WILDERNESS HOTEL
CONSTRUCTION AND SALES AGREEMENT
GENERAL PROVISIONS The Buyer, ________________________________________,
offers to purchase the Property known as [Street Address] ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇ in the Village of Lake ▇▇▇▇▇▇, County of Sauk Wisconsin,
particularly described as Unit: of Wilderness Hotel Condominium,
Seller's undivided interest in the common elements appurtenant to the
Unit, together with and subject to the rights, interests, obligations and
limitations as set forth in the Registration Statement (see lines 200 to
203), Collateral Contracts (see lines 204 to 205) declaration and
condominium plat (and all amendments to them) creating the Condominium,
which altogether constitute the Property.
- PURCHASE PRICE: _____________________________________________ Dollars
($____________________).
- ▇▇▇▇▇▇▇ MONEY of $________________________ in the form of a check
accompanies this Offer.
- THE BALANCE OF PURCHASE PRICE will be paid in cash or equivalent at
closing unless otherwise provided in this Offer.
- ADDITIONAL ITEMS INCLUDED IN PURCHASE PRICE: Seller shall include in the
purchase price and transfer free and clear of encumbrances: Seller's
interest in any common surplus and reserves of the condominium allocated
to the Unit; and all fixtures, as defined at lines 191 to 195 and as may
be in or on the Unit on the date of this Offer, unless excluded at lines
15 to 16 and the following additional items:
Hotel Condominium furnishings per the attached personal property list
- ITEMS NOT INCLUDED IN THE PURCHASE PRICE: N/A.
- PARKING: The parking for this Unit is: unassigned and pursuant to the
Use and Access Agreement (see lines 204 to 205).
- ASSOCIATION FEE: The association fee for this Unit is
$____________________ per _______________________________________.
- PROPERTY CONDITION REPRESENTATIONS: Seller represents to Buyer that as
of the date of acceptance Seller has no notice or knowledge of conditions
affecting the Property or transaction (as defined at lines 166 to 185).
The transfer of the Property is exempt by Wis. Stats. 709.01 from the
requirement to provide a Seller's Real Estate Condition Report, as the
Property is new construction and has not been inhabited.
- TIME IS OF THE ESSENCE as to: (1) ▇▇▇▇▇▇▇ money payment(s); (2) binding
acceptance; (3) occupancy; (4) date of closing; (5) delivery of
Condominium Disclosure Materials (see lines 85 to 90) and all other dates
and deadlines in this Offer.
OPTIONAL PROVISIONS AND ADDENDA
See lines 223 to 266 for optional provisions including contingencies.
ADDITIONAL PROVISIONS
- This Offer is subject to the terms, conditions, and restrictions of the
Registration Statement (see lines 200 to 203) and Collateral Contracts
(see lines 204 to 205), and Buyer acknowledges receipt thereof.
- The parties agree to be bound by the terms, conditions and restrictions
of the Registration Statement and Collateral Contracts, and execute the
same as required.
- Seller agrees to construct the Property as set forth in the Registration
Statement. Delivery of the Property will be made no later than two (2)
years after execution of this Hotel Condominium Construction and Sales
Agreement.
- Any rental of the Property must be pursuant to the Rental Pool Agreement
as further set forth in the Registration Statement which is consistent
with the design of the Property as a business investment in a hotel
condominium project located in a golf resort complex.
- At closing, Buyer shall pay three (3) months' Association fee in advance
to establish a reserve and the pro rata balance of the current quarter's
Association fees (billed quarterly in advance) due as of closing.
- The Seller reserves the right to cancel the Registration Statement, in
its sole discretion, if market conditions so dictate, and upon Seller's
cancellation of the Registration Statement, this Hotel Condominium
Construction and Sales Agreement shall be null and void and all ▇▇▇▇▇▇▇
money shall be returned to Buyer.
- Buyer shall have the right to cancel this Condominium Construction and
Sales Agreement, without penalty or obligation, within five (5) days from
the date of the execution hereof, pursuant to Section 703.33 of the
Wisconsin Statutes.
