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Text File | 1991-08-10 | 14.0 KB | 268 lines

.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}