HomeMy WebLinkAbout2023-076AGREEMENT TO PURCHASE, SELL, AND LEASE REAL ESTATE
BETWEEN CREC CAPITAL IR, LLC AND/OR ASSIGNS
AND
MYRON MADSEN JR & DAVENE MADSEN
THIS AGREEMENT TO PURCHASE AND SELL REAL ESTATE ("Agreement") is
made and entered into as of this ��day of April, 2023, by and between
CREC Capital IR, LLC, a Florida limited liability company, and/or assigns ("the Buyer"),
and Myron Madsen, Jr. & Davene Madsen, ("the Seller) who agree as follows:
WHEREAS, Seller owns property located at 3146 US Highway 1, 1375 32nd Street,
1385 32nd Street and 3136 US Highway 1, Vero Beach, Florida 32960. A legal description
of the property is attached to this agreement as Exhibit "A" and incorporated by reference
herein; and
NOW, THEREFORE, in consideration of the mutual terms, conditions, promises,
covenants and premises hereinafter, the BUYER and SELLER agree as follows -
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ollows:
1. Recitals. The above recitals are affirmed as being true and correct and are
incorporated herein.
2. Agreement to Purchase and Sell. The Seller hereby agrees to sell to the Buyer,
and the Buyer hereby agrees to purchase from Seller, upon the terms and conditions set
forth in this Agreement that certain parcel of real property located at 3146 US Highway 1, 1375
32nd Street, 1385 32nd Street and 3136 US Highway 1, Vero Beach, Florida 32960 (Parcel A) and
more specifically described in the legal descriptions attached as Exhibit "A", fee simple,
containing a total of approximately 0.066 acres, all improvements thereon, together with
all easements, rights and uses now or hereafter belonging thereto (collectively, the
"Properties").
2.1 Purchase Price, Effective Date. The purchase price ("Purchase Price") for the
Properties shall be $ 1,100,000.00 (One Million and One Hundred Thousand and 00/100
Dollars). The Purchase Price shall be paid on the Closing Date. The Effective Date of this
Agreement shall be the date upon which the Buyer shall have approved the execution of
this Agreement.
2.2 Deposits. Within five (5) days of the Effective Date of this Agreement,
BUYER shall deposit, and cause to be placed in an escrow account maintained by the
Escrow Agent (The Law office of Barry G. Segal, P.A) the amount of TWENTY-FIVE
THOUSAND AND 00/100 DOLLARS ($25,000.00) to be paid in the manner described
below ("Earnest Money"). Buyer's obligation to close the transaction in accordance with
provisions of this Agreement is contingent upon the Seller's ability to deliver good and
marketable title for the Property and to satisfy any other conditions set forth herein.
Should the Seller default hereunder, the Buyer shall be entitled to an immediate refund of
the entire sum of the Earnest Money held by the Escrow Agent.
An additional FIFTY THOUSAND AND 00/100 DOLLARS ($50,000.00) shall be
deposited with Escrow Agent within three (3) business days following the expiration of the
Inspection Period. The first deposit of TWENTY-FIVE THOUSAND AND 00/100 DOLLARS
($25,000.00) is referred to as the "Inspection Period Deposit", and the second deposit of
FIFTY THOUSAND AND 00/100 DOLLARS ($50,000.00), together with the Inspection
Period Deposit, shall be referred to as the "Contract Deposit". Buyer and Seller hereby
appoint The Law office of Barry G. Segal, P.A , to act as the Escrow Agent for the
transaction contemplated by this Agreement and to hold the Earnest Money in escrow
subject to the terms of this Agreement.
3. Title. Seller shall convey marketable title (herein determined as per the Title Standards
adopted by the Florida Bar and in accordance with Florida law) to the Properties by warranty
deed free of claims, liens, easements and encumbrances of record or known to Seller; but
subject to property taxes for the year of Closing and covenants, restrictions and public
utility easements of record provided there exists at Closing no violation of any of the
foregoing. ("Permitted Exceptions").
3.1 Buyer may order an Ownership and Encumbrance Report or Title Insurance
Commitment with respect to the Properties. Buyer shall within thirty (30) days following the
Effective Date of this Agreement deliver written notice to Seller of title defects. Title shall
be deemed acceptable to Buyer if (a) Buyer fails to deliver notice of defects within the time
specified, or (b) Buyer delivers notice and Seller cures the defects within thirty (30) days
from receipt of notice from Buyer of title defects ("Curative Period"). Seller shall use best
efforts to cure the defects within the Curative Period and if the title defects are not cured
within the Curative Period, Buyer shall have thirty (30) days from the end of the Curative
Period to elect, by written notice to Seller, to: (i) to terminate this Agreement, whereupon
shall be of no further force and effect, or (ii) extend the Curative Period for up to an
additional 90 days; or (iii) accept title subject to existing defects and proceed to closing.
4. INSPECTIONS.
4.1 Inspections. Buyer, its agents, employees, and representatives shall have ninety (90) days
after the Effective Date to perform any and all inspections of the Property as the Buyer deems
necessary (the "Inspection Period"). During the Inspection Period, Buyer shall, at its sole cost
and expense, determine that utility services including, water, wastewater, electric, telephone
and all other utilities are available in the proper size and capacity to serve the existing facilities
and installed to the property lines. At all times during the Inspection Period, Buyer and its
agents shall be provided with reasonable access during normal business hours to the Property
for purposes of on-site inspection, upon reasonable prior Notice (a minimum of twenty-four (24)
hours) to Seller. The scope of the inspection contemplated herein shall be determined by Buyer
as deemed appropriate under the circumstances and for this Property. If Buyer obtains a
Phase 1 Environmental Audit deeming it necessary to obtain a Phase II Environmental Audit,
Buyer will be granted an additional forty-five(45) day extension to the Inspection Period and
Closing Date to complete same. During the extended period for a Phase II Environmental
Audit, Buyer may only terminate this contract for reasons identified in the Phase 11
Environmental Audit in Buyer's discretion. In order to avail itself of this extension, Buyer,
prior to the end of the Inspection Period, must deliver written notice to Seller of the need
for the extension and a copy of the Phase I Environmental Audit recommending the Phase
II Environmental Audit.
