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<br />1 `1gSTANDARDS FOR REAL ESTATE TRANSACTIONS
<br />120 A. EVIDENCE OF TITLE:(1) An abstract or title prepared or brought current by a reputable and existing abstract firm (if not existing then
<br />' - :er•' it as -:-•ecl by an existing firm) purporting to be y^ accurate synopsis of the In5irumenls af'�:' ng I' a to the real properly recofried "
<br />I:Z the ] :i,c re.:'ds of the county wherein the real prope-'.r s located through Effective Date li shall c:mmence 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 nght of retention thereof by lirst 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 purchase price, Insuring
<br />1208u)yoes title to the feel property, subject only to (lens, encumbrances, exceptions or qualifications provided in this Contract and those to be
<br />127 d1harged by Seller at or before closing. Seller shall convey marketable title subject only to liens, encumbrances, exceptions or qualifications
<br />120 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. It title is found detective, Buyer
<br />130 shall within said 5 days notify Seller in writing specifying the defect(s). 11 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) 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 depos,tsl paid which shall be immediately returned 10 Buyer II Buyer fails to so notify Seller,
<br />134 Buyer shall be deemed t0 have accepted the title as it then is. Seller shall, if title is found unmarketable. use diligent effort to correct defects)
<br />135 witmn 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 depos't(s), thereby releasing Buyer and Seller from all further obligations under this Contract. If evidence of title is delivered to Buyer less than
<br />- 137 5 days prior to closing. Buyer may extend closing dale so that Buyer shall have up to 5 days from date of receipt of evidence of title to examine
<br />135same in accordance with this Standard.
<br />139 B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shall
<br />-day grata period in the event of default i
<br />t40 provide fora 30f a first mortgage and a 15 -day grace period if a second or lesser mortgage; shall
<br />16• pro' :a for r•_hl of prepayment in whole or in part witho _' :enalty, shall permit acceleration in event of transle• of the real property: shall require
<br />ts: all :r liens and encumbrances to be kept in good Stan: -•g and forbid modifications of or future advances unser prior mortgage(sl: shall require
<br />143 Sole -to maintain policies of insurance containing a sta-:ard mortgagee clause covering all improvements located on the real property against
<br />144 fire aid all perils included within the term 'extended co•e•age endorsements' and such other risks and perils as Seller may reasonably require.
<br />145 in ar 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 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 state or national banks located in the county wherein the real property is located. All personal
<br />lab property 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 />-- I50 C. SURVEY: Buyer, at Buyer's expense, 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 0. TERMITESIWOOD DESTROYING ORGANISMS: Buyer, at Buyer's expense, within the time allowed to deliver evidence of title, may have the
<br />155 Properly inspedted 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 with!n 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 gene -al contractor. Seller shall pay valid costs of treatment and repair of all damage up to the amount provided in Paragraph Xill(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 />164 as described in Paragraph VII hereof, title to which is in accordance with Standard A.
<br />165 F. LEASES: Seller shat 1, not less than 15 days before closing, furnish to Buyer copies of all written leases and estoppel letters from each
<br />106 tenant specifying the nature and duration of the tenant's occupancy, rental rales. advanced rent and security deposit paid by tenant. If Seller is
<br />167 unable to obtain such letter from each tenant, the same information shall be furnished by Seller and Buyer within that tune period in the form of a
<br />168 Seller's affidavit, and Buyer may thereafter contact tenant to confirm such information. Seller shall, at closing, deliver and assign all original
<br />169 leases to Buyer.
<br />170 O. 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 financing statement, claims of lien or potential lienors known to Seller and further attesting that there have been no improvements or repairs to
<br />172 the real property 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 Sellers lien affidavit setting forth the names of all such general contractors, subcontractors, suppliers and materialmen, further affirming that
<br />175 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 />•�� 17e at 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 />178 agent ('Closing Agent') designated by Seller
<br />179 I. 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 shall end 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 essenu in this 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 estoppel letters and corrective instruments. Buyer shall furnish closing statement, mortgage, mortgage note.
<br />164 secu- ty agreement and financing statements
<br />185 K. EXPENSES: Documentary stamps on the deed and ecording of corrective instruments shall be paid by Seller. Documentary stamps and
<br />188 intangible tax on the purchase money mortgage and any mortgage assumed, mortgagee title insurance commitment with related fees. 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 following related title services, namely title or abstract charge, title examination, and settlement
<br />189 and closing fee, shall be paid by the party responsible for furnishing the title evidence in accordance with Paragraph V.
<br />190 L. PRORATIONS; 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 or taking over existing policies of insurance, if 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 it 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 exemptions. If closing occurs 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 taxes will be prorated
<br />197 on prior year's tax. If there are completed improvements on the real property by January 1st of year of closing, which improvements were not in
<br />198 existence on January 1st 0f prior year, 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; failing which, request shall be made to the County Properly Appraiser for an informal assessment taking into account
<br />200available exemptions. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of tax bill on condition
<br />201 th�at�a statement to that affect is signed at closing.
<br />Buyer (_J Ia"� ) ( MMA ) and Seller ( yn✓- �'— ) (_._� acknowledge realpt of a COPY of this page.
<br />FAR/BAR-5 Rev. 8/98 COPYRIGHT 1998 THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORSO
<br />This form is licensed for use with Formulators' Forms Software by ISG McAllister Publishing, Inc. 806338-7027
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