STANDARDS FOR REAL ESTATE TRANSACTIONS (“STANDARDS”) CONTINUED
Buyer’s Initials _________ __________ Page 8 of 12 Seller’s Initials __________ __________
FloridaRealtors/FloridaBar-ASIS-5x Rev.6/19 © 2017 Florida Realtors® and The Florida Bar. All rights reserved.
deliver written notice to Seller: (a) extending Cure Period for a specified period not to exceed 120 days within which 383
Seller shall continue to use reasonable diligent effort to remove or cure the defects (“Extended Cure Period”); or 384
(b) electing to accept title with existing defects and close this Contract on Closing Date (or if Closing Date has 385
passed, within the earlier of 10 days after end of Extended Cure Period or Buyer’s receipt of Seller’s notice), or (c) 386
electing to terminate this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all 387
further obligations under this Contract. If after reasonable diligent effort, Seller is unable to timely cure defects, and 388
Buyer does not waive the defects, this Contract shall terminate, and Buyer shall receive a refund of the Deposit, 389
thereby releasing Buyer and Seller from all further obligations under this Contract. 390
B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon 391
encroach on setback lines, easements, or lands of others, or violate any restrictions, covenants, or applicable 392
governmental regulations described in STANDARD A (i)(a), (b) or (d) above, Buyer shall deliver written notice of 393
such matters, together with a copy of Survey, to Seller within 5 days after Buyer’s receipt of Survey, but no later 394
than Closing. If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice and 395
Survey shall constitute a title defect, subject to cure obligations of STANDARD A above. If Seller has delivered a 396
prior survey, Seller shall, at Buyer’s request, execute an affidavit of “no change” to the Real Property since the 397
preparation of such prior survey, to the extent the affirmations therein are true and correct. 398
C. INGRESS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to 399
the Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of access. 400
D. LEASE INFORMATION: Seller shall, at least 10 days prior to Closing, furnish to Buyer estoppel letters from 401
tenant(s)/occupant(s) specifying nature and duration of occupancy, rental rates, advanced rent and security 402
deposits paid by tenant(s) or occupant(s)(“Estoppel Letter(s)”). If Seller is unable to obtain such Estoppel Letter(s) 403
the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller’s affidavit 404
and Buyer may thereafter contact tenant(s) or occupant(s) to confirm such information. If Estoppel Letter(s) or 405
Seller’s affidavit, if any, differ materially from Seller’s representations and lease(s) provided pursuant to Paragraph 406
6, or if tenant(s)/occupant(s) fail or refuse to confirm Seller’s affidavit, Buyer may deliver written notice to Seller 407
within 5 days after receipt of such information, but no later than 5 days prior to Closing Date, terminating this 408
Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all further obligations under 409
this Contract. Seller shall, at Closing, deliver and assign all leases to Buyer who shall assume Seller’s obligations 410
thereunder. 411
E. LIENS: Seller shall furnish to Buyer at Closing an affidavit attesting (i) to the absence of any financing 412
statement, claims of lien or potential lienors known to Seller and (ii) that there have been no improvements or 413
repairs to the Real Property for 90 days immediately preceding Closing Date. If the Real Property has been 414
improved or repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all 415
general contractors, subcontractors, suppliers and materialmen in addition to Seller’s lien affidavit setting forth 416
names of all such general contractors, subcontractors, suppliers and materialmen, further affirming that all charges 417
for improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been 418
paid or will be paid at Closing. 419
F. TIME: Calendar days shall be used in computing time periods. Time is of the essence in this Contract. Other 420
than time for acceptance and Effective Date as set forth in Paragraph 3, any time periods provided for or dates 421
specified in this Contract, whether preprinted, handwritten, typewritten or inserted herein, which shall end or occur 422
on a Saturday, Sunday, or a national legal holiday (see 5 U.S.C. 6103) shall extend to 5:00 p.m. (where the Property 423
is located) of the next business day. 424
G. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be 425
liable to each other for damages so long as performance or non-performance of the obligation, or the availability of 426
services, insurance or required approvals essential to Closing, is disrupted, delayed, caused or prevented by Force 427
Majeure. “Force Majeure” means: hurricanes, floods, extreme weather, earthquakes, fire, or other acts of God, 428
unusual transportation delays, or wars, insurrections, or acts of terrorism, which, by exercise of reasonable diligent 429
effort, the non-performing party is unable in whole or in part to prevent or overcome. All time periods, including 430
Closing Date, will be extended a reasonable time up to 7 days after the Force Majeure no longer prevents 431
performance under this Contract, provided, however, if such Force Majeure continues to prevent performance under 432
this Contract more than 30 days beyond Closing Date, then either party may terminate this Contract by delivering 433
written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all 434
further obligations under this Contract. 435
H. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee’s, 436
personal representative’s, or guardian’s deed, as appropriate to the status of Seller, subject only to matters 437
described in STANDARD A and those accepted by Buyer. Personal Property shall, at request of Buyer, be 438