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2012 12 10 Consent 204 Lori Anne Lake Property Sale
COMMISSION AGENDA ITEM 204 December 10, 2012 Regular Meeting Informational Consent X Public Hearings Regular KS City Manager m Department REQUEST: The Finance and Administrative Services Department requests The City Commission to consider the Sale of the property at Lori Anne Lane for $42,500 and authorize the City Manager to execute all necessary contracts. SYNOPSIS: This item came before the Commission on August 13, 2012 (Item 202) at which time the City declared 154 Lori Anne Lane a surplus asset to be sold on the open market. The Finance and Administration Department is now asking the Commission to consider selling the property for $42,500 (cash offer) to Mark Wortman. The townhome is being sold "as is CONSIDERATIONS: In fiscal year 2000, the City of Winter Springs loaned $909,655 to the Wyman Fields Foundation for townhouse rehabilitations and an urban renewal project. This project was successful in buying townhomes, that where mostly_ rental properties, in the Western portion of the City that had fallen into a state of disrepair. The program purchased rental properties, restored them and allowed the residences to purchase them back as homeowners. This project greatly increased the value and aesthetics of the homes and neighborhoods affected by the project. The proceeds from the sales of these townhome units were deposited and credited to the City's Revolving Rehabilitation Fund for future economic development projects. The listing /asking price of $49,900 was derived after completing a comparable property Consent 204 PAGE 1 OF 2 - December 10, 2012 analysis. We felt that this was a fair starting point given the property's location , general condition and current market dynamics. To date the property received 3 offers the highest being a cash offer of $42,500. We have reviewed sales in the area and believe it is in the best interest of the City financially to accept $42,500 for the property.' If the Commission accepts this offer the net proceeds will be placed in the Revolving Rehabilitation Fund for future economic development projects. The closing date will be set for 12/30/2012. FISCAL IMPACT: If the City accepts the contract with a sale price of $42,500 the net proceeds will be placed in the Revolving Rehabilitation Fund for future economic development projects. The net proceed will be approximately: Sale Price $ 42,500 Commission $ -2,000 Closing Cost $ -1,000 $39,500 In addition the City will discontinue maintenance, insurance and utilities for this property. COMMUNICATION EFFORTS: This Agenda Item has been electronically forwarded to the Mayor and City Commission, City Manager, City Attorney /Staff, and is available on the City's Website, LaserFiche, and the City's Server. Additionally, portions of this Agenda Item are typed verbatim on the respective Meeting Agenda which has also been electronically forwarded to the individuals noted above, and which is also available on the City's Website, LaserFiche, and the City's Server; has been sent to applicable City Staff, Media/Press Representatives who have requested Agendas /Agenda Item information, Homeowner's Associations/Representatives on file with the City, and all individuals who have requested such information. This information has also been posted outside City Hall, posted inside City Hall with additional copies available for the General Public, and posted at five (5) different locations around the City. Furthermore, this information is also available to any individual requestors. City Staff is always willing to discuss this Agenda Item or any Agenda Item with any interested individuals. RECOMMENDATION: Recommend the Commission authorize the City Manager and City Attorney to prepare and execute all contracts and documents necessary to facilitate the selling of 154 Lori Anne Lane for price $42,500. ATTACHMENTS: A. Sales Contract Consent 204 PAGE 2 OF 2 - December 10, 2012 11— APR -2012 10:01 FROM BINL ROMEMA 005 TO 15348226201 P.01/01 BANK 01v IMMOYL Date: 1 1 12 To- -WI Mark di�9a �..afa! Ea Dear w i t h us At yota ret�uest, we aro pleased to confirm that you have maintainodau rnan taccount yo omsxa�t�x��� a arc4' bank t has beeut o rated to our ontiro satisfactiocc and that you have always p p y You 11ave deposits with us totaling in Mess of 64 "00} vvluoh, as of today, i (10 slot sMe as oollateral Tho ail ve information is given to yoo at y our roquesl/at OW request: of the Corupatty, for your p case and benefit, tenth en a eatcent or ldahility on the part ol' the bank ar FanY of its ofaooes, EE Z' ;i Your-5 faithfully, ;• First S' ternatlt�lna Bank Of lslt�.�' - FIB Rort#MR rich 1. 280200 yi l,ttar should be addreswd td the ctistotncr only- an x in the apgrotsci box• bank�Flsrael t j 8�ntettrr� CAt.L $30L19 i •t5hl.ca -il 7.06 1 Er a On TOTAL P.01 "AS IS" Residential C ontract For Sale And Purchase , G THis FORM HAS sE N APPxov91) BY THE FLORIDA RHALTOR8 AND TnE rLoRIDA s f AR t w,, F Iori da Rea Ito S' 1' a� s 4 L tt s' 10` 11 i2 to 14 15 16 1r; 10 10 20 2t 22' and Y1_tt f r t r' _ ( "Buye u U,�: r ), agree that Seller shall sell and Buyer shag buy the foflo�ving described Real Property and Personali Property (co#lecf#vely "Property") pursuant to the terms and conditions of this AS IS Residenfia€ Contract For Sale And Purchase and any riders and addenda ( "Contract "): I. PROPERTY DESCRIPTION: (a) Street address, city, zip: (b) Property is located in:.r�. Gottnfy, Florida. Real Property Tax (13 Na: (e) Legal of the Real Property: ! t'.6- 1 LQ zi 0 a �v i�) i� f / �a aataufleu walHo -wa €l carpeting and rlooring ("Beal Property ") ,unless specifical excluded below, (d) Personal Property: The following items owned by Scher and existing on the Property as of the date of the initial offer are inducted In the purchase ( "Personal Property "), (f) range(s)/oven(s), dlshwashar(s), disposal, ceiling fan(s), Intercom, light fixtures, rods,, draperies and other Window treatments, garage door openers, and security gate and other access devices and (#i) those additional items checked below. If additional details are necessary, specify below. If left blank, the Item below is not Included: Refrigerators) ❑ Smoke detertor(s) Pool barrier/Fe nce El storage shed Microwave oven ❑ Security system Pool equipment TV a ntennalsatellite dish Washer ❑ WindQw /wail a1c Pool heater Water softener /ourifier Dryer l Generator Spa or hot tub with heater Storm shutters and Stand -alone Ice maker Above ground pool patrols i The only other items of Personal Property included in this urchase, and any additional details regarding Personal Property, if necessary, are: ft ~� r.:.. a , t- C& forthe I arson at Property is included in the Purchase Pelce, has no (e) The following Items are excluded from the purchase . �'t r�, 24' 2. PURCHASE PRICE (U.S. currency).-_... ............... ................... .......... ,s (a) Init ial deposit to be held in escrow in the amount of (checks subject to COLLECTION) 2tz The initial deposit made payable and delivered to "Escrow Agent" named below W 6 j z74 (CHECK ONE);f J accompanies offer orD is to be made upon acoptance (Effective Dato) or [j is to be made within (€f blank, then 3) days after Effective Date EMU Agent lnYocmatian: Name: _ <7 -, , = 1..Q t. �r, c.tc¢ r�. Pliahe: W Address ,.t t rt:sat4.t.;ti.° , 1v�c } _ all E -mail rr r r . „ I, k.v �c� 1 irfu C: la tSCn - r',-�l,i 32' (r3)Additiona eposlt to be delivered to Escrow Agent within (if blank, then 3) as days after Effective D ate ........... ............................... .............. ..............................