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Fannie Mae Signed PA 242 Hogle Street - 3/18/19
/ REO # C1804VX REAL ESTATE PURCHASE ADDENDUM This Real Estate Purchase Addendum ("Addendum") is to be made part of, and incorporated into, the Real Estate Purchase Contract (the "Contract"), between Fannie Mae ("Seller") and City of Waterloo ("Purchaser") for the property and improvements located at the following address: 242 HOGLE ST WATERLOO , IA 50703 ("Property"). As used in this Addendum, the Contract, Addendum and any riders thereto shall be collectively referred to as the "Agreement". The Seller and the Purchaser agree as follows: I. Offer: (a) Acknowledgement of Sufficient Offer: The Purchaser has offered to purchase the property for a purchase price in the amount of $ 36.900.00 in accordance with the terms set forth in the Agreement ("Offer"). The Seller has reviewed the Offer and deemed it sufficient for acceptance. (b) Acceptance of Offer: Notwithstanding Seller's acknowledgement that the Offer is sufficient for acceptance, the Purchaser agrees that the Agreement remains subject to acceptance by the Seller and must be signed by all parties in order to be binding. The Agreement shall be effective as of the date of execution by Seller ("Effective Date"). The Purchaser's earnest money deposit of $ 0.00 is to be placed in a trust account acceptable to the Seller within two (2) calendar days following the Effective Date. The Agreement, signed by the Purchaser and reflecting the terms as acknowledged by the Seller, must be received by the Seller within five (5) calendar days of the receipt of the notice that the Offer was sufficient for acceptance. If the Seller does not receive the signed Agreement by such date, the Purchaser's offer shall be deemed null and void. As used in this paragraph, the term "received by the Seller" means actual receipt of the Agreement by the Seller's listing agent. The Purchaser shall present proof, satisfactory to the Seller, of the Purchaser's funds or prequalification for a mortgage loan in an amount and under terms sufficient for the Purchaser to perform its obligations under this Agreement. The prequalification shall include but is not limited to, a certification of prequalification or a mortgage loan commitment from a mortgage lender, a satisfactory credit report and/or proof of funds sufficient to meet the Purchaser's obligations under the Agreement. The Purchaser's submission of proof of prequalification is a condition precedent to the Seller's acceptance. The Seller may require the Purchaser to obtain, at no cost to the Purchaser, loan prequalification from a Seller approved third party lender. Notwithstanding any Seller required prequalification, the Purchaser acknowledges that Purchaser is free to obtain financing from any source. 2. Time is of the Essence: Settlement Date: (a) It is agreed that time is of the essence with respect to all dates specified in the Agreement. This means that all deadlines are intended to be strict and absolute. (b) The closing shall take place on a date ("Settlement Date") on or before 04/26/2019 ("Expiration Date"), unless extended in writing signed by the Seller and the Purchaser or extended by the Seller under the terms of the Agreement. The closing shall be held at a place so designated and approved by the Seller unless otherwise required by applicable law. The Purchaser has the right to make an independent selection of their own attorney, settlement company, escrow company, title company and/or title insurance company in connection with the closing. The date the closing takes place shall be referred to as the Settlement Date for purposes of the Agreement. If the closing does not occur by the Expiration Date, or in any extension, the Agreement is automatically terminated and the Seller may retain any earnest money deposit as liquidated damages. PURCHASER (Initials) a SELLER (Initials) FANNIE MAE FORM 001 (October 7, 2014) 1 3. Financing: This Agreement (check one): () is cash 2) is ® is not, contingent on the Purchaser obtaining financing for the purchase of the Property. If this Agreement is contingent on financing, the type of financing shall be the following (check one): ❑ Conventional 0 FHA all VA Other (specify: ) All Financing. If this Agreement is contingent on financing, the Purchaser shall apply for a loan in the amount of $ 0.00 with a term of years, at prevailing rates, terns and conditions. The Purchaser shall complete and submit to a mortgage lender, of the Purchaser's choice, an application for a mortgage loan containing the terms set forth in this paragraph within five (5) calendar days of the Effective Date, and shall use diligent efforts to obtain a mortgage loan commitment by . If, despite the Purchaser's diligent efforts, the Purchaser cannot obtain a mortgage loan commitment by the specified date, then either the Purchaser or the Seller may terminate the Agreement by giving written notice to the other party. The Purchaser's notice must include a copy of the loan application, proof of the application date, and a copy of the denial letter from the prospective lender. In the event of a proper termination of the Agreement under this paragraph, the earnest money deposit shall be returned to the Purchaser. The Purchaser agrees to cooperate and comply with all requests for documents and information from the Purchaser's chosen lender during the loan application process. Failure of the Purchaser to comply with such requests from the lender that results in the denial of the mortgage loan will be a breach of the Agreement and the Seller shall be entitled to retain any earnest money deposited by the Purchaser. (a) Any change as to the terms of the Purchaser's financing, including but not limited to any change in the Pur -chaser's lender, after negotiations have been completed may, at Seller's discretion, require renegotiation of all terms of the Agreement. Seller shall have the right to terminate the Agreement in the event there is a change in Purchaser's financing or choice of lender. (b) The Purchaser shall ensure that the lender selected by the Purchaser to finance the sale shall fund the settlement agent as of the Settlement Date. The Purchaser shall further ensure that the selected lender shall provide all lender prepared closing documentation to the settlement agent no later than 48 hours prior to the Settlement Date. Any delays in closing as a result of the Purchaser's selected lender shall be the responsibility of the Purchaser. 4. Use of Property: The Purchaser (check one): (r]) does, (m) does not, intend to use and occupy the Property as Purchaser's primary residence. 5. Inspections: (a) On or before ten (10) calendar days from the Effective Date, the Purchaser shall inspect the Property or obtain for its own use, benefit and reliance, inspections and/or reports on the condition of the Property, or be deemed to have waived such inspection and any objections to the condition of the Property and to have accepted the Property. The Purchaser shall keep the Property free and clear of liens and indemnify and hold the Seller harmless from all liability claims, demands, damages, and costs related to the Purchaser's inspection and the Purchaser shall repair all damages arising from or caused by the inspections. The Purchaser shall not directly or indirectly cause any inspections to be made by any government building or zoning inspectors or government employees without the prior written consent of the Seller, unless required by law, in which case, the Purchaser shall provide reasonable notice to the Seller prior to any such inspection. If the Seller has winterized this Property and the Purchaser desires to have the Property inspected, the Seller's listing agent will have the Property dewinterized prior to inspection and rewinterized after inspection. Within five (5) calendar days of receipt of any inspection report prepared by or for the Purchaser, but not later than ten (10) calendar days from the Effective Date, whichever first occurs, the Purchaser will provide written notice to the Seller of any items disapproved. The Purchaser's silence shall be deemed as acceptance of the condition of the Property. The Purchaser shall provide to the Seller, at no cost, upon request by the Seller, complete copies of all inspection reports upon which the 2 PURCHASER (Initials) -�d SELLER (initials) FANNIE MAE FORM 001 (October 7, 2014) (b) archaser's disapproval of the condition of the property is based. In no event shall the Seller be obligated to make any repairs or replacements that may be indicated in the Purchaser's inspection reports. The Seller may, in its sole discretion, make such repairs to the Property under the terms described in Section 6 of this Addendum. If the Seller elects not to repair the Property, the Purchaser may cancel this Agreement and receive all earnest money deposited. If the Seller elects to make any such repairs to the Property, the Seller shall notify the Purchaser after completion of the repairs and the Purchaser shall have five (5) calendar days from the date of notice, to inspect the repairs and notify the Seller of any items disapproved. If after inspection the Purchaser is not satisfied with repairs or treatments, Purchaser may terminate the Agreement at any time prior to closing. In situations that are applicable, a structural, electrical, mechanical, environmental or termite inspection report may have been prepared for the benefit of the Seller. Upon request, the Purchaser will be allowed to review the report to obtain the same information and knowledge the Seller has about the condition of the Property but the Purchaser acknowledges that the inspection reports were prepared for the sole use and benefit of the Seller. The Purchaser will not rely upon any such inspection reports obtained by the Seller in making a decision to purchase the Property. If the