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<br />1.19 STANDARDS FOR REAL ESTATE TRANSACTIONS
<br />110 A. EVIDENCE OF TITLE -0) An abglracl 01 title prapar0d or brought current by a reputable and oxl%trng abslracl firm par not exisling Than
<br />121certified as correct by an existing witiI purporting to be anaccurate synopsis of the lnslrumoels arlecl.ing title In the foal property recorded In
<br />122 Ilia public records of the county wherein the foal property 11 lodaled through Efloctive Dale, 11 Shall commence with the oarllofl public feeo,05,
<br />123or auch later date as may be customary in the county. Upon closing of this Contract, Inn abslracl shall become the pioriorty of Buyer, subject 10
<br />124 the right of retention Ihareol by first mortgages unit fully paid, (2) A title Insurance cgmmllmgm Issued by a Florida licensed Mlle Insurer
<br />125 agreeing to lasue Buyer, upon re Cording of the dead to Buyer, an ownot's policy of title Insurance. in Ura amount of tho purchase price, Insuring
<br />125 Buyer's title to the foal properly, subject only to lions, oncumbrancas, exceptions or gaallficntions provided in this Contract and those to be
<br />127 discharged by Seller o1 or before closing. Seller shall convoy marketable Ulla sutler.( only 1011009, oncumbronc0s,. axtap0OF5 Or quatlflCallOna
<br />125 provided In this Contract. Marketable title shell be datarminad according to apptlCable Title Standards adopted by authority of The Florlda Bar
<br />122 and in accordance with, low, Buyer *hall have 6 days from dale of rooetvlog evidence of 11110 to ox anenu it. If Win Is found detective. Buyer
<br />130 ;hall wllhln said 5 days notify Seller In writlno Specifying the defacl(s). If clilfect(s) rendat title unmarxelabia. $eller will have 30 day from
<br />131 rocalps of noIIca to rami% a the defects, fotting which Buyer shall, within flve (5) days alley expiration of Ria thirty l30) day period, deliver written
<br />;92 notice to Sellar either; (1) oxlonding the time (Or a reasonable period not to exacted 120 days within which Seller shall use dtUgent OUCTI 10
<br />133 (areavaIna dein Cls; or (2) requesting a refund of depnsit(s) paid which shall be lmmedlately returned to Buyer. 11 Buyor falls to so notify Seller,
<br />134 Buyer ahall be deemod t0 have accepted the title as It than Is. Sellar Shall, If title 15 found u-nfnark0lable. uge 11112anl effort to correct defecl(s)
<br />195 within the time provided Ihorafor. If Seller Is unable to Itmaty correct Iha dofecls, Buyer Shan allhor waivo Iho dnfarls, or racoivo a refund Of
<br />190 deposll(s), thereby releasing Buyer and Seller from all further obligations under this Gonlracl. If ovldanco of title is delivered In Buyer loss than
<br />517 5 days pilot to closing, Buyer may axtend closing dale so that Buyer shall have up to 5 days from dale of reculpl of evldanco of 1I11e to examine
<br />199 same In accordance with this Standard.
<br />159 0. PURCHASE MONEY MORTGAGE; SECURITY ACREEMENT TO SELLER: h purchase money morigago and mortgaao cola to Seller shall
<br />140 provide for a 30 -cloy grace period in the event of default if a first morloago and a 15 -day grace period If a Second or lessor mortgage, shall
<br />141 provide for right of prepayment In whole Or In part without punulty; shalt permit aCceleraliaa In event of transfer of the real property; shalt requfre
<br />142 at[ prior lions and encumbrances to be kept In good glancing and forbid modifIcallons at or future advances under prior moflgaga(S); shall roquira
<br />W Buyer to maintain policies of Insurance containing 0 standard morigagoo clause covering all Improvements located an the rail property against
<br />144 fire and all po Ols Included within the term'0xiarldad covarnge andarsemeals' and such other risks nrltl porus a$ Seller may reasonably require,
<br />146 In an BmQunt equal 10 their highs So
<br />lasufobla vafuo; and the mortgage, note and security apreemant Shall ao otherwise In farm and conianl fopuirad
<br />146 by S(lver; but Sailer may only require clauses and coverage customarily found In moilgages, mortgage notes and security agroemants gonorapy
<br />147 utilized by savings and loon Institutions or sister or national banks located In ilia county wherein the real property is located. All personal
<br />144 property and Ie6604 being Conveyed or aSoloced w111. at Setter's optlon, to subject In Iha lien of a security agreement evidenced by recaroad
<br />140 financing statements. If a balloon mortgage, the final payment will 0xcood the periodic paymenls Ihefcon.
