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Res 81-05 (" /'1 RESOLUTION NO. 81-05 A RESOLUTION OF THE CIIT COMMISSION OF THE CIIT OF DELRA Y BEACH, FLORIDA, AUTHORIZING THE CIIT TO TRANSFER/SELL REAL PROPERIT IN THE CIIT OF DELRAY BEACH WHICH PROPERIT IS LOCATED AT 602 S.W. 1st STREET, AS MORE PARTICULARLY DESCRIBED HEREIN, TO REGINALD B. JONAS, A SINGLE MAN, AND ELIZABETH TAYLOR, A SINGLE WOMAN, TO BE UTILIZED AS HOUSING AS PART OF THE CARVER SQUARE RELOCATION PROJECT. WHEREAS, the City of Delray Beach, Florida, desires to transfer/sell property located at 602 S.W. 1 st Street for the purpose of providing housing as part of the Carver Square Relocation Project; and WHEREAS, the City acquired the property from the County as the result of unpaid property taxes; and WHEREAS, the City Commission has determined that it is in the best interest of the City of Delray Beach, Florida, to transfer/sell said property for the purpose described above; and WHEREAS, the City Commission has determined that the transfer/sale of the property described above will promote the general welfare of the residents of the Delray Beach. NOW, THEREFORE, BE IT ORDAINED BY THE CIIT COMMISSION OF THE CIIT OF DELRA Y BEACH, FLORIDA, AS FOLLOWS: Section 1. That the City Commission of the City of Delray Beach, Florida, as Seller, hereby agrees to transfer/sell the North 100 feet of the East 135 feet of Block 14, Town of Linton (now Delray), according to Plat Book 1, Page 3, of the Public Records of Palm Beach County, Florida, to Reginald B. Jonas, a single man, and Elizabeth Taylor, a single woman. 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. (' /\ PASSED AND ADOPTED in regular session on the \~ay of _~ 2005. ~!-~ ATTEST: ~" .\~. \) ~\~'o.J City Clerk 2 RES. NO. 81-05 '. CONTRACT FOR SALE AND PURCHASE PARTIES: CITY OF DELRAY BEACH, a Florida municipal corporation, 100 N.W. l,t Avenue, Delray Beach, FL 33444 (Phone: 561-243-7000), ("Seller"), and the REGINALD B. JONAS, a single man, and ELIZABETH TAYLOR, a single woman, ("Buver"), 716 S.W. 2nd Terrace, Delray Beach, FL 33444 (Phone: 561-274-2297), hereby agree that the Seller shall sell and Buyer shall buy the following described Real Property and Personal Property (collectively "Property") upon the following terms and conditions, which INCLUDE the Standards for Real Estate Transactions ("Standard(s)") on the reverse side hereof or attached hereto and riders and any addenda to this Contract for Sale and Purchase ("Contract"). I. DESCRIPTION: (a) Legal description of the Real Property located in Palm Beach County, Florida: The North 100 feet of the East 135 feet of Block 14, Town of Linton (Now Delray) according to the Plat thereof recorded in Plat Book 1, Page 3, Public Records of Palm Beach County, Florida Property Control No. 12-43-46-16-01-014-0140 (b) Street address, city, zip, of the Property is: 602 S.W. 1st Street, Delray Beach, Florida 33444 II. PURCHASE PRICE PAYMENT: $40,0000.00 (a) Deposit(s) to be held in escrow by Robert W. Federspiel, P.A. Trust Account in the amount of $ 5,000.00 (b) Balance to close shall be paid in the form of U.S. cash or a LOCALLY DRAWN certified or cashier's check, subject to adjustments or prorations $35,000.00 III. TIME FOR ACCEPTANCE; EFFECTIVE DATE; FACSIMILE: If this offer is not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing between the parties on or before December 1, 2005, the deposit(s) will, at Buyer's option, be returned and this offer withdrawn. The date of Contract ("Effective Date") will be the date when the last one of the Buyer and the Seller has signed this offer. A facsimile copy of this Contract and any signatures thereon shall be considered for all purposes as originals. IV. TITLE EVIDENCE: Within thirty (30) days from the Effective Date of this Contract, (CHECK ONLY ONE): Seller shall, at Seller's expense, deliver to Buyer or Buyer's attorney; OR X Buyer shall at Buyer's expense obtain (CHECK ONLY ONE) : abstract of title or X title insurance commitment (with legible copies of instruments listed as exceptions attached thereto) and, after closing, an owner's policy of title insurance. V. CLOSING DATE: This transaction shall be closed and the deed and other closing papers delivered within one hundred twenty (120) calendar days following the execution of this Contract, unless modified by other provisions of Contract. VI. RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer shall take title subject to: comprehensive land use plans, zoning, restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or otherwise common to the subdivision; public utility easements of record (easements are to be 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 lines, unless otherwise stated herein); taxes for year of closing and subsequent years; assumed mortgages and purchase money mortgages, if any (if additional items, see addendum); provided that there exists at closing no violation of the foregoing. 1 VII. OCCUPANCY: Seller warrants there are no parties in occupancy other than Seller; Seller shall deliver occupancy of Property to Buyer at time of closing subject to Paragraph XI E. VIII. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: provisions, riders and addenda shall control Contract in conflict with them. Typewritten or handwritten all printed provisions of this IX. ASSIGNABILITY: (CHECK ONLY ONE): Buyer (1) ___may assign and thereby be released from any further liability under this Contract; may assign but not be released from liability under this Contract; or ~ may not assign this Contract. X. DISCLOSURES: (a) Radon is a naturally occurring radioactive gas that, when accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Addi tional information regarding Radon or Radon testing may be obtained from your County Public Health unit. (b) Buyer may have determined the energy efficiency rating of the residential building, if any is located on the Real Property. XI. SPECIAL CLAUSES; ADDENDA: If additional terms are to be provided, attach addendum and CHECK HERE ~. XII VOIDABILITY: Buyer and Seller agree that this Contract is contingent upon the Seller's ability to successfully quiet title to the property described in Paragraph I. In the event that title is not suc08ssfully quieted, the contract shall be void and there shall be no liability on either the Buyer or Seller fcr failure to continue to perform under the terms of this Contract. By: Date REGINALD B. ~ * By: ~ ~ , . I \ at Print Name: ~e?//V1 fQ J#I1e< It Social Security or Tax ID No. 2-64- 7'3-~ CITY OF DELRAY BEACH Print Name: Tax ID No. ELIZABETH 1/ L'i05 D t By: Social Security rn or Tax ID No. 0'1-'3'0/' ;).$tff Deposit(s) under Paragraph II(a) received; IF OTHER THAN CASH, THEN SUBJECT TO CLEARANCE: ROBERT W. FEDERSPIEL, P.A. (Escrow Agent) By: 2 ADDENDUM TO CONTRACT FOR SALE AND PURCHASE SELLER: CITY OF DELRAY BEACH, a Florida municipal corporation BUYER: REGINALD B. JONAS, a single man and ELIZABETH TAYLOR, a single woman PROPERTY ADDRESS: 602 S.W. 1st Street, Delray Beach, Florida XI. SPECIAL CLAUSES; ADDENDA (Continued): A. