This addendum is part of the
Condominium Purchase and Sale Agreement
dated_______________________20____, between West Seattle
Construction, LLC ("Seller") and
______________________________________________ ("Buyer")
concerning the purchase and sale of Unit No._____________ in The
Dakota, A Condominium (the "Unit") located at
4116 California Ave. S.W., Seattle, WA.
1. CLOSING DATE/COMPLETION OF
CONSTRUCTION. This transaction
shall close on or before __________________20____ (the "Closing
Date"). The Seller estimates, but does not guarantee that the
Unit will be substantially completed and ready for occupancy by
the Closing Date. If the Unit is not ready for legal occupancy
by the Closing Date, the Seller may at its option extend the
Closing Date with no penalty for up to 60 days after that date.
If the Buyer defaults and fails to close on the Closing Date,
then the Seller shall have the remedies provided in the Purchase
and Sale Agreement.
2. REFUND OF DEPOSIT.
In the event the Seller shall, for any reason, be unable to
convey the Unit or otherwise close this transaction in
accordance with the terms and conditions of this Agreement,
either Buyer (as Buyer's sole remedy) or Seller may elect to
rescind this Agreement in writing and all monies paid be
refunded. Upon such refund being made to the Buyer, this
Agreement shall be terminated. Neither the Seller nor the
Seller's agent shall not be responsible for any loss (including
but not limited to loss of financing fees, interest rate locks,
interest rate increases, etc.) the Buyer may have incurred by
reason of the Seller's failure to comply with the terms and
conditions of the Agreement. Each of the parties shall be
released from any and all claims by the other.
3. PLANS AND SPECIFICATIONS.
If the unit has not been completed, then the Buyer and Seller
shall meet within 10 days after mutual acceptance for the Buyer
to review and approve the specifications for the improvements to
be constructed in the Unit. If the Buyer disapproves, it must be
done in writing within 2 days after said meeting. If Buyer does
not give notice of disapproval within such time, the Buyer shall
be deemed satisfied and the specifications shall be part of this
Agreement.
4. PRE-CLOSING WALK-THROUGH.
Prior to closing, the Seller will give the Buyer notice that the
Unit is ready for inspection. Buyer and Seller will inspect the
Unit together and note any deficiencies in construction that do
not fall within the standard quality required and compile a
"punch list of items". Items identified at the walk-through
inspection will be corrected by the Seller to the level
consistent with the quality of the Unit and industry standard
within 10 days of the walk-through inspection, unless another
time is agreed upon. Buyer agrees to close this sale if the Unit
is substantially completed even though the "punch list" items
remain to be completed.
5. BUYER'S INDEPENDENT INSPECTION.
If this Agreement is contingent upon Buyer's independent
inspection of the property, the Buyer must use NWMLS Form 35.The
inspection must be done by a professional inspector at the
Buyer's expense.
6. CONTINUED CONSTRUCTION.
Buyer understands that at the time of taking possession of the
Unit, and for a period of time thereafter, construction work
might be continuing.
7. UNIT SQUARE FOOTAGE.
All sizes, dimensions, specifications (on plans or marketing
material) are approximate and may vary from actual construction.
The Unit square footage shown in the recorded Declaration will
be based on a surveyor's "as-built" determination of the
interior surface to interior surface square footage for
condominium purposes and may be less than the Unit square
footage shown on the plans, specifications, listing agreements,
flyers or advertisements, which are good faith estimates of the
Unit size.
8. VIEW/RENDERINGS.
Buyer acknowledges that the Unit is in an urban location and
Seller makes no representations regarding views, or the future
use of any developed or undeveloped properties in the vicinity
of the building in which the Unit is located. Buyer understands
that all renderings and floor plans are the artist's or
architect's conceptions and are not intended to be an exact
depiction of the Unit, Common or Limited Common Elements or the
building including colors, landscaping and materials used.
9. SPECIFICATIONS/MATERIALS.
The Unit shall be completed substantially in accordance with the
plans and specifications prepared, and from time to time
amended, by the Seller. Buyer acknowledges that all materials,
supplies, fixtures, and appliances are subject to availability.
