If the binder deposit check is rejected by the financial institution upon which it is drawn, the seller may cancel this contract immediately. If the buyer defaults under the terms of this contract, the binder deposit shall be surrendered to the seller as liquidated damages, and not as penalty.
If the buyer exercises any right stated below or declared by law to cancel this contract, the binder deposit shall be returned to the buyer within five 5 calendar days. If the buyer does not provide the seller with such documentation, the seller shall have the right to cancel this contract, resulting in a return of the binder deposit to the buyer within five 5 calendar days.
If the contract purchase price exceeds the appraised value, the buyer shall have the right to cancel this contract. If the appraisal is not completed before the expiration of the time frame stated herein or declared by law , the seller shall have the right to cancel this contract, resulting in a return of the binder deposit to the buyer.
If the buyer does not present the seller any professional inspection reports identifying defective conditions before the expiration of the time frame stated herein or declared by law , the property shall be consider in acceptable condition and the repair requirement below shall not apply. The seller shall make all reasonable efforts to provide merchantable title.
In the event that the title is unmerchantable, this contract shall be deemed canceled, resulting in a return of the binder deposit to the buyer within five 5 calendar days.
If either party fails to enforce any clause or part of this contract, said party may enforce such clauses or parts at a later time without penalty.
Neither the buyer nor the seller nor agent thereof shall be bound by any understanding, agreement, promise, or representation, either expressed or implied, that is not specified in this contract or signed attachments.
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