HomeMy WebLinkAbout2000-325`, ✓ THIS FORM HAS BEEN APPROVED BY THE
FLORIDA ASSOCIATION OF REALTORS® AND THE FLORIDA BAR.-/
Contract for Sale and Purchase
FLORIDA ASSOCIATION OF REALTORS®
AND THE FLORIDA BAR Q r- ..
'1 PARTIES: Oak Chase Deyg1gpmy= L.L.0
2 Of P.O.Box 442 Mamaroack NY 10543 (Phone) _214-216-9240 ,
'3 and radian River iy-.-�8 a' { T h�i '� "�"^ F she State of Florida ("Buyer"),
4 of 1840 25th Street Vero Beach Florida 32960 (Phone) (561) 567-8000,
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 terms and conditions of this Contract for Sale and Purchase and any riders and addenda ("Contract"):
7 L DESCRIPTION:
'8 (a) Legal description of the Real Property located in indien lxiyer County, Florida:
9 See Legal Description Exhibit "A" attached hereto and made a part hereof,
10
'11 (b) Street address, city, zip, of the Property is: 33rd Street right of way per site plan Oak Chase SID
'12 (c) Personal Property: None. RS -3 gone parcel meAnurIng 20.01 x 632 All containing 29 acres
13 per ilore
fl '(O cy0
14
15 11. PURCHASE PRICE: ................................................. V..............................................................................................$^i.218,A9 -O''
16 PAYMENT:
'17 (a) Deposit held in escrow by (Escrow
'18 Agent) in the amount of.................................................................................................................................................$ -0-
'19 (b)Additional escrow deposit to be made to Escrow Agent within days after Effective Date (see
'20 Paragraph III) in the amount of.....................................................................................................................................$ -0-
'21 (c) Subject to AND assumption of existing mortgage in good standing in favor of
22 having an approximate present principal balance of ...................$ -0-
'23 (d) New mortgage financing with a Lender (see Paragraph IV) in the amount of .................................................$ -0-
'24 (e) Purchase money mortgage and note to Seller (see rider for terms) in the amount of ..................................$ -0-
'25 (f)Other: $ -0-
26 (g)Balance to close by U.S. cash or LOCALLY DRAWN cashier's or official bank check(s), subject r 010, (x., ILSC
'27 to adjustments or prorations.........................................................................................................................................$ �.�30, ee 4✓
28 Ill. 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 N/A , 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. Afacsimile copy of this Contract and any signatures hereon shall be considered
33 for all purposes as an original. NOTE: THIS CONTRACT IS SUBJECT TO INDIAN RIVER COUNTY FINAL APPROVAL.
34 IV. FINANCING:
'35 ❑ (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; Elan adjustable; or ❑ a fixed or adjustable rate loan in the principal amount of
'38 $ , at an initial interest rate not to exceed % , discount and origination fees not to exceed "/o
'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 II(c) above, has: ❑ a variable interest rate; or ❑ a fixed interest rate of
'46% perannum. 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 promptly obtain the
50 necessary application and diligently complete and return it to the mortgagee. Any mortgagee charge(s), not to exceed
'51 $ (1% of amount assumed if left blank), shall be paid by Buyer. If Buyer is not accepted 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 Buyers attorney; or ®Buyer shall at Buyer's expense obtain $$fi IM)LjfyL/(/4VeV ®abstract of title; or ®title
57 insurance commitment (with legible copies of instruments listed as exceptions attached thereto) and, after closing, an owner's
58 policy of title insurance.
'59 VI. CLOSING DATE: This transaction shall be closed and the closing documents delivered on or before 60 days ,
60 unless modified by other provisionshIsContract. from "Effective Date" (see III)
Buyer (�_) ( L .[o✓ ) and Seller I ) ( ) acknowledge recelpt of a copy of lhls page.
