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closing date extended. Mr. Suiter agreed to extend the deadline
for the closing if petitioner signed an addendum to the Earnest
Money Contract (First Addendum). On August 30, 1990, petitioner
signed the First Addendum, and the deadline for the closing was
extended to October 19, 1990.
Pursuant to the First Addendum, the Earnest Money Contract
was not subject to petitioner's obtaining financing. Indeed,
petitioner represented therein that financing had already been
obtained.
The First Addendum required petitioner to tender $30,000 to
the Stewart Title Co. to be deposited in escrow. In the event of
default by petitioner, the First Addendum provided that Mr.
Suiter's sole remedy would be the receipt of the $30,000 deposit.
The First Addendum also contained certain disclaimers. The
First Addendum warned:
SELLER IS CONVEYING THE PREMISES AS IS WHERE IS. ALL
WARRANTIES OF EVERY KIND WITH RESPECT TO THE PREMISES
ARE HEREBY DISCLAIMED INCLUDING BUT WITHOUT LIMITING
THE WARRANTY OF MERCHANTABILITY AND HABITABILITY.
BUYER ACKNOWLEDGES THAT INFORMATION, FINANCIAL AND
BUSINESS OPERATION RECORDS FURNISHED TO BUYER BY SELLER
REGARDING SELLER'S BUSINESS OPERATIONS ARE WITHOUT
WARRANTIES EXPRESS OR IMPLIED ALL OF WHICH IS
DISCLAIMED.
The First Addendum also stated:
Seller disclaims all representations and warranties
of every kind regarding the premises, Seller's records,
and/or Seller's business operations for the premises
except those specifically stated in this Addendum.
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Last modified: May 25, 2011