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Home My WebLink About2384 , I 4 INSURANCE: The premium on any hazard insurance policy In force cover,ng improvements on the subject aroperly, shall be prorated between the parties, or the policy may be cancelled as the Buyer may elect. If insu~ ::e is to be prorated, the Seller shall, on or before the closing date, furnish to the Buyer all insurance policies or copies thereof. H. LEASES: The Seller shall, 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 rate, advance rents or security deposits paid by tenant. In the event Seller is unable to obtain said estoppel letters from tenants, the same Information may be furnished by Selle~to Buyer in the form of a Seller's Affidavit. I. MECHANICS LIENS: Seller shall furnish to the Buyer at time of closing an Aftidavit attesting to the absence of any claims of lien or potential lienors.known to the Seller and further attesting that there have been no improvements to the subject property for 90 days immediately preceding the date of closing. If the property has been improved within said time, the Seller shall deliver releases or waiver of alt mechanics liens, executed by general contractors, sub- contractors, suppliers or materialmen and in addition a Seller's mechanics lien Aftidavit seating forth the names of all ~ such general contractors, sub-contractors, suppliers and materialmen and further reciting that in fact all bills for work to the subject property which could serve as the basis for a mechanic's Ilen have been paid. ; J. PLACE OF CLOSING: Closing shall be held at the office of the Buyer's attorney or closing agent, if located within t~roward County; If not, then at the office of Seller's attorney, if located within Broward County. K. DOCUMENTS FOR CLOSING: Seller's attorney shall prepare deed, mortgage, mortgage note, bill of sale, affidavit regarding liens, and any corrective instruments that may be required in connection with perfecting the title. Suyer's attorney or closing agent will prepare closing statement. L. EXPENSES: Abstracting prior to closing, State documentary stamps which are required to be affixed to the in- strument of conveyance, the cost of recording any corrective instruments, intangible personal property taxes and the cost of recording the purchase money mortgage, if any, shall be paid by the Seller. Documentary stamps to be affixed to the note or notes secured by the purchase money mortgage, if any, or required on any mortgage modifica- tion and the cost of recording the deed shall be paid by the Buyer. M. PRORATION OF TAXES (REAL AND PERSONAL): Taxes shall be prorated based on the current year's tax, if k?,own. If the closing occurs at a date when the current year's taxes are not fixed, and the current year's assessment is ` available, taxes will be prorated based upon such assessment and the prior year's millage. It the current year's assess- ment is not available, then taxes will be prorated on the prior year's tax; provided, however, If there are completed ' improvements on the subject premises by January 1st of the year of closing, which improvements were not in exist- ence onJanuary 1st of the prior year. then the taxes shall be prorated to the date of closing based upon the prior year's millage and at an equitable assessment to be agreed upon between the parties, failing which, requests will be made to the county tax assessor for an informal assessment taking into consideration homestead exemption, if any. However, any tax proration based on an estimate may, at the request of either party to the transaction, be subsequently re- adjusted upon rcc;.~^: tax bill and a statement to tti~.t ~ffc?ct ~s t~ h^ pct forth in the closing statement. All su~h prorations whether based on actual tax or estimated tax will make appropriate allowance for the maximum allowable discount and for homestead or other exemptions if allowed for the current year. N. PROBATIONS AND ESCROW BALANCE: Taxes, hazard insurance, interest, utilities, rents, and other expenses and revenue of said property shall be prorated as of date of closing. Seller shall receive as credit at closing an amount equal to the escrow funds held by the mortgagee, which funds shalt thereupon be transferred to the Buyer. f O. SPECIAL ASSESSMENT LIENS: Certified, confirmed and ratified special assessment liens as of the date of closing (and not as of the date of this Contract) are to be paid by the Setter. Pending liens as of the date of closing shall be assumed by the Buyer. ~ ~ P. RISK OF LOSS: If the improvements are damaged by fire or other casualty before delivery of the deed and can be } restored to substantially the same condition as now existing within a period of sixty (60) days thereafter, Seller may ` restore the improvements and the closing date and date of delivery of possession hereinbefore provided shalt be extended accordingly. If Seller fails to do so, the Buyer shall have the option of (1) taking the property as is together i with insurance proceeds, if any, or (2) cancelling the Contract and all deposits wail be forthwith returned to the Buyer and the parties released of any further liability hereunder. O. MAINTENANr'E: Between the date of the Contract and the date of closing. the property. including lawn, shrub- r.~ry FrA,~ I ~ • ~ .~-'t be maintained by the Seller In the condition as it existed as of the date of the Contract, t ordina,y w~,., roar axccNlsJ. IZ, ESCROW DF PROCEEDS OF LE AND CLOSING PRO EDURE: The deed shall a recorded and eviden a of the title continued at Buyer's ex nse, to show title in Buy ,without any encumbr ces or changes which Quid render Seller's title unmarketab ,from the date of the la evidence and the cash oceeds of sale shall b eld in y escrow by Seller's attorney or y such other escrow age as may be mutually agr d upon for a period of t longer j Shan ten (t0) days. tf SeNer's le is rendered unmarketa e, Buyer's attorney shall ithin said ten (10) day pe od, not,ly OC Seller or Seller's attorney ' writing of the defect, a Seller shall have thirty 0) days from date of rec ,pt of such ~ j . ~~~notice to cure said defe . In the event Seller fails t imely cure said defect, monies paid hereunder b Buyer shall, OC ~ upon written demand erefor, and within five (5) ays thereafter, be return to Buyer and, simultane sly with sr,ch ~ repayment, Buyers 11 vacate the premises a reconvey the property i uestipn to the Seller by ecial Vlarranly -o Deed. to the even uyer tails to make time demand for refund. he s all take title Js is, waivin II rights against Seller as to suc ntervening defect excep uch rights as may be avi ble to Buyer by virtue of w rranties contained ~ 3 •n deed. In th vent the transaction is consummated because an uncorrected or unwaiv d defect in title, the Seller will b deemed to have defaulte under this Contract. Poss sion and occupancy will b delivered to Buyer at time of ct in If Seller rovided E row Disbursement insur ce or if Buyer executes a sclosure and Consent ~ • ~ Stateme , th n disbursement of c sing proceeds shall be de to Seller immediately u n closing. The broker's profes oval service fee shall be sbursed simultaneously • h disbursement of Seller's osing proceeds. Payment shall a made in the form of U. .currency, cashier's chec certified check; unless in Ih event a portion of the pur- ~h a price is to be derived fr institr,tionat financing o refinancing, the requirement of the lending institution as ' t place, time, and procedur for closing and for disb sement of mortgage~procee shalt control, anything ,n this nlract to the contrary no ilhstanding. J - - a~ox 331 Pi~~f 2381 . - - 7 -