HomeMy WebLinkAbout2001-048do
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THIS FORM HAS BEEN APPROVED BY THE
FLORIDA ASSOCIATION OF REALTORS® AND THE FLORIDA BAR.
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Contract for Sale and Purchase
FLORIDA ASSOCIATION OF REALTORSD
AND THE FLORIDA BAR
'1 PARTIES: 8untr•e Partnerahio ("Seller"),
Florida 3]941 (Phone) (800) 733-63e ,
2 of
P.O.�Qtc 410999. Nelbourne.
Anhdivisinn of the Stats Of Florida _ ("buyer).
'3 and
4 of
Indian River County A Polirinel
1840 35th Street Vero Beach Florida 31910 (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 1.
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DESCRIPTION:
(a) Legal description of the Real Property located in Indian River County, Florida:
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See Lggal Deacr Rtion Bahibit "1t" attach eroto and made a Dart hereof,
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(b) Street address, city, zip, of the Property is: 5th Street 9W 1pFgposad r j ght of -rayl
Not•r
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(c)Personal Property: None 10,764,5 B1guare feet 01 00 y6r aguar• foot_ 'oningt R8-3.
f r.,,,. he
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An a condition of this contrast Buver agrees�retaova the building-
Tract at CoL14exceed 97,099,00)
$ 10.765.00
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PURCHASE PRICE: ................................................ ................................ _ ...........................................................................
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PAYMENT:
(a)Deposit held In escrow by (Escrow
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Agent) in the amount of............................................................................................................................................5
(b)Additional escrow deposit to be made to Escrow Agent within _da s after Effective Date (see
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Paragraph 111) in the amount of.......................................................................................................................................S -0-
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(c) Subject to AND assumption of existing mortgage in good standing in favor of
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having an approximate present principal balance of ...................$ -0-
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(d) New mortgage financing with a Lender (see Paragraph IV) in the amount of.................................................3 -0-
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(e) Purchase money mortgage and note to Seller (see rider for terns) in the amount of..................................5 -0-
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(f ) Other. $ -0
(g) Balance to close by U.S. cash or LOCALLY DRAWN cashiers or official bank check(s), subject
'27 to adjustments or prorationS......................................................................................................................................5 10.765.00
28 111. 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 Buyers option, be retumed 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. Please Note: This Contract is subject to Indian River County Final Approval.
34 IV. FINANCING:
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® (a) This is a cash transaction with no contingencies for financing;
❑ (b) This Contract is conditioned on Buyer obtaining a written loan commitment within — days after Effective Date for
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(CHECK ONLY ONE): ❑ a fixed; Elan adjustable; or ❑ a fixed or adjustable rate loan in the principal amount of
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$ , at an initial interest rate not to exceed % , discount and origination fees not to exceed _ %
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of principal amount, and for a term of years. Buyer will make application within —days (5 days if left blank) after
Date diligence to obtain a loan commitment and, thereafter, to satisfy terms and conditions of
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Effective and use reasonable
the commitment and close the loan. Buyer shall pay all loan expenses. if Buyer fails to obtain a commitment or fails to waive
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Buyers rights under this subparagraph within the time for obtaining a commitment or, after diligent effort, fails to meet the
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terns and conditions of the commitment by the closing date, then either party thereafter, by written notice to the other, may
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cancel this Contract and Buyer shall be refunded the deposit(s); or
❑ (c) The existing mortgage, described in Paragraph 11(c) above, has: ❑ a variable interest rate; or ❑ a fixed interest rate of
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% per annum. At time of title transfer, some fixed interest rates are subject to increase; if increased, the rate shall not
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exceed % per annum. Seller shall furnish a statement from each mortgagee stating the principal balance, method of
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payment, interest rate and status of mortgage or authorize Buyer or Closing Agent to obtain the same. If Buyer has agreed to
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assume a mortgage which requires approval of Buyer by the mortgagee for assumption, then Buyer shall promptly obtain the
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necessary application and diligently complete and return it to the mortgagee. Any mortgagee charge(s), not to exceed
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$ (1% of amount assumed if left blank), shall be paid by Buyer. H Buyer is not accepted by mortgagee or
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the requirements for assumption are not in accordance with the terms of this Contract or mortgagee makes a charge in
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excess of the stated amount. Seller or Buyer may rescind this Contract by written notice to the other party unless either
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elects to pay the increase in interest rate or excess mortgage charges.
