Contract Of Sale - Condominium Unit {NY068}

NY-068 ­ Reorder form 8080-Contract of Sale, Condominium Unit, 3-95 Prepared by the Committee on Real Property Law of the Association of the Bar of the City of New York N o te : Th is fo rm i s i n t en d ed t o d e a l w i t h m a t t e r s c o m m o n t o m os t t r a ns a c t i ons i nvol vi ng t he s a l e of a c ondom i ni um uni t . P r ovi s i o n s s h o u l d b e a d d e d , a lter e d o r d el et ed t o s u i t t h e c i r c u m s t a n c e s o f a p a r t i c u l a r t r a ns a c t i on. N o r e pr e s e nt a t i on i s m a de t ha t t hi s f or m of c ont r a c t c o m p l i e s w i t h S e c t i o n 5-70 2 o f th e G en eral O b l i g at i o n s La w ( " P l a i n La n g u a g e La w " ) . CONSULT YOUR LAWYER BEFORE SIGNING THIS AGREEMENT Contract of Sale ­ Condominium Unit Agreement made as of residing at 20 between ("Seller") and residing at ("Purchaser") 1. Unit: Seller agrees to sell and convey, and Purchaser agrees to purchase, Unit No. ("Building") known as ("Unit") in the building Condominium ("Condominium") and located at , New York, together with a percent undivided interest in the Common Elements (as defined in para. 6) appurtenant thereto, all upon and subject to the terms and conditions set forth herein. The Unit shall be as designated in the Declaration of Condominium Ownership (as the same may be amended from time to time, the "Declaration") of the Condominium, recorded in County, New York or the By-Laws (as the same may be amended from time to time. the "By-Laws") of the Condominium. 2. Personal Property: (a) The sale includes all of Seller's right, title and interest, if any, in and to: (i) the refrigerators, freezers, ranges, ovens, dishwashers, washing machines, clothes dryers, cabinets and counters, lighting and plumbing fixtures, air conditioning equipment, venetian blinds, shades, screens, storm windows and other window treatments, wall-to-wall carpeting, bookshelves, switchplates, door hardware, built-ins and articles of property and fixtures attached to or appurtenant to the Unit, except those listed in subpara. 2(b), all of which included property and fixtures are represented to be owned by Seller, free and clear of all liens and encumbrances other than those encumbrances ("Permitted Exceptions") set forth on Schedule A annexed hereto and made a part hereof (strike out inapplicable items); and (ii) (a) Seller is the sole owner of the Unit and the property referred to in subpara. 2(a), and Seller has the full right, power and authority to sell, convey and transfer the same; (b) The common charges (excluding separately billed utility charges) for the Unit on the date hereof are $ per month; (c) Seller has not received any written notice of any intended assessment or increase in common charges not reflected in subpara. 5(b). Purchaser acknowledges that it will not have the right to cancel this Contract in the event of the imposition of any assessment or increase in common charges after the date hereof of which Seller has not heretofore received written notice; (d) The real estate taxes for the Unit for the fiscal year of through are $ (e) Seller is not a "sponsor" or a nominee of a"sponsor" under any plan of condominium organization affecting the Unit; (f) All refrigerators, freezers, ranges, dishwashers, washing machines, clothes dryers and air conditioning equipment included in this sale will be in working order at the time of Closing. (b) Excluded from this sale are: (i) furniture and furnishings (other than as specifically provided in this (g) If a copy is attached to this Contract, the copy of the Certificate of Occupancy covering the Unit is a true and correct copy; and Contract); and (h) Seller is not a "foreign person" as defined in para.18 (If inapplicable, (ii) delete and provide for compliance with Code Withholding Section, as defined in para. 18.) 6. Closing Documents: (a) At the Closing, Seller shall deliver to Purchaser the following: (c) The property referred to in subpara. 2(a)(i) and (ii) may not be (i) Bargain and sale deed with covenant against purchased if title to the Unit is not conveyed hereunder. grantor's acts ("Deed"), complying with RPL~ 339-0 and containing the 3. Purchase Price: (a) The purchase price ("Purchase Price") is covenant required by LL § 13(5), conveying to Purchaser title to the Unit, $ , payable as follows: together with its undivided interest in the Common Elements (as such (i) $ ("Downpayment") on the term is defined in the Declaration and which term shall be deemed to signing of this Contract by check subject to collection, the receipt of which include Seller's right, title and interest in any limited common elements attributable to or used in connection with the Unit) appurtenant thereto, is hereby acknowledged, to be held in escrow pursuant to para. 16; and (ii) $ , constituting the balance of free and clear of all liens and encumbrances other than Permitted the Purchase Price, by certified check of Purchaser or official bank check Exceptions. The Deed shall be executed and acknowledged by Seller and, (except as otherwise provided in this Contract) on the delivery of the deed as if requested by the Condominium, executed and acknowledged by Purchaser, in proper statutory form for recording; hereinafter provided. (ii) If a corporation and if required pursuant to BCL § 909, Seller shall (b) All checks in payment of the Purchase Price shall represent United States Currency and be drawn on or issued by a bank or trust company deliver to Purchaser (1) a resolution of its board of directors authorizing authorized to accept deposits in New York State. All checks in payment the delivery of the Deed and (2) a certificate executed by an officer of of the Downpayment shall be payable to the order of Escrowee (as such corporation certifying as to the adoption of such resolution and hereinafter defined). All checks in payment of the balance of the setting forth facts demonstrating that the delivery of the Deed is in Purchase Price shall be payable to the order of Seller (or as Seller conformity with the requirements of BCL § 909. The Deed shall also contain a recital sufficient to establish compliance with such law; otherwise directs pursuant to subparas. 6(a)(ix) or 19(b)). (iii) A waiver of right of first refusal of the board of managers of the (c) Except for the Downpayment and checks aggregating not more than one-half of one percent of the Purchase Price, including payment for closing Condominium ("Board") i