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Res 11-10
P:ESOLUTION NO. 11-10 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DELRAY BEACH, FLORIDA, AUTHORIZING THE CITY TO ACQUIRE CERTAIN REAL PROPERTY IN PALM BEACH COUNTY, FLORIDA, AS DESCRIBED HEl?;EIN, HEREBY INCORPORATING AND ACCEPTING THE CONTRACT STATING THE TERMS AND CONDITIONS FOR THE SALE AND PURCHASE FROM WELLS FARGO FINANCIAL SYSTEM FL, SELLER, AND THE CITY OF DELRAY BEACH, FLORIDA. WHEREAS, the City of Delray Beach, Florida, wishes to buy certain property located at 3744 Lancewood Place, Delray Beach, Florida; and WHEREAS, Wells Fargo Financial System FL, hereinafter desires to sell the property hereinafter described; and WHEREAS, it is in the best interest of the City of Delray Beach, Florida, to purchase said property for affordable housing purposes. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS: Section 1. That the City Corninission of the City of Delray Beach, Florida, as Buyer, hereby agrees to acquire the property described herein from the Seller, for the purchase price of One Hundred 'Thirty-Five Thousand and OOj100 Dollars {$135,000.04}, said property being described as follows: Lat 2, Block 4, SABAL LAZ~;ES PHASE ONE, according to the Plat thereof as recorded ita Plat Book G0, Page 1$$, of the Public Records of Palm Beach County, Florida Section 2. That the terms and conditions contained in the Contract far Sale and Purchase and Addendum between the City of Delray Beach, Florida, and the Seller as hereinabove named are incorporated herein as Exhibit "A". PASSED AND ADOPTED in regular session on the 22"d of March, 2010, MAY hest: = e~~~~~* ~~ - ~~ 11~d~.J ~, ) City Clerk THIS FARM HAS BEEN APPROVED BY THE FLORIDA ASSt}CIATION OF REALTORS® AND THE IDA BAR a- i a a a aC.~!~~~07~ o' ~„/4+`~~j +OI~ J~~IC?i'G ~ ~y } r 1" PARTIES: ~ L.k.~ ~ L'- r C7 ~ t't ~' C t'~ t""e~-f {"Seller"}. 4 5 6* 7" 8" 9 t0 11" 12* 13" 14* pursuant to tl7e tens and conditions of this Contract for Sale and Purchase and any riders and addenda {"Contract"): (a) Legal description of the Reai Prol~~rty locatcl in I'C~ t ~}C~ (~C ~~ County, Florida; {bj Street address, city zip, of the Properly: ,,~'! ~ V ~ L f-1lVC; C? 1.tirFC~CJ d !' ~~Jt' 1 f't (c) Personal Properly includes existing range{s), refrigerator{s}, dishwasl7e+-(s}, ceiling fan{sj, light fixture{s), and specifically excluded below. Other items included are: treahnent{s} items of Personal Property (and leased items, if anyj excluded are: t5" 11. PURCHASE PRICE (tJ.S. currency) :....... . ................... . .............. . ..... . . . ........ $ ~ ~ ~..,t~~.d.~ 1f~ PAYMENT: 17" (a} Deposit held in escrow by "Escrow Agent"} in the amount of (checks subject to clearance} $ t 8* Escrow Agents address: Phone: 19" {~ (b) Additional escrow deposit to be made to Escrow Agent within _~ days after Etfeotive Date In the amount of.......... $ 2Q* {c} Financing in the amount of {"Loan Amount"} see Paragraph IV below ............. . ............................. $ 22 (e} Balance to close by cash, wire transfer or LOCALLY DRAWN cashier's or ofFrclal bank ch~k{s}, subject 23* to adjustments orprorations ................................................................................ $ 24 ill. TIME FOR ACCEPTANCE OF OFFER AND COUNTEROFFERS; EFFECTIVE DATE: 25 (aj It this offer is not executed by and delivered to all parties OR FAGfi OF EXEGUTtON communicated in writing between the parties on or 2fi' before ,the deposit{s) will, at Buyer's option, be returned and this offer withdrawn. Unless ather- 27 wise stated, the time far acceptance of any counteroffers shall be 2 days from the date the counteroffer is delivered. 28 {b) The date of Contract {"Effective Date") viii be the date when the last one of the Buyer and Seger has signed or initiated this offer or the 29 frnal counteroffer. If such date is not otherwise set forth in this Contract, then the "Effective Date" shall be the date determined above for 3(7 'acceptance of this offeror, if applicable, the final counteroffer. 31 IU FI ANCING: 32" {a) This Is a cash transaction with no contingencies for finanang; 33" ^ (b} This Contract is contingent on Buyer obtaining wrltken loan commitment which confirms unde'vuriting loan approval for a loan to purchase 34* the Property {"Loan Approval") within days {if blank, then 30 days) after Effective Date {"Loan Approval Date"} for {CHECK t?NLY 35* ONE}: ~ a €ixed; ~ an adjustable; or ~ a fixed or adjustable rate loan, in the Loan Amount {See Paragraph II.{c)) at an initial interest rate rmt to 36* exceed %, and for a term of years. Buyer will make application within days (if blank, then 5 days) after Effective Date. 37 BUYER: Buyer shall use reasonable diligerxse to: obtain Loan Approval; notify Seiler in wrfting of receipt of Laan Approval by t_aan Rppraval 38 Date; satisfy terms of the Loan Approval; and close the loan. Loan Approval which requires a condition related to the sale of other property shall 39 not be deemed Loan Approval for purposes of this subparagraph. Buyer shall pay all loan expenses. Buyer authorizes the mortgage broker(s) and 4CJ lender(s) to disclose information regarding the conditions, status, and progress of keen application and Loan Approval to Seller, Seller's attorney, 41 real estate licensee(s), and Closing Agent. 42 BEI.I,.ER; If Buyer does not deliver to Seiler written notice of Loan Approval by Loan Approval Date, Seller may thereafter cancel this Contract by 43. delivering written nots'ce {"Sellers Ganc~llation Notice`s to Buyer, but not later than seven (7} days prior to Closing. Sellers Gar~eitation Notice shall 44 ratify Buyer that Buyer has three {3} days to deliver to Seller written notice waiving this Financing contingency, or the Contract shall be canreiled. 45 DEPOSIT(S) (far purposes of this Financing Paragraph IV(b) anty}; If Buyer has used reasc~able diligence but does not obtain Loan P,pproval 46 by Loan Approval Date, and thereafter either party elects to cancel this Contract, the deposit{s) shall be returned to Buyer. If Buyer obtains Loan 47 Approval or waives this Financing contingency, and thereafter the Contract does not dose, then the deposit{s) shall be paid to Seller; provided how- 48 ever, ifi the failure to close is due to: () Seller's failure or refusal to Dose or Seller otherwise fails to meet the terms of the Contract, or G7 Buyer's lender 49 fails to receive and approve an appraisal of the Property in an amount sufficient to meet the terms of the Loan Approval, then the deposit{s} shall be 60 returned to Buyer. 51 * O {c} Assumption of existing mortgage {see rider for terms); ar 52* D (d} Purchase money note and mortgage to Seller {see "As Is" Standards B and K and riders; addenda; or special clauses for terms}. 53* V. TITLE EVIDENCE: At least _ days (if blank, then 5 days} before Closir7g a title insurance commitment with legible copies of instruments listed as 54 exceptions attached thereto {"1"iris Commitment"} and, after Closing, an Cwner's policy of title insurance (see Standard A for terms) stroll be obtained by: 55* {CHECK GNLY ONE}; ~ (1) Seller, at Seller's expense and delivered to Buyer or Buyer's attorney; or 56" C7 (2j Buyer ai Buyer's expense. 57" {CHECK HERE): C] If an abstract of title is to be furnished instead of title insurance, and attach rider for terms, 58* VI. CLOSING DATE: This transaction shall be dosed and the closatg documentr delivered on ("Closing"), unless 59 modified by other provisions of U~is Contract. in the event of extreme weather or other conditions or events constituting "force majeut~e'", Goring tinnll be 60 extended a reasonable time until:(} restoration of utilities ark other services essential to Goring, and {i} availability of Hazard, Wind, Flood, or Homeowners' G 1 " insurancx~. (f such conditions continue more than days (rf blank, then i 4 days} beyond Closing Date, then either party may cancel this Contract. FARlBAR ASIS-2x Rev. 2108 ~ 2008 Florida Association of Reatsons® and The Florida liar All Rights Reserved Page 1 of 5 J~Sts?t~i~>f This software is licenaed to iCOrri>na t3proekel - Coral shores Realty Inc] www.transactiondeak.corn. I,~3 62 VII. RESTRICTIONS; ER ~ ENTS; LIMITATIONS: Seller shall convey marketable title subject to. comer ~ive 4and use plans; zoning, 63 restrictions, prat~ibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or otherwise 64 common to the sut~division; outstanding oil, gas and mineral rights of record without right of entry; unplatted public utility easements of record 65 {located contiguous to real property lines and not more than 10 feet in width as to the rear or front lines and 7 1!2 feet in width as to the side 66 lines}; taxes far year of Closing and subsequent years; and assumed mortgages and purchase money mortgages, if any (if additional items, see 67* addendum}; provided, that none prevent use of the Property for _ 68* purpose(s}. 71 F If occupancy is to be delivered before Closing, Buyer assumes all risks of loss to Property from date of occupancy, shalt be responsible and liable 72 far maintenance from that date, and shall be deemed to have accepted Property in its existing condition as of time of taking occupancy. 