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L Tine:In aaniputingtime periods of lessthan six (6) days, Saturdays, Sundays mid state or national legal holidays shall be excluded. Any time periods provided
<br />for herein which shall end on a Saturday, Sunday, or a legal holiday shall extend to 5:00 p.m. ofthe next business day. Time is ofthe essence in this Contract.
<br />J Doarnents fordosin`: Seiler shall furnish the deed, bill ofsale, construction lien affidavit, owner's possession affidavit, assigthments of leases, tenant and mor-
<br />tppe estoppel letters and corrective instruments. Buyer shall fornish dosingstatcment, mortgage, mortgage note, security agreement and financing statements.
<br />X Ezpenses: Documentary stampson the deed and recordingof corrective instruments shall be paid by Seller. Documentary stamps and intangible taxon thepur-
<br />chase money mortgage and any mortgage assumed, and rdWrdingafpurchase money mortgage to Seller, deed and financingstatements shall be paid bythe Buyer.
<br />Unless otherwise provided bylawor rider to this Contract, charges forthe followin g related title services, namely title or abstrad charge, title examination, and
<br />settlemettand dosingfee, shall be paid bythe party responsible for fiimishingthetitle evidence in accordance with Paragraph V.
<br />L. Proradons; Ckedits: Taxes, assessments, rent, interest, insurance and other expenses of the Property shall be prorated through the day')efore dosing Buyer
<br />shallhavethe option oftaking over existingpolicies of insurance, if assumable, in which eventpremiums shall be prorated. Cash at dosingshall be increased or de-
<br />creased as maybe required by prorations to be made through daypriorto dosing or occupancy ifooeupancyooaurs before dosing, Advance rent and securitydep-
<br />ositswill be credited to Buyer. Escrowdeposits held bymortgagee will be credited to Seller. Taxes shall be prorated based on the current year's taxwith due allow-
<br />ance made for maximum allowable discount, homestead and other exemptions. Ifdosing occurs at a date when the current year's millago is not fixed and current
<br />yaw's assessment is available, taxes will beprorated based upon such assessment and prior year's millage. If current year's assessment isnot available, then taxes
<br />will be prorated on prior year'stax Ifthere are completed improvements on the Real Property by January 1st ofyear ofdosing, which improvements were not in
<br />existence on January Ist of prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assessment to be agreed upon between the
<br />parties; failingwhidh, request shall be madeto the County Property Appraiser for an informal assessment taking into account available exemptions. Atax prora-
<br />tion based on an estimate shall, at request of either party, be readjusted upon receipt oftaxbill on condition that statementto that effed issigied at dosing
<br />M. Spedal AssesurientUens: Certified, confirmed and ratified special assessment liens as of date ofdosing(not as of (affective Date) are to be paid by Seller.
<br />Pending liens as ofdate of dosing shall be assumed by Buyer. Ifthe improvement has been substantially completed as ofCf edive Date, any pending lien shall be
<br />considered certified, confirmed or ratified and Seller shall, at dosirhg, be dharged an amount equal to the last estimate or assessment for the improvement bythe
<br />publicbody.
<br />N. Inspection, Repatrand Maintenance: Seller warrantsthat, as of 10 days prior to dosing, the ceilin& 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, heatin g, cooling cledricel,plumbingsystems and mach incry are in Working Condition. The forego ingwarranty 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 by a firm or ind-
<br />ividual specializingin home inspections and holdingan occupational license for such purpose (if required) or by an appropriately licensed Florida contractor.
<br />Buyer shall, priorto Buyer's occupancy or not less than 10days prior to dosing, whichever occurs fust, report in writingto Seller sudh items that do not meet the
<br />above standards asto defects. Unless Buyer timely reports such defects, Buyer shall be deemed to have waived Seller's warranties as to defects not reported. If re-
<br />pairsor replacements arerequiredto oomply with this Standard, Seller shall cause themto be made and shall pay up to the amount provided in Paragraph XIII(b).
<br />Seller is not requiredto make repairs or replacements of cosmetic nature unless caused by a 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 Bled to paysudh excess, failingwhich either party may cancel this
<br />Contrail. If Seller is unable to corredthe defects prior to dosing, the eostthereofslhall 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 eonfirmthat all items of Personal Property are on the Real
<br />Property and, subjedto the foregoing that all required repairs and replacements have been made and thatthe Property, including butnot limited to, lawn, shrub-
<br />bery and pool, ifany, has been maintained in the condition existing as of Effective Date, ordinary wear and tear excepted.
<br />O. RiskOfLoxs:Ifthe 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 be an obligation ofthe Seller and dosing shall proceed pursuant to the terms ofthis Contract with restoration costs
<br />escrowed at dosing Ifthe eostof restoration exceeds 3% ofthe assessed valuation of the Property so damaged, Buyer shall have the option ofeither taking the
<br />Property as is, togetherwith either the 3% or any insurance proceeds payable by virtue ofsudh loss or damage, or of canceling this Contract and rowivingreturn
<br />ofthe deposit(s).
