HomeMy WebLinkAboutR-2014-026 - Executed an AS IS Residential Contract to Clancy Nanan to purchase surplus property at 47 NW 14 Avenue RESOLUTION NO. 2014-026
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 CLANCY NANAN TO ALLOW
HIM TO PURCHASE SURPLUS PROPERTY LOCATED AT 47 NW 14TH
AVENUE 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, 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 is incorporated into this Resolution by this reference; and
WHEREAS, the offer meets the requirements of the City Charter for disposition of the
Surplus Property;
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 Clancy Nanan to allow him to
purchase surplus property owned by the City and located at 47 NW 14t` Avenue 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Resolution are repealed to the extent of such conflict.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 April 8, 2014.
ATTEST:
�4pwAFMIS F�Rs
r
LOUISE STILSON, CMC WALTEICB. DUKE, III
CITY CLERK �, MAYOR
APPROVED AS FO AND CO T
I -, --)
/1
THONMS J. SB O
CITY ATTORNEY
2 RESOLUTION#2014-026
y
"AS'IS" Residential Contract For Sale And Purchase
THd FORM f"BEEN APPROVED BY THE FLORIDA REALTORS-AND THE FLORIDA BAR fill,Florida Realtors
1• PARTIES: Cry of Daft Beach
r and-
3 agree that' Selby shah Sep and Buyer Shall buy the folkmV described Real Property and Pe moral Property
4 (colledivaly'Propexty') pursuant to the terms and conditions of this AS IS Residential Centred For Sao And Pur+dme and
a any riders and addenda PContrmn:
s 1. PROPERTY DESCRIPTION:
r (a) She address,city,zip: 47 NW 14 Avenue..Dania Beach 33004
er (b) Property is located k1: Brovmwd County,Florida.Real Property Tax ID No.: 5042 33010190
10 (c) Lot l P 11 4- SUB b�0.42 N 50 of S 385 of E 96 of W 22225 of t 1 1 ,
I a.11
12 tageher wilh all eoddng improvements and fbc m, including bui ton appliances, built-in hr t hkw and aged
13 wall-tom carpeting and floorkV('Baal Property's unless spedliody smAided in ParaWaph 1(e)or by other terms
14 of this Contract
16 (d) Pow Property. Unless exWded in Paragraph 1(e)or by other terrns of fhb Contract,the fo1mft Items which
16 are owned by Seller and existing on the Property as of the date of the inklal offer are i x*xlsd in the pudme:
17 rangs(s)/oNen(s),ratrigerdor(s), didwmsher(s), dsposd, caging fan(s), infieroorn, IWd-fbdurs(s). drapery reds and
1s drepmin , Oft. Window treatrnents, smoke detaft r(s), games door opener(s), sea8ity gale and other moon
1s devices,and stem -11 ",r"mmils("Personal Property).
2r Other Personal Property items included In fhb purchase are:Norte
21
no
ll
23• (e) The tioMowing are eoadmrded from purchase:t�DersonN �incNuu!'ed in sale fir.
24
25 PURCHASE PRICE AND CLOSING
2r 2 PURCHASE PRICE(U.S.currency):.... ..................... ..... .............................. ........ ..... . ..............; 12.t100
2r (a)'Initial deposit to be told in escrow in the amount of(checks subject do COLLECTION)...............i 1,000
28 The k"deposit made payable and delivered to'EwmApff named belm
2r (CHECK ONE):(i)® sooampw*w offer or n p is to be made within (d bit blank.
30 then 3)days alter Effmctive Date. IF NEITHER BOX IS CHECKED,THEN OPTION(u)
31 SHALL BE DEEMED SELECTED.
ar Escrow Agent.k*m d Name: Ryan S Ryan,LLC
W Address: 700Eft Danis
s4• Phone: 9-mail: oom Fax: -147
as- (b) Additional deposit to be dgmemd to Esanw Agatt within (if left Wank,then 10)
as• days after Effective Date..................................................................................................................;
87 (All deposits paid or spread to be paid,are oolecgv*referred to as fhe MaposW)
as• (c) Finmo g:B Tess as a dollar amount or !wfta('Loan Amount")see Paragraph 8................
ar (d) Other sayer craftfor demo costs ,,,,,,,,,,,,,,,,,,s 4,
40 (e) amwm to close(not I ,clu ng Buyer's dosing costs,propaids and proraltio m)by wins
41• transfer or other COLLECTED funds................ ............._........................................................Z 7,800
42 NOTE:For Rite def hlon of"COLLECTION'or"COLLECTED"sea STANDARD L
43 3. TIME FOR ACCEPTANCE OF OFFER AND COUNTER-OFFERS;EFFECTIVE DATE:
W (a) If not signed by Buyer and Seller,and an execulad copy delivered to all parties on or belbra March 20,2014
W , this offer shall be deemed wdxhwm and the Deposit. N any, shall be returned to
4e Stow. Unlsos otherwise stated,time for socsptancs of any counter-offers shag be within 2 days after#ire day the
47 counter-offer is de vwW.
48 (b) The dFaclive date of this Conhact shall be the dde when the last one of the¥ and Seller has•signed or initialed
40 and delivered this offer or foal counter-offer('E bcdve Datel.
w 4. CLOSING DATE: Unless'moditied by other provisions of this Contract, fhe dosing of this transaction stag occur and
51 the dosing doamerrts required to be fumW*d by each party pursuant to f is Contract stroll be delivered('Closing')on
or ,•April 18,Z014 (•t kmft pale',at the time edsbksW by the Closing Agent
ea & EXTENSION OF CLOSING DATE:
64 (a) If hosing Ruxis from Buyer`s lender(:)are not avalbbb at time of Closing due to Truth In Lending Act MLA)notice
as recOdremerds, Closing stall be extended for such period necessary to satisfy TILA notice dequi�rornents, not to
s, (b) N extreme weather or other oortdition or event constituting •Force M40W (see STANDARD G) ca=a: ()
sa disruption of utilities or-other services essential br Closing or(h)Hazard,Wind, Flood or ftneownwW insuance,
so to become unavailable prior to Closing, Closing shall be mdended a reasonable time up to 3 days niter reshxdon
so of utilities and other services essential to Closing and-availability of applicable Hazard, Wind, Flood or
a1 Homeowners' insurance. If restoration of such utilities or aarviose and avellability of insurance has not occurred
or within (If left blank, than 14)days alter Closing Date, then either party may hm.. raise this Contract by
es delivering written notice to the ether party, and Buyer shall be refunded the Deposit, thereby releasing Buyer and
04 Seger from all furltusr obligations under this Contract.
as 6. OCCUPANCY AND P088E8810N:
as (a) Unless the boot in Paragraph 6(b) is checked, Sdw shall, at Closft claim oomgwxy and possaoefon of tie
07 Property to Buyer free of teraruts,occupenis and future tenancies. Also, at Closing;Seller shall have removed d
se personal Name and trash from the Property and staff deliver all keys, garage door openers, access devices and
as codes,as appacable,to Buyer.if occuparroy is to be delivered before Closing,Buyer assures all Mcs of loss to as
m deemed roperty h aor�s�ptad Properly In�e condition sapm im We and liable
of time ddWdng ocmgwi ythat dab, and shell be
720 (b) ❑ CHECK IF PROPERTY 18 StOJECT TO LEASE(B) OR OCCUPANCY AFTER C MING. If Property Is
73 subject to a leases)after Cl nkV or Is intended W be rented or occupied by third parties beyond Closing,the bats
74 and terms thereof shall be disclosed in writing by Seller to Buyer and copies of the written leaoe(s) shall be
75 delivered to Buyer, all within 5 days allow Effsdive Dab. If Buyer clatmi rues, in Buyses sole die, On . that the
76 leases) or bmns of occupancy are riot aaceptabb to Buyer. Buyer nray Wodnals this Contact by delivery d
77 written ratios d such eNetiom to Safer within 5 days after receipt d the above items from 8der.and Buyer etas be
78 refunded the Daposit thweby releasirp Buyer and Seiler from all further abibatior 1 under this Contract. Estoppel
79 LobWs)and Sailers a(Ildavit'shd bo provided pure mut to STANDARD D.8 Property is intended to be Occupied
so by Sailor after Closing,we Rider U.POST-CLOSING OCCUPANCY BY SELLER.
