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STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED
<br />405 under this Contract more than 14 days beyond Closing Date, then either party may terminate this Contract by delivering
<br />406 written nonce to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all
<br />407 further obligations under this Contract_
<br />408 H. CONVEYANCE Seiler shall convey marketable titre to the Real Property by statutory warranty, trustee's, personal
<br />409 representative's, or guardian's deed, as appropriate to the statue of Seller, subject only to matters descrbed in
<br />410 STANDARD A and those accepted by Buyer. Personal Property shall, at request of Buyer, be transferred by absolute
<br />41; bill of sale with warranty of title; subject only to such matters as may be provided for in This Contract.
<br />412 I. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE
<br />415 (i) LOCATION: Closing will take place in the county where the Real Property is located at the office of the aftomey or
<br />4 other dosing agent ("Closing Agent') designated by the party paying for the owner's policy of title insurance, or, if no
<br />415 title insurance, designated by Seller. Closing may be conducted by mall or electronic means.
<br />416 (ii) CLOSING DOCUMENTS: Seller shall at or prior to Closing, execute and deliver, as applicable, deed, bill of sale,
<br />417 certificate(s) of tattle or other docunlants necessary to transfer title to the Property, construction Ilan aifirdavit(s); owner's
<br />418 possession and no lien aftidevft(s), and assignment(s) of leases. Seller shall provide Buyer with paid receipts for alt
<br />Ora work done on the Property pursuent to this Contract. Buyer shalt fumish and pay for, as applicable the survey, flood
<br />429 elevation certification, and documents required by Buyer's lender.
<br />421 (Ili) PROCEDURE: The deed shall be recorded upon COLLECTION of all closing funds. If the Trtle Commltrnent
<br />422 provides insurance against adverse matters pursuant to Seotion 6273841, F.S., as amended, the escrow closing
<br />423 procedure requlrad by STAN.DARD J shell be Waived, and Closing Agent shall, subject to COLLECTION of an closing
<br />424 funds, disburse at Closing the brokerage freest° Broker and the net sate proceeds to Seiler.
<br />42s J. ESCROW CLOSING PROCEDURE: If Titie Commilment issued pursuant to Paragraph 9(c) does not provide for
<br />425 insurance against adverse matters as permitted molder Section 627.7841, F.S., as amended, the following escrow end
<br />427 closing procedures shall apply: (1) alt Closing proceeds shall be held in escrow by the Closing Agent for a period of not
<br />438 more than 10 days after Closing; (2) if Seller's title Is rendered unmarketable, through no fault of Buyer, Buyer shall,
<br />429 within the 10 day period, natiTy Seiler in writing of the defect end Seller shall have 30 days from date of receipt of such
<br />430 notification to cure the defect; (3) if Seller fails to timet, cure the defect, the Deposit and all Closing funds paid by Buyer
<br />431 shall, within 5 days alter written demand by Buyer, be refunded to Buyer and, simuitaneously with such repayment.
<br />432 Buyer shall return the Perianal Property, vacate the Real Property and re -convey the Property to Seller by special
<br />area warranty deed and bill of sale; and (4) if Buyer fails to make timely demand for refund of the Deposit, Buyer strati take
<br />494 tide as is, waiving alt rights agabst Seiler as ie any intervening defect except aS may be available to Buyer by virtue of
<br />435 warranties contained in the deed or bill of safe.
<br />ess K. PRORATIONS; CREDITS: The following recurring items MI be made current (if applicable) and prorated as of the
<br />Oar day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate taxes Cu -lauding
<br />ase special benefit tax assessments imposed by a CDD), interest, bonds, association fees, insurance, rents and other
<br />432 expenses of Property. Buyer shall have option of taking over esdsting policies of insurance, If assumable, in which event
<br />44o premiums shad be prorated. Cash at Closing shall be increased or decreased as may be required by proration to be
<br />441 made through clay prior to CIosarg., Advance _rant and secur(ty deposstee If .eny,.vrlll be cratAked to_ SaYee Escrow
<br />442 deposits herd by Seller's mortgagee will be paid to Seller. Taxes shall be prorated based on current year's tax with due
<br />449 allowanoe made for maximum allowable discount; homestead and other exemptions. if Closing occurs on a date when
<br />444 current year's miliage is not faced but current year's assessment is available, taxes will be proreted based upon such
<br />445 assessment and prior year's millage. If current year's assessment is not avaiable, then taxes will be prorated on prior
<br />acs year's tax_ If there are completed improvements on the Real Property by January lit of year of Closing, which
<br />err improvements were not to eodstence on January 113ofprior year, then taxes shall be prorated based upon prior year's
<br />acs reliage end at an equitable assessment to be agreed upon between the parties, failing which, request shall be made to
<br />449 the County Property Appraiser for an informal assessment taking into account available exemptions_ A tax proration
<br />453 based on an estirrrate shall, at either party's request, be readjusted upon receipt of arrant year's tax bill This
<br />.cit STANDARD K shalt survive Closing.
<br />452 L ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seiler shall,
<br />463 upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, including a w44k-
<br />454 through (or follow-up walk-through if necessary) prior to Closing.
<br />ass M. RISK OF LOSS: If. after Effective Date, but before Closing, Property is damaged by fire or other casualty
<br />466 ("Casualty Loss") and cost of restoration (Which shall Include cost of pruning or removing damaged trees) does not
<br />457 exceed 1.5% of Purchase Price, cost of restoration shalt be an obligation of Seiner and Closing shall proceed pursuant
<br />4,58 tO terms of this Contract_ if restoration is not completed as of Closing, a sum equal to 125% of estimated cost to
<br />464 complete restoration (not to exceed 1.5% of Purchase Price), will be escrowed at Closing. If actual cost of restoration
<br />469 exceeds escrowed amount, Seller shall pay such actual costs (but, not in excess of 1.5% of Purchase Price). Any
<br />401 unused portion of escrowed amount shall be returned to Seller. if cost of restoration ewoeeds 1.5% of Purchase Price,
<br />452 Buyer shall elect to eller take Property "as is" together with the 1.5%, or receive a refund or the Depose!, thereby
<br />.463 releasing Buyer and Seiler from ail further obligations under this Contract. Seises sole obligation Mtn respect to tree
<br />464 damage by casualty or other natural occurrence shall be cost of pruning or removal
<br />Buyee4: In1&nls / Pape 5 of 11 Belay's In
<br />FhoridaR Rev.8/13 a 2013 norfda Realtors`and The Florida Bar. Al rights reserved_
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