AOS Agreement of Sale PDF

3. If the results of any inspection elected in Paragraph 12(C) are unsatisfactory to Buyer, Buyer WILL present all Report(s) in their entirety to Seller with a Written Corrective Proposal (“Proposal”) listing corrections and/or credits desired by 453 Buyer. 454 The Proposal may, but is not require...

3. If the results of any inspection elected in Paragraph 12(C) are unsatisfactory to Buyer, Buyer WILL present all Report(s) in their entirety to Seller with a Written Corrective Proposal (“Proposal”) listing corrections and/or credits desired by 453 Buyer. 454 The Proposal may, but is not required to, include the name(s) of a properly licensed or qualified professional(s) to perform 455 the corrections requested in the Proposal, provisions for payment, including retests, and a projected date for completion of 456 the corrections. Buyer agrees that Seller will not be held liable for corrections that do not comply with mortgage lender or 457 governmental requirements if performed in a workmanlike manner according to the terms of Buyer’s Proposal. 458 a. Following the end of the Contingency Period, Buyer and Seller will have       days (5 if not specified) for a Negotiation 459 Period. During the Negotiation Period: 460 (1) Seller will acknowledge in writing Seller’s agreement to satisfy all the terms of Buyer’s Proposal OR 461 (2) Buyer and Seller will negotiate another mutually acceptable written agreement, providing for any repairs or improve462 ments to the Property and/or any credit to Buyer at settlement, as acceptable to the mortgage lender, if any. 463 If Seller agrees to satisfy all the terms of Buyer’s Proposal, or Buyer and Seller enter into another mutually acceptable 464 written agreement, Buyer accepts the Property and agrees to the RELEASE in Paragraph 28 of this Agreement and the 465 Negotiation Period ends. 466 b. If no mutually acceptable written agreement is reached, or if Seller fails to respond during the Negotiation Period, within 467 _____ days (2 if not specified) following the end of the Negotiation Period, Buyer will: 468 (1) Accept the Property with the information stated in the Report(s) and agree to the RELEASE in Paragraph 28 of this 469 Agreement, OR 470 (2) Terminate this Agreement by written notice to Seller, with all deposit monies returned to Buyer according to the terms 471 of Paragraph 26 of this Agreement. 472  If Buyer and Seller do not reach a mutually acceptable written agreement, and Buyer does not terminate this Agreement 473 by written notice to Seller within the time allotted in Paragraph 13(B)(3)(b), Buyer will accept the Property and agree 474 to the RELEASE in Paragraph 28 of this Agreement. Ongoing negotiations do not automatically extend the Negotiation 475 Period. 476 (C) If a Report reveals the need to expand or replace the existing individual on-lot sewage disposal system, Seller may, within _____ 477 days (25 if not specified) of receiving the Report, submit a Proposal to Buyer. The Proposal will include, but not be limited to, 478 the name of the company to perform the expansion or replacement; provisions for payment, including retests; and a projected 479 completion date for corrective meas­ures. Within 5 DAYS of receiving Seller’s Proposal, or if no Proposal is provided within 480 the stated time, Buyer will notify Seller in writing of Buyer’s choice to: 481 1. Agree to the terms of the Proposal, accept the Property and agree to the RELEASE in Paragraph 28 of this Agreement, OR 482 2. Terminate this Agreement by written notice to Seller, with all deposit monies returned to Buyer according to the terms of 483 Paragraph 26 of this Agreement, OR 484 3. Accept the Property and the existing system and agree to the RELEASE in Paragraph 28 of this Agreement. If required by 485 any mortgage lender and/or any governmental authority, Buyer will correct the defects before settlement or within the time 486 required by the mortgage lender and/or governmental authority, at Buyer’s sole expense, with permission and access to the 487 Property given by Seller, which may not be unreasonably withheld. If Seller denies Buyer permission and/or access to correct 488 the defects, Buyer may, within 5 DAYS of Seller’s denial, terminate this Agreement by written notice to Seller, with all 489 deposit monies returned to Buyer according to the terms of Paragraph 26 of this Agreement. 490 If Buyer fails to respond within the time stated in Paragraph 13(C) or fails to terminate this Agreement by written notice to 491 Seller within that time, Buyer will accept the Property and agree to the RELEASE in Paragraph 28 of this Agreement. 492 14. TITLES, SURVEYS AND COSTS (6-20) 493 (A) Within _____ days (7 if not specified) from the Execution Date of this Agreement, Buyer will order from a reputable title company 494 for delivery to Seller a comprehensive title report on the Property. Upon receipt, Buyer will deliver a free copy of the title report 495 to Seller. 