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Home My WebLink About2714G. INSURANCE: The premium an any hatard insurance poi~cy ~n tarce cove~ing ~mprovements on tM subject property. shall be ~xorated between the pa~tiNS, or tha ~wl~cy may Ix~ caiN:elled as U~e Buyer may etect. 11 insurance is to be prorated the Selle~ shall. on o- betore closing date, furnish to tl~ Buyer all msurance ~wlicies or cop~es thereat. H. LEASES: The Selle~ sliall, p~ior to clos~ng, lu~msh to Buye~ co~~~rs ol all w.itten Ieases ar~d esto~~~~el letters irom each te~~ant speeifying the nature a~~d du~at~on ot sa~d tenanl's occu~~ancy, ~ental ~ate, adva~ce ~ents o~ security dr~~osits pa~d by tenant. In the event Seper is unable to obta~~~ sa~~! ~Kto~qk~l ktte~s lean h~eants, tt~c ss:~ar inlormation n~ay t~: furn~shed by Seiier to Suyer in the form of a Selle~'s attidavit. 1. MECHANICS LIENS: Selle~ shall furnish to the 8uyer at t~me of clos~ng an affidavit attesting to the absenoe of any claims of lie~ or potentia) lienors known to the Seller m~d further attesting that there have been no im~xovemenis to ihe subjeCt property io~ 90 days immediately p~ececl~ng the date oi closi~. It the pro~,erty has been im~oved within said time, the $eller shall detiver ~eleases or wawer ot all mechanics lie~s, executed by genera! contractors. sub~contractors, suppliers or material men. In addition to Seller's mechanic lien affidavit sett+ng forih the names ot all such general contracto~s, sub-contractors, supplie~s and material men and iurther -eciting that in fact all b~lls far work to the subject property wh~ch could serve as the basis for a mechanic's lien have been paid. J. PLACE OF CLOSING: Closing shafl be held at the office of the Buye~'s attorney if located within Broward County; if not. then at ihe otfice oi Selter's attorney. , K. DOCUMENTS FOR CIOSING_ Srller's atto~ney shall p~epare deed, matgage, matgage note, bilt of sale, aifidavit -egarding I~ens, and any corrective ~nstruments that may be required in connection with perfecti~g the title. Buyer's attorney will prepare closing staterr~nt. L. EXPENSES: State surtax and documentary stamps which are required to be atiixed to the instrument of conveyano~ the cost o: ~ecording any co~~ective instrume~-ts, mtang~ble personai property taxes and the cost oi recading the purehase money mortgage. ~f any, shall be paid by the Seller. Oceumentary stamps to be atfixed to the note or notes secured by the purchase money mortgage, ~f any, and lhe cost ot recordmg U~e deed shall be paid by the Buyer. M. PRORATION OF TAXES (REA~ ANU PERSONAU: Taxes shall be p-orated based un the current year's tax, if known. If ihe clos~ng oCCt~ri at a date wlM~n the cw rent yea~'s taxes are not t~xed, and the current yea~'s assr.ssment is available, taxes will be pro- rated based upon wch assessment and ihe priu~ year's millage. If the current year's assessment is not available. then taxes will be pra ~ated a~ the prior year's tax, prov~ded, however, ~f the~e are completed improvements on lhe subjett premises by January tst of the year ot clos~ng, ~vhich improvements were not in existance on January tst of the prior year, ihen the taxes shall be prorated to the date oi closing based upon the p~ior yeai's millage and at an equitable assessme~t to be a9reed upon between the parties, failing which. requests will be made to the county tax assessor ior a~ 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 tranzaction, be subsequently readjusted upon receipt ot tax bill and a statement to that eifect is to be set torth in the closing statement. All wch prorations whether based on actual tax or estimated tax will make apExopriate allowance fo~ the maximum altowable discount and tor homestead w other exempt- ~ons i( albwed tor Ihe current year. ~ N. PRORATIONS ANO ESCROW BALANCE: Taxes, hazard inw-ance, mortgage guarantee insurance, interest, utilities, rents and other expenses and revenue o1 said property shall be prorated as of date of closing. Seller shall receive as credit at elosing, an amount equal to lhc escrow fwxls held by the ~nortgagee, whiCh lunds shatl thereupon be t~ansferred to the Buyer. O. SPECIAL' ASSESSMENT LIENS: Certified, conf~rmed and ratified special assessment liens as of the date of closing (and not as ot the datt~ of ihis caitract) are to be paid by the Seller. Pending liens as oi the date of clos~ng shall be assumed by ihe Buyer_ P. RISK OF IOSS: If tlie ~mprovements are damaged by iire or other casualty before deliveiy of ti~e deed and can be restored to substantially the same conditio~ as now existing within a penod of sixty (60) days thereafter, Seller may restore the improveme~ts and the clos~nq date and date of drlivery of possession hereinbefore provided shall be extended accad~~gly. If $ellgr fails to do so, the Buy~~r shall have the opUon ot (1) taking the property as is together with insurance proceeds, it any, or (2) cancelling ihe euntract anci all de~~os~ts w~ll be forthwith returned lo the Buyer and the parties released oi any further liabil~ty hereunder. 0. MAINTENANCE: Between the date ot the contract and the date of closing, the property, including lawn, shrubt~ry and pool, ~t any, shall be n-aintained by the Seller i~ tt-e eondition as it existed as of thP date of the contract, ordinary wear and tear excepted. R. ESCROW OF PROCEEDS OF SALE ANO CLOSING PROCEDURE: The deed shall be recorded and evidence of title cont~n- ued at Buyer's expense, to show title in Buyer, without any encumbrances or changes which would render $eller's title unmarket- able, from "the date of the last evidence and the cash prooeeds of sate shall be held in escrow by Seller's attorney or by such othe~ ~~scrow agent as may be mutually agreed upon for a period ot not longer than ten (10) days. If Seller's title ~s rendered unmarket- able, Buyer's attorney shall, v+rithin said ten (10) day period, notify Seller or Seller's attwney in v-+riting of the defect, and Seller shall have thirty 130) days from date of receipt of such notice to cure said defect. In the event Seller fails to timely cure said defect, atl monies paid hereunder by Buyer shall, upon written demand therefor, and within five (5) days thereafter, be returned to Buyer and, simultaneously with sur.h repayment, Buyer shal{ vacate the premises and reconvey the property in question to the Seller by Special Warranty Deeci. In the event Buyer fails to make timely dcmand tor refund, he shall take title as is, waiving all rights against Seller as to such intervening detect except such -ights az may be available to Buyer by virtue of warranlies contained in deed. In the event the transaction is not consummated because oi an uncorrected o~ unwaived defect in title, the Seller will be deemed to have defaulted under this contract. Possession and occupancy will be delivered co Buyer at time of closing. If Selle- provided Escrow D~sbursement insurance or it Buyer executes a Disclosure and Consent Statement, ihen d~sbursement of closing proceeds shall be made to Sellef immediately upon closing. The bsoker's professional service tee shall be disbursed simultaneously with disbursement ot Seller's closing proceeds. Payment shalt be made in the form of cash, cashier's check, certified check w attaney's trust aocount check. In the event a portion of the purchase pr~ce ~s to br derived (rom institutionat financing or refinancing, the requirements of the lend~ng institution as to place, time and procedures for r,losing and tor d~sbursement of mortgage proceeds shall control, any- thing in this contraCt to the Contrary notwithstanding. ~ ~ ~ $ ~ ~ ~~- - d(li~ ~~ Pli5fz7~,~ ~ ~ ~