Buyer (____) (____) and Seller (____) (____) acknowledge receipt of a copy of this page, which is 3 of 7 pages.
VAC-10 Rev 8/14 © Florida Association of Realtors®
(2) an abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an 108
existing firm. However, if such an abstract is not available to Seller, then a prior owner’s title policy 109
acceptable to the proposed insurer as a base for reissuance of coverage may be used. The prior policy 110
will include copies of all policy exceptions and an update in a format acceptable to Buyer from the policy 111
effective date and certified to Buyer or Buyer’s closing agent together with copies of all documents 112
recited in the prior policy and in the update. If such an abstract or prior policy is not available to Seller,113
then (1) above will be the title evidence. 114
(b) Title Examination: After receipt of the title evidence, Buyer will, within ______ days (10 days if left blank) 115
but no later than Closing Date, deliver written notice to Seller of title defects. Title will be deemed acceptable 116
to Buyer if (i) Buyer fails to deliver proper notice of defects or (ii) Buyer delivers proper written notice and 117
Seller cures the defects within ______ days (30 days if left blank) (“Cure Period”) after receipt of the notice. If 118
the defects are cured within the Cure Period, closing will occur within 10 days after receipt by Buyer of notice 119
of such cure. Seller may elect not to cure defects if Seller reasonably believes any defect cannot be cured 120
within the Cure Period. If the defects are not cured within the Cure Period, Buyer will have 10 days after 121
receipt of notice of Seller’s inability to cure the defects to elect whether to terminate this contract or accept 122
title subject to existing defects and close the transaction without reduction in purchase price. 123
(c) Survey: Buyer may, at Buyer’s expense, have the Property surveyed and must deliver written notice to 124
Seller, within 5 days after receiving survey but not later than 5 days before Closing Date, of any 125
encroachments on the Property, encroachments by the Property’s improvements on other lands, or deed 126
restriction or zoning violations. Any such encroachment or violation will be treated in the same manner as a 127
title defect and Seller’s and Buyer’s obligations will be determined in accordance with Paragraph 7(b). 128
(d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress. 129
8. Property Condition: Seller will deliver the Property to Buyer at closing in its present “as is” condition, with 130
conditions resulting from Buyer’s Inspections and casualty damage, if any, excepted. Seller will not engage in or 131
permit any activity that would materially alter the Property’s condition without the Buyer’s prior written consent. 132
(a) Inspections: (Check (1) or (2))133
(1) Feasibility Study: Buyer will, at Buyer’s expense and within ______ days (30 days if left blank) 134
(“Feasibility Study Period”) after Effective Date and in Buyer’s sole and absolute discretion, determine 135
whether the Property is suitable for Buyer’s intended use. During the Feasibility Study Period, Buyer 136
may conduct a Phase 1 environmental assessment and any other tests, analyses, surveys, and 137
investigations (“Inspections”) that Buyer deems necessary to determine to Buyer’s satisfaction the 138
Property’s engineering, architectural, and environmental properties; zoning and zoning restrictions; 139
subdivision statutes; soil and grade; availability of access to public roads, water, and other utilities; 140
consistency with local, state, and regional growth management plans; availability of permits, government 141
approvals, and licenses; and other inspections that Buyer deems appropriate. If the Property must be 142
rezoned, Buyer will obtain the rezoning from the appropriate government agencies. Seller will sign all 143
documents Buyer is required to file in connection with development or rezoning approvals. Seller gives144
Buyer, its agents, contractors, and assigns, the right to enter the Property at any time during the 145
Feasibility Study Period for the purpose of conducting Inspections, provided, however, that Buyer, its 146
agents, contractors, and assigns enter the Property and conduct Inspections at their own risk. Buyer will147
indemnify and hold Seller harmless from losses, damages, costs, claims, and expenses of any nature, 148
including attorneys’ fees, expenses, and liability incurred in application for rezoning or related 149
proceedings, and from liability to any person, arising from the conduct of any and all Inspections or any 150
work authorized by Buyer. Buyer will not engage in any activity that could result in a construction lien 151
being filed against the Property without Seller’s prior written consent. If this transaction does not close, 152
Buyer will, at Buyer’s expense, (i) repair all damages to the Property resulting from the Inspections and 153
return the Property to the condition it was in before conducting the Inspections and (ii) release to Seller154
all reports and other work generated as a result of the Inspections. 155
Before expiration of the Feasibility Study Period, Buyer must deliver written notice to Seller of Buyer’s 156
determination of whether or not the Property is acceptable. Buyer’s failure to comply with this notice 157
requirement will constitute acceptance of the Property as suitable for Buyer’s intended use in its “as is” 158
condition. If the Property is unacceptable to Buyer and written notice of this fact is timely delivered to 159
Seller, this contract will be deemed terminated, and Buyer’s deposit(s) will be returned. 160
(2) No Feasibility Study: Buyer is satisfied that the Property is suitable for Buyer’s purposes, including 161
being satisfied that either public sewerage and water are available to the Property or the Property will be 162
approved for the installation of a well and/or private sewerage disposal system and that existing zoning 163
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