73 IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions, riders and addenda shall control all printed pro- 74 visior7s of this Contract in conflict with them. 75* X, ASSIGNABILITY: {CHECK C}NLY ONE}: Buyer O may assign and thereby be released from shy further liability under this Contract; O may 76* assign but not be released from tiabllity under this Contract; or U may not assign this Contract. 77 XI. DISCLOSURES: 78 (a} The Property may be subject to unpaid special assessment lien{s} imposed by a public body ("public body" does not include a 79 Condominium or Homeowners' Association). Such lien{s}, if any, whether certified, confirmed and ratified, pending, or payable in installments, 80* as of Closing, shall be paid as fellows: ~ by Seller at chasing Cl by Buyer (If left blank, then Seller at Clostng). If the amount of any 81 assessment to be paid by Seller has not been finally determined as of Closing, Seller shall be charged at Closing an amount equal to the 82 last estimate or assessment for the improvement by the public body. 83 (b} Radon is a naturally occunir~g radioactive gas that when accumulated in a building in sufficient quantities may present health risks to per- SA sons who are exposed to it over time. Levels of radar that exceed federal and state guidelines have been found in buildings in Florida. 85 Additional information regarding radon or radon testing may be obtained from your County Public Health unit. 86 (c} Mold is naturally occurring and may cause health risks or damage to property. if Buyer is concerned or desires additional information 87 regarding mold, Buyer should contact an appropriate professional. 88 (d} buyer ackr7owledges receipt of the Florida Energy-Efficiency Rating Information Brochure required by Section 553.996, F.S. 89 {e} If the Rent Property includes pre-1978 residential housing, then arced-based paint rider is mandatory. 90 (i} df Setter is a"'foreign person'" as defined by the Foreign Investment in Real Property Tax Act, tl~e parties shall comply with that Act. 91 (g} BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' ASSOGIA- 92 TIONlGOMMUNITY DISCLOSURE. 93 {h} PROPERTY TAX nISCLOSURE SUMMARY: BUYER SNOULQ NOT RELY ON THE SELLER'S CURRENT PROPERLY TAXES AS THE AMOUNT 94 OF PROPERLY TAXES THAT THE t3UYER MAY BE OBLIGATED TC PAY IN THE YEAR SUE3SL=QUENT TO PURCHASE, A GRANGE OF CV+iNER- 95 SNIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERLY THAT COULD RESULT tN HIGHER PROPERTYTAXES. 96 IF YQU HAVE ANY GtUESI`IONS CONCERNING VALUATION, CONTACT L~t IE COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION, 97 XII. MAXIMUM REPAIR COSTS: QEf_E'PEt3 98" Xtll, HOME WARRANTY- U Seller O Buyer U N!A will pay for- a home warranty plan issued by 99* at a cost not to exceed ~~ ~~ 190" XIV. INSPECTION PERIOD AND RIGHT TO CAtttGEl: (a) Buyershal/ have ___-t_~-! days from Effective Date ("inspection Period`) within 101 which to have such inspections of the Property performed as Buyer shall desire artd utilities service shalt be made available by the 10~ Se!!er during the inspection Period; {b) Buyer shaft be responsible for prompt payment for such inspections and repair of damage 103 to and restoration of the Property resetting from such inspections and this provision {b,} shall survive termination of this Contract; 104 and (c) if Buyer determines, in Buyer's sole discretion, that the Property is not acceptable to Buyer, Buyer may cancel this Contract 105 by delivering facsimile or written notice of such election to Seller prior to the expiration of the inspection Period. if Buyer timely 106 cancels this Contract the deposit(s) paid shalt be immediately returned to Buyer; thereupon, Buyer and Seller shat! be released of 107 all further obligations under this Contract, except as provided in this Paragraph Xltt. unless Buyer exercises the right to cancel 108 granted herein, Buyer accepts the Property in its present physics! condition, subject fo any viofefion of governmental, building, 109 environments!, and safety codes, restrictions or requirements and shall be responsible for any end all repairs and improvements 110 required by Buyer's lender. 711 XV. RIDERS; ADDENDA; SPECIAL CLAUSES. CIiECK those riders which are applicable AND are attached to and made part of this Contract: 112* (.:] CONDOMINIUM [D VAIFHA D HOMECtWNERS' ASSN, ^ LEAta-13,45ED PAINT 13 COASTAL CONSTRUCTION CONTROL LINE 113" O INSULATION ~ EV1EgENCE OF TITLE (SOUTH FLORIDA CONTRACTS} U Other Comprehensive Rider Provisions U Addenda 114* Special Clause{s}: 115* 11 t~* 117* 118* 119" 120" 121* 7 22* 123'" 124* 125' 126 XVI, "AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS ("AS IS" Standards}: Buyer and Seller acknowledge receipt of a copy 127 of "AS lS"' Standards A ti7rough Z on tt~e reverse side or attached, which are incorporated as part of this Contract. FARlBAR ASiS-2x Rev. 2t08 ~ 2008 Florida Association of R~At,TOr~S'° and The Florida Bar All Rights Reserved Page 2 of 5 This so~Etwate is licensed to (Cortina 3prockel - Coral 3harea Realty Ina] www.traneaatiandesk.com. Ii/1Sfs?l~~~''~~` itt/7ltS 128 T INTENDED TO BE A LEGALLY BINDING GONTRAGT. IF NOT FULLY UN OOD, 129 SEEK THE ADVIGE GF AN ATTORNEY PRIOR TO SIGNING. 130 TNES "AS IS° FC)RM HAS BEFN APPRC}VEd BY THE FLORIdA ASSQCIATI©N C)F REALTC)RS° ANd THE FLORIdA BAR. 131 Approval does not constitute an opinion that any of the terms and conditions in this Contract should be accepted by the parties in a 132 particular transaction, Terms and conditions should be negotiated based upon the respective interests, objectives and bargaining 133 positions of all interested persons. 135" 136 {BUYEN) 137* __ 138 (E3fJYER} 1398 Buyers' address for purposes of notice 140* {DATE} {DATE} {SELLER} (GATE} {SELLER} {DA fE) Sellers' address for purposes of notice 141" Phone Phone 1A2 BROKERS: The broilers (including cooperating brokers, it any} na+~ted below are the only brokers entitled to compensation in connection wi#h 143 this Cont ct: F 144 ~ Name: ~~ C' A Z-,c".. t" ~ S ~ P A L ~' ~C1 ~' ~- ~ ~'7 C{ ~: ~ US ~~:..~E t.s_~~' ~ ~ ~..~. 145 ~ tail Gooperating Brokers, if any ~j p e~C)~42 ~ *~ ~!o Listing Broker ~ ~~.~~ ~~ ~~~ e f FARIBAR ASIS-2x R$V. 2/08 ~ 2008 Florida Association of REAL7oNS°^ and The Florida t3ar AIi Flights Reserved Page 3 of 5 ~M$ f~ This soi`twsre is licensed to (Corrine Sprockel - Coral Shores Realty Znc] www.traneactiandesk.cam. lY1fS 146 "AS IS" STANDARDS F{}R REAL ESTATE TRANSACTIONS 147 A, TITLE INSURANCE: The Title Commitment shall be issued by a Florida licensed title insurer agreeing to issue Buyer, upon recording of the deed to Buyer, 148 an owners policy of title insurance in the amount of the purchase price, insuring Buyer's marketable title to the Real Property, subject only to matters contained 149 in Paragraph VII and those to be discharged by Salter at or before Closing. Marketable title shall be determined acCarding to appllCabie Title Standarcis adapt• 150 ad by authCxity of The Florida Bar and in acCarxiance with taw. Buyer shall have 5 days from date of receiving ttre Tltie Commitment to examine it, and if title is 151 found defective, notify Seger in writing specifying defect(s) which render title unmarketable. Seller shall have 30 days from r~tpt of natiCet to remove the ~~ef~G3s,lailing~~iic)j_)3U!L81_stl~lC, within 5 days after expiration of the 3(f daod, deliver written notice to Seller either. (1) extending khe tittle fora reason- a~ _Sr, ~Sh'81F 154 ba returned to Buyer. if Buyer fails to sa notify Seller, Buyer shat! be deemed to have accepted the title as it then is. Setter shall, if title is found unmarketable, i55 use diligent effort to correct defect{s) within the time provided. tf, after diligent effort, Seller is unable to timely correct the defects, Buyer shaft either waive the 156 defects, or receive a refund a# deposit(s), thereby releasing Buyer and Seib from all further obligations under this Contract, If Seller is to provide the Title 157 Commitment and it is delivered to Buyer less than 5 days prior to Closing, Buyer may extend Closing so That Buyer shall have up to 5 days from date of receipt 156 to examine same in accordance with this °AS iS" Standard. 159 B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Setter shelf provide for a 164 3{} day grace period in the event of default If a first mortgage and a 15 day grace period if a second ar lesser mortgage; shall provide for right of prepayment 161 in whole ar In par# without penalty; shalt permit acceleraiian in event of transfer of the Real Property; shalt raqutre alt priCx liens and encumbrances to be kept 162 In good standing; shall #orbid modifications of, ar future advances Under, prior rtiortgage~s}; shall require Buyer to maintain policies of insurance oontaining a 163 standard mortgagee clause covering all improvements located on the Rent Property against fire and all perils inGudad within the term "extended coverage 164 endorsements" and such other risks and perils as Seller may reasonably require, in an amount equal to their highest insurable value; and ttre mortgage, note 165 and security agreement shall be otherwise in form and content required by Seller, bui Seller may only require clauses and coverage cusiomadly found in mort- 166 gages, mortgage Hates and security agreements generally utilized by savings and loan institutions or state or national banks iacatad to the county wheraln the 167 Real Property is located. An Personal Property and leases being convoyed ~ assigned will, at Setter's aptian, be subject to the Ilan of a security agrearnent e~~- 168 danced by recorded or' filed financing statements or certi(iCates of title, tf a balloon mortgage, the final payment wilt exceed the periodic payments thenson. 