$z" Ðmirrors,€built-ins€not€excluded€in€Paragraph€1.€12€andÐ %g # ÐÌÌ1.12€Specifically€excluded€from€this€sale€is€all€personal€property€not€included€in€ðð€1.11€and:Ð Þ'.#& ÐÌÌ1.13€The€sale€[does]€[does€not]€include€Seller's€interest€inÐ ¥*õ%) Ð[Storage]/[Servant's€Rm]/[Parking€Space]€("Included€Interests")Ð ’+â&* ÐÌ1.14€The€"Closing"€is€the€transfer€of€ownership€of€the€Shares€and€Lease.€Ð l-¼(, Ð1.15€The€date€scheduled€for€Closing€isÐ ° Ð("Scheduled€Closing€Date")€atà h à.M€(See€ðð€9€and€10)Ð í Ð1.16€The€"Purchase€Price"€is:€$Ð ŠÚ Ðà  à1.16.1€The€"Contract€Deposit"€is:€$Ð wÇ Ðà  à1.16.2€The€"Balance"€of€the€Purchase€Price€due€at€Closing€is:Ð d´ Ð$€à  àà ` à(See€ðð€2.2.2)Ð Q ¡ Ð1.17€The€monthly€"Maintenance"€charge€isÐ > Ž Ð$€à  àà ` à(See€ðð€4)Ð + { Ð1.18€The€"Assessment",€if€any,€payable€to€the€Corporation,€at€the€date€of€this€Contract€is€$,€Ð  h Ðà  àpayable€as€follows:Ð  U  ÐÌ1.19€[Seller]€[Purchaser]€shall€pay€the€Corporation's€flip€tax,€transfer€fee€(apart€from€the€transferÐ ß/  Ðagent€fee)€and/or€waiver€of€option€fee€("Flip€Tax"),€if€any.Ð Ì  Ð1.20€Financing€Options€(Delete€two€of€the€following€ðððð€1.€20.€1,€1.20.2€or€1.20.3)Ð ¹  Ð1.20.1€Purchaser€may€apply€for€financing€in€connection€with€this€sale€and€Purchaser's€obligationÐ ¦ö  Ðto€purchase€under€this€Contract€is€contingent€upon€issuance€of€a€Loan€Commitment€Letter€by€theÐ “ã  ÐLoan€Commitment€Date€(ðð€18.1.2).Ð €Ð Ðà  à1.20.2€Purchaser€may€apply€for€financing€in€connection€with€this€sale€but€Purchaser'sÐ m½ Ðobligation€to€purchase€this€Contract€is€not€contingent€upon€issuance€of€a€Loan€CommitmentÐ Zª ÐLetter.Ð G— Ðà  à1.20.3€Purchaser€shall€not€apply€for€financing€in€connection€with€this€sale.Ð 4„ Ð1.21€If€ðð€1.20.€1.€or€1.20.2€applies,€the€"Financing€Terms"€for€ðð€18€are:€A€loan€of€$à Ð àfor€aÐ !q Ðterm€of€à ` àyears€orÐ ^ Ðsuch€lesser€amount€or€shorter€term€as€applied€for€or€acceptable€to€Purchaser;€and€the€"LoanÐ ûK ÐCommitment€Date"€for€ðð€18€is€à h àÐ è8 Ðcalendar€days€after€the€Delivery€Date.Ð Õ% Ð1.22€The€"Delivery€Date"€of€this€Contract€is€the€date€on€which€a€fully€executed€counterpart€ofÐ Â Ðthis€Contract€is€deemed€given€to€and€received€by€Purchaser€or€Purchaser's€Attorney€as€providedÐ ¯ÿ Ðin€ðð€17.3.Ð œì Ð1.23€All€"Proposed€Occupants"€of€the€Unit€are:Ð ‰Ù Ðà  à1.23.1€persons€and€relationship€to€Purchaser:Ð v Æ ÐÌÌà  à1.23.2€pets:Ð =#! Ð1.24€The€Contract€Deposit€shall€be€held€in€[a€non]€[an]€IOLA€escrow€account.€If€the€account€is€aÐ *$z" Ðnon-IOLA€account€then€interest€shall€be€paid€to€the€Party€entitled€to€the€Contract€Deposit.€TheÐ %g # ÐParty€receiving€the€interest€shall€pay€any€income€taxes€thereon.€The€escrow€account€shall€be€aÐ &T!$ Ðsegregated€bank€account€atÐ ñ&A"% ÐDepository:Ð Þ'.#& ÐAddress:Ð Ë($' Ðà  àà ` àà ¸ àà  à(See€ðð€27)Ð ¸)%( Ð1.25€This€Contract€is€[not]€continued€on€attached€rider(s).Ð ¥*õ%) Ð2€Agreement€to€Sell€and€Purchase;€Purchase€Price;€EscrowÐ ’+â&* Ð2.1€Seller€agrees€to€sell€to€Purchaser,€and€Purchaser€agrees€to€purchase€from€Seller,€the€Seller'sÐ ,Ï'+ ÐShares,€Lease,€Personalty€and€any€Included€Interests€and€all€other€items€included€in€this€sale,€forÐ l-¼(, Ðthe€Purchase€Price€and€upon€the€terms€and€conditions€set€forth€in€this€Contract.Ð ° Ð2.2€The€Purchase€Price€is€payable€to€Seller€by€Purchaser€as€follows:Ð í Ðà  à2.2.1€the€Contract€Deposit€at€the€time€of€signing€this€Contract,€by€Purchaser's€good€checkÐ ŠÚ Ðto€the€order€of€Escrowee;€andÐ wÇ Ð2.2.2€the€Balance€at€Closing,€only€by€cashier's€or€official€bank€check€or€certified€check€ofÐ d´ ÐPurchaser€payable€to€the€direct€order€of€Seller.€The€check(s)€shall€be€drawn€on€and€payable€by€aÐ Q ¡ Ðbranch€of€a€commercial€or€savings€bank,€savings€and€loan€association€or€trust€company€locatedÐ > Ž Ðin€the€same€City€or€County€as€the€Unit.€Seller€may€direct,€on€reasonable€Notice€(defined€in€ðð€17)Ð + { Ðprior€to€Closing,€that€all€or€a€portion€of€the€Balance€shall€be€made€payable€to€persons€other€thanÐ  h ÐSeller€(see€ðð€17.7).Ð  U  Ð3€PersonaltyÐ ò B  Ð3.1€Subject€to€any€rights€of€the€Corporation€or€any€holder€of€a€mortgage€to€which€the€Lease€isÐ ß/  Ðsubordinate,€this€sale€includes€all€of€the€Seller's€interest,€if€any,€in€the€Personalty€and€theÐ Ì  ÐIncluded€Interests.Ð ¹  Ð3.2€No€consideration€is€being€paid€for€the€Personalty€or€for€the€Included€Interests;€nothing€shallÐ ¦ö  Ðbe€sold€to€Purchaser€if€the€Closing€does€not€occur.Ð “ã  Ð3.3€Prior€to€Closing,€Seller€shall€remove€from€the€Unit€all€the€furniture,€furnishings€and€otherÐ €Ð Ðproperty€not€included€in€this€sale,€and€repair€any€damage€caused€by€such€removal.Ð m½ Ð4€Representations€and€CovenantsÐ Zª Ð4.1€Subject€to€any€matter€affecting€title€to€the€Premises€(as€to€which€Seller€makes€noÐ G— Ðrepresentations€or€covenants),€Seller€represents€and€covenants€that:Ð 4„ Ðà  à4.€1.1€Seller€is,€and€shall€at€Closing€be,€the€sole€owner€of€the€Shares,€Lease,€PersonaltyÐ !q Ðand€Included€Interests,€with€the€full€right,€power€and€authority€to€sell€and€assign€them.€SellerÐ ^ Ðshall€make€timely€provision€to€satisfy€existing€security€interest(s)€in€the€Shares€and€Lease€andÐ ûK Ðhave€the€same€delivered€at€Closing€(See€ðð€10.1);Ð è8 Ðà  à4.1.2€the€Shares€were€duly€issued,€fully€paid€for€and€are€non-assessable;Ð Õ% Ðà  à4.1.3€the€Lease€is,€and€will€at€Closing€be,€in€full€force€and€effect€and€no€notice€of€defaultÐ Â Ðunder€the€Lease€is€now€or€will€at€Closing€be€in€effect;Ð ¯ÿ Ðà  à4.1.4€the€Maintenance€and€Assessments€payable€as€of€the€date€hereof€are€as€specified€in€ððÐ œì Ð1.17€and€1.18;Ð ‰Ù Ðà  à4.1.5€as€of€this€date,€Seller€neither€has€actual€knowledge€nor€has€received€any€writtenÐ v Æ Ðnotice€of€any€increase€in€Maintenance€or€any€Assessment€which€has€been€adopted€by€the€BoardÐ c!