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387 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED)
<br /> See insurance;,;or, if no :tltle insurance, designated by. Seller. Closing; maybe conducted by. malVor electronic means.
<br /> 3a9 (li) CLOSiNG DOCUMENTS: At Closing, Seller shall fumish and. pay for, as applIcabie, deed, . bill
<br />- of sale;
<br /> 3901 certificate= of titre,, construction lien affidavit, owner's possession affidavit, assignments of leases; and°
<br /> corrective
<br /> 391 Instruments. Sellerahall provide Buyer with paid: receipts.for alhwork done on the Propeirtypursuant to this Contract:
<br /> 392 Buyer shell'fumish4ands pay for, as applicable, mortgage, mortgage note, security agreement;, financing statements, .
<br /> 393 survey, base elevation certification, and other documents required by Buyers lender.
<br /> 394 (iii) PROCEDURE: The deed shall be recorded upon COLLECTION of all closing funds. If the Title
<br /> s95 Commitment provides insurance against adverse matters pursuant to Section 627.7841 , F. S. , as amended, the
<br /> us escrow closing procedure required by STANDARD J shall be waived, and Closing Agent shall,
<br /> subject to
<br /> 397 COLLECTION of all closing funds , disburse at Closing the brokerage fees to Broker and the net sale proceeds to
<br /> 399 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 /> dol 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 1.0 days after Closing; (2) if Seller's title is rendered unmarketable, through . no fault of Buyer,
<br /> Buyer
<br /> 4o3 shall, within the 10 day period, notify Seller in writing of the defect and Seller shall have 30 days from date of
<br /> receipt
<br /> 404 of such . notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and all
<br /> Closing funds
<br /> dos paid by Buyer shall, within 5 days after written demand by Buyer, be refunded to Buyer and, simultaneously
<br /> with
<br /> 4os 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 for
<br /> refund of the
<br /> 40e Deposit,. Buyer shall take title as is, waiving all rights against Seller as to any intervening defect except as may
<br /> be
<br /> 409 available to Buyer by virtue of warranties contained in the deed or bill of sale.
<br /> 410 K. PRORATIONS; CREDITS : The following recurring items will be made current (if applicable) and prorated as of
<br /> 411 the day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real
<br />estate taxes
<br /> 412 (Including special benefit tax assessments imposed by a CDD), interest, bonds, association fees, Insurance, rents
<br /> 413 and other expenses of Property: Buyer shall have option of taking over existing policies of insurance, if assumable, in
<br /> 414 which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required"
<br />by
<br /> 415 prorations to be made through .day prior to Closing . Advance rent and security deposits, If any, will be
<br /> credited to
<br /> 41s Buyer. Escrow deposits field by Sellers mortgagee will be paid to Seller. Taxes shall be prorated based on current
<br /> 417 years tax with due allowance made for maximum allowable discount, homestead and other exemptions. If Closing
<br /> 418 occurs on a date when current year's millage is not fixed but current year's assessment is available, taxes
<br /> will be
<br /> 419 prorated based upon such assessment and prior years millage. If current years assessment is not available, then
<br /> 420 taxes will be prorated on prior years tax. if there are completed improvements on the Realz Property by January 1'st of
<br /> 421 year of Closing , which improvements were not in existence on January 1st of prior year, then -taxes shall be prorated
<br /> 422 based upon prior years millage and at an equitable assessment to be agreed upon between the parties, failing which,
<br /> 423 request shall be made to the County Property Appraiser for an informal assessment taking into account available
<br /> 424 exemptions. A tax proration based on an estimate shall, at either party's request, be readjusted upon
<br /> receipt of
<br /> 425 current years tax bill. This STANDARD K shall survive Closing.
<br /> 428 L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seller
<br /> 427 shall, upon reasonable notice, provide utilities service and access to Property for appraisals and
<br /> inspections,
<br /> 428 including a 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
<br /> other 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 actual cost
<br /> 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 1 .5%
<br /> of
<br /> 43e Purchase Price, Buyer shall elect to either take Property "as le together with the 1 . 5%0, or receive a refund
<br /> of the
<br /> 437 Deposit, thereby releasing . Buyer and Seller from all further obligations under this Contract. Sellers 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 EXCHANGE: If either Seller or Buyer wish to enter into a like-kind exchange (either simultaneous with
<br /> e4o Closing: or deferred) under Section 1031 of the Internal Revenue Code (° Exchange"), the other party shall cooperate
<br /> 441 in all reasonable respects to effectuate the Exchange, Including execution of documents, provided, however,
<br /> 442 cooperating party shall incur no liability or expense related to the Exchange , and Closing shall not be contingent
<br /> 443 upon, nor. extended or delayed by, such Exchange.
<br /> 444 O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES: Neither this Contract nor any
<br /> sae 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 /> 448 parties and their respective heirs or successors in interest. Whenever the context permits, singular shall Include plural
<br /> Buyers Initials MPage B of 10 1Sellers Initials
<br /> FiorideRealtonr/Florld r-ASIS-1 Rev. 6110 0 2010 Florida Realtors® and The Florida Bar. AU rights reserved. w
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