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rt - EXHM"All STANDARDS FOR REAL ESTATE TRANSACTIONS A. EVIDENCE OF TITLE: (1) A complete abstract of title prepared by a reputable abstract firm purporting to be an accurate synopsis of the instruments affecting the title to that real propery recorded in public records of that county to the date of this contract, showing in the seller a marketable title in accordance with title standards adopted from time to time by the Florida Bar, or the local Bar Association, subject only to liens, encumbrance, exceptions or qualifientions set forth in this contract and those which shall be discharged by seller at or before closing, (2) a title guarantee commitment issued by a qualified title insurer agreeing to issue to the buyer, upon the recording of the deed to buyer, an owner guarantee in the amount of the purchase price insuring the title of the buyer to that real property, subject only to liens, encumbrances, exceptions or qualification set forth in this contract and those which shall be discharged by seller at or before closing. Buyer shall have 30 ..... days if abstract; or 15 ..... days if title guarantee commitment, from the date of receiving the evidence of title to examine same. If title is found to be defective, the buyer shall, within said period notify the seller in writing specifying the defects. If the said defects render the title unmarketable, the seller shall have 120 ...... days from the receipt of such notice to cure the defects, and shall use due diligence to do so; but if aftei said time has expired, said defects are not cured, Buyer, upon request, shall have an additional 120 ...... days to cure said defects, and the reasonable costs and fees incurred thereby shall be paid by seller. If Buyer does not cure said defects within said additional time period, then buyer shall have the option: (1) accepting the title as it then is, or (2) demanding a refund of all monies paid hereunder which shall forthwith be returned to the buyer, and thereupon the buyer and seller shall be released of all further obligations under this contract. B. EXISTING MORTGAGES- The Seller shall obtain and furnish a statement from the mortgagee setting forth the principal balance, method of payment, interest rate, and whether the mortgage is in good standing. If there is a charge for the change of ownership records by the mortgagee, it shall he borne by the Buyer. In the event the mortgagee does not accept the Buyer for purposes of assuming the existing mortgage encumbering the subject property, where the mortgage instrument re- quires such acceptance, then and in that event, the Buyer at his option may cancel the contract and all monies paid on the purchase price shall be refunded to him and the parties shall be released from all further obligations. Any variance in the amount of a mortgage to be assumed from the amount stated in the Contract shall he added to or deducted from the cash payment or the purchase money mortgage, as the Buyer may elect. C. PURCHASE MONEY MORTGAGES: Any purchase money note and mortgage shall follow the forms generally accepted and used in the county where the land is located. A purchase money -mortgage shall provide for insurance against loss by fire with extended coverage in an amount not less than the full insurable value of the improvements. In a first mortgage, the note and mortgage shall provide for acceleration, at the option of the holder, after thirty (30) days default and in a second mortgage after 15 .. days default. Second mortgages shall require the owner of the property encumbered by said morteaee to keen all prior liens and encum- brances in good standing and forbid the owner of the property from accepting modifications of, or future advances under, a prior mortgage. Buyer shall have the right to prepay all or any part of the principal at any time or times with interest to date of payment without penalty and said payments shall apply against the principal amounts next maturing. In the event Buyer executes a mortgage to one other than the Seller, all costs and charges incidental thereto shall be paid by the Buyer. D. SURVEY: The Buyer, within the time allowed for delivery of evidence of title and examination thereof, may have said property surveyed at his expense. If the survey shows any encroachment on said property or that the improvements intended to be located on the subject property in fact encroach on the lands of others, or violate any of the covenants herein, the same shall be treated as a title defect. E. TERMITE INSPECTION: Prior to closing, at Buyer's expense, the Buyer shall have the right to have the property inspected by a licensed exterminating com- pany to determine whether there is any active termite or wood -destroying organism present in any improvements on said . property, or any damage from prior termite or wood destroving organism to said improvements. If there is any such infestation or damage, the Seller shall pay all costs of treatment and repairing and/or replacing all portions of said improvements which are; infested or have been damaged; provided, however, in the event the cost to be incurred is more than three percent (3%) of the purchase price, then either party may cancel the contract within ten (10) days of receipt of the termite inspection report and cost estimate for effecting exterminations and necessary repairs, by giving written notice to the other party. F. INSURANCE: The premium on any hazard insurance policy in force covering improvements on the subject property, shall be prorated between the parties, or the policy may be cancelled as the Buyer may elect. If insurance is to be prorated the Seller shall, on or before dosing date, furnish to the Buyer all insurance Policies or copies thereof. G. LEASES: The Seller shall, prior to closing, furnish the Buyer copies of all written leases and, if there are any persons in possession without written leases, estoppel letters from each tenant specifying the nature and duration of said tenant's occupancy, rental rate, advance rents or security deposits paid by tenant. In the event Seller is unable to obtain said estoppel letters from tenants, the same information may be furnished by seller to Buyer in the form of a Seller's Affidavit. H. MECHANICS LIENS: Seller shall furnish to the buyer an affidavit that there have been no improvements to the subject property for 90 days immediately preceding the date of closing. If the subject property has been improved