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Exhibit B
FILED: NEW YORK COUNTY CLERK 05/10/2017 04:37 PM INDEX NO. 153109/2017
NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 05/10/2017
Warning: No representatfon is made that this form Qf contract for the sale and purchase of real estate complies with Section J.-7()2 of the General Obligations Law (''Plain Language Law").
CONSULT YOUR LA WYER BEFORE SIGNING THIS AGREEMENT
NOT'll"',: :F'IRE AND CASUALTY LOSSES AND CONDEMNATION lltis contract form does not provide for what happens in the event of fire, or other casualty loss or condemnation before the title closing. Unless different provision is made in tbis contract, Section S-1311 of the General Obligations Law will apply, One part of that law makes a Purchaser responsible for fire and casualty loss upon takjng possession of the Premises before the title closing.
Residential Contract of Sale
Contract of Snle made as of July .Jo _.J 2014 between
TAI MlNG DEVELOPMENT CORP., c!o ESTHER G. KEE; 880 Fifth Avenue, Apt. 17G, New York, NY 10021 Social Security Number/ Fed. l.D. No(s): ________ hereinafter called "Seller" and
KIM PAK WU, residing at 8165 Bay 1611' Street, Brooklyn, NY 11214 (or assiguec entity In which he is majority Shareholder)
Social Security Number/ :Fed. I.D. No(s): _,., ... , ---------.. ------------" .. hereinafter caHed '•Purchaser"'.
The parties hereby agree as follows:
1. Premises. Seller shall sell and convey and l>urchaser .~hall purchase the property, together with all buildings and improvements thereon (collectively the "Premises"), more :folly described on a separate page marked "Schedule A", annexed hereto and made a part hereof and also known as: 98-100 Bayard Street, New York, NY -vacant land appro:dmately 48' :l sot nx Map Designation: Manhattan Block 199, Lot 30 Together with Seller's ownership and rights, if Huy, tu land lying in the: bed of any ::stn::tn or hie),W'ftf, opened or prnpnscd, a,ijoining the Premises to the center line thereof, including any right of Sdkr tn any unpaid nwni·d by .~Mon of any taking hy c<>ntlen1n;rt1on and/or for any damage to the Premises by rea5ort of .:.h,rngt, ·iif grml0 of any Mreet or highway .. St1Her s!1,1H deliver :tt no ndditionat c{nt to Purchnser, at Closing (as hereinafter defined), or thereafter, on demand, any documents that Purchaser may reasonably require for the conveyance of such title and !he assignment and collection of such award or damages.
2-,.. persona I Property. '.f'.hi-:;--:;;:1!.Hthif ~--1+ .. .1--hKI-OtH!Jl--·!1,ttUr(~:,;..-;i11d-nnJ1;,k,*"H r ,µ1,rnmml-J1i'Hp1wry,-nnw-rittm;,he,il-or-.n1)!)Hft<:i1\filH«h:.--tho pf' Nfti:.: I;!!)' ·\ l nJ;y;;r; · 1.pec.l,fiN't !ly- i}KOlntfod-he Jo,,'f,-~s:ol lsr-f l.!fWOst"iilS.·iH1(J-wnfl,lli f&,lhat, ale tilm, h,t}• lhoy-wHJ..he ·l)lttd•li>l'-{HHI• {)Wflt\.tl--hy-•t::o ill.if'-; fr,Sf· MHI l<[{<i\F Hf•,1ll · ll011t, {ind •Mlt\11 fl 1hniH(:H:t,· ONV,Hph,1ny-H:•d~liug•mo11g,,go-l(r whh,h -tlti!t-~}a:l~·hmy;b<}':.Hk•j(H}t,,'.flH.>Y" inchtdl.?;--hut-,th'l< IH-H l-iHlil,l<J·H;-· jll u mhii1g;-l 1t\t1dng;---!Jglttl+1g·ih1,l-•i!,i)i)k 111 g--fiw!nretr;-·(iriiHHk4i{wt+,bathfi'rl)IH·HmJ-!1:]1Eli~1HH!t>lH6h, .. nn.I-{!-0Ull!•YP,;-fHMt~lt.,·dm:w ilit.l'f~•I'·'.,;· ::SW i l d1·trf<fh't,-·H+i<l··ihH.tl'·lh-tHl 'ihlii.'·,YfHH:!HHH-hli1i.kirwimltJW·fffr,/Hitll;'ffll£;-tlhiM.!i!l':,.11c:r-e,;1nt,,-llW!liHg!};'t!l(~fl)rWindO:\\':!f;·-tiH)tm ·(foOffr;:
