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R-2013-085 Executed an ''As Is'' Contract with Gale E. Gorton & Robert J. Keill to Purchase Surplus Property located at 1221 NW 1st Street
RESOLUTION NO. 2013-085 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA BEACH, FLORIDA, AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE AN "AS IS" RESIDENTIAL CONTRACT FOR SALE AND PURCHASE BETWEEN THE CITY AND GALE E. GORTON AND ROBERT J. KEILL TO ALLOW THEM TO PURCHASE SURPLUS PROPERTY LOCATED AT 1221 NW I ST STREET IN DANIA BEACH, FLORIDA; 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 brokers then listed on the Multiple Listing System(MLS)the advertisement of the public sale of the surplus properties; and WHEREAS, an offer has been made to acquire one of the parcels as evidenced by an "As Is" Residential Contract for Sale and Purchase, 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 an "As Is" Residential Contract for Sale and Purchase between the City and Gale E. Gorton and Robert J. Keill to allow them to purchase surplus property owned by the City and located at 1221 NW 1 st Street in Dania Beach, Florida. Section 2. That the City Manager and City Attorney are authorized to make minor revisions to the "As Is" Residential Contract for Sale and Purchase 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 That all Resolutions or parts of Resolutions in conflict with this Resolution are repealed to the extent of such conflict.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 August 13, 2013. ATTEST: r LOUISE STILSON, C C WALTEk B. DUKE,III CITY CLERK �I F/!fit MAYOR 0a` APPROVED AS TO FORM CORRECTNESS: TH S J.,ANSBRO CITY ATT RNEY 2 RESOLUTION#2013-085 i MR I INTEROFFICE MEMORANDUM CITY OF DANIA BEACH TO: The Honorable City Commission i FROM: Robert Baldwin, City Manager VIA: Marc LaFerrier, Community Development Dire RE: Sale of Surplus Property Sale at 1221 NW 1 Street DATE: August 1, 2013 A sales contract to purchase the residential property at 1221 NW 1 Street from the City has been received. This property was approved by the City Commission as surplus and was directed for sale by Resolution #2012-037 on March 27, 2012. The sales contract has been reviewed and updated where required by special counsel, Tim Ryan, proofed for signature by the City Attorney, Tom Ansbro, and entered into by the City Manager, Robert Baldwin. Once approved, the closing will commence in accordance with all procedures followed as directed by the City Charter. The appraised value for this property is $89,000 and the offer of $81,000.00 is 91% of the appraised value. This sale process and price is consistent with City Commission Resolution 2012-037 regarding the sale of surplus properties. Staff recommendation: APPROVE rio WIT IMIER IJAML S E L I T E P R O P E R T I E TO.Famw Apo 3�ee) j�1 �_ Additi0Oei1 jaepoai[._(O�a mom�tbE e�ecieel) - g ao'l�le lo./ cw of m pie of dm pSWAM. aged acmunk ww of a b". Bs�xvw Depceit Fawn br check. (Were Cbo& W) Z� KWAwM ••»p�,..e�.�r aft c�ee,asc�o�w nor x�ar - sst peke of the OPF�/B�9C[TiIW QONT At.TtD YM MCA**" � b� �es�e meucti+soei�e�eMdthed�ei�anticaef reodPtaf t1�it depcelt' getipsofr,, lj-b!Rmz+awAsMt. I lease�p�ebelbepettioabebw emd r tm f o eiraobmerthan .zou. Agimo ledde'wpm eipt of bms+t demc&ed dcpo*bf. moot�.•eMa..Sww to•Ammm%R.3390 "AS IS" Residenftl Conbadf"Sale And Purchase KUAIU THIS POM HAS Blau APPROM BY THE FLDINM WALTORS AID THE FLOMMR RM WMAMS. V PARTi6S: Car of Darla•Beach ��, r (Ouven. 3 agree that Setter shall.sell and Bayer shall buy the folbwft desrxibed Real Property.and Personal 4 Property(Wlocdvety'Pnopentn P 10 the terns and condoions of this AS IS Residential Contract For Sale s And Purchase and any riders and addenda CConirac r): e 1. PROPERTY DPCRP'TK t r (a)Slreat address,Cal.3* I : 12M MN 1 ST DMA BE"FL 33M, a• (b)Property is located b: . Coo*.Fbida.heal Property Tax Ip No: 1 ar (c) LOW descxipllon of the Real Peopety:•NA W MOORIJWD%S B uor 11 MX 4 10, 11 topdiner wllt) tiDdelirhp an� and eawmr. l '- �� . � � 12 atlached vMdrra1401 Cwpeficp d tlomip rftd• •„part !� lly woiuded below. 13 (d) Personal Property:The tbNowitg items owned by Seger and Mlsft on the Property as of the date 14 of the i1Mla1 Oltar 81e included to the padlase ('P81Berhd Pnoparty). @ r,I lop(O (s). dishwasher(s). 15 dkpoo, oe ft libKs). him roonh, W t fxknes. rods. draperies and other atr window henen es. garage door 1s openers. and seohcrhy gab and ~acosas daAcM and W those addi fond Items checked below. If 17- add llwal decals are necessary,speoi<y below. If Isla bteiNr.the Ilan below is not ilchwkKt ❑Reffigormor(s) ❑Snob delectrx(e) ❑Pad banblterwo ❑swap shad ❑Minim"own ❑Sectoy ayslerrt Q Pad Pool hn 0"Wt ❑ deh ❑wam m ❑Ywaed we om at ❑Dryer ❑Osnoaa- Elam or hot tub win healer ❑Welsh soaennrlpcariaer one toe ester ❑Abatis tl�pool Panels Pare sitaarfbers and ❑Stand-al Pew The Only' Offm Mems of Persond Property included In lids pmrJlsBe. and any addSOM calms regarding lot Pmww may.if teary.are: 21 Perlornd Property Is Incirded in the PWdnase Price.has no corinibtfty,value,and shay De 10 for the Buyer. 2r (e) The lbl Wft ferns are M*i ded lam the pumbasa 2r 24` t PRISE pRlc:E W.S.MMHaney):............................................ ..... .._.... .�C "'_'-1 ,�0► 2r (a) l MId deposit b be held b escrow in gw smouat of (cbuft eol"O td.5� = 10,000 w The inbial depos ad t rrede Psyme a deiVered b Esaow AMW named below , 2r (CHECK ONQ: ® a000mpandas alter or ❑ is to be nnade upon acceptance(EEec"ye Data) or ❑ is to be math vrfihii-ft WOOK IBM&*ys star t3sdire Date 1 kwnlura,Escrow Agent b*wnftL- Nanw 35112 31• E-mat WMIW. OON Plnonhx 77i �• ro)Addliorhd depoatb bedeMrened b Esaew Agernt wlbih ADC 306 t1Ci62T71 ar days alter elective34 Dale............ ��� (AM dgxm&paid or .. to be_....aye=MN*;ely per. reigned 10 as acne meposir'j......��.... 33r (d Financing:Express ass dollar amount or pea'omage(Loan Amoua')see Parapnapl 37 (a) BNenoe to CkM (not indhdirp Bier's tloaip cost. v*e S ae- transfer or other _ Pra3s and p°1 �) b!► _ Balance ©OL.L.EC'TED fiends........ _ ...: 30 MOM Fwthe dsll ditm of ar"COLL MTW sae STANDARD 8. 4a 3. ThNE FOR AtCWTANCE OF OFFER ACID COUUTElt4WFEW EFFECTIVE DAM Jul y .?�, 2013 41• (a) ff r10t a�rhed by Buyer and Sear.and an enaecubd copy dellymw b all garbed On or before 42' this offer slW be dsomsd wMhdnSim and ins Deposit,If my,wMl be returned to Buyer. 4444 time for sooeplrnce of any CoaanteP011Iers shah be wMhin 2 days afar the day the 4e (b)The ettacdire date of this CMWM vill!be the dab when to IM one of the Buyer and Seller has sipped or 4e ih WM this offer or anal ootm%F ftr CENKg a Dale). 