Structural defect. If the stated defect is a structural defect in the foundation, footings, roof construction, sheathing (excluding flashing and coverings), or load-bearing walls that affects the structural integrity of any improvements, Buyer must have a licensed structural engineer report, and provide the Seller a copy of report. ▇▇▇▇▇, at ▇▇▇▇▇’s option and expense, is responsible for re- inspection of the remediation and proof of re-inspection by the same inspector(s) as previously used or by similarly qualified inspector(s). ▇▇▇▇▇, at ▇▇▇▇▇’s sole discretion, may accept the plan of remediation,terminate this Contract, or allow the Seller to escrow one and one half (1 ½) times the amount of the bidor written estimate, as determined by the Buyer, of such structural repair(s) at Closing. In the event either Seller or Buyer elects to terminate the Contract due to a structural defect as provided herein, the non-terminating Party shall be obligated to sign the document terminating this Contract, and the ▇▇▇▇▇▇▇ Money shall be refunded to Buyer. For Termination Procedure see Paragraph 37.
Appears in 3 contracts
Sources: Contract to Purchase Real Estate, Contract to Purchase Real Estate, Contract to Purchase Real Estate