Purchase Agreement

SELLER FINANCE

Fill out this form which will auto generate a Purchase Agreement and will send to the seller for signature.

BUYER NAME LLC *

and/or assigns, agrees to buy, and

SELLER NAME/LLC *

agrees to sell, the real and personal property described below

Description
The property is described below as follows

Facility Street Address: *

Tax Parcel Information: *

Legal Description: *

Commonly known as, (Property Name): *

Purchase Price
Seller Finance Terms:

Purchase Price: $____ *

(Example: "500,000")

Down Payment: $___ *

(Example: "50,000")

Amortization: ___ years *

(Example: "5")

Balloon: ___ years *

(Example: "10")

Interest: ___% *

(Example: "4")

Estimated Monthly Payments: $___ *

(Example: "5,000")

Estimated Balance Due End of Year BALLOON: $___ *

(Example: "300,000")

Estimated Total Interest Made End of Year BALLOON: $___ *

(Example: "90,000")

Title Company

The Title Company shall be a mutually acceptable title agent, TBD upon the effective date. The closing agent shall disburse the earnest money at the closing and perform any other duties agreed in writing among Buyer, Seller, and the Closing Agent. Seller shall provide to Buyer satisfactory title commitment, at Seller’s expense, no later than _____ days before closing. *

(Example: "2")

Earnest Money

Buyer will pay, to the Title Company, a deposit of $__________ toward the purchase price *

Official Earnest Money Amount (Example: "5,000")

within _________ days of the Effective Date of this agreement. *

How many days do you want to deposit earnest money? (Example: "7")

At the end of the Buyer’s Inspection Period, provided Buyer in its sole discretion has elected to proceed, the Deposit shall be credited to the Purchase Price upon close of the transaction. The decision to proceed or not to proceed shall be in the sole discretion of the Buyer. In the event Buyer elects to proceed, then the Deposit shall be deemed “non-refundable.”

Should the Buyer, prior to the date of expiration of the Buyer’s conditions, notify Escrow of its election not to proceed, then the Deposit shall forthwith be returned within _____ business hours and all agreements (including, without limitation, this purchase agreement) between Buyer and Seller with respect to the Property shall expire and terminate without further liability, duty, or obligation. *

(Example: "72")

Buyer and Seller agree that should Buyer default on Buyer’s obligations under the Purchase Agreement, the Escrow holder shall disburse to Seller all of the Deposit, as liquidated damages as Seller’s sole and exclusive remedy. Buyer and Seller agree that should Seller fail to convey the Property to Buyer for any reason not at fault of the Buyer, the Escrow holder shall immediately return the Deposit to the Buyer, and Buyer shall have the right to pursue all available rights and remedies against the Seller, up to and including a suit for specific performance to compel Seller to complete the transaction. Should either party employ an attorney or attorneys to enforce any of the provisions of this Contract, or to protect its interest in any matter arising under this Contract, or to recover damages for the breach of this contract, if such party prevails in any final judgment, such party shall be entitled to recover from the non-prevailing party all reasonable costs, charges, and expenses, including attorneys’ fees, expended or incurred in connection therewith.

Closing

This transaction shall be closed ON or BEFORE _________ days from full execution of this contract, as defined below at the office of the Title Company. *

(Example: "60")

Real estate taxes and other property expenses will be prorated as of closing, with the date of closing belonging to Buyer. Taxes for prior years shall be paid by Seller. Any possible liens and back taxes or utility bills on the subject property will be the responsibility of the Seller. All prepayment of rent, tenant security deposits, and other deposits and income of whatever nature and kind whatsoever shall be prorated and credited to Buyer and adjusted as of the date of Closing based upon the actual number of days in the month of Closing, with Buyer being credited for rents on the day of Closing.

All other contractual payments, such as cable service exclusive agreements, “MDUs,” revenue share, or similar agreements shall be prorated over the term. Any past due rent as of the day of closing will be property of Buyer. Seller shall have no surviving rights after Closing to collect past due rentals from existing tenants. If any tenant lease provides for the rent payable by the tenant after the Closing Date to be less than the pro forma or budgeted rent for such home site, as set forth on the Rent Roll for the Subject Premises as of the date of Closing, whether as a result of free rent, reduced rent, or any other form of rent concessions (in each case, a “Rent Concession”), then, at Closing, Buyer shall be entitled to a credit from the Seller in the amount equal to the sum of all such Rent Concessions made to tenants attributable to the period after the Closing Date.

Closing Costs

Buyer and Seller agree to each pay one half of all closing costs, including but not limited to: title company closing fee, title binder, owner’s insurance premium, recording fees, and any other miscellaneous fees incurred through escrow. Per Section 5 above, Seller agrees to pay taxes prorated as of the day of closing, back taxes, and liens incurred on the property.

Financing

Buyer shall have until ______ days from full execution of this contract to secure financing acceptable to Buyer in its sole discretion (the “Financing Period”). *

How long for a financing period? (Example: "40")

Buyer may extend the Financing Period for up to ______ days based on a need for more time to complete third-party reports or based on lender need. *

How long for an extension of the Financing Period? (Example: "15")

If Buyer is unable to obtain satisfactory financing within the Financing Period, or if Seller refuses to acknowledge and agree to Buyer’s request to extend the Financing Period, Buyer may rescind this transaction by transmitting notice thereof via facsimile, email or mail by the last day of the Financing Period, and Buyer shall then receive a refund of its Deposit and be relieved of any and all liability hereunder.

