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<br />202 M. SPECIAL ASSESSMENT LIENS: Certified. confirmed and ratified special assessment lens as of dale of closing (not as of Effective Dialer
<br />203 aro to bepaid by Seller Pe ndin2 Eons as of date of Uofing shall be assumed by Buyer 11 the inic,"enent has been substantially completed as
<br />204 0l Effective 0a1a, any Pending lion shall Oe consdered certified. confirmed or ratified and Seller shall. at closing, be charged an amount equal to
<br />205 the last estimate or assessment for the improvement by the public body
<br />206 N. IN SPE CTION, REPAIR AND MAINTENANCE: Seller warrants that the calling. root Including the fascia and soffits) and exterior and
<br />207 rota tier walls. touno ,ion, !maws lis (or equivalenti and dockage do not have any V,s-ble Evidence of leaks, water damage Or structural damage
<br />206 and that the septic lank. pool, all appliances. mechanical items. healing. cooling, electrical plurrOinq Systems and machinery are in Working
<br />2D9 Condition The foregoing warranty shall be limited to the Mems specified unless otherwise provided m an addendum Buyer may. at Buyer's
<br />210 axpense, have inspection! made of thc.e nems within 20 days atter the Effective Dale. by a tumor individual specializing in home Inspections
<br />211 and holding an occupational license for such Purpose (n required) or by an approprialelIs incensed Florida contractor, and Buyer shall. prior
<br />2t2 to Buyer's occupancy, but not more than 10 daya after EllecI ve Date, report i writing to Sauer such isms that do not meal the above standards
<br />213 as 10 def is" %. Unless Buyer timely reports such defects. Buyer shall be deemed to •+ave waved Sellers warranlies as to defects not repo,led
<br />2u If repairs or replacements orb required to comply with this Standard, Seller shall cause them :o be made and shall pay up to the amount
<br />1.5 provided m Paraprapn Xnl(bl Server is not flquued to make repairs or replacements of a Cosmetic Condition unless caused by s defect Sauer
<br />216 is responsible to repair or replace. if Ins cost for such repair or repraceme nt exceeds the amount provided in Paragra Dh XI11 (b), Buyer and Stlllr
<br />211 may elect Io pay such excess, failing which either party may cancel this Contract II Seller is unable to correct the defects prior to closing. the
<br />216 cost Ihereof shall be paid into escrow at clos-ng Seller shall, upon reasonable no.,c e. provide utilities sernce and access to the Property for
<br />2.9 inspections, including a walk. through prior to closing. to confirm that all items of Personal prooart y are on the real property and. sublecl to the
<br />220 foregoing, Ihat alt required repairs and rfol.,ernal nave been made and that the Properly including but not holed to. lawn, shrubbery and pool
<br />221 If any, has been maintained in the condition existing as of Effective Date. ordinary went and fear excepted For purposes or this Contract (a)
<br />222 Working Condition' means operating in the r4anner in which the Item was designed 10 Operate, (b) *COsnYlic Condition' means aesthetic
<br />223 imperfections that do not affect the working condition of the nem, including. but not limned to pnfed marcde. missing or torn screens, fogged
<br />224 windows, tears, worn spots, or discoloration of floor coverings. wallpaper, or window treatments. nal holes, scratches. dents, scrapes. chips or
<br />225 caulking in callings, walls, Iloonngs. fixtures, or errors. and minor cracks in floors. hies, windows, driveways, sidewalks. or pool docks. and (c)
<br />226 erac k ad roof tiles, curling or worn shingles. or limited roof life shall not be considered defects Seller Is repair or replace. so long as there is no
<br />227 evidence of actual is
<br />of tankage or slruclrual tamage. Dail missing Ines will be Sellers re s pons�bd It to replace or repair.
<br />226 O. RISK OF LOSS: If the Property is damaged by fire or other casually before closing and cost of restootion does not exceed 3% of the
<br />229 assessed valuation of the Property so damaged. cost of restoration shall be an obligation of Seller and closing shall proceed pursuant to the
<br />230 terms of this Contract with restoration tests escrowed a1 closing If the cost of restorat•on exceeds 3% of the assessed valuation of the
<br />231 Property to damaged. Buyer shall have the option of either taking the Property as is. together with either the 3% or any insurance proceeds
<br />212 payable by virtue of such loss or damage, or of canceling this Contract and receiving return of the de Ddtit(g)
<br />233 P. PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds if an abstract of title has been
<br />:14 furnished. evidence or title shall be continued at Buyer's expense to show idle in Buyer without any encumbrances of change which would render
<br />:35 Sellers title unmark elabi! from the dale 01 Ili! last evidence
<br />All closing proceeds shall be held in escrow by Seller's attorney or other mutually
<br />16 aC cepla"le escrow agent for a period of not more than 5 days after closing dale If Seller's :itle if rendered unmarketable. through no fault of
<br />:37 Buyer, Buyer shall, within the 5 -day period, notify Seller -n writing of the defect and Seller shah nave 30 days from dale of receipt of such
<br />:]a no l'fieatlon to cure the del 11 Seller fans to timely cure line defect, all deposit(s) and clos•ng funds shall upon written demand by Buyer and
<br />:J9 within 5 days after demand. be returned to Buyer and. simultaneously with such repayment. Buyer shall returnihe personal property. vacate the
<br />:40 real property and reeonvey the Properly to Seller by special warranty deed and bill of sale If Buyer fads to mase timely demand for refund, Buyer
<br />•al shall take lit ie as is, waiving all rights against Seller as to any intervening defect except as may be availab4t to Buyer by virtue of warranties
<br />242 eonlained in the deed or bill of sale II a portion of the purchase price is to be derived from institutional financing or refinancing, requirements
<br />243 of the lending institution as to place, time of day and procedures for closing. and for disbursement of mortgage proceeds shall cIt to over
<br />244 contrary provision in this Contract. Salter shall have the fight 10 require from The lending ristnul-on a written commitment that it rill not
<br />245 withhold disbursement of mortgage proceeds as a result or any fill# defect attributable to Buyer mortgagor The escrow and closing procedure
<br />246 required by this Standard shall be waived it the Idle agent insures adverse matters pursuant to Section 627 7841.F S., as amended.
