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ftii1 d THIS FORM HAS BEEN APPROVED BY THE
FLORIDA ASSOCIATION OF REALTORS® AND THE FLORIDA BAR.
Contract for Sale and Purchase
FLORIDA ASSOCIATION OF REALTORSrJ
AND THE FLORIDA BAR
11 PARTIES: Np_LYirt 1 _Abernathy("Seller"),
2 of 7950 13th Street, Vero Heach, PloridaJ2966 __ (Phone) NL1fY
'3 and Indian River County, a politic&& Buhdivision-Qt-the_State_.ot__E14rida _ ("Buyer"),
4 of _- 1910-ti>_-�Li44G,�f4r.4_�Qti4h.__Yloridn--329.69-_.___._________ (Phone)_j$¢;1�ST�442,
5 hereby agree that Seller shall sell and Buyer shall buy the following described real property and personal property (collectively
6 "Property") pursuant to the terns and conditions of this Contract for Sale and Purchase and any riders and addenda ("Contract"):
7 1. DESCRIPTION:
'8(a)Legaldescription ofthe Real Property located in___ -__. Indian River _ County,Flodda:
9 __@@.@ le8aidflQCZiptiGJt._AdlhlblL-11 attached hereto_and-- made_ p_Der-t_heriSQJ __
10 -_ - - - - - - - - - ---- -----
'11 (b) Street address,city, zip, of the Properly is: -___---___795.0 12th St., Varo neach,,_F1._32966_______
'12 (c) Personal Property: ---_ tionfl.,__a-7.-zoning, Parcel -ID No. 12-33-38-00001-0069-00001.1.,.--
-
13-..-----7.0^a,@@s3.�Dpxce� CQntnining_13,179_equaro foot or 0.30 ar_rns-•_- ----- _.
1q __--_3LEA.4t Lt4TE�TH28 _GOfi1 RhCT SU13,1F.CTTO INDIA)r RIVER COUNTY APPROVAL______«__._
15 11. PURCHASE PRICE: ................................................
16 PAYMENT:
'17 (a)Deposit held in escrow by__. __._ __ __—__ _._-�tLA__ -_ __ (Escrow
118 Agent) In the amount of .................... ....................................... ................ ..... _... ...... ....... ,.._....... ... ....................
$---- _4— .-
119 (b)Additional escrow deposit to be made to Escrow Agent within.._ -days after Effective date (see
'20 Paragraph 111) In the amount of....................................................................................................................................5 -- --.0.
121 (c) Subject to AND assumption of existing mortgage in good standing in favor of NLA
22 an approximate present principal balance of ...................$_ 4--
'23 (d) New mortgage financing with a Lender (see Paragraph N) in the amount of...... ............ ...........................E
'24 (e) Purchase money mortgage and note to Seller (see rider for terms) in the amount of ...................... ............ E
'25 (f )Other: _ _ NQDe__---•-------------------------$--- 4_=_.____
26 (g)Balance to close by U.S. cash or LOCALLY DRAWN cashier's or official bank check(s), subject
'27 to adjustments or prorations.........................................................................................................................................$_
28 Ili, TIME FOR ACCEPTANCE OF OFFER; EFFECTIVE DATE; FACSIMILE: If this offer Is not executed by and delivered to all parties
'29 OR FACT OF EXECUTION communicated in writing between the parties on or before - _ march _30._3040_. _ . the deposit(s)
30 will, at Buyer's option, be returned and this offer withdrawn. For purposes of delivery or notice of execution, parties include Buyer
31 and Seller or each of the respective brokers or attorneys. The date of Contract ("Effective Date") will be the date when the last
32 one of the Buyer and Seller has signed this offer. A facsimile copy of this Contract and any signatures hereon shall be considered
33 for all purposes as an original.