$ 34 (All deposits paid or agreed to be paid, are collectively referred to as the "Deposit ") ssR (c) Financing: Express as a dollar mortor percentage ( "Loan Amount ") see Paragraph 8 ........ W (d)Other: > 87 (e) Balance to close (not including Buyer's closing costs, prepa#ds and prorations) by wire 38' transfer or other COLLECTED funds........ ........ .............. $ 0 NOTE: For the definition of "COLLECTION" or "COLLECTED" see STAN pARC3 S. 14 4 ➢ 4o 3. TIME FOR ACCEPTANCE OF OFFER AND COUNTER- OFFERS; EFFECTIVE DATE. 4 1 (a) If not signed by Buyer and Seller, and an executed copy delivered to all parties on or before 42` - - -- ___...____ this offer shall be deemed withdrawn and the Deposit, if any, w ill be returned to Buyer. 43 Unless otherwise stated, time for acceptance of any ccunfer offers shall be within 2 days after the day the 44 cotinter` offer Is delivered. 45 (b) The effe €Ve date of this Contract will be the data when the last one of the Buyer' and Seller has signed or 46 Initialed this offer or final Counter -offer (''Effective, Date"), 41 4, CLOSING DATE: Unless modified by other provisions of this Contract, the closing of this transaction shall occur 48 and the closing doctt �p,renis r cluir d to be furnished by each party pursuant to this Contract shall be delivered 4W ( "Closing ° ) o �F°-tFr # i i 3 ( "Closing Date "), at the tune established by the Closing Agent. Buyer's Initials AW Page t of 10 Seller's Inllials FlorldaReaftorslFfarl af3ar- AS19.4 Rt V- - &1052010 Florida ReaftOrsV and The rforids Bar. Alf rights reserved. so S. EXTENSION OF CLOSING BATE; 51 (a) If Closing funds from Buyer's lender(s) are riot available at time of Closing due to Truth In Lending Act (TiLA) 52 notice requirements, Closing shall be extended for such period necessary to satisfy TILA notice requirements, 63 not to exceed 7 days. sa (b) If extreme weather or other condition or event constituting "Force Majeure" (see STANDARD C) causes: Gs (t) disruption of utilities or other services essential for Closing, or (t Hazard, Wind, Flood or Homeowners' ae insurance, to become unavailable prior to Closing, Closing will be extended a reasonable time up to 3 days 57 after restoration of utilities and other services essential to Closing, and availability of applicable Hazard, Wind, as Flood or Homeowners` insurance, If restoration of such utilities or services and availability of insurance has not as° occurred within (if left blank, 14) days after Closing Date, then either party may terminate this 60 Contract by delivering Written notice to the other party, and Buyer shall be refunded the Deposit, thereby 61 releasing Buyer and Seller from all further obligations under tit €s Contract. 62 6. OCC UPANCY AND POSSESSION, unless otherwise stated herein, Seller shall at Closing, have removed all ca personal Items and trash from the Property and shall deliver ocoupancy and possession, along with all keys, ea garage door openers, access devices and codes, as applicable, to Buyer. If Property is intended to be rented or 65 occupied beyond Closing, the fact and terms thereof and the tenants) or occupants shall be disclosed pursuant 66 to STANDARD D. If occupancy is to be delivered before Closing, Buyer assumes all risks of loss to Property frond 07 date of occupancy, shall be responsible and liable for maintenance from that date, and shall be deemed to have 6a accepted Property in its existing condition as of time of taking occupancy. o9. 7. ASSIGNABILITY. (CHECK ONE) Buyer i] may assign and thereby be released from any further liability 70^ under this Contract; [I may assign but not be released frorn liability under this Contract; or '► ray not assign 71 this Contract. 72 73 SPIN NCiNG, 74* Ala) Buyer Will pay cash, There is no financing 75 contingency to Buyer's obllgatlon to close. 76' p (b) This Contract is contingent upon Buyer obtaining a written loan commitment for a ❑ conventional ] FHA 77" ❑ VA loan on the following terms within if blank, then 3r) days after Effective Date ( "Loan 78' Commitment Date ") for; (CHECK ONE). ❑ fixed, � adjustable, EJ fixed or adjustable rate loan in n the principal amount of $ or % of the Purchase Price, at an initial interest rate 60^ not to exceed °l (if blank, then preva €ling rate based upon Buyer's creditworthiness), and for a 81 term of years (" Financing"). FINANCING 82 Buyer will make mortgage loan application for the Financing within (if blank, then 6) days after ea Effective mate and use good faith and diligent effort to obtain a written loan commitment for the Financing 84 ( "Loan Commitment") and close this Contract. Buyer shad keep Seller and Brokor fully informed about ss the status of mortgage loan application and Loan Commitment and authorizes Buyer's mortgage broker and es buyer's lender to disclose such status and progress to Seller and Broker. B7 if Buyer does not receive Loan Commitment, then Buyer may terminate this Contract by delivering written se notice to Seiler, and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all D9 further obligations under this Contract. so If Buyer does not deliver written notice to Boiler of receipt of Loan Commitment or 50yers written waiver of 01 this financing contingency, thee€ after Loan Commitment Date Seller may terminate tbls Contract by D2 delivering written notice to buyer and the Deposit shall be refunded to Buyer, thereby releasing Buyer and sa Seller from all further obligations under this Contract. 04 If Buyer delivers written notioe of receipt of Loan Commitment to Seller and this Contract does not 0 thereafter close, the Deposlt shall be paid to Seller unless failure to close is due to. (1) Seller's default; es (2) property related conditions of the Loan Commitment have not been met (except when smelt conditions W are waived by other provisiolts of thls Contract); (3) Appraisal of the Property obtained by Buyer's lender is W insufficient to meet terms of the Loan Commitment; or (4) the loan Is not funded due to financlal failure of e9 Buyer's lender, In which oveitt(s) the Deposit shall be returned to Buyer, thereby releasing Buyer and Seller iao from all further obligations under this Contract. 101+ �] (c) Assumption of existing mortgage (see rider for terms). 162k 171 (d) Purchase money note and mortgage to Seller (see riders; addenda; or special clauses for terms). E3uyoe$ lnl(tats Page 2 of 10 seller's Initials Florida Realtors /Ft nd,13a - ASIS_1 Rev. &110 @2010 Florida Rea ltors @and The Florida 13a r. All rights reserved. 103 CLOSiNG COSTS, FEES AND CHARGES 104 9, CLOSING COSTS; TITLE INSURANCE, SURVEY; HOME WARRANTY; SPECIAL ASSESSMENTS: last (a) COSTS TO St PAID 13Y SELLER: Documentary stamp taxes and surtax on deed, if any - 1-IOA/Condominiurn Association estoppel fees Owners Policy and Charges (if paragraph 9(o)(1) is checked) ° recording and other fees needed to cure title Title search charges (if paragraph 9(a)(iii) is checked) ° Seller's attorneys` fees Other: 108 If, prior to Closing, Seller is unable to meet flie AS IS Maintenance Requirement as required by Paragraph 11 for a sum equal to 125% of estimated cost to meet the AS IS Maintenance Requirement shall be escrowed at 140 Closing, If actual costs to meet the AS IS Maintenance Requirement exceed escrowed amount, Seiler shall 109 pay such actual costs. Any unused portion of escrowed amount shall be returned to Seller. 