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ASP Advantage 1993
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The Association of Shareware Professionals Advantage CD-ROM 1993.iso
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realty04.lex
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1991-08-10
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.FT L----!----!----!----!----!----!----!----!----!----!----!----!---R
.TX1 *** EXCHANGE AGREEMENT FOR REAL PROPERTIES - GENERAL FORM **
AGREEMENT FOR EXCHANGE OF REALTY
This agreement is made this day between {EX1_NAME} of {EX1_ADDR},
hereinafter called {EX1_ABBR}, and {EX2_NAME} of {EX2_ADDR},
hereinafter called {EX2_ABBR}, for the purpose of arranging for
the exchange of the real properties described below, as follows:
{!PARNO}. Agreements for Exchange. {EX1_ABBR}, in consideration
of the payment of One Dollar ($1.00) paid by {EX2_ABBR}, receipt
of which is acknowledged and of the conveyance of property by
{EX2_ABBR} agreed to be made herein, hereby agrees to sell and
convey by Warranty Deed to {EX2_ABBR}, at a valuation, for the
purpose of this contract, of {PPTY1_VALUE}, all of that certain
plot, piece or parcel of land, with the buildings and
improvements erected thereon, situate, lying and being in
{PPTY1_LOCATION} and more particularly described as follows:
DESCRIPTION OF {EX1_ABBR} PROPERTY
.FT -----L----!----!----1----!----!----!----!----!----!----1---R
{PPTY1_DESCRIPTION}
.FT L----!----!----!----!----!----!----!----!----!----!----!----!---R
{EX2_ABBR}, in consideration of One Dollar ($1.00) paid by
{EX1_ABBR}, receipt of which is acknowledged and of the conveyance
by {EX1_ABBR} of property agreed to be made herein, hereby agrees
to sell and convey by Warranty Deed to {EX1_ABBR}, at a
valuation, for the purpose of this contract, of {PPTY2_VALUE},
all of that certain plot, piece or parcel of land, with the
buildings and improvements erected thereon, situate, lying and
being in {PPTY2_LOCATION} and more particularly described as
follows:
DESCRIPTION OF {EX2_ABBR} PROPERTY
.FT -----L----!----!----1----!----!----!----!----!----!----1---R
{PPTY2_DESCRIPTION}
.FT L----!----!----!----!----!----!----!----!----!----!----!----!---R
{!PARNO} Payment of Valuation Difference. The difference
between the values of the respective premises of {DIFF_VALUE}
shall be due and payable by {EX2_ABBR} to {EX1_ABBR} as follows:
.FT -----L----!----!----!----!----!----!----!----!----!----1---R
{DEPOSIT_AMOUNT} upon the execution and delivery of this
agreement, receipt thereof by check, subject to collection, is
hereby acknowledged by Vendor.
.TX2 *** BALANCE OF PAYMENT ON REALTY EXCHANGE BY CASH **********
.FT -----L----!----!----!----!----!----!----!----!----!----1---R
{BALANCE_AT_CLOSE} in cash or be valid certified check drawn by
the Purchaser to the order of the Vendor upon a bank or trust
company acceptable to Vendor upon the delivery of the deed as
provided herein.
.TX3 *** BALANCE OF PRICE BY ASSUMPTION OF EXISTING MORTGAGE ****
.FT -----L------------------------------------------------------R
{BALANCE_BY_ASSUM} by {EX2_ABBR} assuming and agreeing to pay the
existing mortgage on the {EX1_ABBR} property for that amount
bearing interest at the rate of {INT_RATE} per annum.
.TX4 *** BALANCE OF PRICE BY TAKING SUBJECT TO EXISTING MORTGAGE *
.FT -----L------------------------------------------------------R
{BALANCE_SUBJ_TO} by {EX2_ABBR} taking the {EX1_ABBR} property
subject to an existing mortgage in that amount bearing interest
at the rate of {INT_RATE} per annum.
.TX5 *** BALANCE OF PRICE BY PURCHASE MONEY MORTGAGE ************
.FT -----L------------------------------------------------------R
{BALANCE_MTG} by {EX2_ABBR} giving back to {EX1_ABBR} a standard
promissory note for that amount, bearing interest at the rate of
{INT_RATE}, payable in equal monthly installments over a period
of {TERM_YEARS} and secured by a standard purchase money mortgage
containing a prepayment option, exercisable on any installment
paying day and a power to confess judgment for non-payment of
principal and interest. Taxes, insurance premiums and special
assessments are to be paid by {EX2_ABBR} during the life of the
mortgage.