Property is a condominium or planned unit development or co-operative, unless otherwise required by law, the Purchaser, at the Purchaser's own expense, is responsible for obtaining and reviewing the covenants, conditions and restrictions and bylaws of the condominium, or planned unit development or cooperative ("Governing Documents") within ten (10) calendar days of the Effective Date. The Seller agrees to use reasonable efforts, as determined in the Seller's sole discretion, to assist the Purchaser in obtaining a copy of the Governing Documents. The Purchaser will be deemed to have accepted the Governing Documents if the Purchaser does not provide the Seller notice in writing, within fifteen (15) calendar days of the Effective Date, of the Purchaser's disapproval of the Governing Documents. En the event Purchaser disapproves of the Governing Documents, Purchaser has the right to terminate the Agreement provided the Purchaser notifies Seller in writing of Purchaser's disapproval within fifteen (15) calendar days of the Effective Date. 6. Repairs: AlI repairs and treatments will be completed by a vendor approved by the Seller, and will be subject to the Seller's satisfaction only. If the Seller has agreed to pay for treatment of wood infesting organisms, the Seller shall treat only active infestation. Neither the Purchaser, nor its representatives, shall enter upon the Property to make any repairs and/or treatments prior to closing. The Purchaser shall inspect the repairs and/or treatments as set forth in paragraph 5(a) or is deemed to have waived such inspection and any objections to the repairs and/or treatments. The Purchaser acknowledges that all repairs and treatments are done for the benefit of the Seller and not for the benefit of the Purchaser and that the Purchaser has inspected or has been given the opportunity to inspect repairs and treatments. Any repairs or treatments made or caused to be made by the Seller shall be completed prior to closing. Under no circumstances shall the Seller be required to make any repairs or treatments after the Settlement Date. The Purchaser acknowledges that closing on this transaction shall be deemed the Purchaser's reaffirmation that the Purchaser is satisfied with the condition of the Property and with all repairs and treatments to the Property and waives all claims related to such condition and to the quality of the repairs or treatments to the Property. Any repairs or treatments shall be performed for functional purposes only and exact restoration of appearance or cosmetic items following any repairs or treatments shall not be required. The Seller shall not be obligated to obtain or provide to the Purchaser any receipts for repairs, or treatments, written statements indicating dates or types of repairs and/ or treatments or copies of such receipts or statements nor any other documentation regarding any repairs or treatments to the Property. THE SELLER DOES NOT WARRANT OR GUARANTEE ANY WORK, REPAIRS OR TREATMENTS TO THE PROPERTY. THE PURCHASER AGREES TO EXECUTE AND DELIVER TO THE SELLER AT CLOSING FANNIE MAE'S WAIVER & RELEASE 2012. 7. CONDITION OF PROPERTY: THE PURCHASER UNDERSTANDS THAT THE SELLER ACQUIRED THE PROPERTY BY FORECLOSURE, DEED -IN -LIEU OF FORECLOSURE, FORFEITURE, TAX SALE, OR SIMILAR PROCESS. AS A MATERIAL PART OF THE CONSIDERATION TO BE RECEIVED BY THE SELLER UNDER THIS AGREEMENT AS NEGOTIATED AND AGREED TO BY THE PURCHASER AND THE SELLER, THE PURCHASER ACKNOWLEDGES AND AGREES TO ACCEPT THE PROPERTY IN "AS IS" CONDITION AT THE TIME OF CLOSING, INCLUDING, WITHOUT LIMITATION, ANY DEFECTS OR ENVIRONMENTAL CONDITIONS AFFECTING THE PROPERTY, WHETHER KNOWN OR UNKNOWN, WHETHER SUCH DEFECTS OR CONDITIONS WERE DISCOVERABLE THROUGH INSPECTION OR NOT. THE PURCHASER ACKNOWLEDGES THAT THE SELLER, ITS AGENTS AND REPRESENTATIVES HAVE NOT MADE AND THE SELLER SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTEES, IMPLIED OR EXPRESS, ORAL OR WRITTEN WITH RESPECT TO THE FOLLOWING: PURCHASER (Initials) cu SELLER (Initials) FANNIE MAE FORM 001 (October 7, 2014) 3 (A) THE PHYSICAL CONDITION OR ANY OTHER ASPECT OF THE PROPERTY INCLUDING THE STRUCTURAL INTEGRITY OR THE QUALITY OR CHARACTER OF MATERIALS USED IN CONSTRUCTION OF ANY IMPROVEMENTS (E.G. DRYWALL, ASBESTOS, LEAD PAINT, UREA FORMALDEHYDE FOAM INSULATION), AVAILABILITY AND QUANTITY OR QUALITY OF WATER, STABILITY OF THE SOIL, SUSCEPTIBILITY TO LANDSLIDE OR FLOODING, SUFFICIENCY OF DRAINAGE, WATER LEAKS, WATER DAMAGE, MOLD OR ANY OTHER MATTER AFFECTING THE STABILITY, INTEGRITY, OR CONDITION OF THE PROPERTY OR IMPROVEMENTS; (B) THE CONFORMITY OF THE PROPERTY, OR THE IMPROVEMENTS, TO ANY ZONING, LAND USE OR BUILDING CODE REQUIREMENTS OR COMPLIANCE WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY FEDERAL, STATE OR LOCAL GOVERNMENTAL AUTHORITY, OR THE GRANTING OF ANY REQUIRED PERMITS OR APPROVALS, IF ANY, OF ANY GOVERNMENTAL BODIES WHICH HAD JURISDICTION OVER THE CONSTRUCTION OF THE ORIGINAL STRUCTURE, ANY IMPROVEMENTS AND/OR ANY REMODELING OF THE STRUCTURE; AND (C) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY OR IMPROVEMENTS INCLUDING REDHIBITORY VICES AND DEFECTS, APPARENT, NON APPARENT OR LATENT, WHICH NOW EXIST OR WHICH MAY HEREAFTER EXIST AND WHICH, IF KNOWN TO THE PURCHASER, WOULD CAUSE THE PURCHASER TO REFUSE TO PURCHASE THE PROPERTY. Mold, mildew, spores and/or other microscopic organisms and/or allergens (collectively referred to in this Agreement as "Mold") are environmental conditions that are common in residential properties and may affect the Property. Mold, in some forms, has been reported to be toxic and to cause serious physical injuries, including but not limited to, allergic and/or respiratory reactions or other problems, particularly in persons with immune system problems, young children and/or elderly persons. MoId has also been reported to cause extensive damage to personal and real property. Mold may have been removed or covered in the course of any cleaning or repairing of the Property. The Purchaser acknowledges that, if Seller, or any of Seller's employees, contractors, or agents cleaned or repaired the Property or remediated Mold contamination, that Seller does not in any way warrant the cleaning, repairs or remediation. Purchaser accepts full responsibility for all hazards that may result from the presence of Mold in or around the Property. The Purchaser is satisfied with the condition of the Property notwithstanding the past or present existence of Mold in or around the Property and Purchaser has not, in any way, relied upon any representations of Seller, Seller's employees, officers, directors, contractors, or agents concerning the past or present existence of Mold in or around the Property. If at any time the Property conditions result in violations of building code or other laws or regulations, either party shall have the right to terminate the Agreement at any time prior to closing. If there is an enforcement proceeding arising from allegations of such violations before an enforcement board, special master, court or similar enforcement body, and neither the Purchaser nor the Seller terminate this Agreement, the Purchaser agrees (a) to accept the Property subject to the violations, (b) to be responsible for compliance with the applicable code and with orders issued in any code enforcement proceeding and (c) to resolve the deficiencies as soon as possible after the closing. The Purchaser agrees to execute any and all documents necessary or required for closing by any agency with jurisdiction over the Property. The Purchaser further agrees to indemnify the Seller from any and all claims or liability arising from the Purchaser's breach of this Section 7 of this Addendum. The closing of this sale shall constitute acknowledgement by the Purchaser that Purchaser had the opportunity to retain an independent, qualified professional to inspect the Property and that the condition of the Property is acceptable to the Purchaser. The Purchaser agrees that the Seller shall have no liability for any claims or losses the Purchaser or the Purchaser's successors or assigns may incur as a result of construction or other defects which may now or hereafter exist with respect to the Property. 8. Occupancy Status of Property: The Purchaser acknowledges that neither the Seller, nor its representatives, agents or assigns, has made any warranties or representations, implied or expressed, relating to the existence of any tenants or occupants at the Property unless otherwise noted in Section 38 of this Addendum. Seller represents that the Property may have tenants occupying same under an active lease but expressly disclaims any warranties regarding the validity, enforceability, performance under or continuation of said lease. The Purchaser acknowledges that closing on this transaction shall be deemed the Purchaser's reaffirmation that neither the Seller, nor its representatives, agents or assigns, has made any warranties or PURCHASER (Initials) 04-1 SELLER (Initials) FANNIE MAE FORM 001 (October 7, 2014) 4 .;ntations, implied or expressed, relating to the existence of any tenants or occupants at the Property unless otherwise ..ed in Section 38 of this Addendum. The Seller, its representatives, agents or assigns, shall not be responsible for evicting or relocating any tenants, occupants or personal property at the Property prior to or subsequent to closing unless otherwise noted in Section 38 of this Addendum. All leases shall be deemed assigned to Purchaser upon closing to the extent permitted under applicable laws. The Purchaser further acknowledges that, to the best of the Purchaser's knowledge, the Seller is not holding any security deposits from former or current tenants and has no information as to such security deposits as may have been paid by the former or current tenants to anyone and agrees that no sums representing such tenant security deposits shall be transferred to the Purchaser as part of this transaction. The Purchaser further agrees to assume all responsibility and liability for the refund of such security deposits to the tenants pursuant to the provisions of applicable laws and regulations. All rents due and payable and collected from tenants for the month in which closing occurs will be prorated according to the provisions of Section 10 of this Addendum. The Purchaser acknowledges that this Property may be subject to the provisions of local rent control ordinances and regulations. The Purchaser agrees that upon the closing, all eviction proceedings and other duties and responsibilities of a property owner and landlord, including but not limited to those proceedings required for compliance with such local rent control ordinances and regulations, will be the Purchaser's sole responsibility. 