47 4. CUMMI DATE Unless nndNed by odw pvmm of Sb CmbvA ft pangs g of this transaction shah occur 48 I 110documerls regilmd b be finished by each pe tpusreo to tW Contract steal be deMarered 7 Pw 6by Via Closing A401L dS' z %,�►a 'M64r4L Baryer's iriisls Pace 1 of 10 Seeers lrailisis _______ 1 Rev_ OO�ot and Tar FforMs Bar.N�rererrad. a.rnr _ so 5.-EXTEWSION OF CLOOM DATE: 51 (a) If Closing funds from Buyer's lender(s)are not avagabb at time of Closing due to Toth In Lending Act.(TILA) 52 notice requirements.Closing shaft be exbmK d for such period necessary to satisfy TILA notice requirements, s3 not to exceed 7 days. 54 (b) If eAreme weather or other condition or event constituting'ForOe it *uW (see STANDARD G) causes: (i) disruption of utilities or other services essential for Closing, or t Q Hazard, Wald. Flood or Homeowners' ss insurance,to become unavailable prior to Closing.Closing wig be attended a reasonable time up to 3 days 57 after resWmtbn of unties and other services OUStial to Closing,and avaiatft of applicable Hazard,Wind, sa Flood or Homeowners'insurance.q rentorMon of such uWAes or services and availability of insurance has not sr occurred within (if left blank, 14) days oilier Closing Dale, then either Party may temninate this 6o Contract by delivedre written nhON r I to the other party, and Buyer shall be rafhmded the Deposit, thereby 61 releasing Buyer and Suer Ikon all WOW obipNiorrs uderthis Contract. e2 6. OCCUPANCY AND POSSESSION: Unless o1mmAse staled herein. Seger slat at Closing, have removed all 63 personal items and trash from the Property and shag delver occupancy and Possession, along with all keys, s4 garage door openers,access devices and codes,as mpg icabb.to Buyer if Property is intended to be rented or w occupied beyond Cb*U the tact and terrnns diereof and the tenent(s)or occupants shag be disclosed pursuant as to STANDARD D. If occupancy is to be delivered before Closing.Buyer assumes al risks of loss to Property from 67 date of occupancy.shag be responsible and gable for srali0enuroe Ikon that date,and shag be deemed to have as accepted Property in its edstir1g con00 1 as ofVM of taking oaarpancy. w 7. ASSHMAB1UTY: (CHECK ONE Buyer ❑ may assign aid thereby be released from any further liability 7W under this Contract ❑ may assign but not be released from liability under this Contract or ® may not assign 71 this Contract. n FWAMCW 73 6.FINANCING: 74• x❑ (a) Buyer will pay cash or may obtain a ban for the purchase of the Property. There is no financing n; agency to Buyers obligation to dose. M ❑ (b) This Contract is oontin9 0 V upon Buyer AM 1 g a wrO n ban conuldhom for a ❑converhgonol ❑ FHA rr ❑ VA ban on the fogowirg tenrhs wgNn (t blank,then 30) days after Effective Date ('Loan 7V Commttment Date*)for. (CHECK ONE): ❑ foced, ❑ adjustable, ❑ Ixed or adjustable rate loan in ar the piticipal amount of: or % of the Purchase Price, at an initial interest rate act• not to exceed % (if blank,then iir psvaq rate based upon Buyers ), and for a ar term of years CFnancirg'). 82• Buyer will make morigage ban appgsation for the Financing within (if blank,therh 5)days after 89 Effective Date and use good 60 and diigernt effort to Obtail a wrOw loan commitment for the Financing 84 ('Loan Comingment-) and dose Unix Contract. Buyer shag keep Seger and Broker fully infomhed about as the status of morgage ban applcalio 1 and Loan Carmhidnent and aulho ass Buyers mortgage broker as and Buyers lender to disclose such status and progress to Seger and Broker. 87 If Buyer does not receive Loan Conmiment.then Buyer may terntrmite this Contract by delvering written w notice to Seger,and the Deposit shag be refunded to Buyer,thereby releasing Buyer and Seger from all as further obligations under7l*Contract. 90 If Buyer does not deliver written notice to Seger of receipt of Loan Comrrd ment or Buyers written waiver of w this financing contingency. then seer lean Caasninent Dale Seger may twn*u roe this Conbmd by 92 delivering written notice to Buyer and the Deposit shag be refueled to Buyer,thereby releasing Buyer and 93 Seger from ail further obligations under this Contract. 94 If Buyer delivers wdUen notice of receipt of Loan Commgmert to Seger and this Contract does not 95 thereafter chose,the Deposit slag be paid to Seger unless falu a to dose is due to: (1) Seller's default; 96 (2)property related conditions of the Loan Con vvd mart have not been met(except when such conditions 97 are waived by other provisions Of this Contract);(3)appraisal of the Property obtained by Buyers lender is 9e irmflicient to meet temps of the Loan Comminent or(4)the ban is not faded due to financial failure of 90 Buyers lender.In which event(s)the Deposit shag be cells a to Buyer.thereby releasing Buyer and Seger Ioo from ail further obligations undert hiss Contract. 1M* ❑ (c) Assumption of eelsting mortgage(see rider for temns)- �a2 ❑ (d) Pu tme money note and nwrigage to Seger(see riders;addenda;or spectral clauses for terms). 4Bs Initials Pape 2 of 10 Solids Ingink uyer' -AS .en0O 2ot0 Fbdit RasamaO all 7nr Fnoeha9 ear. N dOft�anwd. Florhda s«rrR aNasaoonaaaTMn 103•. CLOSNG COSTS,FEES AND CHARGES 104 9..cuxM G COSTS;TITLE NS PRANCE:SURVEY,HOME WARRANTY;SPECIAL ASSESSMENTS: 10e, (a) COSTS TO BE PAD BY SELLER: HOArondominiurn Association estoppel fees •Documentary stamp taxes and surtax on deed,if any • •Recording and other fees needed to cure title •Owner's Poky and Charges(if Paragraph 9(c)(1)is drecAed) •Title search charges(d Paragraph 9(c)(w)is checked) •SOWS attorneys'Im •Other. 100 If,prior to Closing,Seller Is unable to meet the AS IS Mantenance Requirement as required by Paragraph 11 107 a sum equal to 125% of estimated cost to meet the AS IS Maintenance Requirement shall be escrowed at IN Closing. If actual costs to meet the AS IS Maintenance Requirement exceed escrowed a<rmount, Seller shall 109 pay such actual costs.Any unused portion of escrowed amount shall be returned to Seller. ilo• (b) COSTS TO BE PAD BY BUYER: •Taxes and recording fees on notes and mortgages •Loan expenses •Recording fees for deed and financing statements •Appraisal fees •Owners Policy and Charges(if Paragraph 9(c)(p is chocked) •Buyer's ihspedkxm •Survey(and elevation con,if required) •Buyer's attorneys'fees •Lender's true policy and endorsements •AN property related insurance •HOA/Condomiruium Association applceMiornArarlsfer fees •Other 111• (c) TiTLE EVIDENCE AND M tNtANCE: At least (if blank,then 5) days prior to Closing Date, a title 112 insurance commitment issued by a Florida licensed title Insurer, with legMie copies of