Loading...
HomeMy WebLinkAboutFinancing Addendum 07-12-96 FINANCING ADDENDUM COMMERCIAL-INDUSTRIAL REAL ESTATE TA 1. Dale a.a.Ly /Z. 19 f / 2. This Addendum is attached to and made a part of the Purchase Agr ement dated _ '-, `r /Z- 4 , 19.` on the real a. estate commonly known as 21 S £4.7 ' S A t£ - _ 4. in i../4 1 Township, city, CA R/' L , Indiana,which Is legally described as: PA•t2.+' - - • - c• . _ __•.......-- - 5- � � 6. 7. 1. FINANCING:Buyer's performance under this Contract is conditioned upon its ability to obtain financing as described herein below(Circle a. and fill out the applicable paragraph(s)below and strike those that do not apply): 9. A. THIRD PARTY FINANCING- This contract is subject to approval of a loan for Buyer by a third party in the amount of to. $ YO 2al• 13'11tcIt ae.t rptt We in ,S t:v installments for not less than__. '3 a .. years 11. with the(fix (variable) interest rate not to exceed Sf.l iZ/iK ( per annum, and with each principal and interest 12. installment not to exceed$. Buyer shall apply for e loan within days from 13. the date acceptance and shall make every reasonable effort to obtain approval. If the loan has not been approved within 14 - __ J ` days tram the date of acceptance through no fault of Buyer this Contract shall terminate. is. da -. , . • those obligations im•.=:• by the mortgage r=-•rded as instrume•t number 17 in the records• the county where the Pr.•--rty is situated.Buyer- ail pay the Installm: t payment 1e. •ue after the date o losing.The assu :• principal balance at c..Ing will be$ _ _.- allowing for 19. an agreed$ _. variance.The cas payable at closing shal •: adjusted for the mount of such 2o. variance.Buyer all apply for assu ••tion approval within da rom the date of ac >plane and shall 21. make every :•--=.noble effort to ob . the same.If the variance .;.•s the above amou• ,or the existing int: :st rate is increased 22 abOVe ' or any other terms are ••ified,or Buyer is requi :• to pay an assu .tion fee in excess of 23 ,or assumption approve cannot be obtained wit ' ____ _days from the 24. date of -• eptance,this • : may be terminated ; =uyer's option.If Buyer s assuming payor: t of or taking subject 2s• any ex'.'ing loan on the Pr•perty, all reserve deposit for the payment of tax:°,insurance premi s,or other charges s I 28 .. . : •. - .r,. Bu er shall •- to Seller,in cash at • e ing,the amoun .f such reserve depos . v C. '•MPLETION OF THIRD PARTY FINANCING AND/OR ASSUMPTION:In the event the financing(under Paragraph A or B, as ereinabove)is obtained but riot honored without fault of Buyer,this agreement shall be null and void and all deposits returned 29. to Buyer less the expenses of title work,survey and attorney fees,all not to exceed$ __ _. ,incurred by ea Seller to the date of cancellation of this transaction. 31. 0. CONDITIONAL SALES C• - • :Within_- days after acceptance a is • semen : •: es : 32. shall approve a conditional .les contract in the form pu. shed by the Metropolitan Indianap' is Board of REALTORS,Inc.o as. another acceptable form , bodying the terms contai herein.The terms shall be as 1• ows: 34. A cash down pay •ant of $ ..-. ; the interest rate ar the unpaid balance she be as. %per annum calculat:• monthly and paid monthly in arrea monthly principal and interest ymenl 36 shall be$ ;the first pa, ent shall be due on __.r_ I , 1 37. interest shall corn ence the day after closin e!-roperty taxes and insurance are • be paid(separately when du (monthly) as. in addition to the onthly principal and inter-st payment;no prepayment penalt for early pay-off;a -- day se. default period • any monetary provisions; : _ day default pe%••for any time provisions;forte ure provisions 40. are to be rel:.sed by Seller when Buye has paid more than $_ Or( -- %) of the 41. purchase pri e. The contract shall be •.id in full on or before. __ ._. _, 19-.