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Form Simplicity
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<br />274 consents, or other documents necessary for Buyer to conduct inspections and have estimates of such repairs
<br />276 or work prepared, but in fulfilling such obligation, Seller shall not be required to expend, or become obligated to
<br />276 expend, any money.
<br />277 (d) ASSIGNMENT OF REPAIR AND TREATMENT CONTRACTS AND WARRANTIES: At Buyer's option and
<br />278 cost, Seller will, at Closing, assign all assignable repair, treatment and maintenance contracts and warranties
<br />279 to Buyer.
<br />280 ESCROW AGENT AND BROKER
<br />281 13. ESCROW AGENT: Any Closing Agent or Escrow Agent (collectively "Agent") receiving the Deposit, other funds
<br />282 and other items is authorized, and agrees by acceptance of them, to deposit them promptly, hold same in escrow
<br />283 within the State of Florida and, subject to COLLECTION, disburse them in accordance with terms and conditions
<br />284 of this Contract. Failure of funds to become COLLECTED shall not excuse Buyer's performance. When conflicting
<br />285 demands for the Deposit are received, or Agent has a good faith doubt as to entitlement to the Deposit, Agent may
<br />286 take such actions permitted by this Paragraph 13, as Agent deems advisable. If in doubt as to Agent's duties or
<br />287 liabilities under this Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow until
<br />288 the parties agree to its disbursement or until a final judgment of a court of competent jurisdiction shall determine
<br />289 the rights of the parties, or Agent may deposit same with the clerk of the circuit court having jurisdiction of the
<br />290 dispute. An attorney who represents a parry and also acts as Agent may represent such parry in such action. Upon
<br />291 notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, except to the
<br />292 extent of accounting for any items previously delivered out of escrow. If a licensed real estate broker, Agent will
<br />293 comply with provisions of Chapter 475, F.S., as amended and FREC rules to timely resolve escrow disputes through
<br />294 mediation, arbitration, interpleader or an escrow disbursement order.
<br />295 In any proceeding between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder,
<br />296 or in any proceeding where Agent interpleads the subject matter of the escrow, Agent shall recover reasonable
<br />297 attorney's fees and costs incurred, to be paid pursuant to court order out of the escrowed funds or equivalent. Agent
<br />298 shall not be liable to any party or person for mis-delivery of any escrowed items, unless such mis-delivery is due to
<br />299 Agent's willful breach of this Contract or Agent's gross negligence. This Paragraph 13 shall survive Closing or
<br />300 termination of this Contract.
<br />301 14. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verify Property condition,
<br />302 square footage, and all other facts and representations made pursuant to this Contract and to consult appropriate
<br />303 professionals for legal, tax, environmental, and other specialized advice concerning matters affecting the Property
<br />304 and the transaction contemplated by this Contract. Broker represents to Buyer that Broker does not reside on the
<br />305 Property and that all representations (oral, written or otherwise) by Broker are based on Seller representations or
<br />306 public records. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND
<br />307 GOVERNMENTAL AGENCIES FOR VERIFICATION OF PROPERTY CONDITION, SQUARE FOOTAGE AND
<br />308 FACTS THAT MATERIALLY AFFECT PROPERTY VALUE AND NOT ON THE REPRESENTATIONS (ORAL,
<br />309 WRITTEN OR OTHERWISE) OF BROKER. Buyer and Seller (individually, the "Indemnifying Party") each
<br />310 individually indemnifies, holds harmless, and releases Broker and Broker's officers, directors, agents and
<br />311 employees from all liability for loss or damage, including all costs and expenses, and reasonable attorney's fees at
<br />312 all levels, suffered or incurred by Broker and Broker's officers, directors, agents and employees in connection with
<br />313 or arising from claims, demands or causes of action instituted by Buyer or Seller based on: (i) inaccuracy of
<br />314 information provided by the Indemnifying Parry or from public records; (ii) Indemnifying Party's misstatement(s) or
<br />315 failure to perform contractual obligations; (iii) Broker's performance, at Indemnifying Party's request, of any task
<br />316 beyond the scope of services regulated by Chapter 475, F.S., as amended, including Broker's referral,
<br />317 recommendation or retention of any vendor for, or on behalf of, Indemnifying Party; (iv) products or services
<br />318 provided by any such vendor for, or on behalf of, Indemnifying Party; and (v) expenses incurred by any such vendor.
<br />319 Buyer and Seller each assumes full responsibility for selecting and compensating their respective vendors and
<br />320 paying their other costs under this Contract whether or not this transaction closes. This Paragraph 14 will not relieve
<br />321 Broker of statutory obligations under Chapter 475, F.S., as amended. For purposes of this Paragraph 14, Broker
<br />322 will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination of this Contract.
<br />323 DEFAULT AND DISPUTE RESOLUTION
<br />324 15. DEFAULT:
<br />325 (a) BUYER DEFAULT: If Buyer fails, neglects or refuses to perform Buyer's obligations under this Contract,
<br />326 including payment of the Deposit, within the time(s) specified, Seller may elect to recover and retain the Deposit
<br />327 for the account of Seller as agreed upon liquidated damages, consideration for execution of this Contract, and
<br />328 in full settlement of any claims, whereupon Buyer and Seller shall be relieved from all further obligations under
<br />Buyer's Initials Page 6 of 12 Seller's Initials
<br />FloridaRealtors/Flori r -ASIS -5 Rev.4/17 ® 2017 Florida Realtorsm and The Florida Bar. All rights reserved.
<br />serial#: 009084.400182.902654
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