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HomeMy WebLinkAboutCRA-R-18-0010 Backup8* 9* 10 11 12 13 14 15 16 17 18 19 20• 21 22 23' 24 "AS IS" Residential Contract For Sale And Purchase THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR loridaRealtorse 1. PARTIES: Town Park Plaza N rth Condnminiiim Assnciatinn, Inn("Seller"), 2• and Southeast C)vertnwn/Park West Community Redevelopment Agency ("Buyer"), 3 agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property 4 (collectively "Property") pursuant to the terms and conditions of this AS IS Residential Contract For Sale And 5 Purchase and any riders and addenda ("Contract"): s 1. PROPERTY DESCRIPTION: (a) Street address, city, zip: see Fxhibit "A" attached hereto and made a part hereas (b) Property is located in: Miami -Dade County, Florida. Real Property Tax ID No.: (c) Real Property: The legal description is see Exhibit "A" attached hereto together with all existing improvements and fixtures, including built-in appliances, built-in furnishings and attached wall-to-wall carpeting and flooring ("Real Property") unless specifically excluded in Paragraph 1(e) or by other terms of this Contract. (d) Personal Property: Unless excluded in Paragraph 1(e) or by other terms of this Contract, the following items which are owned by Seller and existing on the Property as of the date of the initial offer are included in the purchase: range(s)/oven(s), refrigerator(s), dishwasher(s), disposal, ceiling fan(s), intercom, light fixture(s), drapery rods and draperies, blinds, window treatments, smoke detector(s), garage door opener(s), security gate and other access devices, and storm shutters/panels ("Personal Property"). Other Personal Property items included in this purchase are: None Personal Property is included in the Purchase Price, has no contributory value, and shall be left for the Buyer. (e) The following items are excluded from the purchase: None 25 PURCHASE PRICE AND CLOSING 25" 2. PURCHASE PRICE (U.S. currency). $ See addendum 27' (a) Initial deposit to be held in escrow in the amount of (checks subject to COLLECTION) $ 50.000.00 28 The initial deposit made payable and delivered to "Escrow Agent" named below 29' (CHECK ONE): (i) Elaccompanies offeror (ii) ® is to be made within (if left 3o blank, then 3) days after Effective Date. IF NEITHER BOX IS CHECKED, THEN 31 OPTION (ii) SHALL BE DEEMED SELECTED. 32. Escrow Agent Information: Name: Holland & Knight LLP 33' Address: 701 Brickell Avenue, Suite 3300, Miami, FL 33130, Attention: William R. Bloom 34• Phone: 305-7RP-7712 E-mail: william.bloom r@hklaw.coDxi 35• (b) Additional deposit to be delivered to Escrow Agent within (if left blank, then 10) 36* days after Effective Date $ 37 (All deposits paid or agreed to be paid, are collectively referred to as the "Deposit") 38' (c) Financing: Express as a dollar amount or percentage ("Loan Amount") see Paragraph 8 39' (d) Other: see Addendum $ 40 (e) Balance to close (not including Buyer's closing costs, prepaids and prorations) by wire 41' transfer or other COLLECTED funds see Addend um $ 42 NOTE: For the definition of "COLLECTION" or "COLLECTED" see STANDARD S. 43 3. TIME FOR ACCEPTANCE OF OFFER AND COUNTER-OFFERS; EFFECTIVE DATE: 44 (a) If not signsigi by Buyer and Seller, and an executed copy delivered to all parties on or before 45* February2018 , this offer shall be deemed withdrawn and the Deposit, if any, shall be returned 46. to Buyer. Unless otherwise stated, time for acceptance of any counter-offers shall be within 2 days after the 47 day the counter-offer is delivered. • 48 (b) The effective date of this Contract shall be the date when the last one of the Buyer and Seller has signed or 49 initialed and delivered this offer or final counter-offer ("Effective Date"). 50 4. CLOSING DATE: Unless modified by other provisions of this Contract, the closing of this transaction shall occur 51 and the closing documents required to be furnished by each party pursuant to this Contract shall be delivered 52' ("Closing") on see Addendum ("Closing Date"), at the time established by the Closing Agent. Buyer's Initials Page 1 of 12 Seller's Initials FloridaRealtors/FloridaBar-ASPS-4 Rev.9f15 © 20.15 Florida Realtorsm and The Florida Bar. All rights reserved. Seriat#: 043917-600144-3632931 form lsIfin- Diid3ty 53 5. EXTENSION OF CLOSING DATE: 54 (a) If Paragraph 8(b) is checked and Closing funds from Buyer's lender(s) are not available on Closing Date due 55 to Consumer Financial Protection Bureau Closing Disclosure delivery requirements ("CFPB Requirements"), 56 then Closing Date shall be extended for such period necessary to satisfy CFPB Requirements, provided such 57 period shall not exceed 10 days. 58 (b) If extreme weather or other condition or event constituting "Force Majeure" (see STANDARD G) causes: (I) 59 disruption of utilities or other services essential for Closing or (ii) Hazard, Wind, Flood or Homeowners' 60 insurance, to become unavailable prior to Closing, Closing shall be extended a reasonable time up to 3 days 61 after restoration of utilities and other services essential to Closing and availability of applicable Hazard, Wind, 62 Flood or Homeowners' insurance. If restoration of such utilities or services and availability of insurance has 63' not occurred within (if left blank, then 14) days after Closing Date, then either party may terminate 64 this Contract by delivering written notice to the other party, and Buyer shall be refunded the Deposit, thereby 65 releasing Buyer and Seller from all further obligations under this Contract. 66 6. OCCUPANCY AND POSSESSION: • 67 (a) Unless the box in Paragraph 6(b) is checked, Seller shall, at Closing, deliver occupancy and possession of 68 the Property to Buyer free of tenants, occupants and future tenancies. Also, at Closing, Seller shall have 69 removed all personal items and trash from the Property and shall deliver all keys, garage door openers, 70 access devices and codes, as applicable, to Buyer. If occupancy is to be delivered before Closing, Buyer 71 assumes all risks of loss to the Property from date of occupancy, shall be responsible and liable for 72 maintenance from that date, and shall be deemed to have accepted the Property in its existing condition es of 73 time of taking occupancy. 74' (b) ❑ CHECK IF PROPERTY IS SUBJECT TO LEASE(S) OR OCCUPANCY AFTER CLOSING. If Property is 75 subject to a lease(s) after Closing or is intended to be rented or occupied by third parties beyond Closing, the 76 facts and terms thereof shall be disclosed in writing by Seller to Buyer and copies of the written lease(s) shall 77 be delivered to Buyer, all within 5 days after Effective Date. if Buyer determines, in Buyer's sole discretion, 76 that the lease(s) or terms of occupancy are not acceptable to Buyer, Buyer may terminate this Contract by 79 delivery of written notice of such election to Seller within 5 days after receipt of the above items from Seller, 60 and Buyer shallbe refunded the Deposit thereby releasing Buyer and Seller from all further obligations under 81 this Contract. Estoppel Letter(s) and Seller's affidavit shall be provided pursuant to STANDARD D. If Property 82 is intended to be occupied by Seller after Closing, see Rider.U. POST -CLOSING OCCUPANCY BY SELLER. 63' 7. ASSIGNABILITY: (CHE.CK ONE): Buyer ❑ may. assign and thereby be released from any further liability under 84. this Contract; ❑ may assign but not be released.from.liability under this Contract; or ❑ may not assign this 85 Contract. 86 FINANCING 87 8. FINANCING: 88' [g (a) Buyer will pay cash for the purchase of the Property at Closing. There is no financing contingency to 89 Buyer's obligation to close. If Buyer obtains a loan for any part of the Purchase Price of the Property, Buyer 90 acknowledges that any terms and conditions imposed by Buyer's lender(s) or by CFPB Requirements shall not 91 affect or extend the Buyer's obligation to close or otherwise affect any terms or conditions of this Contract. 92' ❑ (b) This Contract is contingent upon Buyer obtaining a written loan commitment for a ❑ conventional ❑ FHA 93' ❑ VA or❑ other (describe) loan on the following terms within (if left blank, then 45) 94' days after Effective Date ("Loan Commitment Date") for (CHECK ONE): ❑ fixed, Li adjustable, ❑ fixed or 95' adjustable rate loan in the Loan Amount (See Paragraph 2(c)), at an initial interest rate not to exceed 96• (if left blank, then prevailing rate based upon Buyer's creditworthiness), and for a term of (if left blank, 97 then 30) years ("Financing"). 