496 (B) Buyer is encouraged to obtain an owner’s title insurance policy to protect Buyer. An owner’s title insurance policy is different 497 from a lender’s title insurance policy, which will not protect Buyer from claims and attacks on the title. Owner’s title insurance 498 policies come in standard and enhanced versions; Buyer should consult with a title insurance agent about Buyer’s options. 499 Buyer agrees to release and discharge any and all claims and losses against Broker for Buyer should Buyer neglect to obtain an 500 owner’s title insurance policy. 501 (C) Buyer will pay for the following: (1) Title search, title insurance and/or mechanics’ lien insurance, or any fee for cancellation; 502 (2) Flood insurance, fire insurance, hazard insurance, mine subsidence insurance, or any fee for cancellation; (3) Appraisal fees 503 and charges paid in advance to mortgage lender; (4) Buyer’s customary settlement costs and accruals. 504 (D) Any survey or surveys required by the title insurance company or the abstracting company for preparing an adequate legal descrip505 tion of the Property (or the correction thereof) will be obtained and paid for by Seller. Any survey or surveys desired by Buyer or 506 required by the mortgage lender will be obtained and paid for by Buyer. 507 (E) The Property will be conveyed with good and marketable title that is insurable by a reputable title insurance company at the reg508 ular rates, free and clear of all liens, encumbrances, and easements, excepting however the following: existing deed restrictions; 509 historic preservation restrictions or ordinances; building restrictions; ordinances; easements of roads; easements visible upon the 510 ground; easements of record; and privileges or rights of public service companies, if any. 511 (F) If a change in Seller’s financial status affects Seller’s ability to convey title to the Property on or before the Settlement Date, or 512 any extension thereof, Seller shall promptly notify Buyer in writing. A change in financial status includes, but is not limited to, 513 Seller filing bankruptcy; filing of a foreclosure lawsuit against the Property; entry of a monetary judgment against Seller; notice 514 of public tax sale affecting the Property; and Seller learning that the sale price of the Property is no longer sufficient to satisfy all 515 liens and encumbrances against the Property. 451 452 516 Buyer Initials:______________________ ASR Page 9 of 14 Seller Initials:______________________ (G) If Seller is unable to give good and marketable title that is insurable by a reputable title insurance company at the regular rates, as specified in Paragraph 14(E), Buyer may terminate this Agreement by written notice to Seller, with all deposit monies returned 519 to Buyer according to the terms of Paragraph 26 of this Agreement, or take such title as Seller can convey. If the title condition 520 precludes Seller from conveying title, Buyer’s sole remedy shall be to terminate this Agreement. Upon termination, all deposit 521 monies shall be returned to Buyer according to the terms of Paragraph 26 of this Agreement and Seller will reimburse Buyer for 522 any costs incurred by Buyer for any inspections or certifications obtained according to the terms of this Agreement, and for those 523 items specified in Paragraph 14(C) items (1), (2), (3) and in Paragraph 14(D). 524 (H) Oil, gas, mineral, or other rights of this Property may have been previously conveyed or leased, and Sellers make no representation 525 about the status of those rights unless indicated elsewhere in this Agreement. 526 Oil, Gas and Mineral Rights Addendum (PAR Form OGM) is attached to and made part of this Agreement. 527 (I)  COAL NOTICE (Where Applicable) 528 this document may not sell, convey, transfer, include or insure the title to the coal and rights of support under529 neath the surface land described or referred to herein, and the owner or owners of such coal may have the com530 plete legal right to remove all such coal and in that connection, damage may result to the surface of the land and 531 any house, building or other structure on or in such land. (This notice is set forth in the manner provided in Section 1 of 532 the Act of July 17, 1957, P.L. 984.) “Buyer acknowledges that he may not be obtaining the right of protection against subsidence 533 resulting from coal mining operations, and that the property described herein may be protected from damage due to mine subsid534 ence by a private contract with the owners of the economic interests in the coal. This acknowledgement is made for the purpose 535 of complying with the provisions of Section 14 of the Bituminous Mine Subsidence and the Land Conservation Act of April 27, 536 1966.” Buyer agrees to sign the deed from Seller which deed will contain the aforesaid provision. 