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HomeMy WebLinkAbout2013-079 1 INDIAN RIVER COUNTY, FLORIDA 091 - T- (j ILL SGMU�57 MEMORANDUM � - 13w13 TO : Joseph E. Flescher, Board of County Commissioners Chairman P tY THRU: William K. DeBraal, Deputy County Attorney � ! ��%✓ DATE : April 18, 2013 RE : Disposition of a Neighborhood Stabilization Program Property FROM : Bill Schutt, AICP . �-• Senior Economic Development Planner DEPARTMENT HEAD APPROVAL : _t¢ (Init> als quired County Ordinance Number 2012-006 established procedures for acquiring, rehabilitating, and disposing of single family homes through the County' s Neighborhood Stabilization Program (NSP) • w Section 308 . 15 (6) of that ordinance (copy attached) authorizes the Board of County Commissioners Chairman to execute deeds and other documents associated with the sale of NSP . properties . Attached for your execution is a proposed deed for the sale of 1338 Haverford Lane, Sebastian FL 32958 . Also attached for your reference is a copy of the sale contract. The property is scheduled to close on Monday, May 6 , 2013 . Please contact me at extension 1243 when the deed has been signed and I will coordinate to get the deed to the title company for the closing . Thank youl FACommunity Deve1opment\CDBG\2008 NSP\Housing Sales\HOUSING UNITS\Pending\1338 Haverford Lane\deed\Signature Memo - 1338 Haverford Lane.docx J Parcel #31 -38-24-00001 -2760-00025 . 0 This document was prepared by and should be returned to: Jason A. Beal Atlantic Coastal Land Title Company, LLC 3850 2e St., Suite 4 Vero Beach, FL 32960 COUNTY DEED INDIAN RIVER COUNTY, FLORIDA THIS DEED , made this 19th day of April , 2013 , by INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida , party of the first part, whose address is 1801 27th Street, Vero Beach , Florida 32960, and Jonas Dewitte , whose address is 1. 338 Haverford Lane , Sebastian , FL 32958 , party of the second part, Witnesseth : That the said party of the first part , for and in consideration of the sum of Ten Dollars to it in hand paid by the party of the second part, receipt whereof is hereby acknowledged , has granted , bargained , and sold to the party of the second part, its heirs and assigns forever, the following described lands lying and being in Indian River County , Florida : SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF IN WITNESS WHEREOF the said party of the first part has caused these presents to be executed in its name by its Board of County Commissioners , acting by the Chairman of said Board , the day and year aforesaid . INDIAN RIVER COUNTY , FLORIDA By its Board of County Commissioners Attest: Jeffrey R . Smith , .c°°�a�Missi , Clerk of Court and Comptr r 4�tA * °per?' B BY puty Cle 'r oseph E . Flescher, CKai �{nan * � O A• O �P BCC approved : May 1 2012 4?'RIt R CpU �" ` Y� 4YpNppMp M , Approved as to for and lipcy : William K . DeBraal Deputy County Attorney F :\Community Development\CDBG\2008 NSMousing Sales\HOUSING UNITS\Pending\1338 Haverford Lane\deed\43079917 .deed V2 .doc Exhibit A Legal Description Lot 25 , Block 276 , SEBASTIAN HIGHLANDS , UNIT 10 , according to the Plat thereof, as recorded in Plat Book 6 , at Page 37 , of the Public Records of Indian River County, Florida ; and the Northwesterly 1 /2 of Lot 26 , Block 276 , SEBASTIAN HIGHLANDS , UNIT 10 , according to the Plat thereof, as recorded in Plat Book 6 , at Page 37 , of the Public Records of Indian River County , Florida ; being more particularly described as follows : Commencing at the North corner of Lot 25 , Block 276 , SEBASTIAN HIGHLANDS , UNIT 10 , according to the Plat thereof, as recorded in Plat Book 6 , at Page 37 , of the Public Records of Indian River County , Florida ; run South 34 ° 20 ' 20" East 85 feet to the Point of Beginning ; thence continue South 34 ° 20' 20 " East, a distance of 40 feet; thence run - South 55 ° 39 ' 40" West , a distance of 125 feet ; thence run North 34 ' 20' 20" West , a . distance of 40 feet ; thence run North 53 ° 39' 40" East, a distance of 125 feet to the Point of Beginning . -1 • A TRUE COPY CERTIFICATION ON LAST PAGE J . K. BARTON , CLERK ORDINANCE N0 . 2012- 006 AN ORDINANCE OF THE BOARD OF COUNTY COMNIISSIONERS OF INDIAN RIVER COUNTY, FLORIDA CREATING PART 2 OF CHAPTER 308, INDIAN RIVER COUNTY NEIGHBORHOOD STABILIZATION PROGRAM (NSP) ACQUISMON, REHABILITATION, AND SALE PROCESS ; PROVDING FOR ESTABLISHMENT OF PROCEDURES FOR COUNTY ACQUISITION, REHABILITATION AND SALE OF FORECLOSED OR ABANDONED PROPERTIES WITH NSP FUNDS; AND PROVIDING FOR REPEAL OF CONFLICTING PROVISIONS; CODIFICATION, •SEVERABILITY; AND EFFECTIVE DATE. WHEREAS, The United States Congress enacted the Housing and Economic Recovery Act of 2008, providing for emergency assistance for the redevelopment of abandoned and foreclosed homes, and WHEREAS, the Neighborhood Stabilization Program (NSP) was a part of the Act; and WHEREAS, Congress authorized funding in the amount of $2,000,000,000 in order to carry out the purpose of the Act; and WHEREAS, Indian River County, in 2009, was awarded $4,680,825 in Neighborhood Stabilization Program funds in the form of a Community Development Block Grant; and WHEREAS, the NSP permitted participating Counties to enter into agreements with qualified sub- recipients such as the Indian River County Housing Authority so that the Housing Authority could participate in the Neighborhood Stabilization Program and acquire, rehabilitate, and sell foreclosed or abandoned homes; and WHEREAS, the Indian River County Housing Authority has terminated its NSP agreement with the County, however the County desires to continue participating in the NSP and acquire, rehabilitate, and sell foreclosed or abandoned homes which duties were formerly performed by the Housing Authority; and WHEREAS, the County will acquire title to NSP properties in its own name only for the amount of time it takes to rehabilitate the properties before they are sold to low , or moderate income households which are the only purchasers who are eligible to buy the NSP houses WHEREAS, ordinarily, a County may sell real property only via the competitive bidding process found in § 125 .35, Fla. Stat. (2011 ), however, the competitive bidding process does not apply to NSP . .home-sales••because ... .. • the sale is conducted pursuant to a federal act which supersedes state and local law • the homes may be sold only to low or moderate income households which negates the need for any bidding process • the Housing and Economic Recovery Act of 2008 and the American Recovery and Reinvestment _ Act oL2009. -both_ recite that the Acts were emergency in nature, which negates the -competitive bidding process WHEREAS, in order to run the NSP in a fair and equitable manner in compliance with the County Comprehensive Plan and in the abundance of caution, the Board desires to set forth in ordinance the processes for the acquisition, rehabilitation and sale of foreclosed or abandoned homes 1 A TRUE COPY CERTIFICATION ON LAST PAGE JA. BARTON* CLERK ORDINANCE N0. 2012- 006 NOW, THEREFORE, BE IT ORDAINED by the Board of County Commissioners of Indian River County, Florida, that: SECTION 1 . Findin s The Board finds that the above "WHEREAS" clauses are true and correct, and hereby incorporates such clauses as findings of fact. SECTION 2. Creation of Part H of Section 308 Title III; Police Power, of the Code of Indian River County is hereby amended to create Part U Section 308, as follows: Section 30811 — Title This Part of Chapter 308, the terms and the provisions contained herein, shall be known as the Indian River County Neighborhood Stabilization Program Acquisition, Rehabilitation, and Sale Procedures and Standards. Section 308. 12 — Purpose and Intent Since 2009, Indian River County has participated in the Neighborhood Stabilization Program, NSP, as created by the Housing and Economic Recovery Act of 2008 and the American Recovery and Reinvestment Act of 2009. The purpose of this chapter is to set forth procedures and standards whereby Indian River County can acquire foreclosed or abandoned properties using Neighborhood Stabilization Program (NSP) Funds, rehabilitate those properties with NSP funds, and sell those properties to qualifying low and moderate income households. As such, this chapter provides for. ( 1) Establishment of competition and qualification standards for county acquisition, rehabilitation and sale of foreclosed or abandoned properties in accordance with the NSP; (2) Provisions for notice to participants in the NSP (3) Establishment of a form and manner to acquire property, (4) Establishment of negotiation or qualification standards that must be met in order for a person to buy a property under the NSP (S) Establishment of a process to provide notice to potential qualified buyers for NSP rehabilitated housing Section 308.13 — Establishment of Procedures for County Acquisition of Foreclosed or Abandoned Properties with NSP Funds _ ( 1) The Community Development Director is hereby designated as the person responsible for administering the — County's Neighborhood Stabilization Program. In this capacity, the Comrnunity' Tivel lrcc= shall comply with all procedures in the Community Development Block Grant (CDBG) Neighborhood Stabilization Program (NSP) Housing Assistance Plan (HAP). (2) Consistent with NSP guidelines, the County will acquire foreclosed or abandoned properties to rehabilitate and sell or rent to qualified low and moderate income households. All properties acquired through the NSP will be located in the designated NSP target area and will be acquired at no more than 99% of current _ (3) To acquire properties, the County will work with qualified local real estate brokers, financial institutions, and federal housing agencies. For each potential purchase, the County will undertake all applicable pre- acquisition due diligence activities. This will involve obtaining surveys, appraisals, inspections, and title reports, as applicable. (4) In acquiring NSP properties, the Community Development Director is hereby authorized to execute purchase contracts, due diligence contract work orders, and other applicable documents. On a regular 2 • A TRUE COPY CERTIFICATION ON LAST PAGE J .K. BARTON , CLERK ORDINANCE N0 . 