34 N. FINANCING:
'35 N (a) This is a cash transaction with no contingencies for financing;
'36 ❑(b)This Contract is conditioned on Buyer obtaining a written loan commitment within __.- days after Effective Date for
'37 (CHECK ONLY ONE): ❑a fixed; C] an adjustable; or [1a fixed or adjustable rate loan in the principal amount of
'38 $ N/A , at an initial Interest rate not to exceed _- _ % , discount and origination fees not to exceed %
'39 of principal amount, and for a term of years. Buyer will make application within -_-days (5 days if left blank) after
40 Effective Date and use reasonable diligence to obtain a loan commitment and, thereafter, to satisfy terms and conditions of
41 the commitment and close the loan. Buyer shall pay all loan expenses. if Buyer fails to obtain a commitment or fails to waive
42 Buyer's rights under this subparagraph within the time for obtaining a commitment or, after diligent effort, fails to meet the
43 terms and conditions of the commitment by the closing date, then either party thereafter, by written notice to the other, may
44 cancel this Contract and Buyer shall be refunded the deposit(s); or
'45 ❑ (c) The existing mortgage, described in Paragraph 11(c) above, has: ❑ a variable interest rate; or ❑ a fixed interest rate of
'46 _NLA % per annum. At time of title transfer, some fixed interest rates are subject to increase: if increased, the rate shall not
'47 exceed , % per annum. Seller shall furnish a statement from each mortgagee stating the principal balance, method of
48 payment, Interest rate and status of mortgage or authorize Buyer or Closing Agent to obtain the same. If Buyer has agreed to
49 assume a mortgage which requires approval of Buyer by the mortgagee for assumption, then Buyer shall promp!!y obtain the
50 necessary application and diligently complete and return it to the mortgagee. Any mortgagee charge(s), not to exceed
•51 $ N/A (1% of amount assumed if left blank), shall be paid by Buyer. If Buyer is not accepter by mortgagee or
52 the requirements for assumption are not in accordance with the terms of this Contract or mortgagee makes a charge in
53 excess of the stated amount, Seller or Buyer may rescind this Contract by written notice to the other party unless either
54 elects to pay the Increase In Interest rate or excess mortgage charges.
'55 V. TITLE EVIDENCE: At least days before closing date, (CHECK ONLY ONE): ❑ Seller shall, at Seller's expense, deliver
'56 to Buyer or Buyer's attorney; or ®Buyer shall at Buyers expense obtain (CHECK ONLY ONE): Nabstract of title; or Ntitle
57 insurance commitment (with legible copies of instruments listed as exceptions attached thereto) and, after ciusiny, an owner's
58 policy of title insurance.
'59 VI. CLOSING DATE:This transaction shall be closed and the closing documents delivered on 60 days_,
60 un] ssmodified byother provisions ofthContract. From effective date (See Sec III
Buyer ( J ( ) and Seller (*7111410I(_)acknowledge receipt of a copy of this page.
FARfBAR-5 Rev.8198 RIDERS CAN BE OBTAINED FROM THE FLORIDA ASSOCIATION OF REALTORS^_e OR THE FLORIDA BAR
This form is licensed for use with Formulatar" Forms Software by ISG McAllister Publishing, Inc. 800.336-1027
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61 VII. RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer shall take title subject to: comprehensive land use plans, zoning,
62 restrictions, prohibitions and other requirements Imposed by governmental authority; restrictions and matters appearing on the
63 plat or otherwise common to the subdivision; outstanding oil, gas and mineral rights of record without right of entry; public utility
64 easements of record (easements are to be located contiguous to real property lines and not more than 10 feet in width as to the
65 rear or front lines and 7 1/2 feet in width as to the side lines, unless otherwise stated herein); taxes for year of closing and
66 subsequent years; assumed mortgages and purchase money mortgages, if any (if additional items, see addendum); provided,
67 that there exists at closing no violation of the foregoing and none prevent use of the Property for___-_1_JgIit`s1-way
68 _purpose(s).
69 VIII.OCCUPANCY: Seiler warrants that there are no parties in occupancy other than Seller; but if Property is intended to be rented
70 or occupied beyond closing, the fact and terms thereof and the tenants) or occupants shall be disclosed pursuant to Standard
71 F. Seller shall deliver occupancy of property to Buyer at time of closing unless otherwise stated herein. If occupany is to be
72 delivered before closing, Buyer assumes all risks of loss to Property from date of occupancy, shall be responsible and liable for
73 maintenance from that data, and shall be deemed to have accepted Property in its existing condition as of time of taking
74 occupancy unless otherwise stated herein.
75 DL TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions, riders and addenda shall control all
76 printed provisions of this Contract In conflict with them,
77 X. RIDERS: (CHECK those riders which are applicable AND are attached to this Contract):
'78 ❑ COMPREHENSIVE RIDER ❑ HOMEOWNERS, ASSN. ❑ COASTAL CONSTRUCTION CONTROL LINE
'79 [] CONDOMINIUM [) "AS IS' [_j INSULATION
180 (.� VA/FHA L] LEAD-BASED PAINT 11 --- - _. _ __ __ __._ .-. .