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT ("FIRPTA"): The parties shall comply with the provisions of Internal Revenue Code Section 1445 and applicable Treasury Regulations issued thereunder. If the Seller is a U.S. person for Internal Revenue Code Section 1445 purposes, then on demand of the Buyer and prior to closing the Seller shall provide the Buyer with a certificate of non- foreign status in the manner provided in Treasury Regulations Section 1.1445-2. If the Seller provides the Buyer with such certificate, and if the Buyer is otherwise permitted to rely on such certificate under those Regulations, the Buyer shall not withhold under Internal Revenue Code Section 1445. If the Seller is a 'foreign person' as defined by the Internal Revenue Code, the Buyer generally is required to withhold 10% of the gross sales price from the Seller at closing and to pay the withheld amount over to the Internal Revenue Service (IRS) unless an applicable exemption from withholding or a limitation on the amount to be withheld is available. To the extent that the cash to be paid over to the Seller at closing is insufficient to cover the Buyer's withholding obligation, the Seller shall provide to the Buyer at closing cash equal to such excess for purposes of making such withholding payment. If the Seller's federal income tax on the gain is less than the applicable withholding amount, the Seller may make advance application to the IRS for reduced withholding and, if granted, the Buyer shall withhold only the authorized reduced amount. If such ruling has not been received by closing, the parties at closing shall enter into an escrow agreement reasonably satisfactory to the Buyer and Seller pending receipt of the ruling, provided that at closing the Seller shall have the obligation to provide to the escrow agent from the closing proceeds (or from the Seller's other resources if necessary) cash equal to the maximum required withholding, with any excess withholding being refundable to the Seller upon receipt of a favorable ruling from the IRS. Buyer and Seller understand that the IRS requires the Buyer and the Seller to have a U.S. federal taxpayer identification number and to supply that number on the foregoing forms. A foreign individual may acquire an International Taxpayer Identification Number for this purpose. Since it may take several weeks to receive the number after application and the IRS will not process these forms without the actual number, a party lacking a TIN is advised to apply immediately. B. The Buyer shall have sixty (60) calendar days within which to conduct any and all feasibility studies and determinations relative to the suitability for the acquisition of the subject property by the Buyer and the Buyer reserves the express right to terminate this Contract at any time during said period for any reason or no reason, in Buyer's sole discretion, whereupon Buyer shall receive a full refund of all deposit monies paid hereunder. Buyer shall be granted reasonable access to the premises to conduct such feasibility studies and determinations, including environmental assays, core drilling, surveys, soil sampling and other such testing. c. This Contract is expressly contingent and conditioned upon the approval of the same by the City Commission of the City of Delray Beach. D. The parties represent and warrant that there is no broker involved in this transaction to whom a commission would be due.BXkex _~e~ BX~":~~XXliRlUl:~~JixxltR!tit~~~RJij!X~ ~~~~~~~m~~~mM ~l[__'t~l!lill~~Kjf~S~~~~ ~i1x~ >Ill66ar:xkltJbe<~~Jfll<Kk,.,,,,,,,-...hoiI-~~JtiJu:XXlllllltxltlllM<&"'......J.__ ~X'lOOl~'e~>@:~mxRxxXlli!xRi!fi'\JlJ!rl~~~,ee!l~e~/;a/;!kx1iM: ~~'8H'~i'x8~~~'IfS!i'iX,\;,,;"-2'''~r'<X~.!f~~l!X>g,X~'b~~ij\lll\,'U< ~~V:~D~XXBl<~"'-~~~~~~~=lI~~><lmlK;X """""''''''-''<XlXXXJmlO>O]IJllx>l'''''......IIlHl<:B:X~xx&~x~~~IlIlix~ :>t~~~~'OOft"QOOll"I~<'!}~!l!}~OO' SELLERS' INITIALS: BUYER'S INITIALS: JL, "3 eT STANDARDS POR RBAL BSTATB TRANSACTIONS A. svt~ OP TI~I (l)An abstract of title prepared or brought current by a reputable and existing abstract firm (if not existing then certified a8 correct by an existing firml purporting to be an accurate synopsis of the instruments affecting title to Real Property recorded in the public records of the county wherein Real Property is located, through Effective Date. It shall commence with the earliest public records, or such later date as may be customary in the county. Upon closing of this Contract. the abstract shall become the property of Buyer, sUbject to the right of retention thereof by first mortgagee until fully paid. 12l A title insurance comucitment issued by a Florida licensed title insurer agreeing to issue to Buyer, upon recording of the deed to Buyer, an owner's policy of title insurance in the amount of the purchase price, insuring Buyer's title to Real Property, Subject only to liens, encumbrances, exceptions or qualification provided in this Contract and those which shall be diSCharged by Seller at or before closing, Seller shall convey a marketable title subject only to liens, encumbrances, exceptions or qualifications set forth in Contract. Marketable title shall be determined according to applicable Title Standards adopted by authority of The Florida Bar and in accordance with law. Buyer shall have 30 days, if abstract, or 5 days. if title commitment, from date of receiving evidence of title to examine it. If title is found defective, Buyer shall, within 3 days thereafter, notify Seller in writing speCifying defect(s). If the defect!s) render title unmarketable, Seller will have 30 days from receipt of notice to remove the defect(s), failing which Buyer shall, within five (5) days after expiration of the thirty (30) day period, deliver written notice to Seller either: (1) extending the time for a reasonable period not to exceed 120 days within which Seller shall use diligent effort to remove the defects; or (2) requesting a refund of deposit IS) paid which shall immediately be returned to Buyer. If Buyer fails to so notify Seller, Buyer shall be deemed to have accepted the title a8 it then is. Seller shall, if title is found unmarketable, use diligent effort to correct defect(s} in title within the time provided therefor. If Seller is unable to timely correct the defects, Buyer shall either waive the defects, or receive a refund of deposit!s), thereby releasing Buyer and Seller from all further Obligation under this Contract. .. PUJlCDA IIDImr lKDt'1'GAGllI ncuaI'l"1' anlt-.., '1'0 sm.LD.1 A purchase money mortgage and mortgage note to Seller shall provide for a 30 day grace period in the event of default if a first mortgage and a 15 day grace period if second or lesser mortgage; shall provide for right of prepayment in whole or in part without penalty; shall permdt acceleration in event of transfer of the Real Property; shall require all prior lien and encumbrances to be kept in good standing and forbid modifications of or future advances under prior mortgage!s); shall require Buyer to maintain policies of insurance containing a standard mortgagee clause covering all improvements located on the Real Property against fire and all perils included within the term .extended coverage 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 and security agreement shall be otherwise in form and content required by Seller; but Seller may only require clauses customarily found in mortgages, mortgage notes, and security agreements generally utilized by saving and loan institutions or state or national banks located in the county wherein 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 evidenced by recorded financing statements. If a balloon mortgage, the final payment will exceed the periodic payments thereon. C. SUKv.lYI Buyer, at Buyer's expense, within time allowed to deliver evidence of title, may have Real Property surveyed and certified by a rElQ'istered Florida surveyor. If the survey discloses encroachments on the Real Property or that improvements located thereon encroach on setback lines, easements, lands of others, or violate any restrictions, Contract covenants or applicable governmental regulation, the same shall constitute a title defect. a J ..I, !NiSI, a. ~...'s ! LURU, hll.!Il HillS all! all... bli. U' iii iREllue sf lii.1e. iMl.ll'u el......... sana. RIa::, ~~::~:"~::'~~~::'7fl-;:.~.~.='::i:,:=,~~~~."::.' ='.=':::.:..';T'::=~!.:'.:':::-;''':.~;.,;~~: ~:.= U' e8'6ll. aira ha', BIV..ar ill Ra e t R!l'.oS i.... ila.'Ee d ~ili'sll fts,"hs Ehuu' 1 h.ll!... Iiisll ES ka a us. sf E!'samall", it J!'illIIilrilll, as'Elllla1!sll ~~ UIS Of'SI'UiU all. all HmaIS ills,u1!ea ami u1!i.R'Ia'Eell s::, a HUllsilli liIdllia. 