| 2005 Copy Right of HR Dadgar Realtor, Real Estate Broker |
Other Terms and conditions: The Cash Back ("Cash Rebate") will be equal to 33% of the total commission, if any, that HR Dadgar Realty, Inc. ("HR Dadgar") actually receives from the seller(s) and/or listing broker in connection with the purchase. Thus, the amount of the Cash Back is affected by the commission rate, if any, paid to HR Dadgar by the seller(s) and/or listing broker. HR Dadgar will pay the Cash Back, if any, by company check within 14 days after the closing of the purchase; provided, however, that (i) if the buyer requests, by giving written notice to HR Dadgar at least 5 business days before the closing, that the Cash Back be paid as a credit against the purchase price at closing, then HR Dadgar will, if permitted by applicable law, use reasonable efforts to cause the Cash Back to be so paid; and (ii) if under applicable law the Cash Back may not be paid after closing but may be paid at closing, then HR Dadgar will use reasonable efforts to cause the Cash Back to be paid as a credit against the purchase price at the closing. If paid by company check, the Cash Back will be paid to the order of the person(s) named as the buyer(s) or borrower(s) on the HUD-1 Closing Statement or equivalent statement (including, in the case of a Section 1031 Exchange, to the order of any qualified intermediary who is named as the buyer or borrower on the closing statement, for the benefit of the Section 1031 Buyer). If paid as a closing credit, the Cash Back will be paid on behalf of such person(s). As used herein, (i) "Section 1031 Exchange" means an exchange of real estate pursuant to Section 1031 of the Internal Revenue Code, as amended from time to time, and (ii) "Section 1031 Buyer" means the person conducting a Section 1031 Exchange through a qualified intermediary who will receive replacement property in such exchange. Notwithstanding the foregoing, if at any time HR Dadgar reasonably determines that a Seller Commission Dispute exists or is reasonably likely to occur, then HR Dadgar may delay paying the Cash Back until 14 days after such Seller Commission Dispute has been Resolved. "Seller Commission Dispute" means any dispute or uncertainty regarding (i) whether HR Dadgar is entitled to a commission from the seller(s) and/or listing broker, (ii) the amount of such commission, (iii) the manner or timing of payment of such commission, or (iv) any other term, condition or aspect of such commission. "Resolved" or "finally determined" means (i) resolved by mutual agreement, settlement or written instruction of all interested parties; or (ii) determined by any final, non-appealable judgment of a court. If HR Dadgar pays any Cash Back and it is later determined that HR Dadgar is not entitled to all or part of the commission on which such Cash Back was calculated, then the Cash Back amount will be recalculated and the buyer will immediately repay to or at the order of HR Dadgar the excess portion, if any, of the Cash Back that HR Dadgar paid. This Cash Back offer is void, and HR Dadgar has no obligation to pay the Cash Back: (i) to the extent prohibited by applicable law or the buyer's lender(s), including at any time (including after a delay referred to in the previous paragraph) that such payment is so prohibited; or (ii) with respect to any purchase in which HR Dadgar is not at all times the sole and exclusive broker representing the buyer. HR Dadgar has no obligation to pay the Cash Back unless and until (i) all of the buyers sign any agreement reasonably requested by HR Dadgar confirming the Cash Back, and (ii) in the case of a Section 1031 Exchange in which the qualified intermediary is listed as the buyer or borrower in the closing statement, the Section 1031 Buyer also signs such an agreement. A Cash Back may have tax implications. HR Dadgar recommends that buyer consult with a tax advisor regarding same. To the extent, if any, that HR Dadgar determines that the filing of any tax return (including any Form 1099 or other information return) is necessary or prudent in connection with any Cash Back, HR Dadgar may make such filing. HR Dadgar's Cash Back program (and obligation to pay the Cash Back) is subject to discontinuation or modification by HR Dadgar at any time. |
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