537 (J) The Property is not a “recreational cabin” as defined in the Pennsylvania Construction Code Act unless otherwise stated here:______ 538 ____________________________________________________________________________________________________________ 539 (K) 1. This property is not subject to a Private Transfer Fee Obligation unless otherwise stated here:__________________________ 540 Private Transfer Fee Addendum (PAR Form PTF) is attached to and made part of this Agreement. 541 2.  Notices Regarding Private Transfer Fees: In Pennsylvania, Private Transfer Fees are defined and regulated in the Private 542 Transfer Fee Obligation Act (Act 1 of 2011; 68 Pa.C.S. §§ 8101, et. seq.), which defines a Private Transfer Fee as “a fee that 543 is payable upon the transfer of an interest in real property, or payable for the right to make or accept the transfer, if the obli544 gation to pay the fee or charge runs with title to the property or otherwise binds subsequent owners of property, regardless of 545 whether the fee or charge is a fixed amount or is determined as a percentage of the value of the property, the purchase price or 546 other consideration given for the transfer.” A Private Transfer Fee must be properly recorded to be binding, and sellers must 547 disclose the existence of the fees to prospective buyers. Where a Private Transfer Fee is not properly recorded or disclosed, 548 the Act gives certain rights and protections to buyers. 549 15. NOTICES, ASSESSMENTS AND MUNICIPAL REQUIREMENTS (9-18) 550 (A) In the event any notices of public and/or private assessments as described in Paragraph 10(F) (excluding assessed value) are 551 received after Seller has signed this Agreement and before settlement, Seller will within 5 DAYS of receiving the notices and/ 552 or assessments provide a copy of the notices and/or assessments to Buyer and will notify Buyer in writing that Seller will: 553 1. Fully comply with the notices and/or assessments, at Seller’s expense, before settlement. If Seller fully complies with the 554 notices and/or assessments, Buyer accepts the Property and agrees to the RELEASE in Paragraph 28 of this Agreement, OR 555 2. Not comply with the notices and/or assessments. If Seller chooses not to comply with the notices and/or assessments, or fails 556 within the stated time to notify Buyer whether Seller will comply, Buyer will notify Seller in writing within 5 DAYS 557 that Buyer will: 558 a. Comply with the notices and/or assessments at Buyer’s expense, accept the Property, and agree to the RELEASE in 559 Paragraph 28 of this Agreement, OR 560 b. Terminate this Agreement by written notice to Seller, with all deposit monies returned to Buyer according to the terms of 561 Paragraph 26 of this Agreement. 562  If Buyer fails to respond within the time stated in Paragraph 15(A)(2) or fails to terminate this Agreement by written notice 563 to Seller within that time, Buyer will accept the Property and agree to the RELEASE in Paragraph 28 of this Agreement. 564 (B) If required by law, within 30 DAYS from the Execution Date of this Agreement, but in no case later than 15 DAYS prior to 565 Settlement Date, Seller will order at Seller’s expense a certification from the appropriate municipal department(s) disclosing notice 566 of any uncorrected violations of zoning, housing, building, safety or fire ordinances and/or a certificate permitting occupancy of 567 the Property. If Buyer receives a notice of any required repairs/improvements, Buyer will promptly deliver a copy of the notice to 568 Seller. 569 1. Within 5 DAYS of receiving notice from the municipality that repairs/improvements are required, Seller will deliver a 570 copy of the notice to Buyer and notify Buyer in writing that Seller will: 571 a. Make the required repairs/improvements to the satisfaction of the municipality. If Seller makes the required repairs/ 572 improvements, Buyer accepts the Property and agrees to the RELEASE in Paragraph 28 of this Agreement, OR 573 b. Not make the required repairs/improvements. If Seller chooses not to make the required repairs/improvements, Buyer will 574 notify Seller in writing within 5 DAYS that Buyer will: 575 (1) Accept a temporary access certificate or temporary use and occupancy certificate, agree to the RELEASE in Paragraph 576 28 of this Agreement and make the repairs at Buyer’s expense after settlement, OR 577 (2) Terminate this Agreement by written notice to Seller, with all deposit monies returned to Buyer according to the terms 578 of Paragraph 26 of this Agreement. 