FAR/BAR-5 Re, B/gs RIDERS CAN BE OBTAINED FROM THE FLORIDA ASSOCIATION OF REALTORSa OR THE FLORIDA BAR
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gCru)Lu To Cou.tf-,r
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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 road right-of-wav
68 _ purpose(s).
69 VIII.000UPANCY: Seller 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 tenant(s) 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 date, and shall be deemed to have accepted Property in its existing condition as of time of taking
74 occupancy unless otherwise stated herein.
75 IX. 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 [_1 COMPREHENSIVE RIDER E] HOMEOWNERS'ASSN. ❑ COASTAL CONSTRUCTION CONTROL LINE
'79 ❑ CONDOMINIUM ❑ "AS is,, ❑ INSULATION
'80 ❑ VA/FHA ❑ LEAD-BASED PAINT ❑
'81 A. ASSIGNABILITY: (CHECK ONLY ONE): Buyer El may assign and thereby be released from any further liability under this
'82 Contract; ❑ may assign but not be released from liability under this Contract; or ® may not assign this Contract.
- - 83 Al. 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 overtime. 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 (c) If the real property includes pre -1978 residential housing then a lead-based paint rider is mandatory.
90 (d) If 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/A 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 ❑ .
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 REALTORS® AND THE FLORIDA BAR.
103 Approval does no,tlons(itute an opinion that any of the terms and conditions in this Contract should be accepted
104 by the particular transaction. Terms and conditions should be negotiated based upon the
105 respebtjve.interests, objectives and bargaining positions of all interested persons.
106 COPY.RIGI -11 ..19 8 BY THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORS®
•107 __1carK" +� 10-24-00
'108 (Buyer) Fran B. Adams: ,-Ctiairman (Date) (Seller) 0AVChae D opment, LLC (Date)
BY:
'109 Social Security or Tax I.D. #pct; of Co Commissioners Sociarsecurityor I ax ID. r
a7-.
'110 �./�/iii. //1 L oirk_, _-- 7ouo
_
'111 (Buyer) William M. I;dpier, SRPA,SRA (Date) (Seller) (Date)
'112 Social Security or Tax I.D.# Right -of -WAY Agent Social Security orTaxl.D.#
113 Deposit under Paragraph II (a) received; IF OTHER THAN CASH, THEN SUBJECT TO CLEARANCE.
114 (Escrow Agent)
115 BROKER'S FEE: The brokers named below, including listing and cooperating brokers, are the only brokers entitled to
116 compensation in connection with this Contract:
'117 Name: N/A
118 Cooperating Brokers, If any Listing Broker
Buyer tw "w ) (_) and Seller ( ) ( ) acknowledge receipt of a copy of this page.
FAR/BAR-5 Rev. 8/98 RIDERS CAN BE OBTAINED FROM THE FLORIDA ASSOCIATION OF REALTORSO OR THE FLORIDA BAR
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W
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1 `1gSTANDARDS FOR REAL ESTATE TRANSACTIONS
120 A. EVIDENCE OF TITLE:(1) An abstract or title prepared or brought current by a reputable and existing abstract firm (if not existing then
' - :er•' it as -:-•ecl by an existing firm) purporting to be y^ accurate synopsis of the In5irumenls af'�:' ng I' a to the real properly recofried "
I:Z the ] :i,c re.:'ds of the county wherein the real prope-'.r s located through Effective Date li shall c:mmence 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 nght of retention thereof by lirst mortgagee until fully paid. (2) A title insurance commitment 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
1208u)yoes title to the feel property, subject only to (lens, encumbrances, exceptions or qualifications provided in this Contract and those to be
127 d1harged by Seller at or before closing. Seller shall convey marketable title subject only to liens, encumbrances, exceptions or qualifications
120 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 date of receiving evidence of title to examine it. It title is found detective, Buyer
130 shall within said 5 days notify Seller in writing specifying the defect(s). 11 defect(s) render title unmarketable. Seller will have 30 day from
131 receipt of notice to remove the defects, failing 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 depos,tsl paid which shall be immediately returned 10 Buyer II Buyer fails to so notify Seller,
134 Buyer shall be deemed t0 have accepted the title as it then is. Seller shall, if title is found unmarketable. use diligent effort to correct defects)
135 witmn 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 depos't(s), thereby releasing Buyer and Seller from all further obligations under this Contract. If evidence of title is delivered to Buyer less than
- 137 5 days prior to closing. Buyer may extend closing dale so that Buyer shall have up to 5 days from date of receipt of evidence of title to examine
135same in accordance with this Standard.
