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HomeMy WebLinkAbout0803 . _ _ _ • - - ~ ~ _ z --r-- ~ • 4 •mprowmants on the property by January 1st of year of dosing, which improvements were not in existence on Jarwary 1st of tM prior year. hen taxis shall be prorated based upon tM prior year's millage and at art equitable asssssmsnt to bs agreed upon bet+M!!~ the ~rtiq, failing vhich, rpuest will be made to tM County Property Appraiser for M Mformal assessment takitq into consideration homestead exemption, if any, . fowever, any tax proration based on an estimate maY at request of eitMr party to tM transaction, be subspuantly readjusted upon receipt of . ax bill on condition that a statatrwnt to that effect is set forth in the dosing statement. t SPECIAL ASSESSMENT LIENS: Ceftitied. confirmed and ratified special assessment liens as of date of closir?g (and not ss of date of . ontract) are to be paid by Seller. Pendirp liens as of date of closing shall be aswmed by Buyer, provided, however. that where tM improve- . bent has been substantially completed as of the date of Contract, such pending lien shall be considered ss certified, confirmed or ratified and .~Iler shall, at closing, be chargt;d an amount egwl to tM last estimate by the public body, of the assessment for the improvement. i. PERSONAL PROPERTY INSPECTION, REPAIR: Seller warrants that all major appliances, heating, cooling, electrical, plumbirp systems, •,d machinery are in working condition as of 6 days prior to ciosirp. Buyer may, at his expense, have inspection made of said items by licensed arsons dealing in the repair and maintenance thereof. and shall report in writirq to Seller such items as found not in working otuMitfon prior ~ taking•of possession thsrsot, or six days prior to dosing, tsrlticltevet is first. Unless Buyer reports failures within said period. M shall be eemed to have waived Seller's warranty ss to failures not reported. Valid reported failures shall bt eorrecbd at Seller's cost with funds ~~ers~ sr escrowed at cbsing. Seller egress to provide scout for inspection upon rssaonable notice. RISK OF LOSS: If the improvements srs damaged by fire or other casualty prior to closing, and costs of restorirp same does not exceed `.o of the Assessed Valuation of the improvements so damaged, cost of restoration shall be sn obligation of the SNler and dosing shall groped ursuant to the terms of Contract with cost therefor escrowed at dosing. In the event the cost of repair or restoration exceeds 3% of tM ssses- :d valuation of the improvements so damaged, Buyer shall haw the optbn of either taking the property ss is, together with either the said 3% r any insurance proceeds payable by virtue of wch loss Or damage, or of canceling Contract and receivirq return of deposit(s) made hereunder. MAINTENANCE: Notwithstanding provisions of Standard 0, between Contract date and dosing date. personal property referred to in ~andard O and real property, including lawn, shrubbery and pool, if any, shall be maintained by Seiler in conditions they existed as of Contract ate, ordinary wear and feu excepted. PROCEEDS OF SALE AND CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds and evidertp of title continued Buyer's expense, to show title in Buyer, without any encumbranps or charge which would render Seller's title unmarketable, from the date • the fast evidence and the cash propeds of sale shall bs held irtsscrow by Seller's attorney or by w~ other escrow agent as may be mutually .•~ed upon for a period of not longer than 5 days from end after dosirp date. If Seller's title is rendered unmarketable, Buyer shall within .d 5 day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt of such notification to cure said -tee: In the event Seller fails to timely cure said defect, all monies paid hereunder shall, upon written demand therefor and within 5 days ~•~eafter, be returned to Buyer and. simultaneously with such repayment, Buyer shall vacate the premises and reeonvey the property in ques- n to the Seller by special warranty deed. In the event Buyer fails to make timely demand for refund, he shall take title as is, waiving all ;r,ts against Seller as to wch intervening defect exppt as may bs available to Buyer by virtue of warranties, if any, contained indeed. In the •~a a portion of the purchase price is to be rkrivsd from institutional financing or re-financing, the requirements of the lending institution - ~c peace, time and procedures for closing, and for disbursement of mortgage proceeds, shall control, anything in this Contract to the contrary :.ti ~rnstansf;ng P.4vid!