21-3233 - Approving Land Contract - Talia Alsawah - 176 S Winter Park Dr

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Form Simplicity 2/26/21, 12:06 PM 53 ("CFPB Requirements"), if applicable, then Closing Date shall be extended for such period necessary to satisfy 54 CFPB Requirements, provided such period shall not exceed 10 days. 55 6. Financing: (Check as applicable) 56* (a) Z Buyer will pay cash for the Property with no financing contingency. 57* (b) ❑ This contract is contingent on Buyer qualifying for and obtaining the commitment(s) or approval(s) specified 58* below ("Financing") within days after Effective Date (Closing Date or 30 days after Effective Date, 59* whichever occurs first, if left blank) ("Financing Period"). Buyer will apply for Financing within days 60 after Effective Date (5 days if left blank) and will timely provide any and all credit, employment, financial, and 61 other information required by the lender. If Buyer, after using diligence and good faith, cannot obtain the 62 Financing within the Financing Period, either party may terminate this contract and Buyer's deposit(s) will be 63 returned. 64* (1) ❑ New Financing: Buyer will secure a commitment for new third party financing for $ 65* or % of the purchase price at (Check one) ❑ a fixed rate not exceeding % ❑ an 66* adjustable interest rate not exceeding % at origination (a fixed rate at the prevailing interest rate 67 based on Buyer's creditworthiness if neither choice is selected). Buyer will keep Seller and Broker fully 68 informed of the loan application status and progress and authorizes the lender or mortgage broker to 69 disclose all such information to Seller and Broker. 70* (2) ❑ Seller Financing: Buyer will execute a ❑ first ❑ second purchase money note and mortgage to 71 * Seller in the amount of $ bearing annual interest at % and payable as follows: 72* 73 The mortgage, note, and any security agreement will be in a form acceptable to Seller and will follow 74 forms generally accepted in the county where the Property is located; will provide for a late payment fee 75 and acceleration at the mortgagee's option if Buyer defaults; will give Buyer the right to prepay without 76 penalty all or part of the principal at any time(s) with interest only to date of payment; will be due on 77 conveyance or sale; will provide for release of contiguous parcels, if applicable; and will require Buyer to 78 keep liability insurance on the Property, with Seller as additional named insured. Buyer authorizes Seller 79 to obtain credit, employment, and other necessary information to determine creditworthiness for the 80 financing. Seller will, within 10 days after Effective Date, give Buyer written notice of whether or not Seller 81 will make the loan. 82* (3) ❑ Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to 83* 84* LN# in the approximate amount of $ currently payable at 85* $ per month, including principal, interest, ❑ taxes and insurance, and having a 86* ❑ fixed EJ other (describe) 87* interest rate of % which ❑ will El will not escalate upon assumption. Any variance in the mortgage 88 will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase 89* Seller's escrow account dollar for dollar. If the interest rate upon transfer exceeds % or the 90* assumption/transfer fee exceeds $ , either party may elect to pay the excess, failing 91 which this contract will terminate; and Buyer's deposit(s) will be returned. If the lender disapproves Buyer, 92 this contract will terminate; and Buyer's deposit(s) will be returned. 93* 7. Assignability: (Check one) Buyer ❑ may assign and thereby be released from any further liability under this 94* contract, ❑x may assign but not be released from liability under this contract, or ❑ may not assign this contract. 95* 8. Title: Seller has the legal capacity to and will convey marketable title to the Property by N1 statutory warranty 96* deed ❑ special warranty deed ❑ other (specify) , free of liens, easements, 97 and encumbrances of record or known to Seiler, but subject to property taxes for the year of closing; covenants, 98 restrictions, and public utility easements of record; existing zoning and governmental regulations; and (list any 99* other matters to which title will be subject) 100 provided there exists at closing no violation of the foregoing. 101 (a) Title Evidence: The party who pays for the owner's title insurance policy will select the closing agent and pay 102 for the title search, including tax and lien search (including municipal lien search) if performed, and all other 103 fees charged by closing agent. Seller will deliver to Buyer, at 104* (Check one) ❑ Seller's X Buyer's expense and 105* (Check one) O within 10 days after Effective Date ❑ at least days before Closing Date, 106 (Check one) 107* (1) Z a title insurance commitment by a Florida licensed title insurer setting forth those matters to be 108 discharged by Seller at or before closing and, upon Buyer recording the deed, an owner's policy in the Buy r ( (_) and Seller O ( ) acknowledge receipt of a copy of this page, which is 2 of 8 pages. VAC -13 ev 2/20 02020 Florida Realtors- SerialN: 016666.600161-4369124.... Simplicity https://forms.floridarealtors.org/api/print/pdf-viewer Page 2 of 8