“As Is” Residential Contract for Sale and Purchase – Fill Out and Use This PDF

THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS® AND THE FLORIDA BAR

3hereby agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property (collectively “Property”)

4pursuant to the terms and conditions of this Contract for Sale and Purchase and any riders and addenda (“Contract”):

5I. DESCRIPTION:

9(c) Personal Property includes existing range(s), refrigerator(s), dishwasher(s), ceiling fan(s), light fixture(s), and window treatment(s) unless

10specifically excluded below.

16PAYMENT:

22(e) Balance to close by cash, wire transfer or LOCALLY DRAWN cashier’s or official bank check(s), subject

24III. TIME FOR ACCEPTANCE OF OFFER AND COUNTEROFFERS; EFFECTIVE DATE:

25(a) If this offer is not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing between the parties on or

26* before ___________________________________, the deposit(s) will, at Buyer’s option, be returned and this offer withdrawn. Unless other-

27wise stated, the time for acceptance of any counteroffers shall be 2 days from the date the counteroffer is delivered.

28(b) The date of Contract (“Effective Date”) will be the date when the last one of the Buyer and Seller has signed or initialed this offer or the

29final counteroffer. If such date is not otherwise set forth in this Contract, then the “Effective Date” shall be the date determined above for

30acceptance of this offer or, if applicable, the final counteroffer.

31IV. FINANCING:

32* ❏ (a) This is a cash transaction with no contingencies for financing;

33* ❏ (b) This Contract is contingent on Buyer obtaining written loan commitment which confirms underwriting loan approval for a loan to purchase

34* the Property (“Loan Approval”) within _____ days (if blank, then 30 days) after Effective Date (“Loan Approval Date”) for (CHECK ONLY

35* ONE): ❏ a fixed; ❏ an adjustable; or ❏ a fixed or adjustable rate loan, in the Loan Amount (See Paragraph II.(c)) at an initial interest rate not to

36* exceed ___________%, and for a term of _______ years. Buyer will make application within _____ days (if blank, then 5 days) after Effective Date.

37BUYER: Buyer shall use reasonable diligence to: obtain Loan Approval; notify Seller in writing of receipt of Loan Approval by Loan Approval

38Date; satisfy terms of the Loan Approval; and close the loan. Loan Approval which requires a condition related to the sale of other property shall

39not be deemed Loan Approval for purposes of this subparagraph. Buyer shall pay all loan expenses. Buyer authorizes the mortgage broker(s) and

40lender(s) to disclose information regarding the conditions, status, and progress of loan application and Loan Approval to Seller, Seller’s attorney,

41real estate licensee(s), and Closing Agent.

42SELLER: If Buyer does not deliver to Seller written notice of Loan Approval by Loan Approval Date, Seller may thereafter cancel this Contract by

43delivering written notice (“Seller’s Cancellation Notice”) to Buyer, but not later than seven (7) days prior to Closing. Seller’s Cancellation Notice shall

44notify Buyer that Buyer has three (3) days to deliver to Seller written notice waiving this Financing contingency, or the Contract shall be cancelled.

45DEPOSIT(S) (for purposes of this Financing Paragraph IV(b) only): If Buyer has used reasonable diligence but does not obtain Loan Approval

46by Loan Approval Date, and thereafter either party elects to cancel this Contract, the deposit(s) shall be returned to Buyer. If Buyer obtains Loan

47Approval or waives this Financing contingency, and thereafter the Contract does not close, then the deposit(s) shall be paid to Seller; provided how-

48ever, if the failure to close is due to: (i) Seller’s failure or refusal to close or Seller otherwise fails to meet the terms of the Contract, or (ii) Buyer’s lender

49fails to receive and approve an appraisal of the Property in an amount sufficient to meet the terms of the Loan Approval, then the deposit(s) shall be

50returned to Buyer.

51* ❏ (c) Assumption of existing mortgage (see rider for terms); or

52* ❏ (d) Purchase money note and mortgage to Seller (see “As Is” Standards B and K and riders; addenda; or special clauses for terms).

