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<br />MAY-05-2005 THU 03:49 PM STENSTROM,MCINTOSH,COLBE
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<br />FAX NO, 407 330 2379
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<br />p, 06
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<br />DlõFAUL T AND DISPUTE RESOLUTION
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<br />'.1 13. DF,I'AUL T: (3) Seller Defatlll: If for any reason other than failure of Seller to make Seller's title marketable .nor diligent
<br />0<3 errort, Soller f¡¡ils, refuses or ne\lle<:ls 10 perform this Contract, Buyer may choosc to receivc a return of BUyer's deposit
<br />244 wilhoul waiving Iho rloht to se. k damages or to soek specific pertDrmance as per Paragraph 14. Seller will also be liable to
<br />24, Broker for Ihe ~JII amounl of the brokerage fee. (1)) Buyer Default: If Buyer fails to perform this Contract within tho tÎl!1e
<br />3" speclfiod, including timely poymenl of ¡¡It deposits, Seller may choose 10 retain and collect all deposits paid and agreed to be
<br />247 p.!lid Rs1iquldaled damages or to seek spÐCific porlom\onco as per Paraoraph 14: and Broker will. upon demand, receive 50%
<br />248 or oil doposits p;¡ld and 'groed to be paid (to be split equally among cooperating braker$ except when closing does nol occur
<br />"'9 due to Buyer not being ablo 10 seGllrc Financing after providillg a Commitment, In which case Broker's portion of Ihe deposits
<br />>,,0 will go selGI~ to fho lis ling broker) up IQ tl10 full amount of 1110 brokerage fee.
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<br />", 14. DISPUTE RESOLUTION: Thi$ Conlr3ct will be Construed under Florida law. All corrtroversies, claim5, alld other matters In
<br />?" qu<':stiol1 ~ri5ing oul of or relating to thl. ¡¡,.m.action or this Contract or ils breach will be seltled es follows:
<br /> >~ (a) Qi~p\ltes. ca"c~min9 enlit1el'llent 10 depa.its made and agrecd to be made: Buyer and Seller will have 30 days
<br />,!< 'rom tho dale confllcling dam,nd$ aro marJe to attempt 10 resolve tho dispute through mediation. If that fails, Escrow Agel'll
<br />'" will sllbmit Ihc ciisput¢, if so required by Florida iaw, 10 !:serow Agenrs choice of arbitration, a Florid. court or tho Florida
<br />2" Real Estate CommI5<lon. Buyer end Seifer will be bound by any resulting award, judgment or order.
<br />257 (b) All olher disputes: Ðuycr and S~IJ"r will 11ave 30 day. from the date a dispute ari5es between them to attempt to
<br />m resolve the malter through Inediation, fQiling which the parties will resolv. the disput~ through neulral binding arbilration in
<br />2" the county where the Property i, located. Tho arbitr¡¡tor may not aller tho Conlracl terms or awald any remedy not provided
<br />?OO for in this Contract. Th~ award will tJ~ ba.od on Ihe grealer weigl'l of Ihe evidence and wíll stale findings of fact and the
<br />201 contractual atllhority all which it is based. If 1J1e parties agroe to use discovery, it will be in accordanco with the Florida Rulos
<br />?Ú2 of C¡.iI Proœd.."" ond 1M "roitralor will resolve all discovcry-rel~led disputes. Any disputes with a real estate liœnsee
<br />:'03 nar"ed in Paragro~h 11 wW be submitted to arbitration only if Ihe liccnsee'$ broker consellts in writing to become a party to
<br />~Q" thè pwc€'eding. This cJal¡50 will su(Vivø closing,
<br />2<, (c) Mediation and Arbitr.tion; Expenses: "Mediation" is a process in which parties attempt 10 resoive a dispute by
<br />?Cü submillll'lg II to an imparti,,1 mediator who facilitates the resolution of the dispute but who is not empowered 10 impose a
<br />2<1 seHiement an the parties. M¡:,diatlon will be in accord~"ce WiU1 the rules of the American Arbitralion Association ('AlIA") or
<br />2'1 oil"" mediator agreGd or¡ by thG parties. The pariios will equally divide tho mediation fee, if any. "Arbitration" is a process in
<br />2''¡ which tho pal'li¢s resolve a dispule by a hearing before a neutral person who decid&$ Ihe matter and wha50 decision is
<br />"" binding on the parties. Arbil",tion will be in accordance with the rules of the AlIA or ather arbitrator agreed On by the parties.
