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234 holiday, performance will be due the next business day. All time periods will end at S:00 p.m. local time (meaning in the county
<br />239 where the Property is located) of the appropriate day.
<br />20 (c) Force Majeure: Buyer or Seiler shall not be required to perform any obligation under this Contract or be liable to
<br />241 each other for damages so long as the performance or non-performance of the obligation is delayed, caused or prevented
<br />242 by an act of God or force majeure. An "act of God" or "force majeure" is defined as hurricanes, earthquakes, floods, fire,
<br />243 unusual transportation delays, wars, insurrections and any other cause not reasonably within the control of the Buyer or
<br />244 Seller and which by the exercise of due diligence the non-performing party Is unable in whole or in part to prevent or
<br />745 overcome. All time periods, Including Closing Date, will be extended (not to exceed 30 days) for the period that the force
<br />246 majeure or act of God is in place. In the event that such "act of God" or "force majeure" event continues beyond the 30
<br />247 days In this sub -paragraph, either party may cancel the Contract by delivering written notice to the other and Buyer's
<br />248 deposit shall be refunded.
<br />249 10. NOTICES: All notices shall be in writing and will be delivered to the parties and Broker by mail, personal delivery or electronic
<br />2so media. Buyer's failure to deliver timely written notice to Seller, when such notice is required by this Contract, regarding
<br />251 any contingencies will render that contingency null and void and the Contract will be construed as if the contingency did
<br />252 not exist. Any notice, document or item delivered to or received by an attorney or licensee (including a transaction
<br />253 broker) representing a party will be as effective as if delivered to or by that party.
<br />2s4 11. COMPLETE AGREEMENT: This Contract is the entire agreement between Buyer and Seller. Except for brokerage
<br />255 agreements, no prior or present agreements will bind Buyer, Seller or Broker unless Incorporated into this Contract.
<br />256 Modifications of this Contract will not be binding unless in writing, signed or initialed and delivered by the party to be bound. This
<br />257 Contract, signatures, initials, documents referenced in this Contract, counterparts and written modifications communicated
<br />2se electronically or on paper will be acceptable for all purposes, including delivery, and will be binding. Handwritten or typewritten
<br />259 terms inserted in or attached to this Contract prevail over preprinted terms. If any provision of this Contract is or becomes invalid
<br />2w or unenforceable, all remaining provisions will continue to be fully effective. Buyer and Seller will use diligence and good faith in
<br />261 performing all obligations under this Contract. This Contract will not be recorded in any public records.
<br />262 12. ASSIGNABILITY; PERSONS BOUND: Buyer may not assign this Contract without Seller's written consent. The terms
<br />263 'Buyer," "Seller," and "Broker" may be singular or plural. This Contract Is binding on the heirs, administrators, executors, personal
<br />264 representatives and assigns (if permitted) of Buyer, Seller and Broker.
<br />265 DEFAULT AND DISPUTE RESOLUTION
<br />266 13. DEFAULT: (a) Seller Defaults if for any reason other than failure of Seller to make Seller's title marketable after diligent
<br />262 effort, Seller fails, refuses or neglects to perform this Contract, Buyer may choose to receive a return of Buyer's deposit without
<br />268 waiving the right to seek damages•or to seek specific performance as per Paragraph 14. Seller will also be liable to Broker for the
<br />269 full amount of the brokerage fee. (b) Buyer Default: If Buyer fails to perform this Contract within the time specified, including
<br />no timely payment of all deposits, Seller may choose to retain and collect all deposits paid and agreed to be paid as liquidated
<br />271 damages or to seek specific performance as per Paragraph 14 ; and Broker will, upon demand, receive 50% of all deposits paid
<br />272 and agreed to be paid (to be split equally among Brokers) up to the full amount of the brokerage fee.
<br />273 14. DISPUTE RESOLUTION; This Contract will be construed under Florida law. All controversies, claims, and other matters In
<br />274 question arising out of or relating to this transaction or this Contract or its breach will be settled as follows:
<br />275 (a) Disputes concerning entitlement to deposits made and agreed to be made: Buyer and Seiler will have 30 days from
<br />276 the date conflicting demands are made to attempt to resolve the dispute through mediation. if that fails, Escrow Agent will
<br />277 submit the dispute, if so required by Florida law, to Escrow Agent's choice of arbitration, a Florida court or the Florida Real
<br />274 Estate Commission ("FREC"). Buyer and Seller will be bound by any resulting award, judgment or order. A broker's obligation
<br />279 under Chapter 475, FS and the FREC rules to timely notify the FREC of an escrow dispute and timely resolve the escrow
<br />240 dispute through mediation, arbitration, Interpleader, or an escrow disbursement order, if the broker so chooses, applies only
<br />281 to brokers and does not apply to title companies, attorneys or other escrow companies.
<br />262 (b) All other disputes: Buyer and Seller will have 30 days from the date a dispute arises between them to attempt to resolve
<br />283 the matter through mediation, failing which the parties will resolve the dispute through neutral binding arbitration in the
<br />284 county where the Property is located. The arbitrator may not alter the Contract terms or award any remedy not provided for
<br />285 in this Contract. The award will be based on the greater weight of the evidence and will state findings of fact and the
<br />286 contractual authority on which it Is based. if the parties agree to use discovery, it will be in accordance with the Florida Rules
<br />287 of Civil Procedure and the arbitrator will resolve all discovery -related disputes. Any disputes with a real estate licensee named
<br />288 in Paragraph 17 will be submitted to arbitration only If the licensee's broker consents In writing to become a party to the
<br />289 proceeding. This clause will survive dosing.
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<br />(c) Mediation and Arbitration; Expenses: "Mediation" is a process In which parties attempt to resolve a dispute by
<br />submitting it to an impartial mediator who facilitates the resolution of the dispute but who is not empowered to Impose a
<br />settlement on the parties. Mediation will be in accordance with the rules of the American Arbitration Association ("AAA") or
<br />other mediator agreed on by the parties. The parties will equally divide the mediation fee, if any. "Arbitration" is a process In
<br />which the parties resolve a dispute by a hearing before a neutral person who decides the matter and whose decision Is
<br />binding on the parties. Arbitration will be In accordance with the rules of the AAA or other arbitrator agreed on by the parties.
<br />Each party to any arbitration will pay its own fees, costs and expenses, Including attorneys' fees, and will equally split the
<br />arbitrators' fees and administrative fees of arbitration. In a civil action to enforce an arbitration award, the prevailing party to
<br />the ar,ritration shall be entitled to recover from the nonprevalling party reasonable attorneys' fees, costs and expenses.
<br />299• Buyer (-
<br />Rev. 4/07
<br />)
<br />and Selle
<br />Florida Association o
<br />Sodom: 094605.600136.3964416
<br />�) acknowledge receipt of a copy of this page, which Is Page 5 of 7 Pages.
<br />I ' ghts Reserved
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