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41 on Closing Date and Buyer is unable to obtain property insurance, Buyer may postpone closing up to 5 days after <br />42 the insurance underwriting suspension is lifted. <br />43 (b) Location: Closing will take place in Indian River County. Florida. (If left blank, closing will take place in the <br />44 county where the property is located.) Closing may be conducted by mail or electronic means. <br />45 5. THIRD PARTY FINANCING: <br />46 BUYER'S OBLIGATION: On or before N/A days (5 days if left blank) after Effective Date, Buyer will apply for third <br />47 party financing in an amount not to exceed N/A % of the purchase price or S -0- , with a fixed <br />48 interest rate not to exceed N/A % per year with an initial variable interest rate not to exceed N/A %. with points or <br />49 commitment or loan fees not to exceed N/A % of the principal amount, for a term of N/A years, and amortized <br />50 over N/A years, with additional terms as follows: <br />51 N/A <br />52 Buyer will timely provide any and all credit, employment, financial and other information reasonably required by any <br />53 lender. Buyer will use good faith and reasonable diligence to (i) obtain Loan Approval within N/A days (45 days if left <br />54 blank) from Effective Date (Loan Approval Date), (ii) satisfy terms and conditions of the Loan Approval, and (iii) close <br />55 the loan. Buyer will keep Seller and Broker fully informed about loan application status and authorizes the mortgage <br />56 broker and lender to disclose all such information to Seller and Broker. Buyer will notify Seller immediately upon <br />57 obtaining financing or being rejected by a lender. CANCELLATION: If Buyer, after using good faith and reasonable <br />58 diligence, fails to obtain Loan Approval by Loan Approval Date. Buyer may within N/A days (3 days if left blank) <br />59 deliver written notice to Seller stating Buyer either waives this financing contingency or cancels this Contract. <br />60 If Buyer does neither, then Seller may cancel this Contract by delivering written notice to Buyer at any time thereafter. <br />61 Unless this financing contingency has been waived, this Contract shall remain subject to the satisfaction, by closing, of <br />62 those conditions of Loan Approval related to the Property. DEPOSIT(S) (for purposes of Paragraph 5 only): If Buyer <br />63 has used good faith and reasonable diligence but does not obtain Loan Approval by Loan Approval Date and <br />64 thereafter either party elects to cancel this Contract as set forth above or the lender fails or refuses to close on or <br />65 before the Closing Date without fault on Buyer's part, the Deposit(s) shall be returned to Buyer, whereupon both <br />66 parties will be released from all further obligations under this Contract, except for obligations stated herein as surviving <br />67 the termination of this Contract. If neither party elects to terminate this Contract as set forth above or Buyer fails to use <br />68 good faith or reasonable diligence as set forth above, Seller will be entitled to retain the Deposit(s) if the transaction <br />69 does not close. For purposes of this Contract. "Loan Approval" means a statement by the lender setting forth the terms <br />70 and conditions upon which the lender is willing to make a particular mortgage loan to a particular buyer. Neither a pre - <br />71 approval letter not a prequalification letter shall be deemed a Loan Approval for purposes of this Contract. <br />72 6. TITLE: Seller has the legal capacity to and will convey marketable title to the Property by X statutory warranty <br />73 deed J special warranty deed J other . free of liens. easements and <br />74 encumbrances of record or known to Seller, but subject to property taxes for the year of closing: covenants. <br />75 restrictions and public utility easements of record: existing zoning and governmental regulations, and (list any other <br />76 matters to which title will be subject) N/A <br />77 <br />78 provided there exists at closing no violation of the foregoing and none of them prevents Buyer's intended use of the <br />79 Property as a Fire Station <br />80 (a) Evidence of Title: The party who pays the premium for the title insurance policy will select the closing agent <br />81 and pay for the title search and closing services. Seller will, at (check one) X Seller's J Buyer's expense and <br />82 within N/A days after Effective Date or at least 15 days before Closing Date deliver to Buyer (check one) <br />83 X a title insurance commitment by a Florida licensed title insurer setting forth those matters to be discharged by <br />84 Seller at or before Closing and. upon Buyer recording the deed, an owner's policy in the amount of the purchase <br />85 price for fee simple title subject only to exceptions stated above. If Buyer is paying for the evidence of title and <br />86 Seller has an owner's policy, Seller will deliver a copy to Buyer within 15 days after Effective Date. J (ii.) an <br />87 abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an existing firm. <br />88 However, if such an abstract is not available to Seller. then a prior owner's title policy acceptable to the proposed <br />89 insurer as a base for reissuance of coverage may be used. The prior policy will include copies of all policy <br />90 exceptions and an update in a format acceptable to Buyer from the policy effective date and certified to Buyer or <br />Bu�and Seller 1 ) ( ) acknowledge receipt of a copy of this page. which is Page 2 of 8 Pages. <br />CC -5 Rev. 9/17 ''2017 Florida Realtors` <br />bcersed to Alta Star Software and IDD1021813796 NB1 D 113941 <br />Software and added formatting © 2020 Alta Star Software, all rights reserved. • www.altastar.com • (877) 279-8898 <br />