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8.PREFERRED L.ENDERS: The BUYER(S)is not required to use one of Highlar�d Holdings',Inc.preferred lenders. The BUYER(S)
<br /> is free to obiain moRgage services from any source they choose. It should be noted that Highland Holdings,Inc.has a business
<br /> relatlonship with muitlple lenders. Because of this relationship,if you select one of our Preferred Lenders as your LENDER,that
<br /> selection may provide Highland Holdings,Inc.a financial or other benefit.However,by obtai�ing the BUYER'S MORTGAGE LOAN
<br /> through one of Highlend Holdings',Inc.preferred lenders. Highland Holdings,Inc.agrees to pay the following closing costs:
<br /> • Construction Interest on Construction/Perm Loans
<br /> • Documentary Stamps on Deed
<br /> • Survey
<br /> • Termite&Soil Treatment
<br /> • Recording Fees
<br /> • Owner's Title tnsurance 8 Endorsements
<br /> In addition Buyers agree to authorize Lender to disclose any and all pertinent toan qualiiying informaUon to Seller including but not
<br /> limited to;Income,DTI,FICO scores,etc.
<br /> 9.FAILURE TO OBTAIN LOAN: If within 45 days from the date this Purchase end Sales Agreement is executed by the Buyac(s),
<br /> through no fault of the Buyer(s},the moRgage company,a Govemment Agency,a not-for-profit agency, and/or other institutions
<br /> passing upon the credR of the Buyer(s},fall to provide an unconditional loan and/oriunding assistance approval in writing for financing,
<br /> subject only to receipt of an accepfabie appraisal, updaling the Buyers documents within 60 days of Closing and normal closing
<br /> conditions,then Seller may,at its option,terminate thls Purchase and Sales Agreement either verbally or in writing and then retum the
<br /> earnest money deposlt to the 6uyer(s). Upon retum of the deposft by Seller,ail obligations of the parties hereunder shail tertninate. If
<br /> conditional loan approval has been obtained,but the Buyer(s)alters their financiat condition in a way that disqualifies them irom final
<br /> loan approval,the BUYER(S)will be in default of the PURCHASE AND SALES AGREEMENT and the SELLER will have the right to
<br /> terminate the PURCHASE AND SALES AGREEMENT and retain all of the EARNEST MONEY DEPOSITS,dPTION DEPOSITS and
<br /> other amounts the BUYER(S)has delivered as ihe SELLER'S iiquidated damages.
<br /> 10.CHANGE OF LENDER: Once an Acceptable Loan Approval has been obtained by BUYER(S)from SHELTER MORTGAGE,LLC
<br /> or any other LENDER,it Is in the best interest of both the Buyer(s)and the Seller to not change Lenders. If Buyer chooses to change
<br /> fenders after a fuil loan approvat has been received, Buyers failure to close caused by retusal to loan or by the new lender or by
<br /> Buyer's election not to close shalf constitute a detault under this cronVact as provided in Paragraph 9 above.Seller must approve
<br /> change and receive full loan approvai from new lender wHhin 5 business days of notification from Buyer and acceptance from Seller.
<br /> Buyer understands and agrees that they will NOT change Ienders wiihin 36 days of clasing.
<br /> 11.PRORATIONS: Seller shall prorate ali real estate taxes,Homeowner's Associafion dues,assessments and other charges against
<br /> the Home as of the date ot Ciosing. After either the Construction/Perm closing,or after the End Loan closing,the Buyer(s)will be
<br /> responsible for alt such charges whether or not these charges were levied or assessed before or after Closing.
<br /> 92.LANDSCAPING/DRAINAGE: Ail gradfng,fill,disposition of hees and control of water flow will be performed in a law(ul manner,
<br /> but otherwise will be completed at Sellers sole discretion. Certain areas of the Lot may be left in their natural state and may not be
<br /> landscaped in any way. At Closing,Seller's responsibility with respect to soit erosion,soil condftions,drainage,grass,shrubbery and
<br /> landscaping terminates and Buyer's responsibiliry begins. Selier is not liable for trees or lack thereof,or damages or destruction of
<br /> hees on the property and makes no warranty whatsoever as to the type,location or amount of trees which will be on ihe property
<br /> and/or the condition of those trees before,after or during constructlon.
<br /> 13.LOTS: Each Lot is unique in ks size,shape and drainage characteristics. Buyer(s)understands and agrees that the size oi the lot
<br /> slope;the exect location of sidewalks and driveways('rf any);and the drainage patterns of their!ot will differ from the model home
<br /> plans,drawings or renderings they have examined. Seller reserves the right to detertnine the location and configuration of the house
<br /> upon the lot subject to subdivision requirements. In the event that the type of house desired by Buyer(s)wiil�ot fit on the lot within
<br /> subdivision requlrements,Seller shall so notity Buyer(s)and if Closing has not occurred,this Purchase and Safes Agreement shall be
<br /> terminated ar�d the deposits retumed to Buyer(s),and the partias shall be released from a!i further liability hereunder. In the event this
<br /> Is discovered after the Clasing of a Construction/Perm toan and prior to the modification of the toan,the exclusive remedy available to
<br /> Buyer(s)shail be to re�onvey property to Seller without lien except the construction loan and Seller shall reimburse Buyer(s)for down
<br /> payment and closing costs. After modificadan Buyer(s)is limited to damages,which are recoverabie at law.
<br /> 14. N/A FHA/VA: In the event the loan application is rejected by either FHA,VA,the mortgage company,or other insUtutions
<br /> passing upon the credit of the Buyer(s),then the eamest money deposit shall be refunded to Buyer(s), less credit report charges,
<br /> appraisal tee,rental charges and damage to house,'rf any,and this Purchase and Sales Agreement sheli be null and votd,provided
<br /> however, if Buyer(s)eRher faiis to apply for a loan or is rejected 6ecause Buyer(s) tails to timely supply FHA, VA,the mortgage
<br /> company,or other instltutions information or documents required to process the applicatfon,then the eamest money deposit sha(I be
<br /> forfeited. It is expressly egreed that,notwithstanding any other provisions of this Purchase&Sales Agreement,the Buyer{s)shall not
<br /> be obligated to complete the purchase of the property described herein or to incur any penalty by forte'iture of eamest money deposits
<br /> or otherwise unless the Buyer(s)has been given in accordance with HUDlFHA or VA requirements a written statement issued by the
<br /> Federal Housing Commissioner,Department of Veterans AiFairs,or a direct endorsement lender,setting forth the appraised value of
<br /> the property of not less then$N/A The appraised valuation is arrived at to determine the maximum mortgage the Department of
<br /> Housing and Urhan Development will insure. HUD does not wanant the value or the condition of the property. The Buyer(s)shouid
<br /> satisiy hfmseif/herself that the price and condition of the properly are acceptable.The Buyer(s)shall,however,have the privilege and
<br /> opUon of proceeding with the consummation of thfs Purohase and Sales Agreement without regard to the amount of the reasonable
<br /> value estabfished by the Veterens Administration or the Federal Housing Administration. Seller agrees to complete the proposed
<br /> consUuction in accordance with plans and specifications heretofore submitted to the FHA or VA and to obtain an FHA or VA
<br /> Compliance Inspection Report showing satisfactory compliance. Receipt by Seller of FHA or VA final Compliance Inspection Report
<br /> shail constiiute conclusive evidence of completion.
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<br /> �`�"� �/� Client ID:A37252
<br /> CGC058580 ver.e/t t BUYER(S)INITIALS 1�,.,, Page 2 of 9
<br /> Raymi Pabon/36122 Shady Bluff Lp Base
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