HomeMy WebLinkAbout2005 08 22 Consent Item 210- Revision to sale of 124 Rhoden Lane
COMMISSION AGENDA
CONSENT X
INFORMATIONAL
ITEM 210
PUBLIC HEARING
REGULAR
MGR /DEPT
August 22, 2005
Meeting
Authorization
REQUEST:TheCity Manager Is Requesting The City Commission Authorize A Revision To The
SaleOf124RhodenLaneApprovedBy The City Commission On May 9, 2005 Regular
Agenda Item 514 (Add-On).
PURPOSE:
Thepurposeofthis request is for the City Commission to authorize the adjusted sale price of
124 Rhoden Lane.
CONSIDERATIONS:
1.On May 9, 2005, the CityCommissionapprovedRegular Agenda Item 514 authorizing the
sale of 124 Rhoden Lane as follows:
A.Purchase Price (Gross)$86,500.00
Less: Discounts
Rent to Own
Discount ($100 per
month for the 45
Rent to Own Discountmonths of rental) $4,600.00
Air Conditioner Repairs $612.00
(Replacement of
carpet and
Miscellaneous Repairs baseboards)$588.00($5,800.00)
Purchase Price (Net) $80,700.00
B.Citywilldo all we can to help qualifyMr. Douglas for Florida Housing Authority
Low Interest Bond Mortgage financing and SHIP mortgage Buy Down.
C.Mr. Douglas will agree to all other limitations, restrictions, and covenants placedupon
the owner’s of Moss Cove Town Homes.
D.Mr. Douglas will agree to normal purchaser closing costs.
Consent Agenda Item 210
August 22, 2005
Page 2 of3
2. On May 24,2005, a contract was authored by the City Attorney's office.
3. On June 2, 2005, Mr. and Mrs. Douglas signed the contract with a closing date of
June 30, 3005 and were unable to meet the closing deadline.
4. On July 14, 2005, the City received a new market appraisal of these townhouse units of
$117,000 by Krogmann and Associates, the firm that performed the December 14, 2004
appraisal of $86,500.
5. On August 3, 2005, the Mortgage Broker, City Attorney and I met to discuss a new
contract and settled on the following terms that needed to be approved by the buyers:
A. Purchase Price (Gross)
$102,000.00
With Seller paying up to $6,100 towards Buyer's
Closing Costs
$6,100.00
($6,100.00)
Purchase Price (Net)
$95,900.00
NOTE I: Rent to Own Discounts ($100 per month for 49 months) of $4,900 plus
air conditioner repairs of $612 plus Miscellaneous repairs of $588 = $6, 100.
NOTE 2: Buyer to have another appraisal prepared by an FHA approved appraiser.
The buyer will need to provide a copy of the appraisal to the City prior to closing.
6. On August 5, 2005, the Mortgage Broker called stating the Douglas' wanted to proceed
with the $102,000 sales price and requested the City proceed with drafting the new
contract.
7. On August 12, 2005, a contract was signed by both parties with the terms as stated above
with a closing date on or before August 31, 2005.
In summary, the buyer was unable to meet the closing date for the first approved
contract. The appraisal values increased during the interim. The Commission decided
that the townhouses be sold at market value. This contract is restricted by FHA
appraised value. The highest FHA appraisal we could obtain was $102,000. The same
discounts approved by the Commission in the original contract were applied to the
current FHA approved contract.
FUNDING:
Net Proceeds to the City:
Oril!inal Contract
$80,700
Proposed Contract
$95,900
RECOMMENDATION: It is recommended that the Commission approve the Purchase Price of
$102,000 with the City to pay up to $6,100 towards the buyer's closing costs.
Consent Agenda Item 210
August 22, 2005
Page 3 of3
ATTACHMENTS:
1 . Contract
COMMISSION ACTION:
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 "
1* PARTIES: City of Winter Springs ("Seller"),
2* and Eric A. Douqlas & Kim LaPointe, husband and wife ("Buyer"),
3 hereby agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property (collectively "Property")
4 pursuant to the terms and conditions of this Contract for Sale and Purchase and any riders and addenda ("Contract"):
5 I. DESCRIPTION:
6* (a) Legal description of the Real Property located in Seminole County, Florida:
7* LOT 1 BLK 4 MOSS PLACE PB PGS 25-26, AS PER THE TAX RECORDS
8*
9* (b) Street address, city, zip, of the Property: 124 Rhoden Lane, Winter Springs, Florida 32708
10 (c) Personal Property includes existing range(s), refrigerator(s), dishwasher(s), ceiling fan(s), light fixture(s), and window treatment(s) unless
11 specifically excluded below.
