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s, option if Buyer defaults; will give Buyer the right to prepay without penalty all or part of the principal at any time(s) with s3 interest only to date of payment; will be due on conveyance or sale; will provide for release of contiguous parcels, If 53 applicable; and will require Buyer to keep liability insurance on the Property, with Seller as additional named Insured. Buyer sa authorizes Seller to obtain credit, employment and other necessary information to determine creditworthiness for the ss financing. Seller will, within 10 days from Effective Date, give Buyer written notice of whether or not Seller will make the loan. 50• 0(3) Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to s7• sa' LN# In the approximate amount of $ currently pa able at 59' $ per month including principal, interest, Q taxes and insurance and having a ❑ fixed other so (describe) 61• Interest rate of % which [J will (J will not escalate upon assumption. Any variance In the mortgage will be 67 adjusted In the balance due at dosing with no adjustment to purchase price, Buyer will purchase Seller's escrow 63' account dollar for dollar. 11 the lender disapproves Buyer, or the interest rate upon transfer exceeds _% or the 64• assumption/transfer fee exceeds $ , either party may elect to pay the excess, failing which this agreement 65 will terminate and Buyer's deposit(s) will be returned. 66 CLOSING rt7 4. CLOSING DATE; OCCUPANCY: This Contract will be closed and the deed and possession delivered on , 68' ("Closing Date''). Unless the Closing Date Is specifically extended by the Buyer and Seller or by any other provision In this s9 Contract, the Closing Date shall prevail over all other time periods including, but not limited to, (inancing and feasibility study 70 periods. If on Closing Date insurance underwriting is suspended, Buyer may postpone closing up to 5 days after the insurance 71 suspension Is lifted. If this transaction does not close for any reason, Buyer will immediately return all Seller -provided title 72 evidence, surveys, association documents and other items. r3 5. CLOSING PROCEDURE; COSTS: Closing will take place In the county where the Property Is located and may be conducted by 74 mail or electronic means, If title Insurance Insures Buyer for title defects arising between the title binder effective date and 75 recording of Buyer's deed, dosing agent will disburse at closing the net sale proceeds to Seller (In local cashier's checks if Seller 76 requests In writing at least S days prior to dosing) and brokerage fees to Broker as per Paragraph 17. In addition to other expenses 77 provided in this Contract, Seller and Buyer will pay the costs Indicated below. 78 (a) Seller Costs: 79 Taxes on the deed BO Recording fees for documents needed to cure title at Title evidence (if applicable under Paragraph 8) B7' Other. B3 (b) Buyer Costs: B4 Taxes and recording fees on notes and mortgages as Recording fees on the deed and financing statements B6 Loan expenses R7 Lender's title policy at the simultaneous Issue rate BB inspections as Survey and sketch 90 Insurance 91' Other 97 (c) Title Evidence and Insurance: Check (1) or(2): 93' ®(1) The title evidence will be a Paragraph 8(a)(1) owner's title insurance commitment. eller will select the title agent and 91' will pay for the owner's title policy, search, examination and related charges or ;+ Buyer will select the title agent and pay for 9s• the owner's title policy, search, examination and related charges or 0 Buyer will select the title agent and Seller will pay for 96 the owner's title policy, search, examination and related charges. 97' 0(2) Seller will provide an abstract as specified In Paragraph 8(a)(2) as title evidence. 0 Seller D Buyer will pay for the 98 owner's title policy and select the title agent. Seller will pay fees for title searches prior to closing, including tax search and 99 Ilen search fees, and Buyer will pay fees for title searches after closing (if any), title examination fees and closing fees. 100 (d) Proratlons: The following items will be made current and prorated as of the day before Closing Date; real estate taxes, 101 interest, bonds, assessments, leases and other Property expenses and revenues. If taxes and assessments for the current year 107 cannot be determined, the previous year's rates will be used with adjustment for any exemptions. PROPERTY TAX 103 DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY TAXES AS THE AMOUNT OF 101 PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF 105 OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER 10a PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S 107 OFFICE FOR FURTHER INFORMATION. 100 (el SpeI Assessment by Public Body: Regarding special assessments Imposed by a public body, Seller will pay (I) the full 109 amou,; o • lens that are certified rmed and ratified before closing and (a) the amount of the last estimate of the assessment 110•Bye 7 Floridar .r� dj1 and Seller EnuOns` All high Reserved ledge receipt of a copy of this page, which is Page 2 of 7 Pages. Revsoc' Sw1810: 084806400136-7964416