2012- 006 basis, the Community Development Director shall provide an NSP acquisition status report to the Board of - County Commissioners. Section 308.14 — Establishment of Procedures for County Rehabilitation of Properties Purchased with NSP Funds. ( 1) For each NSP property acquired by the County, an inspection of the property will be conducted to determine the specific rehabilitation work required. That inspection will be based on the County's NSP Construction Specifications document. Based on the inspection report prepared for the property, a scope of work will be developed, and bid documents will be prepared. (2) To procure contractors for NSP rehabilitation work, the Countywill comply with applicable NSP regulations and Indian River County Policies and Procedures for CDBG Programs and Projects. For each NSP rehabilitation project, the County will solicit bids from those funis on its list of pre•qualified contractors. A contract will then be awarded to the lowest, most responsive bidder. (3 ) The Community Development Director is hereby authorized to execute rehabilitation contracts with NSP contractors. Those contractors will be responsible for obtaining all required permits and completing all items in the applicable scope of work within the timeframe established in the contract. Once the work is completed and inspected, releases of liens are provided, and invoices are submitted, the contractors will be paid. Section 308. 15 — Establishment of Criteria for the Sale of NSP Properties that Constitute an Alternative Property Disposition Procedure to Sections (1) and (2) of Chapter 125.35, F.S. ( 1 ) Pursuant to NSP requirements, the County will sell houses acquired with NSP funds to qualified low and moderate income households. In so doing, the County, will comply with the Resale Property Disposition criteria in the County' s CDBG NSP HAP . (2) To be eligible to purchase an NSP house, a buyer must meet the qualification standards listed in the HAP. Specifically, a potential buyer must have an income in the low or moderate income category, have the minimum downpaymeat amount, and qualify with a financial institution for a principal mortgage in an amount adequate to purchase an NSP house with county/NSP gap financing assistance. For each prospective NSP buyer, the County will conduct an income qualification assessment. NSP houses will then be sold on a first come/first served basis. (3) The county will provide notice of intent to sell NSP houses in several ways. These may include, but not be limited to, newspaper advertisements, brochures, multiple listing service, and website notice. (4) Once the rehabilitation of an'NSP house is complete, the county will have the rehabilitated house appraised. The appraised value will then be the house' s selling price, except that the selling price shall not exceed the combined purchase price and rehabilitation cost. Once the selling price is set, the county will sell the house at the selling price to the first qualified buyer. I>; however, a new appraisal indicates that the house' s-value is less than the selling price, the house will be sold for the new appraised value. The manner of acquisition will be by warranty deed from the county. S 1I;11 sales of NSP io erties will coni 1 with the Coun ' s coni rehensive plan and zo '- —`" "" " (6) The Chairman of the Board of County Commissioners is hereby authorized to execute deeds and other documents associated with the sale of NSP properties. SECTION 3 . Repeal of Conflicting Provisions All previous ordinances, resolutions, or motions of the Board of County Commissioners of Indian River County, Florida which conflict with the provisions of this ordinance are hereby repealed to the extent of such conflict. SECTION 4. Severability 3 ORDINANCE NO. 2012- 006 It is declared to be the intent of the Board of County Commissioners that, if any provision of this ordinance and therefore the Indian River County Comprehensive Plan Amendment is for any reason finally held invalid or unconstitutional by any court of competent jurisdiction, such provision shall be deemed a separate, distinct and independent provision and such holding shall not affect the validity of the remaining provisions. SECTION S . Effective Date The effective date of this ordinance shall be' upon adoption. This ordinance was advertised in the Press-Journal on the 16 day ofag ' 1 2012, for a public hearing to be held on the Ist day of may 2012 at which time it was moved for adoption by Commissioner Solari seconded by Commissioner O ' Sryan and adopted by the following vote: Gary C. Wheeler, Chairman Nay Peter D. O 'Bryan, Vice Chairman aye Bob Solari, Commissioner Aye Wesley S . Davis, Commissioner May Joseph E. Flescher, Commissioner •,• �pNIM ►SS;` ., BOARD OF COUNTY COMMISSIONERS ,° y . • o�y a �'� . • .,F,p�e•• OF INDIAN RIVER COUNTY p0 ofJ BY: aQ Gary C eeler, Chairman %pz f °�RNfR C0� .••'Y.• ATTEST BY: c rrncti . G . YYYY 4 ..Y , Je ey K. Barton, Clerk This ordinance was filed with the Department of State on the following date. APPROVED AS TO FORMA �EGAL SUFFICIENCY STAT-1i OF FLORIDA INDIAN I%IVER COUNTY THIS 18 TOFCERT1 T F FY HAT.TH1818 an S . Polachwich, " oun Attorne ATRUE AND ¢ORROCTCCPYOF r tY y THE cli41N11L ON FILE IN THIS OFFI APP VED AS TO PLANNING MATTERSJ FF t?Y K. "No CLERK r • ceYu. D.C. DATE 5 3 Robert M. g, AICP Co Development Director F:\Community Development= X2010 N P apter 316 NSP Acquisiton Sale and Rehabilitation Ordinance2012.doe 4 "ASIS"" Residentia>�' Contract For Sate And' Purchase ° THIS FORM HAS BEEN APPROVED 9Y THE FLORIDA REALTORS AND THE FLORiMBAR 3 �_ a Fluid aReaI OCS' �• PARTIES: . indlan --Diver Coun . . (!'Seller's, r and-.: Jortas dwitty. . ("Buyeel 3 agree that Seller shall sell and Buyer shall buyy the folio ng described Real Property and Personal - 4 Properly (collectively "Property') pursuant to the terms and conditions of this AS IS Residential Contract For Sale s And Purchase an6any riders and addenda ("Contract°): a 1 . PROPERTY DESCRIPTION: r (a)" Street address; city, zip: 133SMaverford Larie, Sebastian, Florida 32968 r (b) Property is located in: Indlan- River County, Florida. Real Property e• (c) > Legal description of the Real"Property:�ebastlan. Highlands Sutidivislon n 1:40, 81ock17% Eot -, 106 NortheHy 1:12 of Lot 26,. recorded in PIat:B'ook & Page STH:of the Pubild Recordisof"Indian I Word unty 11 together with all existing Improvements and fixtures, induding bullt4n appliances, buiit4n funiishini s- ` and ' 12 attached 6114o-wall carpeting and flooring (`Real Property's unless specftilliy excluded :below. 13 (d) Personal Property: The following items owned by Seller and existing. on the Property as of the date 14 of the initial offer are included in the purchase ("Personal Property") (i) ranges)/oven(s), dishwasher(s), - 1s disposal, calling fan(s), intercom , light fixtures, rods, draperies and other window treatments, garage -door 1a openers, and security gate and other access devices; and (li) those additional items checked below. If 1r additional details are necessary, specify below. If left blank, the Item below is not- ncluded Refrigerators) Smoke detector(s) Pool barrier/lance Storage shed Microwave oven Security system : Poof equipment TV antenna/sateilite: dish Washer Window/wall a/c =Pool heater Water softener/puffier Dryer ❑ Generator Spa or hot tub with heater Storm shutters and Stand-alone ice maker Above ground pool panels 1s The only other Items of Personal Property included in this purchase, and any additional details regarding IV Personal Property, if necessary, are: 20► WOMEN 21 Personal Property is included in the Purchase Price, has no contributory value, and shall be left for the Buyer. 22• (e) The following items are excluded from the purchase: 23' 24• 2. PURCHASE PRICE (U . S. currency) : . . ... . . . . . . . .. . .. . . . . . . . .. . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . ..... . . . . .. . . $ 86.000:00 25• (a) initial deposit to be held in escrow in the amount of (checks subject to COLLECTION) $ 500.00 28 The initial deposit made payable and delivered to "Escrow Agent" named below 276 (CHECK ONE)J@ accompanies offer or [] is to be made . upon acceptance (Effective Date) 2s• or is to be made within (If blank, then 3) days after Effective Date 290 Escrow Agent Information: Name: AMentc Coastal Land Title Company, LLC 30" Address: 3850 20th St. Vero Bch, _Florlda 3296Q Sulte #4 Phone: 772 6694384 _ 31* E-mail• eai(Ma- anticcoasta .com Fax: (772 . 8-8688 320 (b) Additional deposit to be delivered to Escrow Agent within (if blank, then 3) 33• days after. Effective Date . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . 0000 . . . . . . . $ a00 . . . . . . . . . 