Addendum – Property

DEPOSIT TO BE PAYABLE WITHIN 24 HRS [EXCEPT FOR SUNDAYS & HOLIDAYS] OF REMOVAL OF ALL SUBJECT CLAUSES.

Freehold Condo

Subject to the Buyer obtaining suitable financing to terms that is satisfactory to the Buyer on or before October 7, 2008.

This condition is for the sole benefit of the Buyer.

Subject to the Buyer, on or before October 7, 2008 searching and approving title to the property against the presence of any charge or other feature, whether registered or not, that reasonably may affect the property’s use or value.

This condition is for the sole benefit of the Buyer.

Subject to the Buyer, on or before ____________ at the Buyer’s expense, obtaining and approving an inspection report against any defects whose cumulative cost of repair exceeds ____________ and which reasonably may adversely affect the property’s use or value. The Seller will allow access to the property for this purpose on reasonable notice.

This condition is for the sole benefit of the Buyer.

The attached Property Disclosure Statement dated ____________ is incorporated into and forms part of this contract.

Subject to the Buyer, on or before ____________ receiving and approving the following documents with respect to information that reasonably may adversely affect the use or value of the strata lot, including any bylaw, item of repair or maintenance, special levy, judgment or other liability, whether actual or potential:
* A current Form ‘B’ Information Certificate attaching the strata corporation’s rules, current budget and the developer’s Rental Disclosure Statement, if any;
* A copy of the registered strata plan, any amendments to the strata plan, and any resolutions dealing with changes to common property;
* The current bylaws and financial statements of the strata corporation, and any section to which the strata corporation lot belongs; and

* The minutes of any meeting held between the period from ____________ to ____________ by the strata council, and by the members in annual, extraordinary or special general meetings, and by the members or the executive of any section to which the strata lot belongs.
* ____________
* ____________

Immediately upon acceptance of this offer or counter-offer, the Seller will authorize the [Seller’s/Buyer’s] agent, to request, at the [Seller’s/Buyer’s] expense, complete copies of the documents listed above from the strata corporation or other source and to immediately, upon receipt, deliver the documents to the Buyer [or the Buyer’s agent].

This condition is for the sole benefit of the Buyer.

If a special levy is approved before the completion date, the Seller shall credit the Buyer with the entire portion of the special levy that the Buyer is obligated to pay under the Strata Property Act and the Seller hereby directs the Buyer’s lawyer or notary public to hold back such credit from the sale proceeds and to remit it to the strata corporation.

The Buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the Seller; said assignment not to relieve the Buyer from his obligation to complete the terms and conditions of this contract should the assignee default.

Seller confirms that all included items are in proper working order and will ensure that they remain in proper working order up to and including the Possession Date.

The Seller agrees to professionally shampoo the carpet, clean the property and deliver the premises in a debris free manner.

Leasehold Condo

Immediately upon acceptance of this offer or counter-offer, the Seller will authorize the [Seller’s/Buyer’s] agent, to request, at the [Seller’s/Buyer’s] expense, complete copies of the documents listed above from the strata corporation or other source and to immediately, upon receipt, deliver the documents to the Buyer [or the Buyer’s agent].

This condition is for the sole benefit of the Buyer.

If a special levy is approved before the completion date, the Seller shall credit the Buyer with the entire portion of the special levy that the Buyer is obligated to pay under the Strata Property Act and the Seller hereby directs the Buyer’s lawyer or notary public to hold back such credit from the sale proceeds and to remit it to the strata corporation.

Seller will deliver leasehold interest free and clear of all financial encumbrances. Seller will assign the Buyer all rights, title and interest and the Buyer will assume all payments, obligations and covenants in the lease. Seller will provide reasonable assistance, at the expense of the Buyer, in obtaining consent to the assignment of the lease before the Completion Date. If the consent to the assignment cannot be obtained, this agreement will be null and void. It is understood that the lease has a term ending ____________.

Subject to the Buyer receiving and reviewing the head lease and any schedules of rules and regulations to the Buyer’s satisfaction and approval by ____________.

This subject clause is for the sole benefit of the Buyer. A copy of the head lease with each page initialed by the Buyer as having been read and approved will be required by the Seller.

The Buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the Seller; said assignment not to relieve the Buyer from his obligation to complete the terms and conditions of this contract should the assignee default.

Seller confirms that all included items are in proper working order and will ensure that they remain in proper working order up to and including the Possession Date. The Seller agrees to professionally shampoo the carpet, clean the property and deliver the premises in a debris free manner.

Old House

Subject to the Buyer obtaining suitable financing to terms that is satisfactory to the Buyer on or before May 17, 2008.

