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Res 04-11RESOLUTION NO. 04-11 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DELRAY BEACH, FLORIDA, AUTHORIZING THE CITY TO SELL REAL PROPERTY IN PALM BEACH COUNTY, FLORIDA, AS DESCRIBED HEREIN, HEREBY INCORPORATING AND ACCEPTING THE CONTRACT STATING THE TERMS AND CONDITIONS FOR THE SALE AND PURCHASE BETWEEN THE BUYER AND THE CITY OF DELRAY BEACH, FLORIDA. WHEREAS, the City of Delray Beach, Florida, wishes to sell property located at 3740 Lancewood Place; and WHEREAS, the Buyer hereinafter named desires to buy the property hereinafter described from the City of Delray Beach, Florida; and WHEREAS, it is in the best interest of the City of Delray Beach, Florida, to sell said property to be used for single family homeownership. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS: Section 1. That the City Commission of the City of Delray Beach, Florida, as Seller, hereby agrees to sell to Lana Ritz, as Buyer, for the purchase price of Two Hundred Thousand Dollars and 00/100 cents ($200,000.00), said property being described as follows: 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. Section 2. That the terms and conditions contained in the contract for sale and purchase and addenda thereto between the City of Delray Beach, Florida, and the Buyer as hereinabove named are incorporated herein as Exhibit "A". PASSED AND ADOPTED in regular session on the ` d~ of , 2011. TTEST ~ ~ \ MAY O City Clerk '~V Coversheet MEMORANDUM TO: Mayor and City Commissioners FROM: Lula Butler, Director, Community Improvement THROUGH: David Harden, City Manager DATE: January 26, 2011 Page 1 of 1 SUBJECT: AGENDA ITEM 10 B -REGULAR COMMISSION MEETING OF FEBRUARY 1, 2011 RESOLUTION NO. 04-1 l/REVISED CONTRACT FOR SALE AND PURCHASE/ 3740 LANCEWOOD PLACE ITEM BEFORE COMMISSION Staff requests City Commission approval to sell Neighborhood Stabilization Program property located at 3740 Lancewood Place to Lana Ritz for the purchase price of two hundred thousand dollars and 00/100 cents ($200,000.00) and to provide a subsidy of up to $40,000 secured by a promissory note and second mortgage. BACKGROUND The City of Delray Beach has received $1,905,005 under the Neighborhood Stabilization Program (NSP) award through the Florida Department of Community Affairs by the U. S. Department of Housing and Urban Development (HUD) and $400,000 from the Delray Beach Community Redevelopment Agency (CRA) as a result of the Housing and Economic Recovery Act of 2008 (H.R. 3221). The NSP funding is for the purpose of purchasing foreclosed or abandoned homes for rehabilitation, resale, or redevelopment in order to stabilize neighborhoods and stem the decline of home values. NSP funds are to benefit Low, Moderate and Middle Income Households (LMMI). LMMI households are defined as those with incomes less than one-hundred twenty percent (120%) of Area Median Income (AMI) as determined by HUD. City Commission approved the contract to sell the subject property to Lana Ritz for $212,000 at the December 14, 2010 commission meeting. The property was subsequently appraised by the bank at $200,000. The City of Delray Beach is required under NSP rules to sell foreclosed units at or less than the appraised value. The homebuyer has been approved by the bank and is ready to close. Staff recommends City Commission approval of the sales contract for 3740 Lancewood Place to Lana Ritz for the purchase price of two hundred thousand dollars and 00/100 cents ($200,000.00) and provide a subsidy of up to $40,000 secured by a promissory note and second mortgage. http://agendas.mydelraybeach.com/Bluesheet.aspx?ItemID=4158&MeetingID=283 2/2/2011 RESOLUTION NO. 04-11 A RESOLUTION OF THE QTY COMMSSION OF THE QTY OF DELRAY BEACH, FLORIDA, AUTHORIZING THE QTY TO SELL REAL PROPERTY IN PALM BEACH COUNTY, FLORIDA, AS DESCRIBED HEREIN, HEREBY INCORPORATING AND ACCEPTING THE CONTRACT STATING THE TERMS AND CONDITIONS FOR THE SALE AND PURCHASE BETWEEN THE BUYER AND THE QTY OF DELRAY BEACH, FLORIDA. WHEREAS, the City of Delray Beach, Florida, wishes to sell property located at 3740 Lancewood Place; and WHEREAS, the Buyer hereinafter named desires to buy the property hereinafter described from the City of Delray Beach, Florida; and WHEREAS, it is in the best interest of the City of Delray Beach, Florida, to sell said property to be used for single family homeownership. NOW, THEREFORE, BE IT ORDAINED BY THE QTY COMMISSION OF THE QTY OF DELRAY BEACH, FLORIDA, AS FOLLOWS: Section 1. That the City Comrriiss7on of the City of Delray Beach, Florida, as Seller, hereby agrees to sell to Lana Ritz, as Buyer, for the purchase price of Two Hundred Thousand Dollars and 00/100 cents ($200,000.00), said property being described as follows: 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 tion 2. That the ternls and conditions contained in the contract for sale and purchase and addenda thereto between the City of Delray Beach, Florida, and the Buyer as hereinabove named are incorporated herein as E xhibit "A". PASSE D AND ADOPTED in regular session on the day of , 2011. ATTEST: MAYOR City Qerk THIS FOR~~I HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORSm AND THE FLORIDA BAR I" ?