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a;·d h1,q1:rlieah/tt-it;tm,1). AbL..!i.A,_~t1--A,S-MA¥-WlESEN-'.'Hr¥--EXJS.1-'-, !C:,.;;du dt~d -fr''<•nHh 11; :,al(• or;;i .fnmhHr l'-Hmf -Jv.Jmmh;;,ltH\trn!-shing&-arnJ
3. Purchase Pri<::e. The purchase price is Four Millio11 Eight Hundred Eighty-Eight Thousand payable as follows: a. on the signing of this contract, by Purchaser's good check payable to the Escrowee (as hereinafter defined), subject to collection, the receipt of which is hereby acknowledged, to be held in escrow pursuant to porag,raph 6 of this contract (the "Downpnyment")
b. by allowance for the. principal amount unpaid on the existing rnortgage on the date hereot: payment of which Purchaser shall assume by joinder ln the deed:
by a purchase money note ,md mortgage from Purchaser to Seller:
$ 4,880,000.00
$ 98,000.00
$ none
$ 2,800,000.00 Sixty (60) monthly payments $5J)Mt}~-
d. balance at Closing in accordance with pmngraph 7 $ I ,982,000.00
FILED: NEW YORK COUNTY CLERK 05/10/2017 04:37 PM INDEX NO. 153109/2017
NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 05/10/2017
4, E'xi$tlng Mortgage. (Delete if inapplicable) H~thi61-·&ttle·ilMHIDjtmt.to·ml-exfath1g-mCtF{gilg-O·ull-1nditmod,ln·pMagFaph,J{h)-ilb,wt)·: n1:n1~-P:nHnk;~-:1lw,ll--h1:,,,,;,om•,~~i-;;abje,:t-W·'lho-1.'C•n!imfing~He1M~i~thfr·,;>H·1s6111~~m1Jrtf~ngorwhiol.-11;..pr,eS-Ontly-puynhlo;·•WHtl
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d, .---Sl•llW-!1hall-dallv,1,~tn-Pur-t\lui.1;~r"-Hi•Gfos-ing·{t--etWtlfio.ih.,,.,·dtn,id-u;:;it,.nH•H}·4han-..J(:f-.,!a)'1,·1h·;,fore.--G/t,t;int~·Signu,k-hy• Iha 1H,l.d(11c..{i.HlhJ--eH isH11g-n1ong,1.g~ ... -in--cftlnn-for-• H:llW)rdiH.t1;,'."'00f1H'!;411g-111tHIIHOllflf··l1·l"lfl(l--Uflp-t1i&cprint1i1xilr-Ih!l-··tl.tk~ l(s>- whi~\"iHl;(>t'JH·l··fli\J; bt,..,11 .. , fH1id-rnHJ-tht"'-1tnHmm1;, .. u=-.u1'.'.r'r-0h,lm<fd -10 .. t;~ .... 1u1;p11i,J--frn'-·tWI11,"lrmJ,a11d,·hHem,t,it<lmi13Jng,.fht•"snnHh0 ~1-0!ll:lf'·iJ.lmH-~r>ay-:i.h1rfhe1,-ltIF r~.~-01=J\ng-1111t,h--t!-<artH1e:nt:0c.-rf.th,1-l1okle1'·i..1f.;·1tti,..;.1ri1>(in1.1;,-m;,rlf§~fbt1 .. k;-,t-hank•t'f·f•lt1.ir-i1l:1lltuti-OrMt!';,'(l&.fl1ted-,i11-goofl.€1ft-,:2::;r~J;...u..i;,f.'...!h(!,·Ri;al ilflfP~'ily-I,,;:,w, il·mH'Y,11tst~1d-0Hh1:.H~url-i fi<H1te-,--f1.1mwlt-a-fo1ti1t~sfgnml-l:}y .. a-,th1ty,,m.\hflfi~(K!-effi-.~~mt)k•Y•'il'·ti.\J'-•if.t>11t;·dattl{l-nc,t,m<H\1 thm, .. JIJ.day,vbt:ifem.<-(;.:lolringrJX,ntainin.f}--th€H''ii"\m(',infommlk•rt,•
C·,Stiilar-r-iilpt-0-s.fHlte"am:l-\van1tt1ts-,thrtt·{i:}-8-ell.,F-has-d-etivernd-w,,PunihaseHtue-a11d,.~-onlj:u(lte,..~>pl<>~h,J-ex:Jot4ng-nmr-tg,,g.f;ls,, tht}•thJii}-i,!.>t1Utli1-+ltt'if;;)by·-litHl-any~1il\JllSIUflf/'·'8¥liJ-itltJdlfit"il~Iati!J..4h<'!F60f;-,(il;},,the-s~Xi6lt~fliei'l~go-4&-HOf-fl,.}W:-{HlU•il-t""ii1,e..t41ue--of GloHinffWtll-ni:4-ht\t 'lll·dt~foolt,,.nnd- (1il}+ho•1>ltifrfing0 n».lr,tga:gtHloe1i•Hfltoont~in-ll1J}''f}A}Vffik)rt-tht-tf·tJilftnit1::-th~holthwi-nf.lhe-mmtgflgt~·tf1 f<"tjll.B·~·fts-in1m~dlrtt~tlli,Ylllt'l}t•Jn,,fu.lJ .. 9r-i{l-C1lttri.1?.1l+-{lfi}'·t1!·ht1f,t(!;t'lll·lht\f6f1f'..&y011m11)Htl•$f-d1(N}al6-flt'·~tll!Vl~y1utGtH1'f4ha,.V1e-11tfovl'r,
5. Purchase Money Mortguge. (Delele if inapplicable) If there is to be a purchase money mortgage as indicated in paragraph 3(c) above:
a. The purchru;e money note and mortgage shnll be drawn by the atiomey for SeUer in the fonn attached or, if not, in the standard form adopted by the New York State Land Tiile Association. Purcha,er shall pay at Closing the mortgage recording tax, recording fet1s and the attorney';; fees in the amount of $_1,000.00_ for its preparation.
