Fort Walton Beach Ordinance — 2041--Behind 30 Ready Ave ‎(Sale of Property)‎ — reading text

Seller will deliver to Buyer Seller' s choice of one of the following types of title evidence, which must be 199 generally accepted in the county where the Property is located ( specify in Paragraph 5( c) the selected type). Seller will use 200 option ( 1) in Palm Beach County and option ( 2) in Miami- Dade County. 201 1) A title insurance commitment issued by a Florida- licensed title insurer in the amount of the purchase price and 202 subject only to title exceptions set forth in this Contract and delivered no later than 2 days before Closing Date. 203 2) An existing abstract of title from a reputable and existing abstract firm ( if firm is not existing, then abstract must be 204 certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to the 205 Property recorded in the public records of the county where the Property is located and certified to Effective Date. 206 However if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed 207 insurer as a base for reissuance of coverage. Seller will pay for copies of all policy exceptions and an update in a format 208 acceptable to Buyer' s closing agent from the policy effective date and certified to Buyer or Buyer' s closing agent, 209 together with copies of all documents recited in the prior policy and in the update. If a prior policy is not available to Seller 210 then ( 1) above will be the title evidence. Title evidence will be delivered no later than 10 days before Closing Date. 211 ( b) Title Examination: Buyer will examine the title evidence and deliver written notice to Seller, within 5 days from receipt of 212 title evidence but no later than closing, of any defects that make the title unmarketable. Seller will have 30 days from receipt 213 of Buyer' s notice of defects (" Curative Period") to cure the defects at Seller' s expense. If Seller cures the defects within the 214 Curative Period. Seller will deliver written notice to Buyer and the parties will close the transaction on Closing Date or within 215 10 days from Buyer' s receipt of Seller' s notice if Closing Date has passed. If Seller is unable to cure the defects within the 216 Curative Period, Seller will deliver written notice to Buyer and Buyer will, within 10 days from receipt of Seller' s notice, 217 either cancel this Contract or accept title with existing defects and close the transaction. 218 ( c) Survey: Buyer may, prior to Closing Date and at Buyer' s expense, have the Property surveyed and deliver written notice 219 to Seller, within 5 days from receipt of survey but no later than 5 days prior to closing, of any encroachments on the 220 Property, encroachments by the Property' s improvements on other lands or deed restriction or zoning violations. Any such 221 encroachment or violation will be treated in the same manner as a title defect and Buyer' s and Seller's obligations will be 222 determined in accordance with subparagraph ( b) above. 223 224 225 226 .. 227 . . - 228 - 229 ., 230 13t, ye, Aeiae.rth, ,, ght t, iece; v, e CCCL affidavit e, urvcy. 231 MISCELLANEOUS 232 9. EFFECTIVE DATE; TIME; FORCE MAJEURE: 233 ( a) Effective Date: The " Effective Date" of this Contract is the date on which the last of the parties initials or signs and 234 delivers final offer or counteroffer. Time is of the essence for all provisions of this Contract. 235 ( b) Time: All time periods expressed as days will be computed in business days ( a " business day" is every calendar day 236 except Saturday, Sunday and national legal holidays). If any deadline falls on a Saturday, Sunday or national legal 237 Buyer( e.;. )( and Seller( acknowledge receipt of a copy of this page, which is Page 4 of 7 Pages. VAC- 9 Rev 4/ 07 © 2007 Florida Association of REALTORS® AU Rights Reserved Form generated by True Forms" www. TrueForms. com 800- 499- 9612 238 holiday, performance will be due the next business day. All time periods will end at 5: 00 p. m. local time ( meaning in the 239 county where the Property is located) of the appropriate day. 240 ( c) Force Majeure: Buyer or Seller shall not be required to perform any obligation under this Contract or be liable 241 to each other for damages so long as the performance or non- performance of the obligation is delayed, caused or 242 prevented by an act of God or force majeure. An " act of God" or " force majeure" is defined as hurricanes, earthquakes, 243 floods, fire, unusual transportation delays, wars, insurrections and any other cause not reasonably within the control of 244 the Buyer or Seller and which by the exercise of due diligence the non- performing party is unable in whole or in part 245 to prevent or overcome. All time periods, including Closing Date. will be extended ( not to exceed 30 days) for the period that 246 the force majeure or act of God is in place. In the event that such " act of God" or " force majeure" event continues beyond 247 the 30 days in this sub- paragraph, either party may cancel the Contract by delivering written notice to the other and Buyer' s 248 deposit shall be refunded. 