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175 - installation of a well and/or private sewerage disposal system and that existing zoning and other pertinent regulations
<br /> 176 and restrictions , such as subdivision or deed restrictions, concurrency, growth management and environmental
<br /> 177 conditions, are acceptable to Buyer. This Contract is not contingent on Buyer conducting any further investigations.
<br /> 178 (d) Subdivided Lands: If this Contract is for the purchase of subdivided lands, defined by Florida Law as "(a) Any
<br /> 179 contiguous land which is divided or is proposed to be divided for, the purpose of disposition into 50 or more lots,
<br /> 1110 parcels, units, or interests; or (b) Any land , whether contiguous or not, which is divided or proposed to be divided into
<br /> 181 50 or more lots, parcels, units, or interests which are offered as a part of a common promotional plan." , 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 /> les this Contract . If Buyer elects to cancel within the period provided, all funds or other property paid by Buyer will be
<br /> 1B4 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 /> 1B6 or Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain proceedings,
<br /> 187 or if an eminent domain proceeding is initiated, Seller will promptly inform Buyer. Either party may cancel this Contract
<br /> 1118 by written notice to the other within 10 days from Buyer's receipt of Seller's notification, failing which Buyer will close in
<br /> las accordance with this Contract and receive all payments made by the government authority or insurance company, If any.
<br /> 190 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 Sellers status.
<br /> 193 (a) Title Evidence: Title evidence will show legal access to the Property and marketable title of record in Seller in
<br /> 194 accordance with current title standards adopted by the Flo ' Bar, s dect ,Qny to the follpwing title exceptions, none of
<br /> 19r which prevent Buyer's intended use of the Property a ,./ % �r4aPY�� covenants, easements and
<br /> 190 restrictions of record; matters of plat; existing zoning and governme t regulations; oil, gas and mineral rights of record ff
<br /> 197 there is no right of entry; current taxes; mortgages that Buyer will assume; and encumbrances that Seller will discharge at
<br /> 195 or before closing. Sel
<br /> 199 Ul %Y lulIn aragraph 5(c) the se ec ed
<br /> 200
<br /> 201 (1 ) A title insurance commitment issued by a Florida-licagsed title insurer in the amount of the purchase price and
<br /> 202 subject only to title exceptions set forth in this Contract and delivered no later than 2 days before Closing Date.
<br /> 203 (2) An existing abstract of title from a reputable and existing abstract firm ('rf fi m is not existing, then abstract must be
<br /> 204 cert fled as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to the
<br /> 205 Property ecorded in the public records of the county where the Property is located and certified to Effective Date.
<br /> los However 'rf such an abstract is not av�lable'tb Sefler,`1hEn a pr or owner s title policy acceptable to the proposed insurer
<br /> 207 as a base for reissuance of coverage. Seller will pay for copies of all policy exceptions and an update in a format
<br /> 208 acceptable to Buyer's closing agent from the policy effective date and cert fled to Buyer or Buyer's closing agent,
<br /> 209 together with copies of all documents recited in the prior policy and in the update. If a prior policy is not 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, wlthin:�days from receipt C
<br /> 212 of title evidence but no later than Closing Date, of any defects that make the title unmarketable. Seller will have 30 days
<br /> 213 from receipt of Buyer's notice of defects ("Curative Period's to cure the defects at Seller's expense. If Seller cures the
<br /> 214 defects within the Curative Period , Seller will deliver written notice to Buyer and the parties will close the transaction 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 unable to
<br /> 210 cure the defects within the Curative Period , Seller will deliver written notice to Buyer and Buyer will, within 10 days from
<br /> 217 receipt of Seller's notice, either cancel this Contract or accept title with existing defects and close the transaction.
<br /> 218 (c) Survey: Buyer may, prior to Closing Date and at Buyer's expense, have the Property surveyed and deliver written
<br /> 219 notice to Seller, within days from receipt of survey but no later there-days prior to closing , of any encroachments on iU'
<br /> 220 the Property, encroachments by the Property's improvements on other lands 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 Seller's 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 lies seaward of the coastal construction control line as
<br /> 224 defined in Section 161 .053 of the Florida Statutes, Seller shall provide Buyer with an affidavit or survey as required by law
<br /> 225 delineating the line's location on the Property, unless Buyer waives this requirement in writing. The Property being purchased
<br /> 228 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 /> 225 turtles. Additional information can be obtained from the Florida Department of Environmental Protection, including 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
<br /> 232 9. EFFECTIVE DATE; TIME; FORCE MAJEURE:
<br /> 233 (a) Effective Date: The "Effective Date" of this Contract is the date on which the
<br /> 234 Time is of the essence for all provisions of this Contract.
<br /> 235 (b) Time- Ail time periods expressed as days will be computed in business days (a "business day" is every calendar ad'y(,^ t �J
<br /> 230 except Saturday, Sunday andp�jk�7Qn legal holid�p�ys�). If any deadline falls on a Saturday, Sunday or national legal
<br /> 237' Buyer (_, U and Seller � A/ 1 acknowledge �e?eipt of a copy of this page, which is Page 4 of 7 Pages. ; *
<br /> VAC-9 Rev. 4/07 ® 2007 Florida Asaoci ttion of R� eo All Rights Reserved
<br /> �y„ *but no later than AmWmiln
<br /> � � 2007
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