m- 7. A881ONABlI.fl'1f: (CHECK ONE): Buyer ❑ may assign and thereby be released from any fund m frabOty under this
or Contract; ❑ may assign but not be released from Ilabli ty under this Contract~or❑ may not aselp Otis Contract.
FINANCING
84 L FINANCING:
as- ® (a) Buyer will pay cash or may obtains loan br ffns purchase d the Property.Thous is no lbockg conntingancy to
a Buyer's obligation to dose.
or ❑ (b)This Contrail is oontirigent upon Buyer obtairning a writinn loan coninitinm for a❑comvantioal ❑FHA❑VA
ar or ❑other (desaribs) loan on the hollowing terms within (if MR bl■rnK then 30) days alter
or EfhWve Dab rLoan ConwnM nt Dab)for(CHECK ONE):❑lbaed, ❑a*si able, ❑food or adjustable no ban in
NO the Loan Amount(See Paragraph 2(c)),at an initial interest rob not to e000sed %(if left Monk,than prevelkV
01- nab based upon Buyer's txeddwrthk . ;).and for a term d____ if left blanK them 30)years CFiruancW.
or Buyer shall make mortgage ban application for the Financing wi1Mn (If Islt blank,then 5)days after Ether m
oa Dab and use good faith and d lgent~to abtmi a written ican conini nim for Ohs Finamdng rLclan Commuitrrant)
94 and thereafter to dose this Contract. (Guyer shall keep Solar and Broko fully h iomned about the status of momsge
a ben appicafon and Low Commitment and authorizes Buyers mortgage broker and Buyers landen to dk dose such
m status and progress to Seiler and Broker.
97
as Upon Buyers receipt of Loan Comm1knent, Buyer shall provide w Me n notice of same to Seller. If Buyer doss not
re reoalve Loan Commitrnsnt by Loan Corrunibnent Date,then thereafter either party may cancel this Contract up to the
100 earlier oh:
101 (i.)Buyers delivery d writlan notice to Seller that Buyer has ether reoalvad Loan Com miNnent err eiecled to
102 waive the Irn uft contingency of this Contract;or
103 (1.)7 days prlor to Closing Date.
104 If either party INn dy cart: le tits Contract puasuent to this Paragraph 8 and Buyer is not in default under the tome of
106 this Contract, Buyer shall be refunded the Deposit thereby relea tug Buyer and Seller from all further obligations under
10e We Contrail. If neither party has timely canceled this Contract pursuant to this Prapnph S. than this frrornoing
107 contingency shall be deemed waived by Buyer.
IN If Buyer delivers written notice of receipt of Loan CommWent to Seiler and this Contract does not thereafter dose,the
109 Deposit shall be paid to Seiler unless burins to dose is due to: (1)Sellers default;(2) Properly related conditions of the
110 loan Comn*nm t have not been mat(eomW when such conditions are waived by other provisions of this Contract),(3)
111 appraisal of the Property obtained by Buyers ladder is insufficient to mad terms of the Loan Cotimfnwk or(4)the
11Z loan is not funded due to limandal bniuro of Buysrs Zander, in which event(s)the Deposit shall be returned to Buyer,
113 thereby releasing Buyer and Seller from ail further obligations under We Contract.
1140 p(c)Assumption of existing mor*V(see'rider for terms).
11s• ❑(d)Purchase money note and mortgage to Seller(see riders;addenda;or special,clauses for terms).
11e CLOSING COSTS,FEES AND CHARGES
117 S. CLOSING COSTS;TITLE INSURANCE;SURVEY; HOME WARRANTY;SPECIAL ASSESSiMENT&
11a (a) COSTS TO BE PAID BY SELLER
11e •Documentary stamp taxes and surtax on deed,N any •HOAK:orx ominium Association estoppel tees
120 •Owner's Policy and Charges(if Paragraph 9(c)(1)Is checked) •Recording and other flees needed to Curs fife.
121 •Tde search dogma Cif Paragraph 9(c)(i6)is checked) •Seller's attorneys'ises
12r •Other None
123 If, prior to Closing, Sadler Is unable to mast the AS IS Maintenance requirement as regrisd by Paragraph 11 a
124 sun equal to 125%of estimated costa to meet the AS IS Maintenence Requkememt shall be escrowed at Closing. If
125 actual costs to meat the AS IS Maintenance Requiremert exceed escrowed wrount, Seller shall pay such actual
12s vosts.Any mused portion of escrowed amount(s)shall be returned to Seller.
127 (b) COSTS TO BE PAID BY BUYER:
12s •Taxes and recordhug uses on notes and mortgages •Loan expenses
12e •Recording fees for deed and thou ng determents •Appraisal fan
130 •Owners Policy and Charges(if Paragraph 9(c)ON is checked) •Buyer's Inspections
131 •Survey(and elevation certification,If required) •Buyers aflomeys'fees
132 •Lenders we poky and endorsements •AN property related Insurance :
tea 9 HGAIrooridordniumAnsocidlon appNcatioNtrarafar fees •Owners Policy Prvrnanm(ref Paragraph
1*4 9(C)(Ni)Is checked.)
laic• •Other.
tee• (e) TITLE EVIDENCE AM INSURANCE: At least (if halt blank then 5) days prior to Clo ft Dale, a We
137 insurance commnitrnwd issued by a Florida lice ,ad We insurer, with legible copies of Instruments Ided as
IN earoeptlons No 4M 1 ' ttnereb ("Tolls Commitment') and, after Closing, an owner's poky of we insurance (see
13e STANDARD A for terms)shall be obtained and delivered to Buyer. if Seller has an owners policy of We insurance
too cove ft the Real Property,a copy shall be firnished Ic Bayer and Closing Agent within 5 days after Effective Date.
