[WSBAPT] Bump Clause Language/Example for Commercial Real Estate PSA or Counter

[nestor at pplsweb.com]

Kick-out 9Bump) Clause: 

 

Seller has the right to continue to show the Property and solicit and enter into bona fide back-up purchase contracts with third parties that are subject to the termination of this primary Contract. Upon entering into a back-up contract, Seller will give Buyer a copy of the back-up contract with the third parties' identification and purchase price information obliterated. To continue with this primary Contract, Buyer must make an additional deposit of $________________ within 72 hours (to be computed as consecutive hours, not business days) from receipt of the back-up contract. By giving the additional deposit to the Escrow Agent within the 72-hour period, Buyer waives all contingencies for financing and sale of Buyer's property and the parties will close on the Closing Date. The additional deposit will be credited to Buyer at Closing. If Buyer fails to timely make the additional deposit, this primary Contract will terminate; and Buyer's deposit(s) will be refunded.

 

 

Nestor Gorfinkel, Attorney at Law

Licensed in Washington & Florida

Florida Civil-Law (International) Notary

 

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Nestor Gorfinkel
Sent: Sunday, April 5, 2020 5:36 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Bump Clause Language/Example for Commercial Real Estate PSA or Counter

 

I can get you a "kick out" clause tomorrow.

 

 

 

Nestor Gorfinkel, Esq.- Sent from my Samsung Device

 

 

-------- Original message --------

From: Bryce Dille <Bryce at dillelaw.com <mailto:Bryce at dillelaw.com> > 

Date: 4/4/20 11:16 (GMT-08:00) 

To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com <mailto:wsbapt at lists.wsbarppt.com> > 

Subject: Re: [WSBAPT] Bump Clause Language/Example for Commercial Real Estate PSA or Counter 

 

I don’t think it would be too much different it would state “ It is agreed Seller will keep the property on the market and continue to show it until Buyer has waived all contingencies set forth in this agreement. If prior to that time Seller receives another acceptable offer to purchase  the property, seller will give            days written notice of seller’s intent to accept the new offer.If within said          days buyer gives written notice that buyer waives all contingencies Buyer shall have the continued right and obligation to purchase the property and sale shall close in accordance with this agreement. If no notice is received than agreement shall terminate  and earnest money returned to Buyer.

 

From: wsbapt-bounces at lists.wsbarppt.com <mailto:wsbapt-bounces at lists.wsbarppt.com>  <wsbapt-bounces at lists.wsbarppt.com <mailto:wsbapt-bounces at lists.wsbarppt.com> > On Behalf Of Matt Yates
Sent: Saturday, April 4, 2020 10:14 AM
To: wsbapt at lists.wsbarppt.com <mailto:wsbapt at lists.wsbarppt.com> 
Subject: [WSBAPT] Bump Clause Language/Example for Commercial Real Estate PSA or Counter

 

Listmates:

 

Does anyone out there have any effective “bump clause” language that they’ve used.  I’ve got a seller wanting to keep commercial property on the market while potential buyer goes through due diligence.  All of my bump clause examples address the issue of buyer has to sell other property first before buyer can close on seller’s property.  I’ve edited that for now to fit but I’d prefer something a little more substantive and I’d like to compare what I have.  Also, our law library down here in Clark County is closed.  

 

Any help is greatly appreciated.  

 

Stay healthy,

Matt

 

Matthew D. Yates

Attorney at Law

Yates Marshall, PLLC

10000 NE 7th Avenue, Suite 200

Vancouver, WA 98685

Phone: (360) 449-6100

Fax: (360) 449-6111

matt at yatesmarshall.com <mailto:matt at yatesmarshall.com>  (New Email Address)

www.yatesmarshall.com <http://www.yatesmarshall.com> 

 

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