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11S STANDARDS FOR REAL ESTATE TRANSACTIONS
<br />ao CS ■VIDBNC■ OF tlTla:(t) An .h.,r_ae,` Pfopafod or brought eurrent'by a reputable and existing abstract firm pl not existing Ivan
<br />121 the plod l �eral f t an ealeling firm) Purporiing to be an accurate Synopsis of the Inelrume"it affecting 11110 to the real properly recorded In
<br />122 the public records of the county wherein the real properly is located through Effective Dela. It Shall commence with the earliest public records,
<br />123 ar sueA later dale as may be customary In the county. Upon closing of this Conlf8CI. the abstract shall Dreoma the properly of Buyer, subjset to
<br />121 rho "Ohl of felsnlloll tllsraof by ftrsl nlofigs08ee until fully pold, (2) A Illlg Inaoraneg eemmllmenl 1111 by 4 plorlde licensed tills Insurer
<br />126 agreeing to la o t Buyer, upon recordlnp of ahs deed to Buyer, an owners policy of title Insurance In the amount of the purchase price, Ins ring
<br />126 Bu er7 title to the real property, subject only to liana, encumbrances, exceptions or qualifications provided In this Contract and those to be
<br />1128 27 dl9thareIn this ad by seller at or before closing. Sellar shall Convey marketable title subject only to lions, encumbrances, exeeptlons or qualifications
<br />Instlrins
<br />129 Provided
<br />and eaccordance owith law, Marketable
<br />yer shelllhove 3 day ll be determined
<br />date of receiving evidence fIY 10 Standards
<br />examine Iadopted tills authorof The Florida ear
<br />ity
<br />defective. qualifi Buyer
<br />113f20 Shall within sold 6 days notify Seller In writing specifying the defect(S). It deficits) render title unmarketable, SSllar will have 30 day from
<br />132 notice t tBetteer either the
<br />extending the time fofailing r a f4seonable periold nlve ot 10)axC� dAfter
<br />120 dayslwithin whichthirty
<br />Seller $hall use diligent effort 10
<br />132 r&eleve the defects; or (2) tequestlno a refund of deposll(s) pold which shall be Immediately returned to Buyer. If Buyer falls rtooso nlotify Seller,
<br />134 Buyer shall be deemed to have oeC&pted the tills ss 11 then Is. Seller shall, If title 1's found unmarketable, use diligent efforl to correct deficits)
<br />t35 within the time Provided therefor, If Sellar Is unable to Umely COrrsct the defects, Buyer shell either waive the defects, or receive • refund o/
<br />136 8 da s prior
<br />thereby ino. Buyer
<br />Buyer and Sellar from all , so it obllostlons under this Contract. If evidence of 11110 IS delivered to Buyer loss Ihan
<br />137 6 days prior to olotnp, this
<br />sr may extend closlnp date so That Buyer shell hove UP to 5 days from date or receipt of evidence of tills 10 examine
<br />138 sante In aeeotdanee with this Standard.
