GENERAL PROVISIONS: This agreement shall, upon execution, become binding upon
and accrue to the benefit of Sellers and Buyer and their respective heirs, executors,
administrators, assigns and successors of interest. The laws of the State of
Ohio shall govern this agreement. Any amendments or modifications hereof must
be in writing and signed by the parties. Time is of the essence in all provisions
of this contract. All terms and conditions hereof shall survive the closing.
TERMS OF OPTION TO PURCHASE
1. OPTION PERIOD: The initial option period shall run from the date of execution
of this option until, _DATE_. Buyer shall pay $___ for the initial option period
upon acceptance of this option to purchase. If Buyer elects to exercise this
option to purchase during the initial period, Buyer shall pay to Sellers an
additional $___ (due and payable before the expiration of the initial period
on _Date_.) and shall further execute a purchase promissory note in favor of
Sellers for $____, bearing interest at a rate of ___% per annum. In return for
the second payment of $___ and the execution of the note, Sellers shall deliver
to Buyer a warranty deed for the property. Said promissory note shall be due
and payable as of _DATE_, unless paid by Buyer before that date. Interest on
the note will begin to run on the date the note is signed by the Buyer, and
shall be due and payable on the date of final payment on the principal. Said
interest shall be calculated as of the date of said final payment. All payments
made to Sellers under this paragraph together with payment of the promissory
note shall be deemed to be full satisfaction of the purchase price of $___ described
in "TERMS OF PURCHASE/SALE OF SUBJECT PROPERTY, ITEM 1, PRICE" below, if purchase
of the property is closed on or before _DATE_.
Buyer shall
have the initial option period of time to determine whether the subject property
is feasible for Buyer's intended use. If Buyer concludes during the option period
that the Buyer's contemplated development and use, Buyer shall have the option
to terminate this Purchase Contract by giving notice thereof to Sellers at any
time within said option period. If Buyer decides that the property is not suitable
due to environmental reasons, buyer shall, upon providing documentation of those
reasons to Sellers, be entitled to return of one-half of all option money paid
up until the time of said decision.
2. INSPECTION, STUDIES, AND ACCESSIBILITY: Buyer shall have access to the
entire tract of land for the entire term of this option for the purpose of making
soil borings and other tests that may be necessary for determining the suitability
of the site for Buyer's intended use. Buyer shall have the right to cause engineers,
contractors, architects, and others of its choice to make inspections/studies
of the subject property to ensure Buyer that all utilities are available at
the subject property in sufficient size and capacity to service the proposed
use of the subject property.
3. ACCESS TO DOCUMENTATION: Within ten (10) days after execution of this Option,
Sellers agree to provide to Buyer, at no additional cost to Buyer, any and all
surveys, soil tests, environmental tests, old title commitments and/or policies
and any other documentation involving the subject property which are already
in Sellers' possession or which later come into Sellers' possession as a result
of surveys or tests. This section 3 does not impose any affirmative obligation
upon Sellers to conduct or contract for such tests, surveys or title policies.
4. ASSIGNMENT: This option may be assigned by Buyer without the consent of
the Sellers provided that Buyer notifies Sellers of the name and address of
the assignee and delivers to Sellers a copy of such assignment.
TERMS OF PURCHASE/SALE OF SUBJECT PROPERTY
1. PRICE: Purchase price of the subject property shall be $____. The consideration
shall include all buildings, equipment, fixtures and appurtenances to the subject
property, and all mineral rights which either or both Sellers possess at the
time of execution of this option.
2. SITE: Sellers, at closing, shall provide to Buyer a vacant site of acres,
more or less, zoned for single-family use according to the City of___ , Ohio.
Buyer will supply the title insurance commitment and policy. Sellers shall pay
for, execute and deliver to Buyer at closing a recordable and transferable General
Warranty deed with appropriate release of dower, conveying a good and marketable
title free and clear of all liens and encumbrances not expressly excepted in
this option contract. Expressly exerpted from the general warranties contained
in said deed are existing rights-of-way and easements for public utilities which
are properly recorded in the County Recorder's Office as of the time of execution
of this option contract. Buyer shall provide and pay for all surveys required
for sale and transfer of said property.
3. TAXES AND ASSESSMENTS: Taxes and assessments shall be prorated to the date
of delivery of the deed based on the latest available rates and valuations,
and all agricultural use tax recoupments for year through date of closing. Seller
warrants that no improvement services (site or area) have been installed, furnished
or notification received from public authority of which may be assessed against
the subject property.
4. RENTS AND INTEREST: Rents and/or interest on any assumed mortgage shall
be pro-rated to the date of closing. Security deposits shall be transferred
to Buyer. Utilities shall be pro-rated to the date of closing or date of vacating,
whichever is later.
5. DAMAGE OR DESTRUCTION: Sellers shall bear risk of loss of the real estate
and appurtenances thereto until closing.
6. CITATIONS AND LIENS: Sellers shall certify that no citations have been
filed by governmental authorities alleging any building code, zoning or environmental
violations and that all utility services are free from liens filed by the utility
providers. Sellers shall also certify that the property is free from any tax,
workers' compensation, mechanics' and other liens.
7. EASEMENTS/RIGHTS OF WAY: Sellers agree to grant Buyer any reasonable easements
or rights of way across other portions of the tract of land from which the subject
property comes and which are retained by Sellers, for the purpose of Buyer's
placement of utility lines to connect with utility services. Buyer agrees to
the subject property, to enable Sellers to place utility service to the portions
of the original tract which are retained by the Sellers.
8. ZONING:
9. ENVIRONMENTAL CLAIMS ARISING AFTER CLOSING: With respect to environmental
consideration, Sellers convey the property "as is" and without any warranty
of any kind in respect to hazardous material, and Buyer agrees not to advance
any claim, including claims of indemnification and contribution, against Sellers
or their heirs or assigns in connection with the presence, release, suspected
release, or threat of release of any hazardous material, whether into the air,
soil, surface water, or ground water at the above described property, which
results from the condition of the property.
As used herein
the term "hazardous materials" means any "hazardous substances" or "hazardous
waste" as defined in or with reference to the Resource Conservation and Recovery
Act, 42 U.S.C. sec. 6901, at seq., and/or the Comprehensive Environmental Response,
Compensation and Liability Act, 42 U.S.C. 9601, sec. 2011, as amended, or any
pollutant, contaminant, or hazardous, dangerous or toxic chemicals, materials
or substances within the meaning of any other applicable federal, state or local
law, regulation, ordinance or requirement (including consent decrees and administrative
orders) relating to or imposing liability or standards of conduct concerning
any hazardous, toxic or dangerous waste, substance or material, all as amended.
10 CLOSING AND POSSESSION: Closing shall occur at the office of _________located
in Ohio, on or before __DATE__. Closing shall occur within thirty (30) days
after Buyer notifies Sellers of its decision to exercise its option to purchase
under this agreement. Possession and occupancy of the premises shall be delivered
to Buyer on the date of closing.
Executed this _____day of _______________, YEAR, at ___________________,Ohio.
| __________________________ |
____________________________ |
| SELLER |
WITNESS___________________ |
| __________________________ |
____________________________ |
| SELLER |
WITNESS___________________ |
| __________________________ |
____________________________ |
| BUYER |
WITNESS___________________ |
| __________________________ |
____________________________ |
|
WITNESS___________________ |
I certify that the above-named, NAME, personally appeared before me on __________________
_______, YEAR, at ___________________, Ohio, and executed the foregoing as his/her
voluntary act and deed.
OHIO CAPITAL CORPORATION FOR HOUSING