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<br />A. EVIDENCE OF TITLE, (1) An abs\ractQLliUe prepared or brought current by a reputable and existing abstract !lrm (if not existing then certified as correct by an eXisting !lrm) purporting
<br />to be an accurate synopsis of the Instluments affecting title to the Real Property recorded in the public records 01 the county wherein the Real Property is located through EffectIVe Date II
<br />shall cor; ,mence with the earliesl public records, or such later date as may be customary in the county. Upon closing of this Contract, the abstracl shall become the property 01 Buyer, Subject
<br />to 11,,, righl of retention thereol by !lrst mortgagee until fully paid. (2) &Jj~!>ll@[l~dL~!!l!I![tmenl issued by a Florida licensed title insurer agreeing to Issue Buyer, upon recording 01 the
<br />deed to Buyer, an owner's policy ot title insurance in the amount of the purchase price, insuring Buyer's title 10 the Real Property, subject only to liens, encumbrances, exceptions or
<br />qUillificatlons provided "' thiS Contracl and those to be discharged by Seller al or before closing. Seller shall convey markelable tille subject only to liens, encumbrances, exceptions or
<br />qualil'cations provided in this COlltract. Marketable title shall be determined according to applicable Title Standards adopted by authority 01 The Florida Bar and in accordance with law Buyer
<br />shall have 30 days, II abstract. or 5 days, il title commitment, from date of receiving evidence of title to examine it. If title IS found detective, Buyer shall within 3 days thereafter, notlly Seller
<br />"' wrihng speetfyill\l the delect(s) If delect(s) render title unmarketable, Seller will have 30 days from receipt 01 notice to remove the defects, lailing which Buyer shall, within live (5) days
<br />atter expllahon of Ihe thirty (:10) day period. deliver written notice to Seller either: (1) extending the time for a reasonable period not to exceed 120 days Within which Seller shall use dlligenl
<br />effort 10 remove the defecls; or (2) requesting a relund of deposlt(s) paid which shall be immediately returned to Buyer. If Buyer tails to so notify Seller, Buyer shall be deemed to have
<br />accepted Ihe tille as Ilthell IS Sell..r shall, if htle IS found unmarketable, use diligent effort to correcl defect(s) within the time provided therefor" Seller IS unable to timely correct the delecls,
<br />Buyer shall either waive thn delncts. or receive a refund of deposit(s), thereby releasing Buyer and Seller from all further obligation under this Contract.
<br />B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER, A purchase money mortgage and mortgage note to Seller shall provide for a 3D-day grace period In the
<br />event 01 delault II a IIIst fllort~FICJe and a l!;-day grace pmlod II a second or lesser mortgage: shall provide for right of prepayment in whole or ,n part wllhout penally, sl1all perm.t acceleration
<br />In event 01 transfer oflhe Real Property; shall require all prior liens and encumbrances to be kept in good standing and lorbid modifications of or future advances under poor mortgage(s)
<br />shall require Buyer to rllallltilln poliCies oflflsurance conlallllng a standard mortgagee clause covering all improvements located on the Real Property against fire and all peols Included wlttlln
<br />the term "exlended covel"!-J" endorsements" and suct, other risks and perils as Seller may reasonably require, In an amount equal to their highest insurable value; and Ihe mortgage, note
<br />and security agreemenl sllall be olherwise In form and confent required by Seller; but Seller may only require clauses and coverage customarily found In morlgages. morlgage notes and
<br />secuoty agreements generally utilized by savings and loan institutions or state or nafional banks located in the county wherein the Real Property is located, All Personal Property and leases
<br />belllg conveyed or assigned Will, at Seller's option, be subject to the lien of a security agreement evidenced by recorded financing statements. If a balloon mortgage, the linal payment Will
<br />exceed Il1e peoodlc payments thereon.
