Form Rd 1955-45 - Standard Sales Contract - Sale Of Real Property By The United States Page 4
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4Deed Restrictions (If Applicable). This property contains a dwelling unit or units which the Agency has deemed to be
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inadequate for residential occupancy. The quitclaim deed by which this property will be conveyed to the purchaser will contain
a covenant binding the purchasers and the property which will restrict the residential unit(s) on the property from being used for
residential occupancy until such time as the dwelling unit(s) is (are) structurally 'sound and habitable, has a potable water
supply, has functionally adequate, safe, and operable heating, plumbing, electrical and sewage disposal systems, and meets the
Thermal Performance Standards as outlined in Exhibit D, 7 CFR Part 1924, Subpart A, which are the Agency requirements for
a residential unit(s) to meet decent, safe, and sanitary standards. This restriction is required by Section 510(e) of the Housing
Act of 1949, as amended, 42 U.S.C. § 1480(e).
Entire Agreement. This contract contains the final and entire agreement between the parties hereto and they shall not be bound
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by any terms, conditions, statements, or representations, oral or written, not herein contained.
APPLICABLE TO CREDIT SALES (LOANS BY THE AGENCY) ONLY
Purchaser Financial Information. The purchaser will submit financial information upon request of the Government within 30
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days of such request.
Security Instruments. Upon closing all deeds and mortgages or other security instruments incident to the sale shall be on
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Agency forms and shall immediately be filed for record by the Agency at the expense of purchaser.
Insurance. To protect the Government's security in any buildings and appurtenances, the purchaser shall carry insurance against
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loss by fire, windstorm, flood and any other hazards required by the Government. The insurance shall be in an amount and
form, and with an insurer, satisfactory to the Government. The original policy with evidence of premium payment shall be
delivered to the Government at the time of delivery of the quitclaim deed to the purchaser.
Prepayment. The purchaser may pay at any time all or part of the unpaid balance of the purchase price with no prepayment
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penalty. (For Multiple Family Housing sales only, the purchaser may be subject to prepayment restrictions of Section 502(c) of
the Housing Act of 1949, 42 U.S.C. §1472(c)
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