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THIS AGREEMENT made this 1 1 th day of March, 2 0 2 4 by and between Tanya Orlando Seller, and John Olson Buyer. Buyer
THIS AGREEMENT made this th day of March, by and between Tanya Orlando "Seller", and John Olson "Buyer."
Buyer agrees to purchase from Seller and Seller agrees to sell to Buyer, for the total purchase price of $ the following property in Lake County, state of Lorda with a street address of Sea Coast Way, Jupiter, Lorda.
Risk of Loss. Seller shall have the risk of loss to said property from casualty prior to closing. If the property is damaged by casualty before closing but can be restored to substantially the same condition as presently existing within sixty days, Seller shall restore it and the closing date shall be extended accordingly. If such restoration cannot be completed within said time, Buyer may terminate this Contract by written notice to Seller within ten days from the date of casualty and the earnest money shall be returned to Buyer, or Buyer may close this sale without reduction in the purchase price and shall be entitled to any insurance proceeds.
During the executory contract period, while Seller is still in possession, a hurricane knocks over large trees, greatly damaging the residence. It will cost $ to repair the property. Seller has a homeowner's insurance policy that will pay for $ of the loss. Buyer tells the seller that she is terminating the contract immediately and wants her earnest money back. Seller refuses and brings an action for specific performance. What results and why? Explain fully
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