|
/
<br /> 8.PREFERRED LENDERS: The BUYER{S}is not requtred to use ne of Hlghland Holdings',Inc.preferted lenders. The BUYER(S)
<br /> is free to ohta(n mortgage services from eny source they choose. I shouid be noted that Highland Holdings,Inc.has a business
<br /> relatlonship wfth muldple lenders. Because of this relationship,,ff y u select one of our Preferred Lenders as your LENDER,that
<br /> selection may provide Highland Holdings,Inc.a finanaal or other b eflt.However,by obtaining the BUYER'S MORTGAGE LOAN
<br /> through one of Highland Hbidings',Inc.preferred lenders. Hlghl Holdings,Inc.agrees to pay the following dosing costs:
<br /> • ConsVuction Interest on ConstructioNPertn Loans '
<br /> • Documerdary Stemps on Deed
<br /> • Survey
<br /> • TertnRe&Soil TreatrneM '
<br /> • Recording Fees
<br /> • Owner's Title Insurance 8 Endoreements
<br /> • Documentary Stamps on the Promissory Note
<br /> • Ir�nglble Tex on the Mortgage
<br /> In additlon Buyers qqree to authorize Lender to disclose any and I pertnent loan qualifying IMortnation to Sefler induding but not
<br /> limfted to;Income,DTI,FICO scores,etc.
<br /> 9.FAIWRE TO OBTAIN LOAN: If within 45 days irom the dat this Purchase and Sales Agresment Is executed by the Buyer(s),
<br /> through no fault of the Buyer(s),the mortgage company, a Qo emment Agency,a not-for-profit agency, andlor other insUhrtions
<br /> psssing upon the credit of the Buyer(s),fall to provide en uncondid nal loan and/or funding assfstance approval In writing for finanoing,
<br /> aubJect anly to t+eceipt of an acceptable appraisal, updating the Buyers documents wilhin 60 days of Ciosing and nortnal dosing
<br /> conditians,then Seller may,at its option,terminate ttds Purchese nd Sales Agreement either verbally or in writing and then retum the
<br /> eamest money deposit to the Buyer(s). Upon retum of the deposi by Seller,all obligadons of the pardea hereunder shall terminate. If
<br /> canditlonal loan approval hes been obtained,but the Buyer(s)alt rs their flnancial condfdon in a way that disquaiifies ihem from flnal
<br /> loen approval,the BUYER(S)will be in deTauk of the PURCHAS ATlD SALES AQREEMENT and the SELLER will have the�ight tb
<br /> tertnlnate the PURCHASE AND SALES AGREEMEM and retain all of the EARNEST MONEY DEPOSITS,OPT10N DEPOSITS and
<br /> other amounts the BUYER(S)has delivered as the SELLER'S liqui ted damages.
<br /> 10.CHANOE OF LENDER: Once an Acceptable Losn Approval been obtained by BUYER{S)fram SHELTER.MORTdAGE,LLC
<br /> or any other LENDER,ft is in the best fnterest of both the Buyer(s and the Seller to not change Lenders. If Buyer chooses to char►ge
<br /> lendere after a iull loan approval hss been recelved,Buyers fell ra to dose ceused by refusal to loen or by the new lender or by
<br /> Buyer's electlon not to close shell consUtute a detauR under thf contract as provided in Paragraphy 9 above.Seller must epprove
<br /> change and receive tull loan approval from new lender within b b slness days of notlftcaUon from Buyer and acceptance from Seller.
<br /> Buyer understands and agrees that they will IJOT chenge lenders In 30 days of closing.
<br /> 71.PRORATIONS: Seiler shall prorate all real estate taxes,Ho eowners Association dues,assessments and other charges against
<br /> the Home as of the date of Closing. After either the ConstrucUo /Perm dosing,or after the End Loen closing,the Buyer(s)will be
<br /> responsible for all such charges whether w not these charges we levied or assessed before or efter Closing.