* 3 4 5 r• 8" 1U 11' 12` 13" 14` PARTIES: CITY OF DELRAY BEACH ^ __ _ _ _ ___- _ - ("Seller"), and LANA RITZ _ - _ ~-- _-- ("Buyer"), hereby agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property (collectively "Property") pursuant to the teens and conditions of this Contract for Sale and Purchase and any riders and addenda ("Contract"): I. DESCRIPTION: (a) Leyal descnption of the Real Property located in_PALM BEACH ___ County, Florida: .__-__ .. SABAL LAKES PH 1 LT 2_ BLK_4.; PCN #12-42-46 12_1.5 004-0020 _ (b) Street address, city, zip, of the Property: 3740 LANCEWOOD PLACE DELRAY BEACH, FL 33.445 _. (c) Personal Property includes existing range(s), refrigerator(s), dishwasher(s), ceiling fan(s}, light fixture(s), and window treatment(s) unless specifically excluded below. Other items included are: __ _ .-- - Items of Personal Property (and leased items, if any) excluded are: -cr--~cc^ .. •t, 15* II. PURCHASE PRICE (U.S. currency) :........................................................... $ 212:1300:00- 16 PAYMENT: 17* (a) Deposit held in escrow by_ Slmon & Schmidt. PA ("Escrow Agent") in the amount of (checks subject to clearance) $ 50.00 1 Fi' Escrow Agent's address: iao Ne_ atn nvanue oetray eeecn ~~ a3aes -Phone: 561-278.2601 _ 19" (b) Additional escrow deposit to be made to Escrow Agent within days after Effective Date in the amount oi. ...... $` 1, ~' p.00 ~~~> ~~, . 20" (c) Financing in the amount of ("Loan Amount") see Paragraph IV below ........................................... $ ~62:5~II.0t1 21" (d) Other ............................................................................................ $-~_ _~00_ 22 (e) Balance to close by cash, wire transfer or LOCALLY DRAWN cashier's or oflicial bank check(s), subject « ..+q~-~ , ~, ~, 23" to adjustments or proralions .................................... ................ ....................... $ 4Af)OAfjf}_ ?4 III. TIME FOR ACCEPTANCE OF OFFER AND COUNTEROFFERS; EFFECTIVE DATE: 25 (a) IT this offer is not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing between the parties on or ?6* before ~~~~ ~~i!_`-,r%!.+ _, the deposit(s) will, at Buyer's option, be returned 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 or 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, ii applicable, the final counteroffer. 31 IV. FINANCING: 32* ~J (a) This is a cash transaction with no contingencies for financing; 33' Gd (b) This Contract is contingent on Buyer obtaining written loan commitment which confirms underwriting loan approval for a loan to purchase 34" the Property ("Loan Approval") within days ('rf blank, then 30 days) after Effective Date ("Loan Approval Date") for (CHECK ONLY 35* ONE): ~ a fixed; Jan adjustable; or U a fixed or adjustable rate loan, in the Loan Amount (See Paragraph II.(c)) at an initial interest rate not to 36" exceed _ _ _ - _ . -_-%, and for a term of 30 -years. Buyer will make application within __ days (if blank, then 5 days) after Effective Date. 37 BUYER: Buyer shall use reasonable diligence to: obtain Loan 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 not be deemed Loan Approval for purposes of this subparagraph. Buyer shall pay all loan expenses. Buyer authorizes the mortgage broker(s) and 40 lender(s) to disclose information regarding the conditions, status, and progress of loan application and Loan Approval to Seller, Seller's attorney, 4 t real estate licensee(s), and Closing Agent. 42 SELLER: If Buyer does not deliver to Seller written notice of Loan Approval by Loan Approval Date, Seller may thereafter cancel this Contract by 43 delivering written notice ("Seller's Cancellation Notice") to Buyer, but not later than seven (7) days prior to Closing. Seller's Cancellation Notice shall 44 notify Buyer that Buyer has three (3) days to deliver to Seller written notice waiving this Financing contingency, or the Contract shall be cancelled. 