|
327 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED )
<br /> 328 deliver written notice to Buyer (with proof of cure acceptable to Buyer and Buyer' s attorney ) and the
<br /> parties will
<br /> 329 close this Contract on Closing Date (or if Closing Date has passed , within 10 days after Buyer' s
<br />receipt of Seller' s
<br /> 33o notice ) . If Seller is unable to cure defects within Cure Period , then Buyer may , within 5 days
<br /> after expiration of
<br /> 331 Cure Period , deliver written notice to Seller: (a ) extending Cure Period for a specified period not to exceed
<br /> 120 days
<br /> 332 within which Seller shall continue to use reasonable diligent effort to remove or cure the defects ("
<br />Extended Cure
<br /> 333 Period " ) ; or ( b) electing to accept title with existing defects and close this Contract on Closing Date (or if Closing
<br /> Date
<br /> 334 has passed , within the earlier of 10 days after end of Extended Cure Period or Buyer' s receipt of Seller' s
<br /> notice) , or
<br /> 335 (c) electing to terminate this Contract and receive a refund of the Deposit , thereby releasing Buyer and
<br />Seller from
<br /> 336 all further obligations under this Contract. If after reasonable diligent effort, Seller is unable to timely cure
<br /> defects ,
<br /> 337 and Buyer does not waive the defects , this Contract shall terminate , and Buyer shall receive a refund of the
<br /> Deposit,
<br /> 338 thereby releasing Buyer and Seller from all further obligations under this Contract.
<br /> 339 B . SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon
<br /> 34o encroach on setback lines , easements , or lands of others ; or violate any restrictions , covenants , or applicable
<br /> 341 governmental regulations described in STANDARD A ( i ) (a ) , ( b) or (d ) above , Buyer shall deliver written notice of
<br /> such
<br /> 342 matters , together with a copy of Survey , to Seller within 5 days after Buyer' s receipt of Survey
<br />, but no later than
<br /> 343 Closing . If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice
<br /> and Survey
<br /> 344 shall constitute a title defect , subject to cure obligations of STANDARD A above . If Seller has
<br /> delivered a prior
<br /> 345 survey , Seller shall , at Buyer' s request, execute an affidavit of " no change" to the Real Property since the
<br /> 346 preparation of such prior survey , to the extent the affirmations therein are true and correct.
<br /> 347 C . INGRESS AND EGRESS : Seller represents that there is ingress and egress to the Real Property and title
<br /> t`'
<br /> 348 the Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of access . ,
<br /> Sas SES : Seller shall , within 5 days after Inspection Period , furnish to Buyer copies of all written
<br /> leases
<br /> 350 estoppel le each tenant specifying nature and duration of tenant' s occupancy , rental rates nced rent
<br /> 351 and security deposits pal ant, and income and expense statements for r 2 months (" Lease
<br /> 352 Information " ) . If Seller is unable to obtal el letters from tenant(s a information shall be furnished
<br /> by
<br /> 353 Seller to Buyer within that time period in the form o vlt , and Buyer may thereafter contact tenant( s
<br />)
<br /> 354 to confirm such information . If terms of the leas r materia y Her' s representations , Buyer may deliver
<br /> 355 written notice to Seller within 5 da receipt of Lease Information , but no n 5 days prior
<br /> to Closing
<br /> 356 Date , terminating this and receive a refund of the Deposit, thereby releasing Buy eller from
<br /> all /I n
<br /> 357 further ob I I under this Contract. Seller shall , at Closing , deliver and assign all original leases
<br />to u Who
<br /> 35 assume Seller' s obligation thereunder. C-
<br /> 359
<br /> 359 S : Seller shall furnish to Buyer at Closing an affidavit attesting ; ( i ) to the absence
<br /> of any in
<br /> 360 statement, c al otential lienors known to Seller, and ( ii ) that there have been no im s or repairs
<br /> 361 to the Real Property for 90 day 1 preceding Closing Date . If the e has been improved
<br /> or
<br /> 362 repaired within that time , Seller shall deliver re a onstruction liens executed by all general
<br /> 363 contractors , subcontractors , suppliers and mated a dition o ' I n affidavit setting forth names of
<br />all
<br /> 364 such general contractors , subco suppliers and materialmen , further a all charges for
<br /> 365 improvements or re c could serve as a basis for a construction lien or a claim for damages hav
<br /> 366 or wi ' at Closing .
<br /> 367 TIME : Calendar days shall be used in computing time periods . Any time periods provided for in
<br /> this Contract
<br /> 368 which shall end on a Saturday , Sunday , or a national legal holiday (see 5 U . S . C . 6103)
<br />shall extend to 5 : 00 p . m .
<br /> 369 (where the Property is located ) of the next business day . Time is of the essence in this Contract.
<br /> 37o G . FORCE MAJEURE : Buyer or Seller shall not be required to perform any obligation under this Contract
<br /> or be
<br /> 371 liable to each other for damages so long as performance or non -performance of the obligation is delayed , caused
<br /> or
<br /> 372 prevented by Force Majeure . " Force Majeure" means : hurricanes , earthquakes , floods , fire , acts of
<br /> God , unusual
<br /> 373 transportation delays , wars , insurrections , acts of terrorism , and any other cause not reasonably within
<br /> control of
<br /> 374 Buyer or Seller, and which , by exercise of reasonable diligent effort, the non-performing party is unable in whole
<br /> or in
<br /> 375 part to prevent or overcome . All time periods , including Closing Date , will be extended for the period
<br /> that the Force
<br /> 376 Majeure prevents performance under this Contract, provided , however, if such Force Majeure continues to prevent
<br /> 377 performance under this Contract more than 14 days beyond Closing Date , then either party may
<br /> terminate this
<br /> 378 Contract by delivering written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing
<br /> Buyer
<br /> 379 and Seller from all further obligations under this Contract.
<br /> 38o H . CONVEYANCE . Seller shall convey marketable title to the Real Property by statutory warranty ,
<br /> trustee ' s ,
<br /> 381 personal representative ' s , or guardian ' s deed , as appropriate to the status of Seller, subject only to matters described
<br /> 382 in STANDARD A and those accepted by Buyer. Personal Property shall , at request of Buyer,
<br /> be transferred by
<br /> 383 absolute bill of sale with warranty of title , subject only to such matters as may be provided for in this Contract.
<br /> 384 I . CLOSING LOCATION ; DOCUMENTS ; AND PROCEDURE :
<br /> 385 ( i ) LOCATION : Closing will take place in the county where the Real Property is located at the
<br /> office of the
<br /> 386 attorney or er closing agent ( " Closing Agent" ) designated by the party paying for the owner' s poli y
<br /> of titl
<br /> Buyer' s Initials Page 7 of 10 Seller' s Initialsowin
<br /> FloridaRealtors/Flori agar-ASIS-1 Rev. 6/10 © 2010 Florida Realtors® and The Florida Bar. All rights reserved . ${ qq
<br /> Serial#: 020778-500137-6405473 ! . � � I l I ` I i 1, 1 14 1 & N
<br />
|