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171 ergirient domain proceeding is initiated , Seller will promptly inform Buyer. Either party may cancel this Contract by written notice to
<br /> 172 the other within 10 days from Buyer's receipt of Seller's notification , failing which Buyer will close in accordance with this Contract
<br /> 173 and receive all payments made by the government authority or insurance company, if any.
<br /> 174 TITLE
<br /> 175 8. TITLE : Seller will convey marketable title to the Property by statutory warranty deed or trustee , personal representative or
<br /> 176 guardian deed as appropriate to Seller's status.
<br /> 177 (a) Title Evidence: Title evidence will show legal access to the Property and marketable title of record in Seller in accordance
<br /> 178 with current title standards adopted by the Florida Bar, subject only to the following title exceptions, none of which prevent
<br /> 179* Buyer's intended use of the Property as Commercial : covenants, easements and
<br /> 180 restrictions of record ; matters of plat; existing zoning and government regulations; oil , gas and mineral rights of record if there is
<br /> 181 no right of entry; current taxes , mortgages that Buyer will assume; and encumbrances that Seller will discharge at or before
<br /> 182 closing . Seller will deliver to Buyer Seller's choice of one of the following types of title evidence, which must be generally
<br /> 183 accepted in the county where the Property is located (specify in Paragraph 5(c) the selected
<br /> 184 type) . Seller will use option (1 ) in Palm Beach County and option (2) in Miami-Dade County.
<br /> 185 (1 ) A title insurance commitment issued by a Florida-licensed title insurer in the amount of the purchase price and subject
<br /> 186 only to title exceptions set forth in this Contract and delivered no later than 2 days before Closing Date.
<br /> 187 (2) An existing abstract of title from a reputable and existing abstract firm (if firm is not existing , then abstract must be
<br /> 188 certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to the Property
<br /> 189 recorded in the public records of the county where the Property is located and certified to Effective Date.
<br /> 190 However if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed insurer as
<br /> 191 a base for reissuance of coverage. Seller will pay for copies of all policy exceptions and an update in a format acceptable to
<br /> 192 Buyer's closing agent from the policy effective date and certified to Buyer or Buyer's closing agent, together with copies of
<br /> 193 all documents recited in the prior policy and in the update. If a prior policy is not available to Seller then (1 ) above will be the
<br /> 194 title evidence . Title evidence will be delivered no later than 10 days before Closing Date.
<br /> 195 (b) Title Examination : Buyer will examine the title evidence and deliver written notice to Seller, within 5 days from receipt of title
<br /> 196 evidence but no later than closing , of any defects that make the title unmarketable. Seller will have 30 days from receipt of
<br /> 197 Buyer's notice of defects (" Curative Period") to cure the defects at Seller's expense . If Seller cures the defects within the
<br /> 198 Curative Period , Seller will deliver written notice to Buyer and the parties will close the transaction on Closing Date or within 10
<br /> 199 days from Buyer's receipt of Seller's notice if Closing Date has passed . If Seller is unable to cure the defects within the Curative
<br /> 200 Period , Seller will deliver written notice to Buyer and Buyer will , within 10 days from receipt of Seller's notice, either cancel this
<br /> 201 Contract or accept title with existing defects and close the transaction .
<br /> 202 (c) Survey : Buyer may, prior to Closing Date and at Buyer's expense , have the Property surveyed and deliver written notice to
<br /> 203 Seller, within 5 days from receipt of survey but no later than 5 days prior to closing , of any encroachments on the Property,
<br /> 204 encroachments by the Property's improvements on other lands or deed restriction or zoning violations. Any such encroachment
<br /> 205 or violation will be treated in the same manner as a title defect and Buyer's and Seller's obligations will be determined in
<br /> 206 accordance with subparagraph ( b) above. If any part of the Property lies seaward of the coastal construction control line, Seller
<br /> 207 will provide Buyer with an affidavit or survey as required by law delineating the line's location on the property, unless Buyer
<br /> 208 waives this requirement in writing .
<br /> 209 MISCELLANEOUS
<br /> 210 9. EFFECTIVE DATE ; TIME : The "Effective Date" of this Contract is the date on which the last of the parties initials or signs the
<br /> 211 latest offer. Time is of the essence for all provisions of this Contract. All time periods expressed as days will be computed in
<br /> 212 business days (a "business day" is every calendar day except Saturday, Sunday and national legal holidays) . If any deadline falls on
<br /> 213 a Saturday, Sunday or national legal holiday, performance will be due the next business day . All time periods will end at 5:00 p. m .
<br /> 214 local time (meaning in the county where the Property is located) of the appropriate day.
<br /> 215 10. NOTICES : All notices will be made to the parties and Broker by mail , personal delivery or electronic media . Buyers failure to
<br /> 216 deliver timely written notice to Seller, when such notice is required by this Contract, regarding any contingencies will
<br /> 217 render that contingency null and void and the Contract will be construed as if the contingency did not exist. Any notice,
<br /> 218 document or item given to or received by an attorney or Broker (including a transaction broker) representing a party will be
<br /> 219 as effective as if given to or by that party.
<br /> 220 11 . COMPLETE AGREEMENT : This Contract is the entire agreement between Buyer and Seller. Except for brokerage
<br /> 221 agreements, no prior or present agreements will bind Buyer, Seller or Broker unless incorporated into this Contract.
<br /> 222 Modifications of this Contract will not be binding unless in writing , signed or initialed and delivered by the party to be bound . This
<br /> 223 Contract , signatures , initials , documents referenced in this Contract , counterparts and written modifications communicated
<br /> 224 electronically or on paper will be acceptable for all purposes, including delivery, and will be binding . Handwritten or typewritten terms
<br /> 225 inserted in or attached to this Contract prevail over preprinted terms . If any provision of this Contract is or becomes invalid or
<br /> 226 unenforceable , all remaining provisions will continue to be fully effective. Buyer and Seller will use diligence and good faith in
<br /> 227 performing all obligations under this Agreement. This Contract will not be recorded in any public records.
<br /> 228 12. ASSIGNABILITY; PERSONS BOUND: Buyer may not assign this Contract without Seller's written consent. The terms "Buyer,"
<br /> 229 "Seller, " and " Broker" may be singular or plural . This Contract is binding on the heirs , administrators, executors , personal
<br /> 230 representatives and assigns (if permitted) of Buyer, Seller and Broker.
<br /> 231 * Buyer ( and Seller ( GH ) ( acknowledge receipt of a copy of this page, which is Page 4 of 7 Pages.
<br /> VAC-8 Rev. 10/04 © 2004 Florida Association of REALTORS® All Rights Reserved
<br /> This form produced by. a '�F0?7n1datOF4' 800-336-1027
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