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<br />. ' . STA_RDS FOR REAL ESTATE TRANSACT~ . .
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<br />A. EVIDENCE OF TITLE: /;)"Anabsiractal till~ prepared or ~ht current by a reputable and existing abstract firm (if not ~g tlfen ~ertlfied' as 'correct by an existing ftrm) ~iog
<br />. to ~e an accurate synops.'s 01 the in~trument.s affecting tille to the Real Property recorded in Ihe public records of the county wherein Real Property is located through EffeC!iV~. .....{I!l.,; d
<br />which shall commence With the earliest public records, or such later date as may be custom a/)' in Ihe county. Upon closing of this transaction, the abstract shall become ttie . "01
<br />Buyer, subject to the right 01 retention thereof by first mortgagee until lully paid. (2) AJille insurance ~ issued by a Florida licensed tille insurer agreeing to issue to BUrt(. ',' ',i!i~n
<br />recording of the deed to Buyer, an owner's policy 01 tille insurance in the amount 01 Ihe purchase price insuring Buyer's title to the Real Property, subject only to liens, encu.es
<br />exceptions or qualifications set forth in this Contract and those which shall be discharged by Seller at or before closing. Seller shall convey marlletable tille subject onli'. t!&nli:
<br />enc~mbrances, exceptions or qualifications specified in this Contract. Marketable tille shall be determined according to applicable Tille Standards adopted by authority of The F.... 8;:Ir.
<br />and.'n accordance With law. Buyer shall have 30 days,. il abstract, or 5 days, if tille commitment, from date 01 receiving evidence 01 tille to examine it. IItille is found defective, Buv\e.r shaU
<br />Within 3 days thereafte~. notify Seller In writing specifying defect(s). lithe delect(s) render tille unmarketable, Seller will have 30 days from receipt of notice to remove the delects, Illillng .'
<br />whICh Bu~er s~all. Within five (5) daxs after expiration 01 the thirty (30) day period, deliver written notice 10 Seller either: (1) extending the time lor a reasonable period not to exceed 12P
<br />days Within which Seller shall use diligent effort to remove the defects; or (2) requesting a relund 01 deposit(s) paid which shall immediately be returned to Buyer. If Buyer faits .to so. notify
<br />Seller, Buyer shall be deemed to have accepted the tille as it then is. Seller shall, il tille is lound unmarketable, use diligent effort to correct defect(s) in the. tilltil wilhin lhj!!lIne
<br />provided therefor. II Seller is unable to remove Ihe delects within the limes allowed therelor, Buyer shall either waive the deleCts of receive a refund 01 deposit(s), thereby 'releasiO{J ,uyer ;
<br />and Seller from all further obligation under this Contract. . . "h"i
<br />B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shall provide for a 30-day grace pe~,inthe
<br />event of ~efault if a first mortgage and a 15-day grace period il a second or lesser mortgage; shall provide for right of prepayment in whole or in part without penalty; shall permit
<br />accelerallon In event of transler of the Real Property; shall require all prior liens and encumbrances to be kept in good standing and forbid modilications 01 or luture advances unQ.er piior
<br />mo~g~ge(s); shall ~equlre Buyer to maintain policies 01 insurance containing a standard mortgagee clause covering all improvements located on the Real Property againstfire';l.rid all
<br />penis Included Within the term "extended coverage endorsements" and such other risks and perils as Seller may reasonably require, In an amount equal to their hi9hest insurab(e value;
<br />and the mortgage, note and security agreement shall be otherwise in form and content required by Seller; but Seller may only require clauses and coverage customarily i6pildin
<br />mortgages, mortgage notes and security agreements generally utilized by savings and loan institutions or state or national banks located In the county wherein Real Property istOCated.
<br />All Personal Property and leases being conveyed or assigned will, at Seller's option, be subject to the lien 01 a security agreement evidenced by recorded linancing statements. It a
<br />balloon mortgage, the final payment will exceed the periodic payments thereon.