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V. TITLE EVIDENCE: At least _ days before closing date, (CHECK ONLY ONE): ❑ Seller shall, at Sellers expense, deliver
Buyer Buyers attorney; or ®Buyer shall at Buyers expense obtain ®abstract of title; or JK title
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to or
insurance commitment (with legible copies of instruments listed as exceptions attached thereto) and, after closing, an owners
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policy of title insurance.
VI. CLOSING DATE:This transaction shall be closed and the closing documents delivered on or before 60 days ,
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unless modified by other provisionsofthis onlract. from 'Effective Date" (see III)
realpt or a copy or this Paye.
Buyer( COG ) ( MA/ 1 and Seller ( ( 1 acknowledge
FARrBAR-5 Rev. 8198 RIDERS CAN BE O INED FROM THE FLORIDA ASSOCIATION OF REALTORS® OR THE FLORIDA BAR
This
form is licensed for use with Fotrtmulestoe Forms Software by ISG McAllister Publishing. Inc. 800-338-1027
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61 VU. RESTRICTIONS; EASEMEWTS; LIMITATIONS: Buyer shall take title subject to: comprehensive land usa 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 fights 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 7 112 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 rood right -of -ray
68 ___ purpose(s).
69 VIII, OCCUPANCY: 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 ❑ COMPREHENSIVE RIDER ❑ HONEOWNERS' ASSN. ❑ COASTAL CONSTRUCTION CONTROL LINE
'79 ❑ CONDOMINIUM ❑ "AS IS" ❑ INSULATION
'80 ❑ VAIFHA ❑ LEAD-BASED PAINT ❑
'81 X1. ASSIGNABILITY: (CHECK ONLY ONE): Buyer ❑ 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 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 (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 X18. 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 IE 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 not constitute 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 interested persons.
106 COPYRIGHT l 98 BY THE FLORIDA BAR AND THE FLORIDA ASSOCIA ON OF REALTORS®
•107 _ 2-20-2001 a-7-Dt
`108 (Buyer) Carolina D. Ginn, C11airman (Date) (Seller Sun Tre ship (Date)
'109 Social/Security or Tax l.D.# 13d. Of Co. Commiao_-�uerff_ Social Security or Tax l.D.#___VyA__J,q_ba ley__
110—
'111 (Buyer) Nilliam H. Napier, SRPA'SRA (Date) (Seller) (Date)
'112 Social SecurityorTax I.D. #_ xigbit__Of_w" Iwe t Social Security or Tax I.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
B Uyef ( C/xj- ) ( Lvov ) and Seller ( ) ( ) acknowledge receipt of a copy of this page.
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FAR/BAR-5 Rev. 8198 RIDERS CAN BE O INED FROM THE FLORIDA ASSOCIATION OF REALTORS® OR THE FLORIDA BAR
This form is licensed for use with Fosrrsulntlir" Forms Software by ISG McAllister Publishing, Inc. 800-336-1027
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119 STANDAWS FOR REAL ESTATE TRANSACTX S
120 A. EVIDENCE OF TITLE:(!` Air abstract of title prepared or brought current by a reputable and existing atillfout firm (d not existing then
® 121 certified as correct by an existing firm) purporting to be an accurate synopsis of the Instruments affecting title le the real property recorded in
122 the public re tofds of the county wherein the real property is located through Effective Date It shall commence ran the earliest public records.
