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2656 Broker will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination
<br /> of this
<br /> 2659 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 the
<br /> 274 Deposit for the account of Seller as agreed upon liquidated damages, consideration for execution of this
<br /> 275 Contract, and in full settlement of any claims, whereupon Buyer and Seller shall be relieved from all 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 Broker
<br />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 aeon for damages resulting
<br /> 284 from Seller's breach , and , pursuant to Paragraph 16, may seek to recover such damages or seek 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 (" Dispute")
<br /> 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 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 may be
<br /> 295 sought without first complying with this Paragraph 16(b). Disputes not settled pursuant to this Paragraph 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, incurred in
<br /> 300 conducting the mediation. In any litigation permitted by this Contract, the prevailing party shalt be
<br /> 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 () TITLE EVIDENCE ; RESTRICTIONS ; EASEMENTS ; LIMITATIONS : Within the time period provided in
<br /> 307 Paragraph 9(c), the Tide Commitment, with legible copies of instruments listed as exceptions attached thereto, shall
<br /> 3oa be issued and delivered to Buyer. The Title Commitment shall set forth those matters to be discharged by Seller at or
<br /> 309 before Closing and shall provide that, upon recording of the deed to Buyer, an owner's policy of tide insurance in the
<br /> wo amount of the Purchase Price, shall be issued to Buyer insuring Buyer's marketable title to the Real
<br /> Property,
<br /> 311 subject only to the following matters: (a) comprehensive land use plans, zoning , and other land use 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 of entry;
<br /> 314 (d ) unplatted public utility easements of record (located contiguous to real property lines and not more than 10 feet in
<br /> 3165 width as to rear or front lines and 7 112 feet in width as to side lines); (e) taxes for year of Closing
<br /> and subsequent
<br /> 3165 years; and (f) assumed mortgages and purchase money mortgages, if any (if additional items, attach addendum);
<br /> 317 provided , that none prevent use of the Property for RESIDENTIAL PURPOSES. If there exists at Closing any
<br /> 318 violation of items identified in (b) - (f) above, then the same shall be deemed a title defect Marketable tide
<br /> 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 (H) TITLE EXAMINATION : Buyer shall have 5 days after receipt of Title Commitment to examine it and notify
<br /> 322 Seller in writing specifying defect(s) , if any, that render title unmarketable. If Seller provides Tide Commitment and it
<br /> 323 is delivered to Buyer less than 5 days prior to Closing Date, Buyer may extend Closing for up to 5
<br /> days after
<br /> 324 date of receipt to examine same in accordance with this STANDARD A. Seller shall have 30 days CCure Period")
<br /> 325 after receipt of Buyer's notice to take reasonable diligent efforts to remove defects. If Buyer fails to so notify
<br />Seller,
<br /> 326 Buyer shall be deemed to have accepted title as it then is. If Seller cures defects within Cure Period , S
<br /> Her will
<br /> Buyer's Initials Page 6 of 10 Seller's Inti
<br /> Florid aReakors/FloddaBar-ASI84 Rev. 6110 0 2010 Florida Realtors® and The Florida Bar. All rights reserved.
<br /> SW12W M718400137 4406473
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