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32
<br />4. TITLE. Seller has
<br />the legal capacity to and will
<br />convey marketable title to the P „ perty by ❑ statutory warranty deed
<br />33
<br />$ other -
<br />warranty deed _
<br />- free of liens, easements and encumbrances of record or known to
<br />34
<br />Seller, but subject to
<br />property taxes for the year of closing, covenants, restrictions and public utility easements of record, and
<br />35
<br />(list any other matters
<br />to which title will be subject)
<br />36
<br />— – –
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<br />provided there exists
<br />at closing no violation of the
<br />foregoing and none of them prevents Buyer's intended use of the Property
<br />38
<br />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
<br />(d)
<br />Ingress and
<br />Egress. Seller warrants that the Property presently
<br />has
<br />ingress and egress.
<br />69
<br />(e)
<br />Possession:
<br />Seller will deliver possession and keys for all locks
<br />and
<br />alarms to Buyer at
<br />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 800-499-9612
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