579  If Buyer fails to respond within the time stated in Paragraph 15(B)(1)(b) or fails to terminate this Agreement by writ580 ten notice to Seller within that time, Buyer will accept the Property and agree to the RELEASE in Paragraph 28 of this 517 518 581 Buyer Initials:______________________ ASR Page 10 of 14 Seller Initials:______________________ Agreement, and Buyer accepts the responsibility to perform the repairs/improvements according to the terms of the notice provided by the municipality. 584 2. If repairs/improvements are required and Seller fails to provide a copy of the notice to Buyer as required in this Paragraph, 585 Seller will perform all repairs/improvements as required by the notice at Seller’s expense. Paragraph 15(B)(2) will survive 586 settlement. 587 16. CONDOMINIUM/PLANNED COMMUNITY (HOMEOWNER ASSOCIATIONS) NOTICE (9-16) 588 (A) Property is NOT a Condominium or part of a Planned Community unless checked below. 589 CONDOMINIUM. The Property is a unit of a condominium that is primarily run by a unit owners’ association. Section 3407 590 of the Uniform Condominium Act of Pennsylvania requires Seller to furnish Buyer with a Certificate of Resale and copies of 591 the condominium declaration (other than plats and plans), the bylaws and the rules and regulations of the association. 592 PLANNED COMMUNITY (HOMEOWNER ASSOCIATION). The Property is part of a planned community as defined by 593 the Uniform Planned Community Act. Section 5407(a) of the Act requires Seller to furnish Buyer with a copy of the decla594 ration (other than plats and plans), the bylaws, the rules and regulations of the association, and a Certificate containing the 595 provisions set forth in Section 5407(a) of the Act. 596 (B) T HE FOLLOWING APPLIES TO INITIAL SALES OF PROPERTIES THAT ARE PART OF A CONDOMINIUM 597 OR A PLANNED COMMUNITY: 598 If this is the first sale of the property after creation of the conduminium or planned community (therefore a sale by the Declarant), 599 Seller shall furnish Buyer with a Public Offering Statement no later than the date Buyer executes this Agreement. Buyer may void 600 this Agreement within 15 days (if a condominium) or within 7 days (if part of a planned community) after receipt of the Public 601 Offering Statement or any amendment to the Statement that materially and adversely affects Buyer. Upon Buyer declaring this 602 Agreement void, all deposit monies will be returned to Buyer according to the terms of Paragraph 26 of this Agreement. 603 (C) THE FOLLOWING APPLIES TO RESALES OF PROPERTIES THAT ARE PART OF A CONDOMINIUM OR A 604 PLANNED COMMUNITY: 605 1. Within 15 DAYS from the Execution Date of this Agreement, Seller, at Seller’s expense, will request from the association 606 a Certificate of Resale and any other documents necessary to enable Seller to comply with the relevant Act. The Act provides 607 that the association is required to provide these documents within 10 days of Seller’s request. 608 2. Seller will promptly deliver to Buyer all documents received from the association. Under the Act, Seller is not liable to Buyer 609 for the failure of the association to provide the Certificate in a timely manner or for any incorrect information provided by the 610 association in the Certificate. 611 3. The Act provides that Buyer may declare this Agreement VOID at any time before Buyer receives the association documents 612 and for 5 days after receipt, OR until settlement, whichever occurs first. Buyer’s notice to Seller must be in writing; upon 613 Buyer declaring this Agreement void, all deposit monies will be returned to Buyer according to the terms of Paragraph 26 of 614 this Agreement. 615 4. If the association has the right to buy the Property (right of first refusal), and the association exercises that right, Seller will 616 reimburse Buyer for any costs incurred by Buyer for any inspections or certifications obtained according to the terms of the 617 Agreement, and any costs incurred by Buyer for: (1) Title search, title insurance and/or mechanics’ lien insurance, or any fee for 618 cancellation; (2) Flood insurance, fire insurance, hazard insurance, mine subsidence insurance, or any fee for cancellation; (3) 619 Appraisal fees and charges paid in advance to mortgage lender. 620 17. REAL ESTATE TAXES AND ASSESSED VALUE (4-14) 621  In Pennsylvania, taxing authorities (school districts and municipalities) and property owners may appeal the assessed value of a prop622 erty at the time of sale, or at any time thereafter. A successful appeal by a taxing authority may result in a higher assessed value for 623 the property and an increase in property taxes. Also, periodic county-wide property reassessments may change the assessed value of 624 the property and result in a change in property tax. 625 18. MAINTENANCE AND RISK OF LOSS (1-14) 626 (A) Seller will maintain the Property (including, but not limited to, structures, grounds, fixtures, appliances, and personal property) 627 specifically listed in this Agreement in its present condition, normal wear and tear excepted. 