<br />C, SURVEY: Buyer, at Buyer's expense, within time allowed to deliver evidence 01 title and to examine same, may have the Real Property surveyed and certified by a registered Florida
<br />surveyor. II survey shows encroachment on Real Property or that improvements located on Real Property encroach on setback lines, easements, lands 01 others or violate any restrictions,
<br />Contract covenants or applicable governmental regulation, the same shall constitute a title defect.
<br />D. TERMITES: Buyer, at Buyer's expense, wilhin lime allowed to deliver evidence 01 title, may have the Property inspected by a Florida Certified Pest Control Operator ("Oper!ltor") to
<br />determine il there is any visible active termite inlestation or visible damage Irom termite infestation in the Property. II either or both are lound, Buyer will have 4 days from date of Written
<br />notice thereof within which to have cosl ollrealment, il required, estimated by the Operator and all damage, inspected and estimated by a licensed builder or general contractor. Seller
<br />shall pay valid costs 01 treatment and repair of all damage up to the amount provided in Paragraph XIV(a). Should estimated costs exceed that amount, Buyer shall have Ihe option 01
<br />canceling Contract within 5 days after receipt of contractor's repair estimate by giving written notice to Seller or Buyer may elect to prQ!:eea with the transaction, in which event Buyer snaJl
<br />receive a credit at closing of the amount provided in Paragraph XIV(a). "Termites" shall be deemed to include all wood destroying organIsms required to be reported under Ihe Floridapesl
<br />Control Act... " , .,j ,.'; " .~.
<br />E. INGRESS AND EG~ESS: Seller warrants and represents that there is ingress and egress to the Real Property sufficient for its intended use as described in Paragraph VII here<>!.t,-]iiJe
<br />to which is In accordance with Standard A.:u" .
<br />F. LEASES: Seller shall, not less than 15 days before closing, furnish to Buyer copies 01 all written leases and estoppel letters from each tenant specifying the nature and duralion ~'lI,1e
<br />tenant's occupancy, rental rates, advanced rent and security deposits paid by tenant. If Seller is unable to obtain such letter Irom each tenanl, the same information shall be furnish ' .',
<br />Seller to Buyer within that time period in the lorm 01 a Seller's affidavit, and Buyer may thereafter contact tenants to conlirm such inlormation. Seller shall, at closing, deliver and"
<br />all original leases to Buyer.
<br />G. LIENS: Seller shalllurnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided lor herein, 01 any financing statement, claims of lien or
<br />lienors known to Seller and lurther allesting that there have been no improvements or repairs to the Property lor 90 days immediately preceding date 01 closing, II Property"
<br />Improved or repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all general contractors, subcontractors, suppliers and mateii$!.. 'n~,1n
<br />addition to Seller's lien a~fidavit setting forth the names 01 all such general contraclors, subconlractors, suppliers and materialmen and further affirming that all charges lor improve ' '/its.
<br />or repairs which could serve as a basis for a construction lien or a claim lor damages have been paid or will be paid at closing of this Contract. "1' ..,
<br />H. PLACE OF CLOSING: Closing shall be held in the county wherein the Real Property is located at the office 01 the attorney or other closing agent designated by Seller. ; '.
<br />I, TIME PERIOD: In computing time periods of less than six (6) days, Saturdays, Sundays and state or national legal holidays shall be excluded. Any time periods provided lor herein whiCh
<br />shall end on a Saturday, Sunday or a legal holiday shall extend to 5:00 p.m. 01 the next business day. . \\ . </
<br />J. DOCUMENTS FOR CLOSING: Seller shall furnish the deed, bill of sale, construction lien allidavit, owner's possession affidavil, assignments 01 leases, tenant and mortgagee ~stoPBel
<br />letters and corrective instruments. Buyer shall furnish closing statement, mortgage, mortgage note, security agreement and linancing statements. . ":',',
<br />K. EXPENSES: Documentary stamps on the deed and recording of corrective instrumenls shall be paid by Seller. Documentary stamps and intangible tax on the purchase '(Tioney
<br />mortgage and any mortgage assumed, and recording 01 purchase money mortgage to Seller, deed and financing slatements shall be paid by Buyer. ' t'.';"
<br />L. PRORATIONS; CREDITS: Taxes, assessments, rent, Interest, insurance and other expenses and revenue 01 Property shall be prorated through day belore closing. Buyer stiail.,~a:-(e .