12* Other items included are: Refrigerator and stove
13*
14* Items of Personal Property (and leased items, if any) excluded are: N/A
15*
16* II. PURCHASE PRICE (U.S. currency): . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
17 PAYMENT:
18* (a) Deposit held in escrow by N/ A (Escrow Agent) in the amount of (checks subject to clearance) $
19* (b) Additional escrow deposit to be made to Escrow Agent within _ days after Effective Date
20* (see Paragraph III) in the amount of. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 * (c) Financing (see Paragraph IV) in the amount of. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22* (d) Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23 (e) Balance to close by cash, wire transfer or LOCALLY DRAWN cashier's or official bank check(s), subject
24* to adjustments or prorations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
25 III. TIME FOR ACCEPTANCE OF OFFER AND COUNTEROFFERS; EFFECTIVE DATE:
26 (a) If this offer is not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing between the parties on or
27* before August 15, 2005 , the deposit(s) will, at Buyer's option, be returned and this offer withdrawn. UNLESS OTH-
28 ERWISE STATED, THE TIME FOR ACCEPTANCE OF ANY COUNTEROFFERS SHALL BE 2 DAYS FROM THE DATE THE COUN-
29 TEROFFER IS DELIVERED.
30 (b) The date of Contract ("Effective Date") will be the date when the last one of the Buyer and Seller has signed or initialed this offer or the
31 final counteroffer. If such date is not otherwise set forth in this Contract, then the "Effective Date" shall be the date determined above for
32 acceptance of this offer or, if applicable, the final counteroffer.
33 IV. FINANCING:
34* 0 (a) This is a cash transaction with no contingencies for financing;
35* )( (b) This Contract is contingent on Buyer obtaining approval of a loan ("Loan Approval") within 2.!L days (if blank, then 30 days) after
36* Effective Date ("Loan Approval Date") for (CHECK ONLY ONE): 0 a fixed; 0 an adjustable; or)(a fixed or adjustable rate loan, in the prin-
37* cipal amount of $ 100,424.10, at an initial interest rate not to exceed PREV %, discount and origination fees not to exceed
38* PREV % of principal amount, and for a term of 30 years. Buyer will make application within -L days (if blank, then 5 days) after
39 Effective Date. Buyer shall use reasonable diligence to: obtain Loan Approval and notify Seller in writing of Loan Approval by Loan
40 Approval Date; satisfy terms and conditions of the Loan Approval; and close the loan. Loan Approval which requires a condition related to
41 the sale of other property shall not be deemed Loan Approval for purposes of this subparagraph. Buyer shall pay all loan expenses. If Buyer
42 does not deliver written notice to Seller by Loan Approval Date stating Buyer has either obtained Loan Approval or waived this financing con-
43 tingency, then either party may cancel this Contract by delivering written notice ("Cancellation Notice") to the other, not later than seven (7)
44 days prior to Closing. Seller's Cancellation Notice must state that Buyer has three (3) days to deliver to Seller written notice waiving this
45 financing contingency. If Buyer has used due diligence and has not obtained Loan Approval before cancellation as provided above, Buyer
46 shall be refunded the deposit(s). Unless this financing contingency has been waived, this Contract shall remain subject to the satisfaction,
47 by Closing, of those conditions of Loan Approval related to the Property;
48* 0 (c) Assumption of existing mortgage (see rider for terms); or
49* 0 (d) Purchase money note and mortgage to Seller (see Standards Band K and riders; addenda; or special clauses for terms).
50* V. TITLE EVIDENCE: At least -L days (if blank, then 5 days) before Closing a title insurance commitment with legible copies of instruments
51 listed as exceptions attached thereto ("Title Commitment") and, after Closing, an owner's policy of title insurance (see Standard A for terms) shall
52 be obtained by:
53* (CHECK ONLY ONE): )((1) Seller, at Seller's expense and delivered to Buyer or Buyer's attorney; or
54* 0 (2) Buyer at Buyer's expense.
55* (CHECK HERE): 0 If an abstract of title is to be furnished instead of title insurance, ancj attach r~r for terms.
56" VI. CLOSING DATE: This transaction shall be closed and the closing documents delivered onj August 31, 2005 ~"Closing"), unless
57 modified by other provisions of this Contract. If Buyer is unable to obtain Hazard, Wind, Flood, or Homeowners' insurance at a reasonable rate
58 due to extreme weather conditions, Buyer may delay Closing for up to 5 days after such coverage becomes available.
59 VII. RESTRICTIONS; EASEMENTS; LIMITATIONS: Seller shall convey marketable title subject to: comprehensive land use plans, zoning,
60 restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or otherwise
FAR/BAR-7s Rev. 7/04 @ 2004 Florida Association of REALTORs. and The Florida Bar All Rights Reserved Page 1 of 4
102,000.00
$
$
$
100,424.10
1,575.90
.__ _~ _ 1.::i1.
31
32
33
34
35*
36
37
38
39
70
71
72*
73*
74
75*
76*
77
78
79
30
31
32
33
34
35
36
37
38
39
30
31
32*
33*
34
35*
36*
37
38*
39*
100*
101*
102*
103*
common to the subdivision; outstanding oil, gas and mineral rights of record without right of entry; unplatted public utility easements of record
(located contiguous to real property lines and not more than 10 feet in width as to the rear or front lines and 7 1/2 feet in width as to the side
lines); taxes for year of Closing and subsequent years; and assumed mortgages and purchase money mortgages, if any (if additional items, see
addendum); provided, that there exists at Closing no violation of the foregoing and none prevent use of the Property for
Residential purpose(s).
VIII. OCCUPANCY: Seller shall deliver occupancy of Property to Buyer at time of Closing unless otherwise stated herein. If Property is intended
to be rented or occupied beyond Closing, the fact and terms thereof and the tenant(s) or occupants shall be disclosed pursuant to Standard F.
