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STANDARDS FOR REAL ESTATE TRANSAC'T'IONS
<br />A. F.VIDEN1 E OF TITLE.- (1) An abstract of title prepared or broug
<br />an existing firm) purpo sy
<br />rting to be an accurate nopsis of the instrun
<br />the Real Property is lorate0 through Effective llate. It shall comment
<br />noun o -1 a purchase price, insuring Buyer's title to th
<br />and those to be discharged by Seller at or before
<br />ons provided in this Contract. Marketable title shall be
<br />e with law. Buyer shall have 30 days if abstract or 5
<br />Buyer shall within 3 days thereafter, notify Seiler in
<br />.hit of notice to remove the defects, failing which Buye
<br />BUYER'S /� ELLE 'S INITIAL /
<br />a reputable and existing abstract firm (if not existing then certified as correct by
<br />title to the Real Property recorded in the public records of The county wherein
<br />rliest public records, or such later dale as may be customary in the count . Uf��on
<br />to the right of retention thereof by first mortgagee until fully paid. (2�A Its lcic
<br />fuqeq upon recording of the deed to Buyer, an owner's policy of title insurance
<br />:u6jeel only to liens, encumbrances, exceptions or qualifications provided in This
<br />dl convey marketable title subject only to liens, encumbrances, exceptions or
<br />inK to applicable title Standards adopted by authority of The Florida [far and in
<br />"I intent, from dale of receiving evidence oT title to examine it. If title is found
<br />the defect(s). If defect(s) render title unmarketable Seller will have 30 days
<br />14((5) days after expiration of the shirty (30) day perio;J, deliver written notice to
<br />hin which Seller shall use diligent effort to remove the defects; or (2 requesting
<br />I t otif Seller Bu er shall be deemed to have accepted the title as it then
<br />a refund of deposit(sl pain which shall be immediately returned to Troyer. a nu w tai s to .so. n
<br />is. Seller shall, if tittle is found unmarketable, use diligent effort to correct dyefecl(s within the time provided therefor. If Seller o unable this timely correct the
<br />defects, Bu er shall either waive the defects or receive a refund of deposit(s), thereby releasing Buyer and Seller (room all further obligation under This Contract.
<br />D. PURCHASE MONEY MOKMAGE; SR�URI7YAGREF.MF.Mf'f0 SELLER A purchase money mortgage and mortgagge note to Seller shall provide for a 30 day grace
<br />period in the event of default if a first mortgage and a 15 -day grace period if a second or lesser mortgage; shall provide for right of prepayment in whole or in part
<br />without penalty, shall ppeermit acceleration in event of transfer of the Real Property; shall require all poor liens and encumbrances to be kepi m goof standing ring
<br />forbid modifications of [inure advances under prior mortgage(
<br />shall require Buyer to maintain policies of insurance containing a standard mortgagee clause covering
<br />all improvements located on the Real Property egrimst fire and offs perils included within the term extended covers a endorsements" and such other risks and perils as
<br />Seller may reasonable require, in an amount eqqual to their highest insurable value; and the mortgage, note and securily agreement shall be otherwise in form and content
<br />required by Seller, but Seller may only require cfauses and coverage customarily found in mortgages, nlorlgage notes and security agreements generally utilized by savings and
<br />loan institutions or state or national banks located in the county wherein the Real Propert is located. All Personal Propeay and leases bung coal pay a asstKKI c will
<br />at Seller's option, be subject to the lien of a security agreement evidenced by recordedyfinancing statements. If a balloon mortgage, the final payment wll exceed
<br />the periodic pa ants thereon.
<br />C. SURVEY: Buyer, at Buyer's expense, within time allowed to deliver evidence of tide and to examine same, may have the Real Property surveyed and certified
<br />byaregisteredM idasurveyor; Ifthesurveydisclosesencroachmentson the Real Propertyor that improvements located thereon encroach on setback tines,easements, lands
<br />of others or violate any restnctions, Contract covenants or applicable ggovernmental regulation, the same shall constitute a title defect.