<br />the option 01 taking over any existing policies of Insurance, il assumable, in which event premiums shall be prorated. Cash at closing shall be increased or decreased as may be re!l\!irlld
<br />by prorations. Prorations will be made through day prior to occupancy il occupancy occurs before closing. Advance rell,t and security deposits will be credited to Buyer and escroV,J P,l.l~os'il~; .
<br />held by mortgagee will be credited to Seller. Taxes shall be prorated based on the current year's tax with due allowance made lor maximum allowable discount, homestead <i(ld s~r'
<br />exemptions. If closing occurs at a date when the current year's millage is not fixed and current year's assessment is available, taxes will be prorated based upon such asses~m.~~ra~ .
<br />the prior year's millage. II current year's assessment is not available, then taxes will be prorated on the prior year's tax. II there are completed improvements on the Real P~pp,eJlY"bx.
<br />January 1st of year 01 closing, which improvements were not in existence on January 1st 01 the prior year, then taxes shall be prorated based upon the prior year's millage..~nC), . a,9.'<...,
<br />equitable assessment to be agreed upon between the parties, failing which, request will be made to the County Property Appraiser for an inlormal assessment taking into co .' , /t;"~:
<br />available exemptions. Any tax proration based on an estimate shall, at request 01 either Buyer or Seller, be subsequently readjusted upon receipt 01 tax bill on condition that a' ,~_
<br />to that effect is In the closing statement.;".. .' ,.i',:.
<br />, M. SPECIAL ASSESSMENT LIENS: Certilied, confirmed and ratified special assessment liens as 01 date of closing (not as of Effective Date) are to be paid by Seller. Pendinglif~.n"_~s,,P!~:
<br />date 01 closing shall be assumed by Buyer. If the improvement has been subslantially completed as 01 Effective Date, any pending lien shall be considered certilied, conlirmed. o( i.d.
<br />and Seller shall, at closing, be charged an amount equal to the last estimate 01 assessment lor the improvement by the public body.'.;:'::; "';I.,~,;
<br />N. INSPECTION, REPAIR AND MAINTENANCE: .seller warrants that, as 0110 days prior to closing, the ceiling, rool (including the lascia and solfils) and exterior and inte,Qc>t'~t.f
<br />loundation, seawalls (or equivalent) and dockage do not have any VISIBLE EVIDENCE 01 leaks, water damage or structural damage and that the septic tank, pool, all ap~~'.,~
<br />mechanical items, heating, cooling, electrical, plumbing systems and machinery are in WORKING CONDITION. The foregoing warranty shall be limited to the items specifie:'(',ll1ile~$.' ';
<br />otherwise provided in an addendum. Buyer may, at Buyer's expense, have inspections made 01 those items by a lirm or individual specializing in home inspections and I)ola.ing ai;:;'
<br />occupational license lor such purpose (il required) or by an appropriately licensed Florida contractor. Buyer shall prior to Buyer's occupancy or not less than 10 days prior t(>'cJ~'t,:
<br />whichever occurs first, report in writing to Seller such items that do not meet the above standards as to defects. Unless Buyer reports such delects within that lime, Buyer shall be...d,~. i~~./.M'.,'/.
<br />to have waived Seller's warranties as to delects not reported. If repairs or replacements are required to comply with this Standard, Seller shall cause them to be made and shall pll~RJq'.
