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<br />202 M. SPECIAL ASSESSMENT LIENS: Certified, confirmed and ratified special assessment liens as of date of closing (not as of Effective Date)
<br />203 are to be paid by Seller. Pending (lens as of dale of closing shall be assumed by Buyer. If the improvement has been substantially completed as
<br />204 of Effective Date, any pending lien shall be considered certified, confirmed or ratified and Seller shall, at closing, be charged an amount equal to
<br />205 the last estimate or assessment for the Improvement by the public body.
<br />206 N. INSPECTION, REPAIR AND MAINTENANCE: Seller warrants that the ceiling, roof (Including the fascia and soffits) and exterior and
<br />207 Interior walls, foundation, seawalls (or equivalent) and dockage do not have any Visible Evidence of leaks, water damage or structural damage
<br />208 and that the septic tank, pool, all appliances, mechanical items, heating, cooling, electrical, plumbing systems and machinery are in Working
<br />209 Condition. The foregoing warranty shall be limited to the Items specified unless otherwise provided In an addendum. Buyer may, at Buyer's
<br />210 expense, have Inspections made of those Items within 20 days after the Effective Date, by a firm or Individual specializing in home inspections
<br />211 and holding an occupational license for such purpose (if required) or by an appropriately licensed Florida contractor, and Buyer shall, prior
<br />212 to Buyer's occupancy, but not more than 20 days after Effective Date, report in writing to Seller such items that do not meet the above standards
<br />213 as to defects. Unless Buyer timely reports such defects, Buyer shall be deemed to have waived Seller's warranties as to defects not reported.
<br />214 If repairs or replacements are required to comply with this Standard, Seller shall cause them to be made and shall pay up to the amount
<br />215 provided in Paragraph XIII(b). Seller is not required to make repairs or replacements of a Cosmetic Condition unless caused by a defect Seller
<br />216 is responsible to repair or replace. If the cost for such repair or replacement exceeds the amount provided in Paragraph XIII (b), Buyer and Seller
<br />217 may elect to pay such excess, failing which either party may cancel this Contract. if Seller Is unable to correct the defects prior to closing, the
<br />218 cost thereof shall be paid into escrow at Closing. Seller shall, upon reasonable notice, provide utilities service and access to the Property for
<br />219 Inspections, Including a walk-through prior to closing, to confirm that all Items of personal property are on the real property and, subject to the
<br />220 foregoing, that all required repairs and replacements have been made and that the Properly. Including, but not limited to, lawn, shrubbery and pool,
<br />221 If any, has been maintained in the condition existing as of Effective Date, ordinary wear and tear excepted. For purposes of this Contract: (a)
<br />222 'Working Condition" means operating in the manner in which the Item was designed to operate; (b)'Cosmetic Condition" means aesthetic
<br />223 Imperfections that do not affect the working condition of the item, Including, but not limited to: pitted marcite; missing or torn screens; fogged
<br />224 windows; tears, worn spots, or discoloration of floor coverings, wallpaper, or window treatments; nail holes, scratches, dents, scrapes, chips or
<br />225 caulking in ceilings, walls, floorings, fixtures, or mirrors; and minor cracks in floors, tiles, windows, driveways, sidewalks, or pool decks; and (c)
<br />228 cracked roof tiles, curling or worn shingles, or limited roof life shall not be considered defects Seller must repair or replace, so long as there is no
<br />227 evidence of actual leaks or leakage or structrual damage, but missing tiles will be Seller's responsibility to replace or repair.
<br />228 O. RISK OF LOSS: If the Property is damaged by fire or other casualty before closing and cost of restoration does not exceed 3% of the
<br />229 assessed valuation of the Property so damaged, cost of restoration shall be an obligation of Seller and closing shall proceed pursuant to the
<br />230 terms of this Contract with restoration costs escrowed at closing. If the cost of restoration exceeds 3% of the assessed valuation of the
<br />231 Property so damaged. Buyer shall have the option of either taking the Property as is, together with either the 3% or any Insurance proceeds
<br />232 payable by virtue of such loss or damage, or of canceling this Contract and receiving return of the deposit(s).
<br />233 P. PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. If an abstract of title has been
<br />234 furnished, evidence of title shall be continued at Buyer's expense to show title in Buyer, without any encumbrances or change which would render
<br />235 Seller's title unmarketable from the date of the last evidence. All closing proceeds shall be held in escrow by Seller's attorney or other mutually
<br />236 acceptable escrow agent for a period of not more than 5 days after closing date. If Seller's title is rendered unmarketable, through no fault of
<br />237 Buyer, Buyer shall, within the 5 -day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt of such
<br />238 notification to cure the defect. If Seller fails to timely cure the defect, all deposit(s) and closing funds shall, upon written demand by Buyer and
<br />239 within 5 days after demand, be returned to Buyer and, simultaneously with such repayment, Buyer shall return the personal property, vacate the
<br />240 real property and reconvey the Property to Seller by special warranty deed and bill of sale. if Buyer fails to make timely demand for refund, Buyer
<br />241 shall take title as Is. waiving all rights against Seller as to any Intervening defect except as may be available to Buyer by virtue of warranties
<br />242 contained in the deed or bill of sale. If a portion of the purchase price Is to be derived from Institutional financing or refinancing, requirements
<br />243 of the lending institution as to place, time of day and procedures for closing, and for disbursement of mortgage proceeds shall control over
<br />244 contrary provision In this Contra,:t. Seller shall have the right to require from the lending institution a written commitment that it will not
<br />245 withhold disbursement of mortgapa proceeds as a result of any title defect attributable to Buyer mortgagor. The escrow and closing procedure
<br />246 required by this Standard shall b•, waived if the title agent insures adverse matters pursuant to Section 627.7841, F.S., as amended.
