Fill and Sign the Supplementation to and Clarification of Contract for the Sale of Real Property Form

Supplementation to and Clarification of Contract for the Sale of Real PropertyAgreement made on the ___________________________ (date), between _____________________________________ (Name of Seller A), of ________________ ____________________________________________________________________________ (street address, city, county, state, zip code), hereinafter called Seller Alpha, and __________________________________ (Name of Seller B) of _____________________ ____________________________________________________________________________ (street address, city, county, state, zip code), hereinafter called Seller Beta.Whereas, the undersigned Seller Alpha and Seller Beta entered into a Contract on __________________________ (date) to sell the following described real property (Property ) that each own an interest in and to: (Legal Description of Property) ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ Whereas, the undersigned want to clarify how the proceeds of the sale are to be split between them at the closing of the sale;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. At the closing of the sale of said Property, Seller Alpha is to receive a sum equal to $_____________ plus _______% of the remaining proceeds. 2.At the closing of the sale of said Property, Seller Beta is to receive a sum equal to _______% of the remaining proceeds after Seller Alpha is paid as set forth above.3. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of ___________________. 4. Mandatory Arbitration 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. 5. Entire Agreement This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 6. Modification of Agreement 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. 7. Assignment of Rights 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. WITNESS our signatures as of the day and date first above stated.____________________________ ____________________________Seller Alpha Seller BetaSTATE OF ____________________ (Form of Acknowledgement may vary by state)COUNTY OF ______________________ Personally appeared before me, the undersigned authority in and for said County and State, on this ___ day of ___________________, 20______, within my jurisdiction, the within-named Seller Alpha and Seller Beta, who acknowledged that they executed the above and foregoing instrument. ____________________________ NOTARY PUBLIC My Commission Expires: ____________________