mstnuments listed as 113 @xOBpt10n5 attached 1116ret0('Tft Ckimmirnent)and.altr Closing,an owners policy of tulle insurance(see 114 STANDARD A for terms) shall be obtained and delivered to Buyer. if Serer has an owner's poky of title 115 insurance covering the Real Property,a copy shall be furnished to Buyer and Closing Agent within 5 days after 116 Effective Date. The owner's We policy premium and charges for owner's policy endorsements, title search, 117 and closing services (collectively, 'Owner's Policy and Charges') shall be paid, as set forth below Ila (CHECK ONE): 119• ❑ 17 Serer will designate Closing Agent and pay for Owner's Policy and Charges(but not including charges 120 for closing services related to Buyers lenders poky and endowments and loan dosing, which amounts 121 shall be paid by Buyer to Closing Agent or such other providers)as Buyer may selem;or 122• ❑x (h) Buyer will designate Closing Agent and pay for owners er's Poky and Charges and charges for dosing 123 services related to Buyer's lender's policy,endowments,and loan Pon sirug;or 124• ❑ (ri)(NNAIIIM DADEJBROWARD REGIONAL PROVI UM4 Seller w11 Annish a copy of a prior owners policy 125 of title insurance or other evidence of title and pay fees for:(A)a continuation or update of such title evidence, 126 which is acceptable to Buyers title insurance underwriter for reissue of coverage; (B) tax search; and 127 (C) n uMVal ken search. Buyer shall obtain and pay for post-Closig continuation and premium for Buyers in owner's policy, and if applicable. Buyer's lenders policy. Serer shall not be obligated to pay more than 12V $ Cif blank, $200.00)for abstract continuation or tulle search ordered or performed by Closing 130 Agent. 131 (d) SURVEY: At least 5 days prior to Closing.Buyer may,at Buyers expense,have the Real Property surveyed 132 and certified by a registered Florida surveyor CSirv0n- If Serer has a survey covering the Real Property, a tan copy shall be furnished to Buyer and Closing Agent within 5 days after Effective Date. 13C (e) HOME WARRANTY: At Closing. ❑ Buyer ❑ Serer ® WA will pay for a home warranty plan issued by 135* at a cost not to exceed i .A home 138 warranty plan provides for repair or replacement of many of a home's mednanical systems and major bulk-in in the evert of breakdown due to nnonmal wear and tear during the agrsen mft warranty Period. 137 appliances . 138 () SPECIAL ASSENTS: At Closing,Serer will pay: n the fur amou rd of Ions imposed by a public body 139 ('public body'does not include a Condominium or Homeowner's Association)that are certified,confirmed and 140 ratified before Closing; and n the amount of the pubic body's most recent estimate or assessment for an 141 irnprovemnent which is substantially complete as of Effective Dante, but that has not resulted in a hen being 142 imposed on the Property before Closig. Buyer will pay 81 other assessments. V spacial assessments may 143 be paid In i uftill jerks(CHECK ONE): 144• ❑ (a) Salter sham pay untailloa is due prior tD Ciosinp Sad Buyrr shall pal iutallments due after 145 Closing.Ill--too lei Prepaid or due for the yew of Ckmdng shmm be prorated. 14a• o (b) seller shall pay the asses W-5Iml t(s)in fur prior to or at the time of Closing. 147 IF NEITHER BOX IS CHECKED,THEN OPTION(a)SHALL BE DEEMED SELECTED. 148 This Paragraph 9(f)shall not apply to a special benekt tax ken imposed by a community development district 10 (CM)pursuant to Chapter 190 F.S.which ken shoo be treated as an ad valorem tax and prorated pursuant to 00 STANDARD K Buyer's Mob Page 3 of 10 SeNees Minuets RoridaReabMff r-ASIS-1 R 0 2010 Frorida Rwf m9 and The Fbdda Bar. 11N rtpils reM"d. seftw.eoloa;4 +uasiswv 1s1 DISCLOSURES 1s2 18.DISCLOSURES: 153 (a) RADON GAS: Radon is a naturally occurring radioactive gas that,when I is accumulated in a building in 154 sufficient quantities,may present health risks 10 persons who are exposed to it over time.Levels of radon that 155 exceed federal and state"feints have been found in buildngs in Florida.Additional w1brmalion regarding 156 radon and radon testing may be obtained Uom your county l @will depwirnent. 157 (b) PERMITS DISCLOStNtE:Except as may have bsen disclosed by Sager fro Buyer in a written diacosurs, 158 Serer dom krtcw of airy i ipaosswa 1-3 reads to the Propuly which ware made wWmd required Ise pennies or made pursuant tD psenries which have not been properly clove& 1eo (c) MOLD: Mold is naturally occurtng and may cause health risk or damage fo property. 9 Buyer is concerned or 1e1 desires additional it brmadon regarding mold,8uysr should contact an appropriate professional. 1e2 (d) FLOOD LONE;ELEVATION CERTFICA Kft Buyer is advised to vedFy by elevation certiyicate which flood 1e3 zone the Property is in,whether food insurance is a glib P by Buyer's lender.and what restrictions apply to 1e4 improving the Property and rebuilding in the event of casualty. M Property is in a'Special Flood Hazard Area' 165 or 'Coastal High Hazard Area' and frdshed four elevation is below ninirnum food elevation, Buyer may ISO terminate this Contract by deivaring written notice to Serer wihk 20 days aver Effective Date, failing which 16T Buyer accepts existing elevation of buildings and food zone designation of Property. lee (e) ENERGY BROCHURE". Buyer adanowiedpes receipt of Florida Fjwg *Acierncy Rating information Brochure lea required by Section 553.998,F.S. 170 (f) LEAD-BASED PANT: If Property includes pre-1978 residential housing, a lead-based paint rider is 171 mandatory. 172 (g) HOMEOWNERS'ASSOCIAN BUYER SHOULD NOT EXECUTE THIS 173 CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' 174 ASSOCIATIONfCOMIMUINITYDISCLOSURE,F APPLICABLE 175 (h) PROPERTY TAX 01SCI.iOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT Ira PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED 177 TO PAY IN THE YEAR SUBSEOUENT TO PURCHASE. A CHANGE OF OVW49tSHIP OR PROPERTY 173 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER 179 PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE 1ao COUNTY PROPERTY APPRAISER'S OFFICE FOR NFORMATION. 181 (1) TAX WITHHOLDING: N Seiler is a-kmWp person'as defined by the Foreign Investment in Real Property Tax 182 Ad('FIR13TA7,Buyer and Serer will comply with FIRPTA,whidt may require Serer to provide additional cash 183 at Closing. 184 (D SEL.LFR DISCLOSURE Seiler knows of nno facts wierh ft i ft r irnp the value of the Real Property which are 185 not readily observable and which have not been Iscbsed 1D Buyw.Emept as stated in the preceding sentence ISO or otherwise disclosed in wrrig: (1) Serer has received no written or verbal notice from any governmental tar entity or agency as to a currently uncorrected building,ernvirornrnental or safely code violation; and (2) Seller lea extends and intends no warranty and makes no rspr+esentation of any type,ether express or implied,as to the 1so physical condition or history of the Property. 