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5a 5. EXTENSION OF CLOSING DATE : 51 (a) If Closing funds from Buyer's lender(s) are not available at time of Closing due to Truth In Lending Act (TILA) 52 notice requirements, Closing shall be extended for such period necessary to satisfy TILA notice requirements , 53 not to exceed 7 days . 54 ( b) If extreme weather or other condition or event constituting " Force Majeure" (see STANDARD G ) causes: 55 (i ) disruption of utilities or other services essential for Closing, or (ii) Hazard , Wind , Flood or Homeowners' 56 insurance, to become unavailable prior to Closing , Closing will be extended a reasonable time up to 3 days 57 after restoration of utilities and other services essential to Closing , and availability of applicable Hazard , Wind , 58 Flood or Homeowners ' insurance. If restoration of such utilities or services and availability of insurance has not 59• occurred within (if left blank, 14) days after Closing Date, then either party may terminate this 60 Contract by delivering written notice to the other party , and Buyer shall be refunded the Deposit, thereby 61 releasing Buyer and Seller from all further obligations under this Contract. 62 6. OCCUPANCY AND POSSESSION : Unless otherwise stated herein , Seller shall at Closing , have removed all 63 personal items and trash from the Property and shall deliver occupancy and possession , along with all keys , 64 garage door openers , access devices and codes, as applicable , to Buyer. If Property is intended to be rented or 65 occupied beyond Closing , the fact and terms thereof and the tenant(s) or occupants shall be disclosed pursuant 66 to STANDARD D . If occupancy is to be delivered before Closing , Buyer assumes all risks of loss to Property from 67 date of occupancy, shall be responsible and liable for maintenance from that date , and shall be deemed to have 66 accepted Property in its existing condition as of time of taking occupancy. fig• 7. ASSIGNABILITY : (CHECK ONE) Buyer ❑ may assign and thereby be released from any further liability 70` under this Contract; ❑ may assign but not be released from liability under this Contract; or may not assign 71 this Contract. 72 FINANCING 73 8, FINANCING : 74* (a) Buyer will pay cash or may obtain a loan for the purchase of the Property. There is no financing 75 contingency to Buyer's obligation to close . 76' ❑ (b) This Contract is contingent upon Buyer obtaining a written loan commitment for a ❑ conventional ❑ FHA 77' ❑ VA loan on the following terms within ( if blank, then 30) days after Effective Date (" Loan 78' Commitment Date" ) for: (CHECK ONE) : ❑ fixed , ❑ adjustable, ❑ fixed or adjustable rate loan in 79' the principal amount of $ or % of the Purchase Price , at an initial interest rate eo• not to exceed % (if blank, then prevailing rate based upon Buyer's creditworthiness) , and for a fit = term of years (" Financing") . , 82* Buyer will make mortgage loan application for the Financing within ( if blank, then 5) days after 83 Effective Date and use good faith and diligent effort to obtain a written loan commitment for the Financing 84 (" Loan Commitment") and close this Contract. Buyer shall keep Seller and Broker fully informed about 65 the status of mortgage loan application and Loan Commitment and authorizes Buyer' s mortgage broker and 86 Buyer's lender to disclose such status and progress to Seller and Broker. 87 If Buyer does not receive Loan Commitment, then Buyer may terminate this Contract by delivering written sa notice to Seller, and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all 89 further obligations under this Contract. go If Buyer does not deliver written notice to Seller of receipt of Loan Commitment or Buyer' s written waiver of 91 this financing contingency , then after Loan Commitment Date Seller may terminate this Contract by 92 delivering written notice to Buyer and the Deposit shall be refunded to Buyer, thereby releasing Buyer and 93 Seller from all further obligations under this Contract. sa If Buyer delivers written notice of receipt of Loan Commitment to Seller and this Contract does not 95 thereafter close , the Deposit shall be paid to Seller unless failure to close is due to : ( 1 ) Seller' s default; 95 (2) Property related conditions of the Loan Commitment have not been met (except when such conditions 97 are waived by other provisions of this. Contract) ; (3) appraisal of the Property obtained by Buyer's lender is ss insufficient to meet terms of the Loan Commitment; or (4) the loan is not funded due to financial failure of as Buyer's lender, in which event(s) the Deposit shall be returned to Buyer, thereby releasing Buyer and Seller loo from all further obligations under this Contract. 101 • ❑ (c) Assumption of existing mortgage (see rider for terms) . 102= [:] (d) Purchase money note and mortgage to Seller (see riders ; addenda ; or special clauses for terms) . Buyer's Initials Page 2 of 10 Seller's Initials FloridaRealtors/FloddaBar=ASIS-1 Rev. 6110 0 2010 Florida Realtors® and The Florida Bar. All rights reserved .