ADDENDUM
“A”
FIRST ADDENDUM TO CONTRACT
OCWEN ASSET NUMBER: ___________ Seller Ocwen Loan Servicing, LLC
Buyer: ______________________________ Buyer
____________________________________
Property
Address__________________________ City/State
_______________________________
“a/k/a/ Subject Property”
Date _______________________
(of even date with contract of purchase attached hereto)
BUYER(S) AND SELLER AGREE AS FOLLOWS:
(A)
OFFER AND
ACCEPTANCE:
Buyer
is aware of the following: (i) Seller has reserved the right to make multiple
counter-offers on this property; (ii) Seller reserves the right to continue to
offer the Property for sale until this offer has been formally accepted in
writing; (iii) acceptance of this offer or any counter-offers hereto is subject
to Ocwen Loan Servicing, LLC’s Executive Committee’s approval; (iv) This offer
shall expire on _________ at 5:00 PM EST.
Any decision as to Buyer’s acceptance of this offer shall be approved by
Ocwen Loan Servicing, LLC’s Executive Committee. Seller’s acceptance of another offer prior to
Buyer’s acceptance and communication of acceptance of this offer to Seller, or
Seller’s agent shall revoke this counter-offer.
Communication of acceptance of this counter-offer must be received by
Seller in writing prior to the expiration of the time frame specified above and
may be in the form of a facsimile, e-mail, or hard copy via mail so long as receipt of delivery can be
confirmed.
(B) RECAP OF CONTRACT TERMS AND
“DEFINITIONS”:
(i)
Sale Price to be $_________.
(ii)
Earnest Money Deposit [hereinafter to be referred to as
“Earnest Money Deposit or Initial Deposit”] to be $_______ at the signing of
contract.
(iii)
Additional deposit(s) [hereinafter to be referred to as
“Additional Deposit”] of $_______ shall also be required upon the removal of
all inspection contingencies.
(iv) Balance of the Sales price in the amount of $________to be paid by wire transfer at closing.
(v)
Definition of
DEPOSIT: “DEPOSIT” shall be used to
refer to the sum/totality/combination of the Earnest Money Deposit, Additional
Deposit(s) and any other subsequent deposits held in escrow or otherwise
intended to be applied toward Sales price.
The DEPOSIT is considered to be “hard money” and non-refundable with the
exception of the financing contingency and other exceptions as may be defined
later herein.
(vi)
Definition of COSTS: Any amounts incurred by Buyer in connection
with the purchase of the Subject Property, the Contract, and/or the Addendum,
including but not limited to attorneys fees, inspection fees, title search
fees, or repair costs. A Buyer’s
Expense, as defined in Paragraph E(ii)
does not fall into the definition of Costs.
(vii) Definition of BUYER: All Buyers on the Contract and Addendum shall be collectively referred to as “Buyer”.
(viii) Closing date on or before ______________
(C)
CONFLICT BETWEEN SALES CONTRACT AND FIRST ADDENDUM TO CONTRACT: In the event
any provision of this First Addendum To Contract [hereinafter to be referred to
as “Addendum”] dated ___________________ conflicts in whole or in part with any
of the terms of the sales contract [hereinafter to be referred to as
“Contract”] between Buyer and Seller, then the provisions of the instant
Addendum shall control.
_______
(Buyer’s Initials)
(D) ASSIGNMENT OF CONTRACT: Buyer shall neither assign its rights
nor delegate its obligations hereunder without obtaining Seller's prior written
consent, which may be withheld in Seller's sole discretion. In no event shall any assignment relieve
Buyer from its obligations under this Contract.
If Buyer attempts to or actually assigns or delegates the Contract
and/or Addendum without obtaining Seller's prior written consent, then both the
Contract and Addendum may be deemed null and void at Seller’s discretion. In the event that Seller chooses to nullify
the Contract and Addendum for this reason, then Seller shall not be required to
refund Deposit or Costs to Buyer.
