HomeMy WebLinkAboutR-2012-077 - Executed Commercial Contract to allow Lillie M. Hobbs to Purchase Surplus Property at 715 NW 1 Street RESOLUTION NO. 2012-077
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, AUTHORIZING THE PROPER CITY OFFICIALS TO
EXECUTE A COMMERCIAL CONTRACT BETWEEN THE CITY AND
LILLIE M. HOBBS TO ALLOW HER TO PURCHASE SURPLUS PROPERTY
LOCATED AT 715 NW 1ST STREET IN DANIA BEACH, FLORIDA;
PROVIDING FOR FUNDING; PROVIDING FOR CONFLICTS; FURTHER,
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City Commission determined that a number of parcels owned by the
City were surplus and such parcels were formally declared to be surplus, pursuant to Resolution
No. 2012-037 adopted on March 27, 2012; and
WHEREAS, the City Commission held a lottery that selected at random real estate
brokers to represent the City in the sale of the surplus properties at the March 27, 2012 meeting,
and the broker then listed on the Multiple Listing System (MLS) the advertisement of the public
sale of these surplus properties; and
WHEREAS, an offer has been made to acquire one of the parcels as evidenced by a
Commercial Contract, attached as Exhibit"A", which is made a part of and incorporated into this
Resolution by this reference; and
WHEREAS, the offer exceeds the appraised value of the property, which was provided
by exhibit to the City Commission on March 27, 2012;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH,FLORIDA:
Section 1. That the proper City officials are authorized to execute a Commercial
Contract between the City and Lillie M. Hobbs to allow her to purchase surplus property owned
by the City and located at 715 NW 1st Street in Dania Beach, Florida.
Section 2. That the City Manager and City Attorney are authorized to make minor
revisions to the Commercial Contract as are deemed necessary and proper for the best interests
of the City.
Section 3. That all Resolutions or parts of resolutions in conflict with this Resolution
are repealed to the extent of such conflict.
Section 4. That this Resolution shall be in force and take effect immediately upon its
passage and adoption.
PASSED AND ADOPTED on June 26, 2012.
ATTEST:
OUISE STILSON, c9c'7 PATRICIA A. FLURY
CITY CLERK MAYOR
�p5tp'S Frlq�r
APPROVED AS TO FORM AND CORRECTNESS:
THOM S J./AT' SBRO
CITY ATTORNEY
2 RESOLUTION#2012-077
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Commercial Contract killi,i_Florida Realtors-
(
r 1.PARTIES AND PROPERTY: LJLUE M.HOBBS
r agrees to buy and CITY OF DANIA BEACH ("Seller")
i
3" agrees to sell the property as:Street Address: 715 NW 1 Street Dania beach.FL }
t
s• Legal Description: The North 112 of a parcel of land bounded on the North by Lot 1 on the South b Lot 3, (�
e• on the West by t.oi 11 and on the East by NW 7 Avenue,Saratoga as recorded in Plat Book 18.Pagt;23 of the PublIG !
7 and the following Personal Property .
e•
a (all collectively referred to as the"Property')on the terms and conditions set forth below.
so• 2.PURCHASE PRICE: $ 16 100
»• (a)Deposit held In escrow by $
tz ("Escrow'Agerit") jrhecks■re suoieq to aduat end rraa aoUetfon)
+a. Escrow Agent's address: Phone:
14• (b)Additional deposit to be made to Escrow Agent within 3 days after Effective Date $ 6,100
Is* (c)Additional deposit to be made to Escrow Agent within days after Effective Date $
le• (d)Total financing(see Paragraph 5) $
rr (0)Other
3
to (f)All deposits will be credited to the purchase price atclosing. Balance to close,subject
:o• to adjustments and proratlons,to be paid with locally drawn cashier's or official bank $ 10,000
zo check(s)or wire transfer.
zs 3.TIME FOR ACCEPTANCE;EFFECTIVE DATE;COMPUTATION OF TIME: Unless this offer is signed by Seller
22• and Buyer and an executed copy delivered to all parties on or before__ May 20,2012 this offer wilt be
23 withdrawn and the Buyer's deposit,if any,will be returned.The time for scoeptance of any counter offer will,be 3
24 days from the date the counter offer Is delivered.The"Effective Date'°of this Contract is the date on which the
25 last one of the Seller and Buyer has signed or initiated and dellvered this offer or the fin al counter offer.