169 C. SURVEY: Buyer, at Buyer's expense, within time allowed to deliver evidence of tiNe and to examine same, may have the Real Property surveyed and certi- 170 fled by a registered Florida surveyor, If the survey discloses encroachments on the Real Property or that improvements located thereon encxoach on setback 171 lines, easements, lands of others ar violate any restrietlans, Contract covenants or appilCable governmental regulations, the same shalt constitute a title defect. 172 0, WOOD DESTROYING ORGANISMS: IIELETED 173 E, INGRESS AND EGRESS: Seller warrants and represents that there is ingress and egress to the Real Property suffident for its intended use as described 174 in Paragraph Vn hereof and title to the Real Property is Insurable in aCx;ordance with "AS RS" Standard A without exCep6on for lack of legal right of access. 175 F LEASES; Seller shall at least 14 days before Closing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying the nature 176 and duration of the tenant`s aceupancy, rental rates, advanced rent and security deposits paid by tenant. tf Sefier is unable to obtain such letter from each ten• 177 ant, the same infamlation shall be furnished by Solver to Buyer within that time period in the form of a Sonar's affidavit, and Buyer may thereafter contact ten- 178 ant to confirm such information. tf the terms of the teases differ materially from Seller's representations, Buyer may terminate this Contract by deli ring written 179 notice to Senor at least 5 days prior to Closing. Soifer shall, at Closing, deliver and assign all original leases to Buyer. 180 G. LIENS: S€~ler shah furnish to Buyer at time of GEosing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statemerrt, 181 claims of Hen or potential honors known to Seller and further attesting that there have t~zen no improvements or repairs to the Real Properly far 94 days Immo- 182 diately preceding date of Closing. tf the Real Property has been Improved or repaired within that time, Self shall deliver releases or waivers of C;anstruCtion 183 flans executed by all general contractors, subcontractors, suppliers and matorialman in addition to Sollor's lien affidavit setting forth the narnas of a8 such gen- 184 eral contractors, subcontractors, suppliers and materiatmen, further affirming that all charges for improvements or repairs which Crow serve as a basis for a 185 constnrctian lien or a claim for damages have been paid or will be paki at the Closing of this Contract. 186 H. PLACE OF CLOSING; Giasing shat{ be hold in the County wherein the Real Property is located at the office of the attorney or other closing agent {'Closing 187 Agent°} designated by the party paying far title insurance, ar, if no the insurance, designated by Seller. 188 1. TIME: Calendar days sha]I be used In Carrrputing time periods except periods of less than six {$} days, in which event Saturdays, Sundays anti state or natkxr• 189 al legal holidays shall be excluded. Arty time periods pravlded for herein which sf~l end on a Saturday, Sunday, or a legal hol'~iay sttali extend to 5:00 p.m. of the 194 next business day, Time is of the essence to this Contract. 181 J. CLOSING DOCUMENTS: Seller shall furnish the deed, brit of sale, certifrcato of title, construction ten affldav~, owner's passesslon affrdavlt, assigrtmenta of laas- 192 es, tensrlt and rrxtrtgagee estoppel letters and Cxxret'~lva instr.snents. Btryer sttsJl furnish mortgage, mcxtgage note, seaarity agreement and firiandrtg statements. 193 K, F,XPENSES: RoCUmerltary stamps on the deed and recording Cf corrective Cnstrumerrts shall be paid by Seller. Ail costs of Buyer's loan {whether obtained 194 from Seller or third party), including, but rxit limited to, documentary stamps and Intangible tax an the purchase moray mortgage and any mortgage assumed, 195 mortgagee thla insurance commitment with related tees, and recording of purohase money mortgage, deed and financing statements shall tie paid by Boyar. 196 Unless othervvlse pravlded by taw or rider this Contract, Ctiat'ges far related closing servitx3s, tiffs search, and Cios(ng few (inoluding preparation of dosing 197 statement}, shall ire paki by the party respons(ble far fumfshing the title evidence In aCxxrrdanCe with Paragraph V, 198 L. PRORATiONS, CREDITS: Taxes, assessments, rent, Interest, insurance and other expenses of the Prt~perty shall be prorated through the clay before Closing, 199 Buyer shah have the option of taking over existing policies of IrrsuranCe, if as~amable, in which event premit.a~ shall be prorated, Cash at Closing shall be 200 Increased or decreased as may be required by proratkrns to ba made through day prier to Closing, ar occupancy, !f occupancy occurs before CIosG1g. Advant:a 201 rBt'rt and security deposits w81 be CI'eCfited to Bi.ryer: FsCI'ow deposits hold by mortgagee will be credited t4 Sorer. Taxes shall bo prorated based on the Cxrn~ent 202 year's tax with due aliowaric^s made for maximum allowable discount, homestead and o#iar axemptiorrs. tf Gloffing ot;etrrs at a date wt~n tits current years rrtll- 203 age is not tbced and Con ant years assessment is avaiable, taxes will be prCxated based upon such assessment and prior year's n~dilage. H current year's 244 ment is not available, then taxes will be prorated on prior year's tax. !f ttt~e are cx~rnpleted bprovements on the Real Property by Jarnrary 1st of year of Losing, 205 u~filCft improvements wets trot in existence on January 1st of prior year, than taxes shall l1a prcxated t7ased upon prior' year's mltlage and at an equitable assess- 246 mart to txa agreed open between the parties; failing which, request shall t~ made to the County Properly Appraiser for an informal assessment taking into 247 aaarant available axarnpttans. A tax proration based on an estimate shall, at request of Dither party, be readjusted upon receip# of txurent yaets tax bnl. 208 M. (Rt~ER1fED -purposely left thank) 209 N. (NSPECTK)N AND REPAIR: tsELETIED 214 O. RISK OF LOSS; if, after the lffeCtiva Date, the Properly is dart>aged by fire or other C:asuafty Casualty Doss") before Closlr~ and cost of restoration {which 211 shall include the cost of pnar>ing or removing damaged trees} does not exceed 1.590 of the Purchase ~, cost of restoration shah be an obifgattor of Seller and 212 Closing shall ptac~ad pursuant to the terms of this Contract, aril ff restoraflan is not cor'nplated as of Ciasing, restoration tx~sts wUl ba escrowed at Ctoslrcg. H 213 the cost of restoration exceeds 1.596 of the Purchase Pr1Ce, Buyer shag Dither take the Property as ls, together with the 1.596 or reactive a refund of deposit{s} 214 iJ~raby releasing Buyer and Ballot cram all further obligations under this Contract. Seller's sole obl(gatlon with respect to tree damage by casualty or other rtatu- 215 rat OCd^UrrenCe shall be the Cost of pruning or removal, 216 p CLOSING PROCEDURE: The deed shall be recorded upon clearance pf funds. if the title agent insures adverse matters pursuant to SeCtlon 627.7841, 217 F.S., as amended, the escrow and Closing procedure required by this "AS IS" Standard shall be waived. Unless waived as set forth above the following FARft331~,R ASIS-2x Rev. 2148 ~ 2(X}$ Florida Associati~ of i~u.TaRS°' and The Florida Bar All Rkjhts Reserved Page 4 of 5 J~~~ This aoEtware is licensed to ICorziaa 8prockel - Coral 8horea Realty Incl vewsa.traneactiondeak.corn. ~?~ 218 SAS IS" STANLfARt)S F013 REAL ESTATE TRANSACTIONS (CONTINLfED) 219 closing procodures shall apply: {t}all ctostng proceeds shall ba held in escrow by the Closing Agent for a period of net more than 5 days after Dosing; {2} 220 tf Seller's lttle is rendered unmarketable, through no fault of Buyer, Buyer shall, within the 5 day period, notify Seller in writing of the deflect and Sallar shall 221 have 30 days from date of receipt of such notification to cure the defect; {3j if Seiler fails to timr~y cure the decoct, all deposits and Dosing funds shall, upon 222 written demand by 8uyor and within 5 days after demand, ba returned to Buyor and, simuitaneausly wfth such repayment, Buyer shall return the Personal 223 Property, vacate the Real Property and reaonvey the Properly to Salter by spacial warranty deed and bill of sale; and {d} If Buyer fails to make timaty demand ?24-for~fuod,J3uyer~haN take titie~s~s,~aiving all rights against _Seller as to any in#ervening d~ect excer~f as may t~3 available to Buver by virtue of war- 226 Q. ESCROW: Grin A nt or escrow a ant collective A nt roceivin funds or uivalent Is authorizod and a roes b acceptanco of them to deposit AnY g 9e 9 { hl ° ge `} g ~i 9 Y 227 them promptly, bald same in escrow and, subject to Gearanca, disburse them in accx~rdanae with terms and conditions of this Contract, Fatlure of funds to 228 Gear shalt not excuse Buyer's porforrnance. If in doubt as to Agent's duties or Iiabillties under the provislorts of this Contract, Agent may, at AganYS option, con- 229 tinua to hold the subject matter of the escrow until the parties hereto agree to its disburserrtant or unfit a judgment of a court of competent jurisdiction shalt 230 dolermir~ the rights of the parties, or Agent may deposit same with the clerk of the Grcuit court having jurisdiction of the dispute. An attomay who represents 231 a party and also eats as Agerrt may roprasent such party in such action. Upon notifying all parts concerned of such action, all Liability an the part of Agent 232 shall fully tarminato, oxcepk to the extent of aaoounting Far any tams previously delivered out of escrow. If a licensed real estate broker. Agent will comply with 233 provisions of Chapter 475, F.S., as amended. Any sett between Buyer and Seller wherein Agent is made a party baaausa of acting as Agent horounder, or in 234 any suit wherein Agent Lntarptoads lha subject matter of the escrow, Agent shall recover reasonable aftorney's fees atxf costs incurred with these amounts to 235 ba paki from and out of the escrowed funds or equivalent and charged and awarded as court casts in favor of the prevailing party. The Agen# sha[I not be liable 236 to any Party ar person far misdoitvery fa Buyer ar Seller of items subjoct to the escrow, un~ss such misdetivery is due to wtllfui broach of the pravislor~s of thts 237 Contract ~ gross nogligenca of Agent. 