0000 34 (All deposits paid or agreed to be paid, are collectively referred. to as the " Deposit") 356 (c) Financing : Express as a dollar amount or percentage (" Loan Amount's see Paragraph 8 . . . . . . . . . 69,500.00 360 (d) Other: Indian River County NSP .second..1 ortgage $ 26.06A.OQ 37 (e) Balance to close (not including Buyer's closing costa, prepaids andproratlons) by wire 39• transferor other COLLECTED funds . . . . . . . . . . . . . . . . . 0 990 . . . . . . .. . . . . . . , . . , . . . . . . . . . . . . . . . . . $ 0.00 39 NOTE : For the definition Of "COLLECTION" or "COLLECTED" see STANDARD S. 4o 3. TIME 'FOR ACCEPTANCE OF OFFER AND COUNTER-OFFERS; EFFECTIVE DATE: 41• (a) If not signed' by Buyer and Seller, and an executed copy dellveredto allparties on or before Mar 18, 2013 4r this offer shall be deemed` withdrawn and the Deposit, if any, will be retumed to Buyer. - - - -43-------Unless-otherwise-stated, time for acceptance of any counter-offers shall be within 2 -days- after-the day the - - 44 counter-offer is delivered. 4s (b) The effective date of this Contract will be the date when the last one of the Buyer and Seller has signed or 4e initialed this offer or final counter-offer ("Effective Date"). 47 4. CLOSING DATE: Unless modified by other provisions of this Contract, the closing of this transaction shall occur 48 and the closing documents required to be furnished by each party pursuant to this Contract shall be delivered 49• ("Closing') on May 8,, : 2013. ("Closing Date% at the time established by the Closing Agent. Buyer's Initials Page 1 of 10 Seller's Initials bG_. FlorrdsRealtors1Flo ar=ASIS-1 Rev. 6/10 ® 2010 Florida Realtors® and The Florida Bar. All rights reserved. so 5. EXTENSIONOF CLOSING DATE: 51 (a) if Ciosing; funds \from= Buyer's lenders) are not available at_ tlme oUClosingAue to- Truth inFLanding Act:MT 52 notice requlcements; 'Closing � shali be�extended: for such period necessary=to sadtfy�TI,iA;no0ce .requirements; 53 not'to eIF xceed 7 days: 54 (b):If extreme weather or other condition or event constituting: "Force Majeure" (see STANDARD G) causes: as (q disruption! of utilities or other services . essential for Closing, or (ii); Hazard, Wlnd F(dod : or Momeownere' se insurance, to become unavaliable prior to Closing; Closing WII` be extbnded a reasonable time>up to3> dae s 57 after°restoration of uUlities% and other services :essenttal tdaciosing, and 'availability of applicable Hazard, Wind as Flood or Momeowners' insurance, If restoration of such utilitles or services=and availability of insuranc .: has-not se• occurred within 14 (if left blank, 14) days after Closing; Date, then either party may terminate this so Contract by delivering written notice to the other party, and Buyer shall be refunded the Deposit, thereby 61 releasing Buyer and:Seller from all, further obligations under thls Contract e2 6. OCCUPANCY AND POSSESSION: Unless otherwise stated herein, Seller shall at; Closing, have removed all 63 personal I items .and trash from the Property, and shall deliver occupancy and possession, along with all keys, 94 garage door openers, access devices and codes, as applicable, to Buyer. If Propertyis intended to be rented or as occupied. beyond Closing, the fact and' terms 'thereof andthe. ;tenant(s) or occup ants shell be ddisclosed pursuant ea to STANDARD <D. If occupancy is to be delivered before Closing; Buyer assumes allrisks of loss to Property hom 67 date of occupancy, shall be responsible and liable form aintenancefrom - th'at date, and shall be deemed to have Be accepted Property In its existing . condition as ofaime of taking occupancy. or 7. ASSIGNABILITY: (CHECK ONE) Buyer [j may assign and thereby be released from ai+ further liability 70• under this Contract, Q` may assign but not be released from liability under this Contract; or p may not assign 71 this : Contract. 72 FINANCING 73 & FINANCING . 740 ❑ (a) Buyer will pay cash or may obtain a loan for the purchase of the Property. There is no financing 75 contingency to Buyer's obligation to close. 766 ® (b) This Contract is contingent upon Buyer obtaining a written loan commitment for a 0 conventional ® FMA 7r [:1 VA loan on the following terms within (if blank, then 3e days after Effective Date (`Loan ?r Commitment Date') for: (CHECK ONE): fixed, [] adjustable, LJ fixed or adjustable rate loan in 790 the principal amount of` $ 59;600.00 or - 70.000: % of the Purchase Price, at an initial interest rate eo• not to exceed % (if blank, then prevailing rate based upon Buyer's creditworthiness), and for a 61• term of 3.0 years ("Financing"). or Buyer will make mortgage loan application for the Financing within _ 6 Ofoblank, then 5) days after e3 Effective Date and use good faith and diligent effort to obtain a written loan commitment for the Financing ea rLoaril Commitmenr), and close this Contract. Buyer shall keep Seller and Broker fully Informed about as the status; of mortgage loan application and Loan Commitment and authorizes Buyer's mortgage broker: and ea Buyer's lender to disclose such status and progress to Seller and Broker. e7 If Buyer does not receive Loan Commitment, then Buyer may .terminate this Contract by delivering written as notice to Seller, and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all ea further obligations under this Contract. eo If Buyer does not deliver written notice to Seller of receipt of Loan Commitment or Buyer's written waiver of 91 this financing contingency, then after Loan Commitment Date Seller may terminate this Contract by 92 delivering written notice to Buyer and the Deposit shall be refunded to Buyer, thereby releasing Buyer and e3 Seller from all further obligations under this`Contract, 94 if Buyer delivers written notice of receipt of Loan Commitment to Seller and this Contract does not as thereafter close, the Deposit shall be paid to Seller unless failure to close is due to: ( 1 ) Sellers default; ae (2) Property related conditions of the Loan Commitment have not been met (except when such conditions 97 are waived. by other provisions of this Contract) ; (3) appraisal of the Property. obtained by. Buyer's lenderas . ae insufficient to meet terms of the Loan Commitment; or (4) the loan is not funded due to financiat failure of sa Buyer's lender, in which event(s) the Deposit shall be returned to Buyer, thereby releasing Buyer and Seiler 100 from allfucther obligations underthis Contract. 101• ❑ (c) Assumption of existing mortgage (see rider for terms). 102• ❑ (d) Purchase money note and mortgage to Seller (see riders; addenda; or special clauses for terms) . Buyer's initlais � . Page 2 of 10 Seller's Initials FlorldeResltors/FloridCG8 r-ASIS•1 Rev. 6110 ® 2010 Florida Realtors® and The Florida Bar. AU rights reserved. i _ 103 CLOSING. COSTS FEES ANMICHARGES 1o4 9. CLOSING=COSTS; TITLE INSURANCE; SURVEY; HOME WARRANTY; SPECIAL ASSESSMENTS: for (a) :COSTSTO=BE PAID BY SELLER: e Docurnentarystamptaxes .and surtax on deed, if any • HOAiCondominiumAssociatlonestoppetfees •- Owner :Pclltry,°and Charges{If Paragraph 9(c)(1) is checked) • Recording and otherfees needed to cuts itis • Title:search'charges (if Paragraph 9(c)(111) is checked) • SeHWs attorneys' fees • Other. ::- : - _ _ las tf; prior to 'Dlosing, .Seller is unable, to most the AS IS Maintenance Requirement as required by Paragraph 11 107 a. sum equal' to 125% of estimated cost to meet the AS IS Maintenance Requirement dhail be: escrowed at los Closing `If. actuahcosts YWmeetthe AS- IS Maintenance Requirement- exceed escrowed amount; Seller shall 109 pay such, ctualoosts. Any unused .portion of escrowed amount shall be returned to Seller. 110• (b) COSTS 'TO BE- PAID BY BUYER: • Taxes and recordng foot;es. on notes and mortgages • Loan expenses. Recording fees .for deed and financing statements • Appraisal fees Owners-.Policy and Charges (if Paragraph 9(c)(ii) is checked) • Buyer's Inspections • Survey' (and elevatlon certification, if required) • Buyer's attomeys' fees • Lender's title policy and endorsements • All property related insurance • HOAICondorninium Association applicationitransfer fees - • Other: 111• (c) TITLE EVIDENCE AND INSURANCE : At least 6 (if blank, then 5) days prior to Closing Date, a title 112 insurance commitment issued by a Florida licensed title insurer, with legible copies of instruments listed as 113 exceptions-attached thereto ("Title Commitment") and, after Closing, an owner's policy of title Insurance (see 114 STANDARD A for terms) shall be obtained and delivered to Buyer. If Seller has an owner's policy of title 115 insurance covering the Real Property, a copy shall be furnished to Buyer and Closing Agent within 5 days after 11e Effective Date. The owner's title 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 11e (.CHECK ONE) : 119• ®:(I) Seiler will designate Closing Agent and pay for Owner's Policy and Charges (but not including charges 120 for closing services related to Buyer's lender's policy and endorsements and loan closing, which amounts 121 shall, be paid by Buyer to Closing Agent or such other provider(s) as Buyer may select) ; or 12r ❑ (11) Buyer will designate Closing Agent and pay for • Ownees Policy and Charges and charges for -closing 123 services related to Buyees lender's policy, endorsements, and loan closing; or . 