This condition is for the sole benefit of the Buyer.

Subject to the Buyer, on or before May 17, 2008 searching and approving title to the property against the presence of any charge or other feature, whether registered or not, that reasonably may affect the property’s use or value.

This condition is for the sole benefit of the Buyer.

Subject to the Buyer, on or before May 17, 2008 at the Buyer’s expense, obtaining and approving an inspection report against any defects whose which reasonably may adversely affect the property’s use or value. The Seller will allow access to the property for this purpose on reasonable notice.

This condition is for the sole benefit of the Buyer.

Subject to the Buyer on or before May 17, 2008 approving the Property Disclosure Statement dated ____________ with respect to the information that reasonably may adversely affect the use or value of the property. If approved, such statement will be incorporated into and form part of this contract.

This condition is for the sole benefit of the Buyer.

Seller confirms that all included items and outdoor pool/swirl pool/hot tub are in proper working order and will ensure that they remain in proper working order up to and including the Possession Date.

The Seller agrees to professionally shampoo the carpet, clean the property and deliver the premises in a debris free manner.

The Buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the Seller; said assignment not to relieve the Buyer from his obligation to complete the terms and conditions of this contract should the assignee default.

In the event an underground oil tank exists, the seller at his/her expense will drain and/or remove the underground tank and providing a letter of decommissioning of the underground oil tank in accordance with the container Rules and Regulations of the local municipality or City and in accordance with the British Columbia Fire code.

The work is to be done by a qualified company specializing in oil tank decommissioning.
A copy of the receipt and documentation for the removal and /or decommissioning for this work is to be provided and delivered to the Buyer by completion date.

Or

Subject to the buyer receiving and being satisfied with a site inspection and report concerning the underground oil tank by____.
In the event an underground oil tank exists, the buyer at his expense will remove the oil tank before completion. The seller will allow access to the property for this purpose on reasonable notice.

This condition is for the sole benefit of the buyer.

New House

Subject to the Buyer obtaining suitable financing to terms that is satisfactory to the Buyer on or before July 20, 2007.

This condition is for the sole benefit of the Buyer.

Subject to the Buyer, on or before ____________ searching and approving title to the property against the presence of any charge or other feature, whether registered or not, that reasonably may affect the property’s use or value.

This condition is for the sole benefit of the Buyer.

Subject to the Buyer, on or before ____________ at the Buyer’s expense, obtaining and approving an inspection report against any defects whose cumulative cost of repair exceeds ____________ and which reasonably may adversely affect the property’s use or value. The Seller will allow access to the property for this purpose on reasonable notice.

This condition is for the sole benefit of the Buyer.

Subject to the Seller providing to the Buyer a copy of the home warranty insurance policy, and the Buyer being satisfied as to this policy, by ____________.

This condition is for the sole benefit of the Buyer.

The Buyer and an authorized technical representative of the Seller together will conduct a walk-through inspection of the property no later than ____________ days before the Completion Date.

The Parties will, immediately after completion of the walk-through inspection, complete a deficiency list of mutually agreed upon items to be remedied by the Seller. The list, which will form part of the contract will include a mutually agreed upon value of the deficiencies to be remedied. Both parties will sign, date and retain a copy of the deficiency list. The quality of work and materials used will be equal to or better than that of the surrounding construction.

In the event that these deficiencies are not rectified ____________ days prior to the completion date, the Buyer will hold back from the sale proceeds the amount specified until all the deficiencies specified in the deficiency list are completed, and will place this holdback in the Buyer’s conveyancer’s trust account.

The Seller agrees that if completion has occurred and a holdback is necessary that the Seller will rectify the deficiencies not later than ____________ days after the completion date.

Any dispute concerning completion of the deficiencies list, the rectification of the deficiencies, and release of the holdback will be settled by arbitration under the Commercial Arbitration Act.

The Buyer will holdback from the sale proceeds an amount equal to 10% of the value of the improvements for ____________ days after the date of issuance of the certificate of completion or, where there is no certificate, for ____________ days after the improvement or the head contract is completed, abandoned or terminated. The Buyer’s lawyer or notary will place the holdback in an interest-bearing trust account with interest accruing to the benefit of the Seller. Improvements are valued at $____________.

The Seller will pay any GST in connection with this transaction and the Buyer will assign any rebate entitlement to the Seller.

It is a fundamental term of this contract that the Seller must have finished all work, and delivered to the Buyer by the Completion Date, an unconditional Municipal/City/Regional District Occupancy Certificate or other evidence satisfactory to the Buyer that construction is finished.

The Buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the Seller; said assignment not to relieve the Buyer from his obligation to complete the terms and conditions of this contract should the assignee default.