6. At the election of Seller or Purchaser upon notice to the other party not less than 5 days prior to the time of closing, this sale shall
be closed through an escrow with Fidelity National Title Insurance Company, in accordance with the general provisions of the usual form of
Deed and Money Escrow Agreement then in use by
Fidelity National Title Insurace Company, with such special provisions inserted in the
escrow agreement as may be required to conform with this contract. Upon the creation of such an escrow, anything herein to the
contrary notwithstanding, payment of purchase price and delivery of deed shall be made through the escrow and this contract and the
earnest money shall be deposited in the escrow. The cost of the escrow shall be divided equally between Seller and Purchaser.
(Strike
paragraph if inapplicable.)
7. Time is of the essence of this contract.
8. All notices herein required shall be in writing and shall be served on the parties at the addresses following their signatures. The
mailing of a notice by registered or certified mail, return receipt requested, shall be sufficient service.
9. Purchaser and Seller hereby agree to make all disclosures and do all things necessary to comply with the applicable provisions of
the Real Estate Settlement Procedures Act of 1974, the Residential Property
Disclousure Act of Illinois, and the Residential Lead-
Based Paint Hazard Reduction Act of 1992. In the event that either party shall fail to make appropriate disclosure when
asked, such
failure shall be considered a breach on the part of said party.
10. Alternative 1:
Seller represents that he is not a "foreign person" as defined in Section 1445 of the Internal Revenue Code and is therefore
exempt from the withholding requirements of said Section. Seller will furnish Purchaser at closing the Exemption Certification set
forth in said Section.
Alternative 2:
Purchaser represents that the transaction is exempt from the withholding requirements of Section 1445 of the Internal
Revenue Code because Purchaser intends to use the subject real estate as a qualifying residence under said Section and the sales price
does not exceed $300,000.
Alternative 3:
With respect to Section 1445 of the Internal Revenue Code, the parties agree as follows:
(Strike two of the three alternatives.)