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<br />119 STANDARDS FOR REAL ESTATE TRANSACTIONS
<br />120 A. EVIDENCE OF TITLE:(I) An abstract of 11112 prepared or brought current by a reputable and existing abstract firm ill 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 properly recorded in
<br />122 the public records of the county wherein the real properly Is located through Effective Date. It shall commence with the earliest public records,
<br />123 or such later date as may be customary In the county. Upon closing of this Contract, the abstract shall become the property of Buyer, subject to
<br />124 the right of relent Ion thereof by first mortgagee until fully paid. (2) A line insurancgommit mens 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 purchase price. Insuring
<br />128 Buyer's title to the real property, subject only to (lens, 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 or 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 dale of receiving evidence of title to examine it, If title Is found defective. Buyer
<br />130 shall within said S days notify Seller In writing specifying the defect(ii) . If defect(s) render title unmarketable. Seller will have 30 day from
<br />131 receipt of notice to remove the defects, falling which Buyer shall, within five (5) days after 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(s) paid which shall be immediately returned to Buyer. II Buyer falls to so notify Seller,
<br />134 Buyer shall be deemed to have accepted the Mlle 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 />136 depoell(s), thereby releasing Buyer and Seller from all further obligations under this Contract II evidence of title is delivered to Buyer less than
<br />137 5 days prior to closing, Buyer may extend closing date so that Buyer shall have up to 5 days from date of receipt of evidence of title to examine
<br />136 same In accordance with this Standard.
<br />139 B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shah
<br />140 provide for a 30 -day grace period In the event of default If 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 of In part without penally, shall permit acceleration In event of transfer of the real properly; shall require
<br />142 all prior liens and encumbrances to be kept In good standing and forbid moddicallons 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 property against
<br />144 fire and all perils Included within the term Rextonded coverageandanements' and such other risks and perils as Seller may reasonably require,
<br />145 In an amount equal to their highest Insurable valuetand the mart gage, note and security agreement shall be otherwise In form and content required
<br />146 by Seller; but Seller may only require clauses and coverage customarily found In mortgages, mortgage notes and security agreements generally
<br />147 utilized by savings and loan institutions or slate or national banks located in thecounty wherein the real property Is located. All personal
<br />148 property and leasee being conveyed or assigned will, a' 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 e.coed the periodic payments thereon.
<br />150 C. SURVEY: Buyer, at Buyer's expense, within time allowed to deliver evidence of title and to ,.amine 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 of 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 name ,hall constitute a title defect.
<br />154 D. TERMITE SIW000 DESTROYING ORGANISMS: Buyer, at Buyer's expense, within the time allowed 10 deliver evidence of title, may have the
<br />15S Properly Ins petted by a Florida Certified Pest Control Operator ('Oparalor') to determine if there Is any visible active termite Infestation or
<br />156 visible damage from lermite Infestation, excluding (meas. if either or both are found, Buyer shall have 4 days from date of written notice thereof
<br />157 wit hill 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 eatlmated coal, exc aad'hot amount, Buyer shall Mw the option of canceling this Contract within 5 days after receipt of contractor's repair
<br />160 ::!!mete by giving wrlltan not Ice to Sellar or Buyer may elect to proceed with the transaction, and receive a credit at closing on the amount
<br />161 provided In Paragraph XI11(a).'Term7les' shall be deemed to Include all wood destroying organisms required to be reported under the Florida Past
<br />162 Control Act, as amended.
<br />163 E.INGRESS AND EGRESS: Seller warrants and represents that Ihe(e Is Ingress and egress to the real property sufficient for Its Intended use
<br />164 a, described In Paragraph VII hereof, title to which is In accordance with Standard A
<br />185 F. LEASES; Seller shall, not less than 15 days before closing, furnish to Buyer copies of all written leases and estoppel letters from each
<br />lee tenant specifying the nature and duration of the tenant's occupancy, rental rates, advanced rent and security deposit paid by tenant. If Seller Is
<br />167 unable to obtain such letter from each tenant, the some information shall be furnished by Seller and Buyer within that time period In the form of a
<br />tae Seller's affidavit, and Buyer may thereafter contact tenant to confirm such Information Seller shall, at closing, deliver and assign all original
<br />169 leasee to Buyer.
