Fill and Sign the Michigan Buysell Agreement Transnation Title Agency Form

Agreement for Termite Inspection of Improvements and Corrective Work Agreement made on the _____________________ (date), between __________________________ (Name of Seller) of _________________________________ ____________________________ (street address, city, county, state, zip code) , referred to herein as Seller, and __________________________ (Name of Purchaser), of ____________ __________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Purchaser. Whereas, this Agreement is being made connection with and as a part of the Contract for the Sale and Purchase of the Real Property located at ______________________________ ________________________________________ (address of real property), dated _______________________ (date of Contract). Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Seller shall immediately provide for the inspection and examination of the improvements on the real property, consisting of (description of improvements) ______________________ ______________________________, by a licensed pest control operator of _______________ (name of state) , doing business in ________________ (name of city), to determine whether the improvements are free of existing or threatened damage from termites and other pests, and, if not, the nature and extent of such damage. The findings of the operator shall be reported in writing. 2. The expense of the inspection and report shall be paid by __________________ (Seller or Purchaser) . 3. If the report shows damage caused by termites or any other pests, the necessary corrective work shall immediately be undertaken and accomplished at the expense of Seller. If, however, the estimated cost of the work exceeds $____________ (dollar amount of cost of work) , Seller may, at Seller's , option rescind and terminate the Contract of Sale. Such work shall be done to the satisfaction of the pest control operator who conducted the inspection and made the report, and the pest control operator's certificate to that effect shall be executed and held in escrow pending transfer of title and possession. 4. If the report shows no present damage or infestation, but shows threat of future infestation, any work recommended to prevent future infestation shall be performed by Purchaser , if Purchaser so desires. 5. The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. 6. The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 7.This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of _______________. 8. Any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 9. Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 10. Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 11. The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. 12. In this Agreement, any reference to a party includes that party's heirs, executors, administrators, successors and assigns, singular includes plural and masculine includes feminine. WITNESS our signatures as of the day and date first above stated. ________________________ _________________________ (Printed name) (Printed name) ________________________ __________________________ (Signature of Seller) (Signature of Purchaser)