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<br />119 STANDARDS FOR REAL ESTATE TRANSACTIONS
<br />120 A. EYIDER CE OF TITLE -41) An nDsl. r9CI of ON prepared Or broughl current by a repel able and a%11 ling abstract firm In not existing then
<br />121 carolled as correct by an ox+iiing firm) purporting to be an accurate synopsis at the, Instruments aflacling Isle to Ilia coal properly recorded in
<br />.22 the public records ar the county whamin the real properly Is located through Effecllve pale. II shall commence with (ha eaAlall publlc records,
<br />r 123 or such later date as may be customary In the county. upon closing 01 this COnlract, the abstract shall become the property of Buyer, iubje.ol to
<br />124 she tight of ralonllon Iharear by first mortgagee until fully paid. (2) A Mlle Insurance Sommlte l Issued by a Florida licensed title ensuror
<br />125 agreeing 10 Issue Buyer, upon recording of the deed to Buyer, an owner's policy of Ulla Insurance In the amounl Of Ilia purdhaa6 price, Insuring
<br />l26 Buyer's title to the real properly, subject Only 10 Hens, encumbrances, exceptions or qualglcahlons provided In this Contract snit those 10 be
<br />127 discharged by Seller at or before closing- $01101 shall convey marketable idle subject anly rations, encurrraranCas. Oxeeptiank of qualifications
<br />126 prov+dad In this Contract. Markat(IDle title shall be determined according to applicable Title Standards adopted by authority of The Fldfida Bar
<br />129 andIn accordance wilt, law. Buyer shall have 5 days from dale of receiving evidence of Mlle to examine it If (Xlle is fauna dareeu,a, Buyer
<br />130 on within Raid 5 days nollly Sellar In writing specifying the delacl(s) 11 decoct{sl render title unmarketable, Seller will have 30 day from
<br />131 receipt Of 4,011c"10 famova the defetla, taHing which Buyer shall, within five 151 days pilar expiration of ire thirty 130) day period, deliver written
<br />132 notice 10 Salter either: 11) ex tan ding the Irma lot a reasonable perlOrl not to axceed 120 days within which 301eet shall u1e dlNgenl GUOfl 10
<br />In ramo ve Iha def acts: Or;2} roque%ting a rotund of deposit[&) paid which shall he immadialety rowelled to Buyer. 11 Buyer fads 10 so nollly Seller.
<br />134 Buyer She De deemed to Nava accepted Iha tate as 11 then Is. SBHer shall, rt title 13 found unmatkelable. Cie diligent effort to correct deface!
<br />135 within the time provided Martini. If Sector Is unable Io limely COrracl The detecls. Buyer shall either valve Ino defects. or receive a falund at
<br />136 depaslf[s}, Ihoreby releasing Buyer and Seller ICOM 011 further abllgatlan3 under Irl% Contract. If evidence of citta is delivered to Buyer lois than
<br />197 5 days pilot to closing. Buyer may extend closing dale to Thal Buyer shall nava up to 5 days tram dale of receive of evrdance of 11116 Io tixamme
<br />136same in acc9rdaoco with this Standard.
