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XI. ASSIGNABILITY: (CIIECK ONLY ONE): Buyer [] may assilpi and thereby be released from any further liability under this Contract; [J nhay anigth
<br />but not be released from liability under this Contract; or >0 may not assigth this Contract.
<br />XII. DISCLOSURES:
<br />(a) Radon is a naturally occurring radioactive gas that w hen accumulated in a building in sufficient quantities may presenthealth risks to persons who fire
<br />exposedto itover time. Levels ofradon that exceed federal and state gwidelines have been found in buildings in Florida. Additional information regarding
<br />Radon or Radon testing maybe obtained from your County Public Health unit.
<br />(b) Buyer mayhave determined the energy efficiency ratingofthc residential building, ifany is located on the Real Property.
<br />(c) Ifthe Real Property includes pre•1978reside:-:�alhousingthen Paragraph X (h) is nuindatory.
<br />XIII. MAXIMUM REPAIR COSTS: Seller shall not be responsible for the payment of costs uh excess of
<br />(a) $ . N/A fortreatment and repair under Standard 1) (ifbiank, then 2% ofthe Purchase Price).
<br />(b) $ N/A for repair and replacement tinder Standard N (ifblank, thern 3% ofthe Purchase Price).
<br />XIV. SPECIAL CLAUSES: If additional space; is required, attach addendum and C14EC;K 1-II?RE LJ .
<br />THIS IS INTENDEDTO BEA LEGALLY BINDING C;CiNTRAC:T. IF N(Y1' MILLY UNDERSTOOD, Sh.I?K'rIJVADuJ0: OF AN ATTORNEY
<br />PRIOR TO SIGNING. TIUS FORM HAS BEEN APPROVED BY TIIF, h'1,0111DA ASSO(IATION O1?'A1?4Vt6 Aifi ,0'11U,? h'LUItiDA BAR.
<br />Approval does not constitute an opinion that any of the terms and conditions in this Contract should be *;ed by the partite; 'W particular transaction.
<br />Terms and conditions should be negotiated based upon the respective interests, objectives and b gs�►.tt7�gpositiurts vfall interd liprsons.
<br />1111000
<br />-AlAwl
<br />J /-.I-
<br />(Buyer) Lothar reran ate) (Seller) ,*C ® K,+,` `tl (Date
<br />Social or axl.D. # _ Sodal Security ar.t.i�l, #i _i�� �3CC
<br />Apr
<br />�
<br />(BuPaul. e L . ran ( ate) (Seiler) William M. Napier ( )
<br />Social Security or Tax I.D. # Social Security or Tax I.D. # _&ght—of—Way gent_
<br />Deposit under Paragraph 11 (a) received; IF OTHER THAN CASH, THEN SUBJECI' TO CLEARANCE.
<br />(Escrow Agent)
<br />BROKER'S FEE: The brokers named below, including listingand eooperatingbrokers, arethe onlybrokers entitled to compensation in connection with this
<br />Contrad:
<br />Nat -fie
<br />Listin gBroker
<br />Cooperating Brokers, if any
<br />STANDARDS FOR REAL ESTATI? TRANSACTIONS
<br />A. Evidence oMde:(1) An abstract oftitle prepared or brougfhtuirrent by reputable and existingabstrad firm (if not existingthetii certified as carred by an
<br />existing firm) purportingto be an accurate urate synopsis ofthe instruments altedingtitle to the Real Property recorded in the publicrecords of the countywherein the
<br />Real Property is located through Effective Date. It shall commence with the earlie%t publicrecords, or such later date as may be caastonhary in the county. Upon
<br />dosing ofthis Contract, the abstract shall become the; property of Buyer, subject to the right of retention thereofby first mortgagee until fullypaid. (2) Atitle
<br />insurance commitment issued by a Florida licensed title insurer agreeingto issue; Buyer, upon recording ofthe deed to Buyer, an owner's policy of title insurance
<br />in the amount ofthepurchase price, insurin g Buyer's title to the Real Property, subject onlyto liens, encumbrances, exceptions or qualifications provided in this
<br />Contract and thoseto be discharged by Seller at or before dosing Seller shall chnveymarke..able title subject onlyto liens, encumbrances, exceptions or qualificat-
<br />ions provided in this Contract. Marketable title shall be determined according to applicable 'Title Standards adopted by authorityof The Florida Bar and in accord-
<br />anm with law. Buyer shall have 30 days, if abstract, or 5 days, if title commitment, from date of receiving evidence of title to examine it. If title is found defective,
<br />Buyer shall within 3 daysthereafter, notify Seller in writingspecifyingthe defed(s). If defect(s) render title unmarketable. Seller will have 30 days from receipt of
<br />noticeto removethe defects, failingwhidh Buyer shall, within five (5) days after expiration ofthe thirty (30) day period, deliver written notice to Seller either: (1)
<br />extending thetime for a reasonable period not to exceed 170 days with in wh icih Seller shall use diligent effort to remove the defects; or (2) requesting a refund of
<br />deposit(s) paid which shall be immediately returned to Buyer. If Buyer fails to so notify Seller, Buyer shall be deemed to have accepted thetitle as it then is. Seller
<br />shall, iftitle is found unmarketable, use diligent effort to correct defect(s) within the time provided therefor. If Seller is unableto timelyeorretthe defects, Buyer
<br />shall either waivethe defects, or receive a refund of deposit(s), thereby releasing Buyer and Seller from all further obligation underthis Contract.
