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Authentisign ID: B21E2127-E1FD-EEI1-AAF2-6045BDD68161
<br />109 and progress and release preliminary and finally executed closing disclosures and settlement statements, as
<br />110 appropriate and allowed, to Seller and Broker.
<br />111 (iii) If within the Loan Approval Period, Buyer obtains Loan Approval, Buyer shall notify Seller of same in writing
<br />112 prior to expiration of the Loan Approval Period; or, if Buyer is unable to obtain Loan Approval within Loan Approval
<br />113 Period but Buyer is satisfied with Buyer's ability to obtain Loan Approval and proceed to Closing, Buyer shall deliver
<br />114 written notice to Seller confirming same, prior to the expiration of the Loan Approval Period.
<br />115 (iv) If Buyer is unable to obtain Loan Approval within the Loan Approval Period, or cannot timely meet the
<br />116 terms of Loan Approval, all after the exercise of good faith and diligent effort, Buyer may terminate this Contract by
<br />117 delivering written notice of termination to Seller prior to expiration of the Loan Approval Period; whereupon, provided
<br />118 Buyer is not in default under the terms of this Contract, Buyer shall be refunded the Deposit thereby releasing Buyer
<br />119 and Seller from all further obligations under this Contract.
<br />120 (v) If Buyer fails to timely deliver any written notice provided for in Paragraph 8(b)(iii) or (iv), above, to Seller
<br />121 prior to expiration of the Loan Approval Period, then Buyer shall proceed forward with this Contract as though
<br />122 Paragraph 8(a), above, had been checked as of the Effective Date; provided, however, Seller may elect to terminate
<br />123 this Contract by delivering written notice of termination to Buyer within 3 days after expiration of the Loan Approval
<br />124 Period and, provided Buyer is not in default under the terms of this Contract, Buyer shall be refunded the Deposit
<br />125 thereby releasing Buyer and Seller from all further obligations under this Contract.
<br />126 (vi) If Buyer has timely provided either written notice provided for in Paragraph 8b(iii), above, and Buyer
<br />127 thereafter fails to close this Contract, the Deposit shall be paid to Seller unless failure to close is due to: (1) Seller's
<br />128 default or inability to satisfy other contingencies of this Contract; or (2) Property related conditions of the Loan
<br />129 Approval (specifically excluding the Appraisal valuation) have not been met unless such conditions are waived by
<br />130 other provisions of this Contract; in which event(s) the Buyer shall be refunded the Deposit, thereby releasing Buyer
<br />131* and Seller from all further obligations under this Contract.
<br />132* ❑ (c) Assumption of existing mortgage (see Rider D for terms).
<br />133 ❑ (d) Purchase money note and mortgage to Seller (see Rider C for terms).
<br />134 CLOSING COSTS, FEES AND CHARGES
<br />135 9. CLOSING COSTS; TITLE INSURANCE; SURVEY; HOME WARRANTY; SPECIAL ASSESSMENTS:
<br />136 (a) COSTS TO BE PAID BY SELLER:
<br />137 • Documentary stamp taxes and surtax on deed, if any • HOA/Condominium Association estoppel fees
<br />138 • Owner's Policy and Charges (if Paragraph 9(c)(i) is checked) • Recording and other fees needed to cure title
<br />139 • Title search charges (if Paragraph 9(c)(iii) is checked) • Seller's attorneys' fees
<br />140* • Municipal lien search (if Paragraph 9(c)(i) or (iii) is checked) • Other:
<br />141 • Charges for FIRPTA withholding and reporting
<br />142 If, prior to Closing, Seller is unable to meet the AS IS Maintenance Requirement as required by Paragraph 11,
<br />143 a sum equal to 125% of estimated costs to meet the AS IS Maintenance Requirement shall be escrowed at
<br />144 Closing. If actual costs to meet the AS IS Maintenance Requirement exceed escrowed amount, Seller shall pay
<br />145 such actual costs. Any unused portion of escrowed amount(s) shall be returned to Seller.
<br />146 (b) COSTS TO BE PAID BY BUYER:
<br />147 • Taxes and recording fees on notes and mortgages • Loan expenses
<br />148 • Recording fees for deed and financing statements • Appraisal fees
<br />149 • Owner's Policy and Charges (if Paragraph 9(c)(ii) is checked) • Buyer's Inspections
<br />150 • Survey (and elevation certification, if required) • Buyer's attorneys' fees
<br />151 • Lender's title policy and endorsements • All property related insurance
<br />152 • HOA/Condominium Association application/transfer fees • Owner's Policy Premium (if Paragraph
<br />153 • Municipal lien search (if Paragraph 9(c)(ii) is checked) 9(c)(iii) is checked)
<br />154* • Other:
<br />155* (c) TITLE EVIDENCE AND INSURANCE: At least 5 (if left blank, then 15, or if Paragraph 8(a) is checked,
<br />156 then 5) days prior to Closing Date ("Title Evidence Deadline"), a title insurance commitment issued by a Florida
<br />157 licensed title insurer, with legible copies of instruments listed as exceptions attached thereto ("Title
<br />158 Commitment") and, after Closing, an owner's policy of title insurance (see STANDARD A for terms) shall be
<br />159 obtained and delivered to Buyer. If Seller has an owner's policy of title insurance covering the Real Property,
<br />160 Seller shall furnish a copy to Buyer and Closing Agent within 5 days after Effective Date. The owner's title policy
<br />161 premium, title search and closing services (collectively, "Owner's Policy and Charges") shall be paid, as set
<br />162 forth below. The title insurance premium charges for the owner's policy and any lender's policy will be calculated
<br />163 and allocated in accordance with Florida law, but may be reported differently on certain federally mandated
<br />164 closing disclos nd other closing documents. For purposes of this Contract "municipal lien search" means a
<br />Buyer's Initials Page 3 of 13 Seller's Initials s
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