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<br />M; SPECIALASS ESSMENT LIENS: Cartlfled, confirmed and ratifled special assessment lions as of date of closing (not as of Effective Dale)
<br />are to be paid by Seller. Pending liens as of date of closing shall be assumed by Buyer. If the Improvement has been substantially completed as
<br />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 />the last estimate or assessment for the improvement by the public body.
<br />N. INSPECTION, REPAIR AND MAINTENANCE: Seiler warrants that the calling, roof (including the fascia and soffits) and exterior and
<br />interior wells, foundation, seawalls (or equivalent) and dockage do not have any Visible Evidence of leaks, water damage or structural damage
<br />and that the septic tank, pool, all appliances, mechanical Items, heating, cooling, electrical, plumbing systems and machinery are In Working
<br />Condition. The foregoing wartanly shall be limited to the items specified unless otherwise provided in an addendum. Buyer may, at Buyer's
<br />expense, have Inspections made of those Items within 20 days after the Effective Date, by a firm or Individual specializing In home lnepeclions
<br />and holding an occupational license for such purpose (if required) or by an appropriately licensed Florida contractor, and Buyer shall, prior
<br />to Buyer's occupancy, but not more then 20 days after Effective Date, report In writing to Seller such Items that do not meet the above standards
<br />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 />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 />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 />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 />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 />cost thereof shall be paid Into escrow at closing. Seller shall, upon reasonable notice, provide utilities service and access to the Property for
<br />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 />foregoing, that all required repairs and replacements have been made and that the Property, including, but not limited to, lawn, shrubbery and pool,
<br />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 />'Working Condition' means operating In the manner In which the Item was designed to operate; (b) 'Cosmetic Condition' means aesthetic
<br />Imperfections that do not affect the working condition of the item, Including, but not limited to: pilled marcite; missing or torn screens; fogged
<br />windows: tears, worn spots, or discoloration of floor coverings, wallpaper, or window treatments; nail holes, scratches, dents, scrapes, chips or
<br />caulking in ceilings, walls, floorings, fixtures, or mirrors; and minor cracks in floorc., tiles, windows, driveways, sidewalks, or pool decks; and (c)
<br />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 />evidence of actual leaks or leakage or structrual damage, but missing tiles will be Seller's responsibility to replace or repair.
<br />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 />assessed valuation of the Property so damaged, cost of restoration shall be an obligation of Seller and closing shall proceed pursuant to the
<br />terms of this Contract with restoration costs escrowed at closing. If the coal of restoration exceeds 3% of the assessed valuation of the
<br />Properly so damaged, Buyer shall have the option of either taking the Property as is, together with either the 3% or any Insurance proceeds
<br />payable by virtue of such loss or damage, or of canceling this Contract and receiving return of the deposit(s).
<br />P. PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. If an abstract of title has been
<br />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 />Seller's title unmarketable from the dale of the last evidence. All closing proceeds shall be hold in escrow by Sailer's attorney or other mutually
<br />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 />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 />notification to cure the defect. If Seller falls to timely cure the defect, all deposit(s) and closing funds shall, upon written demand by Buyer and
<br />within 5 days after demand, be returned to Buyer and, simultaneously with such repayment, Buyer shall return the personal properly, vacate the
<br />real property and reconvey the Properly to Seller by special warranty deed and bill of sale. If Buyer falls to make timely demand for refund, Buyer
<br />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 />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 />of the lending Institution as to place, time of day and procedures for closing, and for disbursement of mortgage proceeds shall control over
<br />contrary provision in this Contract. Seller shall have the right to require from the lending Institution a written commitment that It will not
<br />withhold disbursement of mortgage proceeds as a result of any title detect attributable to Buyer mortgagor. The escrow and closing procedure
<br />required by this Standard shall be waived if the title agent Insures adverse matters pursuant to Section 827.7841, F.S., as amended.
<br />0. ESCROW: Any escrow agent ('Agent') receiving funds or equivalent Is authorized and agrees by acceptance of them to deposit them
<br />promptly, hold some In escrow and, subject to clearance, disburse them In accordance with terms and conditions of this Contract. Failure of
<br />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 />may, at Agent's option, continue to hold the subject matter of the escrow until the parties hereto agree to its disbursement or until a judgement
<br />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 />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 />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 />Chapter 475, F.S., as amended. Any suit between Buyer and Salter wherein Agent Is made a party because of acting as Agent hereunder, or In any
<br />suit wherin Agent Interpleads the subject matter of the escrow. Agent shall recover reasonable attorney's fees and coals incurred with these
<br />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 />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 />willful breach of the provisions of this Contract or gross negligence of Agent.
<br />R. ATTORNEY'S FEES; COSTS: In any litigation, Including breach, enforcement or interpretation, arising out of this Contract, the prevailing
<br />party In such litigation, which, for purposes of this Standard, shall Include Seller, Buyer and any brokers acting In agency or nonagency
<br />relationships authorized by Chapter 475, F.S., as amended, shall be entitled to recover from the non -prevailing party reasonable attorney's fees,
<br />costs and expenses.
<br />S. FAILUP.E OF PERFORMANCE: If Buyer falls to perform this Contract within the time specified, including payment of all deposits, the
<br />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 />liquidated damages, consideration for the execution of this Contract and In full settlement of any claims; whereupon, Buyer and Seller shall be
<br />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 />for any reason other than failure of Seller to make Seller's title marketable after diligent effort, Seller falls, neglects or refuses to perform this
<br />Contract, Buyer may seek specific performance or elect to receive the return of Buyer's deposit(s) without thereby waiving any action for
<br />damages resulting from Seller's breach.
<br />T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE: Neither this Contract nor any notice of It shall be recorded In any public
<br />records. This Contract sh3!t hind and Inure to the benefit of the parties and their successors In Interest. Whenever the context permits, singular
<br />shall Include plural and one gender shad include all. NoUce given by or to the atlurrey 'of any, party 511.11 51. ax Ofecttva as if W-1 t'y or to that
<br />party.
<br />U. CONVEYANCE: Seiler shall cumay title to the real property by stalutury warranty, trustee'$, personal representative's or guardian's deed, as
<br />appropriate to the status of Seller, subject only to matters contained In Paragraph VII and those otherwise accepted by Buyer. Personal property
<br />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 />provided for herein.
<br />V. OTNER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless Included In this
<br />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 />parties Intended to be bound by It.
<br />W. WARRANTY: Sailer warrants that there are no facts known to Seller materially affecting the value of the Property which are not readily
<br />observable by Buyer or which have not been disclosed to Buyer.
<br />Buyer I—) ( _) and Seller ( ) ( i acknowledge raeslpe of tt copy of this pag=.
<br />FAR/BAR-5 Rev. 8195 COPYRIGHT 1998 THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORS®
<br />This form is licensed for use with Fafr'mulatmrtas Forms Software by ISG McAllister Publishing, Inc. 800-336-1027
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