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<br />STANDARDS FOR REAL ESTATE TRANSACTIONS
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<br />A. EVIDENCE OF TITLE: (1) An abstracl of title pnIp8red or brought cunenl by a IlIpUlable and exi8ling ablIlract firm (If nolllldllling lh8n cer1iIled _ comICt by an existing firm) purporting
<br />to be an accurate synopsis 01 the instruments afIecting title to the Real Property recorded in the public records 01 the county whenlin the Real Property II Iocat8d tIvough EIIeclive Dala. II
<br />shall commence with the earliest public records, or such later dale .. may be customary in the county. Upon cIo8ing oIlhis ContnId, the IIb8tnlclIhll become the property 01 Buyer, subject
<br />. to the right 01 retention thereof by first mortgIlglIe untillully paid. (2) A title lnsunInc8 commitment iIlIued by a Florida Ilceneed tIlIe inIunIr IIgI88ing to iIlIue Buyer, upon IIIClOl"ding 01 the
<br />deed to Buyer, an owner's poIk:y of title insurance in the amount 01 the pun:MM price, inlIuring Buyer's title to the Real Property. IUbject only to 1ienI, encumbrances. 8lCCIpfions or
<br />qualifications provided in this Contract and lhoee to be cfischaIged by Seller at or before cIoelng. SeIer shaI c:GIMIy ~ liIIlIlUbject only to IienI, encumbrances. 8llIlIplions or
<br />qualiIicaIionI provided In this Contract. MarMl8bIe title shaI be deIenlined acconIing to applicIIble TltIe StancIlIIda adopl8d by 8UIhorIly 01 The Florida Bar and in 8IlCCIIdII1C8 wIIh law. Buyer
<br />shall have 30 days, il abstracl, or 5 days, if title commitment, from dIIe 0I1'lIClIivlng eviderIC8 01 title to umnine It. if title Ia tound cIeIec:tIw, Buyer .... wiIhln 3 dayslherNller, noliIy SeIer
<br />in writing specifying the delect(s). if detect(s) I8Ild8r title UIlIll8Iket8IlI, SeIer will have 30 days from reoelpl 01 nolIce to _ the ..... IlIlIing which Buyer 1h8II, wiIhln IiYe (5) days
<br />after expiration 01 the thirty (30) day period, deliver writttIn nolIce to Seller elIher: (1) extencIng the lime lor a I'H8OI18ble period nolto.-ed 120 days wIlhin which SeIer ahalI 11M diligent
<br />ellort to remove the defects; or (2) reqIl88ting a refund 01 depoeil(s) paid which shall be lmmedlately returned to Buyer. II Buyer IalIs to so noliIy SeIer, Buyer IhII be deemed to have
<br />accepted the tllla as it then is. Seller shall, if title II lound UM18IkalabIe, 11M diligent eIIort to oornlCl cIelect(s) within the lime provided thenItor. if SeIer II unable to timefy correct the defects,
<br />Buyer shall elIher waive the defects, or recsMI a refund 01 depoeil(s), IhenIbv releasing Buyer and Seller from aI further obIIgaIIon WIder lhis ContnId.