9. Personal Property: Items of personal property, including but not limited to window coverings, appliances, manufactured homes, mobile homes, vehicles, spas, antennas, satellite dishes and garage door openers, now or hereafter Located on the Property are not included in this sale or the Purchase Price unless the personal property is specifically described and referenced in Section 38 of this Addendum. Any personal property at or on the Property may be subject to claims by third parties and, therefore, may be removed from the Property prior to or after the closing. The Seller makes no representation or warranty as to the condition of any personal property, title thereto, or whether any personal property is encumbered by any liens. The Seller assumes no responsibility for any personal property remaining on the Property at the time of closing. 10. Closing Costs and Adjustments: (a) (b) (c) The Purchaser and the Seller agree to prorate the following expenses as of the Settlement Date: real estate taxes and assessments, common area charges, condominium or planned unit development or similar community assessments, co- operative fees, maintenance fees and rents, if any. In determining prorations, the Settlement Date shall be allocated to the Purchaser. Payment of special assessment district bonds and assessments, and payment of homeowner's association or special assessments owed by Seller shall be paid current and prorated between the Purchaser and the Seller as of Settlement Date with payments not yet due and owing to be assumed by the Purchaser without credit toward Purchase Price. Seller shall not be responsible for the payment of homeowner's association or special assessments dues that Seller is not obligated to pay under law or contract. The Property taxes shall be prorated based on an estimate or actual taxes from the previous year on the Property. All prorations shall be based upon a 30 -day month and all such prorations shall be final. The Seller shall not be responsible for any amounts due, paid or to be paid after closing, including but not limited to, any taxes, penalties or interest assessed or due as a result of retroactive, postponed or additional taxes resulting from any change in use of, or construction on, or improvement to the Property, or an adjustment in the appraised value of the Property. In the event the Seller has paid any taxes, special assessments or other fees and there is a refund of any such taxes, assessments or fees after closing, and the Purchaser as current owner of the Property receives the payment, the Purchaser will immediately submit the refund to the Seller. Fannie Mae is a congressionally chartered corporation and is exempt from realty transfer taxes pursuant to 12 U.S.C. 1723a(c)(2) and will not pay realty transfer taxes regardless of local practice . Any realty transfer taxes due on the sale as a result of the conveyance of the Property will be the sole responsibility of the Purchaser. The Seller shall pay the real estate commission per the listing agreement between the Seller and the Seller's listing broker. (d) Purchaser shall release Seller from any and all claims arising from the adjustments or prorations or errors in calculating the adjustment or prorations that are or may be discovered after closing. THE PURCHASER AGREES TO EXECUTE AND DELIVER TO THE SELLER AT CLOSING FANNIE MAE'S Tax Proration Agreement 0312011. PURCHASER (Initials) i, ['e SELLER (Initials) FANNIE MAE FORM 00 [ (October 7, 2014) 5 (e) (f) Regardless of local custom, requirements or practice, the Purchaser shall pay all costs and fees incurred in the transfer of the Property, including the cost of any Iender required fees and recording costs except as expressly assumed by the Seller in this Addendum. Title and Closing Services. Purchaser will obtain title and escrow closing services from (check one): nSeller's escrow closing and title provider and title insurance company used by Seller's provider. If Purchaser selects this option, Seller shall pay for the owner's and lender's title insurance policies. Purchaser and Seller agree that Seller's payment of the title insurance products is Iiinited to the amount that Seller would pay its provider under its agreement with the provider for a basic residential owner's and Iender's title insurance policy or their equivalent. ❑✓ Other escrow closing and title provider. If Purchaser selects this option, Purchaser shall bear the expense for all title insurance costs associated with the transaction, regardless of local custom, requirements or practice. 11. Delivery of Funds: Regardless of local custom, requirements, or practice, upon delivery of the deed by the Seller to the Purchaser, the Purchaser shall deliver, or cause to be delivered, all funds due the Seller from the sale in the form of bank check, certified check or wire transfer. An attorney's trust fund check shall not be sufficient to satisfy this provision unless the bank holding the account on which the trust fund check is drawn certifies the trust fund check. 12. Certificate of Occupancy: If the Property is located in a jurisdiction that requires a certificate of occupancy, smoke detector certification, septic certification or any similar certification or permit ("Certificate of Occupancy") or any form of improvement or repair to the Property to obtain such Certificate of Occupancy necessary for the Property to be occupied, the Purchaser understands that the Seller requires the Certificate of Occupancy to be obtained by the Purchaser at the Purchaser's sole expense. The Purchaser shall make application for all Certificates of Occupancy within ten (10) calendar days of the Effective Date. The Purchaser shall not have the right to delay the closing due to the Purchaser's failure or inability to obtain any required Certificate of Occupancy. Failure of the Purchaser to obtain and furnish the Certificate of Occupancy shall be a material breach of the Agreement. 13. Delivery of Possession of Property: The Seller shall deliver possession of the Property to the Purchaser at closing. The delivery of possession shall be subject to the rights of any tenants or parties in possession per Section 8 of this Addendum. If the Purchaser alters the Property or causes the Property to be altered in any way and/or occupies the Property or allows any other person to occupy the Property prior to closing without the prior written consent of the Seller, such event shall constitute a breach by the Purchaser under the Agreement and the Seller may terminate the Agreement and the Purchaser shall be Liable to the Seller for damages caused by any such alteration or occupation of the Property prior to closing and waives any and all claims for damages or compensations for alterations made by the Purchaser to the Property including, but not limited to, any claims for unjust enrichment. 14. Deed: Regardless of local practice, the deed to be delivered by Seller at closing shall be a deed that covenants that grantor grants only that title which grantor may have and that grantor will only defend title against persons claiming by, through, or under the grantor, but not otherwise. Any reference to the teen "Deed" or "Special Warranty Deed" herein shall be construed to refer to such form of deed. Under no circumstances shall Seller be required to deliver any form of deed which grants a general warranty of title. F7(check if applicable) Seller's deed shall include the following deed restriction: GRANTEE HEREIN SHALL BE PROHIBITED FROM CONVEYING CAPTIONED PROPERTY FOR A SALES PRICE OF GREATER THAN $ FOR A PERIOD OF MONTH(S) FROM THE DATE OF THE RECORDING OF THIS DEED. GRANTEE SHALL ALSO BE PROHIBITED FROM ENCUMBERING SUBJECT PROPERTY WITH A SECURITY INTEREST IN THE PRINCIPAL AMOUNT OF GREATER THAN $ FOR A PERIOD OF MONTH(S) FROM THE DATE OF THE RECORDING OF THIS DEED. THESE RESTRICTIONS SHALL RUN WITH THE LAND AND ARE NOT PERSONAL TO GRANTEE. THIS RESTRICTION SHALL TERMINATE IMMEDIATELY UPON CONVEYANCE AT ANY FORECLOSURE SALE RELATED TO A MORTGAGE OR DEED OF TRUST. PURCHASER (Initials) (QV - SELLER (Initials) FANNIE MAE FORM 001 (October 7, 2014) 6 15. Defects in Title: if the Purchaser raises an objection to the Seller's title to the Property, which, if valid, would make title to the Property uninsurable, the Seller shall have the right unilaterally to terminate the Agreement by giving written notice of the termination to the Purchaser. However, if the Seller is able to correct the problem through reasonable efforts, as the Seller determines, at its sole and absolute discretion, prior to the Expiration Date, including any written extensions, or if title insurance is available from a reputable title insurance company at regular rates containing affirmative coverage for the title objections, then the Agreement shall remain in full force and the Purchaser shall perform pursuant to the terms set in the Agreement. The Seller is not obligated to remove any exception or to bring any action or proceeding or bear any expense in order to convey title to the Property or to make the title marketable and/or insurable but any attempt by the Seller to remove such title exceptions shall not impose an obligation upon the Seller to remove those exceptions. The Purchaser acknowledges that the Seller's title to the Property may be subject to court approval of foreclosure or to mortgagor's right of redemption. In the event the Seller is not able to (a) make the title insurable or correct any problem or (b) obtain title insurance from a reputable title insurance company, all as provided herein, the Purchaser may terminate this Agreement and any earnest money deposit will be returned to the Purchaser as the Purchaser's sole remedy at law or equity. If the Purchaser elects to take title subject to the title objections, the Purchaser shall so notify the Seller. The Purchaser's silence as to any title objections shall be deemed as acceptance. 