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327 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED)
<br /> 326 deliver written notice to Buyer (with proof of cure acceptable to Buyer and Buyer's attorney) and the
<br /> parties will
<br /> 329 close this Contract on Closing Date (or if Closing Date has passed , within 10 days after Buyer's receipt
<br /> of Seller's
<br /> 33o notice). If Seller is unable to cure defects within Cure Period , then Buyer may , within 5 days
<br /> after expiration of
<br /> 331 Cure Period , deliver written notice to Seller: (a) extending Cure Period for a specified period not to exceed
<br /> 120 days
<br /> 332 within which Seller shall continue to use reasonable diligent effort to remove or cure the defects (" Extended
<br /> Cure
<br /> 333 Period ") ; or (b) electing to accept title with existing defects and close this Contract on Closing Date (or if Closing
<br /> Date
<br /> 334 has passed , within the earlier of 10 days after end of Extended Cure Period or Buyer's receipt of Seller' s
<br />notice) , or
<br /> 335 (c) electing to terminate this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller
<br /> from
<br /> 336 all further obligations under this Contract. If after reasonable diligent effort, Seller is unable to timely cure
<br /> defects ,
<br /> 337 and Buyer does not waive the defects , this Contract shall terminate , and Buyer shall receive a refund of the Deposit,
<br /> 338 thereby releasing Buyer and Seller from all further obligations under this Contract.
<br /> 339 B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon
<br /> 34o encroach on setback lines, easements, or lands of others; or violate any restrictions , covenants ,
<br /> or applicable
<br /> 341 governmental regulations described in STANDARD A ( i) (a) , ( b) or (d) above , Buyer shall deliver written notice of such
<br /> 342 matters, together with a copy of Survey, to Seller within 5 days after Buyer's receipt of Survey, but
<br /> no later than
<br /> 343 Closing . If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice
<br />and Survey
<br /> 344 shall constitute a title defect, subject to cure obligations of STANDARD A above. If Seller has delivered
<br /> a prior
<br /> 345 survey, Seller shall , at Buyer's request, execute an affidavit of " no change " to the Real Property since the
<br /> 346 preparation of such prior survey, to the extent the affirmations therein are true and correct.
<br /> 347 C. INGRESS AND EGRESS : Seller represents that there is ingress and egress to the Real Property and title
<br /> to
<br /> 348 the Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of access .
<br /> 349 D . LEASES : Seller shall , within 5 days after Inspection Period , furnish to Buyer copies of all written
<br /> leases and
<br /> 35o estoppel letters from each tenant specifying nature and duration of tenant's occupancy, rental rates , advanced rent
<br /> 351 and security deposits paid by tenant, and income and expense statements for preceding 12 months (" Lease
<br /> 352 Information" ) . If Seller is unable to obtain estoppel letters from tenant(s) , the same information shall be furnished
<br /> by
<br /> 353 Seller to Buyer within that time period in the form of a Seller' s affidavit, and Buyer may thereafter contact
<br /> tenant(s)
<br /> 354 to confirm such information . If terms of the lease(s) differ materially from Seller' s representations, Buyer may deliver
<br /> 355 written notice to Seller within 5 days after receipt of Lease Information , but no later than 5 days
<br /> prior to Closing
<br /> 356 Date, terminating this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller
<br /> from all
<br /> 357 further obligations under this Contract. Seller shall , at Closing , deliver and assign all original leases to
<br /> Buyer who
<br /> 358 shall assume Seller's obligation thereunder.
<br /> 359 E. LIENS : Seller shall furnish to Buyer at Closing an affidavit attesting ; (i) to the absence
<br /> of any financing
<br /> 36o statement, claims of lien or potential lienors known to Seller, and ( ii) that there have been no improvements or repairs
<br /> 361 to the Real Property for 90 days immediately preceding Closing Date. If the Real Property has been
<br /> improved or
<br /> 362 repaired within that time, Seller shall deliver releases or waivers of construction liens executed
<br />by all general
<br /> 363 contractors, subcontractors , suppliers and materialmen in addition to Seller's lien affidavit setting forth names of
<br /> all
<br /> 364 such general contractors , subcontractors, suppliers and materialmen, further affirming that all charges for
<br /> 365 improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been paid
<br /> 366 or will be paid at Closing .
<br /> 367 F. TIME : Calendar days shall be used in computing time periods . Any time periods provided for in this
<br /> Contract
<br /> 368 which shall end on a Saturday, Sunday, or a national legal holiday (see 5 U . S. C . 6103) shall extend
<br /> to 5 : 00 p. m .
<br /> 369 (where the Property is located) of the next business day. Time is of the essence in this Contract.
<br /> 370 G. FORCE MAJEURE : Buyer or Seller shall not be required to perform any obligation under this Contract or
<br />be
<br /> 371 liable to each other for damages so long as performance or non-performance of the obligation is delayed , caused or
<br /> 372 prevented by Force Majeure . " Force Majeure" means: hurricanes , earthquakes , floods , fire, acts of God ,
<br /> unusual
<br /> 373 transportation delays , wars, insurrections, acts of terrorism , and any other cause not reasonably within control
<br /> of
<br /> 374 Buyer or Seller, and which , by exercise of reasonable diligent effort, the non -performing party is unable in whole or in
<br /> 375 part to prevent or overcome. All time periods , including Closing Date, will be extended for the period that the
<br /> Force
<br /> 376 Majeure prevents performance under this Contract, provided , however, if such Force Majeure continues to prevent
<br /> 377 performance under this Contract more than 14 days beyond Closing Date, then either party may terminate
<br /> this
<br /> 378 Contract by delivering written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer
<br /> 379 and Seller from all further obligations under this Contract.
<br /> 36o H. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty , trustee's ,
<br /> 381 personal representative's , or guardian's deed , as appropriate to the status of Seller, subject only to matters described
<br /> 382 in STANDARD A and those accepted by Buyer. Personal Property shall , at request of Buyer, be transferred
<br /> by
<br /> 383 absolute bill of sale with warranty of title , subject only to such matters as may be provided for in this Contract.
<br /> 364 1. CLOSING LOCATION ; DOCUMENTS ; AND PROCEDURE :
<br /> 385 (i) LOCATION : Closing will take place in the county where the Real Property is located at the
<br /> office of the
<br /> 386 attorney or other closing agent (" Closing Agent') designated by the party paying for the owner's
<br /> policy of title
<br /> Buyer's Initials Page 7 of 10 Seller's Initials
<br /> FloridaRealtors/FloridaBar-ASIS-1 Rev. 6/10 0 2010 Florida Realtors® and The Florida Bar. All rights reserved .
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