141 The owners title policy premium, 11ft search, municipal lien search acid closing services (collectively, 'Owners
142 Policy and Charges')shah be paid,as set to below
143 (CHECK ONE):
14e ❑ (i)Seller shall designate Closing Agent and pay for Owners Poky and Charges(but not including dutrges for
14e dosing services related to Buyers lenders policy and endorsemsnto and ban cling,which amounts shall be paid
146 by BUyer to Closing Agent or such other provider(s)as Buyer may sated);or
14r ® (n7 Buyer shall designate Chasing Agent and pay for Owners Pow and Charges and diaries for coshg
148 oarvices related to Buyers lenders policy.endorsements,and loan dosing;or
14r ❑ (pre) ADEMROWARD REGIONAL PROVISION]:Seller stall furnish a copy of a prior owners policy of
16o title irhsur>urce or other evidence of We and pay fan for: (A)a continuation or update of such We evidence,which
161 is acceptable to Buyers tits insurance underwriter for reissue of coverage; (B)tau search; and (C) municipal.Nien
152 search. Buyer shall obtain and pay for post-Closing con adorn and prerniurn for Buyer's ownses policy, and if
for appicabis. Buyer's lender's policy. Seller shall not be obligated to pay more than S (f left blank
154 than$M.00)for abstract continuation or tills search ordered or performed by Ckmbg Agent.
IN (d) SURVEY:At least 5 days prior to Clsoaft Buyer may, at Buyers wghense, have the Real Property surveyed and
Ise certifeed by a registered Florida surveyor C'Suvey'). If Seller has a survey covering the Real Property,a copy shall
16? be iw dshed to Buyer and Closing Agent wttlnhn 5 days after Effective Data
tee• (e) HOME WARRANTY: At Closing, ❑ Buyer ❑ Seiler ® WA shall pay for a home warranty plan issued by
1sv at a Coat not to exosed $ . A home
Leo warranty plan provides for repair or replacement of many of a home's rooianicd systems and major buNt4n
101 appianone In the event of breakdown due to normal wow and tear during the agreerrmts warranty period.
1e2 (f) SPECIAL ASSENTS: At Closing, Seller shall pay: n the full amount of liens imposed by a public body
103 (•public body' doss not include a Condominium or Homeowners Association) that are certified, confirmed and
1e4 ratified before Closhg; and (N) the amount of to public body's most recent estimate or assessment for an
lent impmvermsnt which is subdentially complete as of Effective Date,but that has not resulted in a lien being imposed
lee on the Property before Closing. Buyer shall pay all ether assessments. If special assessments may be paid In
tar installments(CHECK ONE):
lee• IN (a) Seller shah pay hataNrrrerris due prior. to Closing and Buyer shall pay installments due after Closing.
lee inetaNrnerts prepaid or due for the year of Closing shah be prorated.
17(r ❑ (b)Seller shall pay fie a nwt(s)In full prior to or at the time of Closing.
171 IF NEITHER BOX IS CHECKED,THEN OPTION(a)SHALL.BE DEEMED SELECTED.
172 This Paragraph 9(17 shall not apply to a speed beneW tax lion-imposed by a comm spily.developrnord dietrid(CDD)
173 pursuant to Chapter 190, F.S.,which lien shill be prorated pursuant to STANDARD K
174 DISCLOSURES
176 10. DISCLOSURES:
17e (a) RADON GAS:Radon is a rahnft ocmxrmg radioactive gas that when it is accumulated In a building in sulfldent
177 quantities,may present health rielat to persons who are exposed to k over Wo Levels of radon Out w=od federal
17e and stabs guideines have been Found In butidings in Florida. Additional info mmdon regarding radon mW radon
171 county hub depadmort
ISO (b) PERMITS DISCLOSURM Excemay be obtained ftm pt as may have bow diedosed by Setter to Buyer in a written disclosure, Setter
III does not Wow of any improvernents mods Io the Properly which were-wade with mA required pennuits or made
in pmant to pennits which have not been pr%"closed. -
183 (c) N Mold nalurely coming and may cam hedth miles or demage to property. If Buyer 1s concerned or
IN desires additional inlbmation regarding mold.Buyer should contact an appr apriats professional..
Iss (d) FLOOD ZONE;ELEVATION CERTIFICATION:Buyer is advised to vo*by elevation eertiflcabe which flood zany
lee the Property is in,whether•flood Inaxance is Mqu fired by Buyers Zander, and what restrictions apply to improving
1e7 tta Property and rebuilding in the event of=Kx ty. If Property is in a'Spedd Flood Hazed Area" or'Cam"
In Barrier Raoxm Act'designated area or otherwise pmbcted area IdentNied by the U.S.Fish and V4Ydifs Service
IN under the Coastal Barrier Resouces Act and the lowest floor elevation for the buildirg(s)and/or flood Insurance
190 rating purposes Is below minim. flood obvaiion or is ineiigible for flood insurance through the Nodornal Flood
11119 Insurance Program, Buyer.may terrrrirMts thie-Conb d by doliming written natbe to Seller wiltrin (if left
122 blank, then 20) days alter Motive DsW and Buyer stW be refunded to Deposit tweby esbaa1 Buyer and
193 Seiler ft m all ft1h r a fteftu under this Contrack faNrg which Buyer accepts andsling elevation of bA*W and
184 flood acne deeignatlon of Property. The National Flood Insu a m Reform Ad of 2012 (referred to as BiipeR
In Webers 2012) may phaa in actuarial rating of pre+lood insusnce Rats Map (pre-FM fKnio f my struckm
In sside 0 dmcbures in whidl the Wood or spouse doss not reside for at least 80%of tiro yeah and an elevation
Ia eertiicate mat►be required foracttarfai rating.
lee (e) ENERGY BROCHURE Buyer admowledgee receipt of Florida Energy-Ellkierwy Rating kdornalion Broclxxs
IN required by Section W&M.F.S.
200 m LEAD-BASED PAINT: If Property.includes pw1978 residential housing, a lead-band paint discloses is
Tot fnarldetDnY.
xQ (g) HOMEOWNERS' ASSOCIA DISCLOSURE: BUYER SHOULD NOT EXECUTE THIS
2e3 CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNEW ASSOCUITY
Too DISCLOSURE,IF APPLICABLE.
Toe (h) PROPERTY TAX DISCLOSURE SUMMARY BUYER SHOULD NOT RELY ON THE SELLMS CURRENT
Zoe PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIC3ATED TO
207 PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY
an MAPROVEMENTS TRIGGERS REASSEMWENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER
we PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION. CONTACT THE COUNTY
210 PROPERTY APPRAISERS OFFICE FOR INFORMATION.
211 (i) FIRPTA TAX VATHHOL.DMNG:Seller shall infanrr Buyer in writing if Seller is a'Ibreign parson'as detlned by the
212 Foreign Inrvesbnent in Red Property Tax Ad('FIRPTA7. Buyer and Seller shall comply with FIRPTA, which may
213 rye Seller to provide additional cash at Closing. If Seller is not a'foroign person,",Seller can provide Buyer,at or
214 prior to Ciloafrg, a oeftiflcation of non-foreign&roars, under penalties of parrufy,to Inlbmf Buyer and Closing Agenti
215 that no withholding is required. See STANDARD V for father information psrtain>ing to FIRPTAI Buyer and Sher
21e are advised to seek legal canal and taX advice regerding their r opsomwe dgW obligations, @pa th- and
217 withholding requiremerrte pusuant to FIRPTA.
21e SELLER DISCLOSURE: Seller Iahows of no fells materially aRecd ft value of the Reel Properly which are not
219 n mxlY observable and which hour not been disclosed to Buyer. Except as pn3vided for in the Flo gas rMenoe.
