HomeMy WebLinkAboutM-84-1295d
CONTRACT FOR SALE AND PURCHASE
AT1ES: __HL4M1__B0A
—_-? 390 —Id la) ) ski St e e t oii a mi,—FIs �rhon. �� 4 5ra 2 0
.d CITY O- E MIMI , a+ "Buyer",
(Phone 57!0 1,
rreby agree that the Seller Shelf sat and Buyer * all buy the followi.@ property upon the following terms and conditions WHICH INCLUDE the Standards Of
eal totes* Transact►ons on the reverse hereof or attached hereto; '.ereinsftar referred to at "S1ondsrd(9)".
DESCRIPTION:
(a) Legal description of fast estate ("Property') located Irt_.DADF County, Florida -
Lots 7,8,9,19 less the North 10' thereof, Block 32 of Lawrence
Estates Land Co. Subdivision according to the Plat thereof as recorded
in the Public Records of Dade County in Plat Book 2 Page 46.
(b) Sliest oddrMs, if any, of the Property being conveyed Is 1390 N.W. 7 t h Street, Miami, Fla.
(c) Porsenat property included:
Stove, Refrigerator
PURCHASE PRICE: . . . . . . . . . . . .......... ... . .. .... .. . ..... . ..... .. . ... .. . .. . S 550,000.0
PAYMENT:
(e) Deposlt(s) to be held In *screw by MLAduBOARD QFREALTORS C
in the amount of . . . . .t
(b) Subject to AND assumption of Mortgage In favor of
bearing Interest at % per annum and payable as 10 principal and N/A —
interest s per month, hefing an approximate present principal balance of . . . . . i
(c) Purchase money mortgage end note bearing Interest at % on terms set forth herein below, in the
principal amount of ... ...... ........ . ... .... . . .. .... ........ . . .........S N/A
11011 Other $ N/A —
(e) Betanee to close. (U.S. cash, conifiid or cashier's check) subject to adjustments and proration* .. . . ....._ .525, 000 . 00
TOTAL .... s_-550. 000. OO
It. FINANCING: If the purchase price or any part thereof Is to be financed by, Ird party loan, this Contract for Sale and Purchase, ("Contract'), to con-
tioned upon the Buyer obtaining s firm commitment for said loan wlthim LLVV fill days from date hereof, at an Interest rats not to exceed
' N/A tc: term of NLyeal*, and 1n the principal amount Of s , Buyer agrees to make application for, and to use reasonable dill-
i once to obtain said loan. Should Buyer fall to obtain semi or to waive Buyer's rights hereunder within said time, either party may cancel Contract.
j V. TITLE EVIDENCE: Within 5 days from date of Contract. Seller shall, at his expense, deliver to Buyer or his attorney, In accordance with —
tendard A., either (CHECK) Mill or E3(2): (1) abstract, or (2) title Insurance commitment with fee owner's title policy premium to be paid by Seller at closing.
J. TIME FOR ACCEPTANCE AND EFFECTIVE DATE: If this offer it not executed by both of the parties hereto on or before
he aforesaid deposlt(s) shall be, at the option of Buyer, returned to him and this offer shell thereafter be null and void. The date of Contract ("Effective Data")
i analf be the date when the last one of the Seller and Buyer has signed this offer. .t
J1. LOSING DATE: This transectlon shall be closed and the deed and other closing papers delivered on the 21 day of January,1985
unless extended by other provisions of Contract.
11. RESTRiCTIONS, EASEMENTS, LIMITATIONS. The Buyer shall take title subject to: Zoning, restricelons, prohibitions and other rsquiremsnis Imposed by
overnmental authority; Restrictions and mortars appearing on the plat or otherwise common to the subdivision; Public utility easements of record, (provided sold
essments are located contiguous throughout the property lines and are not more then 10 feet In width as to the rest or front lines end 7% feet In width as to the
Y .de lines unlow otherwise specified heroin); Taxes for year of closing and subsequent years, assumed mortgages and purchase money mortgages. If any;
Sher: NONE
,rovided, however, that none of the foregoing shall prevent use of the Property for the purpose of CUI�i
.'ill. OCCUPANCY: Setter represents that there are no parties In occupancy other than Seller, but If Property is Intended to be rented or occupied beyond closing,
' na fact and terms thereof shall be stated herein, and the tenant(*) shall be d;sciosad pursuant to Standard G. Seller agrees to deliver occupancy of Property at
;me of closing union otherwise specified below. If occupancy is to be delivered prior to closing, Buyer assumes all risk of loss to Property from date of occu-
'ancy, shall be responsible and liable for maintenance thereof from sold date, and shalt be deemed to have accepted the Properly, real and personei, in Its existing
.ondition at of time of taking occupancy unless otherwise noted In writing.