- Buyer acknowledges receipt of the Registration Statement.
ACCEPTANCE, DELIVERY AND RELATED PROVISIONS
- BINDING ACCEPTANCE: This Offer is binding upon both parties only if a
copy of the accepted Offer is delivered to Buyer on or before
__________________________________________. CAUTION: This Offer may be
withdrawn prior to delivery of the accepted Offer.
- DELIVERY OF DOCUMENTS AND WRITTEN NOTICES: Unless otherwise stated in
this Offer, delivery of documents and written notices to a party shall be
effective only when accomplished in any of the following ways:
(1) By depositing the document or written notice postage or fees prepaid
in the U.S. Mail or a commercial delivery system addressed to the party
at:
Seller: Wilderness Development Corporation, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇
With a Copy to: ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇, S.C., 440 Science Drive, Madison,
Wisconsin ▇▇▇▇▇ (▇▇▇) ▇▇▇-▇▇▇▇ fax: (▇▇▇) ▇▇▇-▇▇▇▇
Buyer: _______________________________________________________.
(2) By giving the document or written notice personally to the party;
(3) By electronically transmitting the document or written notice to the
following telephone number:
Buyer: ( ) __________________ Seller: Wilderness Development
Corporation (▇▇▇) ▇▇▇-▇▇▇▇
OCCUPANCY AND RELATED PROVISIONS
- OCCUPANCY of Property shall be given to Buyer at time of closing unless
otherwise provided in this Offer. At time of Buyer's occupancy, the Unit
and any limited common elements assigned exclusively to the Unit shall be
free of all debris and personal property except for personal property sold
to Buyer.
- RENTAL WEATHERIZATION: This transaction is exempt from State of
Wisconsin Rental Weatherization Standards (ILHR 67, Wisconsin
Administrative Code) as the Property is less than ten (10) years old.
- CLOSING: This transaction is to be closed at the Wilderness Hotel &
Resort, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ no later
than twenty (20) days after substantial completion of the Property and
written notice to Buyer, unless another date or place is agreed to in
writing. Immediately after closing Buyer and Seller shall notify the
condominium association of the transfer.
- CLOSING PRORATIONS: The following items shall be prorated at closing:
real estate taxes, rents, property owner's or condominium association fees
and assessments and any payments due under the Collateral Contracts. Any
income, taxes or expenses shall accrue to Seller, and be prorated, through
the day prior to closing. Net general real estate taxes shall be prorated
based on the net general real estate taxes for the current year, if known,
otherwise on the net general real estate taxes for the preceding year.
- FORM OF TITLE EVIDENCE: Seller shall give evidence of title by an
owner's policy of title insurance (including the ALTA Condominium 4
endorsement or equivalent) as further described at lines 145 to 159.
- CONVEYANCE OF TITLE: Upon payment of the purchase price, Seller shall
convey the Property by warranty deed (or other conveyance as provided
herein) free and clear of all liens and encumbrances, except: municipal
and zoning ordinances and agreements entered under them, recorded
easements for the distribution of utility, municipal and association
services, easements for performance of association duties, recorded
building and use restrictions and covenants, general taxes levied in the
year of closing, Wisconsin Condominium Act, condominium declaration and
plat and association articles of incorporation, bylaws and rules, the
Offering, the Collateral Contracts, and amendments to the above, and
(provided none of the foregoing prohibit use of the Property as a hotel
condominium), which constitutes merchantable title for purposes of this
transaction. Seller further agrees to complete and execute the documents
necessary to record the conveyance. WARNING: Condominium instruments, the
Offering, the Collateral Contracts, municipal and zoning ordinances,
recorded building and use restrictions, covenants and easements prohibit
certain improvements or uses and therefore should be reviewed carefully by
Buyer.
- SPECIAL ASSESSMENTS: Special assessments, if any, including those by the
homeowner's or condominium association, for work on site actually
commenced or levied prior to date of closing shall be paid by Seller no
later than closing. All other special assessments shall be paid by Buyer.