<br />B. Pun hese Money Mortgeage; Security Agreementto Seller. A purchase money mortgage and mortgage note to Seller shall provide for a 3Uay grace; period in
<br />the event of default if first mortgage and a 15 -day grace period if a second or lesser mortgage; shall provide for right ofprepayment in whole or in part without
<br />penalty, shall permit acceleration in event oftransfer ofthe Real Property; shall require all prior liens and encumbrances to be kept in good standingand forbid
<br />modifications ofor future advances under prior mortgage(s); shall require Buyer to maintain policies of insurance containing a standard mortgagee dause covering
<br />all improvements located on the Real Property against fire and all perils included within the tern "emended coverage endorsements" and such other risks and
<br />perils as Seller may reasonable require, in an amount equal to their highest insurable value; and the mortgage, note and security agreement shall be otherwise in
<br />form and content required by Seller; but Seller may onlyrequire dauses and coverage customarily found in mortgages, mortgage notes and security agreements
<br />generally utilized bysavinp and loan institutions or state or national banks located in the countywherein the Real Property is located. All Personal Property and
<br />leases being conveyed or assig red will, at Seller's option, be subject to the lien of a security agreement evidenced by recorded finaneingstatements. If a balloon
<br />mortgage, the finalpayment will exceed the periodic payments thereon.
<br />C^ Survey: Buyer, at Buyer'sexpense, within time allowed to deliver evidence of titic: and to examine same, mayhavetlic Real Property surveyed and certified by
<br />a registered Florida surveyor. If the surveydisdoses encroadhments on the Deal Property or that improvements looted thereon encroach on setback lines, ease-
<br />ments, lands ofothers or violate any restrictions, Contract covenants or applicable governmental regulation, the same shall constitute a title defect.
<br />D. Teenalt;eus: Buyer, at Buyer's expense, within the time allowed to deliver evidence of title, mayhave the Property inspected by a Florida Certified Pest Control
<br />Operator ("Operator") to determine if there is any visible active termite infestation or visible damage from termite infestation in the Property. If either or both are
<br />found, Buyer shall have 4days from date of written notice thereofwithin which to have cost of treatment, if required, estimated by the Operator and all damage in-
<br />spected and estimated by a licensed builder or general contractor. Seller shall pay valid costs of treatment mid repair of all damage up to the amount provided in
<br />Paragraph XIII(a). Ifestimated costs exceed that amount, Buyer shall have the option of aancelingthis Contract within 5 days after rewipt of contractor's repair
<br />estimate by givingwritten noticeto Seller or Buyer mayeledto proceed with the transaction, and receive a credit at dosingon the amount provided in Paragraph
<br />XIII(a). "Termites" shall be deemed to include all wood destroying organ isms required to be reported underthe Florida Pest Control Act, as amended.
<br />L Ingmssand Egress: Seller warrants and represents that there is ingress and egressto the Real Property sufficient for its intended use as described in Paragraph
<br />VII hereof titleto which is in accordance with Standard A.
<br />F. Leases: Seller shall, not less than 15 days before dosing, furnish to Buyer copies ofall written leases and estoppel letters from each tenant specifyingthe nature
<br />and duration oftheteriant's occupancy, rental rates, advanced rent and security deposits paid byte✓nant. If Seller is unable to obtain such letter from each tenant,
<br />the same information shall befurnished by Seller to Buyerwithin thattime period in the formofa Seller's affidavit, and Buyer maythereafter contact tenants to
<br />confirm such information. Seller shall, at dosing, deliver and assign all original leases to Buyer.
<br />G. Keens: Seller shall furnish to Buyer attime of dosing an affidavit attestingto the absence, unless otherwise provided for herein, of any financing statement,
<br />claims of lien orpotential lienors known to Seller and further attestingthat there have been no improvements or repairs to the Real Propertyfor 90 days immed-
<br />iatelyprecedingdate ofdosing, Ifthe Real Propertyhas been improved or repaired within thattime, Seller s hall deliver releases or waivers of construction liens
<br />executed by all general contractors, subcontractors, suppliers and materialmse n in addition to Seller's lien affidavit settingforth the names of all such general con-
<br />tractors, subcontractors, suppliers and materialmen, further afiirmingthat all charges for improvements or repairs which could serve as a basis for a construction
<br />lien or a claim for damages have been paid orwill be paid atthe dosingofthis Contract.
<br />R Plicae of Closing: Closing shall beheld in the county wherein the Real Property is donated atthe office of the attorney or other dosing agent designated by Seller,
<br />FAR/BAR-4 Revised 17/ 95 (C) 1994, Florida Association ofRealtors(R) P.O. Wx 725025 Orlando, Florida 32872-5025 All Rights Reserved Page 2 of 3
<br />This form is licensed for use by ISG -McAllister Publits ping 343.546.6355
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