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Form Simplicity
<br />2/26/21, 12:06 PM
<br />222 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER
<br />223 PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE
<br />224 COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION.
<br />225 (f) Foreign Investment in Real Property Tax Act ("FIRPTA"): If Seller is a "foreign person" as defined by
<br />226 FIRPTA, Seller and Buyer will comply with FIRPTA, which may require Seller to provide additional cash at
<br />227 closing.
<br />228 (g) 1031 Exchange: If either Seller or Buyer wish to enter into a like -kind exchange (either simultaneously with
<br />229 closing or after) under Section 1031 of the Internal Revenue Code ("Exchange"), the other party will cooperate
<br />230 in all reasonable respects to effectuate the Exchange including executing documents, provided, however, that
<br />231 the cooperating party will incur no liability or cost related to the Exchange and that the closing will not be
<br />232 contingent upon, extended, or delayed by the Exchange.
<br />233 11. Computation of Time: Calendar days will be used when computing time periods, except time periods of 5 days
<br />234 or less. Time periods of 5 days or less will be computed without including Saturday, Sunday, or national legal
<br />235 holidays specified in 5 U.S.C. 6103(a). Other than time for acceptance and Effective Date as set forth in Paragraph
<br />236 3, any time periods provided for or dates specified in this Contract, whether preprinted, handwritten, typewritten or
<br />237 inserted herein, which shall end or occur on a Saturday, Sunday, or national legal holiday (see 5 U.S.C. 6103)
<br />238 shall extend until 5:00 p.m. (where the Property is located) of the next business day. Time is of the essence in
<br />239 this contract.
<br />240 12. Risk of Loss; Eminent Domain: If any portion of the Property is materially damaged by casualty before closing
<br />241 or Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain
<br />242 proceedings or an eminent domain proceeding is initiated, Seller will promptly inform Buyer. Either party may
<br />243 terminate this contract by written notice to the other within 10 days after Buyer's receipt of Seller's notification,
<br />244 and Buyer's deposit(s) will be returned, failing which Buyer will close in accordance with this contract and receive
<br />245 all payments made by the governmental authority or insurance company, if any.
<br />246 13. Force Majeure: Seller or Buyer will not be required to perform any obligation under this contract or be liable to
<br />247 each other for damages so long as the performance or non-performance of the obligation is delayed, caused, or
<br />248 prevented by an act of God or force majeure. An "act of God or "force majeure" is defined as hurricanes,
<br />249 earthquakes, floods, fire, unusual transportation delays, wars, insurrections, and any other cause not reasonably
<br />250 within the control of Seller or Buyer and which by the exercise of due diligence the non-performing party is unable
<br />251 in whole or in part to prevent or overcome. All time periods, including Closing Date, will be extended for the period
<br />252 that the act of God or force majeure is in place. However, in the event that such act of God or force majeure event
<br />253 continues beyond 30 days, either party may terminate this contract by delivering written notice to the other; and
<br />254 Buyer's deposit(s) will be returned.
<br />255 14. Notices: All notices will be in writing and delivered to the parties and Broker by mail, personal delivery, or
<br />256 electronic means. Buyer's failure to timely deliver written notice to Seller, when such notice is required by
<br />257 this contract, regarding any contingency will render that contingency null and void, and this contract will
<br />258 be construed as if the contingency did not exist. Any notice, document, or item delivered to or received by
<br />259 an attorney or licensee (including a transactions broker) representing a party will be as effective as if
<br />260 delivered to or received by that party.
<br />261 15. Complete Agreement; Persons Bound: This contract is the entire agreement between Seller and Buyer.
<br />262 Except for brokerage agreements, no prior or present agreements will bind Seller, Buyer, or Broker unless
<br />263 incorporated into this contract. Modifications of this contract will not be binding unless in writing, signed or
<br />264 initialed, and delivered by the parry to be bound. Electronic signatures will be acceptable and binding. This
<br />265 contract, signatures, initials, documents referenced in this contract, counterparts, and written modifications
<br />266 communicated electronically or on paper will be acceptable for all purposes, including delivery, and will be binding.
<br />267 Handwritten or typewritten terms inserted in or attached to this contract prevail over preprinted terms. If any
<br />268 provision of this contract is or becomes invalid or unenforceable, all remaining provisions will continue to be fully
<br />269 effective. Seller and Buyer will use diligence and good faith in performing all obligations under this contract. This
<br />270 contract will not be recorded in any public record. The terms "Seller," "Buyer," and "Broker" may be singular or
<br />271 plural. This contract is binding on the heirs, administrators, executors, personal representatives, and assigns, if
<br />272 permitted, of Seller, Buyer, and Broker.
<br />273 16. Default and Dispute Resolution: This contract will be construed under Florida law. This Paragraph will survive
<br />274 closing or termination of this contract.
<br />275 (a) Seller Default: If Seller fails, neglects, or refuses to perform Seller's obligations under this contract, Buyer
<br />276 a elect to receive a return of Buyer's deposit(s) without thereby waiving any action for damages resulting
<br />Buy r ) (!) and Seller j ) (--N acknowledge receipt of a copy of this page, which is 5 of 8 pages.
<br />VAC -13 Rev 2/20 02020 Florida Realtors°
<br />Serial#:015666.600161.4359124 � Forrn
<br />'"?Simplicity
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