<br />139 @,PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLERt A purchase money mortgage and mortgage note to Seller shall
<br />140 Provide for a 30 -day grace Period In the event o/ default it a first mortgage and a 15 -day grace period If a second or lesser mortgage; Shall
<br />141 provide for right of prepayment In whsle at In Part without Penalty; shall permit acceleration In event of transfer of the last property; shall require
<br />142 all prior lions and encumbrances to be kept In good standing and forbid modifications of or future advances under prior morlgags(s); shall require
<br />143 Buyer all
<br />polleles or Insurance contaiterm
<br />*extended
<br />•standard mortgsgas clause covering III Improvements lotted on the foal property against
<br />/44 fire and all Defile Included within the term •extended eoverepe
<br />endorsements, and such other risks and perils a$ Seller may reasonably require,
<br />145 1" en amount squat to their highest Insurable value;and the morloa0e, note and security agreement shell be Otherwise In form and content required
<br />146 by Seller; but Seller may only require clauses and coverage customarily found In mortgages, mortgags notes and security agreements generally
<br />147 utilized by savings and loon Institutions or stale or national banks located In the county wherein the real property 10 located, All personal
<br />148 property and leases belng Conveyed or assigned will, Sellles option, be Subjict to the lien of a security agrasmen
<br />yet
<br />149 financing Statements. If a balloon morlosgs, the final payment will exce&d the periodic payments thereon, t evidenced by recorded
<br />1108toanC. d SURVEYICerlBuyer, al Euyses apart", within 111118 allowed sig dsllva► aWdenee Of lllls end to examine gems, may have the foal propgfty surveyed
<br />lfled by a registered Florida surveyor. If the survey dlecloses encroachments on the reel properly or that Improvements located thereon
<br />152 encroach on Setback lines, eae&ments, lands of Others or violate any rsstrlcllons. Contract covenant or applicable governmental reoulellOn, the
<br />103 same shell Constitute a title defect.
<br />164 O. TERMITB3/WOOD DESTROYING ORGANISMS: Buyer, at Suyseg expense, within the Ilene allowed to deliver evidence of Illi., may have !rya
<br />tee Property mmom (ca le •Florida Certified Peel Control Operator (•Operator•) to determine If there Is any vl$IDIs lellve termite Infestation or
<br />116 visible damage from termite Infesfallon, excluding fences. If either or both are found. Buyer .hall hove 4 day from date of wrfmlI notice thereof
<br />in
<br />167 within which to have cool of treelm$nt, If required. estimated by the Operator and all damage IIA Poo hove 4 and from
<br />mated f a licensed not butor
<br />166 general contractor. Setter shall pay valid costs of treatment and repair of all damage up to the amount provided In Paragraph XIII(&). if
<br />159 eellmsted Coals exceed that amount, Buyer Shall have the option of Canceling This Contract within a days after receipt of contractor's repair
<br />160 Ptlmata n giving ragr aph XISI nolle. m Seller or Buyet may elect to Proceed with the transaction, and receive a Credit ■1 closing an the amount
<br />161 provided In Paragraph XIII (a). •Tarmltee' shall be deemed to Include all wood destroying organisms required to be reported under the Florida Peat
<br />162 Control Act, as amended.
<br />103 E. INGRESS AND EGRESS: Sellar warrants and represents that Thar* Is Ingress end egress to the real
<br />104 as described In Paragraph VII hereof. tills to which Is In aeeordenee with Standard A. property sultlelent for Its Intended tion
<br />165 F. LEASBS: Seller shall, not leas than 15 days before Closing, furnish to Buyer Caples of all written lasses and estoppel letters from each
<br />tall tenant SPeclfying the mature and duration of the tenant'& occupancy, rental rates, advanced rent and security deposit paid by tenant. II Seller Is
<br />167 unable to obtain such letter from each tenant, the some Information shell be furnished by Seller and Buyer within that time period In the form o/ ■
<br />fell Seller'. affidavit, and Buyer may thereafter contact tenant l0 eonflrm such Information. Salter Shari, at eloalnp, deliver and assign all originform
<br />reg 38110" to Buyer.
<br />170 0, LIENS: Seller shall furnish to Buyer al time of closing on affidavit attesting to the absence, unless Otherwise provided for herein, of any
<br />171 financing statement, claims of lien or potential Itanors known to Seller and further &floating that there have been no Improvements or, repair■ to
<br />172 the real properly f0► 90 days Immediately preceding date of closing. If the reel properly has been Improved or repelled within that Ilene, Seller
<br />173 shall deliver ralesses or walvsre of *onalruetlen Ilan$ executed by all general contract*rs. subcontractor@, suppliers and malerlslm@n In addition
<br />174 to Seller's Ilan affidavit $0111119 forth the name$ o/ all such general cantractots, subcontractors, supPI10fe and moterlaimen, further effirmln9 Ihel
<br />173 dal he closing
<br />charges for f this Improvements Of repairs which Could tires p •lents for • construction Iron or ,.claim for damages have boon paid of will n paid
<br />173 al the rges f o/ this ementst.