be--··,.· . ..:'.Fflil· p«rG!1,1\K,nw,H;iy,noF;i.and-m1;,ftg.iga-i,h111+,a4se-f*t!Yfrl.i.Hht!!-i-t-is-fl4.tllje,it-,imt-!liihorrliMhHiHil o--liilfHrf-ttHl-·t13>tMifl'g-11111i=W,1t'.~·1si1tJ·,mr·tlXflinr,iorw-.mo.il!k,atie1n,;,,r.;µ/,wi)rm,1nrn- .• ,M1t,mH>li .. k1fioils-c1f4hfJ«&x,hait1:1:t1,HOrt1;,l1?,..,.,-1Jm,..\idt1d.,d;{]lt,(i}th~-i1Hor-r::.tcr-ato 1 fh~f ;;lr:~ 1 h1-ll-noi,l}v·gr,m!w'-i I 11m":::::.:::::::::::::'.::::::-·f>(\,feen +-p8t'·,,H,inim•,1nd··tll#--lt:i'.al--ih1ht-5i'l;,.ro~H;oram,di}l'-1;l i.:1H·· nt:tt-he--t';,'l'il{t!e1'-thi1 n- ,$.;
.--:·: : .. :: :-. - ... ~:~: ·~:::::.:--:::-~,~ fl-OiL,I !lllitfll,··· l!tH l-(H}-i/'.../:l1i,-·f,lf!Hf'>fftH·l-lHiKH1Hl-lltt11'(!1l'f~t!h.ilit-,:>,l!C~Hld--l h!HHH+}ih1t-1+f.p¥ifi{}tfltlJ.+~w ~Ht;· ,lll(l-un1>ai,!-nrr 1h,HHlit;d1it·'illl\)f
costs · claims and expenses (including reasonable attorneys' foes) incurred 1n connection with the performance of Escrowee's duties here~nder, except with respect to actions or omissions taken or suffered by Escrowee in bad faith or in willful disregard of this contract or involving gross neglige11ce on the part ofEscrowee.
(c) Escrowee may act or refrain from acting In respect of any matter referred to herein in full reliance upon and with the advice of counsel which may be selected by it (including any member of its firm) and shall be fully protected in so acting or re&Qining from actlon upon the advice of such counsel.
(d) Escrowee acknowledges receipt of tl1e Downpayment by check subject to collection and Escrowec's agreement to the provisions of this paragraph by signing in the place indlcated on the signature page of this contract.
(e) Escrowee or any member of its fum shall be pem1itted to act as counsel for Seller in any dispute ti3 to the disbursement of the Downpayment or any other dispute between the parties whether or not Escrowee is in possession of the Downpayment and continues to act as Escrowee.
(f) The party whose attomey is Escrowee shall be liable for loss of the Downpayment.
7. Acceptable J<'unds. AU money payable under this contract, unless otherwise specified, shall be paid by: a. Cash, but not over $1,000.00; b. Good certified check of Purchaser drawn on or official check issued by any bank, savings bank, 1tust company or
,iavings and loan association having a banking off.ice in the State of New York, unendorsed and payable to the order of Seller, or as Seller may otherwise direct upon reasonable prior notice (by telephone or otherwise) to Purchaser;
c. As to money other than the purchase price payable to Seller at Closing, uncertified check of Purchaser up to the amount of$500.00 and
d. As otherwise agreed to in writing by Seller or Seller's attorney.
