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authorizes Buyer's mortgage broker and lender to disclose such status to Seller, If Buyer timely
<br />cancels this Agreement pursuant to this Section 5(c), the Deposit paid shall be returned to Buyer,
<br />thereupon, Buyer and Seller shall be released of all further obligations under this Agreement.
<br />7. Deed/Title: The Property shall be conveyed to Buyer by Special Warranty Deed At least (if
<br />blank, then 15) days after the Effective Date, Buyer shall obtain a title insurance commitment from the
<br />Closing Agent and provide Seller with the title insurance commitment and legible copies of instruments
<br />listed as exceptions attached thereto (the "Title Commitment"). The owner's title policy premium, lender's
<br />title policy and endorsements, title search, municipal lien search and closing services shall be paid by
<br />Buyer. Within the Inspection Period, Buyer may, at Buyer's expense, have the Property surveyed by a
<br />registered Florida surveyor (the "Survey"). If the Title Commitment or Survey reveals any matters or
<br />defects other than the Permitted Exceptions which render title of the Property unmarketable, Buyer shall
<br />notify Seller in writing. of any such defects prior to the end of the Investigation Period ("Buyer's Title
<br />Notice"), and a failure to so notify Seller within the aforesaid time period shall be deemed as notice to
<br />Seller.that Buyer has elected to waive such defects, if any, and to proceed with the transaction
<br />contemplated hereby. "Permitted Exceptions" shall mean (i) standard title exceptions and other matters
<br />customarily contained in an ALTA owner's title insurance policy, (ii) recorded easements, covenants, and
<br />restrictions affecting the Property, (iii) building restrictions, (iv) matters described in the Prior Deed, (v)
<br />impairments, impediments, barriers, obstacles, easements, or encroachments otherwise ofrecord or visible
<br />upon the Property, (v) comprehensive land use plans, zoning, and other land use restrictions, prohibitions and
<br />requirements imposed by government authority, (vii) restrictions and matters appearing on the Plat or
<br />otherwise common to the subdivision, (viii) outstanding oil, gas and mineral rights or record without right of
<br />entry, (ix) taxes for year of Closing and subsequent years, (x) assumed mortgages or purchase,money
<br />mortgages, ()i) unplottedpublic•utility easements, (xii) other nonmonetary matters of record that do not
<br />impair the marketability of the Property, and (xiii) other matters approved or waived by Buyer. Upon receipt
<br />of a Buyer's Title Notice, Seller -may either, (1) cure such title defect in a reasonable time, and the Closing
<br />Date shall be extended accordingly, or (2) notify Buyer in writing that Seller will not cure the title defect, in
<br />which case the Deposit shall be returned to Buyer, andBuyer and Seller shall be released of all further
<br />obligations under this Agreement, provided, however, Buyer may within 5 days after receipt of Seller's
<br />notice that Seller will not cure the title defect, notify Seller that Buyer will purchase the Property, subject to
<br />such uninsurability or defect, for the full Purchase Price, in which case the Closing will occur onthe Closing
<br />Date (or if the Closing Date has passed, within ten (10) days of Seller's receipt of such writien request).
<br />8. Real Estate, Transfer Taxes, and Other Closing Costs: Any and all unpaid real estate taxes, assessments,
<br />and/or sewer user fees shall be prorated as of the day prior to the Closing Date. All proration are final the
<br />date of settlement. Buyer shall pay for (i) documentary stamp taxes, transfer taxes, and surtax on deed, if any,
<br />(ii) HOA/Condominium Association estoppel fees, application, and transfer fees, (iii.) taxes (not limited to
<br />documentary stamp taxes and intangible taxes) and recording fees on notes, mortgages, and financing
<br />statements, (iv) loan expenses and fees, (v) appraisal fees, (vi) Buyer's inspections, (vii) Buyer's attorneys'
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<br />FL
<br />Confidential ��g
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