81' JilllBlrsl sel 'Eraseal' Sallee shall ,a~ alia SSSES sf 'EIrSil'EBen. 5ftB Irs,air BE all BanAl! ~, .S 'Eks amsWR' 'IS IBeil in Par.,ra,a (ill IE as'EiR'la'uEl sss's 1I11Bull 'Eha.. am.1I1i1 'fl, Bkl::,'S1!' shall Ra a .Ila liJl\;!eR sf SiU'lIelIR. 'Ekis G'sRairasli i1illill Ii .~s aU elf' !leu!.. ei 88R'iIf'IU.U'S IFslla;l1 u1!i.fI'Ia'is 8~ wi. ill, eLneR l'Ia'Eilu liB .Gellsl!' U' ~u' llla} alen .s IlI!88uli 1 i'flk Uu 'Uti sal.isR. uli easai a a neila.. .n elub. aI'I 'ilia i!UlISIm'fl ,..S Liles LlI Palrallallll la-) "Ts..itu- sllall sa du.ell. 'U Lllsh.da all u. liu'il!B~i.I'l.. SI!Jill'lisJlill nlfUieea 'i8 se I'SjUlll\SB IMlliae .ka Flsl!'ida Pes. SSR'fllsl -8., as amBlllisB .. IMORSBB ARD ZGJaSII Seller warrants and represent8 that there is ingress and egress to the Real Property sufficient for the intended use as described in Paragraph VI hereof, title to which is in accordance with Standard A. F. L&ASl81 Seller shall, not leS8 than 15 days before closing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying the nature 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 tenant, 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 tenants to confirm such information. Seller shall, at closing, deliver and assign all original leases to Buyer. G. LX'" I Seller shall furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statements, claims of lien or potential lienors known to Seller and further attesting that there have been no improvements or repairs to Property for 90 days immediately preceding date of closing. If Property has been improved, or repaired within that time, Seller shall deliver releases or waivers of mechanics' liens executed by all general contractors, subcontractors, suppliers, and materialmen in addition to Seller's lien affidavit setting forth the namea of all such general contractors, subcontractors, suppliers and materialmen and further affirming that all charges for improvements or repairs which could serve as a basis for a mechanic's lien or a claim for damages have been paid or will be paid at closing of this Contract. B. 'LACa or CL08IMQ: Closing shall be held in the county where Real Property is located, at the office of the attorney or other clOSing agent designated by Seller. I. ~I", In computing time periods of les8 than six !6J days, Saturdays, Sundays and state or national legal holidays shall be excluded. Any time periods provided for herein which shall end on Saturday, Sunday or legal holiday shall extend to 5:00 p.m. of the next business day. T~ is of the ....ac. iu this Contract. " J. nocuJIDI'l'S I'OJl CLOIIlIIlh Seller shall furnish deed. bill of sale, construction lien affidavit. owner'. possession affidavit. assignments of leases, tenant and mortgage estoppel letters, and corrective instruments. Buyer shall furnish closing statement. mortgage, mortgage note, security agreement, and financing statements. It. auDUS. Documentary stamps on the deed and recording corrective instruments shall be paid by Seller. Documentary stamps and intangible tax on the purchase money mortgage and any mortgage assumed, and recording of purchase money mortgage to Seller, deed and financing statements shall be paid by Buyer. Unless otherwise provided by law or rider to this Contract. charges for the following related title services. namely title or abstract charge. title examination, and settlement and Closing fee, shall be paid by the party responsible for furnishing the title evidence in accordance with Paragraph IV. L. PRORATXOWI, CRZD%TII Taxes, assessments, rent, interest, insurance and other expenses and revenue of Property shall be prorated through day before closing. Buyer shall have the option of taking over any existing policies of insurance, if assumable, in which event premdums shall be prorated. Cash at closing shall be 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 rent and security deposits will be credited to Buyer. Escrow deposits held by mortgagee will be credited to Seller. Taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and other exemptions. If closing occurs at a date when the current year's millage is not fixed, and current year's assessment is available, taxes will be prorated based upon such assessment and the prior year's millage. If current year's assessment is not available, then taxes will be prorated on the prior year's tax. If there are completed improvements on Real Property by January 1st of year of closing, which improvements were not in existence on January 1st of the prior year, then taxes shall be prorated based upon the prior year's millage and at an equitable assessment to be agreed upon between the parties, failing which, request will be made to the County Property Appraiser for an informal assessment taking into consideration available exemptions. Any tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of tax bill on condition that a statement to that effect is signed at closing. N. SPICZAL AS8I8~ LI"'1 Certified, confirmed and ratitied speCial a.sessment liens as of date of closing (not as of Effective Datel are to be paid by Seller. Pending liens as of date of Closing shall be assumed by Buyer. If the irr;lrovement has been substantially cClq)leted as of Effective Date, any pending lien shall be considered as certified, confirmed or ratified and Seller shall, at closing, be charged an amount equal to the last estimate ot assessment for the iq)rovement by the public body. .. I_n_UI;".. nDlRI 118 ...- .-. lhll.~ &llUAlJl.. SR... iU d 19 ~. 'I'hl' ., slull'l'. Uu ..Uill', nil (ifl.81IildLI'lI ahe (a. Ilia an. sefU'nl at\ll SlIs8.h~ ull ill.IlI:!i.II~ ,all., fS.M.I.". !In, a1111 (ill BlIUi aleR.) ..ui Be,II.18 Ills Ra. ha a an} "HiIBL.J1 S"IIiIilIGii s. lealis. ,a.e~ llama,s eil!' SlH!IU'6liillal li&m&.. aBII "l1il'6 'efle se..!1I '-61 h. '8lI1 illl a.'H... SU. .,ulWH inl i'uRIS. flu.H.,. 8lIeliMI, al88_..i.8.I.l. .1WJJi!i.u I l!IiehnUl alii Nefli-Ber:. are ill. UGRKY}Q G9JJilI'i'I9R 'HIe hluuill ,un" 1:.:. allall BII h..hell sa 'ehe itil!lllS s.uiUe' Imlua uhePl ise IU idea it! afI a1iElSR__ B~el' IU.}, al 9~81"S supeRS.. 11& e iRspssHaBa II1aEls sf 'el'l8I1S ilems B:. a ih. II! i.di illllal a.uiali_hl 1M flS.. iflB,BB!ii.eRs aH. Mslilift' aB sB8IiJlalliBtlal liseRse hI! SI:lIlIft pll:lqllBl!l l;if I!BI(tI.Ll!aj) U' ~ aft a"il!"e.l!la"e1:, lieu slIll F11!1lfidil llI!fI'-ililB\eil!" RIil.:'u sllall. JIlin 1:.e Sllt'..el". SlIfhl'.fts} elf flea less dliUl 19 M}S ,;FiB!! '-a lllssitll. Riek. a.. ellllw,lra fire., I!s,eu. ill ilL'-ill.e IF:ellel' a.J.all L!BIflS 'ka'e. Be fiB. fIIse'- 'e):le alle s U..ilt1Ba.lja as '68 defssEs TJftlees 9~el' HlMl} ..8'11.... slish defeSE.s, ~s.. sRall lie Bemsa Ee l1a e at. sd 19a1lu's al!'l!'aflalSS aa I;.S BBiB8'ES Hei I! eJl8l!'6 BB If l!BJail!8 81! lfeJllaURleRI;. als le!(liil!all .s 1!l8..l:, iE):! ERia l;:'-an.Mua. Selletr shall BaI;l.U .aM '-e se fll&lle afta SRall JI.i Ii' .e Efle aFI1Skttll;. lIe8 ilieli ill. P&"&fil!'a,J:I (11) (sllll. i.s lI.al;. l'e~lils.j .a mallS !'s,ai.lrs s.. l!eJllilSBH'eft'U al a lISaRlBEh BaElil'B iii leu UJ.8Bj S:. . lieies, f:elletr is lruJaftsisla .8 trspat.~ $iE'le,lase If 'e1:l. suI;. sf al;l.eh tla,ail! 81! l!e,laBElII UlE BllseeH .Ile MI.1lI.' ,!!'e illsll ift PUal1!aJllfl (el, B1.t}81 81! Eiellel' fila:' sleet 'ea II.:' 8111ea ausese, failill' hieh. sillhe!!' ,a!!'E~ Ift&i UReal Illis gaREius, If Salls. ia _asle ES BU'trSS'- "Ra Elaias'li.8 ,.in I;.e elasia,. lhB 88811, alleil'll8f skall lis pRill ill'ea uue .'l lIlsBitl' .6a11e~ sflall, \lllaR ~u.setlallls fle.Lu, pue hie IiHli.'eiea S8I! iee _II auess 'U .he Fl!e,sl!''6:) is. II.Rspsa'lieR8, i.Rellillill' a allt slll'utfi .tlll.e!!' .. elesill,. 'l. e."fi.. '6h.a. all he1f18 sf PBI!88tlal Pl!e,u.i ... all. "AS ~u.l PiI!eIU'~ all., siMljBa1i I!!B .Ile htre,aitll, EhaE all W8f1\1!IUll ..epailn allll I'elll_sel e..s fta e lase... IMli. .HIli Ella. 