If occupancy is to be delivered before Closing, Buyer assumes all risks of loss to Property from date of occupancy, shall be responsible and liable
for maintenance from that date, and shall be deemed to have accepted Property in its existing condition as of time of taking occupancy.
IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions, riders and addenda shall control all printed pro-
visions of this Contract in conflict with them.
X. ASSIGNABILITY: (CHECK ONLY ONE): Buyer 0 may assign and thereby be released from any further liability under this Contract; 0 may
assign but not be released from liability under this Contract; or 0 may not assign this Contract.
XI. DISCLOSURES:
(a) 0 CHECK HERE if the Property is subject to a special assessment lien imposed by a public body payable in installments which
continue beyond Closing and, if so, specify who shall pay amounts due after Closing: 0 Seller 0 Buyer 0 Other (see addendum).
(b) Radon is a naturally occurring radioactive gas that when accumulated in a building in sufficient quantities may present health risks to per-
sons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida.
Additional information regarding radon or radon testing may be obtained from your County Public Health unit.
(c) Mold is naturally occurring and may cause health risks or damage to property. If Buyer is concerned or desires additional information
regarding mold, Buyer should contact an appropriate professional.
(d) Buyer acknowledges receipt of the Florida Energy-Efficiency Rating Information Brochure required by Section 553.996, F.S.
(e) If the real property includes pre-1978 residential housing then a lead-based paint rider is mandatory.
(~ If Seller is a "foreign person" as defined by the Foreign Investment in Real Property Tax Act, the parties shall comply with that Act.
(g) BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' ASSOCIA-
TION/COMMUNITY DISCLOSURE.
(11) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY TAXES AS THE AMOUNT
OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNER-
SHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES.
IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION.
XII. MAXIMUM REPAIR COSTS: Seller shall not be responsible for payments in excess of:
(a) $ 0.00 for treatment and repair under Standard 0 (if blank, then 1.5% of the Purchase Price).
(b) $ 0.00 for repair and replacement under Standard N not caused by Wood Destroying Organisms (if blank, then 1.5%
of the Purchase Price).
XIII. HOME WARRANTY: 0 Seller 0 Buyer)( N/ A will pay for a home warranty plan issued by
at a cost not to exceed $
XIV. RIDERS; ADDENDA; SPECIAL CLAUSES: CHECK those riders which are applicable AND are attached to and made part of this Contract:
o CONDOMINIUM 0 VNFHA l:(HOMEOWNERS' ASSN. 0 LEAD-BASED PAINT 0 COASTAL CONSTRUCTION CONTROL LINE
o INSULATION 0 "AS IS" 0 Other Comprehensive Rider Provisions )(Addenda
Special Clause(s):
Seller to pay up to $6100.00 toward Buyers down payment and closing costs. The following
clauses from the "Standards for Real Estate Transactions" incorporated by section xv of
this contract are to be OMITTED from this contract:B, D, F, N, 0, X AND Y.
104 XV. STANDARDS FOR REAL ESTATE TRANSACTIONS ("Standards"): Buyer and Seller acknowledge receipt of a copy of Standards A
105 through Y on the reverse side or attached, which are incorporated as part of this Contract.
106 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD,
107 SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING.
108 THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORSIII AND THE FLORIDA BAR.
109 Approval does not constitute an opinion that any of the terms and conditions in this Contract should be accepted by the parties in a
110 particular transaction. Terms and conditions should be negotiated based upon the respective interests, objectives and bargaining
111 positions of all interested persons.
112 (*) FOLLOWING A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK TO BE COMPLETED.
113* C)&~/o'oS- ~~~?21' ~ ~-I (-0 \-
114 (BUYER) Bric A. Dougl s (DATE) /( LLER) City of Winter springs (DATE)
115* ....~, O'r>-I()-~
116 (DATE) (SELLER) (DATE)
117* Buyers' address for purposes of notice
118* 124 Rhoden Lane
Sellers' address for purposes of notice
1126 East S.R. 434
119* Winter Springs, FL, 32708 Phone Winter Springs, FL, 32708 Phone
120 BROKERS: The brokers (including cooperating brokers, if any) named below are the only brokers entitled to compensation in connection with
121 this Contract:
122* Name:
123
N/A
Cooperating Brokers, if any Listing Broker
FAR/BAR-7s Rev. 7/04 @ 2004 Florida Association of REALTORS. and The Florida Bar All Rights Reserved
N/A
Page 2 of 4
.____;.:iL
124 STANDARDS FOR REAL ESTATE TRANSACTIONS
125 A. TITLE INSURANCE: The Title Commrtment shall be issued by a Florida licensed trtle insurer agreeing to issue Buyer, upon recording of the deed to Buyer, an
126 owner's policy of title insurance in the amount of the purchase price, insuring Buyer's marketable title to the Real Property, subject only to matters contained in
127 Paragraph VII and those to be discharged by Seller at or before Closing. Marketable trtle shall be determined according to applicable Title Standards adopted by
128 authority of The Rorida Bar and in accordance with law. Buyer shall have 5 days from date of receiving the Trtle Commitment to examine it, and if trtle is found defec-
129 tive, notify Seller In writing specifying defect(s) which render trtle unmarketable. Seller shall have 30 days from receipt of notice to remove the defects, failing which
130 Buyer shall, within 5 days after expiration of the 30 day period, deliver written notice to Seller either: (1) extending the time for a reasonable period not to exceed 120
131 days within which Seller shall use diligent effort to remove the defects; or (2) requesting a refund of deposit(s) paid which shall be returned to Buyer. If Buyer fails to
132 so notify Seller, Buyer shall be deemed to have accepted the title as rt then is. Seller shall, if title is found unmarketable, use diligent effort to correct defect(s) within
133 the time provided. If, after diligent effort, Seller Is unable to timely correct the defects, Buyer shall erther waive the defects, or receive a refund of deposit(s), thereby
134 releasing Buyer and Seller from all further obligations under this Contract. If Seller is to provide the Title Commitment and rt is delivered to Buyer less than 5 days prior
135 to Closing, Buyer may extend Closing so that Buyer shall have up to 5 days from date of receipt to examine same in accordance with this Standard.
