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Agreement Of Purchase And Sale Form 502

Form 581-T- Supplements addendum (Form approved jointly with North Carolina Bar Association) Seller Property Information Statement – Important Information for the Seller 1 Form 502 for use in the Province of Ontario Business Purchase and Sale Agreement in Properties Leased under the Bulk Sales Act (Ontario) DISCLAIMER: The Ontario Real Estate Association (OREA) has certain standardized forms, often used in Ontario real estate transactions (OREA Standard Forms) and a series of standard clauses for the use of these forms. To assist its members, OREA has established a number of standard OREA forms (annotated forms) that contain general explanations of certain provisions. These forms are intended only for personal educational purposes and are not intended for commercial purposes. While the search and establishment of these forms must be taken into account with great care and consideration, the explanations contained in these forms are used only for informational purposes and should not be considered or interpreted as real estate, legal services, accountants or other technical advice, or as a substitute. The explanatory notes are merely a general overview and are not intended to replace the full text and the legal elimination of each form and any provision, paragraph or section it contains. Members are urged to provide legal advice on specific issues that affect them. These forms are reserved for members` personal use and not for reuse or distribution to third parties. The OREA does not take any guarantees as to the accuracy of the information contained in these forms. Ontario Real Estate Association All Rights Reserved. These annotated forms were designed by the OREA only for use and reproduction by its members and other licensees. Any other use or reproduction is prohibited, except with the prior written consent of the OREA. PROCEED TO NEXT PAGE Form 502 Revised 2017 Page 1 of 7 4 7. COVENANTS BY THE SELLER: The seller undertakes that the assets sold will not be taxed and that no one else is interested in the assets except as indicated.

In addition, the seller undertakes that the seller be established in Canada in accordance with the Income Tax Act and that he is not late to agreements with companies. The seller also undertakes that no claims, remedies or proceedings are pending and that the seller is not aware of them. Some details of the lease are also mentioned here. Note that this form must be added a copy of the rental. There is also a seller`s alliance that respects all employees. In addition, the seller undertakes that the transaction was made in the ordinary price and that the accounts and information provided are true, correct and correct in all significant respects. In addition, the seller undertakes that there will be no debts other than in a declaration of the Bulk Sales Act to be delivered to the buyer. Finally, there is a provision that the seller requires that the material assets are delivered in good conditions, only at reasonable wear. 7.

COVENANTS BY SELLER: Sellers` alliances; (a) the assets are now and will be in the seller`s possession at the time of completion, free and free from any charge, pledge or any expenses, and no other person has an interest in the assets now or at the time of conclusion, unless b) the seller is not now and cannot be a non-resident person within the meaning of Section 116 of the Income Tax Act (Canada) at the time Completion (c) the seller is not in default when agreements are reached with the company and there is no recourse, recourse or proceedings against or on behalf of the pending seller or on behalf of the seller that may affect the transaction, and the seller is not aware of the existing reasons why such action, action or proceedings could be initiated; d) There is a good, valid and subsisting rental of premises for a… years with a monthly rent of …

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