53* V. TITLE EVIDENCE: At least ____ days (if blank, then 5 days) before Closing a title insurance commitment with legible copies of instruments listed as

54exceptions attached thereto (“Title Commitment”) and, after Closing, an owner’s policy of title insurance (see Standard A for terms) shall be obtained by:

55* (CHECK ONLY ONE): ❏ (1) Seller, at Seller’s expense and delivered to Buyer or Buyer’s attorney; or

59modified by other provisions of this Contract. In the event of extreme weather or other conditions or events constituting “force majeure”, Closing will be

60extended a reasonable time until: (i) restoration of utilities and other services essential to Closing, and (ii) availability of Hazard, Wind, Flood, or Homeowners’ 61* insurance. If such conditions continue more than ______ days (if blank, then 14 days) beyond Closing Date, then either party may cancel this Contract.

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62VII. RESTRICTIONS; EASEMENTS; LIMITATIONS: Seller shall convey marketable title subject to: comprehensive land use plans, zoning,

63restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or otherwise

64common to the subdivision; outstanding oil, gas and mineral rights of record without right of entry; unplatted public utility easements of record

65(located contiguous to real property lines and not more than 10 feet in width as to the rear or front lines and 7 1/2 feet in width as to the side

66lines); taxes for year of Closing and subsequent years; and assumed mortgages and purchase money mortgages, if any (if additional items, see 67* addendum); provided, that there exists at Closing no violation of the foregoing and none prevent use of the Property for_______________________

68* __________________________________________________________________________________________ purpose(s).

69VIII. OCCUPANCY: Seller shall deliver occupancy of Property to Buyer at time of Closing unless otherwise stated herein. If Property is intended

70to be rented or occupied beyond Closing, the fact and terms thereof and the tenant(s) or occupants shall be disclosed pursuant to “AS IS” Standard

71F. If occupancy is to be delivered before Closing, Buyer assumes all risks of loss to Property from date of occupancy, shall be responsible and liable

72for maintenance from that date, and shall be deemed to have accepted Property in its existing condition as of time of taking occupancy.

73IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions, riders and addenda shall control all printed pro-

74visions of this Contract in conflict with them.

77XI. DISCLOSURES:

78(a) The Property may be subject to unpaid special assessment lien(s) imposed by a public body (“public body” does not include a

79Condominium or Homeowners’ Association). Such lien(s), if any, whether certified, confirmed and ratified, pending, or payable in installments,

80* as of Closing, shall be paid as follows: ❏ by Seller at closing ❏ by Buyer (if left blank, then Seller at Closing). If the amount of any

81assessment to be paid by Seller has not been finally determined as of Closing, Seller shall be charged at Closing an amount equal to the

82last estimate or assessment for the improvement by the public body.

83(b) Radon is a naturally occurring radioactive gas that when accumulated in a building in sufficient quantities may present health risks to per-

84sons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida.

85Additional information regarding radon or radon testing may be obtained from your County Public Health unit.

86(c) Mold is naturally occurring and may cause health risks or damage to property. If Buyer is concerned or desires additional information

87regarding mold, Buyer should contact an appropriate professional.

88(d) Buyer acknowledges receipt of the Florida Energy-Efficiency Rating Information Brochure required by Section 553.996, F.S.

89(e) If the Real Property includes pre-1978 residential housing, then a lead-based paint rider is mandatory.

90(f) If Seller is a “foreign person” as defined by the Foreign Investment in Real Property Tax Act, the parties shall comply with that Act.

91(g) BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS’ ASSOCIA-

92TION/COMMUNITY DISCLOSURE.

93(h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER’S CURRENT PROPERTY TAXES AS THE AMOUNT

94OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNER-

95SHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES.

96IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER’S OFFICE FOR INFORMATION.

97XII. MAXIMUM REPAIR COSTS: DELETED

98* XIII. HOME WARRANTY: ❏ Seller ❏ Buyer ❏ N/A will pay for a home warranty plan issued by ________________________________________

99* at a cost not to exceed $______________________.