~d. hL~YQYM, that the Seller sftall lt3YE '~.hS right Lo :squire front such tending i~istitiJti6r1 at closing a commitment that it riot withhold disbursement of mortgage proceeds as s rawlt of any title defect attributable to Buyer-mortgagor. ESCROy1': Any escrow agent receiving funds is wthorited and agrees by acceptance thereof to promptly deposit and to hold same in .rov1 and to disburse same subject to clearance thereof in accordance with terms and conditions of Contract. Failure of clearance of funds 3: ~ not excuse performance by the Buyer. In the event of doubt as to his duties or liabilities under the provisions of this Contract, the escrow :?r:t may in his cote discretion continue to hold the monist which are the wbject of this escrOW until the parties mutually agre! to the dis• ~~sement thereof, or until a judgment of a court of competent jurisdiction shall determine the rights of the parties thereto, or he rttav deposit the monies then held pursuant to this Contract with the Clerk of the Circuit Court of the County having jurisdiction of the. dispute, and :on notifying all parties concerned of such action, all liability On the part of-the escrow agent shall fully terminate, except to the extent of counting for any monies theretofore delivered out of escrow. If a licensed rest estate broker, the escrowee wilt comply with provisions of coon 475.25 (11 (cl, F.S., ss amended. In the event of any wit between Buyer and Seller wherein the escrow agent is made a party by virtue acting as such escrow agent hereunder, or in the event of any suit whuein escrow agent interplesds the subject matter of this escrow, the crow agent shall be entitled to recover s ressonsble attomsy's fee and opts incurred, said fees and costs to be charged and assessed w court ~sts in favor of the prevailing party. All parties agree Chet the escrow agent shall not be liable to any party Or person whomsoever for misde- ery to Buyer or Seller of monies wbject to this escrow, unless wch misdelivery shall be due to willful breach of this Contract or gross negli- nce on the part of the esuow agent. ATTORNEY FEES AND COSTS: In connection with any litigation including appellate proceedings arising out of this Contract, the evading party shall be entitled to recover reasonsbla attorney's foss and costs. DEFAULT: If Buyer fails to perform this Contract within flee time specified, flies deposit(s) paid by the Buyer aforesaid may be retained or for the account of Seller ss liquidated damages, consideration for the execution of this Contract and in full settlement of any claims; Hereupon alt parties shall be relieved of all obligations under the Contract; or Seller, it his option, may groped at law or in putty to enforce legal rights under this Contract. If, for any reason other than failure of SNlar to render his title marketable after diligent effort, Seller fails, yiects or refuse; to perform this Contract, the Buyer may seek specific performsrxa or elect to ssaive the return of his deposit(s) without ereby waiving any action for damages resulting from SNlar'f breach. E CONTRACT NOT RECORDABLE, PERSONS BOUND AND NOTICE: Neither this Contract nor any notice thereof shall be recorded in ~ aublic records. This Contract shall bind and inure to the benefit of the parties hereto and their successors in interest. Whenever the context •*n~ts, singular shall include plural and one gender shall include all. Notice given by or to the attorney for either party shall be as effective f gwen by or to said party. ! PRORATIOhS ANO INSURANCE: Taxes, assessments, rent, interest, inwrance and other expenses and revenue of said property shall be .rated as of date of closing. Buyer shall have the option of taking over any existing policies of inwrance on the property, if sswmsbfe, in ~cn event premiums shall be prorated. The cash at closing shall be increased or decreased ss may be required by said prorations. All refer- ; .:as ~n Contract to prorations ss of date of closing will be deemed "data of occupancy" if occupancy oaxirs prior to dosing, unless otherwise ~vided for herein. CONVEYANCE: Seller shalt convey title to :he aforesaid real property by statutory warranty deed subject only to matters contained in ~agraph VII hereof. Personal property shall, at the :guest of Buyer, be conveyed by an absolute bill of sale with warranty of title, wbject such Dens as may be otherwise provided for herein. OTHER AGREEMENTS: No prior or present sgreemants or representations shall be binding upon any of the parties hereto unless moor. .rated in this Contract. No modification or change in this Contract shall bs :slid or binding upon the parties unless in writing, executed by ` e parties to be bound thereby. a0 K J~rJ PitGE !Yd Copyright 1978 ~he Florida Bar and ilea Florida Association~tJ1LTORS • •