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STANDARDS FOR REAL ESTATE TRANSACTIONS
E V IDENCE OF TITLE: (1) An abstract of title prepared or brought current by a reputable and existing abstract firm ~if not existing then certiiied as correct
t,y an existing firm? purpo!ting to be an accurate sY~opsis ot the instruments affecting title to the Property recorded in the public records of the county wherein the
?ru~erty is located, thtough Effective Date and which shall comme~ce with the earliest public records, or such later date as may 6e customary in ihe county. Seller
;hall convay a marketable title, subject only to liens, entumbrances, exteptions or qualifications set forth in this Contract and those which shatl be diuharged by
Selfar at or befora closing. Marketabte title shall be determined accordin9 to applicable Title Standards adopted by authority o! The Florida Bar and in accordance
;:iih Iaw. Upo~ closing of this transaction the abstract shall become the property of Buyer, subject to the ~ight oi retention thereof by first mortgagee until fully
uaid: or 12) a title insurance commitment issued by a Ftorida licensed title insuror a9reeing to iuue to 8uyer, upon recording of the de2d to Buyer, an owner's
pol~cy of titte insurance in the amount of the purchase priCe, insuring Buyet's title to the Property, subject only to iiens, encumbrances, exceptions or qualitications
set forth in this Contract and those which sriall be d;scharged by Seller at or before closing. Buyer shall have 30 days, if abstract, or 5 days, if title commitment,
frorn date of teceiving evidence of title to examine same. It title is found defective, 8uyer shall within three (31 days thereaiter, notify Seller in writing specifying
uefectfsl. tf said defectls) render title unmarketable, as to item (1) hereinaUove or uninsurable as to item (Z1, Selter will have 120days irom receipt ot notice within
titi•hich to remove said detectfsl, and if $eller is unwccessful in removing them within said time, Buyer shall have the option ot either accepi+ng the titte as it then is,
or demanding a refund of all monies paid hereunder which shall forthwith be returned to Buyer and thereupon Buyer and Seller shall be reteased, as to one another,
of aI! further obligations under this Co~tract; however, Selter a9rees that Seller will, if title is found to be unmarketable or uninsurable, use diligent effort to correct
the defectls) in title within the time provided therefor, including the bringing of ~ecessary suits. If a tiile po~icy is being furnished, Buyer has the right to require the
Selfer to delivzr an owner's marketability title p~iicy provided Buyer pays any additional charges and makes request iherefor within seven (7) days after Eifective
Date.
B. PURCHASE MOIVEY MORTGAGE; SECURITY AGREEMENT; TO SELLER: The purchase money note and mortgage, it any, shall provide for a 30 day
grace period in the event of default if it is a fir;t mortgage and a 15 day grace period if a second o? ~esser mortgage; shall provide for right of prepayment in whole or
~n part without penalty; shall not permit acceleration or inierest adjustment in event of resate of the Property; and the mortgage, note and security agreement shall
be otherwise in form and content required by Se{ler's attorney; provided, however, Seller may only require ctauses Customarily found in mo?tgages, mortgage notes,
and secunty agreements generally util;zed by savings and loan institutions, or state or national banks located in the county wherein the Property is located. The
mortoage shall requi~e all prior Gens and encumbrances to be kept in good standing and forbld modificateons of or future advances under prior mortgage(s). All
Personalty being conveyed wili, at option of Seller, be subject to the lie~ of a secur~ty agreement and evidenced by recorded financing statements.
C. SUFiVEY: Buyer, at 8uyer's expense, withi~ time allowed for delivery oi evidence of title and examination thereof, may have the Property surveyed and
certified by a registerad Florida surveyor. If the survey shows any encroachme~t on the P~operty or that improvements intended to be tocated on the Aroperty in
fact encroach oR setback lines, easements, lands oi others, or violate any restrictions, Contract covenants or applicable governmental r2gulations, the same shaH be
treated as a title defect.
