Fort Walton Beach Ordinance — 2076--232 and 234 Combs Maor Court ‎(Sale of Property)‎ — reading text

to satisfy the requirement. Buyer will timely disburse the funds to the IRS and provide Seiler with copies of the tax forms and receipts. 130 ( 131 g) 1031 Exchange: If either Seller or Buyer wishes to enter into a like -kind exchange ( either simultaneously with closing or 132 after) under Section 1031 of the Internal Revenue Code (" Exchange"), the other party will cooperate in all reasonable respects 133 to effectuate the Exchange including executing documents; provided, however, that the cooperating party will incur no liability or cost related to the Exchange and that the closing shall not be contingent upon, extended or delayed by the Exchange. 134 PROPERTY CONDITION 135 6. LAND USE: Seller will deliver the Property to Buyer at the time agreed in its present " as is" condition, with conditions 136 resulting from Buyer's Inspections and casualty damage, if any, excepted. Seller will maintain the landscaping and grounds in a 137 comparable condition and will not engage in or permit any activity that would materially alter the Property's condition without the 138 Buyer's prior written consent. 139 ( a) Flood Zone: Buyer Is advised to verify by survey, with the lender and with appropriate government agencies which flood 140 141 zone the Property is in, whether Flood insurance is required and what restrictions apply to improving the Property and rebuilding in the event of casualty. 142 ( b) Government Regulation: Buyer is advised that changes in government regulations and levels of service which affect 143 144 Buyer' s intended use of the Property will not be grounds for canceling this Contract if the Feasibility Study Period has expired or if Buyer has checked choice ( c)(2) below. 145 ( c) Inspections: ( check ( 1) or (2) below) 146 ( 1) Feasibility Study: Buyer will, at Buyer's expense and within days from Effective Date (" Feasibility Study 147 Period"), determine whether the Property is suitable, in Buyer' s sole and absolute discretion, for 148 149 use. During the Feasibility Study Period, Buyer may conduct a Phase 1 environmental assessment and any other tests, analyses, surveys and investigations (" Inspections") that Buyer deems 150 necessary to determine to Buyer' s satisfaction the Property's engineering, architectural and environmental properties; 151 zoning and zoning restrictions; subdivision statutes; soil and grade; availability of access to public roads, water, and other 152 153 utilities; consistency with local, stale and regional growth management plans; availability of permits, government approvals, 154 and licenses; and other Inspections that Buyer deems appropriate to determine the Property's suitability for the Buyer's intended use. If the Property must be rezoned, Buyer will obtain the rezoning from the appropriate government agencies. 155 Seller will sign all documents Buyer is required to file in connection with development or rezoning approvals. 156 157 Seller gives Buyer, its agents, contractors and assigns, the right to enter the Property at any time during the Feasibility Study Period for the purpose of conducting Inspectlons; provided, however, that Buyer, its agents, contractors and 158 159 assigns enter the Property and conduct Inspections at their own risk. Buyer will Indemnify and hold Seller harmless from 160 losses, damages, costs, claims and expenses of any nature, including attomeys' fees, expenses and liability incurred in 161 application for rezoning or related proceedings, and from liability to any person, arising from the conduct of any and all 162 Inspections or any work authorized by Buyer. Buyer will not engage in any activity that could result in a construction lien being filed against the Property without Seller's prior written consent. If this transaction does not dose, Buyer will, at 163 164 Buyer' s expense, ( 1) repair all damages to the Property resulting from the Inspections and return the Property to the condition it was in prior to conduct of the Inspections, and ( 2) release to Seller all reports and other work generated as a 165 result of the Inspections. 166 167 Buyer will deliver written notice to Seller prior to the expiration of the Feasibility Study Period of Buyer's determination of whether or not the Property is acceptable. Buyer' s failure to comply with this notice requirement will constitute 168 169 acceptance of the Property as suitable for Buyer' s intended use in its " as is' condition. It the Property is unacceptable to 170 Buyer and written notice of this fact is timely delivered to Seller, this Contract will be deemed terminated as of the day after the Feasibility Study period ends and Buyer's deposit( s) will be returned after Escrow Agent receives proper 171 authorization from all interested parties. 172 ® ( 173 2) No Feasibility Study: Buyer is satisfied that the Property is suitable for Buyer's purposes, including being satl tied that either public sewerage and water are available to the Property or the Property will be approved for the 174 Buye ( ) and Seller fryrs ) acknowledge receipt of a copy of this page, which is Page 3 of 7 Pages. VAC -9 Rev. 4107 02007 Florida Association of REALTORS® All Rights Reserved Forme sme by. TrveForms" w. TmeForms. 