1ao PROPERTY MANi1TENANCE,CONDITION.INSPECTIONS AND EXAMINATIONS 191 11. PROPERTY • Except for ordinary wear and tear and Casualty Loss, Serer shall maintain the 102 Property, kx*Wing, but not rein&to, lawn, shrubbery, and pool, in the condition existing as of Etfecbm Date 193 ('AS IS Maintenance RequirernenC'). 194 12.PROPERTY INSPECTION;RKiHT TO CANCEL: tea• (a) PROPERTY/NSPE ,IWNS AND 00ff TO CANCEL.,Buyer sluts have 15, (IFbhok 15)iys fhnn in Etlfeedve Dais I ffffapacrfon PMbd")reMiu nurlMch b have soda ingpacdorus of&Ire PhopMtlrP r 197 as Buyer shah dame dwtrg On A pscBan Pad ad NBuyer di lrfnnlras 6 it Buyers sale dscmfibnL flat 1ae type Property is not accoprabfa to Buyer,Buryer uaay&arueeinals&his Canbar.'t by d@Mvw g wHl&an notice 1ae of such eiac&on b SeMer prior lb ae p" 11 re of Inepacll o Plertod tf Burar filmely&anNradu f vis 2W ConNaef hue Deposit paid viol be bueaueda&aty nd wmd to Buyr,Mwwgwo; Buyer and SeNar shall 201 be messed d aN fu►/wr ob/yafyons under&his Contact howevw, Buyer shall be responsible for 2W pia W payrnant for such in sip actlons. for repot of de v @9 64 and ees&aradon af, the Property 2W rssuWig from such A -pec&oas,and shni prorlde Sorter rMth paid recayls for all work done on 619 2a Property Rla p►sc edng provislaru shag survive&araeinaMo- of flleis Con&acq. lidless Buyer exnarclsos 20e the dlght to&srnuineb, granted haneinry Buyer accapls tla prrysical eauddlon of the Property crud any zaa vfole&lon ofMovsneswr&y,6errlBrg,aruviorureeanI t aadx&%Vcock%reefkffc, s orrsquien a ts,but W subject to SaMar"s condo igAS is Mairelarwece Rsqulrenuan&andBuyershah be respan Me for any 20e andall npeiis andIn Woo--=w le ra*~by Buyer's Mader: Buyers Initials Pape 4 of 10 Sellers i WI$ FWWR=10 -11SIS-1 kWW02M0Fkw R=ftn0 and The Fbdds 8r. N rVft oi u S@dW.Oa GM54001ar�eralf7 i 209 (b) WALK-THROUGH NgpECTIowRE4INSPECTION: On tie day prior to dosing Date,or on closing Date prior 210 to time of Closing,as specified by Buyer. Buyer or Buyer's may perform a walk-through (and 211 follow-up walk-through, N necessary) inspection of the Prof y solely to confirm that al items of Personal 212 Property are on the Property and to ve*that Soler has maintained the Property as required by the AS IS 213 Maintenance Requirement and has.let al other contractual obligations. 214 (c) SELLER ASSISTANCE AND COOPERATION 1N CLOSE-0UT OF BUDDING PERMITS: If Buyer's 215 inspection of the Property identNes open or needed build ft perrids, then Soler shall promptly deliver to 216 Buyer al plans, written documentation or other irforrrwlion in Sebrs possession, knowledge, Or control err relating to Improvements to the Property whM are the subject of such open or needed Pwn s, and shall 218 promptly cooperate in good faith with Buyer's etbrts to obtain estimates of repairs or other work necessary to 219 resolve such Permit kam. Seler's obligation to cooperate shall include Sailers execution of necessary 220 authorizations, consents,or other documents necessary for Buyer to conduct inspections and have estimates nit of such repairs or work prepared, but in fulfing such obligation, Soler shall not be required to expend, or 222 become otiigated to expend,any money. 223 (d) ASSIGNMENT OF REPAR AND TREATMENT CONTRACTS AND WARRANTIES: At Buyer's option and 224 cost,Seiler will,at Closing,assign ant assignable repair,treatment and maintenance contracts and warranties 225 to Buyer. Me ESCROW AGENT AND BROKER 227 13. ESCROW AGENT: Any Closing Agent or Escrow Agent(CONCtIvIsly'Agenn receiving the Deposit, other funds Me and other items is authorized,and agrees by acceptance of Own to deposit them promptly,hold same in escrow s29 within the State of Florida and,subject b COLLECTION,disburse them in accordance with terns and conditions 230 of this Contrail.Failure of funds b become COLLECTED shal not excuse Buyers perforr.ence.VNmen conf icft 231 demands for the Deposit are received, or Agent has a good faith doubt as to wMllement to the Deposit, Agent 232 may take such actions permitted by this Paragraph 13,as Agent deems advisable. If in doubt as to Agent's duties 233 or liabilities;under this Contract.Agent may,at Agent's option, continue to hold the subject matter Of the escrow 234 until the parties agree to its disbursemeit or until a final judgment of a court of competent jurisdiction shall 235 determine the rights of the parties,or Agent may deposit same with the clerk of the circuit court having jurisdiction me of the dispute. An altomey who represents a party aid also ads as Agent may represent such party in such 237 action. upon notifyig al parties concerned of such action,of iia Nj on the part of Agent shal fully terminate, zm except to the extent of accounting for any items previously delivered out of escrow. If a licensed real estate 2W broker, Agent will comply with p ovisiorms of Chapter 475, F.S., as amended and FREC rules to timely resolve 240 escrow disputes through mediation, arbitration, interpleader or an escrow disbursement order. 241 Any proceoding between Buyer and Soler wherein Agent is made a party because of acting as Agent hereunder, 242 or in any proceeding where Agent k*q toads the subject..alter of the escrow,Agent shall recover reasonable 243 attorney's fees and costs uncured, to be paid pursuant to court order out of the escrowed funds or equivalent. 2" Agent shall not be fable to any party or person for mis-delivery of any esc.+0lMed items,unless such me4efvery is 245 due to Agent's wilful breach of this Contract or Agent's gross negligence.This Paragraph 13 shal survive Closing 246 or termination of this Contract. 