P12-Survey

                        

Objective Form

12.1  Within  days of the date hereof, Seller shall furnish to
Buyer, at (Seller's, Buyer's) sole cost and expense, a survey of
the premises prepared by a registered surveyor or civil engineer,
appropriately licensed in the state in which the premises are
located, showing and containing the following items:
    (i)  A measurement and legal description (in metes and
    bouYnds)
    of the boundary perimeters of the premises.
    (ii)  The total acreage contained in the premises certified
    by the surveyor.
    (iii)  A drawing of the boundary perimeters of the premises,
    showing in consistent scale (which scale shall be disclosed
    upon the drawing) the courses and directions of the
    boundaries.




12.2  The legal description of the premises contained within the
survey shall become the true and accurate description of the
premises being sold hereunder, superseding and amending any
description contained herein.

12.3  Where, however, the acreage certified in the survey is more
than ________ acres less than that shown in the initial description 
of the premises contained herein, Buyer shall, within ________ days 
of delivery of the survey, notify Seller of its objection to the amount 
of acreage.  Seller shall have _________ days to cure the objection by 
the addition of such additional property, as shall, together with the 
remainder of the premises, total at least _______ acres and which 
additional land shall be reasonably satisfactory to Buyer.  If Seller 
does not cure the objection within said ________ day period, Buyer may 
terminate this contract by delivering to Seller notice of termination
within _______ days of the end of the period during which Seller
may cure and all monies theretofore paid or deposited shall be
returned to it.  If Buyer does not so terminate this contract    
then the objection shall be waived and the transaction shall
close with no diminution of the purchase price.


Objective Form

    The objectve form compels the Seller to only furnish a
perimeter survey of the property.  This is consistent with the
provision on "title evidence" where the Seller need only provide
a commitment for standard fee owner's coverage which, ordinarily,
would not cover such matters as encroachments.  Just as it is up
to the Buyer to obtain its own coverage for encroachments so it
is upon Buyer to obtain its own "spotted" survey showing building
locations and, accordingly, encroachments.
    The objective form presumes a purchase price determined by
tract, rather than amount per acre.  Thus, unless there is a
materially smaller number of acres in the premises than originally 
estimated, the Buyer would not be able to object to such acreage 
or cancel the contract.  Where there is a material deviation in 
acreage the Buyer may object and, if so, the objection is treated 
identically to any title objection, the cure for which is additional 
land.  If such a cure is not forthcoming within a predetermined period, 
the Buyer may decide to cancel the agreement or to take it with less 
total acres, with no diminution in the purchase price.


Alternatives
    From the Buyer's position, more is better.  The more complete
the survey, the more is known about the property, at the Seller's
expense.  The item most sought is a spotted survey--one which
locates, to scale, all fixtures upon the land.  Again, it is
commonly necessary to have a spotted survey in order to obtain
title insurance covering encroachments.  Where the Buyer is
receiving a commitment, paid for by Seller, for a Fee Owners
policy with extended coverage as to encroachments, the following
provision is appropriately added to a section 12.1 (iii):
         "The drawing shall include detail as to the location and
         boundaries of each and every building, fixture, fence-
         line, roadway, drainage ditch, utility line, railroad
         track, and all other objects visible upon the surface of
         the land, specifically showing and locating all such
         objects which encroach upon the premises or, from
         the premises, upon any property adjacent to it."
Other items which may be included within such a survey are:




Monumenting the premises:
         "The surveyor shall monument the land comprising the
         premises with pipes set in concrete or such other per-
         manent markings as are sufficientY and as are required
         by the Title Company for the deletion of the standard 
         Fee Owner's title policy exception for discrepancies in
         areas and boundaries."

Easements:  (Servient)
         "The survey shall include the location, course, extent
         and area covered by any easements, rights-of-way,
         roads, both in existence and proposed, which are within
         or which encroach upon the premises, together with
         title, date, and recording data of any instrument
         creating such easement, right-of-way or road."

Easements:  (Dominant)
         "The survey shall further include the location, course,
         extent, areas covered and locational relationship to
         the premises by and of any easements, rights-of-way or


         roads, both in existence and proposed, which serve the
         premises or to which the premises are a dominant tene-
         ment, together with title, date and recording data of 
         any instrument creating such easement, right-of-way or
         road."

Other Miscellaneous
         "The survey shall further show:
              (1)  topographical contours and elevations
              (2)  location of public utilities on and nearby
                   the premises
              (3)  dimensions and complete data, including all
                   existing drawings and renderings of engineers
                   and architects, as to floor layouts and build-
                   ing mechanicals
              (4)  full information concerning available service
                   and utility lines, both public and private,
                   above and below grade, including inverts and
                   depths.



              (5)  a certification by the surveyor, that all 
                   boundary lines and easements serving the pre-
                   mises are each and all continuous and
                   contiguous and that no portion of the premises
                   is located within the 100 year (500 year)
                   floodplain for the geographic area as deter-
                   minded by the U.S. Army Corps of Engineers as
                   presently promulgated."
Particularly where the purchase price is being determined based
upon actual acreage, a deviation between the contractual estimate
and the surveyed result would ordinarily cause a change in the
purchase price.
         "If the survey discloses that the premises contains less
         (or more) acreage than that set forth in this agreement,
         the purchase price shall be adjusted by a factor of
         $_________ per acre (including fractional acreage.)"
The Buyer might wish to pay only for "usable" as opposed to
"actual acreage.  Commonly the property boundaries contain areas
subject to easements and other encumbrances which, to the Buyer,
so limit the use of that area as to reduce or eliminate its


value.  The following provision is intended to define the
portions of the premises which are "usable."
         "The survey shall show and delineate that portion of
         the premises which is usable land.  Usable land is 
         defined as the total area of land contained in the
         premises, less the total area of land lying within or
         intended to lie within public rights-of-way, utility
         easement rights-of-way which are or will serve or
         benefit other lands, in addition to the premises; 
         public or private roadways, the use of which is not ex-
         clusive to the premises; and any area required or
         intended to be used to widen any such rights-of-way or
         roadways."

         "The purchase price shall be adjusted downward by a 
         factor of $_________ per acre for any acreage contained
         in the premises which is not usable."