|
198 with the FIRPTA requirements, including delivery of their respective federal taxpayer identification numbers or
<br />199 Social Security Numbers to the closing agent. If Buyer does not pay sufficient cash at closing to meet the
<br />200 withholding requirement. Seller will deliver to Buyer at closing the additional cash necessary to satisfy the
<br />201 requirement.
<br />202 10. ESCROW AGENT: Seller and Buyer authorize Escrow Agent or Closing Agent (collectively "Agent") to receive.
<br />203 deposit, and hold funds and other property in escrow and, subject to collection. disburse them in accordance with the
<br />204 terms of this Contract. The parties agree that Agent will not be liable to any person for misdelivery of escrowed items to
<br />205 Seller or Buyer, unless the misdelivery is due to Agent's willful breach of this Contract or gross negligence. If Agent
<br />206 has doubt as to Agent's duties or obligations under this Contract. Agent may. at Agent's option, (a) hold the escrowed
<br />207 items until the parties mutually agree to its disbursement or until a court of competent jurisdiction or arbitrator
<br />208 determines the rights of the parties or (b) deposit the escrowed items with the clerk of the court having jurisdiction over
<br />209 the matter and file an action in interpleader. Upon notifying the parties of such action. Agent will be released from all
<br />210 liability except for the duty to account for items previously delivered out of escrow. If Agent is a licensed real estate
<br />211 broker, Agent will comply with Chapter 475, Florida Statutes. In any suit in which Agent interpleads the escrowed items
<br />212 or is made a party because of acting as Agent hereunder, Agent will recover reasonable attorney's fees and costs
<br />213 incurred: with these amounts to be paid from and out of the escrowed items and charged and awarded as court costs
<br />214 in favor of the prevailing party.
<br />215 11. CURE PERIOD: Prior to any claim for default being made, a party will have an opportunity tc cure any alleged
<br />216 default. If a party fails to comply with any provision of this Contract, the other party will deliver written notice to the non -
<br />217 complying party specifying the non-compliance. The non -complying party will have 5 days (5 days if left blank) after
<br />218 delivery of such notice to cure the non-compliance. Notice and cure shall not apply to failure to close.
<br />219 12. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be liable
<br />220 to each other for damages so long as performance or non-performance of the obligation, or the availability of services,
<br />221 insurance, or required approvals essential to Closing, is disrupted. delayed, caused or prevented by Force Majeure.
<br />222 "Force Majeure" means: hurricanes. floods, extreme weather, earthquakes, fire, or other acts of God, unusual
<br />223 transportation delays, or wars, insurrections. or acts of terrorism, which, by exercise of reasonable diligent effort, the
<br />224 non-performing party is unable in whole or in part to prevent or overcome. All time periods, including Closing Date, will
<br />225 be extended a reasonable time up to 7 days after the Force Majeure no longer prevents performance under this
<br />226 Contract, provided, however, if such Force Majeure continues to prevent performance under this Contract more than
<br />227 30 days beyond Closing Date, then either party may terminate this Contract by delivering written notice to the other
<br />228 and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all further obligations under this Contract.
<br />229 13. RETURN OF DEPOSIT: Unless otherwise specified in the Contract, in the event any condition of this Contract is
<br />230 not met and Buyer has timely given any required notice regarding the condition having not been met. Buyer's deposit
<br />231 will be returned in accordance with applicable Florida Laws and regulations.
<br />232 14. DEFAULT:
<br />233 (a) In the event the sale is not closed due to any default or failure on the part of Seller other than failure to make
<br />234 the title marketable after diligent effort. Buyer may elect to receive return of Buyer's deposit without thereby
<br />235 waiving any action for damages resulting from Seller's breach and may seek to recover such damages or seek
<br />236 specific performance. If Buyer elects a deposit refund. Seller may be liable to Broker for the full amount of the
<br />237 brokerage fee.
<br />238 (b) In the event the sale is not closed due to any default or failure on the part of Buyer, Seller may either (1)
<br />239 retain all deposit(s) paid or agreed to be paid by Buyer as agreed upon liquidated damages, consideration for the
<br />240 execution of this Contract, and in full settlement of any claims, upon which this Contract will terminate or (2) seek
<br />241 specific performance. If Buyer fails to timely place a deposit as required by this Contract, Seller may either (1)
<br />242 terminate the Contract and seek the remedy outlined in this subparagraph or (2) proceed with the Contract without
<br />243 waiving any remedy for Buyer's default.
<br />244 15. ATTORNEY'S FEES AND COSTS: In any claim or controversy arising out of or relating to this Contract, the
<br />245 prevailing party, which for purposes of this provision will include Buyer, Seller and Broker, will be awarded reasonable
<br />246 attorneys' fees, costs, and expenses.
<br />247 16. NOTICES: All notices will be in writing and may be delivered by mail, overnight courier, personal delivery, or
<br />248 electronic means. Parties agree to send all notices to addresses specified on the signature page(s). Any notice.
<br />249 document, or item given by or delivered to an attorney or real estate licensee (including a transaction broker)
<br />250 repre a party will be as effective as if given by or delivered to that party.
<br />4�_W) L_) and Selle<@ () acknowledge receipt of a copy of this page. which is Page 5 of 8 Pages.
<br />CC -5 Rev. 9/17 X2017 Florida Realtors`
<br />Licensed to Alta Star Software and ID. D1021813796.NB1D 113941
<br />Software and added formatting © 2020 Alta Star Software. all rights reserved. • www.altastar.com • (877) 279-8898
<br />
|