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until Buyer has delivered written notice as set forth in Paragraph 5.2., herein, that Buyer has
<br />elected to purchase the property. Seller represents that the Property is part of a mobile
<br />home park, and that no homeowners association has been formed pursuant to Chapter 723,
<br />Florida Statutes, in connection with the Property. Seller will record the affidavit required
<br />under Fla. Stat. § 723.072. Seller shall remove all personal property, debris or trash at least 5
<br />days prior to Closing. Seller shall have all utilities, including water and electric, for the
<br />Property turned off and disconnected with all accounts paid in full prior to Closing. It shall
<br />be the sole responsibility of the Seller to comply with all requirements inclusive of
<br />administrative rules and Florida law applicable for the notification of tenants, other parties,
<br />and any regulatory authority regarding the sale of the described property.
<br />5.2. Inspection Period. Buyer shall have 45 days from the Effective Date (herein the
<br />"Inspection Period") in which to conduct an investigation of the Property, including, by way of
<br />illustration and not in limitation and subject to Section 4.16: inspections as to the physical condition
<br />of the Property, investigate the availability of utilities, status of zoning or ability to rezone, zoning
<br />codes, building codes, physical condition and any other condition or characteristic of the Property
<br />which Buyer may deem necessary or relevant to Buyer in purchasing the Property. Should Buyer for
<br />any reason become dissatisfied or concerned with the result of any such investigation, search, inquiry
<br />or report as contemplated hereby, then Buyer may, prior to the expiration of the Inspection Period,
<br />terminate this Contract by written notice thereof to Seller. Notwithstanding anything to the contrary
<br />contained herein, if Buyer has not terminated this Contract by written notice delivered to Seller prior
<br />to Closing, then the Deposit (if any) shall be applicable to the Purchase Price but non-refundable,
<br />other than pursuant to Section 5.1 hereof, except in the event of a default by Seller hereunder.
<br />5.3. Delivery of Materials. Within five (5) days after the Effective Date of this Contract,
<br />Seller shall deliver to Buyer copies of all existing studies, tests, environmental audits, soil borings
<br />results, surveys, site plans, reports, plans, permits, petitions, warranties, applications, certificates,
<br />reservations, agreements, development orders, approvals, maps, aerials and related materials in its
<br />possession relating to the Property.
<br />5.4. Brokerage. The Buyer hereby represents that it has engaged The Triece Company
<br />("Buyer's Broker") with respect to the transaction contemplated herein, and agrees to pay a brokerage
<br />fee to the Buyer's Broker in the amount of 2% of the Purchase Price. Seller represents that it has not
<br />dealt with or engaged a broker with respect to this transaction. Each party hereby agrees to indemnify
<br />the other from and against any claim for brokerage commission or finder's fee asserted by any other
<br />person, firm or corporation claiming by, through or under said party, with the exception of the Buyer's
<br />Broker.
<br />5.5. Seller Warranties. During the period that this Contract is in effect, Seller shall
<br />maintain the Property in its current condition, reasonable wear and tear excepted.
<br />5.6. Seller Not to Convey. Seller shall not convey any interest in the Property after the
<br />signing of this Contract without the prior joinder and written consent of the Buyer.
<br />5.7. Extensions of Closing Date. Either party shall have the right to exercise one sixty
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