& Mortgage Commitment Contingency. ~tuf~if.mapplleuble)
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FILED: NEW YORK COUNTY CLERK 05/10/2017 04:37 PM INDEX NO. 153109/2017
NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 05/10/2017
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9. Permitted Exceptions, The Premises are sold and shall be conveyed subject to:
a. Zoning and subdivision laws and regulations, and hmdmark, historic or wetlands designation, provided that they are not violated by the existing buildings and improvements erected on the property or their use;
b. Consents for the erection of any stl11ctures on, under or above any streets on which the Premises abut; c. Encroachments of stoops, areas, cellar steps, trim and cornices, if any. upon any street or highway; d. Real estate raxes tha! are a lien, but are not yet due and payable; and ,,. The other matters, if any, including a survey exception, set fort11 Inn R i,!-et n.trnch~d.
.. I V' I . ' 0 I ( )· S' ll h II · ~- i0 .. "'·11· c)~ J., 4 Y. ,.. ' 1 ' f' ! ' · l J 0. Govern men ta io atwns an(, n ers, a · e er s. a comP. WlW (1 ·• no·Ws nl' 1lffh,:t:s o, v10,at1ons o aw or m1mic1pa
ordinances, orders or requirements noted or issued ns of the date he of by r.my govcmrnem.tl 1:h:ipittrrnent having authority as to lands, housing. buildings, tire, health, envirollmental and !abor conditinns affecting tbe Premises, The Premises shall be conveyed free of them at C!osiiig, Seller shall furnish Purchaser with any uuthoriza1ions necessary to make the searches that could disclose these marters.
(b) (Deiele if inapplicable) AH obligations affecting the Premises pursuant to the Administrative Code of the City of New York incurred prior to Closing and payable in mcH1ey shall be discharged by Setter at or prior to Closing.
11. Selk r's Representafoms. (a) Seller represents and warrt'JltS to Purchaser that: (i) The Premises abut or have a right of access to a public road; (ii) Seller is the sole owner of the Premises and has the filll right, power and authority to sell, convey and transfer the same in accordance with the tenns of this contract; (lii) Seller is not a "foreign person", as that teem is defined for purposes of the Foreign lnvestme111 in Real Property Tax Act, hitemal Revenue Code C'IRC)') Section 1445, as amended, and the regulations promulgated thercunder (collectively "FIR.PTA"); (iv) The Premises are not nffected by any exemptlons or abatements of taxes; and (v) Seller has been known by no other name for the past ten years, except
(vi) Premises shall be vacant on Oct. 3 l, 20! 4.
b. Seller covenants and warrants that all of the representations and warranties set forth in this contract shall be true and correc. at Closing.
c. Except as otherwise expressiy set forth in this contract, none of Selier's covennnts, representations, warrantles or other oblig11tioM contained in this contract shall survive Closing.
l ?,· Cl~miition of Property. P~rchaser ack.nowledges ~nd represents that Purchasc~r is fuHy aware of the physical condition and state ot re~w of :he Pren:1ses an.d o!. aH ou:er property inc\uded in this s<1k, hn\nl ;:;.n f'11r•:lrn::,,:(s own inspection and investigatinn thereof, and tnat Purchaser is entering .mto this_ contract based solely upon tudi iH>fJtdlun ,Hil.! investigation and not upon any information, data, statements or representations, ,vntten or oral, m; to the physical nrnditiun, strtic (lf repair, use, cost of operation or any other
FILED: NEW YORK COUNTY CLERK 05/10/2017 04:37 PM INDEX NO. 153109/2017
NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 05/10/2017
matte/ related to the Premises or the other property included In the sale, give11 or nrntlo by Seller or la representative\ und ;hall accept the same "as is" ln their present cot1dltlon and state of repair, 1mbjcct to rc;H;mmblc us:e. wear, fUM and 1Hth.1t1\I dcte1·1w{1twn between the dote hereof and the date of Closing (except as otherwise .set t'orth fa pnrogrnph 16(e)), without m1y .reduction in the pnrclmse, prk(i or claim of any kind for any change in such condition by reason thereof subsequent lO the da!t~ M !.hb tm11rnct. PlJrdrniwr and itii authorized representatives shall have the right, at reasonable times und upon n,asonnble notice (hy tckphorw nr oth,erwi~,c) lO Seller, to inspect the Premises before Closing.
