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Home My WebLink AboutExhibit - Agreement-S S'-Roaidential Contract-.F.olr-dale-And-.Purchase.._..... _-_ __.. . THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA EAR 1* PARTIES; Federal National or, Association ("Seller"), 2* and The City of Miami, a municipal corporation of t e State of Florida ("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 6 Purchase and any riders and addenda ("Contract"): e 1. PROPERTY DESCRIPTION: 7* (a) Street address, city, zip; 2601 SW 13 ST, Miami, FL 33145-1214 s* (b) Property is located in; Mame-Dade County, Florida, Real Property Tax ID No,; 01-4110-655-0500 9* (c) Real Property, The legal description is 10 64 41 .16 AC NEW SILVER CREST KREV PB 39-8013E 100FT E 10 OF SW COR TR 3-C N 137.5FT E50FT 8137.5FT W50FT TO POB TR 3-C LOT SIZE 50.000 X 138 OR 11 11986-2957 1283 6 12 together with all existing Improvements and fixtures, including built-in appliances, builttiin furnishings and 13 attached wall-to-wall carpeting and flooring ("Real Property") unless specifically excluded in Paragraph 1(e) or 14 by other terms of this Contract. . 15 (d) Personal Property: Unless excluded in Paragraph 1(e)or by other terms of -this Contract, the following Items 1.6 which are owned by Seller and existing on the Property as of the date of the initial offer are included in the 17 purchase: range(s)/oven(s), refrigerator(s), dishwasher(s), disposal, ceiling fan(s), Intercom, light: fixture(s), 18 drapery rods and draperies, blinds, window treatments, smoke detector(s), garage door opener(s), .security 19 gate and other access devices, and storm. shutters/panels ("Personal Property"). tow Other Personal Property Items included in this purchase are: 21 22 Personal Property is Included in the Purchase Price, has no contributory value, and shall be left for the Buyer. 23* (e) The following items are excluded from the purchase: 24 26 PURCHASE PRICE AND CLOSING 26* 2. PURCHASE PRICE (U.S. currency): ......................................................... ...................... $ 2.71,000.00 27* (a) Initial deposit to be held in escrow in the amount of (checks subject to COLLECTION) ...... $. 13,550.00 28 The initial deposit: made payable and delivered to "Escrow Agent" named below 29* (CHECK ONE): (i) ❑ accompanies offer or (ii) [K is to be made within 3 (if left 30 blank, then 3) days after Effective Date. IF NEITHER BOX IS CHECKED, THEN 31 OPTION (li) SMALL BE DEEMED SELECTED, 32* Escrow Agent Information; Name: Seller's Closing Company 33* Address: 34* Phone: E-mail: Fax: 36* (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: $ 40 (e) Balance to close (not including Buyer's closing costs, prepaids and prorations) by wire 41* transfer or other COLLECTED funds .. .................. . ......... ..... , ......... $, , 257,450.00 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 signed by Buyer and Seller, and an executed copy delivered to all parties on or before 45* , this offer shall be deemed withdrawn and the Deposit, If any, shall be returned 45 to Buyer. Unless otherwise stated, time for acceptance of any counter-offers shall be within 2 days after the 47---..---.------ day t e counter�o er ts-- a ivered, 48 (b) The effective date of this Contract shall be the date when the last one of the Buyer and Seller has signed or 49initialed and delivered this offeror 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 45 days from effective date ("Closing Date"), at the time established by the Closing, Agent. Buyer's Initials Page 1 of 12 Seller's Initials FloridaRealtors/FlorldaBar-ASIS-4 Rev,9/16 C 2015 Florida Realtors® and The. Florida Bar. AII .rights reserved. S.•........._.•.•...•,69366.300................•...•.%.........•,5•.,5203..,0,3'.•1 ......... ..........,......••...••.••..•.,.... ..........................•............. ...,.......,..,••...-..•.........••...•.•....•.......•..................•....... ..••....•.•...••.••...••.•.•••................••......................... .._......... ..... .... .... ....••.... .. erlal�; 045.2 636. EXTESNOCLOSING 64----h8lfParagraphchecked and Closing funds from lender(s) are not availableunC|osin Date due on to Consumer Financial Protection Bureau Closing Disclosure delivery |ramenta Requirements"), oo then Closing Date shall beextended for such period necessary to amtisfyOFP8 Rmquiremnnts, provided such xr periodshall nutaxueed1Odmyn. oa (b)|fextreme weather orother condition orevent constituting "Force Majeure" (see STANDARD G)causes: 0 nn disruption of utilities or other nem4oem essential for Closing or 01\ Hmzond, Wind, Flood or Homeowners' oo 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, m Flood or Homeowners' Insurance. If restoration of such utilities orservices and availability of Insurance has ou^ not occurred within ) days after Closing Date. then either party may terminate 64 this Contract bydelivering written notice hothe athorparty, and Buyer shall berefunded the Deposit, thereby on releasing Buyer and Seller from all further obligations under this Contract, uo 8. OCCWPANCYA0DPOSSESSION: or (m) Unless the box in Paragraph 8(b)'is checked, Seller shall, at Closing, deliver occupancy and possession of oo the Property to Buyer free of tenants, occupants and future baneno|ny. Also, at C|no|ng' Seller mhmU have oo removed all personal Items and 'trash from the Property and shall deliver all kayo, garage door openers, m enneam dmv|ooa and nodew, as applicable, to, Buyer. If occupancy Is to be delivered before O|oo|nC, Buyer n assumes all hokm of |oaw to the Property, from data of occupancy, ahe|| be mopono|bio and ||abha for nz maintenance from that date, and shall be deemed to have accepted the Property in its existing condition as of m timeoftaking 000uponcy. r*' (b)F� CHECKP PROPERTY IS SUBJECT TD R OCCUPANCY AFTER CLOSING. ro subject to a lease(s) after Closing or Is Intended to be rented or occupied by third parties beyond Closing, the ro facts and terms thereof shall be disclosed In writing by Seller to Buyer and copies of the written lease(s) shall rr be delivered to Buyer, all within 6 days after Effective Dmbo. If Buyer dmtwrno|nao. In Buyer's sole discretion, ro that the lease(s) or terms of occupancy are not $ooeptob|n to BVyar, Buyer may harm|Doto this Contract by m dellvery of written notice of such election to Seller within 5 days after receipt of the above Items from Seller, oo and Buyer shall be refunded the Deposit thereby releasing Buyer and Seller from all furtherb| Uonounder 81 this Contract. Estoppel Lettor(s)and Seller's affidavit ahm||beprovided pursuanttoSTANDARD D.|fProperty oe |mIntended tobeoccupied by Seller Closing, see Rider U.POST-CLOSING OCCUPANCY BYSELLER. vn° 7. ASSIGNABILITY: (CHECK [>NE). Buyer |lmay emo|Qn and thereby be released from any further liability under SO this Contract; F1 may assign but not be released from liability under this Contract; or Zmay not assign this oo Contract. 86 FINANCING or 8. FINANCING: mr Z (a) Buyer will pay cash for the purchase of the Property at Closing, There Is no financing contingency to moobligation 90 acknowledges that any terms and conditions Imposed by Buyers lender(s) or UyCFPB Requirements shall not M affect or extend the Buyer's obligation to, close or otherwise affect any terms or conditions of this Contract. mr U (b) This Contract is. contingent upon Buyer obtaining a written loan commitment for -a El conventional El FHA mr U V8 orElother _ (describe) loan on the following torms within (if left blank then 4-6) wr �� ue^ �mr adjustable rate loan In the Loan Amount (See an Initial Interest rate not tpexceed Y6 mp rate based upon Buyer's creditworthiness), and fora term of left blank, 07 then 30) years. ("Financing"). mr Buyer shall make mortgage loan application for the Financing within _ (if left blank, then 6) days after 09 Effective Date and use good faith and diligent effort to obtafn a written loan commitment for the Financing ("Loan mo Commitment") Contract. Buyer Broker fully informed about the status of @]qpD.ppA11qdioD�Knd[�Q0DCoD20ikUeO�mnd'a� Wodzma-BUym/nnlodQagebmkenand8uyo�s 102 lender k)disclose such status and prognwws toSeller and Broker. mo ' xw Upon Buyer's receipt of Loan Commitment, Buyer shall provide written notice ofsame toSeller. IfBuyer does not ioo receive Loan Commitment by Loan Commitment Date, then thereafter either party may. cancel this Contract uptm 106 the earlier ofi. Initials Seller's Initials FloddaPau|tors/Florlda8ar-\ |84 Rev,911s0mV1VFlorida Roaltom°and The Florida Bar, All rIghtsreserved. Serlol#: 061366400149-2552.031 ..... _...... —__-..-.-,(I.)-Bu.y.ers-doll.very-o.f-w.ritten..notice- to. Seller.-that-.Buyer-.has.either-.raceived ..Loan -Comm Itment-or elected- 108 to waive the financing contingency of this Contract; or 1o9 (11.) 7 days prior to the Closing Date specified in Paragraph 4, which date, for purposes of this Paragraph 110 8(b) (11), 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. 116 1f Buyer .delivers written notice of receipt of Loan Commitment to Seller and this Contract does not .thereafter 116 close, 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 insuffloient 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* [f (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 126 9. 126 127 128 129 130" 131 132 133 134 136 136 137 138 139 140 141 142 143* 144* 146 146 147 148 149 160 161 CLOSING COSTS; TITLE INSURANCE; SURVEY; HOME WARRANTY; SPECIAL ASSESSMENTS: (a) COSTS TO BE PAID BY SELLER: Documentary stamptaxes and surtax on deed, If any . HOA/Condominium Association estoppel fees Owner's Policy and Charges (if Paragraph 9(c) (I) is checked) • Recording and other fees needed to cure title Title search charges (if Paragraph 9(c) (111) is checked) Seller's attorneys' fees • Municipal lien search (if Paragraph 9(c) (i) or (Iii) is checked) - Other; If, prior to Closing, Seller Is unable to meet the AS IS Maintenance Requirement as required by Paragraph 11 a sum equal to 125% of estimated costs to meet the AS IS Maintenance Requirement shall be escrowed at Closing. If actual costs to most the AS I5 Maintenance Requirement exceed escrowed amount, Seller shall pay such actual costs. Any unused portion of escrowed amount(s) shall be returned to Seller. (b) COSTS TO BE PAID BY BUYER: Taxes and recording fees on notes and mortgages • Loan expenses Recording fees for deed and financing statements • Appraisal fees • Owner's Policy and Charges (If Paragraph 9(c)(11) is checked) • Buyer's Inspections • Survey (and elevation certification, if required) • Buyer's attorneys' fees Lender's title policy and endorsements • All property related Insurance • FIOA/Condominium Association application/transfer fees • Owner's Policy Premlum (if Paragraph Municipal lien search (if Paragraph 9(c) (il) is checked) 9 (o) (111) is checked.) • Other: /+/y � 7(e)_R7�71 v F tWert-Sj-r�`-prI " " t+tie-i+leuatnee-es►l�r►�+tr>epled-by-a FI®rlda-iieemsed-title-ineuFer +#h legible-eepi pti9a&-attael9ed-tllC3rtte-('�-title T. ..N.- IRV, I 0M.N.. . . .... 01 1111114110MIAMAW ,�. .a ANN,, WIN _ 168 re+�1 $et;-e� 169* � (A}-I3uyer��N-designate=81ssi13g-Agent-en 1 lesi�. 160 's,4ender`o-peiley, ender-sements-aei-16ar1-eIASI 161* Q (Ili) GNji 8e a-pre-6wr18r 6 162 den6e-ef-tl i r-�1lwate 6tleh_title Buyer's 1nItials - Page 3 of 12 Seller's Initials Florida Rea ltors/rlorldaaar-ASIS-4 Rev,9/1G © 2016 Morida Realtors® and The Florida Bar, All rights reserved, .,,•,.....,,.......,.•............•..,,....•...................•...•.,,,,.•,..•,•,•.•,.,,.,,,••.•,,....•••.....•.........•,,.,,,...,,,,,..,,,..•,,.,..,.•.,,,,..,.,.•,,..,.,,,,....... ......... ...,,•.,..,,.,•.,.•....,, .......... ..,,..,,.••,,,,•..., M, .,,,,..„•••..,..•..•....... 9orlol#; 001366.300140.2652031 163 164 169 166* 167 168 169 170 171* 172" 173 174 178 176 177 178 179 180 181* 182 183* 184 186 186 187 "fIeF"d- e6i"A9e4 (d) SURVEY: On or before Title Evidence Deadline, Buyer may, at Buyer's expense, have the Real Property surveyed and Certified by a registered Florida surveyor ("Survey"). If Seller has a survey covering the Real Property, a copy shall be furnished to Buyer and Closing Agent within 5 days after Effective Date, (e) HOME WARRAN"T"Y: At Closing, [] Buyer ❑ Seller xx N/A shall pay for a home warranty plan issued by at a cost not to exceed $_. A home warranty pian provides for repair or replacement of many of a home'smechanical systems and major built-in appliances in the event of breakdown due to normal wear and tear during the agreement's warranty period, (f) SPECIAL ASSESSMENTS: At Closing, Seller shall pay: (1) the full amount of liens imposed by a public body ("public body" does not include a Condominium or Homeowner's Association) that are certified, confirmed and ratified before Closing; and (ii) the amount of the public body's most recent. estimate or assessment for an Improvement which is substantially complete as of Effective Date, but that has not resulted in a lien being imposed on'the Property before Closing, Buyer shall pay all other assessments. If special assessments may be paid in Installments (CHECK ONE): 0 (a) Seiler shall pay installments due prior to Closing and Buyer shall pay Installments due after Closing, Installments prepaid or due for the year of Closing shall be prorated. [] (b) Seller shall pay the assessment(s) in full prior to or at the time of Closing. IF NEITHER BOX IS CHECKED, THEN OPTION (a) SHALL.BE DEEMED SELECTED, This Paragraph 9(f) shall not apply to a special benefit tax lien imposed by a community development district (CDD) pursuant to Chapter 190, F.S., which lien shall be prorated pursuant to STANDARD K. 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 personswho 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 havebeen 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 199 or made pursuant to permits which have not been properly closed. 196 (o) 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. 