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<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 />55 6. Financing: (Check as applicable)
<br />56, (a) X Buyer will pay cash for the Property with no financing contingency.
<br />57 * (b) ❑ This Contract is contingent on Buyer qualifying for and obtaining the commitment(s) or approval(s)
<br />58, specified below ("Financing") within days after Effective Date (Closing Date or 30 days after Effective
<br />59 Date, whichever occurs first, if left blank) ("Financing Period"), Buyer will apply for Financing within
<br />60 days after Effective Date (5 days if left blank) and will timely provide any and all credit, employment, financial,
<br />61 and 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 />63 returned.
<br />64 * (1) ❑ New Financing: Buyer will secure a commitment for new third party financing for $
<br />65- or % of the purchase price at (Check one) ❑ a fixed rate not exceeding % ❑ an
<br />66+ adjustable interest rate not exceeding % at origination (a fixed rate at the prevailing interest rate
<br />67 based on 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) ❑ Seller Financing: Buyer will execute a ❑ first ❑ 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 creditworthiness for the
<br />80 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) ❑ 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, ❑ taxes and insurance, and having a
<br />86* ❑ fixed ❑ other (describe)
<br />87 * interest rate of % which ❑ will ❑ 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 lender disapproves
<br />92 Buyer, this Contract will terminate; and Buyer's deposit(s) will be returned.
<br />93 * 7. Assignability: (Check one) Buyer ❑ may assign and thereby be released from any further liability under this
<br />94 * Contract, ❑ may assign but not be released from liability under this Contract, or X may not assign this Contract.
<br />95 * 8. Title: Seller has the legal capacity to and will convey marketable title to the Property by ❑ statutory warrantyjf
<br />96 * deed 9 special warranty deed ❑ other (specify) __------- -- --,- ------------"- ---- , free of liens, easeme�
<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) 9 Seller's ❑ Buyer'sexpense and
<br />105. (Check one) %within 5 d 'y V`1 " ctive Date ❑ at least days before Closing Date,
<br />106 (Check one)
<br />107 ° 1 X a title insurance commitment "b" --i �dj licensed title insurer setting forth those matters to be
<br />() Y g
<br />108 discharged by Seller at or before closing and, upon Buyer recording the deed, an owner's policy in the
<br />Buyer (� 88 ) Q B/J )' and Sell acknowledge receipt of a copy of this page, which is 2 of 8 pages.
<br />VAC-14xx ' "Rev 7/23 " ©2023 Florida Realtors®
<br />This software is licensed to [Ms. Nancy Groves - YELLOW DOOR REALTY LLC] www.transactiondesk.com. nTRANSACTIONS
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