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Res 32-06 RESOLUTION NO. 32-06 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 N.W. 8TI-I AVENUE, AS MORE PARTICULARLY DESCRIBED HEREIN, TO THE DELRA Y BEACH COMMUNITY LAND TRUST, INC., TO BE UTILIZED FOR AFFORDABLE HOUSING PURPOSES. WHEREAS, the City of Delray Beach, Florida, desires to transfer/sell property located at N.W. 8th Avenue for the purposes of providing affordable housing as part of the Community Land Trust; 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 RESOLVED BY THE CITY COMMISSION OF THE CITY 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 Lot 11, Block B, Tourist Nook, according to the map or plat thereof as recorded in Plat Book 11, Page 47, Public Records of Palm Beach County, Florida, to the Delray Beach Community Land Trust, Inc. 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 reguhr sessioo on the \S~y of ~~~. 2006. ~l~ ATTEST: ~ ~ \). \Jl~'~N City Clerk 2 RES. NO. 32-06 CONTRACT FOR SALE AND PURCHASE PARTIES: CITY OF DELRAY BEACH, a Florida municipal corporation, 100 N.W. 1st Avenue, Delray Beach, FL 33444 (Phone: 561-243-7000), ("Seller"), and the DELRAY BEACH COMMUNITY LAND TRUST, INC., ("Buyer"), 20 North Swinton Avenue, Delray Beach, Florida 33444 (Phone: 561-276-8640), 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: Lot 21, Block B, Tourist Nook, according to the map or plat thereof as recorded in Plat Book 11, Page 47, Public Records of Palm Beach County, Florida Property Control No. 12-43-46-17-25-002-0210 (b) Street address, city, zip, of the Property is: N.W. 8th Avenue, Delray Beach, Florida 33444 II. PURCHASE PRICE $ 10.00 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 August 1, 2006, 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 ~Buyer shall at Buyer'S expense obtain (CHECK ONLY ONE) : abstract of title or ~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 1 mortgages, if any (if additional items, see addendum); provided that there exists at closing no violation of the foregoing. 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 X . eln OF tIP-... H 7- By: f 1-1 ob Fri:iJ:. - ,n "J f (f P t r\ m/lnDate COMMUNITY LAND TRUST, INC. ~D.'\J 1Z. C. ,<?) 0 <.0. I DateJ LIe}' rJSeJ. , Tax ID No. 6!\ -(a 000"30 R Tax ID No. "2- c - 4 I ~ ?.. 3 5 '2- 2 ADDENDUM TO CONTRACT FOR SALE AND PURCHASE SELLER: CITY OF DELRAY BEACH, a Florida municipal corporation BUYER: THE DELRAY BEACH COMMUNITY LAND TRUST, INC. PROPERTY ADDRESS: N.W. 8th Avenue, 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 3 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. 4 STANDARDS FOR REAL ESTATE TRANSACTIONS A. EVrDENCE OF TITLE: (I)An abstract of title prepared or brought current by a reputable and existing abstract firm (if 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. (2) 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 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 (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 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. B. _WISH IfONBl!" U6lR'l'~SBI SSSI1Rl:'1'Y lIQIEEIlml'P 1'9 ElSUdSn. A 1'~l'!ehase ffiaRe~ ffiSl'!t~a~e aRe! ffiSl'!t~a~e Rste ta Seller ahall I'ra.ie!e far a 3Q e!a~ ~I'!aee I'eriae! iA the e eRt af e!efa~lt if a first ffiart~a~e aRe! a IS e!a) ~I'!aee I'al'!iae! if seeaRe! el'! lessel'! ffiel'!t~a~e, shall I're.ie!e fer ri~ht ef I'rel'aymeAt iA \.hele al'! iR I'art witheHt I'enalt~, shall I'el'!ffiit aeeelel'!atiaR iR e.eRt af tEansfel'! af the Real Prel'ert), ahall re~il'!e all I'riar lieR aRe! aRa~meraRaea te ae ),el't iR ~eae! ataReliA~ aRe! feraiel ffieelifieatieRs af ar fHtHre ael aRees ~Reler I'rier ffiert~a~e (a), shall EeEj~il'!e B~~ ar te maiRtaiR I'slieies ef iRsHl'!aRee eaRtaiRin~ a staRelarel ffisrt~a~ee ela~se es.eriR~ all iffil're.emeRts lseateel aR the Real rESpSl't.