ÿWPCN &æÜvØ»†Çùö=ØÜvØ»+PT@7t¿ÇdËpn^¡X*b•”-6 r€Ï„èɸ"'M۲ʅúŒ§,¾cÌ<³ØÇG]NþsqEä‘Ö/ð¼Õî˜Dy#µ_嘚 k™KTd<ãÙs·ËÍ-_¢?gâig¥ƒ‘߇t!—Ââ ŒY –¸è¯:ž;Ãó¹vé¨ü[0¶ÔÍ[‹_탙úš‰<>^ Blög£°¢rºžÄ¸IOŠ]X¯–´×Éèú툜sÕÕ'’YDÓv7‹úÔ±¤Dñ*IäEàTŽ¢Vú¡Ç€ë“Î4µ´×5a=ÑÊI¶>†éaV£…_›ô:kz¬µÌ(MzÊU!`€NS–ö–ôîTÍF»ogv:µk¼ö’¿®àD=à?¥LŒ0ìv<°éåïŽÄEu :‡_\>]EWŒû5(»IÉ•ÙÙG¤‹;Љ+ž&éV.wwα޺"´•¢MXÇÈ·ÂO |f qOÀ¢Í'×<JV ¥ðTì|بp,„ ¯A‡2¸:V4 ºñ) D9=EÞ’‘;@Œ…ì…$’ÿD{1»Ïb°„²,Îå™ç¦O¶ ¨#ɸUN %Ï 0:ÕN^ w4!5 m7#|x˜EPSON Stylus COLOR 3000Œ”ŒŒŒŒŒ”0(  Z‹6Times New Roman RegularX(üœ$¡¡ÔUSUS.,Ô2¸ ‚¢Œ/ê:i¢×+00ÿU‹ÿÀÀÀÝ ƒüœ!ÝÔUSUS.,ÔÝ  ÝÔ_ÔA-125-Residential€contract€of€sale.€11-2000Ð ° ÐJointly€prepared€by€the€Real€Property€Section€of€the€New€York€State€Bar€Association,€the€NewÐ í ÐYork€State€Land€Title€Association,€the€Committee€on€Real€Property€Law€of€the€Association€ofÐ ŠÚ Ðthe€Bar€of€the€City€of€New€York€and€the€Committee€on€Real€Property€Law€of€the€New€YorkÐ wÇ ÐCounty€Lawyers'€Association.Ð d´ ÐÌWARNING:€NO€REPRESENTATION€IS€MADE€THAT€THIS€FORM€OF€CONTRACT€FORÐ > Ž ÐTHE€SALE€AND€PURCHASE€OF€REAL€ESTATE€COMPLIES€WITH€SECTION€5-702€OFÐ + { ÐTHE€GENERAL€OBLIGATIONS€LAW€("PLAIN€LANGUAGE").Ð  h ÐÌCONSULT€YOUR€LAWYER€BEFORE€SIGNING€THIS€AGREEMENTÐ ò B  ÐÌNOTE:€FIRE€AND€CASUALTY€LOSSES€AND€CONDEMNATION.Ð Ì  ÐThis€contract€form€does€not€provide€for€what€happens€in€the€event€of€fire,€or€other€casualty€lossÐ ¹  Ðor€condemnation€before€the€title€closing.€Unless€different€provision€is€made€in€this€contract,Ð ¦ö  ÐSection€5-1311€of€the€General€Obligations€Law€will€apply.€One€part€of€that€law€makes€aÐ “ã  ÐPurchaser€rcsponsible€for€fire€and€casualty€loss€upon€taking€possession€of€the€Premises€beforeÐ €Ð Ðthe€title€closing.Ð m½ ÐResidential€Contract€of€SaleÐ Zª ÐContract€of€Sale€made€as€ofà  àà h àà À àà  àà p àà È àBETWEENÐ G— ÐÌAddress:Ð !q ÐSocial€Security€Number/€Fed.€I.D.€No(s):à À àhereinafter€called€"Seller"€andÐ ^ ÐÌAddress:Ð è8 ÐSocial€Security€Number/€Fed.€I.D.€No(s):à À àhereinafter€called€"Purchaser".Ð Õ% ÐÌThe€parties€hereby€agree€as€follows:Ð ¯ÿ ÐÌÌ1.à  àPremises.€Seller€shall€sell€and€convey€and€Purchaser€shall€purchase€the€property,€togetherÐ v Æ Ðwith€all€buildings€and€improvements€thereon€(collectively€the€"Premises"),€more€fully€describedÐ c!³ Ðon€a€separate€page€marked€"Schedule€A",€annexed€hereto€and€made€a€part€hereof€and€also€knownÐ P"   Ðas:Ð =#! ÐStreet€Address:Ð *$z" ÐÌTax€Map€Designation:Ð &T!$ ÐÌTogether€with€Seller's€ownership€and€rights,€if€any,€to€land€lying€in€the€bed€of€any€street€orÐ Þ'.#& Ðhighway,€opened€or€proposed,€adjoining€the€Premises€to€the€center€line€thereof,€including€anyÐ Ë($' Ðright€of€Seller€to€any€unpaid€award€by€reason€of€any€taking€by€condemnation€and/or€for€anyÐ ¸)%( Ðdamage€to€the€Premises€by€reason€of€change€of€grade€of€any€street€or€highway.€Seller€shallÐ ¥*õ%) Ðdeliver€at€no€additional€cost€to€Purchaser,€at€Closing€(as€hereinafter€defined),€or€thereafter,€onÐ ’+â&* Ðdemand,€any€documents€that€Purchaser€may€reasonably€require€for€the€conveyance€of€such€titleÐ ,Ï'+ Ðand€the€assignment€and€collection€of€such€award€or€damages.Ð l-¼(, Ї2.à  àPersonal€Property.€This€sale€also€includes€all€fixtures€and€articles€of€personal€propertyÐ ° Ðnow€attached€or€appurtenant€to€the€Premises,€unless€specifically€excluded€below.€SellerÐ í Ðrepresents€and€warrants€that€at€Closing€they€will€be€paid€for€and€owned€by€Seller,€free€and€clearÐ ŠÚ Ðof€all€liens€and€encumbrances,€except€any€existing€mortgage€to€which€this€sale€may€be€subject.Ð wÇ ÐThey€include,€but€are€not€limited€to,€plumbing,€heating,€lighting€and€cooking€fixtures,Ð d´ Ðchandeliers,€bathroom€and€kitchen€cabinets€and€counters,€mantels,€door€mirrors,€switch€platesÐ Q ¡ Ðand€door€hardware,€venetian€blinds,€window€treatments,€shades,€screens,€awnings,€stormÐ > Ž Ðwindows,€storm€doors,€window€boxes,€mail€box,€TV€aerials,€weather€vane,€flagpole,€pumps,Ð + { Ðshrubbery,€fencing,€outdoor€statuary,€tool€shed,€dishwasher,€washing€machine,€clothes€dryer,Ð  h Ðgarbage€disposal€unit,€range,€oven,€built-in€microwave€oven,€refrigerator,€freezer,€airÐ  U  Ðconditioning€equipment€and€installations,€wall€to€wall€carpeting€and€built-ins€not€excludedÐ ò B  Ðbelow€(strike€out€inapplicable€items).Ð ß/  ÐÌExcluded€from€this€sale€are€furniture€and€household€furnishingsÐ ¹  ÐandÐ ¦ö  ÐÌÌÌÌ3.à  àPurchase€Price.€The€purchase€price€is€à  à$Ð G— Ðpayable€as€follows:Ð 4„ Ðà  à(a)à ` àon€the€signing€of€this€contract,€by€Purchaser's€good€check€payable€to€theÐ !q ÐEscrowee€(as€hereinafter€defined),€subject€to€collection,€the€receipt€or€which€is€herebyÐ ^ Ðacknowledged,€to€be€held€in€escrow€pursuant€to€paragraph€6€of€this€contract€(theÐ ûK Ð"Downpayment"):Ð è8 Ðà  àà ` àà ¸ àà  àà h àà À àà  à$Ð Õ% Ðà  à(b)à ` àby€allowance€for€the€principal€amount€unpaid€on€the€existing€mortgage€on€theÐ Â Ðdate€hereof,€payment€of€which€PurchaserÐ ¯ÿ Ðshall€assume€by€joinder€in€the€deed:à h àà À à$Ð œì Ðà  à(c)à ` àby€a€purchase€money€note€and€mortgage€from€Purchaser€to€Seller:à x àà Ð àÐ ‰Ù Ðà  àà ` àà ¸ àà  à$Ð v Æ Ðà  à(d)à ` àbalance€at€Closing€in€accordance€with€paragraph€7:Ð c!³ Ðà  àà ` àà ¸ àà  àà h àà À àà  à$Ð P"   ÐÌ4.à  àExisting€Mortgage.€(Delete€if€inapplicable)€If€this€sale€is€subject€to€an€existing€mortgageÐ *$z" Ðas€indicated€in€paragraph€3(b)€above:Ð %g # Ðà  à(a)à ` àThe€Premises€shall€be€conveyed€subject€to€the€continuing€lien€of€the€existingÐ &T!$ Ðmortgage,€which€is€presently€payable,€with€interest€at€the€rate€ofà È àà  àà x àpercent€perÐ ñ&A"% Ðannum,€in€monthly€installments€of€$à h àà À àà  àwhich€include€principal,€interest€and€escrowÐ Þ'.#& Ðamounts,€if€any,€and€with€any€balance€of€principal€being€due€and€payable€onÐ Ë($' Ðà  à(b)à ` àTo€the€extent€that€any€required€payments€are€made€on€the€existing€mortgageÐ ¸)%( Ðbetween€the€date€hereof€and€Closing€which€reduce€the€unpaid€principal€amount€thereof€belowÐ ¥*õ%) Ðthe€amount€shown€in€paragraph€3(b),€then€the€balance€of€the€price€payable€at€Closing€underÐ ’+â&* Ðparagraph€3(d)€shall€be€increased€by€the€amount€of€the€payments€of€principal.