98' Buyer shall make mortgage loan application for the Financing within (if left blank, then 5) days after 99 Effective Date and use good faith and diligent effort to obtain a written loan commitment for the Financing ("Loan 100 Commitment") and thereafter to close this Contract. Buyer shall keep Seller and Broker fully informed about the 101 status of mortgage loan application and Loan Commitment and authorizes Buyer's mortgage broker and Buyer's 102 lender to disclose such status and progress to Seller and Broker. 103 _ - - 104 Upon Buyer's receipt of Loan Commitment, Buyer shall provide written notice of same to Seller. If Buyer does not 105 receive Loan Commitment by Loan Commitment Date, then thereafter either party may cancel this Contract up to 106 the earlier of: Buyer's Initials Page 2 of 12 Seller's Initials FloridaRealtors/FloridaBar-ASIS-4 Rev.9/15 © 2015 Florida Realtors® and The Florida Bar. All rights reserved. Serial#: 043917-600144-3832931 i 01Ei'ii i`�;,'tr lYl. �' I- t. 107 (i.) Buyer's delivery of written notice to Seller that Buyer has either received Loan Commitment or elected 108 to waive the financing contingency of this Contract; or 109 (ii.) 7 days prior to the Closing Date specified in Paragraph 4, which date, for purposes of this Paragraph 110 8(b) (ii), shall not be modified by Paragraph 5(a). 111 If either party timely cancels this Contract pursuant to this Paragraph 8 and Buyer is not in default under the terms . 112 of this Contract, Buyer shall be refunded the Deposit thereby releasing Buyer and Seller from all further 113 obligations under this Contract. If neither party has timely canceled this Contract pursuant to this Paragraph 8, 114 then this financing contingency shall be deemed waived by Buyer. 115 If Buyer delivers written notice of receipt of Loan Commitment to Seller and this Contract does not thereafter 116 dose, the Deposit shall be paid to Seller unless failure to close is due to: (1) Seller's default; (2) Property related 117 conditions of the Loan Commitment have not been met (except when such conditions are waived by other 118 provisions of this Contract); (3) appraisal of the Property obtained by Buyer's lender is insufficient to meet terms 119 of the Loan Commitment; or (4) the loan is not funded due to financial failure of Buyer's lender, in which event(s) 120 the Deposit shall be returned to Buyer, thereby releasing Buyer and Seller from all further obligations under this 121 Contract. 122' ❑ (c) Assumption of existing mortgage (see rider for terms). 123' ❑ (d) Purchase money note and mortgage to Seller (see riders; addenda; or special clauses for terms). 124 CLOSING COSTS, FEES AND CHARGES 125 9. CLOSING COSTS; TITLE INSURANCE; SURVEY; HOME WARRANTY; SPECIAL ASSESSMENTS: 126 (a) COSTS TO BE PAID BY SELLER: 127 • Documentary stamp taxes and surtax on deed, if any • HOA/Condominium Association estoppel fees 128 • Owner's Policy and Charges (if Paragraph 9(c) (i) is checked) • Recording and other fees needed to cure title 129 • Title search charges (if Paragraph 9(c) (iii) is checked) • Seller's attorneys' fees 130• • Municipal lien search (if Paragraph 9(c) (i) or (iii) is checked) • Other: 131 If, prior to Closing, Seller is unable to meet the AS IS Maintenance Requirement as required by Paragraph 11 132 a sum equal to 125% of estimated costs to meet the AS IS Maintenance Requirement shall be escrowed at 133 Closing. If actual costs to meet the AS IS Maintenance Requirement exceed escrowed amount, Seller shall 134 pay such actual costs. Any unused portion of escrowed amount(s) shall be returned to Seller. 135 (b) COSTS TO BE PAID BY BUYER: 136 • Taxes and recording fees on notes and mortgages • Loan expenses 137 • Recording fees for deed and financing statements • Appraisal fees 138 • Owner's Policy and Charges (if Paragraph 9(c)(ii) is checked) • Buyer's Inspections 139 • Survey (and elevation certification, if required) .. • Buyer's attorneys' fees 140 • Lender's title policy and endorsements • All property related insurance 141 • HOA/Condominium Association application/transfer fees • Owner's Policy Premium (if Paragraph 142 • Municipal lien search (if Paragraph 9(c) (ii) is checked) 9 (c) (iii) is checked.) 143' • Other: see Acirienrium 144- (c) TITLE EVIDENCE AND INSURANCE: At least (if left blank, then 15, or if Paragraph 8(a) is checked, 145 then 5) days prior to Closing Date ("Title Evidence Deadline"), a title insurance commitment issued by a 146 Florida licensed title insurer, with legible copies of instruments listed as exceptions attached thereto ("Title 147 Commitment") and, after Closing, an owner's policy of title insurance (see STANDARD A for terms) shall be 148 obtained and delivered to Buyer. If Seller has an owner's policy of title insurance covering the Real Property, 149 a copy shall be furnished to Buyer and Closing Agent within 5 days after Effective Date. The owner's title 150 policy premium, title search and closing services (collectively, "Owner's Policy and. Charges") shall be paid, as 151 set forth below.. The title insurance premium charges for the owner's policy and any lender's policy will be 152 calculated and allocated in accordance with. Florida law, but may be reported differently on certain federally 153 mandated closing disclosures and other closing documents. 154 (CHECK ONE): . 155' ❑ (i) Seller shall designate Closing Agent and pay for Owners Policy and Charges, and Buyer shall pay the 156 premium for Buyer's lender's policy and charges for closing services related to the lender's policy, 157 endorsements and loan closing, which amounts .shall be paid by Buyer to Closing Agent or such other 158 provider(s) as Buyer may select; or 159• El (ii) Buyer shall designate Closing Agent and pay for Owner's Policy and Charges and charges for closing 160 services related to Buyer's lender's policy, endorsements and loan closing; or 161• a (iii) [MIAMI-DADE/BROWARD REGIONAL PROVISION]: Seller shall furnish a copy of a prior owner's 162 policy of title insurance .or other evidence, of title and pay fees for: (A) a continuation or update of such title Buyer's Initials Page 3 of 12 Seller's Initials FloridaRealtors/FloridaBar-ASIS-4 Rev.9/15 © 2015 Florida Realtors® and The Florida Bar. All rights reserved. Serialt: 043917.6001443632931 form ssimplicity c 163 evidence, which is acceptable to Buyer's title insurance underwriter for reissue of coverage; (B) tax search; 164 and (C) municipal lien search. Buyer shall obtain and pay for post -Closing continuation and premium for 165 Buyer's owner's policy, and if applicable, Buyer's lender's policy. Seller shall not be obligated to pay more 166* than $ 500.00 (if left blank, then $200.00) for abstract continuation or title search ordered or 167 performed by Closing Agent. • 168 (d) SURVEY: On or before Title Evidence Deadline, Buyer may, at Buyer's expense, have the Real Property 169 surveyed and certified by a registered Florida surveyor ("Survey"). If Seller has a survey covering the Real 170 Property, a copy shall be furnished to Buyer and Closing Agent within 5 days after Effective Date. 171• (e) HOME WARRANTY: At Closing, ❑ Buyer ❑Seller ®N/A shall pay for a home warranty plan issued by 172• at a cost not to exceed $ . A home 173 warranty plan provides for repair or replacement of many of a home's mechanical systems and major built-in 174 appliances in the event of breakdown due to normal wear and tear during the agreement's warranty period. 175 (f) SPECIAL ASSESSMENTS: At Closing, Seller shall pay: (i) the full amount of liens imposed by a public body 176 ("public body" does not include a Condominium or Homeowner's Association) that are certified, confirmed and 177 ratified before Closing; and (ii) the amount of the public body's most recent estimate or assessment for an 178 improvement which .is substantially complete as of Effective Date, but that has not resulted in a lien being 179 imposed on the Property before Closing. Buyer shall pay all other assessments. If special assessments may 180 be paid in installments (CHECK ONE):• 181* y1 (a) Seller shall pay installments due prior to Closing and Buyer shall pay installments due after Closing. 182 Installments prepaid or due for the year of Closing shall be prorated. 183' ❑ (b) Seller shall pay the assessment(s) in full prior to or at the time of Closing. 184 IF NEITHER BOX IS CHECKED, THEN OPTION (a) SHALL BE DEEMED SELECTED. 185 This Paragraph 9(f) shall not apply to a special benefit tax lien imposed by a community development district 186 (CDD) pursuant to Chapter 190, F.S., which lien shall be prorated pursuant to STANDARD K. 187 DISCLOSURES 188 10. DISCLOSURES: . • 189 (a) RADON GAS: Radon is .a naturally occurring radioactive gas that, when it is accumulated in a building in 190 sufficient quantities, may present health risks to. persons who are exposed to it over time. Levels of radon that 191 exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding 192 radon and radon testing may be obtained from your county health department. 