Seller Financing (First Mortgage) Exhibit “______”

SELLER FINANCING (FIRST MORTGAGE) EXHIBIT “______”

2018 Printing

This Exhibit is part of the Agreement with an Offer Date of ______for the purchase and sale of that certain Property known as: ______, ______, Georgia ______.

1. Terms of Mortgage. Seller agrees to accept from Buyer, at the time of closing, as part payment of the purchase price, a Purchase Money Note made payable to Seller in the amount of $______bearing interest at the rate of ______percent (%) per annum and payable as follows: ______.

2. Instruments. Said Purchase Money Note shall be secured by a first lien Security Deed on Property. Said Purchase Money Note and Security Deed forms shall be those customarily used in residential real estate transactions in the State of Georgia.

3. Due on Sale Clause. The following language shall be included in said first lien Security Deed: “If all or any part of Property or an interest therein is sold or transferred by Borrower without Grantee’s prior written consent, excluding: (a) the creation of a lien or encumbrance subordinate to this Deed; (b) the creation of a purchase money security interest for household appliances; (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant; or (d) the grant of any leasehold interestONLY of three (3) years or less not containing an option to purchase, Grantee may, at Grantee’s option, declare all the sums secured by this Deed to be immediately due and payable. Grantee shall have waived such option to accelerate if, prior to the sale or transfer, Grantee and the person to whom Property is to be sold or transferred reach an agreement in writing that the credit of such person is satisfactory to Grantee herein and the interest payable on the sums secured by this Deed shall be at such rate as Grantee herein shall request. Acceptance by Grantee of one or more installment payments on the indebtedness secured thereby subsequent to any sale or change in ownership or possession of said real estate, or any part thereof, as to which the Grantee has not granted its written consent, shall not constitute a waiver of the Grantee’s said option, which may be exercised by the Grantee at any time.”

4. Right to Cure. The following provision shall be included in said first lien Security Deed: “Upon the occurrence of an event of default under the Note secured hereby and this Deed to Secure Debt and prior to placing an advertisement for notice of foreclosure and sale of Property, the Grantee herein agrees to: (a) notify Grantor in writing of such default; specifying the nature thereof and the actions necessary to cure said default; (b) permit Grantor to cure such default within ten (10) days from the date of such notice by making payment or doing such other act or things which may be considered by the Grantee herein necessary or proper.”

5. Prepayment Privilege. The following provision shall be included in said Purchase Money Note: “Borrower shall have the right to prepay the principal amount outstanding in whole or in part, provided that the holder hereof may require that any partial prepayments shall be made on the date monthly installments are due and shall be in the amount of that part of one or more installments which would be applicable to principal. Any partial prepayment shall be applied against the principal amount outstanding and shall not extend or postpone the due date of any subsequent monthly installments or change the amount of such installments, unless the holder hereof shall otherwise agree in writing.”

6. Late Charge Provision. The following provision shall be included in said Purchase Money Note: “Borrower shall pay to the Note holder a LATE CHARGE of five percent (5%) of any monthly installment not received by the Note holder within ten (10) days after the installmentTRAINING is due.” 7. Credit Information. Buyer agrees, at Buyer’s expense, to provide Seller, within ______days from Binding Agreement Date, with all necessary credit information such as Buyer would provide if applying to a savings and loan association or other lending institution for said loan. Seller reserves the right to declare this Agreement null and void in the event that Buyer’s financial statement and past credit listings do not meet underwriting guidelines as established from time to time by the Federal National Mortgage Association (FNMA). Approval of such credit by Seller shall not be unreasonably withheld.

8. Hazard Insurance. Buyer, Buyer’s expense, shall provide fire and extended coverage insurance written by an insurance company authorized to do business in the state of Georgia insuring Property against the usual hazards insured by such policy in an amount not less than the accumulative total of outstanding loans against said Property including said Purchase Money Note, with an endorsement theretoFOR naming Seller as FIRST MORTGAGEE.

THIS FORM IS COPYRIGHTED AND MAY ONLY BE USED IN REAL ESTATE TRANSACTIONS IN WHICH ______IS INVOLVED AS A REAL ESTATE LICENSEE. UNAUTHORIZED USE OF THE FORM MAY RESULT IN LEGAL SANCTIONS BEING BROUGHT AGAINST THE USER AND SHOULD BE REPORTED TO THE GEORGIA ASSOCIATION OF REALTORS® AT (770) 451-1831.

Copyright© 2018 by Georgia Association of REALTORS®, Inc. F67, Seller Financing (First Mortgage) Exhibit, Page 1 of 2, 01/01/18 9. Closing Costs. Buyer agrees to pay the following: A. any charge for preparation of said Purchase Money Note and Security Deed so long as they are prepared by Buyer’s attorney. If Seller chooses to have these items prepared by Seller’s attorney, and Seller herein reserves the option to do so, then Seller shall bear the expense of preparation (see paragraph 2); B. the intangibles tax charged by the State of Georgia; and C. the recording fee charged by the Clerk of the Superior Court.

10. Appraisal Contingency. In addition to the other rights of Buyer set forth herein, this Agreement  shall or  shall not be subject to the Property appraising for at least the purchase price. A. Type of Appraisal: The appraisal shall be a “certified appraisal” of the Property (as that term is defined in O.C.G.A. § 43-39A-2) performed or signed off by a licensed or certified appraiser (as those terms are defined in the rules and regulations of the Georgia Real Estate Appraiser’s Board) and include a statement that the appraiser performed in “independent appraisal assignment” (as that term is defined in O.C.G.A. § 43-39A-2(13)) with respect to the Property. B. Selection of Appraiser: The appraiser shall be selected by: [Select one. The sections not selected shall not be a part of this Agreement].  Buyer,  Seller, OR  Other (______) and all parties agree that this appraiser shall only perform a single certified appraisal of the Property. C. Rights of Buyer If Property Does Not Appraise: If any appraisal performed pursuant to and in accordance with this exhibit is for less than the purchase price of the Property, the Buyer shall have the right to request within ______days from the Binding Agreement Date that Seller reduce the sales price of the Property to a price not less than the appraisal price by submitting an Amendment to Sales Price (“ATSP”) to Seller along with a complete copy of the appraisal which is for less than the purchase price. In the event that Buyer does not submit an Amendment to Sales Price within the time frame referenced above, Buyer shall be deemed to have waived Buyer’s right to request a reduction in the sales price and this Agreement shall no longer be subject to an appraisal contingency. The time limit of the offer for the Seller to accept or reject the ATSP shall run through the earlier of: (i) ______days from the date that the ATSP is delivered to Seller, or (ii) the time of closing (excluding any extensions of the closingONLY resulting from the unilateral extension of the closing date). If Seller timely accepts the Amendment to Sales Price, Buyer shall be obligated to purchase the Property in accordance with this Agreement as amended. If Seller does not accept the ATSP, Buyer shall have the right, but not the obligation to terminate this Agreement without penalty upon notice to Seller, provided that such notice is given within three (3) days of the earlier of: (i) the date that Buyer receives notice that Seller has not accepted the ATSP; or (ii) the last date Seller could have accepted the ATSP. In neither circumstance shall the Buyer’s right to terminate extend beyond the time of closing. Nothing herein shall require Buyer to seek a reduction in the sales price of the Property. In such event, Buyer shall be obligated to purchase the Property for the price set forth in this Agreement. D. Buyer Not Obligated to Seek Price Reduction: Nothing herein shall require Buyer to seek any reduction in the sales price of the Property.

Buyer’s Initials: ______Seller’s Initials: ______

TRAINING

FOR