26 Calendar days will be used when computing time periods,except tirne periods of 5 days or less.Time periods of 5
2r days or less will be computed without Including Saturday,Sunday,or stational legs)holidays.Any time period ending
2% on a Saturday,Sunday,or national legal holiday will extend until 6:00 P.M.of the next business day.Time is of the
2B essence in this Contract.
ac 4.CLOSING DATE AND LOCATION:
31' (a)Closing Date:This transaction will be closed on or before 7-1-12 (Closing Date),unless specifically,
32 extended by other provisions of this Contract.The Closing Date will prevail over all other time periods including,but
33 not limited to,Financing and Due Diligence periods.In the event insurance underwriting is suspended on Closing
34 Date and Buyer is unable to obtain property insurance,Buyer may postpone dosing up to 6 days after the
36 insurance underwriting suspension is lifted.
Buys r j and suer(�ij adrawiedge receipt of a copy of this Me.wh lh Is Page t of a paoes.
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3r (b)Location:Closing will take place in County, Florida.(If left blank eiosiag
3e will take place in the county where the property is located.)Closing may be conducted by mail or electronic means.
39 5.THIRD PARTY FINANCING:
4r BUYER'S OBLIGATION:Within days(5 days If left blank)after Effective Date,Buyer will apply for third party
41• financing in an amount not to exceed °/v of the purchase price or 3 _with a fixed interest rate
u• not to exceed 'i6 per year with an initial variable interest rate not to exceed %,with points or commitment
43• or loan fees not to exceed '/o of the principal amount,for a term of years,and amortized over
44 years,with additional terms as follows:
s•
4a Buyer will timely provide any and all credit.employment, financial and other information reasonably required by any
a• lender,Buyer will use good faith and reasonable diligence to(7 obtain Loon Approval within days(45 days if
4a left blank)from Effective Date(Loan Approval Date),(it)satisfy terms and conditions of the Loan Approval,and
4s (iii)close the loan.Buyer wid keep Seller and Broker fully Informed about loan application status and authorizes the
so mortgage broker and lender to disclose all such information to Seller and Broker,Buyer will norly Seller immediately
sz upon obtaining financing or being rejected by a lender.CANCELLATION:If Buyer,after using good faith and
s2• reasonable diligence,fails to obtain loan Approval by Loan Approval Date,Buyer may within days(3 days if left
s3 blank)deliver written notice to Satter stating Buyer either waives this financing contingency or cancels this Contract
s4 if Buyer does neither,then seller may caricel this Contract by delivering written notice to Buyer at any time
ss thereafter.Unless this financing contingency has been waived,this Contract shall remain subject to the
se satisfaction,by closing,of those conditions of Loan Approval related to the Property. DEPOSIT(5)(for purposes
s7 of Paragraph 5 only);If Buyer has used good faith and reasonable diligence but does not obtain Loan
so Approval by Loan Approval Dote and thereafter either parry elects to cancel this Contract as set forth above or the
a lender fails or refuses to close on or before the Closing Date without fault on Buyer's part,the Deposit(s)shall be
w -returned-to-Buyeri-whereupon-both-partisewflI be-released fmm-ali further obligations;under this*Contract;except for
e1 obligations stated herein as surviving the termination of this ContraeL If neither party elects to terminate this Contract
ea as set forth above or Buyer fails to use good faith or reasonable diligence as set forth above,Setter wig be entitled to
ea retain the Deposit(s)if the transaction does not close.
e4. 6.TITLE:Seller has the legal apaci tan !K y marketable fftle tothe Property by ❑statutory warranty
es• deed xC,,,]' other free of liens,easements and encumbrances of record or
a known to Seller,but dubject to property tiixeslfdr1he year of dosing;covenants,restrictions and public utility
e7 easements of record;existing zoning and governmental regulations and(list any other matters to which title will be
ee• subject)
a9•
7o provided there exists at dosing no violation of the foregoing and none of them prevents Buyer's Intended use of the
rr Property as
72 (a)Evidence of Title:The party who pays the premium for the title insurance policy le the dosing agent
73• and pay for the title search and closing services Seller will,at(Check one)❑Seller's ces,expense and
74• within_days❑after Effective Date❑or at least_ days before Dosing Dated ruyer(check one)
rs• R)(L)a title Insurance commitment by a Florida licensed title insurer setting forth those matters to be
ro discharged by Seller at or before Closing and,upon Buyer recording the deed,an owner's policy in the amount
77 of the purchase price for fee simple We subject only to exceptions stated above.If Buyer is paying for the
7e evidence of title and Seller has an owner's policy,Seller will deliver a copy to Buyer within 15 days after