81 XI. ASSIGNABILITY: (CIiECY. ONLY ONE): Buyer [_]may assign and then: by be released from any further liability under this
'82 Contract;( -1 rney assign but not be re-leased from liabilily under this Contract; nr X may not assign this Contract.
83 XII. DISCLOSURES:
84 (a) Radon Is a naturally occurring radioactive gas that when accumulated in a building in sufficient quantities may present
85 health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been
86 found in buildings in Florida. Additional information regarding Radon or Radon testing may be obtained from your County
87 Public Health unit.
88 (b) Buyer acknowledges receipt of the Florida Building Energy -Efficiency Rating System Brochure.
89 (e) If the real property includes pre -1978 residential housing then a lead-based paint rider is mandatory.
90 (d) 0 Seller is a 'foreign person" as defined by the Foreign Investment in Real Property Tax Act, the parties shall comply with
91 that Act.
92 (e) If Buyer will be obligated to be a member of a homeowners' association, BUYER SHOULD NOT EXECUTE THIS CONTRACT
93 UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' ASSOCIATION DISCLOSURE.
94 XIII, MAXIMUM REPAIR COSTS: Seller shall not be responsible for payments in excess of:
95 (a) $ N/7w. _.._ . for treatment and repair under Standard D (if blank, then 2% of the Purchase Price).
96 (b) $ N/A____— for repair and replacement under Standard N (if blank, then 3% of the Purchase Price).
'97 XIV. SPECIAL CLAUSES; ADDENDA: If additional terms are to be provided, attach addendum and CHECK HERE X, .
98 XV. STANDARDS FOR REAL ESTATE TRANSACTIONS: Standards A through W on the reverse side or attached are incorporated
99 as a part of this Contract.
100 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF
101 AN ATTORNEY PRIOR TO SIGNING.
102 THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORSe) AND THF FLORIDA BAR.
103 Approval does not constituto an opinion that any of the terms and conditions in this Contract should be accepted
104 by the parties In a particular transaction. Terms and conditions should be negotiated based upon the
105 respective interests, objectives and bargaining positions of all infeiosled persons.
106 COPYRIGMM"Ul)
Y THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REi
AL: 04111
•107 C ' _ 03-14-2000 r a,w,, Gc�-GC6�M_+�✓ 03x�s�06
'108 (Buyer) Fran B. Adame, Chairman (Date) (Seller) Marvin W. Abecnath¢ (Dale)
'109 cial ec curls LD4 Co. CoamtiesiQnere Social Security or Tax l.D.#
10 ---- --- - -----
'111 (Buyer) Ronald L. Callahan, SRA (DAte) (Seller) (Date)
'112 Social Security or Tax I.D. # Co. Right -of -Way Agen1L Social Security or Tax I.D. # _
113 Deposit under Paragraph II (a) received; IF OTHER THAN CASH, THEN SUBJECT TO CLEARANCE,
114 N/A _ (Escrow Agent)
115 BROKER'S FEE: The brokers named below, including listing and cooperating brokers, are the only hrokers enlitied to
116 compensation In connection with this Contract:
'117 Name: Ni
118 Cooperating Brokers, If any
Listing Broker
Buyer ( 1 ( 1 and Seller ( ) ( 1 acknowledge receipt of a copy of this page.