(E) NO REPRESENTATIONS OR WARRANTIES: PROPERTY
SOLD “AS IS”
Buyer acknowledges and understands that
the Property (Property is herein defined to be the property and improvements,
if any, which are the subject of the Contract) is being sold as-is, where-is,
and with all faults. Buyer further
acknowledges and understands that the Property was acquired by the Seller
through foreclosure action, therefore, the Seller was not an owner-occupant and
its information concerning the Property and its condition is limited. Buyer is hereby informed that Seller is
unaware of any latent defects in the Property or any appurtenant systems,
including but not limited to plumbing, heating, air conditioning and electrical
systems, fixtures, appliances, roof, sewers, septic, soil conditions,
foundation, structural integrity, environmental condition, pool or related
equipment. Seller makes no
representations or warranties as to any of the above, the condition of the Property, the Property’s systems,
the serviceability or fitness for a particular use of the Property, or any
component of the Property. Buyer agrees
that in contracting to buy the Property, Buyer has not relied to their
detriment upon any representation or warranty made by the Seller, any parent,
subsidiary or affiliate thereof, or any of its officers, directors, employees,
agents or representatives.
(F) FINANCING CONTINGENCY
(___)/(___) (1)
(i)
Deadline for Commitment: This Contract is subject to the condition that on or
before the deadline [hereinafter to be referred to as “Deadline”] of _________,
Buyer shall secure, or there shall be made available to Buyer, a written
commitment for a loan to be secured by a mortgage or deed of trust on the
property in the amount of $___________, or such lesser sum as Buyer accepts. If Financing
Declined Notification is provided by close of Deadline date, then this Contract
shall become null and void and Deposit shall be returned to Buyer. If neither a
Commitment nor a Notification is provided by close of Deadline date, then this
contract shall remain in full force and effect without any loan
contingencies.
(ii) Buyer’s Expense: Buyer shall, at Buyer’s expense, execute all documents necessary to procure a mortgage loan from any source. Any delays caused by Buyer’s Lender, whether a result of Buyer’s conduct or not, shall constitute a default by Buyer.
(iii) Buyer’s Authorization for Lender: Buyer hereby authorizes the Lender (and/or
it’s successors and assigns) to discuss with Ocwen Loan Servicing, LLC the
buyers loan application including, but not limited to, the buyer’s credit
history (including Credit Report), income, debts and the progress of the entire
loan application.
(iii)
Buyer’s Authorization for Ocwen: Buyer hereby authorizes Ocwen Loan Servicing,
LLC or other investigative agency employed by Ocwen Loan Servicing, LLC to
investigate buyers ability to purchase under the terms and conditions of the
contract to purchase and Addendum A including but not limited to the ordering
of a credit history from a credit reporting agency and discussion of buyers
loan application with the Lender and or their successors or assigns. Buyer shall
be entitled, upon request, to a complete and accurate disclosure of the nature
and scope of any investigation.
_______ (Buyer’s Initials)
(___)/(___) (2) All Cash Transaction
This is an all-cash sale and purchase, and
is NOT contingent upon Buyer’s obtaining financing for the purchase of the
Property regardless of any mortgage loan application made by the Buyer to any
lending institution. Buyer understands
and agrees that neither delivery of a commitment for a mortgage loan from any
lending institution nor the Buyer’s acceptance of such a commitment will in any
way be a condition of Buyer’s obligation under this Contract. Buyer represents to Seller that Buyer has
sufficient readily available funds to complete the purchase of the
Property. If Buyer is unable to submit
cash at time of closing date to Seller, then Seller shall be entitled to retain
the Deposit.
(G) CLOSING COSTS
Buyer agrees to pay all allowable closing
costs on behalf of the Buyer, including the cost of a lenders title insurance
policy if applicable. Buyer understands
that they may also have to pay certain prepayable expenses, including, but not
limited to, adjustments for short term interest, taxes, water and sewer
charges, insurance, MIP or PMI. Buyer
understands that if they obtain an FHA or PMI mortgage, the MIP or PMI premium
will be added to the mortgage amount and increase their monthly payment.