193 (b) PERMITS DISCLOSURE: Except as may have been disclosed by Seller to Buyer in a written disclosure, 194 Seller does not know of any improvements made to the Property which were made without required permits 195 or made pursuant to permits which have not been properly closed. 196 (c) MOLD: Mold is naturally occurring and may cause health risks or damage to property. If Buyer is concerned 197 or desires additional information regarding mold, Buyer should contact an appropriate professional. • 198 (d) FLOOD ZONE; ELEVATION CERTIFICATION: Buyer is advised to verify by elevation certificate which flood 199 zone the Property is in, whether flood insurance is required by Buyer's lender, and what restrictions apply to 200 improving the Property and rebuilding in the event of casualty. If Property is in a "Special Flood Hazard Area" 201 or "Coastal Barrier Resources Act" designated area or otherwise protected area identified by the U.S. Fish 202 and Wildlife Service under the Coastal Barrier Resources Act and the lowest floor elevation for the building(s) 203 and /or flood insurance rating purposes is below minimum flood elevation or is ineligible for flood insurance 2c4 coverage through the National Flood Insurance Program or private flood insurance as defined in 42 U.S.C. 205 §4012a, Buyer may terminate this Contract by delivering written notice to Seller within (if left blank, 206' then 20) days after Effective Date, and Buyer .shall be refunded the Deposit thereby releasing Buyer and 207 Seller from all further, obligations under this Contract, failing which Buyer accepts existing elevation of 208 buildings and flood zone designation of Property. The National Flood Insurance Program may assess 209 additional fees or adjust premiums for pre -Flood. lnsurance Rate Map (pre -FIRM) non -primary structures 210 (residential structures in which the insured or spouse does not reside for at least 50% of the year) and an 211 elevation certificate may be required for actuarial rating. 212 (e) ENERGY BROCHURE: Buyer acknowledges . receipt of .Florida Energy -Efficiency Rating Information 213 Brochure required by Section 553.996, F.S. 214 (f) LEAD -BASED PAINT: If Property includes pre-1978 residential housing, a lead -based paint disclosure is 215 mandatory. 216 (g) HOMEOWNERS' ASSOCIATION/COMMUNITY DISCLOSURE: BUYER SHOULD NOT EXECUTE THIS 217 CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' 218 ASSOCIATION/COMMUNITY DISCLOSURE, IF APPLICABLE. Buyer's Initials Page 4 of 12 - • Seller's initials FloridaRealtors/FloridaBar-ASIS-4 Rev.9/15 © 2015 Florida Realtors® and The Florida Bar. All rights reserved. Serial* 043917-600144-3632931 _ - f �, 1"21.'t 4 1111.P1 219 (h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT 220 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED 221 TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY 222 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN 223 HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT 224 THE COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION. 225 (1) FIRPTA TAX WITHHOLDING: Seller shall inform Buyer in writing if Seller is a "foreign person" as defined by 226 the Foreign investment in Real Property Tax Act ("FIRPTA"). Buyer and Seller shall comply with FIRPTA, 227 which may require Seller to provide additional cash at Closing. if Seller is not a "foreign person", Seller can 228 provide Buyer, at or prior to Closing, a certification of non -foreign status, under penalties of perjury, to inform 229 Buyer and Closing Agent that no withholding is required. See STANDARD V for further information pertaining 230 to FIRPTA. Buyer and Seller are advised to seek legal counsel and tax advice regarding their respective 231 rights, obligations, reporting and withholding requirements pursuant to FIRPTA. 232 (j) SELLER DISCLOSURE: Seller knows of no facts materially affecting the value of the Real Property which 233 are not readily observable and which have not been disclosed to Buyer. Except as provided for in the 234 preceding sentence, Seller extends and intends no warranty and makes no representation of any type, either 235 express or implied, as to the physical condition or history of the Property. Except as otherwise disclosed in 235 writing Seller has received no written or verbal notice from any governmental entity or agency as to a 237 currently uncorrected building, environmental or safety code violation. 238 PROPERTY MAINTENANCE, CONDITION, INSPECTIONS AND EXAMINATIONS 239 11. PROPERTY MAINTENANCE: Except for ordinary wear and tear and Casualty Loss, Seller shall maintain the 240 Property, including, but not limited to, lawn, shrubbery, and pool, in the condition existing as of Effective Date ("AS 241 ISMaintenance Requirement"): 242 12. PROPERTY INSPECTION; RIGHT TO CANCEL: . - . 243` (a) PROPERTY INSPECTIONS AND RIGHT TO CANCEL: Buyer shall have 30 (if left blank, then 15) 244 days after Effective Date ("inspection Period") within which to have such inspections of the Property 245 performed as Buyer shall desire during the Inspection Period. if Buyer determines, in Buyer's sole 246 discretion, that the Property is not acceptable to Buyer, Buyer may terminate this Contract by 247 delivering written notice of such election to Seller prior to expiration of inspection Period. If Buyer 248 timely terminatesthis-Contract, the Deposit paid shall be returned to Buyer, thereupon, Buyer and 249 Seller shall be released of al! further obligations under this Contract; however, Buyer shall be 250 responsible for prompt payment for such inspections, for repair of damage to, and restoration of, the 251 Property resulting from such inspections, and shall provide Seller with paid receipts for all work done 252 on the Property (the preceding provision shall survive termination of this Contract). Unless Buyer 253 exercises the right to terminate.granted herein, Buyer accepts the physical condition of the Property 254 and any violation of governmental, building, environmental, and safety codes, restrictions, or 255 requirements, but subject to Seller's continuing AS IS Maintenance Requirement, and Buyer shall be 256 responsible for any -and all repairs and improvements required by Buyer's lender. 257 (b) WALK-THROUGH INSPECTION/RE-INSPECTION: On the day prior to Closing Date, or on Closing Date 258 prior to time of Closing,as specified by Buyer, Buyer or Buyer's representative may perform a walk-through 259 (and follow-up walk-through, if necessary) inspection of the Property solely to confirm that all items of 260 Personal Property are on the Property and to verify that Seller has maintained the Property as required by the 261 AS 1S Maintenance Requirement and has met all other contractual obligations. 262 (c) SELLER. ASSISTANCE AND COOPERATION IN CLOSE-OUT OF BUILDING PERMITS: If Buyer's 263 inspection of the Property identifies open or needed building permits, then Seller shall promptly deliver to 284 Buyer all plans, written documentation or other information in Seller's possession, knowledge, or control 265 relating to improvements to the Property which are the subject of such open or needed Permits, and shall 266 promptly cooperate in good faith with Buyer's efforts to obtain estimates of repairs or other work necessary to 287 resolve such Permit issues._ Seller's obligation to cooperate .shall include Seller's execution of necessary 268 authorizations, consents, or other documents necessary for Buyer to conduct inspections and have estimates 269 of such repairs or work prepared, but in fulfilling such obligation, Seller shall not be required to expend, or 270 become obligated to expend, any money. Buyer's Initials Page 5 of 12 • . Seller's initials FloridaRealtors/FloridaBar-ASIS-4 Rev.9/15 ©2015 Florida Realtors® and The Florida Bar. All rights reserved. Serial#: 043}917-600144-3632931 ... --- - .. . L t, ,--.. , . i":� 271 (d) ASSIGNMENT OF REPAIR AND TREATMENT CONTRACTS AND WARRANTIES: At Buyer's option and 272 cost, Seller will, at Closing, assign all assignable repair, treatment and maintenance contracts and warranties 273 to Buyer. 