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268 Broker will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination
<br /> of this
<br /> 269 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
<br /> Contract,
<br /> 273 including payment of the Deposit, within the time( s) specified , Seller may elect to recover and
<br /> retain the
<br /> 274 Deposit for the account of Seller as agreed upon liquidated damages, consideration for execution
<br /> of this
<br /> 275 Contract, and in full settlement of any claims , whereupon Buyer and Seller shall be relieved from
<br />all further
<br /> 276 obligations under this Contract, or Seller, at Seller's option , may, pursuant to Paragraph 16 , proceed in
<br /> equity
<br /> 277 to enforce Seller's rights under this Contract. The portion of the Deposit, if any, paid to Listing
<br /> Broker upon
<br /> 278 default by Buyer, shall be split equally between Listing Broker and Cooperating Broker; provided
<br /> 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
<br /> 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 action for damages resulting
<br /> 284 from Seller's breach , and , pursuant to Paragraph 16 , may seek to recover such damages or seek
<br /> 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 ("
<br />Dispute") 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
<br /> 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
<br /> may be
<br /> 295 sought without first complying with this Paragraph 16 (b) . Disputes not settled pursuant to this Paragraph
<br /> 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
<br /> in
<br /> 300 conducting the mediation . In any litigation permitted by this Contract, the prevailing party shall
<br /> be 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 ( 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 /> 308 be issued and delivered to Buyer, The Title Commitment shall set forth those matters to be discharged by Seller at
<br /> or
<br /> 3o9 before Closing and shall provide that, upon recording of the deed to Buyer, an owner's policy of title insurance
<br /> in the
<br /> 310 amount of the Purchase Price , shall be issued to Buyer insuring Buyer' s marketable title to
<br /> the Real Property ,
<br /> 311 subject only to the following matters: (a) comprehensive land use plans, zoning , and other land
<br /> 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
<br /> of entry;
<br /> 314 (d) unplatted public utility easements of record ( located contiguous to real property lines and not more than 10 feet
<br /> in
<br /> 315 width as to rear or front lines and 7 1 /2 feet in width as to side lines); (e) taxes for year of
<br /> Closing and subsequent
<br /> 316 years ; and (f} assumed mortgages and purchase money mortgages, if any (if additional items , attach addendum)
<br />;
<br /> 317 provided , that none prevent use of the Property for RESIDENTIAL PURPOSES . If there exists at
<br /> Closing any
<br /> 318 violation of items identified in (b) - (f) above , then the same shall be deemed a title defect. Marketable
<br /> title 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 (ii) TITLE EXAMINATION : Buyer shall have 5 days after receipt of Title Commitment to examine
<br /> it and notify
<br /> 322 Seller in writing specifying defect(s) , if any, that render title unmarketable. If Seller provides Title Commitment
<br />and it
<br /> 323 is delivered to Buyer less than 5 days prior to Closing Date , Buyer may extend Closing for
<br /> up to 5 days after
<br /> 324 date of receipt to examine same in accordance with this STANDARD A. Seller shall have 30 days ("Cure
<br /> Period" )
<br /> 325 after receipt of Buyer's notice to take reasonable diligent efforts to remove defects . If Buyer fails to so
<br /> notify Seller,
<br /> 326 Buyer shall be deemed to have accepted title as it then is. If Seller cures defects within
<br />Cure Period, Seiler will
<br /> Buyer's Initials Page 6 of 10 Seller's Initials
<br /> FloridaRealtors/FloddaBar-ASIS-I Rev. 6/10 0 2010 Florida Realtors® and The Florida Bar. All rights reserved .
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