³ Ðof€Directors€of€the€Corporation€and€is€not€reflected€in€the€amounts€set€forth€in€ðððð€1.17€and€1.18;Ð P"   Ðà  à4.1.6€Seller€has€not€made€any€material€alterations€or€additions€to€the€Unit€without€anyÐ =#! Ðrequired€consent€of€the€Corporation€or,€to€Seller's€actual€knowledge,€without€compliance€with€allÐ *$z" Ðapplicable€law.€This€provision€shall€not€survive€Closing.Ð %g # Ðà  à4.1.7€Seller€has€not€entered€into,€shall€not€enter€into,€and€has€no€actual€knowledge€of€anyÐ &T!$ Ðagreement€(other€than€the€Lease)€affecting€title€to€the€Unit€or€its€use€and/or€occupancy€afterÐ ñ&A"% ÐClosing,€or€which€would€be€binding€on€or€adversely€affect€Purchaser€after€Closing€(e.g.€aÐ Þ'.#& Ðsublease€or€alteration€agreement);Ð Ë($' Ðà  à4.1.8€Seller€has€been€known€by€no€other€name€for€the€past€10€years€except€as€set€forth€inÐ ¸)%( Ððð€1.1.1.Ð ¥*õ%) Ðà  à4.1.9€at€Closing€in€accordance€with€ðð€15.2:Ð ’+â&* Ðà  àà ` à4.1.9.1€there€shall€be€no€judgments€outstanding€against€Seller€which€have€notÐ ,Ï'+ Ðbeen€bonded€against€collection€out€of€the€Unit€("Judgments");Ð l-¼(, Ðà  àà ` à4.1.9.2€the€Shares,€Lease,€Personalty€and€any€Included€Interests€shall€be€free€andÐ ° Ðclear€of€liens€(other€than€the€Corporation's€general€lien€on€the€Shares€for€which€no€monies€shallÐ í Ðbe€owed),€encumbrances€and€adverse€interests€("Liens");Ð ŠÚ Ðà  àà ` à4.1.9.3€all€sums€due€to€the€Corporation€shall€be€fully€paid€by€Seller€to€the€end€ofÐ wÇ Ðthe€payment€period€immediately€preceding€the€date€of€Closing;Ð d´ Ðà  àà ` à4.1.9.4€Seller€shall€not€be€indebted€for€labor€or€material€which€might€give€rise€toÐ Q ¡ Ðthe€filing€of€a€notice€of€mechanic's€lien€against€the€Unit€or€the€Premises;€andÐ > Ž Ðà  àà ` à4.1.9.5€no€violations€shall€be€of€record€which€the€owner€of€the€Shares€and€LeaseÐ + { Ðwould€be€obligated€to€remedy€under€the€Lease.Ð  h Ð4.2€Purchaser€represents€and€covenants€that:Ð  U  Ðà  à4.2.1€Purchaser€is€acquiring€the€Shares€and€Lease€for€residential€occupancy€of€the€UnitÐ ò B  Ðsolely€by€the€Proposed€Occupants€identified€in€ðð€1.€23Ð ß/  Ðà  à4.2.2€Purchaser€is€not,€and€within€the€past€7€years€has€not€been,€the€subject€of€aÐ Ì  Ðbankruptcy€proceeding;Ð ¹  Ðà  à4.2.3€if€ðð€1.20.3€applies,€Purchaser€shall€not€apply€for€financing€in€connection€with€thisÐ ¦ö  Ðpurchase.Ð “ã  Ðà  à4.2.4€Each€individual€comprising€Purchaser€is€over€the€age€of€18€and€is€purchasing€forÐ €Ð ÐPurchaser's€own€account€(beneficial€and€of€record);Ð m½ Ðà  à4.2.5€Purchaser€shall€not€make€any€representations€to€the€Corporation€contrary€to€theÐ Zª Ðforegoing€and€shall€provide€all€documents€in€support€thereof€required€by€the€Corporation€inÐ G— Ðconnection€with€Purchaser's€application€for€approval€of€this€transaction;€andÐ 4„ Ðà  à4.2.6€there€are€not€now€and€shall€not€be€at€Closing€any€unpaid€tax€liens€or€monetaryÐ !q Ðjudgments€against€Purchaser.Ð ^ Ð4.3€Each€Party€covenants€that€its€representations€and€covenants€contained€in€ðð€4€shall€be€true€andÐ ûK Ðcomplete€at€Closing€and,€except€for€ðð€4.1.6,€shall€survive€Closing€but€any€action€based€thereonÐ è8 Ðmust€be€instituted€within€one€year€after€Closing.Ð Õ% Ð5€Corporate€DocumentsÐ Â ÐPurchaser€has€examined€and€is€satisfied€with,€or€(except€as€to€any€matter€represented€in€thisÐ ¯ÿ ÐContract€by€Seller)€accepts€and€assumes€the€risk€of€not€having€examined,€the€Lease,€theÐ œì ÐCorporation's€Certificate€of€Incorporation,€By-laws,€House€Rules,€minutes€of€shareholders'€andÐ ‰Ù Ðdirectors'€meetings,€most€recent€audited€financial€statement€and€most€recent€statement€of€taxÐ v Æ Ðdeductions€available€to€the€Corporation's€shareholders€under€Internal€Revenue€Code€("IRC")Ð c!³ Ððð216€(or€any€successor€statute).Ð P"   Ð6€Required€Approval€and€ReferencesÐ =#! Ð6.1€This€sale€is€subject€to€the€unconditional€consent€of€the€Corporation.Ð *$z" Ð6.2€Purchaser€shall€in€good€faith:Ð %g # Ðà  à6.2.1€submit€to€the€Corporation€or€the€Managing€Agent€an€application€with€respect€to€thisÐ &T!$ Ðsale€on€the€form€required€by€the€Corporation,€containing€such€data€and€together€with€suchÐ ñ&A"% Ðdocuments€as€the€Corporation€requires,€and€pay€the€applicable€fees€and€charges€that€theÐ Þ'.#& ÐCorporation€imposes€upon€Purchaser.€All€of€the€foregoing€shall€be€submitted€within€10€businessÐ Ë($' Ðdays€after€the€Delivery€Date,€or,€if€ðð€1.20.1€or€1.20.2€applies€and€the€Loan€Commitment€Letter€isÐ ¸)%( Ðrequired€by€the€Corporation,€within€3€business€days€after€the€earlier€of€(i)€the€Loan€CommitmentÐ ¥*õ%) ÐDate€(defined€in€ðð€1.2€1)€or€(ii)€the€date€of€receipt€of€the€Loan€Commitment€Letter€(defined€in€ððÐ ’+â&* Ð18.1.2);Ð ,Ï'+ Ðà  à6.2.2€attend€(and€cause€any€Proposed€Occupant€to€attend)€one€or€more€personalÐ l-¼(, Ð'interviews,€as€requested€by€the€Corporation;€andÐ ° Ðà  à6.2.3€promptly€submit€to€the€Corporation€such€further€references,€data€and€documentsÐ í Ðreasonably€requested€by€the€Corporation.Ð ŠÚ Ð6.3€Either€Party,€after€learning€of€the€Corporation's€decision,€shall€promptly€advise€the€otherÐ wÇ ÐParty€thereof.€If€the€Corporation€has€not€made€a€decision€on€or€before€the€Scheduled€ClosingÐ d´ ÐDate,€the€Closing€shall€be€adjourned€for€30€business€days€for€the€purpose€of€obtaining€suchÐ Q ¡ Ðconsent.€If€such€consent€is€not€given€by€such€adjourned€date,€either€Party€may€cancel€thisÐ > Ž ÐContract€by€Notice,€provided€that€the€Corporation's€consent€is€not€issued€before€such€Notice€ofÐ + { Ðcancellation€is€given.