70 Effective Date.
to. ❑(1)an abstract of title,prepared or brought current by an existing abstract firm or certified as correct by an
91 existing firm. However,if such an abstract is not available to Seller,then a prior owner's title policy acceptable
os to the proposed Insurer as a base for reissuance of coverage may be used.The prior policy will include copies
ea of all policy exceptions and an update in a format acceptable to Buyer from the policy effective daft and
94 certified to Buyer or Buyer's dosing agent together with copies Of all documents recited in the prior policy and
es in the update.It such an abstractor prior policy is not available to Seller then(i.)above will be the evidence of
Be title. IS
er (b)Title Examination:Buyer will,within 15 days from mccipt of the evidence of Ulle deliver written notice to Seller
Be of title defects.Title will be deemed acceptable to Buyer if(1)Buyer faits to deliver proper notice of defects or
�q auye nand Sailer rsoetpi ale copy of this page,which is Papa 2 of 8 pages.
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ao• (2)Buyer delivers proper written notice and Seiler cures the defects within_,days from receipt of the notice
a, ("Curative Period").if the detects are cured within the Curative Period,dosing will occur within 10 days from receipt
12 by Buyer of notice of such curing,Seller may elect not to cure defects if Seller reasonably believes any defect
93 cannot be cured within the Curative Period.if the defects are not cured within the Curative Period,Buyer will have
94 10 days from receipt of notice of Seller's inability to cure the defects to elect whether to terminate this Contract or
as accept We subject to existing defects and close the transaction without reduction in purchase price.
ae (c)Survey:(check applicable provisions below)
ar ❑(L)Seller will,within days from Effective Date,deliver to Buyer copies of prior surveys,plans,
is specifications,and engineering documents,if any,and the following documents relevant to this transaction:
too prepared for Seller or in Seller's possession,which show all currently eAstfng struicturem In the event this
tot transaction does not close,all documents provided by Seller will be returned to Seiler within 10 days from the
toe date this Contract is terminated.
103- Q Buyer will,at[]Soiler'sD Buyer's expense and within the time period allowed to dealer and examine title
too evidence,obtain a current certified survey of the Property from a registered surveyor.If the survey reveals
1os• encroachments on the Property or that the improvements encroach on the I"s of awther.Q Buyer wttl
IN, accept the Property with existing encroachments[3 such encroachments will constitute a the defect to be
107 cured within the Curative Period.
toe (d)regress and Egress:Seller warrants that the Property presently has ingress and egress.
im 7.PROPERTY CONDITION:Sellerwlll deliverthe Property to Buyer at the time agreed in its present'as is'
no condition,ordinary wearand tear excepted,and will maintain the landscaping and grounds in a comparable condition.
111 Seller makes no warranties other than marketability of title,to the event that the condition of the Property has
112 materially changed since the expiration of the Due Diligence Period,Buyer may elect to terminate the Contract and
11e receive a refund of any and all deposits paid,plus interest,if applicable.By accepting the Property'as is',Buyer
114 waives all claims against Seller for any defects in the Property.(Check(a)or(b))
11 v ( (a)As is:Buyer has inspected the Property or waives any right to inspect and accepts the Property in Its"as Is'
110 condition.