274 ESCROW AGENT AND BROKER 275 13. ESCROW AGENT: Any Closing Agent or Escrow Agent (collectively "Agent") receiving the Deposit, other funds 276 and other items is authorized, and agrees by acceptance of them, to deposit them promptly, hold same in escrow • 277 within the State of Florida and, subject to COLLECTION, disburse them in accordance with terms and conditions 278 of this Contract. Failure of funds to become COLLECTED shall not excuse Buyer's performance. When conflicting 279 demands for the Deposit are received, or Agent has a good faith doubt as to entitlement to the Deposit, Agent 290 may take such actions permitted by this Paragraph 13, as Agent deems advisable. If in doubt as to Agent's duties 281 or liabilities under this Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow 292 until the parties agree to its disbursement or until a final judgment of a court of competent jurisdiction shall 283 determine the rights of the parties, or Agent may deposit same with the clerk of the circuit court having jurisdiction 294 of the dispute. -An attorney who represents a party and also acts as Agent may represent such party in such 285 action. Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, 286 except to the extent of accounting for any items previously delivered out of escrow. If a licensed real estate 287 broker, Agent will comply with provisions of Chapter 475, F.S., as amended and FREC rules to timely resolve 288 escrow disputes through mediation, arbitration, interpleader or an escrow disbursement order. 289 Any proceeding between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, 290 or in any proceeding where Agent interpleads the subject matter of the escrow, Agent shall recover reasonable 291 attomey's fees and costs incurred, to be paid pursuant to court order out of the escrowed funds or equivalent. 292 Agent shall not be liable to any party or person for mis-delivery of any escrowed items, unless such mis-delivery is 293 due to Agent's willful breach of this Contract or Agent's gross negligence. This Paragraph 13 shall survive Closing 294 or termination•of this Contract. See Addendum -. • 295 14. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verify Property condition, 296 square footage, and all other facts and representations made pursuant to this Contract and to consult appropriate 297 professionals for legal, tax, environmental, and other specialized advice concerning matters affecting the Property 298 and the transaction contemplated by this Contract. Broker represents to Buyer that Broker does not reside on the 299 Property and that all representations (oral, written or otherwise) by Broker are based on Seller representations or 300 public records. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND 301 GOVERNMENTAL AGENCIES FOR VERIFICATION. OF PROPERTY CONDITION, SQUARE FOOTAGE AND 302 FACTS THAT MATERIALLY AFFECT PROPERTY VALUE AND NOT ON THE REPRESENTATIONS (ORAL, 303 WRITTEN OR OTHERWISE)- OF BROKER. Buyer and Seller (individually, the "Indemnifying Party") each 304 individually indemnifies, holds harmless, and releases Broker and Broker's officers, directors, agents and 305 employees from all liability for loss or damage, including all costs. and .expenses, and reasonable attorney's fees 306 at all levels, suffered or incurred by Broker and Broker's officers, directors, agents and employees in connection 307 with or arising from claims, demands or causes of action instituted by Buyer or Seller based on: (i) inaccuracy of 308 information. provided by the Indemnifying Party or from public records; (ii) Indemnifying Party's rnisstatement(s) or 309 failure to perform contractual obligations; (iii) Broker's performance, at Indemnifying Party's request, of_any task 310 beyond the scope of services regulated by Chapter 475, F.S., as amended, including Broker's referral, 311 recommendation or retention of any vendor for, or on behalf of Indemnifying Party; (iv) products or services 312 provided by any such vendor for, or on behalf of, Indemnifying Party; and (v) expenses incurred by any such 313 vendor. Buyer and Seller each assumes full responsibility for selecting and compensating their respective vendors 314 and paying their other costs under this Contract whether or not this transaction closes, This Paragraph 14 will not 315 relieve Broker of statutory obligations under Chapter 475, F.S., as amended. For purposes of this Paragraph 14, 316 Broker will be treated as a party to this. Contract. This. Paragraph 14 shall survive Closing or termination of this 317 Contract. - . 318 DEFAULT AND DISPUTE RESOLUTION 319 15. DEFAULT: See Addendum . 320 (a) BUYER DEFAULT: If Buyer fails, neglects or refuses to perform Buyer's obligations under this Contract, 321 including payment of the Deposit, within the time(s) specified, Seller may elect to recover and retain the 322 Deposit for the account of Seller as agreed upon liquidated damages,consideration for execution of this 323 Contract, and in full settlement of any claims, whereupon Buyer and Seller shall be relieved from all further 324 obligations under this Contract, or Seller, at Seller's option, may, pursuant to Paragraph 16, proceed in equity 325 . to enforce Seller's rights under this Contract. The portion of the Deposit, if any, paid to Listing Broker upon Buyer's Initials Page 6 of 12 Seller's Initials FloridaRealtors/FloridaBar-ASIS-4 Rev.9115 ©2015 Florida. Realtors® and The Florida Bar. All rights reserved. Serial* 043917-600144.3632931 for, tsimpiicit 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 ? ` 11+ to thi, Par Ora h 16 345 ing actiop in tho appropricte court hav Ne-P-afegraph 346 1-e-e sll I. -My ormiaatteta is -Contract. 347 17. ATTORNEY'S FEES; COSTS: The parties will split equally any mediation fee incurred in any mediation permitted 348 by this Contract, and each party will pay their own costs, expenses and fees, including attorney's fees, incurred in 349 conducting the mediation. In any litigation permitted by this Contract, the prevailing party shall be entitled to 350 recover from the non -prevailing party costs and fees, including reasonable attorney's fees, incurred in conducting 351 the litigation. This Paragraph 17 shall survive Closing or termination of this Contract. 352 default by Buyer, shall be split equally between Listing Broker and Cooperating Broker, provided however, Cooperating Broker's share shall not be greater than the commission amount Listing Broker had agreed to pay to Cooperating Broker. (b) SELLER DEFAULT: If for any reason other than failure of Seller to make Seller's title marketable after reasonable diligent effort, Seller fails, neglects or refuses to perform Seller's obligations under this Contract, Buyer may elect to receive return of Buyer's Deposit without thereby waiving any action for damages resulting from Seller's breach, and, pursuant to Paragraph 16, may seek to recover such damages or seek specific performance. This Paragraph 15 shall survive Closing or termination of this Contract. 16. �Sn� ixrnni I Inrocnlvarl r nn rnuarciac S 1te arising out of ar relating to, this Contract or sef`i�eel a5'f0+}8ws' rccolvc such Di iafinrc,+n FtiRi i�$�.�yld -(11D1sptrt V IH cre date cenfli.cti•ag-deaaeriels-fer-flee r epnsit are arla + at4e -te lade.r_Razagpaph hied or must n the real estate STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") 353 18. STANDARDS: 354 A. TITLE: 355 0) TITLE EVIDENCE; RESTRICTIONS; EASEMENTS; LIMITATIONS: Within the time period provided in 356 Paragraph 9(c), the Title Commitment, with legible copies of instruments listed as exceptions attached thereto, 357 shall be issued and delivered to Buyer. The Title Commitment shall set forth those matters to be discharged by 358 Seller at or before Closing and shall provide that, upon recording of the deed to Buyer, an owner's policy of title 359 insurance in the amount of the Purchase Price, shall be issued to Buyer insuring Buyer's marketable title to the 360 Real Property, subject only to the following matters: (a) comprehensive land use plans, zoning, and other land 361 use restrictions, prohibitions and requirements imposed by governmental authority; (b) restrictions and matters 362 appearing on the Plat or otherwise common to the subdivision; (c) outstanding oil, gas and mineral rights of 363 record without right of entry; (d) unplatted public utility easements of record (located contiguous to real property 364 lines and not more than 10 feet in width as to rear or front lines and 7 1/2 feet in width as to side lines); (e) taxes 365 for year of Closing and subsequent years; and (f) assumed mortgages and purchase money mortgages, if any (if 366 additional items, attach addendum); provided, that, none prevent use of Property for RESIDENTIAL PURPOSES. 367 If there exists at Closing any violation of items identified in (b) - (f) above, then the same shall be deemed a title 368 defect. Marketable title .shall be determined according to applicable Title Standards adopted by authority of The 369 Florida Bar and in accordance with law. . 