(H) INSPECTIONS
Buyer, at Buyer’s
sole cost and expense, and after Seller’s written acceptance of this offer,
shall have the opportunity to inspect the Property including, but not limited
to, environmental, asbestos, radon gas, lead paint, mold, physical defects
including structural defects, roof, basement, mechanical systems such as
heating and air conditioning, electrical systems, sewage and septic systems,
plumbing, exterior site drainage, termite and other types of pest and insect
infestation or damage caused by such infestation, and boundary surveys. Any and all costs and expenses associated
with this inspection shall be referred to as “inspection costs”. If the sale fails to close due to an issue
stemming from this inspection, Seller shall not be required to reimburse Buyer
for inspection costs. Seller does not supply “surveys, boundary surveys
or footprint surveys”.
BUYER
IS ENCOURAGED TO OBTAIN THE SERVICES OF A QUALIFIED AND EXPERIENCED
PROFESSIONAL TO CONDUCT INSPECTIONS AND TESTS PRIOR TO THE END OF THE SEVEN (7)
CALENDAR DAY INSPECTION PERIOD, AS THE EXISTENCE OF CERTAIN CONDITIONS,
INCLUDING BUT NOT LIMITED TO THOSE LISTED ABOVE, COULD CAUSE SERIOUS HEALTH
PROBLEMS AND/OR A SUBSTANTIAL REDUCTION IN PROPERTY VALUE. Buyer is hereby notified and agrees that
Buyer is solely responsible for any required remediation and/or resulting damages,
including, but not limited to, any effects on health, due to a condition in, on
or around the property.
If Buyer does not give to Seller written
notice of cancellation, for any reason, by the close of business on the
deadline of the inspection period as defined by the Sales Contract [hereinafter
“Inspection Period deadline”] between Buyer and Seller, then Buyer shall
conclusively be deemed to have: (i) completed all inspections, investigations,
review of applicable documents and disclosures and removed all contingencies;
(ii) elected to proceed with the transaction; and (iii) assumed all liability,
responsibility, and expense for repairs or corrections other than for items
which Seller has otherwise agreed in writing to repair or correct. If Buyer
timely objects to the condition of the Property by the Inspection Period
deadline, then Buyer, at their sole option, may terminate this contract and
neither party shall have any further
obligations hereto. As a condition to
Buyer’s termination under the inspection period, Buyer agrees to submit any and
all written reports as to such inspections within three (3) calendar days
following the close of the Inspection Period Deadline after which time Seller
will immediately refund the Deposit to Buyer.
______ (Buyer’s
Initials)
(I) SELLER’S UNLIMITED RIGHT TO CANCEL CONTRACT AND/OR
ADDENDUM:
AT ANY TIME AFTER THE
EXECUTION BY SELLER OF EITHER THE CONTRACT OR THE ADDENDUM, SELLER SHALL HAVE
THE UNLIMITED RIGHT, AND AT ITS COMPLETE DISCRETION, TO ELECT TO DEEM THE SALES
CONTRACT AND/OR ADDENDUM
BETWEEN BUYER AND SELLER
NULL AND VOID AND NOT CLOSE THE TRANSACTION
FOR ANY REASON AND THE
PARTIES SHALL BE RESTORED TO THEIR ORIGINAL
POSITIONS AS IF THE CONTRACT
AND ADDENDUM NEVER EXISTED. SHOULD
SELLER EXERCISE ITS DECISION TO NULLIFY THE CONTRACT AND/OR ADDENDUM, THEN
SELLER SHALL RETURN THE DEPOSIT, AS DEFINED IN PARAGRAPH B(5) TO BUYER. HOWEVER, IT IS SELLER’S SOLE DECISION AS TO WHETHER OR NOT IT WILL
REIMBURSE BUYER FOR ANY COSTS AS DEFINED IN
PARAGRAPH B(6) OR OTHERWISE. THE BUYERS AGREE THAT SHOULD SELLER CANCEL
THE
_______
(Buyer’s Initials) _________
(Buyer’s Initials)
I
HAVE READ THIS PARAGRAPH AND I AM INITIALING TO
VERIFY THAT I ACCEPT IT AS
PART OF THE CONTRACT AND ADDENDUM.
