Purchase and Sales Agreement - Alabama

3
The construction of the Dwelling has been commenced and, as of the date of this Agreement, is only
partially complete. Buyer has inspected the portion of the Dwelling which has been constructed and finds
same to be acceptable. The construction of the Dwelling shall be completed by Seller in accordance with
the provisions of this Agreement and the Limited Warranty Agreement and in general conformity with
the plans and specifications (the “Plans and Specifications”) described on Exhibit A and incorporated
herein, except that, to the extent that the portion of the Dwelling which has been constructed as of the
date of this Agreement is different from the Plans and Specifications, then the Plans and Specifications
shall be deemed modified to be consistent with the actual construction.
Seller:
___________________________________________________________________________________________________________
___________________________________________________________________________________________________________
Buyer:
___________________________________________________________________________________________________________
___________________________________________________________________________________________________________
The construction of the Dwelling has not yet been commenced. Seller agrees that the Dwelling shall be
constructed in accordance with the provisions of this Agreement and the Limited Warranty Agreement
and in general conformity with the Plans and Specifications attached hereto as Exhibit A and
incorporated herein.
Seller:
___________________________________________________________________________________________________________
___________________________________________________________________________________________________________
Buyer:
___________________________________________________________________________________________________________
___________________________________________________________________________________________________________
The Plans and Specifications, if applicable, have been signed and dated simultaneously with the execution of this Agreement
by both Seller and Buyer and any changes in the Plans and Specifications which have been agreed upon by both Seller and Buyer have
been clearly shown and initialed by both Seller and Buyer. The construction of the Dwelling shall be deemed completed upon the
issuance of a certificate of occupancy by the applicable governmental building inspection department, if there is such a department in
the jurisdiction in which the Property is located, and, if no such department exists, then upon the reasonable determination by Seller
that the construction of the Dwelling is substantially complete.
5. Changes to Plans and Specifications. If Seller has agreed to construct the Dwelling or complete the construction of
the Dwelling in general conformity with Plans and Specifications pursuant to the preceding paragraph, Seller shall be under no
obligation to make any changes, additions or alterations to the Plans and Specifications. Seller may elect to make changes, additions
or alterations to the Plans and Specifications upon the request of Buyer; however, Seller shall not be obligated to do so. In the event
that Seller and Buyer agree upon changes, additions or alterations to the Plans and Specifications, then such agreement shall become
effective only upon the execution by both Seller and Buyer of a written change order, in a form which is acceptable to Seller and
which sets forth the changes to be made and the additional consideration to be paid by Buyer to Seller in connection therewith, and the
payment by Buyer to Seller of such portion of said additional consideration as shall be required by Seller. Any such additional
consideration shall be in addition to the Purchase Price and any payments of said additional consideration by Buyer to Seller shall not
be a credit against the Purchase Price and shall be non-refundable. Seller shall not be obligated to agree to any such changes,
additions or alterations to the Plans and Specifications and may condition any such agreement upon such matters as Seller shall, in
sole discretion of Seller, determine, including, but not limited to, the payment of additional consideration by Buyer, the approval of
such changes by Buyer’s lender and the local building inspection officials, if any. In the event that Seller agrees to such changes and
has not received all of the additional consideration to be paid in connection therewith, then the balance of said consideration shall be
paid at the closing of the sale of the Property. Notwithstanding the foregoing, Seller shall have the right to make such changes,
additions, or alterations to the Plans and Specifications as shall be required by any governmental officers who have jurisdiction or
authority over the construction of the Dwelling, or to cause the construction of the Dwelling to be in compliance with any applicable
building codes or other applicable governmental laws, rules, or regulations, without notice to or approval by Buyer.
6. Decorating Allowance. Seller may allow Buyer to select some or all of the decorating items to be incorporated into
the Dwelling, provided that same have not already been incorporated therein. Such items may include brick, paint colors, roof colors,
light fixtures, wall paper, and floor covering for which Seller shall establish allowances. Buyer shall make such selections within
seven (7) working days after the request by Seller. If selections of Buyer exceed the amount of allowances established by Seller, then
Buyer shall pay such portion of any such excess as shall be required by Seller at the time of making the selections, and the balance, if
any, shall be paid upon the Closing, in addition to the Purchase Price. The allowances established by Seller and which are included in
the Purchase Price are attached hereto as Exhibit B. In no event shall the Purchase Price be reduced as the result of the expenditure of
less than the allowance for any particular item.
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