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STAND DS FOR REAL ESTATE TRANSAC~S
(TO eE~ ATTACNEO TO BI1RlFAR CONTRACT iORM N0. 3)
A. EVIDENCE OF TITLE: i~ An atrstr of title preparrrf or brought current by a reputable and existing abstract firm (if not exrstrng Cher
certified as eOrrect by sn existing firm] purporting to be an accurate synopsis of the instruments atfectirp the title to subject real property
recorded in tIN public records of the county wherein the land is situated, through date of Contr~tt. An abstract shall commence with the ear I+ec•
public records. Or loch later date as may be customary in the county wherein the fend is situated. Seiler shall convey a marketable title u~ actor
1 dance with Title Standards adopted from trine to time by The Florida Bar, subject only to lieni. encumbrances, exceptions or gwlifications se•
forth in this Contract and those vvhrch shelf ba dischargsvs by Setter at or tktore closing. Upon closing of this transaction such abstract shall be
come the property of Buyer, wbject to the right of retentic+n thereof by first mortgagee until fully paid; or ®a title insurance comm+tm~n•
issued by a qualified title insuror agreeing to issue to Buyer, upon recordrng of the dead to Buyer, an Owner's policy of title insurance +•r thr
amount of the purchase price, ir?wring.title of the Buyer to the real property, subject only to liens, encumbrances. exceptions or qualificat+o*
set forth in this Contract and those whrch shaft be discharged by Seller at or before closing. Buyr.•? ahaU have 30days. if abstract, or 5davs,if t+t~r
a comn',itn+ent, from date of receiving evidence of title to examine same. If title is found defective, Buyer shall, wrthin 3 days thereafter, noafv
Seller in writing specifying defect(s1. If said delectls) render title unmarketable. Seller shall haw 120.days from rsceipt of notice within which
3 to remove said defect(s), and if Seller is unsuccessful in removing them within said time, Buyer shall haw the option of either 111 aceepting the
title as it then is, w 121 demanding a refund of all monies paid hereunder which shall forthwith be returned to Buyer and thereupon Buyer and
Seller shall be released as to one another, of all further obligations under the Contract; however, Seller agrees that he wifl,.if title rs found to bs
unmarketable, use diligent effort to correct the defectlsl in title within the time provided therefor. includirp the bringing of necessary suits.
B. EXISTING MORTGAGES: Seller shall furnish a statement.trom the morlgagee(s) setting forth principal balance, method of payment.
interest rate and whether the mortgage(s) is in good standing. If a mortgage requires approval of the Buyer by the mortgagee in order to avoid
default, ar for suumption by the Buyer of said mortgage, and [L the mortgagee does not approve the Buyer, the Buyer may rescind the Contract,
ar ®requires an increase in the interest rate or charges a fee for any reason in excess of S100.00, the Buyer may rescind the Contract uMess
Seller elects to pay such increase or excess. Seller shall pay 50% of wch fee up to 550.00. Buyer shall use reasonable diligence to obtain cep-
proval. The amount of any escrow deposits held by mortgagee shall be credited to Seller.
C. PURCHASE MONEY MORTGAGES- The purchase money note and mortgage, if any, shall provide fora 30 day grace period. in the event
of default if it is a first mortgage and a 15 day grace perwd if a secoruf mortgage; shall provrde for right of prepayment in whole or in part
without penalty; shall not provide for acceleration in event of resale of the property; and shall be otherwise in form and content required by _
Seiier's attorney; provided, however, Setter may only require Clauses customarily fowtd in mortgages and mortgage notes generally utilited by
savings and loan institutions in the awnty wherein the property is located. Said mortgage shall require the owner of the property eneumbe+ed
to keep all prior liens and encumbrances in good standing and forbid the owner Of the property from accepting modifications of or future
advances under prior mortgage(s). All personal property being conveyed will, at option of Seller, be subject to the lien of the mortgage and
evidenced by recorded Financing Statemems.