1 €o (b) COSTS TO BE PAID BY BUYER: Taxes and recording fees on notes and mortgages ° Loan expenses ° Recording fees for deed and financing statements ° Appraisal fees Owners Polley and Charges (if Paragraph 9(c)(11) is checked) ° Buyer's Inspections Survey (and elevation certification, if required) ° Buyer's attorneys' fees a Lender's title policy and endorsements All property related insurance f Association application /transfer fees 6 Other: 111° (c) TITLE EVIDENCE AND INSURANCE: At least - (if blank, then 5) days prior to Closing Date, a title 112 Insurance comn7ltrnent Issued by a Florida licensed title insurer, with legible copies of Instruments listed as 113 exceptions attached #hereto ( "Title Commitment ") and, after Closing, an owner's policy or title Irsurance (see 114 STANDARD A for terms) shall be obtained and delivered to Buyer. If Seller has an owners policy of title 113 Insurance covering the meal Property, a copy shall be furnished to Buyer and Closing Agent within C days after Ile Effective bate. The owner's title policy premium and charges for owner's polioy endorsements, title search, 137 and closing services (collectively, "owner's policy and Charges ") shall be paid, as set forth below lie (C ECK ONE); 110 ( i) Seller will designate Closing Agent: and pay for Owner's Policy and Charges (but not including charges 120 for closing services related to Buyer's lender's policy and endorsements and loan closing, which amounts 121 shelf be paid by Buyer to Closing Agent or such other provlder(s) as Buyer may select); or 14* [] (ii) Buyer will designate Closing Agent and pay for Owners Policy and Charges and charges for closing 1z3 services related to Buyer's loader's policy, endorsements, and loan closing; or f24' [] ( € €) [ MIAMI - DARE /BROWARD REGIONAL PROVISION], Seiler will furnish a copy of a prior owner's policy 175 of title insurance or other evidence of title and pay fees for; (A) a continuation or update o€ such t €tie evidence, 120 which is acceptable to Buyer's title Insurance underwriter for reissue of coverage; (8) tax search; and 1z7 (C) municipal lien search, Buyer shall obtain and pay for post - Closing continuation and premium for Buyer's 128 owner's policy, and if applicable, Buyer's lender's policy. Seiler shall riot be obligated to pay more than 129' $ ( if blank, $200.00) for abstract continuation or title search ordered or performed by Closing 110 Agent. 131 (d) SURVEY; At least 5 days prior to Ciosing, Buyer may, at Buyer's expense, have the Real Property surveyed 132 and certified by a registered Florida surveyor ( "Survey"). if Seller has a survey covering the Real Property, a 138 copy shall be furnished to Buyer and Closing Agent withiniays after Effective Date. 134* (e) HOME WARRANTY, At Closing, Q Buyer d Seiler N/A will pay for a home warranty plan Issued by 185^ at cost not to exceed $ A home Ian warranty plan provides for repair or replacernent of many of a home's mechanical systems and major built -in 137 appliances in the event of breakdown due 'to normal wear and tear during the agreemerit`s warranty period. 139 (f) SPECIAL ASSESSMENTS: At Closing, Seller will pay: (i) the full amount bf dens Imposed by a public body 139 ("public body" does not include a Condorn€nluni or Homeowner's Association) that are certified, confirmed and 140 ratified before Closing; and (ii) the amount of the public body's most recent estimate or assessment for an 141 improvement which is substantially complete as of Effective Date, but that has not resulted in a lien being T49 imposed oil the Property before Closing, buyer will pay all other assessments. If special assessrents may 143 he paid In installments (CHECK ONE): 140 [j (a) Seller shall pay Installments due I)rlor to Closing and Buyer shall pay installments clue after 145 Closing. Installments propaid or clue for the year of Closing shall be prorated. 148" [[ (b) Seller shall pay the assessment(s) In full prior to or at the time of closing. 147 IF NEITHER BOX IS CHECKED, THEN OPTION (a) SHALL, BE DEEMED SELECTED. 1138 This Paragraph 9(f) shall not apply to a special benefit tax Ilen imposed by a community development district 1138 (ODD) pursuant to Chapter 190 F.S. which €ten shall be treated as an ad valorem tax and prorated pursuant to 180 STANDARD K. €3uyees Initials Pago 3 of 10 Seller`s lnitials F1orldaRealtoWFlo daBar• 515 - I Rev, 6110(-) 2011 0 €'to€ida Realtors@ and The Florida Bar, All rights reserved. 151 DISCLOSURES 152 10. DISCLOSURES, 153 (a) RADON GAS: Radon is a naturally occurring radioactive gas that, when It is accumulated In a building in 164 sufficlent quantities, may present health risks to persons who are exposed to it over time, bevels of radon that rss exceed federal and state guidelines have been found in buildings In Florida. Additional information regarding ,ss radon and radon testing may be obtained from your county health department. 157 (b) PERMITS DISCLOSURE, Except as may have been discloser) by Seller to l3syer In a wriftett disclosure, 158 Seller does not know of any Improvements mada to the Property which were made without required 169 perttilts or m ade pttrstlartt to permits which have not been properly closed. 100 (c) MOM]: Mold is naturally 000urdng and may cause health risks or da €'nage to property. If Buyer is concerned or W desires additional lnformatlon regarding mold, Buyer should contact an appropriate professional. W (d) FLOOD ZONE; ELEVATION CERTIF1CATfON; Buyer is advised to verify by elevation certificate which flood I63 zone the Property is in, whether flood insurance is required by Buyer's lender, and what restrictions apply to 164 improving the Property and rebuilding In the event of casualty. If Property is In at "Special Flood Hazard Area" 'ies or "Coastal High Hazard Area" and finished floor elevation is below minimum flood elevation, Buyer may Iss terminate this Contract by delivering written notice to Seller within 20 days after Effective Date, failing which 187 Buyeraccepts existing elevation of buildings and flood zone designation of Property. U8 (0) ENI =RGY BROCHURE: Buyer acknowledges reoeipt of Florida En orgy - Efficlency Rating Information Brochure 169 required by Section 553.996, F.$, Ire (f) LEAD PAIN, If Property includes pre - 1978 residential housing, a lead - based paint rider Is 171 mandatory. 172 (g) HOMEOWNERS' HERS' ASSOCIATIONICOMMUNiTY DISCLOSURE: BUYER SHOULD NOT EXECUTE THIS 173 CONTRACT UNTIL BUYER HAS DECEIVED AND R EAD THE HOMEOWNERS' 174 ASSOCiATIONICOMMUNITY DISCLOSURE, IF APPLICABLE. 176 (h) PROPERTY TAX DiSCLOSURE SUMMARY. BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT 178 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES' THAT THE BUYER MAY BE OBLIGATED 117 TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF 0WNERSHIP OIL PROPERTY 178 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER fro PROPERTY TAKES, IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE 180 COUNTY PROPERTY APPRAiSER'S OFFICE FOR INFORMATION. 181 (i) TAX WITHHOLDING, If Seller is a "foreign person" as defined by the Foreign Investment In Real Property Tax 182 Act CFIRPTA" ), Buyer and Seller will comply with FiRPTA, which may require Seller to provide additional cash 183 at Closing. 