100* XIV. INSPECTION PERIOD AND RIGHT TO CANCEL: (a) Buyer shall have _______ days from Effective Date (“Inspection Period”) within

101which to have such inspections of the Property performed as Buyer shall desire and utilities service shall be made available by the

102Seller during the Inspection Period; (b) Buyer shall be responsible for prompt payment for such inspections and repair of damage

103to and restoration of the Property resulting from such inspections and this provision (b) shall survive termination of this Contract;

104and (c) if Buyer determines, in Buyer’s sole discretion, that the Property is not acceptable to Buyer, Buyer may cancel this Contract

105by delivering facsimile or written notice of such election to Seller prior to the expiration of the Inspection Period. If Buyer timely

106cancels this Contract, the deposit(s) paid shall be immediately returned to Buyer; thereupon, Buyer and Seller shall be released of

107all further obligations under this Contract, except as provided in this Paragraph XIV. Unless Buyer exercises the right to cancel

108granted herein, Buyer accepts the Property in its present physical condition, subject to any violation of governmental, building,

109environmental, and safety codes, restrictions or requirements and shall be responsible for any and all repairs and improvements

110required by Buyer’s lender.

111XV. RIDERS; ADDENDA; SPECIAL CLAUSES: CHECK those riders which are applicable AND are attached to and made part of this Contract:

126XVI. “AS IS” STANDARDS FOR REAL ESTATE TRANSACTIONS (“AS IS” Standards): Buyer and Seller acknowledge receipt of a copy

127of “AS IS” Standards A through Z on the reverse side or attached, which are incorporated as part of this Contract.

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130THIS “AS IS” FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS® AND THE FLORIDA BAR.

131Approval does not constitute an opinion that any of the terms and conditions in this Contract should be accepted by the parties in a

132particular transaction. Terms and conditions should be negotiated based upon the respective interests, objectives and bargaining

142BROKERS: The brokers (including cooperating brokers, if any) named below are the only brokers entitled to compensation in connection with

143this Contract:

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147A. TITLE INSURANCE: The Title Commitment shall be issued by a Florida licensed title insurer agreeing to issue Buyer, upon recording of the deed to Buyer,

148an owner’s policy of title insurance in the amount of the purchase price, insuring Buyer’s marketable title to the Real Property, subject only to matters contained

149in Paragraph VII and those to be discharged by Seller at or before Closing. Marketable title shall be determined according to applicable Title Standards adopt-

150ed by authority of The Florida Bar and in accordance with law. Buyer shall have 5 days from date of receiving the Title Commitment to examine it, and if title is

151found defective, notify Seller in writing specifying defect(s) which render title unmarketable. Seller shall have 30 days from receipt of notice to remove the

152defects, failing which Buyer shall, within 5 days after expiration of the 30 day period, deliver written notice to Seller either: (1) extending the time for a reason-

153able period not to exceed 120 days within which Seller shall use diligent effort to remove the defects; or (2) requesting a refund of deposit(s) paid which shall

154be returned to Buyer. If Buyer fails to so notify Seller, Buyer shall be deemed to have accepted the title as it then is. Seller shall, if title is found unmarketable,

155use diligent effort to correct defect(s) within the time provided. If, after diligent effort, Seller is unable to timely correct the defects, Buyer shall either waive the

156defects, or receive a refund of deposit(s), thereby releasing Buyer and Seller from all further obligations under this Contract. If Seller is to provide the Title

157Commitment and it is delivered to Buyer less than 5 days prior to Closing, Buyer may extend Closing so that Buyer shall have up to 5 days from date of receipt

158to examine same in accordance with this “AS IS” Standard.

159B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shall provide for a

16030 day grace period in the event of default if a first mortgage and a 15 day grace period if a second or lesser mortgage; shall provide for right of prepayment

161in whole or in part without penalty; shall permit acceleration in event of transfer of the Real Property; shall require all prior liens and encumbrances to be kept

162in good standing; shall forbid modifications of, or future advances under, prior mortgage(s); shall require Buyer to maintain policies of insurance containing a

163standard mortgagee clause covering all improvements located on the Real Property against fire and all perils included within the term “extended coverage

164endorsements” and such other risks and perils as Seller may reasonably require, in an amount equal to their highest insurable value; and the mortgage, note

165and security agreement shall be otherwise in form and content required by Seller, but Seller may only require clauses and coverage customarily found in mort-

166gages, mortgage notes and security agreements generally utilized by savings and loan institutions or state or national banks located in the county wherein the

167Real Property is located. All Personal Property and leases being conveyed or assigned will, at Seller’s option, be subject to the lien of a security agreement evi-

168denced by recorded or filed financing statements or certificates of title. If a balloon mortgage, the final payment will exceed the periodic payments thereon.