16. Representations and Warranties: The Purchaser represents and warrants to the Seller the following: (a) The Purchaser is purchasing the Property solely in reliance on its own investigation and inspection of the Property and not on any information, representation or warranty provided or to be provided by the Seller, its servicers, representatives, brokers, employees, agents or assigns; (b) Neither the Seller, nor its servicers, employees, representatives, brokers, agents or assigns, has made any representations or warranties, implied or expressed, relating to the condition of the Property or the contents thereof, except as expressly set forth in Section 38 of this Addendum; (c) The Purchaser has not relied on any representation or warranty from the Seller regarding the nature, quality or workmanship of any repairs made by the Seller; (d) The Purchaser will not occupy or cause or permit others to occupy the Property prior to closing and, unless and until any necessary Certificate of Occupancy has been obtained from the appropriate governmental entity, will not occupy or cause or permit others to occupy the Property after closing; (e) (f) The undersigned, if executing the Agreement on behalf of the Purchaser that is a corporation, partnership, trust or other entity, represents and warrants that he/she is authorized by that entity to enter into the Agreement and bind the entity to perform all duties and obligations stated Iin the Agreement; and ioed The Purchaser (check one): I I has I I has not previously purchased a Fannie Mae owned property. 17. WAIVERS: AS A MATERIAL PART OF THE CONSIDERATION TO BE RECEIVED BY THE SELLER UNDER THIS AGREEMENT AS NEGOTIATED AND AGREED TO BY THE PURCHASER AND THE SELLER, THE PURCHASER WAIVES THE FOLLOWING: (A) ALL RIGHTS TO FILE AND MAINTAIN AN ACTION AGAINST THE SELLER FOR SPECIFIC PERFORMANCE; (B) RIGHT TO RECORD A LIS PENDENS AGAINST THE PROPERTY OR TO RECORD THIS AGREEMENT OR A MEMORANDUM THEREOF IN THE REAL PROPERTY RECORDS; (C) RIGHT TO INVOKE ANY OTHER EQUITABLE REMEDY THAT MAY BE AVAILABLE THAT IF INVOKED, WOULD PREVENT THE SELLER FROM CONVEYING THE PROPERTY TO A THIRD PARTY PURCHASER; 7 PURCHASER (Initials) Jr SELLER (Initials) FANNIE MAE FORM001 (October 7, 2014) (D) ANY AND ALL CLAIMS ARISING FROM THE ADJUSTMENTS OR PRORATIONS OR ERRORS IN CALCULATING THE ADJUSTMENTS OR PRORATIONS THAT ARE OR MAY BE DISCOVERED AFTER CLOSING; (E) ANY CLAIMS FOR FAILURE OF CONSIDERATION AND/OR MISTAKE OF FACT AS SUCH CLAIMS RELATE TO THE PURCHASE OF THE PROPERTY OR ENTERING INTO OR EXECUTION OF OR CLOSING UNDER THIS AGREEMENT; (F) ANY REMEDY OF ANY KIND, INCLUDING BUT NOT LIMITED TO RESCISSION OF THIS AGREEMENT, OTHER THAN AS EXPRESSLY PROVIDED IN SECTION 19. OF THIS ADDENDUM, TO WHICH THE PURCHASER MIGHT OTHERWISE BE ENTITLED AT LAW OR EQUITY WHETHER BASED ON MUTUAL MISTAKE OF FACT OR LAW OR OTHERWISE; (G) TRIAL BY JURY, EXCEPT AS PROHIBITED BY LAW, IN ANY LITIGATION ARISING FROM OR CONNECTED WITH OR RELATED TO THIS AGREEMENT; (H) ANY CLAIMS OR LOSSES THE PURCHASER MAY INCUR AS A RESULT OF CONSTRUCTION ON, REPAIR TO, OR TREATMENT OF THE PROPERTY, OR OTHER DEFECTS, WHICH MAY NOW OR HEREAFTER EXIST WITH RESPECT TO THE PROPERTY; (I) ANY CLAIMS OR LOSSES RELATED TO ENVIRONMENTAL CONDITIONS AFFECTING THE PROPERTY INCLUDING, BUT NOT LIMITED TO, MOLD, DRYWALL, LEAD PAINT, FUEL OIL, ALLERGENS, OR TOXIC SUBSTANCES OF ANY KIND; (3) ANY RIGHT TO AVOID THIS SALE OR REDUCE THE PRICE OR HOLD THE SELLER RESPONSIBLE FOR DAMAGES ON ACCOUNT OF THE CONDITION OF THE PROPERTY, LACK OF SUITABILITY AND FITNESS, OR REDHIBITORY VICES AND DEFECTS, APPARENT, NONAPPARENT OR LATENT, D1SCOVERABLE OR NONDISCOVERABLE; (K) ANY CLAIM ARISING FROM ENCROACHMENTS, EASEMENTS, SHORTAGES IN AREA OR ANY OTHER MATTER WHICH WOULD BE DISCLOSED OR REVEALED BY A SURVEY OR INSPECTION OF THE PROPERTY OR SEARCH OF PUBLIC RECORDS; AND (L) ANY RIGHT TO MEDIATION OR ARBITRATION RELATING TO OR ARISING UNDER OR FROM THIS AGREEMENT, EXCEPT AS PROHIBITED BY LAW. References to the "Seller" in this Section 17 of this Addendum shall include the Seller and the Seller's servicers, representatives, agents, brokers, employees, and/or assigns. In the event that the Purchaser breaches any of the terms described or contemplated under this Section 17 of this Addendum, the Purchaser shall pay all reasonable attorney fees and costs incurred by the Seller in defending such action, and the Purchaser shall pay Five Thousand Dollars ($5,000) as liquidated damages for breach of this Section 17 of the Addendum, which amount shall be in addition to any liquidated damages held or covered by the Seller pursuant to Section 19 of this Addendum, 18. Conditions to the Seller's Performance: The Seller shall have the right, at the Seller's sole discretion, to extend the Expiration Date or to terminate this Agreement if: (a) full payment of any mortgage insurance claim related to the loan previously secured by the Property is not confirmed prior to the closing or the mortgage insurance company exercises its right to acquire title to the Property; (b) the Seller determines that it is unable to convey title to the Property insurable by a reputable title insurance company at regular rates; (c) the Seller at any time has requested that the servicing lender, or any other party, repurchase the loan previously secured by the Property and/or such lender or other party has elected to repurchase the property; PURCHASER (Initials) El` SELLER (Initials) FANNIE MAE FORM 001 (October 7, 2014) 8 (d) (e) (0 (g) a third party with rights related to the sale of the property does not approve the sale terms; full payment of any property, fire or hazard insurance claim is not confirmed prior to the closing ; any third party, whether tenant, homeowner's association, or otherwise, exercises rights under a right of first refusal to purchase the Property; the Purchaser is the former mortgagor of the Property, or is related to or affiliated in any way with the former mortgagor, and the Purchaser has not disclosed this fact to the Seller prior to the Seller's acceptance of this Agreement. Such failure to disclose shall constitute default under this Agreement, entitling the Seller to exercise any of its rights and remedies, including, without limitation, retaining the earnest money deposit; (h) the Seller, at the Seller's sole discretion, determines that the sale of the Property to the Purchaser or any related transactions are in any way associated with illegal activity of any kind; (1) the Agreement was accepted and executed by Seller in noncompliance with Fannie Mae procedures or guidelines; (j) Seller determines in its sole discretion that the sale of the Property will subject Seller to liability and/or have an impact on pending, threatened or potential litigation; or (k) material misrepresentation by the Purchaser. In the event the Seller elects to terminate this Agreement as a result of (a), (b), (c), (d), (e), (f), (i) or (j) above, the Seller shall return the Purchaser's earnest money deposit. 19. Remedies for Default: (a) In the event of the Purchaser's default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the earnest money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller's default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Paragraph 18 (a), (b), (c), (d), (e), (f), (i) or (j) of this Addendum, the Purchaser shall be entitled to the return of the earnest money deposit as Purchaser's sole and exclusive remedy at law and/or equity. The Purchaser waives any rights to file and maintain an action against the Seller for specific performance and the Purchaser acknowledges that a return of its earnest money deposit can adequately and fairly compensate the Purchaser. Upon return of the earnest money deposit to the Purchaser, this Agreement shall be terminated, and the Purchaser and the Seller shall have no further liability or obligation, each to the other in connection with this Agreement. (c) The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle, including but not limited to any cost or expense incurred by the Purchaser in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses or any other such expense or cost arising from or related to this Agreement or a breach of this Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum. PURCHASER (Initials) 011 SELLER (Initials) FANNIE MAE FORM 001 (October 7, 2014) 9 20. Indemnification: The Purchaser agrees to indemnify and fully protect, defend, and hold the Seller, its officers, directors, employees, shareholders, servicers, representatives, agents, attorneys, tenants, brokers, successors or assigns harmless from and against any and all claims, costs, liens, loss, damages, attorney's fees and expenses of every kind and nature that may be sustained by or made against the Seller, its officers, directors, employees, shareholders, servicers, representatives, agents, attorneys, tenants, brokers, successors or assigns, resulting from or arising out of: (a) inspections or repairs made by the Purchaser or its agents, employees, contactors, successors or assigns; (b) claims, liabilities, fines or penalties resulting from the Purchaser's failure to timely obtain any Certificate of Occupancy or to comply with equivalent laws and regulations; (c) claims for amounts due and owed by the Seller for taxes, homeowner association dues or assessment or any other items prorated under Section 10 of this Addendum, including any penalty or interest and other charges, arising from the proration of such amounts for which the Purchaser received a credit at closing under Section 10 of this Addendum; and (d) the Purchaser's or the Purchaser's tenants, agents or representatives use and /or occupancy of the Property prior to closing and/or issuance of required certificates of occupancy. 