196 (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 700 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 bullding(s) 203 and /or flood insurance rating purposes Is below minimum flood elevation or is ineligible for flood insurance 204 coverage through the National Flood Insurance Program or private flood insurance as defined in 42 U.S.C. 206 §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, falling which Buyer accepts existing elevation of 208 buildings and flood zone designation of Property. The National Flood Insurance Program may assess l 209 additional fees or adjust premiums for pre -Flood Insurance Rate Map (pre -FIRM) non -primary structures i 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 _._...__L� NEI GY BROCHURE! Buyer._acknowiedges._.feceipt.._.of _Floride. n.ergy-Effict.ency _RatingJnform.atlo.n ......... 213 Brochure required by Section 551996, F.S. 214 (f) LEAD-BASED PAINT. If Property includes pre -1978 residential housing, a lead-based paint disclosure is 216 mandatory. 216 (g) HOMEOWNERS' .ASSOCIATION/COMMUNITY DISCLOSURE: BUYER SHOULD NOT 'EXECUTE THIS 217 CONTRACT UNTiL . BUYER HAS RECEIVED . AND READ THE HOMEOWNERS! 216 ASSOCIATION/COMMUNITY DISCLOSURE, IF APPLICABLE. Buyer's Initials, ..._____.,....,. , Page 4 of 12 Seller's Initials Florida Realtors/FloridaBar-AS IS -4 Rev.9/1 6 Q 2016 Florida Realtors® and The Florida Bar. All rights reserved, .... e.'.............",,..".......,........_.........,,.,,..,.,.........,,..,,...,.,......,.W....,.,�,.............,.,,,,.,...............,..,.,..,.....................,,......,,...........,.,.......,,,.,..,,.,..,.,,,....,..,.,„,...,... .,.,,...,.,.....,...,..,,..,,,,.,.... ....... .,.......,.........,,.,,,,,.... ..,.,,...,.........,,,.,,.....,,..,. 8eA M 061360.300140.2002031 21A ............................. (h).....PROPERTYTAX..DIS.CLOS.U.RE.S.U.MMARY: B.UYER'...SH.O.ULD_N.QT..RELY..OiV THE_S:ELLER'S__C.URRENT 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. 226 (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 PIRPTA, 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 236 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 230 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 IS .Ma'intenance Requirement"). 242 12, PROPERTY INSPECTION; RIGHT TO CANCEL: 243* (a) PROPERTY INSPECTIONS AND RIGHT TO CANCEL: Buyer shall have _ 15 (if left blank, then 15) 244 days after Effective bate ("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 terminates this Contract, the Deposit .paid shall be returned to Buyer, thereupon, Buyer and P49 Seller shall be released of all further obligations under this Contract; however, Buyer shall be 260 responsible for prompt payment for such inspections, for repair of damage to, and restoration of, the 261 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 266 requirements, but subject to Seller's continuing AS IS Maintenance Requirement, and Buyer shall be i 286 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 268 prior to time of Closing, as specified by Buyer, Buyer or Buyer's representative may perform a walk-through 269 (.and follow-up walk-through, if necessary) inspection of the Property solely to confirm that all items of Y 260 Personal Property. are on the Property and to verify that Seller has maintained the Property as required by the 261 AS IS 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 264 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..B.uyer.'s..efforts_.to...obtain_estimates_of.repairs_or_.other_work.necessar.y_to..._. 267 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 lnitlals• PloridaReaitors/PloridaBar-ASIS-4 Rev.9/15 @2016 rlorlda Realtors, and The rlorida Bar, All rights reserved, Gerlo[M 081360.300146.2002031 NM.ENT-_OF...REPAIR..AND TREATMENT-CON`i"RAC"CS-AND. WARRANTIES., At Buyers -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 276 276 277 278 279 280 281 282 283 284 286 286 287 286 280 290 291 292 203 294 206 296 207 298 290 300 301 302 303 304 306 306 307 306 300 310 311 312 313 314 316 316 317 318 13. ESCROW AGENT, Any Closing Agent or Escrow Agent (collectively "Agent") receiving the Deposit, other funds and other items is authorized, and agrees by acceptance of them, to: deposit them promptly, hold same in escrow within the State of Florida and, subject to COLLECTION, disburse them In accordance with terms and conditions of this Contract. Failure of funds to become COLLECTED shall not excuse Buyer's performance. When conflicting demands for the Deposit are received, or Agent has a good faith doubt as to entitlement to the Deposit, Agent may take: such actions permitted by this Paragraph 13, as Agent deems advisable. If in doubt as to Agent's duties or tlabllities under this Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow until the parties agree to its disbursement or until a final judgment of a court of competent jurisdiction shall determine the rights of the parties, or Agent may deposit same with the clerk of the circuit court having jurisdiction of the dispute. An attorney who represents a party and also acts as Agent may represent such party in such action. Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, except to the extent of accounting for any items previously delivered out of escrow. If a licensed.real estate broker, Agent will comply with provisions .of Chapter 475, F,S., as amended and FREC rules to timely resolve escrow disputes through mediation, arbitration, Interpleader or an escrow disbursement order. Any proceeding between Buyer and Seller wherein -Agent is made a party because of acting as Agent hereunder, or in any proceeding where Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney's fees and costs incurred, to be paid pursuant to court order out of the escrowed funds or equivalent, Agent shall not be liable to any party or person for mis-delivery of any escrowed items, unless such mis-delivery is due to Agent's willful breach of this Contract or Agent's gross negligence, This Paragraph 13 shall survive Closing or termination of this Contract. 14. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verify Property condition, square footage, and all other facts and representations made pursuant to this Contract and to consult appropriate professionals for legal, tax, environmental, and other specialized advice concerning matters affecting the Property and the transaction contemplated by this Contract. Broker represents to Buyer that Broker does not reside on the Property and. that all representations (oral, written or otherwise) by Broker are based on Seller representations or public records, BUYER AGREES TO RELY SOLELY ON SELLER, PROFESS.iONAL INSPECTORS AND GOVERNMENTAL AGENCIES FOR VERIFICATION OF PROPERTY CONDITION, SQUARE FOOTAGE AND FACTS THAT MATERIALLY AFFECT PROPERTY VALUE AND NOT ON THE REPRESENTATIONS (ORAL, WRITTEN OR OTHERWISE) OF BROKER. rk—Sel+er-4'rnd-ideally; tk1e it 1, re "ehalf of le dklst8-er-6ervtses pfeevWed-l�y-any-sldekt-veFtder I,ft, eren behalf ef, "my Out verndef-. Buyer and Seller each assumes full responsibility for selecting and compensating their respective vendors and paying their other costs under this Contract whether or not this transaction closes. This Paragraph 14 will not relieve Broker of statutory obligations under Chapter 476, F.S., as amended, For purposes of this Paragraph 14,, Broker will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination of this Contract. DEFAULT AND DISPUTE RESOLUTION ..119 _....15._..DEFAULT:.—_....... .--- _-..,_.-.-.___....,_.._.__.--._...-_ 320 (a) BUYER DEFAULT: If Buyer fails, neglects or refuses to perform Buyer's obligations under this Contract, 37.1 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 32a 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 326 to enforce Seller's rights under this Contract. The portion of the Deposit, if any, paid to Listing Broker upon Buyer's Initials _ _ _ Page 0 of 12 Seller's Initials t~IoridaRealtors/rloridaBar-ASIS-Rev. 9/15 02016 Florida Realtorse and The Florida Bar, All rights reserved, BOO; 061365.300146.2662031 326 „ default by,_ff3uyer, 11 sl equally, k�etween_.l istin.g_BrokeL and_ Q, .peratl.ng_Rroker.;..provide.d_however, 327 Cooperating Broker's share shall not be greater than the commission amount Listing Broker had agreed to 328 pay to Cooperating Broker, 329 (b) SELLER DEFAULT: If for any reason other than failure of Seller to make Seller's title marketable after 330 reasonable diligent effort, Seller fails, neglects or refuses to perform Seller's obligations under this Contract, 331 Buyer may elect to receive return of Buyer's Deposit without thereby waiving any action for damages resulting 332 from Seller's breach, and, pursuant to Paragraph 16, may seek to recover such damages or seek specific 3,13 performance. 334 This Paragraph 15 shall survive Closing or termination of this Contract. 335 16. DISPUTE RESOLUTION, Unresolved controversies, claims and other matters in question between Buyer and 336 Seller arising out of, or relating to, this Contract or Its breach, enforcement or interpretation (."Dispute") will be 337 settled as follows: 338 (a) Buyer and Seller will have 10 days after the date conflicting demands for the Deposit are made to attempt to 339 resolve such Dispute, failing which, Buyer and Seller shall submit such Dispute to mediation under Paragraph 340 16(b). 341 (b) Buyer and Seller shall attempt to settle Disputes In an amicable manner through mediation pursuant to Florida 342 Rules for Certified and. Court -Appointed Mediators and Chapter 44, F.S„ as amended (the "Mediation Roles"), 343 The mediator must be certified or must have experience in the real estate Industry. Injunctive relief may be 344 sought without first complying with this Paragraph 16(b). Disputes not settled pursuant to this Paragraph 16 346 may be resolved by instituting action in the appropriate court having jurisdiction of the matter. This Paragraph 346 16 shall survive Closing or termination of this Contract. 347 17, ATTORNE'Y'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 STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") 353 18. STANDARDS: 364 A. TITLE; 356 (1) TITLE EVIDENCE; RESTRICTIONS; EASEMENTS; LIMITATIONS: Within the time period provided in 366 Paragraph 9(c), the Title Cornrrtitment, 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 368 Seller at or before Closing and shall provide that, upon recording of the deed to Buyer, an owner's policy of title 369 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 381 use restrictions, prohibitions and requirements Imposed by governmental authority; (b) restrictions and matters 362appearing 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 publicutility 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 7 112 feet in width as to side lines); (e) taxes 366 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 376 Seller, Buyerwshall _be_deemed to have accepted dile as_it, ten ,i Ifi_Seller_��ttes.:ciefeats within. Cvre._Perigd,_SeJJe.r .__ ..._ 370 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 378 Seller's notice). If Seller is unable to cure defects within Cure Period, then Buyer may, within 6 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 Buyer's Initials . Page 7 of 12 Seller's Initials Florida Roaltors/FlorldaBar-ASI S-4 Rev,9/15 © 2015 Florida Realtors® and The Florida Bar, All rights reserved, _...,. ....................,..,,..,....,..,.,,.,..., 3erlaltl; 06130G•3001AG•2G'G9.031 STANDARDS FOR REAi. ESTATE TRANSACTIONS ("STANDARDS") CONTINUED 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 386 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 AA (►)(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 see 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 tenant(s)/occupant(s) specifying nature and duration of occupancy, rental rates, advanced rent and security 401 deposits paid by tenant(s) or occupent(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 occupants) 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 406 Paragraph 6, or if tenent(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 (1) to the absence of any financing 411 statement, claims of lien or potential Ilenors known to Seller and (11) 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 418 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 420 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) shall extend to 5:00 p.m. (where the 422 Property Is located) ofthe 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 426 or prevented by Force Majeure. "Force Majeure" means: hurricanes, earthquakes., floods, fire, acts of God, 426 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 toprevent or overcome. All time periods, including 428 Closing Date, will be extended for the period that the Force Majeure prevents performance, under this Contract, 420 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 ........ ..... ...... obis-Co'fitreot:._.._.._......_�_____.-... 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 436 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 I. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE: Buyer's Initlals. Page 8 of 12 Seller's Initials FlorldaRealtors/FiorideBar-ASI8-4 Rev.9/16 © 2016 Florida Realtors® and The Florida Bar. All rights reserved, BerlaM 061366-300146-266201 STANDARDS FOR REAL ESTATE CONTINUED 430 ' ��LOCAT0NClo�lwill takelathwhere �h*e Real Pm '16-1-66btdd6f1he"uffid—e6f66 *m attorney orother closing agent \'umomg 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 mall or electronic means. *2 yy CLOSING DOCUMENTS: Seller shall snorprior mcxom g execute and deliver, aoapplicable, *m sale, omnmoan(acvtitle orother documents necessary mtransfer title mthe Property, construction lien affidavit 444 (n).nwner'S possessionandno]ianofDdamt(u).andauoignment(o)uf|oawam.SmUerah|| provideBuyer. with paid wn receipts. for all work done on the Property pursuant to this Contract. Buyer shall furnish and pay for, as applicable 446 the flood elevation certification, and documents required byBuyer's lender. 