13. Insurable Title. Seller shali give and Pur:::haser shall accept such title as any reputable title lnsurnm:e company shall be willing 10 \iJ)f}l'.{l\'G m.HI irnnm:: bi utcor~lam:;: w)'th lt.~ !!tnndard form nf Hile, policy approved by the New York State fosurw1ce Depnrtme1;1, ,:ubJr:ct 011ly to tile tnHHiffl, t,({)Vldcd for 1H fll!S COJll.ntCt \J) (0.),t~~Vl J
1 ·L Gloslr!fh n?t1d tnid Thi~~- (u) 11Clo$in1t' me,m3 tfw s~tt1e.rne11I i:lf the ob.ligations of Seller and Purchaser to each other ·4r this ,:.,:mtntc!, inl:lud1.ng tlrn pnyment <>f the pm'chase price tn Setler, nnd the delivery to Purchaser of a bargain and sale deed 't1u;roper statutory short form for record, duly executed and acknowledged, so as to convey to Purchaser tee simple title to the Premises, free of all encumbrances, except .1s otherwise herein stuted. The deed shall contain a covenant by Seller ns required by imbd. 5 of Section 13 of the Lien Law. (b) If Seller is a corporation, it shalt deliver to Purchaser at the time of Closing (i) a resolution of its Hoard of Directors authorizing the sale and delivery of the deed, and (ii) a certificate by the Secretary or Assistant Secretary of the corporation certifying such resolution and setting forth facts showing th.at the transfor is in confonnity with the requirements of Section 909 of the Business Corporntion Law. The deed in such case shall contain a recital sufficient to establish compliance with that Section.
15. Closing Date nnd Plaee. Closing shall take place at the office of Kee & Lau-Kee, PLLC, 354 Broome Street, Suite #1, New -----York, NY at 1:00 PM o'clock on October 31, 2014.
~~.::. ue ·-=~ 16. Conditions lo Closing. This contract ar,d Purchaser's <lb!igatlon tt) purchase the Premises are also subject to and conditioned upon the fulfiltment of the following conditi<m.s precedent:
a. The accunwy, as of the date cf Closing, oflhe representations and warranties of Seller made in this contract. b. 'foe delivery by Seller to Pur-::haser of a valid and subsisting Certificate of Occup,mcy or other required certificate of
c()mpliance, or evidence that none was required, covering the bulldlng(s) and al! of the other improvements located on the property authorizing their use as a family dwelling at the date of Closing,
c, The delivery by Seller to Purchaser of a certificate stating that Seller is not a foreign person, which certificate shall be in the forrn then required by FIRPTA or a withholding certificate from the Internal Revenue Service. If Seller fails to deliver the afbre.said certificate or if Purchaser is not entitled under FIR.PTA to rely on such certificate, Purchaser shall deduct and with.hold from the purchase price a sum equal to l0% then:of (or any lesser amount pennitted by law) and shall at Closing remit the withheld amount with the required forms to the Imemal Revenue Service.
d. The delivery of the Premises and all building(s) and improvements comprising a part thereof in broom clean eoncHrion, vacant and free of leases or tenancies, together with keys to the Premises,
e. All plumbing (including water supply and septic systems, if any), heating and air conditioning, if any, electrical and mechanical systems, equipment and machinery in the bull<ling(s) located on the property and all applinnces which are included in this sale being in working order as of the date of Closing,
f If the Premises are a one or two family house, delivery by the parties at Closing of affidavits in compliance with state nnd !oGa! law requirements to the effect that there is installed in the Premises 11 smoke detecting alarm device or devices.
g. The delivery by the parties of any other affidavits required as a eonditicn of recording the deed.
! 7. Deed Tnrnsfor and Record in!{ Taxes. At Closing, certified or official bank checks payable to the order of the aprropriate State, City or County officer in the amount of any applicable transfer and/or recording tax payable by reason of !lie delivery or recording of the d~ed or mortgage, if any, shall be de!iver,;;d by the party required by law or by this contract to pay such transfer and/or recording tax, together with uny required tax returns duly executed and sworn to, and su<:h party shaH ca\lse any such checks and returns to be delivered to the npproprinte officer promptly i1fter Closing, The obligation to pay any t1dditional tax or deficiency and any interest or penalties thereon shall survive Closing.
i8, Apportionments and Other Adjustments; Water Meter an<l Installment Assessments, (a) To the extent applicable, the following shall be appor1ioned as of midnight of the day before !he day of Closing: (i) taxes, water charges and sewer rents, on the basis of the fiscal period for which assessed; (ii) foe!; (iii) interest on !he existing mortgage; (iv) premiums on existing transferable insurance policks and renewais of those expi.ri11g prior !o Closing; (v) vault charges; (vi) rent5 as and when co!iected. , . (b) , l f Clo:,ing ~ball occur b~fore a 1:ew tax rate is fixed, the apportionment of taxes shat! be upon rhe basis of the tax rate for the 1mmedwte!y pre~:ed:ng fiscal period applied to 1he latest assessed valuation,
, (c) lf there ij a water meter on fr .. e Premises, Seller sha\l furnish a reading to :i dnte not more than JO days before Closing ,rnd me unfixed meter charge and sewer rent, if any, shall be apportioned on the basis of such iast reading,
FILED: NEW YORK COUNTY CLERK 05/10/2017 04:37 PM INDEX NO. 153109/2017
NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 05/10/2017
I'd) tr 111 the dme of Closing the Premiile.s nrc .ntfocied by an assessment which is or may become payable in annual iil$!allmu;lla, and tlle Hrst inswllrmmt ts thcti fl Hen,. orlrns. been paid, then for the purposes of this contract all the unpaid installments i.irnl! be corn.ikfornd dtte nml shnll be 1,1dd by StHe.r :H qr prfor i<1 ChJsfng.
