Buyer’s Initials Seller’s Initials
10. Special Assessments. (choose one)
Seller shall pay all special assessments which have become a lien on the Premises prior to the date of closing, whether due in installments or
otherwise.
Seller shall pay all special assessments which have become a lien on the Premises prior to the date of closing, provided, however, that in the event
a special assessment is payable in installments, Seller shall only be responsible for those installments covering the years prior to the year of
closing, and Buyer shall be responsible for all installments covering all years after the year of closing. Installments of special assessments covering
the year of closing shall be prorated using the same method set forth in Section 9 for the proration of real estate taxes.
Other: ______________________________________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
11. Conveyance. Upon performance by Buyer of the closing obligations specified herein, Seller shall convey marketable title to the Premises to Buyer
by warranty deed or by land contract or assignment, as required by Section 4 above, including oil, gas, and other mineral rights, subject only to
building and use restrictions, easements, and restrictions of record, if any. As used herein, “marketable title” means marketable title within the
meaning of the Michigan 40-Year Marketable Title Act (MCL 565.101 et seq.)
The following Section applies only if the Premises include unplatted land:
Seller agrees to grant Buyer at closing the right to make (insert number) ______________________division(s) under Section 108(2), (3), and (4) of
the Michigan Land Division Act. (If no number is inserted, the right to make divisions under the sections referenced above stays with any remainder
of the parent parcel retained by Seller. If a number is inserted, Seller retains all available divisions in excess of the number stated; however, Seller
and/or REALTOR® do not warrant that the number of divisions stated is actually available.) If this sale will create a new division, Seller’s
obligations under this Agreement are contingent on Seller’s receipt of municipal approval, on or before _____________________________ (date),
of the proposed division to create the Premises.
Other: _________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
12. Warranties of Buyer. Except as otherwise provided or acknowledged in this Agreement, Buyer represents and warrants to Seller as follows:
a. The performance of the obligations of Buyer under this Agreement will not violate any contract, indenture, statute, ordinance, judicial or
administrative order or judgment applicable to Buyer .
b. There is no litigation or proceeding pending, or to the Buyer’s knowledge threatened, against or involving the Buyer, and the Buyer does not
know or have reason to know of any ground for any such litigation or proceeding, which could have an adverse impact on Buyer’s ability to
perform under this Agreement.
c. In entering into this Agreement, Buyer has not relied upon any written or verbal representations made by Seller or any representative of Seller,
including any real estate salesperson, regarding the Premises or any aspect of this transaction, which are not expressly set forth in this
Agreement.
d. Other:
e. _________________________________________________________________________________________________________________
f. _________________________________________________________________________________________________________________
g. _________________________________________________________________________________________________________________
13. Warranties of Seller. Except as otherwise provided or acknowledged in this Agreement, Seller represents and warrants to, and agrees with Buyer
as follows:
a. Seller's interest in the Premises shall be transferred to Buyer on the closing date, free from liens, encumbrances other than as disclosed in the
title commitment and not objected to by Buyer pursuant to Section 6 hereof.
b. The performance of the obligations of Seller under this Agreement will not violate any contract, indenture, statute, ordinance, judicial or
administrative order or judgment applicable to Seller or the Premises.
c. There is no litigation or proceeding pending or to the Seller's knowledge threatened, against or involving the Seller or the Premises, and the
Seller does not know or have reason to know of any ground for any such litigation or proceeding which could have an adverse impact on
Seller’s ability to perform under this Agreement or that could affect Buyer’s title to or use of the Premises.
d. Seller shall continue to operate the Premises in the ordinary course of business and maintain the Premises in good condition and repair during
the interim between the signing of this Agreement and the closing date.
e. If a statement(s) of income and expense with respect to the operation of the Premises is(are) described in Exhibit A, such statement(s) is(are)
accurate for the period(s) designated in the statement(s).
f. The information concerning written leases and any tenancies not arising out of written leases described in Exhibit B is accurate as of the
Effective Date of this Agreement, and there are no leases or tenancies with respect to the Premises other than those described in Exhibit B (the
“Leases”).
Except as otherwise described in Exhibit B:
(1) All of the Leases are in full force and effect, no party thereto is in material default thereunder, and none of them have been modified,
amended or extended;
(2) No renewal or extension options have been granted to tenants;
(3) No tenant has an option to purchase the Premises;
(4) The rents set forth are being collected on a current basis and there are no arrearages or advance payments in excess of one month;
(5) There are no security deposits, and
(6) No real estate brokerage commission will become owing in the event of any tenant’s exercise of any existing option to renew the term of
any Lease or purchase of the Premises.
g. If a schedule of service, maintenance, supply and management contracts (“Service Contracts”) is described in Exhibit C, the Exhibit lists all the
Service Contracts currently in effect with respect to the Premises.
h. With respect to underlying land contracts or mortgages, the sale will not accelerate indebtedness, increase interest rates, or impose penalties
and sanctions.