X. ASSIGNABILITY: (CHECK ONE) Buyer ®may assign ❑ may not assign, Contract.
K. TYPEWRITTEN OR HANDWRITTEN PROVISIONS. Typewritten or handwritten provisions Inserted heroin or attached hereto as Addenda shall control
i .1i printed provisions In conflict therewith.
i
K1. INSULATION RIDER: If Contract Is used for the eels of a new residence, the Insulation Rider shell be sttsched hereto and made a part hereof.
-ill. SPECIAL CLAUSES: ADDENDA #1 attached hereto and made a part hereof.
THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT.
IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING.
THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS AND THE FLORIDA BAR
Copyrlght 1081 by The Florida Bar and the Florida Association of REALTORS
----------------
.YITNESSES: (Two, ra o t NOT required)
t
LPH O GIE, City Clerk
�r
i
Daposlt(Ly%dor 11 (a) facet . N check, subject to clearance.
(Escrow Agent)
Executed by ye n /Z 0
(SEAL)
POTIARD V. Glqy City Manage&EALI
(Bu a►)
Executed by Seller on
(SEAL)
(SNler)
(SEAL)
APPRQV
(Seller)
PRJUX T.
— CITY ATTe
VIAIil, FLORIDA
/i?- gy—/a95s
STANDARDS FOR REAL ESTATE TRANSACTIONS
EVIDENCE OF TITLE: m An ebstrsct of tilts orapored Or brought current by a reputable and txininp abstract firm (if not existing then certified at corro:. b%
existing firm) purporting to to an accurst• synopsis of the inttrumontt affotting the title to subject Property recorded in the public records of the county where
the Proparty is titusted, through Eflocllve Date. An abstract $hall commence with the *oriittt public records, or such later date as may be tunomary in t'+e
unty wherein the Peopsrty is aituared. Seller shell tonvey a marketable title subject only to lion%, oncu-nbrance%, exception% or qualifications tat forth In this Co-
act and those which shall be tltscherpod by Seller at or before closing Marketable title %hall be dotermined in accordance with ePPlitable Till# Standards adool"
ruthority of The Florida Bar and In accordance with low. 11Don closing of this transaction suth abstract shell become the property of Buyer, subject to The rigs.
raismion thereof by first mortgaeoo until fully paid; or G9 a tilts insurance commitment issuea by a qualified Title insuror apr••inp to issue to Buyer, uco-
ording of the dreg to Buyer, an Ownsr'& —'-- Policy o1 lilts insurance rn the amour.—t O h• purchase price, inturinp title 01 the Buyer t0 the PrODertV, tuOlet:
ty to liens, entumbtances, exceptions or qu911fic&1i0n% set forth in this Contract and theft which ohNl be ditchalped by Seller at or before closing Buyer %eta
.•e 30 day►. if abstract, or S days, if tins tommitment, from dale of feu;v:ng svldtncs of tlltt to o■amtnt tame. It Till• is found detective, 5uyor shalt, with r
ys ther*aftor, notify Seller in writing specifying defectit). If so:d defect(*) render title unmorke:eble. Seller shall have 120 days from roco;pt Of notice witn.-
-.ich to to—ov• %a;d defect(&), and I1 Seller is untuccossful in removing them within so-d time. Buyer shall he,e the option of a:thtr (1) accepting the title at
on It, or 121 demanding a refund of •It monies paid hereunder which shall forthwith be returned to Buyer and thereupon Buyer and Seller shall be released. •t;:
e ono%hor, of off further obLgll;On► under the Contract, however, Seller agrees that he will, it title is found to be unmarketablo, use diligent effort to corra.-. ;r f
11ect(sl in title within the tiro• provided therefor. Including the bringing of necessary Suit$.