124• ❑ (iii) [MIAMI-DADEIBROWARD REGIONAL PROVISION): Seller will furnish a copy of a prior owner's ,policy 125 of title Insurance or other evidence of title and pay fees for (A). a continuation or update of such title evidence, 128 m which is acceptable to Buyer's title insurance underwriter for reissue of coverage; (B) tax search; and 127 (C);-munlcipal lien search. Buyer shall obtain and pay for post-Closing continuation and premium forBuyers 128 owner's policy, and if applicable, Buyer's lender's policy. Seller shall not be obligated to pay more than 129• $ (if' blank, $200.00) for abstract continuation or title search ordered or performed by Closing 130 Agent: : 131 (d) SURVEY; At least days prior to Closing, Buyer may, at Buyers expense, have the Real Property surveyed 132 and certifled by a registered Florida surveyor (` Survey'). If Seiler has a survey covering the Real , Property, a 133 copy shall, be furnished to -Buyer and Closing Agent within, 5 days after Effective Date. 134• (e) HOME WARRANTY: At . Ctosing, ❑ Buyer ❑ Seller � NIA will pay for a home warranty plan issued by 1350 Company of. Buyer s oiee at a cost not to exceed $ 500.00. A home 138 warranty plan provides for repair or replacement of many of a home's mechanical systems and major built-in 137 appliances In event of breakdown due to normal wear and tear during the agreement's warranty period. 138 (f) SPECIAL. ASSESSMENTS: At Closing, Seller will pay. (1) the full amount of liens imposed by a public body 139 rpublic body" does not include a Condominium or Homeowner's Association) that are certified, confirmed and 140 ratified before . Closing; and (ii) the amount of the public body's most recent estimate .or assessment for an 141 improvement which is substantially complete as of Effective Date, but that has not resulted in a lien being 142 imposed on the Property before Closing. Buyer will pay all other assessments. If special assessments may 143 b6i paid ''-in Installments (CHECKONE): 14V ® (a) Seller shall pay Installments due prior to ClosingandBuyer shall pay Installments due after 145 Closing. Installments prepaid or due forthe year of Cioeing shall be prorated. 148' (b) Seller shall pay the assessment(s) in full 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 benefit tax lien imposed by a community development district 149 (CDD) pursuant to Chapter 190 F .S . which Ilan shall be treated as an ad valorem tax and prorated' pursuant to 150 STANDARD K Buyer's Initials .444 Page 3 of 10 Seller's initials FlorideReaitors/Florid ar-ASIS-1 Rev. 6/10 ® 2010 Florida RealtorsO and The Florida tsar. All rights reserved. i 1s1 DISCLOSURES 1s2 10. DISCLOSURES; 133 (10Y RADON GAS: Radon is a naturally occurring radioactive gas that, when it Is accumulated in a building in 154 sAtcient qul ntitlesi.may present health risks10 persons who are exposed tb Jt :-6V19 `%,rtime: Levels4of radonAhat ISS excises! >fedaral and state;guldelines:have been found: ln .buildings In Florida: Add tiortal3infortnation regarding 156 redon antl tadbnxtasting=maybe obtained from vur. countyhealthAppartment. 1s7 (b) PERMITS•DISCLOSURE: Except as :may have been disclosed by Seller to Suyerin a writtendisclosure, 1" Seller does, not know of any improvements made to the Property which were. made without required Ise permim Or made pursuant=to permits which have notbeen property closed:. iso (c) MOLD. Moldas naturally occurring and may cause health risks or damage to =property. If Buyer is concerned or 161 desires additional:information regarding mold, Buyer should contact an appropriate professional. 162 (d) FLOOD -ZONE; ELEVATION. CERTIFICATION : Buyer is advised to verify by elevation certificate which flood 163 zone the Property is in, whether flood insurance is required by Buyer's lender, and what restrictions apply to 164 improving. the Property and rebuilding in the event of casualty. If Property is in a *Special Flood Hazard Area' 165 or "Coastal 'High Hazard Area' and finished floor elevation Is below minimum flood elevation, Buyer may lee terminate this Contract by delivering written notice to Seller within 20 days after Effective Date, failing which 167 Buyer accepts existing; elevation of buildings and flood zone designation of Property, iN (e) ENERGY BROCHURE: Buyer acknowledges receipt of Florida Energy-EffidencyRating Information Brochure 169 required. bySection 66 L696, . F.S. 170 (f) LEAD-BASED PAINT: if Property Includes preA978 residential housing, a lead-based paint rider is 171 mandatory, 172 (g) HOMEOWNERS' ASSOCIATION/COMMUNITY DISCLOSURE: BUYER SHOULD NOT EXECUTE THIS 173 CONTRACT UNTIL .BUYER HAS RECEIVED AND READ THE HOMEOWNERS' 174 ASSOCIATIONICOMMUN)TY DISCLOSURE, IF APPLICABLE. 173 (h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT 176 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED 177 TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY 178 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER 179 PROPERTY TAXES, IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE i80 COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION. 181 (i) TAX WITHHOLDING : if' Seller is a 'foreign person" as defined by the Foreign Investment n Real Property Tax 1a2 Act ("FIRPTA'), Buyer and Seller will comply with FIRPTA, which may require Sellerto provide additional cash 183 at .Closing. 1e4 U) SELLER DISCLOSURE: Seller knows of no facts materially affecting the value of the Real Property which are 105 not readily observable and which have not been disclosed to Buyer. Except as stated in the preceding sentence 186 or otherwise disclosed In writing: (1 ) Seller has received no written or verbal notice from any governmental 197 entity or agency as to a currently uncorrected building, environmental or safety code violation ; and (2) Seller . 188 extends and intends no warranty and makes no representation of any type, either express or implied, as to the lee physical condition or history of the Property. 190 PROPERTY MAINTENANCE, CONDITION, INSPECTIONS AND EXAMINATIONS 191 11 . PROPERTY MAINTENANCE: Except for ordinary wear and tear and Casualty Loss, Seller shall maintain the 192 Property, including, but not limited to, lawn, shrubbery, and pool, in the condition existing as of Effective Date 199 ("AS IS .Maintenance Requirement'). 194 12. PROPERTY INSPECTION; RIGHT TO CANCEL: 193• (a) PROPERTY INSPECTIONS AND RIGHT TO CANCEL : Buyer shall have 15 (It blank, 15 days from lee Effective Date (`inspection Period") within which to have such inspections of the Property performed 187 as Buyer shall d"Ire during the inspection Period. If Buyer determines, In Buyer's sole discretion that 198 the Property is. notocceptable to Buyer, Buyer may terminate this Contract by delivering written notice 199 of such election to Seller prior to expiration of inspection Period. N Buyer timely terminates this 200 Contract, the Deposit paid shall be Immediately returned to Buyer, thereupon, Buyer and Seller shall 201 be released of all further obligations under this Contract, however, Buyer shall be responsible for 202 prompt payment for such inspections, for repair of damage to, and restoration of, the Property 203 resuldh#i from such Inspections, and shall provide Seller with paid receipts for ail work done on the 204 Property (the preceding provision shall survive termination of this Contract). Unless Buyer exercises 203 the right to terminate granted herein, Buyer accepts the physical condition of the Property and any 206 violation of governmental, building, environmental, and safety codes, restrictions, or requirements, but 207 subject to Seller's continuing AS IS Maintenance Requirement, and Buyer shall be responsible for any 208 and all repairs and improvements required by Buyees lender. Buyer's Initials 70 Page 4 of 10 Seller's Initials 5Vw FlorldaRealtorafflorldeSsFASISawl Rev. 61100 2010 Florida Realtors® and The Florida Bar. AN rights reserved. r_ Zoe (b) WALK-THROUGH ?INSPECTIONIRE-INSPECTION: On the day prior to Closing. Date, or on Closing Datwpiior 210 t6"tilTibi of Closing, as , specified by Buyer, Buyer or Buyer's representative may perform a walk=through (and 211 follow-ups walk:through, if necessary) Inspection of the Property. solely to confirm that all items. of. Personal 212 Propertyj are on: the Property and to verify that Seller has maintained the Property as _required by the AS IS 213 Maintenance Requirement and has . met all other contractual obligations. 214 (c) SELLER ASSISTANCE AND COOPERATION IN CLOSE-OUT OF BUILDING PERMITS: If Buyer's 215 inspection of the Property identifies open or needed building permits, then Seller shall .promptiy deliverto 216 Buyer all plans, written documentation or other Information in Seller's possession; knowledge, or control 217 relatingAo Improvements to the Property which are the subject of such open or needed; Permits, andNshall 21e promptly cooperate in. good: faith with Buyet's efforts to obtain:esttmates of repairs- or:other work necessary; to 219 resoivw- such Permit: issues: Seller's obligation to cooperate shall include Seller's execution of necessary 220 authorizations, consents, or other documents necessary for Buyer to conduct inspections and have estimates 221 of such repalrs or work prepared, but in fulfilling such obligation, Seller shall not be required to expend, or 222 become �obligated Wexpend, any money. W (d) ASSIGNMENT OF REPAIR AND TREATMENT CONTRACTS AND WARRANTIES: At Buyer's option and 224 cost, Seller will, at Closing, assign all assignable repair, treatment and maintenance contracts and warranties ° 225 to Buyer. 