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<br />DEFAULT AND DISPUTE RESOLUTION
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<br />13. DEFAULT: (a) Seller Default: If for any reason other than failure of Seller to make Seller's title marketable after diligent
<br />effort, Seller fails, refuses or neglects to perform this Contract, Buyer may choose to receive a return of B~yer's . deposij
<br />without waiving the right to seek damages or to seek specific performance as per Paragraph 14. Seller will also be liable to
<br />Broker for the full amount of the brokerage fee. (b) Buyer Default: If Buyer fails to perform this Contract within the time
<br />specified, including timely payment of all deposits, Seller may choose to retain and collect all deposits paid and agreed to ~
<br />paid as liquidated damages or to seek specific performance as per Paragraph 14; and Broker will, upon demand, receive 50 V.
<br />of all deposits paid and agreed to be paid (to be spiit equally among cooperatmg brokers except when closmg does not occur
<br />due to Buyer not being able to secure Financing after providing a Commitment, in which case Broke~s portion of the deposits
<br />will go solely to the iisting broker) up to the full amount of the brokerage fee,
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<br />14. DISPUTE RESOLUTION: This Contract will be construed under Florida law. All controversies, claims. and other matters in
<br />question arising out of or relating to this transaction or this Contract or its breach will be settled as follows:
<br />(a) Disputes concerning entitlement to deposits made and agreed to be made: Buyer and Seller will have 30 days
<br />from the date conflicting demands are made to attempt to resolve the dispute through mediation. If that faiis, Escrow Agent
<br />will submit the dispute, if so required by Florida law, to Escrow Agent's choice of arbitration, a Florida court or the Florida
<br />Real Estate Commission. Buyer and Seller will be bound by any resulting award, judgment or order.
<br />(b) All other disputes: Buyer and Seller will have 30 days from the date a dispute arises between them to attempt to
<br />resolve the matter through mediation, failing which the parties will resolve the dispute through neutral binding arbitration in
<br />the county where the Property is located. The arbitrator may not alter the Contract terms or award any remedy not provided
<br />for in this Contract. The award will be based on the greater weight of the evidence and will state findings of fact and the
<br />contractual authority on which it is based, If the parties agree to use discovery, it will be in accordance with the Florida Rules
<br />of Civil Procedure and the arbitrator will resolve aU discovery-related disputes. Any disputes with a real estate licensee
<br />named in Paragraph 17 will be submitted to arbitration only jf the licensee's broker consents in writing to become a party to
<br />the proceeding. This clause will survive closing,
<br />(c) Mediation and Arbitration; Expenses: "Mediation" is a process in which parties attempt to resolve a dispute by
<br />submitting it to an impartial mediator who facilitates the resolution of the dispute but who is not empowered to impose a
<br />seUiement on the parties, Mediation will be in accordance with the rules of the American Arbitration Association C'AAA") or
<br />other mediator agreed on by the parties. The parties will equally divide the mediation fee, if any. "Arbitration" is a process in
<br />which the parties resolve a dispute by a hearing before a neutral person who decides the matter and whose decision is
<br />binding on the parties, Arbitration will be in accordance with the rules of the AAA or other arbitrator agreed on by the parties,
<br />Each party to any arbitration will pay its own fees, costs and expenses, including attorneys' fees, and will equally split the
<br />arbitrators' fees and administrative fees of arbitration, In a civil actÎon to enforce an arbitration award, the prevailing party to
<br />the arbitration shall be entitled to recover from the non prevailing party reasonable attorneys' fees, costs and expenses.
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<br />ESCROW AGENT AND BROKER
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<br />15. ESCROW AGENT: Buyer and Seller authorize Escrow Agent to receive, deposit and hoid funds and other items in escrow
<br />and, subject to clearance, disburse them upon proper authorization and in accordance with Florida law and the terms of this
<br />Contract, including disbursing brokerage fees. The parties agree that Escrow Agent will not be liabie to any person for
<br />misdelivery of escrowed items to Buyer or Seller, unless the misdelivery is due to Escrow Agent's willful breach of this
<br />Contract or gross negligence, If Escrow Agent interpleads the subject matter of the escrow, Escrow Agenl will pay the filing
<br />fees and costs from the deposit and will recover reasonable attorneys' fees and costs to be paid from the escrowed funds or
<br />equivalent and charged and awarded as court costs in favor of the prevailing party, All claims against Escrow Agent will be
<br />arbitrated, so long as Escrow Agent consents to arbitrate.
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<br />that are important to them and to consult an appropriate professional for legal advice (for exampte, interpreti racts,
<br />determining the effect of laws on the Property and transaction, status of title, foreign investor reporting re . ants, etc.) and
<br />for tax, property condition, environmental and other specialized advice. Buyer acknowledges that r does not reside in the
<br />Property and that all representations (oral, written or otherwise) by Broker are based on S representations or public
<br />records. Buyer agrees to rely solely on Seller, professional inspectors and rnmental agencies for verification of
<br />the Property condition and facts that materially affect Property value r and Seller respectively will pay all costs and
<br />expenses, Including reasonable attorneys' fees at all levels, in y Broker and Broker's officers, directors, agents and
<br />employees in connection with or arising from Buyer's or s misstatement or failure to perform contractual obligations.
<br />Buyer and Seller hoid harmless and reiease Br nd Broker's officers, directors, agents and employees from all liability for
<br />ioss or damage based on (1) Buyer's or r's misstatement or failure to perform contractual obligations; (2) Broker's
<br />performance, at Buyefs and/or s request, of any task beyond the scope of services regulated by Chapter 475, F,S" as
<br />amended, including Bra referral, recommendation or retention of any vendor; (3) products or services provided by any
<br />vendor; and (4 nses incurred by any vendor, Buyer and Seller each assume full responsibility for selecting and
<br />campe 9 their ~espective vendors. This p~ragraph will n.ot relieve Bro~er of ~tatut0'Y obligations. For purposes of this
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<br />f ) acknowledge receipt of a copy of this page, which is Page 5 of 7 Pages.
<br />. All rights reserved_ licensed to Alia Star Software.
<br />2004 Alta Star Software. Inc. All RI9hts Reserved. (305) 279-8898
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<br />f
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<br />f ) and Seller
<br />2004 Florida Association of Real
<br />if Formatting Copyrigh
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