447 (U|)PROCEDURE: The deed shall bmrecorded upon COLLECTION ufall closing funds. |fthe Title Commitment *48 provides Insurance against adverse matters pursuant to Section 627.7841, KS., as amended, the escrow closing *'m procedure required by STANDARD shall be waived,* and O|oo|nA Agent shall, subject to COLLECTION of all *oo closing funds, disburse at Closing the brokerage fees uoBroker d the net -sale proceedsto Seller. wn JESCROW CLOSING PROCEDURE: If Title Commitment issued pursuant, to Paragraph o(!c) does not provide� 4.6/ for Insurance mQmmax movemm matters as permitted under Section 62/./841. r.u., as amended, the mnuvvmg � 453 escrow and closing procedures shall apply: (1) all Closing proceeds shall be held In escrowby the �C|on|ngAgent ' *n^ for apmModofnot more than 1Odays after Closing; /20|f8w||er'1|t|n|omndoredunm8rketab|o through nofault *nn of Buyer, Buyer 466 from oeom o/ naoe|p/ or such notification 'to cure the oevem| \x/ if Seller falls to timely num the oefent, the uopomr wn and all[Xox|n funds paid bvBuyer shall, within 5 days after written demand by Buyer, horefunded (oBuyer and, ^oo simultaneouslyw|th such repayment, Buyer shall return the Personal Property, ate the Real Property and n+ � wm convey the Property to Seller by special warranty deed -and m// of sale; and nuuu to mwww nn*,/y , *oo demand for refund ufthe Deposit, Buyer shall take title Is, waiving all rights againstSeller emtoany intervening ! 461 defect except as may be available to Buyer by virtue of warranties contained In the deed or bill of sale. 462 K. PROPAORO08: CRED\TS:The fb||mw|og recurring items will be made current (if a pUnob|e) 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 405 and other expenses f Property. Buyer shall have option of taking over existing poUdonof |n$unmnoe. if 46e assumable,| which event premiums shall be prorated,C h at Closing shall bincreased ordecreased as- may 467 be required by prorations to be made through day prior to Closing. Advance rent and -security deposits,neny.wm 000 be credited to Buyer, Escrow deposits held by Seller's mortgagee will be paid to Seller. Taxes shall be prorated | wm based on current year's tax with due allowance made for maximum allowable discount, homestead and other 470 exemptions. |fC|no|nQoccurs onmdate when current year's mU|mgoimnot fixed but current year's assessment |o � 471 available, taxes Will be prorated based upon such eseeoomwDt and prior year's mU|age. If current year's wc assessment| t available, then taxes will b m hed on prior year's tax. If there are completedlmprovemnto +Yo nnthe Real Property byJanuary 1otnYyear ofClosing, which Improvements weronut|noNvtanoennJonuary1m 474 ofprior year, then taxes shall bmprorated based upon prior year's m|||mgnand at.8 equitable assessment hobe *75 agreed upon between the pert|oo, failing vvh|oh, request shall be made to the County Property Appraiser for an 476 |nfonnm| assessment taking Into account mvm||ob|a exemptions. Abax proration based on an eat|muhy 8ha||..at 477' either party's roquood. be readjusted upon nooe|pt of current year's tax bill. This STANDARD shall survive *rx Closing, *m L ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: 8e||or *ov nho||, upon !oaaonmb|w nodma, provide utU0oo amndoe and 000eoa to Property for appraisals and Inspections, *m Including a walk-through(or-follow-up walk-through If necessary) prior to Closing, 482 m RISK OF LOSS: // after Effective Date, but before wvuo/8 Property *oo \Cuuuuny Loss") and cost of /wwm/muox (which shall "/v/vww cost of ww not exceed 1.orowPurchase Price, cost o"restoration shall veuoobligation wSeller and Closing shall proceed wm pursuant toterms nfthis Contract. |frestoration |8not completed aaofClosing, asum equaltn1%5% of estimated wm cost to complete restoration (not to exceed 1.5% of Purchase Price), will be escrowed at Closing, If actual cost of *ur restoration exceeds escrowed amount, Seller shall pay such actual costs (but, not in excess of' 1.5% of Purchase *ou Price), Any unused portion of escrowed amount shall be returned to Seller, If cost of restoration exceeds 1.5% of -46V--'P�r�homg1Pr|D��B�V�r�h�U'�|��r�ith8Y�0�FPYU ��"bjptMaW[th'thb1.594.brrm66UV6lFrd01�d'l5yDh6'-- wm Deposit, thereby | ing Buyer and8 || from allfurth bl| Uons under this Contract. Seller's ole obligation 491 with respect ww m, wm 494 Buyer's lnitlals Page 9 of 2 Seller's |nitlols.... ........ _________� MmNaRealtom/FlmNaBm-ASIS� Rev. 9/16 0��P��m��dT�F��B�.��m��. �� ^��. . . . . . . . .�� STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED 497 0. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; DELIVERY; COPIES; CONTRACT 498 EXECUTION. Neither this Contract nor any notice of It shall be recorded In any public records. This Contract shall 409 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 601 given by or to the attorney or broker (including such broker's real es.tate. licensee) representing any party shall be P02 as effective as If given by or to that party. All notices must be in writing and may be made by mail, personal 6M delivery or electronic (including "pdf") media, A facsimile or electronic (including "pdf") copy of this Contract and 504 any signatures hereon shall be considered ' for all purposes as an original. This Contract may be executed by use 506 of electronic signatures, as determined by Florida's Electronic Signature Act and other applicable laws. E300 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 608 representations shall be binding upon Buyer or Seller unless Included in this Contract. No modification to or 509 change liT this Contract shall be valid or bindIng upon Buyer or Seller unless In writing and executed by the parties 1310 Intended to be bound by It. ~. ~, WAIVER: Failure _ Buyer – Seller _'___ compliance with, –__,_—'_`_– of, any . 512 Contract. orto take advantage ofany right under this Contract, shall not constitute mwaiver ofother provisions or / 5113 rights. sw R. RIDERS; ADDENDA; TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten mx, urhandwritten provm|unnshall control *W| printed.provi8ionsufth|oCoVtrao inoun8i/±,V|ththem. 610 G. COLLECTION or COLLECTED: "COLLECTION" or "COLLECTED" nmwonm any oheuhm tendered or 5 17 received', Including Deposits, have becmmmaotua||Vand finally collected and deposited |nthe account pf em Escrow Agent or Closing rt. Clom|nQ and disbursement mffunds and delivery of closing documents sio may be delayed by C|us|o0 Agent until such amounts have been COLLECTED In Closing ^4gamt'm ouV accounts. . 521 T. LOAN COMMITMENT: "Loan Commitment" means o statement by the lender setting forth the terms and ` soa conditions upon which the lender |ewilling, tomake aparticular mortgage loan to a d| |arbornowo, Neither oxu pre -approval lttnor ap[equo|[flomt|onletter, shall bedeemed uLoan Commitment for purposes ofthis Contract . �\ nu^ U. PPL|C&BL2L/&WAND VENUE: This ContauLshaUboconstrued |naccordance with the laws ofthe 8tata soa of Florida and venue for resolution of all dimputoo, whether by mediation, arbitration orlitigation, shall Um in the nxo county wharothe Real Property is located, 527 V. FOREIGN INVESTMENT |NREAL PROPERTY TAX ACT ("P|@PTA"),!yaseller ofU.S.real property \na mm "foreign person" aedefined byF|RPTA.Section Y446ofthe Internal Revenue Code requires the buyer ofthe real ] suo propertytowithhold 189& ofthamount realized bthe seller nthe transfer andremit the withhold amount tothe nxo Internal Revenue Service yno/unless anexemption mn/wruqu/n*vwv/vvom/`Wm seller has. obtained ! 611 a Withholding Certificate from the IRS authorizing a reduced amount ofwithholding, Due to the complexity and nuu potential risks of P|RPTA. Buyer and Seller should seek legal. and tax advice negmn1|nQ oomp||onno. particularly if � sxn an "exemption" is claimed on the sale of residential property for $300,000 or less, 634 /0 No withholding Is required under Section 1445 If the Seller |anot a "foreign person," provided Buyer accepts� 535 proofofsame from Seller, which may |nu|mdn Buyer's receipt of certification ofnon-roreign status from Seller, eoo signed under penalties of perjury, stating that Seller is not a foreign person and containingSeller's name, U.8. 537 taxpayer Identification number and home address. (or office address, In the case of an entity), as provided for in mm 20CFR 1.1445.2(b). Otherwise, Buyer shall withhold 1OY6nfthe amount realized bySeller oOthe transfer and nxo timely ram|tsold funds tothe IRS, em If Seller has received a Wlthholditig Certificate from the R8 which provides for reduced or eliminated sw wnnnommO mm/u oenoummn and provides same to Buyer by C/vvmg, um'/ Buyer u//nn wu/v,vw the reduced 642 sum, |fany required, and timely remit sold funds to: the IRS. s'm N0 If prior to Closing Seller has submitted a completed application to the IRS for a Withholding Certificate and 644 has provided to Buyer the notice required by 26 CFR 1.144-64(o).(2)(1)(B) but no Withholding Certificate has been -- f| |B ]|�h��f'Y��Uz d by 648'—- � 6d � mo and, at Buyer's option, either (a) timely /w/xt the vnumu/u wouu to the IRS or (b) place the funds In ewvmw/ at nw Seller's expense, with an escrow agent selected by Buyersmd pursuanttoterms negotiated bythe parties, to be 548 subsequently disbursed in accordance with the Withholding Certificate issued by the IRS or remitted directly to 640 the IRS nthe Seller's application /m rejected orupon terms sot forth mthe escrow agreement. mm (IV) In the event the net proceeds due Seller are not sufficient to meet the withholding ko In this nm tnenoaoL|nn, Seller shall deliver to Buyer, at O|ou|ng, the additional COLLECTED funds necessary to satisfy the Initials Page 10 of 12 Seller's Initials. Flod ��Rov�16 0oo1nF�ddaRoo�vn��dTho F��dpm�. /Ndghmm^�vod. ��'�^�^�^��_��.... STA14DARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED 662 applicable funds 'to -the -IRS -6f 7W6_r6W7 'the fU_n_difar 663 disbursement in accordance with the final determination of the IRS, as applicable, 664 (v) Upon remitting funds to the IRS pursuant to this STANDARD, Buyer shall provide Seller copies of IRS Forms 565 8288 and 8288-A, as filed. 666 W. RESERVED 557 X. BUYER WAIVER OF CLAIMS: To the extent permitted by law, Buyer waives any claims against Seller 668 and against any real estate licensee Involved In the negotiation of this Contract for any damage or 669 defects pertaining to the physical condition of the Property that may exist at Closing of this Contract and 660 he, subsequently discovered' by the Buyer or anyone claiming by, through, under or against the Buyer. 661 This provision does not relieve Seller's obligation to comply with Paragraph 10U). This Standard X shall 662 survive Closing. 663 ADDENDA AND ADDITIONAL TERMS 664' 19. ADDENDA., The following additional terms are included in the attached addenda or riders. and. Incorporated Into 665 this Contract (Check If applicable):. Bow 20. ADDITIONAL TERMS: - Pursuant to Section 28 of the Real Estate Purchase Addendum, this document is 567 subject to all terms and conditions get forth in the Real Estate Purchase den um, 568 660 570 671 672 573 574 675 676 577 678 679 660 681 682 583 584* 585 686* unlit /A snail prevail. SeT16-r"s—hall vacate any and all tenants at Seller's sole cost and expense prior to closing, COUNTER-OFFER/REJECTION 17 Seller counters Buyer's offer (to accept the counter-offer, Buyer must sign or Initial the counter -offered terms and deliver a copy of the acceptance to Seller). El Seller rejects Buyer's offer, 687 THIS IS INTENDED TO BE A LEGALLY BINDING C 0 66___AiYVfdt_d#'ANATTOFtN If PRIOR TO SIGNING. 689 THIS FORM HAS BEEN APPROVED BY THE FLORIDA r REALTORS AND THE FLORIDA BAR. 590 Approval of this form by the Florida Realtors and The Florlda Bar does not constitute an opinion that any of the terms 691 and conditions in this Contract should be accepted by the parties in .a particular transaction. Terms and conditions Buyers .......... _. Page 11 of 12 Seller's initials-___.______.__ __ FlorldaRealtors/FlorideBar-ASIS•4 nitials-------------- FloridaRealtors/FlorldeBar-ASIS-4 Rev,9/16 @ 2016 Florida Realtorso and The Florida Bar, All rights reserved, serial#: 061365.300148.26V031 E] A. Condominium Rider K. RESERVED M T, Pre -Closing Occupancy F-1 B. Hoineowners'Assn. ❑ L. RESERVED E] U. Post -Closing Occupancy ❑ C., Seller Financing ❑ M. Defective Drywall D V. Sale of Buyer's Property D. Mortgage Assumption ❑ N. Coastal Construction Control Line [] W. Back-up Contract ❑E. FHA/VA Financing F-1 0. Insulation Disclosure EJ X Kick -out Clause F. Appraisal Contingency 0 P. Lead Paint Disclosure (Pre -1978) E] Y. Seller's Attorney Approval E] G. Short Sale E] Q. Housing for Older Persons [J Z, Buyer's Attorney Approval n H. Homeowners'/Flood In E] R. Rezoning E] AA. Licensee Property Interest EJ J. Interest -Bearing Acct, E] S. Lease Purchase/ Lease Option E] BB, Binding Arbitration Bow 20. ADDITIONAL TERMS: - Pursuant to Section 28 of the Real Estate Purchase Addendum, this document is 567 subject to all terms and conditions get forth in the Real Estate Purchase den um, 568 660 570 671 672 573 574 675 676 577 678 679 660 681 682 583 584* 585 686* unlit /A snail prevail. SeT16-r"s—hall vacate any and all tenants at Seller's sole cost and expense prior to closing, COUNTER-OFFER/REJECTION 17 Seller counters Buyer's offer (to accept the counter-offer, Buyer must sign or Initial the counter -offered terms and deliver a copy of the acceptance to Seller). El Seller rejects Buyer's offer, 687 THIS IS INTENDED TO BE A LEGALLY BINDING C 0 66___AiYVfdt_d#'ANATTOFtN If PRIOR TO SIGNING. 689 THIS FORM HAS BEEN APPROVED BY THE FLORIDA r REALTORS AND THE FLORIDA BAR. 590 Approval of this form by the Florida Realtors and The Florlda Bar does not constitute an opinion that any of the terms 691 and conditions in this Contract should be accepted by the parties in .a particular transaction. Terms and conditions Buyers .......... _. Page 11 of 12 Seller's initials-___.______.