<br />D. TRRM�IES: Buyer, at Buyer's expense, within the time allowed to deliver evidence of title, may have the Property inspected byy a Florida Certified Pest Control
<br />Operator E : Buy r to determine if there is any visible active termite infestation or visible damage from termite infestation in the Property. If either or both arc
<br />found, Buy ave 4 days from date of written notice thereof within which to have cost of treatment if required, estimate) by the Operator and all damage inspected
<br />and estimated by a licensed braider or general contractor. Seller shall ay valid costs of treatment anb repair of all damage up to the amount provided in Paragrapph
<br />XIII(a). If estimated costs exceed that amount, Buyer shall have the option of canceling this Contract within 5 days after receipt of contractor's repair estimate liy
<br />giving written notice to Seller or Buyer may elect to proceed with the transaction, and receive a credit at closing on the amount provided in
<br />Para rapph__XIII(al. "termites" shall be deemed to include all wood destroying organisms required to be reported under the Florida Pesl Control Act, as amended.
<br />E. 1�GRESS ANND EGRESS: Seller warrants and represents that There is ingress and egress to the Real Property sufficient for its intended use as described
<br />in Para rapph VII hereof, title to which is in accordance with Standard A.
<br />F. IJ�SES: Seller shall, not less than 15 days before closing, furnish to Buyer copies of all written leases and esto pct letters from each tenant
<br />specif ing the nature and duration of the tenant s occu anry, rental rates advanced rent and security deposits paid by tenanC If Seller is unable to obtain
<br />such Feuer from each tenant, the same information shall be Turnished by Seller to Buyer within that lime period ur the form of a Seller's affidavit, and Buyer
<br />may thereafter contact tenants to confirm such information. Seller shall, at closing, deliver and assign all original leases to )toyer.
<br />G. I,IF.NS: Seller shall furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise pmvided for herein, of any financing
<br />statement, claims of lien or potential lienors known to Seller and further attesting that there have been no impprovements or repairs to the Real Properly for, 90 days
<br />immediately preceding date of closing. If the Real Properly has been improved or repaired within that time, S,ce' shall deliver releases or waivers of construction liens
<br />executed ly all general contractors, subcontracrors, suppliers and materialmen in addition to Seller's lien affidavit setting forth the names of all such general
<br />contractors, subcontractors, suppliers and materialmen, further affirming that all charges for improvements or repairs which could serve as a basis for a construction
<br />lien or a claim for damnggc�s have been paid or will be paid at the closing of this Contract.
<br />H. PLACE OF CLOSIN(;: Closing shall be held in the count wherein the Real Properly is located at the office of the attorney or other closing agent designated by Seller.
<br />1. TIME: In computing time periods of less than six (6) days Saturdays, Sundays and state or national legal holidays shall he excluded. Any time periods provided
<br />for herein which shall end on a Saturday, Sunday, or a legal hobda shall extend to 5:00 .m. of the next business day. Time is of the essence in this Contract.
<br />anJlmnnggnagKee
<br />estoppel le tears and corrective shall nstrumen s Buyer shall furnish )closing statement, mortgage,�m mortgage note ,securityfaggreementiandsfinanc ng statements.t
<br />K. E olETVSES: Documentary stamps on the deed and recording of corrective instruments shall be paid 6y Seller. Documentary stamps and intangible tax r.
<br />the purchase money mortgage and any mortgage assumed, and recording of purchase money mortgage to Seller, deed and financing statements shall be pail by the Buyer.
<br />Unless otherwise provided try law or rider to this Contract, char es for the following . relate services, namely title or abstract charge, Lille examination, and
<br />settlement and closingK fee shall be paid by the party responsible for urnishing the title evidence in accordance with Paragraph V.
<br />L. PRORKrIONS; CREDITS: taxes, assessments, rent, interest, insurance and other expenses of the Property shall be prorated through the day before
<br />closingg. Buyer shall have the option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at closing
<br />shall be increased or decreased as may be reywired by roralions to be made through day prior to closing or occupancy i( occupancyp occurs before closing.