123 or such later dale as may be customary in the county Upon closing or rots Contract, the abstract shall become the property of Buyer. subject to
124 the right of retention thereof by first mortgagee until fully paid 12i A title nsvrase co mmitMent Issued by a Florida fsdansed title Insurer
125 agreeing to issue Buyer uPon recording of the deed 10 Buyer an owner's policy of hue Insurance in the amount of the purchase price. Insuring
126 Buyyer's title to the real property. subject only 10 liens, encumbrances, exceptions or qualifications provided in Isis Contract and those to be
127 dXharged by Seller at or before closing Seller shall convey marketable title subject only to hens, encumbrances. exceptions or qualifications
728 provided in this Contract Marketable title shall be determined accoreing to applicable Title Standards adopted by 7ulhOrty of The Florida Bar
129 end In accordance with law Buyer shall have 5 days from daft of receiving evidence of title to examine it. If Idle is found defective. Buyer
130 shall within said 5 days notify Seller ,n writing specifying the defect(s) If defect(s) render title unmarketable. Seller will have 30 day from
131 receipt of notice to remove the defects. Fading which Buyer shall. with,n five (5) days after expiration of the thirty (30) day period, deliver written
132 notice to Seller either (11 extending the time for a reasonable period not to exceed 120 days within which Seller shah use diligent effort to
133 remove the defects. or (2) requesting a refund of deposit(s) paid whits shall be immediately returned to Buyer It Buyer fads to so notify Seller.
734 Buyer shall be deemed to have accepted the title as it then IS Seller shall, if title is found unmarketable. use diligent effort to correct defect(si
135 within the l:me Drovided therefor If Seller is unable to firmly correct the defects. Buyer shall either waive the defects, or receive a refund of
138 depos It ($I he,
releasing Buyer and Seller from all further obligations under this Contract If evidence of title 1s 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
t39 B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and aortgage note to Seller shall
140 provide for a 30 -day grace period m wr
the event of default if a first rngage and a 15 -day grace period if a second or lesser mortgage. sham
tat provide for right of prepayment in whole of in part -shout penalty. shin permit acceleration in event of transfer of the real property, shall require
142 all prior liens and encumbrances to be kept in good standing and lorb,d modifications of or future advances under prior mortirage(s). shall require
t43 Buyer to maintain POUCie
s 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 'extended coverage endorsements' and such other risks and perils as Seller may reasonably require.
145 in an amount equal to their highest insurable value, and the mortgage. awe and security agreement shall be otherwise in form and content required
148 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 stale or national banks located in the county wherein the real property is located All personal
146 property and leases being conveyed or assigned will, at Seller's option. be subject to the lien of a $*curtly agreement evidenced by recorded
149 financing statements If a balloon mortgage, the final payment w111 exceed the periodic payments thereon
150 C. SURVEY: Buyer, at Buyer's expense, -thin time allowed to deliver evidence of title and to examine same, may haw 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 v olafe any restrictions. Contract covenants or applicable government&[ regulation, the
153 tame shall constitute a title defect
154 0. TE RMITE SiWOOD DESTROYING ORGANISMS: Buyer, at Buyer's expense within the time allowed to deliver evidence of title, may have the
'55 Property mspec:ed by a Fior,da Certified Pest Control Operator ('Operator') to determine 1f !here is any visible active termite irilestation of
156 visible damage from termite irfestaho n, excluding fences If ether or both are found. Buyer shall have 4 days from date of written notice thereof
157 within which to nave cost of treatment, it required. IS ed by the Operator and all damage inspected and estimated by a licensed builder or
156 gena rat contractor Seller shall pay valid costs of treatment and repair of all carnage up to the amount provided in Paragraph XIII(a) If
159 as
limated costs exceed that amount. Buyer shall have the option of canceling this Contract within 5 days after receipt of contractor's repair
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estimate by givl ng written notice to Seller or Buyer may elect t0 proceed with the transaction, and receive a ere" at closing on the amount
t61 provided m Paragraph XIf I(a) 'Termites' shall be deemed to include as wood destroying organisms required to be reported under the Florida Pest
182 Control Act, as amended.
163 E. INGRE SS AND EGRESS: Seller warrants and represents that then is ingress and egress to the real property sufficient for its intended use
184 as described in Paragraph VII hereof, title to which is in accordance want Standard A.
45 F. LEASES: Seller shall, not less than 15 days before closing. furnish to Buyer copies of all written leases and $stopper letters from each
6lenanl 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 same information shall be furnished by Seller and Buyer within that time period in the form of a
IBa Salle Ps affidavit, and Buyer may thereafter contact tenant to confine such information. Seller shall. at closing, deliver add assign all original
189 lasses to Buyer.