€Seller€representsÐ ,Ï'+ Ðand€warrants€that€the€amount€shown€in€paragraph€3(b)€is€substantially€correct€and€agrees€thatÐ l-¼(, Ðonly€payments€required€by€the€existing€mortgage€will€be€made€between€the€date€hereof€andÐ ° ÐClosing.Ð í Ðà  à(c)à ` àIf€there€is€a€mortgagee€escrow€account,€Seller€shall€assign€it€to€Purchaser,€if€it€canÐ ŠÚ Ðbe€assigned,€and€in€that€case€Purchaser€shall€pay€the€amount€in€the€escrow€account€to€Seller€atÐ wÇ ÐClosing.Ð d´ Ðà  à(d)à ` àSeller€shall€deliver€to€Purchaser€at€Closing€a€certificate€dated€not€more€than€30Ð Q ¡ Ðdays€before€Closing€signed€by€the€holder€of€the€existing€mortgage,€in€form€for€recording,Ð > Ž Ðcertifying€the€amount€of€the€unpaid€principal,€the€date€to€which€interest€has€been€paid€and€theÐ + { Ðamounts,€if€any,€claimed€to€be€unpaid€for€principal€and€interest,€itemizing€the€same.€Seller€shallÐ  h Ðpay€the€fees€for€recording€such€certificate.€If€the€holder€of€the€existing€mortgage€is€a€bank€orÐ  U  Ðother€institution€as€defined€in€Section€274-a€of€the€Real€Property€Law€it€may,€instead€of€theÐ ò B  Ðcertificate,€furnish€a€letter€signed€by€a€duly€authorized€officer,€employee€or€agent,€dated€notÐ ß/  Ðmore€then€30€days€before€Closing,€containing€the€same€information.Ð Ì  Ðà  à(e)à ` àSeller€represents€and€warrants€that€(i)€Seller€has€delivered€to€Purchaser€true€andÐ ¹  Ðcomplete€copies€of€the€existing€mortgage,€the€note€secured€thereby€and€any€extensions€andÐ ¦ö  Ðmodifications€thereof,€(ii)€the€existing€mortgage€is€not€now,€and€at€the€time€of€Closing€will€notÐ “ã  Ðbe,€in€default,€and€(iii)€the€existing€mortgage€does€not€contain€any€provision€that€permits€theÐ €Ð Ðholder€of€the€mortgage€to€require€its€immediate€payment€in€full€or€to€change€any€other€termÐ m½ Ðthereof€by€reason€of€the€sale€or€conveyance€of€the€Premises.Ð Zª ÐÌ5.à  àPurchase€Money€Mortgage.€(Delete€if€inapplicable)€If€there€is€to€be€a€purchase€moneyÐ 4„ Ðmortgage€as€indicated€in€paragraph€3(c)€above:Ð !q Ðà  à(a)à ` àThe€purchase€money€note€and€mortgage€shall€be€drawn€by€the€attorney€for€SellerÐ ^ Ðin€the€form€attached€or,€if€not,€in€the€standard€form€adopted€by€the€New€York€State€Land€TitleÐ ûK ÐAssociation.€Purchaser€shall€pay€at€Closing€the€mortgage€recording€tax,€recording€fees€and€theÐ è8 Ðattorney's€fees€in€the€amount€of€$Ð Õ% Ðfor€its€preparation.Ð Â Ðà  à(b)à ` àThe€purchase€money€note€and€mortgage€shall€also€provide€that€it€is€subject€andÐ ¯ÿ Ðsubordinate€to€the€lien€of€the€existing€mortgage€and€any€extensions,€modifications,€replacementsÐ œì Ðor€consolidations€of€the€existing€mortgage,€provided€that€(i)€the€interest€rate€thereof€shall€not€beÐ ‰Ù Ðgreater€thanà ` àà ¸ àpercent€per€annum€and€the€total€debt€service€thereunder€shall€not€beÐ v Æ Ðgreater€than€$à ` àà ¸ àà  àper€annum,€and€(ii)€if€the€principal€amount€thereof€shall€exceed€theÐ c!³ Ðamount€of€principal€owing€and€unpaid€on€the€existing€mortgage€at€the€time€of€placing€such€newÐ P"   Ðmortgage€or€consolidated€mortgage,€the€excess€be€paid€to€the€holder€of€such€purchase€moneyÐ =#! Ðmortgage€in€reduction€of€the€principal€thereof.€The€purchase€money€mortgage€shall€also€provideÐ *$z" Ðthat€such€payment€to€the€holder€thereof€shall€not€alter€or€affect€the€regular€installments,€if€any,€ofÐ %g # Ðprincipal€payable€thereunder€and€that€the€holder€thereof€will,€on€demand€and€without€chargeÐ &T!$ Ðtherefor,€execute,€acknowledge€and€deliver€any€agreement€or€agreements€further€to€effectuateÐ ñ&A"% Ðsuch€subordination.Ð Þ'.#& ÐÌ6.à  àDownpayment€in€Escrow.€(a)€Seller's€attorney€("Escrowee")€shall€hold€the€DownpaymentÐ ¸)%( Ðin€escrow€in€a€segregated€bank€account€atÐ ¥*õ%) ÐaddressÐ ’+â&* ÐÌÐ l-¼(, Ðuntil€Closing€or€sooner€termination€of€this€contract€and€shall€pay€over€or€apply€theÐ ° ÐDownpayment€in€accordance€with€the€terms€of€this€paragraph.€Escrowee€shall€hold€theÐ í ÐDownpayment€in€a(n)€interest-bearing€account€for€the€benefit€of€the€parties.€If€interest€is€held€forÐ ŠÚ Ðthe€benefit€of€the€parties,€it€shall€be€paid€to€the€party€entitled€to€the€Downpayment€and€the€partyÐ wÇ Ðreceiving€the€interest€shall€pay€any€income€taxes€thereon.€If€interest€is€not€held€for€the€benefit€ofÐ d´ Ðthe€parties,€the€Downpayment€shall€be€placed€in€an€IOLA€account€or€as€otherwise€permitted€orÐ Q ¡ Ðrequired€by€law.€The€Social€Security€or€Federal€Identification€numbers€of€the€parties€shall€beÐ > Ž Ðfurnished€to€Esrowee€upon€request.€At€Closing,€the€Downpayment€shall€be€paid€by€Escrowee€toÐ + { ÐSeller.€If€for€any€reason€Closing€does€not€occur€and€either€party€gives€Notice€(as€defined€inÐ  h Ðparagraph€25)€to€Escrowee€demanding€payment€of€the€Downpayment,€Escrowee€shall€giveÐ  U  Ðprompt€Notice€to€the€other€party€of€such€demand.€If€Escrowee€does€not€receive€Notice€ofÐ ò B  Ðobjection€from€such€other€party€to€the€proposed€payment€within€10€business€days€after€the€givingÐ ß/  Ðof€such€Notice,€Escrowee€is€hereby€authorized€and€directed€to€make€such€payment.€If€EscroweeÐ Ì  Ðdoes€receive€such€Notice€of€objection€within€such€10€day€period€or€if€for€any€other€reasonÐ ¹  ÐEscrowee€in€good€faith€shall€elect€not€to€make€such€payment,€Escrowee€shall€continue€to€holdÐ ¦ö  Ðsuch€amount€until€otherwise€directed€by€Notice€from€the€parties€to€this€contract€or€a€final,Ð “ã  Ðnon-appealable€judgment,€order€or€decree€of€a€court.€However,€Escrowee€shall€have€the€right€atÐ €Ð Ðany€time€to€deposit€the€Downpayment€and€the€interest€thereon€with€the€clerk€of€a€court€in€theÐ m½ Ðcounty€in€which€the€Premises€are€located€and€shall€give€Notice€of€such€deposit€to€Seller€andÐ Zª ÐPurchaser.€Upon€such€deposit€or€other€disbursement€in€accordance€with€the€terms€of€thisÐ G— Ðparagraph,€Escrowee€shall€be€relieved€and€discharged€of€all€further€obligations€andÐ 4„ Ðresponsibilities€hereunder.Ð !q Ðà  à(b)à ` àThe€parties€acknowledge€that€Escrowee€is€acting€solely€as€a€stakeholder€at€theirÐ ^ Ðrequest€and€for€their€convenience€and€that€Escrowee€shall€not€be€liable€to€either€party€for€any€actÐ ûK Ðor€omission€on€its€part€unless€taken€or€suffered€in€bad€faith€or€in€willful€disregard€of€this€contractÐ è8 Ðor€involving€gross€negligence€on€the€part€of€Escrowee.