<br />Advance rent end security deposits will be credited to Buyer. Escrow deposits held by mortgagee will be credued to Seller. Taxes stile be prorated based on
<br />the current year's tax with due allowance made for maximum allowable discount, homestead and ogler exemptions. If dosing occurs at a date when the current year's
<br />millage is not fixed and curent year's assessment is available, taxes will be prorated based upon such assessment and poor year's millage. If current year's
<br />assessment is not available, then taxes will be prorated on prior year's tax. 1( there are completed improvements on the heal Property by January 1st of year
<br />of closing, which impprovements were not in existence on January Ist of prior pear, then taxes shall be prorated based upon prior years millage ring al an
<br />equitable assessment to be agreed upon between the parties; failing which, request shall he made to the County Propertyy Appraiser for an informal assessment Lakin
<br />info account available exemptions. A tax proration based on an estimate shall, at request of either party, be readjusted upon reccip�
<br />of tax bill on condition that a statement to that effect is signed at closin .
<br />M. SPECIAL, ASSESSMENT LIENS: Certified confirmed and ratipied special assessment liens as of date of closing (not as of Effective Date) are to be paid
<br />by Seller. Pending liens as of date of closingg shall be assumed by Buyer. If the improvement has been substantially completed as st Effective Date, any pending
<br />lien shall be considered certified, confirmed or ratified and Seller shall, at closing, be charged an amount equal to the last estimate or assessment for the
<br />improvement bx thepmblic bog .
<br />-rl u cvsiu s that
<br />nor walls,
<br />0011 all ail the ilei
<br />XIII(b). Seller is not required to mane repairs or rcli —clo-1
<br />for such repair or replacement exceeds the amount provided in f
<br />this Contract. If Selfer is unable to correct the defects prior to
<br />provide utilities service and access to the Property for inspectioi
<br />the Real Property and, subject to the foregoing, that all requit
<br />lawn shrubbery and pool, if an , has been maintained in the condi
<br />O. RISK OF LOSS: If the Properly is damaged b fire or of
<br />of the Property so damaged cos restoration shall be an obit
<br />costs escrowed it closing. if the cost of restoration o °xeeeds .
<br />,_,.._.. a._ Ve, .a — , i.,ve_ther with either the 3/0 or any
<br />and
<br />the
<br />for
<br />have 30 days
<br />IT written dema
<br />vacate the Rea
<br />I take title as
<br />or bill of sale.
<br />institution as to place,, Tim
<br />Seller shall have the right
<br />any title defect at
<br />�ursuant to Section 627.794
<br />. ESCROW. Any escrow
<br />in escrow and, subJ'ect to
<br />pperformance. If in doubt at
<br />the escrow until the partie
<br />or Agent may deposit sam
<br />on the part of Agent shal
<br />Agent will comply with pi
<br />Agent hereunder, or in an
<br />these amounts to be paid
<br />Agent shall not be habli
<br />willful breach of the provisi
<br />R. ATTORNEY'S FEES;
<br />such litigation. which, for
<br />red) or by an
<br />i
<br />report n writ
<br />to have wai,
<br />a arm or
<br />ml
<br />rac tor.
<br />not meet
<br />feels not
<br />i cosmetic nature unless caused by a defect Seller is responsible to repair of I- - • ""
<br />graph XIII(b), Buyer or Seller II mT c elect to pay such excess, fading which either party may cancel or ismg, the cost thereof shall be ppaid into escrow a1 closing. Seller shall upon reasonable notice,
<br />including ,walk- through prior fo closing, to confirm chef all items 0f rersonal Property, are on
<br />repairs and replacenments have been made and That Ilse Propeay, including, but clot limited to,
<br />i existing as of Effective Dale, ordinary wear and tear excepted.
<br />casualty before closing and cost of restoration does not exceed 3% of the assessed valuation
<br />nT of the Seller and closing shall procec pursuant to the terms of this Contract with restoration
<br />wraoce plocee" Pr able bf virtuerol au�halossaorgda111 geY orsloficanccligelhisl (ontractita1J
<br />p PY Y
<br />PROCEDURE:'ne deed shall be recorded upon clearance of funds. If an abstract of title has been furnished, evidence of title
<br />to show title in Buyer, without any encumbrances or change which would render Seller's title unmarketable from the date of the
<br />all be held in escrow by Seller's attorney or other mutually acceptable escrow agent for a period of not more than 5 days
<br />rendered unmarketable, through no fault of Buyer, Bu er shall, within the 5 -Bay period, notify Seller in writing oft e
<br />from date of receipt of such notification to cure the defect. If Seller fails to timely cure the defect, all deposn(s) and
<br />nil by Dwyer and within 5 days ,her demand be returned to Buyer and, simultaneously with such repayment, Buyer shall return
<br />I Property and reconvey the Property to Seller by special warranty deed and bill of sale. If Buyer fails to make timely demand
<br />is warng all ngtits against Selfer as to any intervening defect except as may be available to Buyer by virtue of warranties
<br />I( a portion of the purchase price is to be derived from institutional financing or refinancing, requirements of the lending
<br />nd procedures for closing, and for disbursement of mortgage proceeds shall control over contrary provision in this Contract.
