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HomeMy WebLinkAbout0509 ~ STANDA~~~~~`!>IFI?T~CTIONS E v IOENCE OF TITLE: Q An siract of titfo prepNed or bro ee t b a rep existlrtg ebs4raet rivet (11 not eaistitsg than wtiLed as correct by v>,istiny firm) purport]tns~g to be M aecucttt syndpsh el the inatrumenu affecting fife title t0 tut>;eet nN property reeordW rn the pubtie reCOrds of the county •••herein Mj land is titueted, through doff of Contract. An abstract shNl commence with Me Nrliat publk records, Or such later data as may M customary in the . ounty wherein the land is situated. Salley MNI convoy • marketable title in accordance with Title $undsrdf adopted from Lima to time by TAe Florida Bar, subject .:nty to liana, aneurnbfaneas, exceptions Or qualificatioM Mt forth in this Contract and tt1oM which shall ba disaharpd by 8NIar at or before closir?p. -Upon clositto or tn~s uansection wch abstract shall Decome~M property of BuyN, wWett to the right of ieantion tMreof by first mortgsgN until fully paid; or LZJ a title inwr• once~comet~tmah~t iswW by a quNifled title ittwror agreeing to iswe t0 BuyN, upon recording of the deed to BuyN, an Owns: t Policy Of title insurance rn ±•nount of the purchase prka, inwring titli of tM BuyN to the rMl property, subiaet only to Ilsns, encumbrances, axeapttons or qualifications set forth in this Cenc:sct Md those v+Atkh Mall be ditehargad by SHIN at or before elodno. BuyN Mall hwa 30 days, it at»ttact, or 6 days, If title eommitmMt, from data of re- : giving avldenca •01 title to axsmiM same. If titN b found de/actiye. BuyN shall, within 3 days thNaaftN. notify SHIN in writing specifying dafactls). t f :aid defectlsl nntNr Utla unmarketable, SHIN Mall hwa t?0 days from receipt of notce wIMM whkh t0 remove said defect{s1, and N SHIN h unwccessfut in r ar,tovirtg Mom within Nld time, Buyer Mall hwa the option of aithN (f) accepting the title p it than is, or (ZI demanding a refund of all monies paid hereunder :ten ich MNI forthwith be returned to BuyN and thNaupon BuyN and SNler Mail be released as to one another, of all lurthar obligations under the Contract; how• ever, SNler agrees that ha ntfll, N title is found t0 Da unmNketable, use diligent effort to correct the defeetld in title within the time provided ehere/or, Ineludlrtg ct,a bringing Of Msessary wits, , r3 EXISTING MORTGAGES: SNIe/ Mall furnisf4 a statement from tM mortgegeo(s) sitting forth principal balance, method of payment, inlNeft rate and whethN the rnortoaga( to good standing. If a mortgage requirM approval of the Buyer by the mortgagee in or to avoid default, or for assumption by tM BuyN Of said rnortg+ge, tusd~j Ma,mortgagN dgas not approve the BuyN, tM Buyer may rescind the Contract, or~ raquirp an increase in the interest rata or chargeli • tea for any reaon in excaes of =100.00, tM BuyN may rescind the Contract unless Seller Nsets to pay wch inereasa or excess. Serer shall pay 50% of such fag up to :~^v.f20.:t3uyeratttslGl~~trfii raasOnabh dtltQanca to obtain approval. Tha amount of any escrow deposits hold by mortgagee Msll ba credited to Serer. C. •Mt71tt~ s:POR~GAL;IlS: Tha purehaq money note and mortgage, ii MY Mell provide fora 30 day grata period in the avant Of default if it is a fi!t~~p(tj]~e entf.+ dbtggyy grgge~ptr(od if • seeortd mprtgege: shat! plotride for right of prepayment In whole or in part without penalty; shall not DroviW for xc n wMt o1 resah off t • propNty; and Mall ba oMNwhe In form and content rpuired by $NIN's attorney: provlded, howwer, SNlar may only re- uuire clsusee cYStomarfly Tound in mortgages and nwrtgege notes gMNSlly utilized by ew3ngs and loan institutions in the county wherein tM property is located. Said rnor~yaga .Mill require- Me oMVrIM of,the property entumbNed to keep all prior lions end encumbrances in good standing and forbid the OwnN of the pro- perty froiii aeepttn' mt+tlifications of or tututa advances under prier mortgage(s). All psrsonN property being conveyed will; at option of SHIN, ba wbjaet to tM per. of the mortgage and wWertcad by recorded Financing Statements. D SURVEY:-Tha BuyN. within time Nlovwd for dNivery of widence of title and examination MNaof, may hwa the property wrveyed at his sxpMN. !f tM sur.ev. certified try a ragiitNed Florida wrveyor, Mows any encroachment on said propNry or that improvements intMded to be located on the wbject property in fact a,tcrelacA on lands of oMps, or violate any of the Contract ewenants, cha same shall be treated as a title defect. Any survey prepared in connection with Or as s c onsequeMb of this transaction may intrude a description