21. Risk of Loss: In the event of fire, destruction or other casualty loss to the Property after the Seller's acceptance of this Agreement and prior to closing, the Seller may, at its sole discretion, repair or restore the Property, or the Seller may terminate the Agreement. If the Seller elects to repair or restore the Property, then the Seller may, at its sole discretion, limit the amount to be expended. Whether or not Seller elects to repair or restore the Property, the Purchaser's sole and exclusive remedy shall be either to acquire the Property in its then condition at the Purchase Price with no reduction thereof by reason of such loss or terminate this Agreement and receive a refund of any earnest money deposit. 22. Eminent Domain: In the event that the Seller's interest in the Property, or any part thereof, shall have been taken by eminent domain or shall be in the process of being taken on or before the closing, either party may terminate the Agreement and the earnest money deposit shall be returned to the Purchaser and neither party shall have any further rights or liabilities hereunder except as provided in Section 24 of this Addendum. 23. Keys: The Purchaser understands that the Seller may not be in possession of keys, including but not limited to, mailbox keys, recreation area keys, gate cards, or automatic garage remote controls, and any cost of obtaining the same will be the responsibility of the Purchaser. The Purchaser also understands that if the Property includes an alarm system, the Seller cannot provide the access code and/or key and that the Purchaser is responsible for any costs associated with the alarm and/or changing the access code or obtaining keys. 24. Survival: Delivery of the deed to the Property to the Purchaser by the Seller shall be deemed to be full performance and discharge of all of the Seller's obligations under this Agreement. Notwithstanding anything to the contrary in the Agreement, any provision which contemplates performance or observance subsequent to any termination or expiration of the Agreement, shall survive the closing and/or termination of the Agreement by any party and continue in full force and effect. 25. Further Assurances: The Purchaser agrees to execute and deliver to the Seller at closing, or otherwise as requested by the Seller, documents including Fannie Mae's Waiver and Release 2012, Tax Proration Agreement 03/2011 or documents that are substantially the same, and to take such other action as reasonably may be necessary to further the purpose of this Agreement. Copies of referenced documents are available from the Seller's listing agent upon request by the Purchaser. 26. Severability: The lack of enforceability of any provision of this Agreement shall not affect the enforceability of any other provision of this Agreement, all of which shall remain in full force and effect. 27. Assignment of Agreement: The Purchaser shall not assign this Agreement without the express written consent of the Seller. The Seller may assign this Agreement at its sole discretion without prior notice to, or consent of, the Purchaser. 28. EFFECT OF ADDENDUM: THIS ADDENDUM AMENDS AND SUPPLEMENTS THE CONTRACT AND, IF APPLICABLE, ESCROW INSTRUCTIONS. IN THE EVENT THERE IS ANY CONFLICT BETWEEN THIS ADDENDUM AND THE CONTRACT OR ESCROW INSTRUCTIONS OR NOTICE OR OTHER DOCUMENTS ATTACHED AND MADE A PART OF THE AGREEMENT, THE TERMS OF THIS ADDENDUM TAKE PRECEDENCE AND SHALL PREVAIL EXCEPT AS O'T'HERWISE PROVIDED BY LAW. PURCHASER (Initials) clicti SELLER (initials) FANNIE MAE FORM 001 (October 7, 2014) 10 29. Entire Agreement: The Agreement constitutes the entire agreement between the Purchaser and the Seller concerning the subject matter hereof and supersedes all previous communications, understandings, representations, warranties, covenants or agreements, either written or oral and there are no oral or other written agreements between the Purchaser and the Seller. All negotiations are merged into the Agreement. The Seller is not obligated by any other written or oral statements made by the Seller, the Seller's representatives, or any real estate licensee. 30. Modification: No provision, term or clause of the Agreement shall be revised, modified, amended or waived except by an instrument in writing signed by the Purchaser and the Seller. 31. Rights of Others: This Agreement does not create any rights, claims or benefits inuring to any person or entity, other than Seller's successors and/or assigns, that is not a party to the Agreement, nor does it create or establish any third party beneficiary to this Agreement. 32. Counterparts: This Agreement may be executed in any number of counterparts and each such counterpart shall be deemed to be an original, but all of which, when taken together, shall constitute one agreement. 33. Headings: The titles to the sections and headings of various paragraphs of this Agreement are placed for convenience of reference only and in case of conflict, the text of this Agreement, rather than such titles or headings shall control. 34. Electronic Signature: An electronic signature shall be given the same effect as a written signature. 35. Force Majeure: Except as provided in Section 21 to this Addendum, no party shall be responsible for delays or failure of performance resulting from acts of God, riots, acts of war and terrorism, epidemics, power failures, earthquakes or other disasters, providing such delay or failure of performance could not have been prevented by reasonable precautions and cannot reasonably be circumvented by such party through use of alternate sources, workaround plans or other means. 36. Attorney Review: The Purchaser acknowledges that Purchaser has had the opportunity to consult with its legal counsel regarding the Agreement and that accordingly the terms of the Agreement are not to be construed against any party because that party drafted the Agreement or construed in favor of any Party because that Party failed to understand the legal effect of the provisions of the Agreement. 37. Notices: Any notices required to be given under the Agreement shall be deemed to have been delivered when actually received in the case of hand or overnight delivery, or five (5) calendar days after mailing by first class mail, postage paid, or by fax with confirmation of transmission to the numbers below. All notices to the Seller will be deemed sent ar delivered to the Seller when sent or delivered to Seller's listing broker or agent or Seller's attorney, at the address ar fax number shown below. All notices to the Purchaser shall be deemed sent or delivered when sent or delivered to the Purchaser or the Purchaser's attorney or agent at the address or fax number shown below. 38. Additional Terms or Conditions: Purchaser further agrees that it will not enter into any contract for deed or lease with option to purchase agreements regarding the Property, unless Purchaser is a non-profit organization or has obtained Fannie Maes prior written consent. Purchaser acknowledges that, in addition to any other remedy available to Fannie Mae, any violation of this agreement may result in Fannie Mae refusing to sell additional REO properties to Purchaser and/or its affiliates.The condition of the property may not support the connection of utilities and no repairs will be done by Purchaser or Seller to make the property available for connection or de -winterization. 11 PURCHASER (Initials) SELLER (Initials) FANNIE MAE FORM 001 (October 7, 2014) IN WITNESS WHEREOF, the Purchaser and the Seiler have entered into this Addendum as of the date first set forth above. PURCHASER(S): ' I !1I Signature: � ,� J a"R,T Date: rni 'C 1i, a), , !.{2 /q Print Name: 011_64-6- -6 q datT Address: l J italethel rij 61. 