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A TRUE COPY
<br /> CFaTIFICATION ON LAST PAGE
<br /> J , R , SMITH , CLERK
<br /> 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
<br /> 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 /> 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 /> 39s Commitment provides insurance against adverse matters pursuant to Section 627.7841 , .F . S. , as amended
<br />, the
<br /> 39s escrow closing procedure required by STANDARD J shall be waived, and Closing Agent shall, subject
<br /> 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 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
<br /> date of receipt
<br /> 404 of such notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and
<br /> all 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
<br /> demand for refund of the
<br /> 4os Deposit, Buyer shall take title as is , waiving all rights against Seller as to any intervening defect except
<br /> as may be
<br /> 4os 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: real
<br />estate taxes
<br /> 412 (including special benefit tax assessments imposed by a CDD) , interest, bonds , association fees, insurance , 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
<br />required 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 /> 41a Buyer. Escrow deposits held by Seller' s mortgagee will be paid to Seller. Taxes shall be prorated based on 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,
<br /> then
<br /> 420 taxes will be prorated on prior year's tax, if there are completed improvements on the Real Property by January 1 st
<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
<br /> and inspections,
<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
<br /> fire or other casualty
<br /> 430 ("Casualty Loss") and cost of restoration (which shall include cost of pruning or removing damaged trees) does
<br /> 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
<br /> actual cost of
<br /> 434 restoration exceeds escrowed amount, Seller shall pay such actual costs (but, not in excess of 1 . 5%
<br /> of Purchase
<br /> 436 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 refund
<br /> of the
<br /> 437 Deposit, thereby releasing Buyer and Seiler 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 be
<br /> contingent
<br /> 443 upon , nor extended or delayed by, such Exchange .
<br /> 444 O. CONTRACT NOT RECORDABLE ; PERSONS BOUND; NOTICE; COPIES : Neither this Contract nor any
<br /> 44s notice of it shall be recorded in any public records . This Contract shall be binding on , and inure to the
<br />benefit 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 /> FloridaRealtors/Flori agar-ASIS-1 Rev. 6/10 0 2010 Florida Realtors® and The Florida Bar. All rights reserved.
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