2W Seller elde As and intends no warranty and makes no epnssentatlon of any type,either m p us or impled, as to
2TI the physical condition or history of the Property. Except as otherwise disclosed in writing Seller has received no
2n written or verbal notice ftm any govemm ntm entity or agency as to a wrontiy u ncofrecled buildng.
223 errvinonmerMal or safety cods violation.
=4 PROPERTY YApNTENANCE,CONDITION,INSPECTIONS AND EXAMNAT IONS
2m 11. PROPERTY(MAINTENANCE,ExcW for ordinary wear and tear and Casually Moss,Seller shati maintain the Properly,
22a Including, but not limited to, lawn, shnAbsry, and pool, in the condition ode" as of EReetivs Date .CAS IS
W IMahntenence Requ*wn*rW).
228 12. PROPERTY INSPECTION;FIGHT TO CANCEL:
22a• (a) PROAMY WSPECTiM AND RIGHT TO CANCEL:Buyer shall have (If left bank dean 15) diy: .
2ao atf-r Efecdve Daft(x*m"W=Period')wfffiln whkh fo hew such bapecdons of Me Rusty Pss�d
231 se Beyer shall dsarthl dud g Me bapecdon Period B Buyer dMarmbn%in Brryw's sot-dsa Ww,00 the
2a2 Proparty is not accspdble b Buywr,Buyer may bm*wb this Contract by d fvwfig wdflran noels-of such:
2n ai Mai to SeNsr prior fo aWki fon of Inspecdon Pwiod K Buyer NWW ternalna! this ConftvA the
=4 DWoslt paid stall be rsftm d to Buyww, drereapoA Buyer and Seller shall be ralissecl of all Mfher
2a6 ob --florua< under this Cor*vct howav-r, Buyer shdi be msporn" for prompt paymwd ibr such
2aa /nspscflons,Jbr n air of dsmsg-to,and resforad w of,ttti-Property rsmdff/g boo such lntipecdoons,and
2a7 shall provkb Seiler wfdn paid ,mr-o*ts ibr aft wait don- on floe PA*wty(die pmcsdit provklon shah
23a swvtn twmkwdm of dnls Canfrscq.160sw Buywr exar pis ea the right So fsrtnwhrab mind berdn.Buyw
2� accepts d w#Ovkar owdifion of the Property and any vlobdon of povwnrnnarrlsy buNd a envfrarm-Mill,
240 and satraty codes, nest kdmw, or waged , ., ts, but subject to SWWa cond nubg AS /S Minter we
241 RequiiamwK and Buyer stall be respawl-for any end aN mpshs and lmprownents mqufmd by Buyer's
2a 1-ndw
.a43 (b) WALK-THROUGH INSPECTIONiRE-INSPECTION: On the day prior to Closing Dees, or on(toeing Date prior to
.W time of CloskV. as by Buyer, Buyer or Buyers representaM may parlor.a walk-through(and follow-up
2" well-tivaugh,tl necessary)inspection of the Property solely to conlitrrr to all hems of Personal Property are on the
M Property and to verily that Seller has mdntairsd the Property as required by the AS IS Maintenance Requirement
.247 and has met all other coiftduai obligations.
uu4a (c) SELLER ASSISTANCE AND COOPERATION IN CLOSE-OUT OF BWLDWO MUM If Buyer's lnspection of
the Property identifies open or needed boil ft permits,then Seiler shall promptly deliver to Buyer all plans,wmitien
260 docunna Idmn or other liftnation in Sellers possession, knowls i^ or conti raMng'bo improvements to the
261 Property which ors the subject of such open or needed Permits, and shall promptly comps We in good NO with
2a2 Buyers sib to obtain estimates of repairs or other work necessary to resolve such Permit rues. Seller's
26a obligation to cooperale shall include Sellers execution of necessary authorizations,consents.or other documents
n4 nue0essaty for Buyer to conduct inspections and haws ee!'m ate of such repairs or work prepared, but In hdlNflng
26a such obligation,Seiler shall not be requited to expend,or boom"oblgated to agwid,any monsy.
M (d) ASSIONMF.NT OF REPAIR AND TREATMENT CONTRACTS AND•WARRANTIES: At Buyers option and cost,
267 Seller will,at Closing,assign all assignable repair,treatment and maintenance contracts and warranties to Buyer.
M ESCROW AGENT AND BROILER
M 13. ESCROW AGENT:Any Closing Agent or Escrow Agent(fir 'A lent7) receiving the DepoK other funds and
2M other Ibams N authorized,and agrees by acceptance of them,to deposit them promptly, hold same in escrow within the
281 Stabs of Florida and,subject do COLLECTION,disburse them in accordance with berms and cwnditiono of this Contract.
2e2 Failure of A Axle to become COLLECTED shall not errors- Buyers performance. V*m conili tirrg demands for the
M Deposit are reodved, or Agent has a good faith doubt as to entitlement to the Depost,Agent may take such ad"
284 permitted by this Paragraph 13, as Agent deems advisable. if in doubt as to Agent's duties or Iiabilitles under this
M Contract.Agent may, at Agent's option;continue to hold the aubod metier of the escrow until the parties agree to its
Zee disbursement or until a final judgment of a court of competent Jurisdiction shall delrmine the ruts of the pages, or
267 Agent may deposit same with the clerk of the circuit court having jurledic Lion of the dlapube.An adomey who represents
M a party and also acts as Agent may represent such party in such action. Upon nafiif" all parties concerned of such
M action. all IWAKy on the part of Agent shall fully terminate, sow*to the orient of actor ling for any items previously
rM delivered out of escrow. If a licensed real estab broker, Agent willcomply with provisions of Chapter 475, F.S., as
2" amended and FREC rules to timely resolve escrow disputes through mediation, arbitration, intwpkw4w or an escrow
272 disbursement order.
2n Any proceeding between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder,or in
M any proceeding where Agent interplesde the subject matter of the escrow, Agent shall recover reasonable ailwWs
M fees and costs inured,to be paid pursuant to court order out of the esa+owed funds or equivalent.Agent shall not be
zre liable to any party or person for mle-delivery of any escrowed items, unless such mle-delivery is due tia Agent's willful
2" broach of this Contract or Agen a gross negligence. This Paragraph 13 shall survive Closing or termination of this
2" Contract.
2711 14. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verity Property condition,square
2e0 footage.and all other fads and ropreeerutations made putsuent to this Contract and to consult appropriate professionals
2a1 for legal,bast,ernrirorrnertol,and other speadaed advice concerning matters affecting the Property snd the transaction
20 contemplated by this Contract. Broker represents to Buyer that Broker does not reside on the Property and that all
tea rag Mentattiors (oral, written or otherwiso) by Broker are based on Seller tepreeerrbstions or public records. BUYER
2a4 AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND GOVERNMENTAL AGEIMES
296 FOR VERIFICATION OF PROPERTY CONDITION,SQUARE FOOTAGE AND FACTS THAT MATERIALLY AFFECT
285 PROPERTY VALUE AND NOT ON THE REPRESENTATIONS (ORAL, WRITTEN OR-OTHERWISq OF BROKER
2e7 Buyer and Seller (iindividuaiy,.tile 9ndemniiying Party') each imd'ividually indemnfias, holds harrukse, and releases
zee Brolor and Broker's ofhioers, directors, agents and employees from ail liability for loss or damage, ndudkg-all costs
zee and expenses, and reasonable attorneys fees at all levels, -sufbsrad or incurred by Broker and Broker's dfkm ,
2Y0 directors, agent and employees in connectlon with or arising from claims, demands or causes of action iinslituted by
201 Buyer or Seller based on: 01 inaccincy of information provided by the Indemnifying Party or tarn public rsea do; (it)
zaa Indemnifying Patty's misdaternwt(s) or failure to perform contractual obligations; (1) Brokers pabrmance, at
M Indennifying Patty's requcsst, of any task beyond the scope of services regulated by Chapter 475, F.S., as amended,
M prod services pravidedby ry such vendor behalf of I, ndeminilying Party:and(y)expenses masted by
M any such vendor. Buyer and Seller each assumes ftA responsibility for selecting and corrrperaad their respective
zs7 vendors and paying their other cosh under this Cordrad whuather or not this h a saction doses.This Paragraph 14 wilt
M not relieve Broker of stabWM obfigatians under Chapter 475,-F.S., as amended. For purposes of this Paragraph 14,
M Brokerwn'll be h ented as a party to this Contract.This Paragraph 14 shall survive Closing or tennis oft of this Contract.