€Seller€and€Purchaser€jointly€and€severallyÐ Õ% Ð(with€right€of€contribution)€agree€to€defend€(by€attorneys€selected€by€Escrowee),€indemnify€andÐ Â Ðhold€Escrowee€harmless€from€and€against€of€all€costs,€claims€and€expenses€(includingÐ ¯ÿ Ðreasonable€attorneys'€fees)€incurred€in€connection€with€the€performance€of€Escrowee's€dutiesÐ œì Ðhereunder,€except€with€respect€to€actions€or€omissions€taken€or€suffered€by€Escrowee€in€badÐ ‰Ù Ðfaith€or€in€willful€disregard€of€this€contract€or€involving€gross€negligence€on€the€part€ofÐ v Æ ÐEscrowee.Ð c!³ Ðà  à(c)à ` àEscrowee€may€act€or€refrain€from€acting€in€respect€of€any€matter€referred€toÐ P"   Ðherein€in€full€reliance€upon€and€with€the€advice€of€counsel€which€may€be€selected€by€itÐ =#! Ð(including€any€member€of€its€firm)€and€shall€be€fully€protected€in€so€acting€or€refraining€fromÐ *$z" Ðaction€upon€the€advice€of€such€counsel.Ð %g # Ðà  à(d)à ` àEscrowee€acknowledges€receipt€of€the€Downpayment€by€check€subject€toÐ &T!$ Ðcollection€and€Escrowee's€agreement€to€the€provisions€of€this€paragraph€by€signing€in€the€placeÐ ñ&A"% Ðindicated€on€the€signature€page€of€this€contract.Ð Þ'.#& Ðà  à(e)à ` àEscrowee€or€any€member€of€its€firm€shall€be€permitted€to€act€as€counsel€for€SellerÐ Ë($' Ðin€any€dispute€as€to€the€disbursement€of€the€Downpayment€or€any€other€dispute€between€theÐ ¸)%( Ðparties€whether€or€not€Escrowee€is€in€possession€of€the€Downpayment€and€continues€to€act€asÐ ¥*õ%) ÐEscrowee.Ð ’+â&* Ðà  à(f)à ` àThe€party€whose€attorney€is€Escrowee€shall€be€liable€for€loss€of€theÐ ,Ï'+ ÐDownpayment.Ð l-¼(, Ї7.à  àAcceptable€Funds.€All€money€payable€under€this€contract,€unless€otherwise€specified,Ð ° Ðshall€be€paid€by:Ð í Ðà  à(a)à ` àCash,€but€not€over€$€1,000.00:Ð ŠÚ Ðà  à(b)à ` àGood€certified€check€of€Purchaser€drawn€on€or€official€check€issued€by€any€bank,Ð wÇ Ðsavings€bank,€trust€company€or€savings€and€loan€association€having€a€banking€office€in€the€StateÐ d´ Ðof€New€York,€unendorsed€and€payable€to€the€order€of€Seller,€or€as€Seller€may€otherwise€directÐ Q ¡ Ðupon€reasonable€prior€notice€(by€telephone€or€otherwise)€to€Purchaser;Ð > Ž Ðà  à(c)à ` àAs€to€money€other€than€the€purchase€price€payable€to€Seller€at€Closing,Ð + { Ðuncertified€check€of€Purchaser€up€to€the€amount€of€$à p àà È àà  àà x àà Ð àÐ  h Ðà  à;€andÐ  U  Ðà  à(d)à ` àAs€otherwise€agreed€to€in€writing€by€Seller€or€Seller's€attorney.Ð ò B  ÐÌ8.à  àMortgage€Commitment€Contingency.€(Delete€paragraph€if€inapplicable.€For€explanation,Ð Ì  Ðsee€Notes€on€Mortgage€Commitment€Contingency€Clause.)€(a)€The€obligation€of€Purchaser€toÐ ¹  Ðpurchase€under€this€contract€is€conditioned€upon€issuance,€on€or€beforeà  à€€€€€days€after€a€fullyÐ ¦ö  Ðexecuted€copy€of€this€contract€is€given€to€Purchaser€or€Purchaser's€attorney€in€the€manner€setÐ “ã  Ðforth€in€paragraph€25€or€subparagraph€8(j)€(the€"Commitment€Date"),€of€a€written€commitmentÐ €Ð Ðfrom€an€Institutional€Lender€pursuant€to€which€such€Institutional€Lender€agrees€to€make€a€firstÐ m½ Ðmortgage€loan,€other€than€a€VA,€FHA€or€other€governmentally€insured€loan,€to€Purchaser,€atÐ Zª ÐPurchaser's€sole€cost€and€expense,€of€$à À àà  àà p àà È àfor€a€term€of€at€leastÐ G— Ðyears€(or€such€lesser€sum€or€shorter€term€as€Purchaser€shall€be€willing€to€accept)€at€the€prevailingÐ 4„ Ðfixed€or€adjustable€rate€of€interest€and€on€other€customary€commitment€terms€(theÐ !q Ð"Commitment").€To€the€extent€a€Commitment€is€conditioned€on€the€sale€of€Purchaser's€currentÐ ^ Ðhome,€payment€of€any€outstanding€debt,€no€material€adverse€change€in€Purchaser's€financialÐ ûK Ðcondition€or€any€other€customary€conditions,€Purchaser€accepts€the€risk€that€such€conditions€mayÐ è8 Ðnot€be€met;€however,€a€commitment€conditioned€on€the€Institutional€Lender's€approval€of€anÐ Õ% Ðappraisal€shall€not€be€deemed€a€"Commitment"€hereunder€until€an€appraisal€is€approved€(and€ifÐ Â Ðthat€does€not€occur€before€the€Commitment€Date,€Purchaser€may€cancel€under€subparagraph€8(e)Ð ¯ÿ Ðunless€the€Commitment€Date€is€extended).€Purchaser's€obligations€hereunder€are€conditionedÐ œì Ðonly€on€issuance€of€a€Commitment.€Once€a€Commitment€is€issued,€Purchaser€is€bound€under€thisÐ ‰Ù Ðcontract€even€if€the€lender€fails€or€refuses€to€fund€the€loan€for€any€reason.Ð v Æ Ðà  à(b)à ` àPurchaser€shall€(i)€make€prompt€application€to€one€or,€at€Purchaser's€election,Ð c!³ Ðmore€than€one€Institutional€Lender€for€such€mortgage€loan,€(ii)€furnish€accurate€and€completeÐ P"   Ðinformation€regarding€Purchaser€and€members€of€Purchaser's€family,€as€required,€(iii)€pay€allÐ =#! Ðfees,€points€and€charges€required€in€connection€with€such€application€and€loan,€(iv)€pursue€suchÐ *$z" Ðapplication€with€diligence,€and€(v)€cooperate€in€good€faith€with€such€Institutional€Lender(s)€toÐ %g # Ðobtain€a€Commitment.€Purchaser€shall€accept€a€Commitment€meeting€the€terms€set€forth€inÐ &T!$ Ðsubparagraph€8(a)€and€shall€comply€with€all€requirements€of€such€Commitment€(or€any€otherÐ ñ&A"% Ðcommitment€accepted€by€Purchaser).€Purchaser€shall€furnish€Seller€with€a€copy€of€theÐ Þ'.#& ÐCommitment€promptly€after€receipt€thereof.Ð Ë($' Ðà  à(c)à ` à(Delete€this€subparagraph€if€inapplicable)€Prompt€submission€by€Purchaser€of€anÐ ¸)%( Ðapplication€to€a€mortgage€broker€registered€pursuant€to€Article€12-D€of€the€New€York€BankingÐ ¥*õ%) ÐLaw€("Mortgage€Broker")€shall€constitute€full€compliance€with€the€terms€and€conditions€set€forthÐ ’+â&* Ðin€subparagraph€8(b)(i),€provided€that€such€Mortgage€Broker€promptly€submits€such€applicationÐ ,Ï'+ Ðto€such€Institutional€Lender(s).€Purchaser€shall€cooperate€in€good€faith€with€such€MortgageÐ l-¼(, ÐBroker€to€obtain€a€Commitment€from€such€Institutional€Lender(s).Ð ° Ðà  à(d)à ` àIf€all€Institutional€Lenders€to€whom€applications€were€made€deny€suchÐ í Ðapplications€in€writing€prior€to€the€Commitment€Date,€Purchaser€may€cancel€this€contract€byÐ ŠÚ Ðgiving€Notice€thereof€to€Seller,€with€a€copy€of€such€denials,€provided€that€Purchaser€hasÐ wÇ Ðcomplied€with€all€its€obligations€under€this€paragraph€8.