228 ESCROW AGENT AND BROKER 2v 13. ESCROW AGENT: Any Closing Agent or Escrow Agent (collectively "Agent°) receiving the Deposit, other funds 228 and other items is authorized, . and agrees by acceptance of them, to deposit them promptly, hold same in escrow 229 within the State of Florida and, subject to COLLECTION, disburse them in accordance with terms and conditions 230 of this Contract Failure of funds to become COLLECTED shall not excuse Buyer's performance. When conflicting 231 demands for the Deposit are received, or Agent has a good faith doubt as to entitlement 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 disbursement 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 236 of the dispute. An attorney who represents a party and also acts as Agent may represent such party in such m? action . Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, 235 except to the extent of accounting for any items previously delivered out of escrow. if a licensed real estate 239 broker, Agent will comply with provisions 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 proceeding between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, 242 or In proceeding where Agent intarpleads the subject matter of the escrow, Agent shall recover reasonable 243 attorney's fees and costs incurred , to be paid pursuant to court order out of the escrowed funds or equivalent. 244 Agent shall not be liable to any party or person for mis-delivery of any escrowed items , unless such mis-delivery is 245 due to Agent's willful breach of this Contract or Agent's gross negligence. This Paragraph 13 shall survive Closing 246 or termination of this Contract. 247 14. PROFESSIONAL ADVICE$ BROKER LIABILITY: Broker advises Buyer and Seller to verify Property condition, 248 square footage, and ail other facts and representations made pursuant to this Contract and to consult appropriate 249 professionals for legal, tax, environmental, and other specialized advice concerning matters affecting the Property 250 and the transaction contemplated by this Contract. Broker represents to Buyer that Broker does not reside on the 251 Property and that all representations (oral, written or otherwise) by Broker are based on Seller representations or 252 public records. BUYER : AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND 253 GOVERNMENTAL AGENCIES FOR VERIFICATION OF PROPERTY CONDITION, SQUARE FOOTAGE AND 284 FACTS THAT MATERIALLY AFFECT PROPERTY VALUE AND NOT ON THE REPRESENTATIONS (ORAL, 255 WRITTEN OR OTHERWISE) OF BROKER. Buyer and Seller (individually, the 'Indemnifying Party") each 268 Individually indemnifies, holds harmless, and releases Broker and Broker's officers, directors, agents and 267 employees from all liability for loss or damage, including all costs and expenses, and reasonable attorney's fees 268 at all levels; suffered or incurred by Broker and Broker's officers, directors, agents. and employees In connection 259 with or :artsing from claims, demands or causes of action instituted by Buyer or Seller based on: (1) inaccuracy of 280 information provided by the Indemnifying Party or from public records; (11) . indemnifying Party's misstatement(s) or 281 failure to performcontractual obligations; (iii) Broker's performance, at Indemnifying Party's request, of any task 282 beyond the scope of services regulated by Chapter 475, F.S. , as amended, including . Broker's referral, zea recommendation or retention of any vendor for, or on behalf of, Indemnifying Party; (iv) products or services 264 provided by any suchvendor for, or on behalf of, Indemnifying Party; and (v) expenses incurred by any such 205 vendor. Buyer and Seller each assumes full responsibility for selecting and compensating their respective vendors 266 and paying their other costs under this Contract whether 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, Buyer's Initials Page 5 of 10 Seller's initials FlorldeRealtors/Florlda'Is Pa ASIS-1 Rev. 6/10 0 2010 Florlds Realtors® and The Florida Bar. All rights reserved. las Broker will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination of this 269 Contract, 270 DEFAULT AND DISPUTE RESOLUTION 271 150 DEFAULT: M (a) BUYER DEFAULT: If Buyer fails, neglects or refuses to perform Buyer's obligations under this Contract, 273 Including. .payment of the Deposit„ within the time(s) specified, Seiler may elect to recover and retain the 274 Deposit for the account of Seller as agreed upon liquidated damages, consideration for execution of this - 275 Contract; and in - full` settlement. of any:claims; whereupon: Buyer and Seller shall be relieved from all Ifurther 276 obligations under this Contract, or Seller, at Seller's option,. may, pursuant to Paragraph 16; proceed In equity err to enforce Sellers rights under this Contract: Thai portion of the Deposit, if any, paid to usting- Broker upon 276 default by Buyer, shall be split equally between Listing Broker and Cooperating Broker, provided however, 279 Cooperating;Brokeshare shall rs not be. greater thawthe commission amount Listing- Broker had agreed.Ato:--pay no to� Cooperating Broker. 281 (b) SELLER 'DEPAULT: If for any reason other than failure of Seller to make Setters title marketable . after 282 reasonable diligent: effort, Seller fails, neglects or refuses to perform Seller's obligations under this Contract, 263 Buyer may elect10 receive return of Buyers Deposit without thereby waiving any action for damages resulting 284 from Seliei"s . breach, and,, pursuant to Paragraph 16, may seek to recover such damages or seek specific 285 performance: This Paragraph 15 sha Iu vivo Closing or termination of this. Contract: — 266 16. DISPUTE RESOLUTION : Unresolvedcontroversies, claims and other matters in question between Buyer and 267 Seiler arising out of, or relating to, this Contract or its breach, enforcement or interpretation ("Dispute") will be 288 settled as follows: 289 (a) Buyer and Seiler will have 10 days after the date conflicting demands for the Deposit are made to attempt to 290 resolve such Dispute, failing which , Buyer and Seller shall submit such Dispute to mediation under 291 Paragraph 18(b) . 292 (b) Buyer and Seller shall attempt to settle Disputes in an amicable manner through mediation pursuant to Florida 293 Rules for Certified and CourtAppointed Mediators and Chapter 44, F.S. , as amended (the "Mediation Rules"). 294 The mediator must be certified or must have experience In the real estate industry. Injunctive relief may be 296 sought without first complying with this Paragraph 18(b). Disputes not settled pursuant to this Paragraph 16 296 : may resolved by instituting action inthe appropriate court having jurisdiction of the matter. This Paragraph 18 297 shall survive :Closing or termination of this Contract. 299 17. ATTORNEY'S FEES$ COSTS : The parties will split equally any mediation fee incurred in any mediation permitted 299 by this Contract, and each party will paytheir own costs, expenses and fees, including attorney's fees, incurred in 300 conducting the mediation, in any 'litigation permitted by this Contract, the prevailing party shall be entitled to 301 recover from the non-prevailing party costs and fees, including reasonable attorney's fees, incurred in conducting 302 the litigation. This Paragraph 1`7 shall survive Closing or termination of this Contract. 303 STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") 304 18. STANDARDS: 306 A. TITLE: 306 (i) TITLE EVIDENCE; RESTRICTIONS; EASEMENTS; LIMITATIONS: Within the time period provided in 307 Paragraph 9(c), the Title Commitment, with legible copies of instruments listed as exceptions attached thereto, shall 3os be ;issued and delivered to Buyer. The Title Commitment shall set forth those matters to be discharged by Seller at or 3o9 before-Closing and shall provide that, upon recording of the deed to Buyer, an owner's policy of title insurance in . the 310 amount of the Purchase ` Price, shall be. Issued to Buyer insuring Buyer's marketable title tD the Real Property, 311 subject only to the following matters: (a) comprehensive land use plans, zoning, and other land use . restrictions, 312 prohibitions and requirements imposed by governmental authority; (b) restrictions and matters appearing on the Plat 313 or otherwise common to theL subdivision; (c) outstanding oil, gas and mineral rights of record without right of entry; 314 (d) unplatted public utility easements of record (located' contiguous to real property lines and not more than 10 feet in 316 width. as to rear or front lines and 7 112 feet In width as to side lines); (e) taxes for year of Closing and subsequent 316 years; and (f) assumed mortgages and purchase money mortgages, if any (if additional items, attach addendum); 317 provided , that none prevent use of the Property for RESIDENTIAL PURPOSES. If there exists at Closing any 318 violation of items identified in (b) - (f) above, then the some shall be deemed a title defect. Marketable title shall be 319 determined according to applicable Title Standards adopted by authority of The Florida Bar and in accordance with 320 law. 321 (11) TITLE EXAMINATION ; Buyer shall have 5 days after receipt of Title Commitment to examine it and notify 322 Seller in writing specifying defect(s), If any, that render title unmarketable. If Seller provides Title Commitment and it 323 is delivered to Buyer less than 5 days prior to Closing Date, Buyer may extend Closing for up to 5 days after 324 date of receipt to examine same In accordance with this STANDARD A. Seller shall have 30 days ("Cure Period's us after receipt of Buyer's notice to take reasonable diligent efforts to remove defects. If Buyer fails to so notify Seller, 326 Buyer shall be deemed to have accepted title as it then is. If Seller cures defects within Cure Period, Seller will Buyers Initials 4Page 6 of 10 Seller's initials,. FlorideRealtors/FlorloWmASI&I Rev. Oil 02010 Florida Realtors® and The Florida Bar. NI rights reserved. 