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C. PURCHASE MONEY MORTGAGES: Any purchase money note and mortgage shall follow the forms generally accepted and used in the county where the land
<br />is located. A purchase money mortgage shall provide for insurance against loss by fire with extended coverage in an amount not Iesa than the full insurable value
<br />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
<br />mortgage after 15 ...... days default. Second mortgages shall require the owner of the property encumbered by said mortsage to keen all orior liens and encum;
<br />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
<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 sumeyed at his expense. If the
<br />survey shows any encroachment an 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 p title defect.
<br />F. TERMITE. INSPECTION: Prior to closing, at Buyers expense, the Buyer shall have the right to have the property inspected by a Licensed 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 damage from prior
<br />termite or wood destroying organism to said improvements. If there is any such infestation or damage, the Seller shall pay all costs of treatment and repairing
<br />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
<br />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
<br />W for effectingexterminationsand necessary repairs, by giving written notice to .the other party.
<br />F. INSURANCE: The premium on any hazard insurance policy in force covering improvements on the subject property, shall be prorated between 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 skull, prior to closing, furnish the Buyer copies of all written leases and, if there are any persons in possession without written leases, estoppel
<br />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
<br />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.
<br />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
<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 materialmen and a seller's mechanics lien affidavit.
<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, sellers affidavit, 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 Z days
<br />prior to the closing date. Copies shall also be furnished to participating Brokers upon request.
<br />K. EXPENSES: State surtax and documentary stamps required on deed, costs of recording any correcting instruments and the cost of 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, intangible tax on moitgagcf and the
<br />cost of recording the deed shall be paid by the buyer.
<br />L. PRORATION OF TAXES (REAL AND PERSONAL): Taxes shallbe prorated based upon the current years 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 available, taxes will be prorated based upon such assessment and the prior year's
<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 improvement
<br />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 years millage and an equitable
<br />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
<br />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.
<br />�f. 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
<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 be charged an amount
<br />equal to the last estimate by the public body of the assessment for the improvement.
<br />N. PERSONAL PROPERTY: The Seller represents and warragts that all major appliances and machinery included in the sale shall be in good working 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 equipment
<br />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
<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 />0. 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
<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 possession hereinbefore
<br />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,
<br />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.
<br />P. ?MAINTENANCE: Between the date of the contract and the date of closing, the property, including lawn, shrubbery and pool, if any. shall be maintained
<br />by the Seller in the condition as it existed as of the date of the contract, ordinary wear 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 of closing, except in cases
<br />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
<br />be made in the form of cash, cashier's check, certified check, attorney's trust account check, or read estate broker's trust account check. All professional service fees shall be
<br />disbursed in full at the time of closing.
<br />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,
<br />including reasonable attorney's fees.
<br />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
<br />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 damagew.
<br />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 he returned
<br />to the Buyer on demand, or the Buyer shall have only the right 9f specific performance.
<br />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.
<br />U. PERSONS BOUND: This contract shall bind and benefit the parties hereto, their heirs, personal representatives, successors and assigns (unless provided
<br />herein that this contract is not asfignable).
<br />V. OTHER AGREEMENTS: No agreements or representations, unless incorporated in this contract, shall be binding upon any of the parties. Typewritten or hand.
<br />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
<br />survive delivery of the deed and possession.
<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 or his
<br />attorney, stipulating a reasonable time for further performance.
<br />EXHIBIT "A" 1.
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