(e) Auy errors i:>r omi~sions. !n r:,unputing, il})ll()ftlnt1mcnt~ or other adjustments at Closing shall be corrected within a nt,Ewn:1blt 1inte following Closing, This 1ubpnragrriph ~lrnll survive (:fosing.
19. Allow1mce for Unpuid Tans, etc. Seller has the option to credit Purchaser as an adjur,,1111ent. io the pmrhttsc prico with the amount of any unpaid tl!Xes, assessments. water charges and sewer rents, together with any interes.t a11d fWmlltt<:11 lhr.tl'(H;itl to n dare not less than five busi.nes/l days after Closing, provided that official bllls therefor computed to snM date are pmam.:ed nt. Ckt,int;.
2n. U.'it~ of l'utdrnsi'! Price r<> Remove [focuntbnmtes. !f rit Closing Owrt- are mluir liuhs or encurnbn:uwes dmt Setler is obligated to pay (tr dfadnug,,, Beller may U5t any pu1tkm of the cash balance of the pun:frlme price ltl pay or di~charge dlmn, provided Sel Ier shall GiJmiltane.otwly delivc:r to P1m::h;1.<:er 11t Closing ln$trtnncms fn rnt}ordnbte Rirm and s.uJflcient to .satisfy 1nich Ihm~ or encumbrances of recotd, togc!l1cr with the cvst of rtC{)fdinit OJ' ff!lng Mifrl i1111trnmcnts. As an alternative Seller may deposit sufficient monies with the ride insur,1uce crnnpany t:im1}foyed by Pnrclrnser ncr.epuib!u to :mt.I requJrcd by it to assure their discharge, but only if the title insurance \.'.nrnpMry will in.sure Purchaser's tiflc clear of the mt1!!.1m, or imi11rc ui;ainst their enforcemem out cf the Premises and will insure Puri:.::hm;er's lntitilutinrrnl Lcmfol' ·dGar or $UCh 11mttcrs. Upon rcasMabfo prior notice (by telephone or otherwise), Purchaser shall provide sr:parn!e certifit~d 1;1r nnlcir,il bnnk Checks 11s rt:qlte:,;tt~tl rn MSist in clearing up these matters.
21. Tirk g;-rnmfo:Hkm; ;Seller's InnhiHty to Couvuy; Li1olrntious of Llnbility. (a) Purchaser shall order an examination of title in n:spr.~ct nf the Premium, fmm t1 !.ftfo cmnpany Jli:mised nr uullmrized to issue title insurance by the New York State Insurance i)\~p;wtrnent or nny l!gcrrt for :mch ritk tompm1y pr(miptly atler the execution of this contract or, if this contract is subject to the mong.igf cnntingc!ltY i1et fbrrh in p,iriitr,rnph 8, Mt,ir n IH{)flgagit commitment has been accepted by Purchaser. Purchaser shall cause a copy ·of the title n~pm1 and Qf mty tidditfor1:11hereto to be dalivt:l't?d to the attomey(s) for Seller promptly after receipt thereof.
