Common use of Re-Purchase Option Clause in Contracts

Re-Purchase Option. Pursuant to §27.0042 of the Texas Property Code, should the Buyer discover, during the first five (5) years after Closing, one or more defects in the construction of the Improvements that exceed in the aggregate twenty percent (20%) of the fair market value of the Improvements, upon receipt of written notice and an opportunity to inspect the defects, the Builder may elect to repurchase the Improvements and Property. If the Builder elects this option, the Buyer shall be reimbursed the Total Sales Price and all closing costs incurred by the Buyer, plus reimbursement of the cost of any permanent improvements made by the Buyer to the Improvements and the Property, reasonable moving expenses to vacate the Improvements, and reasonable and necessary attorney's fees and inspection costs incurred by the Buyer to discover, identify and present the construction defects to the Builder. In return, the Buyer will deliver a Special Warranty Deed conveying the Improvements and Property to the Builder, free and clear of all liens and claims and deliver possession of the Improvements and Property free of any casualty or damage caused by the Buyer, normal wear and tear excepted.

Re-Purchase Option. Pursuant to §§ 27.0042 of the Texas Property Code, should the Buyer discover, during the first five (5) years after Closing, one or more defects in the construction of the Improvements that exceed in the aggregate twenty ten percent (2010%) of the fair market value of the Improvements, upon receipt of written notice and an opportunity to inspect the defects, the Builder may elect to repurchase the Improvements and Property. If the Builder elects this option, the Buyer shall be reimbursed the Total Sales Price and all closing costs incurred by the BuyerXxxxx, plus reimbursement of the cost of any permanent improvements made by the Buyer to the Improvements and the Property, reasonable moving expenses to vacate the Improvements, and reasonable and necessary attorney's ’s fees and inspection costs incurred by the Buyer to discover, identify identify, and present the construction defects to the Builder. In return, the Buyer Xxxxx will deliver a Special Warranty Deed conveying the Improvements and Property to the Builder, free and clear of all liens and claims and deliver possession of the Improvements and Property free of any casualty or damage caused by the Buyer, normal wear and tear excepted.

Re-Purchase Option. Pursuant to §§ 27.0042 of the Texas Property Code, should the Buyer discover, during the first five (5) years after Closing, one or more defects in the construction of the Improvements that exceed in the aggregate twenty percent (20%) of the fair market value of the Improvements, upon receipt of written notice and an opportunity to inspect the defects, the Builder may elect to repurchase the Improvements and Property. If the Builder elects this option, the Buyer shall be reimbursed the Total Sales Price and all closing costs incurred by the Buyer, plus reimbursement of the cost of any permanent improvements made by the Buyer to the Improvements and the Property, reasonable moving expenses to vacate the Improvements, and reasonable and necessary attorney's ’s fees and inspection costs incurred by the Buyer to discover, identify identify, and present the construction defects to the Builder. In return, the Buyer will deliver a Special Warranty Deed conveying the Improvements and Property to the Builder, free and clear of all liens and claims and deliver possession of the Improvements and Property free of any casualty or damage caused by the Buyer, normal wear and tear excepted.

Re-Purchase Option. Pursuant to §§ 27.0042 of the Texas Property Code, should the Buyer discover, during the first five (5) years after Closing, one or more defects in the construction of the Improvements that exceed in the aggregate twenty percent (20%) of the fair market value of the Improvements, upon receipt of written notice and an opportunity to inspect the defects, the Builder may elect to repurchase the Improvements and Property. If the Builder elects this option, the Buyer shall be reimbursed the Total Sales Price and all closing costs incurred by the BuyerXxxxx, plus reimbursement of the cost of any permanent improvements made by the Buyer to the Improvements and the Property, reasonable moving expenses to vacate the Improvements, and reasonable and necessary attorney's ’s fees and inspection costs incurred by the Buyer Xxxxx to discover, identify identify, and present the construction defects to the Builder. In return, the Buyer Xxxxx will deliver a Special Warranty Deed conveying the Improvements and Property to the Builder, free and clear of all liens and claims and deliver possession of the Improvements and Property free of any casualty or damage caused by the Buyer, normal wear and tear excepted.

Re-Purchase Option. Pursuant to §§ 27.0042 of the Texas Property Code, should the Buyer discover, during the first five (5) years after Closing, one or more defects in the construction of the Improvements that exceed in the aggregate twenty percent (20%) of the fair market value of the Improvements, upon receipt of written notice and an opportunity to inspect the defects, the Builder may elect to repurchase the Improvements and Property. If the Builder elects this option, the Buyer shall be reimbursed the Total Sales Price and all closing costs incurred by the Buyer, plus reimbursement of the cost of any permanent improvements made by the Buyer to the Improvements and the Property, reasonable moving expenses to vacate the Improvements, and reasonable and necessary attorney's ’s fees and inspection costs incurred by the Buyer to discover, identify and present the construction defects to the Builder. In return, the Buyer will deliver a Special Warranty Deed conveying the Improvements and Property to the Builder, free and clear of all liens and claims and deliver possession of the Improvements and Property free of any casualty or damage caused by the Buyer, normal wear and tear excepted.