HomeMy WebLinkAbout96-06198
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D. Thc balancc uf thc purchasc pricc, bcinH Thirty-six Thousand and noli 00
($36,00000) Dullars, shall bc paid as fullows: ('urclmscr shall pay installmcnt paymcnts
uf Thrcc Hundrcd and nu/lon ($300,00) Dullars pcr munth. commcncinH on Fcbruary
'~t." 19% Said l110nthiy paymcnts shall bc applicd tu intcrest on the unpaid balancc of
the purchase price at a rate ofTcn and no/IOO percent (10,00%) per annum, In the event
that any monthly payment is not received by the Sellers on or before the fifth (5th) day
aner the same becomes due, the purchaser shall pay a late charge of five percent (5.00%)
of the payment due, Said monthly payments shall continue until January ~ 1997, at
which time the Sellers aHree to convey in fee simple, by special warrllIlty deed, free and
clear of all encumbrances, except easements, building and use restrictions, visible or of
recorci, and the Purchaser agrees to pay the balance of the purchase price in cash. If, after
good faith effort, Purchaser is unable to obtain finllIlcing prior to January 'Z-", 1996, at
prevailing area rate aOlI terms, Sellers agree to extend the time for final payment of the
balance of the purchase price to Jsnuary 1-", 1998, Purchaser must give written notice to
Sellers on or before October 1c.::t, 1996, if she has been unable to obtain such financing
and requests the extension, If such an extension becomes necessary, Purchaser agrees to
continue making monthly payments of interest in the amount of Three Hundred and
nollOO ($30000) each month until the balance of the purchase price is paid in full,
C. Purchaser may pay the entire balance and accumulated interest at any time
without incurring any penalty.
J. Purchaser agrees to keep the Property in a good state of repair. Purchaser agrees
not to make any substantial alterations in the condition of the Property without lirst securing
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wrillen consent of Sclt.:rs. However. in the event that Purchaser becomes In delilUlt as setlimh in
this agreement, uny and ull improvements which Purchaser has made to the Property will be and
become the property of Sellers us of the date of default and will remain with the Property.
-4. The Purchaser agree:; ilt ils expense, to keep the building on the Property insured
ugainst lire, with extended coverage, with a company authorized to do business within the
Commonwealth of Pennsylvania and acceptable to Sellers, for a sullicient sum to cover the unpaid
purchase price, said insurance to be carried in the name of Seller, loss payable first to Seller and
the remainder to the Purchaser, as their interest may appear.
5. Purchaser shall be entitled to possession of the Property immediately upon
execution hereof
6. Purchaser hereby assumes all risk and responsibility for any accidents, injury or
damage to persons or property and to itself and any others on the Property. The Purchaser shall
delimd. indemnitY and hold harmless the Seller from and against all actual or potential claims,
demands, liabilities, damages, losses and out-ol~pocket expenses including reasonable allorneys'
fees whether or not reduced to judgment, order or award, on account of any and all injury or
damage to persons or property associated with the Property, Purchaser also agrees to obtain a
commercial liability insurance policy with coverage limits of at least $500,000.00 covering
Purchaser's business activities on the premises.
7. All real estate taxes with regard to the current year will be prorated as of the date
of the execution of this Agreement. Thereafter, Pllrchaser will be responsible for the payment of
all subsequent real estate taxes and to provide proof of payment thereof upon request of Sellers,
All real estate transfer taxes upon tinal selllement and conveyance of the deed as provided herein
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shall be paid e'lllillly by the parties hereto II: however, Purchaser at any time shall request Sellers
to convey the Property to a third party, Sellers shall be relieved of paying any transfer tax
associated therewith and the same shall be the sole responsibility of the Purchaser and the third
pany. In addition tolhe above. all the utilities shall be prorated as of the dute of this Agreement.
Thereatler, Purchaser will he responsible lor payment of all utilities and llny other services
perlurmed which arc associated Wilh the Property,
8. Purchaser undcrstands llnd ugrecs that the property is being purchased "us is" und
Sellers is making no representations or warranties with regard to the condition of the
improvements located on the property.
9. Upon default by the Purchaser in tendering any of the montWy payments due
hereunder or in performance of any other obligations under this Agreement. for a period
exceeding thirty (30) days. Sellers may declare this Agreement to be tenninated, retaining all
payments made to that time as liquidated damages and in such event, the Prothonotary or any
attorney of any court of record of Cumberland County is hereby authorized to appear for and to
confess judgment in an applicable action of ejectment against said Purchaser, its successors and
assigns and in favor of the said Sellers, their heirs and assigns for the Property described on
Exhibit "A" attached hereto and to direct the immediate issuing ofa Writ of Possession with Writ
of Execution for costs, including attorneys' fee of no less than five percent (5%) of the unpaid
balance of the purchase price. without notice and without asking leave of Court, or at the option
of Sellers, said Prothonotary or attorney is hereby authorized to confess judgment against the
Purchaser and in favor the Sellers for the entire unpaid balance of the purchase price, together
with costs, interest, insurance paymcnts, etc., and with at least live percent (5%) added thereon as
an attorney fee.
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10. The interest of the Purchaser conveyed by this Agreement shall not be assignable
by saie, assignment, lease, pledge, sublcasing or otherwisc, in whole or in part, without the prior
wrillen conscnt of thc Scllcrs In thc cvcnt such assignment, pledge, etc., is acceptcd, the rights
stipulatcd in I'aragra(lh Ninc shallaccruc to thc Scllcrs.
11. failure by Scllcrs to insist on strict performancc by Purchaser of any of thc terms
of this Agreement shall not be construed as a waiver, release or relinquishment thcreof This
Agreement shall inure to and be binding upon the successors and assigns of the panies hereto.
12. The provisions of this Agreement shall be construed and enforced in accordance
with the laws of the Commonwealth of Pennsylvania. This Agreement represents the entire
agreement and understanding between the panies hereto and there are no other terms, obligations,
covenants, representations, statements or conditions, oral or otherwise, of any kind whatsoever
concerning this sale. The provisions of this Agreement supersede any and all prior writings
between the panies hereto. Any modification, changes or additions to this Agreement must be
made in writing and executed by the panies hereto. Wherein used in this Agreement, unless the
context otherwise clearly requires; the plural shall include the singular and vice versa; the use of
any particular gender shall include any other applicable genders; and the words "hereof', "herein"
and similar compounds of the word "here" shall mean and refer to this entire Agreement and not
to any panicular provision or paragraph hereof unless so stated.
13. Time is hereby declared to be of the essence with regard to this Agreement.
14. All payments, notices and other communications given or delivered under this
Agreement shall be in writing and be deemed to have been given when personally delivered,
mailed by lirst-c1ass mail, return receipt requested, or delivered by express courier service. All
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