(h)(i) l t' at thti <fate nf Closing Sclltir Is unah.le to tramder title to Purchaser in accordance with this contract, or Purchaser has otht,r v;Jtid gnHmds for rd'i.1id.11g to e.fosc, whether hy rc,J..i.cm of hens, encumbrances or other objections to title or otherwl,;e (herein colk,:tivdy ct1lkid '1 Dcfct·l!I''), other than UK1S1;. s11l~icct tn which Purchaser is obligated to accept title hereunder or which Purchaser rmiy have wntved nnd ot.htr thfm I.hose, which Sd.ler has hctein expressly agreed to remove, remedy or discharge and if Purchaser shall i.H: 1mwllling to waive the same nud to dose tir!e witl10n1 nb11tcmcM of the purchase price, then, except as hereinafter set forth, Seller ::lmll lm'le the df.',lll •. i\l. Sdlr.r's s<)le dnt:ik1n, cl!her tn take such n~;tion as Seller may deem advisable to remove, remedy, discharge or comply with such Defecta or to cancel this contract; (ii) if Seller e!ects to take action to remove, remedy or comply with such Defects, Seller shat! be entitled from time to time, upon Notice to Purchaser, to adjourn the date for Closing hereunder for a period or periods not exceeding 60 days in the aggregate (but not extending beyond the date upon which Purchaser's mortgage commitment, if any, shalt expire), and the date for Closing shall be adjourned to n date specified by Seller not beyond such period. If for any reason whatsoever, Seller shall not have succeeded in removing, remedying or complying with such Defects at the expiration of such adjournmcnt(s), 11ml if f'mdan;ei· ,,im!l ~till bt rmwil!ing lo waive the same and to close title without abatement of the purchase price, then either party may GHnc,~.J lhb con1rac1 hy Nnlicr1 tn lht: other given wilhln IO days after such adjourned date; (iii) notwithstanding the foregoing, the existing nHHl[~.nge (1mless thi, suk is :a1bj,;1.'.l M tlH.: .sam,;) and any matter created by Seller after the date hereof shall be released, disch:irp,td or omi:rwi~t: curtd by '.klk:.r ar or prior to Closing.
(c) !fthls contrnct is cancelled pursuant to its terms> other Urnn rls a result of Purchaser's default, this contract shall terminate and come to an end, and neither party shall have any furHier rights, obligations or liabillties against or to the other hereunder or otherwise, except that: (i) Seller shall promptly refund or cause the Escrowee to refund the Downpayment to Purchaser and, unless cancelled as a result of Purchaser's default or pursuant to paragrnph 8, to reimburse Purchaser for the net cost of examination of title, including any appropriate additional charges related thereto, and rhe net cost, if actually paid or incurred by Purchaser, for updating the e.xis!ing survey of the Premises or of a new survey, and (ii) the obi igations under paragraph 27 shall survive the termination of this contract.
22. Affidnvlt as to Judgments, Bankruptcies, etc. lf a title examiirntion discloses judgments, bankruptcies or other returns against persons having names the same as or similar to that of Seller, Seller shall deliver an affidavit at Cl()sing showing that they are not against Seiler.
23. Defoults and Remedies. (a) If Purchaser defoults hereunder, Seller's sole remedy shall be to receive and retain the Downpavment as liquidated damages, it being ngreed that Seller's damages in case of Purchaser's default mlght be impossibJe to ascertain a;,d that the Downpayment constitutes a fair and reasonable amount of damages under the circumstances and is not a penalty. _ . . (b) Sel_ler. defaults h~r~undc:., Purchaser shall have such remedies as Purchaser shall be entitled to at law or in equity, rnciud1ng, but not lnn:ced to, specific perrom1ance.
24. ~urchaser's Lien. All money paid on account of this contract, and the reasonable expenses of examination of title to the Pr.em1se~ a~d o~,any survey ar.d s1:rvey inspecdon charges, are hereby rnnde liens on !be Premises, but such liens shal! not continue attcr detauit by rurch,iser under ttm contract.
. 6 -
FILED: NEW YORK COUNTY CLERK 05/10/2017 04:37 PM INDEX NO. 153109/2017
NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 05/10/2017
25 {".J.,y ootice ur o1h,r ,,1,nmnnktt1i0<< ("Nuti<o") sh>II 00 in wriling and ,hither l b tl , d d h . b h If ~· $~1lH hy l).ftlwr t,f the putties Jcrct(} nt by their 1·e•;pet.tive attorneys w o are 1ere y uu 10nze to o so on t elf c a .
or bv 1h1) fh:.cr(!Wnc, hy regir.ie:rnd or t~(:rtiHed mai.L fHJ!itnL~e prepaid, or ' b. ,J()livered !11 pers<.}n or by c-vcm[glH coudc,t, with receipt i1ckoowkdged, to tl\4 rl!flfittc.!lvc ,1ddres:,es given ln thh,
c(mtrncr fix ihe pnt(y mid t.hi! E1;Cr<1wv:e, to whmn the Notice h to ht gJven, or to St.1th Q[!.\1)1' ,Klt..lrei;s a$, stwh 1)nrty or Escrmvco ~tmU lw.r~alkr desigm1rn l)y Nntice givim tr., the Qthcr party or 1Mrtfor. nnd the f.:,crowce ptirnurmt 10 this paragroJlh. Each Notice mailed i,hi\lt bt: dcmned g.iVi!n rm the third lnrniness clciy followinr;i the dale of m1dlh111. the snmc, cxtepl that any tto;ict~ to e;scrnwee idmll be deemed r;dven only ttpon receipt hy 8scrtJWf.::e nod (mch Notice delivered In !H~r:son or hy overnight ¢.<iun+~t shall be deemed glvmt when ~ielivered, or
c. wit.h rnspcct m pm·agrnph 'l{b) nr 20, sent by fox to the party's attorney. Each notice by fax shall be deemed given when transmission Is c<mfinm~d by the j;,Juder's fax machine. A copy of each notice sent to a party shall also be sent to the party's a!tomey:?h.e flttor:uAy5 tor thti partim, are herdJ}" authorized to give and receive on b?halfoftheir clients all Notices and deliveries.
