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3TANOAROS FQN PEAL ESTATE TRANSACTIfJNS
A E VIOENCE OF TITLC: IT~. An 1413IJCl of title plapefed Or brpugb( Cu?rai+t by • rrt..rtat.ie and e~~Nu~, sDstrartVAtN•~eMMSatIM.r•aiinL~ll~staOt~lt
e. ~tUnq Ilan) PurYating to ba an acwNtt Wr+uyut of the InNrwnents a/lei tang M• Nets to subt•. t .eat provtrry re or.r.d rn fns yunnc rr. orals nt rr+v ..u
v`AeNln the land H silualtd, lhfOVgh daft Of t:Onlracl~ An eb{tNCt shall cO~nn+tnCt wdh Ittt Nrlrtlt publK rFUrdl. Or 14th 1111/ Jalt as may be ?ulrn.• ail rn
county whN Nn tM land is NWate~. $alter shall convey • mark treble tAla in KcorttarKt wlth•T tilt Star+rlarvs MtOptW from fire+t to tint by TM Ftorrrfe tlsr, Pd~.
O r+ty 10 I?Me, encumbrances, a[captiOns Or queglrtatiOns Nt fOUA in tMS POntNll and Mt1N ~~N,.h Nall Ot elAh~rle4 br SeIIN et Or Or•lufa c10Nn1i Upun clOSr ,
of tnr? Uansaellon such absaaet shell OKOme the propNty Of Buyer, subieet t0 the right OI rstenbun IMrsO/ by tint mongtget canal IWIy pt..rf, or -jl a ).tie rot
c mrtmen owed by a quNilltd tilq inwt: ? agrp~ng to issw t0 0uytr, upon rtceWrng of tM dttd to BuyN, en OwnNs po4cr of utlt rr+wi~na +n tr•
amount O tM purtMa price. k1Wling trite 01 tM Buyer t0 the reel ptOperly, WbiKt ONy t0 INna, encumbNncts, eaceptrons Or quNrfrcNiOnf Mt forth in Ih~~
COntrKt end UtoN whkh shah ba dltcharged by Seller at or before closing. Buyer shall have JO days. if abstract, Ot S days. if tttN con+mitmtnt, frOrrr dart of r.
calving widenca OI title t0 a[amiM same 11 title if foun:l da/Kthre, ~YYN shall, within ~ days Msrtalter, notify SNler In writing specifying dsttctl+
- tf said dalecttsl rMdar title unntarttatable, SHIN shell have 120 days from rKtiOt of nOtkt wlthtn which tt? rernOva aW dtrectisl, end i1 5NIN Is unwccsssfut
r! moving tlstrn within Bald lima, BYytr shNl heva Ma Optbn Of fitAar 111 Kceptrng the titre ss it Man is, O. 121 dtmersdtng • refund Of all monies Osrd Mrs•+r-
vrrAv[h shall forthwith be returMd t0 BuyM and Mertupon BuyN end Se11N shall ba releestd as t0 one enplhsr, Of all fyrlhtr obligatwns unrftr the Contract. r+
atier, SNtN agrees that ht wrtl, If title is found q Oa unme/ketabll. Ya diligent effort to correct Mt Oersctlsl rn tale erlhrn the time prov+ds4 thtrtr0•, rnct..--
tht bringing Of nKesary Wrte.
B- EXISTING MORTGAGES' se(lar shah fLrrlrYt a statement from the mortgagestsl erring torts prrncrpat bNance, metnod of pgymtnt, rnlerest raft and wn<
M• mortgagefs In pod standing. It • mortgage requires aporovN of the BuvN Oy the mortpa9•t in or to evore aerault, or ror assumptror+ br me tluyN or
mortgage. and ~ the mottgeees dots not apprOv the Buyer, the Buyer meY rescind the Contract. Or~ rtquirH an ,ntrsaa in Inc rntertst raft Or cAargss
for any reewn In eaetts of 510000. the BuyN may rescitsd the Contract unless Sslltr erects to per such increase or eactts. SNlershalt pay 50`i of such tea.,
SQO.00. Buyer shell ua reasonable diligence t0 t>tDyrn approval Tha amount Of any escrow Ofpos~tt held by mortgagee snNl ba uedrttd to SNler. r
C. PURCHASE MONEY MORTGAGES- TAe purchete money note and mortgage. it any, shall provide 101 ~ 00 day'grs~e period rn the went Of default if it
first mOrtgagt end t 15 day grKe ONbd if a sKOnd w+Ortgage: shNl provrdt for rrgAt OI prtpaYmenl in e?h01e or In part without penalty, snail not provide
sccelNecion M went of /tale of the propNty; and shNl ba otMrwia in form and content required by SetIN's attorney, p.ovreed, AowevN, SHIN may only
quirt clauses customarily found ifs mbtlgages and mOrtgagt nOttf gtnNally utilils0 by avrngs and loan institutions in tM county Wherein the plOperly rs IOCar~
Said mortgage shall require the ownN Of the property entumbsra0 t0 keep all prior liens and encumbrances in good standing and /orDid the o~vntr of top p:
perry from accepting moditkat'wns of or future advancer under prior mortgagetsl. All personN property being conveyed will, et option of Salter, ba subject to tr
Ilan of Ma mortgage and widNtced Oy rKOrded Financing Statements. '
D. SURVEY: Tha Buyer, within time allowed for delivery of tvidMCe of title and exsminatron thsrsol, may Aave the proPertr surveyed at his expend 11 er
survey, tertitied Dy • rtgislered Florida wrvey Or, shows any encrbachmtnt On said property Or loaf ItnD•Ovemenls intended t0 be located On the wblttt DrOpersv
fact encroach on (ands of others, or vloltte any of the Contract covenants. the cams shall be treated as a title detect. Any survey prepsrtd in connection with or .
