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<br />6. Default by Seller: If the Seller fails to perform any of the covenants of this contract, the aforesaid money paid
<br />by the Buyer, at the option of the Buyer, shall be returned to the Buyer on demand; or the Buyer shall have only the
<br />right of specific performance.
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<br />7. Termite Inspection: At least 15 days before closing, Buyer, at Buyer's expense, shall have the right to obtain
<br />a written report from a licensed exterminator stating that there is no evidence of live termite or other wood-boring
<br />insect infestation on said property nor substantial damage from prior infestation on said property. If there is such
<br />evidence, Seller shall pay up to three percent (3%) of the purchase price for the treatment required to remedy such
<br />infestation, including repairing and replacing portions of said improvements, which have been damaged; but if the
<br />costs for such treatment or repairs exceed three percent (3%) of the purchase price, Buyer may elect to pay such
<br />excess. If Buyer elects not to pay, Seller may pay the excess or cancel the contract.
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<br />8. Roof Inspection: At least 15 days before closing, Buyer, at Buyer's expense, shall have the right to obtain a
<br />written report from a licensed roofer stating that the roof is in watertight condition. In the event repairs are required
<br />either to correct leaks or to replace damage to facia or soffit, Seller shall pay up to three percent (3%) of the
<br />purchase price for said repairs, which shall be performed by a licensed roofing contractor; but if the costs for such
<br />repairs exceed three percent (3%) of the purchase price, Buyer may elect to pay such excess. If Buyer elects not to
<br />pay, Seller may pay the excess or cancel the contract.
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<br />9. Other Inspections: At least 15 days before closing, Buyer or his or her agent may inspect all appliances, air
<br />conditioning and heating systems, electrical systems, plumbing, machinery, sprinklers and pool system included in
<br />the sale. Seller shall pay for repairs necessary to place such items in working order at the time of closing. Within 48
<br />hours before closing, Buyer shall be entitled, upon reasonable notice to Seller, to inspect the premises to determine
<br />that said items are in working order. All items of personal property included in the sale shall be transferred by Bill of
<br />Sale with warranty of title.
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<br />10. leases: Seller, not less than 15 days before closing, shall furnish to Buyer copies of all written leases and estoppel
<br />letters from each tenant specifying the nature and duration of the tenant's occupancy, rental rates and advanced rent
<br />and security deposits paid by tenant. If Seller is unable to obtain such letters from tenants, Seller shall furnish the same
<br />information to Buyer within said time period in the form of a seller's affidavit, and Buyer may contact tenants thereafter
<br />to confirm such information. At closing, Seller shall deliver and assign all original leases to Buyer.
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<br />11. Mechanics liens: Seller shall furnish to Buyer an affidavit that there have been no improvements to the
<br />subject property for 90 days immediately preceding the date of closing, and no financing statements, claims of lien
<br />or potentiallienors known to Seller. If the property has been improved within that time, Seller shall deliver releases
<br />or waivers of all mechanics liens as executed by general contractors, subcontractors, suppliers and materialmen, in
<br />addition to the seller's lien affidavit, setting forth the names of all general contractors, subcontractors, suppliers and
<br />materialmen and reciting that all bills for work to the subject property, which could serve as basis for mechanics liens
<br />have been paid or will be paid at closing time.
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<br />12. Place of Closing: Closing shall be held at the office of the Seller's attorney or as otherwise agreed upon.
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<br />13. Time Is of the Essence: Time is of the essence for this Agreement.
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<br />14. Documents for Closing: Seller's attorney shall prepare deed, note, mortgage, Seller's affidavit, any corrective
<br />instruments required for perfecting the title, and closing statement and submit copies of same to Buyer's attorney
<br />along with a title commitment for an owners title policy and a current survey certified by a licensed surveyor
<br />dated no more than 6 months prior to closing, and copy of closing statement to the broker, at least 2 days prior to
<br />scheduled closing date.
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<br />15. Expenses: State documentary stamps required on the instrument of conveyance and the cost of recording
<br />any corrective instruments shall be paid by the Seller. Documentary stamps to be affixed to the note secured by
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<br />@ 2005 50crates Media, llC
<br />lF120-' . Rev. 03/05
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