Common use of Purpose of Addendum Clause in Contracts

Purpose of Addendum. Seller has debts secured by one or more liens on Property. The purchase price may not be enough to cover payment for all the liens and costs of sale. If so, for the closing to occur, the affected lienholder (§ 2.1 below) must agree to a short sale (§ 2.2 below).

Purpose of Addendum. Seller has debts secured by one or more liens on the Property. The purchase price may Purchase Price will not be enough to cover payment for all the liens and costs of sale. If so, for the closing to occurAccordingly, the affected lienholder Lien Holders (§ 2.1 2.2 below) must agree to a short sale Short Sale (§ 2.2 2.3 below).