45 DEPOSIT(S) (for purposes of this Financing Paragraph IV(b) only): If 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 deposit(s) shall be returned to Buyer. If Buyer obtains Loan 47 Approval or waives this Financing contingency, and thereafter the Contract does not cbse, then the deposit(s) shall be paid to Seller; 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 Contract, or (ii) Buyers lender 49 tails 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 .50 returned to Buyer. ' 51" U (c) Assumption of existing mortgage (see rider for terms); or 52" U (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 (east _ days (if blank, then 5 days) before Closing a title 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` (CHECK ONLY ONE): ~[] (1) Seller, at Seller's expense and delivered to Buyer or Buyer's attorney; or 56* J (2) Buyer at Buyer's expense. 57* (CHECK HERE): iJ If an abstract oT title is to be furnished instead of title insurance, and attach rider for terms. 58' VI. CLOSING DATE: This transaction shall be closed and the closing documents delivered on ___0-10 ~~rsf!r ("Closing"), uNess 59 modifiod by other provisions of this Contract. In the event of extreme weather or other conditions or events constituting 'Yorce majeure", Closing will be (iU extended a reasonable nme until; (i) restoration of utilities and other services essential to Closing, and (i) availability of Hazard, Wind, Flood, or Homeowners' 61 * insurance. If such conditions continue more than days (rf blank, then 14 days) beyond Closing Date, then either party may cancel this Contract. f ARiBAR ASIS-2 Rev. 9/07 ®2007 Florida Association of Rea~TORS" and The Florida Bar All Rights Reserved Page 1 of 5 32 VII.. RESTRICTIONS; EASEMENTS; LIMITATIONS: Seller shall convey marketable title subject to: comprehensive land use plans, zoning, 33 restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or othewise 34 common to the subdivision; outstanding oil, gas and mineral rights of record without right of entry; unplatted public utility easements of record 35 (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 36 lines); taxes for year of Closing and subsequent years; and assumed mortgages and purchase money mortgages, if any (if additional items, see 37* addendum); provided, that there exists at Closing no violation of the foregoing and none prevent use of the Property for _ 38" purpose(s). 39 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 tenant(s) 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 tak6ig 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: (CHECK ONLY ONE): Buyer O may assign and thereby be released from any further liab~ity under this Contract; U 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 lien(s) imposed by a public body ("public body" does not include a 79 Condominium or Homeowners' Association). Such lien(s), 'rf any, whether certified, confirmed and ratified, pending, or payable in installments, 30* as of Closing, shall be paid as follows: t7 by Seller at closing D by Buyer (if left blank, then Seller at Closing). If the amount of any 31 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 32 last estimate or assessment for the improvement by the public body. 33 (b) Radon is a naturally occurring radioactive gas that when accumulated in a building in sufficient quantities may present health risks to per- 34 sons who are exposed to It over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. 35 Additional information regarding radon or radon testing may be obtained from your County Public Health unit. 36 (c) Mold is naturally occurring and may cause health risks or damage to property. If Buyer is concerned or desires additional information 37 regarding mold, Buyer should contact an appropriate professional. 38 (d) Buyer acknowledges receipt of the Florida Energy-Efficiency Rating Information Brochure required by Section 553.996, F.S. 39 (e) If the Real Property includes pre-1978 residential housing, then alead-based paint rider is mandatory. 30 (f) It Seller is a "foreign person" as defined by the Foreign Investment in Real Property Tax Act, the parties shall comply with that Act. 31 (g) BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' ASSOCIA- a2 TION/COMMUNITY DISCLOSURE. a3 (h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY TAXES AS THE AMOUNT a4 OF PROPERLY TAXES THAT THE BUYER MAY BE OBLIGATED TO PAY IN THE YF~1R SUBSEQUENT TO PURCHASE. A CHANGE OF OWNER- 35 SHIP OR PROPERTY IMPROVEMENTS TRIGGFAS REASSESSMENTS OF THE PROPERTY Ll-IAT COULD RESULT IN HIGHER PROPERTY TAXES, 36 IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION. 97 XII. MAXIMUM REPAIR COSTS: DELETED 38* XIII. HOME WARRANTY: 0Seller UBuyer U N/A will pay for a home warranty plan issued by 39* at a cost not to exceed $ t 00* XIV. INSPECTION PERIOD AND RIGHT TO CANCEL: (a) Buyer shall have ~_ days from Effective Date ("Inspection Period") within 101 which to have such inspections of the Property performed as Buyer shall desire and utilities