€If€such€consent€is€refused€at€any€time,€either€Party€may€cancel€this€ContractÐ  h Ðby€Notice.€In€the€event€of€cancellation€pursuant€to€this€ðð€6.3,€the€Escrowee€shall€refund€theÐ  U  ÐContract€Deposit€to€Purchaser.Ð ò B  Ð6.4€If€such€consent€is€refused,€or€not€given,€due€to€Purchaser's€bad€faith€conduct,€Purchaser€shallÐ ß/  Ðbe€in€default€and€ðð€13.1€shall€govern.Ð Ì  Ð7€Condition€of€Unit€and€Personalty;€PossessionÐ ¹  Ð7.1€Seller€makes€no€representation€as€to€the€physical€condition€or€state€of€repair€of€the€Unit,€theÐ ¦ö  ÐPersonalty,€the€Included€Interests€or€the€Premises.€Purchaser€has€inspected€or€waived€inspectionÐ “ã  Ðof€the€Unit,€the€Personalty€and€the€Included€Interests€and€shall€take€the€same€"as€is",€as€of€theÐ €Ð Ðdate€of€this€Contract,€except€for€reasonable€wear€and€tear.€However,€at€the€time€of€Closing,€theÐ m½ Ðappliances€shall€be€in€working€order€and€required€smoke€detector(s)€shall€be€installed€andÐ Zª Ðoperable.Ð G— Ð7.2€At€Closing,€Seller€shall€deliver€possession€of€the€Unit,€Personalty€and€Included€Interests€inÐ 4„ Ðthe€condition€required€by€ðð€7.€1,€broomclean,€vacant€and€free€of€all€occupants€and€rights€ofÐ !q Ðpossession.Ð ^ Ð8€Risk€of€LossÐ ûK Ð8.1€The€provisions€of€General€Obligations€Law€Section€5-1311,€as€modified€herein,€shall€applyÐ è8 Ðto€this€transaction€as€if€it€were€a€sale€of€realty.€For€purposes€of€this€paragraph,€the€term€"Unit"Ð Õ% Ðincludes€builtin€Personalty.Ð Â Ð8.2€Destruction€shall€be€deemed€"material"€under€GOL€5-1311,€if€the€reasonably€estimated€costÐ ¯ÿ Ðto€restore€the€Unit€shall€exceed€5%€of€the€Purchase€Price.Ð œì Ð8.3€In€the€event€of€any€destruction€of€the€Unit€or€the€Premises,€when€neither€legal€title€nor€theÐ ‰Ù Ðpossession€of€the€Unit€has€been€transferred€to€Purchaser,€Seller€shall€give€Notice€of€the€loss€toÐ v Æ ÐPurchaser€("Loss€Notice")€by€the€earlier€of€the€date€of€Closing€or€7€business€days€after€the€dateÐ c!³ Ðof€the€loss.Ð P"   Ð8.4€If€there€is€material€destruction€of€the€Unit€without€fault€of€Purchaser,€this€Contract€shall€beÐ =#! Ðdeemed€canceled€in€accordance€with€ðð€16.3,€unless€Purchaser€elects€by€Notice€to€Seller€toÐ *$z" Ðcomplete€the€purchase€with€an€abatement€of€the€Purchase€Price;€orÐ %g # Ð8.5€Whether€or€not€there€is€any€destruction€of€the€Unit,€if,€without€fault€of€Purchaser,€more€thanÐ &T!$ Ð10%€of€the€units€in€the€Premises€are€rendered€uninhabitable,€or€reasonable€access€to€the€Unit€isÐ ñ&A"% Ðnot€available,€then€Purchaser€shall€have€the€right€to€cancel€this€Contract€in€accordance€with€ððÐ Þ'.#& Ð16.3€by€Notice€to€Seller.Ð Ë($' Ð8.6€Purchaser's€Notice€pursuant€to€ðð€8.4€or€ðð€8.5€shall.€be€given€within€7€business€days€followingÐ ¸)%( Ðthe€giving€of€the€Loss€Notice€except€that€if€Seller€does€not€give€a€Loss€Notice,€Purchaser's€NoticeÐ ¥*õ%) Ðmay€be€given€at€any€time€at€or€prior€to€ClosingÐ ’+â&* Ð8.7€In€the€event€of€any€destruction€of€the€Unit,€Purchaser€shall€not€be€entitled€to€an€abatement€ofÐ ,Ï'+ Ðthe€Purchase€Price€(i)€that€exceeds€the€reasonably€estimated€cost€of€repair€and€restoration€or€(ii)Ð l-¼(, Ðfor€any€loss€that€the€Corporation€is€obliged€to€repair€or€restore;€but€Seller€shall€assign€toÐ ° ÐPurchaser,€without€recourse,€Seller's€claim,€if€any,€against€the€Corporation€with€respect€to€suchÐ í Ðloss.Ð ŠÚ Ð9€Closing€LocationÐ wÇ ÐThe€Closing€shall€be€held€at€the€location€designated€by€the€Corporation€or,€if€no€such€designationÐ d´ Ðis€made,€at€the€office€of€Seller's€Attorney.Ð Q ¡ Ð10€Closing€Ð > Ž Ð10.1€At€Closing,€Seller€shall€deliver€or€cause€to€be€delivered:Ð + { Ðà  à10.1.1€Seller's€certificate€for€the€Shares€duly€endorsed€for€transfer€to€Purchaser€orÐ  h Ðaccompanied€by€a€separate€duly€executed€stock€power€to€Purchaser,€and€in€either€case,€with€anyÐ  U  Ðguarantee€of€Seller's€signature€required€by€the€Corporation;Ð ò B  Ðà  à10.1.2€Seller's€counterpart€original€of€the€Lease,€all€assignments€and€assumptions€in€theÐ ß/  Ðchain€of€title€and€a€duly€executed€assignment€thereof€to€Purchaser€in€the€form€required€by€theÐ Ì  ÐCorporation;Ð ¹  Ðà  à10.1.3€FIRPTA€documents€required€by€ðð€25;Ð ¦ö  Ðà  à10.1.4€keys€to€the€Unit,€building€entrance(s),€and,€if€applicable,€garage,€mailbox,€storageÐ “ã  Ðunit€and€any€locks€in€the€Unit;Ð €Ð Ðà  à10.1.5€if€requested,€an€assignment€to€Purchaser€of€Seller's€interest€in€the€Personalty€andÐ m½ ÐIncluded€Interests;Ð Zª Ðà  à10.1.6€any€documents€and€payments€to€comply€with€ðð€15.2Ð G— Ðà  à10.1.7€If€Seller€is€unable€to€deliver€the€documents€required€in€ðð€10.1.1€or€10.1.2€thenÐ 4„ ÐSeller€shall€deliver€or€cause€to€be€delivered€all€documents€and€payments€required€by€theÐ !q ÐCorporation€for€the€issuance€of€anew€certificate€for€the€Shares€or€a€new€Lease.Ð ^ Ð10.2€At€Closing,€Purchaser€shall:Ð ûK Ðà  à10.2.1€pay€the€Balance€in€accordance€with€ðð€2.2.2;Ð è8 Ðà  à10.2.2€execute€and€deliver€to€Seller€and€the€Corporation€an€agreement€assuming€theÐ Õ% ÐLease,€in€the€form€required€by€the€Corporation;€andÐ Â Ðà  à10.2.3€if€requested€by€the€Corporation,€execute€and€deliver€counterparts€of€a€new€leaseÐ ¯ÿ Ðsubstantially€the€same€as€the€Lease,€for€the€balance€of€the€Lease€term,€in€which€case€the€LeaseÐ œì Ðshall€be€canceled€and€surrendered€to€the€Corporation€together€with€Seller's€assignment€thereof€toÐ ‰Ù ÐPurchaser.Ð v Æ Ð10.3€At€Closing,€the€Parties€shall€complete€and€execute€all€documents€necessary:Ð c!