247 14. PROFESSIONAL ADVICE: BROKER LIABNJTY: Broker advises Buyer and Safer to verify Property condition, 246 square footage,and all other fads and representations made pursuant to tMs Contrail and to consult appropriate 249 professionals for legal,tax,environmental,and Alper specialized advice conceming matters affecting the Property 2W and the transaction contemplated by this Contrail.Broker represents to Buyer that Broker does not reside on the 251 Property and that al representations(oral.written or otherwise)by Broker are based on Seller representations or 252 public records. BUYER AGREES TO RELY SOLELY ON SELLER, DFESSIONAL INSPECTORS AND 20 GOVERNMENTAL AGENCIES FOR VU.1CAT110N OF PROPERTY CONDITION,SQUARE FOOTAGE AND 2M FACTS THAT MATERIALLY AFFECT PROPERTY VALUE AND NOT ON THE REPRESENTATIONS (ORAL, 20 WRITTEN OR OTHERIHISQ OF BROKER. Buyer and Seller (individually, the 'Indemnifying Party") each 258 individually indermllies, holds hamdess, and .eiesses Broker and Brokers ofioers, directors, agents and 257 employees from al fabifty for loss or damage,intruding al costs and expenses, and reasonable attorney's fees 256 at eN levels,suffered or incurred by Broker and Brokers 0 M C 0 4,directors, agents and employees in connection 259 with or arising from claims,demands or causes of action katiuled by Brayer or Soler based on: n inaccuracy of 2W information provided by the indemnifying Party Or room pubic records;(1)dmdem.ifyig Party's rmisstatement(s)or 261 failure to perform contractual obligations. (i7 Brokers Perfarnnarmcs. at I.mderrrmilying Party's request, of any task 20 beyond the scope of services regulated by Chapter 475, F.S., as amended, including Brokers referral, 20 recommendation or retention of any vendor for, or on behalf of, Indemnifying Party; Qv) products or services 264 provided by any such vendor for, or on behaff of, Indemnifying Party, and (v) expenses incurred by any such 20 vendor.Buyer and Soler each assumes full responOW for SelerAng and compensaatirmmg their respective vendors 266 and paying their other costs under this Contract whWw Or not this transaction closes.This Paragraph 14 will not 267 relieve Broker of statutory obligations under Chapter 475,F.S.,as amended.For purposes of this Paragraph 14, Buyers Initials Page 5 of 10 Sailers h* ls _ FloridsRaa 49-ASIS-1 R 0 0 Flo"Reahmse and The Florida Bar. M ri b reserved. sar�.lr:onascaooaeas7ewr M • Broker will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination of this tea Contract. 270 DEFAULT AND DISPUTE RESOLUTION 271 15.DEFAULT: 272 (a) BUYER DEFAULT: If Buyer fail,neglects or refuses to perform Buyer's obligations under this Contract, 273 including payment of the Depost within the time(s) Specified, Seger may elsd to recover and retain the 274 Deposit for the account nt of Seger as agreed upon liquidated damages, eornsideiation for execution of this 275 Contract, and in fug settlement of any Bairns,whereupon Buyer and Seger shag be relieved from all further 27e obligations under this Contract,or Seger,at Seller's option,may,pursuant to Paragraph 16, proceed in equity 277 to enforce Sefiers rights under this Contract. The portion of the Deposit, if any. paid to Listing Broker upon 278 default by Buyer, shag be split equally between Listing Brower and Cooperating Booker; provided however, 279 Cooperating Brolaer's share shag not be greder than the comtllmm amount Listing Broker had agreed to pay 2e0 to Cooperating Broker. 281 (b) SELLER DEFAULT: If for any reason other than failure of Seger to make Seller's title marketable after 282 reasonable ant effort,Seger fail. neglects or refuses b porform Seller's obligations under this Contract, 2a3 Buyer may elect to receive return of Buyer%Deposal without thereby waiving any action for damages resulting 2ac from Sellers breach, and, pursuant to Paragraph 16, may seek to recover such damages or seek specific 20 performance.This Paragraph 15 shad survive Closing ortermiti Lion of this Contract. Zee 16. DISPUTE RESOLUTION: Unresolved controversies, ClBilr6 and other meiI i i in question between Buyer and 287 Seger arising out of, or rPaoli ag to,this Conrad or is breads. enf eenm or I deipretaion ('Dispute's will be 2M settled as follows: tea (a) Buyer and Seger will have 10 days alker the dale corhgiding demands for the Deposit are made to attempt to 2ao resolve such Dispute, failing which, Buyer and Seger shall submit such Dispute to mediation under 2a1 Paragraph 16(b). 2a2 (b) Buyer and Seger shag attempt to setae Disputes in an arlrb 1,111 mornner tlnragh pursuant to Florida 2a3 Rules for Certified and Court-Appointed Meddors and Chapter 44,F.S.,as amended On Vediation Rulow). 2W The mediator must be certified or must have experience in the real estate indurstry. Injunctive relief may be 20 sought without first complying with this Paragraph 16(b). Disputes not setged pursuant to this Paragraph 16 2W may be resolved by ihslilntig action in the ig I ,I isle court having jurisdiction ofthe matter. This Paragraph 16 297 shag survive Closing or b minlion of this Contrad. 2w 17.A'iTORNEY'S FEES;COSTS: The parties will split equally any odation fee Incurred in any mediation pemaited 20a by this Contract,and each party will pay their own costs,expenses and fees.kx*K g allDKNWs fees,incurred in 300 conducting the mediation. In any litigation permiled by this Contract, the pre Lieft party shag be entitled to 3M recover from the can-prevaing party costs and fees,includng reasonable atiomey's fees,buawred in conducting 302 the litigation.This Paragraph 17 shag survive Closing or terminalion of this Contract. 3M STANDARDS FOR REAL ESTATE ('"STANDARDS") w4 13.STANDARDS: 3w A. TITLE: 3a () TITLE EVIDENCE; RESTRICTIONS; EASEMENTS; LIMITATIONS: Vftin the time period provided in = Paragraph 9(c),the Title Commitment,with legible copies of irab ffmft listed as eoaoeptiorns attached thereto, shag ace be issued and delivered to Buyer.The TWO Commitment shag set forth those maltem to be dasdharged by Seger at or 3w before Closing and shag provide that,upon recording of the deed to Buyer,an owners policy of the insurance in the 310 amount of the Purchase Price, shag be issued to Buyer insuring Buyer's marketable We to the Real Property, 311 subject only to the following msrers: (a) 'AnsIxehensive lend use plans, zoning, and other land use restrictions, 312 prohibitions and requirements imposed by govermherrtaI authho .