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The document is a First Addendum to a contract between Bayview Loan Servicing, LLC and IB Property Holding LLC regarding the sale of a property located at 5410 Wilmington St., Houston, TX. It outlines the terms of the sale, including that the property is sold 'as-is' with no warranties from the seller, details on purchase price and earnest money deposits, financing contingencies, closing costs responsibilities, inspection rights for the buyer, and provisions for liquidated damages in case of contract termination. The addendum emphasizes that time is of the essence in all transactions and includes clauses related to lead-based paint inspections and waivers.

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What is an addendum form?

Addendums are attachments to original contracts that alter the original terms and conditions of the contract. Addendums can be used to alter standard contracts, make adjustments if situations have changed since the original contract was signed, or if the original signers come to a different arrangement.

What is an example of an addendum?

1. : a thing added : addition. 2. : a supplement to a book. often used in plural but singular in construction.

What is the purpose of an addendum?

Both addendums and amendments require the consent and agreement of all parties involved in the original contract. Any party to the contract can propose an amendment or an addendum, but it is necessary for all other parties to agree to the proposed changes before either an addendum or an amendment can be added.

What does it mean to write an addendum?

Both amendments and addendums involve, and therefore must be agreed upon, by all parties to the contract in order to be valid. Mirror the language of the original contract. Choose an addendum title. Specify the parties. Clarify the part of the original contract the addendum refers to.

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