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6t2 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED) 513 walk-through (or follow-up walk-through if necessary) prior to Closing. 514 M. RISK OF LOSS: If, after Effective. Date, but before Closing, Property Is damaged by fire or other casualty 515 ("Casualty Loss" ) and cost of restoration (which shall include cost of pining or removing damaged trees) does not s1s exceed 1;5% of Purchase Price, cost of restoration shall be an obligation of Seller and Closing shall proceed siT pursuant to terms of this Contract. if restoration is not completed as of Closing, a sum equal to 125% of estimated s1s cost to complete restoration (not to exceed 1 . 5% of Purchase Price), will be escrowed at Closing. If actual cost of sig restoration exceeds escrowed amount, Seller shaft pay such actual costs (but, not in excess of 1 .5% of Purchase 62o Price). Any unused portion of escrowed amount shall be returned to Seller. If cost of restoration exceeds 1 .5% of %n Purchase Price, Buyer shall elect to either take Property as fs" together With the 1 w6%t or receivea refund of lba s220ePOsit, MerebyFelVasfng95yanu mel r horn an turMer obligations under this Contract. Seller's sole obligation - s2s with respect to tree damage by casualty or other natural occurrence shall be cost of pruning or removal. sea N. 1031 EXCHANGE: If either Seller or Buyer wish to enter into a ilke-kind exchange (either simultaneous with s2s Closing or deferred) under Section 1031 of the internal Revenue Code ("Exchange"), the other party shall cooperate sea in all reasonable respects to effectuate the Exchange, including execution of documents; provided, however, sn cooperating party shall incur no liability or expense related to the Exchange, and Closing shall not be contingent sn upon, nor extended or delayed by, such Exchange; s2s O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES: Neither this Contract nor any 63d notice of a shall be recorded in any public records. This Contract shall be binding on, and inure to the benefit of, the wt parties and their respective heirs or successors In interest. Whenever the context permits, singular shall Include plural 532 and one gender shall include all. Notice and delivery given by or to the attorney or broker (including such broker's real sas estate licensee) representing any party stall be as effective as if grlrerl by or tO that party. AA notices must be in sm writing and may be made by mail, personal delivery or electronic (Including "pdf) media. A legible facsimile or sas electronic (including "pdf) Copy of this Contract and any signatures hereon shalt be considered for all purposes as an s76 odginaL s37 P. INTEGRATION; MODIFICATION : This Contract contains the full and complete understanding and agreement sae of Buyer and Seller with respect to the transaction contemplated by this Contract and no prior agreements or 539 representatlons shall be binding upon Buyer or Seller unless included in this Contract. No modification to or change s4o in this Contract shall be valid or binding upon Buyer or Seller unless In writing and executed by the parties intended 541 to be bound by ft. sae Q. WAIVER.* Failure of Buyer or Seller to insist on compliance with, or strict performance of, any provisaan of this ract, S43 Contract, or to take advantage of any right under this Contshall not constitute a waiver of other provisions or s44 rights. 64s R. RIDERS; ADDENDA; TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten w or handwritten provisions shall control all printed provisions of this Contract in conflict with them . soy S. COLLECTION Or COLLECTED: "COLLECTION" or "COLLECTED" means any checks tendered or received, 54a._1lucfulUng,.DslrosRs, have becom"ctuany and .finally_collected. and _deposfted ..fn-th e-account of•Escrow• mo or Closing Agent Closing and disbursement of funds and deliveryAd by sso Closing Agent until such amounts have been COLLECTED hi Closing genr s cc urttents may b4e ,delayed by Closing Agents accaants. 561 T. LOAN COMMI7MF_A17_ "Loan Commitment" means a statement by the tender setting forth the terms and w2 conditions upon which the lender is willing to make a particular mortgage loan to a particular borrower. am U. APPLICABLE LAW AND VENUE; This Contract shall be construed in accordance with the laws of the State of 6s4 Florida and venue for resolution of all disputes, whether by mediation, arbitration or litigation, shall lie in the county in sss which the Real Property is located. 5% ADDENDA AND ADDITIONAL, TERMS ssr 19. ADDENDA: The following additional terms are Included In the attached addenda and incorporated into this ssr Contract (Check if applicable): ❑ A. Condominium Assn. ❑ L Right to Inspect ❑ R. Rezoning ❑ Y. Seller's Attorney ❑ B. Homeowners' Assn. Cancel E] S. Lease Purchase! - - Approval . . . ❑ C: Seller Financing © M. Defective Drywall Lease Option l� L Buyer's Attorney v D. Mortgage Assurri rt.9 S� pilon ❑ N. Coastal Construction ❑ T. Pre-Cbsing Approval • EU E. FHANA Financing Control Line Occupancy ❑ AA Licensee-Personal El F . Appraisal Contingency 0 O. Insulation Disclosure ❑ U. Post-Closing Interest in Property ❑ G. Short Sale P . Pre-1978 Housing Occupancy Q BB. Binding Arbitration 11H . Homeowners' Insurance Statement (Lead ❑ V. Sale of Buyer's J$ Other ❑ 1 . FIRPTA Based Paint) Property Q J. Interest-Bearing Acct. C1 Q. Housing for Older ❑ W. Back-up Contract Commissioners ❑ K "As !s" Persons ❑ X. Mck-out Clause Buyer's initials . • Page 10 of 1 i Seller's initia ls FloridaReaRorsMoWa am Rev. 6/10 ® 2010 Florida RealtorsO and The Florida Bar. AN rights reserved. — 409