<br />8. PURCHASE MOHEYMORTGAGE; SECURITY AORIEEMENT 10 SELLER: A pun:MM money mor1gage and mor1gage note to Seller .... fllOVldelor a 3O-day lI"8CII period in the
<br />lN8IIt 01 default if a filS! mortgage and a 15-day lI"8CII period if a Mcond or ....... mortgage; shaI fllOVldelor right 01 JlI8P8Yl'IlIIII in whale or in pert wIlhoul penally; Ih8II permil8CCllleration
<br />in ewnt 01 transfer of the Real Property; lIhaIIllIqllQ aI prior IienI and enc:urnbr8nce8 to be Ireplin good standing and Iorbld modiIlcaIloI. 01 or tulunI.... WIder prior IIIOI1gaglI(s);
<br />shaD I'llqUif8 Buyer to mainlain policies 01 insurance conl8ining a atandaRI morlgagae cIIlUM 0lMrlng alIlmprovemenls IocaIecI on the Real Property agelnst .. and.. perils induded within
<br />the term "extended coverage elldol_mell"" and sudl other rIIks and perils .. SeIer may I'MDllIIlly cequft, in 11\ amount equllto thIIr ~ inauraIlIe __; IIId the mortgage, note
<br />and security agreement shaI be otheIwise In torm and CllIllIIIt requied by Seller; but Seller may only I1IQUint c:a..1IId -.ge ~ tound in mortgIigII, mortgage notes and
<br />sec:urily agcMments genecaIy utilized by savlngs and 101II instIlutlonI or atate or nalionaf bIIIka Iocat8d In the county whenIln the Real Property II located. AI PenIonaI Property and IeaMs
<br />being ~ or assigned will, at SelIer's oplion, be subject to the Hen 01 a security agreement 8VIdenced by recorded llnanclng slalemenlI. if a baIoon mortgage, the IlnaI payment will
<br />exceed the periodic payments thereon.
<br />C. SURVEY: Buyer, al Buyec's 1IlCpllIlS8, within lime ~ to deliver evidence 01 title and to examine same, may have the Real Property ~ IIId cer1iIled by a registered Florida
<br />SUMIyOl". lIthe IUMIY discloees IlIlCIOIIChmIII on the Real Property or Ihat imprcMIments IocaIed thereon enccoach on ll8fbBck lines, lI8SIIIl'I8IIIs, lands 01 others or violate any restrictions,
<br />Conlnlct covenants or applicable ~ 1IIgUIalion, the same shall constitute a title defect.
<br />D. TERMITES: Buyer, at Buyer's 1IlCpllIlS8, wilhln the lime a*-d to deliver evidence 01 title, may have the Property inspecl8d by a Florida Certified Pest ConlRlI Operator l"Ooecator"lto
<br />del8rn1inll iflhere is any visible actiYe termile inIIItaIion or visible damage from termile InIeatation in the Property. if elIher or boIh are tound, Buyer shaI haw .. days from date 01 written
<br />notice IhareoI within which to have cost 0Il188tmenl, if requiIed, estim8led by the Operator and aI dImage inspected and estim8led by a IicIInsed IIuIIdIIr or gIII8I8I conlIactor. Seller shall
<br />pay vaJId coats 01 treatment and repair of aI damage up to the amount pcovIded in PanIgnIph XIII(a). II tIIIlimated costs exceed Ihat 8IllOUIlI, Buyer shaI haII8 the option 01 canceling this
<br />Conlnlct within 5 days alter receipt 01 COIltrIIClor's repair esIimaalI by giving wrill8n notice to SeIIIr or Buyer may IIIect to proceed wIIh the fnInSaction. and IlIC8iWI a crediI at cIoelng on the
<br />amount provided in Paragraph XIII(a). "Terrnltes" shall be deemed to Include aI wood cle8lIoying ClIgIIIiIms requileclto be C8pOI"l8d WIder the FIorldlI Pest ConlRlI Act, 18 amended.
<br />E. INGRESS AND EGRESS: Saller warrants and ~ lI!8t there is ingrea and egRISII to the Real Property suIIicient lor ill intended 11M as dIIIIcrfbed in Paragraph VII hereof, title to
<br />which is In aocordance with SIandard A.
<br />F. LEASH: SeIer shall, nol Jess then 15 days beIont cIoeIng, fumIBh to Buyer <Xlples 01 aI wrill8n IeaMs and _\oppel ....... from each lIIIanl epec:ifyIng the nature IIId duration 01 the
<br />tenant.. occupancy, rentaJ rates, advanced rent and security deposita paid by tenant. II Seller Ia unable to obtain such Ielter from each lenIIII, the same lnIormalion shaI be Iumished by
<br />Seller to Buyer within thet time period in the form 01 a SeUer's affidavit, and Buyer may thereafter contact tenants to confirm such Information. Seller 1h8II, at cIoelng, deliver and assign aI
<br />originaIleaMs to Buyer.