CONDOMINIUM DISCLOSURES AND PROPERTY CONDITION PROVISIONS
- CONDOMINIUM DISCLOSURES: Seller agrees to provide Buyer with complete,
current copies of the disclosure materials (organization and operational
documents, plans, financial statements and, in the case of a conversion
condominium, property information) as required by Wisconsin Statutes s.
703.33 no later than 15 days prior to closing and any amendment to these
materials promptly after its adoption. These materials are available at
cost from the condominium association. As provided in Section 703.33(4),
Wis. Stats., Buyer may, within five business days after receipt of these
documents, including any material modification thereto, rescind this Offer
by written notice mailed or delivered to Seller, the date of mailing or
actual delivery being the effective date of notice.
- REAL ESTATE CONDITION REPORT: Wisconsin law requires sellers of property
which includes 1-4 dwelling units to provide buyers with a Real Estate
Condition Report. Excluded from this requirement are sales of property
that has never been inhabited, and this Property has never been inhabited.
- INSPECTIONS: Seller agrees to allow Buyer's inspectors reasonable access
to the Unit, upon reasonable notice. Buyer agrees to promptly provide
copies of all inspection reports to Seller, and to listing broker if Unit
is listed.
- PROPERTY DAMAGE BETWEEN ACCEPTANCE AND CLOSING: Seller shall maintain a
constructed Unit until the earlier of closing or occupancy of Buyer in
materially the same condition as of the date of acceptance of this Offer,
except for ordinary wear and tear, and except for Units under construction
which Seller shall complete. If, prior to the earlier of closing or
occupancy of Buyer, the Unit or common elements in the building containing
the Unit are damaged in an amount of not more than five percent (5%) of
the selling price, Seller (individually or through the homeowner's or
condominium owner's association), shall be obligated to repair the
Property and restore it to the same condition that it was on the day of
this Offer. If the damage shall exceed such sum, or such damage shall
occur to the common elements of the condominium in excess of insurance
coverage in an amount which, when multiplied by the percentage interest of
the Unit in the declaration exceeds Two Thousand Dollars ($2,000.00),
Seller shall promptly notify Buyer in writing of the damage and this Offer
may be canceled at option of Buyer. Should Buyer elect to carry out this
Offer despite such damage, the insurance proceeds shall be held in trust
for the sole purpose of restoring the Property.
- PRE-CLOSING INSPECTION: At a reasonable time, preapproved by Seller or
Seller's agent, within 3 days before closing, Buyer shall have the right
to inspect the Unit to determine that there has been no significant change
in the condition of the Unit, except for ordinary wear and tear and
completion of construction, and that any construction or defects Seller
has elected to cure have been completed or repaired in a good and
workmanlike manner.
DEFAULT
Seller and Buyer each have the legal duty to use good faith and due
diligence in completing the terms and conditions of this Offer. A
material failure to perform any obligation under this Offer is a default
which may subject the defaulting party to liability for damages or other
legal remedies.
If Buyer defaults, Seller may:
(1) ▇▇▇ for specific performance and request the ▇▇▇▇▇▇▇ money as
partial payment of the purchase price; or
(2) terminate the Offer and have the option to: (a) request the
▇▇▇▇▇▇▇ money as liquidated damages; or (b) direct Escrow Agent
to return the ▇▇▇▇▇▇▇ money and have the option to ▇▇▇ for
actual damages.
If Seller defaults, Buyer may:
(1) ▇▇▇ for specific performance; or
(2) terminate the Offer and request the return of the ▇▇▇▇▇▇▇ money,
▇▇▇ for actual damages, or both.
In addition, the Parties may seek any other remedies available in law
or equity.
The Parties understand that the availability of any judicial remedy
will depend upon the circumstances of the situation and the discretion of
the courts. If either Party defaults, the Parties may renegotiate the
Offer or seek nonjudicial dispute resolution instead of the remedies
outlined above. By agreeing to binding arbitration, the Parties may lose
the right to litigate in a court of law those disputes covered by the
arbitration agreement.
