Documents

B 8 Addendum to Builders Lot Sale and Home Agreement

Description
The provisions of this Addendum to Residential Sale and Construction Contract (“Addendum”) supplement and modify the Texas Association of Realtors Commercial Contract - Unimproved Property
Categories
Published
of 4
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Related Documents
Share
Transcript
  999903 000002 12051223.1 1   ADDENDUM TO BUILDER’S LOT SALE AND HOME AGREEMENT   The provisions of this Addendum to Residential Sale and Construction Contract (“Addendum”) supplement and modify the Texas Association of Realtors Commercial Contract - Unimproved Property (“Contract”) to which this Addendum is attached. In the event of a ny inconsistency between the provisions of the contract and the provisions of this Addendum, the  provisions of this Addendum shall supercede and control. References herein to the contract shall mean the contract, as modified by this Addendum. All capitalized terms (or terms otherwise defined in the contract) used in this Addendum shall have the same respective meaning as set forth in the contract, except as otherwise defined herein. 1.   Section 2.1 is hereby supplemented by the following provision: Builder, through its architect, engineers and other consultants is responsible for providing complete architectural, civil, structural and mechanical, electrical, and plumbing engineering design through drawings and specifications for the architectural design and civil, structural and mechanical, electrical and plumbing engineering design, systems and equipment (collectively, the “Design Documents”) for the Home. Nothing contained in the Design Documents shall create a contractual relationship between Owner and any third party; however, it is understood and agreed that Owner is an intended third-party  beneficiary of the Design Documents. Builder shall be responsible to Owner for the acts or omissions of the architect, engineers, and others acting by, through or under Builder. Builder, by executing this Agreement, represents and warrants to Owner the following: 1. The Design Documents will upon completion be sufficiently complete and detailed for Builder to perform the Work required to produce the results intended  by the Design Documents and to comply with all the requirements of the Design Documents, including assuring that the intended functionality of all systems is achieved and that all system equipment provided achieves the performance required for such system to function permitting safe and reliable long-term operation, as more particularly described in the applicable Design Documents. 2. The Work required by the Design Documents, including, without limitation, all construction details, construction means, methods, procedures and techniques necessary to perform the Work, use of materials, selection of equipment and requirements of product manufacturers is or will upon completion  be consistent with: good and sound practices within the construction industry, including prudent civil, structural, mechanical, electrical and plumbing practices; generally prevailing and accepted industry standards applicable to the Work; requirements of any warranties applicable to the Work; and requirements of all applicable permits and applicable laws which bear upon Builder’s performance of the Work.  999903 000002 12051223.1 2  2.   Section 2.2 is hereby supplemented by the following provision: Builder shall provide to Purchaser at or before the Closing (as defined in § 4.1.3 below) copies of any reports of inspections conducted in accordance with the section of the Specifications titled “Energy Efficiency”. 3.   Section 2.3 is hereby supplemented by the following provision: If an applicable municipal authority requires changes to be made to the Plans or Specifications for a permit to be issued, Purchaser shall not incur any additional costs as a result of those changes, and Purchaser’s acceptance of those changes shall not be unreasonably withheld or delayed. 4.   Section 4.1.2 is hereby supplemented by the following provision: The Commencement Fee, when paid, shall be non-refundable except as provided in §§ 15.1 and 17.2 below. 5.   Section 4.1.3 is hereby supplemented by the addition of the following: Purchaser agrees to attend and participate in the Closing on the date specified by Builder in conjunction with the Orientation (as defined in § 12.3 below), with at least five (5) days’ Notice. Builder shall provide copies of invoices and receipts for expenditures related to Allowances on reasonable Notice. 6.   Section 5.3 is hereby added to the Contract: Purchaser shall select Allowance items within five (5) days after Notice of the request from Builder. If Purchaser fails to select Allowance items within that time, Builder shall  be authorized, at its sole option and without waiving any rights available to Builder under this Contract, to: (a) suspend construction activities under § 8.3 below; (b) make the selection within the Allowance budget and proceed with the construction of the Home; and/or (c) continue those portions of the Work that are unaffected by the required selections. 