327 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTiNUED) 32a deliver written notice to Buyer (with proof of cure acceptable to Buyer and Buyers attorney) and the parties will 329 close this : Contract on Closing Data (or if Closing Date has passed, within 10 days after Buyers receipt of Sellers 33o notice): If Seller is unable: to cure. defects within Cure Period, then Buyer may , within 5 days after expiration of 331 Cure Period, deliver written notice to! Seller (a) extending Cure Period for a specified period not>to exceed 120 days 332 within which Seller shall- continue, to use reasonable diligent effort to remove or curethe defects ('Extended Cure ass Period? or'(b) elacting-to eccep1:, ide°with existing defects and close thl& Contract on Closing Date (or if Closing: Date 334 has passed, . within °the %eadierof %, days after and of Extended Cure Period or Buyers receipt• of Sellers notice), or us (c); electing to terminate this Contract,and receive a refund of the Deposit, thereby releasing Buyer. and Seller from 3ss all- further obligations% under this Contract. If after reasonable .diligent effort, Seller is unable to timely cure: defects, 337 and.` Buyerdoes not waive- the` defects, ,this Contract shall-terminate, and ^ Buyer shall receive a refund of the Deposit, 33B thembyreleasing Buyer:andaSellerfrom aitfurtherobiigatlons under this Contract. 339 Be . SURVEY: If Survey discloses encroachments on the Real Property or that Improvements located thereon 34o encroach on setback lines, easements, or lands of others, or violate any restrictions, covenants, or applicable 341 governmental regulations described in STANDARD A (i)(a), (b) or (d) above, Buyer shall deliver written notice of such 342 matters, together with a copy of Survey, to Seller within 5 days after Buyers receipt of Survey, but no later than 343 Closing. If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice and Survey 3" shall constitute a title defect, subject to cure obligations of STANDARD A above. If Seller has delivered a prior — 34s survey, Seiler shall, at Buyers request, execute an affidavit of ' no change' to the Real Property since the 349 preparation of such priorsurvey, to the extent the affirmations therein are true and correct. 347 C. INGRESS AND EGRESS: Seller represents that there Is ingress and egress to the Real Property and He to 349 the Real Property is insurablein accordance with STANDARD A without exception for lack of legal right of access. 349 D . LEASES : Seller shall, within 5 days after Inspection Period, famish to Buyer copies of all written leases and 35o estoppel letters from each tenant specifying nature and duration of tenant's occupancy, rental rates, advanced rent 351 and security deposits paid by tenant, and income and expense statements for preceding 12 months ("Lease 352 Information'). If Seller is unable to obtain estoppel letters from tenant(s), the same information shall be furnished by 353 Seller to Buyer within that time period in the form of a Sellers affidavit, and Buyer may thereafter contact tenent(s) s5a to confirm such information. If terms of the lease(s) differ materially from Sellers representations, Buyer may deliver ass written notice to Seller within 5 days after receipt of Lease Information, but no later than 5 days prior to Closing 3s6 Date, terminating this Contract and receive a refund of the Deposit, thereby releasing . Buyer and Seller from all 357 further obligations under this Contract. Seller shall, at Closing, deliver and assign all originalleases to Buyer who 30 shall assume Sellers obligation thereunder. ass E. LIENS: Seller shall furnish to Buyer at Closing an affidavit attesting, (I) to the absence of any financing 3110 statement, claims of lien or potential Ilenors known to Seller, and (0) that there have been no improvements or repairs 391 to the Real Property for 90 days Immediately preceding Closing Date, if the Real Property has been improved or 362 repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all general 363 contractors, subcontractors, suppliers and materialmen in addition to Sellers lien affidavit setting forth names of all 364 such general contractors, subcontractors, suppliers and materialmen, further affirming that all charges for 365 improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been paid See or will be paid at Closing. W F. TIME : Calendar days shall be used in computing time periods. Any time periods provided for in this Contract 369 which shall end on a Saturday, Sunday, or a national legal holiday (see 5 U.S. C. 6103) shall extend to 5: 00 p. m . 36e (where the Property is located) of the next business day. Time Is of the essence In this Contract. sro G. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be 371 liable to each other for damages so long as performance or non-performance ofAhe obligation is delayed, caused or 372 prevented by Force Majeure. "Force Majeure' means: hurricanes, earthquakes, floods, fire, acts of God, unusual 373 transportation delays, wars, insurrections, acts of terrorism, and any other cause not reasonably within control of 374 Buyer or Seller, and which, by exercise of reasonable diligent effort, the non-performing party is unable in whole or in 37s part to prevent or overcome. All time periods, including Closing Date, will be extended for the period that the Force 37s Majeure prevents performance under this Contract, provided, however, If such Force Majeure continues to prevent 377 performance under this Contract more than 14 days beyond Closing Date, then either party may terminate this 37a Contract by delivering written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer 379 and Seller from all further obligations under this Contract. 3so H. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's, 381 personal representative's, or guardian's deed, as appropriate to the status of Seller, subject only to matters described 392 in STANDARD A and those accepted by Buyer. Personal Property shall , at request of Buyer, be transferred by 383 absolute bill of sale with warranty of.title, subject only to such matters as may be provided for in this Contract. 391 1. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE: 396 (i) LOCATION : Closing will takeplace in the county where the Real Property is located at the office of the 3e5 attorney or other closing agent ('Closing Agent') designated by the party paying for the owners policy of title Buyer's Initials _ Page 7 of 10 Seller's Initials FroridaRealtorsrFlorki aE�� -ASISA Rev. 6110 0 2010 Florida Realtors® and The Florida Bar. All rghts reserved. 387 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED) See insurance;,;or, if no :tltle insurance, designated by. Seller. Closing; maybe conducted by. malVor electronic means. 3a9 (li) CLOSiNG DOCUMENTS: At Closing, Seller shall fumish and. pay for, as applIcabie, deed, . bill - of sale; 3901 certificate= of titre,, construction lien affidavit, owner's possession affidavit, assignments of leases; and° corrective 391 Instruments. Sellerahall provide Buyer with paid: receipts.for alhwork done on the Propeirtypursuant to this Contract: 392 Buyer shell'fumish4ands pay for, as applicable, mortgage, mortgage note, security agreement;, financing statements, . 393 survey, base elevation certification, and other documents required by Buyers lender. 394 (iii) PROCEDURE: The deed shall be recorded upon COLLECTION of all closing funds. If the Title s95 Commitment provides insurance against adverse matters pursuant to Section 627.7841 , F. S. , as amended, the us escrow closing procedure required by STANDARD J shall be waived, and Closing Agent shall, subject to 397 COLLECTION of all closing funds , disburse at Closing the brokerage fees to Broker and the net sale proceeds to 399 Seller. 