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392 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED)
<br /> 393 ba issued and delivered to Buyer. The Title Commitment shag set forth those matlers to be discharged by Seller at or
<br /> 394 before Closing and shalt provide that, upon recording of the deed to Buyer, an owner's policy of title insurance in the
<br /> 395 amount of the Purchase Price, shall be issued to Buyer insuring Buyer's marketable tide to the Real Property, subject
<br /> 395 only to the following matters. (a) comprehensive land use plans, zoning, and other land use restrictions, prohibitions
<br /> 397 and requirements imposed by governmental authority, (b) restrictions and matters appearing on the Plat or otherwise
<br /> 399 common to the subdivision : (c) outstanding oil, gas and mineral rights of record without right of entry; (d) unplatted
<br /> 399 public utility easements of record (located contiguous to real property lines and not more than 10 feet in width as
<br /> to
<br /> 40o rear or front lines and 7 112 feet in width as to side lines); (e) taxes for year of Closing and subsequent years; and
<br /> (f)
<br /> 401 assumed mortgages and purchase money mortgages, if any (if additional items, attach addendum), provided, that,
<br /> — - 4oi ontl v r�ivt by P gr 2-Ca j a osmg no
<br /> violation 'oforegoing nd�none
<br /> prevent use of Ni
<br /> 403 Property for RESIDENTIAL PURPOSES. if there eAsts at Closing any violation of items identified in (b) - (t) above,
<br /> 404 then the same shall be deemed a tide defect Marketable title shat) be determined according to applicable
<br /> Title
<br /> 405 Standards adopted by authority of The Florida Bar and in accordance with law:
<br /> 406 rid TITLE EXAMtNATiON: Buyer shalt have 5 days after receipt of Title Commitment to examine it and
<br /> notify
<br /> 40T Seller in writing specifying defect(s), if any, that render title unmarketable. If Seller provides Title Commitment and it
<br /> 4oa is delivered to Buyer less than 5 days prior to Closing Date, Buyer may extend Closing for up
<br />to S days after
<br /> 409 date of receipt to examine same in accordance with this STANDARD A. Seiler shalt have 30 days ("Cure Period's
<br /> 410 after receipt of Buyer's notice to take reasonable diligent efforts to remove defects. If Buyer fails to so notify Seller
<br /> 411 Buyer shall be deemed to have accepted title as it then ts. If Seller cures defects wiithin Cure Period,
<br /> Seiler will
<br /> 412 deliver written notice to Buyer (with proof of cure acceptable to Buyer and Buyer's attorney) and the
<br /> parties will
<br /> 413 close this Contract on Closing Date (or if Closing Date has passed, within 10 days after Buyer's receipt of Beiler's
<br /> 414 notice). If Seller is unable fo cure defects within Cure_ Perto( then Buyer may, within 5 days after
<br /> expiration of
<br /> 4169 Cure Period,. deliver written notice to Seger: (a) extending Cure Period for a specified period not to exceed 120
<br /> days
<br /> 416 within which Seller shall continue to use reasonable diligent effort to remove or cure the defects (^Extended Cure
<br /> 417 Period'); or (b) electing to accept title with existing defects and close this Contract on Closing Date (or if Closing Date
<br /> 41s has passed, within the earlier of 10 days after end of Mended Cure Period or Buyer's receipt of Seller's notice},
<br />or
<br /> 418 (c) electing to terminate this Contract and receive a refund of the Deposit, #hereby releasing Buyer and Seller from
<br /> 42o all further obligations under this Contract. If after reasonable diligent effort, Seller is unable to timely cure defects,
<br /> 421 and Buyer does not waive the defects, this Contract shag terminate, and Buyer shall receive a refund of the Deposit,
<br /> 422 thereby releasing Buyer and Seiler from alI further obligations under this Contract.
<br /> 423 B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon
<br /> 4z4 encroach on setback lines, easements , or lands of others; or violate any restrictions, covenants, or
<br /> applicable
<br /> 425 governmental regulations described in STANDARD A (i) (a), (b) or (d) above, Buyer shag deriver wooer notice of such
<br /> 428 matters, together with a copy of Survey, to Seger within 5 days after Buyer's receipt of Survey, but no later
<br /> than
<br /> 427 Ctos[n.9. If Buyer timely delivers such notice and Survey to Seller, such matters, identified in the notice and Survey
<br /> nstf#lie ..a_: #itiesie t,. .subiOPt..#p.riure..obligations. of_ TANDA DL- A.aboveOAf. _Seiler.has delivered . a.prior _ . .
<br /> 429 survey. Seller shall, at Buyer's request, execute an affidavit of "no change" to the Real
<br /> Property since the
<br /> 4w Preparation of such prior survey, to the extent the affirmations therein are true and correct:
<br /> 431 C. INGRESS AND EGRESS: Seller represents that there Is ingress and egress to the Real Property and tide to
<br /> 43z the Real Property is insurable in accordance with STANDARD A without exception for tack of legal right of access.
<br /> 433 D. LEASES: Seiler shalt, within 5 days after Inspection Period, furnish to Buyer copies of all written teases
<br /> and
<br /> 434 estoppel letters from each tenant specifying nature and duration of tenant's occupancy, rental rates, adVanCed relit
<br /> 435 and security deposits paid by tenant, and income and expense statements for preceding 12 months
<br /> ('Lease
<br /> 43e information'). If Seller is unable to obtain estoppel letters from tenant(s), the same Information shall be furnished by
<br /> 437 Seller to Buyer within that time period in the form of a Seller's affidavit, and Buyer may thereafter contact tenant(s)
<br /> 42a to confirm such information. if terms of the lesse(s) differ materially from Seller's representations, Buyer may deliver
<br /> 439 written notice to Seller within 5 days after receipt of Lease Information, but no later than 5 days prior
<br /> to 'Closing
<br /> 440 Date, terminating this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seiler from
<br /> aH
<br /> 441 further obligations under this Contract. Seller shall, at Closing, deliver and assign all Original leases to Buyer who
<br /> 2 sfta[l. assume.Sege
<br /> 44l's ottligatiOrI thereunder.
<br /> 443 E. LiENS: Seller shalt furnish to Buyer at Closing an affidavit attesting; (i) to the absence of
<br /> any financing
<br /> 444 statement; claims of lien or potential lienors known to Seller, and (i!) that there have been no improvements or repairs
<br /> 44s to the Real Property for 90 days Immedately preceding Closing Date. If the Real Property has been improved or
<br /> 448 repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all
<br /> general
<br /> "7 contractors, subcontractors, suppliers and materialmen In addition to Seller's lien affidavit setting forth names of all
<br /> 448 such general contractors, subcontractors, suppliers and materiaimert, further affirming that all charges for _
<br /> 449 improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been paid
<br /> 450 or wig be paid at Closing.
<br /> 4s1 F. TiMEE Galen days shall be used In computing time periods. Any time periods provided f r in this Contract
<br /> Buyers Initials Page a of i 1 sellers Initials J
<br /> FloridaReaftois/FloridaBarA Rev. Bh0 ® 2010 Florida Realtors® and The Florida Bar. M rights reserved. '
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