136 B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shall provide for a
137 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 provide for right of prepayment
138 in whole or in part without penalty; shall permit acceleration in event of transfer of the Real Property; shall require all prior liens and encumbrances to be kept
139 in good standing; shall forbid modifications of, or future advances under, prior mortgage(s); shall require Buyer to maintain policies of insurance containing a
140 standard mortgagee clause covering all improvements located on the Real Property against fire and all perils included within the term "extended coverage
141 endorsements" and such other risks and perils as Seller may reasonably require, in an amount equal to their highest insurable value; and the mortgage, note
142 and security agreement shall be otherwise in form and content required by Seller, but Seller may only require clauses and coverage customarily found in mort-
143 gages, mortgage notes and security agreements generally utilized by savings and loan institutions or state or national banks located in the county wherein the
144 Real Property is located. All Personal Property and leases being conveyed or assigned will, at Seller's option, be subject to the lien of a security agreement evi-
145 denced by recorded or filed financing statements or certificates of title. If a balloon mortgage, the final payment will exceed the periodic payments thereon.
146 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 and certified
147 by a registered Florida surveyor. If the survey discloses encroachments on the Real Property or that improvements located thereon encroach on setback lines, ease-
148 ments, lands of others or violate any restrictions, Contract covenants or applicable governmental regulations, the same shall constitute a title defect.
149 D. WOOD DESTROYING ORGANISMS: 'Wood Destroying Organisms" (WOO) shall be deemed to include all wood destroying organisms required to be report-
150 ed under the Rorida Structural Pest Control Act, as amended. Buyer, at Buyer's expense, may have the Property inspected by a Rorida Certified Pest Control Operator
151 ("Operator'1 within 20 days after the Effective Date to determine if there is any visible active WOO infestation or visible damage from WOO infestation, excluding fences.
152 If erther or both are found, Buyer may wrthin said 20 days (1) have cost of treatment of active infestation estimated by the Operator; (2) have all damage inspected
153 and cost of repair estimated by an appropriately licensed contractor; and (3) report such cost(s) to Seller in writing. Seller shall cause the treatment and repair of all
154 WOO damage to be made and pay the costs thereof up to the amount provided in Paragraph XII(a). If estimated costs exceed that amount, Buyer shall have the
155 option of canceling this Contract by giving written notice to Seller within 20 days after the Effective Date, or Buyer may elect to proceed with the transaction and
156 receive a credit at Closing equal to the amount provided in Paragraph XII(a). If Buyer's lender requires an updated WOO report, then Buyer shall, at Buyer's expense,
157 have the opportunity to have the Property re-inspected for WOO infestation and have the cost of active infestation or new damage estimated and reported to Seller
158 in wrrting at least 10 days prior to Closing, and thereafter, Seller shall cause such treatment and repair to be made and pay the cost thereof; provided, Seller's total
159 obligation for treatment and repair costs required under both the first and second inspection shall not exceed the amount provided in Paragraph XII (a).
160 E. INGRESS AND EGRESS: Seller warrants and represents that there is ingress and egress to the Real Property sufficient for its intended use as described
161 in Paragraph VII hereof and title to the Real Property is insurable in accordance with Standard A without exception for lack of legal right of access.
162 F. LEASES: Seller shall, at least 10 days before Closing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying the nature
163 and duration of the tenant's occupancy, rental rates, advanced rent and security deposits paid by tenant. If Seller is unable to obtain such letter from each ten-
164 ant, the same information shall be furnished by Seller to Buyer within that time periOd in the form of a Seller's affidavit, and Buyer may thereafter contact ten-
165 ant to confirm such information. If the terms of the leases differ materially from Seller's representations, Buyer may terminate this Contract by delivering written
166 notice to Seller at least 5 days prior to Closing. Seller shall, at Closing, deliver and assign all original leases to Buyer.
167 G. LIENS: Seller shall furnish to Buyer at time of Closing an affidavrt attesting to the absence, unless otherwise provided for herein, of any financing statement,
168 claims of lien or potentiallienors known to Seller and further attesting that there have been no improvements or repairs to the Real Property for 90 days imme-
169 diately preceding date of Closing. If the Real Property has been improved or repaired within that time, Seller shall deliver releases or waivers of construction
170 liens executed by all general contractors, subcontractors, suppliers and materialmen in addition to Seller's lien affidavit setting forth the names of all such gen-
171 era! contractors, subcontractors, suppliers and materialmen, further affirming that all charges for improvements or repairs which could serve as a basis for a
172 construction lien or a claim for damages have been paid or will be paid at the Closing of this Contract.
