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STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED
<br />'06
<br />405 under this Contract more than 14 days beyond Closing Date, then either party may terminate this Contract by delivering
<br />written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all
<br />.,isr+407 further obligations under this Contract.
<br />409
<br />408 H. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's, personal
<br />representative's, or guardian's deed, as appropriate to the status of Seller, subject only to matters described in
<br />at 1
<br />410 STANDARD A and those accepted by Buyer. 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 may be provided for in this Contract.
<br />412 I. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE:
<br />414
<br />413 (1) LOCATION: Closing will take place in the county where the Real Property is located at the office of the attorney or 415 other closing agent ("Closing Agent") designated by the party paying for the owner's policy of title insurance, or, if no
<br />title insurance, designated by Seller. Closing may be conducted by mail or electronic means.
<br />417
<br />416 (ii) CLOSING DOCUMENTS: Seller shall at or prior to Closing, execute and deliver, as applicable, deed, bill of sale, 418 certificate(s) of title or other documents necessary to transfer title to the Property, construction lien affidavit(s), owner's
<br />419 possession and no lien affidavit(s), and assignment(s) of leases. Seller shall provide Buyer with paid receipts for all 420 work done on the Property pursuant to this Contract. Buyer shall furnish and pay for, as applicable the survey, flood
<br />elevation certification, and documents required by Buyer's lender.
<br />421 (iii) PROCEDURE: The deed shall be recorded upon COLLECTION of all closing funds. If the Title Commitment
<br />423
<br />422 provides insurance against adverse matters pursuant to Section 627.7841, F.S., as amended, the escrow closing 424 procedure required by STANDARD J shall be waived, and Closing Agent shall, subject to COLLECTION of all closing
<br />funds, disburse at Closing the brokerage fees to Broker and the net sale proceeds to Seller.
<br />426
<br />425 J. ESCROW CLOSING PROCEDURE: If Title Commitment issued pursuant to Paragraph 9(c) does not provide for
<br />insurance against adverse matters as permitted under Section 627.7841, F.S., as amended, the following escrow and
<br />428
<br />427 closing procedures shall apply: (1) all Closing proceeds shall be held in escrow by the Closing Agent for a period of not 429 more than 10 days after Closing; (2) if Seller's title is rendered unmarketable, through no fault of Buyer, Buyer shall, 430 within the 10 day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt of such 431 notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and all Closing funds paid by Buyer 432 shall, within 5 days after written demand by Buyer, be refunded to Buyer and, simultaneously with such repayment, 433 Buyer shall return the Personal Property, vacate the Real Property and re -convey the Property to Seller by special 434 warranty deed and bill of sale; and (4) if Buyer fails to make timely demand for refund of the Deposit, Buyer shall take 35 title as is, waiving all rights against Seller as to any intervening defect except as may be available to Buyer by virtue of
<br />warranties contained in the deed or bill of sale.
<br />r..a3s K. PRORATIONS; CREDITS: The following recurring items will be made current (if applicable) and prorated as of the
<br />438
<br />437 day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate taxes (including
<br />special benefit tax assessments imposed by a CDD), interest, bonds, association fees, insurance, rents and other
<br />439 expenses of Property. Buyer shall have option of taking over existing policies of insurance, if assumable, in which event
<br />440 premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required by prorations to be
<br />442
<br />441 made through day prior to Closing. Advance rent and security deposits, if any, will be credited to Buyer. Escrow
<br />deposits held by Seller's mortgagee will be paid to Seller. Taxes shall be prorated based on current year's tax with due
<br />443 allowance made for maximum allowable discount, homestead and other exemptions. If Closing occurs on a date when
<br />445
<br />444 current year's millage is not fixed but current year's assessment is available, taxes will be prorated based upon such 446 assessment and prior year's millage. If current year's assessment is not available, then taxes will be prorated on prior 447 year's tax. If there are completed improvements on the Real Property by January 1st of year of Closing, which 448 improvements were not in existence on January 1st of prior year, then taxes shall be prorated based upon prior year's
<br />millage and at an equitable assessment to be agreed upon between the parties, failing which, request shall be made to
<br />450
<br />449 the County Property Appraiser for an informal assessment taking into account available exemptions. A tax proration
<br />based on an estimate shall, at either party's request, be readjusted upon receipt of current year's tax bill. This
<br />451 STANDARD K shall survive Closing.
<br />452 L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seller shall,
<br />453 upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, including a walk -
<br />454 through (or follow-up walk-through if necessary) prior to Closing.
<br />456
<br />455 M. RISK OF LOSS: If, after Effective Date, but before Closing, Property is damaged by fire or other casualty
<br />("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 shall be an obligation of Seller and Closing shall proceed pursuant
<br />458 to terms of this Contract. If restoration is not completed as of Closing, a sum equal to 125% of estimated cost to
<br />459 complete restoration (not to exceed 1.5% of Purchase Price), will be escrowed at Closing. If actual cost of restoration
<br />461
<br />460 exceeds escrowed amount, Seller shall pay such actual costs (but, not in excess of 1.5% of Purchase Price). Any
<br />unused portion of escrowed amount shall be returned to Seller. If cost of restoration exceeds 1.5% of Purchase Price,
<br />463
<br />462 Buyer shall elect to either take Property "as is" together with the 1.5%, or receive a refund of the Deposit, thereby
<br />releasing Buyer and Seller from all further obligations under this Contract. Seller's sole obligation with respect to tree
<br />damage by casualty or other natural occurrence shall be cost of pruning or removal.
<br />Buyer's Initials at., Page 8 of 11 Seller's Initials
<br />FloridaRealtors/Flor!daBar-ASIS-2 Rev.8/13 © 2013 Florida Realtors®and The Florida Bar. All rights reserved.
<br />Serial#: 079677-200140-5020955 - -- - - -- - - - -
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