EXISTING MORTGAGES Solar shall furnish a *tslemoni from The mortgrgae(O soiling forth pr;ncipo' balance, meThod of poym*nt, inte•et1 rate ano whr•he-
• morlpagots)�s in good standing. If a mortgage require% opprovsl of the Buyer by the mortgages in Or� to ovoid default, or for steumpi,on by the Buyer O' N.t
Ofigage, and the mortiages jo@S not approve the Buyer, the Buyer may rescind the Contratt, or rocluiltl an increase in the inttrett rote Or [haters a fit
r any reason in exist% Of 5100 00. the Buyer may rescind the Contract unless Seller elect$ to pat such increase or tritest Seller And Bvver shelf each pay 5be> t•
,ch fee Buyer shalt use ressonebte diligence to obtain approval. The *Amount of any escrow deposits held by morigoget shall be troditea to Seller.
PURCHASE MONEY MORTGAGES The purchase money note and mortgage, if env, shall provide for a 30 day prate period in the event of default it it rs .
•sl mortgage and a 15 day preco Period if a second mortgage; shell provide for r;ghi of prepayment in whole or in part without penalty; %hall not provide to•
cetsr&I,on or intrott odjustmont in event of fatale of the Property, and shell be othefwi%• in form end conlent required by Seller's anorney; provided, howtve•
alloy may only require clauses customarily found in mortgages and mortgage not*$ generally utilized by savings and ,loan Insiltul;ons In the county whereir. the
•operty is toc*ted. Sold mortgage shstl require the owner Of the encumber" Property to keep all prior Lens and encumbrances in good standing end forb-d Vl+
wnef of the Property from accepting mocilficsiiont Of or future advancto under prior moripope!t). All pereonst property being conveyed will, at Option of Split,
r subject to the lion of the mortgoge and evidenced by recorded Flnencing Sistomonts.
^. SURVEY: The Buyer, within time allowed for delivery of evidence Of tiltt and •xeminotlon thereof, may hove the Property surveyed at his expense. If ins
irvey, certified by a rogietorod Florida surveyor, shows any encroachment of said Property or that improvamente intended to be located on the Propeny in fee:
neroach on lands Of others, or violate any Of the Contract covenants, "a %arms %hall be treated so a title defect.
TERMITES: The Buyer, within tiros allowed for delivery of evidence of title end examination thereof, or no later Man 10 days prior to closing, whichever dote
ceurs lest, may hove the Improvements inspected at Buyer's expense by a Certified Pest Control Operator to determine whether theft is any visible active tor -mitt
nfenstion or violbie existing damage from termite Infettation in the improvements. If Buyer is informod of either or both of the foregoing. Buyer will hove A day%
,om data of written notice thereof or 2 days after *election of a contractor, whichever occurs first, within which to have aft dornages, whether visible Or not, Ir
?octod and estimated by a licented building or general contractor. Seller shall pay valid cons of U•airnant and repair of all damage up to 1%% of Purchase Price
hould such costs •ricsod that omount, Buyer shall have the option of cancelling Contract within 5 days after receipt of contractor's ropolr estimate y giving
.fitter. notice to Seller, or Buyer may elect to proceed with the tranzactlon. In which event Buyer shaft receive a credit at closing Of An amount equal to 1 )4% o'
old Purchase Price. "Termite%" shall be doomed to include all wood destroying organisms required to be reported under the Florida Pon Control AM.
. INGRESS AND EGRESS: Setter werronts that there Is Ingress and egress to the Property sufficient far the intended use as described in Paragraph V11 hereo'
-me title to which Is In accordance with Standard A.