370 (ii) TITLE EXAMINATION: Buyer shall have 5 days after receipt of Title Commitment to examine it and notify 371 Seller in writing specifying defect(s), if any, that render title unmarketable. If Seller provides Title Commitment and 372 it is delivered to Buyer less. than 5 days prior to Closing Date, Buyer. may extend Closing for up to 5 days after 373 date of receipt to examine same in accordance with this STANDARD -A. Seller shall have 30 days ("Cure Period") 374 after receipt of Buyer's notice to take reasonable diligent efforts to remove defects. If Buyer fails. to so notify 375 Seller, Buyer shall be deemed to have accepted title as it then is.. If Seller cures defects within Cure Period, Seller 376 will deliver written notice to Buyer (with proof of cure acceptable to Buyer and Buyer's attorney) and the parties 377 will close this Contract on Closing Date (or if Closing Date has passed, within 10 days after Buyer's receipt of 376 Seller's notice). If Seller is unable to cure defects within Cure Period, then Buyer may, within 5 days after 379 expiration of Cure Period, deliver written notice to. Seller: (a) extending Cure Period for a specified period not to 380 exceed 120 days within which Seller shall continue to use reasonable diligent effort to remove or cure the defects 381 ("Extended Cure Period"); or (b) electing to accept title with existing defects and close this Contract on Closing Buyers Initials Page7 of 12 • Seller's Initials FloridaRealtors/FloridaBar-ASIS-4 Rev.9/15 © 2015 Florida Realtorsm an.d The Florida Bar. All rights reserved. Seria5: 043917-600144-3632931 i ' ff111i L;}tl,.t1T}riit. STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED 382 Date (or if Closing Date has passed, within the earlier of 10 days after end of Extended Cure Period or Buyer's 383 receipt of Seller's notice), or (c) electing to terminate this Contract and receive a refund of the Deposit, thereby 384 releasing Buyer and Seller from all further obligations under this Contract. If after reasonable diligent effort, Seller 385 is unable to timely cure defects, and Buyer does not waive the defects, this Contract shall terminate, and Buyer 386 shall receive a refund of the Deposit, thereby releasing Buyer and Seller from all further obligations under this 387 Contract. 388 B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon 389 encroach on setback lines, easements, or lands of others, or violate any restrictions, covenants, or applicable 390 governmental regulations described in STANDARD A (i)(a), (b) or (d) above, Buyer shall deliver written notice of 391 such matters, together with a copy of Survey, to Seller within 5 days after Buyer's receipt of Survey, but no later 392 than Closing. If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice and 393 Survey shall constitute a title defect, subject to cure obligations of STANDARD A above. If Seller has delivered a 394 prior survey, Seller shall, at Buyer's request, execute an affidavit of "no change" to the Real Property since the 395 preparation of such prior survey, to the extent the affirmations therein are true and correct. 396 C. INGRESS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to 397 the Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of 398 access. 399 D. LEASE INFORMATION: Seller shall, at least 10 days prior to Closing, furnish to Buyer estoppel letters from 400 tenants)/occupant(s) specifying nature and duration of occupancy, rental rates, advanced rent and security 401 deposits paid by tenant(s) or occupant(s)("Estoppel Letter(s)"). If Seller is unable to obtain such Estoppel Letter(s) 402 the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller's affidavit 403 and Buyer may thereafter contact tenant(s) or •occupant(s) to confirm such information. If Estoppel Letter(s) or 404 Seller's affidavit, if any, differ materially from Seller's representations and lease(s) provided pursuant to 405 Paragraph 6, or if tenant(s)/occupant(s) fail or refuse to confirm Seller's affidavit, Buyer may deliver written notice 406 to Seller within 5 days after receipt of such information, but no later than 5 days prior to Closing Date, terminating 407 this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all further obligations . 408 under this Contract. Seller shall, at Closing, deliver and assign all leases to Buyer who shall assume Seller's 409 obligations thereunder. 410 E. LIENS: Seller shall furnish to Buyer at Closing an affidavit attesting (i) to the absence of any financing 411 statement, claims of lien or potential lienors known to Seller and (ii) that there have been no improvements or 412 repairs to the Real Property for 90 days immediately preceding Closing Date. If the Real Property has been 413 improved or repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all 414 general contractors, subcontractors, suppliers and materialmen in addition to Seller's lien affidavit setting forth 415 names of all such general contractors, subcontractors, suppliers .and.. materialmen, further affirming that all 416 charges for improvements or repairs which could serve as a basis for a construction lien or a claim for damages 417 have been paid or will be paid at Closing. • 418 F. TIME: Calendar days shall be used in computing time periods. Time is of. the essence in this Contract. 419 Other than time for acceptance and Effective Date as set forth in Paragraph 3, any time periods provided for or 42o dates specified in this Contract, whether preprinted, handwritten, typewritten or inserted herein, which shall end or 421 occur on a Saturday, Sunday, or a national legal holiday (see 5 U.S.C. 6103) shalt extend to 5:00 p.m. (where the 422 Property is located) of the next business day. - 423 G. FORCE MAJEURE: Buyer •or Seller shall not be required to perform any obligation under this Contract or be 424 liable to each other for damages so long as performance or non-performance of the obligation is delayed, caused 425 or prevented by Force Majeure. "Force Majeure" means: hurricanes,earthquakes, floods, fire, acts of God, 425 unusual transportation delays, wars, insurrections, and acts of terrorism, and which, by exercise of reasonable diligent 427 effort, the non -performing party is unable in whole or in part to prevent or overcome. All time periods, including 428 Closing Date, will be extended for the period that the Force Majeure prevents performance under this Contract, 429 provided, however, if such Force Majeure continues to prevent performance under this Contract more than 14 430 days beyond Closing Date, then either party may terminate this Contract by delivering written notice to the other 431 and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all further obligations under 432 this Contract. 433 H. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's, 434 personal representative's, or guardian's deed, as appropriate to the status of Seller, subject only to matters 435 described in 'STANDARD A and those.. accepted by Buyer. Personal Property shall, at request of Buyer, be 436 transferred by absolute bill of sale with warranty of title, subject only to such matters as may be provided for in 437 this Contract. 438 1. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE: Buyer's Initials Page 8 of 12 Seller's Initials FloridaRealtors/FloridaBar-ASIS-4 Rev.9/15 © 2015 Florida Realtors® and The Florida Bar. All rights reserved. --------- -------------------- Seda t 043817.8001443632931 — ;Ti i! �}1Ici ..y Serial#: 043917-600144.3632931 STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED 439 (i) LOCATION: Closing will take place in the county where the Real Property is located at the office of the 440 attorney or other closing agent ("Closing Agent") designated by the party paying for the owner's policy of title 441 insurance, or, if no title insurance, designated by Seller. Closing may be conducted by mail or electronic means. 442 (ID CLOSING DOCUMENTS: Seller shall at or prior to Closing, execute and deliver, as applicable, deed, bill of 443 sale, certificate(s) of title or other documents necessary to transfer title to the Property, construction lien affidavit 444 (s), owner's possession and no lien affidavit(s), and assignment(s) of leases. Seller shall provide Buyer with paid 445 receipts for all work done on the Property pursuant to this Contract. Buyer shall furnish and pay for, as applicable 446 the survey, flood elevation certification, and documents required by Buyer's lender. 447 (iii) PROCEDURE: The deed shall be recorded upon COLLECTION of all closing funds. If the Title Commitment 448 provides insurance against adverse matters pursuant to Section 627.7841, F.S., as amended, the escrow closing 449 procedure required by STANDARD J shall be waived, and Closing Agent shall, subject to COLLECTION of all 450 closing funds, disburse at Closing the brokerage fees to Broker and the net sale proceeds to Seller. 