___.__-. 42. SELLER - NANCING: Buyer shall a - ute a promissory nate to Seller- the principal sum of$ 43. bearing -%inter.- per annum,and payable:(Circ)i and fill in as appropriate and 4 'ke the paragraphs that 44. do not:ppiy) 45. (1) In full on the __.---.__-day of ©' _- Q.-f. ..-. _,19 ,with accrued interest 46, being due and payable _ / if/v��J - 47. 2) In(monthly)(annual)(.I : . r )instt mt s':,�`•' (including into �') 48. (plus interest)each, .eginning on the - ,. •: ti+r ,19 , 4e. and continuing re/ularly thereafter until the •: of , so. 19______, wh: the entire amount of principa • d interest then remaining paid, shall be then due and pa :•le. 51. (3) Interest only (monthly)(annual)(other: ._ )' stallments of$ each, s2• beginning o the day of_ 19 , :•. continuing s3regularly t•ereafter until the .. day of , 19 .•, thereafter in 54 (monthly annual)(other: )Installrne • of$ ____T, ' eluding Interest) ss. (plus in : •-,)beginning on the- day. --_ ,19 ,and fib. conti ing regularly thereafter u ' the -- . day of -_- __, 57• 19 when the entire amo t of principal and interest th' remaining unpaid shall be d : and payable. se. (4) ARANTEES: (Circle the par rgraph,A or B, whichever :•%les and strike the paragraph ich does not apply.): ss. (A) The note shall provide .r no personal or corporate iia,dity in the event of a default,it.' ng understood that the ho•er so. of the note may loo • ly to the security provid•• • the mortgage to enforce 1 payment of the indebted ss. 61, (B) The note shall= • •e for(personal)(corporate)li:.•-lity in the event of a default,a i a separate guarantee of.: .►manta 62. shall be given ., closing- 63. (5) DUE ON SALE:T.a mortgage securing payme r of the note shall provide that• all or any part of the Prop: y or an Interest 84. therein is sold • transferred by Buyer witho the prior written consent of e holder of the note,th:. •Ider of the note re. - at Its o. .n declare all the sums se red by the mortgage to be' mediately due and pays-0. Bo. rte. . - ; . •.. • • '.. .• . •,.•,i•, :.0 t. . -..; till..; iii'. . . • ..- ;•• '., I.,r. t the s7. payme, of the installments • principal last maturing, . interest shall immediate cease upon amount of r nclpat prepaid.The tier ea. recur' . payment of such ole will be inferior to any li securing any loan assn ed,taken subject to or e• en in connection with thirc as pa • financing. Each n•e herein provided shall be -ecured by mortgage lien and assignment of lea-:'. In case of dispute as to 70. • of the Deed,No : s),or Mortgages,farms p :•; ed by the Indianapolis ar Association shall be •'-.. Each note,herein pro ded 71. • :II contain provisi• for acceleration of matur in the event of default for the payment of r':-enable attorney's fees if note 72. is placed in the h• ds of an attorney for col : ion. 73, to the event • -tier Financing, Buyer e r:11 furnish Seller within _ days acceptance 74. a detailed •: -nce sheet form of finagle- statement for the sole urpose of credit approv:., which approval shall not a unreasonably 7s. withheld. :•yer authorizes Seller to e••::a the services of a r utabfe credit reporting a:-ncy for this purpose at B 's expense and 76. Seller s •i I notify the Buyer within .• - days f receipt of the tinancia •tatement and the credit port,of the apprevd 77. or dis: ••royal of Buyer's credit. 78. This Agreement may be executed simultaneously or in two or more counterparts,each of w•ich s .II . deemed a. engine .ut all of 79. which together shall constitute one and the same instrument. / 1 , so. BUYERS_- SELLERS 1IL,'////r4 .• s1. INITIALS: _ INITIALS:__ L - - r I Approved by and restricted to use by members oftheMetropolitan Indianapolis Board Or FEALTORs`. 1 Irlootil ,,..,,.w..:.•- rr.innrarm ioai mere No.360431 f911