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L TIm:In oomputingtimeperiods of less than six (6) days, Saturdays, Sundays and state or national legal holidays shall be excluded. Any time periods provided
<br />for herein which shall and on a Saturday, Sunday, or a legal holiday shall extend to 5:00 p.m oftha next business day. Time is ofthe essence in this Contract.
<br />4 l oc uaaents forClosing: Seller shall fiarnislh the deed, bill ofsale, construction lien affidavit, owner's possession affidavit, assighnnents of leases, tenant and mor-
<br />tgagee estoppel letters and corrective instruments. Buyer shell fiurnish dosingstatement, mortgage, mortgage note, security agreement and financing statements.
<br />K EWnws: Documentary stamps on the deed end reeordingof corrective ihhLtrunxmts shall be paid by Seller. Documentary stamps and intangible taxon thepur-
<br />chase money mortga8e and any mortgage assumed, and rdWrdingofpurdiase money mortgageto Seller, deed and financingstatements shall be paid bythe Buyer.
<br />Unless otherwise provided bylaw or rider to this Contract, charges forthe followingrelated title services, namely title or abstract charge, title examination, and
<br />settleameatand dosingfee, shall be paid by the par:; responsible for furn ish ingthe title evidence in aa:ordaneewith ParagraphV.
<br />L. Pwmtlan.3; Ckedita: Taxes, assessments, rent, interest, insurance and other expenses ofthe Propertyshall be prorated through the daybefore dosing Buyer
<br />shallhavethe option oftaking over existingpolicies of insurance, if assumable, in which eventpremiums shall beprorated. Cash at closingshall be increased or de-
<br />creased as maybe required by prorations to be made through dayprior to dosing or occupancy ifoocupancyooaurs before dosing Advance rent and securitydepp-
<br />osits will be credited to Buyer. Escrow deposits held by mortgagee will be credited to Seller. Taxes shall be prorated based on the current year's taxwith due allowr-
<br />ance nude for maximum allowable discount, homestead and other exemptions. Ifdosi ng occurs at a date when the current year's millage is not fixed and current
<br />year's assessment is available, taxes will be prorated based upon such assessnnc tit and prior year's millage. If current year's assessment is not available, then tares
<br />will be prorated on prior year'stax. If there are completed improvements on the Real Property by January 1st of year ofdosuhg, which improvements werenot in
<br />cxistencc on January 1st of prior year, then taxes slhall be prorated based upon prior year's nnillagie and at an equitable assessment to be agreed upon between the
<br />parties; failingwhich, request shall be made to the County Property Appraiser for an in formal assessmenttakinginto account available exemptions. Atax prora-
<br />tion based on an estimate shall, at request ofeither party, be readjusted upon receipt oftax bill on condition that a staternentto that effect is signed at dosing
<br />M. SpecW Assessmentllens: Certified, confirmed and ratified special assessmc,.nt liens as of date ofdosimg(not as of Eflective Date) are to be paid by Seller.
<br />Pending liens as ofdate of dosing shall be assumed by Buyer. Ifthe improvement has been substantiallycompleted as ofE ffedive Date, any pendinglien shall be
<br />considered certified, confirmed or ratified and Seller shall, at dosing be charged an amount equal to the last estimate or assessment for the improvement by the
<br />publiobody.
<br />N. Inspection, Repalrand Malntenanee: Seller warrantsthat, as of 10 days prior to dosing, the veiling, roof(uhdudingthe fascia and soffits) and exterior and in-
<br />teriorwalls, foundation, seawalls (or equivalent) and dockage do not have any Visible Evidence of leaks-, water damage or structural damage and thatthe septic
<br />tank, pool, all appliances, mechanical items, heating, cooling, electrical, plumbing systems and machinery are in Working Condition. The foregoing warranty shall
<br />be limited to the items specified unless otherwise provided in an addendum. Buyer may, at Buyer's expense, have inspections made of those items bya firm or ind-
<br />ividual spehialbingin home inspections and holdingan occupational license for such purpose (if required) or by an appropriately licensed Florida oontrador.
<br />Buyer shall, priorto Buyer's occupancy or not less than 14 daysprior to dosing, wtnidnever occurs first, report in writingto Seller such items that do not meet the
<br />above Omdards alto defects. Unless Buyer timely reports such defects, buyer shall be deemed to have waived Seller's warranties as to defects not reported. Ifre-
<br />pairs or replacements arc required to comply with this Standard, Seller shall cruse thernto be made and shall pay up to the amount provided in Paragraph XIII(b).
