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.The property shall also includethe following items:________________________________________________________________________________________________________________________________________________________12.TITLE: The Seller shall convey marketable title to the property with the above describedinclusions, by good and sufficient General Warranty Deed in fee simple absolute, on or beforeclosing; said title to be free, clear, and unencumbered except existing mortgages restrictions andeasements of record shown in paragraph (5).Title to be conveyed to the Buyer and or assigns.13.CLOSING: The deed shall be delivered and the purchase money shall be paid at the lendinginstitutions, or other office, of Buyer's choice, at closing if this option is exercised.14.COST AND PRORATIONS:The Seller will pay for: Revenue stamps (State, county and local); Title commitment inthe amount of the purchase price from a title insurance company/or title attorney to be selectedby Buyer in the County of the Property location, Lender required repairs, Title abstract;Satisfaction of mortgage and recording fee.The Buyer will pay for: Recording fees, prepaid insurance, prepaid taxes, prepaidinterest, termite Inspection, appraisal fee, survey, fees associated with the procurement offinancing, Buyer's repair costs, Property inspectionProrated Items: All rents, water taxes or charges, taxes, assessments, monthly mortgageinsurance premiums, fuel, prepaid service contracts and interest on existing mortgages shall beprorated as of the date of closing.If Buyer is to accept the Property subject to an existingmortgage requiring an escrow deposit for taxes, insurance and/or other items, all escrowpayments required to be made up to the time of closing shall be made to the escrow holder atSeller's expense.And said escrow balance shall be assigned to the Buyer, without compensationto the Seller, it being expressly understood that said escrow balance is included in the TotalPurchase Price.All mortgage payments required of Seller to be made shall be current as of thetime of closing.15.INSURANCE: While this option remains executory and up until the time of closing, theSeller shall maintain fire and extended coverage upon the property, and in the event of loss ordestruction in whole or in part of said property, the Buyer shall have the option to proceed withthe closing and accept the insurance proceeds for said damage, or to declare this Option null andvoid, releasing both parties from any obligations hereunder, except for the return of reimbursableexpenses previously paid by Buyer which amounts shall become immediately due and payable56 from the insurance proceeds.Upon closing, the Buyer shall be responsible for fire and extendedcoverage from that date forward.16.If Seller wishes to sell to another party after acceptance of this option, Buyer may agree to arelease upon an agreed amount of consideration by both parties.17.In the event this agreement is placed in the hands of an attorney for enforcement theprevailing party shall be entitled to recover court cost and attorney fees.IN WITNESS WHEREOF, the parties hereto, have set their hands to this Option Agreement onthis _______ day of _____________ 20___.WITNESS:___________________________________________________________________________SELLER_______________________________________________SELLER_______________________________________________BUYER_______________________________________________BUYERState ofCounty ofOn ___________________, _______ personally appeared before me________________________________________________________________________to me known tobe the individual(s) described in and who executed the foregoing instrument, signing same as his/her freeand voluntary act and deed, for the uses and purposes therein mentioned.Witness may hand and sealhereto affixed the day and year first above written.____________________________________________________Notary Public in and for the State of ____________________My commission expires ____________________57 Form 118Note Purchase Information Sheet(Please print neatly)Seller Information:Name_______________________________________________________________Address_____________________________________________________________City_________________________ State_______________ Zip________________Phone________________________ Fax________________________Borrower Information:Name_______________________________________________________________Current Address______________________________________________________City_________________________ State_______________ Zip________________Social Security #___________________________Subject Property Address_______________________________________________(If additional buyers please attach another 118 Form with that buyers information only)Closing Agent/Title Company/Attorney Information:Organization Name___________________________ Contact__________________Address_____________________________________________________________City_________________________ State_______________ Zip________________Phone________________________ Fax_____________________Wiring Instructions: (we will be wiring funds to closing agents account)Wire To_________________________________ ABA #______________________Further Credit To_________________________ Account #____________________58 Hazard Insurance Company Information:Company Name_____________________________ Agent____________________Address_____________________________________________________________City_________________________ State_______________ Zip________________Phone________________________ Fax_____________________Note Information:Sales Price $_________________ Down Payment $__________________First Lien Amount $________________________ Interest %__________________Second Lien Amount $______________________ Interest %__________________Down Payment Amount $___________________Please print neatly59 Form 119Submission Requirements (New Note)*Incomplete packages are not processed*Checklist for 85% LTV and higher_____ Note Purchase Information Sheet (Form 118)_____ Full Appraisal with comparable photos and interior inspection (see appraisalsection)_____ Copy of executed sales contract (both contracts if Direct Resale Program)_____ Mortgage Purchase Agreement (Form 120)_____ Copy of Buyer Photo I.D._____ Copy of Buyer Social Security Card.(if no card W-9 to be completed at closing)_____ Copy of earnest money deposit check.Additional items needed if 80% LTV or lower____ Most recent pay stub with year to date earnings indicated.If buyer does notreceive pay stubs, W-2 s or Verification of Employment Form is necessary.*If buyer is self employed previous year tax return or copy of business licenseTitle Company Procedure:Present executed sales contract and earnest money deposit to Title Company
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