t1r• ❑(b)Due Diligence Period:Buyer will,at Buyer's expense and within days from Effective Date('Due
116 Diligence Period"),determine whether the Property is suitable,in Buyer's sole and absolute discretion,for Buyer's
Ili) intended use and development of the Property as specified in Paragraph 6.During the Due Diligence Period,
12o Buyer may conduct any tests,analyses,surveys and investigations("Inspections")which Buyer deems necessary
121 to determine to Buyer's satisfaction the Property's engineering,architactural,environmental properties;zoning and
122 zoning restrictions;flood zone designation and restrictions;subdivision regulations;soil and grade;avalabifity of
123 access to public roads.water, and other utilldes;consistency with local,state and regionai growth management and
t24 comprehensive land use plans;availability of permits,government approvals and licenses,compliance with
125 American with Disabdittes Act absence of asbestos,soil and ground water contamination;and other inspections
12a that Buyer deems appropriate to determine the suitability of the Property for Buyer's intended use and
Or development Buyer will deliver written notice to Seller prior to the expiration of the Due Diligence Period of
tea Buyer's determination of whether or not the Property is acceptable.Buyer's failure to comply with Oils notice
12e requirement will constitute acceptanoe of the Property in its present"as is'condition.Seller grants to Buyer,its
139 agents,contractors and assigns,the right to enter the Property at any time during line Due D Rance Period for the
tat purpose of conducting Inspections;provided, however,that Buyer,its agents,contractors and assigns enter the
132 Property and conduct inspections at their own risk.Buyerwkl indemnify and hold Sorter harmless from losses,
133 damages,costs,claims and expenses of any nature,Including attorneys'fees at all levels,and from liability to any
lu person,arising from the conduct of any and all inspections or any work authorized by Buyer.Buyer will not engage
115 in any activity that could result in a mechanic's lien being flied against the Property without Seller's priorwritten
135 consent.in the event this transaction does not close,(1)Buyer wilf repair all damages to the Property resulting
W from the Inspections and return the Property to the condition it was In prior to conduct of the laspectionst,and
136 (2)!Buyer will.at Buyer's expense release to Seller all reports and other work generated as a result of the
ise inspections. Should Buyer deliver timely notice that the Property is not acceptable,Seller agrees that Buyer's
14o deposit will be immediately returned to Buyer and the Contract terminated.
141 (c)Walkdhiough Inspection:Bauer may,on the day prior to closing or any other time mutually agreeable to the
,s2'euysr) j L/�h and sesar&mir) l acknowledge mcopt of a copy of this page,which is Page 3 of 8 Pages.
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143 parties,conduct a final"walk-through"inspection of the Property to determine:compliance with this paragraph and
144 to ensure that all Property is on the premises.
1+s B.OPERATION OF PROPERTY DURING CONTRACT PERIOD.Seller will continue to operate the Property and any
14e business conducted on the Property in the manner operated prior to Contract and will take no action that would
147 adversely impact the Property,tenants,lenders or business,if any.Any changes,such as renting vacant space,that
141•materially affect the Property or Buyer's intended use of the Property will be permitted[]only with Buyer's consent
146-[]without Buyer's consent.
iso 9.CLOSING PROCEDURE:Unless otherwise agreed or stated herein,closing procedure shall be in accordance with
1st the norms where the Property is located.
152 (a)Possession and Occupancy:SeNerwll deliver possession and occupancy of the Property to Buyer at
163 closing. Seller will provide keys,remote controls,and any security/access codes necessary to operate all locks,
164 mailboxes,and security systems.
iss (b)Costs: Buyer will pay Buyer's attorneys'fees,taxes and recording fees on notes, mortgages and financing
166 statements and recording fees for the deed.Seller will pay Seller's attorneys'lees,taxes on the deed and
167 recording fees for documents needed to cure title defects.If Sefler is obligated to discharge any encumbrance at or
1ss prior to closing and Fails to do so,Buyer may use purchase proceeds to satisfy the encumbrances.
Ise (c)Documents:Seller will provide the deed;bill of sale;mechanic's lien affidavit~originals of those assignable
140 service and maintenance contracts that will be assumed by Buyerafterthe Closing Date and letters to each
let service contractor from Seller advising each of them of the sale of the Property and.if applicable,the transfer of its
162 contract,and any assignable warranties or guarantees received or held by Seller from any manufacturer,
143 contractor,subcontractor,or material supplier in connection with the Property;current copies of the condominium
164 documents,if applicable;assignments of leases,updated rent roll;tenant and lender estoppels letters;tenant
16s subornation, non-disturbance and allamment agreements(SNDAs)required by the Buyer or Buyer's lender,
156 assignments of permits and licenses;corrective instruments;and letters notifying tenants of the change in
167 ownershiplrental agent.If any tenant refuses to execute an estoppels letter,Seller will certify that information
Ise regarding the tenant's lease is correct.If Seller Is an entity,Seloy will deliver a resolution of its Board of Directors
166 authorizing the sale and delivery of the deed and certification by the appropriate party certifying the resolution and
170 setting forth facts showing the conveyance conforms to the requirements of local law.Seller will transfer security
01 deposits to Buyer.Buyer will provide the closing statement,mortgages and notes,security agreements,and
172 financing statements.