service shall be made available by the 102 Seller during the fnspecfion Period; (b) Buyer shall be responsible for prompt payment for such inspections and repair of damage 103 to and restoration of the Property 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 cancel this Contract 105 by delivering facsimile or written notice of such election to Seller prior to the expiration of the Inspection Period. It Buyer timely 106 cancels th/s Contract, the deposit(s) paid shall be immediately returned to Buyer, thereupon, Buyer and Seller shall be released of 107 all further obligations under this Contract, except as provided in this Paragraph Xlt/. Unless Buyer exercises the right to cancel 108 granted herein, Buyer accepts the Property in Its present physical condition, subject io any violation of governmental, 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 XV. RIDERS; ADDENDA; SPECIAL CLAUSES: CHECK those riders which are applicable AND are attached to and made part of this Contract: 112* ^ CONDOMINIUM U VA/FHA m HOMEOWNERS' ASSN. D LEAD-BASED PAINT D COASTAL CONSTRUCTION CONI-ROL LINE 113" O INSULATION ^ EVIDENCE OF TITLE (SOUTH FLORIDA CONTRACTS) m Other Comprehensive Rider Provisions i,1 Addenda 114" Special Clause(s): --~-- 115* - 1 16* - --- ---- - 117" _ ._ .....- 118" ~- - - 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. FAR/BAR ASIS-2 Rev. 9/07 ®2007 Fbrlda Association of R~roas° and The Florida Bar All Rights Reserved Page 2 of 5 12$ THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, t;?3 SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. 130 THIS "AS IS" FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS"' ND THE FLORIDA BAR. 13 t Approval does not constitute an opinion that any of the terms and conditions in this Contract should b ccepted by the parties in a 132 particular transaction. Terms and conditions should be negotiated based upon the respective in ests, jectives and bargaining 13;i positions of all interested persons. 1 a4 AN ASTERISK(") FOLLOWING A LfNE NUMBER fN THE MARGIN INDICATES THE LINE CO TAIN BLA TO BE COMPLETED. `~ __\ 135' ~~ 6~/i ~ j ~C~ . J ~ V ) ~~, ~ U t U 136 (BUYER) (DATE) (SELLER) (DATE 137" 138 (BUYER) (DATE) (SELLER) _ (DATE) 139' Buyers' address for purposes of notice _ _ __ _ _ ________-____ Sellers' address for purposes of notice _ t 40' 10903 Crescendo Circle Boca Raton,_FL 334.98 _ 100 NW_ 1st Avenue Delray Beac_ h~__FL 33444 _ 14t" I5~1? 213-1064 _____ __ __ Phone (561) 243-7282_ _ ___ Phone 142 BROKERS: The brokers (including cooperating brokers, if any) named below are the only brokers entitled to compensation in connection with 143 this Contract: 144' Name: 145 Cooperating Brokers, if any Listing Broker FAR/BAR ASIS-2 Rev. 9/07 ®2007 Florida Association of R~~TOas~ and The Florida Bar All Rights Reserved Page 3 of 5 t46 "AS IS" STANDARDS FOR 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 t0 Buyer, 148 an owners policy of title insurance fn the amount of the purchase price, Insur(ng Buyer's marketable title to the Real Property, subject only to matters contained 149 in Paragraph VII and those to be discharged by Seller at or before Cosing, 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 Commitment to examine it, and if title is t 51 found defective, notify Seller in writing specifying defect(s) which render title unmarketable. Seller shall have 30 days from receipt of notice to remove the 152 defects, failing which Buyer shall, within 5 days after expiration of the 30 day period, deliver written notice to Seller either: (1) extending the time for areason- 153 able period not to exceed 120 days witfun which Seller shall use diligent effort to remove the detects; or (2) requesting a refund of deposit(s) paid which shall 154 be returned to Buyer. If Buyer falls 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 defect(s) within the time provided. ff, after diligent effort, Seller is unable to timely correct the detects, Buyer shall either waive the 156 defects, or receive a refund of deposit(s), thereby releasing Buyer and Seller from all further obligations under ttus Contract. If Seller is to provide the Tite 157 Commitment and it is delivered to Buyer less then 5 days prior to Closing, Buyer may extend Closing so that Buyer shall have up to b days from date of receipt 158 to examine same In accordance with this "AS IS" Standard. 159 8. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shall provide for a 160 30 day grace period in the event of default if a first mortgago and a 15 day grace period if a second or lesser mortgage; shall provide for right of prepayment 161 in whole 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, or future advances under, prior mortgage(s); shall require Buyer to maintain poicies of insurance containing a 163 standard mortgagee clause covering all improvements located on the Real Property against fire and all perils inducted within the term "extended coverage 164 endorsements" and suds 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 end content required by Seller, but Seller may only require clauses and coverage customarily found in mort- 166 gages, mortgage notes 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- 188 danced by recorded or filed financing statements or certificates of title. If a balloon mortgage, the final payment will exceed the periodic payments thereon. 169 C. SURVEY: Buyer, at Buyer's expense, within time allowed to deliver evidence of title and to examine same, may have the Real Property surveyed and certi• 170 fled by a registered Forida surveyor. If the survey discloses encroachments on the Real Property or that improvements located thereon encroach on setback 171 linos, casements, 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 17G and duration of the tenant's 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 shall be furnished by Seller to Buyer within that time period in the form of a Seller's affidavit, and Buyer may thereafter contact ten- - 178 ant to confirm such information, 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 least 5 days prior to Closing. Seller shall, at Closing, deliver and assign all original leases to Buyer. 160 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, { 181 claims of lien or potential lienors known to Seller and further attesting that there have been no improvements or repairs to the Real Property for 90 days imme• ? 182 diately preceding date of Closing. ff the Real Property has bean improved or repaired within that time, Seller shall deliver releases or waivers of construction 183 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- 184 eral Contractors, subcontractors, suppliers and materialmen, further affirming that all charges for improvements or repairs which could serve as a basis for a 185 construction lien or a claim for damages have been paid or wUl be paid at the Closing of this Contract. 186 H. PLACE OF CLOSING: Closing shall be held 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 for title insurance, or, if no title insurance, designated by Seller. 188 I. TIME: Calendar days shall be used in computing time periods except periods of less than six (6) days, in which event Saturdays, Sundays and state or natfon- 189 al legal holidays shall be excluded. Any time periods provided for herein which shall end on a Saturday, Sunday, or a legal holiday shall extend to 5:00 p.m. of the t90 next business day. T(me is of the essence in this Contract. 191 J. CLOSING DOCUMENTS: Seller shall fumish the deed, bUl of sale, certificate of title, construction Ilan affidavit, owner's possessbn affidavit, assignments of ieas- 192 es, tenant and mortgagee estoppel letters and corrective instruments. Buyer shell furnish mortgage, mortgage note, security agreement and finandng statements. 193 K. EXPENSES: Documentary stamps on the deed and recording of corrective instruments shall be pa(d by Seller. AU costs of Buyer's loan (whether obtained 194 from Seller or third party), including, but not limited to, documentary stamps and intangible tax on the purchase money mortgage and any mortgage assumed, 195 mortgagee title insurance commitment with related fees, and recording of purchase money mortgage, deed and financing statements shall be paid by Buyer. t 96 Unless otherwise provided by law or rider to this Contract, charges for related closing services, title search, and cosing fees (inducting preparation of dosing 197 statement), shall be paid by the party responsible for furnishing the title evidence in accordance with Paragraph V. 198 L. PRORATIONS; CREDITS: Taxes, assessments, rent, interest, insurance and other expenses of the Property shall be prorated through file day before Closing. 199 Buyer shall have the opfan 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 Closing, or occupancy, if occupancy occurs before Closing. Advance 201 rent and security deposits will t7e credited to Buyer. Escrow deposits held by mortgagee will be credited to Seller. Taxes shall be prorated based on the current 202 year's tax with due allowance made for maximum allowable discount, homestead and other exemptions. ff Closing occurs at a date when the current year's miU- 203 age is not faced and current year's assessment is available, taxes will be prorated based upon such assessment and prior year's millage. If current year's assess- 204 ment is not available, then taxes will be prorated on prior year's tax. ff there are completed improvements on the Real Property by January 1st of year of Cosing, 205 which improvements were not in existence on January 1st of prior year, then taxes shall be prorated based upon prior year's mUlage and at an equitable assess- 206 ment to be agreed upon between the parties; failing which, request shall be made to the County Property Appraiser for an informal assessment taking into 207 account 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. 