Seller reserves the right to make substitutions of comparable
quality without notice.
10. SOUND TRANSMISSION.
Buyer acknowledges that the Unit is in an urban high-density
building and that some sound transmission between units should
be expected. Seller has installed sound insulation that meets or
exceeds building code requirements, however Buyer understands
that some sounds will be heard from adjoining Units, Common or
Limited Common Elements, various building systems and other
noises from traffic and neighboring properties.
11. WATER INTRUSION/MOISTURE.
The building is located in a region with a damp climate. After
consultation with experts, seller has utilized designs,
materials and methods to address leakage and moisture issues.
Nevertheless, it is impossible for Seller to guarantee that the
building or Unit will not experience such conditions. Buyer
acknowledges that to prevent such conditions and avoid the
damage caused by such conditions, the Association, at the
Association's expense, needs to perform periodic inspections,
maintenance and repairs.
12. AMENDMENT TO DECLARATION.
Seller may make amendments to the Declaration, Association
Articles of Incorporation, Bylaws, Condominium Map and Plans,
Association Budget, Public Offering Statement, and the plans and
specifications prepared by Seller as Seller deems necessary (or
may be required to). If amendments are made that substantially
change the Unit square footage or Allocated Interest in Common
Elements or Association Votes or Common Elements, Buyer will be
notified for their approval. If Buyer disapproves, the Buyer
must have reasonable grounds for such disapproval.
13. RISK OF LOSS.
All risks of loss shall be upon the Seller until closing.
14. MANAGEMENT BY SELLER.
Seller may exercise the voting right allocated to Units owned by
Seller to elect or remove the Board of Directors of the Owners
Association.
15. DECLARED VALUE.
Any "Declared Value" of the Unit in the Declaration is used to
establish the Unit's Allocated Interests, but actual sales
prices may vary.
16. TIME OF ESSENCE.
Time is of the essence of this Agreement.
17.
ASSIGNMENT. Buyer may not assign Buyer's rights under this
Agreement without Seller's written consent.
18. WARRANTIES.
Buyer acknowledges and agrees:
that the intent and purpose of
the Limited Warranty referred to in the Public Offering
Statement is to provide the Buyer and Seller with a
clear and predictable understanding of their rights,
duties and obligations;
that the provisions of the
Limited Warranty, and the rights, duties and obligations
of the Seller and Buyer, is given by the Seller and
accepted by the Buyer, in lieu of and to the exclusion
of all other express or implied warranties and in lieu
of and to the exclusion of all other legal or equitable
rights, remedies or causes of action;
that the Limited Warranty is
not intended to be in addition to the implied warranties
of quality provided by RCW 64.34.445(2), but rather that
such implied warranties are to be interpreted and
enforced in accordance with the provisions of the
Limited Warranty;
that RCW 64.34.445(2) and
.450(2) permit such implied warranties to be modified or
excluded, in writing as a basis of the bargain, as to
specified defects or failures to comply with applicable
law;
that in the event of any
variance between the provisions of this Limited Warranty
and an asserted interpretation of the implied warranties
provided by RCW 64.34.445(2), that the provisions of
this Limited Warranty shall: (i) control; (ii) be deemed
a modification of such implied warranty as authorized by
RCW 64.34.450; (iii) be deemed to be part of basis of
the bargain between the Seller and Buyer; and (iv) be
deemed a disclaimer of liability for the specified
defect or specified failure to comply with law then in
dispute;
that the Limited Warranty
provides an Alternative Dispute Resolution process
(involving mediation and arbitration in lieu of judicial
proceedings) to resolve all disputes involving
construction quality;
that Buyer's acknowledgement
and agreement is a direct and material inducement to
Seller's agreement to sell the Unit for the agreed
price, and has been relied upon by Seller (and Seller's
contractor, subcontractors, vendors, and suppliers); and
that Buyer's acknowledgement
and agreement shall be binding upon Buyer in Buyer's
capacity as a Unit Owner and Association Officer and
Board Member, and be binding with respect to both Unit
and Common Elements.
