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<br />1191 STANDARM FOR REAL ESTATE TRANSACTIONS
<br />- 120 A. EVIDENCE OF 71TLE:(t),fin itjt ra gJ�pl,_{I-i,I� prepared of broughl current by a reputable and aslslrng abstreCI Rim (if not eeiuing [fieri
<br />t2T Car l hied at correct by 46 aslsting flrmj purporting to be an accurate syn011511 Of the Pn Slrumenls affecting title to the real property recorded in
<br />122 the public records at the county wherein The rest property is Iocaled Through E sfec Use Dale It shaft commence with the 4arllest public records,
<br />123 or such later dale as may be customary in the county' Upoh Closing of 'him Contract, the abslrACt shall beCama the properly Of Buyer. SUb}act to
<br />124 the right or ratentran Thereof by lirs1 morlonoes until fully paid (2s is Insuranta C9mmi m n Issued by a Florida licensed title Insurer
<br />523 agreeing to issue Buyer, upon recording of Ills deed 10 BUyer, an Dwnet's. PDtiCy of 11116 insurance to the amaunl at the purchase prTCb. insuring
<br />125 Bu er's till! to the real property, subject only to Plans, encumbrances, excaplions of quallficallons provided in this Cori and those to be
<br />121 dXharged by Seller 31 or before closing. Seiler shall Convey markelable fill* subject only TO liens. encumbrances, excep""s of qualifications
<br />124 provided in Phis Corttacl. Marketable 11110 $hall be determined according to applicable Title Standards adopted by authority of The Florida Bar
<br />129 and In accordance .illi law Buyer Shall have Sday$ from date of roc El Yrng evidence o1 lute To examine it, rf title is found detective, Buyer
<br />130 shall within said 5 Laysnality Seiler in writing specifying Ilia deficit%p 11 defecl(S) Partial title unmarkalsble. Seller will have 30 day from
<br />131 room, lot at nolrte to remu va the da Pact 1, lading which Buyer shalt_ within firc (5f day5 after expiration of the thirty 130) day period, deliver -written
<br />1312 notice to Sailer ert`er: (try arlending the time for a reasonable par.ad not fa a:coed 120 days within which Sellar shall use ClMgoni effort to
<br />I" ramove the 6efects, Or (2j requesting a refund of deposil(sl paid wA1ch shall be rmmedlaloly retUrned to Buyer- If Buyer Falls to ao nalify SePI1,r,
<br />134 Buyer shall be deemed 10 hays accepted the Title as it then 11 511101' shall, If title is found unmarketable, use diligent effort to correct dela Cl(sj
<br />115 within the tome pravided IherelOr If Seller is unablo 1m, 11me t, correct the dcdecl s, Buyer shelf either waive the defects, or receive a Perund of
<br />135 depusil(a1, thereby releasing Buyer and Seller from art furlhar abagatrons under Imo Contract If evidence of title Is delivered to Buyer less Than
<br />137 5 days prior to closing. Buyer may ealend closing date so that Buyer shall have up to 5 days from date at receipt or evidence of Litre 10 examine
<br />138same in accordance xith this Standard.
<br />13@ B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase mangy mortgage and mortgage hole to Seller shaft
<br />140 provides for a 30 -day grace period in the event of default If a first motigage and a 15 -day grace period R a second of lesser Murtloage, shell
<br />141 provide For right of prepayment in whale or in part without penalty; shall permit acceleration In event of Sr8n31er at the real properly; shall req,ulre
<br />142 fill prior liens and emcumbrances to be kept in good standing and forbid modifications of Or future advances under prior mnflgaill i shall require
<br />147 Buyer to malniniE ;Vicles of Insurance containing a slandard mortgagee clause coverlog 811 improvemerils located on the real proeert'.y against
<br />144 fire and all herds •-[luded .,thin lho term'0xtendod coverage endorse -encs" and such other risks and pafil5 as Seller may reasonably require.
<br />Ise 311 en amount equal!, their hignasl msurabla value; and the mortgage, nate and Security agreement shall be otherwise in form and Content required
<br />116 by Seller; but Seller may only require clauses and coverage cuslomarily round In mollgsges. mortgage moles and seeurily agreements gonsi
<br />147 uttl teed by savings and loan inatltu'tiona or stale of national banks ocaled in IM1e county wherein the req+ Drop !fly is located All pe+30.21
<br />126 properly end leases being Conveyed or assigned will, at Sellar's option, be subject to The lien of a security agreemlenl evidenced by recorded
<br />ins slat amen! Ila balloo
<br />549 fins n mortgage. She final payment wilt exceed the periodic payments thereon.
