|
STANDARDS FOR REAL ESTATE TRANSACTIONS (uSTANDARDS") CONTINUED
<br />-cos
<br />405 under this Contact more than 14 days beyond Closing Date, then either party may terminate, this Contract by delivering
<br />847 written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all
<br />further obligations under this Contract.
<br />408
<br />410 H. CONVEYANCE: Setter 5,�raE convey marketable tide to the Real Property by statutory warranty, trustee's, personal
<br />4representative's, or guard/eel's deed, as appropriate to the status of Seiler, subject only to matters described in 41STANDARD A and those accepted by Buys. Personal Property shall, at request of Buyer, be transferred by absolute
<br />bill of sale with warranty of title, subject only to such matters as maybe provided forth this Contract.
<br />02 J. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE
<br />414
<br />eta (i) LOCATION: Ceasing will take place in the county where the Reef Property is located et the office of the attorney or 415 other closing agent Ctiosing Agent`) designated by the party paying for tha owners policy of Liffe insurances, or, if no
<br />elle insurance, designated by Seller: Closing maybe conducted by mall or electronic means.
<br />ata
<br />41s (Ti) CLOSING DOCUMENTS: Seller shaft et or prior to Closing, execute and deliver, as applicable, deed, bill of sale,
<br />4certiricate(s) of title or other documents neceesary to transfer title to the prostr
<br />property, conu„^bon ran �tdavit(s); owners 429 possession and no Lien affidavit(s), and assign�nent(s) of leases. Seller shall provide Buyer with paid receipts for all
<br />42o work done on the Property pursuant to this Contract Buyer shall furnish and pay for, as applicable the survey, flood
<br />efevation certificafon, and documents required by Buyer's !ender.
<br />4.2ee2 (Iii) PROCEDURE: ?he deed shall be recorded upon COLLECTION of elf dosing funds. If tire- Title Commitment421
<br />ata provides insurance against adverse ,natters pursuant to Section 627.7841, F.S., as amended, the
<br />esceow closing
<br />424
<br />procedure required by STAt+tIDAJiD J shall be waived, and Closing Agent shall, subject to COLLECTION of ali closing
<br />funds, disburse at Closing the brokerage fees to Broker and the net sale proceeds to Seiler.
<br />42s 7 J. ESCROW CLOSING PROCEDURE: if Title Commitrnent issued pursuant to Paragraph 9(c) does not provide for
<br />42
<br />42
<br />art insurance against adverse matters as permitted under Section 627.78341, F.S„ as amended, the following escrow and azo dosing procedures shall apply: (i) all Closing proceeds shall be held• h es +r by the Closing Agent fore period of not 430 more than 10 days after Closing; (2) if Seller's tie Is rendered rmrnarkeiabie through no fault of Buyer, Buyer shall,
<br />within the 10 thy period, notify Seller In writing of the defect and Sailer shall have 30
<br />431 nob tion to cure the defect; (3) if Seller falls to timely cure The defect, tie De from dais of receipt of such
<br />432 shall, within 5 days after written demandDeposit and all ou Closing thuds paid by Buyer
<br />ase Buyer shall return the Persona! pro by Buyer, � refunded to Buyer and, simultaneously tuft}, such repaynwnt,
<br />4i Buyer s deed and bin of perry, vacate the Rea/ Property and re-co;wey the Property 1 Seller- by spial
<br />sate; and (4) If Buyer fa to make timely demand for refund of the Deposit Buyer shall take
<br />434
<br />4 titre as is, waiving all right, against Seller as to any intervening defer except as may be avaliable to Buyer by virtue of
<br />warranties collimated in the deed or bill of sate.
<br />4$r
<br />4a6 487
<br />PRORs will CREDITS: Tne following recurring itemwill be made current [lf applicat>1e) and prorated as of the ass day prior to Closing Date, or dare of occupancy if occupancy occurs before Closing Data: real estate: taxes (incfuding 439 special benefit tax assessment Imposed by a CDD), Interest bonds, essopaten fees, insurance, rents and other eco eXpehses of Property. Buyer span have option of taking over adsting policies of insurance, If assumable, In which event 441 premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required by prorafions in be
<br />,bade through clay 1419r to Closarg. Advance Ant and seai.itty geposits,. if �ny,.wilt be cr iged to Byyer_ Escrow
<br />443
<br />4 deposits held by Seller's mortgagee wilt be paid to Seller. Taxes shall be prorated based on current year's tax with due
<br />444 allowance made for maximum allowable discount, homestead and other exemptions. If Dosing occurs on a ,tete ekes 448 current year's moilage is not feted but =rent year's assessment Is available, taxes willbe prorated based upon such 448 assessment and prior year's mifage. If Current year's assessment is not available, then taxwill
<br />es be prorated on prior
<br />dee year's tax. tf there are completed erieaverneres on the Real Property by -January 1st of year of Cios rg, which
<br />44a
<br />intprovemmts were not In existence on January 1 of prior year, thentaxes shall be prorated based upon prior year's
<br />milage and at an equitable asses ,tent to be agreed upon between the parties, failing which, request shall be made to
<br />es) the County Properly Appraiser far an krforrrrat a ssment
<br />4e: based on an esernate shall, at either party's to fakingeri Into account available current y a s tax bile los
<br />4s� STANDARD K shall survive Cb�g, ' ba ,earth sled upon receipt of torrent year's tax bill This
<br />462
<br />a L ACCESS TO PROPERTY ID CONDUCT APPRAISALS, ENSPECTJONS, AND WALK THROUGH. Serer shall,
<br />454 *port reasonable notice, provide rrliiirtiseservice and access to Property for appraisals and Inspector's, inaludrnB a walk -
<br />454 through (orfolew-up walk-through if neceraty) prior to Closing.
<br />ess
<br />its
<br />4sr M. RISK OF LOSS: if. after Elfecflve Date, but before Closing, Property is damaged by fire or other casualty
<br />("Casualty Loss') and cost of restoration (which shag include cost of pruning or removing damaged Imes) does not
<br />St' exceed 1596 of Purchase Price, cost of rhstoratian shalt be an obligation of Seller and Closing shall proceed pursuant
<br />44 4469
<br />to trams of this Contract if restoration is not completed as of Closing, a silo equal to 125% of estimated post to 451 complete restoration (not to exceed 1,5% of Purchase Price), vtill be escrowed at Closing. If actual cost of restoration •Bt exceeds escrowed amount, Seller men pay such web& costs (but, not in excess of 1,395 of Purcthase Price). Any
<br />452 unused portion of escrowed amount shat) be returned to Seller. tf cost of restoration exceeds 1-595 of Futchase Prim, 4464 Buyer shall elect to either take property -as is together with the 1.5%, or receive a refund of the Deposit, thereby
<br />464 releasing Buyer and Seer from alt fsrthe obligations under this Contract. Seller's sole obreeatbe With respect to tree
<br />damage by casually or other natural occurrence shah be cost of pruning cr removal
<br />Buyer•* initials Page 8 of 11
<br />F7orrdaRea`totslFroridaSer-4S Martis in
<br />Z Rev-FJ73 S7 2013 RealtorVand The Horkla Ba-. A8 rights reserved.
<br />S
<br />Bleck d1a32a407sn.eas23ar
<br />sinip 1icl mr
<br />37
<br />
|