Buyer shall indemnify, defend and hold Seller harmless from any claims for injury or
damage to persons or property caused and/or suffered by Buyer and/or any party accessing
the Property at the request of or on the behalf or benefit of Buyer ("Buyer Parties" while
accessing the Property. Buyer shall, and shall cause the Buyer Parties to, carry liability
insurance with limits of not less than $1,000,000 per occurrence and provide certificates of
insurance to Seller prior to the entry of the Property,
4.2 Termination. Buyer, at any time during the Inspection Period and in its sole discretion and
for any reason whatsoever, shall be entitled to terminate this Agreement. In such
event, Buyer shall provide a written cancellation notice by mail, email or facsimile to
Seller and/or Seller's counsel and receive the immediate refund of all deposit monies
paid to date. Upon such termination, the Escrow Agent shall be authorized to deliver the
deposit monies, together with any interest earned, if any, as directed by the Buyer, and the
parties shall have no further rights or obligations pursuant to this Agreement. In such event,
Escrow Agent shall be entitled to rely solely upon Buyer's instructions, and Seller
shall not be entitled to object to the disbursement of the Escrow Deposit.
4.3 Restoration. Buyer shall restore any damage to the Property caused by Buyer's inspection
of the Property except in the event of any gross negligence or misconduct by Seller or its
agents. Notwithstanding anything contained herein to the contrary, Buyer shall not indemnify or
hold Seller harmless with respect to, and Buyer shall not be required to, remove, remediate,
dispose or otherwise deal with any "Hazardous Substance", sampling derived from the
Property containing Hazardous Substances which it finds in connection with its Due
Diligence Investigations of the Property.
5. Representations of the Seller.
5.1 Seller is indefeasibly seized of marketable, fee simple title to the Properties, and is
the sole owner of and has good right, title, and authority to convey and transfer the
Properties which is the subject matter of this Agreement, free and clear of all liens and
encumbrances.
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5.2 From and after the Effective Date of this Agreement, Seller shall take no action
which would impair or otherwise affect title to any portion of the Properties, and shall record no
documents in the Public Records which would affect title to the Properties, without the prior
written consent of the Buyer.
5.3 There are no existing or pending special assessments affecting the Properties, which are or
may be assessed by any governmental authority, water or sewer authority, school district, drainage
district or any other special taxing district.
6. Default.
6.1 If Buyer fails to consummate Closing in breach of this Agreement or is otherwise in breach
of any of its obligations herein, Seller may, as its sole and exclusive remedy, terminate this
Agreement, be entitled to recover from Buyer all deposits paid and agreed to be paid under this
Agreement and upon notice to Buyer from Escrow Agent, Escrow Agent shall disburse all funds
deposited to Seller. The parties agree that determining Seller's damages from Buyer's breach is
impractical and that the deposits paid are a reasonable estimate of such damage. Accordingly,
Seller may retain the Deposit as liquidated damages for such a breach and, in the event that Buyer
fails to properly tender any deposit required by this Contract, said amount shall be due Seller from
Buyer. Seller hereby waives and releases any right to pursue any other remedy at law or in equity.
This Section governs only pre -Closing remedies and does not limit Seller's rights under any
provisions which survive Closing or termination of this Agreement.
6.2 In the event the Seller shall fail to perform any of its obligations hereunder, the Buyer
shall, at its sole option, be entitled to: (i) terminate this Agreement by written notice delivered
to the Seller at or prior to the Closing Date and thereupon neither the Buyer nor any other
person or party shall have any claim for specific performance, damages or otherwise against
the Seller; or (ii) obtain specific performance of the terms and conditions hereof; or (iii) waive
the Seller's default and proceed to Closing:
7. Closing.
7.1 The closing of the transaction contemplated herein ("Closing" and "Closing Date")
shall take place within forty five (45) days following the expiration of the Inspection Period.
7.2 The parties agree that the Closing shall be as follows:
(a) The Seller shall execute and deliver to the Buyer a warranty deed conveying
marketable title to the Properties, free and clear of all liens and encumbrances and in the
condition required by paragraph 3.
(b) If Seller is obligated to discharge any encumbrances at or prior to Closing and fails
to do so, Buyer may use a portion of Purchase Price funds to satisfy the encumbrances.
(c) If the Seller is a non-resident alien or foreign entity, Seller shall deliver to the Buyer
an affidavit, in a form acceptable to the Buyer, certifying that the Seller and any interest
M
holders are not subject to tax under the Foreign Investment and Real Property Tax Act of
1980.
(d) The Seller and the Buyer shall each deliver to the other such other documents or
instruments as may reasonably be required to close this transaction.
7.3 Taxes. All taxes and special assessments which are a lien upon the property on or
prior to the Closing Date (except current taxes which are not yet due and payable) shall be
paid by the Seller.
8. Personal Property.
8.1 The Seller shall have removed all of its personal property, equipment and trash from
the Properties. The Seller shall deliver possession of the Properties to Buyer vacant and in
the same or better condition that existed at the Effective Date hereof. Normal wear and tear
shall be tolerated relative to the condition of the Property at closing.
9. Closing Costs: Expenses. Buyer shall be responsible for preparation of all Closing
documents.
9.1 Buyer shall pay the following expenses at Closing:
9.1.1 The cost of recording the warranty deed and any release or satisfaction obtained by
Seller pursuant to this Agreement.
9.1.2 Documentary Stamps required to be affixed to the warranty deed.
9.1.3 All costs and premiums for the owner's marketability title insurance commitment and
policy, if any.
9.2 Seller shall pay the following expenses at or prior to Closing:
9.2.1 All costs necessary to cure title defect(s) or encumbrances, other than the Permitted
Exceptions, and to satisfy or release of record all existing mortgages, liens or
encumbrances upon the Properties.
10. Miscellaneous.
10.1 Controlling Law. This Agreement shall be construed and enforced in accordance with
the laws of the State of Florida. Venue shall be in Indian River County for actions to enforce
this agreement only.
10.2 Entire Agreement. This Agreement constitutes the entire agreement between the
parties with respect to this transaction and supersedes all prior agreements, written or oral,
between the Seller and the Buyer relating to the subject matter hereof. Any modification or
amendment to this Agreement shall be effective only if in writing and executed by each of
the parties.
10.3 Assignment and Binding Effect. Buyer may assign its rights and obligations
under this Agreement without the prior written consent of the other party and once
assigned, Buyer will be released from all liability or obligations under this agreement.
The terms hereof shall be binding upon and shall inure to the benefit of the
parties hereto and their successors and assigns shall not be released from its
obligations hereunder.
10.4 Notices. Any notice shall be deemed duly served if personally served or if mailed
by certified mail, return receipt requested, or if sent via `overnight' courier service or
facsimile transmission, as follows:
If to Seller:
With a copy to:
Barry G. Segal; Barry G. Segal, P.A.
3096 Cardinal Drive, Suite 2C
Vero Beach, FL 32963
Telephone: (772) 567-5552
Facsimile: (772) 567-5772
E-mail: barry@verobeach-law.com
If to Buyer: CREC CAPITAL IR, LLC
801 Brickell Ave, Miami FL 33301
(305)779-3150
Attn:Warren Weiser
Either party may change the information above by giving written notice of such change as
provided in this paragraph.