(b)restrictions and matters appearing on the Plat m or otherwise common to the subdivision:(c)outstamft oil.yes and mineral riphbs of record without right of entry; 314 (d)unplatted public utility easements of record floc sled contiguous to real property Ines and not more than 10 feet in 31s width as to rear or front lines and 712 feet in width as to side Ines); (e)tWW for year of Cbsing and subsequent 316 years; and (t) assumed mortgages and purchase money mortgages, if any (it additional Items, attach addendum); 317 provided, that none prevent use of the Property for 191 M E ITIAL PURPOSES. If there exists at Cbsing any 31a violation of Items identified in (b)- (1) above,then the same shag be deemed a title defect. Marketable title shall be 3111 determined according to applicable Title Standards adopted by authority of The Florida Bar and in accordance with no law. 321 (a) TITLE EXAMMIATION: Buyer shag have 5 days alter receipt of Title Commitment to examine it and notify 322 Seller in writing specifying defed(s).if any,that render tale uarnenketable. if Seller provides Title Commiment and It 3m is delivered to Buyer less than 5 days prior to Closing Date. Buyer may wdend Closing for up to 5 days after 3m date of receipt to examinee same in aooadence with this STANDARD A. Seger shag have 30 days ('Cure Perioda) so after receipt of Buyers notice to take reasonable diligent efforts to remove defects. If Buyer fails to so notify Seller, 32e Buyer shall deemed to have accepted title as it then is. If Seger cures detects within Cure Period, Seller will Buyer's Initials Pape 6 of 10 Seller's I nitials Flowcd.rta. .As R 2Mo Fbdit Rseaor&*wW Mw Fbdit er. N Oil Ms r...rwa. sw:r Manaomss+sn.. 327 STANDARDS FOR(REAL ESTATE TRANSACTIONS(CONTLNUED) = deliver wiitten notice to Buyer (with proof of cure acceptable to Buyer and Buyer's attorney) and the parties will 3n dose this Contract on Closing Date (or 9 Closing Dab has passed, within 10 days after Buyer's receipt of Seller's mo notice). If Seller is unable to cure defects within Cure Period,then Buyer may, within 5 days after expiration of mil Cure Period,deliver written notice to Seller. (a)wdendirg Cure Period for a specified period not to exceed 120 days = within which Seller shall continue to use reasonable diligent effort to ferriove or cure the defects ('Extended Cure w3 Period';or(b)electing to accept title with existing defects and dose this Contract on Closing Dab(or if Closing Date =4 has passed, within the earlier of 10 days alter and of Extended Cure Period or Buyer's receipt of Seller's nofice), or 335 (c) electing to terminate this Contract and receive a refund of the Deposit,thereby releasing Buyer and Seller from me all further obligations under this Contract. If after reasonable diligent effort, Seger is unable to timely cure defects, 337 and Buyer does not waive the defects,this Contract shag terrninale.and Buyer shag receive a refund of the Deposit, 3n thereby releasing Buyer and Seger from ail fUfUlef obligations under this Contract. 3n B. SURVEY: If Survey discloses encnxeclMnhernls on the Real Properly or that i nprovemerts located thereon 3w encroach on setback lines, easements, or lands of ollia ; or violate any restrictions, covenants, or applicable 341 governmental regulations described in STANDARD A(0(a).(b)or(d)above,Buyer shag deliver written notice of such 344 matters, together with a copy of Survey, to Seller within 5 days after Buyer's receipt of Survey, but no later than 343 Closing. If Buyer timely delivers such notice and Survey to Seger, such nusefs kWMtied in the notice and Survey m4 shall constitute a title defect, subjed to cure obligations of STANDARD A above. If Seger has delivered a prior 3a survey, Seller shag, at Buyer's request, execute an affidavit of 'no change' to the Real Property since the m preparation of such prior survey,to the extent the 81111111101101118 therein are true and coned- 347 C. INGRESS AND EGRESS: Seger represents that there is ingress and egress to the Real Property and title to 3a the Real Property is insurable in aooadom with STAPDARD A wOwd exaoeptio I for hack of legal right of access. 3a D. LEASES: Seger shag,within 5 days after Inspection Period, furnish to Buyer copies of all written leases and wo estoppel letters from each tenant specifying nature and duration of tenant's occupancy, rental rates, advanced rent 3si and security deposits paid by tenant, and income and expense stRUB'K s for preceding 12 months ('Lease 3es Intomtation'. If Seger is unable to obtain estoppel totters from tenant(s),the same Information shag be furnished by 3e3 Seger to Buyer within that time period in the form of a Segef's alidsvi.and Buyer may thereafter contact tenant(s) w4 to confirm m such information. if terms of the leases)dill w rnateriagy from SelWs dons, Buyer may deliver 3w written notice to Seger within 5 days after receipt of Lease kdonnation, but no later than 5 days prior to Closing 35e Date, terminating this Contract and receive a mUW of the Dept. thereby releasing Buyer and Seger from all w7 further obligations under this Cantu. Seger shag, at Closing, deliver and assign ail original leases to Buyer who ass shag assume Seger's obligation thereunder. 3w E. LIENS: Seger shag furnish to Buyer at C Mft an afidmd atbSif 9; (0 to the absence of any financing 3w statement,claims of pen or potential genors known to Seger,and(1)that there have been no impnvvernerts or repairs 3ec to the Real Property for 90 days irMned4ntely preceding Closing Date. 9 the Real Property has been unproved or 3a repaired within that time, Seger shag deliver releases or waivers of construction lens executed by all general 3ea contractors, subcontractors, suppliers and mafeniaknen in addition to Segel S pen afkkrA setting forth nacres of all 3m such general contractors, wb00ftrad0lSI suppliers and Maladsknan, further afimMng that all charges for 3w Improvements or repairs which could serve as a basis for a Construction Fen or a claim for damages have been paid 3W or will be paid at Closing. w F. TIME: Calendar days shag be used incomputing time periods-Any lime periods provided for In this Contrail 3w which shag end on a Saturday, Sunday, "a national legal holiday (see 5 U.S.C.6103) shag extend to SM P.M. 3w (where the Property is located)of the next business,day. Tifhs IS Of lire assums in this C001bact- 37o G. FORCE MAJEURE: Buyer or Seger shag not be required to pecfom any obligation under this Contract or be 371 gable to each other for damages so long as parkin"w ce or non-perfornaince of the Obligation is delayed, caused or 372 prevented by Force Mlajeure. 'Force Majehae' meats: hurricarhes. eardicluakes, floods, tie, ads of God, unusual 373 transportation delays, wars. Insurrections, ads of terrorism. and any other cause not reasonably within control of 374 Buyer or Seger,and which,by exercise of reasonable Meant eIkK the non-pefforntng part/is unable in whole or in = pan to prevent or overcome.AN time periods, including Closing Date,will be extended for the period that the Force 376 Majeure prevents periornhsn ce under this Contract. provided, however, if such Force Meow a continues to prevent 3n performance under this Contract more than 14 days beyond Closing Dale, than either party may terminate this 3n Contract by defiverug written notice to the Other and the Deposit shag be redNhdad to Buyer,thereby releasing Buyer 379 and Seger from all feather obligations under this Contrail 3w H. CONVEYANCE: Seger shag convey marketable tale to the Real Properly by sl8hAOry weranty NV , tnfstee's, or guardian's deed as to the status of Seger.subject only to matters described 3a, personal representatives, guard appropriate 3v in STANDARD A and those accepted by Buyer. Personal Properly shag, at request of Buyer, be transfered by 3a absOabsolutewar brT of sale with of tl b,subject only th such nION 11 as may be provided for in this Contract. 