.TX6 *** MORTGAGE CONTINGENCY CLAUSE FOR REALTY EXCHANGE ********
{!PARNO}. Contingent on Loan Commitment. This agreement is
contingent on {EX2_ABBR}'s ability to obtain a {FIRST/SECOND}
mortgage loan commitment of {MORTGAGE_AMOUNT}. {EX2_ABBR}
agrees to apply for said mortgage loan commitment on or before
{MTG_APPL_DATE} using the {EX1_ABBR} property as collateral. In
the event {EX2_ABBR} is unable to obtain a commitment for said
mortgage loan on or before {COMMIT_DATE} the Vendor shall
promptly notify the Vendor, or Vendor's broker, and this
contract shall become null and void and all payments made
hereunder shall be refunded and all obligations of the parties to
each other shall terminate. If such notice is not received on or
before the expiration date specified above, the Purchaser shall
be bound to perform the obligations under this contract.
.TX7 *** PROPERTY INCLUDED IN THE EXCHANGE OR SALE **************
{!PARNO}. Property Included in Exchange. The sale by each party
includes all right, title and interest, if any, of the seller in
and to any land lying in the bed of any street, road or avenue
opened or proposed, in front of or adjoining the premises to be
conveyed to the center line thereof, and all right, title and
interest of the seller in and to any award made or to be made in
lieu thereof and in and to any unpaid award for damage to said
premises by reason of change of grade of any street; and each
party will execute and deliver to the other, on closing of title,
or thereafter, on demand, all proper instruments for the sale and
conveyance of such title and assignment and collection of any such
award.
.TX8 *** EXCEPTIONS TO TITLE OF PARTIES IN REALTY EXCHANGE ******
{!PARNO}. Exceptions to Title. The premises of each party
hereto are sold and are to be conveyed subject to:
.FT -----L------------------------------------------------------R
(1) Zoning regulations and ordinances of the city, town or other
jurisdiction in which the premises lie which are not violated by
existing structures, and
(2) Consents by the seller or any former owner of the premises
for the erection of any structure or structures on, under or
above any street or streets on which said premises may abut, and
(3) Encroachments of stoops, areas, cellar steps, trim and
cornices, if any, upon any street or highway.
.FT L----!----!----!----!----!----!----!----!----!----!----!----!---R
If there be a mortgage on the premises the seller of the premises
so affected agrees to deliver to the purchaser thereof at the
time of delivery of the deed a proper certificate executed and
acknowledged by the holder of such mortgage and in form for
recording, certifying as to the amount of the unpaid principal
and interest thereon, date of maturity thereof and rate of
interest thereon, and such seller shall pay the fees for
recording such certificate.
.TX9 *** ASSESSMENTS PAYABLE IN INSTALLMENTS ON EXCHANGED REALTY *
{!PARNO}. Assessments. If, at the time of the delivery of deeds,
either of the premises or any part thereof shall be or shall have
been affected by an assessment or assessments which are or may
become payable in installments, of which the first installment is
then a charge or lien, or has been paid, then for the purposes of
this contract, all the unpaid installments of any such
assessment, including those which are to become due and payable
after the delivery of the deed, shall be deemed to be due and
payable and to be liens upon the premises affected thereby and
shall be paid and discharged by the seller thereof, upon the
delivery of the deed.
.TX10 *** APPORTIONMENT OF RENTS, INTEREST, PREMIUMS, TAXES, ETC. *
{!PARNO}. Apportionments. The following are to be apportioned
as of the date of delivery of deeds and possession of the
respective properties:
.FT -----L------------------------------------------------------R
(1) Rents as and when collected;
(2) Interest on mortgages;
(3) Premiums on existing transferable insurance policies or
renewals of those expiring before closing;
(4) Taxes and sewer rents, if any, on the basis of the fiscal
year for which they are assessed;
(5) Water charges on the basis of the period for which they are
usually due and payable, and
(6) Fuel, if applicable.
If the closing of the title shall occur before the tax rate is
fixed, the apportionment of taxes shall be upon the basis of the
tax rate for the next preceding year applied to the latest
assessed valuation.
If there be a water meter on either of the premises, the
respective sellers shall furnish a reading to date not more than
thirty days prior to the time herein set for closing titles, and
the unfixed meter charge and the unfixed sewer rent, if any,
based thereon for the intervening time shall be apportioned on
the basis of such last reading.
