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Purchase & Sale Agreement - 2337 Greenvale Rd, Cleveland, OH 44121.pdf

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Real Estate Purchase Agreement THIS AGREEMENT is made on Jul 28 2021 _________________ (“Binding Agreement Date”), between _________________ (hereinafter "Seller"), and Lofty _________________ (hereinafterRoad "Buyer"), Holding 2337 Greenvale LLC for MFR 5, LLC the sale of the below described property pursuant to the following terms and conditions: Legal Description and Address 2337 Greenvale Rd, Cleveland, OH 44121 The real property located at ________________________________ ( the “Land”), tog

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Real Estate Purchase Agreement
THIS AGREEMENT is made on Jul 28 2021
_________________ (“Binding Agreement Date”), between
_________________
(hereinafter
"Seller"), and Lofty
_________________
(hereinafterRoad
"Buyer"),
Holding 2337 Greenvale
LLC for
MFR 5, LLC
the sale of the below described property pursuant to the following terms and conditions:
Legal Description and Address
2337 Greenvale Rd, Cleveland, OH 44121
The real property located at ________________________________
( the “Land”), together with
all buildings, improvements and fixtures constructed or located on the Land ( the “Building”)
and all easements and rights benefiting or appurtenant to the Land (collectively the “Property”).

1. Purchase Price
Subject to the following conditions, Buyer shall make final payment for the property at closing in
the total amount of $86,500
__________ which accounts for the previously deposited sum of $1,000
__________
in earnest moneys for a total purchase price of $87,500
___________. Buyer agrees to pay the entire
amount at closing. Concurrent with the execution of this Agreement, Buyer has deposited with
Seller or Seller's Escrow Agent the sum of $1,000
___________, (hereinafter referred to as "Earnest
Money") as Earnest Money and a partial payment of the consideration under the Agreement. In
the event that the purchase and sale shall be consummated pursuant to the terms of said
Agreement, escrow agent shall, at such closing, deliver to Seller the Earnest Money, and Buyer
shall be given credit toward the purchase price for the payment of the Earnest Money. Unless the
Buyer does not make a good faith effort to obtain financing, the Buyer shall be returned their
Earnest Money if closing does not occur.
2. Closing Costs
In closing this transaction, Seller shall be charged with the following:
(a) The amount of real estate taxes and assessments prorated up to and including the date of
transfer of title;
(b) The cost of any transfer tax;
(c) The cost of a title report, title search, and one half of the owner’s title insurance;
(d) The cost of paying off and satisfying any mortgage indebtedness for which Seller is liable,
together with the cost of any mortgage cancellation, recording fee or other costs incident to the
satisfaction of any such indebtedness;
(e) The cost of any required brokerage commission (if any);
(f) One half of the escrow fee; and
(g) All other charges properly borne by Seller consistent with the terms of this Agreement;

and immediately thereafter, the escrow agent shall deliver to Seller the balance of the funds in its
hands due, and all documents due Seller.
On closing, Buyer shall be charged with the following:
(a) Any cost of financing this transaction which Buyer arranges for;
(b) The cost of filing the deed for record;
(c) The cost of one half of the owner’s title insurance;
(d) One half of the escrow fee; and
(e) All other charges properly borne by Buyer consistent with the terms of this Agreement;
and immediately thereafter, the escrow agent shall deliver to Buyer the title guaranty or title
insurance, as the case may be, the record deed or Recorders' receipt, any prorations to which
Buyer is entitled, and all other funds or documents due Buyer.
3. Title Requirements
Seller shall convey to Buyer good and marketable title to the Property, by good and sufficient
general warranty or grant deed with all dower rights released. The deed shall be deposited into
escrow on or before the closing date.
Seller shall accompany Seller's deed with a title guaranty policy in the amount of the purchase
price issued by a general title company ("Title Company") in its customary form, guaranteeing
record title to the Property to be good in Buyer subject only to the exceptions to be contained in
the deed. Buyer may elect to be furnished with an Owner's fee policy of title insurance ("title
insurance"), in the amount of the purchase price, insuring marketable title to be good in Buyer,
subject only to the exceptions to be contained in the deed. In such event, in lieu of a title
guaranty policy, Seller shall furnish Buyer with title insurance. Seller shall pay that portion of
the costs which would have been incurred had a title guaranty policy been issued, and Buyer
shall pay the remaining costs.
Immediately upon the execution hereof, Seller shall order from the title company a preliminary
title report, with a special tax search included, in the form of a commitment to issue the required
title policy requested by Buyer ("Title Report"). A copy of the Title Report shall be delivered to
Buyer. Within ten (10) days after Buyer receives the Title Report, it shall notify Seller and the
title company of all restrictions, reservations, limitations, easements, and conditions of record
("Title Defects") disclosed in the Title Report that are objectionable to Buyer. If Buyer notifies
Seller of Title Defects, Seller shall cause to be cured or removed the same by the closing date.
Seller shall remove all objectionable Title Defects that may be removed by the payment of
money, and shall take reasonable steps necessary to remove all other title defects.
On the closing date, the escrow agent shall notify the parties whether the title company can issue
its title guaranty or title insurance, showing as exceptions only those items in the Title Report to
which Buyer did not object. If the escrow agent notifies the parties that (a) the title company will