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STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED
<br />346
<br />345 assumed mortgages and purchase money mortgages, if any (if additional items, attach addendum); provided, that, none 347 prevent use of Property for RESIDENTIAL PURPOSES. If there exists at Closing any violation of items identified in (b)
<br />348 — (f) above, then the same shall be deemed a title defect. Marketable title shall be determined according to applicable
<br />Title Standards adopted by authority of The Florida Bar and in accordance with law.
<br />350
<br />349 (ii) TITLE EXAMINATION: Buyer shall have 5 days after receipt of Title Commitment to examine it and notify Seller in 351 writing specifying defect(s), if any, that render title unmarketable. If Seller provides Title Commitment and it is delivered 352 to Buyer less than 5 days prior to Closing Date, Buyer may extend Closing for up to 5 days after date of receipt to 353 examine same in accordance with this STANDARD A. Seller shall have 30 days ("Cure Period") after receipt of Buyer's
<br />354 notice to take reasonable diligent efforts to remove defects. If Buyer fails to so notify Seller, Buyer shall be deemed to 355 have accepted title as it then is. If Seller cures defects within Cure Period, Seller will deliver written notice to Buyer (with 356 proof of cure acceptable to Buyer and Buyer's attorney) and the parties will close this Contract on Closing Date (or if 357 Closing Date has passed, within 10 days after Buyer's receipt of Seller's notice). If Seller is unable to cure defects 358 within Cure Period, then Buyer may, within 5 days after expiration of Cure Period, deliver written notice to Seller: (a)
<br />359 extending Cure Period for a specified period not to exceed 120 days within which Seller shall continue to use
<br />360 reasonable diligent effort to remove or cure the defects ("Extended Cure Period"); or (b) electing to accept title with 361 existing defects and close this Contract on Closing Date (or if Closing Date has passed, within the earlier of 10 days 362 after end of Extended Cure Period or Buyer's receipt of Seller's notice), or (c) electing to terminate this Contract and 363 receive a refund of the Deposit, thereby releasing Buyer and Seller from all further obligations under this Contract. If 364 after reasonable diligent effort, Seller is unable to timely cure defects, and Buyer does not waive the defects, this 365 Contract shall terminate, and Buyer shall receive a refund of the Deposit, thereby releasing Buyer and Seller from aII
<br />further obligations under this Contract.
<br />367
<br />366 B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon encroach 368 on setback lines, easements, or lands of others, or violate any restrictions, covenants, or applicable governmental
<br />369 regulations described in STANDARD A (i)(a), (b) or (d) above, Buyer shall deliver written notice of such matters, 370 together with a copy of Survey, to Seller within 5 days after Buyer's receipt of Survey, but no later than Closing. If Buyer 371 timely delivers such notice and Survey to Seller, such matters identified in the notice and Survey shall constitute a title 372 defect, subject to cure obligations of STANDARD A above. If Seller has delivered a prior survey, Seller shall, at Buyer's 373 request, execute an affidavit of "no change" to the Real Property since the preparation of such prior survey, to the
<br />extent the affirmations therein are true and correct.
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<br />374 C. INGRESS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to the
<br />Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of access.
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<br />377 D. LEASE INFORMATION: Seller shall, at least 10 days prior to Closing, furnish to Buyer estoppel letters from 378 tenant(s)/occupant(s) specifying nature and duration of occupancy, rental rates, advanced rent and security deposits
<br />379 paid by tenant(s) or occupant(s)("Estoppel Letters)"). If Seller is unable to obtain such Estoppel Letter(s) the same 380 information shall be furnished by Seller to Buyer within that time period in the form of a Seller's affidavit and Buyer may 381 thereafter contact tenant(s) or occupant(s) to confirm such information. If Estoppel Letter(s) or Seller's affidavit, if any, 382 differ materially from Seller's representations and lease(s) provided pursuant to Paragraph 6, or if tenant(s)/occupant(s) 383 fail or refuse to confirm Seller's affidavit, Buyer may deliver written notice to Seller within 5 days after receipt of such
<br />384 information, but no later than 5 days prior to Closing Date, terminating this Contract and receive a refund of the Deposit, 385 thereby releasing Buyer and Seller from all further obligations under this Contract. Seller shall, at Closing, deliver and
<br />assign all leases to Buyer who shall assume Seller's obligations thereunder.
<br />387
<br />386 E. LIENS: Seller shall furnish to Buyer at Closing an affidavit attesting (i) to the absence of any financing statement, 388 claims of lien or potential lienors known to Seller and (ii) that there have been no improvements or repairs to the Real
<br />389 Property for 90 days immediately preceding Closing Date. If the Real Property has been improved or repaired within 390 that time, Seller shall deliver releases or waivers of construction liens executed by all general contractors, 391 subcontractors, suppliers and materialmen in addition to Seller's lien affidavit setting forth names of all such general
<br />contractors, subcontractors, suppliers and materialmen, further affirming that all charges for improvements or repairs
<br />393
<br />392 which could serve as a basis for a construction lien or a claim for damages have been paid or will be paid at Closing. 394 F. TIME: Calendar days shall be used in computing time periods. Time is of the essence in this Contract. 395 Other than time for acceptance and Effective Date as set forth in Paragraph 3, any time periods provided for or dates 396 specified in this Contract, whether preprinted, handwritten, typewritten or inserted herein, which shall end or occur on a 397 Saturday, Sunday, or a national legal holiday (see 5 U.S.C. 6103) shall extend to 5:00 p.m. (where the Property is
<br />located) of the next business day.
<br />399
<br />398 G. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be liable 400 to each other for damages so long as performance or non-performance of the obligation is delayed, caused or 401 prevented by Force Majeure. "Force Majeure" means: hurricanes, earthquakes, floods, fire, acts of God, unusual 402 transportation delays, wars, insurrections, acts of terrorism, and any other cause not reasonably within control of Buyer 403 or Seller, and which, by: exercise of reasonable diligent effort, the non-performing party is unable in whole or in part to Da prevent or overcome. All time periods, including Closing Date, will be extended for the period that the Force Majeure
<br />prevents performance under this Contract, provided, however, if such Force Majeure continues to prevent performance
<br />Buyer's Initials Page 7 of 11 Seller's Initials
<br />FloridaRealtors/FloridaBar-ASIS-2 Rev.8/13 © 2013 Florida Realtors"and The Florida Bar. All rights reserved.
<br />Senal#: 079677-200140-5020955 -- - - - -
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