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I. Purchaser's obligation under this Contract is subject to Purchaser's ability to obtain the <br />tbllowing described loan: <br /> a. Conventional mortgage <br /> b. Amount of $490,000 <br /> c. Maximum interest rate of 10% <br /> <br />2. Purchaser shall make every, effort to obtain the financing described above in a prompt <br />manner, but it' unable to obtain such financing or approval, may cancel this agreement in <br />which event Seller shall immediately return the earnest money deposit to Purchaser. <br /> <br />Conditions of Offer: <br />I. In addition to the other provisions of this contract, Purchaser shall take title to said real <br />estate subject to: <br /> a. Zoning restrictions, prohibitions and requirements imposed by governmental <br /> authority,; <br /> b. Restrictions and Easements, if any, of record; <br /> c. Taxes and assessments which Purchaser agreed to pay: <br /> d. Liens Purchaser agrees to pay; <br /> e. A favorable zoning determination to allow for a school corporation and <br /> other building code requirements; <br /> £ Feasible architectural designs to make the building usable as a school <br /> g. Seller gives Purchaser permission to use Seller's name in obtaining any <br /> necessary zoning variances. <br /> <br />2. Possession of the real estate is delivered to Purchaser in the condition existing at the <br />time of this offer, ordinary wear and tear excepted: <br /> <br />3. Seller ~varrants that there are no knoxvn violations of zoning or building codes at the <br />time of closing. <br /> <br />Title and Survey: <br />1. Seller at Seller's expense shall t'urnish Pumhaser an owner's policy of title insurance in <br />the amount equal to the amount of the purchase price insuring marketable title subject <br />only to such exceptions as are permitted in this Contract. The title evidence shall be <br />ordered by the Seller immediately after the acceptance of this offer. Seller agrees to <br />provide Purchaser with a cornerstake survey at time of closing. Survey shall be paid by <br />Seller. <br /> <br />l. Purchaser assumes and agrees to pay all assessments tbr public improvements <br />becoming a lien after closing. <br /> <br />2. Seller agrees to pay any taxes due on the property, tbr the 1996 assessment. These taxes <br />shall be paid and due May 1997 and November t997. <br /> <br /> <br />