³ Ðà  à10.3.1€for€Internal€Revenue€Service€("IRS")€form€1099-S€or€other€similar€requirements;Ð P"   Ðà  à10.3.2€to€comply€with€smoke€detector€requirements€and€any€applicable€transfer€taxÐ =#! Ðfilings;€andÐ *$z" Ðà  à10.3.3€to€transfer€Seller's€interest,€if€any,€in€and€to€the€Personalty€and€Included€Interests.Ð %g # Ð10.4€Purchaser€shall€not€be€obligated€to€close€unless,€at€Closing,€the€Corporation.€delivers:Ð &T!$ Ðà  à10.4.1€to€Purchaser€a€new€certificate€for€the€Shares€in€the€name€of€Purchaser;€andÐ ñ&A"% Ðà  à10.4.2€a€written€statement€by€an€officer€or€authorized€agent€of€the€CorporationÐ Þ'.#& Ðconsenting€to€the€transfer€of€the€Shares€and€Lease€to€Purchaser€and€setting€forth€the€amounts€ofÐ Ë($' Ðand€payment€status€of€all€sums€owed€by€Seller€to€the€Corporation,€including€Maintenance€andÐ ¸)%( Ðany€Assessments,€and€the€dates€to€which€each€has€been€paid.Ð ¥*õ%) Ð11€Closing€Fees,€Taxes€and€Apportionments€Ð ’+â&* Ð11.€1€At€or€prior€to€Closing,Ð ,Ï'+ Ðà  à11.1.1€Seller€shall€pay,€if€applicable:Ð l-¼(, Ðà  àà ` à11.1.1.1€the€cost€of€stock€transfer€stamps;€andÐ ° Ðà  àà ` à11.1.1.2€transfer€taxes,€except€as€set€forth€in€ðð€11.1.2.2Ð í Ðà  à11.1.2€Purchaser€shall€pay,€if€applicable:Ð ŠÚ Ðà  àà ` à11.1.2.1€any€fee€imposed€by€the€Corporation€relating€to€Purchaser's€financing;€andÐ wÇ Ðà  àà ` à11.1.2.2€transfer€taxes€imposed€by€statute€primarily€on€Purchaser€(e.g.,€theÐ d´ Ð"mansion€tax").Ð Q ¡ Ð11.2€The€Flip€Tax,€if€any,€shall€be€paid€by€the€Party€specified€in€ðð€1.19.Ð > Ž Ð11.3€Any€fee€imposed€by€the€Corporation€and€not€specified€in€this€Contract€shall€be€paid€by€theÐ + { ÐParty€upon€whom€such€fee€is€expressly€imposed€by€the€Corporation,€and€if€no€Party€is€specifiedÐ  h Ðby€the€Corporation,€then€such€fee€shall€be€paid€by€Seller.Ð  U  Ð11.4€The€Parties€shall€apportion€as€of€11:59€P.M.€of€the€day€preceding€the€Closing,€theÐ ò B  ÐMaintenance,€and€any€other€periodic€charges€due€the€Corporation€(other€than€Assessments)€andÐ ß/  ÐSTAR€Tax€Exemption€(if€the€Unit€is€the€beneficiary€of€same),€based€on€the€number€of€the€daysÐ Ì  Ðin€the€month€of€Closing.Ð ¹  Ð11.5€Assessments,€whether€payable€in€a€lump€sum€or€installments,€shall€not€be€apportioned,€butÐ ¦ö  Ðshall€be€paid€by€the€Party€who€is€the€owner€of€the€Shares€on€the€date€specified€by€theÐ “ã  ÐCorporation€for€payment.€Purchaser€shall€pay€any€installments€payable€after€Closing€providedÐ €Ð ÐSeller€had€the€right€and€elected€to€pay€the€Assessment€in€installments.Ð m½ Ð11.6€Each€Party€shall€timely€pay€any€transfer€taxes€for€which€it€is€primarily€liable€pursuant€toÐ Zª Ðlaw€by€cashier's,€official€bank,€certified,€or€attorney's€escrow€check.€This€ðð€11.6€shall€surviveÐ G— ÐClosing.Ð 4„ Ð11.7€Any€computational€errors€or€omissions€shall€be€corrected€within€6€months€after€Closing.Ð !q ÐThis€ðð€11.7€shall€survive€Closing.Ð ^ Ð12€BrokerÐ ûK Ð12.1€Each€Party€represents€that€such€Party€has€not€dealt€with€any€person€acting€as€a€broker,Ð è8 Ðwhether€licensed€or€unlicensed,€in€connection€with€this€transaction€other€than€the€Broker(s)Ð Õ% Ðnamed€in€ðð€1.5.Ð Â Ð12.2€Seller€shall€pay€the€Broker's€commission€pursuant€to€a€separate€agreement.€The€Broker(s)Ð ¯ÿ Ðshall€not€be€deemed€to€be€a€third-party€beneficiary€of€this€Contract.Ð œì Ð12.3€This€ðð€12€shall€survive€Closing,€cancellation€or€termination€of€this€Contract.Ð ‰Ù Ð13€Defaults,€Remedies€and€IndemnitiesÐ v Æ Ð13.1€In€the€event€of€a€default€or€misrepresentation€by€Purchaser,€Seller's€sole€and€exclusiveÐ c!³ Ðremedies€shall€be€to€cancel€this€Contract,€retain€the€Contract€Deposit€as€liquidated€damages€and,Ð P"   Ðif€applicable,€Seller€may€enforce€the€indemnity€in€ðð€13.3€as€to€brokerage€commission€or€sueÐ =#! Ðunder€ðð€13.4.€Purchaser€prefers€to€limit€Purchaser's€exposure€for€actual€damages€to€the€amountÐ *$z" Ðof€the€Contract€Deposit,€which€Purchaser€agrees€constitutes€a€fair€and€reasonable€amount€ofÐ %g # Ðcompensation€for€Seller's€damages€under€the€circumstances€and€is€not€a€penalty.€The€principlesÐ &T!$ Ðof€real€property€law€shall€apply€to€this€liquidated€damages€provision.Ð ñ&A"% Ð13.2€In€the€event€of€a€default€or€misrepresentation€by€Seller,€Purchaser€shall€have€such€remediesÐ Þ'.#& Ðas€Purchaser€is€entitled€to€at€law€or€in€equity,€including€specific€performance,€because€the€UnitÐ Ë($' Ðand€possession€thereof€cannot€be€duplicated.Ð ¸)%( Ð13.3€Subject€to€the€provisions€of€ðð€4.3,€each€Party€indemnifies€and€holds€harmless€the€otherÐ ¥*õ%) Ðagainst€and€from€any€claim,€judgment,€loss,€liability,€cost€or€expense€resulting€from€theÐ ’+â&* Ðindemnitor's€breach€of€any€of€its€representations€or€covenants€stated€to€survive€Closing,Ð ,Ï'+ Ðcancellation€or€termination€of€this€Contract.€Purchaser€indemnifies€and€holds€harmless€SellerÐ l-¼(, Ðagainst€and€from€any€claim,€judgment,€loss,€liability,€cost€or€expense€resulting€from€the€LeaseÐ ° Ðobligations€accruing€from€and€after€the€Closing.€Each€indemnity€includes,€without€limitation,Ð í Ðreasonable€attorneys'€fees€and€disbursements,€court€costs€and€litigation€expenses€arising€from€theÐ ŠÚ Ðdefense€of€any€claim€and€enforcement€or€collection€of€a€judgment€under€this€indemnity,Ð wÇ Ðprovided€the€indemnitee€is€given€Notice€and€opportunity€to€defend€the€claim.€This€ðð€13.3€shallÐ d´ Ðsurvive€Closing,€cancellation€or€termination€of€this€Contract.Ð Q ¡ Ð13.4€In€the€event€any€instrument€for€the€payment€of€the€Contract€Deposit€fails€of€collection,Ð > Ž ÐSeller€shall€have€the€right€to€sue€on€the€uncollected€instrument.