2008-025-ORD-AMENDING ZONES - Laserfiche WebLink

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FROM (TUE)JUN 24 2008 13:45/ST.13:31/No.6880345645 P 15 06/24/21008 11:57 98376?^' 72 CCLDWELL BANKER 15/19 2162 ilia p Q g e a2►t3 -oe conaQd cm�ns 7 (IWdmu or PropeM 1s- ESCROW: A. ESCROW. The escrow agent is not (1 a Party to this contract and does not have 6abilfty for the Peftumm* or nonpaftrmanao of any pargr to this contract. (n ) Fable for interest on tt►e earnest money and (iii) Gable forte been of any aamest money caused by the failure of arty firww4al ImWwbon In which the earnest money deposited unless the financial insfitution is acting as escrow agent. 6. EXPENSES: At dosing. the earnest money must be applied first to any cash down payment then to Buyer's Expentsea and any exceBe refunded to Buyer. If no dosing occurs, escrow agent mey requet payment of unpaid expenses incurred on MW of the partjes and a Winton 110188se of litabili>,r of esuow agent tom all a release s' earnest C. DEMAND; Upon termination of this eontnact, either putty or the escrow agent may _ money to each party and tho parts: shall execute counterparts of the d d dell a the mw the escrow for agent, If eimsr panty tails to wa -}cute the release, either party may escrow :gent row gent fo l Me earnest moray, tf only one paarV makes written demand for the ssmest money, provide a copy of tine demand to Me other patty. If escrow agent does not receive wn ten objection to the demand from the olhor party within 15 days, escrow aPnt may disburse the earnest oneyving the esmeat more• and reduced by the amount of unpaid enp Ms Incurred on behalf fU party the provisions the e m this paragraph, nd escrow agent may pay the same to the creditors. If escrow agent piles each party hereby rolegs� escrow agent ttom all adverse claims rNAted to the dlsbursal of the earnest money. D, DAMAGES: Any part' who wrangfutty fails or refuses to sign a r lem acceptable to the escrow agent within 7 days of raceipt of the request will be liable to the other party for liquidated damages of three times the amount of the earnest money. E. NCMCES: Escrow *rity notices will be effeettve when sent In compliance with Fwagraph 21, Nodes of objectJon to tM demand will be deemed effective upon receipt by es=w agent. 18. REPRESENTATIONS: Seller represents that as of the Closing. DaW (a) them will be, no liens, assessments, or Security Interests against the Pro" which will not be Satisfied out of ow sa" proceeds unless securing payment of any loans assumed by Buyer and (b) assumed loans will not be in default, if any representation of Sener In this conbsd is untrue on the Closing Date, Seller Mill be in default 20. FEDERAL TAX REQUIREMENTS: if Seller is a "foreign person" as defined by applicable law, or if Seller faits to deliver an affidavit to Buyer that Seller is not a "Mmign person; then Buyer shall withhold foam the safes Proceeds an amount sufficient fn it' with applicable tax 12w and deriver the same to the Internal Revenue Service together Witt+ appropriate tax forms. Internal Revenue Service regulations nequire filing written reports if currer>cy !n excess of specified amounts is received In the t zzactlon. 21. N011cigs: All notices from one party to the other must be in writing and are effective when mailed to, hand4alivered I at; or transmitted by facsimile cr electronic transmission as foiio+ias To Buyer at: Telephone: f 293 Facsimile: To Seller at Telephone: Facsimile: F,mail E -mail! and seller . TREC NO, z0-7 Initialed for identification by Buyer ftge 6 of 9 (TAR -1 e01) 2 -13-W iris �wsxrins9r Pioe��oo0 �+Ntt TipFbrm"' a/ FtE P LLC 10=5 FRtim HM RDK Crnpn T7rvrolruD� w+u�r 6