238 R. ATTORNEY'S FEES; COSTS: in any 13tigation, including breach, enforcement or interpretation, arising out of ttds Contract, the prevailing party In such Ilti- 239 gallon, which, For purposes of this "AS IS" Standard, shaft include Setter, Buyer and any brokers acing in agency ~ nonagency relationships authorized by 244 Ghapter d75, F.S., as amended, shall be entitled to recover from the non-prevailing party reasonable attorneys fees, casts and axponses. 241 S. FAILURE OF PERFORMANCE: If Buyor fails to perform this Contract within the time speclfiacf, including payment of all deposits, the daposit(s} paid by 242 Buyer and deposit{s} agreed to be paid, may be recovered arxi retained by and for the account of Setiar as agreed upon liquidated damages, consldoratlon for 243 the execution of this Contract and In full setttemant of any Gaims; whereupon, Buyer and Salter shalt ba relieved of all obligattans under this Contract; or Setter, 2dd at Saltor's option, may proceod Ln equity to enforce Seller's rights under this Contract. If for any reason other than faitura of Salim- to make Sutler's title mar- 245 ketable after diligent effort, SGlar faits, neglects or refuses to perform this Gontract, Buyer may seek spacif{c perfoma or elect to receive the retum of Buyer's 246 deposii(s} wfthaut thereby waiving any action far damages resulting from Seller's breach. 247 T. GONTRAGT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES: Neither tads Contract rtar any notice of It shall ba recorded In any public reccxds. 248 This Contract shall bind and inure to the benefit of the porkies and thou sucgassats Ln irrterast. Whenever the context permits, strtgular shall Include plural and 249 one gander shall indudo alt. Notlco and daGvory given by or to the attorney or broker representing any party shalt ba as effective as If given by or to that patty. ' 250 All notJcas must b+e in writing and may be made by mall, personal delivery or electronic media. A tagible facsimile or etacvaniG (including °pdI'g copy at #his 251 Contract and any signatures hereon shall be consklarad for all purposes as an original. 252 U. CONVEYANCE: SaGar shat carntey marketable title to the Real Property by statutory warranty, trusteo's, personal represontative's, or guardian's deed, as 253 appropriate to the status of Seth; subject curly to matters contained in Paragraph VII and those otherwise accepted by Buyer. Personal Property shall, at the 254 ttequest of Buyer, be transferred by an absolute bill of sale with warranty of tftEe, subjaG only to such matters as may ba othervise provided far herein. 255 V. OTHER AQREEMEHTS: Na prior or present agreements ar reprasentatians shall ba binding upon Buyer ar Salter unless Included In tf~s Canttact, Np mpd- 256 Lftcation to ar change Ln this Contract shall be valid ar binding upon the partLas unless in vvriting and executed by the parties intended to ba bound by it. ~, 257 W. SELLER DtSGLOSURE: {1}Thera are no facts known to Setter materially affecting the value of the Property which era net readily obsenrabia by Buyer or 258 which have not #aan disclosed to Boyar; {2) Seller extends andlntends no warranty and makes na representatfpn of any type, etthar express pr implied, 259 as to the physical cpndlNpn ar htstpry of Nta Property; (8) Seller has received no written ar verbal notice from any gpvemmantai entity pr agency as 260 fa a purrently uncprrected building, envirpnmentaJ pf safi~ty cede violation; (4) Se11er has np knpwledge pf any repairs pr lmprpvemenfa made to the 261 Property without compliance with gpvernmental regulation which have not been disclpsed to Buyer. 262 X. PROPERTY MAINTENANCE; PROPERLY ACCESS; ASSIQNMENT OF GONLLRAGTS AND WARRANTIES: Seller shall maintain the Property, inGuding, 263 but not limited to lawn, shrubbery, and paaE in the condition existing as of Effective Data, ordinary wear and #,ear and Casual#y Loss excoptad. Satter shaft, upon 264 reasonable notice, provide utilitios sorvico and access to the Property for appraisal and inspections, including a walk-through prior to Dosing, to confirm that 265 all items of Personal Property are on the Real Property and that the Property has bean maintained as required by this 'AS IS" Standard. Seiler wilt assign all 266 assignab~ repair and treatrnartt contracts and warranties to Boyar at Closing. 267 Y. 1431 EXCHANGE: If either Seller or Buyer wish to enter into alike-kind exchange {either simultaneous with Closing or deferred} with respack to the Properly 268 under Section 1031 of the Internal Revenue Coda ("Exchange"}, the okhar party sha8 caaparata in all reasartabla respects to affaotuate the Exchange, inciud- ' 269 ing the execution of dacumon[s; provided {1 }the caoparating party shall Incur rxr IiabiRty or axpertse rotated to Cite Excttanga and {2} the Closing Shall not be 27Q oontingont upon, nor extended ar delayed bY, suah Exchange. 271 Z. BUYER WAIVER OF GlytiMS: Buyer waives any claims against Senor and, tp the extent permitted by law, against any reef estate 1lCensee involved 272 in the negptiatipn pf the Contract, for any defects or other damage Ntat may exist at Glpsing pf the Contract and be subsequently discpvered by Nte 273 Boyar or anyone claiming by, through, under ar against the Buyer. FARIBAR ASIS-2x Rav. 2108 ~ 20t}8 Florida Association of Rra-rotes" and The Rorida Bar Ail Rights Resorvad Page 5 of 5 This aaPtware is liaenaed to ECarrina 6~rraatcal - Coral Shares Realtp inai war9r.~ransaatia~ndeak.aom. j~ Page 1 of 1 11~IEMfiJT~~NDITM TO: Mayor and City Commissioners FROM: Lula Butler, Director, Community Improvement THROUGH: David Harden, City Manager DATE: March 10, 2010 SUBJECT: AGENDA ITEM 10.C, -REGULAR COMMISSION MEETING OF MARCH 16 2010 RESOLUTION N0.11-10/CONTRACT FOR SALE AND PURCHASE/ WELLS FARGO FINANCIAL SYSTEM FLORITlA/3'T44 E. LANCEWOOD PLACE ITEM BEFORE COMMISSION Request approval to enter into a purchase agreement to acquire a foreclosed real property utilizing Neighborhood Stabilization Program (NSP) funds. BACKGROUND On March 26, 2009, the City approved the application for NSP funding through Florida Department of Community Affairs {DCA} for $1,905,005 to acquire, rehab and dispose of bank owned foreclosures. ~Ve have been awarded these funds and the Neighborhood Services Division has identified several viable properties for this program. FUNDING SOURCE Neighborhood Stabilization Program I RECOMMENI}ATION Staff recommends approval of a Resolution to acquire certain real property under the Neighborhood Stabilization Program {NSP) as stated below: Resolution 11-10: That the City Commission of the City of Delray Beach, Florida, as Buyer, agrees to acquire the property described from the Seller, for the purchase price of One Hundred Thirty-Five Thousand and OOJ100 Dollars x$135,000.00}, said property being described as 3'740 E. Lancewood Place, Lot 2, Block 4, SABAL LAKES PHASE ONE, according to the Plat thereof as recorded in Plat Book 60, Page 188, of the Public Records of Palm Beach County, Florida http:tlmiweb0011Agendas/Bluesheet.aspx?ItemID-3125&MeetingID=236 3115J2010 RESOLUTION NO. 11-10 A RESOLUTION OF THE QTY CONMSSION OF THE QTY OF DELRAY BEACH, FLORIDA, AUTHORIZING THE QTY TO ACQUIRE CERTAIN REAL PROPERTY IN PALM BEACH COUNTY, FLORIDA, AS DESCRIBED HEREIN, HEREBY INCOI~;PORATING AND ACCEPTING THE CONTRACT STATING THE TET;NIS .AND CONDITIONS FOR THE SALE AND PURCHASE FROM WELLS FARGO FINANCIAL SYSTEM FL, SELLER, AND TIE QTY OF DELRAY BEACI~ FLORIDA. WI~REAS, the City of Delray Beach, Florida, wi~~hes to buy certain property located at 3740 LanceVwad Place, Delray Beach, Florida; and WI~REA5, Wells Fargo Financial System FL, her~~~after desires to sell the property hereinafter described; and T~TI~REAS, it is in the best interest of the City of Delray Beach, Florida, to purchase said property for affarclable housing purposes. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS: Sic, flan 1. That the City Camrruss~ian of the City of Delray Beach, Florida, as BuyF-r, hereby agrees to acquire the property described herein from the Seller, for the purchase price of One Hucidr~ed T'hirty'Five Thousand and 0011()0 Dom {$135,000.00), said propertybeing domed as follows: I.ot 2, Block 4, SABAL LAKES PHASE ONE, according to the Plat theneaf as recorded in Plat Book b0, Page 188, of the Public Records of Palm Beach County, Florida ~~ctian 2. That the terms and conditions contained in the Contract far Sale and Purchase and Addendum. beiv~en the City of Delray Beach, Florida, and the Seller as hereinabave nr~ are incorporated herein as Emit "A"' PA.,SSED AND ADOPTSD in rE~g;ular session an the day of , 2010. MAYO R Attest: City Clerk { ~ ° ~~-h~.,~;~=:~ ~ ~~I, a ~~P~-~~ ~~. ~~` K N ?~' ~ ~ 1 o N" ~ .: ~~,1~ . ~~ T5~4 $ C~ z'~Y.<Ci w . ~i~ tY'YX~.t. ~ ~ ..-<-+^.;Y.!.v Saturday, March fi, 2{Iid ~ (56i) 82{1-4343 Thy Paltri Beach Post ~ PamBeachPost.com 25E NOTICE OF INTENT7O.'.i:' `: ~. ACQUIRE REAL PROPERTY '. N{STIGE IS.HERI:BY GIV6N,,that tha,:City 'of,OalraY Beach Floridafie's:'d"et~r= '" rniried info be in t~ta bast inteia§t o{ iha "'City to purchase certain real property {or mugicrpei purposas,.mara particu- lar((yy~descri d sa oltows^ :;;.?:;;t~. ':.;`-. • TUW M OF DEtRAY N 50 ~T`O!= S 3bti; FT OF £.112 OF StK J1 S 149,004 . DgLRAY SHORES LT 1 8I.1(IQ 8134,OUP SABAi: tAItES PH'? Lt; 2 BLK'¢,:'' 5135 000' •'- < : '`'' i.•i `.. ~ SABAF. t7+KES I~H ?ALT JU Sf.K 1- t:.... $145,000: ,,:..,.... ' T}t8 purch'ase,of tfiasa units:ia'suble~t'eo the te'r'ms aiid Conditions of,ilte a praise; and contract on file'veith the City Clark. A Resaiutlon.:of the.City ,.., ~ommiasFon_.af the City' of. DelY3y; B~a'chr.Elorriia"auiharizriig,tg¢•{iar: ehase~bf`p"ro~eity';ahdincorporaFin the ,{ tarme;,~ahd;:candefions of such purchase ;vein; be't~ii§iffated for addptiort by; tie i>.CFt"y~~stiiriefiissiti'n, at a raguiar`meatin .:' tq.b v Ft'~,!'d;trri=Tu#aday. MercM 1 b, 2j}10 [oi:et~ariy~ia?ttshiiatian o{sue}t meavng z ti?rFi{cH (s;,aet.by tire Comri+issiaii}:at 7 u60 ipp 7ti';";lq. tis'.CrSfriinission Chambers st Gty;Cikt~';~QO N;Y~I. 1st Avenue, Delray ';.Bpa'tfi'Fla~ida Ff you have, any: ques~ tiona `ar,;Would fiFa further irfarxiiat`lon; ploase ~al!'Nigel RobBrts~'Nerghbor-' >' ~fiooii`SerY'rces Administrator at (5G1} ' ..: 243-J2$0.; o r visit the City's i~eig' hlZOr-. •fi'otid.Sesricas Div~siah at Delray Be'ecii; Cifg'Ft'a11100 NY1 1st AreriUe, D`e1ray CITY O~ f~ELt'RRAAY:~EACH, Fi:ORIDA;':: Ch~eyvelFa D, Nubihe CF't1C j , ,. , ;: RUB:.T}ie' Pe1kn Beach Post Wynn, Kimberly From: Wynn, Kimberly Sent: Monday, March 08, 2010 10:47 AM To: Mesidort, Ferline Subject: RE: Addresses for Ad You are quick I was actually in the process of composing an a-mall. Please see below for the Resolution Nos. assigned for each property which will have to be entered into MuniAgenda separately. From: Mesidort, Ferline Sent: Monday, March 08, 2010 10:42 AM To: Wynn, Kimberly Subject: Addresses for Ad Per your request, 216 SE 15~ Avenue 33444 • TOWN OF DELRAY N 50 FT OF S 300 FT OF E 1/2 OF BLK 71 2187 Dorsor~ Way 33445 • DELRAY SHORES LT 1 BLK 4 3740 Lancewood Place 33445 • SABAL LAKES PH 1 LT 2 BLK 4 1135 E. Lancewoad Place 33445 • SABAL LAKES PH 2 LT 70 BLK 1 Let me know if you need anything else0 ~. Ferline F. Mesidort, G.D. Specialist City of Delray Beach Ner"_gh6orhood Services 100 NW 1st Avenue Delray Beach, FL 33444 4ffiee: {561 } 243-7236 Fax: {561 } 243-7221 '"Small deeds dcane are beffer than great deeds planned." Peter Marstrall $199,000 {Resolution No. 09-10} $139,000 {Resolution No. 10.10} $135,000 {Resolution No. 11.10) $195,000 {Resolution No. 12.10) 1 1* 2* 3 4 5 6* 7* 8* 9 10 11* 12* 13* 14* THIS FORM HAS BEEN APRROVED BY THE FLORIDA ASSOCIATION OF REALTORS® AND THE FLORIDA BAR ' = .s, - -•-gyn. ~ ~ _ , . - . . - . ... - ~ - ~ ~ oral Share ''` t r T \' +i , r~ .: - PARTIES: ._,~_l~_f1 ~. ~__ C`'1 ~ t'S f' [" i"'~ ("Seller"}, hereby agree that Seller shall sell and Buyer sha91 buy the following described Heal Property and Personal Property {collectively "Property") pursuant to the terms and conditions of this Contract for Sale and Purchase and any riders and addenda ("Contract"): I. DESGRIPTION: ! (a) Leggy description of the Real Property located in t ~C1- i~ 2 ~} ~. N County, Florida: {b) Street address, city, zip, of the Property: ~'1 `~U ~ L f-~lYC: P. i~-~/C1C~d !°'~_.I )~ t 9"< {c) Personal Property includes existing range{s), refrigerator{s), dishwasher(s), ceiling fans}, light fixture(s), and specifically excluded below. Other items included are: Items of Personal Property {and leased items, if any) excluded are: 15* I1. PURCHASE PRICE {U.S, currency) . ....... . ................. . ..................... . ........... $ ~ ~ ~~, C~ C7Q 16 PAYMENT: 17* {a) Deposit held in escrow by ;"Escrow Agent"} in the amount of (cf~c4~s subject to clearance) $ 18* Escrow Agent's address: ~ Phone: 19* ~ {b) Additional escrow deposit to be made to Escrow Agerrt within ~~ days after Effective Date in the amount of.......... $ 20* {c) Fnancing in the amount of ("Loan Amount"} see Paragraph IV below .............................. . ............ $ 21* {d}Other ............................................................................................ $ 22 {e) Balance to close by cash, wire transferor LOCALLY DRAWN cashiers or official bank check{s), subject 23* to adjustments orprorations ................................................................................ $ 24 Ul. TIME FC}R AGCEPTANGE f)F OFFER AND G{)UNTER{)FFERS; EFFECTIVE []ATE: 25 (a) If this offer is not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing between the parties on or 2~* before ,the deposit(s) will, at Buyer's option, be retumed and this offer withdrawn. Unless other- 27 wise stated, the time for acceptance of any counteroffers shall be 2 days from the date the counteroffer is delivered. 28 (b) The date of Contract ("Effective Date") will be the date when the last one of the Buyer and Seller has signed or initialed this offer ar the 29 final counteroffer. If such date is not otherwise set forth in this Contract, then the "Effective Date" shall be the date determined above for 30 acceptance of this offer or, if applicable, the final counteroffer. 31 IU 1 ANGING: 32* ,~(a) This is a cash transaotion with no contingencies for financing; 33* d (b) This Contract is contingent on Buyer obtaining written loam commitment which confirms underwriting loan approval for a loan to purchase 34* the Properly ("Loan Approval") within days (if blank, then 30 days) after Effective Date {"Loan Approval Date") for (CHECK ONLY 35* ONE): ^ a fixed; 0 an adjustable; or 0 a frxed or adjustable rate loan, in the Loan Amount (See Paragraph 11.(e)) at an initial interest rate not to 36* exceed °la, and for a term of years, Buyer will make application within days {if blank, then 5 days) after Effective Date. 37 BUYER: Buyer shall use reasonable diligence to: obtain Loam Approval; notify Seller in writing of receipt of Loan Approval by Loan Approval 38 Date; satisfy terms of the Loan Approval; and close the loan. Loan Approval which requires a condition related to the sale of other property shall 39 rxrt be deemed Loan Approval for purposes of this subparagraph. Buyer shall pay all loan expenses. Buyer authorizes the mortgage broker(s) and 40 lenders) to disclose informatia~ regarding the conditions, status, and progress of loan application aril Loan Approval to Seller, Seller's attorney, 41 real estate licensee(s), and Closing Agent, 42 SELLER: ti Buyer does not deliver to Seiler written notice of Loan Approval by Loan Approval Date, Seller may thereafter cancel this Contract by 43 delivering written notice {"Seller's Cancellation Notice's to Buyer, but not later than seven (~ days prior to GCSing. Sellers Canc~llatia-r Notice shall 44 notify Buyer that Buyer has three (3} days to deliver to Seller written notice waiving this Fnancing cx~ntingency, or the Contract shall be cancelled. 45 DEPOSITS} (for purposes of this Financing Paragraph IV(b} only): ff Buyer has used reasonable diligence but does not obtain Loan Approval 46 by Loan Approval Date, and thereafter either party elects to cancel this Contract, the deposits} shalt be returned to Buyer. ti Buyer obtains Loan 47 Approval or waives this Financing contingency, and thereafter the Contract does riot close, then the deposits} shall be paid to Seiler; provided how- 48 ever, if the failure to close is due to: (} Seller's failure or refusal to close or Seller otherwise fails to meet the terms of the Contrast, or {ii} Buyer's lender 4g fails to receive and approve an appraisal of the Property in an amount sufficient to meet the terms of the Loam Approval, their the deposit(s) shall be 50 retumed to Buyer, 51 * 0 (c) Assumption of existing mortgage (see rider for terms); or 52* ^ (d) Purchase money Hate and mortgage to Seller (see "As Is" Standards B and K and riders; addenda; or special clauses for terms). 53* V, TITLE EVIDENGE: At least .^ days (if blank, then 5 days) before Closing a titre insurance commitment with legible copies of instruments listed as 54 exceptions attached thereto {`Title Commitment") and, after Closing, an owner's policy of title insurance {see Standard A for terms) shall be obtained by: 55* (GHEGK ONLY ©NE}: ~(1) Seller, at Seller's expense and delivered to Buyer ar Buyer's attorney; or 56* O (2) Buyer at Buyer's expense. 