,LEASES: Seller shell, not lets then 15 days prior to closing, furnish to Buyer topic$ Of oil written looses and erloppol letters from each tenant specifying Tht
ature end duration of sold tenant's occupancy, rental rates and advanced rent end security deposits paid by tenant. In the event Seller is unable to obioin sucr
rnor from each isnent, the same Information shall be furnlshod by Seller to Buyer within sold time period In the form o1 a Seller's affidavit, and Buyer mo%
,aroafter context tenants to confirm such Information. Seller shall deliver and assign all original losses to Buyer at closing.
f. LIENS. Seller shall, both as to the Property and personalty being sold hereunder, furnish to Buyer at time of closing an affidavit attesting to the absence, unitot
%horwis• provided for herein, of any financing statements, elaimo of lion or potential lionore known to Seller and further attesting that there have been no Improve
-moots to the Property for 90 days Immediately proteding date of closing. If the Property has been improved within said time. Setter shot$ deliver role&sos or w&dvett
f all mechanic's lien%, executed by general contractors, subcontractors. Suppliers, and matorlatmen, In additlon to Seller's lion affidavit sotting forth the names o'
,11 such general contractors, subcontractors, suppliers and matertsimen and further reciting that In foci all bills for work to the Property which Could serve as a basil
.or a mechanic's llen have been paid or will be paid at closing.
. PLACE OF CLOSING: Clooing *hall be hold In county wherein Property Is looted, at the Office Of attorney Or Other closing agent designated by Seller.
I. TIME: Time 1s Of the essence of this Contract. ,any reference herein to tuna periods of lose than 6 days shall to the computation thereof exclude Saturdays, Sun
'ova and legal holidays, and any time period provided for herein which shall end on a Saturday. Sunday or legal holiday shall extend to 5:00 p.m. Of the next fu.
usinew day.
DOCUMENTS FOR CLOSING: Seller &hall furnish deed, mechanic's lion affidavit, assignmonis of looses, and any cotrective instruments that may be required Ir
onnectton with perfecting the title. Buyer shall furnish closing statement, mortgage, mortgage note. Security agreement, and financing statements.
_. EXPENSES: State documentary stamps which are required to be affixed to the Instrument of conveyance, intangible tax on and recording of purchase monov
nongago to Seller, and cost of recording any corrective instruments shall be paid by Seller. Oocurnentery stamps t0 be affixed to the note or notes secured oy tnr
.urehose money mortgage, cost of recording the deed and financing statement$ ►hall be paid by Buyer.
A. PRORATION OF TAXES (REAL AND PERSONAL). Taxes shall be prorated based on the current year's tax with due allowance made for maximum allowab.r
viscount and homestead or other exemption& If allowed for said year. if closing occurs at a data whom the current year's milfage is not fixed, and current Vent's
ases$rment Is available, taxes will be prorated based upon such assessment, end the prior year's millape. If current year's assessment is not available, then taxes wit
•a prorated on the prior year's tax; provided, however, If Thor& are completed Improvements on the Property by January 1st Of year of closing, which Improvementss
-ors not In existence on January 1n of the prior year, then taxes shall be prorated based upon the prior year's millape and at an oqultable assessment to be ogrov_
upon between the parties, failing which, request will be made to the County Property Appraiser for an informal assessment taking into consideration homettes.
axempilon, if any• However, any tox proration based on an animas• may at requwst of either party to the transaction be subsequently readjusted upon receipt o•
Lan bill on condition that a statement to that effect Is set forth in the closing statement.
i N. SPECIAL ASSESSMENT LIENS: Conifiad, confirmad and ratified special assessment lions as of date of closing (and not as of Effective Date) are to be psi.
by Seller. Pending lions as of date of closing shall be assumed by Buyer, provided. however, that where the improvement has been substantially completed as of its
Effective Date, such pending lion shall be tonsldorod at certified, confirmed or ratified and Seller shall, at closing, be charged an amount equal to the lost astimat.
by the public body. Of the assessment for the Improvement.
O. PERSONAL PROPERTY INSPECTION, REPAIR: Seller warrants that all major appliances, hosting, cooling, electrical. plumbing synems, and machinery are i•
working condition as of 6 days prior to closing. Buyer may, at his expense, have inspection$ made of Said items by licensed Persons dealing in the repair and main
tenant• thereof, and shall report In writing to Seller such Items as found not in working condition prior to taking of possession thereof, or 6 days prior to closing
whichever Is first. Unit" Buyer reports failures within said period, he shall be doomed to have waived Seller's warranty as to failures not reported. Valid repartee
failures &hall be corrected at Seller's cost with funds therefor *&crowed at closing. Seller agrees to provide access for inspection upon reasonable notice.