<br />247 O. ESCROW: Any escrow agont ('Agent') receiving funds or equivalent is authorized and agrees by acceptance of them to deposit them
<br />248 promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and conditions of this Contract. Failure of
<br />249 funds to clear shall not excuse Buyer's performance. If in doubt as to Agent's duties or liabilities under the provisions of this Contract, Agent
<br />250 may, at Agent's option, t,,nti:,ue to hold the subject matter of the escrow until the parties hereto agree to its disbursement or until a judgement
<br />251 of a court of competent jurisdiction shall determine the rights of the parties, or Agent may deposit same with the clerk of the circuit court having
<br />252 jurisdiction of the dispute. Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, except to
<br />253 the extent of accounting for any items previously delivered out of escrow. If a licensed real estate broker. Agent will comply with provisions of
<br />254 Chapter 475, F.S., as amended. Any suit between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, or In any
<br />255 suit wherin Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney's fees and Costs Incurred with these
<br />256 amounts to be paid from and out of the escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. The
<br />257 Agent shall not be liable to any party or person for misdelivery to Buyer or Seller of items subject to the escrow, unless such misdelivery is due to
<br />258 willful breach of the provisions of this Contract or gross negligence of Agent.
<br />259 R. ATTORNEY'S FEES; COSTS: In any litigation, Including breach, enforcement or Interpretation, arising out of this Contract, the prevailing
<br />260 party in such litigation, which, for purposes of this Standard, shall include Seiler, Buyer and any brokers acting in agency or nonagency
<br />261 relationships authorized by Chapter 475, F.S., as amended, shall be entitled to recover from the non -prevailing party reasonable attorney's fees,
<br />262 costs and expenses.
<br />263 S. FAILURE OF PERFORMANCE: If Buyer falls to perform this Contract within the time specified, including payment of all deposits, the
<br />264 deposit(s) paid by Buyer and deposit(s) agreed to be paid, may be recovered and retained by and for the account of Seller as agreed upon
<br />265 liquidated damages, consideration for the execution of this Contract and in full settlement of any claims; whereupon, Buyer and Seller shall be
<br />266 relieved of all obligations under this Contract; or Seller, at Seller's option, may proceed In equity to enforce Seller's rights under this Contract. If
<br />267 for any reason other than failure of Seiler to make Seller's title marketable after diligent effort. Seller fails, neglects or refuses to perform this
<br />268 Contract, Buyer may seek specific performance or elect to receive the return of Buyer's deposit(s) without thereby waiving any action for
<br />269 damages resulting from Seller's breach.
<br />270 T. CONTRACT NOT RECORDABLE: PERSONS BOUND; NOTICE: Neither this Contract nor any notice of it shall be recorded in any public
<br />271 records. This Contract shall bind and Inure to the benefit of the part lea and their successors in interest. Whenever the context permits, singular
<br />272 shall Include plural and one gender shall Include all. Notice given by or to the attorney for any party shall be as effective as If given by or to that
<br />273 party.
<br />274 U. CONVEYANCE: Seller shall convey title to the real properly by statutory warranty, trustee's, personal representative's or guardian's deed, as
<br />275 appropriate to the status of Seller, subject only to matters contained In Paragraph VII and those otherwise accepted by Buyer. Personal property
<br />276 shall, at the request of Buyer, be transferred by an absolute bill of sale with warranty of title, subject only to such matters as may be otherwise
<br />277 provided for herein.
<br />278 V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this
<br />279 Contract. No modification to or change In this Contract shall be valid or binding upon the parties unless in writing and executed by the party or
<br />280 parties Intended to be bound by it.
<br />281 W. WARRANTY: Seller warrants that there are no facts known to Seller materially affecting the value of the Property which are not readily
<br />282 observable by Buyer or which have not been disclosed to Buyer.
<br />Buyer I-) ( ) and Sailer I-) ( ) acknowledge receipt of a copy of this page.
<br />FAR/BAR-5 Rev. 8198 COPYRIGHT 1998 THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORSO
<br />This form is licensed for use with Forrmul®tore Forms Software by ISG McAllister Publishing, Inc. 800-336-1027
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