D. TERMITES: Buyer, at Buyer's expense, withln time allowed to det r evidence of tiile and examination thereof, may have the Property inspected by a
F Iorida Certified Pest Control Uperator to determ~ne whether there is any vislble active termite infestatiort or visible exisUng damage trom termite intestation in the
~mprovements. tf Buyer is informed of either or boih of the foregoing, Buyer w~tl have four (41 days from date of written notite ihereof or two 12) days after
selection of a cdntractor, whichever occurs first, withi~ which to have alI damages, whether visible or not, inspected and estimated by a licensed building or general
contractor. Seller shall pay valid costs of creatment and repair of all damage up to 2% of purchase price. Should such costs exceed that amount, Buyer shall have
the option of canceHing Contract within five (5) days after receipt of coni~actor's repair estimate by giving written notice to Seller or Buyer may elect to proceed
tivith the transaction, in which event Buyer shall reteive a credit at closing of an amouni equal to the total of the ireatment and repair estimaie not in excess of
tK•o 12%) percent of the purchase Rrice. "Termites" shall be deemed to include all wood destroying orga~isms required to be reported under the Florida Pest Control
Act.
E. INGRESS rafdD EGRESS: Seller warrants that ;here is mgress and egress to the Property sufficient for the iniended use as described in Paragreph VII hereof,
t~tte to whrch is in accordance with Standard A.
F. LEASES: Seller shail, not iess than 15 days prior to ctos~ng, furnish to Buyer copies of ali written feases and estoppe! leiters from each tenant specifying the
n~ture ard duration of the tenanYs occupancy, rental rates, advanced rent and security deposits paid by tenant. In the event Seller is unable to obtain wch letter
from each tenant, the same information shall ba f~rnished by Seller to Buyer within said time period in the form of a Seller's affidavit, and Buyer may thereafter
contatt tenants tp confirm such information. 5eller shail, at closing, deliver and assign ali original leases to Buyer.
G. LIENS: Selter shall, boih as to the Propsrty and Personalty being sold hereunder, turnish to Buyer at time of closing a~ atfidavit attesting to the absence,
unless atherwise provided for herein, of any linancing statements, claims of lien or potentia! lienors known to Sellar and iurther attesting that there have been no
improvemertts or repairs to the Property for 90 days immediately preceding date of closing. tf the Property has been improved, or repaired within said time, Seller
shall deliver releases or waivers ot mechanic's liens, executed by all general contractors, subcontractors, suppliers, and materialmen, in addition to Seller's lien
atfidavit setting forth the names at a~l such general contractors, subcontractors, supptiers and materialmen a~d further reciting lhat in fact all bills for work to the
Proparty or Pursonalty whYch ~ould serve as a basis for a mechanic's 1~en or a claim for damages have been pa+d or will be paid at closing.
H. P~ACE OF CIOSlNG_ C~osing shalt be held in county wherein Prop?~ty ~s ~ocated, at the offiee of the attorney or other ctosing agent des~gnated by Se11er.
1. TfME: Time ~s of the euence of this Contract. Any reference herein to time periodsof less than six (6ldayssha(I i~ thecomputation thereof exclude Saturdays,
Sundays and legal holidays, end any time period pravided fo+ herein which shali end on a Saturday, Sunday or leyal holiday shalt extend Lo 5:00 p.m. ot the naxt
full business day.
J. D~CUMENTS FOR CIOSING 5e~ier shati fum~sh dee~J, b;lt of sale, mechanic's lien atfidavit, ass~gnments of leases, and any corrective instruments that may
b@ required in Cunnection ~v+th perfecting the tit~e. Buyer shal( furnis~ tlosinq staiement, mortgage, mortgage note, security agreeme~t, artd financing Statements.
K. EXPENSES: State documentary stamps which are requ~red to be affized to the instrament ot conveyance, intangible tax on and recording of purchase
money mortgage to Seller, and cost ot recording any corrective instrume~ts shall be paid by Selter. Documentary siamps to be af ' ed to the pur aney
mortgage, cost of rewrding the deed and tinanci~g itatements shell be paid by Buyer. Q R 5~ pa~f ~ ~
BOOK
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