(J) REPAIRS
Any repairs to the Property identified by
Buyer or which may be required by any lending institution to which Buyer may
have applied (“Repairs”) are the responsibility of the Buyer. The Seller will be under no obligation
whatsoever to make any Repairs to the Property.
Buyer agrees not to enter the Property prior to Closing for the purpose
of making any repairs or alterations without Sellers express written consent.
(K) LIQUIDATED DAMAGES-DEPOSIT
NOTWITHSTANDING
ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, IF BUYER HAS NOT
TERMINATED THIS AGREEMENT AND IF THE SALE OF THE PROPERTY TO BUYER HAS NOT BEEN CONSUMMATED FOR ANY
REASON OTHER THAN SELLER’S DEFAULT UNDER THE AGREEMENT, SELLER SHALL BE
ENTITLED TO RETAIN THE DEPOSIT AS SELLER’S LIQUIDATED DAMAGES. THE PARTIES AGREE THAT IT WOULD BE IMPRACTICABLE
AND EXTREMELY DIFFICULT TO ASCERTAIN THE ACTUAL DAMAGES SUFFERED BY SELLER AS A
RESULT OF BUYER’S FAILURE TO COMPLETE THE PURCHASE OF THE PROPERTY PURSUANT TO
THIS AGREEMENT, AND THAT UNDER THE CIRCUMSTANCES EXISTING AS OF THE DATE OF
THIS AGREEMENT, THE LIQUIDATED DAMAGES PROVIDED FOR IN THIS SECTION REPRESENTS
A REASONABLE ESTIMATE OF THE DAMAGES WHICH SELLER WILL INCUR AS A RESULT OF
SUCH FAILURE, PROVIDED, HOWEVER, THAT THIS PROVISION SHALL NOT LIMIT SELLER’S
RIGHT TO RECEIVE REIMBURSEMENT FOR ATTORNEYS’ FEES, NOR WAIVE OR AFFECT SELLER’S
RIGHT AND BUYER’S INDEMNITY OBLIGATIONS UNDER OTHER SECTIONS OF THIS
AGREEMENT. THE PARTIES ACKNOWLEDGE THAT
THE PAYMENT OF SUCH LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR
PENALTY, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER. NOTWITHSTANDING THE FOREGOING, IF BUYER
INTERFERES WITH OR MAKES ANY ATTEMPT TO INTERFERE WITH SELLER RECEIVING OR
RETAINING, AS THE CASE MAY BE, THE LIQUIDATED DAMAGES PROVIDED FOR IN THIS
SECTION, INCLUDING WITHOUT LIMITATION, GIVING ANY NOTICE OR INSTRUCTIONS TO
ESCROW HOLDER NOT TO DELIVER THE DEPOSIT TO SELLER, SELLER SHALL HAVE THE RIGHT
TO ELECT TO RECOVER THE GREATER OF ITS ACTUAL DAMAGES OR THE LIQUIDATED DAMAGES
BY GIVING WRITTEN NOTICE TO BUYER AND SELLER SHALL HAVE ALL OTHER RIGHTS AND
REMEDIES AGAINST BUYER PROVIDED AT LAW AND IN EQUITY, AND SELLER SHALL HAVE THE
RIGHT TO REQUIRE THAT BUYER SPECIFICALLY PERFORM BUYER’S OBLIGATIONS UNDER THIS
AGREEMENT.