628 (B) If any part of the Property included in the sale fails before settlement, Seller will: 629 1. Repair or replace that part of the Property before settlement, OR 630 2. Provide prompt written notice to Buyer of Seller’s decision to: 631 a. Credit Buyer at settlement for the fair market value of the failed part of the Property, as acceptable to the mortgage lender, 632 if any, OR 633 b. Not repair or replace the failed part of the Property, and not credit Buyer at settlement for the fair market value of the failed 634 part of the Property. 635 3. If Seller does not repair or replace the failed part of the Property or agree to credit Buyer for its fair market value, or if Seller fails 636 to notify Buyer of Seller’s choice, Buyer will notify Seller in writing within 5 DAYS or before Settlement Date, whichever 637 is earlier, that Buyer will: 638 a. Accept the Property and agree to the RELEASE in Paragraph 28 of this Agreement, OR 639 b. Terminate this Agreement by written notice to Seller, with all deposit monies returned to Buyer according to the terms of 640 Paragraph 26 of this Agreement. 641  If Buyer fails to respond within the time stated in Paragraph 18(B)(3) or fails to terminate this Agreement by written notice 642 to Seller within that time, Buyer will accept the Property and agree to the RELEASE in Paragraph 28 of this Agreement. 643 (C) Seller bears the risk of loss from fire or other casualties until settlement. If any property included in this sale is destroyed and not 644 replaced prior to settlement, Buyer will: 582 583 645 Buyer Initials:______________________ ASR Page 11 of 14 Seller Initials:______________________ 1. Accept the Property in its then current condition together with the proceeds of any insurance recovery obtainable by Seller, OR 2. Terminate this Agreement by written notice to Seller, with all deposit monies returned to Buyer according to the terms of 648 Paragraph 26 of this Agreement. 649 19. HOME WARRANTIES (1-10) 650  At or before settlement, either party may purchase a home warranty for the Property from a third-party vendor. Buyer and Seller 651 understand that a home warranty for the Property does not alter any disclosure requirements of Seller, will not cover or warrant any 652 pre-existing defects of the Property, and will not alter, waive or extend any provisions of this Agreement regarding inspections or 653 certifications that Buyer has elected or waived as part of this Agreement. Buyer and Seller understand that a broker who recommends 654 a home warranty may have a business relationship with the home warranty company that provides a financial benefit to the broker. 655 20. RECORDING (9-05) 656 This Agreement will not be recorded in the Office of the Recorder of Deeds or in any other office or place of public record. If Buyer 657 causes or permits this Agreement to be recorded, Seller may elect to treat such act as a default of this Agreement. 658 21. ASSIGNMENT (1-10) 659 This Agreement is binding upon the parties, their heirs, personal representatives, guardians and successors, and to the extent assign660 able, on the assigns of the parties hereto. Buyer will not transfer or assign this Agreement without the written consent of Seller unless 661 otherwise stated in this Agreement. Assignment of this Agreement may result in additional transfer taxes. 662 22. GOVERNING LAW, VENUE AND PERSONAL JURISDICTION (9-05) 663 (A) The validity and construction of this Agreement, and the rights and duties of the parties, will be governed in accordance with the 664 laws of the Commonwealth of Pennsylvania. 665 (B) The parties agree that any dispute, controversy or claim arising under or in connection with this Agreement or its performance 666 by either party submitted to a court shall be filed exclusively by and in the state or federal courts sitting in the Commonwealth of 667 Pennsylvania. 668 23. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT OF 1980 (FIRPTA) (1-17) 669 The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property 670 Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorized the United States to tax foreign persons on dispositions of U.S. 671 real property interests. This includes but is not limited to a sale or exchange, liquidation, redemption, gift, transfers, etc. Persons pur672 chasing U.S. real property interests (transferee) from foreign persons, certain purchasers’ agents, and settlement officers are required 673 to withhold up to 15 percent of the amount realized (special rules for foreign corporations). Withholding is intended to ensure U.S. 674 taxation of gains realized on disposition of