__ __ FlorldaRealtors/FlorideBar-ASIS•4 nitials-------------- FloridaRealtors/FlorldeBar-ASIS-4 Rev,9/16 @ 2016 Florida Realtorso and The Florida Bar, All rights reserved, serial#: 061365.300148.26V031 692 _.shQwldl be -negotiak—L. b.ase.d_upo_n._the raspeGlivv� .interests ..obis.cti><as._andJaargalntng-paslflan of_alLintar sta.d 693 persons. 694 696 596 697* 690 699* 600 601" 602 603* 604 605 606* 607" 6031 AN ASTERISK (*) FOLLOWING A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK TO BE COMPLETED. SEE ATTACHED SIGNATURE PAGE Buyer: Buyer: Seller: Seller: Buyer's address for purposes of notice Miami Riverside Center 444 SW 2nd Ave, 3rd Floor Miami, Florida 53 330 Date: Date: Date: Date: Seller's address for purposes of notice Exit Trust Realtv 9360 Sunset Drive Miami, FL 33173 609 BROKER: Listing and. Cooperating Brokers, if any, named below (collectively, "Broker's), 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. 616• Jorge Rey Jorge Rey 616 Geeperaff" Sales Associate, .if any Listing Sales Associate 617* Exit Trust Realty Exit Trust Realty 61.8 0eeperathV Broker, If any Listing Broker Buyer's Initials Page 12 of 12 Seller's Initials Florida Realtors/Florlda Bar -ASI S-4 Rev,0/15 © 2016 Florida Realtorse and The Florida Bar, All rights reserved. ... ..... ....._......_........_._......... ....... -.... _.-................................,.... .... ................... ............ ....... .... Serlalll; 061366-300146-2652031 "PURCHASER" Executed by CITY OF MIAMI, a municipal corporation of the State of Florida Daniel J. Alfonso, City Manager Date: ATTEST: Todd B. Hannon, City Clerk APPROVED AS TO FORM AND APPROVED AS TO INSURANCE CORRECTNESS: REQUIREMENTS: Victoria Mdndez Ann -Marie Sharpe, Director City Attorney Risk Management Administrator STATE OF FLORIDA) COUNTY OF MIAMI-DADE) The foregoing instrument was acknowledged before me this day of , by , as City Manager for the City of Miami, a municipal corporation of the State of Florida. (NOTARY PUBLIC) SEAL Notary Public (Printed, Typed or Stamped Name of Notary Public) Commission No.: My Commission Expires: REO# A1410FK REAL ESTATE PURCHASE ADDENDUM This Real Estate Purchase Addendum ("Addendum") is to be made part of and incorporated into, the Real Estate Purchase Contract (the "Contract"), between Fannie Mae ("Seller") and City of Miami, a municipal corporation of the State of Florida ("Purchaser") for the property and improvements located at the following address: 2601 SW 13 ST Miami,FL 33145-1214 ( "Property"). As used in this Addendum, the Contract, Addendum and any riders thereto shall be collectively referred to as the "Agreement". The Seller and the Purchaser agree as follows: 1. Offer: (a) Acknowledgement of Sufficient Offer: The Purchaser has offered to purchase the property for a purchase price in the amount of $271,000.00 in accordance with the terms set forth in the Agreement ("Offer"), The Seller has reviewed the Offer and deemed it sufficient for acceptance. (b) Acceptance of Offer: Notwithstanding Seller's acknowledgement that the Offer is sufficient for acceptance, the Purchaser agrees that the Agreement remains subject to acceptance by the Seller and must be signed by all parties in order to be binding. The Agreement shall be effective as of the date of execution by Seller ("Effective Date"), The Purchaser's earnest money deposit of $13,550.00 is to be placed in a trust account acceptable to the Seller within two (2) calendar days following the Effective Date. The Agreement, signed by the Purchaser and reflecting the terms as acknowledged by the Seller, must be received by the Seller within five (5) calendar days of the receipt of the notice that the Offer was sufficient for acceptance, If the Seller does not receive the signed Agreement by such date, the Purchaser's offer shall be deemed null and void. As used in this paragraph, the term "received by the Seller" means actual receipt of the Agreement by the Seller's listing agent, The Purchaser shall present proof, satisfactory to the Seller, of the Purchaser's funds or prequalification for a mortgage loan in an amount and under terms sufficient for the Purchaser to perform its obligations under this Agreement. The prequalification shall include but is not limited to, a certification of prequalification or a mortgage loan commitment from a mortgage lender, a satisfactory credit report and/or proof of funds sufficient to meet the Purchaser's obligations under the Agreement, The Purchaser's submission of proof of prequalification is a condition precedent to the Seller's acceptance. The Seller may require the Purchaser to obtain, at no cost to the Purchaser, loan prequalification from a Seller approved third party lender, Notwithstanding any Seller required prequalification, the Purchaser acknowledges that Purchaser is free to obtain financing from any source. Time is of the Essence: Settlement Date: (a) It is agreed that time is of the essence with respect to all dates specified in the Agreement. This means that all deadlines are intended to be strict and absolute, (b) The closing shall take place on a date ("Settlement Date") on or before 45 days from Effective Date ("Expiration Date"), unless extended in writing signed by the Seller and the Purchaser or extended by the Seller under the terms of the Agreement. The closing shall be held at a place so designated and approved by the Seller unless otherwise required by applicable law. The Purchaser has the right to make an independent selection of their own attorney, settlement company, escrow company, title company and/or title insurance company in connection with the closing. The date the closing takes place shall be referred to as the Settlement Date for purposes of the Agreement. If the closing does not occur by the Expiration Date, or in any extension, the Agreement is automatically terminated and the Seller may retain any earnest money deposit as liquidated damages. Financing: This Agreement (check one): (M) is cash (m is (M) is not, contingent on the Purchaser obtaining financing for the purchase of the Property, If this Agreement is contingent on financing, the type of financing shall be the following (check one): 11 Conventional FHA g VA A Other (specify: ) All Financing. If this Agreement is contingent on financing, the Purchaser shall apply for a loan in the amount of $0.00_ _ with a term of years, at prevailing rates, terms and conditions. The urchaser Pshall complete and submit to a mortgage lender, of the Purchaser's choice, an application for a mortgage loan containing the terms set forth in this paragraph within five (5) calendar days of the Effective Date, and shall use diligent efforts to obtain a mortgage loan commitment by . If, despite the Purchaser's diligent efforts, the Purchaser cannot obtain a mortgage loan commitment by the specified date, then either the Purchaser or the Seller may terminate the Agreement by giving written notice to the other party. The Purchaser's notice must include a copy of the loan application, proof of the application date, and a copy of the denial letter from the prospective lender. In the event of a proper termination of the Agreement under this paragraph, the earnest money deposit shall be returned to the Purchaser. The Purchaser agrees to cooperate and comply with all requests for documents and information from the Purchaser's chosen lender during the loan application process. PURCHASER (Initials) SELLER (Initials) PANNIE MAE FORM 001 (10/7/2014) Failure of the Purchaser to comply with such requests from the lender that results in the denial of the mortgage loan will be a breach of the Agreement and the Seller shall be entitled to retain any earnest money deposited by the Purchaser. (a) Any change as to the terms of the Purchaser's financing, including but not limited to any change in the Purchaser's lender, after negotiations have been completed may, at Seller's discretion, require renegotiation of all terms of the Agreement. Seller shall have the right to terminate the Agreement in the event there is a change in Purchaser's financing or choice of lender. (b) The Purchaser shall ensure that the lender selected by the Purchaser to finance the sale shall fund the settlement agent as of the Settlement Date. The Purchaser shall further ensure that the selected lender shall provide all lender prepared closing documentation to the settlement agent no later than 48 hours prior to the Settlement Date. Any delays in closing as a result of the Purchaser's selected lender shall be the responsibility of the Purchaser. Use of Property: The Purchaser (check one): (L[) does, (JEJ) does not, intend to use and occupy the Property as Purchaser's primary residence. Inspections: (a) On or before ten (10) calendar days from the Effective Date, the Purchaser shall inspect the Property or obtain for its own use, benefit and reliance, inspections and/or reports on the condition of the Property, or be deemed to have waived such inspection and any objections to the condition of the Property and to have accepted the Property. The Purchaser shall keep the Property free and clear of liens and indemnify and hold the Seller harmless from all liability claims, demands, damages, and costs related to the Purchaser's inspection and the Purchaser shall repair all damages arising fi•om or caused by the inspections. The Purchaser shall not directly or indirectly cause any inspections to be made by any government building or zoning inspectors or government employees without the prior written consent of the Seller, unless required by law, in which case, the Purchaser shall provide reasonable notice to the Seller prior to any such inspection. If the Seller has winterized this Property and the Purchaser desires to have the Properly inspected, the Seller's listing agent will have the Property dewinterized prior to inspection and rewinterized after inspection. Within five (5) calendar days of receipt of any inspection report prepared by or for the Purchaser, but not later than ten (10) calendar days from the Effective Date, whichever first occurs, the Purchaser will provide written notice to the Seller of any items disapproved. The Purchaser's silence shall be deemed as acceptance of the condition of the Property. The Purchaser shall provide to the Seller, at no cost, upon request by the Seller, complete copies of all inspection reports upon which the Purchaser's disapproval of the condition of the property is based. In no event shall the Seller be obligated to make any repairs or replacements that may be indicated in the Purchaser's inspection reports. The Seller may, in its sole discretion, make such repairs to the Property under the terns described in Section 6 of this Addendum. If the Seller elects not to repair the Property, the Purchaser may cancel this Agreement and receive all earnest money deposited. If the Seller elects to make any such repairs to the Property, the Seller shall notify the Purchaser after completion of the repairs and the Purchaser shall have five (5) calendar days from the date of notice, to inspect the repairs and notify the Seller of any items disapproved. If after inspection the Purchaser is not satisfied with repairs or treatments, Purchaser may terminate the Agreement at any time prior to closing. In situations that are applicable, a structural, electrical, mechanical, environmental or termite inspection report may have been prepared for the benefit of the Seller. Upon request, the Purchaser will be allowed to review the report to obtain the same information and knowledge the Seller has about the condition of the Property but the Purchaser acknowledges that the inspection reports were prepared for the sole use and benefit of the Seller. The Purchaser will not rely upon any such inspection reports obtained by the Seller in making a decision to purchase the Property. (b) If the Property is a condominium or planned unit development or co-operative, unless otherwise required by law, the Purchaser, at the Purchaser's own expense, is responsible for obtaining and reviewing the covenants, conditions and restrictions and bylaws of the condominium, or planned unit development or cooperative ("Governing Documents") within ten (10) calendar days of the Effective Date. The Seller agrees to use reasonable efforts, as determined in the Seller's sole discretion, to assist the Purchaser in obtaining a copy of the Governing Documents, The Purchaser will be deemed to have accepted the Governing Documents if the Purchaser does not provide the Seller notice in writing, within fifteen (15) calendar days of the Effective Date, of the Purchaser's disapproval of the Governing Documents. In the event Purchaser disapproves of the Governing Documents, Purchaser has the right to terminate the Agreement provided the Purchaser notifies Seller in writing of Purchaser's disapproval within fifteen (15) calendar days of the Effective Date. Repairs: All repairs and treatments will be completed by a vendor approved by the Seller, and will be subject to the Seller's satisfaction only, If the Seller has agreed to pay for treatment of wood infesting organisms, the Seller shall treat only active infestation. Neither the Purchaser, nor its representatives, shall enter upon the Property to make any repairs and/or treatments prior to closing. The Purchaser shall inspect the repairs and/or treatments as set forth in paragraph 5(a) or is deemed to have waived such inspection and any objections to the repairs and/or treatments. The Purchaser acknowledges that all repairs and treatments are done for the benefit of the Seller and not for the benefit of the Purchaser and that the Purchaser has inspected or has been given the opportunity to inspect repairs and treatments. Any repairs or treatments made or caused to be made by the Seller shall be completed prior to closing. Under no circumstances shall the Seller be required to make any repairs or treatments after the Settlement Date. The Purchaser acknowledges that closing on this transaction shall be deemed the Purchaser's reaffirmation that the Purchaser is satisfied with the condition of the Property and with all repairs and treatments to the Property and waives all claims related to such condition and to the quality of the repairs or treatments to the Property. Any repairs or treatments shall be performed for functional purposes only and exact restoration of appearance or cosmetic items following any repairs or treatments shall not be required. The Seller shall not be obligated to obtain or provide to the Purchaser any receipts for repairs, or treatments, written statements indicating dates or types of repairs and/ or treatments or copies of such receipts or statements nor any other documentation regarding any repairs or treatments to the Property. THE SELLER DOES NOT WARRANT OR PURCHASER (Initials) SELLER (Initials) FANNIE MAE FORM 001 (10/7/2014) GUARANTEE ANY WORK, REPAIRS OR TREATMENTS TO THE PROPERTY. THE PURCHASER AGREES TO EXECUTE AND DELIVER TO THE SELLER AT CLOSING FANNIE MAE'S WAIVER & RELEASE 2012. 