Common use of PROCEEDS OF SALE; CLOSING PROCEDURE Clause in Contracts

PROCEEDS OF SALE; CLOSING PROCEDURE. The deed shall be recorded upon clearance of funds. If abstract, evidence of title shall be continued at Buyer's expense to show title in Buyer, without any encumbrances or change which would render Seller's title unmarketable from the date of the last evidence. Proceeds of the sale shall be held in escrow by Seller's attorney or by another mutually acceptable escrow agent for a period of not longer than 5 days from and after closing date. If 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 have 30 days from date of receipt of such notification to cure the defect. If Seller fails to timely cure the defect, all deposit(s) and closing funds shall, upon written demand by Buyer and within 5 days after demand, be returned to Buyer and simultaneously with such repayment, Buyer shall return the Personal Property, vacate the Real Property and reconvey the Property to Seller by special warranty deed and bill xx sale. If Buyer fails to make timely demand for 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 warranties contained in the deed or bill xx sale. If a portion of the purchase price is to be derived from institutional financing or refinancing, requirements of the lending institution as to place, time of day and procedures for closing, and for disbursement of mortgage proceeds shall control over contrary provision in this Contract. Seller shall have the right to require from the lending institution a written commitment that it will not withhold disbursement of mortgage proceeds as a result of any title defect attributable to Buyer-mortgagor. The escrow and closing procedure required by this Standard may be waived if title agent insures adverse matters pursuant to Section 627.7841, F.S. (1991), as amended.

PROCEEDS OF SALE; CLOSING PROCEDURE. The deed shall be recorded upon clearance of funds. If abstractabstract of title has been furnished, evidence of title shall be continued at Buyer's expense to show title in Buyer, without any encumbrances encumbrance or change which would render Seller's title unmarketable from the date of the last evidence. Proceeds of the sale shall be held in escrow by Seller's attorney or by another mutually acceptable escrow agent for a period of not longer more than 5 days from and after closing date. If 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 have 30 days from date of receipt of such notification to cure the defect. If Seller fails to timely cure the defect, all deposit(s) and closing funds shall, upon written demand by Buyer and within 5 days after demand, be returned to Buyer and and, simultaneously with such repayment, Buyer shall return the Personal Property, vacate the Real Property and reconvey the Property to Seller by special warranty deed and bill xx xxxx of sale. If Buyer fails to make timely demand for 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 warranties contained in the deed or bill xx xxxx of sale. If a portion of the purchase price is to be derived from institutional financing or refinancing, requirements of the lending institution as to place, time of day and procedures for closing, and for disbursement of mortgage proceeds shall control over contrary provision in this Contract. Seller shall have the right to require from the lending institution a written commitment that it will not withhold disbursement of mortgage proceeds as a result of any title defect attributable to Buyer-mortgagor. The escrow and closing procedure required by this Standard may shall be waived if title agent insures adverse matters pursuant to Section 627.7841, F.S. (19911993), as amended.

PROCEEDS OF SALE; CLOSING PROCEDURE. The deed shall be recorded upon clearance of funds. If abstractan abstract of title has been furnished, evidence of title shall be continued at Buyer's expense to show title in Buyer, without any encumbrances or change which would render Seller's title unmarketable from the date of the last evidence. Proceeds of the sale All closing proceeds shall be held in escrow by Seller's attorney or by another other mutually acceptable escrow agent agent, for a period of not longer more than 5 days from and after closing date. If Seller's title is rendered unmarketable, through no fault of Buyer, Buyer shall, within the 5-5 day period, notify Seller in writing of the defect and Seller shall have 30 days from the date of receipt of such notification to cure the defect. If Seller fails to timely cure the defect, all deposit(s) and closing funds shall, upon written demand by Buyer and within 5 days after demand, be returned to Buyer Buyer, and simultaneously with such repayment, Buyer shall return the Personal Property, vacate the Real Property and reconvey the Property to Seller by special warranty deed and bill xx of sale. If Buyer fails to make timely demand for refund, Buyer shall xxxxl take title as is, waiving all rights against Seller as to any intervening remaining defect except as may be available to Buyer by virtue of warranties contained in the deed or bill xx of sale. If a portion of the purchase price is to be derived from institutional frox xxstitutional financing or refinancing, requirements of the lending institution institutions as to place, time of day and procedures for closing, and for disbursement of mortgage proceeds shall control over contrary provision in this Contract. Seller shall have the right to require from the lending institution a written commitment that it will not withhold disbursement of mortgage proceeds as a result of any title side defect attributable to Buyer-mortgagor. The escrow and closing procedure required by this Standard may shall be waived if the title agent insures adverse matters pursuant to Section 627.7841727.7841, F.S. (1991)F.S., as amended.

PROCEEDS OF SALE; CLOSING PROCEDURE. The deed shall be recorded upon clearance of funds. If abstract, funds and evidence of title shall be continued at BuyerBUYER's expense expense, to show title in BuyerBUYER, without any encumbrances or change which would render SellerSELLER's title unmarketable from the date of the last evidence. Proceeds , and the proceeds of the sale shall be held in escrow by Sellerthe SELLER's attorney or by another mutually acceptable such other escrow agent as may be mutually agreed upon for a period of not longer than 5 five (5) days from and after closing date. If SellerSELLER's title is rendered unmarketable, through no fault of Buyer, Buyer shall, BUYER shall within the said five (5-) day period, notify Seller SELLER in writing of the defect and Seller the SELLER shall have 30 days from the date of receipt of such notification to cure the said defect. If Seller In the event that SELLER fails to timely cure the said defect, all deposit(s) and closing funds monies paid hereunder shall, upon written demand by Buyer therefor and within 5 five (5) days after demandthereafter, be returned to Buyer and BUYER and, simultaneously with such repayment, Buyer BUYER shall return the Personal Property, vacate the Real Property and reconvey the Property same to Seller the SELLER by special warranty deed and bill xx salereturn the Personalty. If Buyer In the event that the BUYER fails to make timely demand for a refund, Buyer BUYER shall take title as is, waiving all rights against Seller the SELLER as to any such intervening defect except as may be available to Buyer BUYER by virtue of warranties warranties, if any, contained in the deed or bill xx saledeed. If In the event a portion of the purchase price is to be derived from institutional financing or refinancing, the requirements of the lending institution as to place, time of day day, and procedures for closing, and for disbursement of mortgage proceeds proceeds, shall control over contrary provision anything in this Contractcontract to the contrary notwithstanding. Seller Provided, however, that the SELLER shall have the right to require from the such lending institution at closing a written commitment that it will not withhold disbursement of mortgage proceeds as a result of any title defect attributable to Buyerthe BUYER-mortgagor. The escrow and closing procedure required by this Standard may be waived if title agent insures adverse matters pursuant to Section 627.7841, F.S. (1991), as amended.