10.5 Survival and Benefit. Except as otherwise expressly provided herein, each
agreement, representation or warranty made in this Agreement by or on behalf of either
party, or in any instruments delivered pursuant hereto or in connection herewith, shall
survive the Closing Date and the consummation of the transaction provided for herein. The
covenants, agreements and undertakings of each of the parties hereto are made solely for
the benefit of, and may be relied on only by the other party hereto, its successors and
assigns, and are not made for the benefit of, nor may they be relied upon, by any other
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person whatsoever.
10.6 Attorney's Fees and Costs. In any claim or controversy arising out of or relating to
this Agreement, each party shall bear its own attorney's fees, costs, and expenses.
10.7. Counterparts. This Agreement may be executed in two or more counterparts, each
one of which shall constitute an original.
10.8 Beneficial Interest Disclosure: In the event Seller is a partnership, limited partnership,
corporation, trust, or any form of representative capacity whatsoever for others, Seller
shall provide a fully completed, executed, and sworn beneficial interest disclosure
statement in the form attached to this Agreement as an exhibit that complies with all of the
provisions of Florida Statutes Section 286.23 prior to approval of this Agreement by the
Buyer. However, pursuant to Florida Statutes Section 286.23 (3) (a), the beneficial interest
in any entity registered with the Federal Securities and Exchange Commission, or
registered pursuant to Chapter 517, Florida Statutes, whose interest is for sale to the
general public, is exempt from disclosure; and where the Seller is a non-public entity, that
Seller is not required to disclose persons or entities holding less than five (5%) percent of
the beneficial interest in Seller.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first set forth above.
Buyer: CREC Capital IR, LLC, a Florida limited liability company
Seller:
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z LIVII&I
Myron dsen, Jr.
f
Dav ne Madsen
7
EXHIBIT "A"
PARCEL A
Parcel 1
Lots 1, 2, and 3, Block 3, R.D. CARTER'S SUBDIVISION, as recorded in Plat Book 4,
Page 28 of the Public Records of St. Lucie County, Florida; said land now lying and
being in Indian River County, Florida.
Parcel 2
Lot 7, Block 3, R.D. CARTER'S SUBDIVISION, according to the plat thereof recorded
in the Office of the Clerk of the Circuit Court of St. Lucie County, Florida in Plat Book 4,
Page 28; said land now lying and being in Indian River County, Florida.
8
ASSIGNMENT OF AGREEMENT TO PURCHASE, SELL, AND LEASE
REAL ESTATE BETWEEN CREC CAPITAL IR, LLC AND/OR ASSIGNS
AND MYRON MADSEN JR & DAVENE MADSEN
THIS ASSIGNMENT of Agreement to Purchase, Sell, and Lease Real Estate Between
CREC Capital IR, LLC And/Or Assigns And Myron Madsen Jr & Davene Madsen
("Assignment") is entered into as of the _ day of April, 2023 by and between CREC Capital IR,
LLC, a Florida limited liability company, whose address is 801 Brickell Ave, Miami, FL 33131,
("CREC") and Indian River County, 1801 27`h Street, Vero Beach, FL 32960, a political
subdivision of the State of Florida (the "County"):
RECITALS
WHEREAS, on November 2, 2021, Collier's International Florida, LLC, (Collier's) and
the County entered into an agreement for Collier's to act as the County's real estate company in
order to purchase and sell real estate and to act as County's Agent to purchase and sell property if
needed; and
WHEREAS, on [date] Collier's, using CREC as its agent and acting as the County's
Agent, entered into an Agreement to Purchase, Sell, and Lease Real Estate Between CREC Capital
And/Or Assigns And Myron Madsen Jr. & Davene Madsen (Agreement) for purchase of four
parcels of real estate located at 1375 32nd Street, 1385 32nd Street, 3146 US Highway 1, and 3136
US Highway 1, Vero Beach, FL 32960, as depicted on the aerial photo attached as Exhibit "A"
(the Property"); and
WHEREAS, the County used CREC as its Agent in this matter in an effort to get a fair
purchase price and negotiate the terms of the transaction at arm's length for purchase of the
Property; and
WHEREAS, it is the intent of CREC to assign to the County and for the County to accept
the assignment of all of the terms and conditions of that certain Agreement to Purchase, Sell, and
Lease Real Estate Between CREC Capital And/Or Assigns And Myron Madsen Jr & Davene
Madsen, dated [date]; and
WHEREAS, it is the intent of the parties for the County to step into the shoes of CREC
and participate as a party to the Agreement, relieving CREC of its duties and obligations under the
Agreement.
NOW THEREFORE, in consideration of the mutual undertakings herein and other good
and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties
agree, as follows:
1. Recitals. The above recitals are true and correct and are incorporated herein.
2. Effective Date. Commencing on April 18, 2023, upon approval of the Agreement by the
Board of County Commissioners, CREC hereby assigns all of its right, title and interest
Page I of 3
in the Agreement to the County on the same terms as those set forth in the Agreement.
Should the Board fail to approve the Agreement on April 18`h, 2023, then this
Assignment shall be null and void. Once Assignment is executed, County shall
indemnify, defend and hold Buyer, CREC Capital IR, LLC harmless from any and all
claims relating to the Property, this Assignment and the Agreement to Purchase contract.
3. Coordination and Cooperation for Deposits. CREC was required to deposit into escrow
with the Law Office of Barry Segal, the amount of twenty-five thousand and 00/100 dollars
($25,000.00). Within three days approval of the Agreement and Assignment, the County
shall deposit the same amount into Mr. Segal's escrow account as a replacement for
CREC's deposit. The County hereby consents to Mr. Segal returning CREC's deposit to
CREC. CREC shall be relieved from making any other deposits under the Agreement.
4. Notification of Assignment. The County shall send a copy of this Assignment to the
following Tenants at the below addresses as contained on their Leases:
5. Notices Concerning the Agreement and Assignment. All notices concerning the
Agreement, Assignment and the Property should be directed to:
Indian River County
Ann. Public Works Director CREC Capital IR, LLC
1801 27th Street Attn.
Vero Beach, FL 32960 801 Brickell Ave, Miami, FL 33131
(772) 226-3490
6. All other provisions of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the Parties have executed this Assignment this _ day of April, 2023.