Ð d´ Ðà  à(e)à ` àIf€no€Commitment€is€issued€by€an€Institutional€Lender€on€or€before€theÐ Q ¡ ÐCommitment€Date,€then,€unless€Purchaser€has€accepted€a€written€commitment€from€anÐ > Ž ÐInstitutional€Lender€that€does€not€conform€to€the€terms€set€forth€in€subparagraph€8(a),€PurchaserÐ + { Ðmay€cancel€this€contract€by€giving€Notice€to€Seller€within€5€business€days€after€the€CommitmentÐ  h ÐDate,€provided€that€such€Notice€includes€the€name€and€address€of€the€Institutional€Lender(s)€toÐ  U  Ðwhom€application€was€made€and€that€Purchaser€has€complied€with€all€its€obligations€under€thisÐ ò B  Ðparagraph€8.Ð ß/  Ðà  à(f)à ` àIf€this€contract€is€canceled€by€Purchaser€pursuant€to€subparagraphs€8(d)€or€(e),Ð Ì  Ðneither€party€shall€thereafter€have€any€further€rights€against,€or€obligations€or€liabilities€to,€theÐ ¹  Ðother€by€reason€of€this€contract,€except€that€the€Downpayment€shall€be€promptly€refunded€toÐ ¦ö  ÐPurchaser€and€except€as€set€forth€in€paragraph€27.Ð “ã  Ðà  à(g)à ` àIf€Purchaser€fails€to€give€timely€Notice€of€cancellation€or€if€Purchaser€accepts€aÐ €Ð Ðwritten€commitment€from€an€Institutional€Lender€that€does€not€conform€to€the€terms€set€forth€inÐ m½ Ðsubparagraph€8(a),€then€Purchaser€shall€be€deemed€to€have€waived€Purchaser's€right€to€cancelÐ Zª Ðthis€contract€and€to€receive€a€refund€of€the€Downpayment€by€reason€of€the€contingencyÐ G— Ðcontained€in€this€paragraph€8.Ð 4„ Ðà  à(h)à ` àIf€Seller€has€not€received€a€copy€of€a€commitment€from€an€Institutional€LenderÐ !q Ðaccepted€by€Purchaser€by€the€Commitment€Date,€Seller€may€cancel€this€contract€by€givingÐ ^ ÐNotice€to€Purchaser€within€5€business€days€after€the€Commitment€Date,€which€cancellation€shallÐ ûK Ðbecome€effective€unless€Purchaser€delivers€a€copy€of€such€commitment€to€Seller€within€10Ð è8 Ðbusiness€days€after€the€Commitment€Date.€After€such€cancellation€neither€party€shall€have€anyÐ Õ% Ðfurther€rights€against,€or€obligations€or€liabilities€to,€the€other€by€reason€of€this€contract,€exceptÐ Â Ðthat€the€Downpayment€shall€be€promptly€refunded€to€Purchaser€(provided€Purchaser€hasÐ ¯ÿ Ðcomplied€with€all€its€obligations€under€this€paragraph€8)€and€except€as€set€forth€in€paragraph€27.Ð œì Ðà  à(i)à ` àFor€purposes€of€this€contract,€the€term€"Institutional€Lender"€shall€mean€any€bank,Ð ‰Ù Ðsavings€bank,€private€banker,€trust€company,€savings€and€loan€association,€credit€union€orÐ v Æ Ðsimilar€banking€institution€whether€organized€under€the€laws€of€this€state,€the€United€States€orÐ c!³ Ðany€other€state;€foreign€banking€corporation€licensed€by€the€Superintendent€of€Banks€of€NewÐ P"   ÐYork€or€regulated€by€the€Comptroller€of€the€Currency€to€transact€business€in€New€York€State;Ð =#! Ðinsurance€company€duly€organized€or€licensed€to€do€business€in€New€York€State;€mortgageÐ *$z" Ðbanker€licensed€pursuant€to€Article€12-D€of€the€Banking€Law;€and€any€instrumentality€created€byÐ %g # Ðthe€United€States€or€any€state€with€the€power€to€make€mortgage€loans.Ð &T!$ Ðà  à(j)à ` àFor€purposes€of€subparagraph€8(a),€Purchaser€shall€be€deemed€to€have€been€givenÐ ñ&A"% Ða€fully€executed€copy€of€this€contract€on€the€third€business€day€following€the€date€of€ordinary€orÐ Þ'.#& Ðregular€mailing,€postage€prepaid.Ð Ë($' ÐÌ9.à  àPermitted€Exceptions.€The€Premises€are€sold€and€shall€be€conveyed€subject€to:Ð ¥*õ%) Ðà  à(a)à ` àZoning€and€subdivision€laws€and€regulations,€and€landmark,€historic€or€wetlandsÐ ’+â&* Ðdesignation,€provided€that€they€are€not€violated€by€the€existing€buildings€and€improvementsÐ ,Ï'+ Ðerected€on€the€property€or€their€use;Ð l-¼(, Ðà  à(b)à ` àConsents€for€the€erection€of€any€structures€on,€under€or€above€any€streets€onÐ ° Ðwhich€the€Premises€abut;Ð í Ðà  à(c)à ` àEncroachments€of€stoops,€areas,€cellar€steps,€trim€and€cornices,€if€any,€upon€anyÐ ŠÚ Ðstreet€or€highway;Ð wÇ Ðà  à(d)à ` àReal€estate€taxes€that€are€a€lien,€but€are€not€yet€due€and€payable;€andÐ d´ Ðà  à(e)à ` àThe€other€matters,€if€any,€including€a€survey€exception,€set€forth€in€a€RiderÐ Q ¡ Ðattached.Ð > Ž ÐÌ10.à  àGovernmental€Violations€and€Orders.€(a)€Seller€shall€comply€with€all€notes€or€notices€ofÐ  h Ðviolations€of€law€or€municipal€ordinances,€orders€or€requirements€noted€or€issued€as€of€the€dateÐ  U  Ðhereof€by€any€governmental€department€having€authority€as€to€lands,€housing,€buildings,€fire,Ð ò B  Ðhealth,€environmental€and€labor€conditions€affecting€the€Premises.€The€Premises€shall€beÐ ß/  Ðconveyed€free€of€them€at€Closing.€Seller€shall€furnish€Purchaser€with€any€authorizationsÐ Ì  Ðnecessary€to€make€the€searches€that€could€disclose€these€matters.Ð ¹  Ðà  à(b)à ` à(Delete€if€inapplicable)€All€obligations€affecting€the€Promises€pursuant€to€theÐ ¦ö  ÐAdministrative€Code€of€the€City€of€New€York€incurred€prior€to€Closing€and€payable€in€moneyÐ “ã  Ðshall€be€discharged€by€Seller€at€or€prior€to€Closing.Ð €Ð ÐÌ11.à  àSeller's€Representations.€(a)€Seller€represents€and€warrants€to€Purchaser€that:Ð Zª Ðà  à(i)à ` àThe€Premises€abut€or€have€a€right€of€access€to€a€public€road;Ð G— Ðà  à(ii)à ` àSeller€is€the€sole€owner€of€the€Premises€and€has€the€full€right,€power€and€authorityÐ 4„ Ðto€sell,€convey€and€transfer€the€same€in€accordance€with€the€terms€of€this€contract;Ð !q Ðà  à(iii)à ` àSeller€is€not€a€"foreign€person",€as€that€term€is€defined€for€purposes€of€the€ForeignÐ ^ ÐInvestment€in€Real€Property€Tax€Act,€Internal€Revenue€Code€("IRC")€Section€1445,€as€amended,Ð ûK Ðand€the€regulations€promulgated€thereunder€(collectively€"FIRPTA");Ð è8 Ðà  à(iv)à ` àThe€Premises€are€not€affected€by€any€exemptions€or€abatements€of€taxes;€andÐ Õ% Ðà  à(v)à ` àSeller€has€been€known€by€no€other€name€for€the€past€ten€years,€exceptÐ Â ÐÌÌÌà  à(b)à ` àSeller€covenants€and€warrants€that€all€of€the€representations€and€warranties€setÐ v Æ Ðforth€in€this€contract€shall€be€true€and€correct€at€Closing.Ð c!³ Ðà  à(c)à ` àExcept€as€otherwise€expressly€set€forth€in€this€contract,€none€of€Seller'sÐ P"   Ðcovenants,€representations,€warranties€or€other€obligations€contained€in€this€contract€shallÐ =#! Ðsurvive€Closing.Ð *$z" ÐÌ12.à  àCondition€of€Property.