451 J. ESCROW CLOSING PROCEDURE: If Title Commitment issued pursuant to Paragraph 9(c) does not provide 452 for insurance against adverse matters as permitted under Section 627.7841, F.S., as amended, the following 453 escrow and closing procedures shall apply: (1) all Closing proceeds .shall be held in escrow by the Closing Agent 454 for a period of not more than 10 days after Closing; (2) if Seller's title is rendered unmarketable, through no fault 455 of Buyer, Buyer shall, within .the 10 day period, notify Seller in writing of the defect and Seller shall have 30 days 456 from date of receipt of such notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit 457 and all Closing funds paid by Buyer shall, within 5 days after written demand by Buyer, be refunded to Buyer and, 458 simultaneously with such repayment, Buyer shall return the Personal Property, vacate the Real Property and re- 459 convey the Property to Seller by special warranty deed and bill of sale; and (4) if Buyer fails to make timely 460 demand for refund of the Deposit, Buyer shall take title as is, waiving all rights against Seller as to any intervening 461 defect except as may be available to Buyer by virtue of warranties contained in the deed or bill of sale. 462 -K. PRORATIONS; CREDITS: The following recurring items will be made current (if applicable) and prorated as 463 of the day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate taxes 464 (including special benefit tax assessments imposed by a CDD), interest, bonds, association fees, insurance, rents 465 and other expenses of Property. Buyer shall have option of taking over existing policies of insurance, if 466 assumable, in which event premiums shall be prorated. Cash at Closing shall be increased.or decreased as may 487 be required by prorations to be made through day prior to Closing. Advance rent and security deposits, if any, will 468 be credited to Buyer. Escrow deposits held by Sellers mortgagee will. be paid to Seller. Taxes shall be prorated 469 based on current year's tax with due allowance madefor maximum allowable discount, homestead and other 470 exemptions. -If Closing occurs on a date when current year's millage is not fixed but current year's assessment is 471 available, taxes will be prorated based upon such assessment and prior year's millage. If current year's 472 assessment is not available, then taxes will be prorated on prior year's tax. If there are completed improvements 473 on the Real Property by January 1st of year of Closing, which improvements were not in existence on January 1st 474 of prior year, then taxes' shall be prorated based upon prior year's millage and at an equitable assessment to be 475 agreed upon between the parties, failing which, request shall be made to the County Property Appraiser for an 476 informal assessment taking into account available exemptions. A tax proration based on an estimate shall, at 477 either party's request, be readjusted upon receipt of current year's tax bill. This STANDARD K shall survive 478 Closing. .. 479 L. ACCESS .TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seller 480 shall, upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, 481 including a walk-through (or follow-up walk-through if necessary) prior to Closing. 482 M. RISK OF LOSS: If, after Effective Date, but before Closing, Property is damaged by fire or other casualty 483 ("Casualty Loss") and cost of restoration (which shall include cost *of pruning or removing damaged trees) does 484 not exceed 1.5% of Purchase Price, cost of restoration shall be an obligation of Seller and Closing shall proceed 485 pursuant to terms of this Contract. if restoration is not completedas of Closing, a sum equal to 125% of estimated 486 cost to complete restoration (not to exceed 1.5% of Purchase Price), will be escrowed at Closing. If actual cost of 487 restoration exceeds escrowed amount, Seller shall pay such actual costs (but, not in excess of 1.5% of Purchase 4aa Price). Any unused portion of escrowed amount shall be returned to Seller. If cost of restoration exceeds 1.5% of 489 Purchase Price, Buyer shall elect to either take Property "as is" together with the 1.5%, or receive a refund of the 490 Deposit, thereby releasing Buyer and Seller from all further obligations under this Contract. Seller's sole obligation 491 with respect to tree damage by casualty or other natural occurrence shall be cost of pruning or removal. 492 N. 1031 EXCHANGE: If either Seller o_ r Buyer,wish to enter' into a like -kind exchange (either simultaneously with 493 Closing or deferred) under Section 1031 of the .Internal Revenue Code ("Exchange"), the other party shall 494 cooperate in ail reasonable respects to effectuate the Exchange, including execution of documents; provided, Buyer's initials Page 9 of 12 Seller's initials FloridaReaitors/FloridaBar-ASIS-4 Rev.9115 © 2015 Florida Realtors. and The Florida Bar. All rights reserved. 17011I1Si nplic i v i" STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED ' 495 however, cooperating party shall incur no liability or expense related to the Exchange, and Closing shall not be 495 contingent upon, nor extended or delayed by, such Exchange. 497 O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; DELIVERY; COPIES; CONTRACT 495 EXECUTION: Neither this Contract nor any notice of it shall be recorded in any public records. This Contract shall 499 be binding on, and inure to the benefit of, the parties and their respective heirs or successors in interest. 500 Whenever the context permits, singular shall include plural and one gender shall include all. Notice and delivery 501 given by or to the attorney or broker (including such broker's real estate licensee) representing any party shall be 502 as effective as if given by or to that party. All notices must be in writing and may be made by mail, personal 503 delivery or electronic (including "pdf) media. A facsimile or electronic (including "pdf) copy of this Contract and so4 any signatures hereon shall be considered for all purposes as an original. This Contract may be executed by use 505 of electronic signatures, as determined by Florida's Electronic Signature Act and other applicable laws. 506 P. INTEGRATION; MODIFICATION: This Contract contains the full and complete understanding and agreement 507 of Buyer and Seller with respect to the transaction contemplated by this Contract and no prior agreements or 508 representations shall be binding upon Buyer or Seller unless included in this Contract. No modification to or 509 change in this Contract shall be valid or binding upon Buyer or Seller unless in writing and executed by the parties 510 intended to be bound by it. 511 Q. WAIVER: Failure of Buyer or Seller to insist on compliance with, or strict performance of, any provision of this 512 Contract, or to take advantage of any right under this Contract, shall not constitute a waiver of other provisions or 513 rights. 514 R. RIDERS; ADDENDA; TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten 515 or handwritten provisions shall control all printed provisions of this Contract in conflict with them. 516 S. COLLECTION or COLLECTED: "COLLECTION" or "COLLECTED" means any checks tendered or 517 received, including Deposits, have become actually and finally collected and deposited in the account of 518 Escrow Agent or Closing Agent. Closing and disbursement of funds and delivery of closing documents 519 may be delayed by Closing Agent until such amounts have been COLLECTED in Closing Agent's 520 accounts. 521 T. LOAN COMMITMENT: "Loan Commitment" means a statement by the lender setting forth the terms and 522 conditions upon which the lender is willing to make a particular mortgage loan to a particular borrower. Neither a 523 pre -approval letter nor a pre.quaiification letter shall be deemed a Loan Commitment for purposes of this Contract. 524 U. APPLICABLE LAW AND VENUE: This Contract shall be construed in accordance with the laws of the State 525 of Florida and venue for resolution of alldisputes, whether by mediation, arbitration or litigation, shall lie in the 526 county where the Real Property is located.. 527 V. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT ("FIRPTA"): If a seller of U.S. real property is a 528 "foreign person" as defined by FIRPTA, Section 1445 of the Internal Revenue Code requires the buyer of the real 529 property to withhold 10% of the amount realized by the seller on .the transfer and remit the withheld amount to the 530 Internal Revenue Service (IRS) unless an exemption to the required withholding applies or the seller has obtained 531 a Withholding Certificate from the IRS authorizing a reduced amount of withholding. Due to the complexity and 532 potential risks of FIRPTA, Buyer and Seller should seek legal and tax advice regarding compliance, particularly if 533 an "exemption" is claimed on the sale of residential property for $300,000 or less. 534 (i) No withholding is required under Section 1445 if the Seller i.s not a "foreign person," provided Buyer accepts 535 proof of same from Seller, which may include Buyer's- receipt of certification of non -foreign status from Seller, 536 signed under penalties of perjury, stating that Seller is not a foreign person and containing Seller's name, U.S. 537 taxpayer identification number and home address (or office address, in the case of an entity), as provided for in 538 26 CFR 1.1445-2(b). Otherwise, Buyer shall withhold 10% of the amount realized by Seller on the transfer and 539 timely remit said funds to the IRS. 540 (ii) If Seller has received a Withholding Certificate from the IRS which provides for reduced or eliminated 541 withholding in this transaction and provides same to Buyer by Closing, then Buyer shall withhold the reduced 542 sum, if any required, and timely remit said funds to the IRS. 543 (iii) If prior to Closing Seller has submitted a completed application to the IRS for a Withholding Certificate and 544 has provided. to Buyer the notice required by 26 CFR 1.1445-1(c) (2)(i)(B) but no Withholding Certificate has been 54s received as of Closing, Buyer shall, at Closing, withhold 10% of the amount realized by Seller on the transfer 546 and, at Buyer's option, either (a) timely remit the withheld funds to the IRS or (b) place the funds in escrow, at 547 Seller's expense, with an escrow agent selected by Buyer and pursuant to terms negotiated by the parties, to be 548 subsequently disbursed in accordance with the Withholding Certificate issued by the IRS or remitted directly to 549 the IRS if the Seller's application is rejected or upon terms set forth in the escrow agreement. 550 (iv) In the event the net proceeds due Seller are not sufficient to meet the withholding requirement(s) in this 551 transaction, Seller shall deliver to Buyer, at Closing, the additional COLLECTED funds necessary to satisfy the Buyer's Initials Page 10 of 12 Seller's Initials FloridaReaitors/FlorldaBar-ASIS-4 Rev.9/15 ©2015 Florida Realtors® and The Florida Bar. All rights reserved. Serial#: 043917.600144 3832931 fo insi1-1 pi city 552 553 554 555 556 557 558 559 560 561 562 563 STANDARDS FOR REAL-ESTATE TRANSACTIONS ("STANDARDS") CONTINUED applicable requirement and thereafter Buyer shall timely remit said funds to the IRS or escrow the funds for disbursement in accordance with the final determination of the IRS, as applicable. (v) Upon remitting funds to -the IRS pursuant to this STANDARD, Buyer shall provide. Seller copies of IRS Forms 8288 and 8288-A, as filed. W. RESERVED X. BUYER WAIVER OF CLAIMS: To the extent permitted by law, Buyer waives any claims against Seller and against any real estate licensee involved in the negotiation of this Contract for any damage or defects pertaining to the physical condition of the Property that may exist at Closing of this Contract and be subsequently discovered by the Buyer or anyone claiming by, through, under or against the Buyer. This provision does not relieve Seller's obligation to comply with Paragraph 10(j). This Standard X shall survive Closing. ADDENDA AND ADDITIONAL TERMS 564• 19. ADDENDA: The following additional 565 this Contract (Check if applicable): al A. Condominium Rider -❑ K. ❑ B. Homeowners' Assn. ❑ L. ❑ C. Seller Financing ❑ M. ❑ D. Mortgage Assumption ❑ N. ❑ E. FHANA Financing ❑ O. ❑ F. Appraisal Contingency ❑ P. ❑ G. Short Sale ❑ Q. ❑ H. Homeowners'/Flood In ❑ R. ❑ J. Interest -Bearing Acct. ❑ S. 565• 20. ADDITIONAL TERMS: 567 568 569 570 571 572 573 574 575 576 577 578 579 580 581 582 583 terms are included in the attached addenda or riders and incorporated into RESERVED RESERVED Defective Drywall Coastal Construction Control Line Insulation Disclosure Lead Paint Disclosure (Pre-1978) Housing for Older Persons Rezoning . Lease Purchase/ Lease Option See Addendum ❑ T. Pre -Closing Occupancy ❑ U. Post -Closing Occupancy ❑ V. Sale of Buyer's Property ❑ W. Back-up Contract ❑ X. Kick -out Clause ❑ Y. Seller's Attorney Approval ❑ Z. Buyer's Attorney Approval ❑ AA. Licensee Property Interest ❑ BB. Binding Arbitration COUNTER-O FFERIREJ ECTION 584- ❑ Seller counters Buyer's offer (to accept the counter-offer, Buyer must sign or initial the counter -offered terms and 585 deliver a copy of the acceptance to Seller). 586* ❑ Seller rejects Buyer's offer. 587 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE 588 ADVICE OF AN ATTORNEY PRIOR TO SIGNING. • 589 THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR. 590 Approval of this form by the Florida Realtors and The Florida Bar does not constitute an opinion that any of the terms 591 and conditions in this Contract should be accepted by the parties in a particular transaction.- Terms and conditions Buyer's Initials Page 11 of 12 Seller's Initials FloridaRealtors/FloridaBar-ASIS-4 Rev.9/15 CD 2015 Florida Realtors1 and The Florida Bar. All rights reserved. SeriaiS: 043917.600144-3632931 1._�n f �t 592 should be negotiated based upon the respective interests, objectives and bargaining positions of all interested 593 persons. 594 AN ASTERISK (*) FOLLOWING A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK TO 595 BE COMPLETED. 596 597' Buyer: SPe attached signature page Date: 598 599' Buyer: Date: 600 601' Seller: Date: 602 SOY Seller: Date: 604 605 Buyer's address for purposes of notice.. - Sellers address for purposes of notice 606- SPP Addendum See Addendum 607' 608' 609 BROKER: Listing and Cooperating Brokers, if any, named below (collectively, "Broker"), are the only Brokers entitled 610 to compensation in connection with this Contract. Instruction to Closing Agent: Seller and Buyer direct Closing Agent 611 to disburse at Closing the full amount of the brokerage fees as specified in separate brokerage agreements with the 612 parties and cooperative agreements between the Brokers, except to the extent Broker has retained such fees from the 613 escrowed funds. This Contract shall not modify any MLS or other offer of compensation made by Seller or Listing 614 Broker to Cooperating Brokers. 515' 615 Cooperating Sales Associate, if any Listing Sales Associate 617' 618 Cooperating Broker, if any Listing Broker Buyer's Initials Page 12 of 12 Seller's Initials FloridaRealtors/FloridaBar-ASIS- 4 Rev.9/15 © 2015 Florida Realtors® and The Florida Bar. All rights reserved. S er laltA: 043917-600144-3632931 rtirin plaza. N364 Buyer: Town Park Condominium Association, Inc. By: . Name: Title: Date: Seller: Southeast Overtown/Park West Community Redevelopment Agency By: Date: Name: Cornelius Shiver Title: Executive Director Buyer's address for purposes of notice: Seller's address for purposes of notice: See Addendum See Addendum Comprehensive Rider to the Residential Contract For Sale And Purchase THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR Florida Realtors° If initialed by all parties, the clauses below will be incorporated into the Florida Realtors®/Florida Bar Residential Contract For Sale And Purchase between Town Park Plaza North Condominum Association, Inc. (SELLER) and Southeast Overtown/Park West Community Redevelopment Agency (BUYER) concerning the Property described as See Exhibit "A" to Purchase Agreement See Exhibit "A" to Purchase Agreement Buyer's Initials Seller's Initials A. CONDOMINIUM RIDER 1. CONDOMINIUM ASSOCIATION APPROVAL: The Association's approval of Buyer (CHECK ONE): ❑ is p is not required. If approval is required, this Contract is contingent upon Buyer being approved by the Association no later than (if left blank, then 5) days prior to Closing. Within (if left blank, then 5) days after Effective Date Seller shall initiate the approval process with the Association and Buyer shall apply for such approval. Buyer and Seller shall sign and deliver any documents required by the Association in order to complete the transfer of the Property and each shall use diligent effort to obtain such approval, including making personal appearances if required. If Buyer is not approved within the stated time period, this Contract shall terminate and Buyer shall be refunded the Deposit, thereby releasing Buyer and Seller from all further obligations under this Contract. 