<br />150 C. SURVEY: Buyer, of Buyer's expunge, within,free allowed l0 doliver evidence or Win and to examine same, may hav'0 the tool properly surveyed
<br />151 and Oefllliod by a registered Fiaridn aurveyor, II the survoy els clos Os ancroachmanls on the real nropcity or that improvements located thereon
<br />152encroach on setback tincts, oaaemonts, lands of others or violate any rostrlcllons. Contract covenants at applicabla governmental regulallan, Ina
<br />153soma shall constitute a title contact,
<br />154 D. TERMITESIWOOD DESTROYING ORGANISMS: Buyer, at Buyer's oxpense, villain the Ilmo allowed to dOflver ovldonco of Ulla, may have the
<br />155 Properly Inspoclad by a Florida Corllfrod Post Conlral Oporator ('Operator') to determine If there is any visible active tormllo Irlostaloo or
<br />150 visible damage from lormile Infostallon, excluding fencos. 11either or both are found, Buyer Shall have 4 days Item data of written notice thereof
<br />157 within which to have cost of Ireal moat, if ro qulred, esllmal od by Iho Operator and all dumaoD lnspeciud and astimalod by a Ilcenlod builder or
<br />158 general Cam racier. Sellar oh011 pay valid costs a! Ifealmanl aad to air of oil damogo up to Iha amount pravldod In Paragraph XHI(a). If
<br />150 estimated coats extend (hot amount, Buyer shall have the option of Cancoling this Conlracl wllhln 5 days after receipt of contractor's ropmr
<br />ISD estimate by giving written notice to Seller or Buyer may elect to proceed with Iho transaction, and receive a credit at closing an the amount
<br />101 provided In Paragraph XIIi(e),'Tormllos' Shall be doomed to include all wood dastroying organisms requtrod to be reported tlodor the Florida Pest
<br />102 Cenlrel Acl, as amondod,
<br />IOn E. INGRE SS AND EGRESS: Seller warrant.a and rapfe%01115 Ihai. Ihero Is Ingress and agress la Iho root property suftic lanl for Its Intended use
<br />164as des-crlbed In Paragraph V I I horoof, IIlia to which Is In accordance with Standard A.
<br />165 F. LEASES; Seiler shall, not less than 15 days Wore closing, furnlsh to Buyer copies of .1t wrllteii Icasosand estoppel toilers from Dacia
<br />166 tenant spoellying the nalore and dUrollon of the tenants Occupancy, rental rates. rid"Mend rent ,Ind Sor:nrily deposit paid by lonam. If Senor Is
<br />107 unable to obtain such latter from edch tonanl, the strain Intormalion Shoff be furnished by S011or and 014YCF wham that time ponos in Inn formol a
<br />166 Sellar'% affidavit, and buyer may Ihoraaltor contact tenant to confirm such Information. Seller shall, at clasing, dallvar and a21516n all Original
<br />169 leases to Buyer,
<br />170 G. LIENS! Sallor shall furnish to Buyer at time of closing an aflidavil attesting In Ilia absence, unless atnawiso provided lar heroin" of any
<br />171 financing 5tatomenl, claims Of lion or polantlal honors known to Seller and Wilhar a1TOsling total there have been n0 Improvements of ropalrs to
<br />172 Ibe real prapofty for a0 days immediately preceding date of closing. If the real property has bean improved at ropalrad within That time, Seller
<br />173 shaddeliver ratoeaea or w livers of conalrucllon liens executed by all goneral contractors,. subcontractors, suppuo-ra and m ilarlatmao Pit addlOon
<br />174 to Solfar9 11 an affidavit actl Ing forth the names of all such general cont I.aclors, Subconlraclurs, suppliers and malerialman, further affirming that
<br />176 all charges (or Improvements or ropair; which could serve as a basis for a construction Ron at a claim lot damages have been sold at will be pard
<br />176 at the closing of lhls Contract.