169C. SURVEY: Buyer, at Buyer’s expense, within time allowed to deliver evidence of title and to examine same, may have the Real Property surveyed and certi-

170fied by a registered Florida surveyor. If the survey discloses encroachments on the Real Property or that improvements located thereon encroach on setback

171lines, easements, lands of others or violate any restrictions, Contract covenants or applicable governmental regulations, the same shall constitute a title defect.

172D. WOOD DESTROYING ORGANISMS: DELETED

173E. INGRESS AND EGRESS: Seller warrants and represents that there is ingress and egress to the Real Property sufficient for its intended use as described

174in Paragraph VII hereof and title to the Real Property is insurable in accordance with “AS IS” Standard A without exception for lack of legal right of access.

175F. LEASES: Seller shall at least 10 days before Closing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying the nature

176and duration of the tenant’s occupancy, rental rates, advanced rent and security deposits paid by tenant. If Seller is unable to obtain such letter from each ten-

177ant, the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller’s affidavit, and Buyer may thereafter contact ten-

178ant to confirm such information. If the terms of the leases differ materially from Seller’s representations, Buyer may terminate this Contract by delivering written

179notice to Seller at least 5 days prior to Closing. Seller shall, at Closing, deliver and assign all original leases to Buyer.

180G. LIENS: Seller shall furnish to Buyer at time of Closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statement,

181claims of lien or potential lienors known to Seller and further attesting that there have been no improvements or repairs to the Real Property for 90 days imme-

182diately preceding date of Closing. If the Real Property has been improved or repaired within that time, Seller shall deliver releases or waivers of construction

183liens executed by all general contractors, subcontractors, suppliers and materialmen in addition to Seller’s lien affidavit setting forth the names of all such gen-

184eral contractors, subcontractors, suppliers and materialmen, further affirming that all charges for improvements or repairs which could serve as a basis for a

185construction lien or a claim for damages have been paid or will be paid at the Closing of this Contract.

186H. PLACE OF CLOSING: Closing shall be held in the county wherein the Real Property is located at the office of the attorney or other closing agent (“Closing

187Agent”) designated by the party paying for title insurance, or, if no title insurance, designated by Seller.

188I. TIME: Calendar days shall be used in computing time periods except periods of less than six (6) days, in which event Saturdays, Sundays and state or nation-

189al legal holidays shall be excluded. Any time periods provided for herein which shall end on a Saturday, Sunday, or a legal holiday shall extend to 5:00 p.m. of the

190next business day. Time is of the essence in this Contract.

191J. CLOSING DOCUMENTS: Seller shall furnish the deed, bill of sale, certificate of title, construction lien affidavit, owner’s possession affidavit, assignments of leas-

192es, tenant and mortgagee estoppel letters and corrective instruments. Buyer shall furnish mortgage, mortgage note, security agreement and financing statements.

193K. EXPENSES: Documentary stamps on the deed and recording of corrective instruments shall be paid by Seller. All costs of Buyer’s loan (whether obtained

194from Seller or third party), including, but not limited to, documentary stamps and intangible tax on the purchase money mortgage and any mortgage assumed,

195mortgagee title insurance commitment with related fees, and recording of purchase money mortgage, deed and financing statements shall be paid by Buyer.

196Unless otherwise provided by law or rider to this Contract, charges for related closing services, title search, and closing fees (including preparation of closing

197statement), shall be paid by the party responsible for furnishing the title evidence in accordance with Paragraph V.

198L. PRORATIONS; CREDITS: Taxes, assessments, rent, interest, insurance and other expenses of the Property shall be prorated through the day before Closing.