Of cha propNty under the Florida Coordirgte Syttam as defined. in ChaptN 177, Florida Statutes. c . TE RMITES: Tha BuyN. within time allowed for delivery of widertca of title and examination thNeof, or no later tMn 10 days prior to closing, whkhwer data occurs Isst, may have Me imptOVements inspected at BuyN s expense by a Certified Pest Control Qperstor to determine whether there is any visible active termite infes[ation or visible existing damspe from tefmita infestation in cha jmprovaments. If Buyer js InfOn[)ad of NthN or troth of the foregoirq, BuyN will hwa 4 days from date of written notice MNaof or 2 days aftN sMection of • contractor, whkhevN occurs first, within whkA to have all damages, vrhethN visible or not, in- spected and estimated by a licensed building or general contractor. SNler shall pay valid costs of treatment and repair of all damage up to 1X% of Purchase Prke. Should such costs exceed that amount, Buyer shall have the Option of cancelling Contrset within 5 days after ratefpt of eontraetoi s reps r estimate y giving ritten notice to Sallsr, or Buyer may elect to proceed with the transaction, in whkh avant BuyN shall receive a credit at closing of an amount equal to 1X% of said Purchase Prise. "Termiti' shall be deemed to include all wood destroying insects. v t NG RESS ANO EGRESS- Sorter covenants and warrants that MNS is ingress and egress to the property. ' c,. t_EASES: Se11N Mall, not lass than 15 days prior to Wosing, furnish to BuyN copies of all written lasses and estoppel ratters from each tenant specifying tM nature and duration of said tenant's oeeupaney, rants) rates and advanced rant and security deposits paid by tenant. In cha event Sorter is unable to obtain such tatters from each tensor, the same information shall be furnished by Sallsr to Buyer within said limb parrOd in the form of a SNler's affidavit, end Buyer may thereafter contact tenants to confirm wch information. SHIN shall deliver and assign alt original IMSes to BuyN n closing. ri_ a r=nS: Seller short, both as to the rplty end pedonorty borng sold hNevndar, furnWt to BuyN at time of closing en affidwit attesting to tM absence unless rhartvise prOVideq for hNein, of any Jineneing statements, claims of lien or potential liaison knotarrt 10 SNIN anti-further attesting that there have been no improve- +~~ents [o tits property for'g0 days immadiatNy precadlrlp date-of closing. It the property has bets improvatl within skid lima, SNIer shelf tleliver rNeases or waivers of an mechank'f liana, axecute0 by geMral eonttee[ors,-subeontraetOrs, wpplied; and matNiaymen, in addition to Sorlei s-IiM affidavit setting torts tire' names of a~ ~ wch generN contractors, wbcontractors, wppliad and mattrialmen and further reciting that in tact all btlfs for work to the wbject property which could serve as a Dasis for e.micMnk's lien have baert paid or will tie paid ai dosing: • - - - - ' Pi_ACE OF CLOSING: Closing Mall be Mld iri county wMroin property is Ioeat~d, at tM Office Of attorney or o~Mr dOSirtg agsnt;designsted by Se11N. TIME : Time is of Me essence ot•tryh Contract. Any roferertce hNein to time periods of less than 6 days Mall in the computation thereof exclude Saturdays, Sun- :t,ys and legal holidays, end any time period provided for hNein which shall and on ~ Saturday, Sunday or legal holiday shell extend to 5:00 p.m. of the next full ousinessdaV• - - ~ - - - - - - K. DOCUMENTS FOR CLOSING: SNIN shalt furnish dead, mechanic's lien affidavit, assignments of leases, end any corrective instruments that may be required in cannaction with perfecting the title. BuyN Mall furnisA closing statement, mortgage, mortgage note, Md financing statements. EXPENSES: State vertex and documentary stamps which am required to be eitixad to Me instrument of conveyance, intangible tax on and recording of pur- ~hase money mortgage to SHIN, end cost of recording any corrective instruments shall W paid by Seller. Documentary stamps to be affixetl to the note or notes secured by the purchase money mortgage, cost of recording the dead and financing statements shell be paid by Buyer. PRORATION OF TAXES (REAL ANO PERSONAU: Texas shall bs prorated bated on Mecurrant year's bx with due allowance made for maximum Ntowable discount end homestead or oMN exemptions if orlowed for said ywr. If closing occurs at a data when tM currant year's millage is not fixed, and currant yea: s assessment is available, taxes will be prorated based upon such assasdmMt, and the prior year's millage. If currant year's assssunent is not wailsble, then texas will ::a prorated On the prior year's tax: provided, hoWWN, If