} a~aiR8t fire aAs all 13E:rils ifiell:laeei ithiA. tBE: te..I"m "entcl"l.aea ee.e.ra~E: cnaerst::fftCP'lts" afla Sl::1efl at.ReE" Eislt3 aRe! I'erils as SelleI'! ,"a~ l'!easaRael~ l'!eEjHire, iR a.. ama~..t eEj~al te thair hi~hast iRa~l'!aale .al~el aHe! the mart~a~e, Hate aReI seeHrit) a~reemeRt shall ae ather.Jise iR feFffi aReI eaRteRt reEjHiree! a~ Seller, aut Seller ffia) aHl~ require elaHses e~stemaril) faHRe! iR mart~a~es, mart~a~e Hates, aRe! seeHrit) a~reemeHts ~eRerall) ~tiliaeel a) sa.iR~ aReI leaR iRstit~tieRs sr state al'! natiaAal aaRl,s laeateel in the ea~At) ..herein Real rl'!sl'el'!t:r is lesatee!. All PerseAal Pral'ertJ aReI leases aei..~ ee...e~eel ar assi~Reel .<ill, at Seller's el'tia.., ae s~ajeet ta the liaR ef a see~rit) a~reelfteAt a ieleAaee! a) reeal'!Elee! fi..a..eiR~ statemeAts. If a aallaaA ffiart~a~e, the fiRal l'a:fRIeAt ..ill elleeeel the I'eriae!ie l'aymeHts thereeR. C. SURVEY: 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. II. _gas, BH)er, at B~~el'!'s e"l'eHse, "ithill time alIen eel ta eleli er e:ielellee af title aRa ta e"amiHe same, ma) ha.e Real Pral'artJ illsl'eeteel B~ a fleriela Cartifiea Pest CantEal 9peratar ("9perater") ta eletermiRe if there is aR) .isiale aeti e teEmite illfestatieR ar isiale eltistill~ elama~e frem termite iHfestatiaR ill the Prel'ert}. If eitAer ar aetA are faHlIeI, BHJer .ill ha.e 1 ela~s fralft elate af .,ritte.. Ratiee thereef ..ithill IdeA ta ha'e east sf treatmeRt, if re~Hil'!eel, eatimatea a~ the 9perater aRa all elama~e illsl'eeteel allel estimateel a) a lieellseel a~ilaer ar ~eRel'!al eaRtraetel'!. Seller shall I'a) <aliel easts af treatmeRt alle! rel'air af all elama~e ~I' ta the ama~Rt I'ra.ieleel iR psra!Jral"h (a). If estimatee! easts e"eeeel that alllaHHt, B~)er sAall AS e tAe al'tiaR af eaHeeliR~ this CaRtraet ~S ela)s aftel'! I'!eeeil't af eaHtraetar'a rel'air astimate B) ~i.iR~ ..ritteR Ratiee te Seller ar B~)er ilia} eleet ta I'raeeeel rith the traRaaetiall, ane! reeei e a areelit at elesill~ aH tAe alllaHflt I'ra,ielea ill Psra~ral'h (al. "Terlllites" shall ae e!eemeel ta iRel~ele all raael elestra~iR~ ar~anisffls rCEj..ireel te Be rel'arteel "Raer tllo rrerIaa Pest CaRtrel Aet, as ameRelee!. E. INGRESS AND EGRESS: 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. F. LBABBS. Seller shall, lIat less thaR IS 5a~s aetere elaaiH~, f~rHish ta B~:rer eepies af all ritteR leasea aReI estal'l'el letters fram eaeh teRaHt speeif)in~ the Hst~re aReI elHratieH af the tenaRt's eee~l'aRe~, reRtal rates, ae! aHeeel reRt SReI seeHrit~ elel'esits I'aiel a) teHaRt. If SelleI'! is ~HaBle te eataiR s~eh letter frelll eaeh teRallt, tAe salfte infarmatieH ehall ae f~Eniehee! a~ Seller ta B~~er :ithiR that tillle I'erieel iR the ferm af a Seller's affiela it, anel Be)er ilia) thereafter eaHtact teHallts ta eanfil'!llI sHeh iflfarlllatiaR. Seller shall, at elasiR~, e!eli er aReI assi~A all eri~iHal leases ta BH)er. 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 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 names 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. H. PLACE OF CLOSING: 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. TIME: 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. Time is of the essence in this Contract. 