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<br />119 STANDARDS FOR REAL ESTATE TRANSACTIONS
<br />120 A. EVIBENCE OF TITLE:(]) An abetragt of 4111& prepared or brought current by a rapid able and existing abstract firm (U not existing than
<br />121 cerlifted as correct by an existing firm) purporting to be an accurate synopsis of the Instruments affecting title to the real property recorded In
<br />122 the putlllc reCards Of the County wherotn the real properly Is located through Effective Data. It shall commence 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 properly of Buyer, subject to
<br />124 the right of retention thereof by first mortgagee until Fully pall. (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 DW011996 prlee, Insuring
<br />128 Buyer's title to the real property, subject only to liens, encumbrances, excaptlons or qualifications provided In this Gontract and those to be
<br />127 discharged by Seller at or borers eloping. Sailer shall Convoy marketable title subfoct only to liens, encumbrances, exceptions or qualifications.
<br />128 provided la this Contract. kierkolsbla title shall be daterrOnad according to applicable Title Standards adapted by authority of The Florida Bar
<br />129 and In accordance with law. Buyer shell have 5 days from data of receiving evidence of title to examine It. If title Is found defective, Buyer
<br />130 shall within sold 5 days. notify Seller In 1yrlting spaclfying the defact(a). If defact(s) render title unmarketable. Seiler will have 30 day from
<br />131receipt of notice to remove the defects, foiling which Buyer shall, within five (5) days after expiration of the thirty (30) day period, deliver written
<br />132 notice to Sailer either: (1) extending the Irmo for a reasonable period not to oxcoed 120 days within which Seller Shall use diligent effort to
<br />133 remove the doleotS; Or l2) rOquo Sting 0 refund of deposil(s) paid which shall be Immodlatoly returned to Buyer, It Buyer falls la ee notify Seller,
<br />134 Buyer shall be doomed to have accepted the title as it then Is. Seller shall, If title Is found unmarkelabla, use diligent effort to correct derect(s)
<br />135 within the time provided therefor. If Seller Is unable to Ilmoly correct The defects, Buyer shall either waive the defects, OF receive a refund of
<br />138 deposlt(s), thereby releasing Buyer and Sellar from all further obligations under this Contract. It evidence of title is delivered to Buyer less than
<br />137 5 days prior to Closing, Buyer may extend closing data so that Buyer shelf have up to 5 days from date of reculpt of evidence of title to examine
<br />138 some In accordance with this Standbre.
<br />139 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 H a first mortgage and a i5 -day grace period If a second or Casser mortgage; shall
<br />141 provide for righl of prapaymont In whole or in part without penalty; shell permit acceleration In event of transfer of the real properly; shall require
<br />147 ail prior liens and encumbrances to be kept In good standing and forbid modifications of or futum advances under prior mortgage(s); Shall require
<br />143 Buyer to maintain policies of Insurance containing a alandard mortgagee clause covering all improvements located on the real property against
<br />144 fire and all perils Included within the term 'extended coverage andorsemen[s' and such othar risks and perils as Seller may reasonably raqulrn.,.
<br />145 In an amount aqua) to their highest Insurable value; and the mortgage, note and 6ecarlly agreement shall he otherwise In form and content requlrad
<br />148 by Seller; but Seller may only require clauses and COverage OuslOm8rlly 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 whefolo the real property Is located, All personal
<br />149 property and leases being conveyed or assigned will, at Sailer's option, be subject to the lion 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 />168 C. SURVEY: Buyer, at Suyer'a expense, within lime 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 an the real property or that Improvements located thereon
<br />152 encroach on eelbuck lines, easements, fonds of others or vl Dlete any restrictions, Contract covenants or applicable governmental regulation, the
<br />153 Bomarshall constitute a title defect.
<br />154 D. T RM IT E S?WOOD 0FSTROYING ORGANISMS: Buyer, at Buyer's expense, wllhln the time allowed to deliver aridenco of title, may have the
<br />155 Property inspected by a Florldn Certified Post Control Operator ('Operator') to determine H there is any visible active Iarmlte InfaslBlion or
<br />168 visible damage from ternkto Infestation, excluding fences. If elther or bulbare found. Buyer shall have 4 days from data of wrltten notice thereof
<br />157 within which to have coal of treatment, If required, estimated by the Operator and all damage Inspected and estimated by a licensed bullder or
<br />168 general contractor. Seller shall pay valid coals of treatment and repair OF all derange up le the amount provided In Paragraph RIII(a). If
<br />169 eallmated Costs exceed that amount, Boyar shall have the option of conceling this Contract within 5 days after receipt of Contractor's repa[r
<br />180 estimate by glvI 0 written helico to Sellar or Buyer may sleet to proceed with the transaction, and receive a cred{t of closing on the amount
<br />lel provlded In Paragraph XIII (a).'Tormllos' shall be deemed to Include all wood destroying organisms required to be rapofled under the Florida Pest
<br />102 Control Act, ae amendad.