173 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 agent ("Closing
174 Agent") designated by the party paying for title insurance, or, if no title insurance, designated by Seller.
175 I. TIME: In computing time periods of less than six (6) days, Saturdays, Sundays and state or national legal holidays shall be excluded. Any time periods provided
176 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. lime is of the essence in this Contract.
177 J. CLOSING DOCUMENTS: Seller shall furnish the deed, bill of sale, certificate of trtle, construction lien affidavit, owner's possession affidavit, assignments of leases,
178 tenant and mortgagee estoppel letters and corrective instruments. Buyer shall furnish mortgage, mortgage note, security agreement and financing statements.
179 K. EXPENSES: Documentary stamps on the deed and recording of corrective instruments shall be paid by Seller. All costs of Buyer's loan (whether obtained
180 from Seller or third party), including, but not limited to, documentary stamps and intangible tax on the purchase money mortgage and any mortgage assumed,
181 mortgagee title insurance commitment with related fees, and recording of purchase money mortgage to Seller, deed and financing statements shall be paid by
182 Buyer. Unless otherwise provided by law or rider to this Contract, charges for the following related title services, namely title evidence, title examination, and
183 closing fee Oncluding preparation of closing statement), shall be paid by the party responsible for furnishing the title evidence in accordance with Paragraph V.
184 L. PRORATIONS; CREDITS: Taxes, assessments, rent, interest, insurance and other expenses of the Property shall be prorated through the day before Closing.
185 Buyer shall have the option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at Closing shall be
186 increased or decreased as may be required by prorations to be made through day prior to Closing, or occupancy, if occupancy occurs before Closing. Advance
187 rent and security deposits will be credited to Buyer. Escrow deposits held by mortgagee will be credited to Seller. Taxes shall be prorated based on the current
188 year's tax with due allowance made for maximum allowable discount, homestead and other exemptions. If Closing occurs at a date when the current year's mill-
189 age is not fixed and current year's assessment is available, taxes will be prorated based upon such assessment and prior year's millage. If current year's assess-
190 ment is not available, then taxes will be prorated on prior year's tax. If there are completed improvements on the Real Property by January 1 st of year of Closing,
191 which improvements were not in existence on January 1 st of prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assess-
192 ment to be agreed upon between the parties; failing which, request shall be made to the County Property Appraiser for an informal assessment taking into
193 account available exemptions. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of current year's tax bill.
194 M. SPECIAL ASSESSMENT LIENS: Except as set forth in Paragraph XI(a), certified, confirmed and ratified special assessment liens imposed by public bod-
195 ies as of Closing are to be paid by Seller. Pending liens as of Closing shall be assumed by Buyer. If the improvement has been substantially completed as of
196 Effective Date, any pending lien shall be considered certified, confirmed or ratified and Seller shall, at Closing, be charged an amount equal to the last estimate
197 or assessment for the improvement by the publiC body.
FAR/BAR-7s Rev.7/04 @ 2004 Rorida Association of REALTORSe and The Florida Bar All Rights Reserved Page 3 of 4 ._~_..A
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STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED)
N. INSPECTION AND REPAIR: Seller warrants that the ceiling, roof (including the fascia and soffits), exterior and interior walls, foundation, and dockage of
the Property do not have any visible evidence of leaks, water damage, or structural damage and that the septic tank, pool, all appliances, mechanical items,
heating, cooling, electrical, plumbing systems, and machinery are in Working Condition. The foregoing warranty shall be limited to the items specified unless
otherwise provided in an addendum. Buyer may inspect, or, at Buyer's expense, have a firm or individual specializing in home inspections and holding an occu-
pationallicense for such purpose (if required), or by an appropriately licensed Florida contractor, make inspections of, those items within 20 days after the
Effective Date. Buyer shall, prior to Buyer's occupancy but not more than 20 days after Effective Date, report in writing to Seller such items that do not meet
the above standards as to defects. Unless Buyer timely reports such defects, Buyer shall be deemed to have waived Seller's warranties as to defects not report-
ed. If repairs or replacements are required to comply with this Standard, Seller shall cause them to be made and shall pay up to the amount provided in
Paragraph XII (b). Seller is not required to make repairs or replacements of a Cosmetic Condition unless caused by a defect Seller is responsible to repair or
replace. If the cost for such repair or replacement exceeds the amount provided in Paragraph XII (b), Buyer or Seller may elect to pay such excess, failing which
either party may cancel this Contract. If Seller is unable to correct the defects prior to Closing, the cost thereof shall be paid into escrow at Closing. For pur-
poses of this Contract: (1) "Working Condition" means operating in the manner in which the item was designed to operate; (2) "Cosmetic Condition" means
aesthetic imperfections that do not affect the Working Condition of the item, including, but not limited to: pitted marcite or other pool finishes; missing or torn
screens; fogged windows; tears, worn spots, or discoloration of floor coverings, wallpaper, or window treatments; nail holes, scratches, dents, scrapes, chips
or caulking in ceilings, walls, flooring, fixtures, or mirrors; and minor cracks in floors, tiles, windows, driveways, sidewalks, or pool decks; and (3) 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 is no evidence of actual leaks
or leakage or structural damage, but missing tiles will be Seller's responsibility to replace or repair.