184 {t) SELLER DISCLOSURE. Seller knows. of no facts materially affecting the value of the Real Property which are 185 not readily observable and which have not been disclosed to Buyer Except.as stated in the preceding sentence rss or otherwise disclosed In writing: (1) Seller has received no written or verbal notice from any governMental 187 entity or agency as to a currently uncorrected building, environmental or safety code violation; and (2) Seller lea extends and intends no warranty and makes no representation of any type, either express or Implied, as to the 1a9 physical condition or history of the Property. W PROPERTY MAINTENANCE, CC3NDITION, INSPECTIONS AND EXAMINATIONS 101 11. PROPERTY MAINTENANCE: Except for ordinary wear and tear and Caastiaity Loss, Seller shall rnaintaln the 192 Property, Including, but not limited to, lawn, shrubbery, and pool, in the condition existing as of Effective Date 193 ( "AS IS Maintenance Requirement "). too 12. PROPERTY INSPECTION; RIGHT TO CANCEL; 105 (a) PROPERTY INSPECTIONS AND RIGHT TO CAi<rCEL Buyer shall h ave ja (!f blank, 15) clays from 19s Eflective hate ( "Inspection Period'} within which to have Stich Inspections of the Property pcirl`olmod 197 as 1340r $hull desire during the Inspection Period, If Buyer determines, In Buyer's sole disoretlon, that tsa the Properly is not acceptable to Buyer, Buyer rat terminate this Contract by delivering writt n otice 109 of such efectlon to Seller prior to expiration of inspection perlod. It Buyer timely terminates this 206 Contract, the Deposit pall shall be Immedlately returned to Buyer, thereupon, Buyer and Seller shall 201 be released of all further obligations under this Contract; however, Buyer shall be responsible for zo2 prompt payment for such inspections, far repafr of damage to, and restoration of, the property 203 resulting from such Inspections, ar,d shall provide Seller With paid receipts for all work clone on the 204 Property (the preceding provision shall survive termination of this 4awjtract ). Unless Buyer exercises gas the right to ferrrtlnate granted herein, Buyer accepts the physical eonditlon of the property and any zos violation of governmental, budding, environtrtental, and safety codes, restrictions, orrequirements, but 2D7 subject to Seller's contlnuingAS IS Maintenance Requiremont, and Buyer shall be responsible for any tae and all repairs and hnproverments required by Buyer's lender. Buyer's In €tials Page 4 of 16 Setter's lnf1 €als F €oridaRealtorsrFlorf aE3ac ar ASS 8.1 6y, 6190 - @2010 Florida RealtorsO and The Florida Bar. Atl rights reserved, �"� 209 210 211 212 213 z14 295 216 717 210 290 220 221 222 225 224 225 228 227 228 2 ?0 230 231 232 733 234 23$ 23B 237 238 238 240 241 242 243 244 245 24S 247 24a 24s 280 251 252 253 254 215 250 267 258 259 and 261 282 263 264 266 7.66 2$7 (b)WALK-THROUGH IN5PBCTIONIRB -Iii SPEC:TION: On the day prior to Closing Date, or on Closing bate prior to time of Closing, as specified by Buyer, Buyer or Buyer's representative may perform a walk - through (and folfow -tap walk.-through, if necessary) inspection of the Property solely to confirm that all fterns of Personal Property are on the Property and to verify that Seller has maintained the Property as required by the AS IS Maintenance Requirement and has mat all other contractual obligations. (c) SELLER ASSISTANCE AND COOPERATION iN CLOSE -OUT OF BUILDING PERMITS, If Buyer's inspection of the Property identifies open or needed building permlts, then Seller shall promptly deliver to Buyer all plans, written documentation or other lnforrmatlon in Seller's possession, knowledge, or control relating to Improvements to the Property which are the subject of such open or needed Permits, and shall promptly cooperate in good faith with Buyer's efforts to obtain estimates of repairs or other work necessary to resolve such Permnit Issues, Sofler's obligation to cooperate shall Include seller`s execution of necessary authorizations, consents, or other documents necessary for Buyer to conduct inspections and have estimrrates of such repairs or work prepared, but in fulfilling such obligation, Seller shall not be required to expend, or become obligated to expend, any money, (d) ASSIGNMENT OF REPAIR AND TREATMENT CONTRACTS AND WARRANTIES, At Buyer's option and cost, Seller will, at Cfossng, assign all assignable repair, treatment and maintenance contracts and warranties to Buyer. ESCROW AGENT AND BROKER 13. ESCROW AGENT: Any Closing Agent or Escrow Agent (collectively "Agent ") receiving the Deposit, other funds and other items is authorized, and agrees by acceptance of them, to deposit there promptly, hold same in escrow within the State of Florida and, subject to COLLECTION, disburse them In accordance with terms and conditions of this Contract. Fatfure of funds to become COLLECTED shalt not excuse Buyer's performance. When conflicting demands for the Deposit are received, or Agent has a good faith doubt as to entitlement to the Deposit, Agent may take such actions permitted by this Paragraph 13, as Agent deems advisable, if In doubt as to Agent's duties or liabilities under this Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow until the parties agree to its disbursement or until a final 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 suoh 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 previousfy delivered out of escrow. If a licensed real estate broker, Agent will comply with provisions of Chapter 476, F.S., as amended and F"REC rules to timely resolve escrow disputes through modlatfon, arbitration, Interpleader or an escrow disbursement order. Any proceeding between Buyer and Seller wherein Agent Is made a party because of doting as Agent hereunder, or in any proceeding where Agent Interpleads the subject matter of the escroW, Agent shall recover reasonable attorney's fees and costs Incurred, to be paid pursuant to court order out of the escrowed funds or equlvatent. Agent shall not be liable to any party or person for mis- delivery of any escrowed Items, unless such mis- delivery is due to Agent's willful breach of this Contract or Agent's gross negligence, This Paragraph 13 shall survive Closing or termination of this Contract, 14, PROFESSIONAL ADVICE; BROKER LIABILITY. Broker advises Buyer and Seller to verify Property condition, square footage, and all other facts and representations made pursuant to this Contract and to consult appropriate professionals for legal, tax, environmental, and other specialized advice concerning matters affecting the Property and the transaction conterriplated by this Contract, Broker represents to Buyer that Oroker noes not reside on the Property and that all representations (oral, written or othertv)se) by Broker are based on Seller representations or Public records. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTOR$ AND GOVERNMENTAL AGENCIES FOR VERIFICATION OF PROPERTY CONDITION, SQUARE FOOTAOE AND FACTS THAT MATERIALLY AFFECT PROPERTY VALUE AND NOT ON THE REPRr :SENTATIONS (ORAL, WRITTEN OR OTHERWISE) OF 13ROK R, Buyer and Seller (individually, the "Indemnifying Party") each individually indentnifies, holds harmless, and refeases Broker and Broker's officers, directors, agents and employees from all liabillty for loss or damage, including all costs and expenses, and reasonable attorney's fees at all levels, suffered or incurred by Broker and Broker's officers, directors, agents and employees In connection with or arising from claims, demands or causes of action instituted by Buyer or Seller based ort: (1) Inaccuracy of information provided by the Indemnifying Party or from public records; (ii) Indemnifying Party's m(sslafe€rment(s) or failure to perform contractual obligalior)s; (1€l) Broker's performance, at Indemnifying Party's request, of any task beyond the scope of services regulated by Chapter 475, F.S,, as amended, including Broker's referral, recommendation or retention of any vendor for, or on behalf of, Indemnifying Party; (iv) products or services 'provided by any st €ch vendor far or on behalf of, Indemnifying Party, and (v) expenses incurred by any such vendor. Buyer and Seller eaoh assumes full responsibility for selecting and compensating their respective vendors and paying their other costs udder this Contract whether or not this transaction closes. This Paragraph 14 will not rel €eve Broker of statutory obligations under Chapter 475, F.S., as amended. For purposes of this Paragraph 14, Buyer's initials page 5 of 10 Seller's InNats FloridaReaitors/FloddaBer ASIS Rev. 6110 (Q 2010 t'iorida Real =0 and The rlorlda Bar. All rlghts reserved. 