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14. TAX DISCLOSURE: Chapter 212.10, Section 31 of the Florida Statutes, governs the sales tax liability of parties involved in the sale or
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exchange of business assets. Broker discloses the existence of the statutory provisions, as well as the potential transferee, sale or exchange of
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business assets. Broker discloses the existence of the statutory provisions, as well as the potential transferee liability purported herein. Broker
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advises that the parties hereto seek the assistance of independent counsel. The parties acknowledge that they have been advised by the Broker to
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seek advice as to the allocation of the purchase price as is required by Law.
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15. MISCELLANEOUS:
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A. Buyer and Seller represent and warrant that they have the full authority to enter into this Contract and to conclude the transaction described
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herein. No agreement to which either Buyer or Seller is a party prevents either of them from concluding this transaction, nor is the consent of
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any third party required.
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B. Seller indemnifies Buyer and shall hold Buyer harmless from all debts, claims, actions, losses, damages and attorneys fees, existing or that
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may arise from or be related to Seller’s past operation and ownership of the Business, except any liabilities assumed by Buyer hereunder. In the
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event Buyer should become aware of any such claim against the Business not disclosed by Seller prior to closing, Buyer shall promptly notify
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Seller in writing of said claim. In the event Seller does not satisfy said claim or said claim is not disputed within ten (10) days from the receipt
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of such notice, Buyer may, at its sole option, subsequent to closing, pay said claim and receive full credit against the next payment(s) due under
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any Promissory Note owed to Seller under this Contract. In the event of a cash transaction, or wholly third party financing, the parties agree that
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the Closing Agent shall retain $___________________, from the Seller’s closing proceeds for a period of _________ days to secure the Seller’s
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indemnification responsibilities as provided for herein.
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C. In the event there is any loss or damage to the Business premises, or any of the improvements, systems, equipment or other assets included
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in this sale at any time prior to the closing of this sale, the risk of loss shall be upon Seller.
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D. No waiver of any provisions of this Contract shall be effective unless it is in writing, signed by the party against whom it is asserted and any
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such waiver shall only be applicable to the specific instance to which it relates and shall not be deemed to be a continuing waiver.
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E. Captions and paragraph headlines in this Contract are for convenience and reference only and do no define, describe, extend or limit the
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scope or intent of this Contract or any provisions herein.
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F. The parties hereto hereby acknowledge that this Contract shall survive the closing of this transaction as to the terms and conditions herein.
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G. The Contract shall be binding upon and shall inure to the benefit of the successors, assigns, personal representatives and heirs of the parties
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hereto. The parties hereto acknowledge that this Contract, including all covenants, representations, warranties and agreement shall survive the
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closing of this transaction.
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H. In the event that any of the terms, conditions, covenants of this Contract are held to be unenforceable or invalid by any court of competent
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jurisdiction, the validity and enforceability of the remaining provisions, or portions thereof shall not be affected thereby and effect shall be given
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to the remaining provisions.
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I.
No modification or change in this Contract shall be binding unless in writing and executed by the parties. Where in conflict, typewritten
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provisions shall supersede printed provisions and handwritten provisions shall supersede typewritten and/or printed provisions. All changes to
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the Contract shall be initialed by the subscribing parties in order to effective.
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J. Buyer shall [ ] shall not [ ] (not applicable if not filled in) within _____ days (five (5) days if blank is not filled in) from the Effective
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Date, at Buyer’s expense, determine the suitability of the property through due diligent inquiries, investigations, studies or any other means
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regarding the property including laws, zoning, ordinances, referendums, initiatives and votes, etc. If such matters are unsatisfactory to Buyer,
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Buyer shall give written notice of disapproval to Seller and Broker within the time period specified herein, whereupon this Contract shall be
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considered null and void and any deposits shall be forthwith returned. Buyer’s failure to give written notice of disapproval shall conclusively be
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deemed approval.
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K. Certified special assessment liens as of the date of closing are to be paid by Seller. Pending liens as of the date of closing shall be assumed
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by Buyer. Where the improvement has been substantially completed as of the Effective Date of this Contract, such pending liens shall be
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considered as certified, and Seller shall, at closing, be charged an amount equal to the last estimate of the public body of the assessment of the
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improvement.
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L. In the event an order of taking has been issued by any governmental authority, Buyer shall have the option to cancel the Contract or require
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Seller to convey any remaining portion of the property. Should the Buyer not elect to cancel the Contract, then the Buyer shall have the right to
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participate in negotiations with government and this Contract shall remain in full force and effect.
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M. Seller warrants that there are ingress and egress to the property over public or private roads or easements sufficient for the intended use
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thereof, and this warrant shall survive closing.
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N. No interest shall be paid to the Sellers or Buyers on deposits, or on mortgage proceeds or closing proceeds not disbursed to Seller at closing.
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O. The term “Contract” shall include all Addenda and Exhibits attached or incorporated by reference.
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P. Notice given by or to the Attorney or Agent for either party shall be effective as if given by or to said party. Any reference to time periods
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shall, in the computation thereof, exclude Saturdays, Sundays and legal holidays, any time period which shall end on a Saturday, Sunday or
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legal holiday shall extend to 5:00 o’clock P.M. on the next full business day. The Broker and/or the South Broward Board of Realtors, Inc.
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assume no responsibility for technical or electronic interruptions, acts of nature, or delays beyond its control. In the event of such interruptions,
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acts of nature, or delays, Listing Agreements and Sales Contracts will be extended for the equivalent period caused by the interruptions, acts of
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nature, or delays.
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Q. Neither this Contract nor any notice thereof shall be recorded in the public records.
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R. Notwithstanding anything herein contained, the Seller and Buyer agree that any Real Estate Broker holding any deposit(s) under the terms
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of this Contract, may rely upon an Escrow Disbursement Order or similar direction from the Florida Real Estate Commission and shall be saved
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harmless by the parties from any liability arising from the distribution made pursuant to such order or direction providing, however, all parties
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shall strictly comply with the rules of the Florida Real Estate Commission.
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S. The Buyer and Seller each acknowledge that the Listing Broker and the Cooperating Broker are Third Party Beneficiaries of this Contract.
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Notwithstanding privity or the absence of same, said Brokers have an interest in the performance of this Contract. Accordingly, the parties agree
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that this Contract shall not be changed or modified in any way which would affect the Brokers’ rights without the consent of said Brokers.
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Further, in the event of breach by either Buyer or Seller, then the Cooperating Broker, Listing Broker, or both may bring an action against the
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breaching party for the amount of the professional service fee said Broker or Brokers would have received had the breaching party not breached.
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In the event of any such litigation, this Contract and the Listing Agreement, if any, shall control.
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BPASC
Page 4 of 5
Rev 3/2001
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