'el1e Pil!"Sllatrli. helJ.BiRI Sl;I.t HS'e Ii..i.aa '8, 1.1. ~, s):!F\lIBl!le~ ilflli Jleel. if aIlS. lias lIsa II'IB.lfl,_ill.ed ill .ks BStlBiHell allisHll, as sf EUu'ei. s Ela'E.e, sI!iIiRJII!~ Balf aflll 'l;.e.... BUBSpIiS. Q 1111. gp 1..'1111'1. Ii '1h. PW'8JlU'l!l i. liiUl'lAlali II!. fhB e.. e'-l1u aUIlI.hi IBShlfB dub, _Ii e88E d IfBs'6UaHsll lieu lI.e'6 slIenll J' sf .1'11 ass88aes alli..ieR e' 'dill Pl!Blleut:, .. liMtalail, BU" ei l:!8Blel'alillR shall lIa aI Bsli,aUIIR iii tile Sellll! aflll .lesill' SHall 'l!e81la ,I;I.IrSI;I.M. Ell E~II '611~ a' Gafl_lrae, itm wssta..list! 18SES sealS jj.l sla.ift. Ii tae sea'- sf l!8Stna'eisl eusuBs J\ sf tke aun.s' .alu.'Lall sf .ke i"'l'e BIlIBR" se aamsls', 91il.::' U Bull 11_ a .lle a,.iall eI silka. UllLlI.1 PiI'spur'-i .&8 is, urn-ke.., hJ:l eilhel' ake ], s.. aft::. iIlsl;I.l'!Uu. JlnneBS Jla}sllle 8:. l..II:I.S ef sl:iel1 less u &mal'e. II!' si uRsdiRI gell'eas'l .Illll Ilaad ia, le'-IiiL"Il sf aeJ!l8lli.'e(s) P. PROCZaDS or a&L&, CLOIIHQ P~I The deed shall be recorded upon clearance of funds. If an abstract of title has been furnished, evidence of title shall be continued at Buyer's expense to show title in Buyer, without any encumbrances or change which would render Seller'a title unmarketable from the date of the last evidence. All closing proceeds shall be held in escrow by Seller's attorney or other mutually acceptable escrow agent for a period of not more than 5 days after closing date. 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 have 30 days from date of receipt of such notification to cure the defect. If Seller fails to timely cure the defect, all deposit (s) shall, upon written demand by Buyer and within 5 days after demand, be returned to Buyer and simultaneously with such repayment, Buyer shall return Per.onalty and vacate Real Property and reconvey the Property to Seller by special warranty deed and bill of sale. If Buyer fails to make timely demand for retund, Buyer shall take title aa is, waiving all rights against Seller a. to any intervening defect except as may be available to Buyer by virtue of warranties contained in the deed or bill of sale. If a portion of the purchas. price is to be derived from institutional financing or refinancing, requirements of the lending institution as to place, time of day and procedure. for closing, and for disbursement of mortgag-e proceeds shall control over contrary provision in this Contract. Seller shall have the right to require fram the lending institution a written cammdtment that it will not withhold disbursement of mortg-ag-e proceeds a. a result of any title defect attributable to Buyer-mortg-agor. The escrow and closing procedure required by this Standard may be waived if title agent insure. adverse matters pursuant to Section 621.1841. F.S,. as amended. Q. .scaowl Any escrow agent (-Agent-) receiving funds or equivalent is authorized and agrees by acceptance of them to deposit them promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and condition. of Contract. Failure of clearance of fund. shall not excuse Buyer'. performance. If in doubt as to Agent's duties or liabilities under the provisions of Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow until the partie. hereto agree to its disbursement, or until a judgment of 4 court of competent jurisdiction shall determdne the rights of the parties or Agent may deposit with the clerk of the circuit court having jurisdiction of the dispute. Upon notifying all parties concerned of such action, all liability on the part of Aqent shall fully termdnate, except to the extent of accounting for any items previously delivered out of escrow. If a licensed real estate broker, Agent will comply with provisions of Chapter 475, F.S., &s amended. Any suit between Buyer and Seller where Agent is made a party because of acting as Agent hereunder, or in any suit wherein Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorneys' fees and costs incurred with these amounts to be paid fram and out of the escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. The Agent shall not be liable to any party or person for misdelivery to Buyer or Seller of items subject to this escrow, unless such misdelivery is due to willful breach of Contract or gross negligence of Agent. a. ATTORKKY FK&8, COSTSI In any litigation, including breach, enforcement or interpretation, arising out of this Contract, the prevailing party in such litigation which, for the purposes of this Standard, shall include Seller, Buyer, and any brokers acting in agency or nonagency relationships authorized by Chapter 475, F.S., as amended, shall be entitled to recover fram the non-prevailing party reasonable attorney's fees, costs, and expenses. S. ruLUU or pDI'OJQIaIIC:SI Except as provided in Paragraph VII, if Buyer fails to perform this Contract within the time specified (including payment of all depositlsl), the depositls) paid by Buyer and deposit Is} agreed to be paid, may be recovered and retained by or for the account of Seller as agreed upon liquidated damages, consideration for the execution of this Contract and in full settlement of any claims; whereupon, Buyer and seller shall be relieved of all obligations under Contract; or Seller, 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 marketable after diligent effort, Seller fails, neglects or refuses to perform this Contract, the Buyer may seek specifiC performance or elect to receive the return of Buyer's depositts) without thereby waiving any action for damages resulting from Seller's breach. 1'. COII'1'IlAC'1' HOT UCQUlULa, i'D8OII8 BOUIID, 110'1'101 Neither this Contract nor any notice of it shall be recorded in any public records. 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 one gender shall include all. Notice given by or to the attorney for any party shall be &s effective as if given Qy or to that party. v. COIIVKY~I Seller shall convey title to Real Property Qy statutory warranty, trustee's, personal representative'S or guardian'S deed, as appropriate to the status of Seller, subject only to matters contained in Paragraphs VI and XII and those otherwise accepted by Buyer. Personal Property shall, at request of Buyer, be transferred Qy an absolute bill of sale with warranty of title, subject only to such matters as may be otherwise provided for herein. v. 0TRSa ~~.I No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this Contract. No modification or change in this Contract shall be valid or binding upon the parties unless in writing and executed by the party or parties intended to be bound by it. W. WAKRARTx..1 Seller warrants that there are no facts known to Seller materially affecting the value of the Property which are not readily observable by Buyer or which have not been disclosed to Buyer. o/( ...zt1 [IT' DF DElRA' BEA[H CITY ATTORNEY'S OFFICE :')(1 ~W hi AVU'II.' 1), I.RAY BFACH. FLORIDA 33444 Jlj,L!'Il()!