there are compNted improvements on the propNry by January 1st of yNr of closing, which improvamMts • ere not in existence on January 1st of the prior year, then taxes shall txa prorated based upon rho prior year's millsge end at M equitable assessment to M agreed Gaon between Me parties, failing vvhkh, request will be made to tM County Property Appraiser for sn informal assessment taking into consideration homestes0 exemption, if any. HowwN, any tax proration based on an estimate may at request of either party to cha transaction, be wbsaqusntly readjusted. upon receipt of c:rx Dill on condition that s statement to that effect is sat forth in the closing statement. SPECIAL ASSESSMENT LIENS: CNtified, confirmed end ratified spacial assessment liens es of date of dosing (and not as of date of Contract? art to be paid oy Seiler. Pending liens as of date of closing shall ire aswmed by BuyN, provided, howwer, that where the improvement has been wbstaniiNly completedss of the date of Gorttraet, wch pending lien shall ba eonsidNOd as certified, confirmed or ratified and SNlef shall, st closing, be ~hargsd an amount aquas to Me fast estimate r y the public body, of Ms assessment for the improvement. aE RSONAL PROPERTY INSPECTION, REPAIR: Serer wsrrsnts that ell major spplisnces, heating, tooling, electrical, plumbing systems, and machinery era in •.,,rk;ng condition of of 6 days prix/ to closing. BuyN may, at his expense. have inspections made of said items by IicMSed persons dealing in the repair and main- -?hence thereof, end shall report in writing to Seller such items as found not in working condition prior t0 taking of possession thNepf, Or 6 days prior to closing, :.n~~he,,•er is first. Unless Buyer reports Iailuras within said period, he shalt be deemed to have waived ~Selle: s warranty as to failures not reported. Valid reported -a:i ores shall be corrected st Seller's cost with funds therefor escrowed at closing. Sa11N egress to provide access for. inspection upon reasonable notice. R+SK OF LOSS: If [he improvements are damaged by fire or other casualty prior to closing, and costs of restoring same does cwt exceed 3% of the Assessed a~ .anion of the improvements so damaged, cost of restoration shalt be M obligation of the Seller and closing shell proceed purswnt to the terms o ontrsct .~'v- past therefor escrowed at closing. In the event Me cost of repair or restoration exceeds 3% of the assessed valuation of the improvements so damaged, Buyer - >r e,! nave the option of either 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 ^ceiing Contract and receiving return of deposit(s) made hereunder. i "+tA1NTENANCE: Notwithstanding provisions of Standard O, harvests Contract date and closing date, pNSOna! property referred to in SLndard O end real :.tooerty, including lawn, shrubbery end pool, if any, shall be maintained by Sinter in conditions they existed as of COntrset dale, ordinary wear and tear excepted. ~ P.OCEEDS OF SALE AND CLOSING PROCEDURE: The deed shall be rocArded upon dgrance of funds and evidence of title cOMinued at Buyer's expense, . sno,ti title in Buyer, without any encumbrances or change which would rendN SNler's title unmarketable, from the date of the last widence and the cash pro' ids of sale shall be hNd in escrow by Salle: s attorney or by wch other escrow agent 6 may be mutually agreed upon for a period of not longer than 5 days `•o ~r~ and after closing date- It Setiei s title is rendered unmarketable, Buyer shall within said 5 day period, notify Serer in writing of Msdefect and SNIN shall -a-e 30 days from data of receipt of such notification to cure said defect- In the event Seller fails to timely cure said detect, NI monies paid hereunder shall, upon . • Ott?n demand tharafor and within 5 days Mereatter, be returned to Boyar arid, simulta+aously with wch repayment, Buyer shNl vacate the premises end recon- ev me property in question t0 the Seller by special warranty deed. In the went Buyer fails to make timely demand for refund, he shall take title ss is, waiving all gets a3ainst Seller as to such intervening defect except ss may be waitable to Buyer by virtue of warranties, if any, eonuined in deed. In the want a portion of the r-ease price is to be derived from institutional financing or re-financing, the requirements of cha lending institution as to place, time arW procedures for closing, s for iisbursement of mortgage proceeds, shall control, anything in this Contract to cha contrary notwithstanding. Provided, howwN, that tM Seller shall hwa right to require from such IMding institution at closing a commitment that it wilt not withhold disbursement of mortgage proceeds as a result of any title defect . t~:eutable to Boyar- mortgagor. ESCROW: Any escrow agent receiving funds is authorized and agrees by acceptance thereof to promptly deposit and to hold same in escrow and to disbuds sa+r.e subject to clearance thereof in accordance with terms and conditions of Contract- Failure of clearance of funds shall not excuse performance by the BuyN. me event of doubt as to his duties or liabilities under Me-provistoM of this Contract, the escrow agent may in Ais sole discretion, continue to hold the monies .