P. RISK OF LOSS: If the Improvements are damaged by fire or other casualty prior to closing, and costs of restoring some does not •xeood 3%of the Assesset
Valuation of the Improvements so damaged, cost of restoration shaft be an Obligation of the Seller and closing shall proceed pursuant to the terms o ontrac•
with cost escrowed at closing. In the event the cost of repair or restoration exceeds 3% of the assessed valuation of the improvements so damaged. Bove,
shall have the option of either taking the Property as Is, together with either the said 316 or any Insurance proceeds payable by virtue Of such loss or damage, or o,
cancelling Contract and receiving return of deposit(s) made hereunder.
0. MAINTENANCE: Notwithstanding the provisions of Standard 0., between Effective Onto and closing date, personal property referred to In Siondarci O
and real property, including town, shrubbery, and pool, If Any, shell be maintained by Seller In the Condition they emitted as of Effective Date, ordinary wear anc
;tor excepted, and Buyer or Buyer's dotignes will be permitted attest for Inspection prior to closing In order to confirm compliance with this Standard.
R. PROCEEDS OF SALE AND CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds and evidence of title continued at Buyer's expense
To show title In Buyer, without any encumbrances or change which would render Seller's title unmarketable from the date of the Iasi evidence, and the casn.pro
coeds of bole Nall be hold in escrow by Solder'& attorney or by such other escrow agent as may be mutually agreed upon for • period of not longer Then 5 oavt
from and after closing date. If Seller's title Is rendered unmarketable, Buyer Shall within Said 5 day period, notify Seller In writing of the defect and Seiler snso
have 30 days from date of rocaipt of such notification to cure Said defect. In the event Seller foils to timely cure said defect, all monies paid hereunder Nall, upor
writton demand therefor and within 5 days thereafter, be returned to Buyer and, simultaneously wlth such repayment, Buyer shall vacate the Property and recur
way soma to the Seller by special warranty deed. in the event Buyer falls to make timely demand for refund, he Nall take title as 1$, waiving all rights opainn Selle-
a► to such intervening defect except as may be Available to Buyer by virtue of warranties, If any, contained in dood. In the event a portion of the purcnas.
price is to be derived from Inetltutionsl financing or refinancing, the requirements of the lending inetltution as to place, time of day and proceduris for cloy
Ing, and for disbursement of mortgage procoeds, shall control, anything In this Contract to the contrary notwithstanding. Provided, however, that tho Sefdor Mel
hove the right to require from such lending institution at closing a commitment that it will not withhold disbursement of mortgage proceeds as a result of any title
defect attributable To Buyer•morigagor. The escrow and closing procedure required by this Standard may be waived in the event the attorney, title agent or closin;
agent Insures against adverse matters pursuant to Section 627.7841. F.S. as amended.
S. ESCROW: Any escrow agent receiving funds Is authorited and agrees by acceptance thereof to promptly deposit and to hold same In escrow and to ditburst
same wb)oct to clearance thereof in accordance with terms and conditions of Contract. Failure of clooronce of funds shell not excuse performance by the Buve•
in "a event of doubt as to his duties or liabilities under the provisions Of this Contract, the escrow agent may in his sole discretion, continue To hold the monies
which are the subject of this escrow until the parties mutually ogres to the disbursement thereof, or until s judgment of a court of competent jurisdiction snag
determine the rights of the parties tharolo, of he may deposit all the monies than hold pursuant to this Contract with in* Clark of the Circuit Court Of the Count%
having jurisdiction of the dispute, and upon notifying all parties concerned of such action, all liability on the part of the escrow agent shall fully terminate, oace:'
to the extent Of accounting for any monies theretofore delivered out of almrow, if & licensed real anata broker, the escrows& will comply with provisions of Sectio�
475.25 It) (c), F.S., as amended. In the event of any nuit between Buyer and Seller wherein the escrow agent is made a party by virtue of acting a such ev;rov
agent hereunder, or in the went of any suit wherein escrow spent interploeds the subject manor of this escrow, the escrow agent Nall be entitled to recover a
reasonable attorney's too and cons incurred, said fees and costs to be charged and assessed as court cons in favor Of the prevailing party. All parties •prat that w
escrow spent shall not be liable to any party or person whomsoever for misdolivery 10 Buyer or Se1loi of monies subject to this escrow, unless such misdolivery stir'
be due to willful broach of this Contract or gross negligence on the part of the escrow agent.