00m 80049MO12  175 176 installation of a well and/ or private sewerage disposal system and that existing zoning and other pertinent regulations and 177 restrictions, such as subdivision or deed restrictions, concurrency, growth management and environmental conditions, 178 ( are acceptable to Buyer. This Contract is not contingent on Buyer conducting any further investigations. 179 d) Subdivided Lands: If this Contract is for the purchase of subdivided lands, defined by Florida Law as "( a) Any 180 contiguous land which is divided or is proposed to be divided for the purpose of disposition into 50 or more lots, parcels, 181 units, or interests; or (b) Any land, whether contiguous or not, which is divided or proposed to be divided into 50 or more lots, 182 parcels, units, or interests which are offered as a part of a common promotional plan.", Buyer may cancel this Contract for 183 any reason whatsoever for a period of 7 business days from the date on which Buyer executes this Contract. If Buyer elects 184 to cancel within the period provided, all funds or other property paid by Buyer will be refunded without penalty or obligation within 20 days of the receipt of the notice of cancellation by the developer. 185 7. RISK OF LOSS; EMINENT DOMAIN: If any portion of the Property is materially damaged by casualty before closing, or 186 Seller negotiates with a governmental authority to transfer all or part of the Property in Neu of eminent domain proceedings, 187 or if an eminent domain proceeding is initiated, Seller will promptly inform Buyer. Either party may cancel this Contract by 188 written notice to the other within 10 days from Buyer's receipt of Seller' s notification, falling which Buyer will close in 189 190 accordance with this Contract and receive all payments made by the government authority or insurance company, 0 any. TITLE 191 8. TITLE: Seller will convey marketable title to the Property by statutory warranty deed or trustee, personal representative or 192 guardian deed as appropriate to Seller's status. 193 ( 194 a) Title Evidence: Title evidence will show legal access to the Property and marketable title of record in Seller in 195 accordance with current title standards adopted by the Florida Bar, subject only to the following title exceptions, none of 196 which prevent Buyer' s intended use of the Property as Residential Use : covenants, easements 197 and restrictions of record; matters of plat; existing zoning and government regulations; oil, gas and mineral rights of record if 198 there is no right of entry; current taxes; mortgages that Buyer will assume; and encumbrances that Seller will discharge at or 199 before closing. Seller will deliver to Buyer Seller's choice of one of the following types of title evidence, which must be 200 generally accepted in the county where the Property is located ( specify in Paragraph 5(c) the selected type). Seiler will use 201 ( option ( 1) in Palm Beach County and option (2) in Miami -Dade County. 202 1) A title insurance commitment issued by a Flodda- licensed title insurer in the amount of the purchase price and 203 ( subject only to title exceptions set forth in this Contract and delivered no later than 2 days before Closing Date. 204 2) An existing abstract of title from a reputable and existing abstract firm ( if firm is not existing, then abstract must be 205 certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to the 206 Property recorded in the public records of the county where the Property is located and certified to Effective Date. 207 However if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed 208 insurer as a base for reissuance of coverage. Seller will pay for copies of all policy exceptions and an update In a format 209 acceptable to Buyer' s closing agent from the policy effective date and certified to Buyer or Buyer's closing agent, 210 together with copies of all documents recited In the prior policy and in the update. If a prior policy is not available to Seller 211 ( then (1) above will be the title evidence. Title evidence will be delivered no later than 10 days before Closing Date. 212 b) Title Examination: Buyer will examine the title evidence and deliver written notice to Seller, within 5 days from receipt of 213 title evidence but no later than closing, of any defects that make the title unmarketable. Seller will have 30 days from receipt 214 of Buyer's notice of defects (" Curative Period") to cure the defects at Seller's expense. If Seller cures the defects within the 215 Curative Period, Seller will deliver written notice to Buyer and the parties will close the transaction on Closing Date or within 216 10 days from Buyer' s receipt of Seller's notice if Closing Date has passed. If Seller is unable to cure the defects withln the 217 Curative Period, Seller will deliver written notice to Buyer and Buyer will, within 10 days from receipt of Seller's notice, 218 ( either cancel this Contract or accept title with existing defects and close the transaction. 219 c) Survey: Buyer may, prior to