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las Broker will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination of this
<br /> 269 Contract,
<br /> 270 DEFAULT AND DISPUTE RESOLUTION
<br /> 271 150 DEFAULT:
<br /> M (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, Seiler 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 this -
<br /> 275 Contract; and in - full` settlement. of any:claims; whereupon: Buyer and Seller shall be relieved from all Ifurther
<br /> 276 obligations under this Contract, or Seller, at Seller's option,. may, pursuant to Paragraph 16; proceed In equity
<br /> err to enforce Sellers rights under this Contract: Thai portion of the Deposit, if any, paid to usting- Broker upon
<br /> 276 default by Buyer, shall be split equally between Listing Broker and Cooperating Broker, provided however,
<br /> 279 Cooperating;Brokeshare shall
<br /> rs not be. greater thawthe commission amount Listing- Broker had agreed.Ato:--pay
<br /> no to� Cooperating Broker.
<br /> 281 (b) SELLER 'DEPAULT: If for any reason other than failure of Seller to make Setters title marketable .
<br />after
<br /> 282 reasonable diligent: effort, Seller fails, neglects or refuses to perform Seller's obligations under this Contract,
<br /> 263 Buyer may elect10 receive return of Buyers Deposit without thereby waiving any action for damages resulting
<br /> 284 from Seliei"s . breach, and,, pursuant to Paragraph 16, may seek to recover such damages or seek specific
<br /> 285 performance: This Paragraph 15 sha Iu vivo Closing or termination of this. Contract: —
<br /> 266 16. DISPUTE RESOLUTION : Unresolvedcontroversies, claims and other matters in question between Buyer and
<br /> 267 Seiler arising out of, or relating to, this Contract or its breach, enforcement or interpretation ("Dispute") will
<br /> be
<br /> 288 settled as follows:
<br /> 289 (a) Buyer and Seiler 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
<br />under
<br /> 291 Paragraph 18(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 CourtAppointed 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 /> 296 sought without first complying with this Paragraph 18(b). Disputes not settled pursuant to this Paragraph 16
<br /> 296 : may resolved by instituting action inthe appropriate court having jurisdiction of the matter. This Paragraph 18
<br /> 297 shall survive :Closing or termination of this Contract.
<br /> 299 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 paytheir 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 shall be entitled
<br />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 1`7 shall survive Closing or termination of this Contract.
<br /> 303 STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS")
<br /> 304 18. STANDARDS:
<br /> 306 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 /> 3os be ;issued and delivered to Buyer. The Title Commitment shall set forth those matters to be discharged by Seller at or
<br /> 3o9 before-Closing and shall provide that, upon recording of the deed to Buyer, an owner's policy of title insurance in . the
<br /> 310 amount of the Purchase ` Price, shall be. Issued to Buyer insuring Buyer's marketable title tD 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 theL 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 /> 316 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 /> 316 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
<br /> any
<br /> 318 violation of items identified in (b) - (f) above, then the some shall be deemed a title defect. Marketable title
<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 (11) 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 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 Period's
<br /> us 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,
<br /> Seller will
<br /> Buyers Initials 4Page 6 of 10 Seller's initials,.
<br /> FlorideRealtors/FlorloWmASI&I Rev. Oil 02010 Florida Realtors® and The Florida Bar. NI rights reserved.
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