Real Estate Section 13

REAL ESTATE SECTION 13

Parties and Property Identification

Seller Name:     Buyer Name:

Section 13 — Disclosures and Known Conditions

The Seller, to the best of Seller's knowledge as of the Effective Date, makes the following disclosures regarding the Property. Buyer acknowledges receipt of these disclosures and the opportunity to inspect. For each item, mark the applicable box.

1. Lead-Based Paint (if applicable for properties built before 1978):    Yes    No

2. Mold or Moisture Intrusion:    Yes    No

3. Hazardous Materials or Contamination (chemical, petroleum, asbestos, radon, underground storage tanks):    Yes    No

4. Flood Zone / Repetitive Loss Area:    Yes    No

5. Structural Damage or Material Defects (foundation, roof, framing):    Yes    No

6. Pest or Termite Damage (treated or under current contract):    Yes    No

7. Prior Material Repairs or Insurance Claims (within last 5 years):    Yes    No

8. Homeowners' Association (HOA) Covenants, Fees, or Pending Assessments:    Yes    No

Section 13 — Inspection, Remedies, and Contingencies

Buyer shall have an inspection period of days from the Effective Date to conduct all inspections and investigations. If Buyer discovers material defects not disclosed by Seller, Buyer may deliver written notice to Seller specifying the defect and requested cure. Seller shall have the right to cure within days. If Seller elects not to cure or fails to timely cure, Buyer may elect, in writing, to terminate this Agreement and receive return of earnest money or to accept the Property with an agreed credit at closing.

Financing contingency:    Mortgage Contingency Applicable    Not Applicable

If financing contingency applies, loan type: Proposed loan amount:

Allocation of Costs; Closing; Possession

Purchase Price: $. Earnest Money Deposit: $ to be held in escrow under separate escrow instructions.

Closing Date: . Possession to Buyer: unless otherwise agreed in writing.

Prorations: Real estate taxes, association fees, and rents, if any, shall be prorated through the date of closing in accordance with customary local practice. Closing costs shall be allocated as provided in the Agreement or by local custom where not specified herein.

Representations, Remedies, Indemnity

Seller represents that Seller has good and marketable title to the Property and that, to Seller's knowledge, there are no undisclosed material violations of law or undisclosed liens other than those disclosed herein or in the title report. Buyer acknowledges that Buyer has relied upon Buyer’s own inspections and investigations, and not solely on Seller’s representations.

Default: If Buyer defaults under this Agreement, Seller may retain the earnest money as liquidated damages or seek specific performance and any other remedies available at law or equity. If Seller defaults, Buyer may elect to receive return of earnest money or to seek specific performance or other remedies. The parties agree that any claim for monetary damages shall be reduced by any amounts recoverable through title insurance or other available insurance coverage.

Indemnity: Seller shall indemnify and hold Buyer harmless from and against any loss or liability arising from Seller's breach of any representation made herein or from conditions of the Property existing before Closing of which Seller had actual knowledge and failed to disclose. Buyer shall indemnify and hold Seller harmless from Buyer’s acts or omissions after possession is delivered.

Miscellaneous Provisions

Governing Law: This Section 13 and any disputes arising hereunder shall be governed by and construed in accordance with the laws of the state in which the Property is located.

Entire Agreement: All prior negotiations and agreements between the parties concerning the Property are superseded by this Agreement and the primary purchase contract to which this Section 13 is attached. This Section 13 shall be deemed incorporated into and a part of the primary purchase agreement.

Acknowledgment

By signing below, Seller and Buyer acknowledge that they have read, understood, and agree to the terms and disclosures contained in this Real Estate Section 13. Each party warrants that the information provided herein is true and complete to the best of their knowledge.

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