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THIS FORM IS JOINTLY APPROVED BY THE LAWRENCE HOME BUILDERS ASSOCIATION - page 4 / 8

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certain building and roofing materials and other matters affecting construction may be reserved to the Homeowners' Association, Architectural Committee, and/or developer.  Such Declarations and Restrictions shall not be a basis for objections to title.

13.Prorations and Closing Costs.  The parties agree that all of the following (which become due and accrue during the calendar year in which Seller's deed is delivered) shall be prorated between the parties as of the Closing Date, and assumed and paid by Buyer thereafter (to the extent permitted by applicable law):  interest on existing loans to be assumed by Buyer, all general and special real estate taxes and assessments, homeowners' association dues and fees, and any other contractual obligations of Seller to be assumed by Buyer.  Escrow fees and Closing costs, if any, for this transaction shall be paid by Buyer.  If the amount of any item to be prorated for the current year cannot be ascertained from the public record, the amount of the item for the preceding year will be used for the current year's amount.  If the Premises has been reappraised within the preceding year and the actual taxes based on the new value are not available, they will agree to a reasonable estimation of the current year's taxes based on the information available on the Closing Date.

14.Special Assessments.  Buyer acknowledges and agrees that the Premises may be subject to various special assessments for utility or sewer improvements, sidewalks, streets, and other city, county and other public improvements, including special benefit district improvements.  Seller and Buyer agree that they each have equal and similar access and opportunity to review all public records in relation to said special assessments.  To the extent that Seller has actual knowledge of any special assessments affecting the Premises, Seller shall attach to this Contract a special assessment addendum.  Buyer hereby releases Seller and waives any further disclosure obligations on the part of Seller with respect to special assessments or benefit improvement districts.

15.Reassessment/Classification.  Buyer understands that the amount of taxes on the Premises may change as a result of changes in assessment or classification, and the parties agree that neither Seller nor the Broker, Escrow Agent, Closing Agent, or Buyer's lender shall be responsible for any adjustment or payment of the taxes to either Seller or Buyer as a result of any such reassessment or reclassification.

16.Survey.  Buyer may (shall if required by lender), at Buyer's expense, obtain a survey of the Premises before the Closing to assure that there are no material encroachments, overlaps, boundary line or acreage disputes, or other such matters, that would be disclosed by a complete and accurate survey.  The parties agree that the results of such survey may be the basis for a timely objection to the title to the Premises.  Buyer acknowledges that the mortgage inspection report typically required by a lending institution is not a complete survey or what is commonly referred to as a "stake" survey.

17.Termite Inspection.  If Buyer's lender requires a termite inspection report, Buyer shall be solely responsible for arranging and paying for said inspection and for delivery of the report to Buyer's lender prior to Closing, unless Buyer is prohibited by law to pay such expense, in which event the reasonable cost thereof shall be paid by Seller.  The inspection will be performed by a licensed exterminator to determine whether there is any evidence of active infestation.  Should evidence of active infestation be found, Buyer shall notify Seller within three (3) days after inspection  The notification shall contain an estimate of the costs of any treatment and/or repairs required to remedy such infestation and/or damage, which costs shall be paid by _____________ .  Buyer may request the use of a particular chemical application, and Buyer shall pay any additional costs for such application.  If Seller chooses not to remedy infestation and/or damage, Buyer shall have the right to cancel this contract and have Buyer's Earnest Money refunded, or Buyer may elect to Close without having such infestation and/or damage remedied.  Any notice of cancellation shall be given by Buyer to Seller, or the listing licensee, within five (5) days following Seller's notice to Buyer that Seller will not remedy such infestation and/or damage.  In the event that Buyer’s lender shall specify particular treatment methods for the protection of new construction (e.g., chemical soil treatment, pressure treated wood, naturally resistant wood, physical barriers, metal or plastic termite shields, bait system, etc.), and the Premises does not satisfy the lender’s requirements, then the cost of any such application/treatment method shall be at the Buyer’s expense.

18.Delays, Extension of Closing.  If completion of construction is delayed due to weather, strikes, acts of God, Buyer delays, unavoidable casualties, labor disputes, fire, transportation, material delivery or unavailability, or other causes beyond the Contractor's control or other conditions over which Seller has no control, regardless of any other provision of this Contract, Closing and possession shall be extended for that period of time caused by any such delay in construction.  Upon request, Seller shall provide written notice to Buyer identifying length of time and cause of delay.  With notice, Buyer assumes responsibility of notifying lender of any such delay.  Normal scheduling of sub-contractors and employees is a responsibility of Seller.

19.Plans and Change Orders.  It is agreed and understood that any changes and/or alterations of plans, after start of construction, must be agreed upon through written change orders signed by Buyer and Seller, and, if required by Seller, shall be paid for by Buyer at time of request and such payment shall be Non-Refundable.

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