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<br />INITIALS INITIALS
<br />©2019 AIR CRE.All Rights Reserved.Last Edited:3/8/2022 9:08 AM
<br />OFA-20.20,Revised 10-22-2020 Page 2 of 11
<br />(d)Buyer shall give Seller a deed of trust ("Purchase Money Deed of Trust")on the property,to secure the promissory note
<br />of Buyer to Seller described in paragraph 6 ("Purchase Money Note")in the amount of:
<br />$6,150,000.00
<br />Total Purchase Price:
<br />3.2 If Buyer is taking Ɵtle to the Property subject to,or assuming,an ExisƟng Deed of Trust and such deed of trust permits the beneficiary to demand payment
<br />of fees including,but not limited to,points,processing fees,and appraisal fees as a condiƟon to the transfer of the Property,Buyer agrees to pay such fees up to a
<br />maximum of 1.5%of the unpaid principal balance of the applicable ExisƟng Note.
<br />4.Deposits.
<br />4.1 Buyer has delivered to Broker a check in the sum of $184,500.00 ,payable to Escrow Holder,to be delivered by Broker to Escrow Holder
<br />within 2 or 7(seven)business days aŌer both ParƟes have executed this Agreement and the executed Agreement has been delivered to Escrow Holder,or
<br />within 2 or business days aŌer both ParƟes have executed this Agreement and the executed Agreement has been delivered to Escrow Holder Buyer
<br />shall deliver to Escrow Holder a check in the sum of $184,500.00 .If said check is not received by Escrow Holder within said Ɵme period then Seller may
<br />elect to unilaterally terminate this transacƟon by giving wriƩen noƟce of such elecƟon to Escrow Holder whereupon neither Party shall have any further liability to the
<br />other under this Agreement.Should Buyer and Seller not enter into an agreement for purchase and sale,Buyer's check or funds shall,upon request by Buyer,be
<br />promptly returned to Buyer.
<br />4.2 AddiƟonal deposits:
<br />(a)Within 5 business days aŌer the Date of Agreement,Buyer shall deposit with Escrow Holder the addiƟonal sum of N/A to be applied to the
<br />Purchase Price at the Closing.
<br />(b)Within 5 business days aŌer the conƟngencies discussed in paragraph 9.1 (a)through (m)are approved or waived,Buyer shall deposit with Escrow
<br />Holder the addiƟonal sum of N/A to be applied to the Purchase Price at the Closing.
<br />(c)If an AddiƟonal Deposit is not received by Escrow Holder within the Ɵme period provided then Seller may noƟfy Buyer,Escrow Holder,and Brokers,in
<br />wriƟng that,unless the AddiƟonal Deposit is received by Escrow Holder within 2 business days following said noƟce,the Escrow shall be deemed terminated without
<br />further noƟce or instrucƟons.
<br />4.3 Escrow Holder shall deposit the funds deposited with it by Buyer pursuant to paragraphs 4.1 and 4.2 (collecƟvely the "Deposit"),in a State or Federally
<br />chartered bank in an interest bearing account whose term is appropriate and consistent with the Ɵming requirements of this transacƟon.The interest therefrom shall
<br />accrue to the benefit of Buyer,who hereby acknowledges that there may be penalƟes or interest forfeitures if the applicable instrument is redeemed prior to its
<br />specified maturity.Buyer's Federal Tax IdenƟficaƟon Number is .NOTE:Such interest bearing account cannot be opened unƟl Buyer's Federal Tax
<br />IdenƟficaƟon Number is provided.
<br />4.4 Notwithstanding the foregoing,within 5 days aŌer Escrow Holder receives the monies described in paragraph 4.1 above,Escrow Holder shall release $100
<br />of said monies to Seller as and for independent consideraƟon for Seller's'execuƟon of this Agreement and the granƟng of the conƟngency period to Buyer as herein
<br />provided.Such independent consideraƟon is non-refundable to Buyer but shall be credited to the Purchase Price in the event that the purchase of the Property is
<br />completed.