<br />150 C. SURVEY: Buyer, m Buyer's "Dense, within time allowed to deliver evrdenco of title and to examine same, may have The leaf oioper'ry surveyed
<br />_ +51 and cerlifled by A 'tq,s!ered Florida surveyor if the survey 01$00se3 encroachments on the real properly or that rmprovemenl3 located thereon
<br />+52 encroach On sclbact lines, safoments. lands of other$ Of violate any restrictions, ContraCl Covenants or applicable govarnmemal regulation, the
<br />153 sameshall constitute a title defect.
<br />IS4 D. T E RMI.TESIWOOD DE STROY$NG ORGANISMS: Buyer, 01 Buyers expense, within the time allowed to dellyer evidence of tills. may have the
<br />155 Property insp0cled by a Flb11ds Csrtified Pesl Can1rOl Operator (`Operator'I to determine if (hero IS any visible aelive termlle Irrlestalion 0r
<br />156 visible commis from termite in fellation, excluding fences. if either or both are found, Buyef shall nave 4 days from date of written notice thereof
<br />157 within which to have cost of Treatment, if required, otlimatod by Tho Operator andart damage inspected and estimated by a licensed builder ar
<br />- 45a general Contractor Salter Sh811 pay Valid Costs Of ttealment and repair of all damage up to the amount provided In Paragraph XI11(a). IP
<br />+S9 aslimaled costs exceed that amount. Buyer shall have the option of canceling this Contract within 5 days alter receipt of Contraclor's repair
<br />160 estimate by giving xFiller, Dodo! 10 Smiler or Buyer may OteCl 10 proceed with the transaction, and receive a credit at closing on The amount
<br />161 provided in Paragrapn XNllal "Termites' 5ha11 be doomed to includn all wood destroying organisms required lobe reported under the Florida Pest
<br />162 Control Act. as ane Jed
<br />163 E. INGRESS AND EGRESS; Seller warrants and represanls that There Is Ingress and egrass to the tool property sufficrant far it's Inlanded use
<br />164 a5 described in Polmg'aoh VII hereof, title 10 which is in accorda-:e with Slandard A.
<br />165 F. LEASES: $site- shelf, notless than 15 days before closing furnish la Buyer Copies of at] w +len leases and estoppel letter, from each
<br />160 lenanl specifying its nature and duration of she tenants act -party, rental +alas, advanced rent and sAu" dy deposit paid by tenant It Seller r5
<br />167 unable 10 oblaln suite letter from each lenanl. the same Information shall be furnished by Seller and buyer within that time period In the farm of a
<br />168 Se 119 "S alrid a vit, :rd Buyer may lhcr a after the
<br />ten and to confirm much Information Seller shall. at dosing, deliver and assign all original
<br />_ 169 leases Id Buyer,
<br />110 G, LIENS: Seller spall furnish to Bti
<br />uyer al time of Closing an affidavit 8tieSng to the absence, unless otherwise provided for harerrl, at any
<br />171 Financing statement. claims ad Plan or polenllal lfenofs known 1m, $0118 and furlhar atlasling Inet there have been no imptonnionts or repairs 10
<br />172 the real property f0. 90 days immediately ac ding dale of closrag rt the roal property has been improved or repaired within that Uma, Seller
<br />177 not deliver heleales or walvan of Construction Ilene executed by all general contractors, subconuaclors, suppliers and m4letialmon in addition
<br />174 to Sellai Hen affidavll setting forth the names of all much general contraclara, subcontractors, suppliers and mareflalmen, further affirming that
<br />175 all chs rgdb Por Imp+-vomenis of repairs which could serve as a basis for a corlstrpetlon lien of a claim for damages have been paid of will be paid
<br />Ile at the gas g. of Inas Cont rel 1.
