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REAL ESTATE PURCHASE CONTRACT (UNIMPROVED PROPERTY)

Real Estate Purchase and Sale Agreement

REAL ESTATE PURCHASE CONTRACT (UNIMPROVED PROPERTY) | Document Parties: CORONUS SOLAR INC. | MANDATORY OWNERS' ASSOCIATION You are currently viewing:
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CORONUS SOLAR INC. | MANDATORY OWNERS' ASSOCIATION

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Title: REAL ESTATE PURCHASE CONTRACT (UNIMPROVED PROPERTY)
Date: 2/14/2013
Industry: Semiconductors     Sector: Technology

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Exhibit 10.120

 

REAL ESTATE PURCHASE CONTRACT (UNIMPROVED PROPERTY)

 

STATE OF CALIFORNIA

 

COUNTY OF SAN BERNARDINO

 

1.           PARTIES: AN NHIEN DAI NGUYEN & ANTHONY NGUYEN (Seller) agrees to sell and convey to CORONUS ENERGY CORP. (Purchaser), and Purchaser agrees to buy from Seller the Property described below.

 

2.           PROPERTY: Lot _____ Block _____ “14.78 ACRES OF VACANT LAND (APN 0438-212.02)” Addition, City of __________, SAN BERNARDINO County, State of   CALIFORNIA , known as ____________________ (address/zip code), or as described on attached exhibit together with all rights, privileges and appurtenances pertaining thereto, including but not limited to: water rights, claims, permits, strips and gores, easements, and cooperative or association memberships (the "Property").

 

3.

SALES PRICE:

 

 

A.

Cash portion of Sales Price payable by Purchaser at closing

$ 100,000.00

 

B.

Sum of all financing described below

$ 200,000.00

 

 

C.

Sales Price (Sum of A and B)

$ 300.000.00

 

4.           FINANCING:   The portion of Sales Price not payable in cash will be paid as follows: [Check applicable items below.]

 

_____

A. THIRD PARTY FINANCING: One or more third party mortgage loans in the total amount of $__________ . If the Property does not satisfy the lenders' underwriting requirements for the loan(s).  this contract will terminate and the earnest money will be refunded to Purchaser.    {Check one item only:]

 

_____

(1) This contract is subject to Purchaser being approved for the financing described in the attached Third Party Financing Condition Addendum.

 

_____

(2) This contract is not subject to Purchaser being approved for financing.

 

_____

B. ASSUMPTION: The assumption of the unpaid principal balance of one or more promissory notes described in the attached Loan Assumption Addendum.

 

_____

C. SELLER FINANCING: A promissory note from Purchaser to Seller of $200,000 bearing 0 ($NIL)%   interest per annum, secured by [choose the appropriate instrument authorized within the state:] _______________ mortgage, or  x     vendor's and deed of trust liens, and containing the terms and conditions described in the attached Seller Financing Addendum. If an owner policy of title insurance is furnished. Purchaser shall furnish Seller with a mortgagee policy of title insurance.

 

5.           EARNEST MONEY:   Upon execution of this contract by both parties, Purchaser shall deposit $1,000 as earnest money with   CENTRAL ESCROW , as escrow agent, at 22632 GOLDEN SPRINGS DR, #300, DIAMOND BAR, CA 91165 (address). Purchaser shall deposit additional earnest money of $__________  with escrow agent within _____ days after the effective date of this contract. If Purchaser fails to deposit the earnest money as required by this contract, Purchaser will be in default.

 

6. TITLE POLICY AND SURVEY:

 

A.  TITLE POLICY: Seller shall furnish to Purchaser at [check one:] _____ Seller's    x    Purchaser's expense anowner policy of title insurance (Title Policy) issued by: T.D.   (Title Company) in the amount of the Sales Price, dated at or after closing, insuring Purchaser against loss under the provisions

 

 

 

 

Seller’s Initials AN, AN Buyer’s Initials JT

 

 

 

 

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of the Title Policy, subject to the promulgated exclusions (including existing building and zoning ordinances) and the following exceptions:

 

(1) Restrictive covenants common to the platted subdivision in which the Property is located.