€Purchaser€acknowledges€and€represents€that€Purchaser€is€fullyÐ &T!$ Ðaware€of€the€physical€condition€and€state€of€repair€of€the€Premises€and€of€all€other€propertyÐ ñ&A"% Ðincluded€in€this€sale,€based€on€Purchaser's€own€inspection€and€investigation€thereof,€and€thatÐ Þ'.#& ÐPurchaser€is€entering€into€this€contract€based€solely€upon€such€inspection€and€investigation€andÐ Ë($' Ðnot€upon€any€information,€data,€statements€or€representations,€written€or€oral,€as€to€the€physicalÐ ¸)%( Ðcondition,€state€of€repair,€use,€cost€of€operation€or€any€other€matter€related€to€the€Premises€or€theÐ ¥*õ%) Ðother€property€included€in€the€sale,€given€or€made€by€Seller€or€its€representatives,€and€shallÐ ’+â&* Ðaccept€the€same€"as€is"€in€their€present€condition€and€state€of€repair,€subject€to€reasonable€use,Ð ,Ï'+ Ðwear,€tear€and€natural€deterioration€between€the€date€hereof€and€the€date€of€Closing€(except€asÐ l-¼(, Ðotherwise€set€forth€in€paragraph€16(e)),€without€any€reduction€in€the€purchase€price€or€claim€ofÐ ° Ðany€kind€for€any€change€in€such€condition€by€reason€thereof€subsequent€to€the€date€of€thisÐ í Ðcontract€Purchaser€and€its€authorized€representatives€shall€have€the€right,€at€reasonable€times€andÐ ŠÚ Ðupon€reasonable€notice€(by€telephone€or€otherwise)€to€Seller,€to€inspect€the€Premises€beforeÐ wÇ ÐClosing.Ð d´ ÐÌ13.à  àInsurable€Title.€Seller€shall€give€and€Purchaser€shall€accept€such€title€as:Ð > Ž ÐÌÌshall€be€willing€to€approve€and€insure€in€accordance€with€its€standard€form€of€title€policyÐ  U  Ðapproved€by€the€New€York€State€Insurance€Department,€subject€only€to€the€matters€provided€forÐ ò B  Ðin€this€contract.Ð ß/  ÐÌ14.à  àClosing,€Deed€and€Title.€(a)€"Closing"€means€the€settlement€of€the€obligations€of€SellerÐ ¹  Ðand€Purchaser€to€each€other€under€this€contract,€including€the€payment€of€the€purchase€price€toÐ ¦ö  ÐSeller,€and€the€delivery€to€Purchaser€of€aÐ “ã  ÐÌdeed€in€proper€statutory€short€form€for€record,€duly€executed€and€acknowledged,€so€as€to€conveyÐ m½ Ðto€Purchaser€fee€simple€title€to€the€Premises,€free€of€all€encumbrances,€except€as€otherwiseÐ Zª Ðherein€stated.€The€deed€shall€contain€a€covenant€by€Seller€as€required€by€subd.€5€of€Section€13€ofÐ G— Ðthe€Lien€Law.Ð 4„ Ðà  à(b)à ` àIf€Seller€is€a€corporation,€it€shall€deliver€to€Purchaser€at€the€time€of€Closing€(i)€aÐ !q Ðresolution€of€its€Board€of€Directors€authorizing€the€sale€and€delivery€of€the€deed,€and€(ii)€aÐ ^ Ðcertificate€by€the€Secretary€or€Assistant€Secretary€of€the€corporation€certifying€such€resolutionÐ ûK Ðand€setting€forth€facts€showing€that€the€transfer€is€in€conformity€with€the€requirements€of€SectionÐ è8 Ð909€of€the€Business€Corporation€Law.€The€deed€in€such€case€shall€contain€a€recital€sufficient€toÐ Õ% Ðestablish€compliance€with€that€Section.Ð Â ÐÌ15.à  àClosing€Date€and€Place.€Closing€shall€take€place€at€the€office€of:Ð œì ÐÌÌatà  àà ` àà ¸ ào'clock€onÐ c!³ Ðor,€upon€reasonable€notice€(by€telephone€or€otherwise)€by€Pur-Ð P"   Ðchaser,€at€the€office€ofÐ =#! ÐÌÌÌ16.à  àConditions€to€Closing.€This€contract€and€Purchaser's€obligation€to€purchase€the€PremisesÐ ñ&A"% Ðare€also€subject€to€and€conditioned€upon€the€fulfillment€of€the€following€conditions€precedent:Ð Þ'.#& Ðà  à(a)à ` àThe€accuracy,€as€of€the€date€of€Closing,€of€the€representations€and€warranties€ofÐ Ë($' ÐSeller€made€in€this€contract.Ð ¸)%( Ðà  à(b)à ` àThe€delivery€by€Seller€to€Purchaser€of€a€valid€and€subsisting€Certificate€ofÐ ¥*õ%) ÐOccupancy€or€other€required€certificate€of€compliance,€or€evidence€that€none€was€required,Ð ’+â&* Ðcovering€the€building(s)€and€all€of€the€other€improvements€located€on€the€property€authorizingÐ ,Ï'+ Ðtheir€use€as€aà ` àà ¸ àà  àfamily€dwelling€at€the€date€of€Closing.Ð l-¼(, Ðà  à(c)à ` àThe€delivery€by€Seller€to€Purchaser€of€a€certificate€stating€that€Seller€is€not€aÐ ° Ðforeign€person,€which€certificate€shall€be€in€the€form€then€required€by€FIRPTA€or€a€withholdingÐ í Ðcertificate€from€the€I.R.S.€If€Seller€fails€to€deliver€the€aforesaid€certificate€or€if€Purchaser€is€notÐ ŠÚ Ðentitled€under€FIRPTA€to€rely€on€such€certificate,€Purchaser€shall€deduct€and€withhold€from€theÐ wÇ Ðpurchase€price€a€sum€equal€to€10%€thereof€(or€any€lesser€amount€permitted€by€law)€and€shall€atÐ d´ ÐClosing€remit€the€withheld€amount€with€the€required€forms€to€the€Internal€Revenue€Service.Ð Q ¡ Ðà  à(d)à ` àThe€delivery€of€the€Premises€and€all€building(s)€and€improvements€comprising€aÐ > Ž Ðpart€thereof€in€broom€clean€condition,€vacant€and€free€of€leases€or€tenancies,€together€with€keysÐ + { Ðto€the€Premises.Ð  h Ðà  à(e)à ` àAll€plumbing€(including€water€supply€and€septic€systems,€if€any),€heating€and€airÐ  U  Ðconditioning,€if€any,€electrical€and€mechanical€systems,€equipment€and€machinery€in€theÐ ò B  Ðbuilding(s)€located€on€the€property€and€all€appliances€which€are€included€in€this€sale€being€inÐ ß/  Ðworking€order€as€of€the€date€of€Closing.Ð Ì  Ðà  à(f)à ` àIf€the€Premises€are€a€one€or€two€family€house,€delivery€by€the€parties€at€Closing€ofÐ ¹  Ðaffidavits€in€compliance€with€state€and€local€law€requirements€to€the€effect€that€there€is€installedÐ ¦ö  Ðin€the€Premises€a€smoke€detecting€alarm€device€or€devices.Ð “ã  Ðà  à(g)à ` àThe€delivery€by€the€parties€of€any€other€affidavits€required€as€a€condition€ofÐ €Ð Ðrecording€the€deed.Ð m½ ÐÌ17.à  àDeed€Transfer€and€Recording€Taxes.€At€Closing,€certified€or€official€bank€checksÐ G— Ðpayable€to€the€order€of€the€appropriate€Stale,€City€or€County€officer€in€the€amount€of€anyÐ 4„ Ðapplicable€transfer€and/or€recording€tax€payable€by€reason€of€the€delivery€or€recording€of€theÐ !q Ðdeed€or€mortgage,€if€any,€shall€be€delivered€by€the€party€required€by€law€or€by€this€contract€toÐ ^ Ðpay€such€transfer€and/or€recording€tax,€together€with€any€required€tax€returns€duly€executed€andÐ ûK Ðsworn€to,€and€such€party€shall€cause€any€such€checks€and€returns€to€be€delivered€to€theÐ è8 Ðappropriate€officer€promptly€after€Closing.€The€obligation€to€pay€any€additional€tax€or€deficiencyÐ Õ% Ðand€any€interest€or€penalties€thereon€shall€survive€Closing.Ð Â ÐÌ18.