<br />177 H. PLACE OF CLOSING: Closing shall be held in The courtly wherein the real property is IaCaM4 at the office Of the attorney Or Other closing
<br />x76 agant VCloy in Ageri') designal ed by Salle,
<br />t"9 1, TIME 1-' ;moll' -q lime periods of less than Sia Tel days. Sai.,iays Sr.aays and stale or nailon al ilial nolydays snag be ex Cluded Any time
<br />15❑ led 00' r in which shalt end on a Saturday, Sundat. or a oral holiday shall extend io 5 d0 pin of the naxl busl.e2.s day lime is of
<br />tat 1ho ase once In this F. pn till[.
<br />+52 J. CLOSING DOCUMENTS: Seller short furnish the dead. bill 04 1,— c structrorp I•en all,da'uIl nwne%5 possesslan aff.dav-r as yvgnlnenrs d1
<br />re3 leases. lenanl enc ^Ortgogee estoppel da l tors and corrective .retro- ,-11 Buyer shall tufn+5h Closing statement, mollgaga. mortgage rots.
<br />184 1@cutlly agralemeni$
<br />ema nl and financing S1 a
<br />115 H. EXPENSES: 00cumeht4ry Stamps 611 the deed end recording of Cn reclive Inst,umanls shalf be paid ey Sailer Documentary stamps and
<br />184 irrlan Bible tax an the purchase mghey mortgage and any mortgage 2710med, moltgaoea 11110 fns OranCa Camnhtroanl with related foes, and
<br />167 recording of purchase money mortoage to SslPer, demo And financing statements shall be paid by BUyer. Unless alhirwlse provided by Pew or
<br />1111,r16or to I'll, Contract, charges rat the fallowkng rotated INIe retvioes. namely title of ab;[fact Charge, Into examination, and salllement
<br />Tait ane ceps Ing Pea, shall 0e paid by Ino patty responsible For furnishing the Mlle evidence in accardanCe with Paragraph V.
<br />190 L. PROr1.ATtONS, CREDITS; Taxes, aaSessmenl s. rent, Interest. Insurance and ether expenses of The Properly shall be prdreled through the
<br />191 day before closing Buyer $hall have the oplion of taking Ayer exlst`9 0o1rie1 of rnsuranca, it alsumahle, In which avant premiums shell' be
<br />197 prolated Cath a1 006019 shall be increaser] or decreased 8s may be requliad by praratlpnx to be made Inr.Uoh day prior to closing, of occupancy,
<br />193 If, oCCUpanCY occur bslola closing. Advance rent and security deposits will be credited to Buyer Escraw deposits hold by 1norlgogee wrtl be
<br />194 Cradltad to S:lrsr Tares aha11 be praratad basad an the currem veal's l4
<br />x. with dug allowance made fat maximum allowable discount, homeslaad
<br />105 and oThar eramptrpnl It 11911 no occurs et a dale when Phe Current year's mAsage rs not fixed and currant year'& assess merit is available, lases
<br />1@6
<br />Lit be prorated based upon such assessment and pilot year's mltlaga II current year's asst Ssmenl Is not available, Injn taxes wr1! be prorated
<br />Iof an pilot year's lax It there era C0mp161ed Tmprayemehts o- Ina real proparly by J:n Uary 1J1 or year of crus rno 'I Ch Impfovemenla were not In
<br />+utl exrltenoe On January 1st of prtor year, thin lases shall be prorated haled upon prior yasr'S mttlaga and at an equitable assessment to be agreed
<br />Y49 upon brit we on the pert is 1, filling which, request share ba made 10 IM1e County property Appraise, for an informal asseesmanl taking into account
<br />2'1'0 available eialnptlorl A tax proration based on an est[mala 1ha11 at ragUesl of either party, be faadlusted Upon recelpt of Pax' bill or, rano+Iron
<br />201 In:1 a 11%11 nlnt to r''al arfer.I a signed e�t0sino
<br />D Uy or i� r�'—r 4. �I'`�'a'r�� i and Ssflrr { J _J I r r Scknow4dgs receipt of a copy o1 thts page,
<br />' ARru AR 5 Rey 1'91 __PYRIGHT 1992 THE FLORIDA BAR AHG 1XE Ft0410A A$5OCiAT1OH Of REALTOR.SB
<br />`h.ai ,s 1.zm,, s7 fa' _94 .y.tT Formielawra Forma ScFev-are my PSG M APlIatet Pullbi,%h,n,q. int BOG 336.1f627
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