R95-69 AUTHORIZING PURCHASE OF PROPERTY

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♦ � . � , ' . , � B. In the event said inspection reveals a material defect in the structure, roof,plumbing,heating,cooling,ventilation, electrical, well, sewer, or septic systems of the subject property which is unaxeptable to the Buyer, Buyer may give written notice to Seller within three � � (3)business days, excluding Saturdays, Sundays and federal holidays,after the date of such inspections,stating the nature of such inspection, the defect and the estimated cost of repair. `; C. Within three (3) business days exclu�ng Saturdays, Sundays and federal holidays from receipt of such notice, Seller shall . notify Buyer in writing of his election of one of the fdlowing options: , ? 1. To correct such defects prior to dosing in acoordance with Buyer's written inspecdion report and written cost estimate; 2. To obtain the Buyer's agreement to apportion the cost necessary to coRect said defects and then make corrections. 3. To dedare this conuact vad and retum the earnest money set forth in paragraph 2 to the Buyer. D. In the absence of written notice by Seller to Buyer within the time specified herein, Buyer may dedare this contrect void and eamest money shall be retumed. E. Failure of the Buyer to notify the Seller in writing of any defeds within the time specified in paragraph 10(B) above, or as provided in paragraph 10(D)above, shall be deemed a waiver of any right which Buyer may have under the terms of this paragraph and this contract shall remain in full force and effect. • 11. At a preananged reasonable time within seven(7}business days,excluding Saturdays,Sundays and federal holidays,prior to date of setdement, Buyer shall have the right to inspect the premises and other property sold hereunder to determine that there has been no material change in the condttion of the properry since the execution of this oonVact. If a material change has occurred the Buyer may vad the corwad and obtain a refund of his eamest rtwney. • . 12. If, before settlemeM,the improvements shall be materially damaged by casualty, Buyer may dedare this oontract void and receive a refund of his eamest money, or, may complete settlement and aocept the premises as damaged together with the proceeds of any insurance payable as a result of such damage. 13. Notice given or required in this conuact or any add�dum rrwst be given in writing in one of the following forms: () Personally; (ii) By certified mail, retum receipt requested, properly addressed and all charges prepaid;or, (iii) By express delivery with charges prepaid and addressed to the appropriate party at�e address set forth below. All notices shall be deemed to have been received on the date of personal service or on the 3rd day following date postmarked. Notice must be served upon or addressed to any one of the Sellers or any one of the Buyers personally unless specified otherwise. Notice by any other means is not valid. Seller's currern address is � Phone� Buyer's currertt address is � Phone# 14. Purchase includes all improvements thereon and all attached fixtures. Also induded with the premises pursuant to this agreement are the following items of personal property: t� 15. If either Buyer or Seller brings an action against the other with respect to this cormact,the prevailing party shall be ernitled to recover his reasonable attorney fees,costs and expenses. 16. The following addendum is attached hereto and made a part of this coMrad: Financing Addendum CoMingency Addendum X Additional Addendum entitied: Consent of City Council 17. The date of this contract is the latest date of signing by all parties. THIS IS A LEGALLY BINDING CONTRACT. UNLESS YOU FULLY UNDERSTAND THIS CONTRACT,CONSULT AN ATTORNEY BEFORE SIGNING.