'Cc t/i00i 1 L 2(-3 SELLER: D FANNIE MAE n as Attorney in Fact For Fannie Mae By: Email Address: Telephone: Date: Fax: Signature: Date: Print Name: Address: Telephone: Fax: Email Address: PURCHASER'S AGENT: Brokerage Firm: Fusion Real Estate Inc Purchaser's Agent Name: KATHERINE Address: 3349 SOUTHGATE CT. SW 109 EIGHME CEDAR RAPIDS IA 52404 Telephone: 319-231-6980 Fax: 888-242-2801 Email Address: NEWHOMEUYKATHYQYAHOO.COM PURCHASER (Initials) SELLER (Initials) FANNIE MAE FORM 001 (October 7, 2014) SELLER'S AGENT: Brokerage Firm: Fusion Real Estate Inc Seller's Agent Name: KATHERINE EIGHME Address: 3349 SOUTHGATE CT. SW 109 Linn County CEDAR RAPIDS IA 52404-5240 Telephone: 3192318980 Fax; 8882422801 Email Address: NEWHOMEBYKATHY@YAHOO.COM 12 PURC Name: Address: Telephone: Fax: ,:i - 20-Y2Z7 3/ - 21(- VzJ Email Address: 2 [ � �i��i�c e PURCHASER (Initials) 2 SELLER (Initials) FANNIE MAE FORM 001 (October 7, 2014) SELLER'S ATTORNEY: Name:sERViCELINK Address: 3220 EL CAMINO REAL IRVINE, CA 92602 Telephone: 886-414-6616 Fax: Email Address: tnma@servicelinkfnLcom 13 DIS CLOSURE OF INFORMATION ON LEAD-BASID PAINT AND/OR LEAD-BASED PAINT HAZARDS REO Case #: C1804VX Property Address: 242 HOGLE ST WATERLOO IA 50703 Lead Warning Statement Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller's possession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase, at purchaser's expense. Seller's Disclosure (a) Presence of lead-based paint and/or lead-based paint hazards (check (i) or (ii) below): ❑ (i) Known lead-based paint and/or lead-based paint hazards are present in the housing (explain): EJ (ii) Seller has no knowledge of lead-based paint and/or lead-based paint hazards in the housing. (b) Records and reports available to the seller (eh eck (i) or (ii) one below): ❑ (i) Seller has provided the purchaser with all available records and reports pertaining to Iead-based paint and/or lead-based paint hazards in the housing (list documents below). d (ii) Seller has no reports or records pertaining to lead-based paint and/or lead-based paint hazards in the housing. Purchaser's Acknowledgement (initial) (c) c s Purchaser has received copies of all information listed above. (d) Purchaser has received the pamphlet Protect Your Fa m ily from Lead in Your Home. (e) Purchaser has (check (i) or (ii) below): (i) Received a 10 -day opportunity (or mutually agreed upon period) to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards; or (10 Waived the opportunity to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards. PURCHASER AGREES THEY ARE PURCHASING 1'HE PROPERTY "AS IS," WITHOUT ANY REPRESENTATIONS OR WARRANTIES WHATSOEVER AS TO THE CONDITION OF THE PROPERTY. PURCHASER FURTHER AGREES THAT SELLER AND ITS SERVICERS, REPRESENTATIVES, AGENTS, ATTORNEYS, OFFICERS, DIRECTORS, EMPLOYEES, SUCCESSORS AND ASSIGNS HAS NO RESPONSIBILITY OR LIABILITY FOR, AND PURCHASER HEREBY UNCONDITIONALLY RELEASES SELLER AND rim SERVICERS, REPRESENTATIVES, AGENTS, ATTORNEYS, OFFICERS, DIRECTORS, EMPLOYEES, SUCCESSORS AND ASSIGNS FROM, ANY AND ALL LIABILITY, BOTH KNOWN AND UNKNOWN, PRESENT AND FUTURE, THAT IS BASED UPON, OR RELATED TO, THE EXISTENCE OF LEAD OR LEAD-BASED PAINT ON OR ABOUT 1'HL PROPERTY. Listing Agent's Acknowledgment (initial) \(E (f) Broker/Agent has informed the seller of the seller's obligations under 42 U.S.C. 4852d and is aware of his/her responsibility to ensure compliance, Certification of Accuracy The following parties have reviewed the information above and certify, to the best of their knowledge, that the information provided by the signatory is true and accurate. it Seller Date Purchas er Date Seller 3/1 Listing AgeikY Date Purchaser Date 3/11/19 Date Broker/Agent Date Feb 2019 CEDAR AREA ASSOCIATION OF REALTORS PURCHASE/SALE CONTRACT I/We request that (Co.) Fusion Realtors or any of its employees, agents or associates select, prepare and complete the form documents as authorized by Iowa law or by the [owe Supreme Court Rule, such as purchase agreements, groundwater hazard, and declaration of value incident to a residential real estate transaction. The signing of this Contract creates important rights and liabilities an the part of both the Seller(s) and the Buyer(s). If you have concerns regarding your rights and liabilities you are encouraged to seek competent legal advice. 1. Prepared by: Kathy Eighme Check appropriate representation: 0 Buyer(s) 17 Seller(s) 0 Dual Agency 2. Date: 3/11/19 Time: 0 a.m. 0 p.m. The undersigned Buyer(s) hereby offers 3. the following terms for the purchase of the following property: Parcel #: 8912-30-308-009 & 8912-30-30-008 4. Address: 242 Nagle St City: Waterloo , Iowa. Zip code: 50703 5. Abbreviated legal description: As per Abstact 6. Black Hawk County, Iowa 7. subject to public highways, covenants, easements, restrictions and zoning, if any. 8. PURCHASE PRICE to be: $ 36,900.00 and the method of payment as follows: $0.00 9. earnest money with this Contract and an additional amount of earnest money of $0.00 payable by (date) 10. Upon the acceptance of this Contract, total earnest money is to be paid to and will be cashed, deposited, and held in Trust by the Listing 11. Broker. In the event this Contract is not acceptable to both Buyer(s) and Seller(s) OR all contingencies or sub -contingencies are not met 12. in a timely manner as specified below, then said earnest money is to be returned to Buyer(s). 13. CLOSING: shall be on (date) 4/26/19 or sooner by mutual agreement. 14. POSSESSION: To be given CI at time of closing or ❑ on (date) (time) 0 a.m. ❑ p.m. 15. if for any reason the closing is delayed, the Buyer(s) and Seller(s) may make a separate agreement with adjustments as to the date of 16. possession in the form of an amendment or interim occupancy agreement. Any unpaid balance, rents, interest or insurance, for these 17. purposes, shall be adjusted as of the date of possession and shall bear interest at the rate of % per annum. 18. The balance of the purchase price shall be paid as indicated below. Select below all that apply, (A) through (I): 19. 0 A. NEW LOAN: This Contract is subject to and contingent upon the Buyer(s) obtaining a commitment in writing for a (type): 20. 0 Conv 0 FHA 0 VA ❑ Other - loan for not greater than % of the purchase price with an interest rate at 21. % or less with a term of years. 22. 0 The above referenced loan is a nonconforming conventional (B, C, I]) loan. 23. Buyer(s) agrees to pay all customary loan costs. Buyer(s) agrees, upon the final acceptance of this Contract, to make application 24. within three (3) business days for such loan with a lender and to make a good faith effort to obtain a loan commitment as stated 25. above. If Buyer(s) has NOT obtained written commitment, including appraisal or loan denial, on or before 26. (date), this contract shall become null and void unless both parties have agreed to a timely signed extension. 27. Buyer(s) agrees to immediately initiate an amendment, subject to Seller's approval, to this Purchase/Sales Contract in the 28. event there are any changes in terms or type of financing. Failure to do so may make this contract voidable at Seller's option. 29. 0 B. Buyer(s) has credit pre -approval from (lender), (loan originator) 30. subject to the terms and conditions of the attached pre -approval letter. 31. ❑ C. If this property does not appraise, on or before at the purchase price or greater, then this contract 32. may be voidable at the Buyer's option within five (5) business days of receipt of the appraisal. 33. ❑ D. Assumption of Seller's loan or contract/Contract for Deed: See attached Financing Addendum (CRAAR Form 18a). 34.x❑ E. Cash: Buyer(s) will pay the balance of the purchase price in cash at the time of closing with adjustment for closing costs to be 35. either added or deducted from this amount. This Contract is not contingent upon Buyer(s) obtaining such funds in order to close. 36. Buyer(s) also agrees to provide, within three (3) business days, verifiable evidence of the availability of the funds needed to 37. buy and close. 38. ❑ F. This offer is contingent upon and subject to Buyer(s) closing and obtaining proceeds from the sale of his/her home located at: 39. (address) 40. The Buyer's property identified above at "F" is: 41. ❑ currently listed with a Broker and ACTIVE on the market. 42. 0 currently NOT listed with a Broker nor on the market. 43. 0 under contract with all contingencies to be released by (date) 44. ❑ G. Other Financing terms and/or Concessions: 45. 46. ❑ currently NOT fisted with a Broker but on the market. and expected closing no later than (date) Buyer's Initials Seller's Initials Form 018 -Purchase/Salo Contract Page 1 of 4 @Copyright Cedar Rapids Area Association of REALTORS 2019 Revised 10/9/2018 Ser i a I#: 049927.600155.2325527 Prepared by: Katherine Eighme I Fusion REALTORS7? 1 NewHomeRyKathy@yahoo.com ioiiiisi>;ttpl iu.i t.y' Form 018 - PurchaselSale Contract Page 2 of 4 Subject Property Address 242 Nagle St Waterloo , Iowa 47. 0 H. Insurance: Subject to buyer obtaining an acceptable insurance estimate/bid within 7 business days of accepted offer. 48. JOINT TENANCY: If Seller's title is held in joint tenancy with full rights of survivorship, this Contract shall not sever such joint tenancy. 49. Upon the death of one or more of the joint tenants, payments shall be made to the survivor(s). 50. BUYER(S) HEREBY STATES HIS DESIRE TO TAKE TITLE IN THE FOLLOWING MANNER: 51. ❑ Joint Tenants 0 Tenants In Common ❑ As A Single Person p Other PUBLIC ENTITY 52. USE OF THESE PREMISES: At option of the Buyer(s), this Contract is void unless, at time of settlement, Buyer(s) is permitted under 53. existing zoning and any restrictive covenants to use these premises for . 54. THIS CONTRACT ❑ is 1 is not contingent upon and subject to Buyer(s) receiving within three (3) business days of acceptance of this 55. Contract the restrictive covenants for this property. Upon receipt, Buyer(s) has three (3) additional business days to approve said covenants. 56. DUTIES OF THE PARTIES: 57. A. The Broker, his Agents and employees make no representations or warranties as to the physical condition of the property, 58. its size, future value or income potential. 59. B. Seller(s) and Buyer(s) acknowledge that the Seller(s) of real property has a legal duty to disclose Material Defects of which the 60. Seller(s) has actual knowledge and which a reasonable inspection by the Buyer(s) would not reveal. 61. CONDITION OF PROPERTY: Federal Law (known as Title X) requires notification of potentially dangerous levels of lead-based paint in 62. properties built before 1978 (See Lead -Based Paint Disclosure). If applicable, the Seller(s) will provide the Buyer(s) with copies of any 63. records or prior test results pertaining to lead-based paint findings. 64. A. The property as of the date of this Contract, including buildings, grounds, and all improvements, will be preserved by the Seller(s) in 65. its present condition until possession, ordinary wear and tear excepted. 66. B. The Seller(s) warrants this property will be maintained in its current condition as of the date of this contract per attached property 67. disclosure, if applicable. 