|
32 d. TITLE. Seller has the legal capacity to and will convey marketable title to the P „perty by ❑ statutory warranty deed
<br /> 33 $ other - warranty deed _ - free of liens, easements and encumbrances of record or known to
<br /> 34 Seller, but subject to property taxes for the year of closing , covenants, restrictions and public utility easements of record , and
<br /> 35 (list any other matters to which title will be subject)
<br /> 36 — – –
<br /> 37 provided there exists at closing no violation of the foregoing and none of them prevents Buyer's intended use of the Property
<br /> 38 as
<br /> 39 (a) Evidence of Title. Seller will , at (check one) ❑ Seller's X Buyer's expense and within days ❑ from Effective
<br /> 40 Date X prior to Closing Date ❑ from date Buyer meets or waives financing contingency in Paragraph 3 , deliver to Buyer
<br /> 41 (check one)
<br /> 42 X a title insurance commitment by a Florida licensed title insurer and, upon Buyer recording the deed, an owner's
<br /> 43 policy in the amount of the purchase price for fee simple title subject only to exceptions stated above .
<br /> 44 ❑ an abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an existing firm.
<br /> 45 However, if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed
<br /> 46 insurer as a base for reissuance of coverage. The prior policy will include copies of all policy exceptions and an update
<br /> 47 in a format acceptable to Buyer from the policy effective date and certified to Buyer or Buyer's closing agent together
<br /> 48 with copies of all documents recited in the prior policy and in the update.
<br /> 49 (b) Title Examination : Buyer will, within 15 days from receipt of the evidence of title deliver written notice to Seller of title
<br /> 50 defects. Title will be deemed acceptable to Buyer if ( 1 ) Buyer fails to deliver proper notice of defects or (2) Buyer delivers
<br /> 51 proper written notice and Seller cures the defects within 15 days from receipt of the notice ("Curative Period") . If the
<br /> 52 defects are cured within the Curative Period, closing will occur within 10 days from receipt by Buyer of notice of such
<br /> 53 curing . Seller may elect not to cure defects if Seller reasonably believes any defect cannot be cured within the Curative
<br /> 54 Period. If the defects are not cured within the Curative Period, Buyer will have 1 0 days from receipt of notice of Seller's
<br /> 55 inability to cure the defects to elect whether to terminate this Contract or accept title subject to existing defects and close
<br /> 56 the transaction without reduction in purchase price. The party who pays for the evidence of title will also pay related title
<br /> 57 service fees including title and abstract charges and title examination.
<br /> 58 (c) Survey: (check applicable provisions below)
<br /> 59 ® Seller will, within 5 days from Effective Date, deliver to Buyer copies of prior surveys, plans, specifications,
<br /> 60 and engineering documents, if any, and the following documents relevant to this transaction :
<br /> 61 prepared for Seller or in Seller's
<br /> 62 ssession, which show all currently existing structures.
<br /> 63 Buyer will , at ❑ Seller's 1$' Buyer's expense and within the time period allowed to deliver and examine title
<br /> 64 evidence , obtain a current certified survey of the Property from a registered surveyor. If the survey reveals
<br /> 65 encroachments on the Property or that the improvements encroach on the lands of another, ❑ Buyer will accept the
<br /> 66 Property with existing encroachments ❑ such encroachments will constitute a title defect to be cured within the
<br /> 67 Curative Period.
<br /> 68 (d) Ingress and Egress. Seller warrants that the Property presently has ingress and egress.
<br /> 69 (e) Possession : Seller will deliver possession and keys for all locks and alarms to Buyer at closing .
<br /> 70 5. CLOSING DATE AND PROCEDURE: This transaction will be closed in Indian River County,
<br /> 71 Florida on or before See Addendum "B " or within days from Effective Date ("Closing Date"), unless otherwise
<br /> 72 extended , herein . ❑ Seller ❑ Buyer will designate the closing agent. Buyer and Seller will , within days from
<br /> 73 Effective Date, deliver to Escrow Agent signed instructions which provide for closing procedure. If an institutional lender is
<br /> 74 providing purchase funds, lender requirements as to place, time of day, and closing procedures will control over any contrary
<br /> 75 provisions in this Contract.
<br /> 76 (a) Costs: Buyer will pay taxes and recording fees on notes, mortgages and financing statements and recording fees for
<br /> 77 the deed . Seller will pay taxes on the deed and recording fees for documents needed to cure title defects. If Seller is
<br /> 78 obligated to discharge any encumbrance at or prior to closing and fails to do so, Buyer may use purchase proceeds to
<br /> 79 satisfy the encumbrances.
<br /> 80 (b) Documents : Seller will provide the deed , bill of sale, mechanic's lien affidavit, assignments of leases, updated rent
<br /> 81 roll , tenant and lender estoppel letters, assignments of permits and licenses, corrective instruments and letters notifying
<br /> 82 tenants of the change in ownership/rental agent. If any tenant refuses to execute an estoppel letter, Seller will certify that
<br /> 83 information regarding the tenant's lease is correct. If Seller is a corporation, Seller will deliver a resolution of its Board of
<br /> 84 Directors authorizing the sale and delivery of the deed and certification by the corporate Secretary certifying the resolution
<br /> 85 and setting forth facts showing the conveya ce conforms with the requirements of local law. Seller will transfer security
<br /> 86 deposits to Buyer. Buyer will provide the o ing statement, mortgages and notes, security agreements and financing
<br /> 87 statement
<br /> 88 Buyer + --J and Selle , acknowledge receipt of a copy of this page, which is page 2 of 5 Pages.
<br /> A
<br /> CC-2 01997 Florida Association of REALTORll Rights Reserved
<br /> This form produced by: Fon/1 ,�8oa-499-9612
<br />
|