<br />C. SURVEY, Buyer, at Buyer's expense, wrthin time allowed to deliver evidence of title and to examine same, may have the Real Property surveyed and certilied by a registered Flooda
<br />surveyor. If the survey discloses encroachments on the Real Property or that improvements located thereon encroach on setback lines, easements, lands of others or Violate any resloctlons.
<br />Contract covenants or applicable governmental regulation, the same shall constitute a title defect.
<br />D. TERMITES, Buyer. at Buyer's expense, Within the time allowed to deliver evidence of title, may have the Property inspected by a Florida Certilied Pest Control Operator rOperi!tQr"I to
<br />,jetermine if there IS any viSible active lermite in Ie station or visible damage from termite infestation in the Property. If either or both are found, Buyer shall have 4 days flOm date of ,,"'flen
<br />notice thereol within which to have cost of treatment, if required, estimated by the Operator and all damage inspected and estimated by a licensed builder or general contraclor, Seller sl1all
<br />pay valid costs 01 treatment and repair 01 all damage up to the amount provided in Paragraph XIII(a). If estimaled cosls exceed that amount, Buyer shall have the option of canceling thiS
<br />Contract within 5 days atter receipt of contractor's repair estimate by giving written notice to Seller or Buyer may elect to proceed with the transaction, and receive a credll at clOSing on Ihe
<br />amounl provided In Paragraph XIII(a). "Ternlltes" shall be deemed to include all wood destroying organisms required to be reported under the Flooda Pest Control Act, as amended
<br />E. INGRESS AND EGRESS, Selier warrants and represents that there is ingress and egress to the Real Property sulficient for its Intended use as descobed In Paragraph VII hereol, title to
<br />Wllletl IS in accordance With Standard A.
<br />F. LEASES, Selh)r shall, not less than 15 days belore closing, lurlllsh to Buyer copies 01 all written leases and estoppel letters Irom each tenant speCifying the nature and duration 01 Ihe
<br />I,)niult's occupancy, tentallah's, :lIlvarll:erJ rent and securlly deposits paid by tenant. II Seller is unable to obtain suchlelter lrom each tenant, fhe same Inlorrnatlon sl1all be lurnlsl1ed by
<br />Seller to Buyer wllllln Il1at tllne peood III Ihe form 01 a Seller's atlidavlt, and Buyer may lhereafler contact tenants to con"rrn such inlormatlon. Seller shall, at clOSing, deliver and assign "II
<br />orrglnalleases 10 Buyer
<br />G. LIENS, Seller shall furnish to Buyer at lime 01 closing an affidavit attesting to the absence, unless otherwise provided lor herein, of any "nancing statemenl, clilllns 01 lien or polelltlal
<br />lienors known 10 Seller and further attesting that there have been no improvements or repairs to the Real Property for 90 days immediately preceding date of clOSing. It the Real Property
<br />has been improved or repaired within that time, Seller shall deliver releases or waivers of consfruction liens executed by all general contractors, subcontractors, suppliers and malenalmen
<br />III aclrJlllon to SPoil",'" 1i!!1I atlldavlt seltlnq lorth Ihe names of all such general contractors, subcontractors, suppliers and materialmen, further affirming that all charges lor Improvements or
<br />repairs whlcl1 coulrJ "mv" as a hasis lor a construction lien or a claim lor damages have been paid or will be paid at Ihe closing olttlls Contract
<br />H. PLACE OF CLOSING, Closing shall be held In Ihe counly wherein the Real Property is located at the olltce of the attorney or other closing agent deslgnaled by Seller
<br />I. TIME, In compullllg t,me periods of less than six (6) days, Saturdays, Sundays and slate or nationallegall1olidays shall be excluded, Any time peoods provided for herelll wlllch sl1all end
<br />on a Saturday, Sunday, or a legal holiday shall extend to 5:00 p.m, of the next bUSiness day, Time is of the essence in this Contract.