<br />Seller is not required to make repairs or replacements ofa eosmet.icnature unless caused bya defect Seller is responsible to repair or replace. Ifthe cost for such
<br />repair or replacement exceeds the amount provided in Paragraph XIII(b), Buyer or Seller may elect to paysudh excess, tailing which either party maycancael this
<br />Contract. If Seller is unable to correct the defects prior to dosing the cost thereof shall be paid into escrow at dosing, Seller shall, upon reasonable notice, provide
<br />utilities service and access to the Property for inspections, including a walk-through prior to dosing, to cconfirmthat all items of Personal Propertyare on the Real
<br />Property and, subjedto the foregoing that all required repairs and replacements have been made clad thatthe Property, induduhg, butnnot limited to, lawn, shrub-
<br />bery and pool, ifany, has been maintained in the condition existing as of Effedive Date, ordinary wear and tear eycepted.
<br />O. Risk Of Loss: If the Property is damaged byfire or other casualty before dosing and cost of restoration doesnot exceed 3% ofthe assessed valuation ofthe
<br />Property so damaged, cost of restoration shall bean obligation ofthe Seller and dosing shall proceed pursuant to the terms ofthis Contract with restoration costs
<br />escrowed at dosing Ifthe cost of restoration exceeds 3% ofthe assessed valuation of the Property so damaged, Buyer shall have the option ofeither taking the
<br />Property as is, together with either the 3% or any insurance proceeds payable by virtue ofsudh loss or damage, or of mnceling this Contract and reeeivingreturn
<br />ofthe deposit(s),
<br />P. Proceeds of Sale; Closing Procedure:The deed shall be recorded upon dearance offiunds. If an abstract of title has been furnished, evidence of title shall be
<br />continued at Buyer's expense to show title in Buyer, without any encumbrances or than gewhich would render Seller'stitle unmarketablefronsthe date ofthe last
<br />evidence. All dosingproeeeds shall beheld in escrow by Seller's attorney or other mutually acceptable escrow agent for a period of not more than 5 days after dos-
<br />ing date. If Seller's title is rendered unmarketable, through no fault of Buyer, Buyer shall, within the 5-dayperiod, notify Seller in writingofthe defect and Seiler
<br />shall have 30 days from date of receipt ofsudh notification to cure the defect. If Seller fails to timely cure the defect, all deposit(s) and closingfunds shall, upon
<br />written demand by Buyer and within 5 days after demand, be returned to Buyer and, simultaneously with such repayment, Buyer shall return the Personal Prop-
<br />erty, vacate the Real Property and reeonvey the Propertyto Seller by special warranty deed and bill of sale. If Buyer fails to make timelydemand for refund, Buyer
<br />shall take title as is, waivingall rights apinst Seller as to any intervening defect except as may be available to Buyer by virtue of warranties contained in the deed
<br />or bill ofsale. Ifaportion ofthe p urch ase p rice is to be derived from institutional fin ancin gor refinancing requirements ofthe len d in g institution as to place, time
<br />ofday and procedures for dosing and for disbursement ofmortgage proceeds shall control over eontraryprovision in this Contract. Seller shall havethe right to
<br />require from the lending institution a written oommitmentthat it will not withhold disbursement of mortgage proceeds as a result of any title defect attributable to
<br />Buyer -mortgagor. The escrow raid dosingprovedure required by this Standard shall be waived if thetitle agent insures adverse matters pursuant to Section
<br />627,794 1, F.S., as amended.