FAR/BAR-5 Rev. 8,98 RIDERS CAN BE OBTAINED FROM THE FLORIDA ASSOCIATION OF REALTORS® OR THE FLORIDA BAR
This foirm is licensed for eye with rarms ScfRvnrc- by!- G I\ cAMsWr Fublishin7, Inc. 800-3:!6 1027
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119 STANDARDS FOR REAL ESTATE TRANSACTIONS
120 A. EVIDENCE OF TITLE:(I) An abstract of 11112 prepared or brought current by a reputable and existing abstract firm ill not existing then
121 certified as correct by an existing firm) purporting to be an accurate synopsis of the Instruments affecting title to the real properly recorded in
122 the public records of the county wherein the real properly Is located through Effective Date. It shall commence with the earliest public records,
123 or such later date as may be customary In the county. Upon closing of this Contract, the abstract shall become the property of Buyer, subject to
124 the right of relent Ion thereof by first mortgagee until fully paid. (2) A line insurancgommit mens Issued by a Florida licensed title insurer
125 agreeing to Issue Buyer, upon recording of the deed to Buyer, an owner's policy of title Insurance In the amount of the purchase price. Insuring
128 Buyer's title to the real property, subject only to (lens, encumbrances, exceptions or qualifications provided In this Contract and those to be
127 discharged by Seller at or before closing. Seller shall convey marketable title subject only to liens. encumbrances, exceptions or qualifications
128 provided In this Contract. Marketable title shall be determined according to applicable Title Standards adopted by authority of The Florida Bar
129 and In accordance with law. Buyer shall have 5 days from dale of receiving evidence of title to examine it, If title Is found defective. Buyer
130 shall within said S days notify Seller In writing specifying the defect(ii) . If defect(s) render title unmarketable. Seller will have 30 day from
131 receipt of notice to remove the defects, falling which Buyer shall, within five (5) days after expiration of the thirty (30) day period, deliver written
132 notice to Seller either: (1) extending the time for a reasonable period not to exceed 120 days within which Seller shall use diligent effort to
133 remove the defects; or (2) requesting a refund of deposit(s) paid which shall be immediately returned to Buyer. II Buyer falls to so notify Seller,
134 Buyer shall be deemed to have accepted the Mlle as It then Is. Seller shall, if title Is found unmarketable, use diligent effort to correct defect(s)
135 within the time provided therefor. If Seller is unable to timely correct the defects. Buyer shall either waive the defects, or receive a refund of
136 depoell(s), thereby releasing Buyer and Seller from all further obligations under this Contract II evidence of title is delivered to Buyer less than
137 5 days prior to closing, Buyer may extend closing date so that Buyer shall have up to 5 days from date of receipt of evidence of title to examine
136 same In accordance with this Standard.
139 B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shah
140 provide for a 30 -day grace period In the event of default If a First mortgage and a 15 -day grace period if a second or lesser mortgage, shall
141 provide for right of prepayment in whole of In part without penally, shall permit acceleration In event of transfer of the real properly; shall require
142 all prior liens and encumbrances to be kept In good standing and forbid moddicallons of or future advances under prior mortgage(s); shall require
143 Buyer to maintain policies of Insurance containing a standard mortgagee clause covering all Improvements located on the real property against
144 fire and all perils Included within the term Rextonded coverageandanements' and such other risks and perils as Seller may reasonably require,
145 In an amount equal to their highest Insurable valuetand the mart gage, note and security agreement shall be otherwise In form and content required
146 by Seller; but Seller may only require clauses and coverage customarily found In mortgages, mortgage notes and security agreements generally
147 utilized by savings and loan institutions or slate or national banks located in thecounty wherein the real property Is located. All personal
148 property and leasee being conveyed or assigned will, a' Seller's option, be subject to the lien of a security agreement evidenced by recorded
149 financing statements. If a balloon mortgage, the final payment will e.coed the periodic payments thereon.
150 C. SURVEY: Buyer, at Buyer's expense, within time allowed to deliver evidence of title and to ,.amine same, may have the real property surveyed
151 and certified by a registered Florida surveyor. If the survey discloses encroachments on the real property of that Improvements located thereon
152 encroach on setback lines, easements. lands of others or violate any restrictions. Contract covenants or applicable governmental regulation, the
153 name ,hall constitute a title defect.
154 D. TERMITE SIW000 DESTROYING ORGANISMS: Buyer, at Buyer's expense, within the time allowed 10 deliver evidence of title, may have the
15S Properly Ins petted by a Florida Certified Pest Control Operator ('Oparalor') to determine if there Is any visible active termite Infestation or
156 visible damage from lermite Infestation, excluding (meas. if either or both are found, Buyer shall have 4 days from date of written notice thereof
157 wit hill which to have cost of treatment, If required, estimated by the Operator and all damage Inspected and estimated by a licensed builder or
158 general contractor. Seller shall pay valid costs of treatment and repair of all damage up to the amount provided In Paragraph XIII(a) If
159 eatlmated coal, exc aad'hot amount, Buyer shall Mw the option of canceling this Contract within 5 days after receipt of contractor's repair
160 ::!!mete by giving wrlltan not Ice to Sellar or Buyer may elect to proceed with the transaction, and receive a credit at closing on the amount
161 provided In Paragraph XI11(a).'Term7les' shall be deemed to Include all wood destroying organisms required to be reported under the Florida Past
162 Control Act, as amended.
163 E.INGRESS AND EGRESS: Seller warrants and represents that Ihe(e Is Ingress and egress to the real property sufficient for Its Intended use
164 a, described In Paragraph VII hereof, title to which is In accordance with Standard A
185 F. LEASES; Seller shall, not less than 15 days before closing, furnish to Buyer copies of all written leases and estoppel letters from each
lee tenant specifying the nature and duration of the tenant's occupancy, rental rates, advanced rent and security deposit paid by tenant. If Seller Is
167 unable to obtain such letter from each tenant, the some information shall be furnished by Seller and Buyer within that time period In the form of a
tae Seller's affidavit, and Buyer may thereafter contact tenant to confirm such Information Seller shall, at closing, deliver and assign all original
169 leasee to Buyer.