<br />from the lending institution a written commitment that if will not withhold disbursement of mortgage proceeds
<br />as a result of
<br />nortgagor. 111, escrow and closing procedure required by this Standard shall be waived if the title agent insures adverse matters
<br />F.S.,Ias amended.
<br />agent ( "A ent ") receiving funds or equivalent is authorized and agrees by acceplancc of them to deposit them promptly, hold same
<br />: learance, disburse them in accordance with terms and conditions of this Contract. Failure of funds to clear shall not excuse Buyer's
<br />to Agent's duties or liabilities under the provisions of this Contract, Agent may, at Agent's option, continue to hold the subject matter of
<br />s hereto agree to its disbursement or until a )ud ement of a court or competent 'unsdiction shall determine the rights of the parties,
<br />c with the Berk of the circuit court having juns fiction of the dispute. Upon roll ying all parties concerned of such action, at
<br />i Iiabiliy
<br />fully terminate, except to the extent of accounting, for any items previous) delivered out of escrow. If a licensed real estate broker,
<br />ovisions of Chapter 475, F.S., as amended. Any suit between Buyer and Seller wherein Agent is made a party because of acting as
<br />suit wherein Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney's fees and costs incurred with
<br />from and out of the escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. 7hc
<br />to any party or person for misdelivery to Buyer or Seller of items subject to the escrow, unless such misdelivery is due to
<br />ms of this Contract or gross negligence of Agent.
<br />COSTS: In any litigation{ including breach enforcement or interpretation, arising out of this Contract, the prevailing party in
<br />purppores of this $laildard, shall include Seller, Buyer and any brokers acting in agency or nonagency relationships authorized by
<br />ed, shall be. entitled to recover from the non - prevailing pparty reasonable attorne 's fees, costs and expenses.
<br />4ANCF.: If Buyer fails to perform this Contract within cite lime specified, incl, mf pa enl of all deposits, the deposit(s) paid ,y Buyer and
<br />maybe recovered and retained by and for the account of Selle r as agreed upon liquidated damagges, conside ration for t he execution of this Cemtract
<br />any claims; whereupon, Buyer and Seller shall be relieved of all obligations under lflis Contract; or Seller, at Seller's option, may
<br />rce Seller's rights under this Contract. If for any reason other than failure of Seller to make Seller's title markelahle after diligent
<br />„_6._...: or refuses to perform this Contract, the Buyer may seek specific performance or elect to receive the return of Buyer's deposits)
<br />b �waivin any action for Ramages resulting from Seller's breach.
<br />C NOT I CORDADLE, PF.RSUNS DOURD; NOTICE: Neither this Contract nor any notice of it shall be recorded in any public records.'Ihis Contract shall
<br />re to the benefit of the parties and their successors in interest. Whenever the context permits, singular shall include plural and one gender shall include
<br />'en by or to the altomcy for any vday shall be as effective as if given by or to that party.
<br />YAN(.h: Seller shall convey, title to the Real Properly by statutory warranty, trustee's, personal representative's or guardian's deed, as
<br />to the status of Seller, subject only to matters contained in Paragraph.Vll and those otherwise accepted by Buyer. Personal Iroperty shall, at the
<br />e Buyerr be tranf ell d by an absolute bill of sale with warranty of title, sub'cct only to such matters as may be otherwise provided for herein.
<br />AGREEMENTS: No nor or present a reements or representations s all be binding upon Buyer or Seller unless included in this Contract. No
<br />change in this Contract shall be valid or binding upon the parties unless in writing and executed by the party or parties intended to be bound by it.
<br />_ . its abservable -by
<br />1 0IASER Genenied by Display Sri,". Inc (941) 763 5515
<br />R12/95 COPYRIGHT 1995111E FLORIDA BAR AND TILE FLORIDA ASSOCAMN OF REALTOR
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