Conditions of sale:
All properties are being sold in an “As Is, Where Is, and with All Faults” condition as of the date of sale. All sales are considered SOLD and FINAL. Buyer understands that Seller will abide by all state disclosure laws and will disclose all known facts regarding the property. Buyer acknowledges that all properties are being sold subject to all existing covenants, conditions, restrictions, reservations, exploration and mineral rights, easements, rights of way, assessments, zoning, and all other land use restrictions as there may be on or off record.
1 Conveyance. Seller shall convey title to the Real Property to Buyer by special warranty deed or its equivalent, not later than thirty (30) days after the fulfillment of Buyer’s obligations to Seller under the provisions of this Agreement. Seller will grant the rights, title and interest of Seller in the Real Property, together with all rights and privileges appurtenant thereto, subject to easements and rights-of-way of record. Seller advises Buyer to obtain title insurance on the Real Property.
2 Notices. Any documents or correspondence that relates to this Agreement shall be dispatched by certified mail, return receipt requested. For all documents mailed to persons in the continental United States, any time period shall begin running on the day of mailing. For documents mailed to persons outside the continental United States, the time period begins to run ten (10) days following the date of mailing. Any change of address shall be immediately communicated to the other party in writing.
3 Succession of Benefits. The provisions of this Agreement shall inure to the benefit of and be binding upon the parties hereto, their heirs, personal representatives, conservators, and permitted assigns. This Agreement shall not be assignable without the written permission of the other party.
4 Jurisdiction and Venue; Choice of Law. The jurisdiction and venue shall be the Superior Court of the State of Arizona for Maricopa County. This agreement shall be governed by the laws of the State of Arizona.
5 Entire Agreement. The terms of this Agreement constitute the entire agreement between the parties, and the parties represent that there are no oral or collateral agreements between the parties.
6 Time of Essence. Time is of the essence in this Agreement and every term, condition, covenant and provision hereof.
7 Modification. No modification of this Agreement shall be binding unless evidenced by an agreement in writing and signed by both parties.
ALL CASH SALE
(provisions of installment sale do not apply)
Taxes and Assessments. Taxes and any assessments for the current year shall be pro-rated to and including the date of the sale.
Possession. Upon the payment of the balance of the Purchase Price, including the clearing by the issuing bank of any personal checks used to pay the balance of the Purchase Price, Buyer shall delivered a special warranty deed or its equivalent to the Real Property and shall have the right to immediate possession and use of the Real Property.
INSTALLMENT SALE
(provisions of all cash sale do not apply)
Taxes and Assessments. Taxes and assessments for the current year shall be pro-rated to and including the date of the Sale. Seller will collect monthly portion of annual property tax amount and the monthly portion of any assessment with monthly installment payment for the Real Property and pay property taxes to the county and any assessment when due.
Possession. Buyer shall have the right to possession of the Real Property upon the payment of the Down Payment, unless and until default is made under any provision of this Agreement.
Indemnification. Buyer shall hold Seller harmless from and indemnify Seller for, from and against any and all claims raised by any third party against Seller resulting from the Seller’s interest hereunder or the acts of Buyer. Such indemnification shall include Seller’s reasonable attorney’s fees, costs and lost compensation or profits of Seller or their agents resulting from the preparation for and participation in any litigation.
Right of Seller to Pay Obligations of Buyer. In the event Buyer fails or refuses to pay any sums due to be paid by him under the provisions of this Agreement, or fails or refuses to take any action as herein provided, then, and in such event, Seller, after ten days notice in writing to Buyer, shall have the right to pay any sum or sums due to be paid by Buyer and to do and perform any act necessary; and the amount of such sum, or sums paid by seller for the account of Buyer and the costs of any such action; together with interest thereon at the maximum legal rate per annum from the date of payment thereof by Seller until satisfaction, shall be added to the Purchase Price.
Condemnation. All awards of damages in connection with any condemnation for public use or injury to any of the Real Property are hereby assigned in full and shall be paid to Seller, who may apply the same to the payment of the principal of the Purchase Obligation, the interest thereon, and any other charges and amounts secured hereby in such manner as Seller may elect. The remaining balance after Seller has been paid in full shall be paid to Buyer.
Care of Real Property. Buyer shall take reasonable care of the Real Property, and will not commit or permit waste of the Real Property or do any act impairing or depreciating the value of the Real Property.
Subsequent Sale of Contract. Buyer hereby acknowledges and agrees that any time prior to the final payment of this contract, Seller may sell its interest in the Real Property and in this contract to a third-party. Buyer agrees and acknowledges that if such sale is made, Seller has the right to record such transaction with County Recorder’s Office at any time prior to or after the sale.
Event of Default. Each of the following shall be deemed an event of default: (1) the failure of Buyer to make any payment due hereunder on or before the due date thereof; (2) the failure of Buyer to perform any duty required by this Agreement, including but not limited to maintaining the Real Property in good condition; (3) the breach by Buyer of any covenant or warranty contained in this Agreement, the Real Estate Auction Purchaser Disclosure Acknowledgment and Disclosure document, or any other document signed by Buyer as part of the purchase of the Real Property; (4) the removal or attempted removal by Buyer of any property, minerals, animals or plants included in the Real Property without the written consent of Seller.
Default. In the event of default, Seller, in addition to all other rights provided herein and/or by law or equity, may forfeit the rights of Buyer hereunder. Such forfeiture shall be in the manner prescribed by A.R.S. §33-742 et. sec. In the event of forfeiture, Buyer shall forfeit any and all rights and interests hereunder in and to the Real Property and all appurtenances thereto, and Buyer shall surrender to Seller, forthwith, peaceful possession of the Real Property and shall forfeit to Seller any and all payments made hereunder, together with any and all improvements placed on the Real Property by Buyer. Should Buyers rights to the Real Property be forfeited, a forcible detainer action may be commenced against Buyer and Seller shall have the right to obtain immediate possession of the premises. Seller shall further have all rights to perform all other remedies allowed by State law of Arizona.