Car Condo Contract - Pearson Realty Group

Page1of4BuyerInitials:_________BuyerInitials:_________Revised09/2017SellerInitials:_________SellerInitials:_________

©2017–ChicagoAssociationofREALTORS®-AllRightsReserved

CHICAGOASSOCIATIONOFREALTORS®CondominiumRealEstatePurchaseandSaleContract

(includingcondominiumtownhomesandcommercialcondominiums)

ThisContractisIntendedtobeaBindingRealEstateContract

1. Contract. This Condominium Real Estate Purchase and Sale Contract ("Contract") is made by and between1___________________________________________________________("Buyer"), and ___________________________________________________________ ("Seller")2(Buyer and Seller collectively, ("Parties"), with respect to the purchase and sale of the real estate and improvements located at3________________________________________________________________________________________________________________________________("Property").4

ThePropertyP.I.N.#is________________________________________________.5ThePropertyincludesparkingspacenumber(s)_____________,whichis(checkallthatapply)odeeded,olimitedcommonelement,oassigned,oindoor,ooutdoor.6Ifdeeded,theparkingP.I.N.#is:____________________________________________.ThePropertyincludesstoragespace/lockernumber(s)_________________,which7is(checkallthatapply)odeeded,olimitedcommonelement,oassigned.Ifdeed,thestoragespace/lockerP.I.N.#is:________________________________________.8

2. FixturesandPersonalProperty.AtClosing(asdefinedinParagraph8ofthisContract),inadditiontotheProperty,SellershalltransfertoBuyerbyaBillofSale9allheating,cooling,electricalandplumbingsystems,andthefollowingcheckedandenumerateditems(collectively,“FixturesandPersonalProperty”),whichFixturesand10PersonalPropertyareownedbySeller,andtoSeller’sknowledge,arecurrentlypresentonthePropertyandinoperatingconditionasoftheAcceptanceDate:11oRefrigerator___ oSumpPump___ oCentralairconditioner__ oFireplacescreen oBuilt-inorattached12oOven/Range___ oSmokeandcarbonmonoxide oWindowairconditioner___ andequipment___shelvesorcabinets__13oMicrowave___ detectors__ oElectronicairfilter___ oFireplacegaslog__oCeilingfan(s)___14oDishwasher___ oIntercomsystem___ oCentralhumidifier___ oFirewood___ oRadiatorcovers___15oGarbagedisposal__oSecuritysystem___(�rentedor�owned)(checkone) oAttachedgasgrill__oAllplantedvegetation16oTrashcompactor___oSatelliteDish__ oLightingfixtures___ oExistingstorms oOutdoorplayset/swings17oWasher__ oAttachedTV(s)___ oElectronicgaragedoor(s) andscreens___ oOutdoorshed18oDryer___ oTVAntenna___ with___remoteunit(s) oWindowtreatments___19oWaterSoftener___oMultimediaequipment___ oTackeddowncarpeting oOtherEquipment______________________________________20

Sellershallalsotransfersthefollowing:____________________________________________________________________________________________________.21Thefollowingitemsareexcluded:________________________________________________________________________________________________________.22

3. Purchase Price. The purchase price for the Property (including the parking and storage space, if applicable, Fixtures and Personal Property) is23$__________________________("PurchasePrice").24

4. ClosingCostCredit(Optional).CheckifapplicableoSelleragreestocredittoBuyeratClosing(checkone)o$____________ORo_____%ofPurchasePrice25(“ClosingCostCredit”), tobeapplied toprepaidexpenses, closing costsorbothas lenderpermits, and that such credit appearson theMaster StatementorClosing26Disclosure.27

5. HomeWarranty(Optional).CheckifapplicableoSelleragreestoprovideBuyerwithaHomeWarrantyatClosing,atacostofnolessthan:$____________.28

6. EarnestMoney. UponthePartiesexecutionanddeliveryofthisContract,Buyershalldepositwith__________________________________ ("Escrowee"),29earnestmoneyintheamountof$__________________,intheformof_____________________________within_____BusinessDaysaftertheAcceptanceDate.The30earnestmoneyshallbeincreasedto(checkone)o______%[percent]ofthePurchasePrice,ORoatotalof$_______________________________("EarnestMoney")31within_____BusinessDaysaftertheconclusionoftheAttorneyApprovalPeriod(asestablishedinParagraph15ofthisContract).ThePartiesacknowledgeandagreethat32(i)thePartiesshallexecuteallnecessarydocumentswithrespecttothehandlingoftheEarnestMoneyinformandcontentmutuallyagreeduponbetweentheParties33and(ii)unlessotherwiseagreed,BuyershallpayallexpensesincurredinopeninganescrowaccountfortheEarnestMoney.34

