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<br />119 STANDAWS FOR REAL ESTATE TRANSACTX S
<br />120 A. EVIDENCE OF TITLE:(!` Air abstract of title prepared or brought current by a reputable and existing atillfout firm (d not existing then
<br />® 121 certified as correct by an existing firm) purporting to be an accurate synopsis of the Instruments affecting title le the real property recorded in
<br />122 the public re tofds of the county wherein the real property is located through Effective Date It shall commence ran the earliest public records.
<br />123 or such later dale as may be customary in the county Upon closing or rots Contract, the abstract shall become the property of Buyer. subject to
<br />124 the right of retention thereof by first mortgagee until fully paid 12i A title nsvrase co mmitMent Issued by a Florida fsdansed title Insurer
<br />125 agreeing to issue Buyer uPon recording of the deed 10 Buyer an owner's policy of hue Insurance in the amount of the purchase price. Insuring
<br />126 Buyyer's title to the real property. subject only 10 liens, encumbrances, exceptions or qualifications provided in Isis Contract and those to be
<br />127 dXharged by Seller at or before closing Seller shall convey marketable title subject only to hens, encumbrances. exceptions or qualifications
<br />728 provided in this Contract Marketable title shall be determined accoreing to applicable Title Standards adopted by 7ulhOrty of The Florida Bar
<br />129 end In accordance with law Buyer shall have 5 days from daft of receiving evidence of title to examine it. If Idle is found defective. Buyer
<br />130 shall within said 5 days notify Seller ,n writing specifying the defect(s) If defect(s) render title unmarketable. Seller will have 30 day from
<br />131 receipt of notice to remove the defects. Fading which Buyer shall. with,n five (5) days after expiration of the thirty (30) day period, deliver written
<br />132 notice to Seller either (11 extending the time for a reasonable period not to exceed 120 days within which Seller shah use diligent effort to
<br />133 remove the defects. or (2) requesting a refund of deposit(s) paid whits shall be immediately returned to Buyer It Buyer fads to so notify Seller.
<br />734 Buyer shall be deemed to have accepted the title as it then IS Seller shall, if title is found unmarketable. use diligent effort to correct defect(si
<br />135 within the l:me Drovided therefor If Seller is unable to firmly correct the defects. Buyer shall either waive the defects, or receive a refund of
<br />138 depos It ($I he,
<br />releasing Buyer and Seller from all further obligations under this Contract If evidence of title 1s delivered to Buyer less than
<br />137 5 days prior to closing. Buyer may extend closing date SO that Buyer shall have up to 5 days from date of receipt of evidence of title to examine
<br />136 same in accordance with this Standard
<br />t39 B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and aortgage note to Seller shall
<br />140 provide for a 30 -day grace period m wr
<br />the event of default if a first rngage and a 15 -day grace period if a second or lesser mortgage. sham
<br />tat provide for right of prepayment in whole of in part -shout penalty. shin permit acceleration in event of transfer of the real property, shall require
<br />142 all prior liens and encumbrances to be kept in good standing and lorb,d modifications of or future advances under prior mortirage(s). shall require
<br />t43 Buyer to maintain POUCie
<br />s of insurance containing a standard mortgagee clause covering all improvements located on the real property against
<br />144 fire and all perils included within the term 'extended coverage endorsements' and such other risks and perils as Seller may reasonably require.
<br />145 in an amount equal to their highest insurable value, and the mortgage. awe and security agreement shall be otherwise in form and content required
<br />148 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 stale or national banks located in the county wherein the real property is located All personal
<br />146 property and leases being conveyed or assigned will, at Seller's option. be subject to the lien of a $*curtly agreement evidenced by recorded
<br />149 financing statements If a balloon mortgage, the final payment w111 exceed the periodic payments thereon
<br />150 C. SURVEY: Buyer, at Buyer's expense, -thin time allowed to deliver evidence of title and to examine same, may haw 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 v olafe any restrictions. Contract covenants or applicable government&[ regulation, the
<br />153 tame shall constitute a title defect
<br />154 0. TE RMITE SiWOOD DESTROYING ORGANISMS: Buyer, at Buyer's expense within the time allowed to deliver evidence of title, may have the
<br />'55 Property mspec:ed by a Fior,da Certified Pest Control Operator ('Operator') to determine 1f !here is any visible active termite irilestation of
<br />156 visible damage from termite irfestaho n, excluding fences If ether or both are found. Buyer shall have 4 days from date of written notice thereof
<br />157 within which to nave cost of treatment, it required. IS ed by the Operator and all damage inspected and estimated by a licensed builder or
<br />156 gena rat contractor Seller shall pay valid costs of treatment and repair of all carnage up to the amount provided in Paragraph XIII(a) If
<br />159 as
<br />limated costs exceed that amount. Buyer shall have the option of canceling this Contract within 5 days after receipt of contractor's repair
<br />1 60
<br />estimate by givl ng written notice to Seller or Buyer may elect t0 proceed with the transaction, and receive a ere" at closing on the amount
<br />t61 provided m Paragraph XIf I(a) 'Termites' shall be deemed to include as wood destroying organisms required to be reported under the Florida Pest
<br />182 Control Act, as amended.