30o DEFAULT AND DISPUTE RESOLUTION
301 IL DEFAULT:
Sox (a) BUYER DEFAULT: If Buyer falls, neglects or refuses to perform Buyers obligations under this cor*act, indudmg
303 payrnent of the Deposit, within the tme(s) specified, Seller may Bled to reooiver and retain the Deposit for the
34 account of Seller as agreed upon liquidated damages, consideration for execution of this Contact, and in full
305 settlement of any dims, whereupon Buyer and Seller shall be vefisved tram all ft1her obNgefyor-a under this
306 Contract, or Seder, at Sellers option, may, pursuant to Paragraph 16, proceed in equity to enforce S@Ws rights
307 under this Contract The portion of the Deposit, E any, paid to LWV Broker upon default by Buyer, shall be split
as equally between t dbv Brauer and Coopwoh g Broker;provided however,Cooperating Brakprs share shall not be
3os greater than the commission amount Listing Broker had agreed to pay to Cooperatng Broker:
310 (b) SELLER DEFAULT:if foray reason other than idkre of Seller to make Sellers tills rmwketalrle after reasonable
311 diligent effort,Soler fails,neglects or refwes to perform Sellers obtigetiortis under this Contract,Buyer may elect to
312 recdve return of Buyers Deposit without thereby waiving any action for damages tewling*a n Sailers breach,
313 and,pursuant to Paragraph 16,may seek to recover such damages or seek specific perbrnanoa.
314 This Paragraph 15 shall survive posing or tertrineudon of this Contract.
315 IL DISPUTE RESOLUTION: Unresolved controversies, ,aims and other matters in question between Buyer and Satter
31e arising out of, or relating to, this Contract or Its broach, ariftwent or interpretation Misputem) will be settled as
317 110110100 :
310 (a) Buyer and Seller will have 10 days after the date conflicting demands for the Deposit one mods to dtsmpt to
319 resolve such Dispute, brtitng which, Buyer and Seller shal submit such Dispute to mediation under Paragraph
320 lam).
321 (b) Buyer and Seller shall altertrpt to soft Disputes in an amicable manner through medhtlon pursuant to Flotfda
M Rules for Certified and Cout,Appointed Medfefors and Chapter 44, F.S_,as amended Me Wedafla Rules').The
azs mediator must be certified or must have wgxwl n ce in the rest estate kxknstry. Injunctve refiaf may be sought
3M4 without first complying with this Paragraph 16(b). Disputes not sealed pursurant to this Panag"i 18 may be
30 resolved by instituting action in the appropriate cart having Jurisdiction of the nretter. This Paragraph 10 shall
W 17. ATTORNEYS FEES; COSTS:The parties will split equally any mediation be incurred in any mediation pm pitted by
328 this Contract, and each party will pay their own comb, expenses and fees, Including altorWs fees, Incurred In
axe corducting the mediation. in any litigation permitted by this Contract the prevailing party shall be entitled to recover
330 from the non-prevailing party costs and fees, inckx ft reasonable anomaly's fee:, Incurred in conducting the hitgatiotr.
331 This Paragraph 17 shall survive hosing or termination of this Contract.
3W STANDARDS FOR REAL ESTATE TRANSACTIONS("STANDARDS')
333 /IL STANDARDS:
=4 A. TITLE:
33s (I) TITLE EVIDENCE; RESTRICTIONS; EASEMENTS; LIMITATIONS: Within the drne period provided In Paragraph
33e 9(c),the Tine Com mkmant,with legible copies of instruments listed as exceptions attectred thm eto.shall be bored and
337 delivered to Buyer.The Title Commitment shall ad forth those na tars to be di 1,1 1 g 1 by Seller at or before Closing
336 and shall provide that, upon recording of the dead to Buyer, an owners policy of We Insurance In the amount of the
=9 Purchase Price, shill be issued to Buyer insuring Buyer's marketable We to the Real Property, subject only to the
$40 foAoMvirg matters: (a) cornprehar*m land use plans, =ft, and other land use restrictions, prohibitions and
341 requirements imposed by governmental acthorRy, (b) raMictla and nalter8 appearing on the Plot or otlherwise
30 common to the subdivision; (c) oubtandirtg oil, gas and miner, rights of tam, ~ light of entry; (d) unQla W
343 public uftenernents of record(located con iguous to red property lines and not mare than 10 feet in width as to roar
3" or but lines and 7 1& feet In widtu ss to side lines); (a) taxes for year of Closing and subsequent yam; and (17
STANDARDS FOR REAL ESTATE TRANSACTIONS("STANDARDS")CONTINUED
3" assumed mortgages and purdme money mortgages,if any(if additional iterns.attach addendum):provided,that, none
30 provert use of Property for RESIDENTIAL PURPOSES. If there exists at.Closing any violation of items idan W in(b)
347 —(0 above, then the same'shall be deemed a title defied.Marketable title shall be determined accordrig to applicable
a�a Title Standards adopted by authority of The Florida Bar and in aoosx+donce with law.
3" (0)TITLE EXAMNATION: Buyer shall have 5 days after receipt of Title Commitment to examine it and notify Seller in
3e0 writing specifying defec t(s), if any,that render title unmarketable.If Seller provides Title Commitment and it is delivered
as1 to Buyer We than 5 days prior to Closing Date, Buyer may extend Closing for up to 5.days otter date of receipt to
ass examine same in accordance with this STANDARD A•Seller shall have 30 days('Cure Period")after receipt of Buyer's
30 notice to We reasonable diligent etlbrts to remove drain Pt-. If Buyer fails to so nnotify Seller. Buyer shad be doenod to
as4 have accepted We se it then is.If Seller cures defects within Cure Period,Seger will deliver written notioe to Buyer(with
ass proof of cue sowptable to Buyer and Buyers attorney) and the parties will dose this Contract on Closing Date (or if
ace Closing Data has gaped. within 10 days otter Buyers receipt of Seller's notice). If Seller is unable to cue deters
as7 within Cure Period, then Buyer may,within 5 days alter expiration of Cure Period, deliver written notice to Seller: (a)
ass extending Cure Period for a specified period not to exoesd 120 days within which Seller steal 'oontinnure to use
are reasonable diiigent silent to remove or cue the defects ('Extended Cure Period'); or(b) electing to sooept title with
3e0 existing defects and doss this Contract on Closing Data (or if Closing Date has passed, within-the earlier of 10 days
361 alter end.of Extended Cure Period or Buyers receipt of Seller's notice), or(d) electing to terminate this Contract end
sea receive a refund of the Deposit,thereby releasing Buyer and Seller from ail further obligations,under this Contract. if
M attar reasonable diligent effort Seller Is unable to timely cure defers, and Buyer dose not waive the rishats. this
=4 Contract steel terminate, and Buyer shall receive a refund of the Deposit,thereby releasing Buyer and Seller fromi all
M OW oblEati If under this Contract.
see �
Survey d ooloses enaoachnnernts on the Read Property or that Impiv4smorb located therson anaoed
asr on semadc tines, essem nis, or lands of others, or violate any restrictions, covenants, or applicable governments!