3m L CLOSING LOCATION;DOCUMENTS:AND PROCEDURE: ass will take place in the county where the Real Property is located at the office of the i LOCATION: Closing • e owner's policy of title e Cbs' designated by the party paying for po y See attorney or �dosing ail ling AgeM� e51g BuWs Initials Pape 7 of 10 S~s b ymb Florrddi Bar-'--10 RetW1007MORM Rmows*wW The Fbr nfr. M d0Ms wed. v r 0�1l46a00i�i i67l1i7 367 STANDARDS FOR REAL.ESTATE TRANSACTIONS(CONTINUED) Sae insurance,or,if no title insurance,desigilded by Seller.Closing may be conducted by mat or electronic means. = (a) CLOSING DOCUMENTS: At Closing. Seller shall fumish and pay for, as applicable, deed, bill of sale, = certificate of title, construction lien affidavit, owner's possession alidavit. assignments of leases and corrective w instruments.Seller shall provide Buyer with paid receipts for all work done On the Property pursuant to this Contrail 3e2 Buyer shall furnish and pay for, as applicable, mortgage, rmorbage note, security agreement financing statements, sea survey,base elevation certfiCalion,and other documents required by Buyer's lender. 3n4 (iii) PROCEDURE: The deed shalt be recorded upon COLLECTION of all closing funds. if the Title m5 Commitment provides insurance against adverse mollers Pursuant to Section 627.7841, F.S., as amended, the 3e8 escrow dosing procedure required by STANDAM J shall be waived, and Closing Agent shall, subject to 397 COLLECTION of all dosug funds,disburse at Closing the brokerage fees to Broker and the net sale proceeds to 3e8 Selle r. = J. ESCROW CLOSING PROCEDURE: If True Commi<menrl issued pursuant to Paragraph 9(c)does not provide 4w for insurance against adverse n mdbws as parr Olt' under Section 627.7841, F.S.,as amended,the following escrow 401 and dosing procedures shall apply:(1)all Closing proceeds shag be held in escrow by the Closing Agent for a period 4w of not more than 10 days alter Closing;M 9 Seller's INS is rendered unmarketable,through no fault of Buyer, Buyer 4w shall,within the 10 day period,notify Seller in writing of the defect and Seller shall have 30 days from date of receipt 4o4 of such notification to cure the defect;(3)9 Sew falls to tiim*cure Are defed,the Deposit and all Closing funds ** paid by Buyer shall,within 5 days alter written demand by Buyer. be refunded to Buyer and, simultaneously with 4w such repayment, Buyer shall return the Personal Property, vocole the Real Property and re-convey the Property to 4o7 Seller by special warranty deed and bill of sale; and (4) 9 Buyer fails>n make timely demand for refund of the 4w Deposit, Buyer shall take true as is,waiving all diihis against Serer as to any intervening defect except as may be 4w available to Buyer by virtue of wonsties a n I Ire I in the deed or bit of sale. 410 K. PRORATiONS; CREDIT$: The following recurring itemrs will be made current(9 applicable)and prorated as of 411 the day prior to Closing Date. or date of 000upenc y 9 occupancy occurs before Closing Date: real estate taxies 412 (including special benefit tax assessments imposed by a CM). intmrest. bands,association fees, insurance, rents 413 and other expenses of Property.Buyer shall have option of taking over mo ligh g policies of insurance,9 assurable, in 414 whtdh event premiums shall be prorated. Cash at Closing shall be ilcra ego d or decreased as may be required by 415 proration to be made through day prior to Cb M9.A*4m=rent and seamy deposits, 9 any, will be credited to 416 Buyer. Escrow deposits held by Seller's mortgagee will be paid to Serer.Taxes shall be prorated based on current 417 year's tax with due allowance made for mandmwn stowable discount homestead and other exemption. If Closing 418 occurs on a date when current years miMape is nil foxed but current you s saimsment is available, taxes will be 419 prorated based upon such assessment and prior years RMe e. I current years assessment Is not available, then 42o taxes will be prorated on prior years tax.if there are completed improvements on the Real Property by January 1st of 421 year of Closing,which irnprovements were not in existence on January 1st of prior year,then tames shall be prorated 4n based upon prior years mugs and at an equitable assessment to be agreed upon between the parties,failing which, 4m request shall be made to the County Property Appirsissir for an i donrwl assessment taking into account available 424 exemptions. A tax proration based on an estinuiin shall, at either party% request be readjusted upon receipt of 425 current years tax bit.This STANDARD K shot survive Closing. 4w L ACCESS TO PROPERTY TO CONDUCT APPRAISALS,INSPECTIONS,AND WALK-THROUGH: Serer shall, 427 upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, inducing a 428 walk-through(or follow-up walk-through 9 necessary)prior to Closing. 429 M. RISK OF LOSS: IF, after Effective Dale, but before Closing. Property Is damaged by fire or other casualty 4w ("Casualty Loss") and cost of restoration(which shall include cost of pruning or removing damaged trees) does not 431 exceed 1.5% of Purchase Price, cost of restoration shall be an obligation of Serer and Closing shall Proceed 432 pursuant to terns of this Contract. If restoorsiion is not completed as of Closing.a sum equal to 125% of estirnated 4w cost to complete restoration (nil to exceed 1.5% of Purdme Price).will be escrowed at Closing. If actual cost of 4m restoration exceeds escrowed amount. Serer shall pay such actual costs (but, not in excess of 1.5% of Purchase 4w Price). Any unused portion of escrowed amount shot be returned to Serer. I cost of reskmationn exceeds 1.5% of 4w Purchase Price, Buyer shall elect to ether tabs Property 'as W together with the 1.5%. or receive a refund of the 437 Deposit thereby releasing Buyer and Serer from all Butner obligations under this Contract. Seller's sole obligation 4w with respect to tree damage by comilty or other natural occurrence shag be cost of pnming or removal. 