170 0. LIENS: Seller shat! furnish to Buyer al lime of closing an efficient attesting to the absence, unless other -Me provided for herein, of any
171 financing stale mrnt, clam= of lien or potent sal lienors known to Seller and further attesting that there have ►can rte improvements or repairs to
172 the real property for 90 days immediately preceding dale of closing 1T the real property has been improved of repaired wdbte that time. Seller
173 shall deliver releases or -
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e
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of construction (tens executed by all general contractors, subcontractors. suppliers and matertafarn in addition
174 to Seller's lien allidavit soll.ng of
the names of all such general contractors, subcontractors, suppliers are aotariel men, fortifier affirming that
75 all charges for improvements or repairs which could serve as a basis for a construction lien or a claim for damages save beers paid or will be paid
+76 at the closing of inn Contract
177 N. PLACE OF CLOSING: Closing shall be held in the county wherein the real property is located at the office of take altonley Of other closing
178 agent ('Closing Agent') designated by Seller.
17g 1. TIME: In computing time periods of less than six (8) days, Saturdays. Sundays and stale or national legal heli says shall be excluded. Any lime
180 periods provided for herein which shall and on a Saturday, Sunday. or a legal holiday shall extend to 5.00 p.m of the out busters* day Time Is of
161 tin psanw M Contract.
this Contra.
182 J. CLOS! MG OOCUYE NTS: Seiler shall furnish the deed, bill of sale. construction lien affidavit, owner's possesarw allidewt, assignments of
+83 leases, tenant and mongagee estoppel letters and corrective mslrueenls Buyer shall furnish closing slatearal, mortgage, mortgage note.
184 security agreement and financing sla'c—FF s.
185 N. EXPENSES: Documentary stamps on the deed and recording of corrective instruments shall be paid by Sella Documentary stamps and
186 intangible lax on the purchase rroney mortgage and any mongage assumed, mortgagee title insurance eoesmilrnt was related fees, and
187 vac Ord mg of purchase money mortgage to Seller, deed and financing statements shall be paid by Buyer Unless elberwise provided by law or
186 rider to this Contract, charges for the following related title services, namely title or abstract charge, title examinahan, and settlement
189 and closing fee. shall be paid by the party responsible for furnishing the title evidence in accordance with Paragraph V
TL. PRORATIONS: CREDITS: Taxes. assessments, rent, interest, insurance and other expenses of the Property shell be Prorated through the
day before closing Buyer shall have the option of laking over exishwg policies of insurance. if assumable, in watch event premiums shall be
t92 groveled Cash al closing shall be increased or decreased as may be required by prorations to be made through day prior to closing, or occupancy.
193 If
occupancy occurs before closing Advance rent and security deposes 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 alemPlions 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 collage If current year's assessment is not available, then taxes will be prorated
197 on Drior year's tax If there are completed improvements on the real properly by January tat of year of closing, whits improvements were not in
198 existence on January 1s1 of prior year, then saxes shall be prorated based upon prior year'u millage and at an equitable assessment to be agreed
199 upon bel ween the parties, failing which, request shall be nude to the County Property Appraiser for an informal assessment taking into account
200 available exemptions A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of tax bill on condition
lot In a st element to that affect is signed at Clio ng.
Buy of ( C --VG , ( FVAf� ) and S*IW ( 1 aA—Wdga receipt of a copy of this page.