<br />1 78 177 H. PLACE OF CLOSING: Closing shall be held In the county wherein the real properly Is located at the office Of the ettornoy *rather closing
<br />179 1. TIME tire computing I designated
<br />pMods of 1498 than six (e) days, Saturdays. Sundays and tate or national 10091 holidays shall be excluded. Any time
<br />190 periods provided for heroin which shall and an a Saturday, Sunday, or a 16981 holiday shall extend to 5:00 P.m. of the next business day. Time 1s of
<br />141 the essence In this Contract.
<br />182 J. CLOSING DOCUMBNT3s Seller shall furnish file deed, bill of Sale, Construofloo Ilan sifldavll, owner's poaaeaslon sffldavlt, assignments of
<br />183 I"ass, Sgsnt and ndfimortgages nci estoppel tartare and Corrective Instruments. Buyer shall furnish closing statement, mortgage, mortgage note,
<br />164 saeurlty agresmsnt and financing etalsmonls,
<br />185 K. EXPENBBSI Documentary stamps an the deed and "Carding Of Collective Instruments shall be paid by Seller. Documentary stamps and
<br />100 Intangible tax on the purchase money mortgage and any mortgage assumed, mortgagee tills Insurance eommltment with related fees, and
<br />187 fscording of purchase money mortgage 10 Seller, deed and fln"cing stafamants shall be paid by Buyer. Unless otherwise provided by law or
<br />180 rider to this Contract, charges for the following feinted title services, namely tllte or abstteet Sharpe, tete examination. Pr and "by low or
<br />189 slid closing foo. shall be paid by the party responsible furnishing the title evidence In SOCOrdance with Paragraph V.
<br />100 L. before IONS; CREDITS; Taxes, Ing option a, rent, Intor&aI- Insurance and other expenses of the Property shall be prorated through the
<br />191 day before closing. Buyer shall have the option of taking over existing pollelOS of Insurance. It assumable, In which event premium, shall be
<br />1D2 prorated. Cash at closing Shall be Increasad or decreased as may be required by proration$ to be made through day prior to
<br />197 If OCCupeney occurs before closIng. Advance rent and security deposits -will be credited to Buyer. Escrow depoalta held by mortgagee will be
<br />194 Credited 10 $01181. Taxes Shall be prorated based on the current year's rex with due allowance made ref maximum sit$ held ldls3cortgahomestead
<br />193 and other exemptions, It Closing occurs a1 a dale when, the current year's milloge Is not fixed and current year's assessment la avall&bin, taxes
<br />106 will be prorated based upon such assessment and prior year's mlllegs. It current year's sea
<br />toy not available, then taxes will be prorated
<br />1sT on prior yaps tax. It there are completed improvements On the reel properly by January alt Ot year of closlnp, available.
<br />which en taxes will
<br />baro not In
<br />100 oxlslenee on January lot of prier year. then texsl shall be prorated be$eit upon prior year's millage and at an equitable assessment to be agreed
<br />190 upon between the perties; failing which, request shall be mads to the County Property Appraiser for an Informal assessment taking Into account
<br />200 available exemptions. A lax Proration based an an estimate shall, at request of either party, be readjusted upon receipt of lax bill On condition
<br />201 that a stalsmsnl to that affect Is signed at CLOIng.
<br />Euyer (I („t,1 and 08elisf saknowledge receipt of a Copy of this page.
<br />FARISAR•$ Rev. 0/90 COPYRIGHT 1990 THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORS®
<br />This form is licensed for use with Foxmaalamr'e Forms Software by ISO MCAlilater Publishing, Inc. 800.330.1027
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