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<br />STANDARDS FOR REAL ESTATE TRANSAt, LIONS
<br />A. EVIDENCE OF TITLE: (I) A complete abstract of title prepared by a reputable abstract firm purporting to he an accurate evnntris of the institutorn
<br />aHectuatt the .freta 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 tit
<br />standards adopted (firm time to time by the Florida 'Bar, or the local Bar Association, subject only to lierusI6 entuanhmnce. exceptions or qualifications met forth in this Contra,
<br />and those sell" shall be discharged by seller at or before closing; (2) a title guarantee commitment issued by a qualified title insurer agreeing to reale to the buyer, upon tl
<br />rwotdurg of the deed to buyer. an owner guarantee in the amount of the purchase price unsunng the title of the buyer to that real property, sAli,=, on
<br />to liens, wuettmbtarteea, exceptions or qualification art forth in this contract and those which &bail be discharged by seller at or before closing.
<br />Buyer shall have 30 ..... "Vit it abstract, or 15 ..... days if title guarantee commitment, from the date of receiving the evidence of title to examine same. If title is foul
<br />to be defective, the buyer &hail, within said period notify the seller in writing specifying the detects. If the said defects render the title. unmarketable, the seller all.,
<br />have 120 ...... days from the receipt of such notice to cure the defects. and shall use due diligence to do no; but if after said time has expired, said defects are n
<br />cured. Buyer, upon request shall have an additional 120 ...... dave to cure said defects, and Ills reasonable costs and fees incurred thereby shall be paid by seller.
<br />Buyer clue& not Rare said defects within said additional time period. then Witter shall have the option: (1) accepting the title as it then in, or (2) demanding a refund
<br />SH Morisse ped hereunder which shall forthwith be returned to the buyer, and thereupon the brayer and seller shell be released of all further obligations under this contras
<br />B. EXISTING MORTGAGES: The' Seller shall obtain and furnish a statement from the mortgagee setting forth the principal balance, method of payment, intern
<br />sista and whether the mortgage is in good standing. If there is a charge for the change of ownership records by the mortgagee, it shall be borne by the Buyer. In 0
<br />avant the sinartgagse dose not accept the Buyer for purposes of assuming the sainting mortgage encumbering the subject property, where the mortgage inatrumant r
<br />quires such acceptance, then and in that event, the Buyer at his option may cancel the Contract end all monies paid on the purchase price shall be refunded to ht
<br />and the parties shall be released (Tom all further obligations Any variance in the amount of a mortgage to be assumed from the amount stated in the Contract :hr
<br />be added to or deducted from the cash payment or the purchase money mortgage, as flat Buyer may elect
<br />C. PURCHASE MONEY MORTGAGES: Any purchase rmmey note and mortgage shall follow the foams generally accepted and used in the county where tho Ian
<br />Is located. A purohass money mortgage shall provide for insurance against low by fico with extended coverage in an amount not low than the full insurable vela
<br />of the improvements. In a first mortgage, the note and mortgage shall provide for acceleration. at the option of the holder, after thirty (90) days default and in a recon
<br />mortgage after 15 .. days default. Second mortgages shall require the owner of the property encumbered by said mortrare to keen all after liens and encun
<br />brances in good vending and forbad the owner of the property from adcepting modifications of, or future advances under. a prior mortgage. Buyer shall have the rig:
<br />to prepay all or any part of the principal at any time or limes with interest to date of payment without penalty and said payments shall apply against the princip,
<br />amounts text maturing. In the event Buyer executes a mortgage to one other than the Seller, all Costs and charggs incidental thereto shell 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. It ti-
<br />survey
<br />hsurvey shows any encroachment on said property or that the improvements intended to be located on the subject property in tact encroach on the lands of others, s
<br />violate any of the covenants herein, the same shall be treated as a title defect
<br />)Iv TERMITE INSPECTION: Prior to closing, at Buyers expense, the Buyer shall have the right to have the property Inspected by s licensed exterminating ran
<br />Perry to determine whether there is any active termite or wood -destroying organism present in any improvements on said property, or any damage from pre
<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 repaint
<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 tha
<br />three percont 43%) of the purchase price, then either party may cancel the contract within ten (10) days of receipt of the termite inspection report and cwt ectimat
<br />for effecting oxtertainatiots and necessary repsirs, by giving written notice to the other party.
<br />F. INSURANCE: The premium on any hazard insurance policy in fares covering improvements on the subject property, shall be prorated between the pnive
<br />or the policy may cancelled as the Buyer may elect If insurance is to be prorated the Seiler shall, on or before closing date, furnish to the Buyer all inmrrr.a
<br />Policies or copies thereof.
<br />Li. LEASES: The Sellgr shall, prior to closing, furnish the Buyer copies of all written leases and, if there are any persons in poommion without written Ieae=3, catopp,
<br />letters from each tenant specifying the nature and duration ofi�said tenant's occupancy, rental rate, advance rents or security deposits paid by tenant In the event Salle
<br />is unable to obtain said ntoppel letters from tenants, the same infortnativa may be furnished by seller to Buyer in the form of a Sellers Affidavit
<br />H. MECHANICS LIENS: Seller shall furnish to the buyer an a9[dsyit that there have been no improvements to the subject property for 90 days iminctliatol
<br />preceding the date of closing. It the subject property has been impish within 90 days immediately preceding the closing date, the seller shall deliver relearn or rmiye
<br />uI all medaaara liens executed by general contractors, subcontractors, suppliers or material en and a seller's mechanics lien affidavit
<br />L PLACE OF CLOSING: Closint shall be held at the alike of tin seller's attorney or as otherwise agreed upon.
