Member Donated Addendum Clauses
for Purchase Contracts
- Subject to Buyer being able to obtain satisfactory commercial financing on the Property, at a to-be-determined Interest Rate, amortized over a period of at least 30 years and an acceptable appraisal of the Property by the Lender.
- Any air conditioning units that are missing, damaged, or not working are to be repaired or replaced with like unit(s) by Seller prior to Closing.
- Any appliances that have been removed so that Tenant can use their own appliance(s), shall be replaced or accounted for and turned over to Buyer prior to Closing.
- All unit and hallways will have functioning Smoke Detectors installed by Seller, prior to Closing.
- Seller to furnish Buyer with Title Insurance at time of Closing.
- It is understood between Buyer and Seller that this transaction will be accomplished by a 1031 Tax Deferred Exchange. Any other properties that are to be included in the exchange will be added to the addendum after acceptance by both parties of this Agreement.
- Subject to satisfactory Inspection of all mechanical, electrical, plumbing, heating, roof, and structural areas of the Building at Buyer’s expense.
- Subject to a satisfactory Termite and Carpenter Ant Inspection at Seller’s expense at Closing. Any damage to structures shall be repaired at Seller’s expense.
- Subject to a satisfactory Inspection of all Units by Buyer before Closing.
- Subject to a satisfactory Environmental Inspection at Seller’s expense before Closing.
- Subject to a satisfactory approval of all Contracts and Addendum's by Buyer’s Attorney and Accountant.
- Subject to Seller supplying Buyer with complete and accurate Rent Rolls and review of all Leases and Rental Agreements. These items must be satisfactory to Buyer.
- All Earnest Money deposited by Buyer shall be held in Trust by Buyer’s Attorney.
- Seller to satisfy any and all building orders presently outstanding by the city or the county.
- Seller shall satisfy/provide Buyer with copies of Gas & Electric, Water, and property insurance bills for the last 2 calendar years, as well as copies of tax bills, trash removal, and exterminator's bill for the same period, prior to the final acceptance of purchase contract by Buyer.
- Seller will renovate all vacant units to Buyers satisfaction prior to closing.
- Seller agrees to a performance Contract whereby all vacant Units will be rented with tenants acceptable to Buyer prior to closing. Seller will deposit the amount of 3 months rent for any units still vacant at closing with Buyer’s attorney. Said escrow will be released pro-rata upon rental of the units after closing.
- All Appliances: Stoves, Refrigerators, Disposals, Air Conditioning Units, and Laundry Machines will be inspected, and be in good working order. Any found to be in need of repair will be repaired prior to Closing, or the cost of said repairs will be deducted at Closing.
- Seller will provide Buyer with a Certificate showing the Building to be free and clear of Asbestos Insulation and covering of any kind.
- Subject to Buyer’s Inspection of Seller’s Federal Income Tax- Section E Return- for 3 prior years on this Property.