à  àApportionments€and€Other€Adjustments;€Water€Meter€and€Installment€Assessments.€(a)Ð œì ÐTo€the€extent€applicable,€the€following€shall€be€apportioned€as€of€midnight€of€the€day€before€theÐ ‰Ù Ðday€of€Closing:Ð v Æ Ðà  à(i)à ` àtaxes,€water€charges€and€sewer€rents,€on€the€basis€of€the€fiscal€period€for€whichÐ c!³ Ðassessed;€(ii)€fuel;€(iii)€interest€on€the€existing€mortgage;€(iv)€premiums€on€existing€transferableÐ P"   Ðinsurance€policies€and€renewals€of€those€expiring€prior€to€Closing;€(v)€vault€charges;€(vi)€rents€asÐ =#! Ðand€when€collected.Ð *$z" Ðà  à(b)à ` àIf€Closing€shall€occur€before€a€new€tax€rate€is€fixed,€the€apportionment€of€taxesÐ %g # Ðshall€be€upon€the€basis€of€the€tax€rate€for€the€immediately€preceding€fiscal€period€applied€to€theÐ &T!$ Ðlatest€assessed€valuation.Ð ñ&A"% Ðà  à(c)à ` àIf€there€is€a€water€meter€on€the€Premises,€Seller€shall€furnish€a€reading€to€a€dateÐ Þ'.#& Ðnot€more€than€30€days€before€Closing€and€the€unfixed€meter€charge€and€sewer€rent,€if€any,€shallÐ Ë($' Ðbe€apportioned€on€the€basis€of€such€last€reading.Ð ¸)%( Ðà  à(d)à ` àIf€at€the€date€of€Closing€the€Premises€are€affected€by€an€assessment€which€is€orÐ ¥*õ%) Ðmay€become€payable€in€annual€installments,€and€the€first€installment€is€then€a€lien,€or€has€beenÐ ’+â&* Ðpaid,€then€for€the€purposes€of€this€contract€all€the€unpaid€installments€shall€be€considered€dueÐ ,Ï'+ Ðand€shall€be€paid€by€Seller€at€or€prior€to€Closing.Ð l-¼(, Ðà  à(e)à ` àAny€errors€or€omissions€in€computing€apportionments€or€other€adjustments€atÐ ° ÐClosing€shall€be€corrected€within€a€reasonable€time€following€Closing.€This€subparagraph€shallÐ í Ðsurvive€Closing.Ð ŠÚ ÐÌ19.à  àAllowance€for€Unpaid€Taxes,€etc.€Seller€has€the€option€to€credit€Purchaser€as€anÐ d´ Ðadjustment€to€the€purchase€price€with€the€amount€of€any€unpaid€taxes,€assessments,€waterÐ Q ¡ Ðcharges€and€sewer€rents,€together€with€any€interest€and€penalties€thereon€to€a€date€not€less€thanÐ > Ž Ðfive€business€days€after€Closing,€provided€that€official€bills€therefor€computed€to€said€date€areÐ + { Ðproduced€at€Closing.Ð  h ÐÌ20.à  àUse€or€Purchase€Price€to€Remove€Encumbrances.€If€at€Closing€there€are€other€liens€orÐ ò B  Ðencumbrances€that€Seller€is€obligated€to€payor€discharge,€Seller€may€use€any€portion€of€the€cashÐ ß/  Ðbalance€of€the€purchase€price€to€payor€discharge€them,€provided€Seller€shall€simultaneouslyÐ Ì  Ðdeliver€to€Purchaser€at€Closing€instruments€in€recordable€form€and€sufficient€to€satisfy€such€liensÐ ¹  Ðor€encumbrances€of€record,€together€with€the€cost€of€recording€or€filing€said€instruments.€As€anÐ ¦ö  Ðalternative€Seller€may€deposit€sufficient€monies€with€the€title€insurance€company€employed€byÐ “ã  ÐPurchaser€acceptable€to€and€required€by€it€to€assure€their€discharge,€but€only€if€the€title€insuranceÐ €Ð Ðcompany€will€insure€Purchaser's€title€clear€of€the€matters€or€insure€against€their€enforcement€outÐ m½ Ðof€the€Premises€and€will€insure€Purchaser's€Institutional€Lender€clear€or€such€matters.€UponÐ Zª Ðreasonable€prior€notice€(by€telephone€or€otherwise),€Purchaser€shall€provide€separate€certified€orÐ G— Ðofficial€bank€checks€as€requested€to€assist€in€clearing€up€these€matters.Ð 4„ ÐÌ21.à  àThe€Examination;€Seller's€Inability€to€Convey;€Limitations€of€Liability.€(a)€PurchaserÐ ^ Ðshall€order€an€examination€of€title€in€respect€or€the€Premises€from€a€title€company€licensed€orÐ ûK Ðauthorized€to€issue€title€insurance€by€the€New€York€State€Insurance€Department€or€any€agent€forÐ è8 Ðsuch€title€company€promptly€after€the€execution€of€this€contract€or,€if€this€contract€is€subject€toÐ Õ% Ðthe€mortgage€contingency€set€forth€in€paragraph€8,€after€a€mortgage€commitment€has€beenÐ Â Ðaccepted€by€Purchaser.€Purchaser€shall€cause€a€copy€of€the€title€report€and€of€any€additionsÐ ¯ÿ Ðthereto€to€be€delivered€to€the€attorney(s)€for€Seller€promptly€after€receipt€thereof.Ð œì Ðà  à(b)(i)à ` àIf€at€the€date€of€Closing€Seller€is€unable€to€transfer€title€to€Purchaser€inÐ ‰Ù Ðaccordance€with€this€contract,€or€Purchaser€has€other€valid€grounds€for€refusing€to€close,€whetherÐ v Æ Ðby€reason€of€liens,€encumbrances€or€other€objections€to€title€or€otherwise€(herein€collectivelyÐ c!³ Ðcalled€"Defects"),€other€than€those€subject€to€which€Purchaser€is€obligated€to€accept€titleÐ P"   Ðhereunder€or€which€Purchaser€may€have€waived€and€other€than€those€which€Seller€has€hereinÐ =#! Ðexpressly€agreed€to€remove,€remedy€or€discharge€and€if€Purchaser€shall€be€unwilling€to€waive€theÐ *$z" Ðsame€and€to€close€title€without€abatement€of€the€purchase€price,€then,€except€as€hereinafter€setÐ %g # Ðforth,€Seller€shall€have€the€right,€at€Seller's€sole€election,€either€to€take€such€action€as€Seller€mayÐ &T!$ Ðdeem€advisable€to€remove,€remedy,€discharge€or€comply€with€such€Defects€or€to€cancel€thisÐ ñ&A"% Ðcontract;€(ii)€if€Seller€elects€to€take€action€to€remove,€remedy€or€comply€with€such€Defects.Ð Þ'.#& ÐSeller€shall€be€entitled€from€time€to€time,€upon€Notice€to€Purchaser,€to€adjourn€the€date€forÐ Ë($' ÐClosing€hereunder€for€a€period€or€periods€not€exceeding€60€days€in€the€aggregate€(but€notÐ ¸)%( Ðextending€beyond€the€date€upon€which€Purchaser's€mortgage€commitment,€if€any,€shall€expire),Ð ¥*õ%) Ðand€the€date€for€Closing€shall€be€adjourned€to€a€date€specified€by€Seller€not€beyond€such€period.Ð ’+â&* ÐIf€for€any€reason€whatsoever,€Seller€shall€not€have€succeeded€in€removing,€remedying€orÐ ,Ï'+ Ðcomplying€with€such€Defects€at€the€expiration€of€such€adjournment(s),€and€if€Purchaser€shallÐ l-¼(, Ðstill€be€unwilling€to€waive€the€same€and€to€close€title€without€abatement€of€the€purchase€price,Ð ° Ðthen€either€party€may€cancel€this€contract€by€Notice€to€the€other€given€within€10€days€after€suchÐ í Ðadjourned€date;€(iii)€notwithstanding€the€foregoing,€the€existing€mortgage€(unless€this€sale€isÐ ŠÚ Ðsubject€to€the€same)€and€any€matter€created€by€Seller€after€the€date€hereof€shall€be€released,Ð wÇ Ðdischarged€or€otherwise€cured€by€Seller€at€or€prior€to€Closing.