5 J. DOCUMENTS FOR CLOSZNG: Seller shall furnish deed, bill of sale, construction lien affidavit, owner's possession affidavit, and corrective instruments. Buyer shall furnish closing statement. K. EXPENSES: 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. PRORATZONS; CREDZTS: Taxes, assessments, 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. M. SPEC:IAL ASSESSMENT L:IENS: 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. II. ZNSPBS'lIQN, IlEPAZR AIm l~IWJCEI Selle" a""allts tllat, as af 19 aa)s IHis" te elasiR~, tile eeilill~, rssf liRelllaill~ tile faseia aile! seffits) aRa e"teria" ana illterisr JaIls, fellnaatian, saa' aIls ler eqlili .alentl aRe! e!sel'a~e as RSt Ila. eaR) 'IISIBI.E EVIEJEI1CE sf lealls, .later aama~e ar struet"ral aama~e aRe tllat tile septia tafllt, pssl, all appliallees, meehaRieal items, lleatiR~, eaeliR~, eleetrieal, plllffil3ifl~ s)stems ana maehiller} are in 1l0RKIIlC CONEJI'I'IOII. The fs"e~eiR~ .larrallt) shall Be limitea ts tile items sj3eeifiea "Rless stller lise j3rs'iaea iR aR aaaeRa"m. B~)eF maj, at D~JCE'5 C][peASe, na.e iRs~eetieBS maae af these items 51 a firm er iAai iaHal s~E~ialiBiA~ iA heme inspeetisns alla hslaiR~ all seellj3atisRal lieeRse far sllell j311rj3sss (if rS,!llirsaJ sr B) aR aj3prsj3"iatel) lieeRsea fleriaa eaRtraetar, Bll}er sllall, prisr ta Bll}er'S aee"palle) ar Rat less tllaR 19 aa}s priar ts elasin~, hielle er aee"rs first, repert iR lritiR~ ta Seller s"eh items that aa Rat meet the aBa e staRaaras as ta aefeeta. Unless Bu)er timel} reparta sueh aefeets, BIi)er sllall Be aeemea ta ha,e .,aLea Seller' a arraRties as ts aefeets RSt repsrtee!. If repairs sr replaeement are req"irea ta esmpl) litll this Stallaara, Seller Bllall ea"se tllem ts Be maae aRa Bllall j3a) "I' ts the ams"Rt prsJiaea iR Para~r~ll _ (BI. Seller is nst requirea ts malte repairs er replaeemeRts ef a easmetie Rat"re "RIess ea"sea e) a aefeet Seller is respsRsiele ts repai" sr rej3laee. If the east sf s"ell repair sr rej31aeemeRt el!eeeas the _S"Rt j3rs.iaea in Para~"aj311 (B), B,,)er sr Seller RIB) eleet ts j3a) a"eh eueess, failiR~ \lhieh either j3a"ty ma) eaReel this Csntraet, If Seller is "RaBIe ts es"reet the aefeets j3risr ta elasin~, the esst thereaf shall Be j3aia ints esers., at elssill~. Seller shall, ~peR reassRaele Rstiee, j3re iae "tilities ser,iee aRa aeeese te the Prsj3ert) fsr inaj3eetisRs, inel"aiR~ a .all< th"s,,~h j3risr ts elssiR~, ts eSRfir.. tllat all items sf PerseRal Prspert} are aR the Real Prs~ert) aRa, s"Bjeet ta tile fsre~ain~, tllat all rS,!llirea raj3airs aRa rej3laeemellts ha.e eeaR maae aRa taat the Prej3ert), iRel"aiR~ B~t RSt limitea ts, la.1R, ahru~Ber} alla j3esl, if an), lias eeeR mailltaiRea in tile eSRaitieR enistiR~ as af Effeeti.e Date, BraiRar) _ear aRa tear e..ee~tea. G. RZ~ SF LeSS. If the P"e~ert) is aama~ea B) fire sr ather eas"alty ~efsre elesill~ sna esst sf restarstisR Bees net e"eeea 3' sf tile assessea 'al"atieR sf the Praj3ert) sa aama~ea, eset sf resteratieR sllall Be aR sBli~atisR sf the Seller alla elaaiR~ saall j3rseeea j3"rs"snt ta the teEmS af Calltraet .ith rests"atisR essts esers ea at elssiR~. If tile esst af reatsratisR SlEeeeas 3' sf the assessea .aluatisn af the im~rs.effisRts ss aama~ea, B,,)er shall ha.s the sj3tiaR ef eitlle" taJtiR~ PFSj3ert) as is, ts~ethsr ,.ita either tile 3' sr aR) iRs"raRee j3rseeeela j3a)aIale B) .irtue af sllea lass sr aama~e, sr af eaReeliR~ CSRtFaet aRa reeei.iR~ ret"rR sf ae~asit(sl. P. PROCEEDS OF SALE; .CLOS:ING PROCEDURE: 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'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 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 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 as is, waiving all rights against Seller as 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 p"rchas~ price is to be derived from institutional financing or refinancing, requirements of the lending institution as to place, time of day and procedures for closing, and for disbursement of mortgage proceeds 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 proceeds 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 627.7841, F.S., as amended. Q. Es~rl Aft) esera 1 s~eRt (.