SETTLEMENT BY SELLER. Xxxxx acknowledges and understands that, at the time of execution hereof, Seller is a contract purchaser of the Property and that Seller is not the record title holder of the Property, and that Seller must consummate the purchase of the Property prior to Settlement Date to be able to sell the Property to Buyer, and that the sale of the Property to the Buyer and Settlement hereunder is contingent upon Seller settling on and obtaining good and merchantable title to the Property which is free and clear of all liens and encumbrances. In the event Seller does not settle on or obtain title to the Property for any reason whatsoever, Seller may cancel this Contract by written notice to Buyer at any time prior to Settlement, at which time any Deposit monies shall be immediately returned to Buyer and this Agreement shall be deemed null and void and of no further consequence. The undersigned hereby ratify, accept and agree to the contract and acknowledge receipt of a copy thereof. BUYER: SIGNATURE: DATE: PRINT NAME: PHONE: EMAIL: MAILING ADDRESS: _ SIGNATURE: DATE: PRINT NAME: PHONE: EMAIL: MAILING ADDRESS: _ BUYER’S AGENT: SAMPLE PRINT NAME: PHONE: EMAIL: BROKERAGE COMPANY NAME: SELLER: SIGNATURE: DATE: PRINT NAME: _Construction Phase 1.5, LLC_ PHONE: EMAIL: MAILING ADDRESS: SIGNATURE: DATE: PRINT NAME: PHONE: EMAIL: MAILING ADDRESS: DEPOSIT: $ 10,000 deposit has been received by Ashland Auction Group, LLC in the form of: □ CASH □ CASHIER’S CHECK □ PERSONAL CHECK □ WIRE TRANSFER Received By: MARYLAND RESIDENTIAL PROPERTY DISCLOSURE AND DISCLAIMER STATEMENT Property Address: _0000 Xxxxx Xx. Xxxxxxxxx, XX 00000 Legal Description: NOTICE TO SELLER AND PURCHASER Section 10-702 of the Real Property Article, Annotated Code of Maryland, requires the seller of certain residential real property to furnish to the purchaser either (a) a RESIDENTIAL PROPERTY DISCLAIMER STATEMENT stating that the seller is selling the property "as is" and makes no representations or warranties as to the condition of the property or any improvements on the real property, except as otherwise provided in the contract of sale, or in a listing of latent defects; or (b) a RESIDENTIAL PROPERTY DISCLOSURE STATEMENT disclosing defects or other information about the condition of the real property actually known by the seller. Certain transfers of residential property are excluded from this requirement (see the exemptions listed below).
SETTLEMENT BY SELLER. On or before the Closing Date, Seller shall pay or otherwise settle with each of its Employees and independent sales representatives all salaries, commissions, bonuses, and other amounts that may become payable to or receivable by such Employees for all periods before the Effective Time. Buyer will not assume any liability for salaries, wages, Employee Plan contributions or benefits or other cash payment to or for the benefit of Employees or independent sales representatives on account of service before the Closing, except that Buyer will assume Seller's liability incurred in the ordinary course of business before the Effective Time for unreimbursed business expenses or for accrued vacation or pay in lieu of vacation, but only with respect to Transferred Employees (which matters shall be fully accrued as Liabilities on Seller's balance sheet for purposes of calculating Net Working Capital).