\T Shi/~-l ;~:;;'ll). L\CSI\1JLE: 561/27H-4755 Writer's Direct line: 561/243-7090 DELRAY BEACH ~ All-America City , III I! DATE: 1993 TO: 2001 MEMORANDUM November 7,2005 FROM: City Commission David Harden, City Manager Jh Terrill C. Barton, Assistant City Attorney rtJ' SUBJECT: Resolution No. 81-05 Attached to this memorandum please find Resolution No. 81-05 which confirms the City's intent to transfer/sell the property referenced above to Reginald B, Jonas, a single man, and Elizabeth Taylor, a single woman, for housing purposes as part of the Carver Square Relocation Project. Also attached please find a partially executed Contract for the Sale and Purchase of the above-referenced property. Please place the Resolution and supporting documents on the agenda for the November 15, 2005 City Commission meeting for consideration, TCB:smk Attachments cc: Chevelle Nubin, City Clerk \a~ RESOLUTION NO. 81-05 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DELRA Y BEACH, FLORIDA, AUTHORIZING THE CITY TO TRANSFER/SELL REAL PROPERTY IN THE CITY OF DELRAY BEACH WHICH PROPERTY IS LOCATED AT 602 S.W. 1st STREET, AS MORE PARTICULARLY DESCRIBED HEREIN, TO REGINALD B. JONAS, A SINGLE MAN, AND ELIZABETH TAYLOR, A SINGLE WOMAN, TO BE UTILIZED AS HOUSING AS PART OF THE CARVER SQUARE RELOCATION PROJECT. WHEREAS, the City of Delray Beach, Florida, desires to transfer/sell property located at 602 S.W. 1 st Street for the purpose of providing housing as part of the Carver Square Relocation Proj ect; and WHEREAS, the City acquired the property from the County as the result of unpaid property taxes; and WHEREAS, the City Commission has determined that it is in the best interest of the City of Delray Beach, Florida, to transfer/sell said property for the purpose described above; and WHEREAS, the City Commission has determined that the transfer/sale of the property described above will promote the general welfare ofthe residents ofthe Delray Beach. 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 transfer/sell the North 100 feet of the East 135 feet of Block 14, Town of Linton (now Delray), according to Plat Book 1, Page 3, of the Public Records of Palm Beach County, Florida, to Reginald B. Jonas, a single man, and Elizabeth Taylor, a single woman. 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. PASSED AND ADOPTED in regular session on the _ day of ,2005. ATTEST: MA YOR City Clerk CONTRACT FOR SALE AND PURCHASE PARTIES: CITY OF DELRAY BEACH, a Florida municipal corporation, 100 N.W. l't Avenue, Delray Beach, FL 33444 (Phone: 561-243-7000), ("Seller"), and the REGINALD B. JONAS, a singl.. man, and ELIZABETH TAYLOR, a single woman, ("Buver"), 716 S.W. 2nd Terrace, Delray Beach, FL 33444 (Phone: 561-274-2297), hereby agree that the Seller shall sell and Buyer shall buy the following described Real Property and Personal Property (collectively "Propertv") upon the following terms and conditions, which INCLUDE the Standards for Real Estate Transactions ("Standard(s)") on the reverse side hereof or attached hereto and riders and any addenda to this Contract for Sale and Purchase ("Contract"). I. DESCRIPTION: (a) Legal description of the Real Property located in Palm Beach County, Florida: The North 100 feet of the East 135 feet of Block 14, Town of Linton (Now Delray) according to the Plat thereof recorded in Plat Book 1, Page 3, Public Records of Palm Beach County, Florida Property Control No. 12-43-46-16-01-014-0140 (b) Street address, city, zip, of the Property is: 602 S.W. 1st Street, Delrav Beach, Florida 33444 II. PURCHASE PRICE PAlfMENT: $40,0000.00 (a) Deposit(s) to be held in escrow by Robert W. Federspiel, P.A. Trust Account in the amount of $ 5,000.00 (b) Balance to close shall be paid in the form of U.S. cash or a LOCALLY DRAWN certified or cashier's check, subject to adjustments or prorations $35,000.00 III. TIME FOR ACCEPTANCE; EFFECTIVE DATE; FACSIMILE: If this offer is not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing between the parties on or before December 1, 2005, the deposit(s} will, at Buyer's option, be returned and this offer withdrawn. The date of Contract ("Effective Date") will be the date when the last one of the Buyer and the Seller has signed this offer. A facsimile copy of this Contract and any signatures thereon shall be considered for all purposes as originals. rv. TITLE EVIDENCE: Within thirty (30) days from the Effective Date of this Contract, (CHECK ONLY ONE): Seller shall, at Seller's expense, deliver to Buyer or Buyer's attorney; OR X Buyer shall at Buyer's expense obtain {CHECK ONLY ONE} : abstract of title or X title insurance commitment (with legible copies of instruments listed as exceptions attached thereto) and, after closing, an owner's policy of title insurance. V. CLOSING DATE: This transaction shall be closed and the deed and other closing papers delivered within one hundred twenty (120) calendar days following the execution of this Contract, unless modified by other provisions of Contract. VI. RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer shall take title subject to: comprehensive land use plans, zoning, restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or otherwise common to the subdivision; public utility easements of record (easements are to be 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 lines, unless otherwise stated herein); taxes for year of closing and subsequent years; assumed mortgages and purchase money mortgages, if any (if additional items, see addendum): provided that there exists at closing no violation of the foregoing. 1 VII. OCCUPANCY: Seller warrants there are no parties in occupancy other than Seller; Seller shall deliver occupancy of Property to Buyer at time of closing subject to Paragraph XI E. VIII. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions, riders and addenda shall control all printed provisions of this Contract in conflict with them. IX. ASSIGNABILITY: (CHECK ONLY ONE): Buyer (1) ___may assign and thereby be released from any further liability under this Contract; may assign but not be released from liability under this Contract; or ~ may not assign this Contract. X. DISCLOSURES: (a) Radon is a naturally occurring radioactive gas that, when accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding Radon or Radon testing may be obtained from your County Public Health unit. (b) Buyer may have determined the energy efficiency rating of the residential building, if any is located on the Real Property. XI. SPECIAL CLAUSES; ADDENDA: If additional terms are to be provided, attach addendum and CHECK HERE ~. XII VOIDABILITY: Buyer and Seller agree that this Contract is contingent upon the Seller's ability to successfully quiet title to the property described in Paragraph I. In the event that title is not successfully quieted, the contract shall be void and there shall be no liability on either the Buyer or Seller for failure to continue to perform under the terms of this Contract. Date REGINALD B. ~ ~ By: ~ ~ I r at Print Name: 'R-e1/Nl1d ~ ~ Social Security or Tax ID No. Z6lj- 7'3-~ CITY OF DELRAY BEACH By: Print Name: Tax ID No. ELIZABETH t,lt{ /05 ~ By: Social Security r", or Tax 10 No. 0'1-3' 0/. ;).$tff Deposit(s) under Paragraph II(a) received; IF OTHER THAN CASH, THEN SUBJECT TO CLEARANCE: ROBERT W. FEDERSPIEL, P.A. (Escrow Agent) By: 2 ADDENDUM TO CONTRACT FOR SALE AND PURCHASE SELLER: CITY OF DELRAY BEACH, a Florida municipal corporation BUYER: REGINALD B. JONAS, a single man and ELIZABETH TAYLOR, a single woman PROPERTY ADDRESS: 602 S.W. 1st Street, Delray Beach, Florida XI. SPECIAL CLAUSES; ADDENDA (Continued): A. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (nFIRPTAn): The parties shall comply with the provisions of Internal Revenue Code Section 1445 and applicable Treasury Regulations issued thereunder. If the Seller is a U.S. person for Internal Revenue Code Section 1445 purposes, then on demand of the Buyer and prior to closing the Seller shall provide the Buyer with a certificate of non- foreign status in the manner provided in Treasury Regulations Section 1.1445-2. If the Seller provides the Buyer with such certificate, and if the Buyer is otherwise permitted to rely on such certificate under those Regulations, the Buyer shall not withhold under Internal Revenue Code Section 1445. If the Seller is a 'foreign person' as defined by the Internal Revenue Code, the Buyer generally is required to withhold 10% of the gross sales price from the Seller at closing and to pay the withheld amount over to the Internal Revenue Service (IRS) unless an applicable exemption from withholding or a limitation on the amount to be withheld is available. To the extent that the cash to be paid over to the Seller at closing is insufficient to cover the Buyer's withholding obligation, the Seller shall