199Buyer shall have the option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at Closing shall be

200increased or decreased as may be required by prorations to be made through day prior to Closing, or occupancy, if occupancy occurs before Closing. Advance

201rent and security deposits will be credited to Buyer. Escrow deposits held by mortgagee will be credited to Seller. Taxes shall be prorated based on the current

202year’s tax with due allowance made for maximum allowable discount, homestead and other exemptions. If Closing occurs at a date when the current year’s mill-

203age is not fixed and current year’s assessment is available, taxes will be prorated based upon such assessment and prior year’s millage. If current year’s assess-

204ment is not available, then taxes will be prorated on prior year’s tax. If there are completed improvements on the Real Property by January 1st of year of Closing,

205which improvements were not in existence on January 1st of prior year, then taxes shall be prorated based upon prior year’s millage and at an equitable assess-

206ment to be agreed upon between the parties; failing which, request shall be made to the County Property Appraiser for an informal assessment taking into

207account available exemptions. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of current year’s tax bill.

208M. (RESERVED - purposely left blank)

209N. INSPECTION AND REPAIR: DELETED

210O. RISK OF LOSS: If, after the Effective Date, the Property is damaged by fire or other casualty (“Casualty Loss”) before Closing and cost of restoration (which

211shall include the cost of pruning or removing damaged trees) does not exceed 1.5% of the Purchase Price, cost of restoration shall be an obligation of Seller and

212Closing shall proceed pursuant to the terms of this Contract, and if restoration is not completed as of Closing, restoration costs will be escrowed at Closing. If

213the cost of restoration exceeds 1.5% of the Purchase Price, Buyer shall either take the Property as is, together with the 1.5% or receive a refund of deposit(s)

214thereby releasing Buyer and Seller from all further obligations under this Contract. Seller’s sole obligation with respect to tree damage by casualty or other natu-

215ral occurrence shall be the cost of pruning or removal.

216P. CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. If the title agent insures adverse matters pursuant to Section 627.7841,

217F.S., as amended, the escrow and closing procedure required by this “AS IS” Standard shall be waived. Unless waived as set forth above the following

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219closing procedures shall apply: (1) all closing proceeds shall be held in escrow by the Closing Agent for a period of not more than 5 days after Closing; (2)

220if Seller’s title is rendered unmarketable, through no fault of Buyer, Buyer shall, within the 5 day period, notify Seller in writing of the defect and Seller shall

221have 30 days from date of receipt of such notification to cure the defect; (3) if Seller fails to timely cure the defect, all deposits and closing funds shall, upon

222written demand by Buyer and within 5 days after demand, be returned to Buyer and, simultaneously with such repayment, Buyer shall return the Personal

223Property, vacate the Real Property and reconvey the Property to Seller by special warranty deed and bill of sale; and (4) if Buyer fails to make timely demand

224for refund, Buyer shall take title as is, waiving all rights against Seller as to any intervening defect except as may be available to Buyer by virtue of war-

225ranties contained in the deed or bill of sale.

226Q. ESCROW: Any Closing Agent or escrow agent (collectively “Agent”) receiving funds or equivalent is authorized and agrees by acceptance of them to deposit

227them promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and conditions of this Contract. Failure of funds to

228clear shall not excuse Buyer’s performance. If in doubt as to Agent’s duties or liabilities under the provisions of this Contract, Agent may, at Agent’s option, con-

229tinue to hold the subject matter of the escrow until the parties hereto agree to its disbursement or until a judgment of a court of competent jurisdiction shall

230determine the rights of the parties, or Agent may deposit same with the clerk of the circuit court having jurisdiction of the dispute. An attorney who represents

231a party and also acts as Agent may represent such party in such action. Upon notifying all parties concerned of such action, all liability on the part of Agent

232shall fully terminate, except to the extent of accounting for any items previously delivered out of escrow. If a licensed real estate broker, Agent will comply with

233provisions of Chapter 475, F.S., as amended. Any suit between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, or in

234any suit wherein Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney’s fees and costs incurred with these amounts to

235be paid from and out of the escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. The Agent shall not be liable

236to any party or person for misdelivery to Buyer or Seller of items subject to the escrow, unless such misdelivery is due to willful breach of the provisions of this

237Contract or gross negligence of Agent.