Ð d´ Ðà  à(c)à ` àIf€this€contract€is€cancelled€pursuant€to€its€terms,€other€than€as€a€result€ofÐ Q ¡ ÐPurchaser's€default,€this€contract€shall€terminate€and€come€to€an€end,€and€neither€party€shall€haveÐ > Ž Ðany€further€rights,€obligations€or€liabilities€against€or€to€the€other€hereunder€or€otherwise,€exceptÐ + { Ðthat:€(i)€Seller€shall€promptly€refund€or€cause€the€Escrowee€to€refund€the€Downpayment€toÐ  h ÐPurchaser€and,€unless€cancelled€as€a€result€of€Purchaser's€default€or€pursuant€to€paragraph€8,€toÐ  U  Ðreimburse€Purchaser€for€the€net€cost€of€examination€of€title,€including€any€appropriate€additionalÐ ò B  Ðcharges€related€thereto,€and€the€net€cost,€if€actually€paid€or€incurred€by€Purchaser,€for€updatingÐ ß/  Ðthe€existing€survey€of€the€Premises€or€of€a€new€survey,€and€(ii)€the€obligations€under€paragraphÐ Ì  Ð27€shall€survive€the€termination€of€this€contract.Ð ¹  ÐÌ22.à  àAffidavit€as€to€Judgments,€Bankruptcies,€etc.€If€a€title€examination€discloses€judgments,Ð “ã  Ðbankruptcies€or€other€returns€against€persons€having€names€the€same€as€or€similar€to€that€ofÐ €Ð ÐSeller,€Seller€shall€deliver€an€affidavit€at€Closing€showing€that€they€are€not€against€Seller.Ð m½ ÐÌ23.à  àDefaults€and€Remedies.€(a)€If€Purchaser€defaults€hereunder,€Seller's€sole€remedy€shall€beÐ G— Ðto€receive€and€retain€the€Downpayment€as€liquidated€damages,€it€being€agreed€that€Seller'sÐ 4„ Ðdamages€in€case€of€Purchaser's€default€might€be€impossible€to€ascertain€and€that€theÐ !q ÐDownpayment€constitutes€a€fair€and€reasonable€amount€of€damages€under€the€circumstances€andÐ ^ Ðis€not€a€penalty.Ð ûK Ðà  à(b)à ` àIf€Seller€defaults€hereunder,€Purchaser€shall€have€such€remedies€as€PurchaserÐ è8 Ðshall€be€entitled€to€at€law€or€in€equity,€including,€but€not€limited€to,€specific€performance.Ð Õ% ÐÌ24.à  àPurchaser's€Lien.€All€money€paid€on€account€of€this€contract,€and€the€reasonableÐ ¯ÿ Ðexpenses€of€examination€of€title€to€the€Premises€and€of€any€survey€and€survey€inspectionÐ œì Ðcharges,€are€hereby€made€liens€on€the€Premises,€but€such€liens€shall€not€continue€after€default€byÐ ‰Ù ÐPurchaser€under€this€contract.Ð v Æ ÐÌ25.à  àNotices.€Any€notice€or€other€communication€("Notice")€shall€be€in€writing€and€either€(a)Ð P"   Ðsent€by€either€of€the€parties€hereto€or€by€their€respective€attorneys€who€are€hereby€authorized€toÐ =#! Ðdo€so€on€their€behalf€or€by€the€Escrowee,€by€registered€or€certified€mail,€postage€prepaid,€orÐ *$z" Ðà  à(b)à ` àdelivered€in€person€or€by€overnight€courier,€with€receipt€acknowledged,€to€theÐ %g # Ðrespective€addresses€given€in€this€contract€for€the€party€and€the€Escrowee,€to€whom€the€Notice€isÐ &T!$ Ðto€be€given,€or€to€such€other€address€as€such€party€or€Escrowee€shall€hereafter€designate€byÐ ñ&A"% ÐNotice€given€to€the€other€party€or€parties€and€the€Escrowee€pursuant€to€this€paragraph.€EachÐ Þ'.#& ÐNotice€mailed€shall€be€deemed€given€on€the€third€business€day€following€the€date€of€mailing€theÐ Ë($' Ðsame,€except€that€any€notice€to€Escrowee€shall€be€deemed€given€only€upon€receipt€by€EscroweeÐ ¸)%( Ðand€each€Notice€delivered€in€person€or€by€overnight€courier€shall€be€deemed€given€whenÐ ¥*õ%) Ðdelivered,€orÐ ’+â&* Ðà  à(c)à ` àwith€respect€to€ðð7€(b)€or€ðð20,€sent€by€fax€to€the€party's€attorney.€Each€Notice€byÐ ,Ï'+ Ðfax€shall€be€deemed€given€when€transmission€is€confirmed€by€the€sender's€fax€machine.€A€copyÐ l-¼(, Ðof€each€Notice€sent€to€a€party€shall€also€be€sent€to€the€party's€attorney.€The€attorneys€for€theÐ ° Ðparties€are€hereby€authorized€to€give€and€receive€on€behalf€of€their€clients€all€Notices€andÐ í Ðdeliveries.Ð ŠÚ ÐÌ26.à  àNo€Assignment.€This€contract€may€not€be€assigned€by€Purchaser€without€the€prior€writtenÐ d´ Ðconsent€of€Seller€in€each€instance€and€any€purported€assignment(s)€made€without€such€consentÐ Q ¡ Ðshall€be€void.Ð > Ž ÐÌ27.à  àBroker.€Seller€and€Purchaser€each€represents€and€warrants€to€the€other€that€it€has€notÐ  h Ðdealt€with€any€broker€in€connection€with€this€sale€other€than:Ð  U  ÐÌÌÌÌÌ("Broker")€and€Seller€shall€pay€Broker€any€commission€earned€pursuant€to€a€separate€agreementÐ “ã  Ðbetween€Seller€and€Broker.€Seller€and€Purchaser€shall€indemnify€and€defend€each€other€againstÐ €Ð Ðany€costs,€claims€and€expenses,€including€reasonable€attorneys'€fees,€arising€out€of€the€breach€onÐ m½ Ðtheir€respective€parts€of€any€representation€or€agreement€contained€in€this€paragraph.€TheÐ Zª Ðprovisions€of€this€paragraph€shall€survive€Closing€or,€if€Closing€does€not€occur,€the€terminationÐ G— Ðof€this€contract.Ð 4„ ÐÌ28.à  àMiscellaneous.€(a)€All€prior€understandings,€agreements,€representations€and€warranties,Ð ^ Ðoral€or€written,€between€Seller€and€Purchaser€are€merged€in€this€contract;€it€completelyÐ ûK Ðexpresses€their€full€agreement€and€has€been€entered€into€after€full€investigation,€neither€partyÐ è8 Ðrelying€upon€any€statement€made€by€anyone€else€that€is€not€set€forth€in€this€contract.Ð Õ% Ðà  à(b)à ` àNeither€this€contract€nor€any€provision€thereof€may€be€waived,€changed€orÐ Â Ðcancelled€except€in€writing.€This€contract€shall€also€apply€to€and€bind€the€heirs,€distributees,Ð ¯ÿ Ðlegal€representatives,€successors€and€permitted€assigns€of€the€respective€parties.€The€partiesÐ œì Ðhereby€authorize€their€respective€attorneys€to€agree€in€writing€to€any€changes€in€dates€and€timeÐ ‰Ù Ðperiods€provided€for€in€this€contract.Ð v Æ Ðà  à(c)à ` àAny€singular€word€or€term€herein€shall€also€be€read€as€in€the€plural€and€the€neuterÐ c!³ Ðshall€include€the€masculine€and€feminine€gender,€whenever€the€sense€of€this€contract€mayÐ P"   Ðrequire€it.Ð =#! Ðà  à(d)à ` àThe€captions€in€this€contract€are€for€convenience€or€reference€only€and€in€no€wayÐ *$z" Ðdefine,€limit€or€describe€the€scope€of€this€contract€and€shall€not€be€considered€in€theÐ %g # Ðinterpretation€of€this€contract€or€any€provision€hereof.Ð &T!$ Ðà  à(e)à ` àThis€contract€shall€not€be€binding€or€effective€until€duly€executed€and€deliveredÐ ñ&A"% Ðby€Seller€and€Purchaser.Ð Þ'.#& Ðà  à(f)à ` àSeller€and€Purchaser€shall€comply€with€IRC€reporting€requirements,€if€applicable.Ð Ë($' ÐThis€Subparagraph€shall€survive€Closing.