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<br />119 STANDARDS FOR REAL ESTATE TRANSACTIONS
<br />120A. EVIDENCE OF TITLE:(t) An abstract of title prepared or brought current by a reputable and existing abstract firm (if not existing trvn
<br />121 certitied as correct by an existing firm) purporting to be an accurate synopsis of the Instruments affecting title to the feel property records. n
<br />122 the public records of the county wherein the real property is located through Effective Date. H shall commence with the earliest public recor.s.
<br />123 or such later dale as may be cuslome:y in the county. Upon closing of this Contract, the abstract shall become the property of Buyer. subject to
<br />124 the right of retention thereof by first mortgagee until fully paid. (2) A title insurance commitment issued by a Florida licensed title inswet
<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, insur.mg
<br />126 Soy of's title to the real properly, subject only to liens, encumbrances, exceptions or qualifications provided in this Contract and those to oe
<br />127 dislherged by Seller at or before closing Seller shall convey marketable title subject only to liens, encumbrances, exceptions or qualificat-c-s
<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 date of receiving evidence of title to examine it. if title is round defective, Buter
<br />130 shall .Rhin safit 5 days not fly
<br />Seller in writing specifying the defect(&). If defect(s) render title unmarketable. Seller will have 30 day ff:m
<br />1J1 receipt of notice to remove the defects, failing which Buyer shall, within five (5) days after expira! on of the thirty (30) day period, deliver wrwiti
<br />132 notice to Seller either: (1) extending the time for a reasonable period not to exceed 120 days *chin which Seller shall use diligent effo� ro
<br />133 remove the defects; or (2) requesting a refund of deposit(s) paid which shall be immediately retuned to Buyer If Buyer fails to so notify Se e
<br />134 Buyer shall be deemed to have accepted the title as it then is. Seller shall, if title is found unmartetable, use diligent effort to correct defer 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 :f
<br />136 deposit(s), thereby releasing Buyer and Seller from all further obligations under this Contract Ir evidence of title is delivered to Buyer less t•an
<br />137 5 days prior to closing, Buyer may extend closing date so that Buyer shall have up to 5 days fro- date of receipt of evidence of title to exam -.e
<br />138 same in accordance with this Standard.
<br />t39 B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shall
<br />140 provide for a 30 -day grace period in the event of default it a first mortgage and a 15 -day grace period if a second or lesser mortgage: stall
<br />141 provide for right of prepayment in whole or in part without penalty; shall permit acceleration in event of transfer of the real property. shall red. •e
<br />142 all prior liens and encumbrances to be kept in good standing and forbid modifications of or future advances under prior morigage(s), shall red- •e
<br />143 Buyer to maintain policies of insurance containing a standard mortgagee clause covering all imr•ovements located on the real property ago -s:
<br />144 fire and ail perils included within the term 'extended coverage endorsements' and such other r,s• s and peals as Seller may reasonably red_
<br />145 in an amount equal to their highest insurable value, and the mortgage, note and security agreement shall be otherwise in form and content requ •ed
<br />146 by Seller; but Seller may only require clauses and coverage customarily found in mortgages, mortgage notes and security agreements genera -y
<br />147 utilized by savings and loan institutions or state or national banks located in the county whe•ein the real property is located All persc-3!
<br />148 property and leases being conveyed or assigned will, at Seller's option, be subject to the lien cf a security agreement evidenced by recorc±l
<br />149 financing statements. If a balloon mortgage. the final payment will exceed the periodic payments thereon.
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<br />C. SURVE Y: 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 some shall constitute a title defect.
<br />154 D. TERMITESIWOOD DESTROYING ORGANISMS: Buyer, at Buyer's expense, within the time allowed to deliver evidence of title• may have the
<br />155 Property inspected 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 within which to have cost of treatment, if required, estimated by the Operator and all damage inspected and estimated by a licensed builder f
<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) :f
<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 />Is provided in Paragraph XIII (a).'Termiles' 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. INGRE SS 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 withStandard 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 />166 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 same information shall be furnished by Seller and Buye, within that time 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 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 If noticing statement, claims of lien or potential lienors known to Seller and further altesting that there nave 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 shalldeliver releasee or waivers of construction liens executed by all general contractors, subcontractors, suppliers and materialmen In addition
<br />174 to SaIlet's Alen 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 />178 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 />1791. TIME: In computing time periods of less than six (6) days, Saturdays, Sundays and state or nat-Gnat legal holidays &hail be excluded Any I —e
<br />= 180 periods provided for herein which shall end on a Saturday. Sunday, or a legal holiday shall extend to 5.00 pm. of the next business day. Time is of
<br />181 the assena In this Contract.
<br />162 J. CLOSING DOCUMENTS: Seller shall furnish the deed, bill of sale, construction lien affidavit. owner's possession affidavit, assignme nls of
<br />183 leases, tenant and mortgagee estoppel letters and corrective instruments. Buyer shall furnish closing statement, mortgage, mortgage no!e
<br />184 security agreement and financing statements
<br />185 K. EXPENSES: Documentary stamps on t -e deed and recording of corrective instruments sna oe pa -a by Seller Documentary stamps i
<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, dead 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 />18P and closing fee, shell be paid by the party responsible for furnishing the title evidence in accordance with Paragraph V-
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<br />.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 of taking over existing policies of insurance. if assumable, in which event premiums shall be
<br />192 prorated. Cash a1 closing shall be increased or decreased as may be required by proralions to be made through day prior to closing, or occupant..
<br />193 if occupancy occurs before closing. Advance tent and security deposits will be credited to Buyer. Escrow deposits held by mortgage* 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 />_ 1D5 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 prorates
<br />197 on prior year's tax. If there are completed improvements on the real property by January 1st of .ear of closing, which improvements were not n
<br />tell 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 agree3
<br />199 upon between the parties: failing which, request shall be made to the County Property Appraiser for an informal assessment laking into account
<br />200 available exemption$. A tax proration based on an estimate shall, at request of either party• be readjusted upon receipt of tax bill on condition
<br />201 that a statement to that affect is signed at closing.
<br />Buys, () (_ 101'W. and Se ler ( li 21— ) ( 1 acknowl*dg* receipt of a copy of this page
<br />FAR/BAR-5 Rev 8198 COPYRIGHT 1998 THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF RE AL TORSA
<br />This form is, licensed for use with FexYstufatsia" Forms Software by ISG McAllister Publishing, Inc 800-136-1027
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