Back up Contract Addendum

Purchaser’s Initials ______ Seller’s Initials _____

BACK-UP CONTRACT ADDENDUM

To be used in conjunction with the Residential Real Estate Purchase

Agreement approved by Northwest Ohio REALTORS

This Addendum is made part of the Residential Real Estate Purchase Agreement dated ____________________, 20___,

between ________________________________________, as Seller, and _____________________________________

as Purchaser, for the Property located at ________________________________________________________________

(“Agreement”). In the event of any conflict or ambiguity in the terms of the Agreement and this Addendum, the terms of

this Addendum shall govern. Any terms not defined herein shall have the same meaning as set forth in the Agreement.

1. Contingent Upon Failure of Any Prior Contracts. Purchaser and Seller acknowledge that Seller has previously

entered into a binding contract to sell the Property to a third party (the “Initial Contract”). Further, Seller may also be a

party to one or more other binding contracts for the purchase and sale of the Property that are contingent upon Seller

failing to close on the sale of the Property pursuant to the Initial Contract (each a “Back-Up Contract”). The parties agree

and understand that the Agreement is accepted only as a Back-Up Contract. Therefore, the rights and obligations of the

parties pursuant to the Agreement, including the parties’ respective rights and obligations for the purchase and sale of the

Property, are expressly contingent upon Seller failing to close on the sale of the Property pursuant to the terms and

conditions of the Initial Contract, or any previously executed Back-Up Contracts.

2. In

itial Contract Termination Notice. Seller shall promptly notify Purchaser upon the termination of the Initial

Contract, or any previously executed Back-Up Contract that became an Initial Contract, by signing the Initial Contract

Termination Notice below and delivering the same to Purchaser. The contingency set forth in Paragraph 1 above shall be

waived upon Seller’s delivery of the Initial Contract Termination Notice to Purchaser, with the result that the Agreement is

the primary contract and if Seller entered into to any Back-Up Contract(s) following the Agreement, the Agreement

becomes the Initial Contract.

3. Purchaser Termination. Purchaser may terminate the Agreement by delivering a written notice of termination to

Seller at any time before receipt of the Initial Contract Termination Notice from Seller, whereupon any and all deposits

previously made in connection with the Agreement shall promptly be returned to Purchaser. Purchaser may, but shall not

be required to, use the written notice of termination set forth below for purposes of this Paragraph.

4. Sel

ler Termination. If Seller closes on the sale of the Property pursuant to the Initial Contract, or any previously

executed Back-Up Contract that became an Initial Contract, Seller shall promptly notify Purchaser and the Agreement

shall be deemed terminated and of no further force and effect, whereupon any and all deposits previously made in

connection with the Agreement shall promptly be returned to Purchaser.

5. Au

tomatic Termination. If the Initial Contract Termination Notice is not provided to Purchaser within one hundred

eighty (180) days after Acceptance, then the Agreement shall terminate automatically and without notice required by

either party, whereupon any and all deposits previously made in connection with the Agreement shall promptly be

returned to Purchaser.

6. Ti

me Periods. For the purposes of any time periods contemplated by the Agreement (with the sole exception of the

time period set forth in Paragraph 5 above), Acceptance shall be defined as the day the Initial Contract Termination Notice

is delivered to Purchaser.

7. Oth

er Terms and Conditions: ______________________________________________________________________

_________________________________________________________________________________________________

Purchaser’s Initials ______ Seller’s Initials _____

This Back-Up Contract Addendum, upon execution by the parties, becomes an integral part of the Agreement

Purchaser Date Seller Date

INITIAL CONTRACT TERMINATION NOTICE

Seller hereby notifies Purchaser that the Initial Contract has been terminated. The Agreement is now the primary

contract and commencement of time periods for performance under the Agreement

, including the deposit of

Earnest Money, shall commence as stated above.

Seller has accepted Purchaser’s Offer.

Seller’s Signature Date

PURCHASER TERMINATION NOTICE

Purchaser hereby terminates the Agreement in accordance with Paragraph 3 of the Back-Up Contract Addendum

by providing this written notice of termination to Seller prior to Purchaser’s receipt of an

Initial Contract

Termination Notice from Seller.

Purchaser’s Signature Date