Ð ¸)%( Ðà  à(g)à ` àEach€party€shall,€at€any€time€and€from€time€to€time,€execute,€acknowledge€whereÐ ¥*õ%) Ðappropriate€and€deliver€such€further€instruments€and€documents€and€take€such€other€action€asÐ ’+â&* Ðmay€be€reasonably€requested€by€the€other€in€order€to€carry€out€the€intent€and€purpose€of€thisÐ ,Ï'+ Ðcontract.€This€subparagraph€shall€survive€Closing.Ð l-¼(, Ðà  à(h)à ` àThis€contract€is€intended€for€the€exclusive€benefit€of€the€parties€hereto€and,Ð ° Ðexcept€as€otherwise€expressly€provided€herein,€shall€not€be€for€the€benefit€of,€and€shall€not€createÐ í Ðany€rights€in,€or€be€enforceable€by,€any€other€person€or€entity.Ð ŠÚ ÐÌContinued€on€Rider€attached€hereto.€Delete€if€inapplicable.Ð d´ Ðà  à(i)à ` àIf€applicable,€the€complete€and€fully€executed€disclosure€of€information€onÐ Q ¡ Ðlead-based€paint€and/or€lead-based€paint€hazards€is€attached€hereto€and€made€a€part€hereof.Ð > Ž ÐÌÌÌÌÌIn€Witness€Whereof,€this€contract€has€been€duly€executed€by€the€parties€hereto.Ð Ì  ÐÌà  àÌà  àSellerà ` àPurchaserÐ “ã  ÐÌà  àÌà  àSellerà ` àPurchaserÐ Zª ÐÌAttorney€for€Seller:à ¸ àAttorney€for€PurchaserÐ 4„ ÐÌAddress:à ` àAddress:Ð ^ ÐÌTel.:à  àFax:à ` àTel.:à ¸ àFax:Ð è8 ÐÌReceipt€of€the€downpayment€is€acknowledged€and€the€undersignedà  àÐ Â Ðagrees€to€act€in€accordance€with€the€provisions€of€paragraph€6€above.à  àEscroweeÐ ¯ÿ ÐÌNOTES€ON€MORTGAGE€COMMITMENT€CONTINGENCY€CLAUSEÐ ‰Ù ÐforÐ v Æ ÐRESIDENTIAL€CONTRACT€OF€SALEÐ c!³ ÐÌÌ1.à  àWARNING:€the€mortgage€commitment€contingency€clause€for€the€Residential€ContractÐ *$z" Ðor€Sale€is€a€bar€association€form€that€attempts€to€provide€a€mechanism€that€makes€the€rights€andÐ %g # Ðobligations€of€the€parties€clear€in€sales€or€residences€in€ordinary€circumstances.€It€should€beÐ &T!$ Ðreviewed€carefully€by€Seller€and€Purchaser€and€their€attorneys€in€each€and€every€transaction€toÐ ñ&A"% Ðmake€sure€that€all€the€provisions€are€appropriate€for€that€transaction.€Negotiated€modificationsÐ Þ'.#& Ðshould€be€made€whenever€necessary.Ð Ë($' Ð2.à  àUnder€the€clause,€the€obligation€of€Purchaser€to€purchase€under€the€contract€of€sale€isÐ ¸)%( Ðcontingent€on€Purchaser's€obtaining€a€mortgage€commitment€letter€from€an€Institutional€LenderÐ ¥*õ%) Ðwithin€the€number€of€days€specified€for€the€amount€specified.€This€refers€to€calendar€days.Ð ’+â&* ÐSeller's€attorney€should€state€his/her€calculation€of€the€Commitment€Date€in€the€letter€deliveringÐ ,Ï'+ Ðthe€executed€contract€to€Purchaser's€attorney,€to€prevent€confusion€later.€Purchaser€shouldÐ l-¼(, Ðpromptly€confirm€or€correct€that€date.€In€applying€for€a€loan,€Purchaser€should€inform€its€lenderÐ ° Ðof€the€scheduled€date€of€closing€in€the€contract€and€request€that€the€expiration€date€of€theÐ í Ðcommitment€occur€after€the€scheduled€date€of€closing.€Purchaser€must€comply€with€deadlinesÐ ŠÚ Ðand€pursue€the€application€in€good€faith.€The€commitment€contingency€is€satisfied€by€issuance€ofÐ wÇ Ða€commitment€in€the€amount€specified€on€or€before€the€Commitment€Date,€unless€theÐ d´ Ðcommitment€is€conditioned€on€approval€of€an€appraisal.€If€the€commitment€is€conditioned€onÐ Q ¡ Ðapproval€of€an€appraisal€and€such€approval€does€not€occur€prior€to€the€Commitment€Date,Ð > Ž ÐPurchaser€should€either€cancel€the€contract€or€obtain€an€extension€of€the€Commitment€Date.€IfÐ + { Ðthe€commitment€is€later€withdrawn€or€not€honored,€Purchaser€runs€the€risk€of€being€in€defaultÐ  h Ðunder€the€contract€of€sale€with€Seller.Ð  U  Ð3.à  àIf€there€are€loan€terms€and€conditions€that€are€required€or€would€not€be€acceptable€toÐ ò B  ÐPurchaser,€such€as€the€interest€rate,€term€of€the€loan,€points,€fees€or€a€condition€requiring€sale€ofÐ ß/  Ðthe€current€home,€those€terms€and€conditions€should€be€specified€in€a€rider.Ð Ì  Ð4.à  àThis€clause€assumes€that€initial€review€and€approval€of€Purchaser's€credit€will€occurÐ ¹  Ðbefore€the€commitment€letter€is€issued.€Purchaser€should€confirm€with€the€lender€that€this€is€theÐ ¦ö  Ðcase€before€applying€for€the€commitment.Ð “ã  Ð5.à  àIf,€as€has€been€common,€the€commitment€letter€itself€is€conditioned€on€sale€ofÐ €Ð ÐPurchaser's€home€or€payment€of€any€outstanding€debt€or€no€material€adverse€change€inÐ m½ ÐPurchaser's€financial€condition,€such€a€commitment€will€satisfy€the€contract€contingencyÐ Zª Ðnonetheless,€and€Purchaser€will€take€the€risk€of€fulfilling€those€commitment€conditions,Ð G— Ðincluding€forfeiture€or€the€downpayment€if€Purchaser€defaults€on€its€obligation€to€close.€UnderÐ 4„ ÐNew€York€case€law,€a€defaulting€purchaser€may€not€recover€any€part€of€the€downpayment,€andÐ !q ÐSeller€does€not€have€to€prove€any€damages.€If€Purchaser€is€not€willing€to€take€that€risk,€the€clauseÐ ^ Ðmust€be€modified€accordingly.Ð ûK Ð6.à  àPurchaser€may€submit€an€application€to€a€registered€mortgage€broker€instead€of€applyingÐ è8 Ðdirectly€to€an€Institutional€Lender.Ð Õ% Ð7.à  àThis€clause€allows€Seller€to€cancel€if€a€commitment€is€not€accepted€by€Purchaser€by€theÐ Â ÐCommitment€Date,€unless€Purchaser€timely€supplies€a€copy€of€the€commitment,€to€allow€SellerÐ ¯ÿ Ðthe€option€to€avoid€having€to€wait€until€the€scheduled€date€of€closing€to€see€if€Purchaser€will€beÐ œì Ðable€to€close.€Seller€may€prefer€to€cancel€rather€than€to€wait€and€settle€for€forfeiture€of€theÐ ‰Ù Ðdownpayment€if€Purchaser€defaults.€Because€of€Seller's€right€to€cancel,€Purchaser€may€not€waiveÐ v Æ Ðthis€contingency€clause.€This€clause€means€that€Purchaser€is€subject€to€cancellation€by€SellerÐ c!³ Ðeven€if€Purchaser€is€willing€to€risk€that€he/she€will€obtain€the€Commitment€after€theÐ P"   ÐCommitment€Date.€Some€Purchasers€may€not€want€to€be€subject€to€such€cancellation€by€Seller.Ð =#! Ð8.à  àPurchaser€may€want€to€add€to€paragraph€22€that€Purchaser's€reimbursement€shouldÐ *$z" Ðinclude€non-refundable€financing€and€inspection€expenses€of€Purchaser,€which€should€beÐ %g # Ðrefunded€by€Seller€if€Seller€willfully€defaults€under€the€contract€or€sale€[alternative:€if€Seller€isÐ &T!$ Ðunable€to€transfer€title€under€the€contract€of€sale].Ð ñ&A"% ÐÌDistributed€byÐ Ë($' ÐChicago€Title€Insurance€CompanyÐ ¸)%( ÐÌ