<br />139 B. PURCHASE MONEY MORTGAGE.. SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage nate to Seller malt
<br />ria 0100 do for a 30 -day grace pelted In the event of default If a first maltgapa and a 15.ODY grace period it a second or fossa+ mortgage: shall
<br />141 provide for fight of prepayment In Whole Of In part without penally shelf permit acceleration In event of Iran%f6f of the real property', shell ra4ulfe
<br />142 all prior hent and encumbrances to be kept ingood standing and forbid madifltalionl of or future advances under prior mortgag4iS), trait require
<br />143 Boyar to me+nlaln policies of rn&ufanco containing a standard moflgagaa clause covering all Improvements located on the rase property against
<br />144 flfa and all profile Included wllhln the term'exteneled coverage andorsemenls' and lucn other .toss and cards at Sailer may feator ly require,
<br />145 in an amount equal to their highest Insurable vafue:and the mortgage, note and security agreement shall be olliarwrto in form and Content feduuld
<br />146 by Sellar: but Sailer may only require Clauses and Coverage cuslomarpy round rn mOrigages, mortgage holes and 3aeufily sgrsaments 90nara NY
<br />147 utilized by savings and loan Instilutlons at trate or nallonal banks iocatta in Inc county wherein the peat propefly It loaded. All pel'tanal
<br />146 properly and leases being conveyed or 6ssl9nad wilt, a1 Seller's option, be ianeacr 10 the Ilan or a iveunry agreemonl awdenced by recorded
<br />149 Tinancing llalernenls, if a balloon mortgage, the final paymahl will -coed the period,e Ppymanls Thorson
<br />150 C. SURVEY: Buyor, at Buyer's expense, within lime Illowad to defiler evidence of Idle and to oramma same, ;,ay have the Baal properly suryayeo
<br />151 and carillled by a legislated Florida surveyor. if the surv6y dlicloset encrDaChm C,0%an the rare prnparly nr that impeQ va maAAS located Inaction
<br />152 encroach on salbock llnos, aasemenla, lands of olhats of violate any res if irlmn 1, Rntra Ct covenants or applicable governmanlal regulation, the
<br />153 sameshall conslHule 6 title delict,
<br />154 O,T E RMITESfWOOD DESTROYING ORGANISMS: Royer, at Buyer'% eapen%e. within the lime allowed to dglivot avldence of title, may have the
<br />153 Property In3peeled by a Florida Carl+f+6d pest Cantfai Optirolor I'Dperalar') to delafmine if there is any visible NCNva larm114 inlestatlOn Or
<br />156 visible damage Iftim larmite InraHatlon, excluding lances. 11 cllber or bath are found. Buyer shall have 4 days Team date of wnHeA notice tharoof
<br />157 Wilhite which to have Cost of treatmsnl, If required, estimated by the Op6ralar and all damage InspdCtadantl estimaled by a licensed hullddr or
<br />155 general contractor. Seller shell pay valid coils Of troalment and repair of all damage up to the amount plOvid6d In Paragraph XIII(a) If
<br />150asllrristed c93ts exceed I'll amounl, Buyor shall have the option at canceling Ihis Don9roct ..then 5 days altar f6CMI)t of COMraclor's repair
<br />140 esti male by pI'ing wrliton not tee 10 Seller or Buyer may elect to proceed with the transaction, and retelvo a credit At elOs+ng an rho amOurll
<br />161 provided In Paragraph XIII (a). 'Termites' shall be 4e6m6d to Include all wood destroying Organisms fertulred 10 be reported under the- Flaflda Pell
<br />162Conliol Act, tie amended.
<br />163 E.IN GRE 55 ANO FORE SS: Sellar warrants and it p(niahle. Iher Ihere Is Ingfes3 and egrets to Ino fear peOp Ofty selftic lent for its intended use
<br />164 as described M pa f egraph Vte hereof, Mlle No which it In accordance with Standard A
<br />105 F, LEASES: Sailer shall, hat less Ihpn t5 days before closing, tufn9.ih 10 Ba}er copies Of all vrrttlan (ec.3es and estoppel letters from each
<br />100tenant specifying the nature and duration of the tenant's. Occupancy. rental rales, advanced rent and security depasH paid by tenant. 11 %allot is
<br />107unable to obtain such loiter Ifom arch tenant, the same +nformalion snag be furnrshod by Sailer and Buyor within that Time parlad 1n the farm of a
<br />1.6a Seller's altldaall, and Buyer may Iharesflar coniacl tenant to confirm such Information Seller shall, al closing, deliver and assign all original
<br />160renter to Buyer.
<br />170 O. LIEfIS: Sager shell furnish 10 Buyer at time of xlotino an affidavit allesting 10 Inc absence, unless alherwlse provided lar herein. Of any
<br />1TI fill slicing statement, claims of lien or polgnl lot reners known to Sailer and further alrailing that There have peen no Impfovemenls or repair% ro
<br />172 the real property for 90 days Immodimaly preceding dale of closing- If the real Prapafty has been Improved fir repaired wllhln that time, Seller
<br />173 shall de l Iver releases of wolvom of construcllon Wells executed by all general contractors, 31i4corelractors, suppliers and matorlielmen in addition
<br />174 to Seller's Ilan affidavit belting larth the names of all such panoral Contractors, a u4contraclors. suppliers and malarfalmon, fullhor afhiming Ilial
<br />175 all' charges for Improvements Of tepain which could serve as a basis for a construction lien Or a Claim for damages have Dean paid of will be paid
<br />175 at the closing of this Contrace.