208 Broker will be treated as a part to this Contract. This Paragraph 14 shall survive Closing or termination of this 250 Contract. PY0 DEFAULT AND DISPUTE RESOLUTION 271 15, DEFAULT: 272 (a) BUYER DEFAULT; If Buyer fails, neglects or refuses to perform Buyer's obligations under this Contract, 273 Including payment of the Deposit, within the tima(s) specified, Seller may elect to recover and retain the 274 Deposit for tite account of Seller as agreed upon liquidated damages, consideration for execution of this 276 Contract, and in full settlement of any claims, whereupon Buyer and Seller shall be relieved from all further ZM obligations under this Contract, or Seller, at Seller's option, may, pursuant to Paragraph 16, proceed in equity 277 to enforce Seller's rights under this Contract. The portion of the Deposit, if any, paid to Listing Broker upon 276 default by Buyer, shalt be split equally between Listing Broker and Cooperating Broker; provided however, 219 Cooperating Broker's share shall not be greater than the commission amount Listing Broker had agreed to pay M to Cooperating Broker. W (b) SELLER DEFAULT If for any reason other than failure of Seller to make Seller's title marketable after 282 reasonable dif €gent effort, Seller fails, neglects or refuses to perform Seller's obligations under this Contract, 203 Buyer may elect to receive return of Buyer's Deposit without thereby waiving any action for damages resulting 284 from Seller's breach, and, pursuant to Paragraph 16, may seek to recover such damages or seek specific 280 performance. This Paragraph 15 shall survive Closing or termination of this Contract, gas 16. DISPUTE RESOLUTION: Unresolved controversies, claims and other matters in question between Buyer and 20.7 Seller arising out of, or relating to, this Contract or Its breach, enforcement or Interpretation ( "Dispute ") will be 280 settled as follows: gas (a) Buyer and Seller will have 10 days after the date conflicting dernands for the Deposit are made to attempt to 290 resolve such Dispute, failing which, Buyer and Seller shall submit such Dispute to mediation under 201 Paragraph 16(b). 292 (b) Buyer and Seller shall attempt to settle Disputes in an amicable manner through mediation pursuant to Florida 293 Rules for Certified and Court - Appointed Mediators and Chapter 44, RS., as amended ((he "Mediation Rules!). 2N The mediator gust be certifled or must have experience in the real estate industry. Injunctive relief may be zas sought without first complying with this Paragraph 16(b), Disputes not settled pursuant to this Paragraph 16 zsa may be resolved by instituting action in the appropriate court having jurisdiction of the matter. This Paragraph 16 287 shall survive Cfosing or termination of this Contract. zas 17, ATTORNEY'S PEES; COSTS: The parties will split equally any mediation fee Incurred in any mediation permitted a30 by this Contract, and each party will pay their own costs, expenses and fees, including attorney's fees, incurred in ono conducting the mediation. In any litigation permitted by this Contract, the prevailing party shall be entitled to 501 recover from the non - prevailing party costs and fees, including reasonable attorney's fees, incurred in conducting 302 the litigation, This Paragraph 17 shall survive Closing or termination of this Contract. aoa STANDARDS FOR REAL ESTATE TRANSACTIONS ( "STANDARDS - ) 3a4 18. STANDARDS: sos A. TITLE; 3o6 (1) TITLE EVIDENCE; RESTRICTIONS; EASEMENTS, LIMITATIONS- Within the time period provided In 807 Paragraph 9(c), the Title Commitment, with legible copies of instruments listed as exceptions attached thereto, shall soe be Issued and delivered to Buyer, The Title Commitment shall set forth those matters to be discharged by Seller at or aoa before Closing and shall providp that, upon recording of the deed to Buyer, an owner's policy of title insurance in the sin amount of the Purchase Price, shall be Issued to Buyer insuring Buyer's marketable title to the Real Property, err Subject only to the following matters; (a) comprehensive land use plans, zoning, and other land use restrictions, ore prohibitions and requirements Imposed by governmental authority; (b) restrictions and matters.appearing on the Plat at3 or otherwise conmon to the subdlvislon; (Q) outstanding oil, gas and mineral rights of record without right of entry; 3r4 (d) unplatted public utility easements of record (located contiguous to real property lines and not more than 10 feet in 316 width as to rear or front lines and 7 112 feet in wfdth as to side lines); (e) taxes for year of Closing and subsequent ma years; and (f) assumed mortgages and purchase money mortgages, if any (if additional ftems, attach. addendum); air provided, that none prevent use of the Property for RESIDENTIAL PURPOSES, If there exists at Closing any at) violation of items Identified In (b) - (f) above, then the same shall be deemed a title defect. Marketable title shall be sts determined according to applicable Title Standards adopted by authority of The Florida Bar and in accordance with 320 law. att (ii) TITLE EXAMINATION: Buyer shall have 6 days after receipt of Title Commitment to examine it and notify 3z2 Seller in writing specifying defect(s), if any, that render title unmarketable, If Seller provides Title Commitment and it 323 !s delivered to Buyer less than 5 days prior to Closing Date, Buyer may extend Closing for up to 6 days after 324 date: of receipt to examine same in accordance with this STANDARD A. Seller shall have 30 days ( "Cure Period") aw after receipt: of Buyer's notice to take reasonable diligent efforts to remove defects. If Bayer fasts to so notify Seller, 326 Buyer shall be deemed to have accepted title as it then is. If Seller cures defects within Cure Period, Seller will Buyer's Initials Aw / Pagel 6 of 10 Seller's Initiofs - FIoridaRealtorslFtaridaBar- ASIS -I Rev. 6110@2010 Florida RealtarsfJ and Tha rlorida rear. All rlghls roserved. 327 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED) Sae deliver written notice to Mayer (with proof of cure acceptable to Buyer and Buyer's attorney) and the parties will 325 close this Contract on Closing Date (or if Closing Date has passed, within 10 days after Buyer's receipt of Sellers 33a notice), If Seller fs unable to cure defects within Cure Period, then Buyer may, within 5 stays after expiration of 331 Cure Period, deliver written notice to Seller: (a) extending Cure Period for a specified period not to exceed 120 days in within which Seller shalt continue to use reasonable diligent effort to remove or cure the defects ( "Extended Curt 3s3 Period "); or (b) electing to accept title with existing defects and close this Contract on Closing Date (or if Closing Elate s34 has passed, within the earlier of 10 days after end of Extended Cure Period or Buyer's receipt of Seller's notice), or 335 (c) electing to terminate this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from sae all further obilgations under this Contract, If after reasonabla diligent effort, Seller is unable to timely cure defects, 337 and Buyer does not waive the defects, this Contract shall terminate, and Buyer shall receive a refund of the Deposit, sae thereby releasing Buyer and Seller from all further obligations tinder this Contract. 