Contract Of Sale Office Commercial MultiFamily With Riders (Short Form)

Contract of Sale for New York office, commercial and multi-family residential premisesContract of Sale276276Office, Commercial and Multi-Family Residential Premises Table of ContentsSchedule A. Description of premises (to be attached)Section 8. Destruction, damage or condemnationSchedule B. Permitted exceptionsSection 9. Covenants of sellerSchedule C. Purchase priceSection 10. Seller's closing obligationsSchedule D. MiscellaneousSection 11. Purchaser's closing obligationsSchedule E. Rent schedule (to be attached)Section 12. ApportionmentsSection 1. Sale of premises and acceptable titleSection 13. Objections to title, failure of seller orSection 2. Purchase price, acceptable funds, existingmortgages, purchase money mortgage andescrow of downpaymentpurchaser to perform andSection 14. BrokerSection 15. NoticesSection 3. The closingSection 16. Limitations on survival of representations,Section 4. Representations and warranties of seller warranties, covenants and otherSection 5. Acknowledgments of purchaserSection 6. Seller's obligations as to leases obligationsSection 17. Miscellaneous provisionsSection 7. Responsibility for violationsSignatures and receipt by escroweeCONTRACT dated between("Seller") and("Purchaser").Seller and Purchaser hereby covenant and agree as follows:Schedule ADESCRIPTION OF PREMISESThe Premises are located at or known asTax Map Designation:Section: , Block: , Lot:( metes and bounds description attached hereto)Schedule BPERMITTED EXCEPTIONS1. Zoning regulations and ordinances which are not violated by the existing structures or present use thereof and which do notrender title uninsurable.2. Consents by the Seller or any former owner of the Premises for the erection of any structure or structures on, under orabove any street or streets on which the Premises may abut.3. The Existing Mortgage(s) and financing statements, assignments of leases and other collateral assignments ancillarythereto.4. Leases and Tenancies specified in the Rent Schedule and any new leases or tenancies not prohibited by this contract.5. Unpaid installments of assessments not due and payable on or before the Closing Date.6. Financing statements, chattel mortgages and liens on personalty filed more than 5 years prior to the Closing Date and notrenewed, or filed against property or equipment no longer located on the Premises or owned by Tenants.7.(a)Rights of utility companies to lay, maintain install and repair pipes, lines, poles, conduits, cable boxes andrelated equipment on, over and under the Premises, provided that none of such rights imposes any monetary obligation on the ownerof the Premises.(b) Encroachments of stoops, areas, cellar steps, trim cornices, lintels, window sills, awnings, canopies, ledges,fences, hedges, coping and retaining walls projecting from the Premises over any street or highway or over any adjoining property andencroachments of similar elements projecting from adjoining property over the Premises.(c) Revocability or lack of right to maintain vaults, coal chutes, excavations or sub-surface equipment beyond theline of the Premises.(d) Any state of facts that an accurate survey would disclose, provided that such facts do not render titleunmarketable. For the purposes of this contract, none of the facts shown on the survey, if any, identified below shall be deemed torender title unmarketable, and Purchaser shall accept title subject thereto: American LegalNet, Inc. www.FormsWorkFlow.com 2 Schedule CPURCHASE PRICEThe Purchase Price shall be paid as follows:(a) By check subject to collection, the receipt of which is hereby acknowledged by Seller: $(b) By check or checks delivered to Seller at the Closing in accordance with the provisions of 2472.02: $(c) By acceptance of title subject to the following Existing Mortgage(s): $(d) By execution and delivery to Seller by Purchaser or its assignee of a note secured by aPurchase Money Mortgage on the Premises, in the sum of $payable as follows:Making for a total Purchase Price of: $ .Schedule DMISCELLANEOUS1. Title insurer designated by the parties (2471.02):2. Last date for consent by Existing Mortgagee(s) (2472.03(b)):3. Maximum Interest Rate of any Refinanced Mortgage (2472.04(b)):4. Prepayment Date on or after which Purchase Money Mortgage may be prepaid (2472.04(c)):5. Seller's tax identification number(s) (2472.05)6. Purchaser's tax identification number(s) (2472.05):7. Scheduled time and date of Closing (2473.01):8. Place of Closing (2473.01):9. Assessed valuation of Premises (2474.10):10. Fiscal year and annual real estate taxes on Premises (2474.10):11. Tax abatements or exemptions affecting Premises (2474.10):12. Assessments on Premises (2474.13):13. Maximum Amount which Seller must spend to cure violations, etc. (2477.02):14. Maximum Expense of Seller to cure title defects, etc. (24713.02):15. Broker, if any (24714.01)16. Party to pay broker's commission (24714.01):17. Address for notices (24715.01):If to Seller:with a copy to:If to Purchaser:with a copy to:18. Limitation Date for actions based on Seller's surviving representations and other obligations (24716.01):19. Additional Schedules or Riders (24717.07):Schedule ERENT SCHEDULE( if checked, annexed hereto) American LegalNet, Inc. www.FormsWorkFlow.com 3 Section 1. Sale of Premises and Acceptable Title2471.01. Seller shall sell to Purchaser, and Purchasershall purchase from Seller, at the price and upon the terms andconditions set forth in this contract:(a) the parcel of land more particularlydescribed in Schedule A attached hereto ("Land");(b) all buildings and improvements situatedon the Land (collectively, "Building");(c) all right, title and interest of Seller, ifany, in and to the land Iying in the bed of any street orhighway in front of or adjoining the Land to the center linethereof and to any unpaid award for any taking bycondemnation or any damage to the Land by reason of achange of grade of any street or highway;(d) the appurtenances and all the estate andrights of Seller in and to the Land and Building; and(e) all right, title and interest of Seller, ifany, in and to the fixtures, equipment and other personalproperty attached or appurtenant to the Building (collectively,"Premises"). The Premises are located at or known asTax Map Designation:Section: , Block: , Lot:2471.02. Seller shall convey and Purchaser shall accentfee simple title to the Premises in accordance with the terms ofthis contract, subject only to:(a) the matters set forth in Schedule B attached hereto(collectively, "Permitted Exceptions"); and(b) such other matters as (i) the title insurer specifiedin Schedule D attached hereto (or if none is so specified, thenany member of the New York Board of Title Underwriters)shall be willing, without special premium, to omit asexceptions to coverage or to except with insurance againstcollection out of or enforcement against the Premises and (ii)shall be accepted by any lender described in Section 274-a ofthe Real Property Law ("Institutional Lender") which hascommitted in writing to provide mortgage financing toPurchaser for the purchase of the Premises ("Purchaser'sInstitutional Lender"), except that if such acceptance byPurchaser's Institutional Lender is unreasonably withheld ordelayed, such acceptance shall be deemed to have been given.Section 2. Purchase Price, Acceptable Funds, ExistingMortgages, Purchase Money Mortgage and Escrow ofDownpayment2472.01. The purchase price ("Purchase Price") to bepaid by Purchaser to Seller for the Premises as provided inSchedule C attached hereto is $2472.02. All monies payable under this contract, unlessotherwise specified in this contract, shall be paid by(a) certified checks of Purchaser or any personmaking a purchase money loan to Purchaser drawn on anybank, savings bank, trust company or savings and loanassociation having a banking office in the State of New Yorkor(b) official bank checks drawn by any such bankinginstitution, payable to the order of Seller, except thatuncertified checks of Purchaser payable to the order of Sellerup to the amount of one-half of one percent of the PurchasePrice shall be acceptable for sums payable to Seller at theClosing.2472.