ire (d)Taxes and Proration:Real estate taxes,personal property taxes on any tangible personal,property,bond
174 payments assumed by Buyer,interest,rents(based on actual collected rents),association dues,insurance
175 premiums acceptable to Buyer,and operating expenses will be prorated through the day before closing.If the
1r6 amount of taxes for the current year cannot be ascertained,rates for the previous year will be used with due
M allowances being made for improvements and exemptions.Any tax proration based on an estimate will,at request
174 of either parry,be readjusted upon receipt of current year's tax bill;this provision will survive closing.
179 (e)Special Assessment Liens:Certified,confirmed,and ratified special assessment liens as of the Closing Date
iao will be paid by Salter. If a certified,confirmed, and ratified special assessment is payable in installments,Seger will
tell pay all installments due and payable on or before the Closing Date,with any Installment for any period extending
07 beyond the Closing Date prorated,and Buyer will assume all installments that become due and payable after the
ws Closing Date.Buyer wig be responsible for all assessments of any kind which become due and owing after Closing
164 Date,unless an improvement Is substantially completed as of Closing Date.If an improvement is substantially
ras completed as of the Closing Date but has not resulted in a lien before dosing,Seller will pay the amount of the last
106 estimate of the assessment.This subsection applies to special assessment liens imposed by a public body and
167 does not apply to condominium association special assessments.
16e (f)Foreign Investment In Real Property Tax Act(FIRPTA):if Seller is a"foreign person"as defined by FIRPTA,
ids Seller and Buyer agree to comply with Section 1445 of the Internal Revenue Code.Seller and Buyer will
too complete,execute,and deliver as directed any instrument.affidavk or statement reasonably,necessary to comply
101 with the FIRPTA requirements,including delivery of their respective federal taxpayer identification numbers or
8r 81Uye UL and sallor D-knowledge receipt of a copy or this page,which is Page 4 C B Pages,
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103 Social Security Numbers to the closing agent.if Buyer does not pay sufficient cash at closing to meet the
104 withholding requirement,Seller will deliver to Buyer at closing the additional cash necessary to satisfy the
185 requirement.
108 le.ESCROW AGENT:Seller and Buyer authorize Escrow Agent or Closing Agent(collectively"Agent)to
1s? receive,deposit,and hold funds and other property in escrow and,subject to collection,disburse them in accordance
tee with the terms of this Contract.The parties agree that Agent will not be liable to any person for tnisdefivery of
Ins escrowed Items to Setter or Buyer,unless the misdelivery is due to Agents willful breach of this Contract or gross
zoo negligence.if Agent has doubt as to Agents duties or obligations under this Contract,Agent may,at Agent's option,
201 (a)hold the escrowed items until the parlles mutually agree to its disbursement or until a court of competent
2e2 jurisdiction or arbitrator determines the rights of the parties or(b)deposit the escrowed items with the clerk of
zua the court having jurisdiction over the matter and file an action in interpleader.Upon notifying the pafttes of SUCK action,
zoo Agent will be released from all liability except for the duty to account for items previously delivered out of escrow.If
w6 Agent is a licensed real estate broker.Agent will comply with Chapter 475,Florida Statutes.In any suit in which Agent
zaa interpleads the escrowed items or is made a party because of acting as Agent hereunder,Agent will recover
zor reasonable attorneys fees and casts Incurred,with these amounts to be paid from and out of the escrowed items and
aoa changed and awarded as court costs in favor of the prevailing party.
zoe 11.CURE PERIOD:Prior to any claim for default being made,a party will have an opportunity to cure any alleged
210 default If a party fails to comply with any provision of this Contract,the other party will deriver written notice to the non-
211•complying party specifying the non-compliance.The non-complying party will have days(5 days if left blank)after
212 delivery of such notice to cure the non-compliance. Notice and cure shall not apply to failure to dose.
V3 12.RETURN OF DEPOSIT:Unless otherwise specified in the Contract,in the event any condition of this Contract is
214 not met and Buyer has timely givers any required notice regarding the condition having not been met,Buyer's deposit
zis will be returned in accordance with applicable Florida Laws and regulations.