M regulations described in STANDARD A (1)(a), (b) or (d) above, Buyer shad deliver written notice of such matters,
ass together with a copy of Survey,to Seller within 5 days after'Buyers rroaW of Survey,but no later than Closing. If Buyer
arc timely delivers such notice and Survey to Seller, such matters identified in the notice and Surrey shal constitute a title
371 deface,subject to cure obligations of STANDARD A above.If Seller has delivered a prior survey.Seller shall,at Buyers
Xn request, execute an affidavit of"no change' to the Real Property shoe the preparation of such prior survey, to the
era a dent this aAtmretlons twain are true and correct.
3T4 C. INGRESS AND EGRESS: Soler represents that thane is ingress and egress to the Real Property and fife to the
as Real Property Is irauable in aoo0rdance with STANDARD A without exception for lack of legal rightt of soosss.
are D. LEASE INFORMATION: Seller shall, at leant 10 days prior to Closing, furnish to Buyer estoppel letters, from
an terternt(s)AM " , ParrO) spec"rig nature and duration of o cupancy, rental mites, advanced rent and security deposits
are paid by tonant(s) or occupent(s)CEstoppel Letten(s)s). If Seller is unable to obtain such Estoppel Letter(s) the Sarre
m Manntlorn shall be furnished by Seller to Buyerwlthin that time period in the form of a Sellers affidavit and Buyer may
sea thereafter contact tenant(t) or occupont(s)to confirm such information. If Estoppel Letters) or Seders affidavit, if any,
as1 differ matsrriady from Selers lop+eom futons and lease(s) provided pursuant to Paragraph 6,or If tanant(eyoccapant(s)
W fail or refuse to confirm Sellers affidavit, Buyer may deliver written notice to Seiler within 5 days alter receipt of such
sea adbnmation,but no lair than 5 days prior to Closing Date,terminating this Contract and receive a r:4nd of the Deposit,
3e4 thereby Messing Buyer and Seller from all futha obNgations under this Contract. Seller shall, at Closing, deliver and
M assign all leases to Buyer who shad same e Seders obligations thereunder.
sea I- LIENS: Soler shell furnish to Buyer at Closinng an affidavit attesting(i)to the absence of any financing statement,
asr c laii of ten or potential Honors known to Seller and (IQ that two have been no improvenrusnnts or repairs,to the Real
M Property for 90 days irnmediately preceding Closing Date. If the Real Property has been Improved or repaired within
M that thins, Seller shall delver relesses or waivers of construction lens executed by all general contractors,
no subcontractors, supplere and materialmen in addition to Seder's Bern affidavit setting forth names of all such general
3e1 oonbre�ctors, aua cantrecaors, suppliers and materiaanen, further affirming that all charges for improvements or repairs
3e2 which could swe as a basis for a oormMic ion lien or a claim for damages have been paid or will be paid at Closing.
M F. TIME: Calendar days shall be used in computing tame periods. Time Is of the essence In this Contract.
M Other than time for acceptance and Effective Date as set forth In Paragraph 3, any time periods provided for or dates
ass ,spedW in this Contract,wh War preprinted,handwritten,typswrHMn or inserted herein,which shall and or occur on a
M Sabeft, Sunday, or a national legr! holiday (see 5 U.S.C. 6103) shad extend to 5..00 p.m. (where the Property is
oar located)of the next bustrness day.
ass O. FORCE MAJEURE:Buyer or Seller shall not be required to pabmn any obligation under this Contract or be liable
sea to each other for damages so long as pwfamw= or nort-perfonmanoe of the obligation is delayed, caused or
40o prevented by Force Majsure. 'Force Majeuro' means: htrrlwnes, earthquakes, floods, fire, acts of God, unusual
4M transportotdon delays, were,insurrections,acts of terrorism,and any otter cause not ressonaby within control of Buyer
402 or Seder, and which,by: exercise of reasonable diligent effort, the non-perfbrnhtg party Is unable in whole or In part to
403 prevent or overcome. AN ttme periods, including Closing Date, will be extended for the period$tat the Faroe Majeure
4" prevents performance under this Contract,provided, however, if such Force Msrsjeure continues to prevent perbrmance
• STANDARDS FOR REAL ESTATE TRANSACTIONS("STANDARDS")CONTINUED
406 under this Convect more then 14 days beyond Closing Dabs,then either party may tenninef a this Contract by delivering
40 written notice 1b the other and the Deposit shall be refunded to Buyer, thereby rdeaetng Buyer and SOW from all
407 loather obligations under this Contact.
401 H. CONVEYANCE: Seller shall oaney marketable We to the Real,Property by statutory warranty,trustee's, personal
MA repnesertativvs. or guardian's deed, as appropriate to the states of Sailer, subject ony to natters described in
410 STANDARD A and those accepted by.Buyer. Peraaal Property shall, at request of Buyer, be iransfen+ed by absolute
411 bill of site with warranty of title,atoct only to such matters as may be provided for in this Contract.
412 I. CLOSM LOCATION;DOCUMENTS;AND PROCEDURE:
413 (i) LOCATION:CkWng wN tags place in the am*where the heal Property is boded at the afgas of the attorney or
414 other dosing agent(`Closing Age rer)designated by the pprty payang for the Muses policy of tide insurance, or, if no
415 tift insurance,desig atedt 1 d by Seller.Closing may be aOnducl ed by mail or dectrainic mass
416 (0) CLOSING DOCUMENTS: Seiler shall at or prior to Closag,execute and deliver, as applicable, dead, bill of sale,
417 cantilicate(s)of title or offer datum ends necessary to bomb title to the ,construction lien aflkfavtt(s), wirers
418 possession aid no Van adfidevit{s), and sssigrw Args) of leaess. Seiler shall provide Buyer with paid mosipte for d
410 work done on the Property pursuant to this Contract. Buyer shall furnish and pay for, as app1cabla the survey, flood
420 elevatial ca ttllt:istIOn,and documents r pquhed by Buyer's lender.
421 (Hi) PROCEDURE: The dead dull be moorded upon COLLECTION of all dosing funds. If the Title Commibnent
422 provides insurance agetnnat adverse matters pursuant to Sedan 827.7841, F.S., as amended, the aserow dosing
4sa procedure required by STANDARD J shall be•wefved,.and Closing Agent stall,subjeet to COLLECTION of so closing
424 funds,disburse at Closing the brokerage fees to Broker and the net sale proceeds to Seller.