139 B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shall
-day grata period in the event of default i
t40 provide fora 30f a first mortgage and a 15 -day grace period if a second or lesser mortgage; shall
16• pro' :a for r•_hl of prepayment in whole or in part witho _' :enalty, shall permit acceleration in event of transle• of the real property: shall require
ts: all :r liens and encumbrances to be kept in good Stan: -•g and forbid modifications of or future advances unser prior mortgage(sl: shall require
143 Sole -to maintain policies of insurance containing a sta-:ard mortgagee clause covering all improvements located on the real property against
144 fire aid all perils included within the term 'extended co•e•age endorsements' and such other risks and perils as Seller may reasonably require.
145 in ar amount equal to their highest insurable value. and the mortgage, 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 state or national banks located in the county wherein the real property is located. All personal
lab property and leases being conveyed or assigned will, at 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 exceed the periodic payments thereon.
-- I50 C. SURVEY: Buyer, at Buyer's expense, within time allowed to deliver evidence of title and to examine same, may have the real property surveyed
151 and certified by a registered Florida surveyor. If the survey discloses encroachments on the real property or 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 same shall constitute a title defect.
154 0. TERMITESIWOOD DESTROYING ORGANISMS: Buyer, at Buyer's expense, within the time allowed to deliver evidence of title, may have the
155 Properly inspedted by a Florida Certified Pest Control Operator ('Operator') to determine if there is any visible active termite Infestation or
156 visible damage from termite infestation, excluding fences- If either or both are found, Buyer shall have 4 days from date of written notice thereof
157 with!n which to have cost of treatment, if required. estimated by the Operator and all damage inspected and estimated by a licensed builder or
158 gene -al contractor. Seller shall pay valid costs of treatment and repair of all damage up to the amount provided in Paragraph Xill(a), If
159 estimated costs exceed that amount, Buyer shall have the option of canceling this Contract within 5 days after receipt of contractor's repair
160 estimate by giving written notice to Seller or Buyer may elect to proceed with the transaction, and receive a credit at closing on the amount
161 provided in Paragraph XIII (a).'Termites' shall be deemed to include all wood destroying organisms required to be reported under the Florida Pest
162 Control Act, as amended.
163 E. INGRESS AND EGRESS: Seller warrants and represents that there is ingress and egress to the real property sufficient for its Intended use
164 as described in Paragraph VII hereof, title to which is in accordance with Standard A.
165 F. LEASES: Seller shat 1, not less than 15 days before closing, furnish to Buyer copies of all written leases and estoppel letters from each
106 tenant specifying the nature and duration of the tenant's occupancy, rental rales. advanced rent and security deposit paid by tenant. If Seller is
167 unable to obtain such letter from each tenant, the same information shall be furnished by Seller and Buyer within that tune period in the form of a
168 Seller's affidavit, and Buyer may thereafter contact tenant to confirm such information. Seller shall, at closing, deliver and assign all original
169 leases to Buyer.
