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Form Simplicity
<br />STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED
<br />6/15/18,10:24 AM
<br />383 deliver written notice to Seller: (a) extending Cure Period for a specified period not to exceed 120 days within which
<br />384 Seller shall continue to use reasonable diligent effort to remove or cure the defects ("Extended Cure Period"); or
<br />385 (b) electing to accept title with existing defects and close this Contract on Closing Date (or if Closing Date has
<br />386 passed, within the earlier of 10 days after end of Extended Cure Period or Buyer's receipt of Seller's notice), or (c)
<br />397 electing to terminate this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all
<br />388 further obligations under this Contract. It after reasonable diligent effort, Seller is unable to timely cure defects, and
<br />389 Buyer does not waive the defects, this Contract shall terminate, and Buyer shall receive a refund of the Deposit,
<br />390 thereby releasing Buyer and Seller from all further obligations under this Contract.
<br />391 B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon
<br />392 encroach on setback lines, easements, or lands of others, or violate any restrictions, covenants, or applicable
<br />393 governmental regulations described in STANDARD A (i)(a), (b) or (d) above, Buyer shall deliver written notice of
<br />394 such matters, together with a copy of Survey, to Seller within 5 days after Buyer's receipt of Survey, but no later
<br />395 than Closing. If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice and
<br />396 Survey shall constitute a title defect, subject to cure obligations of STANDARD A above. If Seller has delivered a
<br />397 prior survey, Seller shall, at Buyer's request, execute an affidavit of "no change" to the Real Property since the
<br />398 preparation of such prior survey, to the extent the affirmations therein are true and correct.
<br />399 C. INGRESS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to
<br />400 the Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of access.
<br />401 D. LEASE INFORMATION: Seller shall, at least 10 days prior to Closing, furnish to Buyer estoppel letters from
<br />402 tenant(s)/occupant(s) specifying nature and duration of occupancy, rental rates, advanced rent and security
<br />403 deposits paid by tenant(s) or occupant(s)("Estoppel Letters)"). It Seller is unable to obtain such Estoppel Letter(s)
<br />404 the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller's affidavit
<br />405 and Buyer may thereafter contact tenant(s) or occupant(s) to confirm such information. If Estoppel Letter(s) or
<br />406 Seller's affidavit, if any, differ materially from Seller's representations and lease(s) provided pursuant to Paragraph
<br />407 6, or if tenant(s)/occupant(s) fail or refuse to confirm Seller's affidavit, Buyer may deliver written notice to Seller
<br />408 within 5 days after receipt of such information, but no later than 5 days prior to Closing Date, terminating this
<br />409 Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all further obligations under
<br />410 this Contract. Seller shall, at Closing, deliver and assign all leases to Buyer who shall assume Seller's obligations
<br />411 thereunder.
<br />412 E. LIENS: Seller shall furnish to Buyer at Closing an affidavit attesting (i) to the absence of any financing
<br />413 statement, claims of lien or potential lienors known to Seller and (ii) that there have been no improvements or
<br />414 repairs to the Real Property for 90 days immediately preceding Closing Date. If the Real Property has been
<br />415 improved or repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all
<br />416 general contractors, subcontractors, suppliers and materialmen in addition to Seller's lien affidavit setting forth
<br />4t7 names of all such general contractors, subcontractors, suppliers and materialmen, further affirming that all charges
<br />418 for improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been
<br />419 paid or will be paid at Closing.
<br />420 F. TIME: Calendar days shall be used in computing time periods. Time Is of the essence In this Contract. Other
<br />421 than time for acceptance and Effective Date as set forth in Paragraph 3, any time periods provided for or dates
<br />422 specified in this Contract, whether preprinted, handwritten, typewritten or inserted herein, which shall and or occur
<br />423 on a Saturday, Sunday, or a national legal holiday (see 5 U.S.C. 6103) shall extend to 5:00 p.m. (where the Property
<br />424 is located) of the next business day.
<br />425 G. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be
<br />426 liable to each other for damages so long as performance or non-performance of the obligation, or the availability of
<br />427 services, insurance or required approvals essential to Closing, is disrupted, delayed, caused or prevented by Force
<br />426 Majeure. "Force Majeure" means: hurricanes, floods, extreme weather, earthquakes, fire, or other acts of God,
<br />429 unusual transportation delays, or wars, insurrections, or acts of terrorism, which, by exercise of reasonable diligent
<br />430 effort, the non-performing party is unable in whole or in part to prevent or overcome. All time periods, including
<br />431 Closing Date, will be extended a reasonable time up to 7 days after the Force Majeure no longer prevents
<br />432 performance under this Contract, provided, however, if such Force Majeure continues to prevent performance under
<br />433 this Contract more than 30 days beyond Closing Date, then either party may terminate this Contract by delivering
<br />434 written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all
<br />435 further obligations under this Contract.
<br />436 H. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's,
<br />437 personal representative's, or guardian's deed, as appropriate to the status of Seller, subject only to matters
<br />438 described in STANDARD A and those accepted by Buyer. Personal Property shall, at request of Buyer, be
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<br />Buyer's Initials �C� Page 8 of 12 Seller's Initials
<br />FloridaRealtom/Florid(;Bar-ASIS-5 Rev.4/17 ® 2017 Florida Realtow and The Florida Bar. All rights reserved.
<br />Serial#: 009084.4001524072654
<br />http://forms.floridarealtors.org/users/renderpdfvlewer Page 8 of 12
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