provide to the Buyer at closing cash equal to such excess for purposes of making such withholding payment. If the Seller's federal income tax on the gain is less than the applicable withholding amount, the Seller may make advance application to the IRS for reduced withholding and, if granted, the Buyer shall withhold only the authorized reduced amount. If such ruling has not been received by closing, the parties at closing shall enter into an escrow agreement reasonably satisfactory to the Buyer and Seller pending receipt of the ruling, provided that at closing the Seller shall have the obligation to provide to the escrow agent from the closing proceeds (or from the Seller I s other resources if necessary) cash equal to the maximum required withholding, with any excess withholding being refundable to the Seller upon receipt of a favorable ruling from the IRS. Buyer and Seller understand that the IRS requires the Buyer and the Seller to have a U.S. federal taxpayer identification number and to supply that number on the foregoing forms. A foreign individual may acquire an International Taxpayer Identification Number for this purpose. Since it may take several weeks to receive the number after application and the IRS will not process these forms without the actual number, a party lacking a TIN is advised to apply immediately. B. The Buyer shall have sixty (60) calendar days within which to conduct any and all feasibility studies and determinations relative to the suitability for the acquisition of the subject property by the Buyer and the Buyer reserves the express right to terminate this Contract at any time during said period for any reason or no reason, in Buyer's sole discretion, whereupon Buyer shall receive a full refund of all deposit monies paid hereunder. Buyer shall be granted reasonable access to the premises to conduct such feasibility studies and determinations, including environmental assays, core drilling, surveys, soil sampling and other such testing. C. This Contract is expressly contingent and conditioned upon the approval of the same by the City Commission of the City of Delray Beach. , . D. The parties represent and warrant that there is no broker involved in this transaction to whom a commission would be due.BXKB~~ ~~JbiI<~ "xx~~xx~~~nxll!l~~~j;ix~ ~~ xMm~m~~~mm ~_~,,~1!X~~~llJIIP'~~ .~ ~xxili~J<llIX JllltXxxxX:>bbe<~lfKKk'''''''''--~'~il:B:llimxJtimxXXKll:Jtxuxtat~_~ ~~'il~~mxRxxXllitxRiij{HjilOOiJOx~,t~~,{>Bei,/,i,t>Bt~,M& ~~'8H'~x~~'1~'iXY~l'e\;',x~~xB!~""~~~~IK.~ _'!l1tl!>X~DMM~XX3l<7'~~ ~li1Ull)l:~ ".II1lnldlI..nt""""XlXXXEOl!lOJI""al!JXJ[_IIIJlll<l<~xxIi<~xX:lhGltl<~1Iaxllt~ ~~~~~:>ak,!la!l!lti.oo. SELLERS' INITIALS: BUYER'S INITIALS: -12-3 €-r STANDARDS POR REAL BSTATB 'l'1UUiISAC'l'IONS A. svtnsNCa or TITLaI (l)AR abstract of title prepared or brought current by a reputable and eXisting abstract firm tif not existing then certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to Real Property recorded in the public records of the county wherein Real Property is located, through Effective Date. It shall commence with the earliest public records, or such later date as may be customary in the county. Upon closing of this Contract, the abstract shall become the property of Buyer, subject to the right of retention thereof by first mortgagee until fully paid. 121 A title insurance commitment issued by a Florida licensed title insurer agreeing to issue to Buyer. upon recording of the deed to Buyer, an owner's policy of title insurance in the amount of the purchase price, insuring Buyer's title to Real Property, subject only to liens, encumbrances, exceptions or qualification provided in this Contract and those which shall be discharged by Seller at or before closing. Seller shall convey a marketable title subject only to liens, encumbrances, exceptions or qualifications set forth in Contract. Marketable title shall be determined according to applicable Title Standarde adopted by authority of The Florida Bar and in accordance with law. Buyer shall have 30 days, if abstract, or 5 days, if title commitment, fram date of receiving evidence of title to examine it. If title is found defective, Buyer shall, within 3 days thereafter, notify Seller in writing specifying defect(s). If the defect Is) render title unmarketable, Seller will have 30 days fram receipt of notice to remove the defect Is) , failing which Buyer shall, within five (5) days after expiration of the thirty (30) day period, deliver written notice to Seller either: (11 extending the time for a reasonable period not to exceed 120 days within which Seller shall use diligent effort to remove the defects; or (2) requesting a refund of depOSit (s) paid which shall immediately be returned to Buyer. If Buyer fails to so notify Seller, Buyer shall be deemed to have accepted the title as it then il. Seller shall, if title is found unmarketable, use diligent effort to correct defect!sl in title within the time provided therefor. If Seller is unable to timely correct the defects, Buyer shall either waive the defects, or receive a refund of deposit Is), thereby releasing Buyer and Seller fram all further obligation under this Contract. B. PUJtCBABa..-.r 1IOJl'1'GlGl:, nc:aaI'l"Y' AmI--.r '1'0 lDLLDl A purchase money mortgage and mortgage note to Seller shall provide for a 30 day grace period in the event of default if a first mortgage and a 15 day grace period if second or lesser mortgage; shall provide for right of prepayment in whole or in part without penalty; shall peradt acceleration in event of transfer of the Real Property; shall require all prior lien and encumbrances to be kept in good .tanding and forbid modifications of or future advances under prior mortgage(s); shall require Buyer to maintain policies of insurance containing a standard mortgagee clause covering all improvements located on the Real Property against fire and all perils included within the term ~extended coverage 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 and security agreement shall be otherwise in form and content required by Seller; but Seller may only require clauses customarily found in mortgages, mortgage notes, and security agreements generally utilized by saving and loan institutions or Itate or national banks located in the county wherein Real Property is located. All Personal Property and leasel being conveyed or assigned will, at Seller's option, be subject to the lien of a security agreement evidenced by recorded financing statements. If a balloon mortgage, the final payment will exceed the periodic payments thereon. C. SUKv.KYr Buyer, at Buyer's expense, within time allowed to deliver evidence of title, may have Real Property surveyed and certified by a registered Florida surveyor. If the survey discloses encroachments on the Real Property or that improvements located thereon encroach on setback lines, easements, lands of others, or violate any restrictions, Contract covenants or applicable governmental regulation, the same shall constitute a title defect. >> ....I~...J ~u. U ~BI"s al"..I. ,"",hill ,i.e alIa al Ii.I asH ell B iasan at HUe anj ~e BliiIIIlille sail., ~ ~~::~:'~::~~".;...':::":'::':.:;.~ .=' :~': .:~~' ~.:,~.~ =:;:'.::':::':'.';'1::::::';i.:'.:-:::,~.:':. ~:',~''';: ~:.= U! la..)! U'. ..\IIul, B~Sl! ill h. !!I t da~s 1,f'l1Il lb'u !!If ,ri&'U.1l ae~i88 'sRusat ,Hl1!1l Risl1 '-I h& . S88l sf '-Ire_aBllll.. if I!'llIlf\.1hsi. .sHIM.ell ~ 1i111l1 gll8llS'Slr &Ali !lll S'. r,s i.RsJiu'-ai &DB sa.lIMo'Bli ~ a. HeM sd. Eljillisll' 8Il faRllIesl Bs~'eas'a~ Sellel shall Ila~ alili seaES If 'sea.'.a 'e aft. IE,a!1r af all ~.e ~ 'sa 'ha amsWB' ,Ira idea .Il l?au&fiUJfl (a) Ii es'siJlla'ea 8881.S Buseed EkaE MSlile. BI1I~9" skall aa B lill'!e SJlEi.BR sf eaRsalitl. ERis Ss,'u.s' Hi'Rbl i 8a}S ah8.J!' lIese.i.,. af BaIl.IUS'U'S Ire,all! BI'si'li&\e B} Ii i'lI if"!!!..el la'eieB.s bells.. IIr ~al' 1114:' Iles. .. ,wlnni iel'! '-he .IrARsa..iBll. iUld. .sssi. . a sl!seU. all. slasil' ell 'd18 &H\I!