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<br />331 Buyer and Seller each assumes full responsibility for selecting and compensating their respective vendors and
<br />332 paying their other costs under this Contract whether or not this transaction closes. This Paragraph 14 will not relieve
<br />333 Broker of statutory obligations under Chapter 475, F.S., as amended. For purposes of this Paragraph 14, Broker
<br />334 will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination of this Contract.
<br />335 DEFAULT AND DISPUTE RESOLUTION
<br />336 15. DEFAULT:
<br />337 (a) BUYER DEFAULT: If Buyer fails, neglects or refuses to perform Buyer's obligations under this Contract,
<br />338 including payment of the Deposit, within the time(s) specified, Seller may elect to recover and retain the Deposit
<br />339 for the account of Seller as agreed upon liquidated damages, consideration for execution of this Contract, and
<br />340 in full settlement of any claims, whereupon Buyer and Seller shall be relieved from all further obligations under
<br />341 this Contract, or Seller, at Seller's option, may, pursuant to Paragraph 16, proceed in equity to enforce Seller's
<br />342 rights under this Contract. The portion of the Deposit, if any, paid to Listing Broker upon default by Buyer, shall
<br />343 be split equally between Listing Broker and Cooperating Broker; provided however, Cooperating Broker's share
<br />344 shall not be greater than the commission amount Listing Broker had agreed to pay to Cooperating Broker.
<br />345 (b) SELLER DEFAULT: If for any reason other than failure of Seller to make Seller's title marketable after
<br />346 reasonable diligent effort, Seller fails, neglects or refuses to perform Seller's obligations under this Contract,
<br />347 Buyer may elect to receive return of Buyer's Deposit without thereby waiving any action for damages resulting
<br />348 from Seller's breach, and, pursuant to Paragraph 16, may seek to recover such damages or seek specific
<br />349 performance.
<br />350 This Paragraph 15 shall survive Closing or termination of this Contract.
<br />351 16. DISPUTE RESOLUTION: Unresolved controversies, claims and other matters in question between Buyer and
<br />352 Seller arising out of, or relating to, this Contract or its breach, enforcement or interpretation ("Dispute") will be settled
<br />353 as follows:
<br />354 (a) Buyer and Seller will have 10 days after the date conflicting demands for the Deposit are made to attempt to
<br />355 resolve such Dispute, failing which, Buyer and Seller shall submit such Dispute to mediation under Paragraph
<br />356 16(b).
<br />357 (b) Buyer and Seller shall attempt to settle Disputes in an amicable manner through mediation pursuant to Florida
<br />358 Rules for Certified and Court -Appointed Mediators and Chapter 44, F.S., as amended (the "Mediation Rules").
<br />359 The mediator must be certified or must have experience in the real estate industry. Injunctive relief may be
<br />360 sought without first complying with this Paragraph 16(b). Disputes not settled pursuant to this Paragraph 16
<br />361 may be resolved by instituting action in the appropriate court having jurisdiction of the matter. This Paragraph
<br />362 16 shall survive Closing or termination of this Contract.
<br />363 17. ATTORNEY'S FEES; COSTS: The parties will split equally any mediation fee incurred in any mediation permitted
<br />364 by this Contract, and each party will pay their own costs, expenses and fees, including attorney's fees, incurred in
<br />365 conducting the mediation. In any litigation permitted by this Contract, the prevailing party shall be entitled to recover
<br />366 from the non -prevailing party costs and fees, including reasonable attorney's fees, incurred in conducting the
<br />367 litigation. This Paragraph 17 shall survive Closing or termination of this Contract.
<br />368 STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS")
<br />369 18. STANDARDS:
<br />370 A. TITLE:
<br />371 (i) TITLE EVIDENCE; RESTRICTIONS; EASEMENTS; LIMITATIONS: Within the time period provided in
<br />372 Paragraph 9(c), the Title Commitment, with legible copies of instruments listed as exceptions attached thereto, shall
<br />373 be issued and delivered to Buyer. The Title Commitment shall set forth those matters to be discharged by Seller at
<br />374 or before Closing and shall provide that, upon recording of the deed to Buyer, an owner's policy of title insurance
<br />375 in the amount of the Purchase Price, shall be issued to Buyer insuring Buyer's marketable title to the Real Property,
<br />376 subject only to the following matters: (a) comprehensive land use plans, zoning, and other land use restrictions,
<br />377 prohibitions and requirements imposed by governmental authority; (b) restrictions and matters appearing on the
<br />378 Plat or otherwise common to the subdivision; (c) outstanding oil, gas and mineral rights of record without right of
<br />379 entry; (d) unplatted public utility easements of record (located contiguous to real property lines and not more than
<br />380 10 feet in width as to rear or front lines and 7 1/2 feet in width as to side lines); (e) taxes for year of Closing and
<br />381 subsequent years; and (f) assumed mortgages and purchase money mortgages, if any (if additional items, attach
<br />382 addendum); provided, that, none prevent use of Property for RESIDENTIAL PURPOSES. If there exists at Closing
<br />383 any violation of items identified in (b) — (f) above, then the same shall be deemed a title defect. Marketable title shall
<br />384 be determined according to applicable Title Standards adopted by authority of The Florida Bar av4 in accordance
<br />385 with law.
<br />Buyer's Initials 05,3 Page 7 of 12 Seller's Ini als
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