7.   Section 6.2 is amended by substituting the following for the first grammatical sentence is such section: Purchaser is encouraged to secure and review a title report on the Property from the Title Company. Purchaser may object to any recorded or unrecorded title exception (including  but not limited to the proposed  Declaration of Covenants, Conditions, Restrictions and  Easements  for Builder has provided to Purchaser contemporaneously with the execution of this Contract) other than the “Permitted Exceptions” provided in § 16.1 below.    999903 000002 12051223.1 3  8.   Section 7.3 is hereby supplemented by the following provision: Builder agrees to provide to Purchaser at or before Closing a copy of the final inspection letter(s) and/or report(s) Builder has received from the Engineer who prepared the Plans and Specifications and inspected the Work. 9.   Section 8.1 is hereby supplemented by the following provision: If Builder has not commenced construction before the expiration of ninety (90) days after the execution of this Contract, Purchaser shall have the option to terminate this Contract upon Notice and receive a refund of all sums paid to Builder up to and including the date of termination. Purchaser’s Notice of termination must be deliv ered to Builder before construction of the Home commences, at which time the Purchaser’s termination option specified in the preceding sentence shall expire. 10.   Section 8.3 is hereby supplemented by the following provision: BUILDER THEREFORE DOES NOT GUARANTEE SUBSTANTIAL COMPLETION OF THE HOME ON ANY SPECIFIC DATE, HOWEVER BUILDER AGREES THAT, SUBJECT TO EXCUSED DELAYS, SUBSTANTIAL COMPLETION SHALL OCCUR ON OR ABOUT TWENTY-FOUR (24) MONTHS AFTER THE PLACEMENT OF THE SLAB FOR THE CONSTRUCTION OF THE HOME. Additionally, if substantial completion does not occur within thirty (30) months after the  placement of the slab for the construction of the home, subject to Excused Delays, Purchaser shall have the option to terminate this contract upon Notice and receive a refund of all sums paid to Builder up to and including the date of termination. Purchaser’s notice of termination must be delivered to Builder within thirty -six (36) months after the placement of the slab for the construction of the Home, subject to Excus ed Delays, at which time the Purchaser’s termination options specified in the  preceding sentence shall expire. 11.   Section 9.6 or any other provision allocating the risk of concealed conditions and changed circumstances to Purchaser shall be deleted. 12.   Section 11.1 is hereby supplemented by the following provision: The Purchaser’s indemnification of Builder shall not apply to Builder’s gross negligence or wilful misconduct. 13.   Section 12.4 is hereby supplemented by the following provision: If, however, it will be unreasonably expensive and time consuming to correct a minor cosmetic imperfection, and such imperfection does not satisfy the standards of  performance prescribed in the Limited Warranty, then Purchaser shall be entitled an equitable reduction of the Purchase Price.  999903 000002 12051223.1 4  14.   Section 15.1 is hereby supplemented by the following provision: If the Home which is substantially or wholly destroyed by casualty cannot be rebuilt or repaired within ninety (90) days, Purchaser shall have the right to terminate this Contract  by Notice delivered within thirty (30) days following Notice to Purchaser of Seller’s intent to rebuild or repair the damage, which event, this Contract shall terminate and Purchaser shall receive a refund of all sums paid to Builder up and to including the date of termination. 15.   With respect to Section 17.2, $25,000 is substituted for $500. [Stipulated Damages for Builder’s termination due to dispute]  16.   Section 22.1 is hereby supplemented by the following provision:  NOTWITHSTANDING THE FOREGOING PROVISIONS OF THIS SECTION 22.1, BUILDER MAY NOT RELY ON SUCH WRITTEN INFORMATION IF BUILDER HAS ACTUAL KNOWLEDGE OF MATERIAL ERRORS OR OMISSIONS WITH RESPECT TO SUCH INFORMATION THAT WOULD PREVENT SELLER FROM CONSTRUCTING THE HOME IN ACCORDANCE WITH THE PLANS AND SPECIFICATIONS OR TO SATISFY THE PERFORMANCE STANDARDS DESCRIBED IN THE LIMITED WARRANTY. Except as amended by this Addendum, the contract remains unchanged and continues in full force and effect. SIGNED FOR IDENTIFICATION: BUILDER: By:  Name: Title: PURCHASER: By:  Name: Title:
Search
Tags
Related Search
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks
SAVE OUR EARTH

We need your sign to support Project to invent "SMART AND CONTROLLABLE REFLECTIVE BALLOONS" to cover the Sun and Save Our Earth.

More details...

Sign Now!

We are very appreciated for your Prompt Action!

x