Real Estate Contract - Free Download | Page 5
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LPB 44-05(ir) rev. 3/2009
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a late charge of 5% of the amount thereof plus any costs and attorney's fees incurred in connection with making
15. CONDITION OF PROPERTY. Purchaser accepts the property in its present condition and acknowledges that
Seller, his/her agents, and subagents have made no representation or warranty concerning the physical
condition of the property or the uses to which it may be put other than as set forth herein. Purchaser agrees to
maintain the property in such condition as complies with all applicable laws.
16. RISK OF LOSS. Purchaser shall bear the risk of loss for destruction or condemnation of the property. Any
such loss shall not relieve Purchaser from any of Purchaser's obligations pursuant to this Contract.
17. WASTE. Purchaser shall keep the property in good repair and shall not commit or suffer waste or willful
damage to or destruction of the property. Purchaser shall not remove commercial timber without the written
consent of Seller.
18. AGRICULTURAL USE. If this property is to be used principally for agricultural purposes, Purchaser agrees to
conduct farm and livestock operations in accordance with good husbandry practices. In the event a forfeiture
action is instituted, Purchaser consents to Seller's entry on the premises to take any reasonable action to
conserve soil, crops, trees, and livestock.
19. CONDEMNATION. Seller and Purchaser may each appear as owners of an interest in the property in any
action concerning condemnation of any part of the property. Purchaser may within 30 days after condemnation
and removal of improvements, negotiate a contract to substantially restore the premises to their condition
before the removal. If the condemnation proceeds are sufficient to pay the contract price for restoration or if
the Purchaser deposits in escrow any deficiency with instructions to apply the funds on the restoration contract,
the property shall be restored unless underlying encumbrances provide otherwise. Otherwise, proceeds of the
award shall be applied in payment of the balance due on the purchase price, as Seller may direct.
20. DEFAULT. If the Purchaser fails to observe or perform any term, covenant, or condition of this Contract,
(a) Suit for Installments. Sue for any delinquent periodic payment; or
(b) Specific Performance. Sue for specific performance of any of Purchaser's obligations pursuant to this
(c) Forfeit Purchaser's Interest. Forfeit this Contract pursuant to Ch. 61.30, RCW, as it is presently enacted
and may hereafter be amended. The effect of such forfeiture includes: (i) all right, title, and interest in the
property of the Purchaser and all persons claiming through the Purchaser shall be terminated; (ii) the
Purchaser's rights under the Contract shall be cancelled; (iii) all sums previously paid under the Contract
shall belong to and be retained by the Seller or other person to whom paid and entitled thereto; (iv) all
improvements made to and unharvested crops on the property shall belong to the Seller; and (v) Purchaser
shall be required to surrender possession of the property, improvements, and unharvested crops to the
Seller 10 days after the forfeiture.
(d) Acceleration of Balance Due. Give Purchaser written notice demanding payment of said delinquencies and
payment of a late charge of 5% of the amount of such delinquent payments and payment of Seller's
reasonable attorney's fees and costs incurred for services in preparing and sending such Notice and stating
that if payment pursuant to said Notice is not received within 30 days after the date said Notice is either
deposited in the mail addressed to the Purchaser or personally delivered to the Purchaser, the entire
balance owing, including interest, will become immediately due and payable. Seller may thereupon
institute suit for payment of such balance, interest, late charge, and reasonable attorney's fees and costs.
(e) Judicial Foreclosure. Sue to foreclose this Contract as a mortgage, in which event Purchaser may be liable
for a deficiency.