+nich are the wbjecc of this escrow until the parties mutuNly agree !o the disbursement thereof, or until a judgment of a court of competent jurisdiction shall determine Me rights of Me parties tMreto, or he may deposit all tM monies then held pursuant to this Contract with the Clerk of the Circuit COUrt of the County having jurisdiction of the dispute, and upon notifying NI parties concerned of wch action, all liability on the part of the escrow agent shaft fully cermina[e, except co the extent of accounting for any monies theretofore delivered out of escrow. tf s licensed rest estate broker, the escrowoe will comply :with provisions of Section 475.25 (ll (cl, FS., as emended- In the want of any suit betweM Buyer and SNlsr wherein the escrow agent is made a party by virtue of acting as such escrow agent hereunder, or in the went of any suit wherein escrow agent interplesds the wbject matter of this escrow, the escrow agent shell be entitled to recover s easonsble attorney's fee and costs incurred, said fees and costs to iss charged and assessed as court costs in favor of the prwsiling party. All parties agree that the escrow agent shall not be liable to any party or person whomsoever for misdelivery to Buyer or Serer of monies subject to this escrow, unless such misdNivery shell ' be due to willful breach of this Contract or gross negligence on the pert of Ms escrow agent. • 7 ATTORNEY FEES AND COSTS:_ In connection with any litigation including,appeilsti proceedings irising-out of this Contract, the prwsiling party shell bo entitled to recdvN reasonable attorney's feat end costs. U. DEFAULT: If Buyer fails to perform this Contract within the time specified, the deposit(s) paid by the Buyer aforesaid may be retained by or for the account Uf Seller of liquidated damages, consideration for the execution of this Contract and in full settlement of any claims; whereupon all parties shell be roriwed o1 aft obligations under cha Contract; or Sallsr, at his option, may proceed at law or in equity to enforce his legal rights under this Contract. It, for any reason other than failure of SNler to rendN h'rs title markatabls eftN diligent effort, $orIK fails, neptects or refuses to perform this Contract, tM Buyer may scale specific per- formance or Nast to receive the return of his deposit(s) without thereby waiving any action for damages reverting from SNler's breach. v. CONTRACT NOT RECORDABLE, PERSONS BOUND AND NOTICE- NeithN Mss Contract nor any notice thereof shoo be recorded in any public records. This Contract shaft bind and inure to the t>Mefit of the parties hereto end Meir succeuod in interest. Whenwer the context permits, singular shall include grovel end one gender shall include all- Notice given by or to the attorney for either party shall be as effective as if given by or to said party. W- PAORA710NS AND INSURANCE: Taxes, assessments, rant, interest, inwrance and oMN expanses and rwenus of said property shall be prorated ss of date of closins BuyN shNl Mve Me option of taking over any existing policies of insurance on the property. if aswmsble, in which want premiums shall w prorated. The cats at closing ahatl be increased or decreased as may be required by said prorations. Afl rsfMences in Contract to prorstions as Of data of closing will be deemed "data of occupancy" if occupancy occud prior td closing, unless otherwise provided for herein. X- CONVEYANCE: Sallsr shall convey title to the aforesaid real property by statutory warranty deed si:bjaet only to matted contained in Paragraph VII hNeof. Personor property shell, at the request of BuyN, be convoyed by an absolute bill of sale with warranty of title, wbject to wch liens as may be otherwise provided for herein. Y- OTHER AGREEMENTS: No prior or present agreements or reprasMUtions Matt be binding upon any of Me partial Mreto unless incorporated in this Contract. No modification or change in this Contract shalt be valid or binding upon the parties unless in writing, executed by tM partiq to be bound Mereby.