______ (Buyer’s
Initials)
(L) SELLERS CLOSING COSTS AND BROKERAGE
COMMISSION
If necessary to
complete a transaction, Seller will contribute up to:
(i) $______ towards Buyer’s
non-recurring closing costs, discount points, and, if applicable, Buyer’s
Non-allowable FHA/VA costs; (ii) $_________ as a credit to Buyer at closing for
Buyer to purchase a Home Protection Plan; and (iii) $__________towards a termite
report.
Seller will pay a brokerage commission in
accordance with the sales commission rate chart attached to the listing
agreement between the listing broker and the seller. The selling broker, if any, is recognized
below. Seller hereby instructs the
closing agent to pay the brokerage commission at closing via separate checks
made out to the following companies, in the following amounts:
REFERRAL FEE: Payable to: Real Estate Servicing Solutions, Inc. Amount: $___________
Listing Broker Fee: Payable
to:________________________________ Amount: $___________
Selling Broker Fee: Payable to:
________________________________ Amount: $___________
(M) TRANSFER OF
TITLE AND SUBSEQUENT NOTICE OF COSTS/LIENS/ASSESSMENTS
Seller will
transfer title by means of a special or limited warranty deed, or an equivalent
thereof (the“Deed”). The acceptance of
the Deed by the Buyer will be deemed to constitute full compliance by the
Seller with all of the terms and conditions of the Contract and this First
Addendum. Seller shall NOT be responsible for any unpaid real estate taxes
and/or assessments, levies, homeowner association fees and charges, utility
charges or any other charges not readily obtainable from a title search prior
to closing. SPECIFICALLY, IF AT ANY
TIME AFTER THE DATE
OF CLOSING, THE BUYER OR THEIR ASSIGNS OBTAIN ACTUAL
OR CONTRUCTIVE NOTICE OF ANY COSTS/LIENS/ASSESSMENTS/JUDGMENTS AS
(N) TITLE AGENT
The Buyer is entitled to
legal representation at the closing and may elect to have such representation
at Buyers own expense. Buyer and any
Buyer’s Lender/ Title Company/ Attorney if applicable, agrees to cooperate with
Seller’s Title/ Closing Company at no extra expense to the Seller. It is Seller’s intent to deliver an Owners
Title Insurance Policy in lieu of an abstract in the customary states. The
Buyer hereby accepts the Owners Title Insurance Policy in lieu of an abstract,
if applicable.
The seller agrees to pay the
premium for an Owners Policy only if the policy is issued by Seller’s selected
Title/Closing Company or their title insurance agent. Seller shall pay its own title examination
fee to Seller’s Title/Closing Company, as well as a standard base Owners Policy
of title insurance premium based upon the sales price, supplied to the Buyer by
Seller and Seller shall also select the title agent issuing same.
All closing transactions will
be conducted by Seller’s Title/ Closing Company at a time and location selected
by Seller or Seller’s Title/Closing Company.
Buyer shall pay their share of all customary closing fees and title fees
to the Settlement and Closing /Title agent. If Seller permits in writing, Buyer
or Buyer’s Lender/Title Company/Attorney if applicable, to use a non Seller
selected Closing Agent/ Title company or Attorney if applicable, then all
closing transaction and title fees of both the Buyer and Seller will still be
the buyers responsibility to pay on the HUD closing statement at the time of
closing, which include all Seller fees charged by Seller’s Attorney, Seller’s
Title Company, and Seller’s Closing Company
_________(Buyer Initials)
(O) INSURANCE
POLICIES
Seller’s insurance policies on the subject
property of the closing are not transferable, and will not
be prorated at
Closing.
