#2948- Deed; QUIT-CLAIM DEED From City of South Bend to American Home Dreams, Commonly known as 313 and 317 Broadway - Part 3

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24756 AIP • .-t r•f. rr%I ., u %-Av tW Approved by the Multiple Listing Forms Committee South Bend, Indiana REALTOR° LISTING BROKER SELLING BROKER The undersigned, hereinafter called Realtor/Broker, the real estate known as PURCHASE AGREEMENT vc• 19 Y-)- 'Purchaser Date zey: hereby agrees to purchase from the owner, her Wafter called 7 SeHer", through z You as - State of Indiana, upo the following terms and conditions: 7. Purchase Price and Earnest Money Deposit. Purchaser hereby agrees to pay fo s d re jute the sum of Dollars I$ C�,) and purchaser deposits herewith Dollars ($ ) and earnest money of an additional earnest money deposit to be paid on or before 19_, of Dollars ($ — Q ), all the earnest money deposit to be held by the Realtor/Broker without interest thereon and applied on the purcbase price at the closing of this transaction, said purchase to be upon the following terms and/or conditions in accordance with paragraphbelow: A. Cash. The purchase price shall be paid in cash at the time of closing the transaction. B. Cash and New Mortgage. The purchase price shall be paid in cash at the time of closing the transaction. Completion of this trans- action shall be subject to Purchaser's ability to obtain a (conventional) (insured conventional) (FHA) (VA) first mortgage loan upon the real estate in the amount of Dollars ($ ) payable in not less than years. Purchaser shall pay all costs of obtaining financing, except the Seller shall pay any applicable dis• count points not to exce d % of amount financed. Purchaser shall use all reasonable efforts to promptly obtain a financing com- mitment but if after such efforts Purchaser is unable to obtain financing and this Agreement terminates because of such failure of the Pur- chaser to obtain financing, the earnest money deposit shall be refunded to Purchasef without delay. FHA Amendatory Cla se - The following clause is applicable only if this Agreement is subject to Purchaser's securing an FHA insured loan: "It is expressly agree that, notwithstanding any other provisions of this co�tract, the purchaser shall not be obligated to complete the purchase of the property scribed herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the seller has delivered to the purchaser written statement issued by the Federal Housing Commissioner setting forth the appraised value of the property (excluding closing costs) of not less than $ which stateyct the seller hereby agrees to deliver to the Purl' haler promptly after such appraised value st ement is made available to the seller. The Puser shall, however, have the privilege and optioh of proceeding with the consummation of his Contract without regard to the amount oe appraised valuation made by the Federal Housing Commis- sioner. The appraised Commis - 'a ion is arrived at to determine the maximum/mort age the Department of Housing and Urban Development will insure. HUD does not warr nt the value or the condition of the prop0ty. The Purchaser should satisfy himself herself #hat the price and VA Amendatory Clause The following clause is applicable only 6 this Agreement is subject to the Purchaser's securi�iga VA guaranteed loan: "It is expressly agreed that, notwithstanding any other provisions of this Contract, the Purchaser shall not incur ny penalty by for- feiture of earnest money or o herwise be obligated to complete a purchase of the property described herein, if the c�ntract price or cost exceeds the reasonable value f the property established by the eterans Administration. The Purchaser shall, howev r, have the privilege and option of proceeding it the consummation of this cont ct without regard to the amount of the reasonable vale established by the Veterans Administration." C. Assumption of Existi g Mortgage. Purchaser shall p approximatel yL Dollars ($ ) in cash at the time�f closing the ns tion and Purchaser shall assume and ag ee to pay the unpaid balance of the promissory note and to perform the provisions of the exi ing mor gage on the real tate held by as mortgagee. Seller represents that the unpaid balan a of suchortgage is appr ximately Do liars ($ ff! } as of 19_. The monthly payments are presently ar including interest at the rate of % per annum, and also includin es, ❑ insurance, ❑ mortgage insurance. Purchaser further agrees to ay mortgagee's trans er fee, if any, and reimburse Seller for mortgage escrows, if any, assigned by Seller to Purchaser at the closing. Afters btracting the Barnes money deposit and mortgage assumption balance from the purchase price, the balance shall be paid in cash, subject, ho ever, to prorations nd all other terms of this Agreement. If the existing mortgage can of be assumed by the Purchaser at the interest rate shown above, the Purchaser hereby agrees to accept an interest rate not to exceed % per annum, and if this is not available, at Purchaser's option, this Agreement may be terminated. Fur- ther, if Purchaser is not able to o tain mortgage 's approval for assumption then this Agreement may be terminated. If this Agreement is terminated as provided herein, the any earnest oney deposit shall be refunded to Purchaser without delay. D. Sale by Contract. Purchas r shall pay a the time of closing the transaction a cash down payment of Dollars ($ ►, of which any earnest money deposit shall be a part, and the balance of Dollars ($ ) shall be paid in accordance with th terms f a properly executed form of land contract approved by the Indiana Real Estate Association, Inc. or the Bar Association of St. J e p h ounty, Indiana, or other form in substantial accord therewith, including the terms of this Agree- ment. Payments under such land con act all be not less than Dollars ($ 1 er month including interest at the rate of —% per annum, computed semi-annually in advance. The first of said monthly land con ct payments shall begin the day of the month following the closing of this transaction. Taxes and insurance are to be paid ❑ separatel when due, ❑ monthly in addition to the above mentioned monthly payment. E. Sale o Other Basis. 2. Time Allowed for Financing. Purchaser agrees to make application or applications for any financing necessary to complete this trans- action, or for approval to assume the unpaid balance of the existing mortgage within- /"') clays after the acceptance of this Purchase Agree- ment, and to make a diligent effort to obtain financing in cooperation with the Realt713roker and the Seller. No more than days after the acceptance of the Purchase Agreement shall be allowed for obtaining favorable commitment or commitments or approval of mortgage assumption. If commitment or approval is not obtained within the time specified above, this Agreement shall then terminate at the written request of either party. 3. Property Included in Sale. The above purchase price includes all improvements permanently installed and affixed, including, but not limited to, such lighting fixtures, window shades, venetian blinds, storm sash, screens, awnings, fences, clothes poles, laundry tubs, land- scaping, shrubbery, storm doors, traverse rods, curtain rods, drapery poles and fixtures, electrical and/or gas fixtures, water heater, central air conditioner, disposal, incinerator, gas burner, oil burner, heat regulator, humidifier, water pump, sump pump, water softener (except rental units), towel racks and bars, door bells or chimes, all built-in kitchen appliances, permanently attached mirrors, TV antenna, outside gas grills, permanently installed carpeting, mailbox, outside lights, automatic garage door opener and controls, and the following: which belong to the above described real estate and aie installed or in use on the real estate. Seller guarantees that all of the above acces- sories or appliances are fully pr,ic#-fqr oir will be fully pair) for at the closing of this transaction, unless otherwise stated herein.