|
STANDARDS FOR REAL ESTATE TRANSACTIONS("STANQARDS")CQNTINUED
<br /> sss deliver written notice to Seller:(a)extending Cure Period for a specified period not fo exceed 120 days within which
<br /> saa Seller shall continue to use reasonable diligent effort to remove or cure the defects (`Extended Cure Period"); or
<br /> as� {b) electing to accept title with existing defects and close this Contract on Clasing Date (or if Closing Date has
<br /> sae passed, within the earlier of 10 days after end of Extended Cure Period or Buyers receipt of Seller's notice), or(c)
<br /> as� electing to terminate this Contract and receive a refund of the Deposit,thereby releasing Buyer and Seller from all
<br /> aea further obligations underthis Contract. If after reasonable diligent effort,Sefler is unable to timely cure defects,and
<br /> sss Buyer does not waive the defects, this Contract shall terminafe, and Buyer shall receive a refund of the Deposit,
<br /> aso fherefay releasing Buyer and Seller from alf further obligations under this Contracf.
<br /> ss� B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon
<br /> ssz encroach an setback lines, easements, or lands of others, or violate any restrictions, covenants, or applicable
<br /> 393 governmental regulations described in STANDARD A (i)(a), (b) or(d}above, Buyer shall deliver written notice of
<br /> 394 such matters, together with a copy of Survey, to Seller within 5 days after Buyer's receipt of Survey, but no later
<br /> 395 than Closing. If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice and
<br /> 3sc Survey shall consfitute a title defect, subject to cure obligations of STANDARD A above. If Seller has delivered a
<br /> as� prior survey, Seller shall, at Buyer's request, execute an affidavit of°no change" to the Rea1 Property since the
<br /> sea preparation of such prior survey,to the extent the affirmations therein are true and correct.
<br /> ass C. INGRESS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to
<br /> aoo the Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of access.
<br /> ao� D. LEASE INFORMATION: Seller shall, at least 10 days prior to Closing, furnish to Buyer estoppel letters fram
<br /> aoz tenant(s)/accupant(s) specifying nature and duration of occupancy, rental rates, advanced renE and security
<br /> aoa deposits paid by tenant(s)or occupant(s)("Estoppel Letter(s)°). If Seller is unable to obtain such Estoppel Letter(s}
<br /> aoa the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller's affidavit
<br /> aos and Buyer may thereafter contact tenant(s) or occupant(s) to canfirm such information. If Estoppel Letter(s) or
<br /> aos Seller's affidavit, if any, differ materially from Seller's representations and lease(s)provided pursuant to Paragraph
<br /> ao� 6, or if tenant(s}/occupant{s) fail or refuse to coniirm Seller's affidavit, Ruyer may deliver written notice to Seller
<br /> aoa within 5 days after receipt of such information, but no later than 5 days prior to Closing Date, terminating this
<br />� aos Contract and receive a refund of the Deposit,thereby releasing Buyer and Seller from all further obligations under
<br /> a�o this Contracf. Seller shall, at Closing, deliver and assign all leases to Buyer who shall assume Seller's obligations
<br /> a„ thereunder.
<br /> a�s E. LIENS: Seller shall furnish to Buyer at Closing an affidavit aftesting (i) to the absence of any financing
<br /> 413 statement, claims of lien or potential lienors known to Seller and (ii) that there have been na improvements or
<br /> aia repairs to the Real Property for 90 days immediately preceding Closing Date. If the Real Property has been
<br /> a�s improved or repaired within that time, Selfer shal!deliver releases or waivers of cons#ruction liens executed by all
<br /> 416 general contractors, subcontractors, suppliers and materialmen in addition to Sellers lien affidavit setting forth
<br /> 417 names of al[such general contractors,subcontractors,supp�iers and materialmen,further affrrming that all charges
<br /> a�a for impravements or repairs which could serve as a basis for a construction lien or a claim for damages have been
<br /> a�s paid or will be paid at Closing.
<br /> a2o F. TIME:Calendar days shall be used in computing time periods.Time is of the essence in this Contract.Other
<br /> as� than time for acceptance and Effective Date as set forth in Paragraph 3, any time periods provided for or dates
<br /> azz specified in this Contract,whefher preprinted, handwritten,typewritten or inserted herein,which shall end or occur
<br /> 423 on a Saturday,Sunday,or a national legal holiday(see 5 U.S.C.6103)shall extend to 5:00 p.m.(where the Property
<br />' aza is located)of the next business day.
<br /> ass G. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be
<br /> a2e liable to each other for damages so long as performance or non-perFormance of the obligation,or the availability ot'
<br /> a27 services, insurance or required approvals essential to Closing, is disrupted,delayed,caused or prevented by Force
<br /> aza Majeure. "Force Majeure" means. hurricanes, floods, extreme weather, earthquakes, fire, or other acts of God,
<br /> aza unusual transpo�#ation delays, or wars, insurrections, or acts of terrorism,which, by exercise of reasonable diligent
<br />, aso effort, the non-perfo�ning party is unable in whole or in part to prevent ar overcome. All time periods, including
<br /> as� Closing bate, will be extended a reasonable time up to 7 days after the Force Majeure no longer prevents
<br /> a3s performance under this Contract,provided,however,if such Force Majeure continues to prevent perFormance under
<br /> ass this Contract more than 30 days beyond Closing Date,then either party may terminate this ConEract by delivering
<br />' aaa written notice to the other and the Deposit shall be refunded to Buyer,thereby releasing Buyer and Seller from alf
<br /> 435 further obligations under this Contract.
<br />� a�s H. CONVEYANCE: Seller shall convey marketable titls to the Real Property by statutory warranty, trustee's,
<br />' as� personal representative's, or guardian's deed, as appropriate to the status of Sefler, subject only to matters
<br /> asa described in STANDARD A and those accepted by Buyer. Personal Property shall, at request of Buyer, be
<br /> �
<br /> Buyet's Initials� Page 8 of 12 Sellet's Ini ials
<br /> FforidaRealEors/Flon a$ar-A51S-5 Rev.4/17 q 2017 Florida Realtors�and The Florida Bar. All rights reserved.
<br /> Thie aaftware is licensefl to [Relli Ryman - BIN�HADS REALTY, INC.] www.Craneactiondeak.com. I115�CIf12tFORMS
<br />
|