43o N. 1031 EXCHANGE: if either Serer or Buyer wish to enter into a like-kind exchange (either simultaneous with 4e Closing or deferred)under Section 1031 of the Internal Revenue Code(TExc hangem),the other party shall cooperate 441 in at reasonable respects to eAectuste the Exchange, including execution of documents; Provided, however, 4a cooperating party shall incur no liability or expense related to the Exdnarge, and Closing shall not be contingent 4q upon,nor extended or delayed by.such Exdhange. m4 O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPES: Neither this Contrad nor any 4a notice of it shall be rerouted in any pubic records.This COntrad shall be binding on, and inure to the benefit of,the 40 parties and that respective S50rs in interest.Meneverthe con%*pen<fs,singular shall include plural Buyers IrhOala Pape 8 Of 10 Suers initials Florida -ASIS-1 R O O 2M O Fbride Rmeftn*MW The Fbrida all. M dOft rs�erMed. serW M425ermasee»rn 447•' STANDARDS FOR REAL ESTATE TRANSACTIONS(CONTMAIED) 44e and one gender shall include al.Notice and delivery given by or to the dW"or broker(roc km ft such broker's real 40 estate licensee) representing any party Slug be as effective as 9 given by or to that party. Al notices must be in 4w writing and may be nude by mall, pwsorul delivery or electronic (nc idirig Wn media• A legible facsimile or 4e1 electronic(including'pdP)copy of this Contract and any signal hereon shall be considered for all purposes as an 452 original. 40 P. INTEGRATION;MODIFICATION: This Contrad contains the fug and complete understanding and agreement of 4e4 Buyer and Seller with respect to the transaction contemplated by this Contract and no prior agreements or 4N representations shall be binding upon Buyer or Seller unless ircMrded in this Contract. No modification to or change 4w in this Contract shall be void or binding upon Buyer or Seller unless in writing and executed by the parties intended a7 to be bound by it. 4w O. WAIVER: Failure of Buyer or Seller to insist on compliance with, or strict pwbmmnce of, any provision of this 4a Contract, or to take advantage of any right under this Contract, shall not constitute a waiver of other provisions or 4w rights. 4ei R. RIDERS; ADDENDA; 'IYPEW u I ICN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten 4a or handwritten provisions shall control all printed provisions of this Contract in conflict with them. 4w S. COLLECTION or COLLECTED:"COLLECTION'or-COLLECTED moans any checks tendered or received, 4e4 including Deposift have become achwlly and ffeaft C011iscled and riPmillod In the account of Escrow Agent 4es or Closing Agent Closing and disbursement of fimda and dsliYery of Closing documents may be delayed by 4ee Closing Agent unto such amounts how been COLLECTED in Ck aing Agent%accounts. 4e7 T. LOAN COMMITMENT: "Loan ComnilmeW means a Staterinent by the lender setting forth the terms and 4w conditions upon which the lender is wiliq to make a parikuler niorgage loan to a particular borrower. 4a U. APPLICABLE LAW AND VENUE: This Contract shag be construed in accordance with Vie laws Of the State Of 47o Florida and venue for resoktion of al disputes,whether by mediation,arbitration or litigation,shag be in the county in 471 which the Real Property is located. 4n X. BUYER WAIVER OF CLAM: Buyer welues any chd=against Seger arid, to tie extent permuted by 473 low, against any mW trstats licsris+ee lirhrah in tim ns gin Wtion of 61ft Contracts fbr any dbfocts or other 474 damage that may exist at CloslrW of tiffs Contract and be su6ssgNA - Nj dlscomW by the Buyer or anyone 475 daknft by,0* igly undo►or against till!B117ar. 47e ADDENDA AND ADDITIONAL TERMS 477 19. ADDENDA: The fallowing additional terms are inckrded in the attached addenda and incorporated into this 47e• Contract(Check if applicable): ❑A. Condominium Assn. ❑L RESERVED ❑R.Rezoning ❑Y. Sellers Attorney ❑ B. Homeowners'Assn. ❑S.Lease Purchase/ Approval ❑C.Seger Financing ❑M.Defective Drywall Lease Option ❑Z. Buyer's Attorney ❑ D.MoriMe Assumption ❑N.Coastal Constriction ❑T.Pre-Closing Approval ❑ E.FHANA Financing Control Line Occupancy ❑AA. Licensee-Parsonal ❑ F. Appraisal Contingency ❑O.Insulation Disclosure ❑U.Post-Closin9 Interest in Property ❑G.Short Sale O P.Pre-1978 Housing Occupancy ❑BB. Binding Arbitration ❑ H.Homeowners'Irnstnance Stidernent(Leed ❑V.Sale of Buyers ❑ Other ❑ A Based Pant I. FIRPT ) Property J. Interest-Bearing Acct. ❑Q.Housing for Older ❑W.Bat*-up Contract ❑ K RESERVED Persons ❑X.IGdt-out Clause 479. 20.ADDITIONAL TERMS: "I t`.o T 3E S CZ IS 5kJgjtTGT 4W. D t e d IA S t er 4e1* D "ice► 20 4ez• lit 4 S •- S C6AJ&1Tf6AJ 40- v t � Cv O rl oar S. r N O 487- 4ee•: ffic / r N Q . l0 4W M �! ��. G 462• 4W Buyers InitialsZ92L4Page 9 of 10 Seller's kMials FbridaRea�otalF ,ASIS-1 R .W1 O 2010 R*ddt Rw11n @ tnd The Fbdit Bar. N d*ft M@KVed• seiillk anaa�aoo�aiaara�n 404 COt NTER-OFFERMEJEiCT1ON 495• [3 Seller counters Buyers offer(to acogvt the counter-offer,Buyer must sign or i ulial the counter-offered terms and 4w deliver a copy of the acceptance to Se111e0- ar- ❑ Seller reiects Buyers offer. 40 THIS Is INTENDED TO BE A LEGALLY BINDING CONTRACT.F NOT FULLY tN1D8tSTOOD,SEEK THE ADVICE 4a OF AN ATTORNEY PRIOR TO SIGNING. 50o THIS FORM HAS BEEN APPROVED BY TW FLORIDA REALTORS AND THE FLORIDA BAR. 501 Approval of an!form by fhe Fulda Rl @Nm and The Raida Bar does not consaute an opklm that any of Me terms saz and corldborls in dlis Contract should be accepted by No parties in a particular ftwmacgon. Terms and conditions sm shoWd be negodated based upon do respective interests, objectives and bargaining positions of all interested sa persons say AN ASTERISK(7 FOLLOWING A LINE NUMBER IN THE WARM INDICATES THE LIFE CONTAINS A BLANK TO 5w BE COMPLETED. sou Buyer. Date: 5w Buyer Date: 2G Zlii3 sac• Seller Date: 9 1dZ.;2 D/3 510- Seller. Dale: s11 Buyers address for purposes of notice SeWs address for purposes of notice 512• 1454Tyler St 100 W Dorris Beech Shod 513• HoRyvrood,FI 33020 Danis Beach,FI 33004 5W 515 BROKER: Listing and Cooperating Brokers,if any,named be101N(collec8vely.10roker),are the only Brokers entitled 516 to compensation in connection with this Contract. Instruction to Closing Aged:Seer and Buyer direct Closing Agent sw to disburse at Closing the full amount of the brokerage fees as specified in separate brokerage s16 agreements with the parties and coopenadve agreements between the Brokers, except to the e>dent Broker has s1e retained such fees from the escrowed funds. This Contract shall not modify any MLS or other offer of compensation 520 made by Seller or Listing Broker to Cooperating Brokers. 521• Mom A Morley Joan Cook sa Cooperating Sales Associate,N any Listing Sales Associate Wr Kolar Marro 9de Properties Cook 524 CooperO tg Bucher,harry Listing Broher Page to cf 10 FbridaResloralFbdde8arASI4S-1 Rev.GM 0 O Z010 Fbrida Rearms and The Florida ear. M d9l0a maerved. s«i.rk m6§40masamew