170 O. LIENS: Seller shall furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any
171 financing statement, claims of lien or potential lienors known to Seller and further attesting that there have been no improvements or repairs to
172 the real property for 90 days immediately preceding date of closing. If the real property has been improved or repaired within that time, Seller
173 shall deliver releases or waivers of construction liens executed by all general contractors, subcontractors, suppliers and malerialmen In addition
174 to Sellers lien affidavit setting forth the names of all such general contractors, subcontractors, suppliers and materialmen, further affirming that
175 all charges for improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been paid or will be paid
•�� 17e at 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
178 agent ('Closing Agent') designated by Seller
179 I. TIME: In computing time periods of less than six (6) days, Saturdays. Sundays and slate or national legal holidays shall be excluded, Any time
180 periods provided for herein which shall end on a Saturday. Sunday, or a legal holiday shall extend to 5'00 p.m. of the next business day. Time Is of
181 the essenu in this 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 estoppel letters and corrective instruments. Buyer shall furnish closing statement, mortgage, mortgage note.
164 secu- ty agreement and financing statements
185 K. EXPENSES: Documentary stamps on the deed and ecording of corrective instruments shall be paid by Seller. Documentary stamps and
188 intangible tax on the purchase money mortgage and any mortgage assumed, mortgagee title insurance commitment with related fees. and
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 Contract, charges for the following related title services, namely title or abstract charge, title examination, and settlement
189 and closing fee, shall be paid by the party responsible for furnishing the title evidence in accordance with Paragraph V.
190 L. PRORATIONS; CREDITS: Taxes, assessments, rent, interest, Insurance and other expenses of the Property shall be prorated through the
191 day before closing. Buyer shall have the option or taking over existing policies of insurance, if assumable, in which event premiums shall be
192 prorated Cash at closing shall be increased or decreased as may be required by prorations to be made through day prior to closing, or occupancy,
193 it 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 exemptions. If closing occurs at a date when the current year's millage is not fixed and current year's assessment is available, taxes
196 will be prorated based upon such assessment and prior year's millage. If current year's assessment is not available, then taxes will be prorated
197 on prior year's tax. If there are completed improvements on the real property by January 1st of year of closing, which improvements were not in
198 existence on January 1st 0f prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assessment to be agreed
199 upon between the parties; failing which, request shall be made to the County Properly Appraiser for an informal assessment taking into account
200available exemptions. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of tax bill on condition
201 th�at�a statement to that affect is signed at closing.
Buyer (_J Ia"� ) ( MMA ) and Seller ( yn✓- �'— ) (_._� acknowledge realpt of a COPY of this page.
FAR/BAR-5 Rev. 8/98 COPYRIGHT 1998 THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORSO
This form is licensed for use with Formulators' Forms Software by ISG McAllister Publishing, Inc. 806338-7027
CE
202 M. SPECIAL ASSESSMENT LIENS: Certified, confirmed and ratified special assessment liens as of dale of closing (not as of Effective Cale)
209 'are to be paid by Seller Pending liens as or dale o1 closing shall be assumed by Buyer If the improvement has been substantially comple:tl as
204 of Ellective Dale. any pe•"- ng ire• shah', :onsidered certified. confirmed or 'alifie! and Seller shall. at closing, be charged an a^;,nl
205 the last estimate or asses sent':• tie ir,;- emenI b)he public body
206 N. INS PE
CTION, REPAIR AHD MAINTENANCE: Seller warrants that the ceiling, root (including the fascia and soffits) and externo- and
207Interior walls, foundation, seawalls (or equivalent) and dockage do not have any Visible Evidence of leaks, water damage or structural damage
206 and that the septic tank, pool, all appliances, mechanical items, heating, cooling, electrical, plumbing systems and machinery are in Working
209 Condition. The foregoing warranty shall be limited to the items specified unless otherwise provided in an addendum. Buyer may, at Beer's
210 expense, have inspections made of those items within 20 days after the Effective Date, by a firm or individual specializing in home inspe—ons
211and holding an occupational license for such purpose (if required) or by an appropriately licensed Florida contractor, and Buyer shall, prior
212 to Buyer's occupancy, but not more than 20 days after Effective Dale, report in writing to Seller such items that do not meet the above staneards
213 as to defects. Unless Buyer timely reports such defects, Buyer shall be deemed to have waived Seller's warranties as to defects not reported
214 If repairs or replacements are required to comply with this Standard, Seller shall cause them to be made and shall pay up to the arrunl
215 provided in Paragraph Xlll(b). Seller is not required to make repairs or replacements of a Cosmetic Condition unless caused by a defect :e'er
216 is responsible to repair or replace. If the cost for such repair or replacement exceeds the amount provided in Paragraph XIII (b), Buyer and Seller
217 may elect to pay such excess, failing which either party may cancel this Contract. It Seller is unable to correct the defects prior to closer; the
216 cost thereof shall be paid into escrow at closing. Seller shall, upon reasonable notice, provide utilities service and access to the Proper.. for
219 Inspections, including a walk-through prior to closing, to confirm that all items of personal property are on the real property and, subject :: the
220 foregoing, that all required repairs and replacements have been made and that the Property, including. but not limited to. lawn, shrubbery an: :ool.