68. C. PROPERTY INSPECTIONS: These inspections are not to be construed as inspections to bring an older home into compliance 69. with the current local building codes. These inspections are only intended to discover any major structural, mechanical, safety 70. and health related issues. (buyer's initials) The Buyer's obligation to close this transaction is contingent 71. upon the Buyer(s) obtaining, at Buyer's expense, inspection reports. The inspection period following the date of acceptance shall 72. commence on the first business day following the "day of acceptance". Such inspection period shall not exceed business days. 73. 0 1. BUYER(S) SELECTS A WHOLE HOUSE INSPECTION to determine the material physical condition of the house, land, 74. improvements, fixtures, equipment, any additional structures and any hazardous conditions on the real estate. For any and all 75. inspections, Seller(s) agree to have all utilities on and major mechanical equipment functional. 76. 0 2. BUYER(S) WAIVES A WHOLE HOUSE INSPECTION and chooses only: 77. ❑ Air Conditioning 0 Structural 0 Roofing 0 Other 78. ❑ Heating 0 Plumbing 0 Lead -base Paint 0 Other 79. 0 Electrical 0 Asbestos 0 Sewer Lines 0 Other 80. j 3. BUYER(S) WAIVES THE REAL ESTATE INSPECTIONS: Listed in 1 and 2 above. 81. Signature(s) 82. D. ADDITIONAL INSPECTIONS 83. ❑ 1. A WELL WATER QUALITY TEST to meet local county health standards, will be ordered and paid for upon completion by: 84. ❑ Buyer(s) 0 N/A- and provided no later than (date) 85. 0 2. A SEPTIC SYSTEM INSPECTION: The septic system shall be inspected and approved for real estate transfer by a licensed DNR 86. inspector as required by Iowa Code 455B.172 (unless exempt) to be ordered and paid for by ❑ Seller(s) or ❑ Buyer(s) and 87. provided no later than (date). 88. 0 3. A RADON TEST will be ordered and paid for upon completion by: ❑ Buyer(s) 0 N/A - and provided no later than (date) 89. Said test results must be less than 4 pCi1L under closed house conditions. 90. 0 4. STRUCTURAL PEST CONTROL: A professional exterminators report will be ordered by: ❑ Buyer(s) ❑ N/A and paid for upon 91. completion by ❑ Buyer(s) ❑ N/A and provided no later than (date) . In the event of active 92. infestation, the ❑Buyer(s) ❑Seller(s) shall have the option of declaring this Contract null and void if the ❑Seller(s) or ❑Buyer(s) 93. decline to repair such damage and/or treat the property. 94. ❑ All parties are aware that if this is a VA loan, the Seller(s) will be required to pay for a termite inspection. 95. RESPONSE TO INSPECTION FINDINGS: If any inspection in lines 68-94 reveals damage from infestation or material defects or health or 96. safety concerns, Buyer(s) shall provide written notification of the defect(s) along with the 97, relevant portion(s) of the inspection report(s) and the desired corrections and deliver them to the Listing Agent within the "Inspection 98. Period". Upon delivery of the notice, Seller(s) shall have three (3) business days to respond to the buyers "Inspection Summary" requests. 99. The buyer(s) and seller(s) shall have three (3) business days ("Settlement Period") to negotiate a settlement of the condition of the real 100. estate. If settlement is not reached within the "Settlement Period", then this Contract shall be voidable. For purpose of this paragraph, 101. damage from infestation or "material defects" does not include minor or routine maintenance items. 102. IF BUYER(S) DOES NOT SECURE SAID INSPECTION(S) IN A TIMELY MANNER OR PROVIDE TIMELY NOTICE FOR REMEDIES, 103. THEN BUYER(S) SHALL BE DEEMED SATISFIED AND THE INSPECTION CONTINGENCY WILL BE CONSIDERED WAIVED. Buyer's Initials Seller's Initials Form 018 -Purchase/Sale Contract Page 2 of 4 @Copyright Cedar Rapids Area Association of REALTORS 2019 Revised 10/9/2018 Serial#. 049927-600155-2325527 Prepared by: Katherine Eighme 1 Fusion REALTORS?? 1 NewHomeEyKathy@yahoo.com 1 j t. it ! 11,,11 1 ik)i ILi l' Form 018 - PurchaselSale Contract Page 3 of 4 Subject Property Address 242 Hogle St Waterloo , Iowa 104. SPECIAL ASSESSMENTS: Seller(s) shall pay in full all Special Assessments whether levied or pending and all certified liens of record as 105. of the date of closing. Association fees, if any, shall also be paid current by the Seller(s) to date of closing. Any preliminary or deficiency 106. assessments which cannot be discharged by payment at closing shall be paid through a written escrow account with sufficient funds to 107. pay such liens when payable, with any unused funds to be returned to the Seller(s) without further signatures of the Buyer(s). All charges 108. for solid waste, trash removal, sewage, utility bills and assessments for maintenance that are attributable to the Seller's ownership shall 109. be paid by the Seller(s). 110. TAXES: The Seller(s) to be responsible for all real estate taxes that are attributable to the Seller's ownership of the property which shall 111. include taxes that are liens for prior years and taxes that are due and payable for the fiscal year in which the closing occurs. 112. ❑ A. There shall be no proration of subsequent taxes. 113. El B. Buyer(s) shall be given a credit for all subsequent taxes prorated to the date of closing. Subsequent taxes shall be calculated 114. using the latest known applicable assessed value(s), roll back(s), exemption(s) and levy of record at the time of closing. 115. One (1) year home warranty insurance policy to be ordered and paid for by: ❑Seller(s) ❑Buyer(s) DNo Warranty [Pee additional provisions 116. NEW CONSTRUCTION: If the property is under construction or is to be constructed, this Contract shall be subject to having the 117. construction plans and appropriate specification approved by the parties within days of final acceptance of this Contract. New 118. construction shall have the warranties implied by law, specifically made by suppliers of materials/appliances, or specifically tendered by 119. the contractor. The Broker and its Agent(s) make no warranties as to the quality of construction or quality of materials. 120. CURRENT RENTAL PROPERTY: This Contract 0 is 0 is not contingent upon Seller(s) providing Buyer(s) evidence of compliance with 121. local zoning and housing code ordinances, if applicable, unless otherwise provided with this Contract or stated in this Contract. The 122. following will be transferred to Buyer(s) at closing: Security/Damage Deposits/Pet Deposits ❑Y ❑ N Prorated Rent ❑ Y 0 N 123. INSURANCE: Seller(s) shall bear the risk of loss or damage to the property prior to closing. Seller(s) 124. agrees to maintain existing hazard insurance and Buyer(s) may purchase additional insurance. In the event of substantial damage or 125. destruction prior to closing, this Contract shall be null and void, unless otherwise agreed to by the parties. The property shall be deemed 126. substantially damaged or destroyed if it cannot be restored to its previous condition on or before the closing date, provided, however, 127. the Buyer(s) has the right to complete the closing and receive the insurance proceeds regardless of the extent of the damage. 128. ABSTRACT AND TITLE: Seller(s) shall, immediately upon request, have the Abstract of Title extended to date and submit to an attorney(s) 129. for a title opinion for the Buyer(s). Such attorney(s) shall be selected by the Buyer(s) or Buyer's lender. Such Abstract of Title shall show 130. merchantable title in the name of the Seller(s), subject only to encumbrances and liens herein assumed and such other encumbrances 131. and liens shall be paid from the proceeds of this sale. Seller(s) agrees to make every reasonable effort to promptly perfect the title in 132. accordance with such title opinion so that, upon conveyance, title shall be deemed marketable in compliance with this Contract, the 133. land title laws of the State of Iowa, and the Iowa Title Standards of the Iowa Bar Association. If this sale is on the deferred installment 134. plan, such other encumbrances shall not exceed the unpaid balance of the stated purchase price and shall provide for an interest rate 135. and terms of payment no more onerous than those agreed to in this Contract. Thereafter the Seller(s) shall not be obligated to make any 136. further extensions or corrections other than to show, upon full payment of the purchase price, entries subsequently caused by the Seller(s) 137. and satisfaction of unassumed encumbrances shown by said examination or those thereafter imposed by the Seller(s). Upon full payment 138. of the purchase price, Seller(s) shall deliver to Buyer(s) a general warranty deed to this property accompanied by the Abstract of Title. If 139. closing is delayed due to Seller's inability to provide marketable title, this Contract shall continue in force and effect until either party 140. rescinds this Contract after giving seven (7) business days written notice to the other party and the Broker(s). The Seller(s) shall not be 141. entitled to rescind this Contract unless he has made a reasonable effort to produce marketable title in the prescribed time. 142. REMEDIES OF THE PARTIES: If Seller(s) fails to fulfill this Contract he will pay the Listing Broker the commission in full. The Buyer(s) shall 143. have the right to have all payments returned, and/or to proceed by any action at law or in equity and the Seller(s) agrees to pay costs and 144. reasonable attorney fees, and a receiver may be appointed. Broker may maintain an action at law against Seller(s) for the Broker's 145. commission. If the Buyer(s) fails to fulfill this Contract, Seller(s) may forfeit the same as provided in Chapter 656 of the Code of Iowa, and 146. all payments made so far shall be forfeited, or the Seller(s) may proceed by an action at law or in equity. The Buyer(s) agrees to pay costs 147. and reasonable attorney fees, including the Broker's commission. For purposes of collecting the Broker's commission, Broker shall be 148. deemed a third party beneficiary to this Contract and maintain an action at law against the Buyer(s) for the collection of these fees. If 149. Buyer(s) or any other person or persons shall be in possession of this property or any part thereof, Buyer(s) will peaceably remove himself 150. and his possessions and abandon all claims to any right, title and interest in and to said property or in and to this Contract, or in default 151. thereof he may be treated as a tenant holding over unlawfully after the expiration of a lease and may be ousted and removed. Any 152. personal property remaining on the premises more than five (5) business days after the completion of such forfeiture proceeding shall be 153. conclusively presumed to have been abandoned by the Buyer(s) and of no value to Buyer(s), and Seller(s) may dispose of the same as 154. Seller(s) wishes without liability and without any right of the Buyer(s) to make claim for interest or damages. 