▇▇▇▇▇▇▇ MONEY
- HELD BY: ▇▇▇▇▇▇▇ money shall be held by an Escrow Agent selected by
Seller and shall be held in the account of the Seller's Escrow Agent until
applied to purchase price or otherwise disbursed as provided in the Offer.
If negotiations do not result in an accepted offer, the ▇▇▇▇▇▇▇ money
shall be promptly disbursed (after clearance from payor's depository
institution if ▇▇▇▇▇▇▇ money is paid by check) to the person who paid the
▇▇▇▇▇▇▇ money.
- DISBURSEMENT: At closing, ▇▇▇▇▇▇▇ money shall be disbursed according to
the closing statement. If this Offer does not close, the ▇▇▇▇▇▇▇ money
shall be disbursed according to a written disbursement agreement signed by
all Parties to this Offer. If said disbursement agreement has not been
delivered to the Escrow Agent within 60 days after the date set for
closing, the Escrow Agent may disburse the ▇▇▇▇▇▇▇ money: (1) as directed
by an attorney who has reviewed the transaction and does not represent
Buyer or Seller; (2) into a court hearing a lawsuit involving the ▇▇▇▇▇▇▇
money and all Parties to this Offer; (3) as directed by court order; or
(4) any other disbursement required or allowed by law. The Escrow Agent
may retain legal services to direct disbursement per (1) or to file an
interpleader action per (2) and the Escrow Agent may deduct from the
▇▇▇▇▇▇▇ money any costs and reasonable attorneys fees, not to exceed Four
Hundred Fifty Dollars ($450.00), prior to disbursement.
- LEGAL RIGHTS/ACTION: The Escrow Agent's disbursement of ▇▇▇▇▇▇▇ money
does not determine the legal rights of the Parties in relation to this
Offer. At least 30 days prior to disbursement per (1) or (4), the Escrow
Agent shall send Buyer and Seller notice of the disbursement by certified
mail. If Buyer or Seller disagree with the Escrow Agent's proposed
disbursement, a lawsuit may be filed to obtain a court order regarding
disbursement. The Buyer and Seller should consider consulting attorneys
regarding their legal rights under this Offer in case of a dispute. Both
Parties agree to hold the Escrow Agent harmless from any liability for
good faith disbursement of ▇▇▇▇▇▇▇ money in accordance with this Offer.
TITLE EVIDENCE
- FORM OF TITLE EVIDENCE: Seller shall give evidence of title to the
Property in the form of an owner's policy of title insurance (with a
Condominium 4 endorsement or equivalent) in the amount of the purchase
price on a current ALTA form issued by an insurer licensed to write title
insurance in Wisconsin.
- PROVISION OF MERCHANTABLE TITLE: Seller shall pay all costs of providing
title evidence. For purposes of closing, title evidence shall be
acceptable if a commitment for the required title insurance is delivered
to Buyer's attorney or to Buyer not less then 3 business days before
closing, showing title to the Property as of a date no more than 15 days
before delivery of such title evidence to be merchantable, subject only to
liens which will be paid out of the proceeds of closing and standard
abstract certificate limitations or standard title insurance requirements
and exceptions, as appropriate.
- TITLE ACCEPTABLE FOR CLOSING: If title is not acceptable for closing,
Buyer shall notify Seller in writing of objections to title by the time
set for closing. In such event, Seller shall have a reasonable time, but
not exceeding 15 days, to remove the objections, and the time for closing
shall be extended as necessary for this purpose. In the event that Seller
is unable to remove said objections, Buyer shall have 5 days from receipt
of notice thereof, to deliver written notice waiving the objections, and
the time for closing shall be extended accordingly. If Buyer does not
waive the objections, this Offer shall be null and void. Providing title
evidence acceptable for closing does not extinguish Seller's obligations
to give merchantable title to Buyer.
ENTIRE CONTRACT
This Offer, including any amendments to it, and documents incorporated
herein by reference contains the entire agreement of the Buyer and Seller
regarding the transaction. All prior negotiations and discussions have
been merged into this Offer. This agreement binds and inures to the
benefit of the Parties to this Offer and their successors.