<br />177 H. PLACE OF CLGSINO: Closing shell be held in Ina county wherein the fetal properly 13 located at ilia ofllce of the allarney of other tlDsnlg
<br />116 agent ('Closing Agent') do signaled by Saner,
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<br />1. TIME: In Computing time period& of lass than six j6) days, Salufday3, Sundoys and state or national legal holidays anile ho excluded. Any lime
<br />166 periods provided for herein which shall and on a Salufday. Sunday, or a legal hnhday shall extend to S.00 P.m of Ilia next business day Tlme h of
<br />169 the essence In this Conleact.
<br />' 162 J. CLOSING DOCUMENTS. Sellar shall furnish the doed, blu of sore, construction lien affidavit, owner's Poisesslon Mel davit, assig
<br />arrows or
<br />163 leases. tenant and mortgagee esloppel letters and cona,0Ivg instfumants Buyer shall furnish closing stalemgat, mmlga0e, mortgage nota,
<br />164 security agreement and financing stalemants.
<br />165 K. EXPENSES.. DOCumenlary tramps on Ing dead and recoroing of caloric" Instruments shall be paid by Seller. Documentary stamps and
<br />166 Intangible lax on the purchase money matt(loga and any mortgage assumed, morlgagen Iwo Insurance cam -Imam win ralalad lees, and
<br />IL7 rd Cording Of purchase money mortgage to Seller, dead and financing statements shall be paid by Buyer. Unless otherwise provided by law or
<br />lee flder to this Contract, chafga3 for the following related title eery l Cas, namely title or absirace ch.rg0, title ox a.minall4n, and settlement
<br />16g and closing tee, shall be paid by the party f6a pons lite for fursl"I ng the (ilia evidence In accordance Willi ParOgrapn V.
<br />t90 L, PRORATION$. CREDITS: Taxes, assassmont3, rent, Interest. Insurance and other expenses Or the Property shall be prOfmcd through Ilia
<br />101 day borete closing. Buyer shall have The option of laking over exlsllng policies of Insurance, if assumable, In which event premiums Shan be
<br />192 prorated, Coals at closing shell be lacreased Or decreased as may be required by frorallons to ba mado through day prior to Closing, or ur'cupaacy.
<br />193 rl OCcupancY Ogcure before closing. Advance rent and security deposits will bo crodilsd to Buyer. Escrow deposlls held by mortgagee will be
<br />104 Credited to Sailor. Taxes shalt be prorated based on the current year's tax with due allowance made for maximum allowable discount, hama3tead
<br />105 and other exemptions. If closing occurs ala date when Ina Curran( vapid minagre Is not Nxed and currant year's assessment Is avallable,Taxes
<br />190 .111 be prat bled based upon such 03303 sin it Pod pflor year's ml.11age.. II cerrenl year's assessmant. Is not available, than taxes will be profalod
<br />197 on prior year's tax. if there are completed lmprovomant3 on 1110 real pfaperly by January 131 of year OI clvsinq, winch improvemanls .gra nor In
<br />IDS axislenco on January lot of prior year, then Naxos shall b0 proraled based upon pilot year's mileage and at an equitable assessment to be kgreed
<br />199 upon between the paro0s; falling which, request shalt be made 10 ilia Cguply prnporly Appraiser for aninf Ormal assessment taking info account
<br />200 .,,,liable eaamptlons. A low proration based on on esilarale shall, al request of ellugr Pally, be fitadfustad upon'acetyl of tax Dili on condgron
<br />201 chat a irstemenl to Hint wracl Is signed at closina.
<br />Buy or i._ 1 { and Seller I. () acknowledge receipt 01 a COPY of this peas-
<br />FARIBAR-5 Rev. 6196 COPYRIGHT 199a THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORSO
<br />This form is licensed for Door with FarMultallbal a rOfrns Software by ISG McAllister Publishing, Inc 1100.338.1027
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