7. MortgageContingency.PartiesagreethatthisContract(checkone)o[is]o[isnot]subjecttoParagraph7,MortgageContingency.If[isnot]ischecked,35thenthisparagraph7doesnotapply.ThisContractiscontingentuponBuyersecuringby________________________("FirstCommitmentDate")awrittenmortgage36commitmentforafixedrateoranadjustableratemortgagepermittedtobemadebyaU.S.orIllinoissavingsandloanassociation,bank,orotherauthorizedfinancial37institution,intheamountof(checkone)o$________________ORo____%[percent]ofthePurchasePrice,theinterestrate(orinitialinterestrateifanadjustablerate38mortgage)nottoexceed_______%peryear,amortizedover______years,payablemonthly,loanfeenottoexceed_______%,plusappraisalandcreditreportfee,ifany39("RequiredCommitment").Buyershallpayforprivatemortgageinsuranceasrequiredbythelendinginstitution.IfaFHAorVAmortgageistobeobtained,Rider8or40Rider9shallbeattachedtothisContract.(1)IfBuyerisunabletoobtaintheRequiredCommitmentbytheFirstCommitmentDate,BuyershallsonotifySellerinwriting41onorbeforethatDate.Thereafter,Sellermay,within30BusinessDaysaftertheFirstCommitmentDate("SecondCommitmentDate"),securetheRequiredCommitment42forBuyeruponthesameterms,andmayextendtheClosingDateby30BusinessDays.TheRequiredCommitmentmaybegivenbySellerorathirdparty.Buyershall43furnishallrequestedcreditinformation,signcustomarydocumentsrelatingtotheapplicationandsecuringoftheRequiredCommitment,andpayoneapplicationfeeas44directedbySeller.ShouldSellerchoosenottosecuretheRequiredCommitmentforBuyer,thisContractshallbenullandvoidasoftheFirstCommitmentDate,andthe45EarnestMoney shall be returned to Buyer. (2) If Buyer notifies Seller on or before the First Commitment Date that Buyer has been unable to obtain the Required46Commitment,andneitherBuyernorSellersecurestheRequiredCommitmentonorbeforetheSecondCommitmentDate,thisContractshallbenullandvoidandthe47EarnestMoneyshallbereturnedtoBuyer.(3)IfBuyerdoesnotprovideanynoticetoSellerbytheFirstCommitmentDate,Buyershallbedeemedtohavewaivedthis48contingencyandthisContractshallremaininfullforceandeffect.49

8. Closing.BuyershalldeliverthebalanceofthePurchasePrice(lesstheamountoftheEarnestMoney,ClosingCostCredit,plusorminusprorationsandescrow50fees,ifany)toSellerandSellershallexecuteanddelivertheDeed(asdefinedbelow)toBuyer("Closing").Closingshalloccuronorpriorto________________________51atatimeandlocationmutuallyagreeduponbytheParties("ClosingDate").SellermustprovideBuyerwithgoodandmerchantabletitlepriortoClosing.52



9. Possession.UnlessotherwiseagreedtoinRider22Post-ClosingPossessionRider,SelleragreestodeliverpossessionofthepropertyatClosing.IfSellerdoes53notsurrenderpossessionatClosing,SellershallbeconsideredindefaultofthisContract.5410. Deed.AtClosing,SellershallexecuteanddelivertoBuyer,orcausetobeexecutedanddeliveredtoBuyer,arecordablewarrantydeed("Deed")withrelease55ofhomesteadrights(orotherappropriatedeediftitleisintrustorinanestate),orArticlesofAgreement,ifapplicable,subjectonlytothefollowing,ifany:covenants,56conditions,andrestrictionsofrecord;publicandutilityeasements;actsdonebyorsufferedthroughBuyer;allspecialgovernmentaltaxesorassessmentsconfirmedand57unconfirmed;homeownersorcondominiumassociationdeclarationandbylaws,ifany;andgeneralrealestatetaxesnotyetdueandpayableatthetimeofClosing.58