155. SUCCESSORS IN INTEREST: When accepted, this Contract shall apply to and bind the heirs, executors, administrators, assigns, and 156. successors in interest of both parties. In case of the assignment of this Contract by either party, prompt written notice shall be given 157. to the other party. The liability of the Buyer(s) under this Contract shall not cease or be terminated, even though the Contract be 158. assigned by the Buyer(s), unless this liability is specifically released in writing by the Seller(s). 159. COURT APPROVAL: If the property is an asset of any estate, trust or conservatorship, this Contract is contingent upon Court approval 160. unless declared unnecessary by Buyer's attorney. If necessary, the appropriate fiduciary shall promptly obtain Court approval and 161. conveyance shall be made by a Court Officer's Deed. 162. FUNDS: It is agreed that at time of closing, funds, up to the purchase price, received from the Buyer(s) and/or Buyer's lender may be 163. used to pay taxes, other liens and expenses associated with this transaction, same to be handled under the supervision of the Listing 164. Broker so to produce marketable title. Seller(s) hereby appoints the Listing Broker, escrow company, or lender to receive such funds and 165. make such payments and disbursements. Buyer's Initials 0,6e -Seller's Initials Form 018 -Purchase/Sale Contract Page 3 of 4 ©Copyright Cedar Rapids Area Assoc!ation of I?EALTORS 2019 Revised 10/9/2018 Seriari�: 049927-600•155-2325527 1'01111 y Prepared by: Katherine Eighme 1 Fusion REALTORS?? 1 NewNome8yKathy@yahoo.c0m 1 Form 018 - Purchase/Sale Contract Page 4 of 4 Subject Property Address 242 Hogle St Waterloo , Iowa 166. GENERAL PROVISIONS: In the performance of each part of this Contract, time shall be of the essence. This Contract shall be binding 167. on and inure to the benefit of the heirs, executors, administrators, assigns and is for the convenience of reference and shall not limit 168. nor affect the meaning of this Contract. 169. MEDIATION: In the event of a dispute, Buyer(s) and Seller(s) agree to consider mediation as an alternative to initiating legal action. 170. The mediation will be conducted in accordance with the rules and procedures of a mutually agreed mediation service. Even when using 171. mediation, parties may still seek legal remedies. 172. DISPOSITION OF PERSONAL PROPERTY: Seller(s) agrees to remove, prior to closing or possession, whichever is later, all personal 173. property not included in this sale, including trash and miscellaneous items. Seller(s) will be liable for any costs the Buyer(s) incurs for the 174. removal of any of the Seller's personal property. Any such personal property remaining on the premises shall, unless the parties have 175. otherwise agreed, be conclusively presumed to have been abandoned by Seller(s) and of no value to Seller(s). Seller(s) will comply with 176. this expectation at his effort and at his expense. 177. GENDER AND NUMBER: Stated words and phrases shall be construed in the singular or plural number, and as masculine, feminine or 178. neutral gender as may be dictated by the context of this Contract. 179. NOTICE: Any notice required under this Contract shall be deemed given when it is received in writing either by hand delivery, fax, return 180. receipt requested mail, or electronic mail. Persons designated for receipt of any notice for the purpose of this Contract shall be the 181. Seller(s) and Buyer(s) or their respective agents. 182. FINAL INSPECTION: Buyer(s) or his representative has the right to enter and inspect the premises, prior to closing, to determine if there 183. have been any material changes in the property since the origination date of this Contract and acknowledges by deposit of final funds 184. that the property is acceptable and all equipment is in working order. 185. Included: all permanent fixtures, all items per attached Seller's Property Disclosure dated on 186. and the attached Cedar Rapids Area Association of REALTORS Multiple Listing page with the MLS number of 1808424 187. ADDITIONAL PROVISIONS: Pursuant to section 28 of the real estate purchase addendum, This document is subject to all terms and 188. conditions set forth in the real estate purchase addendum 189. 190. 191. 192. Please be aware that the PurchaselContract supersedes the Seller's Property Disclosure document as well as the MLS Listing 193. documents. This offer to purchase is made of my own free will and shall be good and binding upon the undersigned if accepted 194. on or before (date) , by (time) 0 a.m. 0 p.m. 195. 0 SEE ATTACHED ADDENDUM(S) 196. 197. Buyer's Signature mayor 34/3// 9 Date Buyer's Signature Date 198. CITY OF WATERLOO 199. Buyer's Legal Name, (Printed) Buyer's Legal Name, (Printed) 200. ❑ SELLER'S ACCEPTANCE. The undersigned Seller(s) of the above property accepts the above offer and agrees to sell this property 201. according to the terms offered on this date of: (date) , (time) a.m. p.m. 202. ❑ SELLER'S REJECTION. The undersigned Seller(s) of the above property rejects this Buyer's written offer to purchase the above 203. stated property. (date) (time) a.m. p.m. 204. ❑ SELLER'S COUNTER-OFFER. The undersigned Seller(s) of the above property accepts the above offer, however, counters certain 205. terms and conditions as per attached Counter Offer. (date) (time) a.m. p.m. 206. 207. Sellers Signature Date Seller's Signature Date 208. See Attached 209. Seller's Legal Name, (Printed) Seller's Legal Name, (Printed) 210. FOR BROKERS' REFERENCE ONLY Name of Selling Company (Printed) Name of Selling Agent (Printed) 211. Fusion Realtors Kathy Eighme Name of Listing Company (Printed) Name of Listing Agent (Printed) Form 018 -Purchase/Sale Contract Page 4 of4 ©Copyright Cedar Rapids Area Association of REALTORS 2019 Revised 10/9/2018 S eri a l#: 049927-660155-2325527 Prepared by: Katherine Eighme 1 Fusion REALTORS?? 1 NewHomeayKalhy@yahoo,com ltil lli,>111i 11.c i ty CEDAR RAPIDS AREA ASSOCIATION OF REALTORS AGENCY DISCLOSURE AND ACKNOWLEDGEMENT BROKER FUSION REALTORS HERE -IN AFTER REFERRED TO AS OUR COMPANY Seiler CITY OF WATERLOO Buyer 1. If Our Company lists your property for sale: A. When we both list and sell the property, it is the policy of our company to represent both seller and buyer as Consensual Dual Agent. B. When we are the listing company but not the selling company, it is the policy of our company to represent the seller exclusively. 2. If Our Company writes your purchase agreement: A. When we both list and sell the property, it is our company policy to represent both the buyer and seller as a Consensual Dual Agent. B. When we are the selling company cooperating with any other brokerage company and the property is in the MLS, it is our policy to reject any offer of sub agency from the listing company if it is offered, and represent the buyer exclusively. C. When we are the selling company cooperating with any other brokerage company and the property is not in the MLS, it is our policy to represent the buyer exclusively. 3. Commission and sub agency arrangements between cooperating brokerage firms, A. When we are the listing company, it is the policy of our company to submit your listing to the MLS without an offer of sub agency. B. When we are the listing company, it is the policy of our company to reciprocate cooperation and compensation with the selling brokerage firm. The undersigned acknowledges that in a Consensual Dual Agency: a. Our Company will not aggressively represent the interest of either Buyer or Seller to the detriment of the other. Buyer and Seller shatl primarily negotiate on their own behalf, and Our Company shall cease to serve as either the Seller's or Buyer's sole and exclusive agent and shall become a Consensual Dual Agent for both parties. b. Our Company shall not, without the prior consent of the Seiler, disclose to the Buyer that the Seller might accept a price less than the Listing Price or material terms other than specified in the Listing. Nor shall Our Company, without consent of Buyer, disclose to the Seller that the Buyer may be willing to pay a higher price or accept less favorable terms than indicated in the Buyer's initial offer. c. Our Company shall not disclose to Buyer or Seller personal confidences posed by the other party which might place that party at a disadvantage; provided further that Our Company must disclose other matters as required by law, known or reasonable discoverable, such as property condition, defects, or other related matters affecting property value or desirability. The above Company Agency Disclosure is hereby approved and I/we acknowledge receipt of a copy of this disclosure document. NOTE: THIS IS NOT A CONSENT FORM, IT IS ONLY A DISCLOSURE FORM. Client's Signature Date Client's Signature Agency Disclosure Form ©Copyright Cedar Rapids Area Association of REALTORS 2019 Revised 03)2912018 Serial#: 049430.300955.2325618 .�. } Prepared by Katherine Eighme 1 Fusion REALTORS?? 1 NewHameByKathy@yahoo.com