DEFINITIONS
- ACCEPTANCE: Acceptance occurs when all Buyers and Sellers have signed
the Offer.
- CONDITIONS AFFECTING THE PROPERTY OR TRANSACTION: A "condition affecting
the Property or transaction" is defined as follows:
(a) Planned or commenced public improvements by government authorities or
the homeowner's or condominium association which may result in special
assessments against the Unit or otherwise materially affect the
Condominium or the present use of the Property;
(b) Government agency, court, homeowner's or condominium association order
requiring repair, alteration or correction of a Property condition;
(c) Structural inadequacies which if not repaired will significantly
shorten the expected normal life of the Condominium;
(d) Mechanical systems inadequate for the present use of the Condominium;
(e) Conditions constituting a significant health or safety hazard for
occupants of the Property;
(f) Insect or animal infestation of the Condominium;
(g) Underground storage tanks on the Condominium for storage of flammable
or combustible liquids including but not limited to gasoline and heating
oil;
(h) Any portion of the Condominium being in a 100 year flood plain, a
wetland or a shoreland zoning area under local, state or federal
regulations;
(i) Material violations of environmental rules or other rules or
agreements regulating the use of the Condominium;
(j) Material violation of state or local smoke detector laws;
(k) High voltage electric (100 KV or greater) or steel natural gas
transmission lines located on but not directly serving the Condominium;
(l) That a structure on the Property is designated as a historic building
or that any part of the Property is in a historic district;
(m) Other conditions or occurrences which would significantly reduce the
value of the Property to a reasonable person with knowledge of the nature
and scope of the condition or occurrence.
- DAYS: Deadlines expressed as a specific number of "days" from the
occurrence of an event, such as acceptance, are calculated by excluding
the day the event occurred. The deadline then expires at midnight on the
last day. Deadlines expressed as a specific number of "business days"
exclude Saturdays, Sundays and any legal public holiday under Wisconsin or
Federal law, or other holiday designated by the President such that the
postal service does not receive registered mail or make regular deliveries
on that day. Deadlines expressed as a specific day of the calendar year
or as the day of a specific event, such as closing, expire at midnight of
that day.
- FIXTURES: A "Fixture" is an item of property which is physically
attached to or so closely associated with land and improvements so as to
be treated as part of the real estate, including without limitation,
physically attached items not easily removable without damage to the
premises, items specifically adapted to the premises, and items
customarily treated as fixtures including but not limited to all: screen
and storm doors and windows; electric lighting fixtures; window shades;
curtain and traverse rods; blinds and shutters; heating and cooling units
and attached equipment; water heaters and softeners; attached or fitted
floor coverings; built-in appliances; and ceiling fans. See lines 11 to
14.
- TIME IS OF THE ESSENCE: If "Time is of the Essence" applies to a date or
deadline, failure to perform by the exact date or deadline is a breach of
contract. If "Time is of the Essence" does not apply to a date or
deadline, then performance within a reasonable time of the date or
deadline is allowed before a breach occurs. See lines 23 to 24.
- OFFER: "Offer" shall mean this Hotel Condominium Construction and Sales
Agreement.
- REGISTRATION STATEMENT: "Registration Statement" shall mean the Form S-
11 Registration Statement Under the Securities Act of 1993 for "133 Hotel
Condominium Units to Be Built In Two Phases With Mandatory (If The Unit Is
To Be Rented) Rental Pool At The Wilderness Hotel & Resort" submitted to
the Securities and Exchange Commission by Wilderness Development
Corporation on May 6, 1997 as Registration No. _____________, and any
amendments thereto or state filings thereof.
- COLLATERAL CONTRACTS: "Collateral Contracts" shall mean the Rental
Pooling Agreement, Use and Access Agreement and Management and Use
Agreement as further set forth in the Registration Statement or any
amendments thereto.
