1. Each party's attorney may propose to the other party specific written modifications (which may include additions) to the Contract, other than modifications relating to price and to dates for closing and possession, during a Proposal Period, which will end five business days after the date on which the Contract was accepted. Service of a proposed modification will not extend any time periods in the Contract or act as a rescission of the Contract. If no proposed modifications are served during the Proposal Period, the provisions of this Rider will be inoperative and the Contract will remain in full force and effect.
2. If one or more proposed modifications are served during the Proposal Period, the parties will have an additional five business days (the "Negotiation Period") after the Proposal Period during which to negotiate concerning the proposed modifications, and the following procedure shall apply:
(a) Modifications proposed by a party's attorney will become binding on the parties if accepted by a writing signed by the other party served during the Negotiation Period.3. All instruments hereunder may be served either by personal delivery (which shall be effective on the date delivered) or by registered or certified mail, return receipt requested (which shall be effective on the date the letter is deposited in the U.S. mail).
(b) If proposed modifications are not accepted during the Negotiation Period the attorney for the party or the party proposing the modifications may serve written notice of termination of the Contract during the Negotiation Period, in which case the Contract will become null and void and any earnest money deposit will be refunded. A timely acceptance shall nullify any notice of termination.
(c) If proposed modifications are not accepted during the Negotiation Period and if written notice of termination is not served during the Negotiation Period by or on behalf of the party proposing the modifications, the Contract will continue in full force and effect, and the provisions of this Rider and the proposed modifications will be inoperative.
(d) If attorneys for both parties have proposed modifications, the acceptance/termination procedure in this paragraph 2 shall be applicable to each attorney's proposed modifications.
4. Any instrument directed to a party whose mailing address is not specified in the Contract and whose attorney's name and mailing address are not specified in the Contract (including this Rider) may be personally delivered or mailed by certified or registered mail to the listing broker.
5. Instruments served on a party's attorney whose name and address are stated below shall be notice to that party.
Name and Address of
Attorney for Purchaser(s)
Name and Address of
Attorney for Seller(s)