("BENEFICIARY
STATEMENT") CONFIRMING:
(1) THE AMOUNT OF THE UNPAID PRINCIPAL BALANCE, THE
CURRENT INTEREST RATE, AND THE DATE TO WHICH INTEREST IS PAID, AND (2) THE
NATURE AND AMOUNT OF ANY IMPOUNDS HELD BY THE BENEFICIARY IN CONNECTION WITH
SUCH LOAN.
BUYER HAS 10 OR 21 DAYS FROM THE RECEIPT OF THE LOAN DOCUMENTS AND
BENEFICIARY STATEMENTS TO SATISFY ITSELF WITH REGARD TO SUCH FINANCING.
BUYER'S
OBLIGATION TO CLOSE IS CONDITIONED UPON BUYER BEING ABLE TO PURCHASE THE
PROPERTY WITHOUT ACCELERATION OR CHANGE IN THE TERMS OF ANY EXISTING NOTES OR
CHARGES TO BUYER EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT OR APPROVED BY
BUYER, PROVIDED, HOWEVER, BUYER SHALL PAY THE TRANSFER FEE REFERRED TO IN
PARAGRAPH 3.2 HEREOF.
(L)
PERSONAL PROPERTY.
IN THE EVENT THAT
ANY PERSONAL PROPERTY IS INCLUDED IN THE PURCHASE PRICE, BUYER HAS 10 OR 21 DAYS
FROM THE DATE OF AGREEMENT TO SATISFY ITSELF WITH REGARD TO THE TITLE CONDITION
OF SUCH PERSONAL PROPERTY.
SELLER RECOMMENDS THAT BUYER OBTAIN A UCC-1 REPORT.
ANY SUCH REPORT SHALL BE PAID FOR BY BUYER.
SELLER SHALL PROVIDE BUYER COPIES
OF ANY LIENS OR ENCUMBRANCES AFFECTING SUCH PERSONAL PROPERTY THAT IT IS AWARE
OF WITHIN 10 OR 10 DAYS OF THE DATE OF AGREEMENT.
(M)
DESTRUCTION, DAMAGE OR LOSS.
THERE SHALL NOT
HAVE OCCURRED PRIOR TO THE CLOSING, A DESTRUCTION OF, OR DAMAGE OR LOSS TO, THE
PROPERTY OR ANY PORTION THEREOF, FROM ANY CAUSE WHATSOEVER, WHICH WOULD COST
MORE THAN $10,000.00 TO REPAIR OR CURE.
IF THE COST OF REPAIR OR CURE IS
$10,000.00 OR LESS, SELLER SHALL REPAIR OR CURE THE LOSS PRIOR TO THE CLOSING.
BUYER SHALL HAVE THE OPTION, WITHIN 10 DAYS AFTER RECEIPT OF WRITTEN NOTICE OF A
LOSS COSTING MORE THAN $10,000.00 TO REPAIR OR CURE, TO EITHER TERMINATE THIS
TRANSACTION OR TO PURCHASE THE PROPERTY NOTWITHSTANDING SUCH LOSS, BUT WITHOUT
DEDUCTION OR OFFSET AGAINST THE PURCHASE PRICE.
IF THE COST TO REPAIR OR CURE
IS MORE THAN $10,000.00, AND BUYER DOES NOT ELECT TO TERMINATE THIS TRANSACTION,
BUYER SHALL BE ENTITLED TO ANY INSURANCE PROCEEDS APPLICABLE TO SUCH LOSS.
UNLESS OTHERWISE NOTIFIED IN WRITING, ESCROW HOLDER SHALL ASSUME NO SUCH
DESTRUCTION, DAMAGE OR LOSS HAS OCCURRED PRIOR TO CLOSING.
(N)
MATERIAL CHANGE.
BUYER SHALL HAVE 10 DAYS
FOLLOWING RECEIPT OF WRITTEN NOTICE OF A MATERIAL CHANGE WITHIN WHICH TO SATISFY
ITSELF WITH REGARD TO SUCH CHANGE.
"MATERIAL CHANGE" SHALL MEAN A CHANGE IN THE
STATUS OF THE USE, OCCUPANCY, TENANTS, OR CONDITION OF THE PROPERTY THAT OCCURS
AFTER THE DATE OF THIS OFFER AND PRIOR TO THE CLOSING.
UNLESS OTHERWISE
notified in writing, Escrow Holder shall assume that no Material Change has
occurred prior to the Closing.
(O)
SELLER PERFORMANCE.
THE DELIVERY OF ALL
DOCUMENTS AND THE DUE PERFORMANCE BY SELLER OF EACH AND EVERY UNDERTAKING AND
AGREEMENT TO BE PERFORMED BY SELLER UNDER THIS AGREEMENT.
(P)
WARRANTIES.
THAT EACH REPRESENTATION AND
WARRANTY OF SELLER HEREIN BE TRUE AND CORRECT AS OF THE CLOSING.
ESCROW HOLDER
SHALL ASSUME THAT THIS CONDITION