(2) The standard printed exception for standby fees, taxes and assessments.

(3) Liens created as part of the financing described in Paragraph 4.

(4) Utility easements created by the dedication deed or plat of the subdivision in which the Property is located.

(5) Reservations or exceptions otherwise permitted by this contract or as may be approved by Purchaser in writing.

(6) The standard printed exception as to marital rights.

(7) The standard printed exception as to waters. tidelands, beaches, streams, and related matters.

(8) The standard printed exception as to discrepancies, conflicts, shortages in area or boundary lines, encroachments or

protrusions, or overlapping improvements.  Purchaser, at Purchaser's expense, may have the exception amended to read. "shortages in area".

 

B. COMMITMENT: Within 20 days after the Title Company receives a copy of this contract, Seller shall furnish to Purchaser a commitment for title insurance (Commitment) and, at Purchaser's expense, legible copies of restrictive covenants and documents evidencing exceptions in the Commitment (Exception Documents) other than the standard printed exceptions. Seller authorizes the Title Company to mail or hand deliver the Commitment and Exception.

 

Documents to Purchaser at Purchaser's address shown in Paragraph 21. If the Commitment and Exception Documents are not delivered to Purchaser within the specified time, the time for delivery will be automatically extended up to 15 days or the Closing Date, whichever is earlier.

 

C. SURVEY: The survey must be made by a registered professional land surveyor acceptable to the Title Company and any lender. (Check one box only:)

 

_____

(1) Within _____ days after the effective date of this contract, Seller, at Seller's expense, shall furnish a new survey to Purchaser.

 _____

(2) Within _____ days after the effective date of this contract, Purchaser, at Purchaser's expense, shall obtain a new survey.

 

_____

(3) Within _____ days after the effective date of this contract, Seller shall furnish Seller's existing survey of the Property to Purchaser and the Title Company, along with Seller's affidavit acceptable to the Title Company for approval of the survey. If the survey is not approved by the Title Company or Purchaser's lender, a new survey will be obtained at [check one:] _____ Seller's _____ Purchaser's expense no later than 3 days prior to the Closing Date.

_____

  (4) No survey is required.

 

D. OBJECTIONS: Within    7    days after Purchaser receives the Commitment, Exception Documents and the survey, Purchaser may object in writing to (I) defects, exceptions, or encumbrances to title; disclosed on the survey other than items 6A(1) through (7) above; disclosed in the Commitment other than items 6A(1) through (8) above; (ii) any

portion of the Property lying in the 100 year flood plain as shown on the current Federal Emergency Management Agency

map; or (iii) any exceptions which prohibit the following use or activity:

N/A ______________________________________________________________________________________________________________________________________________________________________________

_________________________________________________________________________________________________________________________________________________________________________________

 
 

Purchaser's failure to object within the time allowed will constitute a waiver of Purchaser's right to object; except that the requirements in Schedule C of the Commitment are not waived. Seller shall cure the timely objections of Purchaser or any third party lender within 15 days after Seller receives the objections and the Closing Date will be extended as necessary.

 

If objections are not cured within such 15 day period, this contract will terminate and the earnest money will be refunded to Purchaser unless Purchaser waives the objections.

 

E. TITLE NOTICES:

 

(1) ABSTRACT OR TITLE POLICY: Broker advises Purchaser to have an abstract of title covering the Property examined by an attorney of Purchaser's selection, or Purchaser should be furnished with or obtain a Title Policy. If a Title Policy is furnished, the Commitment should be promptly reviewed by an attorney of Purchaser's choice due to the time limitations on Purchaser's right to object.

