ADDENDUM

 

 

ADDENDUM to Offer to Purchase dated,                                                              , A.D. 2001, between

                                                                 , Seller and                                                                     , Buyer and/or his assigns, buyer of property located at:                                                                           .

 

 

1. The Terms and Conditions of this Addendum shall prevail in the event of conflict with the terms and conditions of the attached Contract of Purchase and Sale.

 

1. The Seller agrees carry an open 2nd mortgage in the amount of $, bearing interest of             % per annum, calculated semi-annually not in advance and repayable in blended monthly payments of  including both principle and interest for a term of not less than years.This mortgage shall be amortized over years.This mortgage shall contain a clause allowing the Buyer the privilege of paying the whole or part of the mortgage on any payment date or dates, without penalty and shall contain a further clause allowing the transfer of this mortgage to any person, corporation or entity the Buyer sells the property to.Said mortgage shall contain a clause permitting the renewal or replacement of the existing 1st mortgage.

 

1. The Seller agrees to subordinate his mortgage to any new financing by the Buyer or any future Buyer, so long as the combined value of both mortgages does not exceed the value of the property.

 

1. Buyer will be given the first right of refusal to buy the Seller held mortgage under the same terms and conditions s/he would accept from any other Buyer(s).

 

1. Buyer will provide automatic deposit into bank account of Seller’s choice, of said 2nd mortgage payments, to on the 5th of each month.

 

1. The Seller(s) agrees to provide the Buyer(s) with a current rent roll for the last 2 years which indicates name of tenant, telephone number of tenant, term of lease, deposit, last months rent paid, address, copy of lease, amount of present rent, within 5 days of acceptance of this offer.

 

1. This offer is subject to Buyer’s inspection and/or Buyer's partners' inspection of the properties and written acceptance of the condition of properties delivered to Seller(s), within days of acceptance of this offer by the Seller(s).To include gas line inspection.

 

1. Buyer has the unqualified right to assign his interest in this contract prior to settlement to any person, corporation or entity, which he may designate in his sole discretion.

 

1. It is agreed that existing Tenant/s may stay in property.

 

1. Subject to the approval of the Buyer’s partner(s) and lawyer.

 

1. The Seller(s) warrant that the rents shown herein are not unlawful under the provisions of “The Residential Tenancies Act.”

 

1. The Seller(s) agrees to provide the Buyer(s) with a current Real Property Report/Survey or the Seller(s) to provide title insurance, at the Seller(s) expense.

 

 

This Addendum, upon execution by both parties, is herewith made an integral part of aforementioned Offer to Purchase.

 

Date executed by Buyer(s)                                                                             .

 

 

 

 

_____________________________________          ______________________________________________

Witness.                                                                        Buyer

 

 

____________________________________                        ______________________________________________

Witness.                                                                        Buyer

 

 

 

 

Date executed by Seller(s)                                                                                  .

 

 

 

 

_____________________________________          ______________________________________________

Witness.                                                                        Seller

 

 

____________________________________                        ______________________________________________

Witness.                                                                        Seller