€In€addition,€such€failure€ofÐ + { Ðcollection€shall€be€a€default€under€this€Contract,€provided€Seller€gives€Purchaser€Notice€of€suchÐ  h Ðfailure€of€collection€and,€within€3€business€days€after€Notice€is€given,€Escrowee€does€not€receiveÐ  U  Ðfrom€Purchaser€an€unendorsed€good€certified€check,€bank€check€or€immediately€available€fundsÐ ò B  Ðin€the€amount€of€the€uncollected€funds.€Failure€to€cure€such€default€shall€entitle€Seller€to€theÐ ß/  Ðremedies€set€forth€in€Paragraph€13.1€and€to€retain€all€sums€as€may€be€collected€and/or€recovered.Ð Ì  Ð14€Entire€Agreement;€ModificationÐ ¹  Ð14.1€All€prior€oral€or€written€representations,€understandings€and€agreements€had€between€theÐ ¦ö  ÐParties€with€respect€to€the€subject€matter€of€this€Contract,€and€with€the€Escrowee€as€to€ðð€27,€areÐ “ã  Ðmerged€in€this€Contract,€which€alone€fully€and€completely€expresses€the€Parties'€and€Escrowee'sÐ €Ð Ðagreement.Ð m½ Ð14.2€The€Attorneys€may€extend€in€writing€any€of€the.€time€limitations€stated€in€this€Contract.Ð Zª ÐAny€other€provision€of€this€Contract€may€be€changed€or€waived€only€in€writing€signed€by€theÐ G— ÐParty€or€Escrowee€to€be€charged.Ð 4„ Ð15€Removal€of€Liens€and€JudgmentsÐ !q Ð15.1€Purchaser€shall€deliver€or€cause€to€be€delivered€to€Seller€or€Seller's€Attorney,€not€less€thanÐ ^ Ð10€calendar€days€prior€to€the€Scheduled€Closing€Date€a€Lien€and€Judgment€search,€except€thatÐ ûK ÐLiens€or€Judgments€first€disclosed€in€a€continuation€search€shall€be€reported€to€Seller€within€2Ð è8 Ðbusiness€days€after€receipt€thereof,€but€not€later€than€the€Closing.€Seller€shall€have€the€right€toÐ Õ% Ðadjourn€the€Closing€pursuant€to€ðð€16€to€remove€any€such€Liens€and€Judgments.€Failure€byÐ Â ÐPurchaser€to€timely€deliver€such€search€or€continuation€search€shall€not€constitute€a€waiver€ofÐ ¯ÿ ÐSeller's€covenants€in€ðð€4€as€to€Liens€and€Judgments.€However,€if€the€Closing€is€adjourned€solelyÐ œì Ðby€reason€of€untimely€delivery€of€the€Lien€and€Judgment€search,€the€apportionments€underÐ ‰Ù ÐParagraph€11.3€shall€be€made€as€of€11:59€P.M.€of€the€day€preceding€the€Scheduled€Closing€DateÐ v Æ Ðin€ðð€1.15.Ð c!³ Ð15.2€Seller,€at€Seller's€expense,€shall€obtain€and€deliver€to€the€Purchaser€the€documents€andÐ P"   Ðpayments€necessary€to€secure€the€release,€satisfaction,€termination€and€discharge€or€removal€ofÐ =#! Ðrecord€of€any€Liens€and€Judgments.€Seller€may€use€any€portion€of€the€Purchase€Price€for€suchÐ *$z" Ðpurposes.Ð %g # Ð15.3€This€ðð€15€shall€survive€Closing.Ð &T!$ Ð16€Seller's€InabilityÐ ñ&A"% Ð16.1€If€Seller€shall€be€unable€to€transfer€the€items€set€forth€in€ðð€2.1€in€accordance€with€thisÐ Þ'.#& ÐContract€for€any€reason€other€than€Seller's€failure€to€make€a€required€payment€or€other€willful€actÐ Ë($' Ðor€omission,€then€Seller€shall€have€the€right€to€adjourn€the€Closing€for€periods€not€exceeding€60Ð ¸)%( Ðcalendar€days€in€the€aggregate,€but€not€extending€beyond€the€expiration€of€Purchaser's€LoanÐ ¥*õ%) ÐCommitment€Letter,€if€ðð€1.20.1€or€1.20.2€applies.Ð ’+â&* Ð16.2€If€Seller€does€not€elect€to€adjourn€the€Closing€or€(if€adjourned)€on€the€adjourned€date€ofÐ ,Ï'+ ÐClosing€Seller€is€still€unable€to€perform,€then€unless€Purchaser€elects€to€proceed€with€the€ClosingÐ l-¼(, Ðwithout€abatement€of€the€Purchase€Price,€either€Party€may€cancel€this€Contract€on€Notice€to€theÐ ° Ðother€Party€given€at€any€time€thereafter.Ð í Ð16.3€In€the€event€of€such€cancellation,€the€sole€liability€of€Seller€shall€be€to€cause€the€ContractÐ ŠÚ ÐDeposit€to€be€refunded€to€Purchaser€and€to€reimburse€Purchaser€for€the€actual€costs€incurred€forÐ wÇ ÐPurchase's€lien€and€title€search,€if€any.Ð d´ Ð17€Notices€and€Contract€DeliveryÐ Q ¡ Ð17.1€Any€notice€or€demand€("Notice")€shall€be€in€writing€and€delivered€either€by€hand,€overnightÐ > Ž Ðdelivery€or€certified€or€registered€mail,€return€receipt€requested,€to€the€Party€and€simultaneously,Ð + { Ðin€like€manner,€to€such€Party's€Attorney,€if€any,€and€to€Escrowee€at€their€respective€addresses€orÐ  h Ðto€such€other€address€as€shall€hereafter€be€designated€by€Notice€given€pursuant€to€this€ðð€17.Ð  U  Ð17.2€The€Contract€may€be€delivered€as€provided€in€ðð€17.1€or€by€ordinary€mail.Ð ò B  Ð17.3€The€Contract€or€each€Notice€shall€be€deemed€given€and€received:Ð ß/  Ðà  à17.3.1€on€the€day€delivered€by€hand;Ð Ì  Ðà  à17.3.2€on€the€business€day€following€the€date€sent€by€overnight€delivery;Ð ¹  Ðà  à17.3.3€on€the€5th€business€day€following€the€date€sent€by€certified€or€registered€mail;€orÐ ¦ö  Ðà  à17.3.4€as€to€the€Contract€only,€3€business€days€following€the€date€of€ordinary€mailing.Ð “ã  Ð17.4€A€Notice€to€Escrowee€shall€be€deemed€given€only€upon€actual€receipt€by€Escrowee.Ð €Ð Ð17.5€The€Attorneys€are€authorized€to€give€and€receive€any€Notice€on€behalf€of€their€respectiveÐ m½ Ðclients.Ð Zª Ð17.6€Failure€or€refusal€to€accept€a€Notice€shall€not€invalidate€the€Notice.Ð G— Ð17.7€Notice€pursuant€to€ðððð€2.2.2€and€13.4€may€be€delivered€by€confirmed€facsimile€to€the€Party'sÐ 4„ ÐAttorney€and€shall€be€deemed€given€when€transmission€is€confirmed€by€sender's€facsimileÐ !q Ðmachine.Ð ^ Ð18€Financing€ProvisionsÐ ûK Ð18.1€The€provisions€of€ðððð€18.1€and€18.2€are€applicable€only€if€ðð€1.20.1€or€1.20.2€applies.Ð è8 Ðà  à18.1.1€An€"Institutional€Lender"€is€any€of€the€following€that€is€authorized€under€FederalÐ Õ% Ðor€New€York€State€law€to€issue€a€loan€secured€by€the€Shares€and€Lease€and€is€currentlyÐ Â Ðextending€similarly€secured€loan€commitments€in€the€county€in€which€the€Unit€is€located:€aÐ ¯ÿ Ðbank,€savings€bank,€savings€and€loan€association,€trust€company,€credit€union€of€whichÐ œì ÐPurchaser€is€a€member,€mortgage€banker,€insurance€company€or€governmental€entity.