<br />the amount provided in Paragraph XIV(b). Seller is not required to make repairs or replacements of a cosmetic nature unless caused by a delect Seller is responsible to repair or ~8P~~
<br />lithe cost tor such repair or replacement exceeds the amount provided in Paragraph XIV(b), Buyer or Seller may elect to pay such excess, failing which either party may ca!1<;.I,l~.~,
<br />Contract. If Seller is unable to correct the defects prior to closing, the cost thereof shall be paid Into escrow at closing. Seller shall, upon reasonable notice, provide utilities servLc~.aQd~
<br />access to the Property lor inspections, including a walk-through prior to closing, to ensure that all items of Personal Property are on the Real Property and, subject to the foregoin9i~1:.
<br />all required repairs and replacements have been made and that the Property, including, but not limited to, the lawn. shrubbery and pool, il any, has been maintained in the condition~.xi.stiJ:i!i
<br />as 01 the Effective Date, ordinary wear and tear excepted.:",,':::?:";'
<br />O. RISK OF LOSS: If the Property is damaged by fire or other casualty belore closing and cost 01 restoration does not exceed 3% 01 the assessed valuation of the Property so dam~~.,:.
<br />cost 01 restoration shall be an obligation 01 the Seller and closing shall proceed pursuant to the terms 01 this Contract with restoration costs escrowed at closing. II the cost 01 rest~r~lio.ri..,
<br />exceeds 3% of the assessed valuation 61 the improvements 50 damaged, Buyer shall have the option 01 either taking Property as is, together with either the 3% or any insurance proceed:>.
<br />payable by virtue of such loss or damage, or of canceling this Contract and receiving return 01 deposit(s). }i..~:
<br />p, PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon clearance 01 funds. II abstract 01 tille has been lurnished, evidence oltille shall be continue.~.i!iI.
<br />Buyer's expense to show title in Buyer, without any encumbrances or change which would render Seller's Ii lie unmarkelable from the date 01 the last evidenCe. Proceeds of the sal~:.sbAll.
<br />be held in escrow by Seller's allorney or by another mutually acceptable escrow agent lor a period of not more than 5 days aller closing date. II Seller's tille is rendered unmarket~l!l...
<br />through no lault 01 Buyer, Buyer shall, within the 5-day period, notify Seller in wriling 01 the delecl and Seller shall have 30 days from date 01 receipt 01 such nqlilication to cure the d:ellft.'.
<br />/I Seller lails to timely cure the delect, all deposil(S) and closing lunds shall, upon wrilten demand by Buyer and within 5 days aller demand, be returned to Buyer and, slmullaneouslll ~h .
<br />such repayment, Buyer shall return the Personal Property, vacate the Real Property and reconvey the Property to Seller by special warranty deed and bill 01 sale. II Buyer lails to makl\'
<br />timely demand lor refund, Buyer shall take title as is, waiving all rights against Seller as to any intervening delect except as may be available to Buyer by virtue of warranties contained in:
<br />the deed or bill 01 sale. If a portion 01 the purchase price 15 to be derived lrom instilulional financing or refinancing, requirements ollhe lending institution as to place, time 01 day and.
<br />procedures for closing, and for disbursement 01 mortgage proceeds shall control over contrary provision in this Contract. Seller shall have the right to require Irom the lending instiluli~n a
<br />written commitment thaI it will not withhold disbursement of mortgage proceeds as a result 01 any tille defect allributable to Buyer-mortgagor. The escrow and closin~ procedure re~lHred
<br />by this Standard shall be waived iltitle agent insures adversemallerspursuanttoSoction627.7841.F.S.(1993).asO.ID....dod. '
<br />a. ESCROW: Any escrow agent (~) receiving tlln( ~ or Elqu"IC:lan: i~ "u,huilzea and ay:'.::es by acceptance 01 them to deposit them promplly, hold same in escrow and, subjec,tto
<br />d"nr~r.cE: disbursu iil.IIli in a,;cordance with terms lInd conditions 01 Contract. Failure 01 clearance ollunds shall not excuse Buyer's performance. II in doubt as to.Agent's duliesor
<br />liabilities under the provisions 01 Contract, Agent may, at Agent's option, continue to hold the subject mailer 01 the escrow until the parties mutually agree to iis disbursement or until-:<l
<br />judgmental a.court 01 competent jurisdiction shall determine the rights 01 the parties or Agent may deposit same wilh the clerk 01 the circuit court having jurisdiction 01 the dispute. Upon
<br />notifying all parties concerned 01 such action, all liability on the part 01 Agent shalllully terminate, except to the extent 01 accounting lor any items previously delivered out 01 escrow, 'Ia
<br />licensed real estate broker. Agent will comply with provisions 01 Chapter 475, F.S. (1993), as amended. Any suit between Buyer and Seller wherein Agent is made a party because pI.