11. RealEstateTaxes. Sellerrepresentsthatthetotal20____generalrealestatetaxesforthePropertyandallP.I.N.sreferencedparagraph1ofthisContract59were$__________________. GeneralrealestatetaxesforthePropertyaresubjecttothefollowingexemptions(checkboxifapplicable):oHomeowner's.oSenior60Citizen's.oSeniorFreeze.oHistoricalTaxFreeze.Generalrealestatetaxesshallbeproratedbasedon_________%ofthemostrecentascertainablefullyeartaxbill,61unlessmutuallyagreedtootherwisebythePartiesinwritingpriortotheexpirationoftheAttorneyApprovalPeriod.62

12. HomeownersAssociation. Parties agree that the Property is a part of a homeowners or condominium association and that either the Illinois Common Interest63Community Association Act, Illinois Condominium Property Act, or other applicable state association law applies (“Governing Law”). Seller represents that as of the64AcceptanceDate,theregularmonthlyassessmentpertainingtothePropertyis$_______________;aspecialassessment(checkone)o[has]ORo[hasnot]beenlevied.65TheoriginalamountofthespecialassessmentpertainingtothePropertywas$______________,andtheremainingamountdueatClosingwillbe$_____________and66(checkone)o[shall]ORo[shallnot]beassumedbyBuyeratClosing.Buyeracknowledgesandagreesthat(i)therepresentationsinthisParagraphareprovidedasof67theAcceptanceDate;(ii)thisinformationmaychange,andthesefeesmayincrease,priortoClosing.NotwithstandinganythingtothecontrarycontainedinthisParagraph6812,SellershallnotifyBuyerofanyproposedspecialassessment,increaseinanyregularassessment,andamendmentsorrevisionstoanyitemsstipulatedbytheresale69disclosure provisions of theGoverning Law (“AssociationDocuments”), including but not limited to the declaration, bylaws, rules and regulations, and the prior and70currentyears'operatingbudgets,betweentheDateofAcceptanceandClosing.SellershallnotifyBuyerwithin5BusinessDays(andinnoevent laterthantheClosing71Date) after Seller receives notice ofany proposed special assessment, increase in any regular assessment, and amendments or revisions to any of the Association72Documents. Seller shall furnish Buyer a statement from the proper association representative certifying that Seller is current in payment of assessments, and, if73applicable,proofofwaiverorterminationofanyrightoffirstrefusalorsimilaroptionscontainedinthebylawsoftheassociationforthetransferofownership.Seller74shalldelivertoBuyertheAssociationDocumentswithin______BusinessDaysoftheAcceptanceDate.IntheeventtheAssociationDocumentsdisclosethattheProperty75isinviolationofexistingrules,regulations,orotherrestrictionsorthatthetermsandconditionscontainedwithinthedocumentswouldunreasonablyrestrictBuyer'suse76ofthePropertyorwouldincreasethefinancialconsiderationswhichBuyerwouldhavetoextendinconnectionwithowningtheProperty,thenBuyermaydeclarethis77Contract null and void by giving Seller written notice within 5 Business Days after the receipt of the Association Documents, listing those deficiencies which are78unacceptabletoBuyer,andthereuponallEarnestMoneydepositedshallbereturnedtoBuyer.Ifwrittennoticeisnotservedwithinthetimespecified,Buyershallbe79deemedtohavewaivedthiscontingency,andthisContractshallremaininfullforceandeffect.Selleragreestopayanyapplicableprocessing/move-out/transferringfees80asrequiredbytheassociation,andBuyeragreestopaythecreditreportandmove-infeeifrequiredbytheassociation. Iftherightoffirstrefusalorsimilaroptionis81exercised, thisContractshallbenullandvoidandtheEarnestMoneyshallbereturnedtoBuyer,butSellershallpay thecommissionpursuant toParagraphUof the82GeneralProvisionsofthisContract.83

13. Disclosures. Buyer has received the following (check yes or no): (a) Illinois Residential Real PropertyDisclosureReport:o Yes/oNo; (b)HeatDisclosure84(gas/electric):oYes/oNo;(c)LeadPaintDisclosureandPamphlet:oYes/oNo;and(d)RadonDisclosureandPamphlet:oYes/oNo.85