57* {GHEGK HERE): O If an abstract of title is to be furnished instead of title insurance, and attach rider for terms. 58* VI, GLOSING DAfE: This transaction shall be dosed and the closing documents delivered on {"Closing"), unless 5g modified by other provisions of this Contract. In the event of extreme weather or other conditions or events corrstitr,rting 'Yorce majeurc", Dosing will be 60 extended a reasonable time until: (~ restoration of utilities and other service essential to Closing, and GT avaik~rbility of Hazard, Wind, Flood, or Homeowners' 61 * insurance. If such conditions cxxrtinue more than days i'rf blank, then 14 days) beyond Closing Date, then either party may cancel this Contract. treatment(s) unless FAR/BAR ASIS-?~ Rev. 2108 O 2008 Florida Association of RE:aLroRS~ and The Florida Bar All Rights Reserved Page t of 5 ~ ~j Thia software is lieeased to [Carriaa Sprocket - Coral Shores Realty Snc] www,transactioadesk.corn. ~ `~ 62 V11. RESTRICTIONS; EASEMENTS; LIMITATIONS: Seller shall convey marketable title subject to: comprehensive land use plans, zoning, 63 restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or otherwise 64 common to the subdivision; outstanding oil, gas and mineral rights of record without right of entry; unplatted public utility easements of record 65 {located contiguous to real property lines and not more than 10 feet in width as to the rear or front lines and 7 112 feet in width as to the side 66 lines}; taxes for year of Closing and subsequent years; and assumed mortgages and purchase money mortgages, if any (if additional items, see 67* addendum); provided, that Wane prevent use of the Property for 68* purpose(s}. 69 VIII. OCCUPANCY. Seller shall deliver occupancy of Property to Buyer at time of Closing unless otherwise stated herein. if Property is intended 70 to be rented or occupied beyond Closing, the fact and terms thereof and the tenants} or occupants shall be disclosed pursuant to "AS IS" Standard 71 F If occupancy is to be delivered before Closing, Buyer assumes all risks of loss to Property from date of occupancy, shall be responsible and liable 72 for maintenance from that date, and shall be deemed to have accepted Property in its existing condition as of time of taking occupancy 73 IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS; Typewritten or handwritten provisions, riders and addenda shall control all printed pro- 74 visions of this Contract in conflict with them. 75* X. ASSIGNABILITY {CHECF{ ONLY ONE}: Buyer ^ may assign and thereby be released from any further liability under this Contract; ^ may 76* assign but not be released from liability under this Contract; or ^ may not assign this Contract, 77 Xi. DISCLOSURES: 78 (a} The Property may be subject to unpaid special assessment liens} imposed by a public body ("public body" does not include a 79 Condominium or Homeowners' Association}. Such lien{s}, if any, whether certified, confirmed and rafifred, pending, or payable in installments, 80* as of Closing, shall be paid as follows:l~ by Seller at closing ^ by Buyer {if left blank, then Seller at Closing). If the amount of any 81 assessment to be paid by Seller has not been finally determined as of Closing, Seller shall be charged at Glaring an amount equal to the 82 last estimate or assessment for the improvement by the public body. 83 (b} Radon is a natura#ly occurring radioactive gas that when accumulated in a building in sufficient quantities may present health risks to per- 84 sons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. 85 Additional information regarding radon or radar testing may be obtained from your County Public Health unit. 86 (c} Mold is naturally occurring and may cause health risks ar damage to property. If Buyer is concerned or desires additional information 87 regarding mold, Buyer should contact an appropriate professional. 88 (d) Buyer acknowledges receipt of the Florida Energy-Efficiency Rating Information Brochure required by Section 553.996, F.S. 89 (e) If the Real Property includes pre-1978 residential housing, then alead-based paint rider is mandatory. 90 (f) df Seller is a "foreign person" as defined by the Foreign Investment in Real Property Tax Act, the pafies shall comply with that Act. 91 (g) BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' ASSOCIA- 92 TIONJCOMMUNITY DISCLOSURE. 93 {h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER`S CURRENT PROPERTY TAXES AS THE AMOUNT 94 OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNER- 95 SHIP QR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. 96 IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION. 97 Xti. MAXIMUM REPAIR COSTS; DELETED 98* XI I1. HOME WARRANTY ^ Seller ^ Buyer ^ NIA will pay for a home warranty plan issued by 99* at a cost not to exceed $ 100* XIV. INSPECTION PERIOD AND RIGHT TO CANCEL: (a) Buyer shall have ~~ days from Effective Cate ("inspection Period") withr`n 101 which to have such inspections of the Property performed as Buyer she!! desire and utilities service shall be made available by the 102 Seller during the Inspection Period; (b) Buyer she!! be responsible for prompt payment for such inspections and repair of damage 103 to and restoration of the Properly resulting from such inspections and this provision (b) shall survive termination of this Contract; 104 and (c) if Buyer determines, in Buyer's sole discretion, that the Property is not acceptable to Buyer, Buyer may canoe! this Contract 105 by delivering facsimile or written notice of such election to Seller prior to the expiration of the Inspection Period if Buyer timely 106 cancels this Contract, the deposit(s) paid shalt be immediately returned to Buyer; thereupon, Buyer and Se//er shall be released of 107 al! further obligations under this Contract, except as provided in this Paragraph XIY. Unless Buyer exercises the right to cancel 108 granted herein, Buyer aecep#s the Property in Its present physical condition, subject to any violation of govenzmental, building, 109 environmental, and safety codes, restrictions or requirements and shall be responsible for any and all repairs and improvements 110 required by Buyer's lender. 111 XU RIDERS; ADDENDA; SPECIAL CLAUSES: CHECK those riders which are applicable AND are attached to and made part of this Contract; 112* ^ CONDOMINIUM ^ VAJFHA ^ HOMEOWNERS' ASSN. ^ LEAD-BASED PAINT ^ COASTAL CONSTRUCTION CONTROL LINE 113* ^ INSULATION ^ EVIDENCE OF "TITLE (SOUTH FLORIDA CONTRACTS) ^ Qther Comprehensive Rider Provisions ^ Addenda 114* Special Clause(s): 115* 116* 117* 118* 119* 120* 121* 122* 123* 124* 125* 126 XVI. "AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS {"AS IS" Standards); Buyer and Seller acknowledge receipt of a copy 127 of "AS IS° Standards A through Z on the reverse side or attached, which are incorporated as part of this Contract. FARlBAR ASIS-2x Rev, 2108 ~ 2048 Florida Association of RsarraRS@ and The Florida Bar All Rights Reserved Page 2 of 5 f~r~~'" Thin software is licensed to [Corrine 3proakel - Coral Shores Realtp Ina) www.transeationdesk.nom. r„~~ 128 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, 129 SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. 130 THIS "AS IS" FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS® AND THE FLORIDA BAR. 131 Approval does not constitute an o 'pion that any of the terms and conditions in this Contract should be accepted by the parties in a 132 particular transaction. Te s onditions should be negotiated based upon the respective interests, objectives and bargaining 133 positions of all interested persons, 134 ,/~'N,,AS-I-ERISFC{~) FOLLQWIN A N NUMBER IN TI-{E MARGIN INDICATES THE LINE CONTAINS A BLANK TO BE OOMPI~ETED, 135*~ ~~''Sa'1!~ c7 136 {BUYER) ~,~'_ ~ S o AJ ~ . 137* ~[ ~ 138 (BUYER} ~,.__ ~OAt~} 139" Buyers' address #ar purposes of no{~t^-~ice 1 ~?Q I~ ~ i - ~i,"eYtLtl1•~ 140"' ~~d +.- ~~~-i~t R-• 3 ~ ~,. r~ (SELLER} {DATE} {SELLER} {DATE) Sellers' address #or purposes of notice 141* Phone Phone 142 BROKERS: The brokers (including cooperating brokers, i# any} named below are the only brokers enttitled to compensation in connection with 143 this Cont Ct: ~ ~~ ~ ~;~- rCA-~~ d Pr~~~ r•_~. ~'~ 144*Name; ~~~AL 3~-,t7C..~~ ~~t~t_~ ~oi"!`fY'"'~ r1?J ~. 145 ~ rs 1~ Cooperating Brokers, if anY p p ~ [, ~ cf !~ Listing Broker ~ ~ r ~~ C~'~~,,,~ ~ p p ~ ~ ~b1~~les~ed c~ ~~ ~ ~~'~ CQ~~.~C, 3~~~C© Approved as to -form and legal s iciencys Sy: t -~.."_' ~~...Gity Attorney ~ ~ FAF?