<br />177 H. PLACE OP CLOSING; Closing shall be held In the county wherein the tool property Is located at the office of the attorney or other closing
<br />1711 agent. ('Closing Agent') designated by Seller.
<br />119 I. TIME; In computing time perlode of lose than six (6) days" Saturdays, Sundays and slate or na Ronal legai holidays shall be excluded. Any Ilene
<br />160 porlods provided for heroin which shall and on a Satuiday. Sunday, or a legal holiday shalt exlond No 5 (10 p in 01 the next busmn&s day. time Is of
<br />161 the assons+a In this Contract.
<br />162 J. CLOSING DOCUMENTS., Sellar shall furnlsh the dead, bill OF sale, conslydclien lien affidavit, ownor's possession Difidavil, asslgnmanls of
<br />103 leases" lonanl and mortgagee estoppel letters and CIPHOC iva Inalrumanls. Buyer shall furnish closing statemanl. mortgage" morlgago nate.
<br />164 security agreement and financing slatemonls.
<br />1415 9. EXPENSES- Documentary clamps on Ilia dead and recording of corfacilva Instruments shall bo paid by SoOlot. Ducumuntary stamps and
<br />told Intangible tax on the purchase money morlgago and any morlgago 055u'mod,. rnortgagao title insurance commitment with foisted less, and
<br />W recording of purchaso money mortgage to Sellar, dead and OnanCino 1WOmonle shall be paid by Puyof. Unless Oihorwtsu provided by law or
<br />ISA radar to this Contract, chargee for the Following related title services" namely title or abatiact ctrargo, title oxaminollun, and settlement
<br />$40 and closing fee, shall ba paid by the party responsible for furnishing the vile ovidooca In accordance with Paragraph V.
<br />190 L. PRORATION$; CREDITS: Texas" asiossmarAl. font, lntoroml, Insurance. and Olhar expenses of the Property shell be proralad Ihrouoh the
<br />191 day before closing. Buyer shall have the Option of laking over existing policies of Insumitco, if assumable, In which event premiums shall be
<br />102 prorated. Cash at Closing shall be Increased or decreased as may be roqukrod by pforallons In be made linOugh day pilot 10 CiOsing, or Occupancy,
<br />199 If occupancy Occurs bolore closing. Advance rani and security deposits will be credited to Duyot. Esarnw cloposits hold by mOr1980to waft be
<br />104 credited (a Seller, Taxes shall be prorated burled on the current year'& tax with dun allowance made for maximum allowable discount, homestead
<br />195 and other axampltons. If closing occurs at a dale when the Currant year's molfagn is nol fixed and current year's aesassmant 13 arallabin,inxes
<br />1911 wfli be prorated based upon such assessment and prior year's mllleQa, if current year's assessm—i Is not ;vat Ible, than taxes will ba prorated
<br />197 an prior year's tax. it there are campielad Improvomanla on the trial properly by January I sl of year at closing, which improvements were not In
<br />198 exlslenco on January let of prior year, Inca taxes shall be prorated based upon prior year's millage and it an equitable assai%menl to be agreod
<br />120 upon between the parties; III which" roquasi shall be made to Inn County Properly Apptalser fof an anrnrmal ossossnionl loltmo Into account
<br />200 available exemptions. A lax proration based on an estimate shall, at request of Dllhor party, bu readjust rot Upon r00otl of lit, all? an Cendi110n
<br />201 HIM a slalemonl Io tilot affect Is sPgnod a1 closing.
<br />Buyer [ [ S_.D6, 1 and Sellar (Cc�& (_ I acknowledge rscelpt Of a copy or this page.
<br />FARIBAR-6 Rev, We COPYRIGHT 199a THE FLORIDA BAR AND THE FLORIDA ASSOCIATION of REAL.TLII45m
<br />This form Is licensed for use wigi r'aarrraas(sa.Wre (='elms Software by ISG McAllister Publishing, Inc D,00-%36. 1O:7
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