O. RISK OF LOSS: If the Property is damaged by fire or other casualty before Closing and cost of restoration does not exceed 1.5% of the Purchase Price, cost
of restoration shall be an obligation of Seller and Closing shall proceed pursuant to the terms of this Contract with restoration costs escrowed at Closing. If the
cost of restoration exceeds 1.5% of the Purchase Price, Buyer shall either take the Property as is, together with either the 1.5% or any insurance proceeds
payable by virtue of such loss or damage, or receive a refund of deposit(s), thereby releasing Buyer and Seller from all further obligations under this Centract.
P. CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. If the title agent insures adverse matters pursuant to Section 627.7841, F.S.,
as amended, the escrow and closing procedure required by this Standard shall be waived. Unless waived as set forth above the following closing procedures
shall apply: (1) all closing proceeds shall be held in escrow by the Closing Agent for a period of not more than 5 days after Closing; (2) if Seller's title is rendered
unmarketable, through no fault of 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 notification to cure the defect; (3) if Seller fails to timely cure the defect, all deposits and closing funds shall, upon written demand by Buyer and within 5
days after demand, be returned to Buyer and, simultaneously wfth such repayment, Buyer shall return the Personal Property, vacate the Real Property and recon-
vey the Property to Seller by special warranty deed and bill of sale; and (4) if Buyer fails to make timely demand for refund, Buyer 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 warranties contained in the deed or bill of sale.
Q. ESCROW: Any Closing Agent or escrow agent (collectively "Agent'') receiving funds or equivalent is authorized and agrees by acceptance of them to deposit
them promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and conditions of this Contract. Failure of funds to clear shall
not excuse Buyer's performance. If in doubt as to Agent's duties or liabilities under the provisions of this Centract, Agent 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 judgment 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 jurisdiction of the dispute. An attorney who represents a party and also acts as Agent
may represent such party in such action. Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, except to the extent
of accounting for any items previously delivered out of escrow. If a licensed real estate broker, Agent will comply with provisions of 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 suit wherein Agent interpleads the subject matter
of the escrow, Agent shall recover reasonable attorney's fees and costs incurred with these 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 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 due to willful breach of the provisions of this Contract or gross negligence of Agent.
R. ATTORNEY'S FEES; COSTS: In any litigation, including breach, enforcement or interpretation, arising out of this Contract, the prevailing party in such liti-
gation, which, for purposes of this Standard, shall include Seller, Buyer and any brokers acting in agency or nonagency relationships authorized by Chapter
475, F.S., as amended, shall be entitled to recover from the non-prevailing party reasonable attorney's fees, costs and expenses.
S. FAILURE OF PERFORMANCE: If Buyer fails to perform this Centract within the time specified, including payment of all deposits, the deposit(s) 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 liquidated damages, consideration for
the execution of this Contract and in full settlement of any claims; whereupon, Buyer and Seller shall be 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 for any reason other than failure of Seller to make Seller's title mar-
ketable after diligent effort, Seller fails, neglects or refuses to perform this Contract, Buyer may seek specific performance or elect to receive the return of Buyer's
deposit(s) without thereby waiving any action for damages resulting from Seller's breach.
T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; FACSIMILE: Neither this Contract nor any notice of it shall be recorded in any public
records. This Contract shall bind and inure to the benefit of the parties and their successors in interest. Whenever the context permits, singular shall include
plural and one gender shall include all. Notice and delivery given by or to the attorney or broker representing any party shall be as effective as if given by or to
that party. All notices must be in writing and may be made by mail, personal delivery or electronic media. A legible facsimile copy of this Contract and any sig-
natures hereon shall be considered for all purposes as an original.
U. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's, personal representative's, or guardian's deed, as
appropriate to the status of Seller, subject only to matters contained in Paragraph VII and those otherwise accepted by Buyer. Personal Property 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 provided for herein.
V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this Centract. No mod-
ification to or change in this Contract shall be valid or binding upon the parties unless in writing and executed by the parties intended to be bound by it.
W. SELLER DISCLOSURE: There are no facts known to Seller materially affecting the value of the Property which are not readily observable by Buyer or which
have not been disclosed to Buyer.
X. PROPERTY MAINTENANCE; PROPERTY ACCESS; REPAIR STANDARDS; ASSIGNMENT OF CONTRACTS AND WARRANTIES: Seller shall main-
tain the Property, including, but not limited to lawn, shrubbery, and pool in the condition existing as of Effective Date, ordinary wear and tear excepted. Seller
shall, upon reasonable notice, provide utilities service and access to the Property for appraisal and inspections, including a walk-through prior to Closing, to
confirm that all items of Personal Property are on the Real Property and, subject to the foregoing, that all required repairs and replacements have been made,
and that the Property has been maintained as required by this Standard. All repairs and replacements shall be completed in a good and workmanlike manner,
in accordance with all requirements of law, and shall consist of materials or items of quality, value, capacity and performance comparable to, or better than,
that existing as of the Effective Date. Seller will assign all assignable repair and treatment contracts and warranties to Buyer at Closing.