208 M. (RESERVED -purposely left blank) 209 N. INSPECTION AND REPAIR: DELETED 210 O. RISK OF LOSS: h, attar the Effective Date, the Property Is damaged by fire or other casualty ("Casualty Loss") before Closing and cost of restoration (wh~h 211 shall include the cost of pruning or removing damaged trees) does not exceed 1.5% of the Purchase Price, cost of restoration shall be an obligation of Seller and 212 Closing shall proceed pursuant to the terms of this Contract, and if restoration is not completed as of Closing, restoration costs will be escrowed et Closing. if 213 the cost of restoration exceeds 1.59'a of the Purchase Price, Buyer shall either take the Property as is, together with the 1.5% or receive a refund of deposit(s) 214 thereby releasing Buyer and Seller from all further obligations under this Contract. Seller's sole obligation wtth respect to tree damage by casualty or other natu- 215 rat occurrence shall be the cost of pruning or removal. 216 P. CLOSING PROCEDURE: The deed shall be recorded upon dearance of funds. If the title agent insures adverse matters pursuant to Section 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 FAR/BAR ASIS-2 Rev. 9/07 ®2007 Forida Association of RF~TORS" and The Florida Bar All Rights Reserved Page 4 of 5 218 °AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED) 219 closing procedures shall apply: (t)all closing proceeds shall be held in escrow by the Closing Agent for a period of not more than 5 days after Cosing; (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 defect and Seller shall 221 have 30 days from date of receipt of such notification to cure the defect; (3) if Seller fails to timely cure the detect, all deposits and closing funds shall, upon 222 written demand by Buyer and within 5 days after demand, be returned to Buyer and, simultaneously with such repayment, Buyer shall return the Personal 223 Property, vacate the Real Property and reconvey the Property to Seller by special warranty deed and bill of sale; and (4) if Buyer fails to make Timely demand 224 for refund. Buyer shall take title as is, waiving all 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 O. ESCROW: Any Closing Agent or escrow agent (collectively "Agent") receiving funds or equivalent is authorized and agrees by acceptance of them to deposit 227 them promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and conditions of this Contract. Failure of funds to 228 clear shall not excuse Buyer's performance. If in doubt as to Agent's duties or liabilities under the provisions of this Contract, Agent may, ai Agent's option, con- 229 tinue 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, or Agent may deposit same with the clerk of the circuit court 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 such action, all liability on the part of Agent 232 shall fully terminate, except to the extent of accounting for any items previously delivered out of escrow. It a Ucensed real estate broker, Agent will comply with 233 provisions of Chapter 475, F.S., as amended. Any cult 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 or equivalent end charged and awarded as court costs 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 misdeUvery 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 prevaiing party in such Ilti- 239 gction, which, for purposes of this "AS IS" Standard, shall include Seller, Buyer and any brokers acting in agency or nonagency relationships authorized by 240 Chapter 475, F.S., 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 to perform this Contract within the time speclfied, including payment of ail deposits, the deposit(s) paid by 242 Buyer and deposit(s) agr~d 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 Seller shall be relieved of all obUgations under this Contract; or Seller, 244 at Seller's option, may proceed in equity to enforce Seller's rights under this Contract. tf for any reason other than fa~ure of Seller to make Seller's title mar- 245 ketable after diligent effort, Seller taus, neglects or refuses to perform this Contract, Buyer may seek specif'~c performance or elect to receive the return of Buyer's 246 deposit(s) without thereby waiving any action for damages resulting from Seller's breach. 