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<br />® 119 STANDARDS FOR REAL ESTATE TRANSACTIONS
<br />120 A. EVIDENCE OF TITLE:(1) An abstract of title prepared or brought current by a reputable and existing abstract firm (if not existing then
<br />121 certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to the real property recorded I12 tn
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<br />s. It shall
<br />123 olresupubc chlilatercdate as may be customary s of the county arein the In the colunty. Utpoln closing ofhth s Conted through ftractl, the albstract shall bemence come thath the properly earliest
<br />of Buyerr11subjec records,
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<br />124 the right of retention thereof by first mortgagee until fully paid. (2) A title Insurance commitment Issued by a Florida licensed title Insurer
<br />125 agreeing to Issue Buyer, upon recording of the deed to Buyer, an owner's policy of title Insurance In the amount of the pure hese price, Insuring
<br />128 Buyer's title to the real properly, subject only to liens, encumbrances, exceptions or qualifications provided In this Contract and those to be
<br />127 discharged by Seller at or before closing. Seller shall convey marketable title subject only to liens, encumbrances, exceptions of qualifications
<br />128 provided In this Contract. Marketable title shall be determined according to applicable Title Standards adopted by authority of The Florida Bar
<br />129 and in accordance with law. Buyer shall have 5 days from date of receiving evidence of title to examine it. if title is found defective. Buyer
<br />130 shall within said 5 days notify Seller in writing specifying the defect(s). If defect(s) render title unmarketable, Seller will have 30 day from
<br />131 receipt of notice to remove the defects, failing which Buyer shall, within five (5) tlaysafter expiration of the thirty (30) day period, deliver written
<br />132 notice to Seller either: (1) extending the time for a reasonable period not to exceed 120 days within which Seller shall use diligent effort to
<br />133 remove the defects; or (2) requesting a refund of deposit(a) paid which shall be immediately returned to Buyer. If Buyer fails to so notify Seller,
<br />134 Buyer shall be deemed to have accepted the title as it then Is. Seller shall, If title is found unmarketable, use diligent effort to correct defect(s)
<br />135 within the time provided therefor. if Seller Is unable to timely correct the defects, Buyer shall either waive the defects, or receive a refund of
<br />13e deposit(s), thereby releasing Buyer and Seller from all furter obligations under this Contract. If evidence of title Is delivered to Buyer less than
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<br />137 5 days prior to closing, Buyer may extend closing dale so that Buyer shall have up to 5 days from dale of receipt of evidence of title to examine
<br />138 same in accordance with this Standard.
<br />139 a. PURCHASE MONEY MORTGAGE: SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seiler shall
<br />140 provide for a 30 -day grace period in the event of defaultif a first mortgage and a 15 -day grace period if a second or lesser mortgage; shall
<br />141 provide for right of prepayment in whole or in part without penally; shall permit acceleration In event of transfer of the real properly; shall require
<br />142 all prior lions and encumbrances to be kept In good standing and forbid modifications of or future advances under prior mortgage(s); shall require
<br />143 Buyer to maintain policies of Insurance containing a standard mortgagee clause covering all Improvements located on the real properly against
<br />144 fire and all perils included within the term 'extended coverage endorsements' and such other risks and petite an Sellar may reasonably require,
<br />145 in an amount equal to their highest Insurable value; and the mortgage, note and security agreement shall be otherwise In form and content required
<br />146 by Seiler; but Seller may only require clauses and coverage customarily found In mortgages, mortgage notes and security agreements generally
<br />147 utilised by savings and loan institutions or state or national banks located In the county wherein the real property Is located. All personal
<br />148 properly and leases being conveyed or assigned will, at Seller's option, be subject to the lien of a security agreement evidenced by recorded
<br />149 financing statements. If a balloon mortgage, the final payment will exceed the periodic payments thereon.
<br />150 C. SURVEY: Buyer, at Buyer'sexpense, within time allowed to deliver evidence of title and to examine same, may have the real property surveyed
<br />151 and certified by a registered Florida surveyor. If the survey discloses encroachments on the real property or that improvements located thereon
<br />152 encroach on setback lines, easements, lands of others or violate any restrictions, Contract covenants or applicable governmental regulation, the
<br />153 same shall constitute a title defect.
<br />154 D. TERMITESIWOOD DESTROYING ORGANISMS: Buyer, at Buyer's expense, within the time allowed to deliver evidence of title, may have the
<br />155 Property Inspected by a Florida Certified Pest Control Operator ('Operator') to determine If there Is any visible active termite Infestation or
<br />156 visible damage from termite Infestation, excluding fences. If either or both are found, Buyer shall have 4 days from date of written notice thereof
<br />157 within which to have cost of treatment, If required, estimated by the Operator and all damage inspected and estimated by a licensed builder or
<br />158 general contractor. Seller shall pay valid costs of treatment and repair of all damage up to the amount provided in Paragraph XIII(a). If
<br />159 estimated costs exceed that amount, Buyer shall have the option of canceling this Contract within 5 days after receipt of contractor's repair
<br />160 estimate by giving written notice to Seller or Buyer may elect to proceed with the transaction, and receive a credit at closing on the amount
<br />161 provided In Paragraph XIII (a).'Termites' shall be deemed to Include all wood destroying organisms required to be reported under the Florida Pest
<br />162 Control Act, as amended.
