|
387 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED)
<br /> 388 insurance, or, if no title insurance, designated by Seller. Closing may be conducted by mail or electronic means. 4fi4
<br /> 389 (ii) CUMENTS: At Closing , Setter shall furnish and pay for, as applicable, deed ,
<br /> 390 certificate of title, cons affidavit, owner's possession affidavit, as
<br /> ses, and corrective
<br /> 301 instruments. Seller shall provide Buyer w1 is a on the Property pursuant to this Contract
<br /> 392 Buyer shall furnish and pay for, as age, e, security agreement, financing statements,
<br /> 393 survey, ba cation , and other documents requi�ctred by Buye s er.
<br /> 394 OCEDURE : The deed shall be recorded upon COLLECTION of all closing funds. If the Title
<br /> 39s Commitment provides insurance against adverse matters pursuant to Section 627.7841 , F. S. , as amended , the
<br /> 306 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 to
<br /> 39a 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 a period
<br /> 402 of not more than 10 days after Closing ; (2) if Seller's title is rendered unmarketable, through no fault of 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 of receipt
<br /> 404 of such notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and all Closing
<br /> funds
<br /> 4os paid by Buyer shall, within 5 days ager written demand by Buyer, be refunded to Buyer and, simultaneously with
<br /> 406 such repayment, Buyer shall return the Personal Property, vacate the Real Property and re-convey the Property 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 as may
<br /> be
<br /> 4a9 available to Buyer by virtue of warranties contained in the deed or bill of sale.
<br /> 410 P FtATIONS; CREDITS : The following recurring items will be made current (if applicable) and prorateqaer
<br /> all the r to Closing Date, or date of occupancy if occupancy occurs before Closing Date: rea taxes
<br /> '
<br /> 412 (including spe nefit tax assessments imposed by a CDD), interest, bonds, association f nsurance, rents
<br /> 413 and other expenses o erty. Buyer shall have option of taking over existing policies rance, if assumable, in
<br /> 414 which event premiums shall I L ted. Cash at Closing shall be increasedo) Aed&sed as may be required
<br /> by
<br /> 415 prorations to be made through day pn Closing. Advance rent and ty deposits, if any, will be credited to
<br /> 41e Buyer. Escrow deposits held by Seller's mortgageewill be paid er. Taxes shall be prorated based on current
<br /> 417 year's tax with due allowance made for maximum allo SC 2J 4k, homestead and other exemptions. If Closing
<br /> 418 occurs on a date when current year's millage is ed but 'atce t year`s assessment is available, taxes
<br /> will be
<br /> 419 prorated based upon such assessment an r year's millage. If cu ar 's assessment is not available, then
<br /> 420 taxes will be prorated on prior year' f there are completed improvements o eal Property by January 1 st of
<br /> 421 year of Closing , which imp nts were not in existence on January 1st of prior year, taxes shall be prorated
<br /> 422 based upon priory I lage and at an equitable assessment to be agreed upon between the afailing which,
<br /> 423 request shall ade to the County Property Appraiser for an informal assessment taking into acro ailable
<br /> 424 exem . A tax proration based on an estimate shall, at either party's request, be readjusted upon
<br /> recel
<br /> 425 nt 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, including
<br /> 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 or other
<br /> casualty
<br /> 430 (°Casualty Loss") and cost of restoration (which shall include cost of pruning or removing damaged trees) does not
<br /> 431 exceed 1 .5% of Purchase Price, cost of restoration shall be an obligation of Seller and Closing
<br /> shall proceed
<br /> 432 pursuant to terms of this Contract. If restoration is not completed as of Closing , a sum equal to 125% of estimated
<br /> 433 cost to complete restoration (not to exceed 1 .5% of Purchase Price), will be escrowed at Closing . If
<br /> actual cost of
<br /> 434 restoration exceeds escrowed amount, Seller shall pay such actual costs (but, not in excess of 1 .5% of Purchase
<br /> 435 Price). Any unused portion of escrowed amount shall be returned to Seller. If cost of restoration exceeds
<br /> 1 .5% of
<br /> 436 Purchase Price, Buyer shall elect to either take Property "as is" together with the 1 .5%, or receive a refund
<br /> of the
<br /> 437 Deposit, thereby releasing Buyer and Seller from all further obligations under this Contract. Seller's sole obligation
<br /> 43e with respect to tree damage by casualty or other natural occurrence shall be cost of pruning or removal.
<br /> 439 N. 1031 EX
<br /> 44o Closing or deferred) under Section 1031 of the Internal Revenu e , the other party shall cooperate
<br /> l�441 in all reasonable respects to effectu e, including
<br /> execution of documents; provided , however
<br /> 442 cooperatin o ability 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 /> 446 notice of it shall be recorded in any public records. This Contract shall be binding on, and inure to the benefit
<br /> of, the
<br /> 446 parties and th ' respective heirs or successors in interest Whenever the context permits, singular shall in de ural
<br /> Buyer's Initials Page 8 of 10 Seller's lnitia
<br /> FloridaRealtors/FloridaBar-ASISA Rev. 6110 ® 2010 Florida Realtors® and The Florida Bar. Ail rights reserved_,_
<br /> WaW. 02one4500137o0547s forinsimpli 4
<br />
|