|
15.FAILURE TO CL05E LOAi�1 AND TRANSACTION: In fhe event Buyer(s)shall be approved fpr said loan and Buyer(s)shall fail or
<br /> reTuse to dose this transacdon by e�cecuting the mortgage documents,pay the balance due,and close Constructlon/Pertn loan within
<br /> 15 days of unconditionai loan cornmitment or i4 days of Ceriificate of Qccupanoy on an End laan ciosing, or if Buyer{sj shati
<br /> ofherwise de#auft hereunder,the eamest maney depasit paid By the Buyer(s}afiaresaid mey be retained by or for the accaunt pf Seiier
<br /> as liquidated damages,consideration for the execution of this Purchase and Sales Agreement and in fuil settlement of any claims;
<br /> whereupan aU parties shall 6e relieved of all obligatipns under the Putchase and Sales Agreement;or Setler,at his option,may seek
<br /> spec'�"ic perfarmance or damages against the Suyer. Fai[urs to madif}r a Canstruction 1 Petm Ioan withtn 10 days af the Ce�tificate of
<br /> Occupancy wi11 resuft in the Seller placing liens on the property.The Buyer acknawiedges that'rf Seller requires Buyer to pay for extras
<br /> ordered by Suyer prior tq closing,the iunds paid by Buyer to Seller for the extras shall be deemed for aIi purposes hereunder as
<br /> Additiona{Eatnest Money Deposft and in the eveni of dsfault these amounts shail6e retairted by Seiler as liquidated damages.
<br /> 16.SELLER'S 08l,IGATION TO GLOSE:At the Ume af this conhact,ttre lot is awned by the Developer and the lot may be
<br /> eocumbered by a rnortgage given by the Developer.Sellers obiigation to close with Buyer{sj unde�this contract is cantingent apon
<br /> Developer cas�vey�ng titie to SeEler#ree and ciear of ihe existing martgage.ff the deveIaper Is unable ta convey good dtie ta Seiler,#hen
<br /> the obiiga6ons of both Buyer(s}and 5elier hereunder shaii terminate.If the Devetaper is able to convey marketable tiUe m the Seller,
<br /> then the 5elier shall,at closing,deliver a good and su�cient Special Warranty Deed to Buyer(s)conveying rnarketable title free and
<br /> cteaz of sncumbrances and excep8ons,other fhart the usuat and ordinary e�cceptions ta futvre taxes,cavenants,restrictions,and uSlity
<br /> easements appearing of record.SeRer wiil determine the otasing agent.
<br /> 17 If at the time of executian of the contract by the Buyer,construcUon of ihe home on the!of has not been campleted,then Seiler
<br /> agrees that Seller'ss hereby o6tigated to oonstruct and complete the home�at later than{2)years from the date of e�cecxrtion af this
<br /> coniract by Buyer. In ihe event of a default by the Seller under the terms of ihis paragraph,Buyer shall be entitied to all remedies
<br /> provided by the law.
<br /> 18.ARBiTRATION:Any contraversy,ctaim or dispute arising out oi or reiating to this Agreement or Buyer's purchase of the Nome
<br /> (other than the claims under the Umited Warranty) shall ba settled by arbitraGon in accordance with the Construction Industry
<br /> ArbitraHon Rules of the American Arbihation Associatian('AAA°)and the Federal ArbitraGon Ac!{'J-tile 9 of the United Siated Godej
<br /> and the judgment tenderad by the arbitrator{s}may be cronfirmed,entered,and enforced in any twurt having�urisdiction.As a condifion
<br /> precedent to arbltratlon,the dispute shall first be mediated in accordance with the Construction Industry Mediatlon Rules of the AAA,
<br /> or such other mediatlon s9rvice seleated by ihe US Claims under the Umited Home Warranty shall be arbitrated in accordance with
<br /> the arbitration provision sei fortt2 in the Limited hiame Warranty.
<br /> 19.SUB$TRUTIONSNAFi1AT�ONB: Seller reserves the right to make changes to the Home and/or to make deviations irom its plans
<br /> or specifications,coior selections and appliances as become necessary in Se!!er's sale opinion by site,job or govemmenta4 conditions
<br />� or availab9lity at materiais so Iong as Set3er uses materEa]s af equal or greater quality and appearance. [?eterminatian of equivaiency
<br /> wfll be in Seiler's sole opinion. Buyer(s)understand that all fumRure,decorator items,special landscaping,and other assurances or
<br /> warcanties as to the Home Buyer(s}are purchasing are not a part of this Agreement Buyer(s)understands that the color of fixtures,
<br /> earpeGng, paint,tile, Fo�m3ca,etc.can vary feom sbipment to shipment and that Setler cannot be held responsibie#or any cotor
<br /> , variations from tha sampte.