211 13.DEFAULT:
217 (a)In the event the sale is not closed due to any default or failure on the part of Seller other than failure to make
71B the title marketable after diligent effort.Buyer may either(1)receive a refund of Buyer's deposit(s)or(2)seek
210 specific performance.if Buyer elects a deposit refund,Seiler will be liable to Broker for the full amount of the
22o brokerage fee.
221 (b)in the event the sale is not closed due to any default or failure on the pail of Buyer.Seater may either(1)retain
222 ail deposit(s)paid or agreed to be paid by Buyer as agreed upon liquidated damages,consideration for the
223 execution of this Contract,and in full settlement of any claims,upon which this Contract will terminate or(2)seek
zz+ specific performance.If Seller retains the deposit,Seller will pay the Brokers named in Paragraph 20 fifty percent
225 of all forfeited deposits retained by Seiler(to be split equally among the Brokers)up to the full amount of the
szs brokerage fee.If Buyer faits to timely place a deposit as required by this Contract,Seiler may either(1)temsinate
227 the Contract and seek the remedy outlined in this subparagraph or(2)proceed with the Contract without waiving
220 any remedy for Buyer's default
zzs 14. ATTORNEYS FEES AND COSTS:tn any Cairn or controversy arising out of or relating to this Contract,the
239 prevailing party,which for purposes of this provision will include Buyer.Seller and Broker,will be awarded reasonable
251 atlomeys'fees,costs,and expenses.
zaz 15.No nCES:All notices will be in writing and may be delivered by mail,overnight courier,personal delivery,or
zaa electronic means.Parties agree to send all notices to addresses specified on the signature page(s).Any notice,
zu document,or item given by or delivered to an attorney or real estate licensee(including a transaction broker)
gas representing a party will be as effective as if given by or delivered to that party.
zas 16.DISCLOSURES:
ssr (a)Commercial Real Estate sales Commission Lien Act:The Florida Commercial Real Estate Sales
zze Commission Lien Act provides that a broker has a Gen upon the owners net proceeds from the sale of commercial
239 real estate for any commllss'sionfrued by the broker under a brokerage agreement.The#'ten upon the owner's net
-0�240' l�uyar t t and Seller 1.e r /1'adwwwmge recsio of a copy of this page,whk;h is Page 5 of 8 Pages.
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241 proceeds is a lien upon personal property which attaches to the owner's net proceeds and does not attach to any
242 interest in real property.This lien right cannot be waived before the commission is earned.
243 (b)Special Assessment Liens Imposed by Public Body:The Property may be subject to unpaid special
244 assessment lien(s)imposed by a public body. (A public body Includes a Community Development District)Such
245 liens,if any,shall be paid as set forth to Paragraph 9(e).
245 (c)Radon Gas:Radon is a naturally occurring radioactive gas that,when it has accumulated in a building in
247 sufficient quandliles,may present health risks to persons who are exposed to it over time.Levels of radon that
246 exceed federal and state guidelines have been found In buildings in Florida.Additional information regarding radon
24e and radon testing may be obtained from your county public health unit
zso (d)Energy-Efficiency Rating Information: Buyer acknowledges receipt of the information brochure required by
251 Section 653.996,Florida Statutes.
2s2 17.RISK OF LOSS:
2M (a)If,after the Effective Date and before closing,the Property is damaged by fire or other casualty,Seller w1l beer
264 the risk of loss and Buyer may cancel this Contract without liability and the deposit(s)will be returned to Buyer.
255 Altematively,Buyer will have the option of purchasing the Property at the agreed upon purchase price and Seller
256 will credit the deductible,if any and transfer to Buyer at closing any insurance proceeds,or Seller's claim to any
267 insurance proceeds payable for the damage.Seller will cooperate with and assist Buyer In collecting any such
250 proceeds.Seller shall not settle any insurance claim for damage caused by casualty without the consent of the
see Buyer.
2e0 (b)If,after the Effective Date and before closing,any part of the Property is taken In condemnation or under the
261 right of eminent domain,or proceedings for such taking wilt be pending or threatened.Buyer may cancel this
262 Contract without liability and the deposit(s)will be returned to Buyer.Alternatively,Buyer will have the option of
263 purchasing what is left of the Property at the agreed upon purchase price and Seller will transfer to the Buyer at
264 closing the proceeds of any award,or Seller's claim to any award payable for the taking.Sellerwill cooperate with
as and assist Buyer In collecting any such award.