19. REPRESENTATIONS.
There are no other express or implied agreements or
representations except as set forth herein, or in the Public
Offering Statement, or in another written addendum executed by
Seller and Buyer. The parties agree that no verbal
representations have been made by any person and that the
parties fall understanding shall be limited to this written
agreement together with any mutually agreed upon clarifications
in writing. Buyer and all agents acknowledge that no agent, job
superintendent, contractor or subcontractor has the authority to
make any agreements or representations on behalf of the Seller.
20. REAL ESTATE TAX PRORATIONS.
Real estate taxes shall be prorated between the Seller and Buyer
as of the date of closing. If the real estate taxes have not
been segregated among the Units, then such proration shall be
based on the Unit's Allocated Interest in Common Elements of the
unsegregated real estate taxes of the entire Condominium. If
during the year in which the closing occurs, the real estate
taxes due for that year are increased after closing because of
completion of construction, any such tax increase shall also be
prorated as of the date of closing.
21. HOMEOWNER ASSESSMENTS.
Each monthly assessment shall include the Unit's prorated share
of all Association Common Expenses. Monthly Owner assessments
shall be prorated between Seller and Buyer as of the date of
closing. In addition, buyer shall pay at closing for the account
of the Association a working capital contribution deposit in the
amount equal to two months of assessments. Buyer acknowledges
that the initial amount of assessments is an estimate and may
change prior to and after closing. Seller may elect to pay the
Association's actual expenses and delay the commencement of
monthly assessments.
22. MEDIATION/ARBITRATION.
All disputes between the Seller, Buyer, and/or Owners
Association shall be resolved by the mediation/arbitration
provisions of the Limited Warranty for construction issues or
the Declaration for non-construction issues.
23. OCCUPANCY.
Buyer hereby represents that the Unit will be Buyer's [__]
primary residence [__] second home [__] investment property upon
closing.
24. OWNER/AGENT DISCLOSURE.
Buyer acknowledges and understands that Kevin Krout is a real
estate agent licensed with Windermere Real Estate/Fauntleroy
Inc. and is a member of West Seattle Construction LLC, acting
for his own account in this agreement.
25. CONTINGENCIES.
If the subject agreement is contingent upon the sale of Buyer's
home, the provisions of any form relating to contingent sale of
Buyer's home shall apply as modified herein (agent must attach
the form before execution of the Agreement). Said form is
modified as follows:
Buyer's home must be listed
with a full service broker that is a member of the NWMLS
that is acceptable to Seller, according to price, terms,
and conditions acceptable to Seller.
All references to five (5) days
notice is changed to two (2) days notice. Said notice to
expire at 9:00 p.m. on the second day following the date
on which notice is delivered, whether or not the date in
which notice is given, or the date when notice expires
falls on any day including Saturday, Sunday, or any
holiday.
26. LENDER/TITLE INSURANCE/ESCROW
AGENT. Due to the volume of
transactions and the need to coordinate all condominium sales,
it is necessary to limit the number of lenders, title insurers
and escrow agents with which we deal. The companies approved by
the Seller for this Condominium have been selected based upon a
successful track record. Buyer agrees to apply for and obtain
financing through a lender, and accept the title policy issued
by a title insurer, and use an escrow agent, as approved by the
Seller. The approved lenders, title insurer and escrow agent are
as follows;
Title Insurance:
Pacific Northwest Title
Preferred Lenders:
Bank of America Home Loans (Loan Officer: Larry Steele @
425-457-2194)
Washington Federal Savings (Karen
Skillings, Kathy Anderson @206-938-1242)
First Mutual Bank (Dottie Hughes @
206-932-6299)
Escrow Agent:
Assurance Escrow (Contact: Sharon Stuart @
206-938-5443)
5400 California Ave SW, Seattle, WA
98136
[NOTE: Buyer shall pay ˝ the normal
scheduled escrow fee. Seller shall be entitled to any builder's
discount available on the escrow fee].
This addendum shall supplement and
supercede, where inconsistent, the Purchase and Sale Agreement
attached.
BUYER:__________________________BUYER:_________________________________
DATE:______________
SELLER: WEST SEATTLE
CONSTRUCTION, LLC BY_____________________________
DATE:______________