<br />G. LIENS: Seller shaH furnish to Buyer at time 01 cIoeing an aIIIdavit attesting to the absence, unless oIheIwtse provided lor hanlin, 01 any llnanclng ....,..,., cIIlms 01 Hen or poIanlial
<br />llenors known to Seller and further attesting thetthere have bean no improvements or repalIs to the Real Property lor 90 days Imrnecfiat8Iy pnICIdIng dIIe 01 cIoeIng. If the Real Property
<br />has been improved or repaired within that time, Seller shall deliver reIeasaa or waivenI 01 conatructlon liens executed by allJIIIII8I CCIIllnIC;torS, SlIbconlnIctorw suppIieIs and materialmen
<br />in addition to SeIler's lien affidavit setting Ior1h the names 01 aI such generaJ contractOl1l, suboonInIctors, suppIlecs and maIerIalmen, furfhar aIIlrmlng Ihat .. chaJges lor improvements or
<br />repairs which could serve as a basis lor a conatructlon Hen or a claim lor damages have been paid or will be paid at the cIoelng 01 this ConlnIct.
<br />H. PLACE OF CLOSING: Closing shaH be held in the county wherein the Real Property Ia Iocal8d at the oIIice 01 the attorney or other cIoelng agent des9lated by Seller.
<br />I. nME: In computing time periods 01 less then six (6) days, Saturdays, Sundays and state or nalionallegaJ holidays shall be excluded. Ar'I time periods pcovIded for herein which shall end
<br />on a Saturday. Sunday, or a legal holiday shall extend to 5:00 p.m. 01 the next business day. TIme .. of the _ In ... Conlraet.
<br />J. DOCUMENTS FOR CLOSING: Seller shall fumIBh the deed, biD 01 sale, construction Hen aIfidavIt, 0WII8I's poesaslon affidavit, assignments 0I1eaMs, tenant and mortgagee estoppel
<br />1elter8 and correctiIIe instruments. Buyer shalfumlsh cIoelng statement, mortgage, mortgage note, security IIgI8Ml8nl and financing sIalements.
<br />K. EXPENSES: Oocumanlary stamps on the deed and recocdIng 01 corrective insIrumenla shaI be paid by Seller. Documenlary 8l8mp8 and inlIIIglbIe tax on the pun:haee money mortgage
<br />and any mortgage assumed, and recording 01 pun:MM money mortgage to Seller, deed and financing Bl8tements shaH be paid by the Buyer. UnIeIIs oIhaIwi8e pcovIded by law or ridel' to
<br />this Contract. chalges lor the IoIIowing related title services, namely tllla or abstract chaIge, title examination, and settlement and cIoelng fee, shaI be paid by the party responsible lor
<br />lurnilhing the title evidence In accordance with PanIgnIph V.
<br />L PRORATIONS; CREDITS: Taxes, assessmanlll, rent, Interest, Insurance and other expanses 01 the Property shaH be prorated tIvough the day beIont cIoeIng. Buyer shaI haw the option
<br />01 teking over existing policies 01 insurance, II assumable, in which 8II8I1t premiums shaU be prorated. Cash at closing shaI be incnIased or dac:ANIIed .. may be requiIecI by prorations to
<br />be made tIvough day prior to closing or occupancy if occupancy 0CCUI'lI before closing. AdvanolI rent and sec:urity deposita wiI be credil8d to Buyer. EICIOW d8poellI hald by mor1gaglIe will
<br />be credil8d to Saller. Taxes shaH be prorated bUed on the ClImInl year's tax with due aJIowanoe made lor maximum allowable dIlIcounI, ho11l1tlld IIId 0lhIr -.pIioI1S. if cIoeIng ClCCUIS
<br />at a date when the current year's miOage is nol filred and cunenl year's ~ II available, taus wiI be prorated based upon such lI-.nlllld prlor)'Ml"'s millage. II ClImInl ylI8r's
<br />assessmenl is nol available, then laxes win be prorated on prior yen tax. II there are camplel8d ~ on the Real Property by .llnlary 1st 01 ~ 01 cIoeIng, which ~
<br />- nol in llllislance on January 1&1 01 prior year, lh8n ta-. shaI be prorated bUed upon prlor )'MI"'s mllIege and at an equIfIIbIe ....um.llto be &gl'lIIld upon '*-' the parties;
<br />lailing which, request shaH be made to the County Property AppcUer lor an inIormaJ lI-.nll8klng into IICCOUIll available ~ A tax pcoraIIon bUed on an eslimate shall, at
<br />request 01 either party, be readjusted upon ~ of tax bill on oondition that a stetement to that 8If8ct is signed at cIoelng.
