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Form Simplicity 7/3/19, 2:38 PM
<br />108- (2) Elan abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an
<br />109 existing firm. However, if such an abstract is not available to Seller, then a prior owner's title policy
<br />110 acceptable to the proposed insurer as a base for reissuance of coverage may be used. The prior policy
<br />111 will include copies of all policy exceptions and an update in a format acceptable to Buyer from the policy
<br />112 effective date and certified to Buyer or Buyer's closing agent together with copies of all documents
<br />113 recited in the prior policy and in the update. If such an abstract or prior policy is not available to Seller,
<br />114 then (1) above will be the title evidence.
<br />115• (b) Title Examination: After receipt of the title evidence, Buyer will, within 10 days (10 days if left blank)
<br />116 but no later than Closing Date, deliver written notice to Seller of title defects. Title will be deemed acceptable
<br />117 to Buyer if (i) Buyer fails to deliver proper notice of defects or (ii) Buyer delivers proper written notice and
<br />118• Seller cures the defects within 30 days (30 days if left blank) ("Cure Period") after receipt of the notice. If
<br />119 the defects are cured within the Cure Period, closing will occur within 10 days after receipt by Buyer of notice
<br />120 of such cure. Seller may elect not to cure defects if Seller reasonably believes any defect cannot be cured
<br />121 within the Cure Period. If the defects are not cured within the Cure Period, Buyer will have 10 days after
<br />122 receipt of notice of Seller's inability to cure the defects to elect whether to terminate this contract or accept
<br />123 title subject to existing defects and close the transaction without reduction in purchase price.
<br />124 (c) Survey: Buyer may, at Buyer's expense, have the Property surveyed and must deliver written notice to
<br />125 Seller, within 5 days after receiving survey but not later than 5 days before Closing Date, of any
<br />126 encroachments on the Properly, encroachments by the Property's improvements on other lands, or deed
<br />127 restriction or zoning violations. Any such encroachment or violation will be treated in the same manner as a
<br />128 title defect and Seller's
<br />�and
<br />.�Buyer's obligations
<br />p�will
<br />be determined in accordance with Paragraph 7(b).
<br />129 (d)#1 +x�C7�flJi I I)l/C)l1CJlY�i: ' i1XyIR�i�
<br />130 S. Property Condition: Seller will deliver the Property to Buyer at closing in its present "as is" condition, with
<br />131 conditions resulting from Buyer's Inspections and casualty damage, if any, excepted. Seller will not engage in or
<br />132 permit any activity that would materially alter the Property's condition without the Buyer's prior written consent.
<br />133 (a) Inspections: (Check (1) or (2))
<br />134- (1) X Feasibility Study: Buyer will, at Buyer's expense and within 30 days (30 days if left blank)
<br />135 ("Feasibility Study Period") after Effective Date and in Buyer's sole and absolute discretion, determine
<br />136 whether the Property is suitable for Buyer's intended use. During the Feasibility Study Period, Buyer
<br />137 may conduct a Phase 1 environmental assessment and any other tests, analyses, surveys, and
<br />138 investigations ("Inspections") that Buyer deems necessary to determine to Buyer's satisfaction the
<br />139 Property's engineering, architectural, and environmental properties; zoning and zoning restrictions;
<br />140 subdivision statutes; soil and grade; availability of access to public roads, water, and other utilities;
<br />141 consistency with local, state, and regional growth management plans; availability of permits, government
<br />142 approvals, and licenses; and other inspections that Buyer deems appropriate. If the Property must be
<br />143 rezoned, Buyer will obtain the rezoning from the appropriate government agencies. Seller will sign all
<br />144 documents Buyer is required to file in connection with development or rezoning approvals. Seller gives
<br />145 Buyer, its agents, contractors, and assigns, the right to enter the Property at any time during the
<br />146 Feasibility Study Period for the purpose of conducting Inspections, provided, however, that Buyer, its
<br />147 agents, contractors, and assigns enter the Property and conduct Inspections at their own risk. Buyer will
<br />148 indemnify and hold Seller harmless from losses, damages, costs, claims, and expenses of any nature,
<br />149 including attorneys' fees, expenses, and liability incurred in application for rezoning or related
<br />150 proceedings, and from liability to any person, arising from the conduct of any and all Inspections or any
<br />151 work authorized by Buyer. Buyer will not engage in any activity that could result in a construction lien
<br />152 being filed against the Property without Seller's prior written consent. If this transaction does not close,
<br />153 Buyer will, at Buyer's expense, (i) repair all damages to the Property resulting from the Inspections and
<br />154 return the Property to the condition it was in before conducting the Inspections and (ii) release to Seller
<br />155 all reports and other work generated as a result of the Inspections.
<br />156 Before expiration of the Feasibility Study Period, Buyer must deliver written notice to Seller of Buyer's
<br />157 determination of whether or not the Property is acceptable. Buyer's failure to comply with this notice
<br />158 requirement will constitute acceptance of the Property as suitable for Buyer's intended use in its "as is"
<br />159 condition. If the Property is unacceptable to Buyer and written notice of this fact is timely delivered to
<br />160 Seller, this contract will be deemed terminated, and Buyer's deposit(s) will be returned.
<br />161- (2) ❑No Feasibility Study: Buyer is satisfied that the Property is suitable for Buyer's purposes, including
<br />162 being satisfied that either public sewerage and water are available to the Property or the Property will be
<br />163 approved for the,, {{installation of a well and/or private sewerage disposal system and that existing zoning
<br />Buyer�� {) and Seller (�Jj ( ) acknowledge receipt of a copy of this page, which is 3 of 7 pages.
<br />VAC -11 /17 Cc 2017 Florida Realtors
<br />Serial#: 015849.200156-2179010 Form
<br />Simplicity
<br />https://forms.fIoridarealtors.org/users/renderpdfviewer Page 3 of 7
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