Addendum for Back-up Contract

EQUAL HOUSING OPPORTUNITY

ADDENDUM FOR “BACK-UP” CONTRACT

 

ADDENDUM TO CONTRACT BETWEEN THE UNDERSIGNED PARTIES CONCERNING PROPERTY AT

______________________________________________________(Street Address and City)

  1. The Contract to which this Addendum is attached (the “Back-Up Contract”) is binding upon execution by the parties, and the earnest money and any Option Fee must be paid as provided in the Back-Up Contract. The Back-Up Contract is contingent upon the termination of a previous contract (the “First Contract”) between Seller and _____________________, dated , _______________________, for the sale of Property. Except as provided by this Addendum, neither party is required to perform under the Back-Up Contract while it is contingent upon the First Contract.
  2. If the First Contract terminates on or before _______ p.m. on __________________, (the “Contingency Date”), the Back-Up Contract will no longer be contingent upon the termination of the First Contract. Seller must notify Buyer immediately of the termination of the First Contract. For purposes of performance, the effective date of the Back-Up Contract will be deemed to be the date Buyer receives notice of termination of the First Contract or the Contingency Date, whichever is earlier.
  3. If the First Contract does not terminate by the Contingency Date, the Back-Up Contract terminates and the earnest money will be refunded to Buyer.
  4. An amendment or modification of the First Contract will not terminate the First Contract.
  5. If Buyer has the unrestricted right to terminate under Paragraph _____________, the time for giving notice of termination begins on the effective date of the Back-Up Contract, continues through the deemed effective date of the Back-Up Contract and ends upon the expiration of the number of days specified in Paragraph .
  6. For purposes of this Addendum, time is of the essence. Strict compliance with the times for performance stated herein is required.

__________________________                   _______________________                                                                          Buyer                                                                             Seller

__________________________                   _______________________

Buyer                                                                          Seller

State Specific Power of Attorney Forms

—-For State Specific Power of Attorney Forms you can download in Word Format go to

http://www.uslegalforms.com/powerofattorney/


Inside Addendum for Back-up Contract