CREC CAPITAL IR, LLC
a Florida limited liability company
waprm welter
By: , Manager
Witnessed by:
signature:
Printed name:
Page 2 of 3
signature:_
Printed name:
BOARD OF COUNTY COMMISSIONERS_,.tcopt
INDIAN RIVER COUNTY, FLORIDA
By: `
Joseph
Date Approved: April 18, 2023
ATTEST: Jeffrey R. Smith
Clerk of the Court and Comptroller
By Deputy Clerk
APPROVED AS T/O FO
I'd /// "r
William K. DeBraal
Deputy County Attorney
APPROVED:
646�67'�17
John A. Titkanich, Jr. ,
County Administrator
Page 3 of 3
DocuSign Envelope ID: 7950OD2A-E29A-4226-B4OA-14COA605B1A3
ADDENDUM TO AGREEMENT TO PURCHASE AND SELL REAL ESTATE
THIS ADDENDUM TO AGREEMENT TO PURCHASE AND SELL REAL
ESTATE entered into on this 12th day of lune , 2023 between Indian River County
("the Buyer') and Myron Madsen, Jr. & Davene Madsen ("the Sellers"), who agree as
follows:
WHEREAS, parties entered into the Agreement to Purchase and Sell Real
Estate on April 18, 2023 for the purchase and sale of that certain property known as
Lots 1, 2, 3, and 7, Block 3, R.D. Carter Subdivision, according to the map or plat
thereof as recorded in Plat Book 4, Page 28, Public Records of St. Lucie County,
Florida; Said land now lying and being in Indian River County, Florida ("the property");
and
WHEREAS, Seller will convey to Buyer additional items located on the Property
as part of this transaction. The consideration the Sellers receive from the Buyer in
exchange for one 1992 Chevrolet box,truck and said items is their avoidance of moving
and storage expenses they would have incurred had they cleared the property, and
NOW THEREFORE, in consideration of the mutual undertakings herein and
other good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the parties agree to the following amendments to the Agreement to
Purchase and Sell Real Estate:
1. All appliances and other personal property remaining on the Property at the time of
closing shall be deemed conveyed to and accepted by Buyer;
2. At closing, one 1992 Chevrolet box; truck shall be deemed conveyed to and accepted
by Buyer, and Seller shall cooperate with Buyer in any issues with titling at Buyer's
expense; and
3. Be it further agreed that the Buyer will conduct a final inspection of the property on
June 14th, 2023 and the closing on the property will take place on June 16th, 2023.
4. Late in 2022, a car crashed through the west facing front doors of the building. The
Sellers temporarily borrowed and installed replacement doors owned by Mr. Alan
Schommer. Following the closing but before demolition, Buyer will coordinate with Alan
Schommer to allow him to enter the property :and remove the glass doors borrowed
from him from the building and board up the entrance upon removal of the doors.
DocuSign Envelope ID: 7950OD2A-E29A-4226.84OA-14COA6D5B1A3
o . . r
IN WITNESS WHEREOF, the undersigned have executed this Addendum to
Agreement to Purchase and Sell Real Estate as of the date first set forth above.
Seller:
F4CUSIgned by:
+
rt v , M.a.d,St, "
Myron U a& sen, Jr.
poeu5lgned by:
Davene Madsen
Buyer:
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORID
4, ati
William K. DeBraal '
Deputy County Attorney
APP O ED;,��j
ohn A. fitkanich. Jr.
County Administrator
Prepared by and return to:
May Lee
Paralegal
Barry G. Segal, P.A.
3096 Cardinal Drive Suite 2C
Vero Beach, FL 32963
772-567-5552
File Number: 23-989
Will Call No.: Box 92
E RECORDED DOCUMENT
Official Records Book 3629 Page 898 of the Public
Records of Indian River County, Florida
Date: June 16, 2023 Time: 2:57 p.m.
Documentary stamps: $7,700.00 Int. Tax: $0.00
CFN: 3120230030768 Page 1 of 2
Above This Line For Recording Datal
Warranty Deed
This Warranty Deed made this 16th day of June, 2023 between Myron J. Madsen, Jr. and Davene Madsen,
husband and wife whose post office address is 1427 32nd Ave., Vero Beach, FL 32960, grantor, and Indian River
County, a political subdivision of the State of Florida whose post office address is 1801 27th Street, Vero Beach, FL
32960, grantee:
(Whenever used herein the terms "grantor" and "grantee" include all the parties to this instrument and the heirs, legal representatives, and assigns of
individuals, and the successors and assigns of corporations, trusts and trustees)
Witnesseth, that said grantor, for and in consideration of the sum of TEN AND NO/100 DOLLARS ($10.00) and other
good and valuable considerations to said grantor in hand paid by said grantee, the receipt whereof is hereby acknowledged,
has granted, bargained, and sold to the said grantee, and grantee's heirs and assigns forever, the following described land,
situate, lying and being in Indian River County, Florida to -wit:
Lots 1, 2, 3 and 7, Block 3, R.D. Carter Subdivision, according to the map or plat thereof as recorded
in Plat Book 4, Page 28, Public Records of St. Lucie County, Florida; Said land now lying and being
in Indian River County, Florida.
Property Identification Numbers: 32-39-35-00003-0030-00001/0, 32-39-35-00003-0030-00002/0,
32-39-35-00003-0030-00003/0 and 32-39-35-00003-0030-00007/0.
Parcel Identification Number:
Together with all the tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining.
To Have and to Hold, the same in fee simple forever.
And the grantor hereby covenants with said grantee that the grantor is lawfully seized of said land in fee simple; that the
grantor has good right and lawful authority to sell and convey said land; that the grantor hereby fully warrants the title to said
land and will defend the same against the lawful claims of all persons whomsoever; and that said land is free of all
encumbrances, except taxes accruing subsequent to December 31, 2022.
In Witness Whereof, grantor has hereunto set grantor's hand and seal the day and year fust above written.
DoubleTimel
Signed, sealed and delivered in our presence:
VwAt4�*vW(Seal)
MyrorrJ. M en, Jr.
Witness cAe: AAP
Seal)
Witness Name:
Q—�l
vene Madsen
Witness Name:
State of Florida
County of Indian River
The foregoing instrument was acknowledged before me by means of [X] physical presence or [_j online notarization, this
16th day of June, 2023 by Myron J. Madsen, Jr. and Davene Madsen who f 1 are nP_rcnnallv�icnown or [X] have produced a
driver's license as identification.
[Notary Seal]
aSARyg4 Barry Glen Segal Prin d Name:
�o,, NOTARY PUBLIC
o STATE OF FLORIDA My Commission Expires:
yam- A Comm# GG969923
sire "' Expires 6/10/2024
Warranty Deed - Page 2
DoubleTimel
(American Land Title Association - Owner's Policy Adopted 6/17/2006) (With Florida Modifications)
OWNER'S POLICY OF TITLE INSURANCE
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
Any notice of claim and any other notice or statement in writing required to be given to the Company under this Policy must be
given to the Company at the address shown in Section 18 of the Conditions.