247 T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES: Neither ttus 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 or broker representing any party shall be as effective as if given by or to that party. 250 All notices must be In writing and may be made by mail, personal delivery or electronic media. A legible facsimile or electronic (including "pdf") copy of this 251 Contract and any signatures hereon shell be considered for all purposes as an onginel. 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 tho status of Seller, subject only to matters contained in Paragraph VII and those otherwise accepted by Buyer. Personal Property shall, et the 254 request of Buyer, be transferred by an absolute bUl of sale with warranty of tRle, sut~ject only 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 Seller unless Included in this Contract. No mod- 256 ification to or change in this Contract shall be valid or binding upon the parties unless in writing and executed by the parties intended to be bound by h. 257 W. SELLER DISCLOSURE: (1) There are no facts known to Seller materially affecting the value of the Property which are not readily observable by Buyer or 258 which have not been disclosed to Buyer; (2) 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; (3) Seller has received no written or verbal not/ce /rom any governmental entity or agency as 260 to a currently uncorrected bulld/ng, environments! or safety code violation; (4) Seller has no knowledge of any repairs or improvements made to the 261 Property without comp/lance with governments! regulation which have not been disclosed to Buyer. 262 X. PROPERTY MAINTENANCE; PROPERTY ACCESS; ASSIGNMENT OF CONTRACTS AND WARRANTIES: Seller shall maintain the Property, includjng, 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 confine that 265 all items of Personal 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 repau and treatment contracts and warranties to Buyer at Closing. 267 Y. 1031 EXCHANGE: If either Seller 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 all reasonable respects to effectuate the Exchange, includ- 269 ing the execution of documents; provided (1) the cooperating party shall incur no Uability 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 claims against Seller and, to the extent permitted bylaw, against any real estate licensee involved 272 !n the negotiation of the Contract, /or any defects or other damage that may exist at Clos/ng of the Contract and be subsequently discovered by the 273 Buyer or anyone claiming by, through, under or against the Buyer. FAR/BAR ASIS-2 Rev. 9/07 ®2007 Florida Association of RexTOHS° and The Florida Bar All Rights Reserved Page 5 of 5 't, ~, ,; Seller's Mold Addendum to Disclosure FLORIDA ASSOCIATION OF REALTORS" The following representations are made by the Seller(s) and are not the representations of any real estate licensees. 1. ENVIRONMENT Are You Aware: a. of any substances, materials, or products which may be an environmental hazard, such as, but not limited to, asbestos, urea formaldehyde, radon gas, mold, lead-based paint, fuel, propane or chemical storage tanks (active or abandoned), or contaminated soil or water on the property? NO m YES ^ If yes, explain: I. of any damage to the structures located on the property due to any of the substances, materials or products listed in subsection (a) above? NO m YES ^ If yes, explain: ______ ii. of any clean up, repairs, or rernediation of the property due to any of the substances, materials or products listed in subsection (a) above? NO ^ YES m If yes, explain: THE CITY HAS REMEDIATED ALL MOLD PRESENCE PRIOR TO SALE AND CAN PROVIDE REPORTS UPON REQUEST. The undersigned Seller represents that tr the best of the Seller's knowledge on the warranty or guaranty of any kind. Seller h prospective Buyers of the prop y.;-Seller days after 5 ler becomes a re that and in any way du 'ng the term f the pendin , Seller: ~~ ~ ~`~taf l `1 `_ ~~- Seller: ACKNOWLEDGEMENT OF SELLER information set forth in the above disclosure statement is accurate and complete to ate signed below. Seller does not intend for this disclosure statement to be a sby authorizes disclosure of the information contained in this disclosure statement to nderstands and agrees that Seller will notify the Buyer in writing within five business tformation set forth in this disclosure statement has become inaccurate or incorrect tu~hase by the Buyer. (print) / Date: (print) RECEIPT AND ACKNOWLEDGMENT OF BUYER Seller is using this form to disclose Seller's knowledge of the condition of the real property and improvements located on the property as of the date signed by Seller. This disclosure form is not a warranty of any kind. The information contained in the disclosure is limited to information to which the seller has knowledge. It is not intended to be a substitute for any inspections or professional advice the.Bt.ryer may wish to obtain. An independent professional inspection is encouraged and may be helpful to verify the condition of the property and to determine the cost of repairs, if any. Buyer understands these representations are not made by any real estate licensee. Buyer hereby acknowled e aving received a copy of this disclosure statement. Buyer: _ - ~ L r4/Yff ~ "~~ Date: /Z~6 ~~U - (signatur©1 (Pr~q Buyer:_ ~ _-_.