zoning restrictions; subdivision statutes; soil and grade; availability of access to public roads, water, and other
utilities; consistency with local, state and regional growth management plans; availability of permits, government
approvals, 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. Seller will sign all documents Buyer is required to file in connection with development or
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 Inspections; provided, however, that Buyer, its agents, contractors and
assigns enter the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller harmless
from losses, damages, costs, claims and expenses of any nature, including attorneys’ fees, expenses and liability
incurred in application for rezoning or related proceedings, and from liability to any person, arising from the conduct of
any and all 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
close, Buyer will, at 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 result of the Inspections.
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 acceptance of the Property as suitable for Buyer’s intended use in its "as is" condition. If the Property
is unacceptable to 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 authorization from all interested parties.
(2) No Feasibility Study: Buyer is satisfied that the Property is suitable for Buyer’s purposes, including being
satisfied that either public sewerage and water are available to the Property or the Property will be approved for the
installation of a well and/or private sewerage disposal system and that existing zoning and other pertinent regulations
and restrictions, such as subdivision or deed restrictions, concurrency, growth management and environmental
conditions, are acceptable to Buyer. This Contract is not contingent on Buyer conducting any further investigations.
(d) Subdivided Lands: If this Contract is for the purchase of subdivided lands, defined by Florida Law as “(a) Any
contiguous land which is divided or is proposed to be divided for the purpose of disposition into 50 or more lots,
parcels, units, or interests; or (b) Any land, whether contiguous or not, which is divided or proposed to be divided into
50 or more lots, parcels, units, or interests which are offered as a part of a common promotional plan.”, Buyer may
cancel this Contract for any reason whatsoever for a period of 7 business days from the date on which Buyer executes
this Contract. If Buyer elects 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.
7. RISK OF LOSS; EMINENT DOMAIN: If any portion of the Property is materially damaged by casualty before closing,
or Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain proceedings,
or if an eminent domain proceeding is initiated, Seller will promptly inform Buyer. Either party may cancel this Contract
by written notice to the other within 10 days from Buyer’s receipt of Seller’s notification, failing which Buyer will close in
accordance with this Contract and receive all payments made by the government authority or insurance company, if any.
8. TITLE: Seller will convey marketable title to the Property by statutory warranty deed or trustee, personal representative
or guardian deed as appropriate to Seller’s status.
(a) Title Evidence: Title evidence will show legal access to the Property and marketable title of record in Seller in
dance with current title standards adopted by the Florida Bar, subject only to the following title exceptions, none of
which prevent Buyer’s intended use of the Property as __________________________________: covenants, easements and
restrictions of record; matters of plat; existing zoning and government regulations; oil, gas and mineral rights of record if
there is no right of entry; current taxes; mortgages that Buyer will assume; and encumbrances that Seller will discharge at
or before closing. Seller will, prior to closing, deliver to Buyer Seller’s choice of one of the following types of title evidence,
which must be generally accepted in the county where the Property is located (specify in Paragraph 5(c) the selected
type). Seller will use option (1) in Palm Beach County and option (2) in Miami-Dade County.
(1) A title insurance commitment issued by a Florida-licensed title insurer in the amount of the purchase price and
subject only to title exceptions set forth in this Contract.
(2) An existing abstract of title from a reputable and existing abstract firm (if firm is not existing, then abstract must be
certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to the
Property recorded in the public records of the county where the Property is located and certified to Effective Date.
However if such an abstract is not available to Seller, then a prior owner’s title policy acceptable to the proposed insurer
as a base for reissuance of coverage. Seller will pay for copies of all policy exceptions and an update in a format
acceptable to Buyer’s closing agent from the policy effective date and certified to Buyer or Buyer’s closing agent,
together with copies of all documents recited in the prior policy and in the update. If a prior policy is not available to
Seller then (1) above will be the title evidence. Title evidence will be delivered no later than 10 days before Closing Date.
(b) Title Examination: Buyer will examine the title evidence and deliver written notice to Seller, within 5 days from receipt
of title evidence but no later than closing, of any defects that make the title unmarketable. Seller will have 30 days from
Buyer (_____) (_____) and Seller (_____) (_____) acknowledge receipt of a copy of this page, which is Page 3 of 6 Pages.
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