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75 installation of a well and/or private sewerage disposal system and that existing zoning and other pertinent regulations
<br /> 76 and restrictions , such as subdivision or deed restrictions , concurrency, growth management and environmental
<br /> 77 conditions , are acceptable to Buyer. This Contract is not contingent on Buyer conducting any further investigations .
<br /> 78 (d ) Subdivided Lands : if this Contract is for the purchase of subdivided lands , defined by Flodda
<br />Law as " (a) Any
<br /> 79 contiguous land which is divided or is proposed to be divided for the purpose of disposition into 50
<br /> or more lots ,
<br /> 8o parcels , units , or interests ; or (b) Any land , whether contiguous or not , which Is divided or proposed to be
<br /> divided into
<br /> 181 50 or more lots , parcels, units , or interests which are offered as a part of a common promotional plan
<br />. " , Buyer may
<br /> 182 cancel this Contract for any reason whatsoever for a period of 7 business days from the date on which Buyer executes
<br /> 183 this Contract . If Buyer elects to cancel within the period provided , all funds or other property paid by
<br /> Buyer will be
<br /> 184 refunded without penalty or obligation within 20 days of the receipt of the notice of cancellation by the developer.
<br /> 185 7 . RISK OF LOSS; EMINENT DOMAIN : If any portion of the Property is materially damaged by casualty before closing
<br />,
<br /> lee or Seller negotiates with a governmental authority to transfer all or part of the Property In lieu of eminent domain proceedings,
<br /> 187 or 0 an eminent domain proceeding is initiated , Seller will promptly Inform Buyer. Either party may cancel this Contract
<br /> 188 by written notice to the other within 10 days from Buyer's receipt. of Seller's notification , failing which Buyer will
<br /> close In
<br /> 189 accordance with this Contract and receive all payments made by the government authority or insurance company, if any.
<br /> 190
<br /> TITLE
<br /> 191 8 . TITLE: Seller will convey marketable title to the Property by statutory warranty deed or trustee , personal representative
<br /> 192 or guardian deed as appropriate to Seller's status .
<br /> 193 (b) Title Evidence: Title evidence will show legal access to the Property and marketable title of record in
<br /> Seiler in
<br /> 194 accordance with current title standards adopted by the Florida Bar, subject only to the following title exceptions ,
<br /> none of
<br /> 195' which prevent Buyer's intended use of the Property aster �' : covenants, easements and
<br /> 196 restrictions of record; matters of plat; existing zoning &dgovernment regulation ; oil , gas and mineral rights
<br /> of record if
<br /> 197 there is no right of entry; current taxes; mortgages that Buyer will assume ; and encumbrances that Seller will discharge
<br /> at
<br /> r9eor before dos}ng , Seiler will deliver to Buyer Seller's choice of one of the following types of title evidence ,
<br /> 199 which must be generally accepted In the county where the Property is located (specify in Paragraph 5(c) the selected
<br /> 200 type) . Seller will use option (1) in Palm Beach County and option (2) in Miami - Dade County.
<br /> 201 (1 ) A title insurance commitment issued by a FlondaAcensed title insurer in the amount of the purchase prr e
<br /> and
<br /> 202 subject only to title exceptions set forth in this Contract and delivered no later than •2-degs 61`e-Giesir�g Dale(2) An existing
<br /> abstract of title from a reputable and ex y 6 j ffL? y
<br /> i ti abstract firm of firm is not existing , then abstracteus e
<br /> 45
<br /> IMs ng
<br /> 204 certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title
<br /> to the
<br /> 205 Property recorded in the public records of the county where the Property Is located and certified to Effective
<br /> Date.
<br /> 206 However if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed insurer
<br /> 207will pay for copies of all policy exceptions and an update in a format
<br /> as a base for reissuance of coverage . Seder
<br /> 208 acceptable to Buyer's closing agent from the policy effective date and certified to Buyer or Buyer's closing
<br /> agent,
<br /> 209 together with copies of all documents recited in the prior policy and in the update . If a prior policy is not
<br /> available to
<br /> 210 Seller then (1 ) above will be the title evidence. Title evidence will be delivered no later than 10 days before Closing Date,
<br /> 211 (b) Title Examination: Buyer will examine the title evidence and deliver written notice to Seller, withinAdays from receipt
<br /> 212 of title evidence but no later than Closing Date , of any defects that make the title unmarketable . Seller will
<br /> have 30 days
<br /> 213 from receipt of Buyer's notice of defects (" Curative Period ") to cure the defects at Seller's expense . If Seller
<br />cures the
<br /> 214 defects within the Curative Period , Seller will deliver written notice to Buyer and the parties will close the transaction
<br /> on
<br /> 215 Closing Date or within 10 days from Buyer's receipt of Seller's notice if Closing Date has passed . If Seller is
<br /> unable to
<br /> 216 cure the defects within the Curative Period , Seller will deliver written notice to Buyer and Buyer will, within 10 days
<br />from
<br /> 217 receipt of Seller's notice , either cancel this Contract or accept title with existing defects and close the transaction .
<br /> 218 (e) Survey: Buyer ma , prior to Closing Date and at Buyer's expense , have the Property surveyed and deliver written
<br /> 219 notice to Seller, withinCdays from receipt of survey but no later than ' ( days prior to closing , of any encroachments on
<br /> t D
<br /> 220 the Property, encroach lents by the Property's Improvements on otherlands or deed restriction or zoning violations . Any
<br /> 221 such encroachment or violation will be treated In the same manner as a title defect and Buyer's and Sellers obligations
<br /> 222 will be determined in accordance with subparagraph (b) above ,
<br /> 223 (d) Coastal Construction Control Line: if any part of the Property Iles seaward of the coastal construction control
<br /> Zine
<br /> 224 defined in Section 161 . 053 of the Florida Statutes , Seller shall provide Buyer with an affidavit or survey as required
<br /> by law
<br /> 225 delineating the line's location on the Property, unless Buyer waives this requirement in writing . The Property being purchased
<br /> 226 may be subject to coastal erosion and to federal , state , or local regulations that govern coastal property, including delineation
<br /> 227 of the coastal construction control line, rigid coastal protection structures , beach nourishment, and the protection of marine
<br /> 228 turtles, Additional Information can be obtained from the Florida Department of Environmental Protection, 1ncluding whether
<br /> 229 there are significant erosion conditions associated with the shoreline of the Property being purchased .
<br /> 230' 'Buyer waives the right to receive a CCCL affidavit or survey,
<br /> 231 MISCELLANEOUS CC��
<br /> 232 9. EFFECTIVE DATE; TIME; FORCE MAJEURE:
<br /> 2m (a) Effective Date: The "Effective Date" of this Contract is tfifie�at®-en-v'vM sst�of lite pouffes initials er signs-ar1r
<br /> 234 Time is of the essence for all provisions of this Contract .
<br /> 235 (b) Time: All time periods expressed as days will be computed in business days (a "business day " is every calendar day
<br /> 236 except Saturd unday aV
<br /> Zal legal holidays) . If any deadline falls on a Saturday, Sunday or national legal
<br /> 7' BuyV
<br /> d Selle __) acknowledge receipt of a copy of this page , which is Page 4 of 7 Pages.
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