Real Estate Development Sites

REAL ESTATE DEVELOPMENT SITES AGREEMENT

This Real Estate Development Sites Agreement (the Agreement) is entered into as of Effective Date: by and between Seller Name: (Seller) and Buyer Name: (Buyer). Seller and Buyer are collectively referred to as the Parties.

PARTIES — ENTITY TYPE AND CONTACTS

Individual Corporation LLC Partnership Other

Individual Corporation LLC Partnership Other

PROPERTY IDENTIFICATION

PURCHASE AND CONSIDERATION

Purchase Price: $ payable as follows: Earnest Money Deposit of $ to be delivered to Escrow Holder: within days after Effective Date.

Allocation of closing costs: Seller shall pay for title clearing items and existing lien releases; Buyer shall pay for issuance of owner's title insurance policy and any lender fees, except as otherwise agreed in writing.

DUE DILIGENCE, INSPECTION AND CONTINGENCIES

Buyer shall have a Due Diligence Period of calendar days after receipt of title commitment and Deliverables to conduct investigations, surveys, zoning and entitlement reviews, environmental reports, geotechnical studies, and other customary inspections.

Phase I Environmental Site Assessment required Phase II Environmental Site Assessment may be required

Environmental Contingency Period: days. If Buyer discovers material environmental conditions during such period, Buyer may terminate or require Seller to cure within a reasonable cure period as set forth in Section Remedies.

Financing contingency applies Financing contingency waived

If financing contingency applies, Buyer shall use good faith efforts to obtain loan commitments for loan amount $ within days of Effective Date.

ENTITLEMENTS, IMPROVEMENTS AND SITE WORK

Responsibility for obtaining entitlements, permits, subdivision approvals, grading permits, off-site and on-site improvements, utilities, and performance bonds shall be as follows (check applicable):

Buyer responsible for entitlements and approvals Seller to complete specified entitlements prior to closing

If Seller remains responsible for completion of improvements, Seller shall furnish performance security in the amount of $ and shall complete work by , subject to extensions for force majeure.

TITLE, SURVEY AND CLOSING DELIVERABLES

Seller shall deliver, prior to the end of the Due Diligence Period, a current title commitment and copies of all recorded exceptions and agreements affecting the Property. Buyer may obtain a survey at Buyer's expense. Title objections must be raised within days after receipt of the title commitment.

REPRESENTATIONS, WARRANTIES AND COVENANTS

Seller represents and warrants that Seller has good and marketable title to the Property (subject only to title exceptions disclosed herein), full corporate or other authority to sell, no undisclosed material violations of law affecting the Property, and no undisclosed environmental conditions known to Seller. Buyer represents authority to enter this Agreement and ability to perform.

The Parties covenant to cooperate in good faith to obtain permits and to execute all documents reasonably necessary to consummate the transactions contemplated by this Agreement.

DISCLOSURES

The Seller discloses the following known conditions affecting the Property (check applicable):

Lead-based paint present No known lead-based paint

Asbestos or asbestos-containing materials present No known asbestos

Mold or water intrusion known No known mold or water intrusion

Property located in known floodplain or flood zone Not located in known floodplain

DEFAULT, REMEDIES AND TERMINATION

If Buyer defaults, Seller may retain the earnest money as liquidated damages and pursue other remedies available at law or equity. If Seller defaults, Buyer may elect to terminate and receive return of deposits or seek specific performance. Each Party shall have a cure period of days after written notice to cure a breach, except where immediate equitable relief is warranted.

INDEMNITY, INSURANCE, AND RISK OF LOSS

From the Effective Date until closing, Seller shall maintain property insurance and shall be responsible for risk of loss. After closing, Buyer shall assume risk of loss. Each Party agrees to indemnify the other for breaches of representations and obligations, including reasonable attorneys' fees for defense of claims arising from such breaches.

GOVERNING LAW; ENTIRE AGREEMENT

This Agreement shall be governed by the laws of the State of . This Agreement, together with the exhibits and schedules executed by the Parties, constitutes the entire agreement between the Parties with respect to the Property and supersedes all prior negotiations and agreements.

NOTICES

All notices required or permitted hereunder shall be in writing and shall be delivered to the addresses below by personal delivery, certified mail (return receipt requested), or nationally recognized courier, and shall be effective upon receipt.

MISCELLANEOUS PROVISIONS

Assignment: Neither Party may assign this Agreement without the prior written consent of the other Party except that Buyer may assign its rights to an affiliate or to a purchaser of substantially all of Buyer's assets upon notice to Seller. Survival: All representations, warranties, indemnities and covenants that by their nature survive closing shall survive for a period of two years following closing, unless otherwise expressly provided.

Sign Now