Fort Walton Beach Ordinance — 2070--116 Hollywood - Disposition of Property — reading text

i .) an abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an 81 existing firm However, if such an abstract is not available to Seller, then a prior owner's title policy acceptable 82 to the proposed insurer as a base for reissuance of coverage may be used. The prior policy will include copies 83 of all policy exceptions and an update in a format acceptable to Buyer from the policy effective date and RG certified t4 Buyer or Buyer' s rioting agent together with copies of all documents recited in the prior policy and 85 in the update. If such an abstract or prior policy is not available to Seller then ( i.) above will be the evidence of 86 title 87 b) Title Examination: Buyer will• within 15 days from receipt of the evidence of title deliver written notice to Seller 88 of title defects. Title will be deemed acceptable to Buyer if ( 1) Buyer fails to deliver proper notice of defects or 89 • and Seller(, o-a )( acknowledge receipt of a copy of this page, which is page 2 of 8 Pages BuyertL+ )(- ) 7777) 2C10 1- orida REALTORS® Au Rights Reserved CC- 4 REV 12110 ;) www. 1 tueForms. com 800. 499. 9612 Fan' generated by Title Forms'  90 • ( 2) Buyer delivers proper written notice and Seller cures the defects within_ 20 days from receipt of the notice 91 Curative Period") If the defects are cured within the Curative Period, closing will occur within 10 days from receipt 92 by Buyer of notice of such curing. Seller may elect not to cure defects if Seller reasonably believes any defect S3 cannot be cured within the Curative Period. If the defects are not cured within the Curative Period, Buyer will have 94 10 days from receipt of notice of Seller' s inability to cure the defects to elect whether to terminate this Contract or 95 accept title subject to existing defects and close the transaction without reduction in purchase price. J6 ( c) Survey: ( check applicable provisions below) 97 • eil r viii, ..; ih rr coptc : fr.._. . _.-.:, =._.-,, 98 fo tkvvvi , y d;, Cumcntc ,;,; C,..-.: 1::.....:., ;"_....__`.`._... 99 • 100 s_ Ir.."-:-.-.;.: st_ r_u__...,,.:_ V_., i. V 102 103 • X Buyer will, at Seller' s X Buyer's expense and within the time period allowed to deliver and examine title 104 evidence, obtain a current certified survey of the Property from a registered surveyor. if the survey reveals Buyer will the Property or that the improvements encroach on the lands of another, 05 • encroachments on 06 • accept the Property with existing encroachments such encroachments will constitute a title defect to be 07 cured within the Curative Period. 08 d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress. 09 7. PROPERTY CONDITION: Seller will deliver the Property to Buyer at the time agreed in its present" as is" 110 condition, ordinary wear and tear excepted, and will maintain the landscaping and grounds in a comparable condition. 111 Seller makes no warranties other than marketability of title. In the event that the condition of the Property has 12 materially changed since the expiration of the Due Diligence Period, Buyer may elect to terminate the Contract and 13 receive a refund of any and all deposits paid, plus interest, if applicable. By accepting the Properly" as is", Buyer 14 waives all claims against Seller for any defects in the Property. (Check ( a) or( b)) 15 • a) As is: Buyer has inspected the Property or waives any right to inspect and accepts the Property in its" as is" 16 condition. within 60 days from Effective Date(" Due 17 * X( b) Due Diligence Period: Buyer will, at Buyer' s expense and 18 determine whether the Property is suitable, in Buyer' s sole and absolute discretion, for Buyer' s Diligence Period"), 19 intended use and development of the Property as specified in Paragraph 6. During the Due Diligence Period, Inspections") which Buyer deems necessary 20 Buyer may conduct any tests, analyses, surveys and investigations (" 21 to determine to Buyer' s satisfaction the Property' s engineering, architectural, environmental properties; zoning and 22 zoning restrictions: flood zone designation and restrictions; subdivision regulations; soil and grade; availability of 23 access to public roads, water, and other utilities; consistency with local, state and regional growth management and 24 comprehensive land use plans; availability of permits, government approvals and licenses; compliance with 25 American with Disabilities Act, absence of asbestos. soil and ground water contamination; and other inspections 26 that Buyer deems appropriate to determine the suitability of the Property for Buyer's intended use and 27 development Buyer will deliver written notice to Seller prior to the expiration of the Due Diligence Period of 28 Buyer' s determination of whether or not the Property is acceptable. Buyer' s failure to comply with this n ' i'ce t3 to c.")%. Property in its present " as is" condition. Seller grarrta 4:,;', 29 requirement will constitute acceptance of the 30 agents, contractors and assigns, the right to enter the Property at any time during the Due Diligence Period for the 31 purpose of conducting Inspections; provided, however, that Buyer, its agents,hold contractors Sett;:; `. and assigns enter the a.';.:::.:.. : 32 Property and conduct Inspections at Buyer their own risk. will indemnify and 33 damages, costs, claims and expenses of any nature, including attorneys' fees at all levels, and from liability to any 34 person, arising from the conduct of any and all inspections or any work authorized by Buyer. Buyer will not engage 35 in any activity that could result in a mechanic's lien being filed against the Property without Seller'^ ',--;^- "" 1) Buyer will repair all damages to the Property resulting 36 consent. In the event this transaction does not close, ( 37 flurin are 1rispJrrl. tiunb erred relurr! the Property to the condition it wed in prior to conduct of the Inspoctionc, and gener? f, 2a ' ' r^"-'•' ^" ' reports and other work 2) Buyer will, at Buyer' s expense release to Seller all 138 39 Inspections. Should Buyer deliver timely notice that the Property is not acceptable, Seller agrees that E_., 140 deposit will be immediately returned to Buyer and the Contract terminated. i41 c) Walk-through Inspection: Buyer may, on the day prior to closing or any other time mutually agreeable to the 42 • Buyer( J )( and Seller(,- nub _)( _) .) acknowledge receipt of a copy of this page, which is page 3 of 8 Pages. REV 12/ 10 0) 2010 Florida REALTORS® All Rights Reserved CC- 4 www. TrueForms. eom 800499. 9612 Formpencratedby ' l' t• 1teForms` 143 parties, conduct a final " walk-through" inspection of the Property to determine compliance with this paragraph and 144 to ensure that all Property is on the premises. 145 8. OPERATION OF PROPERTY DURING CONTRACT PERIOD: Seller will continue to operate the Property and any 146 business conducted on the Property in the manner operated prior to Contract and will take no action that would 147 adversely impact the Property, tenants, lenders or business, if any. Any changes, such as renting vacant space, that 148 - materially affect the Property or Buyer's intended use of the Property will be permitted Xonly with Buyer's consent 149 • without Buyer' s consent. 150 9. CLOSING PROCEDURE: Unless otherwise agreed or stated herein, closing procedure shall be in