Ð ‰Ù Ðà  à18.1.2€A€"Loan€Commitment€Letter"€is€a€written€offer€from€an€Institutional€Lender€toÐ v Æ Ðmake€a€loan€on€the€Financing€Terms€(see€ðð€1.€2€1)-€at€prevailing€fixed€or€adjustable€interest€ratesÐ c!³ Ðand€on€other€customary€terms€generally€being€offered€by€Institutional€Lenders€makingÐ P"   Ðcooperative€share€loans.€An€offer€to€make€a€loan€conditional€upon€obtaining€an€appraisalÐ =#! Ðsatisfactory€to€the€Institutional€Lender€shall€not€become€a€Loan€Commitment€Letter€unless€andÐ *$z" Ðuntil€such€condition€is€met.€An€offer€conditional€upon€any€factor€concerning€Purchaser€(e.g.€saleÐ %g # Ðof€current€home,€payment€of€outstanding€debt,€no€material€adverse€change€in€Purchaser'sÐ &T!$ Ðfinancial€condition,€etc.)€is€a€Loan€Commitment€Letter€whether€or€not€such€condition€is€met.Ð ñ&A"% ÐPurchaser€accepts€the€risk€that,€and€cannot€cancel€this€Contract€if,€any€condition€concerningÐ Þ'.#& ÐPurchaser€is€not€met.Ð Ë($' Ð18.2€Purchaser,€directly€or€through€a€mortgage€broker€registered€pursuant€to€Article€12-D€of€theÐ ¸)%( ÐBanking€Law,€shall€diligently€and€in€good€faith:Ð ¥*õ%) Ðà  à18.2.1€apply€only€to€an€Institutional€Lender€for€a€loan€on€€the€Financing€Terms€(see€ððÐ ’+â&* Ð1.21)€on€the€form€required€by€the€Institutional€Lender€containing€truthful€and€completeÐ ,Ï'+ Ðinformation,€and€submit€such€application€together€with€such€documents€as€the€InstitutionalÐ l-¼(, ÐLender€requires,€and€pay€the€applicable€fees€and€charges€of€the€Institutional€Lender,€all€of€whichÐ ° Ðshall€be€performed€within€5€business€days€after€the€à  àDelivery€Date;Ð í Ðà  à18.2.2€promptly€submit€to€the€Institutional€Lender€such€further€references,€à Ð àdataÐ ŠÚ Ðand€documents€requested€by€the€Institutional€Lender;€andÐ wÇ Ðà  à18.2.3€accept€a€Loan€Commitment€Letter€meeting€the€Financing€Terms€and€comply€withÐ d´ Ðall€requirements€of€such€Loan€Commitment€Letter€(or€any€other€loan€commitment€letterÐ Q ¡ Ðaccepted€by€Purchaser)€and€of€the€Institutional€Lender€in€order€to€close€the€loan;€andÐ > Ž Ðà  à18.2.4€furnish€Seller€with€a€copy€of€the€Loan€Commitment€Letter€promptly€afterÐ + { ÐPurchaser's€receipt€thereof.Ð  h Ðà  à18.2.5€Purchaser€is€not€required€to€apply€to€more€than€one€Institutional€Lender.Ð  U  Ð18.3€If€Paragraph€1.20.1€applies,€thenÐ ò B  Ðà  à18.3.1€provided€Purchaser€has€complied€with€all€applicable€provisions€of€ðð€18.2€and€thisÐ ß/  Ððð€18.3,€Purchaser€may€cancel€this€Contract€as€set€forth€below,€ifÐ Ì  Ðà  àà ` à18.3.1.1€any€Institutional€Lender€denies€Purchaser's€application€in€writing€prior€toÐ ¹  Ðthe€Loan€Commitment€Date€(see€Paragraph€1.21);€orÐ ¦ö  Ðà  àà ` à18.3.1.2€a€Loan€Commitment€Letter€is€not€issued€by€the€Institutional€Lender€on€orÐ “ã  Ðbefore€the€Loan€Commitment€Date;€orÐ €Ð Ðà  àà ` à18.3.1.3€any€requirement€of€the€Loan€Commitment€Letter€other€than€oneÐ m½ Ðconcerning€Purchaser€is€not€met€(e.g.€failure€of€the€Corporation€to€execute€and€deliver€theÐ Zª ÐInstitutional€Lender's€recognition€agreement€or€other€document,€financial€condition€of€theÐ G— ÐCorporation,€owner€occupancy€quota,€etc.);€orÐ 4„ Ðà  àà ` à18.3.1.4€(i)€the€Closing€is€adjourned€by€Seller€or€the€Corporation€for€more€than€30Ð !q Ðbusiness€days€from€the€Scheduled€Closing€Date€and€(ii)€the€Loan€Commitment€Letter€expires€onÐ ^ Ða€date€more€than€30€business€days€after€the€Scheduled€Closing€Date€and€before€the€new€date€setÐ ûK Ðfor€Closing€pursuant€to€this€ðð€and€(iii)€Purchaser€is€unable€in€good€faith€to€obtain€from€theÐ è8 ÐInstitutional€Lender€an€extension€of€the€Loan€Commitment€Letter€or€a€new€Loan€CommitmentÐ Õ% ÐLetter€on€the€Financing€Terms€without€paying€additional€fees€to€the€Institutional€Lender,€unlessÐ Â ÐSeller€agrees,€by€Notice€to€Purchaser€within€5€business€days€after€receipt€of€Purchaser's€NoticeÐ ¯ÿ Ðof€cancellation€on€such€ground,€that€Seller€will€pay€such€additional.€fees€and€Seller€pays€suchÐ œì Ðfees€when€due.€Purchaser€may€not€object€€to€an€adjournment€by€Seller€for€up€to€30€business€daysÐ ‰Ù Ðsolely€because€the€Loan€Commitment€Letter€would€expire€before€such€adjourned€Closing€date.Ð v Æ Ðà  à18.3.2€Purchaser€shall€deliver€Notice€of€cancellation€to€Seller€within€5€business€daysÐ c!³ Ðafter€the€Loan€Commitment€Date€if€cancellation€is€pursuant€to€ðð€18.3.1.1€or€18.3.1.2€and€on€orÐ P"   Ðprior€to€the€Scheduled€Closing€Date€if€cancellation€is€pursuant€to€ðð€18.3.1.3€or€18.3.1.4.Ð =#! Ðà  à18.3.3€If€cancellation€is€pursuant€to€Paragraph€18.3.€1.€1,€then€Purchaser€shall€deliver€toÐ *$z" ÐSeller,€together€with€Purchaser's€Notice,€a€copy€of€the€Institutional€Lender's€written€denial€ofÐ %g # ÐPurchaser's€loan€application.Ð &T!$ ÐIf€cancellation€is€pursuant€to€ðð€18.3.1.3,€then€Purchaser€shall€deliver€to€Seller€together€withÐ ñ&A"% ÐPurchaser's€Notice€evidence€that€a€requirement€of€the€Institutional€Lender€was€not€met.Ð Þ'.#& Ðà  à18.3.4€Seller€may€cancel€this€Contract€by€Notice€to€Purchaser,€sent€within€5€days€afterÐ Ë($' Ðthe€Loan€Commitment€Date,€if€Purchaser€shall€not€have€sent€by€then€either€(i)€Purchaser's€NoticeÐ ¸)%( Ðof€cancellation€or€(ii)€a€copy€of€the€Loan€Commitment€Letter€to€Seller,€which€cancellation€shallÐ ¥*õ%) Ðbecome€effective€if€Purchaser€does€not€deliver€a€copy€of€such€Loan€Commitment€Letter€to€SellerÐ ’+â&* Ðwithin€10€business€days€after€the€Loan€Commitment€Date.Ð ,Ï'+ Ðà  à18.3.5€Failure€by€either€Purchaser€or€Seller€to€deliver€Notice€of€cancellation€as€requiredÐ l-¼(, Ðby€this€ðð€18.3€shall€constitute€a€waiver€of€the€right€to€cancel€under€this€ðð€18.3.