7. CONDITION OF PROPERTY: THE PURCHASER UNDERSTANDS THAT THE SELLER ACQUIRED THE PROPERTY BY FORECLOSURE, DEED -IN -LIEU OF FORECLOSURE, FORFEITURE, TAX SALE, OR SIMILAR PROCESS. AS A MATERIAL PART OF THE CONSIDERATION TO BE RECEIVED BY THE SELLER UNDER THIS AGREEMENT AS NEGOTIATED AND AGREED TO BY THE PURCHASER AND THE SELLER, THE PURCHASER ACKNOWLEDGES AND AGREES TO ACCEPT THE PROPERTY IN "AS IS" CONDITION AT THE TIME OF CLOSING, INCLUDING, WITHOUT LIMITATION, ANY DEFECTS OR ENVIRONMENTAL CONDITIONS AFFECTING THE PROPERTY, WHETHER KNOWN OR UNKNOWN, WHETHER SUCH DEFECTS OR CONDITIONS WERE DISCOVERABLE THROUGH INSPECTION OR NOT. THE PURCHASER ACKNOWLEDGES THAT THE SELLER, ITS AGENTS AND REPRESENTATIVES HAVE NOT MADE AND TIIE SELLER SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTEES, IMPLIED OR EXPRESS, ORAL OR WRITTEN WITH RESPECT TO THE FOLLOWING: (A) THE PHYSICAL CONDITION OR ANY OTHER ASPECT OF THE PROPERTY INCLUDING THE STRUCTURAL INTEGRITY OR THE QUALITY OR CHARACTER OF MATERIALS USED IN CONSTRUCTION OF ANY IMPROVEMENTS (E.G. DRYWALL, ASBESTOS, LEAD PAINT, UREA FORMALDEHYDE FOAM INSULATION), AVAILABILITY AND QUANTITY OR QUALITY OF WATER, STABILITY OF THE SOIL, SUSCEPTIBILITY TO LANDSLIDE OR FLOODING, SUFFICIENCY OF DRAINAGE, WATER LEAKS, WATER DAMAGE, MOLD OR ANY OTHER MATTER AFFECTING THE STABILITY, INTEGRITY, OR CONDITION OF THE PROPERTY OR IMPROVEMENTS; (B) THE CONFORMITY OF THE PROPERTY, OR THE IMPROVEMENTS, TO ANY ZONING, LAND USE OR BUILDING CODE REQUIREMENTS OR COMPLIANCE WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY FEDERAL, STATE OR LOCAL GOVERNMENTAL AUTHORITY, OR THE GRANTING OF ANY REQUIRED PERMITS OR APPROVALS, IF ANY, OF ANY GOVERNMENTAL BODIES WHICH HAD JURISDICTION OVER THE CONSTRUCTION OF THE ORIGINAL STRUCTURE, ANY IMPROVEMENTS AND/OR ANY REMODELING OF THE STRUCTURE; AND (C) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY OR IMPROVEMENTS INCLUDING REDHIBITORY VICES AND DEFECTS, APPARENT, NON APPARENT OR LATENT, WHICH NOW EXIST OR WIIICH MAY HEREAFTER EXIST AND WHICH, IF KNOWN TO THE PURCHASER, WOULD CAUSE THE PURCHASER TO REFUSE TO PURCHASE THE PROPERTY. Mold, mildew, spores and/or other microscopic organisms and/or allergens (collectively referred to in this Agreement as "Mold") are environmental conditions that are common in residential properties and may affect the Property. Mold, in some forms, has been reported to be toxic and to cause serious physical injuries, including but not limited to, allergic and/or respiratory reactions or other problems, particularly in persons with immune system problems, young children and/o• elderly persons. Mold has also been reported to cause extensive damage to personal and real property. Mold may have been removed or covered in the course of any cleaning or repairing of the Property. The Purchaser acknowledges that, if Seller, or any of Seller's employees, contractors, or agents cleaned or repaired the Property or remediated Mold contamination, that Seller does not in any way warrant the cleaning, repairs or remediation. Purchaser accepts full responsibility for all hazards that may result from the presence of Mold in or around the Property. The Purchaser is satisfied with the condition of the Property notwithstanding the past or present existence of Mold in or around the Property and Purchaser has not, in any way, relied upon any representations of Seller, Seller's employees, officers, directors, contractors, or agents concerning the past or present existence of Mold in or around the Property. If at any time the Property conditions result in violations of building code or other laws or regulations, either party shall have the right to terminate the Agreement at any time prior to closing. If there is an enforcement proceeding arising from allegations of such violations before an enforcement board, special master, court or similar enforcement body, and neither the Purchaser nor the Seller terminate this Agreement, the Purchaser agrees (a) to accept the Property subject to the violations, (b) to be responsible for compliance with the applicable code and with orders issued in any code enforcement proceeding and (c) to resolve the deficiencies as soon as possible after the closing. The Purchaser agrees to execute any and all documents necessary or required for closing by any agency with jurisdiction over the Property. ' 4x+ o ' f-tilio-P�idel�cit�x: The closing of this sale shall constitute acknowledgement by the Purchaser that Purchaser had the opportunity to retain an independent, qualified professional to inspect the Properly and that the condition of the Property is acceptable to the Purchaser. The Purchaser agrees that the Seller shall have no liability for any claims or losses the Purchaser or the Purchaser's successors or assigns may incur as a result of construction or other defects which may now or hereafter exist with respect to the Property. 8. Oecuplancv Status of Property: The Purchaser acknowledges that neither the Seller, nor its representatives, agents or assigns, has made any warranties or representations, implied or expressed, relating to the existence of any tenants or occupants at the Property unless otherwise noted in Section 38 of this Addendum. Seller represents that the Property may have tenants occupying salve under an active lease but expressly disclaims any warranties regarding the validity, enforceability, performance under or continuation of said lease. The Purchaser acknowledges that closing on this transaction shall be deemed the Purchaser's reaffirmation that neither the Seller, nor its representatives, agents or assigns, has made any warranties or representations, implied or expressed, relating to the existence of any tenants or occupants at the Property unless otherwise noted in Section 38 of tbis Addendum. The Seller, its representatives, agents or assigns, shall not be responsible for evicting or relocating any tenants, occupants or personal property at the Property prior to or subsequent to closing unless otherwise noted in 3 PURCHASER (Initials) SELLER (Initials) FANNIE MAE FORM 001 (10/7/2014) Section 38 of this Addendum. All leases shall be deemed assigned to Purchaser upon closing to the extent permitted under applicable laws. The Purchaser further acknowledges that, to the best of the Purchaser's knowledge, the Seller is not holding any security deposits from former or current tenants and has no information as to such security deposits as may have been paid by the former or current tenants to anyone and agrees that no sums representing such tenant security deposits shall be transferred to the Purchaser as part of this transaction. The Purchaser further agrees to assume all responsibility and liability for the refund of such security deposits to the tenants pursuant to the provisions of applicable laws and regulations. All rents due and payable and collected from tenants for the month in which closing occurs will be prorated according to the provisions of Section 10 of this Addendum. The Purchaser acknowledges that this Property may be subject to the provisions of local rent control ordinances and regulations. The Purchaser agrees that upon the closing, all eviction proceedings and other duties and responsibilities of a property owner and landlord, including but not limited to those proceedings required for compliance with such local rent control ordinances and regulations, will be the Purchaser's sole responsibility. Personal Property: Items of personal property, including but not limited to window coverings, appliances, manufactured homes, mobile homes, vehicles, spas, antennas, satellite dishes and garage door openers, now or hereafter located on the Property are not included in this sale or the Purchase Price unless the personal property is specifically described and referenced in Section 38 of this Addendum. Any personal property at or on the Property may be subject to claims by third parties and, therefore, may be removed from the Property prior to or after the closing. The Seller makes no representation or warranty as to the condition of any personal property, title thereto, or whether any personal property is encumbered by any liens. The Seller assumes no responsibility for any personal property remaining on the Property at the time of closing. 10. Closing Costs and Adjustments: (a) The Purchaser and the Seller agree to prorate the following expenses as of the Settlement Date: real estate taxes and assessments, common area charges, condominium or planned unit development or similar community assessments, co- operative fees, maintenance fees and rents, if any. In determining prorations, the Settlement Date shall be allocated to the Purchaser. Payment of special assessment district bonds and assessments, and payment of homeowner's association or special assessments owed by Seller shall be paid current and prorated between the Purchaser and the Seller as of Settlement Date with payments not yet due and owing to be assumed by the Purchaser without credit toward Purchase Price. Seller shall not be responsible for the payment of homeowner's association or special assessments dues that Seller is not obligated to pay under law or contract. The Property taxes shall be prorated based on an estimate or actual taxes from the previous year on the Property, All prorations shall be based upon a 30 -day month and all such prorations shall be final, The Seller shall not be responsible for any amounts due, paid or to be paid after closing, including but not limited to, any taxes, penalties or interest assessed or due as a result of retroactive, postponed or additional taxes resulting from any change in use of, or construction on, or improvement to the Property, or an adjustment in the appraised value of the Property. In the event the Seller has paid any taxes, special assessments or other fees and there is a refund of any such taxes, assessments or fees after closing, and the Purchaser as current owner of the Property receives the payment, the Purchaser will immediately submit the refund to the Seller. (b) Fannie Mae is a congressionally chartered corporation and is exempt from realty transfer taxes pursuant to 12 U.S.C. 1723a(c)(2) and will not pay realty transfer taxes regardless of local practice. Any realty transfer taxes due on the sale as a result of the conveyance of the Property will be the sole responsibility of the Purchaser. (c) The Seller shall pay the real estate commission per the listing agreement between the Seller acid the Seller's listing broker. (d) Purchaser shall release Seller from any and all claims arising from the adjustments or prorations or errors in calculating the adjustment or prorations that are or may be discovered after closing. THE PURCHASER AGREES TO EXECUTE AND DELIVER TO THE SELLER AT CLOSING FANNIE MAUS Tax Proration Agreement 03/2011. (e) Regardless of local custom, requirements or practice, the Purchaser shall pay all costs and fees incurred in the transfer of the Property, including the cost of any lender required fees and recording costs except as expressly assumed by the Seller in this Addendum. (f) Title and Closing Services. Purchaser will obtain title and escrow closing services from (check one): Z_ Seller's escrow closing and title provider and title insurance company used by Seller's provider. If Purchaser selects this option, Seller shall pay for the owner's and lender's title insurance policies. Purchaser and Seller agree that Seller's payment of the title insurance products is limited to the amount that Seller would pay its provider under its agreement with the provider for a basic residential owner's and lender's title insurance policy or their equivalent. 0 Other escrow closing and title provider. If Purchaser selects this option, Purchaser shall bear the expense for all title insurance costs associated with the transaction, regardless of local custom, requirements or practice. Delivery of Funds: Regardless of local custom, requirements, or practice, upon delivery of the deed by the Seller to the Purchaser, the Purchaser shall deliver, or cause to be delivered, all funds due the Seller from the sale in the form of bank check, certified check or wire transfer. An attorney's trust fund check shall not be sufficient to satisfy this provision unless the bank holding the account on which the trust fund check is drawn certifies the trust fund check, PURCHASER (Initials) SELLER (Initials) FANNIE MAE FORM 001 (10/7/2014) 12. Certificate of Occupancy If the Property is located in a jurisdiction that requires a certificate of occupancy, smoke detector certification, septic certification or any similar certification or permit ("Certificate of Occupancy") or any form of improvement or repair to the Property to obtain such Certificate of Occupancy necessary for the Property to be occupied, the Purchaser understands that the Seller requires the Certificate of Occupancy to be obtained by the Purchaser at the Purchaser's sole expense. The Purchaser shall make application for all Certificates of Occupancy within ten (10) calendar days of the Effective Date. The Purchaser shall not have the right to delay the closing due to the Purchaser's failure or inability to obtain any required Certificate of Occupancy. Failure of the Purchaser to obtain and furnish the Certificate of Occupancy shall be a material breach of the Agreement. Delivery of Possession of Properly: The Seller shall deliver possession of the Property to the Purchaser at closing. The delivery of possession shall be subject to the rights of any tenants or parties in possession per Section 8 of this Addendum. If the Purchaser alters the Property or causes the Property to be altered in any way and/or occupies the Property or allows any other person to occupy the Property prior to closing without the prior written consent of the Seller, such event shall constitute a breach by the Purchaser under the Agreement and the Seller may terminate the Agreement and the Purchaser shall be liable to the Seller for damages caused by any such alteration or occupation of the Property prior to closing and waives any and all claims for damages or compensations for alterations made by the Purchaser to the Property including, but not limited to, any claims for unjust enrichment. 