(P) TITLE DEFECTS
In the event that a title defect is discovered
prior to closing date, then Seller shall have the unlimited right to be
entitled to a thirty (30) day extension within which to resolve any title
exceptions or defects or other title issues which in any way impede or impair
Seller’s ability to convey title as required herein. This additional period
thirty (30) day period shall hereinafter be referred to as “Extended Closing
Period”. If, within such Extended
Closing Period, the Seller determines that it is unable or unwilling, at its
sole discretion, to resolve such matters then the buyer may elect to: (1) take
title to the subject property in its then state, thereby waiving any title
objections, or (2) terminate the contract and receive a refund of the Deposit
as defined in Paragraph B(5) which is Buyer’s sole and exclusive remedy against
Seller for Seller’s inability to deliver insurable title and fully releases
seller as fully set forth in Paragraph W contained herein.
(Q) (____)/(____)LEAD-BASED PAINT CONTINGENCY
Buyer’s obligation to close this
transaction is contingent upon Buyer conducting a risk assessment or inspection
of the Property for the presence of lead-based paint and/or lead-based paint
hazards, at the Buyer’s sole cost and expense, on or before 5pm eastern time on
that date ten (10) days from the Contract Date (the “LBP Test Period”). Intact lead-based paint that is in good
condition is not necessarily a hazard (see the EPA pamphlet “Protect Your
Family From Lead in Your Home” for more information). This contingency will terminate at the
expiration of the LBP Test Period unless Buyer delivers to Seller written
notice listing the specific existing deficiencies and corrections needed,
together with a copy of the inspection and/or risk assessment report. Seller may, at Seller’s sole discretion,
within ten(10)days after delivery of the notice, elect in writing whether to
correct the condition(s) prior to settlement.
If Seller elects to correct the condition, Seller shall, upon completion
of the correction(s), furnish to Buyer certification from a risk assessor or
inspector demonstrating that the condition has been remedied. If Seller does not elect to make the repairs,
or if Seller counter-offers, Buyer shall have five (5) days to respond to the
counter-offer or remove this contingency and take the Property in “as is”
condition or this Agreement shall become void.
Buyer may remove this contingency at any time without cause.
(R)
(___)/(___)WAIVER OF LEAD-BASED PAINT INSPECTION PERIOD; SELLER’S
REPRESENTATION’S
Buyer acknowledges that it has had
the opportunity to undertake studies, inspections or investigations of the
Property as Buyer deemed necessary to evaluate the presence of lead-based paint
and/or lead-based paint hazards on the Property. To the extent that Buyer has waived or
otherwise declined the opportunity to undertake such inspections and
investigations as a condition to the completion of the Closing under the terms
of this Agreement, Buyer has knowingly and voluntarily done so. Buyer understands and acknowledges that the
Property may have been built prior to 1978 and lead-based paint and/or
lead-based paint hazards may be present on the Property. In accordance with the Section 1018 of Title
X, the Residential Lead-Based Paint Hazard Reduction Act of 1992, attached to
this Agreement as Exhibit “H” and made part hereof, Seller attaches the
Disclosure of Information on Lead Based Paint and/or Lead-Based Paint Hazards
Lead Warning Statement. Seller shall
have no responsibility or liability with respect to any such occurrence of
lead-based paint. It is understood by
the parties that Seller does not make any representation or warranty, express
or implied, as to the accuracy or completeness of any information contained in
Seller’s files or in the documents produced by Seller or its agents, including,
without limitation, any environmental audit or report. Buyer acknowledges that Seller and Seller’s
affiliates shall have no responsibility for the contents and accuracy of such
disclosures, and Buyer agrees that the obligations of Seller in connection with
the purchase of the Property shall be governed by this Agreement irrespective
of the contents of any such disclosures or the timing or delivery thereof.
______ (Buyer’s Initials)
(S) CLOSING DATE / TIME OF THE ESSENCE
It is agreed that time is of the essence with respect to all dates
specified in the Contract and any addenda, riders or amendments thereto. This means that all deadlines are intended to
be strict and absolute. In the
event Buyer fails to close on the
scheduled closing date through no fault of the Seller, Seller may, in its
discretion, agree to extend the closing date for up to 10 days. In the event seller agrees to extend the closing
date, buyer shall pay, in addition to the Sale Price, a (1) $300.00 fee for the
extension, and (2) a per diem penalty of $100.00 ($150.00 per diem if this is a
cash offer) for each day that the closing day is extended to the maximum of 10
days. In addition, there shall be a per
diem penalty of $20.00 deducted from the selling broker’s commission for each
day that the closing is extended beyond the scheduled closing date.
