|
367 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED )
<br /> 366 insurance , or, if no title insurance , designated by Seller. Closing may be conducted by mail or electronic means .
<br /> 389 ( ii ) CUMENTS : At Closing , Seller shall furnish and pay for, as applicable , deed
<br /> 390 certificate of title , cons r affidavit, owner' s possession affidavit, assi ases , and corrective
<br /> 391 instruments . Seller shall provide Buyer wl i is f e on the Property pursuant to this Contract.
<br /> 392 Buyer shall furnish and pay for, as 9gage , te , security agreement , financing statements ,
<br /> 393 survey , base I (cation , and other documents required by Buyers der.
<br /> 394 ROCEDURE : The deed shall be recorded upon COLLECTION of all closing funds . If the Title
<br /> 395 Commitment provides insurance against adverse matters pursuant to Section 627 . 7841 , F . S . , as amended
<br />, the
<br /> 396 escrow closing procedure required by STANDARD J shall be waived , and Closing Agent shall , subject to
<br /> 397 COLLECTION of all closing funds , disburse at Closing the brokerage fees to Broker and the net sale proceeds
<br /> to
<br /> 396 Seller.
<br /> 399 J . ESCROW CLOSING PROCEDURE : If Title Commitment issued pursuant to Paragraph 9 ( c) does not provide
<br /> 400 for insurance against adverse matters as permitted under Section 627 . 7841 , F . S . , as amended , the following escrow
<br /> 401 and closing procedures shall apply : ( 1 ) all Closing proceeds shall be held in escrow by the Closing Agent for
<br /> a period
<br /> 402 of not more than 10 days after Closing ; (2 ) if Seller' s title is rendered unmarketable , through no fault of
<br /> Buyer, Buyer
<br /> 403 shall , within the 10 day period , notify Seller in writing of the defect and Seller shall have 30 days from date
<br /> of receipt
<br /> 404 of such notification to cure the defect; ( 3 ) if Seller fails to timely cure the defect, the Deposit and
<br /> all Closing funds
<br /> 405 paid by Buyer shall , within 5 days after written demand by Buyer, be refunded to Buyer and , simultaneously
<br /> with
<br /> 406 such repayment , Buyer shall return the Personal Property , vacate the Real Property and re-convey the Property
<br /> to
<br /> 407 Seller by special warranty deed and bill of sale ; and (4 ) if Buyer fails to make timely demand
<br /> for refund of the
<br /> 408 Deposit , Buyer shall take title as is , waiving all rights against Seller as to any intervening defect except
<br /> as may be
<br /> 409 available to Buyer by virtue of warranties contained in the deed or bill of sale .
<br /> 410 P RATIONS ; CREDITS : The following recurring items will be made current ( if applicable ) and prorated f
<br /> 411 the a Ior to Closing Date , or date of occupancy if occupancy occurs before Closing Date :
<br /> real e taxes
<br /> 412 ( including spe 0 enefit tax assessments imposed by a CDD ) , interest, bonds , association f , Insurance
<br />, rents
<br /> 413 and other expenses o erty . Buyer shall have option of taking over existing policies a urance , if assumable , in
<br /> 414 which event premiums shall rated . Cash at Closing shall be increased o reased as may be required
<br /> by
<br /> 415 prorations to be made through day pri Closing . Advance rent and Ity deposits , if any , will
<br /> be credited to
<br /> 416 Buyer. Escrow deposits held by Seller' s mortg will be paid t er. Taxes shall be prorated based
<br /> on current
<br /> 417 year' s tax with due allowance made for maximum allo Iscount, homestead and other exemptions . If Closing
<br /> 418 occurs on a date when current year' s millage is ed but t year' s assessment is available ,
<br /> taxes will be
<br /> 419 prorated based upon such assessment an Ior year' s millage . If curr ear' s assessment is not available
<br />, then
<br /> 420 taxes will be prorated on prior year' s . f there are completed improvements o eal Property by January 1st of
<br /> 421 year of Closing , which impro ents were not in existence on January 1st of prior year, taxes shall be prorated
<br /> 422 based upon prior ye I lage and at an equitable assessment to be agreed upon between the s , failing which ,
<br /> 423 request shall ade to the County Property Appraiser for an informal assessment taking into acco ailable
<br /> 424 exem s . A tax proration based on an estimate shall , at either party' s request, be readjusted
<br /> upon recel
<br /> 425 ctrrrent year' s tax bill . This STANDARD K shall survive Closing .
<br /> 426 L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS , INSPECTIONS , AND WALK-THROUGH : Seller shall ,
<br /> 427 upon reasonable notice , provide utilities service and access to Property for appraisals and inspections ,
<br />including a
<br /> 428 walk-through (or follow-up walk-through if necessary) prior to Closing .
<br /> 429 M . RISK OF LOSS : If, after Effective Date , but before Closing , Property is damaged by fire
<br />or other casualty
<br /> 430 (" Casualty Loss" ) and cost of restoration (which shall include cost of pruning or removing damaged trees) does
<br /> not
<br /> 431 exceed 1 . 5 % of Purchase Price , cost of restoration shall be an obligation of Seller and
<br /> Closing shall proceed
<br /> 432 pursuant to terms of this Contract. If restoration is not completed as of Closing , a sum equal to 125
<br />% of estimated
<br /> 433 cost to complete restoration ( not to exceed 1 . 5 % of Purchase Price) , will be escrowed at Closing .
<br /> If actual cost of
<br /> 434 restoration exceeds escrowed amount , Seller shall pay such actual costs ( but, not in excess of 1
<br /> . 5 % of Purchase
<br /> 435 Price) . Any unused portion of escrowed amount shall be returned to Seller. If cost of restoration
<br /> exceeds 1 . 5 % of
<br /> 436 Purchase Price , Buyer shall elect to either take Property " as is" together with the 1 . 5 % , or receive
<br /> a refund of the
<br /> 437 Deposit, thereby releasing Buyer and Seller from all further obligations under this Contract. Seller' s sole obligation
<br /> 438 with respect to tree damage by casualty or other natural occurrence shall be cost of pruning or removal .
<br /> 439 N . 1031 EX
<br /> we
<br /> 440 Closing or deferred ) under Section 1031 of the Internal Revenue a the other party shall cooperate
<br /> 441 in all reasonable respects to effectu ge , including execution of documents ; provided , however
<br /> 442 cooperatin no lability or expense related to the Exchange , and Closing shall not be contingent
<br /> 443
<br /> 444 O . CONTRACT NOT RECORDABLE ; PERSONS BOUND ; NOTICE ; COPIES : Neither this Contract nor any
<br /> 445 notice of it shall be recorded in any public records . This Contract shall be binding on , and inure to
<br /> the benefit of, the
<br /> 446 parties and the respective heirs or successors in interest. Whenever the context permits , singular shall in I
<br />de ural
<br /> Buyer's Initials Page 8 of 10 Seller' s Initia
<br /> Florida Rea ltors/FloridaBar-ASIS-1 Rev. 6/10 © 2010 Florida Realtors® and The Florida Bar. All rights reserved . ¢¢ tt
<br /> Sedal#: 020778-500137-6405473 5 I 1 ''S 1n I ,} 1 1k:
<br /> I a
<br />
|