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<br />Commercial Contract ~ Unimproved Property Concerning <br /> <br />n~19 e~ <br /> <br />B. Adiustment to Sales Price: (Check (1) or (2) only.) <br /> <br />!Xl (1) The sales price will not be adjusted based on a survey. <br /> <br />o (2) The sales price will be adjusted based on the latest survey obtained under Paragraph 6B. <br /> <br />(a) The sales price is calculated on the basis of $ per: <br />a (i) square foot of 0 total area D net area. <br />D (ii) acre of D total area 0 net area. <br /> <br />(b) "Total area" means all land area within the perimeter boundaries of the Property. "Net area" <br />means total area less any area of the Property within: <br />o (i) public roadways; <br />o (ii) rights-of-way and easements other than those that directly provide utility services to the <br />Property; and <br />o (i Ii) <br /> <br />(c) If the sales price is adjusted by more than % of the stated sales price, either party <br />may terminate this contract by providing written notice to the other party within days <br />after the terminating party receives the survey. If neither party terminates this contract or if the <br />variance is less than the stated percentage, the adjustment to the sales price will be made to the <br />cash portion of the sales price payable by Buyer. <br /> <br />4. FINANCING: Buyer will finance the portion of the sales price under Paragraph 3A(2) as follows: <br /> <br />[fJ A. Third Party Financina: One or more third party loans in the total amount of $ 35.000,00 <br />This contract: <br /> <br />o (1) is not contingent upon Buyer obtaining third party financing. <br />~ (2) is contingent upon Buyer obtaining third party financing in accordance with the attached <br />Commercial Contract Financing Addendum. <br /> <br />o B. Assumption: In accordance with the attached Commercial Contract Financing Addendum, Buyer will <br />assume the existing promissory note secured by the Property, which balance at closing will be <br />$ <br /> <br />o C. Seller Financing: The delivery of a promissory note and deed of trust from Buyer to Seller under the <br />terms of the attached Commercial Contract Financing Addendum in the amount of $ <br /> <br />5. EARNEST MONEY: <br /> <br />A. Not later than 3 days after the effective date, Buyer must deposit $ 500,00 <br />money with STONE TITLE co <br />(escrow agent) at ':1-, 1 C!""' )'i .,."~ ~L.""-'" ""'~~~ -f c::: n ~'" <br />, ,_ ......,j _~_.t-....:,,_r~_~_r___.._l1..~....~-.;! ..!.l!.irt.''1.. ..;..rCf.Ol,) <br />(address). If Buyer fails to timely deposit the earnest money, <br />Seller may terminate this contract by providing written notice to Buyer before Buyer deposits the <br />earnest money and may exercise Seller's remedies under Paragraph 15. <br /> <br />B. Buyer will deposit an additional amount of $ with the escrow agent to be made <br />part of the earnest money on or before: <br />o (i) days after Buyer's right to terminate under Paragraph 78 expires; or <br />o (Ii) . <br />Buyer will be in default if Buyer fails to deposit the additional amount required by this Paragraph 58 <br />within 3 days after Seller notifies Buyer that Buyer has not timely deposited the additional amount. <br /> <br />C. Buyer may instruct the escrow agent to deposit the earnest money in an interest-bearing account at a <br />federally insured financial institution and to credit any interest to Buyer. <br /> <br /> <br />(T AR-1802) 10-18-05 Initialed for Identification by BUyerii-. _and Seller _, <br />( - <br /> <br />as earnest <br /> <br />Page 2 of 12 <br /> <br />Produced with ZipForm™ by RE FormsNet. LLC 18025 Fifteen Mile Road, Clinton Township, Michigan 48035 WWW.ZiDfof!l1.com <br /> <br />DARNELL TO <br /> <br />r" <br />