Short Sale Addenda
Property Address:______________________________________________
Buyer(s):______________________________________________________
Seller(s):_______________________________________________________
Notwithstanding anything contained herein to the contrary, Buyer and Seller hereby acknowledge and agree that this Contract shall not be effective or binding upon either party until such time as written notice has been delivered to and subsequently acknowledged by a written statement of acceptance (the "Statement of Acceptance") by the parties of (a) the Seller's lenders(s) and/or other lien holder(s) (collectively, the "Lender") approval of the purchase price, terms of the Contract and the HUD-1 settlement statement, and (b) the Lender's agreement to accept a payoff which is less than the balance due on the loan or other indebtedness.
The Effective Date of the Contract shall be the date on which the last party signs the Statement of Acceptance. Prior to the Effective Date, Buyer and Seller shall have no duties or
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