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Contingencies, Addenda & Amendments

Law of Contracts Chapter 7
Horizontales
A change to the existing content of a contract. It must be initialed by all parties.
This form is used any time there is a new loan of any kind except seller financing
Commonly found on sites where petroleum products are used or where gas stations and auto repair shops are located, and subject to federal and state regulations
Good or clear title, reasonably free from the risk of litigation over possible defects
The addendum states that in the event the primary contract terminates, this contract becomes primary.
A mineral once used in insulation and other materials that can cause respiratory diseases
A clause added by a seller to the sales contract allowing the sellers to market their house while still involved in a contingent contract based on the prospective buyers selling their house
A colorless, odorless gas that occurs as a by-product of fuel combustion that may result in death in poorly ventilated areas
A form of fungus that can be found almost anywhere and can grow on almost any organic substance, as long as moisture and oxygen are present
Verticales
A thorough visual survey of a property's structure, systems, and site conditions conducted by a professional
Sale of property in which the sales price is less than the remaining indebtedness
Exterior insulation finish systems (EIFS), which do not allow moisture to escape, possibly leading to moisture problems and mold
The relationship between the amount of the mortgage loan and the value of the real estate being pledged as collateral
A naturally occurring gas that is suspected of causing lung cancer
A provision in a contract that requires a certain act to be done or a certain event to occur before the contract becomes binding
Any provision added to an existing contract without altering the content of the original. It must be signed by all parties.