within 90 days immediately preceding the closing date, the seller shall deliver releases or waiver of all mechanics liens executed by general contractors, subcontractors, suppliers or materialmen and a seller's mechanics lien affidavit. L PLACE OF CLOSING: Closing shall be held at the office of the seller's attorney or as otherwise agreed upon. J. DOCUMENTS FOR CLOSING: Seller's attorney or other closing agent shall prepare deed, and corrective instruments, seller's affidavit, and closing statement. Buyers attorney shall prepare the purchase money now and mortgage. Copies of all such documents shall be submitted to the other party's attorney at least 2 days prior to the closing date. Copies shall also be furnished to participating Brokers upon requeaL ' K. EXPENSES: State surtax and documentary stamps required on deed, costs of recording any correcting instruments and the cost of recording the purchase money mortgage shall be paid by the seller. Documentary stamps to be affixed to the note or notes secured by the purchase money mortgage, intangible tax on mortgage, and the cost of recording the deed shall be paid by the buyer. L. PRORATION OF TAXES (REAL AND PERSONAL): Taxes shall be prorated based upon the current year's tax without regard to discount. If the closing takes place and the current years taxes are not fixed, and the current year's assessment is available, taxes will be prorated based upon such assessment and the prior year's millage. If the current year's assessment is not available, then taxes will be prorated on the prior years tax, provided, however, if there is completed improvement of the subject premises by January 1 of the year of closing, then the taxes shall be prorated to the date of closing based upon the prior year's millage and an equitable assessment to be agreed upon between the parties, taking into consideration Homestead Exemption, if any. However, any tax proration based on an estimate may at the request of either party to the transaction, be subsequently readjusted upon receipt of tax bill, if a statement to that effect is set forth in the closing statement. M. SPECIAL ASSESSMENT LIENS: Certified. confirmed or ratified assessment liens as of the date of closing (and not as of the date of the contract) are to be paid by the seller. Pending liens as of the date of closing shall be assumed by the buyer, provided, however, that where the improvment has been substantially com- pleted as of the date of the contract, such pending liens shall be considered as certified, confirmed or ratified and the seller shall at closing be charged an amount equal to the last estimate by the public body of the assessment for the improvement. N. PERSONAL PROPERTY: The Seller represents and warrants that all major appliances and machinery included in the sale shall be in good working order and repair as of the date of closing. Buyer may, at his sole expense and on reasonable notice, inspect or cause an insretion to be made of the appliances and equipment involved prior to closing. Any necessary repairs shall be made at the cost of the Seller and, if appropriate, adequate funds shall be escrowed at time of closing to effect such repairs. Unless otherwise agreed by the parties, the Buyer shall, by proceeding to closing, be deemed to have accepted the property as is. O. RISK OF LOSS: If the improvements are damaged by fire or other casualty before delivery of the deed and can be restored to substantially the same condition as now existing within a period of sixty (60) days thereafter, Seller may restore the improvements and the closing date and date of delivery of possession hereinbefore provided shall be extended accordingly. If ' 'ter fails to do so, the Buyer shall have the option of (1) taking the property as is, together with insurance proceeds, if any, or (2) cancelling the contract and all depos. will be forthwith returned to the Buyer and the parties shall be released of any further liability hereunder. P. MAINTENANCE: Between the date of the contract and the date of closing, the property, including lawn, shrubbery and pool, if any, shall he maintained by the Seller in the condition as it existed as of the date of the contract, ordinary wear and tear excepted. Q. PROCEEDS OF SALE AND CLOSING PROCEDURE: The Seller shall be entitled to receive the net proceeds of the sale at time of closing, except in cases where mortgagee requires title clearance before disbursing funds, in which event Seller shall be entitled to payment upon receipt of funds from mortgagee. Payment shall be made in the form of cash, cashier's check, certified check, attorney's trust account check, or real estate broker's trust account check. All professional service fees shall be disbursed in full at the time of closing. R. ATTORNEY FEES AND COSTS: In connection with any litigation arising out of this contract, the prevailing party shall be entitled to recover all costs incurred, including reasonable attorney's fees. S. DEFAULT: If Buyer fails to perform any of the covenants of this contract, all money paid pursuant to this contract by the Buyer shall he retained by or for the account of the Seller as consideration for the execution of this contract, and as agreed and liquidated damages and in full settlement of any claims for damages. If he Seller fails to perform any of the covenants of this contract, all money paid pursuant to this contract by the Buyer, at the option of the Buyer, shall be returned to the Buyer on demand, or the Buyer shall have only the right of specific performance. T. CONTRACT NOT RECORDABLE: This contract or any reference thereto shall not be recorded in the office of the Clerk of any Circuit Court of the State of Florida Li. PERSONS BOUND: This contract shall bind and benefit the parties hereto, their heirs, personal representatives, successors and assigns (unless provided herein that this contract is not assignable). V. OTHER AGREEMENTS: No agreements or representations, unless incorporated in this contract, shall be binding upon any of the parties. Typewritten or hand- written provisions inserted in this form or attached hereto as addendums shall control all printed provisions in conflict therewith. The covenants of this contract shall survive delivery of the deed and possession. W. MAKING TIME OF ESSENCE: Time may be made the essence of this contract by notice in writing to the last known address of the other party or his attorney, stipulating a reasonable time for further performance. MAY 19 198 ;