-A' 'IS ills. ill Pa!!'s.ea'fl (a) ~'PaNli'us' sl1all lu liu ill _I !RsIl:l.!is all us a8S'l'a~ifll al!!Iant.tlIU ISllU!l!S. 'U se rs,u\eli IMIdse 'RS Flslri.da PElS. Sill_I'd -elil. as a1118IlElSEl 8. XN0a888 AKD SQRKS81 Seller warrants and represents that there is ingress and egress to the Real Property sufficient for the intended use as described in Paragraph VI hereof, title to which is in accordance with Standard A. r. L8A8..r Seller shall, not les8 than 15 days before closing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying the nature and duration of the tenant's occupancy, rental rates, advanced rent and security deposits paid by tenant. If Seller il unable to obtain such letter fram each tenant, 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 tenants to confirm such information. Seller shall, at closing, deliver and assign all original lease8 to Buyer. G. L:IDUh Seller shall furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statements, claima of lien or potential lienors known to Seller and further attesting that there have been no improvements or repairs to Property for 90 days immediately preceding date of closing. If Property has been improved, or repaired within that time, Seller shall deliver releases or waivers of mechanicl' liens executed by all general contractors. subcontractors, suppliers, and materialmen in addition to Seller's lien affidavit setting' forth the names of all such general contractors. subcontractors. suppliers and materialmen and further affirmdng that all charges for improvements or repairs which could serve as a basil for a mechanic's lien or a claim for damages have been paid or will be paid at closing of this Contract. 8. PLACa or CL08IMQr Closing shall be held in the county where Real Property il located, at the office of the attorney or other closing agent designated by Seller. X. T~I In computing time periods of less than six (6) days, Saturdays, Sundays and state or national legal holidays shall be excluded. Any time periods provided for herein which shall end on Saturday, Sunday or legal holiday shall extend to 5:00 p.m. of the next business day. Tt.. i. of tb. ...$DC. in this Contract. " J. DOCUIID1'1'S I'OJl CLOIIlIlh Seller shall furnish deed. bill of sale. conatruction lien affidavit, owner'. possession affidavit, assignments of leases, tenant and mortgage estoppel letters, and corrective instruments. Buyer shall furnish closing statement. mortgage. mortgage note, security agreement. and financing statements. K. .ulUlua. Documentary stamps on the deed and recording corrective instrwnents shall be paid by Seller. Documentary stamps and intangible tax on the purchase money mortgage and any mortgage assumed, and recording of purchase money mortgage to Seller, deed and financing statements shall be paid by Buyer. unless otherwise provided by law or rider to this Contract. charges for the following related title services. namely title or abstract charge. title examination, and settlement and closing fee, shall be paid by the party responsible for furnishing the title evidence in accordance with Paragraph IV. L. PRORATX0R8, CREDITS I Taxes, assessments, rent, interest, insurance and other expenses and revenue of Property shall be prorated through day before Closing. Buyer shall have the option of taking over any existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at closing shall be 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 rent and security deposits will be credited to Buyer. Escrow deposits held by mortgagee will be credited to Seller. Taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and other exemptions. If closing occurs at a date when the current year's millage is not fixed, and current year's assessment is available, taxes will be prorated based upon such assessment and the prior year's millage. If current year's assessment is not available, then taxes will be prorated on the prior year's tax. If there are completed improvements on Real Property by January 1st of year of closing, which improvements were not in existence on January 1st of the prior year, then taxes shall be prorated based upon the prior year's millage and at an equitable assessment to be agreed upon between the parties, failing which, request will be made to the County Property Appraiser for an informal assessment taking into consideration available exemptions, Any tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of tax bill on condition that a statement to that effect is signed at closing. N. SPSCXAL ASSI~ LXKM81 Certified, confirmed and ratified special assessment liens as of date of closing (not as of Effective Date) are to be paid by Seller. Pending liens as of date of closing shall be assumed by Buyer. If the improvement has been substantially completed as of Effective Date, any pending lien shall be considered as certified, confirmed or ratified and Seller shall, at closing, be charged an amount equal to the last estimate of assessment for the improvement by the public body. If I.~J:QII'. n&Ara. AII8 ..-- --I Salla!! a..~'!. '!ka'. as a( 19 li~e ,dB.!' '!a dubl, eke B.tHftl. kful Iiflall1l1hll, Ella bui. alia uUH.sl aRa en'(;nhll!" ill Ii iR.edall!" &lb, feIiRllll.!aft. Bea all. (SIl at\li al ell. 1 aRIi Be.ha,1 lie Re. Ila e All:' "ISIBI:.B S!:'IJ;;BtJQS sf laaha, alar IiMIlals U' S'u.lUIiIrl.l bllla'8 at a .haE EAa IISp.!.B EHlll, p.al!l1. dl anli.il au, MBbu.is.al 1..__, ka&Ekfll, nslilll, aluuiaal, ,llilMil' B~BEIlIlUl all. masJ:li.flBL~ ua iR !1'I"RJtIlJG E;t1IliiITI9J! 'P1:le ialrBJatR' &l!l!at.~ 811a11 88 !in'ua .8 Eke heme spuUi.a. ..H lUB B'eau iu ,US iaea if! all. addeR*- 9~BI"~, al 8li:'SI"'B SUpeRBl1. Aa e ills,ellHsRB RIa.. at EJ:lUS i'6BRlS Hi II iiL'" u buli llllilll s,uialillill, it! J:le_s ill8llU.iefls afl. J:lalliiR' iH'l s8s"'J1aEisR.al lieeRaa h.. SIiBJ:l JlIiL"IIua (if u.,..ilras) e.. ll~ aR aJlllUJllli&'(;sl~ liullsaa l'lew-lu SBIl'(;l!aS_Sl! BIi!'.oBll' allall, liw-isl!",.a ~a"', SBS.t.Jate~ Sir RSE less '(;kafl. lQ ~e Jldu '(;s SleSlR!, Ilisa. s. 8S.I1IWB lilrBE rs,auE iR llllEtA' '(;S GBllslI!" alisll iE~ Ea.l lI8 RaE mas. .A8 ass B s'(;aHBal!Be &s E8 'etesES URlss. gl1l~u .i_al:, le,BlllB BliSM lielesEs, i1~el' skall ll. Else.ell '68 Ila a ai Bel Ssllu'e ..I'''Ui,iee as IS! ElBtBns R8t;. l'epswEell If a,a.iull U! lla,lase.BlBl'!lo a1!"8 IFBl(Iii1!"ad. '(;e 88..1:, i'(;ll Ellia E;EHllia..., BelIal' shall Bilol8B Ell_ .s In. R\&.aa .ilRa shall pll:) 1:1.' U Efte mSI:UlE PI!S ilias iR I?ail!'alr&pft (ll) Ball... ia IIBl I'BllUi!!"aB Ee R\&.he I'SpallFS elF U!lIlas8BlBII"lI st a sS.Ruis fla.EI1It'S lUll.... saol.as ~ . lieiss'l BellsI' is 18Bllu.isla '(;s ua,.!1' III' I'Bplase If !>AS SU. sf 84B1l l!Elllai.. 81' 'f'splaeemBllE BueeeH !.}i!e &flI8W'lt ,WB llid. it! PUilllatlll (111, ~ at' el!" 1;;81181' ~ eles' ta Jl.:) 8Y..A auaes8, (ai1ill' RieM sit>haw Ja..!>} rM:l sunl lAia ';u"llae'l II Salla!.! is 'IUl&s18 'Ie BBlUBl!I. '-IlB E1efuaa ,..ie.. 'Ill desiR" .Ill! su'I lAnBBt aAall Be ,aid iR'U USII!"Sl .. slasiR' Gellsl' sRall, "JlSR IsaBal asls IIlsEise, lire idll .:lHlittell .leu Lea. _a anull '-a _Ill PII!"SJleIFE~ illl ilsJlB8.hIl.B, iRSl..iiR. a alII '(;1l1!"Slilk Jllfielr .a slestll.l. 'Ie BlRit_ Eka'l all H!lIlIAlI d PalF.sRal Plle,BI'.:' illFa all. Eks AII.l I?lreJlslf'l:> aflll. si<H;lju'e .a Eae hl'alsb1l. .....'1 .11 1l8.....i.l'e. Ifepllilrll &1'111 1'!.,la8alulI'u l1a a }sUIl. ~t&lla illli 'I1l&'I Eke I?If'SpS"l~, iIlslliEliR, 8li. HeE !i.i.8d lis, l&HIl, aA.lHI.JaBSFll Ilall 11181, Hi all:', aas lla"l lIlaia.ail ai lR Eka uRai'iaR auin.b, as d SUuH a B'a!