339 13, SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon 346 encroach on setback lines, easements, or lands of others; or vtolate any restrictions, covenants, or applicable mi governmental regulations described in STANDARD A (i)(a), (b) or (d) above, Buyer shall deliver written notice of such M matters, together with a copy of Survey, to Seller within 5 days after Buyers receipt of Survey, but no later than W Closing. If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice and Survey 844 shalf oonstitute a title defect, subject to cure obligations of STANDARD A above. If Seller has delivered a prior sae survey, Seller shall, at .Buyer's request, execute an affidavit of "no change" to the Real Property since: the sac preparation of such prior survey, to the extent the affirmations therein are true and correct. 347 C. INGRE=SS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to sae the Real Property is insurable In accordance with STANDARD A without exception for lack of legal right of access, ma b. LEASES: Seller shall, within 5 days after inspection Period, furnish to Buyer copies of all written leases and 354 estoppel letters from each tenant specifying nature and duration of tenant's occupancy, rental rates, advanced rent sea and security deposits paid by tenant, and income and expense statements for preceding 12 months ( 4 1-ease S62 In €ormation "), If Seiler is unable to obtain estoppel letters from tenant(s), the same Information shall be furnished by 308 Seller to Buyer within that tune period In the form of a Seller's affidavit, and Buyer may thereafter contact tenants) 354 to confirm such information. If terms of the lease(s) differ materially from Seller's representations, Buyer may deliver 356 written notice to Seller w ithin 5 days after receipt of Lease information, but no later than 5 days prior to Closing 356 Date, terminating this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all 357 further obligations tinder this Contract. Seller shall, at Closing, deliver and assign all original (eases to Buyer who 35a shall assume Seller's obligation thereunder. 359 E. LIENS; Seller shall furnish to Buyer at Closing an affidavit attesting; (J) to the absence of any financing wo statement, claims of lien or potential Ifenors known to Seller, and ( €1) that there have been no Improvements or repairs 304 to the Real Property for SO days immediately preceding Closing Bate, If the Real Property has been improved or 362 repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all general ass contractors, subcontractors, suppliers and materlalmen in addition to Seller's lien affidavit setting forth names of all ssa such general contractors, subcontractors, suppliers and materialmen, further affirming that all charges for se5 improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been paid mo or will be paid at Closing. 367 F. TIME; Calendar days shall be used in computing time periods. Any time periods provided for in this Contract see which shall end on a Saturday, Sunday, or a national legal holiday (see 5 U,S,C. 6103) shall extend to 5:00 p.m. sss (where the Property is located) of the next business day. Time is of the essence In this Contract, 37o G. FORCE MA,IEURE: Buyer or Seiler shall not be required to perform any obligation tinder this Contract or be sm liable to each other for damages so long as perfon - nance or non - performance of the abligatton is delayed, caused or 372 prevented by Force Majeure. "Force Majeure" means: hurricanes, earthquakes, floods, fire, acts of God, unusual a73 transportation delays, wars, insurrections, acts of terrorism, and any other cause not reasonably within control of era Buyer or Setler, and which, by exercise of reasonable diligent effort, the non- perfornilrig }party is unable In whole or in a76 part to prevent or overcome, All time periods, including Closing Date, will be extended for the period that the Force M Majeure prevents performance under this Contract, provided, however, if such Force Majeure continues to prevent M performance under this Contract more than 14 days beyond Closing Date, theta either party may terminate this 378 Contract by delivering written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer ale and Seller from all further obligations under this Contract, sso H. CONVEYANCE; Seller shall convey marketable title to the heal Property by statutory warranty, trustee's, 36t personal representative's, or guardlan's need, as appropriate to the status of Seller, subject only to matters described ss2 in STANDARD A and those accepted by Buyer. Personal Property shall, at request of Buyer, be transferred by 363 absolute bill of sale with warranty of title, subject only to such matters as may be provided for in this Contract. $34 I. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE* aes (I) LOCATION: Closing will take place in the county where the Real Property is located at the office of the 38s attorney or other closing agent ( "Closing Agent"') designated by the party paying for the owner's policy of title Buyer's Initials & Page 7 of 10 Sbli&s Inlilsls FlortdaRealtorsiFfarfdaBar- A51S -i Rev. 0110 0 2010 Ho rid a RealtorsO and The Florida Bar. M rfgNs reserved, 3V STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED) 3no insurance, or, if no title insurance, designated by Seller, Closing may be conducted by mail or electronic means, aas (II) CLOSING DOCUMENTS. At Closing,. Seller shall furnish and pay for, as applicable, dead, bill of sale, aso certlffcato of title, construction lien aff<daAt, owner's possession affidavit, assignments of leases, and corrective = instruments. Seller shall provide Buyer with paid receipts for all work dome on the Property pursuant to this Contract. 302 Buyer shalt furnish and pay for, as applicable, mortgage, mortgage note, "ourity agreement, financing statements, 31 J3 survey, base elevation certifloation, and other documents required by Buyer's lender. asa (iii) PROCEDURE: The deed shall be recorded upon COLLECTION of all closing funds. If the Title sss Commitment provides insurance against adverse matters pursuant to Section 627,7841, 1=.5., as amended, the asa escrow closing procedure required by STANDARD J shall be waived, and Closing Agent shall, subject to 397 COLLECTION of all closing funds, disburse at Closing the brokerage fees to Broker and the net sale proceeds to asa seller, 'M J. ESCROW CLOSING PROCEDURE': If Title Commitment issued pursuant to Paragraph 9(c) does not provide goo for insurance against adverse matters as permitted under Section 627.7841, P.S., as amended, the following escrow 401 and closing procedures shall apply: (1) all Closing proceeds shall be held in escrow by the Closing Agent for a period not of not more than 10 days after Closing; (2) if Seller's title is rendered unmarketable, through no fault of Buyer, Buyer 403 shall, within the 10 day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt 404 of such notification to cure the defect; (3) if Seller fails to timely cure the defect,. the Deposit and all Closing funds 405 paid by Buyer shall, within 5 days after written demand by