2. RIGHT OF FIRST REFUSAL: (a) The Association (CHECK ONE): ❑ has pi does not have a right of first refusal ("Right"). If the Association has a Right, this Contract is contingent upon the Association, within the time permitted for the exercise of such Right, either providing written confirmation to Buyer that the Association is not exercising that Right, or failing to timely exercise such Right pursuant to the terms of the Declaration of Condominium ("Declaration", which reference includes all amendments thereto). (b) The members of the Association (CHECK ONE): ❑ have ❑■ do not have a Right. If the members do have a Right, this Contract is contingent upon the members, within the time permitted for the exercise of such Right, either providing written confirmation to Buyer that the members are not exercising that Right, or failing to timely exercise such Right pursuant to the terms of the Declaration. (c) Buyer and Seller shall, within (if left blank, then 5) days after Effective Date, sign and deliver any documents required as a condition precedent to the exercise of the Right, and shall use diligent effort to submit and process the matter with the Association and members, including personal appearances, if required. (d) If, within the stated time period, the Association, the members of the Association, or both, fail to provide the written confirmation or the Right has not otherwise expired, then this Contract shall terminate and the Deposit shall be refunded to the Buyer, thereby releasing Buyer and Seller from all further obligations under this Contract. (e) If the Association or a member timely exercises its or their Right, this Contract shall terminate and the Deposit shall be refunded to Buyer (unless this Contract provides otherwise), thereby releasing Buyer and Seller from all further obligations under this Contract, and Seller shall pay to Broker the full commission at Closing in recognition that Broker procured the sale. 3. FEES; ASSESSMENTS; PRORATIONS; LITIGATION: (a) Condominium Association assessment(s) and Rents: Seller represents that the current Association assessment(s) installments is/are $ See Addendum payable (CHECK ONE): El monthly ❑ quarterly 0 semi-annually 0 annually and if more than one Association assessment $ See Addendum payable (CHECK ONE): ❑ monthly 0 quarterly 0 semi-annually 0 annually and the current rent on recreation areas, if any, is $ See Addendum payable (CHECK ONE): ❑ monthly ❑ quarterly 0 semi-annually 0 annually Page 1 of 3 A. CONDOMINIUM RIDER (SEE CONTINUATION) CR-4 Rev. 9/15 © 2015 Florida Realtors® and The Florida Bar. All rights reserved. This software is licensed to [Shane Larson - PRIMESOORCE REAL ESTATE, LLC] www.transactiondesk.com. JnetaanetFoRMs• A. CONDOMINIUM RIDER (CONTINUED) All annual assessments levied by the Association and rent on recreational areas, if any, shall be made current by Seller at Closing, and Buyer shall reimburse Seller for prepayments. (b) Fees: Seller shall, at Closing, pay all fines imposed against the Unit by the Condominium Association as of Closing Date and any fees the Association charges to provide information about the Property, assessment(s) and fees. If Property is part of a Homeowners' Association, see Rider B. HOMEOWNERS' ASSOCIATION/COMMUNITY DISCLOSURE for further information including additional assessments and fees. (c) Special Assessments and Prorations: (i) Seller represents that Seller is not aware of any special or other assessment that has been levied by the Association or that has been an item on the agenda, or reported in the minutes, of the Association within twelve (12) months prior to Effective Date, ("pending") except as follows: NONE (ii) If special assessments levied or pending exist as of the Effective Date are disclosed above by Seller and may be paid in installments (CHECK ONE): ❑ Buyer E Seller (if left blank, then Buyer) shall pay installments due after Closing Date. If Seller is checked, Seller shall pay the assessment in full prior to or at the time of Closing. (iii) If special assessments levied or pending exist as of the Effective Date and have not been disclosed above by Seller, then Seller shall pay such assessments in full at the time of Closing. (iv) If, after Effective Date, the Association imposes a special assessment for improvements, work or services, which was not pending as of the Effective Date, then Seller shall pay all amounts due before Closing Date and Buyer shall pay all amounts due after Closing Date. (v) A special assessment shall be deemed levied for purposes of this paragraph on the date when the assessment has been approved as required for enforcement pursuant to Florida law and the condominium documents listed in Paragraph 5. (vi) Association assets and liabilities, including Association reserve accounts, shall not be prorated. (d) Litigation: Seller represents that Seller is not aware of pending or anticipated litigation affecting the Property or the common elements, if any, except as follows: NONE 4. SPRINKLER SYSTEM RETROFIT: lf, pursuant to Sections 718.112(2)(1), F.S., the Association has voted to forego retrofitting its fire sprinkler system or handrails and guardrails for the condominium units, then prior to Closing Seller shall fumish to Buyer the written notice of Association's vote to forego such retrofitting. 5. NON -DEVELOPER DISCLOSURE: (CHECK ONE): ❑ (a) THE BUYER HEREBY ACKNOWLEDGES THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE DECLARATION OF CONDOMINIUM, ARTICLES OF INCORPORATION OF THE ASSOCIATION, BYLAWS AND RULES OF THE ASSOCIATION, AND A COPY OF THE MOST RECENT YEAR-END FINANCIAL INFORMATION AND FREQUENTLY ASKED QUESTIONS AND ANSWERS DOCUMENT MORE THAN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, PRIOR TO EXECUTION OF THIS CONTRACT. (b) THIS AGREEMENT IS VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE BUYER AND RECEIPT BY BUYER OF A CURRENT COPY OF THE DECLARATION OF CONDOMINIUM, ARTICLES OF INCORPORATION, BYLAWS AND RULES OF THE ASSOCIATION, AND A COPY OF THE MOST RECENT YEAR-END FINANCIAL INFORMATION AND FREQUENTLY ASKED QUESTIONS AND ANSWERS DOCUMENT IF SO REQUESTED IN WRITING. ANY PURPORTED WAIVER OF THESE VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER MAY EXTEND THE TIME FOR CLOSING FOR A PERIOD OF NOT MORE THAN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND Page 2 of 3 A. CONDOMINIUM RIDER CR-4 Rev. 9/15 © 2015 Florida Realtors® and The Florida Bar. All rights reserved. (SEE CONTINUATION) This software is licensed to [Shang Larson - PRIMESOORCE REAL ESTATE, LLC] www.transactiondesk.com. InstonetroRMs- LEGAL HOLIDAYS, AFTER THE BUYER RECEIVES THE DECLARATION, ARTICLES OF INCORPORATION, BYLAWS AND RULES OF THE ASSOCIATION, AND A COPY OF THE MOST RECENT YEAR-END FINANCIAL INFORMATION AND FREQUENTLY ASKED QUESTIONS AND ANSWERS DOCUMENT IF REQUESTED IN WRITING. BUYER'S RIGHT TO VOID THIS AGREEMENT SHALL TERMINATE AT CLOSING. 6. BUYER'S REQUEST FOR DOCUMENTS: Buyer is entitled, at Seller's expense, to current copies of the condominium documents specified in Paragraph 5, above. Buyer (CHECK ONE): p requests ❑ does not request a current copy of the documents specified in Paragraph 5, above. If this Contract does not close, Buyer shall immediately return the documents to Seller or reimburse Seller for the cost of the documents. 7. BUYER'S RECEIPT OF DOCUMENTS: (COMPLETE AND CHECK ONLY IF CORRECT) ❑ Buyer received the documents described in Paragraph 5, above, on 8. COMMON ELEMENTS; PARKING: The Property includes the unit being purchased and an undivided interest in the common elements and appurtenant limited common elements of the condominium, as specified in the Declaration. Seller's right and interest in or to the use of the following parking space(s), garage, and other areas are included in the sale of the Property and shall be assigned to Buyer at Closing, subject to the Declaration: Parking Space(s) # Garage # Other: See Addendum 9. INSPECTIONS AND REPAIRS: The rights and obligations arising under Paragraphs 11 and 12 of this Contract to maintain, repair, replace or treat are limited to Seller's individual condominium unit and unless Seller is otherwise responsible do not extend to common elements, limited common elements, or any other part of the condominium property. 10. GOVERNANCE FORM: PURSUANT TO CHAPTER 718, FLORIDA STATUTES, BUYER IS ENTITLED TO RECEIVE FROM SELLER A COPY OF THE GOVERNANCE FORM IN THE FORMAT PROVIDED BY THE DIVISION OF FLORIDA CONDOMINIUMS, TIMESHARES AND MOBILE HOMES OF THE DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION, SUMMARIZING THE GOVERNANCE OF THE CONDOMINIUM ASSOCIATION. Page 3 of 3 A. CONDOMINIUM RIDER CR-4 Rev. 9/15 © 2015 Florida Realtors® and The Florida Bar. All rights reserved. This software is licensed to [Shane Larson - PRZMESOURCE REAL ESTATE, LLC] www.transactiondesk.com. InstanetroRMs