New Construction Contract

be paid upon the signing of this Contract and the sum of
($ ) DOLLARS shall be paid at the time of installation of the extras.
24. UNFINISHED ITEMS
. In the event that the Residence shall not be fully completed on or before closing, the
same shall not be deemed an objection to closing provided the lending institution is willing to close and fund
the mortgage commitment. The Residence shall be deemed complete upon the issuance of a Certificate of
Occupa ncy. If an y items or work or supply o f mater ials are then incomplete, the Seller agrees to give and the
Purchaser agrees to accept a written statement setting forth the items that need completion or repair (“Punch
List”). Seller shall further provide a statement setting forth the date by which the Punch List is to be
completed. The Punch List and written statement shall survive the delivery of the deed. At closing, there will
not be an escrow fund deposited by Seller with regard to the Punch List.
25. CONTRACT DEPOSIT
. The Purchaser may require the Seller to deposit the Contract Deposit in an
escrow account. In lieu of such deposit, Seller may post a bond guaranteeing the return of the
Contract Deposit.
26. INCREASE IN PURCHASE PRICE
. This Contract is conditioned upon Seller’s ability to complete the
construction of the Residence at existing cost of materials and at the existing labor scale of wages. In the
event that there is an increase in the cost of materials and/or in the labor scale of wages prior to the closing of
title hereunder, Seller reserves the right to increase the sales price of the Residence in an amount to cover
the said increases by giving written notice of such increase to Purchaser at the address set forth herein.
Should Purchaser fail to notify Seller within ten (10) days after receipt of said notice of Purchaser’s consent to
the increase in price, then, at the expiration of said ten (10) day period, this Contract shall be deemed
terminated, cancelled and of no force and effect and Seller shall return to Purchaser all sums of money paid
on account hereof, without interest, except for the approved extras already installed.
27. ADDITIONAL EXPENSES
. If conditions warrant and call for extraordinary excavation, rock removal, blasting,
tree and/or stump removal, additional fill or similar work, Seller shall obtain a work order from Purchaser for
same prior to incurring such expense, the cost of which shall be borne by Purchaser.
In the event that the municipality having jurisdiction over the construction of the Residence requires changes
not contemplated by Seller and Purchaser at the time of the execution of this Contract, then in such event, the
Purchaser agrees to bear the additional cost of such changes.
28. REQUIRED CHANGES
. Should the Federal, State or local government require any changes in construction
regarding insulation standards other than those standards in effect at the time of the execution of this
Contract, Purchaser agrees to pay for any additional cost in con ne ction therewith.
As per FTC Trade Regulation Rule, Seller has provided to Purchaser the insulation standards that will be
used in the construction of the Residence and the Purchaser hereby expressly acknowledges receipt of
same.
29. GUARANTY
. Notwithstanding the provisions of Paragraph 29 hereof, if Purchaser agrees to release the
Contract Deposit to Seller, the President of Seller, by signing this Contract, personally guarantees the return
of the Contract Deposit in the event that the Contract Deposit is to be returned to Purchaser under the terms
of this Contract.
30. PROPOSED CHANGES
. Any proposed changes to this Contract must be made on a separate rider. Any
deletions of any term, provision or condition of this Contract shall be deemed a counter-offer and Seller will
them be permitted to renegotiate the sales price.
31. DELAY IN CLOSING
. In the event that the purchaser fails to take title to the Premises within fifteen (15) days
after the issuance of the Permanent Certificate of Occupancy, Purchaser shall pay to Seller the sum of
$ per day for each and every day from the date that the Permanent Certificate of Occupancy was
issued to and includi ng the date of closing.
32. WARRANTIES AND GUARANTEES
. The Seller makes no housing merchant implied warrant or any other
warranties, express or implied, in connection with this Contract or the construction of the Residence and all
such warranties are hereby excluded, except as provided in the Limited Warranty annexed hereto. The
express terms, conditions and provisions of the Limited Warranty are incorporated in this Contract as if fully
set forth at length and there are no other warranties.
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