Buyer,, be refunded to Buyer and, simultaneously with 40s such repayment, Buyer shall return the Personal Property, vacate the Real Property and re-convey the Property to 407 Seller by special warranty deed and Wit of sale; and (4) if Buyer falls to make timely demand for refund of the 40 Deposit, Buyer shall take title as Is, walving all rights against Seller as to any intervening defect except as may be 4oa available to Buyer by virtue of warranties contained in the deed or bill of sale. 410 K, PRORATION$; CREDITS: The following recurring items will be made current (if applicable) and prorated as of 411 the day prior to Closing Date, or date of occupancy if occupancy occurs before Closing hate: real estate taxes ate (including special benefit tax assessments imposed by a CDD), interest, bonds, association fees, insurance, rents 443 and outer expenses of Property. Buyer shall have option of taking over existing policies of insurance, if assumable, In 414 which event premiums shall be prorated. Cash at Closing shall be increasers or decreased as may be required by 415 proraflons to be made through day prior to Closing. Advance rent and security deposits, If any, will be credited to 416 Buyer, Escrow deposits held by Seller's mortgagee will be paid to Seller. Taxes shall be prorated based on current 417 year's tax with clue allowance made for maximum allowable discount, homestead and other exemptions. if Closing 418 occurs on a date whet) current year's rniflage is not fixed but current year's assessment is available, taxes will be 419 prorated based upon such assessment and prior year's miilage; If current year's assessment Is not available, then 420 taxes will be prorated on prior year's tax. if there are completed Improvements on the Real Property by January 1st of 421 year of Closing, which improvements were not in existence on January 1st of prior year, then taxes shall be prorated 422 based upon prior year's millage and at an equitable assessment to be agreed upon between the parties, failing which, 42a request shall be made to the County Property Appraiser for an informal assessment tasting into account available 424 exemptions. A tax proration based on an estimate shall, at either party's request, be readjusted upon receipt of 426 current years tax bill, This STANDARD K shall survive Closing, 42a L, ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH. Seller 427 shall, upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, 42a including a walk - through (or follow-up walk- through if necessary) prior to Closing. 428 hfl. RISK OF LOSS: if, after Effective Date, but before Closing, Property is damaged by fire or other casualty 43o {"Casualty Loss ") and cost of restoration (which shall include cost of pruning or removing damaged trees) does not 4s1 exceed 1.5% of purchase Price, cost of restoration shall be all obligation of Seller and Closing shall proceed 432 pursuant to terms of this Contract, If restoration is not completed as of Closing, a sum equal to 125% of estimated 433 cost to complete restoration (not to exceed 1,5% of Purchase Price), will be escrowed at Closing. If actual cost of 434 restoration exceeds escrowed amount, Seller shall pay such actual costs (but, not In excess of 1.5% of Purchase 435 Price), Any unused portion of escrowed amount shall be returned to Selier. If cost of restoration exceeds 1.5% of 436 Purchase Price, Buyer shall elect to either take Property "as is" together with the 1.5°fo, or receive a refund of the 437 Deposit, thereby releasing Buyer and Seller from all further obligations under this Contract, veller's sole obfigat'lon 430 with respect to tree darnage by casualty or other natural occurrence shall be cost of pruning or removal, 439 N. 1031 EXCHANGE: If either Seller or Buyer wish to enter Into a like -kind exchange (either simultaneous with 440 Closing or deferred) under Section 1031 of the Internal Revenue Code ( "Exchange "), the other party shall cooperate 441 in all reasonable respects to effectuate the Exchange, including execution of documents; provided, however, 442 cooperating party shall incur no liability or expense related to the Exchange, and Closing shall not be contingent 443 upon, nor extended or delayed by, such Exchange, 444 0. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES: Neither this Contract nor ally 445 notice of it shall be recorded in any public records. This Contract shalt be binding on, and inure to the benefit of, the 446 parties and their respective heirs or successors in Interest. whenever the context permits, singular shall include plural Buyer's Initials Page 8 of 10 seller's Initials F torWaReMlorslFiarldaE3ar- AS1S -1 Rev. (/1 202010 Florida Realtors C3 and The Rollo Bar, All rights reserved. . ,0 a . 447 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED) 44a and one gender shall include all, !Notice and delivery given by or to the attorney or broker (Including such broker's real 449 estate licensee) representing any party shall be as effective as if given by or to that party. All notices must be in 450 writing and may be made by mail, personal delivery or electronic (Including "pdf') media, A legible facsimile or. 451 electronic (including "pdf') copy of this Contract anti any signatures hereon shall be considered for all purposes as an 45z original. 453 P. INTEGRATION; MODIFICATION This Contract contains the full and complete understanding and agreement 04 of Buyer and Seller with respect to the transaction contemplated by this Contract and no prior agreements or 455 representations shall be binding upon Buyer or Seller unless inchtded in this Contract. No modification to or change 458 in this Contract shall be valid or binding upon Buyer or Seiler unless In writing and executed by the parties intended 457 to be bound by It. 488 0. WAIVER. Failure of Buyer or Seller to Insist on compliance with, or strict performance of, any provision of this 459 Contract, or to take advantage of any right under this Contract, shah not constitute a waiver of other provisions or ao0 rights. 4ei R, RIDERS; ADDENDA; TYPEWRITTEN OR HANDWRITTEN PROVISIONS. Riders, addenda, and typewritten 482 or handwritten provisions shall control all printed provisions of this Contract in confiict with then7. 463 S, COLLECTION car COLLECTED, "COLLECTION" or - , COLLECTED ,, means any checks tendered or received, 04 including Deposits, h ave become actually and finally collected and deposited In the account of Escrow Agent 460 or Closing Agent, Closing and disbursement of funds and delivery of Closing documents may be delayed by ass Closing Agent until such amounts Have been COLLECTED in Closing Agent's accounts, 467 T. LOAN COMMITMENT: "Loan CommitmeriV means a statement by the lender setting forth the terms and asa conditions upon which the lender Is willing to make a particular mortgage loan to a particular borrower. 40s U. APPLICABLE LAW AND VENUE: This Confraot shall be conslrued in accordance with the laws of the State of 470 Florida and venue for resolution of all disputes, whether by rnediation, arbitration or litlgatlon, shall lie in the county in 471 wh €oh the Real Property is located. 472 X. 'BUYER WAITER OF CLAIMS. Buyer waives any claims ogafnst seller anti, to the extent porrnitted by 4 law, against any real estate licensee involved in the negotiation of this Contract for any defects or other 474 damage that may exist at Closing of this Contract and ho subsequently discovered' by the Buyer or anyone 47G c lalming by, through, under or against the Buyer. 