<br />247 O. ESCROW: Any escrow agent ('Agent') receiving funds or equivalent is authorized and agrees by acceptance of them to deposit them
<br />14111promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and conditions of this Conlracl. Failure of
<br />249 funds to clear shall not excuse Buyers Derforminc e. If in doubt as to Agent's duties of liabilities under the provisions of this Contract. Agent
<br />250 may, al Agent's option, Continue 10 hold the subject matter of the escrow until the parties hereto agree to its disbursement or until a judgement
<br />251 of a court of cornpelent jurisdiction shall deternsna the rights of the parties, or Agent may deposit same with the clerk of the circuit court having
<br />252 ju risdiclion of the dispute Upon notifying all parties concerned of such action, all liability on the Dart of Against shall fully terminate, except t0
<br />253 the extent of accounting for any slams previously delivered out of escrow II a licensed real estate broker. Agent will comply with provisions of
<br />254 Cho to 475. F.S., as smenda Any suit besweee Buyer and Seller wherein Agent is node a party because of acting as Agent hereunder, or in any
<br />255 it wherin Agent interpleads the subject matter of the escrow. Agent shall recover reasonable attorney's fees and costs incurred with these
<br />256 amounts to be paid from and out of the escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. The
<br />257 Agent that not be liable to any party or person for asisdelivery to Buyer or Seller of items subject to the escrow, unless such misdelivery is due to
<br />25a willful breach o1 the provisions of this Contract w gross negiigence of Agent.
<br />259 R. ATTORNEY'S FEES; COSTS: In any Inig allow, including breach, onto rc amens or interpretation, arising wit of this Contract. the preradmg
<br />259 party in such IS
<br />250
<br />which, for purposes W this Sunda to. shall include Seiler, Buyer and any brokers acting in agency or nonagency
<br />261 relationships cul horized by Chapter 475, F S , as amended, shall be entitled to recover from the non -prevailing party reasonable attorney's fees.
<br />252 costa and ex petites.
<br />233 i. FAILURE OF PERFORMANCE: If Buyer taws to perform this Contract within the time specified, incleding payment of all deposits. the
<br />264 depostf(s) paid by Buyer and deposit($) agreed to be paid. may be recovered and retained by and for the account of Seller as agreed upon
<br />265 liquidated damages, consideration for the execution of this Contract and in lull seluement of any claims. wn#feupon. Buyer and Salle, shah be
<br />256 raliev#d of ail oDlig alidnt un0er 1110 Comrscl, or Seller, al Seller's option, may proceed m egwty to enforce Se1Nr's rights under this Contract If
<br />267 for any rasa on other than failure of Salter to make Seller's title marketable after diligent effort, Sena fails. neglects or refuses to perform this
<br />:6! Contract, Buyer may seek specific performance or elect to receive the return or Buyer's deposit(s) without thereby waiving any action for
<br />:59 damages resulting from Seller's breach.
<br />:'0T. CONTRACT NOT RECORDABLE: PERSONS BOUND; NOTICE: Neither this Contract nor any nonce of n shall be recorded in any public
<br />1 records. This COnlract shall bind and inure to the benefit of the parties and their successors in interest Whenever the context permits. singular
<br />2 shall mWude plural and one gender shall include as Notice given by or to the attorney for any party shall be as effective as if given by or to that
<br />273 party.
<br />:74 U. CONVEYANCE: Seller shall convey title to the real property by statutory warranty, trustee's, personal representative's or guardian's deed. as
<br />275 appropriate to the status of Seller, subject only to matters contained in Paragraph VII and those otherwise accepted by Buyer. Personal properly
<br />276 shall, at the request of Buyer, be transferred by an absolute bill of sale with warranty Of title. subject only to such matters as may be otherwise
<br />277provided for herein
<br />27a V,OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this
<br />279 Conlracl. No modil ice tion to or change in this Conlracl shall be valid or binding upon the partes unless in writing and executed by the party or
<br />260 parties intended 10 be bound by it.
<br />261 W. WARRANTY: Seller warrants that there are ao facts known to Seller materially affecting the value of the Property which are not readily
<br />212 observable by Buyer or which have nor been disclosed Io Buyer
<br />IS gym ( CJ ( 6e/Pf4"' ) and SNNs t � ( actnoselodge receipt of a copy of this Page.
<br />FARMAR-5 Rev. 6f96 COPYRIGHT 1996 THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF RE ALTORSO
<br />Thea form is licensed for use -nth FpnTnallsrtnfma Forms Software by ISG McAllister Publishing, Inc 900-336-1027
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