14. Deed: Regardless of local practice, the deed to be delivered by Seller at closing shall be a deed that covenants that grantor grants only that title which grantor may have and that grantor will only defend title against persons claiming by, through, or under the grantor, but not otherwise. Any reference to the term "Deed" or "Special Warranty Deed" herein shall be construed to refer to such form of deed. Under no circumstances shall Seller be required to deliver any form of deed which grants a general warranty of title, ❑ (check if applicable) Seller's deed shall include the following deed, restriction: GRANTEE HEREIN SHALL BE PROHIBITED FROM CONVEYING CAPTIONED PROPERTY FOR A SALES PRICE OF GREATER THAN $ FOR A PERIOD OF _ MONTH(S) FROM THE DATE OF THE RECORDING OF THIS DEED. GRANTEE SHALL ALSO BE PROHIBITED FROM ENCUMBERING SUBJECT PROPERTY WITH A SECURITY INTEREST IN THE PRINCIPAL AMOUNT OF GREATER THAN $ FOR A PERIOD OF _ MONTH(S) FROM THE DATE OF THE RECORDING OF THIS DEED. THESE RESTRICTIONS SHALL RUN WITH THE LAND AND ARE NOT PERSONAL TO GRANTEE. THIS RESTRICTION SHALL TERMINATE IMMEDIATELY UPON CONVEYANCE AT ANY FORECLOSURE SALE RELATED TO A MORTGAGE OR DEED OF TRUST, 15. Defects in Title: If the Purchaser raises an objection to the Seller's title to the Property, which, if valid, would make title to the Property uninsurable, the Seller shall have the right unilaterally to terminate the Agreement by giving written notice of the termination to the Purchaser. However, if the Seller is able to correct the problem through reasonable efforts, as the Seller determines, at its sole and absolute discretion, prior to the Expiration Date, including any written extensions, or if title insurance is available from a reputable title insurance company at regular rates containing affirmative coverage for the title objections, then the Agreement shall remain in full force and the Purchaser shall perform pursuant to the terms set in the Agreement. The Seller is not obligated to remove any exception or to bring any action or proceeding or bear any expense in order to convey title to the Property or to make the title marketable and/or insurable but any attempt by the Seller to remove such title exceptions shall not impose an obligation upon the Seller to remove those exceptions. The Purchaser acknowledges that the Seller's title to the Property may be subject to court approval of foreclosure or to mortgagor's right of redemption. In the event the Seller is not able to (a) make the title insurable or correct any problem or (b) obtain title insurance from a reputable title insurance company, all as provided herein, the Purchaser may terninate this Agreement and any earnest money deposit will be returned to the Purchaser as the Purchaser's sole remedy at law or equity. If the Purchaser elects to take title subject to the title objections, the Purchaser shall so notify the Seller. The Purchaser's silence as to any title objections shall be deemed as acceptance. 1.6. Representations and Warranties The Purchaser represents and warrants to the Seller the following: (a) The Purchaser is purchasing the Property solely in reliance on its own investigation and inspection of the Property and not on any information, representation or warranty provided or to be provided by the Seller, its servicers, representatives, brokers, employees, agents or assigns; (b) Neither the Seller, nor its servicers, employees, representatives, brokers, agents or assigns, has made any representations or warranties, implied or expressed, relating to the condition of the Property or the contents thereof, except as expressly set forth in Section 38 of this Addendum; (c) The Purchaser has not relied on any representation or warranty from the Seller regarding the nature, quality or workmanship of any repairs made by the Seller; (d) The Purchaser will not occupy or cause or permit others to occupy the Property prior to closing and, unless and until any necessary Certificate of Occupancy has been obtained from the appropriate governmental entity, will not occupy or cause or permit others to occupy the Property after closing; (e) The undersigned, if executing the Agreement on behalf of the Purchaser that is a corporation, partnership, trust or other entity, represents and warrants that he/she is authorized by that entity to enter into the Agreement and bind the entity to perform all duties and obligations stated in the Agreement; and PURCHASER (Initials) SELLER (Initials) FANNIE MAEFORM 001 (10/7/2014) (f) The Purchaser (check one): Chas ❑ has not previously purchased a Fannie Mae owned properly. 17. WAIVERS: AS A MATERIAL PART OF THE CONSIDERATION TO BE RECEIVED BY THE SELLER UNDER THIS AGREEMENT AS NEGOTIATED AND AGREED TO BY THE PURCHASER AND THE SELLER, THE PURCHASER WAIVES THE FOLLOWING: (A) ALL RIGHTS TO FILE AND MAINTAIN AN ACTION AGAINST THE SELLER FOR SPECIFIC PERFORMANCE; (B) RIGHT TO RECORD A LIS PENDENS AGAINST THE PROPERTY OR TO RECORD THIS AGREEMENT OR A MEMORANDUM THEREOF IN THE REAL PROPERTY RECORDS; (C) RIGHT TO INVOICE ANY OTHER EQUITABLE REMEDY THAT MAY BE AVAILABLE THAT IF INVOKED, WOULD PREVENT THE SELLER FROM CONVEYING THE PROPERTY TO A THIRD PARTY PURCHASER; (D) ANY AND ALL CLAIMS ARISING FROM THE ADJUSTMENTS OR PROBATIONS OR ERRORS IN CALCULATING THE ADJUSTMENTS OR PROBATIONS THAT ARE OR MAY BE DISCOVERED AFTER CLOSING; (E) ANY CLAIMS FOR FAILURE OF CONSIDERATION AND/OR MISTAKE OF FACT AS SUCH CLAIMS RELATE TO THE PURCHASE OF THE PROPERTY OR ENTERING INTO OR EXECUTION OF OR CLOSING UNDER THIS AGREEMENT; (F) ANY REMEDY OF ANY KIND, INCLUDING BUT NOT LIMITED TO RESCISSION OF THIS AGREEMENT, OTHER THAN AS EXPRESSLY PROVIDED IN SECTION 19 OF THIS ADDENDUM, TO WHICH THE PURCHASER MIGHT OTHERWISE BE ENTITLED AT LAW OR EQUITY WHETHER BASED ON MUTUAL MISTAKE OF FACT OR LAW OR OTHERWISE; (G) TRIAL BY JURY, EXCEPT AS PROHIBITED BY LAW, IN ANY LITIGATION ARISING FROM OR CONNEC'T'ED WITH OR RELATED TO THIS AGREEMENT; (H) ANY CLAIMS OR LOSSES THE PURCHASER MAY INCUR AS A RESULT OF CONSTRUCTION ON, REPAIR TO, OR TREATMENT OF THE PROPERTY, OR OTHER DEFECTS, WHICH MAY NOW OR HEREAFTER EXIST WITH RESPECT TO THE PROPERTY; (1) ANY CLAIMS OR LOSSES RELATED TO ENVIRONMENTAL CONDITIONS AFFECTING THE PROPERTY INCLUDING, BUT NOT LIMITED TO, MOLD, DRYWALL, LEAD PAINT, FUEL OIL, ALLERGENS, OR TOXIC SUBSTANCES OF ANY KIND; (J) ANY RIGHT TO AVOID THIS SALE OR REDUCE THE PRICE OR HOLD THE SELLER RESPONSIBLE FOR DAMAGES ON ACCOUNT OF THE CONDITION OF THE PROPERTY, LACK OF SUITABILITY AND FITNESS, OR REDI-IIBITORY VICES AND DEFECTS, APPARENT, NONAPPARENT OR LATENT, DISCOVERABLE OR NONDISCOVERABLE; (I{) ANY CLAIM ARISING FROM ENCROACHMENTS, EASEMENTS, SHORTAGES IN AREA OR ANY OTHER MATTER WHICH WOULD BE DISCLOSED OR REVEALED BY A SURVEY OR INSPECTION OF THE PROPERTY OR SEARCH OF PUBLIC RECORDS; AND (L) ANY RIGHT TO MEDIATION OR ARBITRATION RELATING TO OR ARISING UNDER OR FROM THIS AGREEMENT, EXCEPT AS PROHIBITED BY LAW. References to the "Seller" in this Section 17 of this Addendum shall include the Seller and the Seller's servicers, representatives, agents, brokers, employees, and/or assigns. hi the event drat le Paich bed V1 wiltel - r1prated an 18. Conditions to the Seller's Performance: The Seller shall have the right, at the Seller's sole discretion, to extend the Expiration Date or to terminate this Agreement if: (a) full payment of any mortgage insurance claim related to the loan previously secured by the Property is not confirmed prior to the closing or the mortgage insurance company exercises its right to acquire title to the Property; (b) the Seller determines that it is unable to convey title to the Property insurable by a reputable title insurance company at regular rates; (c) the Seller at any time has requested that the servicing lender, or any other party, repurchase the loan previously secured - by the Property and/or such lender or other party has elected to repurchase the property; (d) a third party with rights related to the sale of the property does not approve the sale terms; 6 PURCHASER (Initials) SELLER (Initials) FANNIE MAE FORM 001 (10/7/2014) (e) full payment of any property, fire or hazard insurance claim is not confirmed prior to the closing; (f) any third party, whether tenant, homeowner's association, or otherwise, exercises rights under a right of first refusal to purchase the Property; (g) the Purchaser is the former mortgagor of the Property, or is related to or affiliated in any way with the former mortgagor, and the Purchaser has not disclosed this fact to the Seller prior to the Seller's acceptance of this Agreement. Such failure to disclose shall constitute default under this Agreement, entitling the Seller to exercise any of its rights and remedies, including, without limitation, retaining the earnest money deposit; (h) the Seller, at the Seller's sole discretion, determines that the sale of the Property to the Purchaser or any related transactions are in any way associated with illegal activity of any kind; (i) the Agreement was accepted and executed by Seller in noncompliance with Fannie Mae procedures or guidelines; Q) Seller determines in its sole discretion that the sale of the Property will subject Seller to liability and/or have an impact on pending, threatened or potential litigation; or (k) material misrepresentation by the Purchaser. In the event the Seller elects to terminate this Agreement as a result of (a), (b), (c), (d), (e), (f), (i) or 0) above, the Seller shall return the Purchaser's earnest money deposit. 19. Remedies for Default: (a) In the event of the Purchaser's default, material breach or material misrepresentation of any fact under the terms of this Agreement, the Seller, at its option, may retain the earnest money deposit and any other funds then paid by the Purchaser as liquidated damages and/or invoke any other remedy available to Seller at law and/or equity and the Seller is automatically released from the obligation to sell the Property to the Purchaser and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Purchaser for any damages of any kind as a result of the Seller's failure to sell and convey the Property. (b) In the event of the Seller's default or material breach under the terms of the Agreement or if the Seller terminates the Agreement as provided under the provisions of Paragraph 18 (a), (b), (c), (d), (e), (t), (i) or 0) of this Addendum; the Purchaser shall be entitled to the return of the earnest money deposit as Purchaser's sole and exclusive remedy at law and/or equity. (c) (d) Any consent by any party to, or waiver of a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. (e) In the event either, party elects to exercise its remedies as described in this Section 19 of this Addendum and this Agreement is terminated, the parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 24 of this Addendum. 20, - - -- 4..4i. rin int Weeeffiffs OF-4— PURCHASER (Initials) SELLER (Initials) FANNIE MAE FORM 001 (10/7/2014) 21. Risk of Loss: In the event of fire, destruction or other casualty loss to the Property after the Seller's acceptance of this Agreement and prior to closing, the Seller may, at its sole discretion, repair or restore the Property, or the Seller may terminate the Agreement. If the Seller elects to repair or restore the Property, then the Seller may, at its sole discretion, limit the amount to be expended. Whether or not Seller elects to repair or restore the Property, the Purchaser's sole and exclusive remedy shall be either to acquire the Property in its then condition at the Purchase Price with no reduction thereof by reason of such loss or terminate this Agreement and receive a refund of any earnest money deposit. 22. Eminent Domain: In the event that the Seller's interest in the Property, or any part thereof, shall have been taken by eminent domain or shall be in the process of being taken on or before the closing, either party may terminate the Agreement and the earnest money deposit shall be returned to the Purchaser and neither party shall have any further rights or liabilities hereunder except as provided in Section 24 of this Addendum. 23. Ce s: The Purchaser understands that the Seller may not be in possession of keys, including but not limited to, mailbox keys, recreation area keys, gate cards; or automatic garage remote controls, and any cost of obtaining the same will be the responsibility of the Purchaser. The Purchaser also understands that if the Property includes an alarm system, the Seller cannot provide the access code and/or key and that the Purchaser is responsible for any costs associated with the alarm and/or changing the access code or obtaining keys. 24. Survival: Delivery of the deed to the Property to the Purchaser by the Seller shall be deemed to be full performance and discharge of all of the Seller's obligations under this Agreement. Notwithstanding anything to the contrary in the Agreement, any provision which contemplates performance or observance subsequent to any termination or expiration of the Agreement, shall survive the closing and/or termination of the Agreement by any party and continue in Rill force and effect. 