<br />M. SPECIAL A88!SSMENT UENS: C8rlified, confirmed and IlllIIIed special assessment IienI .. 01 date 01 cIoelng (nol as 01 EIIeclive Date) are to be paid by Seller. Pending liens as 01
<br />date 01 cIoelng shaI be assumed by Buyer. lithe impIOvemanl has been substanliaIIy completed 18 01 EIIeclive Date, any pending Hen shaU be considenId C8I1ifi8d, confirmed or ralilied and
<br />Seller shall, at closing, be charged an amount equal to the Iasllllllimate or assessment for the In1pIoII8ment by the public body.
<br />N. INSPECTION, REPAIR AND MAINTENANCE: SeIer warrants Ihat, as 0110 days prior to cIoelng, the CIIiIlng, roof (Including the Iasc:Ia and soIliIa) and exterior and interior waIis,
<br />loundation, seawalls (or equivalent) and dockage do nol have any VISIBLE EVIDENCE 01 leaks, water dImage or structural damage and that the seplic IIIIk, pool, .. appliances, mechanical
<br />items, heating, cooJing. electrical, plumbing systems and macf1lnery _ in WORKING CONDITION. The foregoing warranty .... be Iimiled to the ifIIIls speciIled unless oIhacwise pcovIded
<br />in an addendum. Buyer may, at Buyer's expense, have inspections made oIlhoee items by a firm or Individual specializing In home inspections and holding an occupeIionaIlicense lor such
<br />purpose (if required) or by an appropriately Iicansed Florida conlIactor. Buyer shaI, prior to Buyer's occupancy or nol Jess then 10 days prior to cIoeIng, ~ occurs Iirsl, report in writing
<br />to SeHer such items that do not meet the above standards as to deIec:la. Unless Buyer Iirnaly ceporla such deIec:la, Buyer shaI be deemed to hawe wMIId SelIar's wacranties 18 to defects
<br />not reported. II repairs or replacements are required to comply with this Standard, Seller shaI _ them to be made and shall pay up to the amounI pcovldad In Paragraph XIII(b). Saller
<br />is not required to make repairs or replacements 01 a cosmetic nature unless caused by a def8ct SeIer Is responsible to repair or 18p1ace. if the CCllIt lor such repair or Np/acIImIInt axcaeds
<br />the amount prOVided in Paragraph XIII(b), Buyer or SeHer may IIIect to pay such excess, falling which elIher party may cancel.. ConIrlIct. if SeIer II unable to oornlCllha deIec:la prior to
<br />closing, the COSlthereol shall be paid into escrow at cIoeing. Seller shaU, upon reasonable notice, fllOVlde utiIItias servlca and 8OC8SS to the Property for inapecllol..1ncIuding a weIk-through
<br />prior to cIo8ing, to confirm that all items 01 Personal Property _ on the Real Property and, IUbject to the Ioregolng, thel aI requiIecI repairs and Clpllcltmlclll hawe been made and that
<br />the Property, including, but not limited to, lawn, shrulJbery and pool, if any, has been maintained In the condition existing as 01 Effective Date, 0Idinary _1IId liar excapted.
<br />O. RISK OF LOSS: lithe Property is damaged by lire or other casually before closing and cost 01 reatoration does nol exceed 3% 01 the 8888SSlId VIIIuIIIon 01 the Property so damaged,
<br />cost 01 restoration shall be an obligation 01 the SeIer and cIoelng shaI proceed pursuant to the IlImIs oIlhis Contract with raaIoration costs aaaOWIId at cIoeIng, II tha CCllIt of restoration
<br />exceeds 3% 01 the assessed valuation 01 the Property so damagacf, Buyer shall have the option 01 aithar laking the Property as la, together with aithar the 3% or any Insurance pcoceeds
<br />payable by virtue 01 sudl loss or damage, or 01 canceling this Conlracl and receiving retum 01 the deposit(s).