such interests. The transferee/Buyer is the withholding agent. If you are the transferee/ 675 Buyer you must find out if the transferor is a foreign person as defined by the Act. If the transferor is a foreign person and you fail to 676 withhold, you may be held liable for the tax. 677 24._ NOTICE REGARDING CONVICTED SEX OFFENDERS (MEGAN’S LAW) (4-14) 678 The Pennsylvania General Assembly has passed legislation (often referred to as “Megan’s Law,” 42 Pa.C.S. § 9791 et seq.) providing 679 for community notification of the presence of certain convicted sex offenders. Buyers are encouraged to contact the municipal 680 police department or the Pennsylvania State Police for information relating to the presence of sex offenders near a particular prop681 erty, or to check the information on the Pennsylvania State Police Web site at www.pameganslaw.state.pa.us. 682 25. REPRESENTATIONS (1-10) 683 (A) All representations, claims, advertising, promotional activities, brochures or plans of any kind made by Seller, Brokers, their licens684 ees, employees, officers or partners are not a part of this Agreement unless expressly incorporated or stated in this Agreement. 685 This Agreement contains the whole agreement between Seller and Buyer, and there are no other terms, obligations, covenants, 686 representations, statements or conditions, oral or otherwise, of any kind whatsoever concerning this sale. This Agreement will not 687 be altered, amended, changed or modified except in writing executed by the parties. 688 (B) Unless ­otherwise stated in this Agreement, Buyer has inspected the Property (including fixtures and any personal property spe689 cifically listed herein) before signing this Agreement or has waived the right to do so, and agrees to purchase the Property 690 IN ITS PRESENT CONDITION, subject to inspection contingencies elected in this Agreement. Buyer acknowledges that 691 Brokers, their licensees, employees, officers or partners have not made an independent examination or determination of the 692 structural soundness of the Property, the age or condition of the components, environmental conditions, the permitted uses, nor of 693 conditions existing in the locale where the Property is situated; nor have they made a mechanical inspection of any of the systems 694 contained therein. 695 (C) Any repairs required by this Agreement will be completed in a workmanlike manner. 696 (D) Broker(s) have provided or may provide services to assist unrepresented parties in complying with this Agreement. 697 26. DEFAULT, TERMINATION AND RETURN OF DEPOSITS (1-18) 698 (A) Where Buyer terminates this Agreement pursuant to any right granted by this Agreement, Buyer will be entitled to a return of all 699 deposit monies paid on account of Purchase Price pursuant to the terms of Paragraph 26(B), and this Agreement will be VOID. 700 Termination of this Agreement may occur for other reasons giving rise to claims by Buyer and/or Seller for the deposit monies. 701 (B) Regardless of the apparent entitlement to deposit monies, Pennsylvania law does not allow a Broker holding deposit monies to 702 determine who is entitled to the deposit monies when settlement does not occur. Broker can only release the deposit monies: 703 1. If this Agreement is terminated prior to settlement and there is no dispute over entitlement to the deposit monies. A written 704 agreement signed by both parties is evidence that there is no dispute regarding deposit monies. 705 2. If, after Broker has received deposit monies, Broker receives a written agreement that is signed by Buyer and Seller, directing 706 Broker how to distribute some or all of the deposit monies. 707 3. According to the terms of a final order of court. 708 4. According to the terms of a prior written agreement between Buyer and Seller that directs the Broker how to distribute the 709 deposit monies if there is a dispute between the parties that is not resolved. (See Paragraph 26(C)) 646 647 710 Buyer Initials:______________________ ASR Page 12 of 14 Seller Initials:______________________ (C) Buyer and Seller agree that if there is a dispute over the entitlement to deposit monies that is unresolved 15 ______ days (180 if not specified) after the Settlement Date stated in Paragraph 4(A) (or any written extensions thereof) or following termination of the 713 Agreement, whichever is earlier, then the Broker holding the deposit monies will, within 30 days of receipt of Buyer’s written 714 request, distribute the deposit monies to Buyer unless the Broker is in receipt of verifiable written notice that the dispute is the 715 subject of litigation or mediation. If Broker has received verifiable written notice of litigation or mediation prior to the receipt of 716 Buyer’s request for distribution, Broker will continue to hold the deposit