Agreement made this day of , 20 ,
Hereinafter referred to as Buyer Hereinafter referred to as Seller
1. The Buyer agrees to purchase and Seller agrees to sell all rights, title and interest to the yacht or vessel described as:
LENGTH: REGISTRATION #:
DOCUMENTATION # HULL #: MODEL YEAR:
2.The purchase price is : Dollars ($ )
Sum of Dollars ($ ) is hereby paid to the escrow account of the broker, acknowledged below, as a deposit toward the purchase price, and is subject to the terms of this agreement: said funds to be cleared into said account following acceptance by Seller.
3.This offer to purchase shall be accepted by Seller, and written evidence thereof delivered to
the selling broker on or before , 20 ,or this offer shall be deemed revoked and the deposit shall be returned to the Buyer.
4. Written or telegraph acceptance of the vessel must be made by the Buyer by Buyer's failure to exercise his right of acceptance or rejection as specified shall be construed as rejection. In the event of rejection the deposit shall be returned to Buyer after all expenses incurred by Buyer against vessel have been paid.
5. (a) The sale of the vessel is subject to : ( write in N/A if not applicable)
5. (b) In the event this sale is subject to survey, the Buyer acknowledges and agrees:
(I) He has selected a surveyor who is in his employ and is responsible solely to Buyer for any errors omissions, not withstanding the act that the broker may have provided information and assisted the Buyer with the hiring said surveyor.
(II) He shall instruct his agent or surveyors to examine and/or sea trial the vessel to ensure the vessel meets the Buyer's requirements.
(III) All costs of the survey shall be at the expense or the Buyer, including but not limited to all associated costs such as haul out, dry dock charges and/or subcontractors, if applicable.
5. (c) In the event that the sale of the vessel is subject to sea trial or trial run, the Seller agrees that any sea trial which he authorizes shall be made at the Sellers sole risk and expense.
6. If the vessel is destroyed prior to closing by an Act of God, or other cause, the contract shall become null and void and the deposit, less all expenses incurred in behalf of Buyer, shall be paid to Buyer.
7. In the event the closing is not consummated due to non performance of Buyer, including but not limited to a failure of Buyer for completion of the purchase by the closing date, all deposit funds paid prior to closing shall be retained by the Seller and Broker as liquidated and agreed damages, and parties shall be relieved of all obligations under this Agreement. Buyer and Seller agree that the forfeited deposit shall be divided equally between Seller and Broker(s) after all expenses incurred in behalf of Buyer against the vessel have been paid from the deposit.
8. In the event the closing is not consummated due to non performance of Seller regarding any of the covenants in this contract, all money paid or deposited pursuant to this contract by the Buyer shall be retumed to the Buyer upon demand, less all expenses incurred in behalf of Buyer, or the Buyer shall have the right of specific performance. Upon Seller's default, the Seller shall forthwith pay to Broker(s) the full commission provided for under the term of the listing contract.
9. The said vessel is being purchased free and clear of all debts, claims liens and encumbrances of nay kind whatsoever, except as noted hereinafter, and the Seller warrants and will defend that he had good and marketable title thereto and will deliver to the Broker all necessary documents for the transfer of title to the Buyer on or before the closing date, which is agreed to be ,20 . Final Payment due at time of closing shall be in the form of cleared or negotiable to Seller. But the date of closing the vessel shall be delivered at , together with all gear, equipment, furnishings and all other articles and appearances thereto agreed upon. (In the event the parties do not agree upon a specific inventory, Seller agrees to deliver the vessel with all items disclosed in the listing Broker's specification sheet or, if none, the selling brochure attached hereto and marked ("exhibit A").
10. It is agreed by the parties that the risk of loss, damage or destruction of the said vessel and equipment shall be borne by the Seller until the transaction is closed.
11. Sale or use taxes, if applicable on this purchase, are the responsibly of Buyer and will be collected by the selling broker at time of closing of their transaction shall be the responsibility of the Seller and shall be paid by closing date. Seller shall further pay any cost associated with and shall cooperate fully to obtain any authorization for sale required from any governing authority.
12. Information on the vessel is believed to be good and correct and the Broker offers such information in good faith, but does not and cannot guarantee the accuracy of the information. After the provisions herein have been complied with and this transaction had been consummated, it is understood and agreed that the Buyer has accepted the vessel in its' "as is" condition, and no warranty, either expressed or implied, and no representation as to the condition of the said vessel had been or is binding upon broker or Seller.
13.The Buyer is at least 18 years of age and is a citizen of .
14.This contract shall be binding on all parties herein, their heirs, personal representatives and/or assigns when this contract shall have been signed by all parties or their duly authorized agents. Seller agrees not to sell the vessel or enter into any contract for the sale of same while this contract is in effect. If a sale is not consummated per the terms of the agreement, and the Buyer and Seller make direct arrangements between themselves within two years after agreement is terminated for the transfer of ownership of the vessel, the Seller agrees to pay the Broker an amount to identical to the commission the Broker would receive under the term of the listing contract.
15. This document constitutes the entire agreement between the parties hereto and it is agreed and understood that there are no other duties, obligations, liabilities or warranties, implied or otherwise, except as referred to in an addendum N attached.
16. Any legal action brought by or against either party under the terms of this agreement shall be determined by the lays of the State of Massachusetts, and venue and jurisdiction for the said action shall be within the county of and State of Massachusetts, respectively. Parties further agree that in the event Broker (s) become party to any litigation involving this agreement between Buyer and Seller, the non-prevailing party shall pay any costs and legal fees incurred by Broker(s).
17. Seller agrees to sell the above described vessel on the terms and conditions stated in the foregoing Contract. The Seller and Buyer recognize and acknowledge as the authorized selling agent and as the listing agency.
18. Any fluids due the Broker for storage, insurance repairs and /or any other items accrued to the Seller's account shall be deducted from the Seller's net proceeds prior to disbursement of funds to the Seller.
19. It is further agreed by the parties that:
IN WITNESS WHEREOF, the undersigned Buyer had executed this Purchase & Sale Agreement on the date indicated below and acknowledges receipt of a copy hereof.
Date: , 20 .
The undersigned Seller accepts and agrees to sell the vessel on the above terms and conditions. Seller acknowledges receipt of a copy of this Agreement and authorizes
to deliver a signed copy hereof to Buyer.
Date: , 20 .
Receipt of $ per paragraph 2 above is hereby acknowledged,
in the form of .(check number, bank, etc.)