J\Jf-/'16.·~.~. ·;:.Assign~{;:Jniis contract r~iay not be assigned by Purcha:er without the prior written consent of Seller in each instance and ~Y purported assignment(s) made without such consent shall be void.
27. Broker. Seller MHl PmdiaJcr et1ch tcpre:wnr.s and warrants w the other that i1 has htH dealt with nny re}ll estate broker in coru1ection with thi1 sale n1.her 1h:Ul NO B!HJr(RR nn<l Seller :dmtl pay Hro.ker tmy cmnmlssimi earned pnn,tmnt to u separate agre~mem between s,~Uer aml Broker. Se!'.cr and Purchaser shall intlcmnir.v and defoud eadt other agaimll' tiny cims, claims and expenses, includiJ1g rt,asomibfo riitomcys' foci., arising out of the hnmch on lhcir respccHve parts of any n1p:ro)"S\!nt1ttfon or agreement contained in this pati1grnph. llie provislm1~1 of d1i!1 p11ragrnph shall survive Clor.ing nr. ff Cl.osing does not occnr, th,, rerminution of this contract.
28, Miscellaneous. (n) All prior unckm;tandings, agreements, representations nnd wnmmties, oral or written, between Selk~r and Pu.rchaser are merged in this contract; it co:Tipletely expresses their full agreement and has been entered into after foll investigation, neither party relying upon any statement maje by anyone else that is not set forth in this contract.
(b) Neither this contract nor any provision thereof may be waived, changed or cancelled except in writing. This contract shall a!so .~pply to and bind the heirs, distributes, regal representatives, successors and permitted assigns of the respective parties. TI1e parties hereby unthorize their respective attorneys to agree in writing to nny changes in dates and time periods provided for in this contrnct.
(c) Any singular W(}rd or term herein shall afoo be read ns in the plural und the neuter shat! include the rnasculi.ne and feminine gender, whenev,)r the sense of thh contract may require it,
(d) The captions in this contrac~ ar,; for convenience ofreference only and in no way define, limit or describe the scope of this contract and shall not be considered in fae interpretation of this contract or any provision hereot:
(e) This contract shall not be binding or effective until duly executed and delivered by Seller and Purclrntler. (1) Setler ar.d Purchaser shall :omply with JRC reporting requirements, if applicable, Tl1is subparagraph shall survive
Closing. (g) Each party shall, at any tim,; and from tlme to time, execute, acknowledge where appropriate and deliver .such fuither
hltntments and documents and tnke such other action as may be reasonably requested by the other in t)rder to cnrry out the intent and purpose of this contrnci. This subparagraph .,hall survive Closing.
(h) This contract is intended for the ex.elusive benefit o.f the parties hereto and, except as otherwise expressly provided herein, shall not be for the benefit of, and shall not create nny rights in, or be enforceable by, any other person or emity,
(i) If appHcable, the complete and fully executed disclosure of information on lead-bosed paint <'Jld/or !ead-based paint hazn.rd'., 1s attached hereto and made a part hereof:
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FILED: NEW YORK COUNTY CLERK 05/10/2017 04:37 PM INDEX NO. 153109/2017
NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 05/10/2017
IN WITNESS WHEREOF, this contract has been duly executed by the parties hereto.
Attorney for SeHer:
Norman Lau Kee, Esq. Kee & Lau-Kee, PLLC 354 Broome Street, Suite #1 New York, NY 10013 Tel.: (212) 625-0300 x 110 Jl'ax: (212) 625-1812 n)[email protected]
Seller Purchaser
Attorney for Purchaser:
Morris E. Barenbaum, Esq.
HOO Coney Island Avenue, Suite #411 Brooklyn, NY 11230 Tel.: (718) 871·8700 Fax: (718) 252-8620 [email protected]
Receipt of the Downpayment is acknowledged and the undersigned agrees to ac:t in accordance with the provisions of paragraph 6 above.
PREMISES:
Section: Block: 199 Lot: 30 County or Town: New York County Street No. Address: 98-100 Bayard Street, New York, NY 10013
FILED: NEW YORK COUNTY CLERK 05/10/2017 04:37 PM INDEX NO. 153109/2017
NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 05/10/2017
