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Comprehensive Rider To The Residential Contract For Sale And Purchase CR-2 - FLSSI Real Property

Comprehensive Rider To The Residential Contract For Sale And Purchase Form. This is a FLSSI Real Property form and can be used in Riders Contract For Sale And Purchase .
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Comprehensive Rider to the Residential Contract For Sale And Purchase THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR If initialed by all parties, the clauses below will be incorporated into the Florida Realtors®/Florida Bar Residential Contract (SELLER) For Sale And Purchase between (BUYER) and concerning the Property described as Buyer's Initials ___________ ___________ Seller's Initials ___________ __________ A. CONDOMINIUM RIDER 1. CONDOMINIUM ASSOCIATION APPROVAL: The Association's approval of Buyer (CHECK ONE): is is not required. If approval is required, this Contract is contingent upon Buyer being approved by the Association no later than _______________ (if left blank, then 5) days prior to Closing. Within _______________ (if left blank, then 5) days after Effective Date Seller shall initiate the approval process with the Association and Buyer shall apply for such approval. Buyer and Seller shall sign and deliver any documents required by the Association in order to complete the transfer of the Property and each shall use diligent effort to obtain such approval, including making personal appearances if required. If Buyer is not approved within the stated time period, this Contract shall terminate and Buyer shall be refunded the Deposit, thereby releasing Buyer and Seller from all further obligations under this Contract. RIGHT OF FIRST REFUSAL: (a) The Association (CHECK ONE): has does not have a right of first refusal ("Right"). If the Association has a Right, this Contract is contingent upon the Association, within the time permitted for the exercise of such Right, either providing written confirmation to Buyer that the Association is not exercising that Right, or failing to timely exercise such Right pursuant to the terms of the Declaration of Condominium ("Declaration", which reference includes all amendments thereto). have do not have a Right. If the members do have a (b) The members of the Association (CHECK ONE): Right, this Contract is contingent upon the members, within the time permitted for the exercise of such Right, either providing written confirmation to Buyer that the members are not exercising that Right, or failing to timely exercise such Right pursuant to the terms of the Declaration. (c) Buyer and Seller shall, within _______________ (if left blank, then 5) days after Effective Date, sign and deliver any documents required as a condition precedent to the exercise of the Right, and shall use diligent effort to submit and process the matter with the Association and members, including personal appearances, if required. (d) If, within the stated time period, the Association, the members of the Association, or both, fail to provide the written confirmation or the Right has not otherwise expired, then this Contract shall terminate and the Deposit shall be refunded to the Buyer, thereby releasing Buyer and Seller from all further obligations under this Contract. (e) If the Association or a member timely exercises its or their Right, this Contract shall terminate and the Deposit shall be refunded to Buyer (unless this Contract provides otherwise), thereby releasing Buyer and Seller from all further obligations under this Contract, and Seller shall pay to Broker the full commission at Closing in recognition that Broker procured the sale. FEES; ASSESSMENTS; PRORATIONS; LITIGATION: (a) Condominium Association assessment(s) and Rents: Seller represents that the current Association assessment(s) installments is/are $ _______________ payable (CHECK ONE): and if more than one Association assessment $ _______________ payable (CHECK ONE): monthly monthly quarterly quarterly quarterly semi-annually semi-annually semi-annually annually annually annually (SEE CONTINUATION) 2. 3. and the current rent on recreation areas, if any, is monthly $ _______________ payable (CHECK ONE): Page 1 of 3 A. CONDOMINIUM RIDER CR-2 Rev. 8/13 © 2013 Florida Realtors® and The Florida Bar. All rights reserved. A. CONDOMINIUM RIDER (CONTINUED) All annual assessments levied by the Association and rent on recreational areas, if any, shall be made current by Seller at Closing, and Buyer shall reimburse Seller for prepayments. (b) Fees: Seller shall, at Closing, pay all fines imposed against the Unit by the Condominium Association as of Closing Date and any fees the Association charges to provide information about the Property, assessment(s) and fees. If Property is part of a Homeowners' Association, see Rider B. HOMEOWNERS' ASSOCIATION/COMMUNITY DISCLOSURE for further information including additional assessments and fees. (c) Special Assessments and Prorations: (i) Seller represents that Seller is not aware of any special or other assessment that has been levied by the Association or that has been an item on the agenda, or reported in the minutes, of the Association within twelve (12) months prior to Effective Date, ("pending") except as follows:_ (ii) If special assessments levied or pending exist as of the Effective Date are disclosed above by Seller and may Buyer Seller (if left blank, then Buyer) shall pay installments be paid in installments (CHECK ONE): due after Closing Date. If Seller is checked, Seller shall pay the assessment in full prior to or at the time of Closing. (iii) If special assessments levied or pending exist as of the Effective Date and have not been disclosed above by Seller, then Seller shall pay such assessments in full at the time of Closing. (iv) If, after Effective Date, the Association imposes a special assessment for improvements, work or services, which was not pending as of the Effective Date, then Seller shall pay all amounts due before Closing Date and Buyer shall pay all amounts due after Closing Date. (v) A special assessment shall be deemed levied for purposes of this paragraph on the date when the assessment has been approved as required for enforcement pursuant to Florida law and the condominium documents listed in Paragraph 5. (vi) Association assets and liabilities, including Association reserve accounts, shall not be prorated. (d) Litigation: Seller represents that Seller is not aware of pending or anticipated litigation affecting the Property or the common elements, if any, except as follows: 4. SPRINKLER SYSTEM RETROFIT: If, pursuant to Sections 718.112(2)(l), F.S., the Association has voted to forego retrofitting its fire sprinkler system or handrails and guardrails for the condominium units, then prior to Closing Seller sha
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