COVERED RISKS
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B,
AND THE CONDITIONS, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, a Florida corporation (the "Company")
insures, as of Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by
reason of
1. Title being vested other than as stated in Schedule A.
2. Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from
(a) A defect in the Title caused by
(i) forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation;
(ii) failure of any person or Entity to have authorized a transfer or conveyance;
(iii) a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered;
(iv) failure to perform those acts necessary to create a document by electronic means authorized by law;
(v) a document executed under a falsified, expired, or otherwise invalid power of attorney;
(vi) document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by
electronic means authorized by law; or
(vii) a defective judicial or administrative proceeding.
(b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid.
(c) Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by
an accurate and complete land survey of the Land. The term "encroachment" includes encroachments of existing
improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located
on adjoining land.
3. Unmarketable Title.
4. No right of access to and from the Land.
5. The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building and
zoning) restricting, regulating, prohibiting, or relating to
(a) the occupancy, use, or enjoyment of the Land;
(b) the character, dimensions, or location of any improvement erected on the Land;
(c) the subdivision of land; or
(d) environmental protection
if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but
only to the extent of the violation or enforcement referred to in that notice.
(Covered Risks continued)
In Witness Whereof, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, has caused this policy to be signed and sealed
as of Date of Policy shown in Schedule A, the policy to become valid when countersigned by an authorized signatory of the Company.
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
A Stock Company
400 Second Avenue South, Minneapolis, Minnesota 55401
(611) 371-7111
President
Attest —�� ( Secretary
SERIAL
OF6-9123725
FORM OF6 (rev. 12/10) (With Florida Modifications) Page 1 of 5
File Number: 23-989 DoubleTime® 9.2
Old Republic National Title Insurance Company
Policy No.:
0176-9123725
Amount of Insurance: $1,100,000.00
OWNER'S POLICY
Schedule A
Date of Policy:
June 16, 2023 @ 02:57 PM
Address Reference: 1375 32nd Street, Vero Beach, FL 32960
Agent's File Reference:
23-989
Premium: $5,325.00
1. Name of Insured: Indian River County, a political subdivision of the State of Florida
2. The estate or interest in the Land that is insured by this policy is: Fee Simple as shown by instrument recorded as
Document No. 3120230030768 in Official Records Book 3629, Page 898, of the Public Records of Indian River County,
Florida.
3. Title is vested in: Indian River County, a political subdivision of the State of Florida
4. The Land referred to in this policy is described as follows:
Lots 1, 2, 3 and 7, Block 3, R.D. Carter Subdivision, according to the map or plat thereof as recorded in
Plat Book 4, Page 28, Public Records of St. Lucie County, Florida; Said land now lying and being in Indian
River County, Florida.
Property Identification Numbers: 32-39-35-00003-0030-00001/0, 32-39-35-00003-0030-00002/0,
32-39-35-00003-0030-00003/0 and 32-39-35-00003-0030-00007/0.
Issuing Agent:
Barry G. Segal, P.A.
3096 Cardinal Drive
Suite 2C
Vero Beach, FL 32963
Old Republic National Title Insurance Company
400 Second Avenue South, Minneapolis, Minnesota 55401, (612) 371-1111
Agent No.: 23887
B:20120118
K -A rev. 12/10 Tim 1 of 2
Form OF&SC
( )(With Florida Modifications) DoubleTime® 9.2
Old Republic National Title Insurance Company
OWNER'S POLICY
Schedule B
Policy No.: Agent's File Reference:
0176-9123725 23-989
This policy does not insure against loss or damage, and the Company will not pay costs, attorneys' fees, or expenses that arise
by reason of
1. General or special taxes and assessments required to be paid in the year 2023 and subsequent years.and.
2. Easements or claims of easements not recorded in the Public Records.
3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be
disclosed by an accurate and complete land survey of the Land. The term "encroachment" includes encroachments of
existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing
improvements located on adjoining land.
4. All matters contained on the Plat of R.D. Carter Subdivision, according to the map or plat thereof as recorded in Plat
Book 4, Page 28, Public Records of St. Lucie County, Florida; Said land now lying and being in Indian River County,
Florida.
Form OF&SCH.-B (rev. 12110)(With Florida Modifications)
��ge 2 of 2
DoubleTime® 9.2
(Covered Risks continued)
6. An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement action,
describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice.
7. The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records.
8. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge.
9. Title being vested other than as stated in Schedule A or being defective
(a) as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer of all or any part of the title
to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer constituted a
fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights laws; or
(b) because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state
insolvency, or similar creditors' rights laws by reason of the failure of its recording in the Public Records
(i) to be timely, or
(ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.
10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has
been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in
the Public Records that vests Title as shown in Schedule A.
The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this Policy, but only to the
extent provided in the Conditions.
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees,
or expenses that arise by reason of:
L (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting,
or relating to
(i) the occupancy, use, or enjoyment of the Land;
(ii) the character, dimensions, or location of any improvement erected on the Land;
(iii)the subdivision of land; or
(iv)environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the
coverage provided under Covered Risk 5.
(b) Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6.
2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.
3. Defects, liens, encumbrances, adverse claims, or other matters
(a) created, suffered, assumed, or agreed to by the Insured Claimant;
(b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in
writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy;
(c) resulting in no loss or damage to the Insured Claimant;
(d) attaching or created subsequent to Date of Policy; or
(e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title.
4. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the transaction vesting the
Title as shown in Schedule A, is
(a) a fraudulent conveyance or fraudulent transfer; or
(b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy.
5. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and
the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A.
CONDITIONS
1. DEFINITION OF TERMS
The following terms when used in this policy mean:
(a) "Amount of Insurance": The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy, increased by Section 8(b), or
decreased by Sections 10 and 11 of these Conditions.
(b) "Date of Policy": The date designated as "Date of Policy" in Schedule A.
(c) "Entity": A corporation, partnership, trust, limited liability company, or other similar legal entity.
(d) "Insured": The Insured named in Schedule A.
(i) the term "Insured" also includes
(A) successors to the Title of the Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors, personal
representatives, or next of kin;
(B) successors to an Insured by dissolution, merger, consolidation, distribution, or reorganization;
(C) successors to an Insured by its conversion to another kind of Entity;
(D) a grantee of an Insured under a deed delivered without payment of actual valuable consideration conveying the Title
(1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured,
FORM OF6 (rev. 12/10) (With Florida Modifications)
Page 2 of 5
(2) if the grantee wholly owns the named Insured,
(3) if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named Insured are both
wholly-owned by the same person or Entity, or
(4) if the grantee is a trustee or beneficiary of a trust created by a written instrument established by the Insured named in Schedule A for estate
planning purposes.