-- Date: (signature) Iprint) SMAD-t Rev. 10/05 ®2005 Florida Association ni RF1~LfORS° All Rights Reserved THIS FORM HA5 BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS° AND THE FLORIDA BAR HOMEOWNERS' ASSOCIATION/COMMUNITY DISCLOSURE Buyer's initials -Seller's initials: If to be made a part of the Contract. IF THE DISCLOSURE SUMMARY REQUIRED BY CHAPTER 720, FLORIDA STATUTES, HAS NOT BEEN PROVIDED TO THE PROSPECTIVE PURCHASER BEFORE EXECUTING THIS CONTRACT FOR SALE, THIS CONTRACT IS VOIDABLE BY BUYER BY DELIVERING TO SELLER OR SELLER'S AGENT OR REPRESENTATIVE WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE DISCLOSURE SUMMARY OR PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY PURPORTED WAIVER OF THIS VOIDABILITY RIGHT HAS NO EFFECT. BUYER'S RIGHT TO VOID THIS CONTRACT SHALL TERMINATE AT CLOSING. BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THIS DISCLOSURE. Disclosure Summary For SABAL LAKES PHASE ONE (Name of Community) (a) AS A BUYER OF PROPERTY IN THIS COMMUNITY, YOU WILL BE OBLIGATED TO BE A MEMBER OF A HOMEOWNERS' ASSO- CIATION ("ASSOCIATION"). (b) THERE HAVE BEEN OR WILL BE RECORDED RESTRICTIVE COVENANTS ("COVENANTS") GOVERNING THE USE AND 000U- PANCY OF PROPERTIES IN THIS COMMUNITY. (c} YOU WILL BE OBLIGATED TO PAY ASSESSMENTS TO THE ASSOCIATION. ASSESSMENTS MAY BE SUBJECT TO PERIODIC CHANGE, IF APPLICABLE, THE CURRENT AMOUNT IS $ 92.00 PER MONTH ,YOU WILL ALSO BE OBLIGATED TO PAY ANY SPECIAL ASSESSMENTS IMPOSED BY THE THE ASSOCIATION. SUCH SPECIAL ASSESSMENTS MAY BE SUBJECT TO CHANGE. IF APPLICABLE, THE CURRENT AMOUNT IS $ PER (d) YOU MAY BE OBLIGATED TO PAY SPECIAL ASSESSMENTS TO THE RESPECTIVE MUNICIPALITY, COUNTY, OR SPECIAL DIS- TRICT. ALL ASSESSMENTS ARE SUBJECT TO PERIODIC CHANGE. (e) YOUR FAILURE TO PAY SPECIAL ASSESSMENTS OR ASSESSMENTS LEVIED 6Y A MANDATORY HOMEOWNERS' ASSOCIA- TION COULD RESULT IN A LIEN ON YOUR PROPERTY. (~ THERE MAY BE AN OBLIGATION TO PAY RENT OR LAND USE FEES FOR RECREATIONAL OR OTHER COMMONLY USED FACILI- TIES AS AN OBLIGATION OF MEMBERSHIP IN THE HOMEOWNERS' ASSOCIATION. IF APPLICABLE, THE CURRENT AMOUNT IS $ PER (g} THE DEVELOPER MAY HAVE THE RIGHT TO AMEND THE RESTRICTIVE COVENANTS WITHOUT THE APPROVAL OF THE ASSOCIATION MEMBERSHIP OR THE APPROVAL OF THE PARCEL OWNERS. (h) THE STATEMENTS CONTAINED IN THIS DISCLOSURE FORM ARE ONLY SUMMARY IN NATURE, AND, AS A PROSPECTIVE PURCHASER, YOU SHOULD REFER TO THE COVENANTS AND THE ASSOCIATION GOVERNING DOCUMENTS BEFORE PUR- CHASING PROPERTY. (i) THESE DOCUMENTS ARE EITHER MATTERS OF PUBLIC RECORD AND CAN BE OBTAINED FROM THE RECORD OFFICE IN THE COUNTY WHERE HE PROPERTY IS LOCATED, OR ARE NOT RECORDED AND CAN BE OBTAINED FROM THE DEVELOPER. BUYER __ Date / ~ D BUYER _ Date FBGR-9 Rev. 9/07 ®2007 Florida AssoGation of RFaraas° and The Florida Bar All Rights Reserved Page of Comprehensive Rider to the FAR/$AR Contract for Sale and Purchase if initialed by all parties, the clause below will be incorporated into the FAR/BAR Contract for Sale and Purchase between CITY OF DELRAY BEACH (Seller) and LANA RITZ (Buyer) concerning the Property described as 3740 LANCEWOOD PLACE DELRAY BEACH FL 33445 Addendum No. 1 to the Contract dated 1/28/2010 between C17'Y OF DELRAY BEACH (Seller) and LANA RITZ (Buyer} concerning the property described as: 3740 LANCEWOOD PLACE DELRAY BEACH, FL 33445 (the "Contract"). Buyer and Seller make the following terms and conditions part of the Contract: Extend closing date to 2/15/11. Date: Buyer: Date: Buyer: Date: Date: Seller: Seller; This form is available for use by the entire real estate industry and is not intended to identify the user as a Rr~TOr2. REALTOR is a registered collective membership mark that may be used oNy by real estate licensees who ere members o(the National Association of ReAVORS and who subscribe to its Code of Ethics. The copyright laws of the UNted States (17 U.S. Code) forbid the unauthorized reproduction of blank forn>,s by any means nGuding facsimile or computerized forms. ACSP~2e Rev. 6/94 n199Q Florida Association of REnt.roRs® Au Rights Reserved uti~ur ...«+~^