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<br />STANDARDS FOR REAL ESTATE TRANSACTIONS
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<br />:: rnr!:ng tit he .,.•tvi•t„ eater, in n�n•r cuatantee :n the amunnt •.i the 1••tr. wise rince assuring tee tine ..i the !neer •�, tc it inti ;�r'•r• ..e .•,t ..
<br />to liens, encnmnrnnces, etceptions or qualification set forth in this contract and these which shall 1•e dl,altarced he sei)er at or before• ei..w ng
<br />l:uyer -haft have 30 ..-... days if abstract, or 1.1..... days if title riarantee e-nmiu0ment. from the date of rcceivin, the evidence of title to rxamne same if t tic is found
<br />to 1•e defectrr, the huvor shall• within said period notify the -oiler in writing spe•cifyng the deierth. If the said dofet•ts render the title anmarl.et iNe. tit, .i
<br />e dler =h,1;
<br />Imve la) ...... days from the receipt of such notice to cure the dcfe cts, and shall use duo dilicenre to do ao; but if niter s.ud tune baso expired. soul tb•ferts are not
<br />cured. Fiuver• u,^.nn re iticst. =hall have an additional 120 ...... days to cure acid deGiets, and the rensonable rost,t and fee- inrurn•tl the•rrhv shall ! •• ;,aid ht -11--r if
<br />Beier d•ua not cure said defects within Paid ndntional time period* , then buyer ••hall have the option: 11) aece'paang the title a+ it thet'
<br />n is, or 'i dt mandua a refund of
<br />all montes Paul hereunder which shall forthwith be returned to the buyer, and therourion the buyer and setter shall be released of :111 further obligations under thn contract
<br />B. EXISTING MORTGAGES: The Seller .hail obtain and furnish a statement from the mortgagee setting forth the principal balance, method of payment, interest
<br />rate, and whether the mortgage is in gond standing. If there is n charge for the chance of ownership records by the mortgagee, it shall he bnrne by the flnyer. In the
<br />event the mortgagee does not accept the Buyer for purlxisew of assuming the existing mortgage encumbering the subject property, where the mnrtcace instrument re.
<br />quires ;ugh acreptttnee, then and in that event, the Buyer at his. option may cancel the contract and all monies paid on the purchase price shall hr n•funded to him
<br />and the parties shall be released from all further obligations. Any variance in the amount of n mortgage to he nssm
<br />urd from the amount stated in fill- f'nntract shall
<br />be added to or deducted from the cash payment or the purchase money mortgage, as the Buyer may deet.
<br />C. PURCIIAS)i MONEY MORTGAGES: Any Purchase mnnev note and mortgage shall follow the forms generally accepted rind used in the county where the I:tart
<br />is located. A pur:hase ntotiey mortgage shall provide for insurance against loss by fire with extenr)Pd cover -ire in an amount not less than the full in.urahle vahie
<br />of the improvements. In a lint mora- pe, the note and mortgage shall provide for acceleration, at the option of the holder, after thirty (30) days default and in it second
<br />meirlcage after 15 ...... flays default. Second mortgages shall require the -owner of the property encumbered by said morteace in keen all prior liens and Pnrum-
<br />hranceP in good standing and forbid the owner of the property from accepting modifications of, or future advances under, t prior mortgage. Buyer shall have the right
<br />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
<br />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.
<br />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
<br />sunny 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
<br />violate any of the covenants herein, the same shall be treated as a title defect.
<br />E. TERMITE INSPECTION: Prior to closing, at Buyer's expense. the Buyer shall have the right to have the property inspected by a lirensed exterminating com-
<br />pany to determine whether there is any active termite or wood -destroying organism present in any improvements on said property, or any dam:u:e from prior
<br />termite or wood drstnszing organism to said improvements. It there is any such infestation or damage. the Seller shall pay all costs of treatment and repairing
<br />and/or replacing ail Pgt'tions of said improvements which are infested or have been damaged; provided, however, in the event the cost to be incurred is more than
<br />three percent (317,) oP4he purchase price, then either party may cancel the contract within len (10) days of receipt of the termite inspection report and cost estimate
<br />for effecting exterminations and necessary repairs, by giving written notice to the other party, a
<br />F. INSURANCE: The premium on any hazard insurance policy in force covering improvements on *the subject property shall he prorated hempen the parties,
<br />or the Policy may be cancelled as the Buyer may elect. If insurance is to be prorated the Seller shall, on or before closing date• furnish to the Buyer all insurance
<br />Policies or copies thereof.
<br />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 )eases, estoppel
<br />leifers from each tenant specifying the nature and duration of said tenant's occup�aray, rental rate, advance rents or security deposits paid by tenant. In the event Seller
<br />is unable to obtaio said estoppel letters from tenants, the same information may be furnished by seller to Buyer in the form of a Seller's Affidavit.
<br />H. MECIIANICS LIENS: Seller shall furnish to the buyer an affidavit that there have been no improvements to the subject property for PO days iminedintely
<br />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
<br />of all mechanics liens executed by general contractors, subcontractors, suppliers or mnterialmen and a seller's mechanics lien atlidnvit.
<br />I. PLACE OF CLOSING: Closing shall be held at the office of the seller's attorney or as otherwise agreed upon.