(ii) With regard to (A), (B), (C), and (D) reserving, however, all rights and defenses as to any successor that the Company would have had against
any predecessor Insured.
(e) "Insured Claimant": An Insured claiming loss or damage.
(f) "Knowledge" or "Known": Actual knowledge, not constructive knowledge or notice that may be imputed to an Insured by reason of the
Public Records or any other records that impart constructive notice of matters affecting the Title.
(g) "Land": The land described in Schedule A, and affixed improvements that by law constitute real property. The term "Land" does not
include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting
streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from
the Land is insured by this policy.
(h) "Mortgage": Mortgage, deed of trust, trust deed, or other security instrument, including one evidenced by electronic means authorized by
law.
(i) "Public Records": Records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters
relating to real property to purchasers for value and without Knowledge. With respect to Covered Risk 5(d), "Public Records" shall also
include environmental protection liens filed in the records of the clerk of the United States District Court for the district where the Land
is located.
0) "Title": The estate or interest described in Schedule A.
(k) "Unmarketable Title": Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or
lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery
of marketable title.
2. CONTINUATION OF INSURANCE
The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured, but only so long as the Insured retains an estate or interest
in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall
have liability by reason of warranties in any transfer or conveyance of the Title. This policy shall not continue in force in favor of any purchaser from the
Insured of either (i) an estate or interest in the Land, or (ii) an obligation secured by a purchase money Mortgage given to the Insured.
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT
The Insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 5(a) of these Conditions, (ii) in case
Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title, as insured, and that might cause loss or damage
for which the Company may be liable by virtue of this policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title. If the Company is
prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured Claimant under the policy shall be
reduced to the extent of the prejudice.
4. PROOF OF LOSS
In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the
Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, or other matter insured against by this
policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage.
5. DEFENSE AND PROSECUTION OF ACTIONS
(a) Upon written request by the Insured, and subject to the options contained in Section 7 of these Conditions, the Company, at its own cost and without
unreasonable delay, shall provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to
the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by this policy. The Company shall have the
right to select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the Insured as to those stated causes
of action. It shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs, or expenses incurred by
the Insured in the defense of those causes of action that allege matters not insured against by this policy.
(b) The Company shall have the right, in addition to the options contained in Section 7 of these Conditions, at its own cost, to institute and prosecute any
action or proceeding or to do any other act that in its opinion may be necessary or desirable to establish the Title, as insured, or to prevent or reduce
loss or damage to the Insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable to the
Insured. The exercise of these rights shall not be an admission of liability or waiver of any provision of this policy. If the Company exercises its rights
under this subsection, it must do so diligently.
(c) Whenever the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final
determination by a court of competent jurisdiction, and it expressly reserves the right, in its sole discretion, to appeal any adverse judgment or order.
6. DUTY OF INSURED CLAIMANT TO COOPERATE
(a) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the
Insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, including the right to use, at its option,
the name of the Insured for this purpose. Whenever requested by the Company, the Insured, at the Company's expense, shall give the Company all
reasonable aid (i) in securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any
other lawful act that in the opinion of the Company may be necessary or desirable to establish the Title or any other matter as insured. If the Company
is prejudiced by the failure of the Insured to furnish the required cooperation, the Company's obligations to the Insured under the policy shall
terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such
cooperation.
FORM OF6 (rev. 12/10) (With Florida Modifications) Page 3 of 5
(b) The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of the Company and
to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by the authorized representative of the
Company, all records, in whatever medium maintained, including books, ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes,
and videos whether bearing a date before or after Date of Policy, that reasonably pertain to the loss or damage. Further, if requested by any authorized
representative of the Company, the Insured Claimant shall grant its permission, in writing, for any authorized representative of the Company to
examine, inspect, and copy all of these records in the custody or control of a third party that reasonably pertain to the loss or damage. All information
designated as confidential by the Insured Claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the
reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the Insured Claimant to submit for examination
under oath, produce any reasonably requested information, or grant permission to secure reasonably necessary information from third parties as
required in this subsection, unless prohibited by law or governmental regulation, shall terminate any liability of the Company under this policy as to
that claim.
7. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY
In case of a claim under this policy, the Company shall have the following additional options:
(a) To Pay or Tender Payment of the Amount of Insurance.
To pay or tender payment of the Amount of Insurance under this policy together with any costs, attorneys' fees, and expenses incurred by the Insured
Claimant that were authorized by the Company up to the time of payment or tender of payment and that the Company is obligated to pay.
Upon the exercise by the Company of this option, all liability and obligations of the Company to the Insured under this policy, other than to make the
payment required in this subsection, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation.
(b) To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant.
(i) to pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim insured against under this policy. In addition, the
Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of
payment and that the Company is obligated to pay; or
(ii) to pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees, and
expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to
pay.
Upon the exercise by the Company of either of the options provided for in subsections (b)(i) or (ii), the Company's obligations to the Insured under
this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to
defend, prosecute, or continue any litigation.
8. DETERMINATION AND EXTENT OF LIABILITY
This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has suffered loss or
damage by reason of matters insured against by this policy.
(a) The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of
(i) the Amount of Insurance; or
(ii) the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by this policy.
(b) If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title, as insured,
(i) the Amount of Insurance shall be increased by 10%, and
(ii) the Insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made by the Insured Claimant
or as of the date it is settled and paid.
(c) In addition to the extent of liability under (a) and (b), the Company will also pay those costs, attorneys' fees, and expenses incurred in accordance with
Sections 5 and 7 of these Conditions.
9. LIMITATION OF LIABILITY
(a) If the Company establishes the Title, or removes the alleged defect, lien, or encumbrance, or cures the lack of a right of access to or from the Land, or
cures the claim of Unmarketable Title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any
appeals, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused to the Insured.
(b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or
damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals, adverse to the Title, as insured.
(c) The Company shall not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without
the prior written consent of the Company.
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY
All payments under this policy, except payments made for costs, attorneys' fees, and expenses, shall reduce the Amount of Insurance by the amount of the
payment.
11. LIABILITY NONCUMULATIVE
The Amount of Insurance shall be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is taken in
Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an Insured after Date of Policy and which is a charge
or lien on the Title, and the amount so paid shall be deemed a payment to the Insured under this policy.
12. PAYMENT OF LOSS
When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be made within 30 days.