<br />acting as Agent hereunder, or in any suit wherein Agent interpleads the subject mailer of the escrow, Agent shall recover reasonable allorney'slees and costs incurred with the lees,and
<br />costs to be paid from and out of the escrowed lunds or equivalent and charged and awarded as court costs in lavor 01 the prevailing party. Parties agree that Agent shall not be lIableJo
<br />any party or person lor misdelivery to Buyer or Seller 01 items subject to this escrow, unless suc!1 miSdelivery is due to willlul breach 01 this Contract or gross negligence 01 Agent..-: ..'ot'
<br />R. ATTORNEY'S FEES; COSTS: In any litigallon, including breach, enlorcement or interpretation, arising out of this Contract, the prevailing party in such litigation WhiCh, lor the purpos~~
<br />01 this Standard, shall InClude Seller, Buyer and any brokers acting in agency or nonagency relationships authorized by Chapter 475, F.S. (1993), as ame'lded, shall be entilled to re<;p}~
<br />reasonable allorney's fees, costs and expenses. " ' . . '. '.
<br />S. FAILURE OF PERFORMANCE: /I Buyer lails to perform this Contract within the time specilied, including payment 01 all deposit(s), the deposit(s) paid by Buyer'and deposil(s) a\lreed,'
<br />to be paid, may be retained by or lor the account of Seller as agreed upon liquidated damages, consideration lor the execution ?I this Contract and in lull settlement 01 any c1aiIlfS;
<br />whereupon, Buyer and Seller shall be relieved of all obligations under this Contract; or Seller, at Seller's option, may proceed In equity to enlorce Seller's rights under thiS Contract.II,l1ll
<br />any reason other than lailure 01 Seller to make Seller's tille marketable alter diligent ellort, Seller lails, neglects or reluses to Jlerform this Con!ract, the Buyer may seek speclllc perfor~
<br />or elect to receive tlie return,ol Btiyer's deposil(s) without thereby waiving any aclion lor damages resulting Irom Seller's breach., . . ..' ""
<br />T. CONTRACT NOT RECORDABLEj PERSONS BQUNDj NOTICE: Neither It',;s Contract nor any notice 01 it shall be recorded in any public records. ThiS Contract shall bind and II)~~~
<br />to the 'benelit of thll'parties and their sUCceSSOfS In Interest. Whenever the context permits, singular shall include plural and one gender shall include all. Notice given by or to the alll;lr~.r;"
<br />for a.ny party shall be all effjlctlve as if given by or to that party,. ' '. . , . ,. . ': J,l;; ,
<br />U. CONVEYANCE: Sell!!r shall GOnvey title to the Real Property by statutory warranty, trustee's. personal representative 5 or guardian 5 deed, as appropriate to the status 01 Seller, subjel:t:..
<br />only to mailers contained In Paragraph Vlfand those otherwise accepted by Buyer. Personal Property shall, at requesl of Buyer, be transferred by an absolute bill 01 sale With warranty of
<br />tille, subject only to such matters as may be otherwise provided for herein. . . .
<br />V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included In this Contract. No modlllcatlon or change In thiS
<br />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 />W. WARRANTY: Seller warrants that there are no facts known to Seller materially a/lecting the value of the Property which are not readily observable by Buyer or which have not been
<br />disclosed to Buyer.
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<br />COPYRIGHT '994 THE FI ORlnA 1!Af1 ANn THE FI ORlnA ASSOCIATION OF REAl TORS.
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