Agenda - Council - 09/08/1998 - Laserfiche WebLink

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I I I i I I I I I I I I I I I I I I A $150 extension fee is charged for each 15-day extension period or portion thereof for properties with a bid mount of $50,000 and under. A $300 extension fee is charged for each 15-day extension period or portion thereof for properties with a bid amount of over $50,000. The extension request and fee payment must be made according to the procedures in the Broker Guide. Credit for unused portions will be given at closing: $10.00 per day for $150 extension fees and $20 per day for $300 extension fees. If closing does not occur, the entire fee ($150 or $300) will be forfeited to HUD. Back-up Offers The HUD office may retain back-up offers from those offers received during the established bid period where the bidders so indicate on the HUD 9548, Sales Contract, Item 10. If the first offer fails to close, the other offers may be considered. No offer submitted aider the established period will be accepted as a back-up offer. Closing and Financing Costs HUD will pay the actual amount of closing and financing costs up to the amount listed in Line 5 of the Sales Contract (HUD-9548), which may be a maximum of 5% of the bid amount. Closing and financing charges may be paid from Line 5 only to established lending institutions in 'the business of providing purchase mortgages for one- to four-family structures and must be reasonable and customary. Only closing items which are eligible for inclusion in an FHA-insured mortgage may be paid by Line 5 funds. You should note that HUD-paid closing costs will affect the mortgage amount and down-payment required for FHA financing. WELLS In accordnce with Minnesota law HUD has provided all known information concerning the existence and status of wells on the subject property. It is possible that abandoned wells may ex~st, but be unknown to HUD and its agents. Purchaser acknowledges this and assumes all responsibility for sealing abandoned wells to meet provisions of the Groundwater Protection Act. INDIVIDUAL SEWAGE TREATMENT If HUD knows or has reason to know of any individual sewage treatment system serving the property, all information ~ HUD's possession concerning the location or status of the system has been made available to the buyer. HUD has made no independeat investigation of any individual sewage treatment system. The buyer will assume the costs and responsibility for bringing any noncompliant system into compliance with applicable rules and waives any cause of action buyer might have against HUD by reason of any noncompliant individual sewage treatment system including but not limited to liability under Minnesota Statute Section 115.55. OWNER-OCCUPANT AFFIDAVIT If Line 8 is marked as em owner-occupant purchaser, it is recognized that an affidavit certifying to owner-occupancy will be required at closing to be signed by at least one of the original bidders. Failure to sign that affidavit will result in abrogation of the sale and loss of all earnest money. I certify that I have been given a copy of Seller's Policies and agree that they are incorporated into the Sales contract. Signature of Purchaser(s) Date Signature of Purchaser(s) Date Feb., 1996