D. SURVEY: The Buyer, within time ailawed for delivery of evidence of title and examination thereof, may have the properly surveyed at hit
expense. If the survey, certified by a registered Florida Surveyor, shows any encroachment on said property or that improvements intended to
be located on the subject property in fact enaoach on lands Qf others, or violate any of the Contract covenants. the same shall be treated as a
t+~ie ueici;t. Arry survey prepared in connection with or as a consequence of this transactron may rnClude a description of the property under ,
the Florida Coordinate System as definrd in Chapter 177, Florida Statutes.
E. TERMITES: The Buyer, within time allowed for delivery of evidence of title and examination thereof, or no later than 10 days prior to
. closing, whichever date occurs last, may have the improvements inspected at Buyer's expense by a Certified Pest Control Operator to determine
whether there is any visible active termite infestation or visible existing damage from termite infestation in the improvements. If Buyer is in-
formed of either or both of the foregoing, Buyer will have 4 days from date of written notice thereof or 2 days aher selection of a contractor,
whichever occurs first, within which to have all damaoes, whether visible or not. inspected and a:timatprt by a tirAnenrt Fudl~f:m n. neno.~t
tractor. Seller shall pay valid costs of treatment and repair of all damage up to 1 X96 of Purchase Price. Should such costs exceed that amount,
Buyer shall have the option of cancelling Contract within 5 days after receipt of contractor's repair estimate by giving written notice to Seller,
or Buyer may elect to proceed with the transaction in which event Buyer shall receive a credit at closing of an amount equal to 1'/:96 of said
Purchase Price. 'Termite" shall be deemed to include all wood destroying insects-
F. INGRESS AND EGRESS: Setter covenants and warrants that there is ingress and egress to the property.
G. LEASES: Seller shall, not less than 15 days prior to closing, furnish to Buyer copies of all 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 Seller is unable to obtain such letters from each tenant, the same information shall be furnished by Seller to Buyer within said time
period in the form of a Seller's affidavit, and Buyer may thereafter contact tenants to confirm such information. Seller shall deliver and assign
~ all original leases to Buyer at closing.
! H. LIENS: Seller shall, both as to the realty and personalty being sold hereunder, furnish to Buyer at time of closing an affidavit attesting to
~ the absence unless otherwise provided for herein, of any financing statements, claims of lien or potential lienors known to Seller and further
attestrng that there have been no improvements to the property for 90 days immediately preceding date of closing. If ilia property has been
improved within said time, Setter shall deliver releases or waivers of all mechanic's liens, executed by general contractors, subcontractors, sup
pliers, and materiafinen, in addition to Setter's lien affidavit setting forth the names of alt such general contractors, subcontractors, wppliers
and materialmen and further reciting that in fact all bills for work to the subject property which could serve as a basis for a mechanic's lien
k, have been paid or will be paid at closing.
i I. PLACE OF CLOSING: Closing shalt be held in county wherein property is located, at the office of attorney or other closing agent desig-
Hated by Seller.
p J. TIME: Time is of the essence of this Contract. Any reference herein to time periods of less than fi days shall in the computation thereof
exclude Saturdays, Sundays and legal holidays, and any time period provided for herein which shall end on a Saturday, Sunday or legal holiday
shall extend to 5:00 p.m. of the next full business day.
K. DOCUMENTS FOR CLOSING: Seller shall furnish deed, mechanic's lien affidavit, assignments of leases, and any corrective instruments
' that may be required in connection with perfecting the title. Buyer shall furnish closing statement, mortgage, mortgage note, and financing
staterrunts.
L. EXPENSES: State wrtax and documentary stamps which are required to be affixed to the instrument of conveyance, intangible tax on and
recording of purchase money mortgage to Seller, and cost of recording any corrective instruments shall be paid by SNler. Documentary stamps
to be affixed to the note or notes secured by the purchase money mortgage, cost of receding the deed and financing statements shall be paid
by Buyer.
M. PRORATION OF TAXES (REAL AND PERSONALI: Taxes shall be prorated based on the current year's Ux with due allowance made
f for maximum allowable discount and homestead or other exemptions if allowed for said year. If closing occurs at s date when the current
year's millsge is not fixed, and current yews assessment is available. taxes will 1u prorated based upon such assessment, and the prior yews
millage. If current year's assessment is rat available, then taxes will be ppro~rea7ted on the prior year's tax; provided, however, if there are completed
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