cunsequence Of this transaction may include a description Of the property under the Florida Coordinate System as delined in Chapter 177, Florida Statutes
E. TERMITES: The Buyer, within time allowed for delivery of whlsnes of title and examination tht.tot, or no Istsr than 10 days prior to closing, whichever c
occur last, may have the improvements inapteted at BuyN's expense by a Certified Past Control Operator to determine whsthtr there it any visible Ktrve terr.
infestation or visible txlsting dsmagt from termite infestation in the improvements. If Buyer is informed of tither Or both Of the foregoing, Buyer will have a rt
from date Of written nbtk• thtreot or 2 days aftN sNeetion of • contractor, whichwer Deccan first, within whkh to have all damages, whtthsr visible or not. .
spatted and estimated by • Ikenad building or gtnsral contractor. Seller shall pay valid Costs Of treatment and repair of ell damage up to 1X% of Purchaa Prr~
Should wch costs exceed that amount, Buyer shalt have the option of cancNling Contract within S days after receipt of contractor s repair estimate by g~vr:
written notice to Seller, or BuyN meY NKt eo DrocsM with the transaction, in which went BuyN shall rKSive a credit ateloairty of an amount equal to IYr% c
said Purchase Price- "Termiti' shall be dstmed t0 inclt.de all wood destroying rnsKts. - - •
F. INGRESS AND EGRESS: Salter ewenents and warrants that there is ingress and press to the property.
G. LEASES: Stller shall, not Itss than 15 days prior to closing, furnish to Buyer copies of ell written leases and estoppel letters from each tenant specifying the
nature and duration of said tenant's occupancy, rental rates and advanced rent and security deposits paid by tenant. In the event SNlaf is unable to obtain such
lttttrs from tack tenant, the lama information shall be furnished by SNler to Buyer within said ttma period to the form of a Stller s affidavit, and Buyer may
thtreaftsr contact tenants to confirm wch jnformation. SNlar shall dNirer and assign all original leases to Buyer at closing. _
H. LIENS: SLAIN shall, both a: to the realty and parsonNty being sold hereunder, furnish to Buyer at time of dosirq an affidavit attesting to the abanee unless
otherwia provided for hNSln, of any financing statements, eyims of lien or potential Itenors known to Salter and further attesting that there have been no tmprove•
ments to the property for 90 days immtdiatNy DrKeding dad of closing. If the property has been improved within said rims, Stller shall deliver rNeases or waiver
of ail mKfiank's liens, executed by gsngal eont?scton+ subcontractors, wpp)iNS, and m~terialman, in addition t0 SNlei s lien affidavit setting forth the names c'
all such gMedl contractors.-iutaeoritrsetors, suppliers and mai:erialTnen and further reciting that fn fact all bills for work to the subject propNty which could arv
as a basis for a machank's (fen have Wen peidor will be paid at eloslrtg.~._
I. PLACE OF CLOSING: Gosing shallJbe bald In .county wl+ersin property is located, at the otfke of attorraY qr otMr closing agent designated by Set1~-.
J. TIME: Time is of the essence of this Contrast- Any rt/a?encs herein to time pNiods of Ira than 6 days sAsll in the computation 1M?eof exclude Saturdays, S~• -
deys and IpN holidays, and any time-period provided tot"herein which shall- end on • Setuiday, Sunday or Ipsl holiday-shalt extend to 5:00 p.m. of the next t~
business day. i
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K. DOCUMENTS FOR CLOSING: SNler shall furnish deed, mechanic's lien affidavit, assgnments of teases, and any corrective instruments that may be required ir•
connection with psrfacting the title. BuyN shell furnish closing statement, mortgage, mortgage note, and financing statements.