<br />J. DOCUMENTS FOR CLOSING: Seller's attorney or other closing agent shall prepare deed, and corrective instruments, seller's aflidnvit, and closing statement.
<br />Buyer's attorney shall prepare the purchase money note and mortgage. Copies of all such documents shall be submitted to the other party's attorney at least 2 days
<br />Prior to the cloaing date. Copies shall also be furnished to participating Brokers upon request.
<br />K. EXPENSES: State surtax and documentary stamps required on decd, costs of recording any correcting instruments and the cosCof recording the purchase money
<br />mortgage shall be paid by the seller. Documentary stamps to be affixed to the note or notes secured by the purchase money mortgage, inlangaible tax on mnrtgage, and the
<br />cost of recording the deed shall be paid by the buyer. --
<br />L. PRORATION OF TAXES (REAI, AND PERSONAL): Taxes shall be prorated based upon the current year's tax without regard to discount. If the closing takes
<br />place and the current year's taxes are not fixed, and the current year's assessment is ovailnble, taxes will he prorated based upon such assessment and the prior year4
<br />millage. If the current year's assessment is not available, then taxes will be prorated on the prior year's tax, Provided. .however, if there is completed improvem.•nt
<br />of the subject premises by January 1 of the yea? of closing, then the taxes shall he prlrnted to the dater'of closing based upon the•prior year's millage and an equitable
<br />assessment to be agreeSupon between the parties, taking into consideration Homestead rxemP!ion, if any. However, any tax proration based on an estimate may at
<br />the request of either party to the transaction, be subsequently readjusted upon receipt of tax bill, it a statement to -that effect is set forth in the closing statement.
<br />i1f. SPECIAL ASSESSNIFNT LIENS: Certified, confirmed or ratified assessment liens as of the date of closing (and not as of the date of the contract) are to lie
<br />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-
<br />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 tie charged :ar :urnnmr
<br />equal to the last estimate by the public body of the assessment for the improvement.
<br />N. PERSONAL PROPERTY: The Seller represents and warrants that all major appliances and machinery included in the sale shall he in grand wnrking order and
<br />repair as of the date of closing. Buyer may, at his sole expense and on reasonable notice, inspect or cause an inspection to be made of the appliances and ettuipmt•nt
<br />involved prior to closing. Any necessary repairs shall be made at the cost of the Seller and, if appropriate, ndequate funds shall be escrowed at time of closing tU
<br />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.
<br />O. RISK OF LOSS: If the improvements are damaged by fire or other casualty before delivery of the deed and can he restored to substantially the same condition
<br />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 prnsession hereinbefore
<br />provided shall he 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.
<br />or (2) cancelling the contract and all depots. will be forthwith returned to the Buyer and the parties shall be released of any further liability hereunder.
<br />P. MAINTENANCE: Between the date of the contract and the date of closing. the property including lawn, shrubbery and pool, if nay, .hall be maintained
<br />by the Seller in the condition as it existed as of the date of the contract, ordinary wPar and tear excepted.
<br />Q. PROCEEDS OF SALE AND CLOSING PROCEDURE: The Seller shall be entitled to receive the net proceeds of the sale at time tat closing, except in raves
<br />where mortgagee requires title clearance before disbursing funds, in which event Seller shall he entitled to payment upon receipt of funds from mortgagee. Payment shall
<br />he 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 fens shall lit•
<br />disbursed in full at the time of closing.
<br />It. ATTORNEY FEES AND COSTS: In connection with tiny litigation arising out of this contract, the prevailing party shall he entitled to recover all costs incurred•
<br />including reasonable attorney's fees.
<br />S. M -'FAULT: if Buyer fails to Perform any of the covenants tit this contract, all money paid pursuant to this rnntract by Ilse• Buwer shall be ref.eined by or for
<br />the account of the Seller as considertlu,n fur. the execution of this contract, and as .agreed and liquidated damages and ill full seltlrment of any claims for dati tg,•-
<br />if he Seller fails to perform any tit Yhe'coveanattts of this contract. all monev paid pursuant to this contract by the Guver, at the opunn of the Boyer. .hall be n•turit-I
<br />to the Buyer on demand, or the ,Buyer shall have only the right of specific performance.
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<br />T. CONTRACT NOT RECORDABLE: This ttrtlfractur any reference thereto shall not he recorded in the noire of the Clerk of any Circuit Court tat the Stilts• of Florida.
<br />IT. PERSONS BOUND: This con!rac� shall hind-, and benefit the parties hereto, their heirs, personal repre>cnt•,tives, sucressors and aasigrs Wrilrss provided
<br />herein that this contract is not assignable). ,
<br />V. OTHER AGREEMENTS: No agreements or representations, unless incorpor.tted in this contra.. -I. shill he binding ulx,n any of the p.artars Typewnten or hand•
<br />written provisions inserted in this form or attached hereto as addendums shall control all printed provisions in conflict therewith. The rovenant+ of tins contra -t shdl
<br />Purvi,,e delivery of the deed and possession. .t \
<br />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 ar his
<br />attorney, stipulating a reasonable time for further performance.
<br />JUN 16.1992
<br />I, R. n t I. 1t nAer 1 11 1 0
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