Y. 1031 EXCHANGE: If either Seller or Buyer wish to enter into a like-kind exchange (either simultaneous with Closing or deferred) with respect to the Property
under Section 1031 of the Internal Revenue Cede ("Exchange"), the other party shall cooperate in all reasonable respects to effectuate the Exchange, includ-
ing the execution of documents; provided (1) the cooperating party shall incur no liability or expense related to the Exchange and (2) the Closing shall not be
contingent upon, nor extended or delayed by, such Exchange.
FAR/BAR-7s Rev.7/04 @ 2004 Florida Association of REALTORs. and The Rorida Bar All Rights Reserved Page 4 of 4
IS\
F RM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS. AND THE FLORIDA BAR
~
Comprehensive Rider to the FAR/BAR Contract for Sale and Purchase
FLORIDA ASSOCIATION OF REALTORS
",
If initialed by all parties, the clause below will be incorporated into the FAR/BAR Contract for Sale and Purchase between
City of Winter Springs (Seller)
and Eric A. Douglas & Kim LaPointe, husband and wife (Buyer)
concerning the Property described as 124 Rhoden Lane
Winter Springs
FL
32708
HOMEOWNERS' ASSOCIATION/COMMUNITY DISCLOSURE
Buyer's initi~s .- Seller's initials: If to be made a part of the Contract.
( ) ( .LJ - - ( fJ.- ) (1:,-tl,ors-
....
IF THE DISCLOSURE SUMMARY REQUIRED BY CHAPTER 720, FLORIDA STATUTES, HAS NOT BEEN PROVIDED TO THE
PROSPECTIVE PURCHASER BEFORE EXECUTING THIS CONTRACT FOR SALE, THIS CONTRACT IS VOIDABLE BY BUYER
BY DELIVERING TO SELLER OR SELLER'S AGENT OR REPRESENTATIVE WRITTEN NOTICE OF THE BUYER'S INTENTION
TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE DISCLOSURE SUMMARY OR PRIOR TO CLOSING, WHICHEVER
OCCURS FIRST. ANY PURPORTED WAIVER OF THIS VOIDABILlTY RIGHT HAS NO EFFECT. BUYER'S RIGHT TO VOID THIS
CONTRACT SHALL TERMINATE AT CLOSING.
BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THIS DISCLOSURE.
Disclosure Summary For
Moss Place
(Name of Community)
1. AS A BUYER OF PROPER1Y IN THIS COMMUNI1Y, YOU WILL BE OBLIGATED TO BE A MEMBER OF A HOMEOWNERS' ASSOCI-
ATION ("ASSOCIATION").
2. THERE HAVE BEEN OR WILL BE RECORDED RESTRICTIVE COVENANTS ("COVENANTS") GOVERNING THE USE AND OCCU-
PANCY OF PROPERTIES IN THIS COMMUNI1Y.
3. YOU WILL BE OBLIGATED TO PAY ASSESSMENTS TO THE ASSOCIATION. ASSESSMENTS MAY BE SUBJECT TO PERIODIC
CHANGE. IF APPLICABLE, THE CURRENT AMOUNT is $ (oS; 00 PER (Yl on4n . YOU WILL ALSO BE
OBLIGATED TO PAY ANY SPECIAL ASSESSMENTS IMPOSED BY THE THE ASSOCIATION. SUCH SPECIAL ASSESSMENTS MAY
BE SUBJECT TO CHANGE. IF APPLICABLE, THE CURRENT AMOUNT IS $ PER
4. YOU MAY BE OBLIGATED TO PAY SPECIAL ASSESSMENTS TO THE RESPECTIVE MUNICIPALl1Y, COUN1Y, OR SPECIAL DIS-
TRICT. ALL ASSESSMENTS ARE SUBJECT TO PERIODIC CHANGE.
5. YOUR FAILURE TO PAY SPECIAL ASSESSMENTS OR ASSESSMENTS LEVIED BY A MANDATORY HOMEOWNERS' ASSOCIATION
COULD RESULT IN A LIEN ON YOUR PROPER1Y.
6. THERE MAY BE AN OBLIGATION TO PAY RENT OR LAND USE FEES FOR RECREATIONAL OR OTHER COMMONLY USED FACILI-
TIES AS AN OBLIGATION OF MEMBERSHIP IN THE HOMEOWNERS' ASSOCIATION. IF APPLICABLE, THE CURRENT AMOUNT IS
$ PER
7. THE DEVELOPER MAY HAVE THE RIGHT TO AMEND THE RESTRICTIVE COVENANTS WiTHOUT THE APPROVAL OF THE
ASSOCIATION MEMBERSHIP OR THE APPROVAL OF THE PARCEL OWNERS.
8. THE STATEMENTS CONTAINED IN THIS DISCLOSURE FORM ARE ONLY SUMMARY IN NATURE, AND, AS A PROSPECTIVE
PURCHASER, YOU SHOULD REFER TO THE COVENANTS AND THE ASSOCIATION GOVERNING DOCUMENTS BEFORE PUR-
CHASING PROPER1Y.