PROVISIONS RELATED TO FINANCING
- LOAN COMMITMENT: If this Offer is contingent on financing, Buyer agrees
to pay all customary financing costs (including closing fees), to apply
for financing promptly, and to provide evidence of application promptly
upon request of Seller. If Buyer qualifies for said financing or other
financing acceptable to Buyer, Buyer agrees to deliver to Seller, or
Seller's agent, a copy of the written loan commitment no later than the
deadline for loan commitment under the Financing Contingency. If Buyer
does not make timely delivery of said commitment, Seller may terminate
this Offer if Seller delivers a written notice of termination to Buyer
prior to Seller's actual receipt of a copy of Buyer's written loan
commitment.
- FINANCING UNAVAILABILITY: If this Offer is contingent on financing and
financing is not available on the terms stated, Buyer shall promptly
deliver written notice to Seller of same including copies of lender(s)'
rejection letter(s) or other evidence of unavailability. Unless a
specific loan source is named in the financing contingency, Seller shall
then have 5 days to give Buyer written notice of Seller's decision to
finance this transaction on the same terms set forth herein, and this
Offer shall remain in full force and effect, with the time for closing
extended accordingly. If Seller's notice is not timely given, this Offer
shall be null and void.
- LAND CONTRACT: If this Offer provides for a land contract, prior to
execution of the land contract Seller shall provide the same evidence of
merchantable title as required above and written proof, at or before
execution, that the total underlying indebtedness, if any, is not in
excess of the proposed balance of the land contract, that the payments on
the land contract are sufficient to meet all of the obligations of Seller
on the underlying indebtedness, and that all creditors whose consent is
required have consented to the land contract sale.
PROPERTY ADDRESS: Unit ___, Wilderness Hotel Condominium, Lake ▇▇▇▇▇▇,
Wisconsin
OPTIONAL PROVISIONS: THE PROVISIONS ON LINES 225 THROUGH 259 ARE A PART OF
THIS OFFER IF MARKED, SUCH AS WITH AN "x". THEY ARE NOT PART OF THIS
OFFER IF MARKED N/A OR ARE LEFT BLANK.
____ FINANCING CONTINGENCY: This Offer is contingent upon Buyer being able
to obtain, within ______ days of acceptance of this Offer, a
__________________________ [INSERT LOAN PROGRAM (fixed) (adjustable)]
[STRIKE ONE] rate first mortgage loan commitment, in an amount of not less
than $____________________ for a term of not less than ______ years,
amortized over not less than _______ years. If the purchase price under
this Offer is modified, the loan amount, unless otherwise provided, shall
be adjusted to the same percentage of the purchase price as in this
contingency and the monthly payments shall be adjusted as necessary to
maintain the term and amortization stated above. IF FINANCING IS FIXED
RATE the annual rate of interest shall not exceed _______% and monthly
payments of principal and interest shall not exceed
$__________________________. IF FINANCING IS ADJUSTABLE RATE the initial
annual interest rate shall not exceed _____%. The initial interest rate
shall be fixed for ______ months, at which time the interest rate may be
increased not more than _____% per year. The maximum interest rate during
the mortgage term shall not exceed _____%. Initial monthly payments of
principal and interest shall not exceed $__________________. Monthly
payments of principal and interest may be adjusted to reflect interest
changes. MONTHLY PAYMENTS MAY ALSO INCLUDE 1/12th of the estimated net
annual real estate taxes, hazard insurance premiums, and private mortgage
insurance premiums. Buyer agrees to pay a loan fee in an amount not to
exceed ______% of the loan. [Loan fee refers to discount points and/or
loan origination fee, but DOES NOT include Buyer's other closing costs.]
SEE LINES 206 TO 221 FOR ADDITIONAL FINANCING PROVISIONS.
_____ SECONDARY OFFER: This Offer is secondary to a prior accepted
offer. This Offer shall become primary upon delivery of written notice to
Buyer that this Offer is primary. Seller agrees to deliver said notice to
Buyer promptly upon Seller's receipt of evidence satisfactory to Seller
that the prior offer is null and void. Buyer may declare this Offer null
and void by delivering written notice of withdrawal to Seller prior to
delivery of Seller's notice that this Offer is primary. Buyer may give
notice of withdrawal no earlier than ______ hours from acceptance of this
Offer. All other Offer deadlines which are measured from acceptance shall
be measured from the time this Offer becomes primary.