4M J. ESCROW MMING PROCEDURE:.8 Title Commtlment Issued pursuant to Paragraph Ole)does not provide for
42e Insurance against adverse# stbars as pwmifted under Section 027.7841, F.S., se amended,the following escrow and
4V dosing procedures shall apply:(1)ail Closing prooseds shah be held in escrow by the Closing Agent for a period of not
40 more than 10 days after fleeing; (2) if Sellers We Is rendered unmarketable, through no%A of Buyer, Buyer shall,
4n within the 1 O day period,rw*Seller in wridrg d the defect and Sager shah have 3O days from dabs of raoeipt d such
4ao noMicdon to an the defer* (3)if Seiler fills to thusly we the defect,the Deposit and ail Closing fiends paid by Buyer
431 . shall. within 5 days after when demand by Buyer, be efux-do to Buyer and, simultaneously with such repayment,
Orr Buyer " return the Personal Property, vacale the Reel Property and re-convey the Property to Shcar by special
425 wamm*dead and big d ate; and(4) if Buyer fails to make timely defmanwf for rafind of the Deposit, Buyer shall taus
W We so ls,waiving ail rights against Sher se to any Intervening defect eaooept as may be available to Buyer by virtue of
4M warranties contained in the deed or bill of sale.
43e K. PRORATIONS;CREDITS:The faMowfng recurring items will be made current(If applicable)and prorated as d the
437 day prior to Closing Date, or date of occupancy If occupancy occurs bettors Ckasing Date: real eshie tauaes(irnciuding
4W special benefit tax assessments I ipoes by a CDD). interest, bands, association fees, kwxanee, recta and other
4W expenses of Property.Buuyer shall have option d ial ft aver aoaisVrag p0liCias of insurance.ranee.rT essumableb ,ton which event
440 premiums shall be prorated. Cash at Cbsirng stall be increased or decreased as maybe required by prom fun to be
441 made tixough day prior to ClookW Advance rant and security deposits, If any, will be cxadibd to Buyer. Escrow
442 depoetis held by Seller's mortgagee will be paid to Seller.Tom shall be prorated based an current years tax wilt dus
443 allowance made for mmdnwm allowable discount, homestead and Other min rnptiona If Closing occurs on a date when
4" currant yeses mintage is not food but anent years ssesserinernt Is available.Imoes will be prorated based upon such
4" assessment and prior year's mglege. N currernt years assessment Is not available, then twm will be prorated an prior
44s year's tax. If there are oampleled irnprovemerrts on the Ravi Property by January let of year d Closing, which
447 improvemien were not In existence on January I d of prior year,then taooss shall be prorated based upon prior years
me millege and at an equitable- ment to be agreed upon between the parties,failing which, request shell be made to
4" the County Property Appraiser for an informal assessment taking Into account available coo mptiorns. A tax proretion
M based on an estimate shall, at eitlaer perty's request, be readjusted upon receipt of current years tax bill. This
451 STANDARD K shag survive Closing.
M L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS,.INSPECTION8, AND WALK-THROUGH: Seller shall,
40 upon reasonable notice,provide uhNn service and access to Property for appraisals and irspectlors,inci uding a wsMc
4W through(or follow-up walk4hrough If necessary)prior to Closing.
40 M. RISK OF LOSS: If, alter Mathis Oats, but before Closing, Property is damaged by fine or other casualty
4se CCasuelty Loss) and cost of restoration (which shall include cost of pruning or removing 'arnsgs trees) does not
487 wwood 1.5%of Purchase Price, coat of rmeta sfion shall be an obligation of Seller and Closing stall proceed pursuant
46e to terra of this Contract. If restoration Is not completed as of Closing, a an equal to 125% of estimated cost to
4a0 complain restoration (not to exceed 1.59E of Purchase Price),will be escrowed at Closing. if actual cost of molorsdan
M exceeds escrowed amount, Seiler shag pay such actual costs (but, not in emu of 1.5% of Ruches Price). Ary
4e1 Unused portion of escrowed amount shall be returned to Seller. If test of roatoratian euooseds 1.5%of Purchase Price,
40 Buyer shall elect to either We Property `as ie together wfth tine 1.6%, or reo W a refund of the Deposit, thereby
40 releasing Buyer and Seller from all further obligations under this Contract. Sellers sole obligation with rasped to tree
4e4 damage by casualty or other natural occurrence shall be cost of pruning or removal.
• STANDARDS-FOR REAL ESTATE TRANSACTIONS rSTANDARDS").CONTINUED
485 . N. 1031 EXCHANGE: If either Seller or Buyer wish to enter into a like-kind exchange (either simultaneously with
496 Closing or deferned)under Section 1031 of the Internal Revenue Code CEzchange j,the other party shall cooperate in
467 all reasonable respects to effechate the Exchange, including execution of doc urrvM; provided,_however, cooperating
4" party shall!ncu'no liability or expense related to the Exchange,and Closing shall not be contingent upon, nor extended
499 or delayed by,such Exchange.
470 O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; DELIVERY; COPIES; CONTRACT
471 EXECUTION: Neither this Contract nor any nodes of it shah be recorded in any public records. This Contract shall be
472 binding on, and inure to the benefit of, the parties and their respective heirs or successors in interest VOwever the
473 conteod permits, singular shall include plural and one gender shall include all. Notice-and delivery given by or to the
474 attorney or broker(including such broker's real estate licensee) representing any party shall be as effective as if given
475 by or to that party.AN nodose.must be In writing and may be made by mail, personal delivery or electronic(including
476 mW) media. A facsimile or electronic (including 'pdf) copy of this Contract and any signatures hereon shall be
477 considered for all purposes as an original. This Contract may be exeauted by use of electronic signatures, as
478 determined by Florida's Electronic Signature Act and other applicable km&
479 P. INTEGRATION; MODIFICATION: This Contract contains the full and complete understanding and agreement of
480 Buyer and Seller with reaped to the transaction contemplated. by thin Contract and no prior ugreen or
481 representations shall be binding upon Buyer or Seller unless irrduded in this Contrail No motion to or change In
40 this Contract shall be valid or binding upon Buyer or Seller unless In wrffkg and executed by the parties Intended to be
40 bound by it.
04 Q. WAIVER: Failure of Buyer or Seller to insist on oomplionce with, or strict perbrmwce of, any provision of this
485 Contract,or to take advantage of any right under this Contract,shall not constitute a waiver of other provisions or rights.
490 R. RIDERS; ADDENDA, TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten or
4e7 handwritten provisions shall control all printed provisions of this CwbW in cori t with them.
489 S. COLLECTION or COLLECTED: "COLLECTION"or"COLLECTED' means any checb tendered or rscelved.
449 Including Deposits, have become actually and finally collected and deposited In the account of Escrow Agent
490 or Closing Agent. Closing and disbursernord of funds and delivery of closing documents may be delayed by
491 Closing Agent until such amounts have bean COLLECTED in Closing AgoW*accounts.
40 T. LOAN coww 11ENT:'Low CommitmenC mean a statement by the le KW sung forth the terms and conditions
499 upon which the lender is wil" to make a particular mortgage loan to a particular bonommver. Neither a pro-approval
494 letter nor a prequalfication letter shall be deemed a Loan Commitment for purposes of this Contract.