FARIBAR-5 Rev 6198 COPYRIGHT 1998 T FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORS*
This form is Hennaed for use min FoensaslateltAsra Forms Software by ISG McAllister Publishing, Inc 800.336-1027
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202 M. SPECIAL ASSESSMENT LIENS: Certified. confirmed and ratified special assessment lens as of dale of closing (not as of Effective Dialer
203 aro to bepaid by Seller Pe ndin2 Eons as of date of Uofing shall be assumed by Buyer 11 the inic,"enent has been substantially completed as
204 0l Effective 0a1a, any Pending lion shall Oe consdered certified. confirmed or ratified and Seller shall. at closing, be charged an amount equal to
205 the last estimate or assessment for the improvement by the public body
206 N. IN SPE CTION, REPAIR AND MAINTENANCE: Seller warrants that the calling. root Including the fascia and soffits) and exterior and
207 rota tier walls. touno ,ion, !maws lis (or equivalenti and dockage do not have any V,s-ble Evidence of leaks, water damage Or structural damage
206 and that the septic lank. pool, all appliances. mechanical items. healing. cooling, electrical plurrOinq Systems and machinery are in Working
2D9 Condition The foregoing warranty shall be limited to the Mems specified unless otherwise provided m an addendum Buyer may. at Buyer's
210 axpense, have inspection! made of thc.e nems within 20 days atter the Effective Dale. by a tumor individual specializing in home Inspections
211 and holding an occupational license for such Purpose (n required) or by an approprialelIs incensed Florida contractor, and Buyer shall. prior
2t2 to Buyer's occupancy, but not more than 10 daya after EllecI ve Date, report i writing to Sauer such isms that do not meal the above standards
213 as 10 def is" %. Unless Buyer timely reports such defects. Buyer shall be deemed to •+ave waved Sellers warranlies as to defects not repo,led
2u If repairs or replacements orb required to comply with this Standard, Seller shall cause them :o be made and shall pay up to the amount
1.5 provided m Paraprapn Xnl(bl Server is not flquued to make repairs or replacements of a Cosmetic Condition unless caused by s defect Sauer
216 is responsible to repair or replace. if Ins cost for such repair or repraceme nt exceeds the amount provided in Paragra Dh XI11 (b), Buyer and Stlllr
211 may elect Io pay such excess, failing which either party may cancel this Contract II Seller is unable to correct the defects prior to closing. the
216 cost Ihereof shall be paid into escrow at clos-ng Seller shall, upon reasonable no.,c e. provide utilities sernce and access to the Property for
2.9 inspections, including a walk. through prior to closing. to confirm that all items of Personal prooart y are on the real property and. sublecl to the
220 foregoing, Ihat alt required repairs and rfol.,ernal nave been made and that the Properly including but not holed to. lawn, shrubbery and pool
221 If any, has been maintained in the condition existing as of Effective Date. ordinary went and fear excepted For purposes or this Contract (a)
222 Working Condition' means operating in the r4anner in which the Item was designed 10 Operate, (b) *COsnYlic Condition' means aesthetic
223 imperfections that do not affect the working condition of the nem, including. but not limned to pnfed marcde. missing or torn screens, fogged
224 windows, tears, worn spots, or discoloration of floor coverings. wallpaper, or window treatments. nal holes, scratches. dents, scrapes. chips or
225 caulking in callings, walls, Iloonngs. fixtures, or errors. and minor cracks in floors. hies, windows, driveways, sidewalks. or pool docks. and (c)
226 erac k ad roof tiles, curling or worn shingles. or limited roof life shall not be considered defects Seller Is repair or replace. so long as there is no
227 evidence of actual is
of tankage or slruclrual tamage. Dail missing Ines will be Sellers re s pons�bd It to replace or repair.
226 O. RISK OF LOSS: If the Property is damaged by fire or other casually before closing and cost of restootion does not exceed 3% of 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 tests escrowed a1 closing If the cost of restorat•on exceeds 3% of the assessed valuation of the
231 Property to damaged. Buyer shall have the option of either taking the Property as is. together with either the 3% or any insurance proceeds
212 payable by virtue of such loss or damage, or of canceling this Contract and receiving return of the de Ddtit(g)
233 P. PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds if an abstract of title has been
:14 furnished. evidence or title shall be continued at Buyer's expense to show idle in Buyer without any encumbrances of change which would render
:35 Sellers title unmark elabi! from the dale 01 Ili! last evidence
All closing proceeds shall be held in escrow by Seller's attorney or other mutually
16 aC cepla"le escrow agent for a period of not more than 5 days after closing dale If Seller's :itle if rendered unmarketable. through no fault of
:37 Buyer, Buyer shall, within the 5 -day period, notify Seller -n writing of the defect and Seller shah nave 30 days from dale of receipt of such
:]a no l'fieatlon to cure the del 11 Seller fans to timely cure line defect, all deposit(s) and clos•ng funds shall upon written demand by Buyer and
:J9 within 5 days after demand. be returned to Buyer and. simultaneously with such repayment. Buyer shall returnihe personal property. vacate the
:40 real property and reeonvey the Properly to Seller by special warranty deed and bill of sale If Buyer fads to mase timely demand for refund, Buyer
•al shall take lit ie as is, waiving all rights against Seller as to any intervening defect except as may be availab4t to Buyer by virtue of warranties
242 eonlained in the deed or bill of sale II 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 cIt to over
244 contrary provision in this Contract. Salter shall have the fight 10 require from The lending ristnul-on a written commitment that it rill not
245 withhold disbursement of mortgage proceeds as a result or any fill# defect attributable to Buyer mortgagor The escrow and closing procedure
246 required by this Standard shall be waived it the Idle agent insures adverse matters pursuant to Section 627 7841.F S., as amended.
