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Form Simplicity
<br />9/3/20, 8:59 AM
<br />53 ("CFPB Requirements"), if applicable, then Closing Date shall be extended for such period necessary to satisfy
<br />54 CFPB Requirements, provided such period shall not exceed 10 days.
<br />65 6. Financing: (Check as applicable)
<br />%. (a) F1 Buyer will pay cash for the Property with no financing contingency.
<br />57' (b) 0 This contract is contingent on Buyer qualifying for and obtaining the commitment(s) or approval(s) specified
<br />58. below ("Financing") within — days after Effective Date (Closing Date or 30 days after Effective Date,
<br />59* whichever occurs first, if left blank) ("Financing Period"). Buyer will apply for Financing within — days
<br />60 after Effective Date (5 days If left blank) and will timely provide any and all credit, employment, financial, and
<br />61 other information required by the lender, If Buyer, after using diligence and good faith, cannot obtain the
<br />62 Financing within the Financing Period, either party may terminate this contract and Buyer's deposit(s) will be
<br />613 returned.
<br />64- (1) El New Financing: Buyer will secure a commitment for new third party financing for
<br />W or of the purchase price at (Check one) EJ a fixed rate not exceeding an
<br />Co. adjustable interest rate not exceeding at origination (a fixed rate at the prevailing interest rate
<br />67 based on Buyer's creditworthiness it neither choice is selected). Buyer will keep Seller and Broker fully
<br />W informed of the loan application status and progress and authorizes the lender or mortgage broker to
<br />69 disclose all such information to Seller and Broker.
<br />70- (2) El Seller Financing: Buyer will execute a Cl first 0 second purchase money note and mortgage to
<br />71 * Seller in the amount of $—, bearing annual interest at and payable as follows:
<br />72-
<br />73 The mortgage, note, and any security agreement will be in a form acceptable to Seller and will follow
<br />74 forms generally accepted in the county where the Property is located; will provide for a late payment fee
<br />75 and acceleration at the mortgagee's option if Buyer defaults; will give Buyer the right to prepay without
<br />76 penalty all or part of the principal at any time(s) with interest only to date of payment; will be due on
<br />77 conveyance or sale; will provide for release of contiguous parcels, if applicable; and will require Buyer to
<br />78 keep liability insurance on the Property, with Seller as additional named insured. Buyer authorizes Seller
<br />79 to obtain credit, employment, and other necessary information to determine creciftworthiness for the
<br />W financing. Seller will, within 10 days after Effective Date, give Buyer written notice of whether or not Seller
<br />81 will make the loan.
<br />82* (3) n Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to
<br />83'
<br />84* LN#— in the approximate amount of $— currently payable at
<br />as* $— per month, including principal, interest, 1:1 taxes and insurance, and having a
<br />86' 171 fixed Oother (describe)
<br />87* interest rate of _—_% which F I will El will not escalate upon assumption. Any variance in the mortgage
<br />88 will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase
<br />89. Seller's escrow account dollar for dollar. If the interest rate upon transfer exceeds —% or the
<br />90* assumption/transfer fee exceeds $_, either party may elect to pay the excess, failing
<br />91 which this contract will terminate; and Buyer's deposit(s) will be returned. If the tender disapproves Buyer,
<br />92 this contract will terminate; and Buyer's deposit(s) will be returned.
<br />93* 7. Assignability- (Check one) Buyer 0 may assign and thereby be released from any further liability under this
<br />94* contract, 1:1 may assign but not be released from liability under this contract, or 0 may not assign this contract.
<br />95* 8. Title: Seller has the legal capacity to and will convey marketable title to the Property by EJ statutory warranty
<br />96* deed 9 special warranty deed El other (specify) , free of liens, easements,
<br />97 and encumbrances of record or known to Seller, but subject to property taxes for the year of closing; covenants,
<br />98 restrictions, and public utility easements of record; existing zoning and governmental regulations; and (list any
<br />99^ other matters to which title will be subject)
<br />100 provided there exists at closing no violation of the foregoing.
<br />101 (a) Title Evidence: The party who pays for the owner's title insurance policy will select the closing agent and pay
<br />102 for the title search, including tax and lien search (including municipal lien search) if performed, and all other
<br />103 fees charged by closing agent. Seller will deliver to Buyer, at
<br />104* (Check one) X Seller's D Buyer's expense and
<br />1105* (Check one) 0 within — days after Effective Date X at least days before Closing Date,
<br />106 (Check one)
<br />107* (1) ®R a title insurance commitment by a Florida licensed title insurer setting forth those matters to be
<br />108 discharged by4S, le a, or before closing and, upon Buyer recording the deed, an owner's policy in the
<br />Buyer (--J and Selle acknowledge receipt of a copy of this page, which is 2 of 8 pages.
<br />VAC -13 v 2M
<br />C2020 Florida Realtors"
<br />SeNW: 07080-1 69^9137917 0 l, M
<br />sire [;,ity
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