399 J. ESCROW CLOSING PROCEDURE: If Title Commitment Issued pursuant to Paragraph 9(c) does not provide 400 for insurance against adverse matters as permitted under Section 627.7841 , F.S. , as amended, the following escrow dol and closing procedures shall apply: (1 ) all Closing proceeds shall be held in escrow by the Closing Agent for a period 402 of not more than 1.0 days after Closing; (2) if Seller's title is rendered unmarketable, through . no fault of Buyer, Buyer 4o3 shall, within the 10 day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt 404 of such . notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and all Closing funds dos paid by Buyer shall, within 5 days after written demand by Buyer, be refunded to Buyer and, simultaneously with 4os such repayment, Buyer shall return the Personal Property, vacate the Real Property and re-convey the Property to 407 Seller by special warranty deed and bill of sale, and (4) if Buyer fails to make timely demand for refund of the 40e Deposit,. Buyer shall take title as is, waiving all rights against Seller as to any intervening defect except as may be 409 available to Buyer by virtue of warranties contained in the deed or bill of sale. 410 K. PRORATIONS; CREDITS : The following recurring items will be made current (if applicable) and prorated as of 411 the day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate taxes 412 (Including special benefit tax assessments imposed by a CDD), interest, bonds, association fees, Insurance, rents 413 and other expenses of Property: Buyer shall have option of taking over existing policies of insurance, if assumable, in 414 which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required" by 415 prorations to be made through .day prior to Closing . Advance rent and security deposits, If any, will be credited to 41s Buyer. Escrow deposits field by Sellers mortgagee will be paid to Seller. Taxes shall be prorated based on current 417 years tax with due allowance made for maximum allowable discount, homestead and other exemptions. If Closing 418 occurs on a date when current year's millage is not fixed but current year's assessment is available, taxes will be 419 prorated based upon such assessment and prior years millage. If current years assessment is not available, then 420 taxes will be prorated on prior years tax. if there are completed improvements on the Realz Property by January 1'st of 421 year of Closing , which improvements were not in existence on January 1st of prior year, then -taxes shall be prorated 422 based upon prior years millage and at an equitable assessment to be agreed upon between the parties, failing which, 423 request shall be made to the County Property Appraiser for an informal assessment taking into account available 424 exemptions. A tax proration based on an estimate shall, at either party's request, be readjusted upon receipt of 425 current years tax bill. This STANDARD K shall survive Closing. 428 L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seller 427 shall, upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, 428 including a walk-through (or follow-up walk-through if necessary) prior to Closing. 429 M. RISK OF LOSS: If, after Effective Date, but before Closing, Property is damaged by fire or other casualty 430 ("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 Seller and Closing shall proceed 432 pursuant to terms of this Contract. If restoration is not completed as of Closing, a sum equal to 125% of estimated 433 cost to complete restoration (not to exceed 1 . 5% of Purchase Price), will be escrowed at Closing. If actual cost of 434 restoration exceeds escrowed amount, Seller shall pay such actual costs (but, not in excess of 1 .5% of Purchase 435 Price): Any unused portion of escrowed amount shall be returned to Seller, if cost of restoration exceeds 1 .5% of 43e Purchase Price, Buyer shall elect to either take Property "as le together with the 1 . 5%0, or receive a refund of the 437 Deposit, thereby releasing . Buyer and Seller from all further obligations under this Contract. Sellers sole obligation 43e with respect to tree damage 'by casualty or other natural occurrence shall be cost of pruning or removal. 439 N. 1031 EXCHANGE: If either Seller or Buyer wish to enter into a like-kind exchange (either simultaneous with e4o Closing: or deferred) under Section 1031 of the Internal Revenue Code (° Exchange"), the other party shall cooperate 441 in all reasonable respects to effectuate the Exchange, Including execution of documents, provided, however, 442 cooperating party shall incur no liability or expense related to the Exchange , and Closing shall not be contingent 443 upon, nor. extended or delayed by, such Exchange. 444 O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES: Neither this Contract nor any sae notice of it shall be recorded in any public records. This Contract shall be binding on, and inure to the benefit of, the 448 parties and their respective heirs or successors in interest. Whenever the context permits, singular shall Include plural Buyers Initials MPage B of 10 1Sellers Initials FiorideRealtonr/Florld r-ASIS-1 Rev. 6110 0 2010 Florida Realtors® and The Florida Bar. AU rights reserved. w aa� STANDARDS FOR= REAL : E$TATE TRANSACTIONS (CONTINUEDI).. 44e and one gender shall includeap. Noticeand delivery,givemby onto theattomeyor broker (Including such broker's real 44a estate licensee) representing any party shall be as effective as If given by or to that party. All notices must be in 4so writing and may be made by mall, personal delivery or electronic (including "pdf) media. A legible facsimile or 4s1 electronic (including "pdr)` copy ofthis Contract<and :any signatures : ereon shall be considered: for ath purposes as an • 452 original. I _ 453 P: INTEGRATION; MODIFICATION: This Contract contains thec full and complete understanding and agreement. 4s4 of Buyer and Seiler with, respect to the transaction contemplated by: this Contract and no prior agreements or 455, representations shall be binding upon Buyer orSellerunless included in-this Contract: No modiftcadon to or change 4ss in this Contract shall be valid or binding. apon Buyer or Seller unless: in wrhing' and= executedbythe= parties intended 487 to tie bound. by it. 488 Q WAIVER: Failure of Buyer or Seiler to insist-on . compiiance=with, or strict performance of . any, provision :of this 459 Contract, or to take advantage of any right under this Contract, shall not constitute a waiver of other provisions or Oso rights. 451 R. RIDERS; ADDENDA; TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten 482 or handwritten provisions shall control all printed provisions ofthis-Contract in conflict with them. 463 S. COLLECTION or COLLECTED: aCOLLECTIONn ornCOLLECTEDu means any checks=tendered or received, 464 Including Deposits, have become actually and finally collected and deposited in the account of Escrow Agent 466 or Cloeing . Agent. Closing anddisbursement of funds and delivery of Closing documents may be delayed by 468 Closing Agent until such amounts have been COLLECTED In Closing Agent's accounts. 487 T. LOANCOMMITMENT; "Loan Commitment means, . a statement by the lender setting forth the terms and 468 conditions upon which the lender" is vWlling to Make a;particular mortgage -loan to a: particular borrower. ase U. APPLICABLE LAW AND VENUE: This Contract shall 'be construed 1n accordance with the `laws. of the State of 47o Florida andvenue for resolution of 611 disputes, whether by mediation, arbitragon or litigation, shall Ile in the county in 471 which the Real Property is located'. 472 X. BUYER" WAVER OP CLAIMS: BuyerWalyes any claims: against Seller and, to the extent .permitted by 473 law, against any real estate l/censso Involved In lii9 negotiation of this Contraet, for any defects or other 474 damage that may exist at Closing of this Contract and be subsequently discovered by the Buyer or anyone 475 claiming by, through, under or against the Buyer. 476 ADDENDA AND ADDITIONAL TERMS 4t7 19, ADDENDA: The following additional terms are included in the attached addenda and incorporated into this 476• Contract (Check if applicable) : [:] A, Condominium Assn. ❑ L. RESERVED ❑ R. Rezoning ❑ Y. Seller's Attorney ❑ B. Homeowners' Assn. S. Lease Purchase/ Approval C. Seller Financing [1 : M. Defective Drywall Lease Option ❑ Z. Buyer's Attorney ❑ D. Mortgage Assumption ❑ N. Coastal Construction T. 'Pre-Closing Approval E. FHAIVA Financing Control Line Occupancy ❑ AA. Licensee-Personal Q F. Appraisal Contingency ❑ O. Insulation Disclosure ❑ U. Post-Closing Interestin Property G. Short Sale P. Pre-1 '978 Housing. Occupancy BB. Binding Arbitration H. Homeowners' Insurance Statement (Lead ❑ V Sate of Buyer's ❑ Other 1 , FIRPTA Based Paint) Property ❑ J. Interest-Bearing Acct. Q. Housing for Older ❑ WBack-up Contract 0 K. RESERVED Persons ❑ X. Kick-out Clause 47s• 20. ADDITIONAL TERMS: Indian River County Nelahberhood:Stabilization Prouram_Proaerty Sales Addendum • 480• attached. FHA Rider Attached. 481 • 482• 483• 484• 486' 489• Ger 486• 489• 490' 491• • 492' 493• Buyer's Initials �1 Page a of 10 Sellers Initials FloddaRealtors/Florida r-ASIS-1 Rev. 6110 0 2010 Florida Realtors® and The Florida Bar. All rights reserved. 4e4 COUNTER-OFFERIREJECTION' aes• Seller counters Buyee- offer (to accept the counter-offer, Buyer must sign or initial the counter-offered terms and 49a deliver a , copy of the aCCeptance tb Seiler) 49r Dc Seller°:refects Buyer's. osfer: . 498 THIS, IS-IhtTENDED T AEA LEGALLY' BINDINt3Y:CONTRACT:. IF NOT FULLYUNDERSTOGID SEEK` THE ADVICEi 499 OFAN ATTORNEY PRIOR TO11IGNING soo THIS FORM= HA&A&N APPROVED �SY=THE FLORID/I►� REALTORSvAND THE FLORIDA BAR: sol Approval. of this form by the Florida Realtors and' The Florida Bar does not caonstitute an opinion;. that any of the terms sot and conditions in this Contract shouldw be accepted by the parties In a :partkular transaction. Terms and condltions sos should be negotiated based upon the respective interests, objectives and bargaining positions of all Interested soa persons sos AN ASTERISK (*) FOLLOWING A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK TO sos BE COMPLETED. — sor Buyer. Date: i sos• Buyer. , Date: so9• Seller. ws Date 81o• Seller: Date: 511 Buyer's address for purposes of notice Seller's address for purposes of notice . 612* 1028` 20th Place Suite C Vero Beach Florida. 513• 329601 . 614• s1s BROKER: Listing and Cooperating Brokers, if any, named below (collectively, " Broker'), :are the only Brokers entitled 51s to compensation In connection with this Contract: Instruction to Closing Agent Seller end Buyer direct Closing Agent 517 to disburse at Closing the full amount of the brokerage fees as specified in separate brokerage 51s agreements with the parties and cooperative agreements between the Brokers, except to the extent Broker has s19 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. 