Assignment Of Proceeds Agreement

Assignment Of Proceeds Agreement-52
Seller, by execution of this Agreement, hereby grants Purchaser and Purchaser’s authorized representative and experts the right to enter upon and inspect and make reasonable tests upon the Property at reasonable times and upon notice to Seller, and Purchaser shall hold Seller harmless from any damage or injury to persons or property by reason of the entry upon the Property by Purchaser, its agents and its experts.

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This Real Estate Purchase Agreement is for commercial or retail real estate. The agreement contemplates the presence of a broker in the transaction, but those provisions may be removed.

Download this free real estate purchase agreement below.

To the extent that the signatories to this Agreement shall comprise of a group of individuals, the individuals represent that they are all the owners of the Property and agree that the obligations and liabilities of such individuals under this Agreement shall be joint and several. “Special Flood Zone Area Maps.” As a condition to obtaining financing on most properties located in “flood zones,” some banks, savings and loan associations and insurance lenders require that H. If the Property is in a Geologic Zone, the construction or development on the Property of any structure for human occupancy may be subject to the findings of a geologic report prepared by a geologist registered in the State of California.

Seller discloses that the property is not located in a “flood zone,” as set forth on H. In part, the Act requires owners and tenants of public accommodations to remove physical barriers to access and provide auxiliary aids or services for persons with hearing, vision or speech impairment.

THEREFORE, IN ORDER TO INDUCE SELLER TO WAIVE ALL OTHER MONETARY REMEDIES IT MAY HAVE IN THE EVENT OF BREACH BY PURCHASER OF ITS OBLIGATIONS HEREUNDER, PURCHASER AND SELLER, BY INITIALING IN THE SPACE PROVIDED ABOVE, HAVE AGREED TO LIQUIDATED DAMAGES AS SET FORTH HEREIN, WITH THE AMOUNT OF THE PAYMENT TO SELLER AND THE TIMING OF SUCH PAYMENT HAVING BEEN THE SUBJECT OF CONSIDERABLE NEGOTIATIONS BETWEEN THE PARTIES.

Assignment Of Proceeds Agreement

IF PURCHASER DEFAULTS IN ITS OBLIGATIONS HEREUNDER AFTER PURCHASER INCREASES ITS DEPOSIT, BY PLACING THEIR INITIALS AT THE END OF THIS SENTENCE, PURCHASER AND SELLER AGREE THAT FROM AND AFTER THE DATE THE DEPOSIT IS INCREASED, THE LIQUIDATED DAMAGES SELLER SHALL BE ENTITLED TO AS A RESULT OF PURCHASER’S DEFAULT, SHALL EQUAL THE INCREASED DEPOSIT PLUS THE ORIGINAL DEPOSIT. National Flood Insurance Program and became effective ________________________.If Purchaser does not give written notice of such disapproval within such period, the Title Report shall be deemed approved.If Purchaser disapproves of any exception in writing as described above, Seller shall have 10 working days from the date of Seller’s receipt of written notice of the disapproval to give written notice to Purchaser that Seller shall remove the disapproved exception(s) prior to Escrow Closing.Seller’s failure to deliver the notice shall mean Seller will not remove the exception.If Seller elects not to remove any disapproved exception, Purchaser shall have five working days either (i) to terminate this Agreement or (ii) to waive its disapproval of such exception and agree to purchase the Property subject to the disapproved exception.Any additional escrow costs or fees shall be paid according to the custom and practice of the county in which the Property is located.In the event Seller or Purchaser completes a tax-deferred exchange and additional closing costs and transfer taxes are incurred, the beneficiary of the exchange shall pay all additional costs arising out of the tax-deferred exchange.This Agreement, to the extent assignable, is binding upon the heirs, executors, administrators, successors and assigns of the Purchaser and Seller, and shall survive recordation of the Grant Deed and close of escrow. Purchaser acknowledges that Purchaser has not received or relied upon any representations from either Seller or Broker(s) regarding the legal effect, interpretation or economic consequences of the National Flood Insurance Program and related legislation.Each person executing this Agreement on behalf of a party represents and warrants that such person is duly and validly authorized to do so on behalf of the entity it purports to so bind, and if such party is a partnership, corporation or trustee, that such partnership, corporation or trustee is the owner of the Property and has full right and authority to enter into this Agreement and perform all of its obligations hereunder. flood insurance be carried where such properties are security for the loan. situated in a Special Study Zone as designated under the Alquist-Priolo Special Studies Zone Act, Sections 2621-2630, inclusive, of the California Public Resources Code, or otherwise in an area of the high geologic hazard (“Geologic Zone”).Close of escrow shall mean the date all documents required hereunder is placed of record. Seller, at Seller’s absolute discretion, shall be entitled to consecutive thirty (30) day extensions of the close of escrow date (with a minimum ending date of ________________________ ) after giving Purchaser written notice fifteen (15) days prior to close of each extension term. Property taxes, premiums on insurance acceptable to Purchaser, prepaid rents, interest, interest on assessments if assumed by Purchaser, and any other proratable items, shall be prorated as of close of escrow. The amount of any bond or assessment, which is a lien, shall be paid by Seller.As a condition to Purchaser’s obligations hereunder the Title Company shall issue its CLTA owner’s policy of title insurance insuring Purchaser in the amount of the Purchase Price as owner of the Property subject only to the Permitted Exceptions.

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