9. THESE DOCUMENTS ARE EITHER MATTERS OF PUBLIC RECORD AND CAN BE OBTAINED FROM THE RECORD OFFICE IN THE
COUN1Y WHERE THE PROPER1Y IS LOCATED, OR ARE NOT RECORDED CAN BE OBTAINED FROM THE DEVELOPER.
BUYER L '~ DateO'i(-IovS BUYER Dateo~-IO-o\
Eric A. Dougl
FBCR-7 Rev.10/04 @ 2004 Rorida Association of REALTORS" and The Florida Bar All Rights Reserved
Page _ of Comprehensive Rider to the FAR/BAR Contract for Sale and Purchase
._.-..._~
ADDENDUM
THIS ADDENDUM is attached to that certain Contract For Sale and Purchase ("Contract")
of even date hereof by and between THE CITY OF WINTER SPRINGS, FLORIDA as "Seller",
and ERIC A. DOUGLAS and KIM LAPOINTE, husband and wife, as "Buyers."
WHEREAS, Buyers desire to acquire certain real property owned by Seller, more
particularly described within the Contract; and
WHEREAS, the Buyers have been in possession ofthe real property since September, 2001,
and continue in possession of the real property subject to a month-to-month leasehold interest; and
WHEREAS, the parties agree that the mutual covenants, agreements, and monies contained
herein constitute good and valuable consideration sufficient to support this Contract for Sale and
Purchase.
NOW, THEREFORE, in consideration of the mutual covenants contained herein, the
receipt and sufficiency of which are hereby acknowledged the parties agree as follows:
1. Recitals. The foregoing recitals are hereby deemed to be fully incorporated in this
Contract by reference.
2. Standards Deleted. The following Standards for Real Estate Transactions, contained
within the Contract for Sale and Purchase are hereby deleted from the Contract; B, D, F, N, 0, X,
and Y.
3. Leasehold Interest. The Buyers have been in possession ofthe real property since
September, 2001. They continue in possession at this time. Therefore, all maintenance of the
property and risk of loss prior to closing shall be borne exclusively by the Buyers.
The parties agree that upon closing of this transaction, the lease agreement between the
parties shall automatically terminate and all rent due shall be paid in full prior to closing.
4. Mort(:a2e. The City will take all reasonable steps to help Buyers qualify for Florida
Housing Authority programs, including, but not limited to, low interest State Bond Loans and SHIP
Mortgage Buy Downs. The Buyers understand and agree, however, that the City cannot guarantee
Buyers will qualify, nor can the City provide Buyers with these benefits ifthey do not qualify with
the State of Florida.
5. Real Property Repair. This Contract is an "As-Is Purchase."
Page 1 of 3
6. W aivers. No action taken pursuant to this Addendum, including, without limitation,
any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party
taking such action of compliance with any representation, warranty, covenant or agreement
contained herein. The waiver by any party hereto of a breach of any provision of this Addendum
shall not operate or be construed as a waiver of any subsequent breach.
7. Amendment and Modification. This Contract may not be changed, waived,
discharged or terminated except with the written consent of the Buyers and Seller.
8. Notices. All notices, consents, requests, instructions, approvals and other
communications provided for herein shall be validly given in writing and delivered personally, or
sent by registered or certified mail, postage prepaid.
9 Headin2s: Entire A2reement: Governin~ Law. The headings contained in this
Addendum and the underlying Contract are for reference purposes only and shall not affect in any
way the meaning or interpretation of either. The Contract and this Addendum constitute the entire
agreement and supersedes all prior agreements and understandings, both written and oral, among
the parties with respect to the subject matter hereof. This Contract shall be governed in all respects,
including validity, interpretation and effect, by the laws of the State of Florida.
10. Savings Clause. The invalidity or unenforceability of any particular provision ofthis
Contract shall not affect the other provisions, and this Contract shall be construed in all respects as
if such invalid or unenforceable provision were omitted.
11. Extension of Closin2 Date. Seller shall have the unilateral and absolute right to
exercise one, thirty (30) day extension of the Closing Date. Seller shall exercise the extension by
providing at least three (3) days written notice to Buyers. Any other extension shall be by mutual
agreement of the parties.
12. Le2al Description. The parties acknowledge that upon the execution of this
Contract the only available legal descriptions of the Property were the legal description of the
Property contained within Section I of the contract. Upon execution of this Contract, Buyers may
have the Property surveyed or resurveyed by a surveyor duly licensed in Florida. The survey will
be by a metes and bounds description and said description shall be incorporated into this Contract
as if included herein at the effective date ofthis Contract. The survey and legal description shall be
approved by both parties prior to incorporation into the Contract. Said approval shall not be
unreasonably withheld by the parties.
THIS SP ACE INTENTIONALLY LEFT BLANK
Page 2 of 3
IN WITNESS WHEREOF, the parties hereto have executed this Addendum on the date
written below their signatures.
SELLER:
BUYER:
CITY OF WINTER SPRINGS
By:
~.~
, Rona W. McLemore,
The City of Winter Springs,
City Manager
;;,. ~
Eric A. Douglas
6~/(-cS-
Date:
O~-IO~Q,S-
Date:
~te~-&
Date: 0 <;.. Lo-o~
~~n-oG
~ot +v 6>/W',k C'Pft> "f "{1IM ~Iy Arrr^~
tv Lk ~ p6c/) h Clor'l'lb' V. L,
Page 3 of 3