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Home My WebLink About2451 I f the exist in~ morlp,~~E;~~ i•4qut rc~~l lhe h~rycr to t~~sumc s~ime ~ the~ the buyer shull do so; provideJ, h~~wever~ if the mort~aKee dues ~ot accept the buyer. then in thAt even~ c~ccurri~K, the buyer nt his option.. may r:~n~~el the cuntr:~ct :ina all municti p.~i~i l~y the buyur sh~111 be~ refunded e~~ the buyer. I'URCHASE MON~Y MORTGACES: Any purchase money notes and mortgage re- ~uired by the contract shall folluw the forms genrrally accepted and u~ed in Clie co~inty where the land is located. Any purchase money mort- habe sh~ll provi~e fc~r insurancE ap,ainst loss by fire with extended coverage in an amount not less than the full insurable value of the improvements. In a first mortgage. the note and m~rtga~e shall provide for acceleration, at ~he uption of the holder~ after thirty (30) days default and in a second m~~rtgaf;e. afCer fifteen (15) days default. A second mortgage shall require a mortg.~~;or to keep all prior liens and encumbrances in good standing. Buyer shall have the right to prepay all or part of'the princip~l at any time or times with interest to date of payment without penalty. D. OTNER MORTGAG~S: In the evenr buyer executes a mortgage to one other than the seller, all costs and charges incident~l tl~ereto shall be paid by the buver. E. SURVEY: If the buyer clesir~s :i survey he shall have the property sur- veyed at his exp~~n::e prior ta closing date. If ttie survey shows an encroachment, the s:~me shall hr treated as a title defect. 1~. TERMITE INSPECTION: Pi-ior to closing. at buyer's expense~ the buyer shall have the right to have tlie property inspected by a licensed and bonded exterminator Co determine whether there is any active termite infestation or dama~;e from prior tcrmite i~festation in the improve- a~..•i~ts on said property. I£ thcre is any such infestation or damage. rhr seller shall pay all costs of the treatment required to remedy .~ny such infestation oi• damage sa reported. including the costs of rnnair~nci nr ~nnlaninn yll nnr1,-~nn~ .~f e:;;~i ~~nrr~i-omn.,to ~*1~~n}. .. .. ~ . b ~~ ~.i~~b ~ u• ~~ a~~~r~vvv~~~~~~~.~s wa~i~. a u~G i»fested or have been damaged. llowever. in the event the costs to be incurred :~re more than thi•ec~ (3%) rercent of the purchase price, then, at the seller's option he n~ay cancel the contract within ten (10) days .~f the rereipt of thc C~•rmit~• iiispection report by ~;iving written r-o- tice to the t•uyer. G. INSURANCE: If insuranc~ is to be pr~_~rat~d~ the sel.ler ~hall on or befor.~ the closin~; Jate, furni::i~ to buyer all insurance policies or copies ther~~of . N. LEASES: The seller shall furnish copies of all written leases to the buyer prior to closing and if tl~ere are any persons in possession with- out written leases. estoppel l~~tters from ~uch pers~ns specifying the nature and duratioti of the occupancy sh<<11 be furnished to the buyer by the seller prior to r.he clusiiig, d:~tc. . I. MECNANICS LIENS: Seller sl~a;l f~~rttish t~ the buyer an affidaviL that there have been no improvements to the s~ibject property for 90 days immediatelv preceding the datr of cl~sing. If the subject property has been improved within 90 days inrnediately precedi.iig the closing date~ tlie seller shall deliver releases or waiver of all mechanics liens executed by general contractors, st~bcontractors, suopliers or maferial men and seller's mechanics lien affidavit. Pl.~1CF OF CLOSING: C'.osing shall be held at the office of the seller's .~t t.~rney or as otherwisc at;r~eJ upon. '~'l;-',G IS OF TjiE ESSFNCE: Time is of the essence of the Contract for . . ~ • ~ ~~ and Purchase . ~t?~;tTMENTS FOk CI.OSING: Seller's attorney. or other cl~~sing agent shall :~r~pare d~ed, no[e~ murtgage, seller's affidavit. closing statement and };~bmit copies of same to bu}~er's attorney. and copy of closing statement ~o the broker, at leasC two days priar t~ schedtile~l closing ~late. :' I:XPENSES: State surtax an~ d~cumettCary st~mps which ~re required to be .~ffixed to Clie insti•ume~tt of ronveyanre, intan~ible personal property t axes and the cost of recordi~~~; th~ p~~rch~zse money mort~age sh.-~11 be ~~aid by the seller. Dor.tirr,ent:iry st~mp~ to be affixc~d to the note or dQOK J~ PAGE ~~~9 1'.~;;~t ~, c~l 5