221 it any, has been maintained in the condition existing as of Effective Date, ordinary wear and tear excepted. For purposes of this Contra:: ta)
222 'Working Condition' means operating in the manner in which the item was designed to operate; (b)'Cosmetic Condition' means aesthetic
223 imperfections that do not affect the working condition of the Item, including, but not limited to: pitted marcite; missing or torn screens. fogged
224 windows: tears, worn spots. or discoloration of floor coverings, wallpaper. or window treatments: nail holes. scratches, dents. scrapes. c- :s or
225 caulking in ceilings, wallsfloorings, hxt,es, or mirrors, and minor cracks in floors, toes. windows. driveways, sidewalks. or pool decks. a-: :
226 cracked roof tiles, curling or worn shingles or limited roof life shall not be considered defects Seller must repair or replace, so long as there s ro
227 evidence of actual leaks or leakage or structrual damage. but missing tiles will be Seller's responsibility to replace or repair
228 O. RISK OF LOSS: It the Property is damaged by rue or other casualty before closing and cost of restoration does not exceed 3% :` the
229 assessed valuation of the Property so damaged. cost of restoration shall be an obligation of Seller and closing shall proceed pursuant to the
230 terms of this Contract with restoration costs escrowed at closing. If the cost of restoration exceeds 3% of the assessed valuation of the
231 Property so damaged, Buyer shall have the option of either taking the Property as is, together with either the 3% or any insurance proceeds
232 payable by virtue of such loss or damage, or of canceling this Contract and receiving return of the deposit(s).
233 P. PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. If an abstract of title has been
234 furnished. evidence of title shall be continued at Buyer's expense to show title in Buyer, without any encumbrances or change which would rehder
235 Seller's title unmarketable from the date of the last evidence. All closing proceeds shall be held in escrow by Seller's attorney or other mutually
236 acceptable escrow agent for a period of not more than 5 days after closing date. If Seller's title is rendered unmarketable, through no fault of
237 Buyer, Buyer shall, within the 5 -day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt of such
238 notification to cure the defect. If Seller fails to timely cure the defect, all deposit(s) and closing funds shall, upon written demand by Buyer and
239 within 5 days after demand, be returned to Buyer and, simultaneously with such repayment, Buyer shall return the personal property, vacate the
240 real property and reconvey the Property to Seller by special warranty deed and bill of sale. If Buyer fails to make timely demand for refund. Buyer
241 shall take title as is, waiving all rights against Seller as to any intervening defect except as may be available to Buyer by virtue of warra•ties
242 contained in the deed or bill of sale. If a portion of the purchase price is to be derived from institutional financing or refinancing, requirements
243 of the lending Institution as to place. time of day and procedures for closing, and for disbursement of mortgage proceeds shall control over
244 contrary provision in this Contract. Seller shall have the right to require from the lending institution a written commitment that it w: not
245 withhold disbursement of mortgage proceeds as a result of any title defect attributable to Buyer mortgagor. The escrow and closing procedure
246 required by this Standard shall be waived if the title agent insures adverse matters pursuant to Section 627.7641, F.S., as amended.