Buyer assumes all liability in providing
all necessary information to their lender.
Furthermore, Buyer shall instruct their lender and attorney to work in
conjunction with the brokers to ensure a timely closing. The Broker and
Co-Broker if applicable, shall assume all responsibility for follow-up with the
Buyer, any lender or mortgage representative involved in financing this
transaction, and either party’s attorney and/or title company to ensure that
there is no delay in closing. Purchaser will not be given possession,
or may not occupy the premises prior to closing and disbursement of sale
proceeds.
(T) NO ALTERATIONS PERMITTED WITHOUT PRIOR
CONSENT: Purchaser shall be
considered in default of the Contract of Sale in the event Purchaser occupies
or alters the property or permits it to be altered unless provided for in the
Contract for
(U) TERMINATION
OF CONTRACT
In the event the Contract is terminated by Seller pursuant to any
provision of the Contract, this First Addendum, any other addendum, or in the
event Seller is otherwise unable to or elects not to perform this
contract, Seller’s sole liability to Buyer will be to return Buyer’s deposit,
at which time the Contract shall cease and terminate and Seller and Buyer shall
have no further obligations, liabilities or responsibilities to one another.
(V) SEVERABILITY
If any provisions of this Addendum shall be prohibited by or invalid
under applicable law, such provisions shall be ineffective only to the extent
of such prohibition or invalidity, without invalidating the remainder of this
Addendum or the Sales Contract.
______ (Buyer’s
Initials)
(W) HOA ASSESSMENTS
HOA assessments shall be based
on the assessment rate in effect as of the actual date of Closing. Any special assessment levied and payable in
installments shall be prorated to the Closing Date and any installments due
after the actual date of closing shall be paid by Buyer, in no event shall
Seller be responsible for the payment of any unlevied assessment pending as of
the actual date of closing.
______ (Buyer’s Initials)
(X) RELEASE
In consideration of the sale of the Property to the Buyer, and/or
in consideration of Seller paying title examination fee and the premium for the
title insurance policy, receipt of which is hereby acknowledged, upon the
effective date of the Contract, Buyer
does hereby release and agree to indemnify, hold harmless and forever discharge
the Seller, as owner of the Property, and its officers, employees, agents,
successors and assigns, from any and all claims, liabilities, or causes of
action of any kind that the Buyer may now have or at any time in the future
including but not limited to the Offer and Acceptance (Paragraph A), the
Conflict Provision (Paragraph C), Assignment issues (Paragraph D),
Representations (Paragraph E), Financing Contingency (Paragraph F ), Inspection issues (Paragraph H ), Seller’s exercise of its unlimited right to
cancel Contract and Addendum (Paragraph
I ), Repairs (Paragraph J), Seller’s definition of liquidated damages
(Paragraph K ), Subsequent Notice of Liens (Paragraph M), Seller’s ability to
Transfer Title (Paragraphs N and P ), Repairs, Lead Based Contingency Issues
(Paragraphs Q and R ), and Prohibition on Alterations to Property (Paragraph
T). Buyer further expressly waives the
(a) remedy of specific performance on account of Seller’s default under this
Agreement for any reason, and (b) any right otherwise to record or file a lis
pendens or a notice of pendency of action or similar notice against all or any
portion of this Property.
Seller:
_________________________
Date___________________
OCWEN LOAN SERVICING, LLC
Buyer:
_____________________ Date________________
Name Printed:
________________
Buyer:
_____________________
Date________________
Name Printed:
________________
Signature: _____________________ Date________________
Name Printed: ________________
Signature: _____________________ Date________________
Name Printed: ________________