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