<br /> 2Q.RADON GAS NOTIFICATtOtJ: tn accordence wiih Sec6on 444.OS8{8)oi the Ftorida Statutes,Buyer{s}acknowledges receipt of
<br /> the following noi3ce: FIADON GAS: Radon is a ttaUaralty occurring rmdiaactive gas that,when it has acasmulated in a building in
<br /> suff+cient quantiUes,may present heaith risks to petsons who are exposed to it over dme. Levels of Radon that exceed federal and
<br /> state guidelines have been found in bufldings in Florida AddiUonal informa�on regarding Radon and Rado�testing may be obtafned
<br /> � from the Caunty FubiEc Heaith Unit.
<br /> 21.ENTRY ON THE PROPERTY:8uyer(s)must have Seller's permission to enter the Home prior to the Closing if the loan is an End
<br /> Laan,or the modiftcailon,if!he loan(s a Construction!Rerm loan. 9uyer{s)understands that fhe cansWctaon s'ste could be dangerous
<br /> and agrees ttsat Buyer{s}witl be responsible for any damage to persons or properry causet#by or related to errtry of the Home by
<br /> Buyer(s)or their family members or guests prior to Glosing snd Buyer(s)will hold Seller harmless and indemnlfy Seller fram such
<br /> i damages. Buyer(s)will not make any additions or changes to the Home prfor to Ctosing. THIS INDEMNITY IS GIVEN TO SELLEA
<br /> REGARD�ESS qF WHE'FNER TNE SE11ER, ITS AGENTS t}R EMAIqYEES ARE NEGLIGENT tN WHOLE OR !ht PAfiT,ANE}
<br /> EVEN WNEN THE INJURY,DEATH AND/OR DAMAGE IS GAUSED SY 7HE SdLE NEGLIGENCE Of SELL£R,ITS AGENTS OR
<br /> EMPLOYEES.
<br /> 22.IASTEflFEREEtCE: Prior to the deI'nrery of possession of the Flame to Buyer(s}from Selter,whlch detivery shatl be at Closittg if the
<br /> loan is an End Loan or whieh delivary shall be at modificatfon'rf the loan is a Consuuction/Perm loan,Buyer(s)shall not enter upon
<br /> the Property and meke any changes,additipos or atterations in the construction of the home including but not limited ta the lnstallation
<br /> ar addition of any equipmen#,electrical wiring,materials,appliances,waI!coverings at paint Buyer{s)agrees not to interfere with,
<br /> rsstrict,interrupt,harass or obstruct conshuction or its progress, physicaily, 6y nuisance or in any other manner. So doing shall
<br /> eonstitute a breach of this Agreement and a failure to perform on the part oi ffie Buyer(s). Under such circumstances,Selter shall be
<br /> entitled to a}I remedies pravided under the law.
<br /> 23.ASSIGNMENT: This Purchase and Sales Agreement is not assfgnable by the Buyer(s).
<br /> 2+i.CQNS7RUCTlON:4n a Gansiruction 1 Perm foan,ihe Buyer(s}agrees ttsat 3a connection with a Gonstntatiar�J Perm Ioan fhaf the
<br /> final draw shall be due and payabte at modification and Buyer{s)further agrees that modfication shail occur not later than 10 day�
<br /> after ihe issuance of a Certiflcate of Qccupancy. If Buysr(s)fails,tor any reason,to modify within 14 days of issuance of the Certiftcate
<br /> of Oecupancy,ihen Buyer(s}shall be responsib3e tot paymeni to Setler,in addition ta payment of any remaining draws,ior liquidated
<br /> damages caused by the delay in modificatipn for a surn equal to$70€or each day after the scheduled date for modification. Buyer(s)
<br /> further acknowledges that there may be a punch list tor unfinished 'Rems at the time of modiftcation and comple6on of the items
<br /> identified'on the punch list is not required prior to modfication and shall not excuse Suyer's obligation to modify the Construction/
<br /> Perm Zoan.
<br /> .�
<br /> � Ctient ID:A37252
<br /> CGC058580 ver.8117 BUYER(S)INITIALS„�„_� Page 3 of 9
<br /> RaymlPabpn/36t22ShadyBluH�p Base
<br />
|