621 ' . .. . ... . . . a2 Cooperating Sales Associate, if any Listing Sales Associate s29• sea Cooperating Broker, if any Listing Broker Page 10 of 10 FloddaRealtors/FlondaBar-ASIS-1 Rev. 6/10 ® 2010 Florida RealtorsO and 'The bride Bar. All fights reserved. r ' thdian :River County Neigb ahood Stabilization=Program Property Sales. Addendum This Neighborhood Stabilization Program Addendum (Addendum) is to be made part of the Purchase Agreement (Agreement) dated March... 18 , 2013, between Indian River County _ (Seller) IF and Jonas Dewill J1. Ier), for theproperty located at: 1338 Haverford Lane. Sebastian. :Florida. 32958 (the Property) The property is being sold as part of Indian River County ' s Neighborhood Stabilization Program (NSP). Indian River County (the County), utilizing NSP funding, is providing second mortgage assistance financing to assist Buyer with the purchase of this property. The second mortgage — assistance to be provided to Buyer consists of the following two items: IF A. Closing Cost .Assistance : Indian River County will provide zBuyer with closing cost assistance in an amount not to exceed' ten percent ( 10%) of the sales price of the property . This closing cost assistance may be used to pay Buyer's recording fees, intangible taxes, stamps on the note, mortgage title insurance, wood destroying organism inspections, appraisal fees, property survey fees, credit reports, lender' s document preparation fees, underwriting fees, closing attorney ' s settlement fees, Buyer' s. courier IF fees, prepaid property taxes, prepaid homeowner' s insurance, prepaid flood insurance, and any other fees included on the HUI) closing statement for the property agreeable to both Buyer and Seller. Be GauYina cine Assistance: Indian River County will provide an amount equal to the difference between the sales price of the property, less buyer contribution, and the amount a mortgage lender approved by County, selected by Buyer, has committed to loan to Buyer for the purchase of the property through a thirty (30) year fixed rate conventional first mortgage utilizing the property being acquired as collateral . The amount of the Gap Financing Assistance may not exceed an amount equal to thirty-five percent (35%) of the sales price of the property . Seller's Initials Buyer' s Initials . Indians River County Neighborlio44` Stabilization:Pirogram Property ;Sales„ Addendum' Page 2 C. Ter=ms of Indian• Ri*er. CouWs Second Mortsase:-Home:Purchase Assistance , Indian River County is offering the Neighborhood Stabilization Program (NSP) Buyer Assistance described herein as a zero (0) interest second mortgage on the property being purchased. The second mortgage may be satisfied by Buyer living on the property and utilizing the property -being purchased as his primary residence for a minimum of fifteen ( 15) years after the date of purchase. At the end of the fifteen year period, the Neighborhood Stabilization Program second mortgage will have been satisfied by Buyer. If during the fifteen ( 15) year period Buyer elects to self Athe _ property being purchased or no longer elects to utilize :the property as Buyer' s primary residence, the full amount of the second' mortgage will be due and payable back to Indian River County . The entire amount provided by Indian River County for Closing Cost Assistance, and Gap Financing Assistance will be included in Indian River County ' s Neighborhood Stabilization Program second mortgage to Buyer on the property . D. Establishment of the Sales Price for the Property: Indian River County , has acquired and rehabilitated the property. Indian River County has established the sales price for the property based upon an appraisal performed by an independent fee appraiser. The appraisal used to establish the purchase price' of the property was carried out after the rehabilitation of the property was completed. The selling. price of some properties has been reduced based upon a Comparable Market Analysis carried out be a Licensed Real Estate Agent. Indian River County believes the appraisal and the subsequent Comparable Market Analysis, if applicable, which established Buyer' s purchase price represents the current market value of the property . E. Buyer Nelahbgrhood Stabilization Proeram Oualificatlon Reauirements: Buyer acknowledges that the Neighborhood Stabilization Program has maximum income qualifications . Buyer understands that he and the other members of his household will have to provide certain information to Indian River County to determine if Buyer Is eligible to participate in the acquisition of this property through the Neighborhood Stabilization Program . If Buyer does not disclose all requested information to Seller or if Buyer falls to meet the qualifying criteria for the Neighborhood Stabilization Program, the agreement for sale for the property to which this addendum is affixed shall become null and void. Buyer acknowledges that he is required to attend an eight (8) hour HUD approved homebuyers education course acceptable to Indian River County and provide Indian River County with evidence of his attendance and course completion prior to scheduling the closing for the property being purchased. Seller's Initials Buyer's Initials .� hndian� Itiver County Neighborhood StabiHaati+nnzProgram Property Sales Addendum Fage 3� - F.. Disetosnre to Bnyer writh: yniunta> . Arm's Len>ath::Purchase and :3ales At'rement �._ This is to inform y9ai Buyer, thac, Seller Purchased the- property through Indian River County ' s Neighborhood Stabilization Frogram: . Seller purchased the property utilizing funding received from the U. S . Department of Housing and Urban Development (HLID) through the Florida Department of Economic Opportunity . Since the purchase of the. property by Buyer would be a voluntary acquisition, arm's length - transaction, Buyer will not, ' be eligible 6r ielocation payments or other relocation assistance in accordance with the Uniform Relocation Assistance and RealProperty Acquisition Policies Act (URA) . Also, as indicated in the Property Sales Contract, the contract is being executed with the understanding that no : tenant is currently occupying the property or will be permitted to occupy the property before the sale of the property is complete . If Buyer is willing to purchase the property under the conditions described in this Addendum, Buyer shall sign the Purchase and Sales Agreement and initial this Addendum . Buyer' s signature on the Purchase and Sales Agreement and Buyer' s initials on this Addendum constitute acknowledgement that Buyer has received this disclosure , Seller's Initials Buyer's Initials F,Tonvnunity DevelopmentlCDM2008 NSAHousing SaleslResale Agreement%NSP Addendum - Revised August 2011 .doc FHA DISCLOSIMI S AMENDATORY CLAUSE [ 9EAI:, ESTATE CERTIFICATION 0Bu e s) Jonas Dewitte Date of Agreement - Seller(s) 111di n . River County File No:; Property, Address 133.8: .Haverford Lane, , . _ S:ebaet.ian , Florida 32958 I777 IF RFA1VIEl�kI A,7'C�1 ;GI� �E_,`. < . MIn 4RC51ftn 'x LK L ItIII I is expressly agreed tha nnotwiIn Ithstanding any, other provisions ofthis eontract,;the purchaser shall not be obligated to complete `. the .purchase of the property In described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the purchaser has been given in accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, . Department .of Veterans Affairs, ora Direct Endorsement lender setting. forth the appraised value of the property of not less .than $ S5, 000 . The purchaser shall have the privilege and option of proceeding with _ consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the property . The purchaser should s 'sfy fiimself/herselfthet the price and condition of the In I property are acceptable. In 3 bgrzi Borro,Wrr Date . B6 er Dateio j .r In In I Seller Date Seller Date Note : The dollar amount to be inserted in the amendatory clause is .the sales price as stated in the contract. If the borrower and seller agree to ad 'ust the sales price in response to an appraised value that is less than. the sales price, a new amendatory clause is not required . Rowever, the loan application package must include the original sales contract with the same price as shown on the amendatory clause, along wi th the revised or amended sales contract._ REAL. ESTATE CEI2T0IATIOfIILL ILI r. .. . . uIn We, the borrower, seller, and the sellingreal estate agent.or broker involved in the sales transaction certify by our signatures below that the. terms. and conditions of the sales L I eontract .are true to the� best of our:knowl'edge and:.belief, and that any other agreement entered` into by any of these parties in connection itl is real estate transaction is part of or attached to, the sales agreement. ILL Boli r Date Bowe Date eIlvj/.Y/.! WWI I Thr? Se ler I Date Seller Date Listing Agent (as applicable) Date Selling Agent (as applicable) Date WARNING: Our signatures above indicate that we fully understand that it is a Federal Crime punishable by fine, imprisonment or both to knowingly make any false statements concerning any of the above facts as applicable under the provision of Title t8, United States Code, Section 11012 and 1014. Calyx Form - emeclahm (03M)