14. DualAgency.Licensee(checkone)o [is]o [isnot]actingasa“DesignatedAgent” forbothBuyerandSeller, (“DualAgency”). If [isnot] ischeckedthis86paragraph14doesnotapply.ThePartiesconfirmthattheyhavepreviouslyconsentedandagreedtohave_____________________________________("Licensee")act87asDual Agent in providing brokerage services on behalf of the Parties and specifically consent to Licensee acting asDual Agent on the transaction covered by this88Contract.InitialbelowifBuyerandSellerconsenttoDualAgencyonthetransactioncoveredbythisContract.89

BuyerInitials:________BuyerInitials:__________SellerInitials:__________SellerInitials:__________90

15. AttorneyModification.Within____BusinessDaysaftertheAcceptanceDate("AttorneyApprovalPeriod"),theattorneysfortherespectiveParties,bynotice,91may:(a)approvethisContractinitsentirety;or(b)proposemodificationstothisContract("ProposedModifications"),whichProposedModificationsshallnotinclude92modificationstothePurchasePriceorbroker'scompensation.IfwrittenagreementisnotreachedbythePartieswithrespecttoresolutionoftheProposedModifications,93then either Partymay terminate this Contract by serving notice, whereupon this Contract shall be null and void and the EarnestMoney returned to Buyer.Unless94otherwisespecified,allnoticesshallbeprovidedinaccordancewithparagraphDoftheGeneralProvisions.IntheabsenceofdeliveryofProposedModificationsprior95totheexpirationoftheAttorneyApprovalPeriod,theprovisionsofthisparagraphshallbedeemedwaivedbythePartiesandthisContractshallremaininfullforce96andeffect.97

16. Inspection. Within ____ Business Days after the Acceptance Date ("Inspection Period"), Buyer may conduct, at Buyer's sole cost and expense (unless98otherwiseprovidedby law)home,radon,environmental, lead-basedpaintand/or lead-basedpainthazards (unlessseparatelywaived),wood infestation,and/ormold99inspectionsoftheProperty("Inspections")byoneormoreproperlylicensedorcertifiedinspectionpersonnel(each,an"Inspector").TheInspectionsshallincludeonly100majorcomponentsof theProperty, including,without limitation,centralheating, central cooling,plumbing,well,andelectric systems, roofs,walls,windows,ceilings,101floors,appliances,andfoundations.Amajorcomponentshallbedeemedtobeinoperatingconditionifitperformsthefunctionforwhichitisintended,regardlessof102age,anddoesnotconstituteahealthorsafetythreat.BuyershallindemnifySellerfromandagainstanylossordamagetothePropertyorpersonalinjurycausedbythe103Inspections,Buyer,orBuyer'sInspector.PriortoexpirationoftheInspectionPeriod,BuyershallnotifySellerorSeller'sattorneyinwriting("Buyer'sInspectionNotice")of104anydefectsdisclosedbytheInspectionsthatareunacceptabletoBuyer,togetherwithacopyofthepertinentpagesoftherelevantInspectionsreport.Buyeragreesthat105minor repairs andmaintenance collectively costing less than $250 shall not constitute defects covered by this Paragraph. If the Parties have not reachedwritten106agreementresolvingtheinspectionissueswithintheInspectionPeriod,theneitherPartymayterminatethisContractbywrittennoticetotheotherParty.Intheeventof107such notice, this Contract shall be null and void and the EarnestMoney shall be returned to Buyer. In the absence ofwritten notice prior to the expiration of the108InspectionPeriod,thisprovisionshallbedeemedwaivedbyallParties,andthisContractshallbeinfullforceandeffect.109



17. GeneralProvisions,RidersandAddendums. THISCONTRACTWILLBECOMEALEGALLYBINDINGCONTRACTWHENSIGNEDBYBUYERANDSELLERAND110DELIVERED TO BUYER OR BUYER'S DESIGNATED AGENT. THIS CONTRACT INCLUDES THE GENERAL PROVISIONS ON THE LAST PAGE OF THIS CONTRACT AND THE111FOLLOWINGRRIDERSANDADDENDUMS, IFANY, _________________________________________________________________________________________________112___________________________________________________________________________________,WHICHAREATTACHEDTOANDMADEAPARTOFTHISCONTRACT.113

