Contract for Sale of Real Estate

This Contract for Sale is made on June___ , 200_.

BETWEEN __________, located at _____________, New Jersey _______,

referred to as the Buyer.

AND _______________________________, whose address is _________________________________, New

Jersey, and referred to as the Seller

The Seller agrees to sell to the Buyer at price and terms as stated below the vacant land as follows:

_______<Address>_____, NJ . Also known as Block: ____ Lot: ____ shown on the Tax Maps of
the City of_______ , County of ________, State of New Jersey. Size of the lot is ___ x ___.

1. Purchase Agreement: The Seller agrees to sell and the Buyer agrees to purchase the
premises described in this contract.

2. Description of Property: The property to be sold consists of: (a) the vacant land and (b) all
of the Seller's rights relating to the land.

3. Purchase Price: The purchase price is forty thousand dollars ($40,000.00).

4. Payment of Purchase Price: The Buyer will pay the purchase price as follows:

a. Upon acceptance and finalization of this contract $ 4,000

b. Balance to be paid at closing of title in cash or by

attorney trust check, (subject to any adjustment at closing) $ 36,000

5. Seller’s Deposit Moneys: All deposit moneys shall be held in escrow by ____________,
in their non-interest bearing trustee account until closing of title.

6. Closing Adjustments: At the closing, Real estate taxes, municipal, fuel oil, utility charges,
rents, insurance, and other adjustments shall be made as of the date of closing or date of
possession, whichever first occurs.

7. Transfer of Ownership: At the closing, the Seller will transfer ownership to the Buyer.
The Seller will give the Buyer a properly executed deed and an adequate affidavit of title.

8. Bargain & Sale Deed with Covenants Against Grantors' Acts: At the closing, upon
payment in full of the purchase price and such other sums as may be required by this
Agreement the Seller shall convey to the Buyer the aforesaid property, by Bargain and Sale
Deed with Covenants Against Grantors' Acts.

9. Due Diligence: Buyer intends to perform due diligence to determine the feasibility of the
proposed project by the Buyer, including but not limited to, environmental inspections,
survey, review of title, review of local, state and federal ordinances that may affect Buyer's intended use of the
property, and other similar activities. Buyer shall be granted a due
diligence period of thirty (30) days from the date of receipt by the Buyer's attorney of a fully
executed Contract of Sale.

10. Closing of Title: Closing of title may take place on or about thirty (30) days from the completion of the due
diligence period. The closing of title shall take place at the office of _________________, at ___________,
_______, NJ.
 11. Flood Area: The federal and state governments have designated certain areas as “flood areas”. This means
they are more likely to have floods than other areas. If this property is within a “flood area” the buyer may cancel
this contract.

12. Ownership. Title to the Property shall be good and marketable. Buyer shall order title insurance commitment
(title search) and survey and to furnish copies to Seller. In the event Seller's title shall contain any exceptions
other than as set forth in this paragraph, Buyer shall notify Seller and Seller shall have thirty (30) days within
which to eliminate those exceptions. If Seller cannot remove those exceptions, Buyer shall have the option to
void this Contract or to proceed with closing of title with an appropriate reduction in the purchase price. If Buyer
elects to void this Contract, as provided in the preceding sentence, the deposit money shall be returned to
Buyer, and Seller shall reimburse the Buyer for its actual title and survey costs. If applicable, Seller shall pay all
judgments and liens from the proceeds.

13. Physical Condition of the Property: The Buyer may inspect and survey the property and may rely on these
inspections and surveys for purposes of this clause and retains any rights which may be provided for elsewhere in
this Contract.

14. Risk of Loss: The Seller is responsible for any damage to the property, except for normal wear and tear,
until the closing. If there is damage, the Purchaser can proceed with the closing and either:
a. require that the Seller repair the damage before closing: or
b. deduct from the purchase price a fair and reasonable estimate of the cost to repair the damage: or
In addition, either party may cancel this contract if the cost of repair is more than 10% of the purchase price.

15. Cancellation of Contract: If this contract is legally and rightfully canceled, the Buyer shall
receive a full return of the deposit and other monies advanced and the parties will be free of
liability to each other.

16. Real Estate Broker: Seller shall be solely responsible to pay the real estate commissions to
______________. Said commissions shall be due and payable at closing.

17. Notices: Any notice under this contract shall be in writing. The notices must be delivered to the other party at
the address written in this contract or to that party's attorney as follows: a) personally, b) sent by Certified Mail, Return
Receipt Requested, or c) sent by telecopier transmission, as long as accompanied by notice sent via telecopier
transmission.

18. Captions. All pronouns and all variations thereof shall be construed so as to refer to the
masculine/feminine, neuter, singular and plural form thereof as the identity of the person or
persons or as the situation may require. If the Buyer shall be more than one person, the
obligations of all parties co-signing as Buyer shall be joint and several obligations.

19. Assessments For Municipal Improvements: If at the time of the delivery of the Deed
hereunder the property, or any part thereof, shall be or shall have been affected by an
assessment for work completed before the closing said assessment shall be paid by the
Sellers. If the improvement is not completed before the closing, then only the Buyer will be
responsible.

20. Possession. At the closing the Buyer will be given possession of the property. No tenant
shall have any right to the property.

21. No Further Action Letter: Seller shall provide at closing of title a No Further Action Letter from NJDEP.

22. Entire Agreement: This Agreement constitutes the entire Agreement between the parties
hereto. No representation, warranties or undertakings, or promises, whether oral, implied or
otherwise, shall be binding on either party hereto, and no modifications hereof shall be
binding on either or other of the parties hereto unless that same are pursuant to and set forth in a written agreement
executed by both parties. The parties specifically reserve the right to have their respective attorneys review and
modify this agreement.
23. Parties Liable: This contract is binding upon all parties who sign it and all who succeed to their rights and
responsibilities.

24. Inspection of the Property: The Buyer shall have the right to inspect the property prior to closing upon the
giving of reasonable notice thereof to Seller.

25. Liens and Title Insurance: Seller specifically warrants that Seller shall remove and satisfy
all liens from the property, whether such satisfaction or removal must occur before or at the
time of closing. Seller shall perform as necessary so that Buyer may obtain Title Insurance
without exceptions.

SIGNED AND AGREED TO BY:

For: ABC Development, Buyer

__________________________ ________________
Mr. Blah Blah, Member Date

XYZ Development, Seller

_________________________ ________________
Mr. Blah Blah, Member Date