.TX11 *** CONVEYANCE AND ABSTRACTS ON EXCHANGED PROPERTIES ******
{!PARNO}. Conveyance. Each of the sellers agrees to convey the
premises being exchanged by a good and sufficient Warranty Deed
to the Purchaser, subject only to the lien of general taxes for
the year of {TAX_YEAR}, to building restrictions of record, to
the provisions of zoning ordinances, to any and all existing
rights of way for public highways, utilities and drainage and to
any other easements to which the premises are subject. The deed
shall be delivered to the Purchaser at the time of final
settlement on or before {CLOSING_DATE}.
{!PARNO}. Abstract. The Vendor agrees to furnish by
{ABSTR_DATE}, an abstract of title or a title insurance policy
showing a merchantable title in the name of the Vendor, subject
only to the exceptions set out in the above paragraph. The
abstract, if furnished, shall be certified by a reliable abstract
company on a current date and the Purchaser shall have two weeks
within which to examine it. The Vendor shall have two weeks to
cure any defects in said title or abstract upon written notice
by the Purchaser of defects therein. The balance due under this
agreement shall not be payable until such time as said defects
are corrected.
.TX12 *** FIXTURES AND PERSONAL PROPERTY INCLUDE IN EXCHANGE ****
{!PARNO}. Fixtures and Personal Property. All fixtures and
articles of personal property attached or appurtenant to or used
in connection with said premises are represented to be owned by
the respective sellers of said premises, free from all liens and
encumbrances except as herein stated and are included in this
exchange. Without limiting the general nature of the foregoing,
such fixtures and articles of personal property include plumbing,
heating, lighting and cooking fixtures, air conditioning fixtures
and units, ranges, refrigerators, radio and television aerials,
bathroom and kitchen cabinets, mantels door mirrors, venetian
blinds, shades, screens, awnings, storm windows, window boxes,
storm doors, mail boxes, weather vanes, flagpoles, pumps,
shrubbery and outdoor statuary.
.TX13 *** DEFAULT OF EITHER PARTY TO REALTY EXCHANGE AGREEMENT **
{!PARNO}. Default of Either Party. In the event that either of
the parties hereto is unable to convey title in accordance with
the terms of this contract, the sole liability of the defaulting
party shall be limited to {LIQ_DAMAGES} and the refund to the
other party the amount, if any, paid on account of the difference
between the agreed values of the respective premises and to pay
the cost of any surveys, title examinations and attorney fees
incurred by the other party in furtherance of this agreement.
.TX14 *** CLOSING AND FINAL SETTLEMENT OF REALTY EXCHANGE *******
{!PARNO}. Closing. The deeds shall be delivered and exchanged
by the parties at {CLOSING_TIME} at {CLOSING_PLACE} on
{CLOSING_DATE}.
.TX15 *** BROKER'S COMMISSION TO BE PAID FOR PROPERTY EXCHANGE **
{!PARNO}. Broker's Commission. The parties agree that
{BROKER_NAME} brought about this exchange and agree to pay a
broker's commission of {COMMISSION} upon the closing of the
proposed transaction.
.TX16 *** MERGER OF PRIOR ORAL UNDERSTANDINGS AND AGREEMENTS ****
{!PARNO}. Oral Understandings and Agreements. It is understood
and agreed that all prior understandings and agreements between
the parties hereto are merged in this contract, which alone fully
and completely expresses their agreement and that if is entered
into after full investigation, neither party relying upon any
statement or representation made by the other party which is not
embodied in this contract. The parties have inspected the
premises and the improvements thereon and are thoroughly
acquainted with their condition.
.TX17 *** CONSTRUCTION AND CONCLUSION OF REALTY EXCHANGE ********
{!PARNO}. Construction of Agreement. This agreement may not be
changed or terminated orally. the stipulations aforesaid are to
apply to and bind the heirs, executors, administrators, personal
representatives, successors and assigns of the respective
parties. The word "party" shall be construed as if it read
"parties" whenever the sense of the agreement so requires and
wherever the word "seller" is used it shall mean the party who
has contracted to sell the premises owned by him, or her, and
word "purchaser" shall mean the party who has agreed to purchase
such property.
IN WITNESS WHEREOF, this agreement has been duly executed by the
parties hereto the date shown below.
Dated {DOCU_DATE}.
Witnesses: ________________________________
{EX1_NAME}
_____________________________
________________________________
_____________________________ {EX2_NAME}