2ra-18.ASSIGNABILITY;PERSONS BOUND:This Contract may be assigned to a related entity,and otherwise R1 is
26'rnot assignable[]is assignable.If this Contract may be assigned.Buyer shall deliver a copy of the assignment
26a agreement to the Seller at least 5 days prior to Closing.The terms'Sayer,""Seiler"and"Broker'may be Singular or
26a plural.This Contract Is binding upon Buyer,Seller and their heirs, personal representatives,successors and assigns
27o(if assignment is permitted).
271 19.0ISCELLAN SOUS:The terms of this Contract constitute the entire agreement between Buyer and Seger.
272 Modifications of this Contract wig not be binding unless in writing,signed and delivered by the party to be bound.
272 Signatures,Initials,documents referenced In this Contract,counterparts and written modifications communicated
274 electronically or on paper will be acceptable for all purposes,including delivery,and will be Minding.Handwritten or
27a typewritten terms inserted in or attached to this Contract prevail over preprinted terms.If any provision of this Contract
27a is or becomes invalid or unenforceable,all remaining provisions will continue to be fully effective.This Contract will be
2r construed under Florida law and will not be recorded in any public records.
27e 20.BROKERS:Neither Seller nor Buyer has used the services of, or for any other reason owes compensation to,
270 a licensed real estate Broker other than:
2eo• (a)Seller's Broker: BROKER BREAKER INC SOPHIA CHOUCHANE
p 1� eensear
j 26. 225 E DANIA BEACH BLVO rA05 � DANIA BEACH,FL 3300d sophraa�brokerbrsaker.t:o
243 {nddrew,rakOwm.Fox -mar]
2u- who❑is a single agent xx is a transaction broker❑has no brokerage relationship and whowill be compensated
266' by[lx SellerEl Buyer❑both parties pursuant to[3K a listing agreement[]other(specify)
286'
.r---t3987' Buyer 41-1 and Seller LX admomedge receipt of Si Copy olUft page.which Is Page B of 8 Pages
CGA Rev.12110 =010 Florida Aasoclavan of REALTORe AI Ri"Rusenred
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May 16 12 01:16p p.7
From: C511612012 13:14 0073 P.0071008
gas• (b)Buyer's Broker: BROKER BREAKER INC SOPHIA CHOUGHANE
2" (COmpuryhlame) (Um1oe4
200• . �226 E DANIA BEACH BLVD#205 DANIA BEACH,FL 33004 sophiagbrokerbreaker.co
291 (Addte6s,Te%owe,Felt,154nai)
m- who❑is a single agent Q is a transaction broker❑has no brokerage relationship and who will be compensated
29s . by❑Seller's Broker(F]SellerOBuyor[]both parties pursuanttoOanMLSotferafcompensation❑other(specidyy)
SW.
zss(collectively referred to as'Broker)in connection with any act relating to the Property,including but not limited to
2n inquiries,Introductions,consultations, and negotiations resulting In this transaction.Seller and Buyer agree to
29-Y Indemniry and hold Broker harmless from and against Imes,damages,cysts and expenses of any kind•including
zae reasonable attorneys'fees at all levels,and from(iabirdy to any person,arising from(1)compensation chimed which is
zRo inconsislent with the representation in this Paragraph,(2)enforcement action to called a brokerage fee pursuant to
= Paragraph 10,(3)any duty accepted by Broker at the request of Seller or Buyer,which is beyond the scope of
sot services regulated by Chapter475,Florida Statutes,as amended,or(4)recommendations of or services provided and
3o2 expenses incurred by any third party whom Broker Telers,recommends,or retains for or on behalf of Soler or Guyer.
3o3 21.OPTIONAL CLAUSES:(Check it any Of the following clauses are applicable and are attached as an addendum to
mm this Contract):
gas• ❑Arbitration ❑Seller Warranty ❑Existing Mortgage
aos• ❑Section 1031 Exchange a Coastal Construction Control Line❑Buyer's Attorney Approval
307• ❑ Property Inspection and Repair ❑Flood Area Hazard Zane ❑Seller's Attorney Approval
308• ❑ Seller Representations ❑Seller Financing ❑Other
3n 22.ADDITIONAL TERMS:
"Ti�IS'1811CASHOFFER.CL'OSING'TO TAKE PLACEAS'SOON'AS'POSSIBLE.——' ......