monies until receipt of a written distribution agreement 717 between Buyer and Seller or a final court order. Buyer and Seller are advised to initiate litigation or mediation for any portion of 718 the deposit monies prior to any distribution made by Broker pursuant to this paragraph. Buyer and Seller agree that the distribution 719 of deposit monies based upon the passage of time does not legally determine entitlement to deposit monies, and that the parties 720 maintain their legal rights to pursue litigation even after a distribution is made. 721 (D) Buyer and Seller agree that a Broker who holds or distributes deposit monies pursuant to the terms of Paragraph 26 or Pennsylvania 722 law will not be liable. Buyer and Seller agree that if any Broker or affiliated licensee is named in litigation regarding deposit 723 monies, the attorneys’ fees and costs of the Broker(s) and licensee(s) will be paid by the party naming them in litigation. 724 (E) Seller has the option of retaining all sums paid by Buyer, including the deposit monies, should Buyer: 725 1. Fail to make any additional payments as specified in Paragraph 2, OR 726 2. Furnish false or incomplete information to Seller, Broker(s), or any other party identified in this Agreement concerning 727 Buyer’s legal or financial status, OR 728 3. Violate or fail to fulfill and perform any other terms or conditions of this Agreement. 729 (F) Unless otherwise checked in Paragraph 26(G), Seller may elect to retain those sums paid by Buyer, including deposit monies: 730 1. On account of purchase price, OR 731 2. As monies to be applied to Seller’s damages, OR 732 3. As liquidated damages for such default. 733 (G) S  ELLER IS LIMITED TO RETAINING THOSE SUMS PAID BY BUYER, INCLUDING DEPOSIT MONIES, AS 734 LIQUIDATED DAMAGES. 735 (H) If Seller retains all sums paid by Buyer, including deposit monies, as liquidated damages pursuant to Paragraph 26(F) or (G), Buyer 736 and Seller are released from further liability or obligation and this Agreement is VOID. 737 (I) Brokers and licensees are not responsible for unpaid deposits. 738 27. MEDIATION (7-20) 739 Buyer and Seller will submit all disputes or claims that arise from this Agreement, including disputes and claims over deposit monies, 740 to mediation. Mediation will be conducted in accordance with the Rules and Procedures of the Home Sellers/Home Buyers Dispute 741 Resolution System, unless it is not available, in which case Buyer and Seller will mediate according to the terms of the mediation sys742 tem offered or endorsed by the local Association of Realtors®. Mediation fees, contained in the mediator’s fee schedule, will be divided 743 equally among the parties and will be paid before the mediation conference. Legal proceedings may be initiated prior to the comple744 tion of the mediation process to stop any statute of limitations from expiring and for the purpose of indexing a lis pendens by Buyer 745 to prevent the transfer of title to a third party when Buyer is seeking to purchase the Property. The parties agree that all proceedings 746 shall be stayed until the completion of mediation and that a court of competent jurisdiction may award attorneys’ fees to the prevailing 747 party should the court find that a party has unreasonably breached this provision or acted in bad faith. Any agreement reached through 748 mediation and signed by the parties will be binding. Any agreement to mediate disputes or claims arising from this Agreement will 749 survive settlement. 750 28. RELEASE (9-05) 751  Buyer releases, quit claims and forever discharges SELLER, ALL BROKERS, their LICENSEES, EMPLOYEES and any 752 OFFICER or PARTNER of any one of them and any other PERSON, FIRM or CORPORATION who may be liable by or 753 through them, from any and all claims, losses or demands, including, but not limited to, personal injury and property damage and 754 all of the consequences thereof, whether known or not, which may arise from the presence of termites or other wood-boring insects, 755 radon, lead-based paint hazards, mold, fungi or indoor air quality, environmental hazards, any defects in the individual on-lot sewage 756 disposal system or deficiencies in the on-site water service system, or any defects or conditions on the Property. Should Seller be in 757 default under the terms of this Agreement or in violation of any Seller disclosure law or regulation, this release does not deprive Buyer 758 of any right to pursue any remedies that may be available under law or equity. This release will survive settlement. 759 29. REAL ESTATE RECOVERY FUND (4-18) 760 A Real Estate Recovery Fund exists to reimburse any persons who have obtained a final civil judgment against a Pennsylvania real 761 estate licensee (or a licensee’s affiliates) owing to fraud, misrepresentation, or deceit in a real estate transaction and who have been 762 unable to collect the judgment after exhausting all legal and equitable remedies. For complete details about the Fund, call (717) 783763 3658. 