T. ATTORNEY FEES AND COSTS: In connection with &my litigation including appellate proceedings arising out Of this Contract, the prevailing port , Nall tt
entitled to recover reasonable attorney's foes and cons.
U. DEFAULT: If Buyer foils to perform this Contract within the time specified, cno deposit(s) paid by the Buyer aforesaid may be retained by or for the accour'
of Seller so liquidated damages, consideration for the execution of this Contract and in full settlement of any claims; whereupon all partial Nell be relieveo W
all obligations under the Contract; or Seller, at his option, may proceed at low or in equity to enforce his legal rights under this Contract. If, for any reason otne
than failure of Seller to render his title marketable after dilligent effort. Seller foils, neglects or volutes to perform this Contract, the Buyer may took Specific pea -
formonce or elect to receive the return Of his deposit(it) wlthoui thereby waiving any action for damages resulting from Seller's broach.
V. CONTRACT NOT RECORDABLE, PERSONS BOUND AND NOTICE: Neither this Contract nor any notice thiroof shall be recorded in any public recOtos
This Contract Shall bind and Inure to the benefit Of the parties hereto and their successors in InTeron. Whomever the context permits, singular shall include plural one
one gender shall Include all. Notice given by or to the attorney for either party shall be as oNective as if given by or to said party.
W. PRORATIONS AND INSURANCE: Taxes, assessments, rent, Interen. Insurance and other expensers and revenue of the Property small be prorated as Of dot.
of closing. Buyer shall have the option of taking Over any exlltln➢ policies of Insurance on the Property, If assumable, In which event premlums shall be ororaloc
The cash at cloning Nall be increased Or decreased as may be required by Said prorations. All references in Contract to prorations as of date Of closing will bi
doomed "date Of Occupancy" if occupancy Occur$ prior to closing, unle" Other wisa provided for herein,
X. CONVEYANCE: Ssllor shell convey title W the Property by statutory warranty deed subject only to mailers contained in Paragraph VII hereof and those otni•
wise accepted by Buyer. Personal proporty, shall, at the request of Buyer, be conveyed by an absolute oil$ of &ale with warronry, of title, subject to such lions as me
! be Otherwise provided for herein.
Y OTHf A ACRE EMENTS: No prior Or protanT agrsomontt or representations shall be binding upon any of the parties hereto unless incorporatod in this Contract
1 t' -. -I . cr r. r- ,•,,I rf'r^rr'1 r', 111,, -, 1 ..-.... ,,,.-I, t,;r. ,,.• I,- 1kr:. ar;..r to ra Lr ^d thereby.
--- - - � y - /a 9s
V
ADDENDA 01
XII cont'd
(a) This Agreement is subject to the availability of funds.
(b) Seller warrants and represents that the roof is watertight
and in good repair. Buyer may have the roof inspected by
a licensed roof inspector at Buyer's expense and Seller
agrees that any repairs necessary up to 3% of the purchase
price will be done at Seller's expense prior to closing.
,
In the event the cost to be incurred is more than 3% of the
purchase price and Seller does not elect to pay any such
cost in excess of 3%, then the Buyer shall have the option
of receiving his deposit back by giving written notice to
Seller within ten (10) days after receipt of the roof
inspector's report or Buyer may elect to proceed with the
transaction, in which event Buyer shall receive a credit
at closing of an amount equal to 3% of the purchase price.
Initials:
Buyer
4-9 _Seller
,pplj
A-Pf'RUV A T FORM A CUFI�I;C,
i CiTV TORNEY ..
IdIAY1. FL0RI A 1-117
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