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228 12. PROPERTY INSPECTION; RIGHT TO CANCEL:
<br />229* (a) PROPERTY INSPECTIONS AND RIGHT TO CANCEL: Buyer shall have (if left blank, then 15) days
<br />230 after Effective Date ("Inspection Period") within which to have such inspections of the Property performed
<br />231 as Buyer shall desire during the Inspection Period. If Buyer determines, in Buyer's sole discretion, that the
<br />232 Property is not acceptable to Buyer, Buyer may terminate this Contract by delivering written notice of such
<br />233 election to Seller prior to expiration of Inspection Period. If Buyer timely terminates this Contract, the
<br />234 Deposit paid shall be returned to Buyer, thereupon, Buyer and Seller shall be released of all further
<br />235 obligations under this Contract; however, Buyer shall be responsible for prompt payment for such
<br />236 inspections, for repair of damage to, and restoration of, the Property resulting from such inspections, and
<br />237 shall provide Seller with paid receipts for all work done on the Property (the preceding provision shall
<br />238 survive termination of this Contract). Unless Buyer exercises the right to terminate granted herein, Buyer
<br />239 accepts the physical condition of the Property and any violation of governmental, building, environmental,
<br />240 and safety codes, restrictions, or requirements, but subject to Seller's continuing AS IS Maintenance
<br />241 Requirement, and Buyer shall be responsible for any and all repairs and improvements required by Buyer's
<br />242 lender.
<br />243 (b) WALK-THROUGH INSPECTION/RE-INSPECTION: On the day prior to Closing Date, or on Closing Date prior to
<br />244 time of Closing, as specified by Buyer, Buyer or Buyer's representative may perform a walk-through (and follow-up
<br />245 walk-through, if necessary) inspection of the Property solely to confirm that all items of Personal Property are on the
<br />246 Property and to verify that Seller has maintained the Property as required by the AS IS Maintenance Requirement
<br />247 and has met all other contractual obligations.
<br />248 (c) SELLER ASSISTANCE AND COOPERATION IN CLOSE-OUT OF BUILDING PERMITS: If Buyer's inspection of
<br />249 the Property identifies open or needed building permits, then Seller shall promptly deliver to Buyer all plans, written
<br />250 documentation or other information in Seller's possession, knowledge, or control relating to improvements to the
<br />251 Property which are the subject of such open or needed Permits, and shall promptly cooperate in good faith with
<br />252 Buyer's efforts to obtain estimates of repairs or other work necessary to resolve such Permit issues. Seller's
<br />253 obligation to cooperate shall include Seller's execution of necessary authorizations, consents, or other documents
<br />254 necessary for Buyer to conduct inspections and have estimates of such repairs or work prepared, but in fulfilling
<br />255 such obligation, Seller shall not be required to expend, or become obligated to expend, any money.
<br />256 (d) ASSIGNMENT OF REPAIR AND TREATMENT CONTRACTS AND WARRANTIES: At Buyer's option and cost,
<br />257 Seller will, at Closing, assign all assignable repair, treatment and maintenance contracts and warranties to Buyer.
<br />'58 ESCROW AGENT AND BROKER
<br />259 13. ESCROW AGENT: Any Closing Agent or Escrow Agent (collectively "Agent") receiving the Deposit, other funds and
<br />260 other items is authorized, and agrees by acceptance of them, to deposit them promptly, hold same in escrow within the
<br />261 State of Florida and, subject to COLLECTION, disburse them in accordance with terms and conditions of this Contract.
<br />262 Failure of funds to become COLLECTED shall not excuse Buyer's performance. When conflicting demands for the
<br />263 Deposit are received, or Agent has a good faith doubt as to entitlement to the Deposit, Agent may take such actions
<br />264 permitted by this Paragraph 13, as Agent deems advisable. If in doubt as to Agent's duties or liabilities under this
<br />265 Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow until the parties agree to its
<br />266 disbursement or until a final judgment of a court of competent jurisdiction shall determine the rights of the parties, or
<br />267 Agent may deposit same with the clerk of the circuit court having jurisdiction of the dispute. An attorney who represents
<br />268 a party and also acts as Agent may represent such party in such action. Upon notifying all parties concerned of such
<br />269 action, all liability on the part of Agent shall fully terminate, except to the extent of accounting for any items previously
<br />270 delivered out of escrow. If a licensed real estate broker, Agent will comply with provisions of Chapter 475, F.S., as
<br />271 amended and FREC rules to timely resolve escrow disputes through mediation, arbitration, interpleader or an escrow
<br />272 disbursement order.
<br />273 Any proceeding between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, or in
<br />274 any proceeding where Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney's
<br />275 fees and costs incurred, to be paid pursuant to court order out of the escrowed funds or equivalent. Agent shall not be
<br />276 liable to any party or person for mis-delivery of any escrowed items, unless such mis-delivery is due to Agent's willful
<br />277 breach of this Contract or Agent's gross negligence. This Paragraph 13 shall survive Closing or termination of this
<br />278 Contract.
<br />279 14. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verify Property condition, square
<br />280 footage, and all other facts and representations made pursuant to this Contract and to consult appropriate professionals
<br />281 for legal, tax, environmental, and other specialized advice concerning matters affecting the Property and the transaction
<br />282 contemplated by this Contract. Broker represents to Buyer that Broker does not reside on the Property and that all
<br />283 representations (oral, written or otherwise) by Broker are based on Seller representations or public records. BUYER
<br />284 AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND GOVERNMENTAL AGENCIES
<br />285 FOR VERIFICATION OF PROPERTY CONDITION, SQUARE FOOTAGE AND FACTS THAT MATERIALLY AFFECT
<br />086 PROPERTY VALUE AND NOT ON THE REPRESENTATIONS (ORAL, WRITTEN OR OTHERWISE) OF BROKER.
<br />Buyer's Initials Page 5 of 11 Seller's Initials
<br />FloridaRealtors/FloridaBar-ASIS-2 Rev.8/13 © 2013 Florida Realtors®and The Florida Bar. All rights reserved.
<br />Serialk 079677-200140-6020956
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