<br />163 E. INGRE SS AND EGRESS: Seller warrants and represents that then is ingress and egress to the real property sufficient for its intended use
<br />184 as described in Paragraph VII hereof, title to which is in accordance want Standard A.
<br />45 F. LEASES: Seller shall, not less than 15 days before closing. furnish to Buyer copies of all written leases and $stopper letters from each
<br />6lenanl 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 Buyer within that time period in the form of a
<br />IBa Salle Ps affidavit, and Buyer may thereafter contact tenant to confine such information. Seller shall. at closing, deliver add assign all original
<br />189 lasses to Buyer.
<br />170 0. LIENS: Seller shat! furnish to Buyer al lime of closing an efficient attesting to the absence, unless other -Me provided for herein, of any
<br />171 financing stale mrnt, clam= of lien or potent sal lienors known to Seller and further attesting that there have ►can rte improvements or repairs to
<br />172 the real property for 90 days immediately preceding dale of closing 1T the real property has been improved of repaired wdbte that time. Seller
<br />173 shall deliver releases or -
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<br />of construction (tens executed by all general contractors, subcontractors. suppliers and matertafarn in addition
<br />174 to Seller's lien allidavit soll.ng of
<br />the names of all such general contractors, subcontractors, suppliers are aotariel men, fortifier affirming that
<br />75 all charges for improvements or repairs which could serve as a basis for a construction lien or a claim for damages save beers paid or will be paid
<br />+76 at the closing of inn Contract
<br />177 N. PLACE OF CLOSING: Closing shall be held in the county wherein the real property is located at the office of take altonley Of other closing
<br />178 agent ('Closing Agent') designated by Seller.
<br />17g 1. TIME: In computing time periods of less than six (8) days, Saturdays. Sundays and stale or national legal heli says shall be excluded. Any lime
<br />180 periods provided for herein which shall and on a Saturday, Sunday. or a legal holiday shall extend to 5.00 p.m of the out busters* day Time Is of
<br />161 tin psanw M Contract.
<br />this Contra.
<br />182 J. CLOS! MG OOCUYE NTS: Seiler shall furnish the deed, bill of sale. construction lien affidavit, owner's possesarw allidewt, assignments of
<br />+83 leases, tenant and mongagee estoppel letters and corrective mslrueenls Buyer shall furnish closing slatearal, mortgage, mortgage note.
<br />184 security agreement and financing sla'c—FF s.
<br />185 N. EXPENSES: Documentary stamps on the deed and recording of corrective instruments shall be paid by Sella Documentary stamps and
<br />186 intangible lax on the purchase rroney mortgage and any mongage assumed, mortgagee title insurance eoesmilrnt was related fees, and
<br />187 vac Ord mg of purchase money mortgage to Seller, deed and financing statements shall be paid by Buyer Unless elberwise provided by law or
<br />186 rider to this Contract, charges for the following related title services, namely title or abstract charge, title examinahan, 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 />TL. PRORATIONS: CREDITS: Taxes. assessments, rent, interest, insurance and other expenses of the Property shell be Prorated through the
<br />day before closing Buyer shall have the option of laking over exishwg policies of insurance. if assumable, in watch event premiums shall be
<br />t92 groveled Cash al closing shall be increased or decreased as may be required by prorations to be made through day prior to closing, or occupancy.
<br />193 If
<br />occupancy occurs before closing Advance rent and security deposes 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 alemPlions 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 collage If current year's assessment is not available, then taxes will be prorated
<br />197 on Drior year's tax If there are completed improvements on the real properly by January tat of year of closing, whits improvements were not in
<br />198 existence on January 1s1 of prior year, then saxes shall be prorated based upon prior year'u millage and at an equitable assessment to be agreed
<br />199 upon bel ween the parties, failing which, request shall be nude to the County Property Appraiser for an informal assessment taking into account
<br />200 available exemptions A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of tax bill on condition
<br />lot In a st element to that affect is signed at Clio ng.
<br />Buy of ( C --VG , ( FVAf� ) and S*IW ( 1 aA—Wdga receipt of a copy of this page.
<br />FARIBAR-5 Rev 6198 COPYRIGHT 1998 T FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORS*
<br />This form is Hennaed for use min FoensaslateltAsra Forms Software by ISG McAllister Publishing, Inc 800.336-1027
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