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175 installation of a well and/or private sewerage disposal system and that existing zoning and other pertinent regulations and
<br />116 restrictions, such as subdivision or deed restrictions, concurrency, growth management and environmental conditions, are
<br />1/7 acceptable to Buyer. This Contract Is not contingent on Buyer conducting any further investigations.
<br />178
<br />170 (d) Subdivided Lands: If this Contract Is for the purchase of subdivided lands, defined by Florida Law as "(a) Any contiguous 180 land which is divided or Is proposed to be divided for the purpose of disposition into 50 or more tots, parcels, units, or interests;
<br />or (b) Any land, whether contiguous or not, which is divided or proposed to be divided Into 50 or more Tots, parcels, units, or
<br />181 interests which are offered as a part of a common promotional plan.", Buyer may cancel this Contract for any reason
<br />182 whatsoever for a period of 7 business days from the date on which Buyer executes this Contract. If Buyer elects to cancel
<br />183 within the period provided, all funds or other property paid by Buyer will be refunded without penalty or obligation within 20
<br />1214 days of the receipt of the notice of cancellation by the developer.
<br />1215 7. RISK OF LOSS; EMINENT DOMAIN: If any portion of the Property is materially damaged by casualty before closing, or Seller
<br />186 negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain proceedings, or if an
<br />187 eminent domain proceeding is Initiated, Seller will promptly inform Buyer. Either party may cancel this Contract by written
<br />188 notice to the other within 10 days from Buyer's receipt of Seller's notification, failing which Buyer will close In accordance with
<br />1112 this Contract and receive all payments made by the govemment authority or insurance company, if any.
<br />190 TITLE
<br />191 B. TITLE: Seller will convey marketable title to the Property by statutory warranty deed or trustee, personal representative or
<br />292 guardian deed as appropriate to Seller's status.
<br />ire (a) Title Evidence: Title evidence will show legal access to the Property and marketable title of record in Seller in accordance
<br />194 with current title standards adopted by the Florida Bar, subject only to the following title exceptions, none of which prevent
<br />195• Buyer's Intended use of the Property as covenants, easements and restrictions of
<br />196 record; matters of plat; existing zoning and government regulations; oil, gas and mineral rights of record If there is no right of
<br />29/ entry; current taxes; mortgages that Buyer will assume; and encumbrances that Seller will discharge at or before closing.
<br />118 Seller will deliver to Buyer Seller's choice of one of the following types of title evidence, which must be generally accepted
<br />199 in the county where the Property is located (specify in Paragraph S(c) the selected type). Seller will use option (1) in Palm
<br />208 Beach County and option (2) In Miami -Dade County.
<br />2o1 (1) A title insurance commitment issued by a Florida -licensed title Insurer in the amount of the purchase price and subject
<br />202 only to title exceptions set forth in this Contract and delivered no later than 2 days before Closing Date.
<br />203 (2) An existing abstract of title from a reputable and existing abstract firm (If firm is not existing, then abstract must be
<br />209 certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to the
<br />205 Property recorded In the public records of the county where the Property Is located and certified to Effective Date. However
<br />206 if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed insurer as a base
<br />207 for reissuance of coverage, Seller will pay for copies of all policy exceptions and an update in a format acceptable to
<br />200 Buyer's closing agent from the policy effective date and certified to Buyer or Buyer's closing agent, together with copies of
<br />209 all documents recited in the prior policy and in the update. If a prior policy is not available to Seller then (1) above will be
<br />210 the tide evidence. Title evidence will be delivered no later than 10 days before Closing Date.
<br />211 (b) Title Examination: Buyer will examine the title evidence and deliver written notice to Seller, within 5 days from receipt of
<br />212 title evidence but no later than Closing Date, of any defects that make the title unmarketable. Seller will have 30 days from
<br />213 receipt of Buyer's notice of defects ("Curative Period") to cure the defects at Seller's expense. If Seller cures the defects within
<br />214 the Curative Period, Seller will deliver written notice to Buyer and the parties will dose the transaction on Closing Date or
<br />215 within 10 days from Buyer's receipt of Seller's notice if Closing Date has passed. If Seller is unable to cure the defects within
<br />216 the Curative Period, Seller will deliver written notice to Buyer and Buyer will, wlthinl0 days from receipt of Seller's notice,
<br />217 either cancel thls Contract or accept title with existing defects and close the transaction.
<br />2)8 (c) Survey: Buyer may, prior to Closing Date and at Buyer's expense, have the Property surveyed and deliver written notice to
<br />219 Seller, within 5 days from receipt of survey but no later than 5 days prior 10 closing, of any encroachments on the Property,
<br />220 encroachments by the Property's improvements on other lands or deed restriction or zoning violations. Any such
<br />221 encroachment or violation will be treated in the same manner as a title defect and Buyer's and Seller's obligations will be
<br />222 determined in accordance with subparagraph (b) above.
<br />223 (d) Coastal Construction Control Line: If any part of the Property lies seaward of the coastal construction control line as
<br />224 defined in Section 161.053 of the Florida Statutes, Seller shall provide Buyer with an affidavit or survey as required by law
<br />225 delineating the line's location on the Property, unless Buyer waives this requirement in writing. The Property being purchased
<br />226 may be subject to coastal erosion and to federal, state, or local regulations that govern coastal property, including delineation
<br />227 of the coastal construction control line, rigid coastal protection structures, beach nourishment, and the protection of marine
<br />228 turtles. Additional information can be obtained from the Florida Department of Environmental Protection, Including whether
<br />229 there are significant erosion conditions associated with the shoreline of the Property being purchased.
<br />330• ❑ Buyer waives the right to receive a CCCL affidavit or survey.
<br />231 MISCELLANEOUS
<br />232 9. EFFECTIVE DATE; TIME; FORCE MAJEURE:
<br />233 (a) Effective Date: The "Effective Date" of thls Contract Is the date on which the last of the parties Initials or signs and delivers
<br />234 final offer or counteroffer, Time is of the essence for all provisions of this Contract.
<br />235 (b) TI ,�;• All time periods expressed as days will be computed in business days (a "business day" is every calendar day
<br />236 except%iturday, Sunday and Tonal legal holidays). If any deadline falls on a Saturday, Sunday or national legal
<br />237' Buyer . %/I ) (_.J and Sei r ) L ) acknowledge receipt of a copy of this page, which is Page4 of 7 Pages.
<br />Rev 4/07 `�i r 7 Finrkfe Association of REAL! All Rights Reserved
<br />Santini: 094606800746.0964416
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