478 ADDENDA AND ADDITJONAL TERMS 477 19. ADDENDA, The following additional terms are included in the attached addenda and Incorporated into this 478• Contract (Check If applicable): Q A. Condominium Assn. Q L, RESERVED Q R. Rezoning Q Y. Sealer's Attorney Cl B. Homeowners' Assn. Q S. Lease Purchase/ Approval Q C. Seiler Financing Q M, Defootive Drywall Lease Option Q Z, Buyers Attorney Q D. Mortgage Assumption Q N. Coastal Construction [I T. Pre•Glosing Approval Q E, FHA/VA Financing Control Line Occupancy QAA, Licensee - Personal Q F. Appraisal Contingency ❑ Q. Insulation Disclosure Q U. Post-Closing Interest In Property Q G. Short Sale Q P, Pre - Housing Occupancy Q BB. Binding Arbitration Q H. Homeowners' Insurance Statement (Lead Q V, Sala of Buyer's `O Other Q 1. FIRPTA Based Point) Property Q J. Interest Bearing Acct, Q Q. Housing for {alder Q W. Backup Contract Q K RESERVED Persons Q X. Kfok -out Clause 470- 20. ADDITIONAL TERM (�'� J', )ll :),�J . tti ( "j Irk. 480' 2SC.r'Lw. e:t I :.S. t 'ir_ G.� L`1 Cr. j '.r_.ti? 46P .#.t,J � . 1 t q :.�: � �i t1. � I Qir '.,.:'.' „ti C r ^ ��. , _: rl:a. r�:. S t �%t ' Gr, r'1 s:S'C r 4v.: [ \(`C +. ILL 482` 't"':. i 1 � C r - rw x1✓1 'ly � (ti krt 4 f�4� Y� �r CCSr 483* 'C r f,v t i ?c,S r i t c.l( G 1 R_� a •� { -.�tn, t•.i I'S ��. , ...�.3 C:, L.:7 C� �� -1 ..� 1 E..kni { � „ C,L� , W C,� c'` tit r —1 :L Y r ✓r. c �.� r'c q k` r^ (1 <a i t t� � t; J2.f' ! Oct 486* 5 rc „_ r c,`t W;�t r'r: u,rr�= Z � .C.t -�.' 487” 488” C. �} c'r .;1i •zCG��t.�, t, - ,S. & i. �1'.� '� � !•7n,` � I , `S�.•3 ,a , 7.s:1 �I[ti.. 409” C . C._E 1G'•4...i_ .. ,�..a a r .- t�, f ( czC t? 6 C �.,k s r5 r °,tea „t ' " S °I.r� iS i r'} 1 't 490 491• 402 498' Buyers Initials Page 9 of 46 seller's Initials Flor ldaRealtors /FtoridaBar- ASIS•1 R V, 6110 (0 2010 Fiorlda ReeltorsO and The Floclda Bar. Ali tights reserved. 04 COUNTER-OFFERIREJrCTION 496` ❑ Seller counters Buyer's offer (to accept the counter - offer, Buyer must sign or initial the cotlnter offered terms and asa deliver a copy of the acceptance to Sefler). asr* 0 Seller rejects Buyer's offer, ass THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, uEBK THE ADVicE 498 OF AN ATTORN Y PRIOR To SIGNING. boo THIS FORM HAS BEEN APPROVED 13Y THE FLORIDA REALTORS AND TNC rLORIDA BAR. sat Approval of this form by the Florida Realtors and The Florida Bat noes not constitute ea opinion that any of the terms 'oz and conditions in this Contract should be accepted by the parties in a particular transaction. Terms and conditions saa should be negotlated based upon the respective interests, objectives and bargaining positions of all interested so4 persons. sob AN ASTERISK ( *) FOLLOWING A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANKTO boa BE COMPLETED. sal• Buyer. Bate: 44AI-4- sae` Buyer: Date: COS" Seller: - _ Date: rook Sefler, fate: oi Buyer's address for purposes of notice Seller's address for purposes of notice srz• s�sr 614' eta BROKER: Listing and Cooperating Brokers, if any, named below (collectively, "Broker'), are the only Brokers entitled ss6 to compensation in connectlon with this Contract. Instruction to Closing Agent: Seller and Buyer direct Closing Agent 6,? to disburse at Closing the full amount of the brokerage fees as specified in separate brokerage via agreements with the parties and cooperative agreements between the Brokers, except to the extent Broker has fits retalnod 801 fees from the escrowed funds, This Contract shall not modify any MLS or other offer of compensation 62o made by Seller or Listing Broker to Cooperating Brokers. 521' •�... _.=`� >C . i, `i �.:.� � - .; i ,r � I ,�: s = -'� C' -tY:ti 1" �/ ! �,"� 02 Cooperating Saps Associate, if any Listing Sato Associate szs `E f f)Q.._ . � Cs s24 Cooperating Broker, if any Listing Broker Page 10 of 10 FtorldaRealtors lh'loridaBar ASfS•1 rev. 6110 @ 2010 Florida Realtors@ and The Florida Bar, All rights rese€vod. r m ................... ...._ •, .._...- _. ",._ ...� , ..,.:,.,,,." .. r . <..,,an ,.cWV.a r ,�casuu:suoe rr�Nerry 05115527 154 LORI ANNE LN, WINTER SPRINGS County: Seminole County Zip Code: 32108.2556 Unit #t Status Active Snb. Nance: LORI ANNE ACRES REPLAT List Price: $ 14,900 Beds: 2 Baths: I/1 SgFt Heated: 990 Sold Prfce: Pool: None Year Built: 1984 Property: Townhouse 2.3 f=loors, Tovnhouse Special Sale: None Total Acreage: Zero Lot Uiie Total 5gFN 1158 Pets YJN: ADOM: 51 Construction Status; Froj, Comp. pate: COOK 51. Location: CRY LN]'s, Level, Street Paved,9cfewalk Virtual Tour SNOWS GREAT? Perfect for first time buyers or investors. Spacious bedrooms. €Sig updated kitchen. Large 1windryfutR room. Winter Springs schools, No HOA fees. All appliances Included. Fxcellsnt locailOn near shopping, roadways and schools. WINTER SPRUgGS AT A FADULOUS PRICE! Investors, please independootly determine potential rental Income. �. -�- ,^ site anfl7'axYnformatian 5Ej3'PjFtG; 39 20 3Q Stitidivision: 522 5ectioli #: Biocts/3�arcel: ©OOi3 --- tot #; 014 Front Exposure: Tax iii: 3120 30 522 0000 0140 Alt,KuyJFol Additional Parcel: N Miii Rate: 17.4883 Lot # 014( Taxes: ,$,0.00 Tax Year: 7011 Hampstead: N Other I xemptious: CDD: N Annual CDD Fee: Legaf Description: LEG LOT 14 LORI ANNE ACRES REPLAT PR 28 PG 25 Ownership: Fee Simple Complex /Community Name: nook /Page: 0028/0025 Floorifi: Manuractuied J Mobile Style: Model /Make: Zoning: RES Future Lanz! Use: 0103 Zoning Comp.: Lot Dimensions: Lot Size (Acres): 0,06 Lot Size(SrIFt): 2,518 Days Lease: Min. Lease: Lease 0 JYear: Water Frontage: Water Access: Water Name: Water view: Water Extras: Woterfront Feet: -� interior Information — _- Living Room: Master Hr,t 14x11 Stir Bedroom: Great Room: 1941 Study 1 Den: Family Room: 24id Bedroom: 12x12 Studio: Air Conditioning: Central Kitchen: 1403 3rd Bedroom- Dinette: Heat & Fuel: Central,Fuei - Ffecfrlc Dining Room: 4th Bedroom: Bonus: Room: Floor Covering: Carpet,Ceramlc Tile,Vinyl Fireplace- N- 9alcony /Porch: 13x12 Security System: utilities Data: Cable Availab€e, City Water, Electric, Public Utilities Interior Layout: Kitchen( amily Room CombD,Uving /Dining Room Combo,Open Plan interfor Features. Inside Utility,Wshr /Dryr Hkup,Unfdrn €shed Master Bath: Tub vrith Shower Appliances Intl: Dishwasher,Hot hater [ leCErit,Oven,Range,Refrlgeratar nxc. L.vnscruCClon dfocK btucco Style; Townhouse Pool: Exterior Features: Trees /Landscaped Gard o /Car ort: None Dimensions: — Roof: Shinn ____ Commtmi information__ ____-� Community Features: - Maintenanceincludes: Not App Housing for Older Persons: HOA f Comro Assn: None For more copyright 2012 Pet Restrictions: Mo,Maint4(,midltion to HOA): V of Pets; Max Pet Weiglit: HOA, Fee: KOA Payment Scheduie: Condo Fee: Condo Fee Schedule: flrYT anion ot7 mis or any otm please contact: DOUG CORBIN, CRS, GRI, ARR EXIT REAL ESTATE RESU! D i rect: 407-699-1127 Office: 407 - 696-4946 Directions; West on SR 434, right on North Moss Rd,iell on Lorl Annie Li. Home is on the right. doug @OrlanrloPrimeReajEstate.com www.OrtandoPrimeRealEstate.com ? -0ERMLS,7na informationdr _rmad reliable but not guaranteed. Parties are advisedtoverlfy 1111812012 05132 PM a: ; 6 i. •' , � fl lI' ll -f •1 0 201211i GGypa rr flrYT anion ot7 mis or any otm please contact: DOUG CORBIN, CRS, GRI, ARR EXIT REAL ESTATE RESU! D i rect: 407-699-1127 Office: 407 - 696-4946 Directions; West on SR 434, right on North Moss Rd,iell on Lorl Annie Li. Home is on the right. doug @OrlanrloPrimeReajEstate.com www.OrtandoPrimeRealEstate.com ? -0ERMLS,7na informationdr _rmad reliable but not guaranteed. Parties are advisedtoverlfy 1111812012 05132 PM