/BAR ASIS-2x Rev. 2(08 ©2008 Florida Association of Ren~roRS~ and The Florida Bar All Rights Reserved Page 3 of 5 This software is licensed to [Corriua Sprockel - Coral shores Realty 2nc] www,transactiondask.com. l~ 146 °'AS iS" STANDARDS FOR REAL ESTATE TRANSACTit}NS 147 A. TITLE INSURANCE: The Title Cammitment shall be issued by a Fiarida licensed title insurer agreeing to issue Buyer, upon recording of the deed to Buyer, 148 an owner's policy of title insurance in the amount of the purchase price, insuring Buyer's marketable title to the Real Property, subject only to matters contained 149 in Paragraph V!I and those to be discharged by Seller at or before Glasing. Marketable title shall be determined according to applicable Title Standards adopt- 150 ed by authority of The Florida Bar and in aCCOrdance with law. Buyer shall have 5 days from date of receiving the Title Cammitment to examine it, and if title is 151 found defective, notify Seller in writing specifying defect{s} which render title unmarketable. Seiler shall have 30 days from receipt of notice to remove the 152 defeats, failing which Buyer shall, within 5 days after expiration of the 30 day period, deliver written notice to Seller either: {1}extending the time far areason- 153 able period not to exceed 120 days within which Seller shall use diligent effort to remove the defeats; or {2} requesting a refund of deposit{s} paid which shall 154 be returned to Buyer. if Buyer fails to so notify Seller, Buyer shall be deemed to have accepted the title as it then is. Seller shall, if title is found unmarketable, 155 use diligent effort to correct defieat{s} within the time provided. If, after diligent effort, Seller is unable to timely correct the defects, Buyer shall either waive the 156 defeats, or receive a refund of deposit{s}, thereby releasing Buyer and Seller from all further obligations under this Contract. If Seller is to provide the Title 157 Commitment and it is delivered to Buyer less than 5 days prior to Closing, Buyer may extend Closing so that Buyer shall have up to 5 days from date of receipt 15$ to examine same in acaordance with this "AS IS" Standard. 159 B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage Hate to Seller shah provide far a 160 3Q day grace period in the event of default if a first mortgage and a 15 day grace periodrf a second or lesser mortgage; shall provide for right of prepayment 161 in whale or in part without penalty; shall permit acceleration in event of transfer of the Real Property; shall require all prior liens and encumbrances to be kept 162 in good standing; shall forbid modifications of, ar future advances under, prior martgage{s}; shall require Buyer to maintain policies of insurance containing a 163 standard mortgagee clause covering all improvements located on the Real Property against fire and all perils included within the term "extended coverage 164 endorsements" and such other risks and perils as Seller may reasonably require, in an amount equal to their highest insurable value; and the mortgage, note 165 and security agreement shall be otherwise in form and content required by Seller, but Seller may only require clauses and coverage customarily found in mart- 166 gages, mortgage Hates and security agreements generally utilized by savings and loan institutions or state or national banks located in the county wherein the 167 Real Property is located. All Personal Property and leases being conveyed or assigned will, at Seller's option, be subject to the lien of a security agreement evi- 168 danced by recorded ar filed financing statements or certificates of title. If a balloon mortgage, the final payment will exceed the periodic payments thereon. 169 G. SURVEY: Buyer, at Buyer's expense, wthin time allowed to deliver evidence of title and to examine same, may have the Rea! Property surveyed and certi- 170 fled by a registered Florida surveyor. If the survey discloses encroachments on the Reai Property or that improvements located thereon encroach on setback 171 lines, easements, lands of others or violate any restrictions, Contract covenants or applicable governmental regulations, the same shall constitute a title defect. 172 D. WOOD DESTROYING ORGANISMS: DELETED 173 E. INGRESS AND EGRESS: Seller warrants and represents that there is ingress and egress to the Real Property sufficient for its intended use as described 174 in Paragraph VII hereof and title to the Real Property is insurable in accordance with "AS IS" Standard A without exception for lack of legal right of access. 175 F. LEASES; Seller shall at least 10 days before Closing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying the nature 1 ?8 and duration of the tenants occupancy, rental rates, advanced rent and security deposits paid by tenant. If Seller is unable to obtain such letter from each ten- 177 ant, the same information sha8 be furnished by Seger to Buyer within that time period in the farm of a Seller's affidavit, and Buyer may thereafter contact ten- 17$ ant to confirm such infom~ation. if the terms of the leases differ materially from Seller's representations, Buyer may terminate this Contract by delivering written 179 notice to Seller at 3east 5 days prior to Closing. Seiler shall, at Closing, deliver and assign all original leases to Buyer. 1$0 G. LIENS: Seller shall furnish to Buyer at time of Closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statement, 1$1 claims of lien or potentlaE Iienors known to Seller and further attesting that there have been no improvements or repairs to the Reai Property for 90 days imme- 1$2 diately preceding date of Closing. if the Real Property has been improved or repaired within that time, Sel€er shall deliver releases or waivers of construction 1$3 liens executed by all general contractors, subcontractors, suppliers and materialmen in addition to Seller's lien affidavit setting forth the names of all such gen- 1$4 eral contractors, subcontractors, suppliers and materialmen, further affirming that all charges far improvements or repairs which could serve as a basis for a 1$5 construction lien or a claim far damages have been paid ar will be paid at the Closing of this Contract. 1$6 H. PLACE OF CLOSING: Closing sh2Jl be held in the county wherein the Real Properly is located at the affioe of the attorney or other closing agent {"Glasing 1$7 Agent'} designated by the party paying for title insurance, or, if no title insurance, designated by Seller. 1$$ 1. TIME: Calendar days shall be used in computing time periods excx?pt periods of less than six {6} days, in which event Saturdays, Sundays and state or natian- 189 al legal holidays shall be excluded. Any time periods provided far herein which shall end on a Saturday, Sunday, or a legal holiday shall extend to 5:00 p.m. of the 190 next business day. Time is of the essence in this Contract. 191 J. CLOSING DOCUMENTS: Seller shall furnish the deed, bill of sale, certficate of title, constnrCtion lien affidavit, owr~r's possession affidavit, assignments of leas- 192 es, tenant and mortgagee estoppel fetters and corrective instruments. Buyer shall famish mortgage, mortgage rx3te, security agreement and financing statements. 193 K. EXPENSES: Documentary stamps on the deed and recording of carrectlve instruments shall be paid by Seller. All costs of Buyer's loan {whether obtained 194 from Seller ar third party}, including, but not limited ta, documentary stamps and intangible tax on the purchase rnaney mortgage and any mortgage assumed, 195 mortgagee title insurance commitment with related fees, and recording of purchase rnar~y mortgage, deed and financing statements shall be paid by Buyer. 196 Unless otherwise provided by law or rider to this GantraCk, charges for related Glasing services, title search, and Glasing fees {including preparation of Closing 197 statement}, shall be paid by the party responsible far famishing the title evidence in accordance with Paragraph V. 19$ L. PRORATtONS; CREDITS: Taxes, assessments, rent, interest, insurance and other expenses of the Property stroll be prorated through the day befare Closing. 199 Buyer shalE have the option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at Closing shall be 200 increased or decreased as may be required by prorations to be made through day prior to Glasing, or oCGUpancy, if occupancy occurs befare Closing. Advance 201 rent and securtty deposits will be credited to Buyer. Escrow deposits held by mortgagee will be credited to Seller. Taxes shall be prorated based an the current 202 year's tax with due allowance made for maximum allowable discount, homestead and other exemptions. tf Closing occurs at a date when the Current year's mill- 203 age is Hat fixed and current year's assessment is available, taxes will be prorated based upon such assessment and prior year's millage. tf Current years assess- 204 ment is not available, then taxes wits be prorated on prior year's tax. tf there are completed improvements an the Reai Property by January 1st of year of Closing, 205 which improvements ware not in existence on January 1st of prior year, then taxes shall be prorated based upon prior year's mi(lage and at an equitable assess- 206 meet to be agreed upon between the parties; failing wh~h, request shall be made to the County Property Appraiser for an informal assessment taking into 207 aCCaunt available exemptions. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of current year's tax bill. 20$ M, (RESERVED -purposely left blank} 209 N. INSPECTION AND REPAIR; DELETED 210 O. RISK OF LOSS: fF, after the Effective Date, the Property is damaged by fire or other casualty {"Casualty Loss"} before Glasing and Gast of restoration {which 211 sha8 include the cast of pruning or removing damaged trees} does Hat exceed 1.5% of the Purchase Price, Gust of restoration shall be an obligation of Seller and 212 Closing shall emceed pursuant to the terms of this Contract, and 'rf restoration is Hat completed as of Glasing, restoration costs will be escrowed at Glasing. fif 213 the Cast of restoration exceeds 1.5°lo of the Purchase Price, Buyer shall either take the Property as is, together with the 1.5°lo ar receive a refund of deposit{s} 214 thereby releasing Buyer and Seller from all further obligations under this Contract. Seller's sole obligation with respect to tree damage by casualty ar other natu- 215 ral aGCUrrence shall be the cost of pruning ar removal. 216 P. CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. If the title agent insures adverse matters pursuant to Section 827.7$41, 217 FS., as amended, the escrow and Closing procedure required by this "AS IS" Standard shall be waived. Unless waived as set forth above the following FAFt1BAR ASIS-2x Rev. 2108 ~} 200$ Florida Association of RTOas~ and The FEOrida Bar All Rights Reserved Page 4 of 5 This software ie liaeneed to [COrziaa Sproekel - Coral Shores Realty Inc] oeww.traasaotioadesk.com, 218 "AS IS" STANDARDS FOR REAIL ESTATE TRANSACTIONS (CONTINUED} 219 closing procedures shall apply: (1}all closing proceeds shall be held in escrow by the Closing Agent for a period of not mare than 5 days after Closing; {2) 220 if Seller's title is rendered unmarketable, through no fault of Buyer, Buyer shall, within the 5 day period, notify Seller in writing of the defeat and Seller shalt 221 have 30 days from data of receipt of such notification to cure the defect; (3) if SeNer fails to timely cure the defoct, alt deposits and closing funds shall, upon 222 written demand by Buyer and within 6 days after demand, be returned to Buyer and, simultaneously with such repayment, Buyer shat! return the Personal 223 Property, vacate the Real Property and reconvey the Property to Seller by special warranty deed and biH of sale; and (4) if Buyer fails to make timely demand 224 far refund, Buyer shall take title as is, waiving ail rights against Seller as to any intervening defect except as may be available to Buyer by virtue of war- 225 ranties contained in the deed or bill of sale. 226 Q. ESCROW: Any Closing Agent or escrow agent (collectively °Agent") receiving funds or equivalent is authorized and agrees by acceptance of them to deposit 227 thorn promptly, hold same in escrow and, subject to clearance, disburse them in accordance with temps and conditions of this Contract. Failure of funds to 228 clear shall not excuse Buyer's performance, tf in doubt as to Agent's duties or liabilities under the provisions of this Contract, Agent may, at Agent's option, con- 229 time to hold the subject matter of the escrow until the parties hereto agree to its disbursement or until a judgment of a court of competent jurisdiction shall 230 determine the rights of the parties, ar Agent may deposit same with the clerk of the circuit aourt having jurisdiction of the dispute. An attorney who represents 231 a party and also acts as Agent may represent such party in such action. Upon notifying all parties concerned of suah action, ail liability on the part of Agent 232 shall fully terminate, except to the extent of accounting for any items previously delivered out of escrow. If a licensed real estate broker, Agent wi11 comply with 233 provisions of Chapter 476, r=S.> as amended. Any suit between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, or in 234 any suit wherein Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney's fees and costs incurred with these amounts to 235 be paid from and out of the escrowed funds ar equivalent and charged and awarded as court casts in favor of the prevailing party. The Agent shall not be liable 236 to any party or person for misdelivery to Buyer or Seller of items subject to the escrow, unless such misdelivery is due to willful breach of the provisions of this 237 Contract or gross negligence of Agent. 238 R. ATTORNEY'S FEES; COSTS: In any litigation, including breach, enforcement or interpretation, arising out of this Contract, the prevailing party in suah Iiti- 239 gallon, which, far purposes of this "AS IS" Standard, shall include Seller, Buyer and any brokers acting in agency or nanagency relationships authorized by 240 Chapter 475, FS., as amended, shall be entitled to recover from the non-prevailing party reasonable attorney's fees, costs and expenses. 241 S. FAILURE OF PERFORMANCE: If Buyer fails tQ perform this Contract within the time specified, including payment of ail deposits, the deposit{s) paid by 242 Buyer and deposit{s) agreed to be paid, may be recovered and retained by and for the account of Seller as agreed upon liquidated damages, consideration for 243 the execution of this Contract and in full settlement of any claims; whereupon, Buyer and Seiler shall be relieved of all obligations under this Contract; or Setler, 244 at Seller's option, may proceed in equity to enforce Seller's rights under this Contract. If for any reason other than failure of Seller to make Seller's title mar- 245 ketable after diligent effort, Seller fails, neglects or refuses to perform this Contract, Buyer may seek specific perfom~ance or Bleat to receive the return of Buyer's 246 deposit{s} without thereby waiving any action for damages resulting from Seiier's breach. 247 T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES: Neither this Contract nor any notice of it shall be recorded in any public records. 248 This Contract shall bind and inure to the benefit of the parties and their successors in interest. Whenever the context permits, singular shall include plural and 249 one gender shall include all. Notice and delivery given by or to the attorney ar broker representing any party shall be as effective as rf given by or to that party. 250 Ali notices must be in wrting and may be made by mail, personal delivery or electronic media. A legible facsimile or electron'c {including "pdf') copy of this 251 Contract and any signatures hereon shall be considered for all purposes as an ~iginal. 252 U. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's, personal representative's, or guardian's deed, as 253 appropriate to the status of Seller, subject aniy to matters contained in Paragraph Vii and those otherwise accepted by Buyer. Personal Property shall, at the 254 request of Buyer, be transferred by an absolute bill of sale with warranty of title, subject aniy to such matters as may be otherwise provided for herein. 255 V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seiler uNess included "sn this Contract. No mod- 256 ification to or change in this Contract shall be valid ar binding upon the parties unless in writing and executed by the parties intended to be bound by it. 257 W. SELLER OISGLOSURE: {1 }There are no facts known to Seller materially affecting the value of the Properly which are not readily observable by Buyer or 258 which have not been disclosed to Buyer; (2J Seller extends and intends no warranty and makes no representation of any type, either express or implied, 259 as to the physical condition or history of the Property; (3J Seller has received no written or verbal notice from any governmental entity or agency as 260 to a currently uncorrected building, environmental or safety code violation; (4J Sel/er has no knowledge of any repairs or improvements made to the 261 Property without compliance with governmental regulation which have not been disclosed to Buyer. 262 X. PROPERTY MAINTENANCE; PROPERTY ACCESS; ASSIGNMENT OF CONTRACTS AND WARRANTIES: Seller shall maintain the Property, including, 263 but not limited to lawn, shrubbery, and pool in the condition existing as of Effective Date, ordinary wear and tear and Casualty Loss excepted. Seller shall, upon 264 reasonable notice, provide utilities service and access to the Property for appraisal and inspections, including awalk-through prior to Closing, to confirm that 265 all items of Persona! Property are on the Real Property and that the Property has been maintained as required by this "AS IS" Standard. Seller will assign all 266 assignable repair and treatment contracts and warranties to Buyer at Closing. 267 Y. 1031 EXCHANGE: If either Seiler or Buyer wish to enter into alike-kind exchange {either simultaneous with Closing or deferred} with respect to the Property 268 under Section 1031 of the Internal Revenue Code {"Exchange"), the other party shall cooperate in aII reasonable respects to effectuate the Exchange, includ- 269 ing the execution of documents; provided {1) the cooperating party shall incur no liability or expense related to the Exchange and {2) the Closing shall not be 270 contingent upon, nor extended or delayed by, such Exchange. 271 Z. BUYER WAIVER OF CLAIMS: Buyer waives any Cairns against SeNer and, to the extent permitted by taw, against any real estate licensee involved 272 in the negotiation of the Contract, for any defects or other damage that may exist at Closing of the Contract and be subsequently discovered by the 273 Buyer ar anyone claiming by, through, under or against the Buyer. FARIBAR ASIS-2x Rev. 2108 Q 2008 Florida Association of R~TOAS° and The Florida Bar All Rights Reserved Page 5 of 5 ~~ This software is 1laenaed to (Corrine Sproakel - Coral Shares Realty Ica] www.transactioadesk.com. ~ ~~ S