<br />J. DOCUMENTS FOR CLOSING: Seller shall furnish the deed, bill of sale, construction lien affidavit, owner's possession affidavit, assignments of leases, tenant and mortgagee estoppel
<br />letters and corrective inslruments. Buyer shall furnish closing statemenl, mortgage, mortgage note, security agreement and financing statements
<br />K. EXPENSES, Documentary slamps on the deed and recording of corrective instruments shall be paid by Seller. Documentary stamps and intangible tax on the purchase money mortgage
<br />and any mortgage assumed, and recording of purchase money mortgage to Seller, deed and financing statements shall be paid by the Buyer Unless otherwise prOVided by law or rider to
<br />ttus Contract, cllarqes lor tI,e follOWing related title services, namely title or abstract charge, title examination, and settlement and clOSing fee, shall be paid by the party responSible for
<br />lurruslung the tllIl) oVld,!nc!) In accordance with Paragraph V
<br />L. PROnATIONS; CREDITS, faxes, assessments, rent. Interest, insurance and other expenses of the Property shall be prorated Ihrough the day before closing Buyer shall have Ihe option
<br />01 laking over exisling poliCies 01 Insurance, if assumable, In which evenl premiums shall be prorated. Cash at closing shall be increased or decreased as may be reqUired by prorations 10
<br />be made through c1aV prior to closing or occupancy if occupancy occurs before closing. Advance rent and security deposits will be credited to Buyer. Escrow depOSits held by mortgagee ",II
<br />be credited to Seller. Taxes shall be prorated based on the current year's tax With due allowance made for maximum allowable discount, homestead and other exemptions tI clOSing occurs
<br />at a date when the current year's millage is not lixed and current year's assessment is available, taxes Will be prorated based upon such assessment and prior year's nullage It current years
<br />assessment is not available, then taxes will be prorated on prior year's tax. It there are completed improvements on the Real Property by January 1 st of year 01 clOSing, which Improvements
<br />were not in existence on January 1 st 01 prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assessment to be agreed upon between tile parties,
<br />laillng WhiCh, request shall be made to the County Properly Appraiser for an inlormal assessment taking into account available exemptions. A tax proration based on an estimate shall, at
<br />request of either party, be readlusted upon receipt of tax bill on condition that a statement to that effect is signed at closing.
<br />M. SPECIAL ASSESSMENT LIENS: Certified, confirmed and ratified special assessment liens as of dale of closll1g (not as of Effective Date) are to be paid by Seller Pendlny liens as 01
<br />date 01 clOSing shall be assumed by Buyer. If the improvement has been substantially completed as of Effective Date, any pending lien shall be considered certified, conllrmed or ratllred and
<br />Seller shall, at closing, be charged an amount equal to the last estimate or assessment for the improvement by the public body.
<br />N. INSPECTION, REPAIR AND MAINTENANCE: Seller warrants that, as 01 10 days prior to closing, the ceiling, roof (including the faSCia and sollits) and exterior and Iflterlor walls,
<br />foundation. seawalls (or equivalent) and dockage do nol have any VISIBLE EVIDENCE of leaks, water damage or structural damage and Ihat the septic tank, pool, all appliances. mechanical
<br />Items, heatll'g. cooling, electrical. plumhing syslems and machinery are in WORKING CONDITION. The 10regoll1g warranty shall be limited to the ,tems speCified unless otllerwlse proVided
<br />III an addendum. Buyer may, at Buyer's expense, have IIlspectlons made of those items by a firm or individual specializing In home IIlspectlons and holding an occupallonallicense lor such
<br />purpose (If reqUIred) or by an appropriately licensed FlOrida contraclor. Buyer shall, prior to Buyers occupancy or not less than 10 days prior to clOSing, whichever occurs llrst, report 11\ WrlllfHJ
<br />.- r""M ......h "~~H' 'h'~1 <In ",,' mpplllm above slandards as to defecls. Unless Buyer timely reports such defects, Buyer shall be deemed to have waived Sellers warranties as lu defects
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