247 O. ESCROW: Any escrow agent ('Agent') receiving funds or equivalent is authorized and agrees by acceptance of them to deposit them
14111promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and conditions of this Conlracl. Failure of
249 funds to clear shall not excuse Buyers Derforminc e. If in doubt as to Agent's duties of liabilities under the provisions of this Contract. Agent
250 may, al Agent's option, Continue 10 hold the subject matter of the escrow until the parties hereto agree to its disbursement or until a judgement
251 of a court of cornpelent jurisdiction shall deternsna the rights of the parties, or Agent may deposit same with the clerk of the circuit court having
252 ju risdiclion of the dispute Upon notifying all parties concerned of such action, all liability on the Dart of Against shall fully terminate, except t0
253 the extent of accounting for any slams previously delivered out of escrow II a licensed real estate broker. Agent will comply with provisions of
254 Cho to 475. F.S., as smenda Any suit besweee Buyer and Seller wherein Agent is node a party because of acting as Agent hereunder, or in any
255 it 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 that not be liable to any party or person for asisdelivery to Buyer or Seller of items subject to the escrow, unless such misdelivery is due to
25a willful breach o1 the provisions of this Contract w gross negiigence of Agent.
259 R. ATTORNEY'S FEES; COSTS: In any Inig allow, including breach, onto rc amens or interpretation, arising wit of this Contract. the preradmg
259 party in such IS
250
which, for purposes W this Sunda to. shall include Seiler, Buyer and any brokers acting in agency or nonagency
261 relationships cul horized by Chapter 475, F S , as amended, shall be entitled to recover from the non -prevailing party reasonable attorney's fees.
252 costa and ex petites.
233 i. FAILURE OF PERFORMANCE: If Buyer taws to perform this Contract within the time specified, incleding payment of all deposits. the
264 depostf(s) paid by Buyer and deposit($) 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 lull seluement of any claims. wn#feupon. Buyer and Salle, shah be
256 raliev#d of ail oDlig alidnt un0er 1110 Comrscl, or Seller, al Seller's option, may proceed m egwty to enforce Se1Nr's rights under this Contract If
267 for any rasa on other than failure of Salter to make Seller's title marketable after diligent effort, Sena fails. neglects or refuses to perform this
:6! Contract, Buyer may seek specific performance or elect to receive the return or Buyer's deposit(s) without thereby waiving any action for
:59 damages resulting from Seller's breach.
:'0T. CONTRACT NOT RECORDABLE: PERSONS BOUND; NOTICE: Neither this Contract nor any nonce of n shall be recorded in any public
1 records. This COnlract shall bind and inure to the benefit of the parties and their successors in interest Whenever the context permits. singular
2 shall mWude plural and one gender shall include as Notice given by or to the attorney for any party shall be as effective as if given by or to that
273 party.
:74 U. CONVEYANCE: Seller shall convey title to the real property 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 properly
276 shall, at the request of Buyer, be transferred by an absolute bill of sale with warranty Of title. subject only to such matters as may be otherwise
277provided for herein
27a V,OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this
279 Conlracl. No modil ice tion to or change in this Conlracl shall be valid or binding upon the partes unless in writing and executed by the party or
260 parties intended 10 be bound by it.
261 W. WARRANTY: Seller warrants that there are ao facts known to Seller materially affecting the value of the Property which are not readily
212 observable by Buyer or which have nor been disclosed Io Buyer
IS gym ( CJ ( 6e/Pf4"' ) and SNNs t � ( actnoselodge receipt of a copy of this Page.
FARMAR-5 Rev. 6f96 COPYRIGHT 1996 THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF RE ALTORSO
Thea form is licensed for use -nth FpnTnallsrtnfma Forms Software by ISG McAllister Publishing, Inc 900-336-1027
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