<br />4.5 Upon waiver of all of Buyer's conƟngencies the Deposit shall become non-refundable but applicable to the Purchase Price except in the event of a Seller
<br />breach,or in the event that the Escrow is terminated pursuant to the provisions of Paragraph 9.1(n)(DestrucƟon,Damage or Loss)or 9.1(o)(Material Change).
<br />5.Financing ConƟngency.(Strike if not applicable)
<br />5.1 This offer is conƟngent upon Buyer obtaining from an insurance company,financial insƟtuƟon or other lender,a commitment to lend to Buyer a sum equal
<br />to at least %of the Purchase Price,on terms acceptable to Buyer.Such loan ("New Loan")shall be secured by a first deed of trust or mortgage on the
<br />Property.If this Agreement provides for Seller to carry back junior financing,then Seller shall have the right to approve the terms of the New Loan.Seller shall have 7
<br />days following receipt of the commitment seƫng forth the proposed terms of the New Loan to approve or disapprove of such proposed terms.If Seller fails to noƟfy
<br />Escrow Holder,in wriƟng,of the disapproval within said 7 days it shall be conclusively presumed that Seller has approved the terms of the New Loan.
<br />5.2 If Buyer shall fail to noƟfy its Broker,Escrow Holder and Seller,in wriƟng within by July 30,2022 days following the Date of
<br />Agreement,that the New Loan has not been obtained,it shall be conclusively presumed that Buyer has either obtained said New Loan or has waived this New
<br />Loan conƟngency.
<br />5.3 If Buyer shall noƟfy its Broker,Escrow Holder and Seller,in wriƟng,within the Ɵme specified in paragraph 5.2 hereof,that Buyer has not obtained said New
<br />Loan,this Agreement shall be terminated,and Buyer shall be enƟtled to the prompt return of the Deposit,plus any interest earned thereon,less only Escrow Holder
<br />and Title Company cancellaƟon fees and costs,which Buyer shall pay.
<br />6.Seller Financing.(Purchase Money Note).(Strike if not applicable)
<br />6.1 If Seller approves Buyer's financials (see paragraph 6.5)the Purchase Money Note shall provide for interest on unpaid principal at the rate of
<br />%per annum,with principal and interest paid as follows:.The Purchase Money Note and Purchase Money Deed of Trust shall be on the current forms
<br />commonly used by Escrow Holder,and be junior and subordinate only to the ExisƟng Note(s)and/or the New Loan expressly called for by this Agreement.
<br />6.2 The Purchase Money Note and/or the Purchase Money Deed of Trust shall contain provisions regarding the following (see also paragraph 10.3 (b)):
<br />(a)Prepayment.Principal may be prepaid in whole or in part at any Ɵme without penalty,at the opƟon of the Buyer.
<br />(b)Late Charge.A late charge of 6%shall be payable with respect to any payment of principal,interest,or other charges,not made within 10 days aŌer
<br />it is due.
<br />(c)Due On Sale.In the event the Buyer sells or transfers Ɵtle to the Property or any porƟon thereof,then the Seller may,at Seller's opƟon,require the
<br />enƟre unpaid balance of said Note to be paid in full.
<br />6.3 If the Purchase Money Deed of Trust is to be subordinate to other financing,Escrow Holder shall,at Buyer's expense prepare and record on Seller's behalf a
<br />request for noƟce of default and/or sale with regard to each mortgage or deed of trust to which it will be subordinate.
<br />6.4 WARNING:CALIFORNIA LAW DOES NOT ALLOW DEFICIENCY JUDGEMENTS ON SELLER FINANCING.IF BUYER ULTIMATELY DEFAULTS ON THE LOAN,
<br />SELLER'S SOLE REMEDY IS TO FORECLOSE ON THE PROPERTY.
<br />6.5 Seller's obligaƟon to provide financing is conƟngent upon Seller's reasonable approval of Buyer's financial condiƟon.Buyer to provide a current financial
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