L. EXPENSES: State surtax and documentary stamps which are required to be affixed to the instrument of conveyance, intangibts tax on and recording of pur•
chase money mortgage t0 Seller, and cost of recording any corrective instruments shall be paid by Seller. Documentary stamps to be affixed to the note or notes
secured by the purchase money mortgage, cost of recording the deed and financing statements shall be paid by Buyer.
M. PRORATION OF TAXES (REAL ANO PERSONAL): Texas shall be prorated based on the current year's tax with due allowance made for maximum allowable
discount and homestead or other exemptions if allowed for said year. If closing occurs at s date when the currant yea%s'millagt Is not fixed, and current year.
assessment Is wettable, taxes will bs prorated based upon wch assessment, and the prior year s millage. If surrtnt years assessment is not wettable, than taxes wit r
bs prorated on the prior yeti's tax; provided, howwer, if there ors completed Improvements on the property by January 1st of year of closing, which improvsmen•
were not in existence on January- 1st of the prior year, than taxes shall W prorated tiased upon the prior years millage and at an equitable assessment t0 W ogre S
upon between the parties, failing whicA, request will be made t0 the County Property Appraiser for an informal asssssirient bking Into consideration homsste- it
exemption, if, any._ HgvreyN, any tax proration based on an estimate may st request of either party to the transaction, be wbsequently readjusted upon receipt .
tax bill on condition that a statement to that stisct is set forth in tM closing statement. .
N. SPECIAL ASSESSMENT LIENS: Certified, confirmed and ratified special assessment liens as of date of closing (and not as of date of Contract) ors to be pa
i by S[Iler. Pending liens as of date of closing shallps assumed by BuyN, provided, howwver, that where the improvement has bean substantially completed as of th
date of Contract, wch pending lien shalt bs eoniiderod as certified, confirmed or ratified and SNler shall, at closing, De charged sn amount equal to the last estlmst.:
by the public body, of the assessment for the improvement.
O- PERSONAL PROPERTY INSPECTION, REPAIR: SNter warrants that all major appliances, heating, cooling, NKttlc~l, plumbing systems, and machinery art In
working condition as of 6 days prior w closing. BuyN may, at his expense, have inspections made of said itepss by I14ui?ied persons deafihp in the repair and main-
tsnance thereof, and shall report in writing to SeIIN wch items as found not in working condition prior to taking of posieision thsrtoi, or 6 days prior to closing,
whichever is first. Unless Buyer reports failures within said period, he shall bs deemed to have waived Seller's warranty as to failures not reported. Valid reported
failures shall be corrected ac Seller's cost with funds therefor escrowed at closing. Seller agrees to provide access for inspectan upon reasonable notice.
P. RISK OF LOSS: It the Improvements are damaged by fire or other casualty prior to closing, and costs of restoring same does not exceed 3%~of ths.Asaessed
Valuation of the improvements so damaged, cost of restoration shall M an obligation of the Seller and closing shall proceed pursuant to the terms o ontract
wit~therafor escrowed at closinp..fn the event the cost of repair or restoration exceeds 3% of the assessed valuation of the improvements so damaged, Buyer
shall hws the option of tither taking the property as is, together with either the said 3% or any inwrance proceeds payable by virtue of wch loss or damage, or of
canceling Contract and rK~iving return of deposit(s) mods hereunder. r - - r
O. MAINTENANCE: Notwithstanding provisions of Standard O, between Contract date and closing date, personal property referred to in Standard O and real
property, including lawn, shrubbery and pool, if any, shall be maintained by Seiler in conditions they existed as of Contract dart, ordinary wear end tear excepted.
P.. PROCEEDS OF SALE AND CLOSING PROCEDURE: The dead shall be recorded upon clearance of funds and widenca of title coii$riueii•}t
Buyer's expense,
to show title in Buyer, without any encumbrances or change which would render Seller's title unmarketsbte, from the date of the last widenca and the cash pro-
ceeds of sale shell be hNd in escrow by Setter's attorney or by wcA otMr escrow agent as may be mutually agreed upon for a. period of iioClonger than 5 days
from and after closing deft. It SNlers t1Ue It rendered unrrtarketsble, Buyer sJtatl wiiDTn said 5 day period, notify Seller in writing of the defect and SHIN shall
- - have 30 days from data of secelpt of such notlitcitbn to curb {ajd dstecj: In_tfsa event Seiler tail's to tfmsly cure said defect, all monies paid hereunder shalt, upon
written demand therefor tied within 5 days thenaftsr, jse ratuinad-`eo BuyN and, simultaneously with wch repayment, Buyer shat) vacate the preiniies and rKOn-
~c ~+rey tree property In question to die SNler by special warranty deed. In the event BuyN faits to make UmNy demand for refund, he shall eke title ss Is, waiving all
ights against S[Iler as to such intervening detect except es may ba wettable to Buyer by virtue of warranties, if any, contained in deed. In the went a portion of the
~urchaa price is to be derived from institutional financing or re-financing, the requirements of the lending institution as to place, time and procedures for closing,
~nd for disbursement of mortgage proceeds, shall control, anything in this Contract to the contrary notwithstanding. Provided, however, tAat the Seller shall have
c' tvtht right to require from such lending institution at closing s commitment that it will not withhold disbursement of mortgage proceeds as s result of any title detect
attribubble to Buyer- mortgagor.