249 10. NOTICES: All notices shall be in writing and will be delivered to the parties and Broker by mail, personal delivery or 250 electronic media. Buyer' s failure to deliver timely written notice to Seller, when such notice is required by this Contract, 251 regarding any contingencies will render that contingency null and void and the Contract will be construed as if the 252 contingency did not exist. Any notice, document or item delivered to or received by an attorney or licensee ( including a 253 transaction broker) representing a party will be as effective as if delivered to or by that party. 254 11. COMPLETE AGREEMENT: This Contract is the entire agreement between Buyer and Seller. Except for brokerage 255 agreements, no prior or present agreements will bind Buyer, Seller or Broker unless incorporated into this Contract. 256 Modifications of this Contract will not be binding unless in writing, signed or initialed and delivered by the party to be bound. This 257 Contract, signatures, initials, documents referenced in this Contract, counterparts and written modifications communicated 258 electronically or on paper will be acceptable for all purposes, including delivery, and will be binding. Handwritten or typewritten 259 terms inserted in or attached to this Contract prevail over preprinted terms. If any provision of this Contract is or becomes invalid 260 or unenforceable, all remaining provisions will continue to be fully effective. Buyer and Seller will use diligence and good faith in 261 performing all obligations under this Contract. This Contract will not be recorded in any public records. 262 12. ASSIGNABILITY; PERSONS BOUND: Buyer may not assign this Contract without Seller's written consent. The terms 263 " Buyer," " Seller," and " Broker" may be singular or plural. This Contract is binding on the heirs, administrators, executors, 264 personal representatives and assigns( if permitted) of Buyer, Seller and Broker. 265 DEFAULT AND DISPUTE RESOLUTION 266 13. DEFAULT: ( a) Seller Default: If for any reason other than failure of Seller to make Seller' s title marketable after diligent 267 effort, Seller fails, refuses or neglects to perform this Contract, Buyer may choose to receive a return of Buyer' s deposit without 268 waiving the right to seek damages or to seek specific performance as per Paragraph 14. Seller will also be liable to Broker for 269 the full amount of the brokerage fee. ( b) Buyer Default: If Buyer fails to perform this Contract within the time specified, 270 including timely payment of all deposits, Seller may choose to retain and collect all deposits paid and agreed to be paid as 271 liquidated damages or to seek specific performance as per Paragraph 14; and Broker will, upon demand, receive 50% of all 272 deposits paid and agreed to be paid ( to be split equally among Brokers) up to the full amount of the brokerage fee. 273 14. DISPUTE RESOLUTION: This Contract will be construed under Florida law. All controversies, claims, and other matters in 274 question arising out of or relating to this transaction or this Contract or its breach will be settled as follows: 275 ( a) Disputes concerning entitlement to deposits made and agreed to be made: Buyer and Seller will have 30 days from 276 the date conflicting demands are made to attempt to resolve the dispute through mediation. If that fails, Escrow Agent will 277 submit the dispute, if so required by Florida law, to Escrow Agent' s choice of arbitration, a Florida court or the Florida Real 278 Estate Commission. (" FREC") Buyer and Seller will be bound by any resulting award, judgment or order. A broker's 279 obligation under Chapter 475, FS and the FREC rules to timely notify the FREC of an escrow dispute and timely resolve the 280 escrow dispute through mediation, arbitration, interpleader, or an escrow disbursement order, if the broker so chooses, 281 applies only to brokers and does not apply to title companies, attorneys or other escrow companies. 282 ( b) All other disputes: Buyer and Seller will have 30 days from the date a dispute arises between them to attempt to 283 resolve the matter through mediation, failing which the parties will resolve the dispute through neutral binding arbitration in 284 the county where the Property is located. The arbitrator may not alter the Contract terms or award any remedy not provided 285 for in this Contract. The award will be based on the greater weight of the evidence and will state findings of fact and the 286 contractual authority on which it is based. If the parties agree to use discovery, it will be in accordance with the Florida Rules 287 of Civil Procedure and the arbitrator will resolve all discovery- related disputes. Any disputes with a real estate licensee 288 named in Paragraph 17 will be submitted to arbitration only if the licensee's broker consents in writing to become a party to 289 the proceeding. This clause will survive closing. 290 ( c) Mediation and Arbitration; Expenses: " Mediation" is a process in which parties attempt to resolve a dispute by 291 submitting it to an impartial mediator who facilitates the resolution of the dispute but who is not empowered to impose a 292 settlement on the parties. Mediation will be in accordance with the rules of the American Arbitration Association (" AAA") or 293 other mediator agreed on by the parties. The parties will equally divide the mediation fee, if any. " Arbitration" is a process in 294 which the parties resolve a dispute by a hearing before a neutral person who decides the matter and whose decision is 295 binding on the parties. Arbitration will be in accordance with the rules of the AAA or other arbitrator agreed on by the