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, State of Indiana, upon the following terms and conditions:
<br />Purchase Price and Earnest Money Deposit. Purchaser hereby agrees to pay for said real estate the sum of
<br />Dollars ($ ► and purchaser deposits herewith
<br />Dollars ($ ) and
<br />earnest money of
<br />an additional earnest money deposit to be paid on or before
<br />Dollars ($
<br />), all the earnest money deposit to be held by the Realtor/Broker
<br />without interest thereon and applied on the purchase price at the closing of this transaction, said purchase to be upon the following terms
<br />and/or conditions in accordance with paragraph below:
<br />A. Cash. The purchase price shall be paid in cash at the time of closing the transaction.
<br />B. Cash and New Mortgage. The purchase price shall be paid in cash at the time of closing the transaction. Completion of this trans-
<br />action shall be sublect to Purchaser's ability to obtain a (conventional) (insured conventional) (FHA) (VA) first mortgage loan upon the real
<br />estate in the amount of Dollars ($ )
<br />payable in not less than years. Purchaser shall pay all costs of obtaining financing, except the Seller shall pay any applicable dis-
<br />count points not to exceed % of amount financed. Purchaser shall use all reasonable efforts to promptly obtain a financing com-
<br />mitment but if after such efforts Purchaser is unable to obtain financing and this Agreement terminates because of such failure of the Pur-
<br />chaser to obtain financing, the earnest money deposit shall be refunded to Purchaser without delay.
<br />FHA Amendatory Clause - The following clause is applicable only if this Agreement is subject to Purchaser's securing an FHA insured loan:
<br />"It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the
<br />purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the seller has
<br />delivered to the purchaser a written statement issued by the Federal Housing Commissioner setting forth the appraised value of the property
<br />(excluding closing costs) of not less than $ which statement the seller hereby agrees to deliver to the Purchaser promptly
<br />after such appraised value statement is made available to the seller. The Purchaser shall, however, have the privilege and option of proceeding
<br />with the consummation of this Contract without regard to the amount of the appraised valuation made by the Federal Housing Commis-
<br />sioner. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will
<br />insure. HUD does not warrant the value or the condition of the property. The purchaser should satisfy himself herself that the price and
<br />condition Of the DrnnP.rty are arcentahlp "
<br />VA Amendatory Clause - The following clause is applicable only if this Agreement is subject to the Purchaser's securinga VAguaranteed
<br />loan: "It is expressly agreed that, notwithstanding any other provisions of this Contract, the Purchaser shall not incur any penalty by for-
<br />feiture of earnest money or otherwise be obligated to complete the purchase of the property described herein, if the contract price or cost
<br />exceeds the reasonable value of the property established by the Veterans Administration. The Purchaser shall, however, have the privilege
<br />and option of proceeding with the consummation of this contract without regard to the amount of the reasonable value established by the
<br />Veterans Administration."
<br />C. Assumption of Existing Mortgage. Purchaser shall pay approximately
<br />Dollars ($ ) in cash at the time of closing the transaction and Purchaser shall assume and agree to pay the unpaid
<br />balance of the promissory note and to perform the provisions of the existing mortgage on the real estate held by
<br />as mortgagee. Seller represents that the unpaid balance of such mortgage is approximately
<br />Dollars ($ I as of 19_. The monthly
<br />payments are presently Dollars ($ ),
<br />including interest at the rate of -% per annum, and also including ❑ taxes, ❑ insurance, ❑ mortgage insurance.
<br />Purchaser further agrees to pay mortgagee's transfer fee, if any, and reimburse Seller for mortgage escrows, if any, assigned by Seller to
<br />Purchaser at the closing. After subtracting the earnest money deposit and mortgage assumption balance from the purchase price, the balance
<br />shall be paid in cash, subject, however, to prorations and all other terms of this Agreement.
<br />If the existing mortgage cannot be assumed by the Purchaser at the interest rate shown above, the Purchaser hereby agrees to accept an
<br />interest rate not to exceed % per annum, and if this is not available, at Purchaser's option, this Agreement may be terminated. Fur-
<br />ther, if Purchaser is not able to obtain mortgagee's approval for assumption then this Agreement may be terminated. If this Agreement is
<br />terminated as provided herein, then any earnest money deposit shall be refunded to Purchaser without delay.
<br />D. Sale by Contract. Purchaser shall pay at the time of closing the transaction a cash down payment of
<br />Dollars ($ ), of which any earnest money deposit shall be a part,
<br />and the balance of Dollars ($ )
<br />shall be paid in accordance with the terms of a properly executed form of land contract approved by the Indiana Real Estate Association,
<br />Inc. or the Bar Association of St. Joseph County, Indiana, or other form in substantial accord therewith, including the terms of this Agree-
<br />ment. Payments under such land contract shall be not less than
<br />Dollars I$ ) per month including interest at the rate of -% per annum, computed semi-annually in advance.
<br />The first of said monthly land contract payments shall begin the day of the month following the closing of this transaction. Taxes
<br />and insurance are to be paid ❑ separately when due, ❑ monthly in addition to the above mentioned monthly payment.
<br />E. Sale on Other Basis.
<br />2. Time Allowed for Financing. Purchaser agrees to make application or applications for any financing necessary to complete this trans-
<br />action, or for approval to assume the unpaid balance of the existing mortgage within days after the acceptance of this Purchase Agree-
<br />ment, and to make a diligent effort to obtain financing in cooperation with the Realtor/Broker and the Seller. No more than
<br />days after the acceptance of the Purchase Agreement shall be allowed for obtaining favorable commitment or commitments or approval of
<br />mortgage assumption. If commitment or approval is not obtained within the time specified above, this Agreement shall then terminate at
<br />the written request of either party.
<br />3. Property Included in Sale. The above purchase price includes all improvements permanently installed and affixed, including, but
<br />not limited to, such lighting fixtures, window shades, venetian blinds, storm sash, screens, awnings, fences, clothes poles, laundry tubs, land-
<br />scaping, shrubbery, storm doors, traverse rods, curtain rods, drapery poles and fixtures, electrical and/or gas fixtures, water heater, central
<br />air conditioner, disposal, incinerator, gas burner, oil burner, heat regulator, humidifier, water pump, sump pump, water softener (except
<br />rental units), towel racks and bars, door bells or chimes, all built-in kitchen appliances, permanently attached mirrors, TV antenna, outside
<br />gas grills, permanently installed carpeting, mailbox, outside lights, automatic garage door opener and controls, and the following:
<br />which belong to the above described real estate and ale installed or in use on the real estate. Seller guarantees that all of the above acces.
<br />sories or appliances are fully paid fol or will be fully pail for at the closing of this transaction, unless otherwise stated herein.
<br />FORM 003 Rev. 7/79
<br />Copyright 1978. Multiple Listing Service of
<br />Initial Initial South Bend —Mishawaka, Inc
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