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40 (a) Closing Date: This transaction will be closed on 60 days after Inspection Period End (Closing Date), unless 41 specifically extended by other provisions of this Contract. The Closing Date will prevail over all other time periods 42 including, but not limited to, Financing and Due Diligence periods. In the event insurance underwriting is suspended 43 on Closing Date and Buyer is unable to obtain property insurance, Buyer may postpone closing up to 5 days after 44 the insurance underwriting suspension is lifted. 45 (b) Location: Closing will take place in Indian River County, Florida. (If left blank, closing will take place in the 46 county where the property is located.) Closing may be conducted by mail or electronic means. 47 5. THIRD PARTY FINANCING: 48 BUYER'S OBLIGATION: On or before days (5 days if left blank) after Effective Date, Buyer will apply for third 49 party financing in an amount not to exceed % of the purchase price or $ with a fixed 50 interest rate not to exceed % per year with an initial variable interest rate not to exceed %, with points or 51 commitment or loan fees not to exceed % of the principal amount, for a term of years, and amortized 52 over years, with additional terms as follows: 53 Cash Purchase 54 Buyer will timely provide any and all credit, employment, financial and other information reasonably required by any 55 lender. Buyer will use good faith and reasonable diligence to (i) obtain Loan Approval within days (45 days if left 56 blank) from Effective Date (Loan Approval Date), (ii) satisfy terms and conditions of the Loan Approval, and (iii) close 57 the loan. Buyer will keep Seller and Broker fully informed about loan application status and authorizes the mortgage 58 broker and lender to disclose all such information to Seller and Broker. Buyer will notify Seller immediately upon 59 obtaining financing or being rejected by a lender. CANCELLATION: If Buyer, after using good faith and reasonable 60 diligence, fails to obtain Loan Approval by Loan Approval Date, Buyer may within days (3 days if left blank) 61 deliver written notice to Seller stating Buyer either waives this financing contingency or cancels this Contract. 62 If Buyer does neither, then Seller may cancel this Contract by delivering written notice to Buyer at any time thereafter. 63 Unless this financing contingency has been waived, this Contract shall remain subject to the satisfaction, by closing, of 64 those conditions of Loan Approval related to the Property. DEPOSIT(S) (for purposes of Paragraph 6 only): If Buyer 65 has used good faith and reasonable diligence but does not obtain Loan Approval by Loan Approval Date and 66 thereafter either party elects to cancel this Contract as set forth above or the lender fails or refuses to close on or 67 before the Closing Date without fault on Buyer's part. the Deposit(s) shall be returned to Buyer. whereupon both 68 parties will be released from all further obligations under this Contract, except for obligations stated herein as surviving 69 the termination of this Contract. If neither party elects to terminate this Contract as set forth above or Buyer fails to use 70 good faith or reasonable diligence as set forth above, Seller will be entitled to retain the Deposit(s) if the transaction 71 does not close. For purposes of this Contract, "Loan Approval" means a statement by the lender setting forth the terms 72 and conditions upon which the lender is willing to make a particular mortgage loan to a particular buyer. Neither a pre - 73 approval letter nor a prequalification letter shall be deemed a Loan Approval for purposes of this Contract. 74 6. TITLE: Seller has the legal capacity to and will convey marketable title to the Property by ❑x statutory warranty 75 deed ❑ special warranty deed ❑ other , free of liens, easements and 76 encumbrances of record or known to Seller, but subject to property taxes for the year of closing; covenants, 77 restrictions and public utility easements of record; existing zoning and governmental regulations: and (list any other 78 matters to which title will be subject) 79 80 provided there exists at closing no violation of the foregoing and none of them prevents Buyer's intended use of the 81 Property as 82 (a) Evidence of Title: The party who pays the premium for the title insurance policy will select the closing agent 83 and pay for the title search and closing services. Seller will, at (check one) ❑ Seller's ❑x Buyer's expense and 84 within 5 days after Effective Date or at least days before Closing Date deliver to Buyer (check one) 85 ❑ (i) a title insurance commitment by a Florida licensed title insurer setting forth those matters to be discharged by 86 Seller at or before Closing and, upon Buyer recording the deed, an owner's policy in the amount of the purchase 87 price for fee simple title subject only to exceptions stated above. If Buyer is paying for the evidence of title and 88 Seller has an owner's policy, Seller will deliver a copy to Buyer within 15 days after Effective Date. ❑x (ii.) an 89 abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an existing firm. 90 Ho r, if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed Buyer ( ) and Seller (ly( ) acknowledge receipt of a copy of this page, which is Page 2 of 8 Pages. CC -6 125 C2025 Florida Realtors" Serial#: 0165 0175-5617551 ,`. i-r)r rn ;'Simplicity