764 30. COMMUNICATIONS WITH BUYER AND/OR SELLER (1-10) 765 (A) If Buyer is obtaining mortgage financing, Buyer shall promptly deliver to Broker for Buyer, if any, a copy of all Loan Estimate(s) 766 and Closing Disclosure(s) upon receipt. 767 (B) Wherever this Agreement contains a provision that requires or allows communication/delivery to a Buyer, that provision shall be 768 satisfied by communication/delivery to the Broker for Buyer, if any, except for documents required to be delivered pursuant 769 to Paragraph 16. If there is no Broker for Buyer, those provisions may be satisfied only by communication/delivery being made 770 directly to the Buyer, unless otherwise agreed to by the parties. Wherever this Agreement contains a provision that requires or 771 allows communication/delivery to a Seller, that provision shall be satisfied by communication/delivery to the Broker for Seller, if 772 any. If there is no Broker for Seller, those provisions may be satisfied only by communication/delivery being made directly to the 773 Seller, unless otherwise agreed to by the parties. 711 712 774 Buyer Initials:______________________ ASR Page 13 of 14 Seller Initials:______________________ 775 31. HEADINGS (4-14) section and paragraph headings in this Agreement are for convenience only and are not intended to indicate all of the matter in the 777 sections which follow them. They shall have no effect whatsoever in determining the rights, obligations or intent of the parties. 778 32. SPECIAL CLAUSES (1-10) 779 (A) The following are attached to and made part of this Agreement if checked: 780 Sale & Settlement of Other Property Contingency Addendum (PAR Form SSP) 781 Sale & Settlement of Other Property Contingency with Right to Continue Marketing Addendum (PAR Form SSPCM) 782 Sale & Settlement of Other Property Contingency with Timed Kickout Addendum (PAR Form SSPTKO) 783 Settlement of Other Property Contingency Addendum (PAR Form SOP) 784 Appraisal Contingency Addendum (PAR Form ACA) 785 Short Sale Addendum (PAR Form SHS) 786 _____________________________________________________________________________________________________ 787 _____________________________________________________________________________________________________ 788 _____________________________________________________________________________________________________ 789 (B) Additional Terms: 776 The 790 791 792 793 794 795 796 797 798 799 800 801 Buyer 802 This and Seller acknowledge receipt of a copy of this Agreement at the time of signing. Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and which counterparts shall constitute one and the same Agreement of the Parties. 803 together 804 NOTICE 805 advised 806 Return 807 parties, TO PARTIES: WHEN SIGNED, THIS AGREEMENT IS A BINDING CONTRACT. Parties to this transaction are to consult a Pennsylvania real estate attorney before signing if they desire legal advice. of this Agreement, and any addenda and amendments, including return by electronic transmission, bearing the signatures of all constitutes acceptance by the parties. 808 ____________ Buyer has received the Consumer Notice as adopted by the State Real Estate Commission at 49 Pa. Code §35.336. 809 ____________ Buyer has received a statement of Buyer’s estimated closing costs before signing this Agreement. 810 ____________ Buyer has received the Deposit Money Notice (for cooperative sales when Broker for Seller is holding deposit money) before signing this Agreement. 811 812 ____________ 813 Buyer has received the Lead-Based Paint Hazards Disclosure, which is attached to this Agreement of Sale. Buyer has received the pamphlet Protect Your Family from Lead in Your Home (for properties built prior to 1978). 814 BUYER_________________________________________________________ DATE______________________________________ DATE______________________________________ 816 BUYER_________________________________________________________ DATE______________________________________ 815 BUYER_________________________________________________________ 817 Seller 818 Seller has received the Consumer Notice as adopted by the State Real Estate Commission at 49 Pa. Code § 35.336. has received a statement of Seller’s estimated closing costs before signing this Agreement. 819 SELLER________________________________________________________ DATE______________________________________ DATE______________________________________ 821 SELLER________________________________________________________ DATE______________________________________ 820 SELLER________________________________________________________ ASR Page 14 of 14