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Form Simplicity
<br />9/2/20, 4:38 PM
<br />53 ("CPPB Requirements"), it 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 />F6. (a) N Buyer will pay cash for the Property with no financing contingency.
<br />5
<br />57* (b) El This contract Is contingent on Buyer qualifying for and obtaining the commitment(s) or approval(s) specified
<br />W 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 it left blank) and will timely provide any and all credit, employment, financial, and
<br />61 other information required by the lender, It 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 />63 returned.
<br />64 (1) 0 Now Financing: Buyer will secure a commitment for new third party financing for
<br />65* or —% of the purchase price at (Check one) El a fixed rate not exceeding 0 an
<br />66° adjustable interest rate not exceeding —% at origination (a fixed rate at the prevailing interest rate
<br />67 based an Buyer's creditworthiness if neither choice is selected). Buyer will keep Seller and Broker fully
<br />68 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 D first 0 second purchase money note and mortgage to
<br />71 * Seller In the amount of bearing annual interest at ----210 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 creditworthiness for the
<br />80 financing. Seller will, within 10 days after Effective Date, give Buyer written notice of whether or not Seiler
<br />81 will make the loan,
<br />82* (3) F] 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 />85* $— per month, including principal, Interest, El taxes and insurance, and having a
<br />86* 13 fixed El other (describe)
<br />87* interest rate of which (: J will n 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, falling
<br />91 which this contract will terminate; and Buyer's deposit(s) will be returned. If the lender disapproves Buyer,
<br />92 this contract will terminate; and Buyers 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, 0 may assign but not be released from liability under this contract, or X may not assign this contract.
<br />95* B. Title: Seller has the legal capacity to and will convey marketable title to the Property by 0 statutory warranty
<br />W deed Especial warranty deed EJ 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 0 Buyer's expense and
<br />105* (Check one) 0 within — days after Effective Date 9 at least days before Closing Date,
<br />106 (Check one)
<br />107• (1) Y a title insurance commitment by a Florida licensed title insurer setting forth those matters to be
<br />108 discharged by Seller at or before closing and, upon Buyer recording the deed, an owner's policy in the
<br />Buyer and Sellef(a—) acknowledge receipt of a copy of this page, which is 2 of 8 pages.
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<br />VAO 02020,Ffodda Roaltorsl�
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<br />Simplicity
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