<br />.e. DOLVtagEN'fo FOR C LOSIItO: 4ellc:'e aotar;r7 M attar r m-extcam' I...;7at: E : ' sa , �: iz �� -'l - as:
<br />Euyer'e attenssy al" prepare the purchase money nate and mcrtgaiis. Copier; of all such doestmwts skean be submitted io the oche: rartP'e attatneir at lstr:# 2 tby
<br />prior to the closing date. Copies shall aloe be fuunuthad to participating Broken upon tvquest.
<br />IC. EXPENSES: State surtax and documentary stamps required on deed, costs of recording any correcting instruments and the cost of recording the purchase crone•
<br />mortgage shalt be paid by. the seller. Doeurnentary stamps to be tallied to the note or notes secured by the purchase money mortgage, intangible tax on mortgage, and th
<br />cost of recording the deed shalt he paid by the buyer.
<br />L PRORATION OF TAXES (REAL AND PERSONAL): Taxes shall be prorated based upon the current year's tax without regard to discount. Ii the closing take
<br />piaci and the current years taxes are not fixed, and the current years assessment is Available, taxes will he prorated based upon such assessment and the prat year
<br />atiflage. 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 improvcune,
<br />d the subject promises by January 1 of the year of closing. then the taxes shell be prorated to the date of closing based upon the prior year's millage and an equitab•
<br />assessment to .be agreed upon between the parties, taking into consideration Homestead Exemption, if any. However, any tax proration based on an estimate mal :
<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 />W SPECIAL ASSESSMENT LIENS: Certified. confirmed or ratified assessment liens an of the date of closing (and not as of thWdate of the contract) arc. tr. i
<br />paid by the seller. Pending liens as of the date of closing shall be assumed by the buyer, provided, however, that where the imptovntent has been substantially cot
<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 amou
<br />equal to the last estimate by the public body 01 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 be in good working order a
<br />repair as of the date of closing. Buyer may, at his sole expense and on reasonable notice, inspect or cause an inspection to he made of the appliances and equipmt
<br />involved prior to closing. Any necessary repairs shall he made at the Cost of the Seller and, if appropriate, adequate funds shall he escrowed at time of clo`inc
<br />effort slack 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 be restored to substantially the some Condit,
<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 hereinbeft
<br />provided shall be extended accordingly. If ' tier fails to do so, the Buyer shall have the option of (1) taking the property as is, together with insurance proceeds, it at
<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 he maintain
<br />by the Seller in the condition as it existed as of the date of the contract, ordinary wear and tear excepted
<br />Q. PRLk.EEDS 01' SALE AND CLOSING PPOC:EDUP.E: The Seller Anil he cntitlnd to r.rrivw the net proceeds of the sale at time of closing, except ir cat
<br />where mortgagee requires title clearance before disbursing funds, in which event Seller shill he entitled to payment upon receipt of fun.lc from mortgagee. Payment sh
<br />be made in the fort of cash, cashier's check, certtlied check, attorney's trust account check, or real estate broker's trust account check. All professional service fees shall
<br />disbursed in full at the time of closing.
<br />R. ATTORNEY FEES AND rOSTS: In connection with any litigation arising out of this contract, the prevailing .party shall he entitled to recover all costs incurn
<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 In this contract by the nuver shut[ he retained by or I
<br />the account of the Seller as considerahnn for the execution of chis contract. and :n agreed and hyuxlalont damaxer and in full settlement of Inv claims for dams¢
<br />If he Seller fads to perform any of the covenants of this contract, al[ money paid pursuant to this contract by the Buyer. at the option of the Buyer, shall be return
<br />to the Buyer on demand, or the Buyer shall have only the right of specific performance.
<br />T. CONTRACT NOT RECORDABLE: This contract or any reference thereto shall not lie recorded in the office of the Clerk of any Circuit Court of the State of Flan
<br />U. PERSONS BOUND: This contract shell bind and benefit the parties hereto, then heirs, personal representatives, sueresaors and assigns tailless prove
<br />herein that that Contract in not assignable).
<br />V. OTHER AGREEMENTS: No agreements or representations, unless incorporated in this enntract. +hall be binding upon anv of the parties. Typewritten or hat
<br />written provisions inserted in this form or attached hereto as addendums shall control all printed pmv,sauns in conduct therewith. The covenants of this contract si.
<br />survive delivery of the deed and possession.
<br />W. MAILING TiME OF ESSENCE: Time may he made the essence a( this contract by notice in writing to the Last known addrese of the other party or
<br />attorney, stipu(ating.a reasonable time for further performance.
<br />BOOK'- JUN 1 �9�3� �.:_,.
<br />- : PACE 859
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