<br /> 12.LANDSCAPINO/DRAINAGE: All grading,fill,disposition of ees and control of water flow will be pertortned in a lawful manner,
<br /> but otherwise will be compteted at Seller's sole discredon. Ce in areas of the Lot may be left in their natural state and may not be
<br /> landsc�ped in any way. At Closing,Sellers responsibility with re pect to sol erosion,soil conditions,drainage,grass,shrubbery and
<br /> landscaping tertninates and Buyers responsibility�begins. Selle Is not Ilable for trees or lack thereof,or damages or destruction of
<br /> - trees on the property and mekea no werranty whatsoever as to the type,location or amour�t of trees which will be on ihe property
<br /> and/or the condltlan of those trees before,after or during consku 'on.
<br /> 13.LOTS: Each Lot is unique in its sae,shape and drainqge ch racterisUcs. Buyer(s)underslsnds end agrees that ffie size of the lot
<br /> siope;the e�mct IocaUon of sidewslks end drfveways(ff any);a d the drainage pattems of their lot will differ from fhe model home
<br /> plans,drewings or renderinga they have emmined. Seller rese the rigM to determine the location and conflguration of the house
<br /> upon the tot subject to suhdivision requlremerns. In the event t the type of house desired by Buyer(s)will not fit on the lot writhin
<br /> subd'rvision requirements,Seller shall so notliy Huyer(s)and'rf CI ing has not occurred,thia Purchase and Salas AgreemeM aheli be
<br /> tertninated end the deposfts retumed to Buyer(s),end the partles all be released irom ali further Ilebility hereunder. In the eveM this
<br /> is discovered efter the Closing of a Construction/Pertn loan and rior to the modfication of the loan,the exdusive remedy avallable to
<br /> Buyer(s)shall be to re-convey property to Seller without Ilen exc t the consWction ban and Seller shall reimburse Buyer(s)for dovm
<br />� paymeM and closing coets. After modiflcetion Buyer(sj is Iimited o damages,which are recoverable at law.
<br /> 14. X FHA/VA: In the event tlie loan epplication is rejected b e'�ther FFIA,VA,the mortgage company,or other instituUons passing
<br /> upon the aedit of the Buyer(s),then the eamest money depoatt s all be refunded to Buyer(s),less credlt report cherges,apprelsal fee,
<br /> rer�l charges and damage to house,ff any,and this Purchas and Sales Agresmerrt shall be null and void,provided however,'rf
<br />� Buyer(s)either feils to apply for a loan or Is reJected because er(s)falls to timely supply FHA,VA,the mortgage company,or other
<br /> Instltudons Infortnation or documerrts required to process the pplication,then the eamest money deposit shall be torfeited. It Is
<br /> e�ressly agreed that,notwithstending any other provislons of thi Purchase&Sales Agreement,the euyer(s)shell not be obligated to
<br /> complete the purchese of the property described hereln or to In r any penalty by forfe{ture.of eamest money deposits or otherwtse
<br /> unless the Buyer(s) has been given in aocordance wdh HUD HA or VA requlrements a written statemerd issued by the Federal
<br /> Housing Commissloner, Department of Veterans Affairs, or a irect endorsement lender,setting forth the appraised value of the
<br /> property of not less than$203,067.00.The appraised valuatlon s arrived at to determine the ma�dmum mortgege the Department of
<br /> Housing and Urban Developmerrt will inaure. HUD does not r�t ffie value or the condition of the property. The Buyer(s)should
<br /> setisfy himself/herseif that the price and condidon of the prope are acceptable.The Buyer(s)shall,however,heve the p�ivilege and
<br />� option of proceeding wfth the consummatlon of this Purchase a d Sales Agreement without regard to the amount of the reasonable
<br /> value eslablished by the Veterans Administradon or the Fede Housing AdminisVatlon. Seller agrees to complete the proposed
<br /> construcdon in accordance wfth plans and epecfflcaUons he tofore submitted to the FHA or VA end to obtain an FHA or VA
<br /> Compliance InspecHon Report showing satisfactory compflance, Recelpt by Seller of FHA or VA final Complience Inspectlon Report
<br /> shall oonstHute conclusive evldence of completlon.
<br /> � .
<br /> Client ID:A32q5
<br /> CGC0585B0 ver.e/11 BUYER(S)INITIALS Page 2 of 11
<br /> areg Thomas end Yvonne Elare/36300 Delta add Ct. BBSB '
<br />
|