247 O. ESCROW: Any escrow agent ('Agent') receiving funds or equivalent is authorized and agrees by acceptanceof them to deposit tnem
246 promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and conditions of this Contract. Failure of
249 funds to clear shall not excuse Buyer's performance. If In doubt as to Agent's duties or liabilities under the provisions of this Contract, Agent
_ 250 may, at Agent's option, continue to hold the subject matter of the escrow until the parties hereto agree to its disbursement or until a judgement
251 of a court of competent jurisdiction shall determine the rights Of the parties, or Agent may deposit same with the clerk of the circuit court having
252 jurisdiction of the dispute Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, except to
253 the extent of accounting for any items previously delivered out of escrow. If a licensed real estate broker, Agent will comply with provisions of
254 Chapter 475, F.S., as amended. Any suit between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, or in any
255 suit wherin Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney's fees and costs Incurred with these
256 amounts to be paid from and out of the escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. The
257 Agent shall not be liable to any party or person for misdelivery to Buyer or Seller of items subject to the escrow, unless such misdelivery is doe to
258 willful breach of the provisions of this Contract or gross negligence of Agent.
259 R.ATTORNEY'S FEES; COSTS: In any litigation, including breach, enforcement or interpretation, arising out of this Contract, the prevailing
260 party In such litigation, which, for purposes of this Standard, shall include Seller. Buyer and any brokers acting in agency or nonagency
281 relationships authorized by Chapter 475. F S , as amended. shall be entitled to recover from the non -prevailing party reasonable attorney's lees.
262 costs and expenses.
263 S. FAILURE OF PERFORMANCE: If Buyer fails to perform this Contract within the time specified. Including payment of all deposits. the
264 deposit(&) paid by Buyer and deposit(s) agreed to be paid, may be recovered and retained by and for the account of Seller as agreed upon
265 liquidated damages. consideration for the execution of this Contract and in full settlement of any claims; whereupon. Buyer and Seller shall be
266 relieved of all obligations under this Contract; or Seller, at Seller's option, may proceed in equity to enforce Seller's rights under this Contract If
267 for any reason other than failure of Seller to make Seller's title marketable after diligent effort. Seller fails, neglects or refuses to perform :his
268 Contract, Buyer may seek specific performance or elect to receive the return of Buyer's deposit(s) without thereby waiving any acl,c- 'or
269 damages resulting from Seller's breach.
270 T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE: Neither this Contract nor any notice of it shall be recorded in any p -blit
271 records. This Contract shall bind and inure to the benefit of the parties and their successors in interest. Whenever the context permits, singular
272 shell Include plural and one gender shall include all. Notice given by or to the attorney for any party shall be as effective as if given by or to that
273 party.
274 U. CONVEYANCE: Seller shall convey title to the real properly by statutory warranty, trustee's, personal representative's or guardian's deed. as
275 appropriate to the status of Seller, subject only to matters contained in Paragraph VII and those otherwise accepted by Buyer. Personal property
276 shall, at the request of Buyer, be transferred by an absolute bill of sale with warranty of title, subject only to such mallets as may be otherwise
277 provided for herein.
276 V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this
279 Contract. No modification to or change in this Contract shall be valid or binding upon the parties unless in writing and executed by the perry or
280 parties intended to be bound by it.
281 W. WARRANTY: Seller warrants that there are no facts known to Seller materially affecting the value of the Property which are not readily
282 observable by Buyer or which have not been disclosed to Buyer.
a uyer-(—� � ) ( INM� I and SNler (019,
1 ( 1 acknowledge receipt of a copy of this page.
FARlSAR-5 Rev. 8198 COPYRIGHT 1998 THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORSO
This form is licensed for use with Fonnsalstor' Forms Software by ISG McAllister Publishing, Inc. 800-336-1027
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