<br />P. PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon cIearanoI of funds, II an abstract 01 title has been Iumishad, evidence of tlIIe shall be continued at
<br />Buyer's expanse to show title in Buyer, without any encumbrances or change which would I8Ilder SelIar's title unmarketable from the date 01 the last 8VidIIIoe. AI cIoelng proceeds shall be
<br />held in escrow by Seller's attorney or other mutually accapIabIe escrow agent lor a period of noll11Ol8 then 5 days after cIo8ing date. II SelIer'8 tIlIe II IIl1dered UIlIIl8l'MIabIe, through no
<br />laull 01 Buyer, Buyer shaH, within the 5-day period, notify Seller in writing 01 the defect and Seller shall have 30 days lrom date of recsipl 01 such nollIicatIon to _the def8ct. II Saller fails
<br />to timely cure the defect. all deposit(s) and cIoelng funds shaI, upon written demand by Buyer and within 5 days alter demand, be returned to Buyer and. sImuIIIIIeousIy wIIh such repayment,
<br />Buyer shall return the Personal Property, vacate the Real Property and reconvey the Property to SeIer by spacial warranty deed and bill 01 ..... II Buyer falls to make timefy demand lor
<br />relund, Buyer shaD lake tille as is, waiving aU rights against Saller 18 to any intervening defect except as may be available to Buyer by virtue 01 ........ c:ontained In the deed or bill 01
<br />sale. If a portion 01 the purchase price is to be derived from insIIIutionaIlInancing or refinancing, IliqUirements 01 the landing inIliIutIon as to ptaca, lime of day and procedurea lor clOsing,
<br />and lor disburselnent of mortgage proceeds shall contJOI CMIr conlnlry provision in this ConlnIct. SeIer shaI have the right to I1IQUint from the Iandlng lnstiIution a written commitment thet
<br />it wiU nol withhold disbursement 01 mortgage pcocaeds 18 a resuIl 01 any title detect allributable to Buyer-mortgagor. The escrow and closing proceduc8 I8Ill*8d by this Standard shaU be
<br />waived if the title agent insures adverse mal1lrs pu~ to Sactlon 627.7841, F.S., 18 amended.
<br />Q. ESCROW: Any escrow agent ("~ recaMng funds or equiYalIIIt is authorized and ~ by acceptance of them to daposit them proII1llIy, hold same in escrow and, subject to
<br />clearance, daburse them in accordance with terms and condiIions 01 this Contract. failure oIlunds to clear shall not excuse Buyer's performance. if in cfoubI as to Agent's duties or liabilities
<br />under the provisions of this Contract, Agent may, at Agent's oplion, c:ontinue to hold the subject matter 01 the escrow untillhe parties henIlo agree to its dislluIMment or unliI a judgemant
<br />of a court of compelent jurisdiction shall determine the rights of the perties, or Agent may daposit same with the clerk 01 the cIrouit court having jurisdiction 01 the dispute. Upon notifying aD
<br />parties concerned of such action, all liability on the part of Agent shallluUy terminate, except to the extent 01 accounting lor any if8mII previously deIMIred out 01 escrow. II a licensed real
<br />estala broker, Agent will comply with provisions 01 Chapter 475, F.S., as amended. Any suit ~ Bu).-er and Seller wherein Agant is made a party bllcal8 01 acting _ Agent hereunder,
<br />or in any suit wherein Agent interpleads the subject matl8I' 01 the 88CIOW, Agent shall1IClOII8I" I8lISOI18bIe attomey's fees and costs Inc:und with ... 8IIIOUIlIII to be paid from and out 01
<br />thA _,,---..e..~ _. _..:"._1__1 __.... _~__... __.... _,__--"_..Jo __ ___ ~ _ _ _" ... .... ... ___
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