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387 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED)
<br /> 388 insurance , or, if no title insurance, designated by Seller. Closing may be conducted by mail or electronic means.
<br /> 389 (ii) CLOSING DOCUMENTS : At Closing , Seller shall furnish and pay for, as applicable, deed , bill of sale,
<br /> 390 certificate of title , construction lien affidavit, owner's possession affidavit, assignments of leases,
<br /> and corrective
<br /> 391 instruments . Seller shall provide Buyer with paid receipts for all work done on the Property pursuant to this Contract.
<br /> 392 Buyer shall furnish and pay for, as applicable , mortgage, mortgage note , security agreement, financing statements
<br />,
<br /> 393 survey, base elevation certification , and other documents required by Buyer' s lender.
<br /> 394 (iii) PROCEDURE : The deed shall be recorded upon COLLECTION of all closing funds , if the Title
<br /> 395 Commitment provides insurance against adverse matters pursuant to Section 627 . 7841 , F. S . , as amended
<br />, the
<br /> 396 escrow closing procedure required by STANDARD J shall be waived , and Closing Agent shall , subject to
<br /> 397 COLLECTION of all closing funds , disburse at Closing the brokerage fees to Broker and the net sale proceeds to
<br /> 398 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 /> 401 and closing procedures shall apply: ( 1 ) all Closing proceeds shall be held in escrow by the Closing Agent for a
<br /> period
<br /> 402 of not more than 10 days after Closing ; (2) if Seller's title is rendered unmarketable , through no fault of Buyer,
<br /> Buyer
<br /> 403 shall , within the 10 day period , notify Seller in writing of the defect and Seller shall have 30 days from date
<br /> of 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 /> 405 paid by Buyer shall , within 5 days after written demand by Buyer, be refunded to Buyer and , simultaneously
<br /> with
<br /> 406 such repayment, Buyer shall return the Personal Property, vacate the Real Property and re-convey the Property
<br />to
<br /> 407 Seller by special warranty deed and bill of sale; and (4) if Buyer fails to make timely demand
<br /> for refund of the
<br /> 408 Deposit, Buyer shall take title as is , waiving all rights against Seller as to any intervening defect except
<br /> as may be
<br /> 4o9 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 :
<br /> real estate taxes
<br /> 412 (including special benefit tax assessments imposed by a CDD) , interest, bonds , association fees , insurance,
<br />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
<br /> be credited to
<br /> 416 Buyer. Escrow deposits held by Seller's mortgagee will be paid to Seller . Taxes shall be prorated based on
<br /> current
<br /> 417 year's 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 year's millage. If current year' s assessment is not available, then
<br /> 420 taxes will be prorated on prior year's tax. If there are completed improvements on the Real Property by January 1st
<br /> 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 year's 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
<br />upon receipt of
<br /> 425 current year's tax bill . This STANDARD K shall survive Closing .
<br /> 426 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 inspections
<br />,
<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
<br /> or 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
<br /> Closing shall proceed
<br /> 432 pursuant to terms of this Contract. If restoration is not completed as of Closing , a sum equal to 125%
<br /> of estimated
<br /> 433 cost to complete restoration (not to exceed 1 . 5% of Purchase Price), will be escrowed at Closing . If actual
<br /> cost of
<br /> 434 restoration exceeds escrowed amount, Seller shall pay such actual costs ( but, not in excess of 1 . 5% of
<br /> Purchase
<br /> 435 Price) . Any unused portion of escrowed amount shall be returned to Seller. If cost of restoration exceeds
<br /> 1 . 5% of
<br /> 436 Purchase Price , Buyer shall elect to either take Property " as is" together with the 1 . 5 % , or receive a
<br /> refund of the
<br /> 437 Deposit, thereby releasing Buyer and Seller from all further obligations under this Contract. Seller' s sole obligation
<br /> 438 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
<br /> with
<br /> 44o 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
<br /> be contingent
<br /> 443 upon , nor extended or delayed by, such Exchange.
<br /> 444 0. CONTRACT NOT RECORDABLE ; PERSONS BOUND ; NOTICE; COPIES . Neither this Contract nor any
<br /> 445 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 /> 446 parties and their respective heirs or successors in interest. Whenever the context permits, singular shall include plural
<br /> Buyer's Initials Page 8 of 10 Seller's Initials
<br /> FroddaRealtors/FloridaBar-ASIS-1 Rev. 6/10 © 2010 Florida Realtors® and The Florida Bar. All rights reserved .
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