238R. ATTORNEY’S FEES; COSTS: In any litigation, including breach, enforcement or interpretation, arising out of this Contract, the prevailing party in such liti-

239gation, which, for purposes of this ”AS IS” Standard, shall include Seller, Buyer and any brokers acting in agency or nonagency relationships authorized by

240Chapter 475, F.S., as amended, shall be entitled to recover from the non-prevailing party reasonable attorney’s fees, costs and expenses.

241S. FAILURE OF PERFORMANCE: If Buyer fails to perform this Contract within the time specified, including payment of all deposits, the deposit(s) paid by

242Buyer and deposit(s) agreed to be paid, may be recovered and retained by and for the account of Seller as agreed upon liquidated damages, consideration for

243the execution of this Contract and in full settlement of any claims; whereupon, Buyer and Seller shall be relieved of all obligations under this Contract; or Seller,

244at Seller’s option, may proceed in equity to enforce Seller’s rights under this Contract. If for any reason other than failure of Seller to make Seller’s title mar-

245ketable after diligent effort, Seller fails, neglects or refuses to perform this Contract, Buyer may seek specific performance or elect to receive the return of Buyer’s

246deposit(s) without thereby waiving any action for damages resulting from Seller’s breach.

247T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES: Neither this Contract nor any notice of it shall be recorded in any public records.

248This Contract shall bind and inure to the benefit of the parties and their successors in interest. Whenever the context permits, singular shall include plural and

249one gender shall include all. Notice and delivery given by or to the attorney or broker representing any party shall be as effective as if given by or to that party.

250All notices must be in writing and may be made by mail, personal delivery or electronic media. A legible facsimile or electronic (including “pdf”) copy of this

251Contract and any signatures hereon shall be considered for all purposes as an original.

252U. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee’s, personal representative’s, or guardian’s deed, as

253appropriate to the status of Seller, subject only to matters contained in Paragraph VII and those otherwise accepted by Buyer. Personal Property shall, at the

254request of Buyer, be transferred by an absolute bill of sale with warranty of title, subject only to such matters as may be otherwise provided for herein.

255V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this Contract. No mod-

256ification to or change in this Contract shall be valid or binding upon the parties unless in writing and executed by the parties intended to be bound by it.

257W. SELLER DISCLOSURE: (1) There are no facts known to Seller materially affecting the value of the Property which are not readily observable by Buyer or

258which have not been disclosed to Buyer; (2) Seller extends and intends no warranty and makes no representation of any type, either express or implied,

259as to the physical condition or history of the Property; (3) Seller has received no written or verbal notice from any governmental entity or agency as

260to a currently uncorrected building, environmental or safety code violation; (4) Seller has no knowledge of any repairs or improvements made to the

261Property without compliance with governmental regulation which have not been disclosed to Buyer.

262X. PROPERTY MAINTENANCE; PROPERTY ACCESS; ASSIGNMENT OF CONTRACTS AND WARRANTIES: Seller shall maintain the Property, including,

263but not limited to lawn, shrubbery, and pool in the condition existing as of Effective Date, ordinary wear and tear and Casualty Loss excepted. Seller shall, upon

264reasonable notice, provide utilities service and access to the Property for appraisal and inspections, including a walk-through prior to Closing, to confirm that

265all items of Personal Property are on the Real Property and that the Property has been maintained as required by this “AS IS” Standard. Seller will assign all

266assignable repair and treatment contracts and warranties to Buyer at Closing.

267Y. 1031 EXCHANGE: If either Seller or Buyer wish to enter into a like-kind exchange (either simultaneous with Closing or deferred) with respect to the Property

268under Section 1031 of the Internal Revenue Code (“Exchange”), the other party shall cooperate in all reasonable respects to effectuate the Exchange, includ-

269ing the execution of documents; provided (1) the cooperating party shall incur no liability or expense related to the Exchange and (2) the Closing shall not be

270contingent upon, nor extended or delayed by, such Exchange.

271Z. BUYER WAIVER OF CLAIMS: Buyer waives any claims against Seller and, to the extent permitted by law, against any real estate licensee involved

272in the negotiation of the Contract, for any defects or other damage that may exist at Closing of the Contract and be subsequently discovered by the

273Buyer or anyone claiming by, through, under or against the Buyer.

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