Fort Walton Beach Ordinance — 2075--17 Industrial Street NW-Sale of Property — reading text

abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an existing firm. 89 However, if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed go insurer as a base for reissuance of coverage may be used. The prior policy will include copies of all policy exceptions and an update in a format acceptable to Buyer from the policy effective date and certified to Buyer or Buyer y (_) (_) T and Seller (. WSP (_) acknowledge receipt of a copy of this page, which Is Page 2 of 8 Pages. CC -5 Rev 9/ 17 02017 Florida Realtors - Ser. 10: 094978. 100162. 0] 2.408] Form f. Simplicity E, eclmrv. 11, 1., jgamyebynGax." ,-, ID..... 6eal6KSr" 9tlY[M1E1  91 92 Buyer's closing agent together with copies of all documents recited in the prior policy and in the update. If such an abstract or prior policy is not available to Seller then ( i.) above will be the evidence of title. 93 ( 94 b) Title Examination: Buyer will, within 15 days from receipt of the evidence of title deliver written notice to Seller 95 of title defects. Title will be deemed acceptable to Buyer if ( 1) Buyer fails to deliver proper notice of defects or (2) Buyer delivers proper written notice and Seller cures the defects within 10 days from receipt of the notice 96 (" 97 Curative Period"). Seller shall use good faith efforts to cure the defects. If the defects are cured within the 98 Curative Period, closing will occur on the latter of 10 days after receipt by Buyer of notice of such curing or the 99 scheduled Closing Date. Seller may elect not to cure defects if Seller reasonably believes any defect cannot be 100 cured within the Curative Period. If the defects are not cured within the Curative Period, Buyer will have 10 days 101 from receipt of notice of Seller's inability to cure the defects to elect whether to terminate this Contract or accept title subject to existing defects and close the transaction without reduction in purchase price. 102 ( c) Survey: ( check applicable provisions below) 103x Seller will, within 10 104 days from Effective Date, deliver to Buyer copies of prior surveys, 105 plans, specifications, and engineering documents, if any, and the following documents relevant to this transaction: 106 107 106 prepared for Seller or in Seller's possession, which show all currently existing structures. In the event this transaction does not close, all documents provided by Seller will be returned to Seller within 10 days from the 109 date this Contract is terminated. 110 x Buyer will, at 111 Seller's g Buyer' s expense and within the time period allowed to deliver and examine 112 title evidence, obtain a current certified survey of the Property from a registered surveyor. If the survey reveals encroachments on the Property or that the improvements encroach on the lands of another, Buyer will 113 114 accept the Property with existing encroachments x such encroachments will constitute a title defect to be cured within the Curative Period. 116 ( d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress. 116 117 7. PROPERTY CONDITION: Seller will deliver the Property to Buyer at the time agreed in its present "as is" condition, 118 ordinary wear and tear excepted, and will maintain the landscaping and grounds in a comparable condition. Seller 119 makes no warranties other than marketability of title. In the event that the condition of the Property has materially 120 changed since the expiration of the Due Diligence Period, Buyer may elect to terminate the Contract and receive a 121 refund of any and all deposits paid, plus Interest, if applicable, or require Seller to return the Property to the required condition existing as of the end of Due Diligence period, the cost of which is not to exceed $ ( 1. 5% of 122 123 the purchase price, if left blank). By accepting the Property "as is", Buyer waives all claims against Seller for any defects in the Property. ( Check (a) or (b)) 124 ( 125 a) As Is: Buyer has inspected the Property or waives any right to inspect and accepts the Property in its " as is" condition. 126 127 x ( b) Due Diligence Period: Buyer will, at Buyer's expense and within 60 days from Effective Date (" Due 128 Diligence Period"), determine whether the Property is suitable, in Buyer's sole and absolute discretion. During the term of this Contract, Buyer may conduct any tests, analyses, surveys and investigations (" Inspections") which 129 130 Buyer deems necessary to determine to Buyer's satisfaction the Property's engineering, architectural, environmental properties; zoning and zoning restrictions; good zone designation and restrictions; subdivision 131 132 regulations; soil and grade; availability of access to public roads, water, and other utilities; consistency with local, 133 state and regional growth management and comprehensive land use plans; availability of permits, government 134 approvals and licenses; compliance with American with Disabilities Act; absence of asbestos, soil and ground water contamination; and other inspections that Buyer deems appropriate. Buyer will deliver written notice to 135 136 Seller prior to the expiration of the Due Diligence Period of Buyer's determination of whether or not the Property 137 is acceptable. Buyers failure to comply with this notice requirement will constitute acceptance of the Property in 138 its present "as is" condition. Seller grants to Buyer, its agents, contractors and assigns, the right to enter the 139 Property at any time during the term of this Contract for the purpose of conducting Inspections, upon reasonable notice, at a mutually agreed upon time; provided, however, that Buyer, its agents, contractors and assigns enter 140 141 the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller harmless from 142 losses, damages, costs, claims and expenses of any nature, including attorneys' fees at all levels, and from 143 liability to any person, arising from the conduct of any and all inspections or any work authorized by Buyer. Buyer 144 will not engage in any activity that could result in a mechanic's lien being filed against the Property without Seller's prior written consent. In the event this transaction does not close, ( 1) Buyer will repair all damages to the T Buyer ) ( ) and Seller ( M (_) acknowledge receipt of a copy of this page, which is Page 3 of 8 Pages. CC -5 Rev gin 02017 Florida Realtore- Se ria W. 090 9 78100162-02 2 4 08 2 Form Simplicity  145 146 Property resulting from the Inspections and return the Property to the condition it was in prior to conduct of the 147 Inspections, and (2) Buyer will, at Buyer's expense release to Seller all reports and other work generated as a 146 result of the Inspections. Should Buyer deliver timely notice that the Property is not acceptable, Seller agrees that Buyer's deposit will be immediately returned to Buyer and the Contract terminated. 149 ( 150 c) Walk-through Inspection: Buyer may, on the day prior to closing or any other time mutually agreeable to the parties, conduct a final "walk-through" inspection of the Property to determine compliance with this paragraph and 151 to ensure that all Property is on the premises. 152 153 S. OPERATION OF PROPERTY DURING CONTRACT PERIOD: Seller will continue to operate the Property and any business conducted on the Property in the manner operated prior to Contract and will take no action that would 154 155 adversely impact the Property after closing, as to tenants, lenders or business, if any. Any changes, such as renting 156 vacant space, that materially affect the Property or Buyer's intended use of the Property will be permitted Q only with Buyer's consent without Buyer's consent. 157 9. CLOSING PROCEDURE: Unless otherwise agreed or stated herein, closing procedure shall be in accordance with 156 the norms where the Property is located. 159 ( 160 a) Possession and Occupancy: Seller will deliver possession and occupancy of the Property to Buyer at 161 closing. Seller will provide keys, remote controls, and any security/access codes necessary to operate all locks, mailboxes, and security systems. 162 ( 163 b) Costs: Buyer will pay Buyer's attomeys' fees, taxes and recording fees on notes, mortgages and financing statements and recording fees for the deed. Seller will pay Seller's attorneys' fees, taxes on the deed and 164 165 recording fees for documents needed to cure title defects. If Seller is obligated to