Third-Party Home Purchase Plan Sample Clauses

Third-Party Home Purchase Plan a. This benefit is provided to assist a pilot in the sale of his current residence. A pilot is required to use the marketing assistance program before this benefit is utilized. A pilot must request the third-party purchase plan within 4 months of his activation date. The property must be a single family dwelling or a condominium, located in the United States, which the pilot owns and which is his permanent residence, and which is not a mobile home or boat. The property must not contain unacceptable levels of radon gas (EPA guidelines used). The Company shall determine the eligibility of the property to be purchased for purposes of the application of this paragraph; and that determination shall not be unreasonable. b. This plan shall provide two independent, professional appraisals to determine the current market value of the property, which shall become the purchase price of the home. Current market value shall be determined by averaging the 2 appraisals. If, however, the 2 appraisals differ by more than 5% of the lower appraisal, the third party relocation company shall obtain a third appraisal and market value shall then be determined by averaging the 2 closest appraisals. The appraisers shall be selected by the pilot from a list of 5 provided by the Company. The Company shall notify the pilot of the purchase amount, and the pilot shall have 45 days from notification to accept the purchase price. If the pilot accepts that price, the third-party company shall purchase the residence at the values established herein and handle all paperwork related to the closing. The pilot and his family must be prepared to vacate their residence within 60 days after accepting the offer. c. The Company shall pay the pilot 2% of the lower of the contract sales price or the appraised value if: i. the pilot secures a buyer; and ii. the third party company closes the transaction; and iii. the Company’s overall costs do not exceed 12% of the lesser of the contract sales price or the appraised value (not including the 2% bonus paid to the pilot).
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