ThisContractshallbeofnoforceoreffectifnotacceptedbySelleronorbefore______________________________.114

OFFERDATE:____________________________.115BUYER’SINFORMATION:116Buyer’sSignature:_________________________________________________117

Buyer’sName(print):______________________________________________118

Buyer’sSignature:_________________________________________________119

Buyer’sName(print):______________________________________________120

Address:_________________________________________________________121Phone1:________________________Phone2:________________________122

Email1:__________________________________________________________123

Email2:__________________________________________________________124

ACCEPTANCEDATE:____________________________(“AcceptanceDate”).SELLER’SINFORMATION:Seller’sSignature:_________________________________________________

Seller’sName(print):______________________________________________

Seller’sSignature:_________________________________________________

Seller’sName(print):______________________________________________

Address:_________________________________________________________Phone1:________________________Phone2:________________________

Email1:__________________________________________________________

Email2:__________________________________________________________

Thenamesandaddressessetforthbelowareforinformationalpurposesonlyandsubjecttochange125

Buyer’sBroker’sInformation:126

DesignatedAgent:_________________________________________________127

AgentMLS#:________________AgentLicense#:_______________________128

Brokerage:_______________________________________________________129

BrokerageMLS#:______________BrokerageLicense#:__________________130

Address:_________________________________________________________131

AgentPhone:______________________AgentFax:______________________132

Email:___________________________________________________________133

Buyer’sAttorney’sInformation:134

AttorneyName:___________________________________________________135

Address:_________________________________________________________136

Phone:__________________________Fax:____________________________137

Email:___________________________________________________________138

Buyer’sLender’sInformation:139

Lender’sName:___________________________________________________140

CompanyName:__________________________________________________141

Address:_________________________________________________________142

Phone:__________________________Fax:____________________________143

Email:___________________________________________________________144

Seller’sBroker’sInformation:

DesignatedAgent:_________________________________________________

AgentMLS#:________________AgentLicense#:_______________________

Brokerage:_______________________________________________________

BrokerageMLS#:______________BrokerageLicense#:__________________

Address:_________________________________________________________

AgentPhone:______________________AgentFax:______________________

Email:___________________________________________________________

Seller’sAttorney’sInformation:

AttorneyName:___________________________________________________

Address:_________________________________________________________

Phone:__________________________Fax:____________________________

Email:___________________________________________________________



GENERALPROVISIONS145A. Prorations.Rent,interestonexistingmortgage,ifany,watertaxesandotheritemsshallbeproratedasoftheClosingDate.Securitydeposits,ifany,shallbepaid146toBuyer atClosing. Notwithstandinganything to the contrary contained inParagraph9of thisContract, if theProperty is improvedasof theClosingDate,but the last147availabletaxbillisonvacantland,Sellershallplaceinescrowanamountequalto2%ofthePurchasePriceandthePartiesshallreproratetaxeswithin30daysafterthebillon148theimprovedpropertybecomesavailable.149B. UniformVendorandPurchaserRiskAct.TheprovisionsoftheUniformVendorandPurchaserRiskActoftheStateofIllinoisshallbeapplicabletothisContract.150C. Title. At least 5 BusinessDays prior to the ClosingDate, Seller shall deliver to Buyer or his agent evidence ofmerchantable title in the intended grantor by151deliveringaCommitment forTitle Insuranceofa title insurancecompanybearingadateonor subsequent to theAcceptanceDate, in theamountof thePurchasePrice,152subject tonootherexceptions than thosepreviously listedwithin thisContractand togeneralexceptions contained in the commitment. Delay indeliverybySellerofa153CommitmentforTitleInsuranceduetodelaybyBuyer'smortgageeinrecordingmortgageandbringingdowntitleshallnotbeadefaultofthisContract.EveryCommitment154forTitle Insurance furnishedbySellershallbeconclusiveevidenceof titleasshown. Ifevidenceof titledisclosesotherexceptions,Sellershallhave30daysafterSeller's155receiptofevidenceoftitletocuretheexceptionsandnotifyBuyeraccordingly.AstothoseexceptionsthatmayberemovedatClosingbypaymentofmoney,Sellermayhave156thoseexceptionsremovedatClosingbyusingtheproceedsofthesale.157D. Notice.AllnoticesrequiredbythisContractshallbeinwritingandshallbeserveduponthePartiesortheirattorneysattheaddressesprovidedinthisContract.158Themailingof noticeby registeredor certifiedmail, return receipt requested, shall be sufficient service.Noticesmay alsobe servedbypersonal deliveryor commercial159deliveryserviceorbytheuseofafacsimilemachine.Inaddition,facsimilesignaturesordigitalsignaturesshallbesufficientforpurposesofexecutingthisContractandshall160bedeemedoriginals.E-mailnoticesshallbedeemedvalidandreceivedbytheaddresseewhendeliveredbye-mailandopenedbytherecipient.EachPartyshallretainacopy161ofproofoffacsimiletransmissionandemailnoticeandprovidesuchproof,ifrequested.162E. DispositionofEarnestMoney.IntheeventofanydefaultbyeitherParty,EscroweemaynotdistributetheEarnestMoneywithoutthejointwrittendirectionof163Seller andBuyeror their authorizedagents. However, if Escroweehasnot received the jointwrittendirectionof both Seller andBuyeror their authorizedagents, then164EscroweemaygivewrittennoticetoSellerandBuyeroftheintendeddisbursementofEarnestMoney,indicatingthemannerinwhichEscroweeintendstodisburseinthe165absenceof anywrittenobjection. If neitherPartyobjects, inwriting, to theproposeddispositionof theEarnestMoneywithin30daysafter thedateof thenotice, then166EscroweeshallproceedtodispensetheEarnestMoneyaspreviouslynoticedbyEscrowee.IfeitherSellerorBuyerobjectsinwritingtotheintendeddispositionwithinthe30167dayperiod,thentheEscroweemaydeposittheEarnestMoneywiththeClerkoftheCircuitCourtbythefilingofanactioninthenatureofanInterpleader.Escroweemay168withdrawfromtheEarnestMoneyallcosts,includingreasonableattorney'sfees,relatedtothefilingoftheInterpleader,andthePartiesshallindemnifyandholdEscrowee169harmless fromanyandallclaimsanddemands, includingthepaymentof reasonableattorneys' fees,costs,andexpensesarisingoutof thoseclaimsanddemands. In the170eventofdefaultbyBuyer,theEarnestMoney,lessexpensesandcommissionofthelistingbroker,shallbepaidtoSeller.IfSellerdefaults,theEarnestMoney,attheoptionof171Buyer,shallberefundedtoBuyer,butsuchrefundingshallnotreleaseSellerfromtheobligationsofthisContract.172F. OperationalSystems.Sellerrepresentsthattheheating,plumbing,electrical,centralcooling,ventilatingsystems,appliances,andfixturesonthePropertyarein173workingorderandwillbesoatthetimeofClosing. BuyershallhavetherighttoenterthePropertyduringthe48-hourperiod immediatelypriortoClosingsolelyforthe174purposeofverifyingthattheoperationalsystemsandappliancesservingthePropertyareinworkingorderandthatthePropertyisinsubstantiallythesamecondition,normal175wearandtearexcepted,asoftheAcceptanceDate.176G. InsulationandHeatDisclosureRequirements. IftheProperty isnewconstruction,BuyerandSellershallcomplywithall