13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT
(a) Whenever the Company shall have settled and paid a claim under this policy, it shall be subrogated and entitled to the rights of the Insured Claimant
FORM OF6 (rev. 12/10) (With Florida Modifications) Page 4 of 5
in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person or property, to the extent of the
amount of any loss, costs, attorneys' fees, and expenses paid by the Company. If requested by the Company, the Insured Claimant shall execute
documents to evidence the transfer to the Company of these rights and remedies. The Insured Claimant shall permit the Company to sue, compromise,
or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or litigation involving these rights and
remedies. If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company shall defer the exercise of its right to
recover until after the Insured Claimant shall have recovered its loss.
(b) The Company's right of subrogation includes the rights of the Insured to indemnities, guaranties, other policies of insurance, or bonds, notwithstanding
any terms or conditions contained in those instruments that address subrogation rights.
14. ARBITRATION
Unless prohibited by applicable law, arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association may be
demanded if agreed to by both the Company and the Insured at the time of the controversy or claim. Arbitrable matters may include, but are not limited to,
any controversy or claim between the Company and the Insured arising out of or relating to this policy, and service of the Company in connection with its
issuance or the breach of a policy provision or other obligation. Arbitration pursuant to this policy and under the Rules in effect on the date the demand
for arbitration is made or, at the option of the Insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include
attorneys' fees only if the laws of the state in which the Land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the
award rendered by the Arbitrator (s) may be entered in any court having jurisdiction thereof.
The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules.
A copy of the Rules may be obtained from the Company upon request.
15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT
(a) This policy together with all endorsements, if any, attached to it by the Company is the entire policy and contract between the Insured and the
Company. In interpreting any provision of this policy, this policy shall be construed as a whole.
(b) Any claim of loss or damage that arises out of the status of the Title or by any action asserting such claim whether or not based on negligence shall be
restricted to this policy.
(c) Any amendment of or endorsement to this policy must be in writing and authenticated by an authorized person, or expressly incorporated by Schedule
A of this policy.
(d) Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provisions. Except as the
endorsement expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsement, (iii) extend the
Date of Policy, or (iv) increase the Amount of Insurance.
16. SEVERABILITY
In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, the policy shall be deemed not to
include that provision or such part held to be invalid, but all other provisions shall remain in full force and effect.
17. CHOICE OF LAW; FORUM
(a) Choice of Law: The Insured acknowledges the Company has underwritten the risks covered by this policy and determined the premium charged
therefor in reliance upon the law affecting interests in real property and applicable to the interpretation, rights, remedies, or enforcement of policies of
title insurance of the jurisdiction where the Land is located.
Therefore, the court or an arbitrator shall apply the law of the jurisdiction where the Land is located to determine the validity of claims against the
Title that are adverse to the Insured and to interpret and enforce the terms of this policy. In neither case shall the court or arbitrator apply its conflicts
of law principles to determine the applicable law.
(b) Choice of Forum: Any litigation or other proceeding brought by the Insured against the Company must be filed only in a state or federal court within
the United States of America or its territories having appropriate jurisdiction.
18. NOTICES, WHERE SENT
Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at
400 Second Avenue South, Minneapolis, Minnesota 55401-2499, Phone: (612) 371-1111.
FORM OF6 (rev. 12/10) (With Florida Modifications) Page 5 of 5
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Bill of Sale
This Bill Of Sale, made on June 16, 2023, between Myron J. Madsen, Jr. and Davene Madsen, husband and wife
("Seller"), and Indian River County, a political subdivision of the State of Florida ("Buyer").
Witnesseth, that Seller, in consideration of the sum of TEN DOLLARS ($10.00) and other good and valuable
consideration paid to Seller by Buyer, receipt and sufficiency of which is hereby acknowledged, delivers, grants, bargains,
sells and transfers forever to Buyer the following goods and chattels, to wit:
As per contract.
Said property being located at:
Lots 1, 2, 3 and 7, Block 3, R.D. Carter Subdivision, according to the map or plat thereof as recorded
in Plat Book 4, Page 28, Public Records of St. Lucie County, Florida; Said land now lying and being
in Indian River County, Florida.
Property Identification Numbers: 32-39-35-00003-0030-00001/0, 32-39-35-00003-0030-00002/0,
32-39-35-00003-0030-00003/0 and 32-39-35-00003-0030-00007/0.
Also known as 1375 32nd Street, Vero Beach, FL 32960
Seller covenants to Buyer that Seller is the lawful owner of the said goods and chattels; that they are free from all
encumbrances; that Seller has good right to sell that property, and that Seller will warrant and defend the sale of said property,
goods and chattels unto the Buyer against the lawful claims and demands of all persons whomsoever.
"Seller" and "Buyer" shall be used for singular or plural, natural or artificial, which terms shall include the heirs, legal
representatives, successors and assigns of Seller and Buyer whenever the context so requires or admits.
Myron . MOlen, Jr. DavMadsen
State of Florida
County of Indian River
The foregoing instrument was acknowledged before me by means of [X] physical presence or [j online notarization, this
16th day of June, 2023 by Myron J. Madsen, Jr. and Davene Ma ally known or [X] have produced a
driver's license as identification.
[Notary Seal]
�ZpRYq� Barry Glen Segal Printe�l'Alalue'
NOTARY PUBLIC
org STATE OF FLORIDA � M Commission Expires:ires:5 �
Comm# GG969923
El aExpires 6/10/2024
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A. Settlement Statement Settlement Statement
B. Type of Loan
Q 1. FHA O 2. FmHA O 3. Conv. Unins. 6. File Number 7. Loan Number 8. Mortg. Ins. Case Num.
0 4. V.A. O 5. Conv. Ins. 23-989
ID:
C. NOTE: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items
marked "(p.o.c.)" were paid outside the closing; they are shown here for Informational purposes and are not included in the totals.
D. NAME OF BUYER: Indian River County, a political subdivision of the Stale of Florida
Address of Buyer: 1801 27th Street, Vero Beach, Florida 32960
E. NAME OF SELLER: Myron J. Madsen, Jr. and Davene Madsen, husband and wife
Address of Seller: 1427 32nd Ave., Vero Beach, Florida 32960 TIN:
F. NAME OF LENDER:
Address of Lender:
G. PROPERTY LOCATION: 1375 32nd Street, Vero Beach, Florida 32960
H. SETTLEMENT AGENT: Barry G. Segal, P.A. TIN: 65-0953275
Place of Settlement: 3096 Cardinal Drive, Suite 2C, Vero Beach, Florida 32963 Phone: 772-567-5552
1. bC I I LtMtN 1 UAI L: d lo/C3 U15NUKJtMGN 1 UAt t: b/lti/2;s
J. Summary of buyer's transaction
11
101. Contract sales price
K. Summary of seller's transaction
11 . Gross am o-unt-d-ue to seller:
1,100,000.00 401. Contract sales price
1,100,000.00
102. Personal property
402. Personal property
103. Settlement charges to buyer (Line 1400)
5,928.25 403.