40 U. APPLICABLE LAW AND VENUE: This Contract shag be construed in accordance with the laws, of the State of
49e Florida and venue for resolution of all disputes, whather by mediation, arbitration or litigation, shall He in the county
497 where the Real Property Is located.
490 V. FOREIGN INVES'i1IIIENT IN REAL PROPERTY TAX ACT("FIRPTA"):If a seller of U.S. real property is a'foreign
499 person` as defined by FIRPTA, Section 1445 of the Internal Revenue Code requires the buyer of the real property to
coo withhold 10%of the amount realized by the seller on the transfer and remit the withheld amount to the Internal Revenue
sot Service (IRS) unless an exemption to the required withholding applies or the seller has obtained a Wfhholding
sox Certificate from the IRS authorizing a reduced amount of withholding. Due to the complexity and potential reeks of
so FIRPTA, Buyer and Seller should seek legal and tax advice regarding compliance, particularly N an 'exemption' is
04 claimed on the sale of residential property for$300,000 or less.
am m No withholding is required under Section 1445 if the Seller is not a Yoreign person,' provided Buyer accepts proof
sae of same from Seller,which may include Buyers receipt of certification of non-foreign status from Seller, signed under
507 penalties of perjury,stating that Seller is not a foreign person and contsning Sellers name, U.S.taxpayer kier0cation
sae number and home address (or office address, in the case of an entity), as provided for In 26 CFR 1.1445-2(b).
509 Otherwise,Buyer shall withhold 10%of the amount realized by Seller on the transfer and limey remit said funds to the
510 IRS.
511 (i) If Seller has received a Vlfithhold ing Certificate from the IRS which provides for reduced or eliminated withho"in
512 this transaction and provides same to Buyer by Closing,than Buyer shalt withhold the reduced sum,if any required,and
513 timely remit said funds to the IRS.
$14 (i7 If prior to Closing Seller has submitted a completed application to the IRS for a Wdhholding Certificate and has
Sig provided to Buyer the notice required by 26 CFR 1.1445-1(c)(2)(i)(B) but no VNfhholding Certificate has been received
516 as of Closing, Buyer shall, at Closing, withhold 10% of the amount realized by Seller on the transfer and, at Buyers
517 option,either(a)timely remit the withheld funds to the IRS or(b)place the funds in escrow,at Sellers expense,with an
Sig escrow agent selected by Buyer and pursuuent to terms negotiated by the parties, to be subsequently disbursed in
519 accordance with the Withholding Certificate rued by the IRS or remitted directly to the IRS if the Sellers application is
ago rejected or upon terms set forth in the escrow agreement.
err (fir) In the event the net proceeds due Seller are not sufficient to meet the withholding requirements)In this transaction,
sex Seller shall deliver to Buyer, at Closing, the additional COLLECTED funds necessary to satisfy the applicable
sea requirement and thereaW Buyer shall timely remit said funds to the IRS or escrow the funds for disbursement In
04 accordance with the final determination of the IRS,as applicable.
STANDARDS FOR REAL ESTATE TRANSACTIONS I STANDARDS')CONTINUED
an (v) upon mmitt V funds to the IRS pima t to this STANDARD, Buyer small provide Seger copies of IRS Forms 8288
ass and 8288 A,as filed.
su W. RESERVED
sze X. BUYER WAIVER OF CLAIMS: To the mlad parmttted by law,Buyw W*et any.F I I I aOabst SOW.and
s .gob st any red asMs W.snsss Inv~ In as nagsmtion of lids Contract fat any ft -9-. or d kam
no perfwtrt to Ole phyakel-mxf ton of the PrgpwV MW may exist at Closing of Oils Contract and be
631 discovered by ON Buyr.or anyone ablming by, ftmough, under or agm1W the Byron. This
ssv plovk1on does not Allow-SaWr's obftwdon to candy with Paragraph 10(g. This SkwWd X she survive
ass
ass ADDENDA AND ADDITIONAL TERMS
sae 19.ADDENDA: The f km&ig additional tens are inducted in the attached addenda or riders and incorporated into.t*
sw .Contract(Check N applicable):
❑A. Condominium Rider ❑M. Defective Drywall ❑X. Kids-out CkAm
❑B. Homeowners'Assn. ❑N. Coats Con uchon Control Line ❑Y. Seises Aftc mey Approval
❑C. Seller Finandrg 130. Insulation Dicke" ❑Z. BuyeesAltomey Approval
❑D. Mortgage Assumption p P. Land Bawd Pjk t Disclosure ❑AA. lrftett in
❑ E. FKWA Fintndrg Mwl978 Hoeing) Properly
❑F. Appraised Condrgpw cy ❑a. Housing for Older Persons ❑BB.Bindirrg Arbkrdbn
❑G. Short Sete ❑R. Rem r*q - ❑Odw
❑H. Homeowners'IFlood Iris. p S. Lento krcl id Laos Option
❑ I. RESERVED ❑T. Pre-Clo ft Omtparw►by Buyer
❑J. k*wvd4wwdng Acd. ❑U. Pat-Closing Ocaupency by Seller
❑K RESERVED ❑V. Sails of Buyers Properly
❑L RESERVED p W. Back-up Ca*mil
ear 20. ADDITIONAL TERMS:This oorirsa N stMed In appmvel by fhe Denis Beach Clly Commiaion. This pmpeft is beft sold
sae in OAS IS'Om -d1lim with n0waffawar an
sae
arc an renhawPtah i no
"I Open,
"2 a an unaft
50
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5a4 COUNTER-OFFERIREJECTION
sea- ❑. Seller counters Buyers offer(to scoept#m counter-offer,Buyer must alga or'sritipl the counter-offered temps and deliver
sae a copy of fhe acceptance to Sellso.
ear [I Seller njects Buyers offer.
ace THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT.IF NOT FULLY UNDERSTOOD,SEEK THE ADVICE OF
in AN ATTORNEY PRIOR TO SIGNING.
sec THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR.
see Approval of this loan by the F1odds Realtors end The Fbrdde Bar does not cona0de an opk*w 9W any of the terms and
m conditions h 0* Contract aboWd be sweptied by the palat h a pedkdw bwrsacdbrr. Tams and ome donna should be
am negoftbdbasedupon the respective dntare,t obftctw&Wbey►elnlrlppodbw ofell#ft8 lSdpelwm
n4 AN ASTERISK FOLLOWING A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A SLAW TO BE
in COMPLETED.
air � .
or Buyer. Dote:
no
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sm Buyer Date:
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arr Seller A �O
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NO Buyers address for purposes of notios Sellers addreie for purposes of naft
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ear I .
aer
He
sea GROWL*•Usurp and Cooperating Brokem N any, named below(collectively, 'Broker'), are the only Brokers entitled to
all, compernmodan in oannsction wbh this Conksm Mabucilon to Clo ft Agent Seller and Buyer d and Closing Agent to
,ell wd coopeernihm op mi -a ite between the 13micam, except to the wim-t Brok such f ss ftm the esar
ell lhnde. This Connbad dwV not modify any.MLS or other oft of adim made by Seiler or lilting Broker b
Me CoopWatinp A Malsn0. I
ON
ear
sae Cooperating Salsa Ameocift If any Associate
Boo - 1 C C�, 7113 r1 r�
ern Cooperating Brolcar6 w ow Lkft Broker
DO
c.o ran .