insulationdisclosurerequirementsas177providedbytheFederalTradeCommission,andRider13isattached. IftheProperty is locatedintheCityofChicago,SellerandBuyershallcomplywiththeprovisionsof178Chapter5-16-050oftheMunicipalCodeofChicagoconcerningheatingcostdisclosurefortheProperty.179H. CodeViolations. Sellerwarrantsthatnonoticefromanycity,village,orothergovernmentalauthorityofadwellingcodeviolationthatcurrentlyexistsonthe180Propertyhasbeen issuedand receivedby Selleror Seller's agent ("CodeViolationNotice"). If aCodeViolationNotice is receivedafter theAcceptanceDateandbefore181Closing,SellershallpromptlynotifyBuyeroftheCodeViolationNotice.182I. EscrowClosing. At thewritten request of Seller or Buyer receivedprior to thedelivery of theDeed, this sale shall be closed through an escrowwith a title183insurance company, in accordancewith the general provisionsof theusual formof deed andmoneyescrowagreement then furnished and in useby the title insurance184company,withsuchspecialprovisions inserted in theescrowagreementasmayberequiredtoconformwith thisContract. Uponthecreationofanescrow,paymentof185PurchasePriceanddeliveryofdeedshallbemadethroughtheescrow,thisContractandtheEarnestMoneyshallbedepositedintheescrow,andtheBrokershallbemadea186partytotheescrowwithregardtocommissiondue.ThecostoftheescrowshallbedividedequallybetweenBuyerandSeller.187J. LegalDescriptionandSurvey. At least5BusinessDayspriortoClosing,SellershallprovideBuyerwiththe legaldescriptionofthePropertyassetforth inthe188recordeddeclarationof thecondominium. IfBuyerorBuyer’smortgageedesiresamore recentorextensive survey the survey shallbeobtainedatBuyer’sexpense.The189PartiesmayamendthisContracttoattachacompleteandcorrectlegaldescriptionoftheProperty.190K. AffidavitofTitle;ALTA.SelleragreestofurnishtoBuyeranaffidavitoftitlesubjectonlytothoseitemssetforthinthisContract,andanALTAformifrequiredby191Buyer'smortgagee,orthetitleinsurancecompany,forextendedcoverage.192L. RESPA.BuyerandSellershallmakealldisclosuresanddoallthingsnecessarytocomplywiththeapplicableprovisionsoftheRealEstateSettlementProcedures193Actof1974,asamended.194M. TransferTaxes.Sellershallpaytheamountofanystamptaximposedbythestateandcountyonthetransferoftitle,andshallfurnishacompleteddeclaration195signedbySellerorSeller'sagentintheformrequiredbythestateandcounty,andshallfurnishanydeclarationsignedbySellerorSeller'sagentormeetotherrequirements196as established by any local ordinancewith regard to a transfer or transaction tax. Any real estate transfer tax required by local ordinance shall be paid by the person197designatedinthatordinance.198N. RemovalofPersonalProperty.SellershallremovefromthePropertybytheClosingDatealldebrisandSeller'spersonalpropertynotconveyedbyBillofSaleto199Buyer.200O. Surrender.SelleragreestosurrenderpossessionofthePropertyinbroom-cleanconditionandinthesameconditionasitwasontheAcceptanceDate,ordinary201wearandtearexcepted,subjecttoParagraphBoftheGeneralProvisionsofthisContract. TotheextentthatSellerfailstocomplywiththisparagraph,Sellershallnotbe202responsibleforthatportionofthetotalcostrelatedtothisviolationthatisbelow$250.00.203P. Time.TimeisoftheessenceforpurposesofthisContract.204Q. Number.WhereverappropriatewithinthisContract,thesingularincludestheplural.205R. FloodPlainInsurance.IntheeventthePropertyisinafloodplainandfloodinsuranceisrequiredbyBuyer'slender,Buyershallpayforthatinsurance.206S. BusinessDaysandTime. BusinessDaysaredefinedasMondaythroughFriday,excludingFederalholidays.BusinessHoursaredefinedas8:00AMto6:00PM207ChicagoTime.208T. PatriotAct.SellerandBuyerrepresentandwarrantthattheyarenotacting,directlyorindirectly,fororonbehalfofanyperson,group,entity,ornationnamed209byExecutiveOrderortheUnitedStatesTreasuryDepartmentasaSpeciallyDesignatedNationalandBlockedPerson,orotherbannedorblockedperson,entity,nationor210transactionpursuanttoanylaw,order,ruleorregulationwhichisenforcedoradministeredbytheOfficeofForeignAssetsControl("OFAC"),andthattheyarenotengagedin211thistransactiondirectlyorindirectlyonbehalfof,orfacilitatingthistransactiondirectlyorindirectlyonbehalfof,anysuchperson,group,entity,ornation.EachPartyshall212defend,indemnify,andholdharmlesstheotherPartyfromandagainstanyandallclaims,damages,losses,risks,liabilities,andexpenses(includingreasonableattorneys’fees213andcosts)arisingfromorrelatedtoanybreachoftheforegoingrepresentationandwarranty.214U. Brokers. The real estate brokers named in this Contract shall be compensated in accordance with their agreements with their clients and/or any offer of215compensationmadebythelistingbrokerinamultiplelistingserviceinwhichthelistingandcooperatingbrokerbothparticipate.216V. ExecutedContract.ThelistingbrokershallholdthefullyexecutedcopyofthisContract.217