_____ INSPECTION CONTINGENCY: This Offer is contingent upon a
qualified independent inspector conducting an inspection, at
Buyer's expense, of the Unit/and
______________________________________________________________________
which discloses no defects as defined below. This contingency shall be
deemed satisfied unless Buyer, within _____ days of acceptance, delivers
to Seller a copy of the inspector's written inspection report and a
written notice listing the defects identified in the inspection report to
which Buyer objects. Buyer agrees to deliver a copy of the report and
notice to ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇, S.C., if Property is listed, upon delivery to
Seller.
- RIGHT TO CURE: Seller shall have a right to cure the defects. If Seller
has right to cure, Seller may satisfy this contingency by: (1) delivering
a written notice of Seller's election to cure defects within 10 days of
receipt of Buyer's notice; and (2) curing the defects in a good and
workmanlike manner and delivering to Buyer a written report detailing the
work done no later than 3 days prior to closing. This Offer shall be null
and void if Buyer makes timely delivery of the above notice and report and
Seller has a right to cure but does not timely deliver the notice of
election to cure.
- "DEFECT" DEFINED: For the purposes of this contingency, a defect is
defined as a structural, mechanical or other condition that would have a
significant adverse effect on the value of the Property; that would
significantly impair the health or safety of future occupants of the Unit;
or that if not repaired, removed or replaced would significantly shorten
or have a significant adverse effect on the expected normal life of the
Unit. Defects do not include structural, mechanical or other conditions
the nature and extent of which Buyer had actual knowledge or written
notice before signing this Offer.
IF ACCEPTED, THIS OFFER CAN CREATE A LEGALLY ENFORCEABLE CONTRACT. BOTH
PARTIES SHOULD READ THIS DOCUMENT CAREFULLY. SELLER'S REPRESENTATIVES MAY
PROVIDE A GENERAL EXPLANATION OF THE PROVISIONS OF THE OFFER BUT ARE
PROHIBITED BY LAW FROM GIVING ADVICE OR OPINIONS CONCERNING YOUR LEGAL
RIGHTS UNDER THIS OFFER OR HOW TITLE SHOULD BE TAKEN AT CLOSING. AN
ATTORNEY SHOULD BE CONSULTED IF LEGAL ADVICE IS NEEDED.
This Offer was drafted on _____________________________ [date] by Buyer.
(x)____________________________________ _______________________
Buyer's Signature Print Name here:
_______________________________________ _______________________
(Social Security No.) (Date)
(x)____________________________________ _______________________
Buyer's Signature Print Name here:
_______________________________________ _______________________
(Social Security No.) (Date)
▇▇▇▇▇▇▇ MONEY RECEIPT. Seller's representative acknowledges receipt of
▇▇▇▇▇▇▇ money as per line 9 of the above offer.
WILDERNESS DEVELOPMENT CORPORATION By
___________________________________________________________________
SELLER ACCEPTS THIS OFFER. THE WARRANTIES, REPRESENTATIONS AND COVENANTS
MADE IN THIS OFFER SURVIVE CLOSING AND THE CONVEYANCE OF THE PROPERTY.
THE UNDERSIGNED HEREBY AGREES TO CONVEY THE ABOVE-MENTIONED PROPERTY ON
THE TERMS AND CONDITIONS AS SET FORTH HEREIN AND ACKNOWLEDGES RECEIPT OF A
COPY OF THIS OFFER.
WILDERNESS DEVELOPMENT CORPORATION (EIN ▇▇-▇▇▇▇▇▇▇)
By:____________________________________ _______________________
Seller's Signature Print Name here:
_______________________________________ _______________________
(Social Security No.) (Date)
This Offer was presented to Seller by _______________________ on
___________________, 19___, at ___ a.m./p.m.
THIS OFFER IS REJECTED _________________ ________ THIS OFFER IS
(Seller's Initials) (Date)
COUNTERED [See attached counter) ___________________ __________
(Seller's Initials) (Date)