170 G. LIENS: Seller shall furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any
171 Il nancing eIplennenl; claim, of Ileo or potential Ilenors known to Seller and further allotting that there have been no Improvements or repairs to
172 the reel properly for 90 days Icamedlalely preceding date of closing. II the real property has been Improved or repaired within that time, Salle,
173 shall deliver tel or waivers of constructlon liens executed by all general contractors, subcontractors, suppliers and material— In addition
174 to Seller's Ilan allidavlt eel t Ing forth the names of all such general contractors, subcontractors, suppliers and materialrnen, further affirming that
175 all charges for Improvements or repays which could serve as a basis for a construction Ilan o, a claim far damages have been paid or will be paid
178 al the closing of this Contract.
177 H. PLACE OF CLOSING: Closing shall be held In the county wherein the real property Is located at the office of the attorney or other closing
176 agent ('Closing Agent') designated by Seller.
179 I. TIME: In computing time periods of lana than six (6) days, Saturdays. Sundays and slate or national legal holidays shalt be excluded. Any time
180 periods provided for he,
eln which shall end on a Saturday. Sunday, or a legal holiday shalt extend to 5.00 p.m. of the next business day. Time Is of
181 the essence In thl2 Contract,
182 J. CLOSING DOCUMENTS: Seller shall furnish the deed, bill of sale, construction lien affidavit, owner's possession affidavit, assignments of
183 leases, tenant and mortgagee estop pal letters and corrective Instruments. Buyer shall furnish closing statement, mortgage, mortgage note,
184 secuilly agreement and financing statements.
185 K. EXPENSES: Documentary stamps on the deed and recording of corrective Instruments shall be paid by Seller. Documentary stamps and
18C IniangiSla I.5 ,
✓. [ 1 lir! I•nrgit floc, n. ie:Y lurin�ne and any n I• (..i ri !J a'y'^c I;11;. .... C 0a';!" t n!•, 11! V:It I: rel3te•J lees, -no
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187 recording of purchase money mortgage to Seller, deed and financing statements shall be paid by Buyer. Unless otherwise provided by law or
188 rider to this Contra cl, charges for the following related Mlle services, namely title or abstract charge, title examination, and settlement
fag and cleat
nIF fee, aIle!! be Palo by the party res Ponalble for furnlshing the title evidence In accordance with Paragraph V.
190 L. PRORATIONS; CREDITS: Taxes, assessment a, rent, In forest, Insurance and other expenses or the Properly shall be prorated through the
101 day before cbasin Q.
Buyer shall have the option of taking ova( existing policies or Insuranco, If assumable, In which event premiums shall be
192 prorated. Cash at closing shall be Increased or decreased as may be required by proratlons to be made through day prior to closing, or occupancy,
193 If occupancy occurs before closing. Advance rent and security deposits will be credited to Buyer. Escrow deposits held by mortgagee will be
194 credited to Seller. Taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead
195 and other axe replicas. If closing occurs at a date when the current year's millage is not fixed and current year's assessmont is availabla. taxes
196WIII relent and print year's millane It ri-ronl .. .�. -. ^.m^rel i- I::r ?•: ailahin, then tarns will he proralod
be prorated baa ed upon such assess
191 on pr
year's tax. If there are completed Improvements on the real property by January ctsl of year of closing, which improvements were not in
198 existence on January 1st of prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assessment to be agreed
t99 upon between the parties; failing which, request shall be merle to the County Property Apprni-nr fnr nn informal assinsmant taklng 1.1. ac cr.gnt
200 available exemptions. A lax proration based — an estimate shall, at request of either party, be readjusted upon receipt of lax bill on c—dition
201 that a statement to that affect Is signed at closing.
Buyer ( ) I-) and Seller (_ _) ( ) acknowledge receipt of a copy of this page.
FARIBAR•5 Rev. 8198 COPYRIGHT 1998 THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF RE-ALTORSCD
This form is licensed for use with Formaslatnrw Forms Software by ISG MrA9ister ISuhlichinq, !rlc. 800-3?r.1027