>e. 81!EliR.u~ Bill' .... Eea.. allul,laa Q U8IC;II' "ga'l If 'IMI!! I?l!"BJSIf''li~ is li.uiafsll ~ ille U' s_llu eael:l...h~ seia.s BlniAI ilIIB seeli sf I'a.'al'..hll. IiBU lie. IlIlUlI :n Bf 'EIlI a.suBsd all1l..iell. s, .ks PWS,1II1} .. &Mma,ali, eu. sf l!u.el'&!.hR sRall sa... sllli,a'liSl! ei tile Ballslr ans ,laaill' shall JlseBsa JI:I.Il'Slian' '(;e tha '(;aL~ ef Gal'IIf...'I iEA ...SISlfll.ill'! BBS.S BsaL!. ai a'l .laaial If .MS B8Bt Bf UBaS..Eillll aUBuaa ], sf Ehe aa.u.sll .11:1..'11.1.. sf IIlB tRIII.I B_IlIl.. S8 aarna.,aEl, 91i!'.oBl' sAdl Iu. a '-Aa S,HB" iii ai.llu lald,"1 Pl'a'I!If'l~ .a is. I.8IS.A... hk Bitll,1' .ks n SIF aR~ .IISIilIFHlS. jl1!"UUII.s ,a}Hle ~ i..ElIIs af sl:l.sh leas U' BaJIIIl'l. u at sUlaliR. Sat!'UilB'(; aRB Ilssa! ill' rs'-....... Bf h,lssil(sl .. PJtOCUD8 or SAI&, CLOSIIIQ ~I The deed shall be recorded upon clearance of funds. If an abstract of title haa been furnished, evidence of title shall be continued at Buyer's expense to show title in Buyer, without any encumbrances or change which would render Seller's title unmarketable from the date of the last evidence. All closing proceeds shall be held in escrow by Seller's attorney or other mutually acceptable escrow agent for a period of not more than 5 days after closing date. 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 bave 30 days from date of receipt of such notification to cure the defect. If Seller fails to timely cure the defect, all deposit (s) shall, upon written demand by Buyer and within 5 days after demand, be returned to Buyer and simultaneously with such repayment, Buyer shall return Personalty and vacate Real Property and reconvey the Property to Seller by special warranty deed and bill of sale. If Buyer fails to make timely demand for refund, Buyer shall take title a8 is, waiving all rights against Seller aa to any intervening defect except a. may be available to Buyer by virtue of warranties contained in the deed or bill of sale. If a portion of the purchase price is to be derived fram inatitutional financing or refinanCing, requirements of the lending institution as to place, time of day and procedures for cloaing, and for disburselI'I8nt of mortgage proceeda shall control over contrary provision in this Contract. Seller shall have the right to require from the lending institution a written commitment that it will not withhold disbursement of mortgage proce~ as a result of any title defect attributable to Buyer-mortgagor. The escrow and closing procedure required by this Standard may be waived if title agent insures adverse matters pursuant to Section 621.1941, P.S., as amended. Q, &SCaOWI Any escrow agent (-Agent-) receiving fund. or equivalent is authorized and agrees by acceptance of them to deposit them promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and conditions of Contract. Pailure of clearance of fund8 shall not excuse Buyer's performance. If in doubt as to Agent's duties or liabilities under the provisions of Contract. Agent may, at Agent's option, continue to hold the subject matter of the escrow until the parties hereto agree to its disbursement, or until a judgment of 4 court of competent jurisdiction shall determine the rights of the parties or Agent may deposit with the clerk of the circuit court having jurisdiction of the dispute. Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully termdnate, except to the extent of accounting for any it~ previously delivered out of escrow. If a licensed real estate broker, Agent will comply with provisions of Chapter 475, F.S., as amended. Any suit between Buyer and Seller where Agent is made a party because of acting as Agent hereunder, or in any suit wherein Agent interpleads the subject matter of the escrow, A9ent shall recover reasonable attorneys' fees and costs incurred with these amounts to be paid fram and out of the escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. The Agent shall not be liable to any party or person for misdelivery to Buyer or Seller of items subject to this escrow, unless such misdelivery is due to willful breach of Contract or gross negligence of Agent. .. ATTORKKY FKK8, COSTS. In any litigation, including breach, enforcement or interpretation, arising out of this Contract, the prevailing party in such litigation which, for the purposes of this Standard, shall include Seller, Buyer, and any brokers acting in agency or nonagency relationships authorized by Chapter 475, F.S., as amended, shall be entitled to recover from the non-prevailing party reasonable attorney's fees. costs, and expenses. .. ruLUU or pDl'OJQlAllCl:I Except as provided in Paragraph VII, if Buyer fails to perform this Contract within the time specified (including payment of all deposit(s)), the deposit(s) paid by Buyer and deposit Is) agreed to be paid. may be recovered and retained by or for the account of Seller as agreed upon liquidated damages, consideration for the execution of this Contract and in full settlement of any claims; whereupon, Buyer and Seller shall be relieved of all obligations under Contract; or Seller. 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 marketable after diligent effort. Seller fails. neglects or refuses to perform this Contract. the Buyer may seek specifiC performance or elect to receive the return of Buyer's deposit Is) without there~ waiving any action for damages resulting from Seller's breach. T. COII'1'JtAC'1' BOT JmCQJ:DABLI:, F&JUIOII8 IIOUIID, 110'1''101 Neither this Contract nor any notice of it shall be recorded in any public records. 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 one gender shall include all. Notice given ~ or to the attorney for any party shall be aa effective as if given by or to that party. u. COIIYKY~I Seller shall convey title to Real Property by statutory warranty. trustee's, personal representative's or guardian'S deed, as appropriate to the status of Seller, subject only to matters contained in Paragraphs VI and XII and those otherwise accepted by Buyer. Personal Property shall, at request of Buyer, be transferred by an absolute bill of sale with warranty of title, subject only to such matters as may be otherwise provided for herein. v. 0TR&a ~~UTI. No prior or present agreements or representations shall be binding upon Buyer or Seller unle.s included in this Contract. No modification or change in this Contract shall be valid or binding upon the parties unless in writing and executed by the party or parties intended to be bound by it. .. ~'1..1 Seller warrants that there are no facts known to seller materially affecting the value of the property which are not readily observable ~ Buyer or which have not been disclosed to Buyer. ~vcj; ~. ~c:' C W(atM,\,L/ w~wJ)(}(:aoews:com.. Boca RatonlOelray Beach~ "' Fliday/SatilrdayrQctober]"Bj2005 Z3 --D.!D- LEGAl,'NoTlCES ~::~' Motice'oI.l/1lllI1l191~$elka6ai Prwert'ftblUllph.~:CiIY-of;peti;ly Beacll~-f'roilmrtforOMl- erstoroJpai1Is'llll:3iver'~~ arebeingr8kicaledplJffluariUolh:eJ)e1- rayBeadi,~fl~ Agencylnc:'s'GaNef'SquanlflelOCa- tim.PlaIl.The,pn:iIiarty-kl,\Jl!-~ .ferred1soId_islegaltt~illedas: 1J'CN#12~1M:tHl1iHX1OO~ E5lI'lliW:1SO'_ofBioclila'fOWll'Qj DeIray:ilCt;Ordingl):i"f\al B9!*1; Page 3o!1heoflicial,l'ed;n'iis,oIPaIri1Be3ctl County. FlOrida. ' 2.PCi#12~17-43:cxnoojO TheWesi79leetllitbeEaslW4:1eetol theNortb:ll2ollheNOd!ilfl'olthe SoUtht;aStl/Hll.lhe,SiiulbeastV.fiif theSOlll~1/4-ot~',~0l\_-_17. Townsllip46South.~43East, ~~~.~'_._~-~.fl:25' 3.PCNI_,JH~2i.J;1~10 ~5~:;:~=i~~~ Book',12,~'6S:Publil:~of PatnBeachGo~.fhifi:la 4'PCNI_1~~:l*W'1i1'1)14-Q140 ThetMh}OOfeetl!flhlifasil351OOt of~;14,-TOwnofU~~(now-DeI' ray) aa;uj!lill(llo the,Platth:ereof re&O!dedJt~BilQl?l~-3,'Di",ii;: R_~,~~~!fii~"%Jniy,:-~':' fI9t!~,:--;,;:)-'\:~~:" c;,', - ."" (30) Iiori ciHTmlrMy~ oenvBBadl(561'24i-7400); TheCilyCtlniniSSlonql4he,CilylllQllI- ~~~"!!ok!!;~~ Ctty-~~~~ NonemberJ5.~"ilt},:QOp,tll,;-:-ll( tipon$ui:hif3ie#dlii11eilSst.diiililel-' ~_inaybt~llYJllaCilYCOIi1:' missio(l. clN(#~i-~~ri~: ~~~ --..........", f'UBUS/t:Ociobllal!;.H;200$ Boca~:B8adiNi,ws Adflim....,,:'...