Ð ° Ðà  à18.3.6€If€this€Contract€is€canceled€by€Purchaser€pursuant€to€this€ðð€18.3,€then€thereafterÐ í Ðneither€Party€shall€have€any€further€rights€against,€or€obligations€or€liabilities€to,€the€other€byÐ ŠÚ Ðreason€of€this€Contract,€except€that€the€Contract€Deposit€shall€be€promptly€refunded€to€PurchaserÐ wÇ Ðand€except€as€set€forth€in€ðð€12.€If€this€Contract€is€canceled€by€Purchaser€pursuant€to€ðð€18.3.1.4,Ð d´ Ðthen€Seller€shall€reimburse€Purchaser€for€any€non-refundable€financing€and€inspection€expensesÐ Q ¡ Ðand€other€sums€reimbursable€pursuant€to€ðð€16.Ð > Ž Ðà  à18.3.7€Purchaser€cannot€cancel€this€Contract€pursuant€to€18.3.1.4€and€cannot€obtain€aÐ + { Ðrefund€of€the€Contract€Deposit€if€the€Institutional€Lender€fails€to€fund€the€loan:Ð  h Ðà  àà ` à18.3.7.1€because€a€requirement€of€the€Loan€Commitment€Letter€concerningÐ  U  ÐPurchaser€is€not€met€(e.g.,€Purchaser's€financial€condition€or€employment€status€suffers€anÐ ò B  Ðadverse€change;€Purchaser€fails€to€satisfy€a€condition€relating€to€the€sale€of€an€existing€residence,Ð ß/  Ðetc.)€orÐ Ì  Ðà  àà ` à18.3.7.2€due€to€the€expiration€of€a€Loan€Commitment€LetterÐ ¹  Ðissued€with€an€expiration€date€that€is€not€more€than€30€business€days€after€the€Scheduled€ClosingÐ ¦ö  ÐDate.Ð “ã  Ð19€Singular/Plural€and€Joint/SeveralÐ €Ð ÐThe€use€of€the€singular€shall€be€deemed€to€include€the€plural€and€vice€versa,€whenever€theÐ m½ Ðcontext€so€requires.€If€more€than€one€person€constitutes€Seller€or€Purchaser,€their€obligations€asÐ Zª Ðsuch€Party€shall€be€joint€and€several.Ð G— Ð20€No€SurvivalÐ 4„ ÐNo€representation€and/or€covenant€contained€herein€shall€survive€Closing€except€as€expresslyÐ !q Ðprovided.€Payment€of€the€Balance€shall€constitute€a€discharge€and€release€by€Purchaser€of€all€ofÐ ^ ÐSeller's€obligations€hereunder€except€those€expressly€stated€to€survive€Closing.Ð ûK Ð21€InspectionsÐ è8 ÐPurchaser€and€Purchaser's€representatives€shall€have€the€right€to€inspect€the€Unit€within€48€hoursÐ Õ% Ðprior€to€Closing,€and€at€other€reasonable€times€upon€reasonable€request€to€Seller.Ð Â Ð22€Governing€Law€and€VenueÐ ¯ÿ ÐThis€Contract€shall€be€governed€by€the€laws€of€the€State€of€New€York€without€regard€toÐ œì Ðprinciples€of€conflict€of€laws.€Any€action€or€proceeding€arising€out€of€this€Contract€shall€beÐ ‰Ù Ðbrought€in€the€county€or€Federal€district€where€the€Unit€is€located€and€the€Parties€hereby€consentÐ v Æ Ðto€said€venue.Ð c!³ Ð23€No€Assignment€by€Purchaser;€Death€of€PurchaserÐ P"   Ð23.1€Purchaser€may€not€assign€this€Contract€or€any€of€Purchaser's€rights€hereunder.€Any€suchÐ =#! Ðpurported€assignment€shall€be€null€and€void.Ð *$z" Ð23.2€This€Contract€shall€terminate€upon€the€death€of€all€persons€comprising€Purchaser€and€theÐ %g # ÐContract€Deposit€shall€be€refunded€to€the€Purchaser.€Upon€making€such€refund€andÐ &T!$ Ðreimbursement,€neither€Party€shall€have€any€further€liability€or€claim€against€the€otherÐ ñ&A"% Ðhereunder,€except€as€set€forth€in€ðð€12.Ð Þ'.#& Ð24€Cooperation€of€PartiesÐ Ë($' Ð24.1€The€Parties€shall€each€cooperate€with€the€other,€the€Corporation€and€Purchaser'sÐ ¸)%( ÐInstitutional€Lender€and€title€company,€if€any,€and€obtain,€execute€and€deliver€such€documents€asÐ ¥*õ%) Ðare€reasonably€necessary€to€consummate€this€sale.Ð ’+â&* Ð24.2€The€Parties€shall€timely€file€all€required€documents€in€connection€with€all€governmentalÐ ,Ï'+ Ðfilings€that€are€required€by€law.€Each€Party€represents€to€the€other€that€its€statements€in€suchÐ l-¼(, Ðfilings€shall€be€true€and€complete.€This€ðð€24.2€shall€survive€Closing.Ð ° Ð25€FIRPTAÐ í ÐThe€parties€shall€comply€with€IRC€ðððð€897,€1445€and€the€regulations€thereunder€as€same€may€beÐ ŠÚ Ðamended€("FIRPTA").€If€applicable,€Seller€shall€execute€and€deliver€to€purchaser€at€Closing€aÐ wÇ ÐCertification€of€Non-Foreign€Status€("CNS")€or€deliver€a€Withholding€Certificate€from€the€IRS.Ð d´ ÐIf€Seller€fails€to€deliver€a€CNS€or€a€Withholding€Certificate,€Purchaser€shall€withhold€fromÐ Q ¡ Ðthe€Balance,€and€remit€to€the€IRS,€such€sum€as€may€be€required€by€law.€Seller€hereby€waives€anyÐ > Ž Ðright€of€action€against€Purchaser€on€account€of€such€withholding€and€remittance.€This€ðð€25€shallÐ + { Ðsurvive€Closing.Ð  h Ð26€Additional€RequirementsÐ  U  Ð26.1€Purchaser€shall€not€be€obligated€to€close€unless€all€of€the€following€requirements€areÐ ò B  Ðsatisfied€at€the€time€of€the€Closing:Ð ß/  Ðà  à26.1.1€the€Corporation€is€in€good€standing;Ð Ì  Ðà  à26.1.2€the€Corporation€has€fee€or€leasehold€title€to€the€Premises,€whether€or€notÐ ¹  Ðmarketable€or€insurable;€andÐ ¦ö  Ðà  à26.1.3€there€is€no€pending€in€rem€action,€tax€certificate/lien€sale€or€foreclosure€action€ofÐ “ã  Ðany€underlying€mortgage€affecting€the€Premises.Ð €Ð Ð26.2€If€any€requirement€in€ðð€26.1€is€not€satisfied€at€the€time€of€the€Closing,€Purchaser€shall€giveÐ m½ ÐSeller€Notice€and€if€the€same€is€not€satisfied€within€a€reasonable€period€of€time€thereafter,€thenÐ Zª Ðeither€Party€may€cancel€this€Contract€(pursuant€to€ðð€16.3)€by€Notice.€Ð G— Ð27€Escrow€TermsÐ 4„ Ð27.1€The€Contract€Deposit€shall€be€deposited€by€Escrowee€in€an€escrow€account€as€set€forth€in€ððÐ !q Ð1.24€and€the€proceeds€held€and€disbursed€in€accordance€with€the€terms€of€this€Contract.€AtÐ ^ ÐClosing,€the€Contract€Deposit€shall€be€paid€by€Escrowee€to€Seller.€If€the€Closing€does€not€occurÐ ûK Ðand€either€Party€gives€Notice€to€Escrowee€demanding€payment€of€the€Contract€Deposit,Ð è8 ÐEscrowee€shall€give€prompt€Notice€to€the€other€Party€of€such€demand.