<br />n, Eßch P'1rty to any orbitm\íon will pay it. 0"'11 fees, costs Md expenses, illeluding attorneys' fees, and will equally spHI the
<br />m ~"biltalpl'S' fGes end admlnistrotivo fe~" of Ð,.bilr~lion. In a civil action 10 enforce an arbitration award, the prevailing party to
<br />27'1 tho mbi\ralion stl,,1I bo on1i\led 10 retowr trom the nonpr¢vaiiíng pariy reasonable attorneys' fees, oosls ¡¡nd expenses.
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<br />274 ESCROW AGENT AND BROKER
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<br />275 15. ESCROW AGI'NT: Buyer Md Selier authorize Escrow Agent 10 receive, depesil and hold funds and other lIems in escrow
<br />21\1 and, f,lIbJ~cl to eleDranee, di.sbllrse [r¡ern tlpon proper authorization and in accordance with Florida law and the terms of this
<br />271 COI'llra,t, including di$bur$ing broke raga faes. Tho parties agree Ihal Escrow Agant will not be liable to any person lor
<br />~7' rni'.delivery of e"crowad item" to l3uyor or Saller, unless Iho misdelivery is due to Escrow Agent's willflJl breach of this
<br />2?0 Contract or gros" nogligencc. If E%row Agent interpleads tho subject malter of the escrow, Escrow /lgenl wiil pay tho filing
<br />:!!lCI ft~C~ end costs frQm tho deposit ~nd wilt reCðVf-~r rca301''l~b ij attorneys' fees ~nd costs to be paid from lhe escrowed funds or
<br />201 "quivai"nl and ch~rgQ(1 Qnd awarded os court costs in favor of the provaillng party. All claims against Escrow Agent will be
<br />2'ßl arb¡{rated, so long <:1$ f:scrow Agent consents to t3rbitrate.
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<br />2"' 16. I'ROl'E5SIONAL ADVICI': BROKER LIABILITY: Broker advisas Buyer and Seller 10 verity all facls and representalions
<br />2¡¡·' the.1 are imrodant to them and to eonwlt an aprropriale professional for legal advice (for example. Interpreting contracts,
<br />'" detorrnining the effecl of lows on Ihe Property and tra"saction. $Iatus of tilie, foreign inveslor rcporting requirements, alc.) and
<br />,a" rm t:'lX, propel'\Y cOlldition, onvironmontol imd oll,er specialized advica. l'Iuyer acknowtedges IIlat Broker does not reside in the
<br />2'1 Property and that all representations (oral, wrì\len or Oll1MNiso) by Brokcr are I>a$ed on Seller representalions or public
<br />'10' recor"s. Buyer '9'0<>. to rely solely on S~tfer. professional Inspeotors and governmental agencies for verification of
<br />,.~ the P'''I'",t>¡ Cðl\dition and f~c'" th.t m~t.ri.lly a!fecl Property value. Buyer and Soller respectivety wili pay alf costs and
<br />>&0 ..pel1oel3, including reasonoble "llorneys' fee$ at ali levels, inclJrred by Broker and Broker's officers, directors. ag~nts and
<br />2'~\ employees In cOl'lñectiöJl wHh or ari$jng from Buycl"'s or Søtler's rní!¡jstater'r'lent or failure to peñorm con.tràctual oblig¿¡tions.
<br />202 Buyor ami Soller hold hr.mlless nnd relsQso Broker and Broke~s officers, directors, agenls and employees from allliabilily for
<br />'" I"$~ or dam ago b~sed on (1) Ðuy,,~s or Sellor'. misslatement or failuro to perfolm contractual obligatiol1s: (2) Broke~s
<br />m p;¡rrOrmance. al Buy"¡'" and/or $"lIe~s rÐquesl. of any task beyond Ih. scop" of Sel\liCéS regulalod by Chap\er 475, F.S., as
<br />2S!> arnê:n¡J('r)¡ including С"ok~~'5 r¡;fi:.~m~ rccornmcnd8lt!on or retention of any vendor; (3) products or services provided by any
<br />2',' v~nd<1r; and (4) expGnses rnctlrroq by any V~ndor. BÚYQr and SQller each assumo ftlll responsibiiity for selecting and
<br />201 cl)mpiJl\satll19 their respoC!iv¢ vendors. This p"ragropl1 will not relievo Braker of statutory obligations. For purposes of this
<br />2~~ pari:.1l1n¡ph, Broker wíl! be tmated ~s a pa:f\y to thís Contract. This paragraph wi!1 survive ClosÎng.
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