 

 

 

Seller’s Initials AN, AN Buyer’s Initials JT

 

 

 

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(2) MANDATORY OWNERS' ASSOCIATION MEMBERSHIP:   The Property [check one:] _____ is    x     is not subject to mandatory membership in an owners' association.   If the Property is subject to mandatory membership in an owners' association, Seller notifies Purchaser that, as a purchaser of property in the residential community in which the Property is located, you are obligated to be a member of the owners' association.  Restrictive covenants governing the use and occupancy of the Property and a dedicatory instrument governing the establishment,  maintenance, and operation of this residential community have been or will be recorded in the Real  Property Records of the county in which the Property is located. Copies of the restrictive covenants and dedicatory instrument may be obtained from the county clerk. You are obligated to pay assessments to the owners' association. The amount of the assessments is subject to change. Your failure to pay the assessments could result in a lien on and the foreclosure of the Property.

 

(3) STATUTORY TAX DISTRICTS: If the Property is situated In a utility or other statutorily created district providing water, sewer, drainage, or flood control facilities and services, the state may require Seller to deliver and Purchaser to sign the statutory notice relating to the tax rate, bonded indebtedness, or standby fee of the district  pr10r to final execution of this contract.

 

(4) TIDE WATERS: If the Property abuts the tidally influenced waters of the state, the state may require a notice regarding coastal area property to be included in the contract. An addendum containing the notice promulgated by the state or required by the parties must be used. (Consult with an attorney if you are unclear on this requirement.)

 

(5) ANNEXATION: If the Property is located outside the limits of a municipality, Seller notifies Purchaser that the Property may now or later be included in the extraterritorial jurisdiction of a municipality and may now or later be subject to annexation by the municipality. Each municipality maintains a map that depicts its boundaries and extraterritorial jurisdiction. To determine if the Property is located within a municipality's extraterritorial jurisdiction or is likely to be located within a municipality's extraterritorial jurisdiction, contact all municipalities located in the general proximity of the

Property for further information.

 

(6) UNIMPROVED PROPERTY LOCATED IN A CERTIFICATED SERVICE AREA OF A UTILITY SERVICE PROVIDER: If the Property is located in a certificated service area of a utility service provider and the Property does not receive water or sewer service from the utility service provider on the date the Property is transferred, the state may require a notice regarding the cost of providing water or sewer services to the Property. An addendum containing the notice promulgated by the state or required by the parties must be used.

 

(7) AGRICULTURAL DEVELOPMENT DISTRICT: The Property [check one:] _____ is    x      is not located in a agricultural development district.

 

7.  PROPERTY CONDITION:

 

A INSPECTIONS, ACCESS AND UTILITIES: Purchaser may have the Property inspected by inspectors selected by Purchaser and licensed by the state or otherwise permitted by law to make inspections. Seller shall permit Purchaser and Purchaser's agents access to the Property at reasonable times. Seller shall pay for turning on existing utilities. NOTICE: Purchaser should determine the availability of utilities to the Property suitable to satisfy Purchaser's needs.

 

B. ACCEPTANCE OF PROPERTY CONDITION: Purchaser accepts the Property in its present condition; provided Seller. at Seller's expense, shall complete the following: N/A _____________________________________________

_________________________________________________________________________________________________________________________________________________________________________________

C. COMPLETION OF REPAIRS: Unless otherwise agreed in writing, Seller shall complete all agreed repairs prior to the Closing Date. All required permits must be obtained, and repairs must be performed by persons who are licensed or otherwise permitted by law to provide such repairs. At Purchaser's election, any transferable warranties received by Seller with respect to the repairs will be transferred to Purchaser at Purchaser's expense.  If Seller falls to complete any agreed repairs prior to the Closing Date, Purchaser may do so and receive reimbursement from Seller at closing. The Closing Date will be extended up to 15 days, if necessary, to complete repairs,

 

 

 

 

Seller’s Initials AN, AN Buyer’s Initials JT

 

 

 

 

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D. ENVIRONMENTAL MATTERS:   Purchaser is advised that the presence of wetlands, toxic substances, including asbestos and wastes or other environmental hazards, or the presence of a threatened or endangered species or its habitat may affect Purchaser's intended use of the Property. If Purchaser is concerned about these matters, an addendum promulgated by the state or


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