ro S. ESCROW: Any escrow agent receiving funds is authorized and agrees by ecceptsnc• thereof to promptly deposit and to hold same in escrow end to disburse
same wgect to clearance thereof in sccwdancs witA terms and condi/ions of Contract.-Failure of clearance of funds shall not excuse performance by the 6uyN. I
In th• went of doubt sf to his duties or liabilities under the provision!'ot this Contrset; the escrow agent may in his sole discretion, continue to hold the monies
which art the wDjsct of this escrow until the parties mutually agree to the disbursement thereof, or until a judgment of • court of competent )urisdietion shall
determine the rights of the partite thereto, w he may deposit all the monies then held purwant to this Contract with the Clerk of the Circuit Court of the County
having jurisdiction of the dispub, and upon notifying all parties concerned of wch action, all liability on the part of the escrow agent shell fully tMminats, except
to the extant of accounting for any monies theretofore del'wered out of escrow. If a Ikensed rest estate broker, tlsr escrowee will comply with provisions of Section
475-25 (1) (e1, F.S., es arrtanded; In the wait of any syft between Buyer ittd Seller wherein the escrow agent is made a party by virtue of acting as such escrow
agent hereunder, or in the event of my suR wherein escrow spent interpleads the subject matter of this escrow, the escrow agent shall be entitled to'reeovar e
reasonable sKOrnsy"s tee and costs incurred, said fees and costs to W charged ar?d assessed as court costs in favor of the prwaitinp party. All parties agree that the
escrow spent shall not De liable to any party or person whomsower for misdelivery to Buyer or Setter of monies subject to this escrow, unless such misdNivtry shell
ba due to willful Wesch of this Contract or gross negligence on the part of the escrow agent/ i . ~ _ - '
T. ATTORNEY FEES ANO COSTS: In connection with any litigation including sppellati prOCedAing! sriing'out of this Contract, the prwailing party shat! be
entitled to recover nasoneble attorney's fess~and sOSts-
U. DEFAULT: If Buyer fails to perform this Contract within the time specified, the deposit(s) paid by the Buyer sforsatd may t» retained by or for the account
of Seller as IiquidatM damages, consWtrstion for the execution of this Contract and in full attlement of any claims; whereupon ell parties shall be retiwed of
ell obligations under the Contract; or Seller, K eb OptiOrr, map proceed at Igw or in p4f<Y tp enforces h{S hgal rights under this Contract. If, for any reason other
than tailurt of SNler to render his title marketable alter diligent etfdrt, SHIN fails, neglects or refuses to perform this Contract, the Buyer may seek spscifk per-
formersee or NKt to rauive the return of his depositls) without thereby waiving any Ktion for damages rewiring from SNIN's breach.
V. CONTRACT NOT RECORDABLE, PERSONS BOUND AND NOTICE: NeitMr-tttii ~srttraet nor any notk• thereof shall be recorded 1n any public records.
This Contract shell bind and inure to the benefit of the parties hereto and their wceessors in interest. Whenwer the context permits, singular shall include p1urN and
ores gender shall include all. Notke given by or t0 the enorney for either party shell be as ttfactiw ss tf given by or to aid party.
W. PRORATI6NS AND INSURANCE: Taxes, assessments, rent, interest, Inwrsnce end othN exptnsss and rwMU• of aid property shall be prorated as of deft
of closing. Buyer shalt have the option of taking over any existing porkies of inwrance on the propNty, I( aswmable, in which went premiums shall be prorated.
The cash at closing shall be increased or dK.eased es w+sy be required by acid ptorations. -All r~atsncss in Contract to prorations as of date of closing will bt
deemed "dart of occupancy"3f occupancy occur prior to closing, u_ tree otherwise provided for heroin.' - - _ • .
X. CONVEYANCE: SNter~shall convey title to the aforesaid real property by statutory warranty deed wbiect only to matters contained in Pa?egraph V11 hNSOf.
Persons) property shall, at the request of Buyer, be fonveyed by en absolute bill of sNs with warranty of title, wbjeet to wch liens as may be otherwi~e_providtd