104.
1404.
105.
Adjustments for items paid by seller in advance:
106. City/town taxes
1405.
Adi S'or items - paid by seller in advance:
406. Glyltown taxes
107. County taxes
407. County taxes
108. Assessments from 06/16/23 to 09/30/23
492.10 408. Assessments from 06/16/23 to 09/30/23
492.10
109.
409.
110.
410.
111.
411.
112.
412.
120. Gross amount due from buyer;
II
201. Deposit or earnest money
1,106,420.35 420. Gross amount due to seller:
11 . Reductions in amount due to seller
25,000.00 501. Excess deposit (see instructions)
1,100,492.10
202. Principal amount of new loan(s)
502. Settlement charges to seller (line 1400)
77,855.55
203. Existing loan(s) taken subject to
503. Existing loan(s) taken subject to
204. Principal amount of second mortgage
504, Payoff of first mortgage loan
205.
505. Payoff of second mortgage loan
206.
506. Deposits held by seller
207. Principal amt of mortgage held by seller
1507. Principal amt of mortgage held by seller
1208.
508.
1209.
Adjustments for items unpaid by seller:
210. City/town taxes
509.
Adjustments for items unpaid by seller:
1510. City/town taxes
211. County taxes from 01/01/23 to 06/16/23
511. County taxes from 01/01/23 to 06/16/23
212. Assessments
512. Assessments
213.
513.
214.
514.
215.
515.
216.
516.
217.
517.
218.
518.
219.
519.
220. Total paid by/for buyer:
11
301. Gross amount due from buyer
(line 120)
25,000.011 520. Total reductions in amount due seller:
11 . Cash at settlement to/from seller:
1,106,420.35 601. Gross amount due to seller
(line 420)
77,855.55
1,100,492.10
302. Less amount paid by/for the buyer
(line 220)
(25,000.00) 602. Less total reductions in amount due seller
(line 520)
(77,855.55)
303. Cash ( Q✓ From ❑ To ) Buyer:
1,081,420.35 603. Cash ( 0 To EJ From ) Seller.
1,022,636.55
Substitute Form 1099 Seller Statement: The information contained In blocks E. G, H, and I and on line 401 is important tax information and is being
furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction will be imposed on you if this item Is required to be reported and
the IRS determines that it has not been reported.
Seller Instructions: To determine if you have to report the sale or exchange of your main home on your tax return, see Instructions for Schedule D
(Form 1040 or 1040 -SR). If not your main home, report the transaction on For i 4797, Form 6252, and/or Schedule D for the appropriate income tax form.
DoubleTime®
Buyer/Seller Settlement Statement
Pana 51
L. Settlement charqes Buyer''BuyerPOC
700. Total Sales/Brokers Com, based on price S1,100,000.00 @ 6.0000% = 66,000.00
SellerPOC Paid from Paid from
Buyer's Seller's
701. 33,000.00 3.0000 % to Lambert Commercial Real Estate, Inc.
Funds at Funds at
Settlement Settlement
702, 33,000.00 3.0000 % to Colliers International Florida, LLC
703. Commission paid at settlement
66,000.00
714.
to
1111111_
801. Loan origination fee
% to
802. Loan discount
% to
803. Appraisal fee
to
804. Credit report
to
805. Lenders inspection fee
to
806. Mortgage insurance application fee
to
807,
to
808.
to
809.
to
810.
to
rr
901. Interest from ,
to /day
902. Mortgage insurance premium for
months to
903. Hazard insurance premium for
years to
904. Flood insurance premium for
years to
905.
years to
rrr -
1001. Hazard insurance
months @
per month
1002. Mortgage insurance
months @
per month
1003. City property taxes
months @
per month
1004. County property taxes
months @
per month
1005. Annual assessments
months @
per month
1006. Flood insurance
months @
per month
1007.
months @
per month
1008.
months @
per month
1009. Aggregate accounting adjustment
rr . Title charcies: mBuyer
1101. Settlement or closing fee
to Barry G. Segal, P.A.
POC
Seller POC
500.00
1102. Abstract or title search
to Attorney's Title Fund Services, LLC.
80.00
1103. Title examination
to
1104. Electronic document storage
to Pioneer Records Management
25.00
1105. Document preparation
to
1106. Notary fees
to
1107. Attorney's Fees
to Barry G. Segal, P.A.
2750.001 11,500.00
(includes above item numbers:
)
1108. Title Insurance to Old Republic Nat. Title/Barry G. Segal
5,325.00
(includes above item numbers:
)
1109. Lenders coverage (Premium):
1110. Owners coverage (Premium): $1,100,000.00 ($5,325.00)
1111. Endorse:
1112. State of Florida surcharge
to
1113.
rr
1201. Recording fees Deed
to
523.25 Mortgage(s)
Releases
23.25
1202. City/county tax/stamps Deed
Mortgage(s)
1203. State tax(stamps Deed
S7,700.00 Mortgage(s)
7,700.00
1204.
to
1205.
to
1301. Survey
to
1302. Pest Inspection
to
1303.
to
1304•
to Carole Jean Jordan; I.R. County Tax Collector
1305.2023 Real Estate Taxes (escrow)
to Carole Jean Jordan; I.R. County Tax Collector
2,630.55
1306.
to
1307,
to
1308.
to
1309.
•rr
Enter on lires 103, Section � and 502 Section K
5,9k8.251 t 7,855.55
DoubleTime®
BUYER/SELLER
SETTLEMENT STATEMENT ADDENDUM
File Number: 23-989
I have carefully reviewed the Settlement Statement and to the best of my knowledge and belief, it is a true and
accurate statement of all receipts and disbursements made on my account or by me In this transaction. I further
certify that 1 have received a copy of the Settlement Statement.
Buyer(s)
Indian River County, a politicalubd' ' ion of the State of Florida
By: V— iw
William DeBragir
Deoutv Countv Attornnv
.ne Madsen
-
Settlement Agent
The Settlement Statement which I have prepared Is a true and accurate account of this transaction. 1 have
caused or will cause the funds to be disbursed in accordance with this statement.
Barry_ G
By: /
Date: —ir--c ( te Z cn3
WARNING: It Is a crime to knowingly make false statements to the United States on this or any other similar form.
Penalties upon conviction can Include a fine and Imprisonment. For details see: Title 18 U.S. Code Section 1001
and Section 1010.
Double'rime®