25. Further Assurances: The Purchaser agrees to execute and deliver to the Seller at closing, or otherwise as requested by the Seller, documents including Fannie Mae's Waiver and Release 2012, Tax Proration Agreement 03/2011 or documents that are substantially the same, and to take such other action as reasonably may be necessary to further the purpose of this Agreement. Copies of referenced documents are available from the Seller's listing agent upon request by the Purchaser. 26. Severability The lack of enforceability of any provision of this Agreement shall not affect the enforceability of any other provision of this Agreement, all of which shall remain in full force and effect. 27. Assignment of Agreement: The Purchaser shall not assign this Agreement without the express written consent of the Seller. The Seller may assign this Agreement at its sole discretion without prior notice to, or consent of the Purchaser. 28, EFFECT OF ADDENDUM: THIS ADDENDUM AMENDS AND SUPPLEMENTS THE CONTRACT AND, IF APPLICABLE, ESCROW INSTRUCTIONS. IN THE EVENT THERE IS ANY CONFLICT BETWEEN THIS ADDENDUM AND THE CONTRACT OR ESCROW INSTRUCTIONS OR NOTICE OR OTHER DOCUMENTS ATTACHED AND MADE A PART OF THE AGREEMENT, THE TERMS OF THIS ADDENDUM TAKE PRECEDENCE AND SHALL PREVAIL EXCEPT AS OTHERWISE PROVIDED BY LAW. 29. Entire Agreement: The Agreemer-it constitutes the -entire agreement between the Purchaser and the Seller concerning the subject matter hereof and supersedes all previous communications, understandings, representations, warranties, covenants or agreements, either written or oral and there are no oral or other written agreements between the Purchaser and the Seller. All negotiations are merged into the Agreement. The Seller is not obligated by any other written or oral statements made by the Seller, the Seller's representatives, or any real estate licensee. 30. Modification: No provision, term or clause of the Agreement shall be revised, modified, amended or waived except by an instrument in writing signed by the Purchaser and the Seller, 31. Rights of Others: This Agreement does not create any rights, claims or benefits inuring to any person or entity, other than Seller's successors and/or assigns; that is not a party to the Agreement, nor does it create or establish any third party beneficiary to this Agreement. 32. Counterparts: This Agreement may be executed in any number of counterparts and each such counterpart shall be deemed to be an original, but all of which, when taken together, shall constitute one agreement. 33. Headings: The titles to the sections and headings of various paragraphs of this Agreement are placed for convenience of reference only and in case of conflict, the text of this Agreement, rather than such titles or headings shall control, 34. Electronic Signature: An electronic signature shall be given the Same effect as a written signature. 35. Force Majeure: Except as provided in Section 21 to this Addendum, no party shall be responsible for delays or failure of performance resulting from acts of God, riots, acts of war and terrorism, epidemics, power failures, earthquakes or other disasters, providing such delay or failure of performance could not have been prevented by reasonable precautions and cannot reasonably be circumvented by such party through use of alternate sources, workaround plans or other means. 36. Attorney Review: The Purchaser acknowledges that Purchaser has had the opportunity to consult with its legal counsel regarding the Agreement and that accordingly the terms of the Agreement are not to be construed against any party because that party drafted the Agreement or construed in favor of any Party because that Party failed to understand the legal effect of the provisions of the Agreement. 8 PURCHASER (Initials) SELLER (Initials) FANNIE MAE FORM 001 (10/7/2014) 37. Notices; Any notices required to be given under the Agreement shall be deemed to have been delivered when actually received in the case of hand or overnight delivery, or five (5) calendar days after hailing by first class mail, postage paid, or by fax with confirmation of transmission to the numbers below. All notices to the Seller will be deemed sent or delivered to the Seller when sent or delivered to Seller's listing broker or agent or Seller's attorney, at the address or fax number shown below. All notices to the Purchaser shall be deemed sent or delivered when sent or delivered to the Purchaser or the Purchaser's attorney or agent at the address or fax number shown below. 38. Additional Terms or Conditions: The terms of Exhibit A to this Addendum shall be incorporated herein as if the terms were set forth herein. To the extent that if there is a conflict between the terms of the Contract, this Addendum and/or Exhibit A the terms of Exhibit A shall prevail. PURCHASER (Initials) SELLER (Initials) FANNIE MAE FORM 001 (10/7/2014) IN WITNESS WHEREOF, the Purchaser and the Seller have entered into this Addendum as of the date first set forth above. PURCHASE, R(S): SELLER: Signature: ISee attached signature page_j FANNIE MAE Date: , as Attorney in Fact For Fannie Mae Print Name: City of Miami Address: By: _ Email Address: Telephone: Date: Fax: Signature: Date: Print Name: Address: Telephone: Fax: Email Address: 444&F44A—S •AGENT: Brokerage Finn: Exit Trust Realty Purchaser's Agent Name: Jorge Rey Address: 9360 Sunset Drive Miami, FL 33173 Telephone: 305-274-4700 Fax: 888-502-9099 Email Address: Jreyreo@gmail.com PURCHASER'S ATTORNEY: Name: Address: Telephone: Fax: Email Address: SELLER'S AGENT: Brokerage Firm: Exit Trust Realty Seller's Agent Name: Jorge Rey Address: 9360 Sunset Drive Miami, FL 33173 Telephone: 305-274-4700 Fax: 888-502-9099 Email Address: Jreyreo@gmail, corn SELLER'S ATTORNEY: Name: Address: Telephone: Fax: Email Address: 10 PURCHASER (Initials) SELLER (Initials) FANNIE MAE FORM 001 (10/7/2014) "PURCHASER" Executed by CITE' OF MIAMI, a municipal corporation of the State of Florida By: Daniel J. Alfonso, City Manager Date: ATTEST: Todd B. Hannon, City Clerk APPROVED AS TO FORM AND APPROVED AS TO INSURANCE CORRECTNESS: REQUIREMENTS: Victoria Mendez City Attorney STATE OF FLORIDA) COUNTY OF MIAMI-DADE) Ann -Marie Sharpe, Director Risk Management Administrator The foregoing instrument was acknowledged before me this day of , , by , as City Manager for the City of Miami, a municipal corporation of the State of Florida. (NOTARY PUBLIC) SEAL Notary Public (Printed, Typed or Stamped Name of Notary Public) Commission No.: My Commission Expires: THIS EXHIBIT A TO REAL ESTATE PURCHASE ADDENDUM, (together with the Real Estate Purchase Contract and the Real Estate Purchase Addendum referred to below, collectively, the "Agreement") made and entered into this —day of , 2016, by and between Federal National Mortgage Association, located at 3900 Wisconsin Avenue NW, Washington, DC 20016 (the "Seller"), and the City of Miami, a municipal corporation of the State of Florida, with offices at 444 SW 2nd Avenue, Miami, Florida 331330, (the "Purchaser") supplements the Real Estate Purchase Addendum dated , 2016 between Seller and Purchaser. A. Legal Description: 10 54 41 .16 AC NEW SILVER CREST REV PB 39-80 BEG 100FT E OF SW COR TR 3-C N 137.5FT E50FT 5137.5FT W50FT TO POB TR 3-C LOT SIZE 50.000 X 138 OR 11986-2957 1283 6 B. Street Address (the "Property"): 2601 SW 13 ST Miami, FL 33145-1214 The Purchaser agrees to pay the Seller the asking price of Two Hundred Seventy One Thousand Dollars ($271,000.00), contingent upon the Purchaser obtaining a written appraisal from a licensed Florida appraiser stating that the appraised value is at least Two Hundred Seventy One Thousand Dollars ($271,000.00). Any such appraisal shall be conducted during the Inspection Period defined below. If the Property does not appraise for the Purchase Price (defined, below), Seller shall not be obligated to reduce the Purchase Price, and Seller may, at its sole discretion, terminate the contract. In the event that the Agreement is terminated due to an appraisal, Purchaser shall be entitled to return of the Deposit only. The Purchaser agrees to pay and the Seller agrees to accept for the Property the sum of Two Hundred Seventy One Thousand Dollars ($271,000.00), (the "Purchase Price"). The Purchase Price shall be payable as follows: A. Deposit. To secure the performance by Purchaser of its obligations under this Agreement, within three (3) calendar days after the Effective Date, Purchaser will pay to Escrow Agent the sum of Thirteen Thousand Five Hundred Fifty Dollars ($13,550.00). B. Balance. The Balance to close (not including closing cost) is, Two Hundred Fifty Seven Thousand Four Hundred Fifty Dollars ($257,450.00), shall be paid by the Purchaser to the Seller in the form of cashier's check, certified check, official bank check or wire transfer. Page 1 of 11 3. EFFECTIVE DATE/TIME OF , ► O, PRECEDENT 4PPRIKI, The Effective Date of this Agreement shall be the date defined in the Real Estate Purchase Addendum. 4. ENVIRONMENTALMATTERS A. Definitions. For purposes of this Agreement: The term "Hazardous Materials" shall mean and include without limitation, any substance, which is or contains (A) any "hazardous substance" as now or hereafter defined in the Comprehensive Environmental Response, Compensation, and Liability Act of 1960, as amended (42 U.S.C., Section 9601 et seq.) ("CERCLA") or any regulations promulgated under or pursuant to CERCLA; (B) any "hazardous waste" as now or hereafter defined in the Resource Conservation and Recovery Act (42 U.S.C., Section 6901 et seq.); '(C) any substance regulated by the Toxic Substances Control Act (15U.S.C., Section 2601 et. Seq.); (D) gasoline, diesel fuel, or other petroleum hydrocarbons; (E) asbestos and asbestos containing materials, in any form, whether friable or non -friable; (F) polychlorinated biphenyls; and (G) any additional substances or material which: (i) is now or hereafter classified or considered to be hazardous or toxic under Environmental Requirements as hereinafter defined; (ii) causes or threatens to cause a nuisance on the Property or adjacent property or poses or threatens to pose a hazard to the health or safety of persons on the Property or adjacent property; or (iii) would constitute a trespass if it emanated or migrated from the Property. The term "Environmental Requirements" shall mean all laws, ordinances, statutes, codes, rules, regulations, agreements, judgments, orders and decrees, now or hereafter enacted, promulgated, or amended of the United States, the states, the counties, the cities, or any other political subdivision, agency or instrumentality exercising jurisdiction over the Seller or the Purchaser, the Property, or the use of the Property, relating pollution, the protection or regulation of human health, natural resources, or the environment, or the emission, discharge, release or threatened release of pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or waste or Hazardous Materials into the environment (including, without limitation, ambient air, surface water, groundwater, land or soil). D. Disclaimer as to Environmental Matters. Purchaser acknowledges and agrees that the purchase and sale of the Property shall be as -is where is in all respects, and Seller has not made, does not make and specifically negates and disclaims any representations, warranties (other than the limited warranty of title as set out in the special warranty deed), promises, covenants, Page 2 of 11 agreements or guaranties of any kind or character whatsoever, whether express or implied, oral or written, (past, present, or future) of, as to, concerning or with respect to environmental matters with reference to the Property, including, but not limited to: (a) the value, nature, quality or condition of the Property, including, without limitation, the water, soil and geology, (b) the compliance of or by the Property, or its operation with any Environmental Requirements, (c) any representations regarding compliance with any environmental protection, pollution or land use, zoning or development of regional impact laws, rules, regulations, orders or requirements, including the existence in or on the Property of Hazardous Materials. Purchaser further acknowledges and agrees that it is being given the opportunity to inspect the Property, and all documents that may exist in the public records of the state, county and/or city relating to the environmental condition of the Property as part of this Agreement and that Purchaser is not relying solely upon any documents or representations made by or on behalf of Seller, but that Purchaser is responsible to conduct its own investigation of the Property. Purchaser further acknowledges and agrees that any information provided or to be provided with respect to the Property was obtained from a variety of sources and that Seller has not made any independent investigation or verification of such information and makes no representations as to the accuracy or completeness of such information. Seller is not liable or bound in any matter by any verbal or written statements, representations or information pertaining to the Property, or the operation thereof, furnished by any agent, employee, servant or other person. C. Inspection Period. i. Property Inspection: Subject to the terms and conditions set forth in the Addendum, Purchaser, its employees, agents, consultants, and contractors shall have a period of fifteen (15) days from the Effective Date ("Property Inspection Period") in which to undertake at Purchaser's expense, such inspection. In the event that the Property is not acceptable to Purchaser following the Property Inspection or if the Property does not appraise for the purchase price set forth in the Agreement, Purchaser