Seller agrees to not disclose the Purchase Price of the property and in the event Seller discloses the Purchase Price and Buyer’s property taxes increase, Seller shall be deemed to have been the triggering cause of financial damages to Buyer, accepting that Seller shall be permitted to identify the Real Property Land value and Real Property Improvements value for purposes of paying any transfer stamps and reporting said amounts to the proper government entities.

Warranty Deed

Seller represents and warrants to Buyer that fee title to the Property is now vested as follows: Warranty Deed. That Seller is duly authorized and empowered (either in Seller’s individual capacity or on behalf of other(s) to execute this Agreement and any subsequent Purchase Agreement, and the execution hereof shall not result in any breach of, or constitute a default under, any contract or other agreement to which Seller is a party. Personal property and park owned homes, if any, are to be conveyed by Bill of Sale and titles at close of escrow. At Closing, the parties shall also enter into an assignment and assumption of all leases, intangible property, permits, approvals, warranties, surveys, and reports regarding the Property. The personal property and park owned homes, if any, are included in the Purchase Price and shall be free of encumbrances.

Inspection

A: Buyer, shall have the right, at Buyer’s cost, to enter onto the Property to make or have made any inspection deemed necessary to judge the physical condition of the Property, including but not limited to the environmental and structural condition of the Property.

Buyer shall have until ________ days from full execution of this contract (Inspection Period) to inspect the Property and deliver to Seller, a written statement approving, in Buyer’s sole discretion, the physical condition of the Property based on this inspection. *

Inspection Period (Example: "30")

Buyer may extend the Inspection Period for up to _____ days based on a need for more time to complete third-party reports. *

Inspection Extension (Example: "15")

B: Within _____ days after acceptance, Seller agrees to deliver all documents and materials in their possession, to include but not limited to: Any and All Financials, T-12, Rent Rolls, Leases, Surveys, Environmental Studies, and ANY and ALL other pertinent financial or property documentation in Seller’s Possession. *

(Example: "5")

If Buyer is not satisfied, in its sole and exclusive discretion, with the results of such inspections for any reason whatsoever during the Inspection Period, or if Seller refuses to acknowledge and agree to Buyer’s request to extend the Inspection Period, Buyer may rescind this transaction by transmitting notice thereof via facsimile, email or mail by the last day of the Inspection Period, and Buyer shall then receive a refund of its Deposit and be relieved of any and all liability.

If any documents or materials requested are not available, Seller agrees to notify the Buyer in Writing.

C: In the event that any Third Party Reports are required by Buyer or Buyer’s lender, and these Third

Party Reports are not completed during this Inspection Period, it will automatically be extended for an additional {{Inspection Extension # as above}} business day period and Buyer shall have the same rights of cancellation as Buyer has during the initial inspection period.

Binding Effect & Survival

This Agreement shall be for the benefit of, and be binding upon, the parties, their heirs, successors, legal representatives and assigns. Purchaser may assign its interest hereunder to one or more entities, in whole or in part. It constitutes the entire agreement between the parties. No modification of this Agreement shall be binding unless signed by both Buyer and Seller. Seller is not required to consent to any contract assignment. Seller’s representations and warranties set forth in this Contract shall be continuing and survive Closing and shall be true and correct on and as of the date of Closing with the same force and effect as if made at the time of Closing. Seller’s covenants, warranties and representations shall survive Closing and shall not be affected by delivery of deed or any other closing documents or by any investigation, verification or approval by Buyer or by anyone on behalf of Buyer.

Governing Law

This Agreement shall be interpreted in accordance with the laws of _______________. *

(Example: "Oregon")

Cooperation

Buyer and Seller agree to take promptly all actions reasonably necessary to carry out the responsibilities and obligations of this Agreement. All personal property physically located on the property at the time of ratification of this purchase contract, including any park owned home homes, will transfer at closing to Buyer.

Risk of Loss

The risk of casualty loss or damage to the Property shall be borne by the Seller until transfer of title. If a casualty loss prior to closing exceeds ____% of the purchase price, either Seller or Buyer may elect to terminate this Agreement with a refund of earnest money to Buyer. *

(Example: "10")

Liquidated Damages

Buyer and Seller hereby acknowledge and agree by their initials below that it would be impractical to fix or establish the actual damage sustained by Seller as a result of a default by Buyer, and that the amount of the Initial Deposit is a reasonable approximation thereof. Accordingly, if Buyer fails to complete the purchase due to Buyer’s default, the Deposit shall constitute and be deemed to be the agreed upon damages of Seller and shall be paid by Buyer to Seller. Seller agrees to waive all other remedies against the Buyer that Seller might otherwise have in law or equity by reason of such default by Buyer.

Indemnification/Hold Harmless

Seller hereby agrees to indemnify and hold Buyer harmless against and from any and all loss, suits, causes of action, proceedings, costs, damages, liabilities and expense arising from the breach of any of Seller’s representations, warranties, covenants or agreements herein contained.

Notices

Unless specifically modified by the terms of another section of this Agreement, any notices, demands or requests required or permitted to be given hereunder must be in writing and shall be deemed to be given when sent by email. Email address for the Buyer to use is: *

Offer Expiration

Unless accepted by Seller and delivered to Buyer by ______ days from DATE OF OFFER, this Offer shall be withdrawn. *

(Example: "7")

DATE OF OFFER: *

(Example: "05/03/2023")

AGREED AND ACCEPTED BY BUYER AND SELLER:

SELLER Section

SELLER First Name *

SELLER Last Name *

BUYER Section

BUYER First Name *

BUYER Last Name *