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109 (v) If Buyer fails to timely deliver either notice provided in Paragraph 8(b)(iii) or (iv), above, to Seller prior to 110 expiration of the Loan Approval Period, then Loan Approval shall be deemed waived, in which event this Contract 111 will continue as if Loan Approval had been obtained, provided however, Seller may elect to terminate this Contract 112 by delivering written notice to Buyer within 3 days after expiration of the Loan Approval Period. 113 (vi) If this Contract is timely terminated as provided by Paragraph 8(b)(iv)(2) or (v), above, and Buyer is not in 114 default under the terms of this Contract, Buyer shall be refunded the Deposit thereby releasing Buyer and Seller 116 from all further obligations under this Contract. 116 (vii) If Loan Approval has been obtained, or deemed to have been obtained, as provided above, and Buyer 117 fails to close this Contract, then the Deposit shall be paid to Seller unless failure to close is due to: (1) Sellers 118 default or inability to satisfy other contingencies of this Contract; (2) Property related conditions of the Loan Approval 119 have not been met (except when such conditions are waived by other provisions of this Contract); or (3) appraisal 120 of the Property obtained by Buyer's lender is insufficient to meet terms of the Loan Approval, in which event(s) the 121 Buyer shall be refunded the Deposit, thereby releasing Buyer and Seller from all further obligations under this 122 Contract. 123- ❑ (c) Assumption of existing mortgage (see rider for terms). 124• ❑ (d) Purchase money note and mortgage to Seller (see riders; addenda; or special clauses for terms). 125 CLOSING COSTS, FEES AND CHARGES 126 9. CLOSING COSTS; TITLE INSURANCE; SURVEY; HOME WARRANTY; SPECIAL ASSESSMENTS: 127 (a) COSTS TO BE PAID BY SELLER: 128 • Documentary stamp taxes and surtax on deed, if any • HOA/Condominium Association estoppel fees 129 •Owner's Policy and Charges (if Paragraph 9(c)(i) is checked) • Recording and other fees needed to cure title 130 • Title search charges (if Paragraph 9(c)(iii) is checked) • Seller's attomeys' fees 131 • Municipal lien search (if Paragraph 9(c)(i) or (iii) is checked) • Other: 6 % R.E. Commission, all closing costs 132 If, prior to Closing, Seller is unable to meet the AS IS Maintenance Requirement as required by Paragraph 11 133 a sum equal to 125% of estimated costs to meet the AS IS Maintenance Requirement shall be escrowed at 134 Closing. If actual costs to meet. the AS IS Maintenance Requirement exceed escrowed amount, Seller shall pay 135 such actual costs. Any unused portion of escrowed amount(s) shall be returned to Seller. 136 (b) COSTS TO BE PAID BY BUYER: 137 • Taxes and recording fees on notes and mortgages • Loan expenses 138 • Recording fees for deed and financing statements • Appraisal fees i39 •Owner's Policy and Charges (if Paragraph 9(c)(ii) is checked) • Buyer's Inspections 140 • Survey (and elevation certification, if required) • Buyers attorneys! fees 141 • Lenders title policy and endorsements • All property related insurance 142 • HOA/Condominium Association applicationitransfer fees • Owners Policy Premium (if Paragraph 143 • Municipal lien search (if Paragraph 9(c)(ii) is checked) 9 (c)(iii) is checked.) 144' •Other: 145• (c) TITLE EVIDENCE AND INSURANCE: At least (if left blank, then 15, or if Paragraph 8(a) is checked, 146 then 5) days prior to Closing Date ('Title Evidence Deadline"), a title insurance commitment issued by a Florida 147 licensed title insurer, with legible copies of instruments listed as exceptions attached thereto ("Title 148 Commitment") and, after Closing, an owner's policy of title insurance (see STANDARD A for terms) shall be 149 obtained and delivered to Buyer. If Seller has an owners policy of title insurance covering the Real Property, a 150 copy shall be furnished to Buyer and Closing an within 5 days after Effective Date. The owners title policy 151 premium, title search and closing services (collectively, "Owners Policy and Charges") shall be paid, as set 152 forth below. The title insurance premium charges for the owners policy and any lenders policy will be calculated 153 and allocated in accordance with Florida law, but may be reported differently on certain federally mandated 154 closing disclosures and other closing documents. For purposes of this Contract "municipal lien search" means a 155 search of records necessary for the owners policy of title insurance to be issued without exception for unrecorded 156 liens imposed pursuant to Chapters 159 or 170, F.S., in favor of any governmental body, authority or agency. 157 (CHECK ONE).- 158, NE):159• ❑ (1) Seller shall designate Closing Agent and pay for Owners Policy and Charges, and Buyer shall pay the 169 premium for Buyers lenders policy and charges for closing services related to the lenders policy, 180 endorsements and loan closing, which amounts shall be paid. by Buyer to Closing Agent or such other 161 provider(s) as Buyer may select; or 162* El (ii) Buyer shall designate Closing Agent and pay for Owners Policy and Charges and charges for closing 163 services related to Buyers lenders policy, endorsements and loan closing; or 1 Buyers Initials Page 3 of 12 Seller's Initials_ FloridaRealtors/Florld2Bar-ASIS-5 RevA/17 © 2011 Florida Realtors® and The Florida Bar. 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