<br />Q. Escrow: Any escrow agent ("AgeanV) receiving funds or equivalent is authoriwd and agrees by aoxptan cc of them to deposit them promptly, hold same in
<br />emowand, subjcdto clearance, disburse them in accordance with terms and conditions ofthis Contract. Failure offunds to dear shall not excuse Buyer's perfor-
<br />umcc, If in doubt as to Ageant!s duties or liabilities under the provisions ofth is Contract, Agent may, at Agent's option, continue to hold the subject matter ofthe
<br />escrow until the parties hereto agree to its disbursement or until a judgement of a court ofeompetent jurisdiction shall determiuhe the rights of the parties, or
<br />Agent may depositsame with the derk of the circuit court having jurisdiction ofthe dispute. Upon notifying all parties concerned ofsuch action, all liability on the
<br />part of Agent shall fullyterminate, except to the extent ofaccounting for any iternspreviously delivered out ofescrow. If a liainsed real estate broker, Agont will
<br />oomplywrith provisions ofChaptor 475. F.S., as amended. Anysuit between Buyer and Seller wherein Agent is made a party because ofacting as Agent hereunder,
<br />or in any suit wherein Agent interpleads the subject matter ofthe escrow, Agent shall recover reasonable attorneys fees and costs incurred with these amountsto
<br />bepaid from and out ofthe escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. The Agehtshallnot be liableto
<br />any party or person for misdelivery to Buyer or Seller of items subjedto the escrow, unless such misdelivery is due to willful breach oftheprovisions ofthis Con-
<br />tract or gross negligence of Agent.
<br />R. Attorney's Fees; Costs: In any litigation, including breads, enforcement or interpretation, arising out ofthis Contract, the prevailingparty in suds litigation,
<br />which, for purposes ofthis Standard, shall include Seller, Buyer and anybrokers acting in ageneyor nonagehcy relationships authorized by Chapter 475, F.S., as
<br />amended, shall be entitled to recover from the non«prevailingparty reasonable attorneys fees, costs and expenses.
<br />S. Failure of Perfornunce: If Buyer failsto perform tlhis Contract within the time specified, including payment ofall deposits, the deposits) paid by Buyer and
<br />depoWs) agreed to be paid, maybe recovered and retained by and for the account of Seller as agreed upon liquidated damages, consideration for the execution of
<br />this Contract and in full settlement ofany daims; whereupon, Buyer and Seller shall be relieved of all obligations underthis Contract; or Seller, at Seller's option,
<br />may proceed in equityto enforce Seller's rights under this Contract. Iffor any reason other than failure ofSellerto make Seller's title marketable alter diligent
<br />effort, Seller fails, neglects or refuses to perform this Contract, the Buyer may seek specificperforamamee or elect to receive the return of Buyer's deposit(s)
<br />without thereby waiving any action for damages resultingfrornSeller's breads.
<br />T. Unbad NotRecotdable; Persons Bound; Notice: Neither this Contractnor anynotice of it shall be recorded in any publiereeords. This Contract shall bind
<br />and inure to the benefit of the parties and their successors in interest. Whenever the context permits, singular shall induce plural and one gender shall include all.
<br />Notice given byorto the attorneyfor any party shall be as eff'edive as ifgiven by or to that party.
<br />U. Conveyance: Seller shall convey title to the Real Property by statutory warranty, trustee's, personal representative's or guardian's deed, as appropriate to the
<br />status of Seller, subject onlyto matters contained in Paragraph VII and those otherwise accepted by Buyer. Personal Property shall, at the request ofthe Buyer, be
<br />transferred by an absolute bill ofsale with warranty oftitle, subject onlyto suds matters as may be otherwise provided for herein.
<br />V. OtiherAgaeenhesnts: No prior or present agreements or representations shall be bindingupon Buyer or Seller unless indud ed in this Contract. No modification
<br />to or change in this Contract shall be valid or bindin gupon the parties unless in writing and executed bytheparty or parties intended to be bound by it.
<br />W.'Wananty: Seller warrantsthatthere are no facts known to Seller materially affecting the value ofthe Property which are not readily observable by Buyer or
<br />which haven otbeen disclosed to Buyer.
<br />The Florida Association of Realtors and local Board/ Association of Realtors make no representation as to the legal validity or adequacy of
<br />anyprovision ofthis form in any specific transaction. This standardized form should not be used in eorq)lex transactions or with extensive
<br />riders or additions. This foram is available for use by the entire real estate indussxy and is not intended to idactity the user as a
<br />REALTOR(R). REALTOR(R) is a registered colledivo membership markthat maybe used only byreal estate licensees who are members
<br />ofthe National Association of REALTORS(R) and who subscribe to its Code of Ethics. 717 he mpyright laws of the United States (17 U.S.
<br />Code) forbid the unauthorized reproduction ofblank forms by any means including facsimile or computerized forms.
<br />F'AR/BAR-4 12195 Copyright 1995, Florida Association of Reahors(R) P.O. Box725025 Orlando, Florida 32M.-5025 All Rights Reserved Page 3 of 3
<br />This fora is hoensed for use byISG-McAllister Publishing 303-546-6355
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