<br />103 E, [NORESS AND EGRESS: Seller warrants and represents that there Is Ingress and ogress to the real properly sufficient fonts Inlanded use
<br />104 as described in Paragraph VII hereof, Atte to which Is In accordance with Standard A.
<br />165 F. LEASES: Setter shall, not less than 15 days before closing, furnish to Buyer copies of all writlen leases and estoppel letters From each
<br />10o tenant specifying the nature and duration of the tenant's occupancy, rental rates, advanced rantand security deposit paid by tenant. If Sailor Is
<br />167 unable to obtain such letter from each tenant, the same information shall be furnished by Seller and Buyer within [hat time period in the form of a
<br />lea Seller's affidavit, and Buyor may thereafter contact tenant to confirm such Information. Seller shall, at closing, deliver and assign all original
<br />109 leases to Buyer.
<br />170 B, LIENS: Seller shall furnish to Buyer at time of closing an affldavlt attesting to the absence, unless otherwise provided for herein, of any
<br />171 financing statement, claims of Ilan or potential Ilonors known to Seller and further OResting that there have boon no Improvements or repairs to
<br />172 the rael properly for go clay, immediately preceding data of ciosing. If the real properly has been Improved or repaired within that lime, Seller
<br />179 sha 11 do liver refeae as or walvars of construction Ilona executed by all ganDrel Contractors, subcontractors, suppliers and malerlatmon in addition
<br />174 to SBIISr'a Ilon affidavit setting foflh the names of all such general contractors., subcontractors, suppliers and malertaimaa, further affirming [hat
<br />175 alt chargee for improvemenls 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 />176 at the closing of thin Contract.
<br />177 H. PLACE OF CLOSING: Closing shall be held In the county wherein the foal praparty Is located at the office of the atiomey of other ctoaloy
<br />178 agent ('Clueing Agent') designated by Sailer.
<br />179 L TIME: In Computing time periods of teas than six (8) dayn, Saturdays.. Sundays and state or notional legal holidays shall be excluded. Any time
<br />180 periods provided for herein which shall end on a Saturday, Sunday, or it legal holiday shall extend to 5:00 p.m, of the next business day. Time Is of
<br />161 the *seance in this Contract.
<br />182 J. CLOSING DOCUMENTS: Seller ehatf furnlah rho dead, bIH of ,ala, construction lien affidavit, ownor's possess] -in afftdovll, assignments of
<br />183 leases, tenant and mortgagee estoppel lettere and corrective Instruments. Buyer shall furnish closing statement, mortgage, mortgage node,
<br />184 security agreement and financing statements.
<br />185 K. EXPENSES: Documentary stamps on the dead and recording of corrective Instruments shall be paid by Seller. DOeumantary stamps and
<br />180 Intnnglblo lax on the purchase money mortgage and any mortgage assumed, mortgagee dile Insurance Commllment with related fees, and
<br />187 recording 91 purohese money mortgage to Sailer, deed and financing statements shall be paid by Buyer. Unless otherwise provided by law Of
<br />186 rider to this Contract, charges for the following related title services, nomely title or abstract charge, title examination, and soltlemenl
<br />189 and closing fee, shall be paid by the party responsible for furnishing the title evidence, In accordance with Paragraph V.
<br />199 L. PRORAT1ONS; CREDITS: Taxes, assosemenis, rant, Interest, Insurance Dad other expenses of the Properly shall be prorated through the
<br />191 day before closing. Buyer shall, have the option of taking over existing pallclos of Insurance. If assumable, in which avant premiums shall be
<br />192 prorated. Cash at closing shalt be Increased or decreased as may be required by prorations to he made through day prlor to closing, or occupancy,
<br />193 If occupancy occurs before closing. Advance runt and security deposits will be credttnd le 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 of[owance made for maximum allowable discount, homestead
<br />106 and other exemptions- If closing occurs at a data when 1110 current year's millaga Is not fixed and current year's assessment is avallable,taxns
<br />196 will be prorated based upon such assessment and prior year's mlllago. If current year's assessment Is not available, than taxes will be prorated
<br />167 on print YeaF'e tax. 11 there are Completed improvements on the real property by January lel of year Of cl.osing, which improvements were not In
<br />Joe existence on January tat of prior year, then taxon shall he prorated based upon priCr year's mlllago and at on equitable assessmenl to he agreed
<br />199 upon between the parties; failing which, request shalt he made to the County Property Appraiser for an Informal assessment taking Into account
<br />200 available exemptions. A. tax prorofioo based on an aellmate shall, at request of either party, be readjusted upon receipt of tux bill on condition
<br />201 that a statement to (hat affect Is signed at closing.
<br />Buyer( dh C, ) ( _ 1 and Seliar {All� k 9T ) acknowledge receipt of a copy of this page.
<br />FARIBAR-5 Rov.6198 COPYRIGHT 1998.THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORS®
<br />This form is licensed for use with Forssaukatall Forms Software by ISG McAllister Publishing, Inc. $00.338.1027
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