|
STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED
<br />499 is available, taxes will be prorated based upon such assessment and prior year's millage. If current year's
<br />500 assessment is not available, then taxes will be prorated on prior year's tax. If there are completed improvements
<br />501 on the Real Property by January 1st of year of Closing, which improvements were not in existence on January 1St
<br />502 of prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assessment to be
<br />503 agreed upon between the parties, failing which, request shall be made to the County Property Appraiser for an
<br />504 informal assessment taking into account available exemptions. In all cases, due allowance shall be made for the
<br />505 maximum allowable discounts and applicable homestead and other exemptions. A tax proration based on an
<br />506 estimate shall, at either party's request, be readjusted upon receipt of current year's tax bill. This STANDARD K
<br />507 shall survive Closing.
<br />508 L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seller
<br />509 shall, upon reasonable notice, provide utilities service and access to Property for appraisals and inspections,
<br />510 including a walk-through (or follow-up walk-through if necessary) prior to Closing.
<br />511 M. RISK OF LOSS: If, after Effective Date, but before Closing, Property is damaged by fire or other casualty
<br />512 ('Casualty Loss") and cost of restoration (which shall include cost of pruning or removing damaged trees) does not
<br />513 exceed 1.5% of Purchase Price, cost of restoration shall be an obligation of Seller and Closing shall proceed
<br />514 pursuant to terms of this Contract. If restoration is not completed as of Closing, a sum equal to 125% of estimated
<br />515 cost to complete restoration (not to exceed 1.5% of Purchase Price) will be escrowed at Closing. If actual cost of
<br />516 restoration exceeds escrowed amount, Seller shall pay such actual costs (but, not in excess of 1.5% of Purchase
<br />517 Price). Any unused portion of escrowed amount shall be returned to Seller. If cost of restoration exceeds 1.5% of
<br />518 Purchase Price, Buyer shall elect to either take Property "as is" together with the 1.5% or receive a refund of the
<br />519 Deposit thereby releasing Buyer and Seller from all further obligations under this Contract. Seller's sole obligation
<br />520 with respect to tree damage by casualty or other natural occurrence shall be cost of pruning or removal.
<br />521 N. 1031 EXCHANGE: If either Seller or Buyer wish to enter into a like -kind exchange (either simultaneously with
<br />522 Closing ordeferred) under Section 1031 of the Internal Revenue Code ("Exchange"), the other party shall cooperate
<br />523 in all reasonable respects to effectuate the Exchange, including execution of documents; provided, however,
<br />524 cooperating party shall incur no liability or expense related to the Exchange, and Closing shall not be contingent
<br />525 upon, nor extended or delayed by, such Exchange.
<br />526 O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; DELIVERY; COPIES; CONTRACT
<br />527 EXECUTION: Neither this Contract nor any notice of it shall be recorded in any public or official records. This
<br />528 Contract shall be binding on, and inure to the benefit of, the parties and their respective heirs or successors in
<br />529 interest. 41henever the context permits, singular shall include plural and one gender shall include all. Notice and
<br />530 delivery given by or to the attorney or broker (including such broker's real estate licensee) representing any party
<br />531 shall be as effective as if given by or to that party. All notices must be in writing and may only be made by mail,
<br />532 facsimile transmission, personal delivery or email. A facsimile or electronic copy of this Contract and any signatures
<br />533 hereon shall be considered for all purposes as an original. This Contract may be executed by use of electronic
<br />534 signatures, as determined by Florida's Electronic Signature Act and other applicable laws.
<br />535 P. INTEGRATION; MODIFICATION: This Contract contains the full and complete understanding and agreement
<br />536 of Buyer and Seller with respect to the transaction contemplated by this Contract and no prior agreements or
<br />537 representations shall be binding upon Buyer or Seller unless included in this Contract. No modification to or change
<br />538 in this Contract shall be valid or binding upon Buyer or Seller unless in writing and executed by the parties intended
<br />539 to be bound by it.
<br />540 Q. WAIVER: Failure of Buyer or Seller to insist on compliance with, or strict performance of, any provision of this
<br />541 Contract, or to take advantage of any right under this Contract, shall not constitute a waiver of other provisions or
<br />542 rights.
<br />543 R. RIDERS; ADDENDA; TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten
<br />544 or handwritten provisions shall control all printed provisions of this Contract in conflict with them.
<br />545 S. COLLECTION or COLLECTED: "Collection" or "Collected" means any checks tendered or received, including
<br />546 Deposits, have become actually and finally collected and deposited in the account of Escrow Agent or Closing
<br />547 Agent. Closing and disbursement of funds and delivery of closing documents may be delayed by Closing Agent
<br />548 until such amounts have been Collected in Closing Agent's accounts.
<br />549 T. RESERVED.
<br />550 U. APPLICABLE LAW AND VENUE: This Contract shall be construed in accordance with the laws of the State
<br />551 of Florida and venue for resolution of all disputes, whether by mediation, arbitration or litigation, shall lie in the
<br />552 county where the Real Property is located.
<br />553 V. FIRPTA TAX WITHHOLDING: If a seller of U.S. real property is a "foreign person" as defined by FIRPTA,
<br />554 Section 1445 of the Internal Revenue Code ("Code") requires the buyer of the real property to withhold up to 15%
<br />555 of the amo r alize ; by the seller on the transfer and remit the withheld amount to the Internal Revenue Service
<br />i
<br />Buyer's Ini ials ' Page 10 of 13 Seller's Initial
<br />FloridaReI c s/Florida r -ASIS -6x Rev.7l23 © 2023 Florida Realtors® and The Florida Bar. All rights reserved.
<br />This software is licensed to [Ms. Nancy Groves - YELLOW DOOR REALTY LLC] www. transact iondesk. com. TRANSACTIONS
<br />
|