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51 option If Buyer defaults; will give Buyer the right to prepay without penalty all or part of the principal at any time(s) with 52 interest only to date of payment; will be due on conveyance or sale; will provide for release of contiguous parcels, If 58 applicable; and will require Buyer to keep liability insurance on the Property, with Seller as additional named insured. Buyer 54 authorizes Seller to obtain credit, employment and other necessary information to determine creditworthiness for the 55 financing. Seller will, within 10 days from Effective Date, give Buyer written notice of whether or not Seller will make the loan. 55• ID (3) Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to 5r 58• LN# in the approximate amount of $ currently payable at 59• $ per month including principal, interest , ❑ taxes and insurance and having a ❑ fixed ❑ other 80' (describe) 81• interest rate of % which ❑ will O will not escalate upon assumption. Any variance in the mortgage will be ez adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase Seller's escrow es• account dollar for dollar. If the lender disapproves Buyer, or the interest rate upon transfer exceeds % or the 54• assumption/transfer fee exceeds $., either parry may elect to pay the excess, failing which this 55 agreement will terminate and Buyer's deposR(s) will be returned. ss �7�dt3/ CLOSING 87 4 CLOSING DATE; OCCUPANCY: This Contract will be closed and the deed and possession delivered on _ ae rrfl£1 (' Closing Date' . Unless the Closing Date is specifcally extended by the Buyer and Seller or ss by any then provisF n in t i tract, the Clos ng Date shall p eva l over all other time periods induding , but not lim ted to, 7o fmandng and feasibil ty study periods. d on Closing Date insurance unde w N is suspended, Buyer may postpone dosing up to 1 5 days after the insurance suspension is lifted. ff this transaction does not Gose for any reason, Buyerwill immediately return all 72 Seller-provided title evidence, surveys, association documents and other items. 7s 5. CLOSING PROCEDURE; COSTS: Closing will take place in the county where the Property is located and may be conducted 74 by mall or electronic means. If title insurance insures Buyer for the defects arising between the tide binder effective date and 75 recording of Buyer's deed, closing agent will disburse at closing the net sale proceeds to Seller (in local cash'ier's checks if Seller 76 requests in writing at least 5 days prior to closing) and brokerage fees to Broker as per Paragraph 17. In addition to other expenses T7 provided in this Contract, Seller and Buyer will pay the costs indicated below. 78 (a) Seller Costs: 79 Taxes on the deed is-c/ 11 80 Recording fees for documents needed to cure title e1 Title evlde a (d a licable under Paragraph 8) 841 you er Other: )/LI 83 (b) Buyer Costs: 84 es 85 Recording fees on the deed es ensas 97 e0 Be Inspections 89 Survey and sketch y�. OthlnS earilm- � 7 i ih Lafa' e? Q„ V !1ll�l/1/'�rc✓ t' .07 tC! ��Z 92 (c) Title vidence and Insurance-- Check (1 ) or (2): 93• p4(1 ) The title evidence vAll be a Paragraph 8(a)(1 ) owner's title insurance commitment. U Seller will select the title agent and 94• will pay for the owner's title policy, search, examination and related charges orrABuyer will select the title agent and pay for 95• the owner's title policy, search, examination and related charges or 0 Buyer will select the title agent and Seller will pay for 95 the owner's title policy, search, examination and related charges. 97• LI (2) Seller will provide an abstract as specified in Paragraph 8(a)(2) as title evidence. ❑ Seller O Buyer will pay for the 98 owner's title policy and select the title agent. Seller will pay fees for title searches prior to closing, including tax search and 99 lien search fees, and Buyer will pay fees for title searches after closing (if any), title examination fees and closing fees. 100 (d) Prorations: The following items will be made current and prorated as of the 4ay-b0ofe Closing Date: real estate taxes, 101 interest, bonds, assessments, leases and other Property expenses and revenues. If taxes and assessments for the current 102 year cannot be determined, the previous year's rates will be used with adjustment for any exemptions. PROPERTY TAX 108 DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY TAXES AS THE 104 AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO 105 PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE 105 PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING 107 VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION . 108 (e) Special Assessment by Public 5ody. Regarding special assessments imposed by a public body, Seller will pay () the full 109 amount of liens that are cert fled, ed and ratified before closing and (i) the amount of the last estimate of the assessment 0 Buyer (_) (_� and Seller acknowledge receipt of a copy of this page, which is Page 2 of 7 Pages. VAC-9 Rev. 4/07 0 2007 Florida Assoc, iron REuroas� All RiaMs Reserved _