<br />A Pwamds ofsale; Closing Procedure: The deed shall bereoorded upon clearance offunds. Ifan abstrad ofthic has been furnished, evidence oftitle shall be
<br />continued at Buyer's expense to showtitle in Buyer, without any encumbrances or changewhidi would raider Seller's title unmarketablefiomthe date ofthe last
<br />evidence. All dosingproceeds shall beheld in escrow by Seller's attorney or other mutually acceptable escrow ageritfora period ofnot 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 Seller
<br />shall have 30days fromdate of receipt ofsudh notification to cure the defect. IfSeller failsto timely cure the defect, all deposits) and dosingfunds shall, upon
<br />writtai 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 timely demand for refund, Buyer
<br />shalltakatitle as is, waivingall rigjhts against Seller asto any intervening defed except as may be availableto Buyer by virtue of warranties contained in the deed
<br />or bill ofsale. Ifa portion ofthe purchasepriee is to be derived from institutional financingor refinancing, requirements ofthe lending institution asto place, time
<br />ofday and procedures for dosing and for disbursement ofmortgage proceeds slhall control over contrary provision in this Contract. Seller shall havethe right to
<br />require from the lendinginstitution a written eommitmentthat it will not withhold disbursement ofmortgage proceeds as a resultof any title defed attributable to
<br />Buyer -mortgagor. The escrow and dosingproeedure required by this Standard shall be waived if thetitle agent insures adverse matters pursuant to Section
<br />627.7841, F.S., as amended.
<br />Q. P.acxow: Any escrow agent ("Agent") receiving funds or equivalent is authorized and agrees by aoxptanoe of them to deposit them promptly, hold same in
<br />eserowand, subjedto clearance, disburse them in aeeordaneewith terms and conditions of this Contract. Failure offends to dear shall not excuse Buyer's perfor-
<br />mance. If in doubt asto Amt's duties or liabilities under the provisions ofthis Contract, Agent may, at Agent's option, continue to hold the subjed matter ofthe
<br />escrow until the parties hereto agree to itsdisbursement oruntil a judgement ofa oourtofoompetent jurisdiction shall determine the rights oftheparties,or
<br />Agentmay depositsamewith the derk of the circuit court having jurisdiction ofthe dispute. Upon notifying all parties concerned ofsudh action, all liability on the
<br />part of Agent shall fullytermin ate, except to the extent ofaceountingfor any items previously delivered out ofescrow. If a licensed real estate broker, Agentwill
<br />eomplywith provisions ofClhapter 475, F.S., as amended. Anysuit between Buyer and Seller wherein Agent is made a party because of acting 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 prevailingparty. The Agent shall not be liableto
<br />any party or person for misdeliveryto Buyer or Seller of items subjedto the escrow, unless such misdelivery is due to willful breadh ofthe provisions ofthis Con-
<br />tractor gross negligence of Agent.
<br />R. Attorney's Fees; Cbsb:In any litigation, including breach, enforcement or interpretation, arising out of this Contract, the prevailingpartyin such litigation,
<br />which, for purposes ofthis Standard, shall indude Seller, Buyer and anybrokers acting in agencyor nonagency relationships authorized by Chapter 475, F.S., as
<br />amended, shall be entitled to recover fTomthe non-prevailingparty reasonable attorneys fees, costs and expenses.
<br />S. Fallun of Peribminnoe:If Buyer failsto perform this Contract within the time specified, including payment ofall deposits, the deposits) paid by Buyer and
<br />deposit(s) agreed to be paid, maybe recovered and retained by and for the ac wunt of Seller as agreed upon liquidated damages, consideration forthe execution of
<br />this Contract and in full settlement ofany claims; whereupon, Buyer and Seller ..hall be relieved ofall obligations under this Contract; or Seller, at Seller's option,
<br />may proeec,d in equityto enforce Seller's rights under this Contract. Iffor any reason other than failure ofSellerto make Seller's title marketable after diligent
<br />effort, Seller fails, neglects or refuses to perform this Contract, the Buyer may seek specificperformanee or eled to receive the return of Buyer's deposit(s)
<br />without therebywaivin g any action for damages resulting from Seller's breach.
<br />T. Contract NotReeordable; Persons Bound; Notice: Neither this Contrad nor anynotiee of it shall be recorded in any publicrecords. This Contract shall bind
<br />and inure to the benefitofthe parties and their successors in interest. Whenever the eontextpermits, singular shall include plural and one gender shall include all.
<br />Notice given by orto the attorneyfor any party shall be as effective asifgiven byorto that party.
<br />U. Qnveyance: Seller shall convey title to the Real Propertyby statutory warranty, trustee's, personal representatives or guardian's deed, as appropriateto the
<br />status of Seller, subject onlyto matters contained in Paragraph VII and those otherwise accepted by Buyer. Personal Property shall, atthe request ofthe Buyer, be
<br />transferred byan absolute bill ofsalewith warranty oftitle, subject onlyto such matters as may be otherwise provided for herein.
<br />V. OtherAgneenents: No prior or present agreements or representations shall be bindingupon Buyer or Seller unless induded in this Centrad. No modification
<br />to or change in this Contract shall be valid or bindingupon theparties unless in writing and executed bytheparty or parties intended to be bound by it.
<br />W. Wammty: Seller warrantsthatthere are no fads known to Seller materially affeduig the value of the Property wlhieh are not readily observable by Buyer or
<br />which havenotbeen disdosed 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 complex transactions or with extensive
<br />riders or additions. This form is available for use by the entire real estate industry and is not intended to identify the user as a
<br />REALTOR(R). REALTOR(R) is a registered collective membership mark -that may be used only by real estate liomsees -Who are menibers
<br />ofthe National Association of REALTORS(R) and who subscribe to its Code of Ethics. The copyright laws of the United States (17 U.S.
<br />Code) forbid the unauthorized reproduction ofblank forms by any means indudnng f4csimile or computerized forms.
<br />FAR/BAR-4 12195 Copyright 1995, Florida Association of Reakors(R) P.O. Box725025 Orlando, Florida 32872-5023 All Rights Reserved Pags3 of3
<br />Ibis form is licensed for use by ISG-1-AWlister Publishing 303-5464353
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