<br />163 E. INGRESS AND EGRESS: Seller warrants and represents that there is ingress and egress to the real property sufficient for its Intended use
<br />104 as described in Paragraph Vli hereoftitle to which Is in accordance with Standard A.
<br />165 F. LEASES: Seller shall, not leas than 15 days before closing, furnish to Buyer copies of all written leases and estoppel 101 ars from each
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<br />188 tenant specifying the nature and duration of the tenant's occupancy, rental rates, advanced rent and security deposit paid by tenant. If Seller is
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<br />188 Sellers affidavit, and letter
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<br />167 unable to obtain may thereaftercontact tenant oinformation confl misuch informal be tion. by SSeller ashar 11, atclolsing,ndeliver andl assign alooriginal
<br />189 leases to Buyer.
<br />170 0. LIENS: Seiler shall furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any
<br />171 financing statement, claims of lien or potential lienors known to Seiler and further attesting that there have been no improvements or repairs to
<br />172 the real properly for 90 days immediately preceding date of closing. If the real property has been improved or repaired within that time, Seller
<br />173 shall deliver releases or waivers of construction liens executed by all general contractors, subcontractors, suppliers and malerialmen In addition
<br />174 to Seller's lien affidavit selling forth the names of all such general contractors, subcontractors, suppliers and materialmen, further affirming that
<br />176 all charges for improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been paid or will be paid
<br />176 at the closing of this Contract.
<br />177 H. PLACE OF CLOSING: Cleat ng shall be held in the county wherein the real properly Is located at the office of the attorney or other closing
<br />178 agent ('Closing Agent') designated by Seller.
<br />179 1. TIME: In computing time periods of less than six (6) days, Saturdays, Sundays and slate or national legal holidays shall be excluded. Any time
<br />180 periods provided for herein which shalt and on a Saturday, Sunday, or a legal holiday shall extend to 5:00 p.m. of the next business day. Time Is of
<br />181 the essence in this Contract.
<br />182 J. CLOSING DOCUMENTS: Sailer shall furnish the deed, bill of sale, construction Ilan affidavit, owner's possession affidavit, assignments of
<br />183 leases, tenant and mortgagee estoppel letters and corrective Instrument a. Buyer shall furnish closing statement, mortgage, mortgage note,
<br />_ 184security agreement and financing statements.
<br />5 K, £Xf'£HS£S: �acumsn!ary atUre j an the deed and ss,tordi.,u 61 co«cilva Urstrumenls shall be nail by Seller. Documentary stamps and
<br />186 intangible lax on the purchase money mortgage and any mortgage assumed, mortgagee tike Insurance commitmedt with fslalad lass, and
<br />187 recording of purchase money mortgage to Seller, deed and financing statements shall be paid by Buyer. Unless otherwise provided by law or
<br />188 rider to this Contract, charges for the fallowing related title services, namely title or abstract charge. title examination, and seltlement
<br />log and closing fee, shall be paid by the party responsible for furnishing the title evidence In accordance with Paragraph V.
<br />190 L. PRORATION8; CREDITS: Taxes, assessments, rent, Interest, Insurance and other expenses of the Property shall be prorated through the
<br />191 day before closing. Buyer shall have the option of taking over existing policies of Insurance, it assumable, In which event premiums shall be
<br />192 prorated. Cash at closing shall be Increased or decreased as may be required by prorations to be made through day prior to closing, or occupancy,
<br />193 if occupancy occurs before closing. Advance rent and security deposits will be credited to Buyer. Escrow deposits held by mortgagee will be
<br />194 credited to Seiler. Taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead
<br />105 and other 5xel"w"ur:a. !f closing occur_ at a date when the current year's millage Is not fixed and current year's assessment Is available, taxes
<br />196 will be prorated based upon such assessment and prior year's millage. If current year's assessment is not available, then faxes will be proraod
<br />197 on prior year's lax. If there are completed improvements on the real property by January tat of year of closing, which Improvements were not In
<br />198 axts:e; cc -,n Janue:y tai et prior yea?, then taxes shall be prorated based upon prior year's millage and at an equitable assessment to be agreed
<br />199 upon between the parties; falling which, request shall be made to the County Properly Appraiser for an Informal basessment laking into account
<br />200 available exemptions. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of lax bill on condition
<br />201 that a statement to that affect is signed at closing.
<br />Buyer ( ) ( ) and Seller 1_ ) ( ) acknowledge receipt of a COPY of this page.
<br />F:•RIBAR45 o^v 8!98 COPYRIGHT 1996 THF FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORS®
<br />.. _ s Inc PM -336-1027
<br />Tfiis iornr ra:icanse' "or +:An ;c,fi•sraes D} FSC .:?r• :1!!>'9t! u4tishirg.
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