Current Residence definition
Examples of Current Residence in a sentence
This Agreement will constitute a lease of the Current Residence to Employer by Employee as of the Effective Date, and Employee will grant to Employer physical possession of the Current Residence as of the Effective Date.
Employee will list the Current Residence for sale with a duly licensed residential real estate brokerage firm approved by Employer.
Owner's Mailing Address: Same as-- |_| Current Residence (1.k.) or |_| Applicant's Residence (2.c.) Other: Care of: |C|/|O|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| No. & Street: |_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| Apt/Suite/Bldg: |_|_|_|_|_| City: |_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| State: |_|_| Zip +4 Code: |_|_|_|_|_|-|_|_|_|_| C.
In the event Employee fails to enter into a purchase and sale agreement for the sale of the Current Residence within one year after the Effective Date, Employer will have the option to purchase (the “Purchase Option”) the Current Residence from Employee, for a purchase price equal to the Deposit (the “Option Price”).
The loss, if any, shall equal the amount by which the purchase price paid by you for your Current Residence (including the cost of any documented capital improvements made by you to your home, land and adjacent structures) exceeds the sales proceeds you obtain upon the sale of the Current Residence.
After the Appraisals are made and communicated to Executive, he shall be given 14 days to decide whether he wishes to sell his Current Residence on his own, or whether he wishes to transfer his Current Residence to the Company or its designee, and to receive from the Company or its designee an amount equal to the average of the two Appraisals.
Employee and Employee’s spouse will execute and deliver to Employer a general warranty deed to the Current Residence with the name of the grantee left blank, free and clear of all liens and encumbrances, other than (i) easements and restrictions of record not materially affecting the value or use of the property for residential purposes, (ii) rights of way of public streets and highways, and (iii) the lien of ad valorem taxes not yet due and payable (the “Deed”).
Employer will pay or reimburse Employee for all taxes, assessments, maintenance, repair, insurance and other expenses incurred with respect to the Current Residence after the Effective Date (the “Carrying Costs”).
Such lease and Employer’s right to physical possession of the Current Residence pursuant to such lease will terminate on the date of the first to occur of the Option Closing or the Sale Closing.
Real estate brokerage commissions in connection with the sale of the Current Residence (at normal and customary rates for the area in which the Current Residence is located).