€If€Escrowee€does€notÐ Õ% Ðreceive€a€Notice€of€objection€to€the€proposed€payment€from€such€other€Party€within€10€businessÐ Â Ðdays€after€the€giving€of€Escrowee's€Notice,€Escrowee€is€hereby€authorized€and€directed€to€makeÐ ¯ÿ Ðsuch€payment€to€the€demanding€party.€If€Escrowee€does€receive€such€a€Notice€of€objectionÐ œì Ðwithin€said€period,€or€if€for€any€reason€Escrowee€in€good€faith€elects€not€to€make€such€payment,Ð ‰Ù ÐEscrowee€may€continue€to€hold€the€Contract€Deposit€until€otherwise€directed€by€a€joint€NoticeÐ v Æ Ðby€the€Parties€or€a€final,€non-appealable€judgment,€order€or€decree€of€a€court€of€competentÐ c!³ Ðjurisdiction.€However,€Escrowee€shall€have€the€right€at€any€time€to€deposit€the€Contract€DepositÐ P"   Ðand€the€interest€thereon,€if€any,€with€the€clerk€of€a€court€in€the€county€as€set€forth€in€ðð€22€andÐ =#! Ðshall€give€Notice€of€such€deposit€to€each€Party.€Upon€disposition€of€the€Contract€Deposit€andÐ *$z" Ðinterest€thereon,€if€any,€in€accordance€with€this€ðð€27,€Escrowee€shall€be€released€and€dischargedÐ %g # Ðof€all€escrow€obligations€and€liabilities.Ð &T!$ Ð27.2€The€Party€whose€Attorney€is€Escrowee€shall€be€liable€for€loss€of€the€Contract€Deposit.€If€theÐ ñ&A"% ÐEscrowee€is€Seller's€attorney,€then€Purchaser€shall€be€credited€with€the€amount€of€the€contractÐ Þ'.#& ÐDeposit€at€Closing.Ð Ë($' Ð27.3€Escrowee€will€serve€without€compensation.€Escrowee€is€acting€solely€as€a€stakeholder€atÐ ¸)%( Ðthe€Parties'€request€and€for€their€convenience.€Escrowee€shall€not€be€liable€to€either€Party€for€anyÐ ¥*õ%) Ðact€or€omission€unless€it€involves€bad€faith,€willful€disregard€of€this€Contract€or€grossÐ ’+â&* Ðnegligence.€In€the€event€of€any€dispute,€Seller€andÐ ,Ï'+ ÐPurchaser€shall€jointly€and€severally€(with€right€of€contribution)€defend€(by€attorneys€selected€byÐ l-¼(, ÐEscrowee),€indemnify€and€hold€harmless€Escrowee€from€and€against€any€claim,€judgment,€loss,Ð ° Ðliability,€cost€and€expenses€incurred€in€connection€with€the€performance€of€Escrowee's€acts€orÐ í Ðomissions€not€involving€bad€faith,€willful€disregard€of€this€Contract€or€gross€negligence.€ThisÐ ŠÚ Ðindemnity€includes,€without€limitation,€reasonable€attorneys'€fees€either€paid€to€retain€attorneysÐ wÇ Ðor€representing€the€fair€value€of€legal€services€rendered€by€Escrowee€to€itself€and€disbursements,Ð d´ Ðcourt€costs€and€litigation€expenses.Ð Q ¡ Ð27.4€Escrowee€acknowledges€receipt€of€the€Contract€Deposit,€by€check€subject€to€collection.Ð > Ž Ð27.5€Escrowee€agrees€to€the€provisions€of€this€ðð€27.Ð + { Ð27.6€If€Escrowee€is€the€Attorney€for€a€Party,€Escrowee€shall€be€permitted€to€represent€such€PartyÐ  h Ðin€any€dispute€or€lawsuit.Ð  U  Ð27.7€This€ðð€27€shall€survive€Closing,€cancellation€or€termination€of€this€Contract.Ð ò B  Ð28€Margin€HeadingsÐ ß/  ÐThe€margin€headings€do€not€constitute€part€of€the€text€of€this€Contract.Ð Ì  Ð29€MiscellaneousÐ ¹  ÐThis€Contract€shall€not€be€binding€unless€and€until€Seller€delivers€a€fully€executed€counterpart€ofÐ ¦ö  Ðthis€Contract€to€Purchaser€(or€Purchaser's€Attorney)€pursuant€to€ðð€17.2€and€17.3.€This€ContractÐ “ã  Ðshall€bind€and€inure€to€the€benefit€of€the€Parties€hereto€and€their€respective€heirs,€personal€andÐ €Ð Ðlegal€representatives€and€successors€in€interest.Ð m½ Ð30€Lead€PaintÐ Zª ÐIf€applicable,€the€complete€and€fully€executed€Disclosure€ofÐ G— ÐInformation€on€Lead€Based€Paint€and€or€Lead-Based€Paint€Hazards€is€attached€hereto€and€made€aÐ 4„ Ðpart€hereof.Ð !q ÐÌÌÌÌÌIn€Witness€Whereof,€the€Parties€hereto€have€duly€executed€this€Contract€as€of€the€date€firstÐ ¯ÿ Ðabove€written.Ð œì ÐÌESCROW€TERMS€AGREED€TO:à h àSELLER:€à  àPURCHASER:Ð v Æ Ðà  àÌà  àÌESCROWEEà ` àà ¸ àà  àÐ =#! ÐÌÌÌÌRider€to,€and€Part€of,€Contract€of€Sale€Between€andà  àà p àà È àas€SellerÐ Þ'.#& Ðand€à  àas€Purchaser€for€Unità  àatÐ Ë($' ÐÌÌSuggested€Purchaser's€representations€for€use€when€applicable.Ð ’+â&* ÐÌÐ l-¼(, Ð31€Purchaser's€Additional€Representations€and€CovenantsÐ ° Ð3€1.1€Supplementing€ðð€4.2€of€the€Contract.€Purchaser€also€represents€and€covenants€that:Ð í Ðà  à3€1.€1.1€Purchaser€has,€and€will€at€Closing€have,€available€unencumbered€cash€and€cashÐ ŠÚ Ðequivalents€(including€publicly€traded€securities)€in€a€sum€at€least€equal€to€(and€having€a€thenÐ wÇ Ðcurrent€value€of)€the€Balance;€andÐ d´ Ðà  à31.1.2€Purchaser€has,€and€will€at€and€immediately€following€the€Closing€have,€a€positiveÐ Q ¡ Ðnet€worth.Ð > Ž Ð31.2€the€Maintenance€and€the€monthly€amount€of€the€Assessment€(if€any)€do€not€aggregate€moreÐ + { Ðthan€25%€of€the€current€total€gross€monthly€income€of€the€individuals€comprising€the€Purchaser;Ð  h Ð31.3€(if€ðð€1.20.1€or€ðð€1.20.2€applies)€the€monthly€debt€service€(interest€and€amortization€ofÐ  U  Ðprincipal,€if€any)€of€the€proposed€financing,€together€with€the€Maintenance€and€the€monthlyÐ ò B  ÐAssessment€amount€(if€any),€do€not€aggregate€more€than€35%€of€said€current€total€gross€monthlyÐ ß/  Ðincome.Ð Ì  Ð32€Supplementing€paragraph€4.€1.€Seller€has€no€actual€knowledge€of€a€material€default€orÐ ¹  Ðcondition€which€the€Lessee€is€required€to€cure€under€the€Lease€and€which€remains€uncured.€If,Ð ¦ö  Ðprior€to€Closing,€Seller€acquires€knowledge€of€a€such€default€or€condition€which€the€LesseeÐ “ã  Ðwould€be€required€to€cure,€then€Seller€shall€cure€same€at€or€prior€to€Closing.€This€provision€shallÐ €Ð Ðnot€survive€closing.Ð m½ ÐÌÌÌThe€Parties€have€duly€executed€this€Rider€as€of€the€same€date€as€the€Contract.Ð !q ÐÌà  àà ` àà ¸ àà  àà h àà À àÌà  àà ` àSELLER:à  àà h àà À àPURCHASER:Ð è8 Ðà  àà ` àà ¸ àà  àÌà  àà ` àà ¸ àà  àÌ