may, at Purchaser's sole discretion, elect to terminate this Agreement by delivering written notice of such election to Seller prior to the expiration of the Property Inspection Period and receive the return of the Deposit and all interest thereon, if any. ii. Environmental Inspection: Purchaser, its employees, agents, consultants and contractors shall have a period of forty five (45) days from the Effective Date (the "Environmental Investigation Period") in which to undertake at Purchaser's expense, such physical inspections and other investigations of and concerning the Property including surveys, soil borings, percolation, engineering studies, environmental tests and studies and other tests as Purchaser Page 3 of 11 considers necessary for Purchaser and his consultants to perform certain work or inspections in connection with evaluation to obtain environmental clearance of the Property (the "Environmental Inspection") after giving the Seller reasonable notice of twenty-four (24) hours prior to each test performed. The Purchaser, at its sole option, upon giving written notice to Seller, may extend the Environmental Investigation Period for an additional twenty-five (25) days if based upon the results of the testing, additional testing is warranted. For the purpose of conducting the Environmental Inspection, Seller hereby grants to Purchaser and its consultants and agents or assigns, full right of entry upon the Property during the Inspection Period through the closing date provided that notice of entry must be provided and entry onto the Property must be coordinated with Seller's agent. The right of access herein granted shall be exercised and used by Purchaser, its employees, agents, representatives and contractors in such a manner as not to cause any material damage or destruction of any nature whatsoever to, or interruption of the use of the Property by the Seller, its employees, officers, agents and tenants. Purchase of the Property is contingent upon a Phase I Environmental Site Assessment. In the event that the Property is not acceptable to Purchaser following the Phase I Environmental Site Assessment, Purchaser may, at Purchaser's sole discretion, elect to terminate this Agreement and receive the return of the Deposit and all interest thereon, if any. If Purchaser determines that the Property is not suitable due to issues identified in the Environmental Inspection, Purchaser shall notify Seller on or prior to the expiration of the Investigation Period, and Purchaser shall provide any reports, testing results, etc. underlying Purchaser's decision not to purchase the Property for environmental reasons. D. Inspection Indemnity, Insurance and Releases. Notwithstanding anything contained in this Agreement to the contrary, as consideration for the Seller granting a continuing right of entry, the Purchaser hereby specifically agrees to: (i) immediately pay or cause to be removed any liens filed against the Property as a result of any actions taken by or on behalf of Purchaser in connection with the inspection of the Property; (ii) repair and restore the Property to its pre- inspection condition with respect to any damages caused by the inspection; and (iii) to the extent allowed by Florida Statute §768.28, indemnify, defend and hold harmless Seller, its employees, officers and agents, from and against all claims, damages or losses incurred to the Property, or anyone on the Property as a result of the negligent actions taken by the Purchaser, with respect to the inspection of the Property, when such claim, demand, cause of action, damage, liability, loss or expense is caused by negligence of Purchaser, provided, however, Purchaser shall not be liable for the negligence or intentional misconduct of Seller, its employees, officers and agents. Nothing herein shall be deemed to abridge the rights, if any, of the Seller to seek contribution where appropriate. The provisions of this indemnity shall survive the Closing or the termination of this Agreement. Page 4 of 11 Prior to Purchaser entering upon the Property for purposes of commencement of the Environmental Inspection, Purchaser shall furnish to Seller the policy or policies of insurance or certificates of insurance in form and such reasonable amounts approved by the City of Miami's Risk Manager protecting the City, during the course of such testing, against all claims for personal injury and property damage arising out of or related to the activities undertaken by the Purchaser, its agents, employees, consultants and contractors, or anyone directly or indirectly employed by any of them or anyone for whose acts they may be liable, upon the Property or in connection with the Environmental Inspection. In consideration of the City's purchase of this property in "as is" condition at a purchase price, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the Seller, the Seller, her heirs, representatives, successors and assigns do hereby release, acquit, discharge, and forever covenant not to sue the City of Miami, its officers, employees, successors and assigns from all actions, causes of action, demands, damages, liabilities, costs, attorney's fees, expenses and compensation in any way growing out of all known and unknown conditions of the Property herein being sold, whether such conditions be known or unknown on the date of execution of this Agreement, or of a past, present or future nature, and all property damages or personal injuries which I may now or subsequently have either now or at a later time. It is agreed that the consideration herein being paid to the Seller is for discharge of all such claims or actions, and that the Seller has carefully read this subsection and knows of its contents and agrees to same knowingly and voluntarily. This release and discharge shall survive the cancellation, closing or full performance of this Agreement, as applicable. Seller further waives, releases, discharges, and forever covenants not to sue the Purchaser, its officers and employees from any and all claims, causes of action, demands, costs, expenses or compensation, direct or indirect, known or unknown, foreseen or unforeseen which Seller or any of its heirs, successors or assigns now has or which may arise in the future on account or in any way related to or in connection with any present, past or future physical characteristic of the Property, including, without limitation, any Hazardous Materials in, at, on, under or related to the Property, or any past violation, violation, potential or future violation or any environmental requirement applicable thereto. In addition, Seller, its heirs, successors and assigns specifically waives all current and future claims against Purchaser, its heirs, successors and assigns arising under CERCLA, RCRA, Chapters 376 and 402, Florida Statutes, as amended, and any other federal, state, or county law or regulation relating to Hazardous Materials in, on, or under the Property. This waiver, release and covenant shall survive the full performance, closing or termination of this agreement, as applicable. E. Waiver and Release. In the event that Purchaser does not elect to cancel this Agreement, Purchaser acknowledges and agrees that to the maximum extent permitted by law, the sale of the Property as provided for herein is made on an "AS IS" condition and basis with all faults. Page 5 of 11 M11 Purchaser, at its sole cost and expense, shall be responsible for obtaining all title documents, which Purchaser requires in order to ascertain the status of title. Purchaser agrees to forward a copy of the aforementioned title documents to Seller immediately upon Purchaser's receipt thereof. Seller has no obligation to, but to the extent Seller has evidence of title, including abstracts, prior title policies and title reports, Seller shall provide copies of same to Purchaser, within five (5) calendar days of the Effective Date, to assist in Purchaser's title examination and obtaining title insurance. 6. CLOSING DATE Closing shall take place within forty-five (45) days after the Effective Date or within a reasonable time thereafter, at a mutually agreeable time (the "Closing") at the City of Miami, Department of Real Estate and Asset Management located at 444 SW 2 Avenue, 3rd Floor, Miami, Florida, or at such other location within the City of Miami that the Purchaser may designate in writing by affording a notice to Seller as provided herein. The parties may, subject to mutual written agreement, establish an earlier date for Closing. Notwithstanding the foregoing, in the event the Seller elects to satisfy any title objections pursuant to the terms of Section 5 hereof, then Seller shall have the right to extend the Closing date set forth herein. Fm"x11111► Eel K01,1IU Ul I ►err ail �`�Y':�IF� At Closing, the following items shall be borne, adjusted, prorated, or assumed by or between Seller and Purchaser as follows: A. Certified/Pending Liens: Except for pending City of Miami liens, certified, confirmed and ratified governmental liens as of the Closing Date shall be paid by Seller. Pending liens as of the Closing Date shall be assumed by Purchaser. Purchaser hereby acknowledges and takes the Property subject to the City of Miami's pending liens, if any. E. Closing Costs (1) Each party shall be responsible for its own attorney's fees, paralegal costs, closing agent or similar costs incurred in connection with the Closing. (2) Purchaser shall pay all other closing and recording costs incurred in connection with the sale and purchase of the Property described in this Agreement, including, but not limited to: (i) all inspection and environmental testing costs; Page 6 of 11 (ii) documentary stamps and surtax on the deed; (iii) all recording charges and filing fees payable in connection with the transfer of the Property hereunder; Purchaser and Seller acknowledge that proper communication between Purchaser and Seller, and between Purchaser and any governmental authorities having jurisdiction over environmental matters, is to be an important component of the Purchaser's Environmental Inspection period and title examination. Accordingly, to facilitate such communication, the Purchaser and Seller have appointed the following persons on their respective behalves to be their environmental and title representatives, to wit: On behalf of Purchaser.' City of Miami Department of Real Estate and Asset Management Director 444 SW 2 Avenue, 3rd Floor Miami, FL 33130 With a copy to: Victoria Mendez, City Attorney City of Miami 444 SW 2 Avenue, Suite 945 On behalf of Seller. Jorge Rey Exit Trust Realty 9360 Sunset Drive Miami, FL 33173 305.274.4700 Teresa Marianos Deputy General Counsel 14211 Dallas Parkway, Suite 1000 Dallas, Texas 75254-2916 9. NOTICES All notices or other communications, which may be given pursuant to this Agreement shall be in writing and shall be deemed properly served if delivered by personal service or by certified mail addressed to Seller and Purchaser at the address indicated herein. Such notice shall be deemed given on the day on which personally served; or if by certified mail, on the fifth day after being posted or the date of actual receipt, whichever is earlier: Purchaser: City Manager City of Miami Post Office Box 330708 Miami, FL 33233-0708 Seller. Fannie Mae c/o Exit Trust Realty 9360 Sunset Drive Miami, FL 33173 Page 7 of 11 Copies to: Director City of Miami Department of Real Asset Management 444 SW 2 Avenue, Miami, FL 33130 Victoria Mendez City Attorney 444 SW 2 Avenue, Miami, FL 33130 Deputy General Counsel Fannie Mae Estate and Teresa Marianos 14211 Dallas Parkway, Suite 1000 3rd Floor Dallas, Texas 75254-2916 Suite 945 If it shall be necessary for either party to this Agreement to bring suit to enforce any provisions hereof or for damages on account of any breach of this Agreement, then each party on any issue in any such litigation and any appeals shall bear their own respective attorney's fees. 11. WAIVERS No waiver by either party of any failure or refusal to comply with its obligations shall be deemed a waiver of any other or subsequent failure or refusal to comply. All remedies, rights, undertaking, obligations and agreement contained herein shall be cumulative and not mutually exclusive. 12. SURVIVAL OF REPRESENTATIONS/WARRANTIES All relevant terms of this Agreement, where appropriate, shall survive the Closing and be enforceable by the respective parties until such time as extinguished by law. 13. EFFECT OF THIS EXHIBIT A This Exhibit A amends and Supplements the Real Estate Purchase Contract and the Real Estate Purchase Addendum. In the event that there is a conflict between this Exhibit A and the Real Estate Purchase Contract and the Real Estate Purchase Addendum,_ the_ terms of this Exhibit A shall take precedence and shall prevail, except as otherwise provided by law. 14. AUTHORITY OF CITYMANAGER The Resolution of the City Commission of the Purchaser shall, in addition to approving the purchase contemplated under this Agreement, empower the City Manager Page 8 of 11 of the Purchaser to modify this Agreement in the event a modification to this Agreement becomes necessary or desirable. IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement, as of the day and year first above written. Signed, sealed and delivered in the presence of: Signature pages to follow Page 9 of 11 ExleJcRuted!°lb7y6fCSITY OF MIAMI, a municipal corporation of the State of Florida By: Daniel J. Alfonso, City Manager Date: ATTEST: Todd B. Hannon, City Clerk APPROVED AS TO FORM AND CORRECTNESS: Victoria Mendez City Attorney STATE OF FLORIDA) COUNTY OF MIAMI-DADE) APPROVED AS TO INSURANCE REQUIREMENTS: Ann -Marie Sharpe, Director Risk Management The foregoing instrument was acknowledged before me this day of , by , as City Manager for the City of Miami, a municipal corporation of the State of Florida. (NOTARY PUBLIC) SEAL (Printed, Typed or Stamped Name of Notary Public) Commission No.: My Commission Expires: Notary Public Page 10 of 11 SELLER EXECUTED BY: FANNIE MAE On Page 11 of 11