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STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED
<br />439 transferred by absolute bill of sale with warranty of title, subject only to such matters as may be provided for in this
<br />440 Contract.
<br />441 I. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE:
<br />442 (i) LOCATION: Closing will be conducted by the attorney or other closing agent ("Closing Agent") designated by
<br />443 the party paying for the owner's policy of title insurance and will take place in the county where the Real Property
<br />444 is located at the office of the Closing Agent, or at such other location agreed to by the parties. If there is no title
<br />445 insurance, Seller will designate Closing Agent. Closing may be conducted by mail, overnight courier, or electronic
<br />446 means.
<br />447 (ii) CLOSING DOCUMENTS: Seller shall at or prior to Closing, execute and deliver, as applicable, deed, bill of
<br />448 sale, certificate(s) of title or other documents necessary to transfer title to the Property, construction lien affidavit(s),
<br />449 owner's possession and no lien affidavit(s), and assignment(s) of leases. Seller shall provide Buyer with paid
<br />450 receipts for all work done on the Property pursuant to this Contract. Buyer shall furnish and pay for, as applicable,
<br />451 the survey, flood elevation certification, and documents required by Buyer's lender.
<br />452 (iii) FinCEN GTO NOTICE. If Closing Agent is required to comply with the U.S. Treasury Department's
<br />453 Financial Crimes Enforcement Network ("FinCEN") Geographic Targeting Orders ("GTOs"), then Buyer
<br />464 shall provide Closing Agent with the information related to Buyer and the transaction contemplated by this
<br />455 Contract that is required to complete IRS Form 8300, and Buyer consents to Closing Agent's collection and
<br />456 report of said information to IRS.
<br />457 (iv) PROCEDURE: The deed shall be recorded upon COLLECTION of all closing funds. If the Title Commitment
<br />458 provides insurance against adverse matters pursuant to Section 627.7841, F.S., as amended, the escrow closing
<br />459 procedure required by STANDARD J shall be waived, and Closing Agent shall, subject to COLLECTION of all
<br />460 closing funds, disburse at Closing the brokerage fees to Broker and the net sale proceeds to Seller.
<br />461 J. ESCROW CLOSING PROCEDURE: If Title Commitment issued pursuant to Paragraph 9(c) does not provide
<br />462 for insurance against adverse matters as permitted under Section 627.7841, F.S., as amended, the following
<br />463 escrow and closing procedures shall apply: (1) all Closing proceeds shall be held in escrow by the Closing Agent
<br />464 for a period of not more than 10 days after Closing; (2) if Seller's title is rendered unmarketable, through no fault of
<br />465 Buyer, Buyer shall, within the 10 day period, notify Seller in writing of the defect and Seller shall have 30 days from
<br />466 date of receipt of such notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and all
<br />467 Closing funds paid by Buyer shall, within 5 days after written demand by Buyer, be refunded to Buyer and,
<br />468 simultaneously with such repayment, Buyer shall return the Personal Property, vacate the Real Property and re -
<br />469 convey the Property to Seller by special warranty deed and bill of sale; and (4) if Buyer fails to make timely demand
<br />470 for refund of the Deposit, Buyer shall take title as is, waiving all rights against Seller as to any intervening defect
<br />471 except as may be available to Buyer by virtue of warranties contained in the deed or bill of sale.
<br />472 K. PRORATIONS; CREDITS: The following recurring items will be made current (if applicable) and prorated as of
<br />473 the day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate taxes
<br />474 (including special benefit tax assessments imposed by a CDD), interest, bonds, association fees, insurance, rents
<br />475 and other expenses of Property. Buyer shall have option of taking over existing policies of insurance, if assumable,
<br />476 in which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required
<br />477 by prorations to be made through day prior to Closing. Advance rent and security deposits, if any, will be credited
<br />478 to Buyer. Escrow deposits held by Seller's mortgagee will be paid to Seller. Taxes shall be prorated based on
<br />479 current year's tax. If Closing occurs on a date when current year's millage is not fixed but current year's assessment
<br />480 is available, taxes will be prorated based upon such assessment and prior year's millage. If current year's
<br />481 assessment is not available, then taxes will be prorated on prior year's tax. If there are completed improvements
<br />482 on the Real Property by January 1st of year of Closing, which improvements were not in existence on January 1St
<br />483 of prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assessment to be
<br />484 agreed upon between the parties, failing which, request shall be made to the County Property Appraiser for an
<br />485 informal assessment taking into account available exemptions. In all cases, due allowance shall be made for the
<br />486 maximum allowable discounts and applicable homestead and other exemptions. A tax proration based on an
<br />487 estimate shall, at either party's request, be readjusted upon receipt of current year's tax bill. This STANDARD K
<br />488 shall survive Closing.
<br />489 L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seller
<br />490 shall, upon reasonable notice, provide utilities service and access to Property for appraisals and inspections,
<br />491 including a walk-through (or follow-up walk-through if necessary) prior to Closing.
<br />492 M. RISK OF LOSS: If, after Effective Date, but before Closing, Property is damaged by fire or other casualty
<br />493 ("Casualty Loss") and cost of restoration (which shall include cost of pruning or removing damaged trees) does not
<br />494 exceed 1.5% of Purchase Price, cost of restoration shall be an obligation of Seller and Closing shall proceed
<br />495 pursuant to terms of this Contract. If restoration is not completed as of Closing, a sum equal to 125% of estimated
<br />Buyer's Initials �— Page 9 of 12 Seller's Initials
<br />FloddaRealtors/FlondaBar-ASIS-5x Rev.6/19 © 2017 Florida Realtors® and The Florida Bar. All rights reserved.
<br />Sen al#: 044343-000163-0509417
<br />Electronically Signed acing eSlgnonline" I Session ID : a1 b19b11-00e24fe7-9554-306b68b7a50e ]
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