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268 Broker will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination
<br /> of this
<br /> 269 Contract.
<br /> 270 DEFAULT AND DISPUTE RESOLUTION
<br /> 271 15 . DEFAULT.
<br /> 272 (a ) BUYER DEFAULT , If Buyer fails , neglects or refuses to perform Buyer' s obligations under this Contract,
<br /> 273 including payment of the Deposit, within the time (s) specified , Seller may elect to recover and retain
<br /> the
<br /> 274 Deposit for the account of Seller as agreed upon liquidated damages , consideration for execution of
<br /> this
<br /> 275 Contract, and in full settlement of any claims , whereupon Buyer and Seller shall be relieved from all
<br /> further
<br /> 276 obligations under this Contract, or Seller, at Seller' s option , may , pursuant to Paragraph 16 , proceed in equity
<br /> 277 to enforce Seller's rights under this Contract. The portion of the Deposit , if any , paid to Listing
<br /> Broker upon
<br /> 278 default by Buyer, shall be split equally between Listing Broker and Cooperating Broker; provided however,
<br /> 279 Cooperating Broker' s share shall not be greater than the commission amount Listing Broker had agreed to pay
<br /> 280 to Cooperating Broker.
<br /> 281 ( b) SELLER DEFAULT : If for any reason other than failure of Seller to make Seller' s title marketable after
<br /> 282 reasonable diligent effort, Seller fails , neglects or refuses to perform Seller' s obligations under this Contract,
<br /> 283 Buyer may elect to receive return of Buyer' s Deposit without thereby waiving any action for damages resulting
<br /> 284 from Seller' s breach , and , pursuant to Paragraph 16 , may seek to recover such damages or seek
<br /> specific
<br /> 285 performance . This Paragraph 15 shall survive Closing or termination of this Contract.
<br /> 286 16 . DISPUTE RESOLUTION : Unresolved controversies , claims and other matters in question between Buyer and
<br /> 287 Seller arising out of, or relating to , this Contract or its breach , enforcement or interpretation
<br /> (" Dispute" ) will be
<br /> 288 settled as follows :
<br /> 289 (a) Buyer and Seller will have 10 days after the date conflicting demands for the Deposit are made to attempt to
<br /> 290 resolve such Dispute , failing which , Buyer and Seller shall submit such Dispute to mediation under
<br /> 291 Paragraph 16 ( b) .
<br /> 292 ( b ) Buyer and Seller shall attempt to settle Disputes in an amicable manner through mediation pursuant
<br /> to Florida
<br /> 293 Rules for Certified and Court-Appointed Mediators and Chapter 44 , F . S . , as amended (the " Mediation Rules" ) .
<br /> 294 The mediator must be certified or must have experience in the real estate industry . Injunctive relief
<br />may be
<br /> 295 sought without first complying with this Paragraph 16 ( b) . Disputes not settled pursuant to this Paragraph
<br /> 16
<br /> 296 may be resolved by instituting action in the appropriate court having jurisdiction of the matter. This Paragraph 16
<br /> 297 shall survive Closing or termination of this Contract.
<br /> 298 17 . ATTORNEY'S FEES ; COSTS : The parties will split equally any mediation fee incurred in any mediation permitted
<br /> 299 by this Contract, and each party will pay their own costs , expenses and fees , including attorney ' s fees ,
<br />incurred in
<br /> 300 conducting the mediation . In any litigation permitted by this Contract, the prevailing party
<br />shall be entitled to
<br /> 301 recover from the non -prevailing party costs and fees , including reasonable attorney ' s fees , incurred in conducting
<br /> 302 the litigation . This Paragraph 17 shall survive Closing or termination of this Contract.
<br /> 303 STANDARDS FOR REAL ESTATE TRANSACTIONS ( "STANDARDS " )
<br /> 304 18 . STANDARDS :
<br /> 305 A . TITLE :
<br /> 306 ( i ) TITLE EVIDENCE ; RESTRICTIONS ; EASEMENTS ; LIMITATIONS : Within the time period provided in
<br /> 307 Paragraph 9 (c) , the Title Commitment, with legible copies of instruments listed as exceptions attached thereto , shall
<br /> 308 be issued and delivered to Buyer. The Title Commitment shall set forth those matters to be discharged by Seller at
<br /> or
<br /> 309 before Closing and shall provide that, upon recording of the deed to Buyer, an owner' s policy of title insurance
<br /> in the
<br /> 310 amount of the Purchase Price , shall be issued to Buyer insuring Buyer' s marketable title to
<br /> the Real Property ,
<br /> 311 subject only to the following matters : (a ) comprehensive land use plans , zoning , and other land use
<br /> restrictions ,
<br /> 312 prohibitions and requirements imposed by governmental authority ; ( b) restrictions and matters appearing on the Plat
<br /> 313 or otherwise common to the subdivision ; (c) outstanding oil , gas and mineral rights of record without right
<br /> of entry ;
<br /> 314 (d ) unplatted public utility easements of record ( located contiguous to real property lines and not more than 10
<br /> feet in
<br /> 315 width as to rear or front lines and 7 1 /2 feet in width as to side lines) ; (e) taxes for year of
<br /> Closing and subsequent
<br /> 316 years ; and (f) assumed mortgages and purchase money mortgages , if any ( if additional items , attach addendum)
<br />;
<br /> 317 provided , that none prevent use of the Property for RESIDENTIAL PURPOSES . If there exists at Closing
<br /> any
<br /> 318 violation of items identified in ( b ) - (f) above , then the same shall be deemed a title defect. Marketable
<br /> title shall be
<br /> 319 determined according to applicable Title Standards adopted by authority of The Florida Bar and in accordance with
<br /> 320 law.
<br /> 321 ( ii ) TITLE EXAMINATION : Buyer shall have 5 days after receipt of Title Commitment to examine it and
<br /> notify
<br /> 322 Seller in writing specifying defect(s ) , if any , that render title unmarketable . If Seller provides Title Commitment
<br /> and it
<br /> 323 is delivered to Buyer less than 5 days prior to Closing Date , Buyer may extend Closing for up
<br /> to 5 days after
<br /> 324 date of receipt to examine same in accordance with this STANDARD A. Seller shall have 30 days (" Cure
<br />Period " )
<br /> 325 after receipt of Buyer' s notice to take reasonable diligent efforts to remove defects . If Buyer fails to so
<br />notify Seller,
<br /> 326 Buyer shall be deemed to have accepted title as it then is . If Seller cures defects within Cure Period ,
<br /> S Iter will
<br /> Buyer's Initials Page 6 of 10 Seller' s Initi
<br /> Florida Rea ltors/FloridaBar-ASIS-1 Rev. 6/10 © 2010 Florida Realtors® and The Florida Bar. All rights reserved .
<br /> Serialk 020778-500137-6405473
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