<br />170 G. LIENS: Seller shall furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any
<br />171 Il nancing eIplennenl; claim, of Ileo or potential Ilenors known to Seller and further allotting that there have been no Improvements or repairs to
<br />172 the reel properly for 90 days Icamedlalely preceding date of closing. II the real property has been Improved or repaired within that time, Salle,
<br />173 shall deliver tel or waivers of constructlon liens executed by all general contractors, subcontractors, suppliers and material— In addition
<br />174 to Seller's Ilan allidavlt eel t Ing forth the names of all such general contractors, subcontractors, suppliers and materialrnen, further affirming that
<br />175 all charges for Improvements or repays which could serve as a basis for a construction Ilan o, a claim far damages have been paid or will be paid
<br />178 al the closing of this Contract.
<br />177 H. PLACE OF CLOSING: Closing shall be held In the county wherein the real property Is located at the office of the attorney or other closing
<br />176 agent ('Closing Agent') designated by Seller.
<br />179 I. TIME: In computing time periods of lana than six (6) days, Saturdays. Sundays and slate or national legal holidays shalt be excluded. Any time
<br />180 periods provided for he,
<br />eln which shall end on a Saturday. Sunday, or a legal holiday shalt extend to 5.00 p.m. of the next business day. Time Is of
<br />181 the essence In thl2 Contract,
<br />182 J. CLOSING DOCUMENTS: Seller shall furnish the deed, bill of sale, construction lien affidavit, owner's possession affidavit, assignments of
<br />183 leases, tenant and mortgagee estop pal letters and corrective Instruments. Buyer shall furnish closing statement, mortgage, mortgage note,
<br />184 secuilly agreement and financing statements.
<br />185 K. EXPENSES: Documentary stamps on the deed and recording of corrective Instruments shall be paid by Seller. Documentary stamps and
<br />18C IniangiSla I.5 ,
<br />✓. [ 1 lir! I•nrgit floc, n. ie:Y lurin�ne and any n I• (..i ri !J a'y'^c I;11;. .... C 0a';!" t n!•, 11! V:It I: rel3te•J lees, -no
<br />o
<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 Contra cl, charges for the following related Mlle services, namely title or abstract charge, title examination, and settlement
<br />fag and cleat
<br />nIF fee, aIle!! be Palo by the party res Ponalble for furnlshing the title evidence In accordance with Paragraph V.
<br />190 L. PRORATIONS; CREDITS: Taxes, assessment a, rent, In forest, Insurance and other expenses or the Properly shall be prorated through the
<br />101 day before cbasin Q.
<br />Buyer shall have the option of taking ova( existing policies or Insuranco, If assumable, In which event premiums shall be
<br />192 prorated. Cash at closing shall be Increased or decreased as may be required by proratlons 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 Seller. Taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead
<br />195 and other axe replicas. If closing occurs at a date when the current year's millage is not fixed and current year's assessmont is availabla. taxes
<br />196WIII relent and print year's millane It ri-ronl .. .�. -. ^.m^rel i- I::r ?•: ailahin, then tarns will he proralod
<br />be prorated baa ed upon such assess
<br />191 on pr
<br />year's tax. If there are completed Improvements on the real property by January ctsl of year of closing, which improvements were not in
<br />198 existence on January 1st of prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assessment to be agreed
<br />t99 upon between the parties; failing which, request shall be merle to the County Property Apprni-nr fnr nn informal assinsmant taklng 1.1. ac cr.gnt
<br />200 available exemptions. A lax proration based — an estimate shall, at request of either party, be readjusted upon receipt of lax bill on c—dition
<br />201 that a statement to that affect Is signed at closing.
<br />Buyer ( ) I-) and Seller (_ _) ( ) acknowledge receipt of a copy of this page.
<br />FARIBAR•5 Rev. 8198 COPYRIGHT 1998 THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF RE-ALTORSCD
<br />This form is licensed for use with Formaslatnrw Forms Software by ISG MrA9ister ISuhlichinq, !rlc. 800-3?r.1027
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