s1v .
s11•
sir rd
V
314,
315•
318,
31T,
318•
31r
f 320'
1 m THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT.IF NOT FULLY UNDERSTOOD,SEEK THE
i a2z ADVICE:OF AN ATTORNEY PRIOR TO SIGNING.BROKER ADVISES BUYER AND SELLER TO VERIFY ALL
axa FACTS AND REPRESENTATIONS THAT ARE IMPORTANT TO THEM AND TO CONSULT AN APPROPRIATE
324 PROFESSIONAL FOR LEGAL ADVICE(FOR EXAMPLE,INTERPRETING CONTRACTS,DETERMINING THE
axs EFFECT OF LAWS ON THE PROPERTY ARID TRANSACTION,STATUS OF TITLE,FOREIGN INVESTOR
sze REPORTIKG REQUIREMENTS,ETC.)AND FOR TAX,PROPERTY CONDITION.ENVIRONMENTAL AND OTHER
nr ADVICE,BUYER ACKNOWLEDGES THAT BROKER DOES NOT OCCUPY THE PROPERTY AND THAT ALL
' 32a REPRESENTATIONS(ORAL,WRITTEN OR OTHERWISE)BY BROKER ARE BASED ON SELLER
aza REPRESENTATIONS OR PUBLIC RECORDS UNLESS BROKER INDICATES PERSONAL VERIFICATION OF
330 THE REPRESENTATION.BUYER AGREES TO RELY SOLELY ON SELLER,PROFESSIONAL INSPECTORS
331 AND GOVERNMENTAL AGENCIES FOR VERIFICATION OF THE PROPERTY CONDITION,SQUARE FOOTAGE
332 AND FACTS THAT MATERIAL FFECT PROPERTY VALUE.
I
s3• Btye ( and Seller `' aegnoW%dge r M4X of a wpy of Vft page,which Is Page 7 or a Pages.
cc.4 RAY.12M O 02010 Florida Assacladon drIZMTORS' Ar RWft ReWr19d
:i
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May 16 12 01:17p p.8
From: 05/16/2012 13:15 #073 P.0081008
391 Each person signing this Contract on behalf of a party that is a business enfily represents and warrants to the other
ses party that such signatory has full power and authority to enter into and perform this Contract in aeoordance with its
aae leans and each person executing this Contract and other doclxnents on behairof such party has been duly authorized
337 to do sod '
27
14
�,,•?C, l f(/ 1 / ol�� Tax ID No:
341 (Typed or Printed Name of Buyer)
342-Title: Telephone:
3as• Date:
$44
345• Tax ID No:
a.s (Typed or Printed Name of Buyer)
3417•Title. Telephone:
3+e•Buyer's Address for purpose of notice: ,)U &G(.I 4 '//'t-; Zli''(,&/��' f i / 3�33
34a•Facsimile: Ernail:
350• Date. M Peet�•
use v
352• Tax lD No:
W (Typed or Printed Name afffs��eller)
354•Title: As*4. �,4_ Telephone:
ass• Dais:
3sa
357• Tar ID No:
3sa (Typed or Printed Name of Seller)
asa•Ttde: Telephone:
Sea Seller's Address for purpose of notice:
se,-Facsimile: Email:
The Florfoa AasociWkm of REALTORS•makes no rapreserration as to the too vaadity or adequecy of any provision of this tornn in any tp0o C banradw.Tlis
slandvdlsad tam shoots not be Wed in com AOex,ranncbons ervvith edeWve riders or addt000s.TM&Iw n is available for use by me entire rent estals 4idustry
and Is not intended to Wentlry Ltia user as 0 RMTOFe.RF.wt.70n'W a rapislered diaIlitz0va imembership mark WOW may be us""pry real aetats Dcansess Who
are members ar the NA nUsIALASSOCIATION OF RFxTOW end who subecdtia to its Code Of Ethics.
The,oopyNhttows orthe United slats(17 U.S.Code)forbid the unouthenzed rspeodudlon or this torn by tury means inctudna tapinile or computerized tams.
sr Btwiar&A and Seller(�(,Y�acicrtoWledge reagpi of a copy or this page,which is Page 8 of B Pegies.
CC-4 Rev.12110 0010 Fbdda Atttwdaknof REALTORS° All Richu Reserved
t fnrmeitrnlicity