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37• (b) Location: Closing will take place in Indian River County, Florida. (If left blank, closing 38 will take place in the county where the property is located.)Closing may be conducted by mail or electronic means. 39 5.THIRD PARTY FINANCING: 40- BUYER'S OBLIGATION:Within days (5 days if left blank)after Effective Date, Buyer will apply for third party 41• financing in an amount not to exceed %of the purchase price or$ ,with a fixed interest rate 42- not to exceed % per year with an initial variable interest rate not to exceed %, with points or commitment 43- or loan fees not to exceed %of the principal amount,for a term of years, and amortized over 44 years, with additional terms as follows: 45- 46 Buyer will timely provide any and all credit, employment, financial and other information reasonably required by any 47• lender. Buyer will use good faith and reasonable diligence to(i)obtain Loan Approval within days (45 days if 48 left blank)from Effective Date(Loan Approval Date), (ii) satisfy terms and conditions of the Loan Approval, and 49 (iii)close the loan. Buyer will keep Seller and Broker fully informed about loan application status and authorizes the so mortgage broker and lender to disclose all such information to Seller and Broker. Buyer will notify Seller immediately 51 upon obtaining financing or being rejected by a lender. CANCELLATION: If Buyer, after using good faith and 52• reasonable diligence,fails to obtain Loan Approval by Loan Approval Date, Buyer may within days(3 days if left 53 blank)deliver written notice to Seller stating Buyer either waives this financing contingency or cancels this Contract. 54 If Buyer does neither, then Seller may cancel this Contract by delivering written notice to Buyer at any time ss thereafter. Unless this financing contingency has been waived, this Contract shall remain subject to the 56 satisfaction, by closing, of those conditions of Loan Approval related to the Property. DEPOSIT(S)(for purposes 57 of Paragraph 5 only): If Buyer has used good faith and reasonable diligence but does not obtain Loan 5s Approval by Loan Approval Date and thereafter either party elects to cancel this Contract as set forth above or the 59 lender fails or refuses to close on or before the Closing Date without fault on Buyer's part, the Deposit(s)shall be so returned to Buyer,whereupon both parties will be released from all further obligations under this Contract, except for 61 obligations stated herein as surviving the termination of this Contract. If neither party elects to terminate this Contract 62 as set forth above or Buyer fails to use good faith or reasonable diligence as set forth above, Seller will be entitled to 63 retain the Deposit(s)if the transaction does not close. 64' 6.TITLE: Seller has the legal capacity to and will convey marketable title to the Property by❑ statutory warranty 65• deed 121 other County Deed ,free of liens, easements and encumbrances of record or ss known to Seller, but subject to property taxes for the year of closing;covenants, restrictions and public utility 67 easements of record; existing zoning and governmental regulations;and(list any other matters to which title will be s8• subject) Easement recorded in ORB 1756.,Pg 2481 and Lease to the City of Vero Beach recorded in 69' County Commission Book 8,Pg 580.and Easement noted on Survey by RRC,Proj No. 1344. 12/7116 70 provided there exists at closing no violation of the foregoing and none of them prevents Buyer's intended use of the 71- Property as primarily sports fields and/or other uses in furtherance of the mission of the Jimmy Graves Foundation,Inc. 72 (a)Evidence of Title: : : - - : : - : - _ : - - ' --- - '- • __ = • 73• 11064i608ipitor.44e4itioopeefoleotetiklioeimigniospoieciat Seller will, at(check one) Seller's 0 Buyer's expense and 74• within 10 days❑ after Effective Date❑ or at least days before Closing Date deliver to Buyer(check one) 75* X (i.)a title insurance commitment by a Florida licensed title insurer setting forth those matters to be 76 discharged by Seller at or before Closing and, upon Buyer recording the deed, an owner's policy in the amount 77 of the purchase price for fee simple title subject only to exceptions stated above. If Buyer is paying for the 78 evidence of title and Seller has an owner's policy, Seller will deliver a copy to Buyer within 15 days after 79 Effective Date. so- ❑ (ii.)an abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an 81 existing firm. However, if such an abstract is not available to Seller, then a prior owner's title policy acceptable 82 to the proposed insurer as a base for reissuance of coverage may be used.The prior policy will include copies 83 of all policy exceptions and an update in a format acceptable to Buyer from the policy effective date and 84 certified to Buyer or Buyer's closing agent together with copies of all documents recited in the prior policy and 85 in the update. If such an abstract or prior policy is not available to Seller then(i.)above will be the evidence of 86 title. 87 (b)Title Examination: Buyer will,within 15 days from receipt of the evidence of title deliver written notice to Seller es of title Jdefects.Title will be deemed acceptable to Buyer if(1)Buyer fails to deliver proper notice of defects or 89` Buyer(jam)( )and Seller ( )acknowledge receipt of a copy of this page,which is Page 2 of 8 Pages. CC-4 Rev.12/10 C2010 Florida Association of REALTORS° All Rights Reserved - . Licensed to Alta Star Software and ID:D-902260231.4W5H.120325 Software and added formatting©2017 Alta Star Software,all rights reserved.•www.altastar.com•(877)279-8898