The issuance of a Certificate of Occupancy shall constitute final completion of all items of construction for closing purposes. Seller continues to be obligated to finish incomplete items in substantial compliance with filed plans and specifications.
Closing of title shall occur at the offices of Wilf & Silverman, 1640 Vauxhall Road, Union, New Jersey. Buyer shall be obligated to pay the sum of $200.00 to Seller's attorney if closing must occur elsewhere in New Jersey and the sum of $300.00 if closing must occur outside New Jersey. A Certificate of Occupancy will be issued, and closing shall occur, on or about ____________________.
Buyer's acceptance of the deed shall be considered an acceptance by Buyer of the Unit as being in good condition and it will also be considered Buyer's acknowledgment that Seller has complied with this Agreement, subject to Seller's agreement to finish incomplete items within the Unit after closing.
Seller agrees to give Buyer notice at least two (2) weeks prior to the date Seller expects title closing to occur. Should Buyer delay closing of title for more than seven (7) days after the date scheduled by Seller for title closing, then Buyer agrees to pay to Seller the sum of $100.00 per day until actual closing of title. The Buyer and Seller agree that such sum will compensate Seller for additional carrying charges and expenses sustained by Seller because of Buyer's delay in title closing. Seller is not obligated to extend the date for closing of title but in the event Seller chooses to do so, such extension shall not impair Seller's right to make time of the essence as to any provision in this Agreement.
If the Certificate of Occupancy is not obtained prior to the date set above for closing of title, then closing shall automatically be extended until the issuance of the Certificate of Occupancy. All terms and conditions of this agreement remain enforceable. Should the delay in the issuance of the Certificate of Occupancy extend beyond one hundred twenty (120) days from the date set above for closing of title, the Buyer has the right, within ten (10) days of that date which is one hundred twenty (120) days from the date set above for closing of title, to terminate this Agreement. Buyer then receives a refund of all deposit monies, without interest. At that time, Buyer and Seller will be released from any further obligations under this Agreement.