~.J reeei iR~ f,,"as sr e,!"i.aleRt is autlleriaea sRa a~rees B) aeeej3taRee Bf them ta aej3asit tllem prsmptl}, llsla same iR esers aRa, s,,~jeet te elearsRee, aise"rse tllem iR aeesraanse . itll terms aRa eanaitisRs sf CSRtraet. fail"re sf elsaraRee sf f"nas saall nst ensuse B,,)er's j3erfs"maAee, If iR elsuet as te A~eflt's a~ties SF li~iliEiea ~flaeE the pES isiSR8 af CeRtyaet, A~eflt mal, at ~~CRt'5 e~tieA, ceA~iR~e te hala tile sllBjeet matter sf tile esere' "ntil ths ~arties herets a~ree ts its aisB""sement, e" "Rtil a j"a~meRt af a esurt sf ssm~eteRt jllrisaietiall saall aeteEffiiRe the ri~llts ef the j3arties sr A~aRt ma) aej3asit ith the elar', sf the eire"it eallrt ha.iR~ j"riselietisR ef tile ais~ute. Yj3aR nstif}iR~ all j3arties esnesrRea ef s"ell aetisR, all 6 ~~~~~;~;~ ~~ t~; ~~:: ~f ~~e~t ;~:ll hll} termiRate, e"eeJ't te tl>:, e"teRt ef .aeea~Rti.~~~:r ~R~ ~~:~ ~;~. i~U~l) ~:~:~:=:~ a~~ ~f ~s:raw. If a heeflseel real estate Jara),,,r, A~eflt \ ~ll eafRt31} HI> J'ra.~ ~a a I> _ ,.~., ~: :~~R~~~. ~~~ :~it aet.eeR BH}er anel 8eller here A~ent is maele a ~art} aeea~se af aetiR~ as ~;~;t ~~r~~;ele~, or ~: :R~ :u~; ~~e~:~~ ~~:R~.~~t:~~~:ael5 the suajeet m~tter af the esera , A~ef\t shall re~a~:r r~~~~~:~~; ~~~:~:~):' :::5 ~:: ::s~: =~~~:r:~ ~=t~ t~:=: amaHRts ta ae ~a~eI fram aReI a~t af the esera .eel f~ReI~ __ B€f- _. a.. _. !l:~ ~~~ ~;:~~~~ :~ a~~rt ~~:ts iR fa er af the pre ailiR!l ~art}: Tp.e ~~ent shall Rat ae ~~~:~~ ~: ;:; ;~;t; :r if~::~ ::'.: ~:s~;l;;~::} ta BH}er ar Seller ef ~tems s~aJeet ta tlus esera . ~Rless sueh HI .) s due t breach af CaRtraet ar ~rass Re~l~~eRee sf P~eRt. R. ATTORNEY FEES; COSTS: In any litigation, including breach, enforcement or interpretation, ar~s~ng 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. S. FAILURE OF PERFO~CE: Except as provided in Paragraph XII, if Buyer fails to perform this Contract within the time specified (including payment of all deposit(s)), the depositls) paid by Buyer and deposit,s) 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(s) without thereby waiving any action for damages resulting from Seller's breach. T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTXCE: 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 as effective as if given by or to that party. U. CONVEYANCE: 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. OTHER AGREEMENTS: 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. ~IES: 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. 7 1.- \ I I I ~f-- ~/ N.W. 3RO TERR. "" ,..--.- -' ~ -"" < - I I =~ ST. !'"-- - ~ ~ '----- - ~ ST. ~ iE :I: .....- ~ ~ ~ l)l -- 8-- 01:_ -~ ,: z Z - ---., ST. ....... S.D. SPADY ELEMENTARY SCHOOL ...... ...... - - - - ~ < ~ JW'== == - ~ >---- <--<- -- - iT= -:3R --.::: I I I - - ~ < T= :;; tiJL _ --..1N12....- --.-- ~ ~-- <--<--:I: - - --\; ---- - I I I :I: t- O> - - ~- ~ 1I1~1I111~ LUTHER ~ Ie == - - - - >----1--- - -- - - - - - - - =~ - - - - - - POMPEY PARK 5 - .... ---:=l ,. \L. .... II I II II 1 II I T. MARTIN - '--- - r- ;::::= I II hl ~1T n= 1ST ~~~ITIIIJ mID ~T_ ~ ~AN:::VE~ [TIillIill DllllID ~ ~Mocol . s~:n~ '--- -- -- - -r- - - --~ --- --- -,:- -,: -:i-- . c-; __2 - - II :I: ~ I:: I I ~~ I -- ,: z ,: z I - - ATLANTIC AVENU E GA rEWA Y anm [[I[ill b " ITIllIIIIIJ] - L I ,.- MINI PARKS ~. - }L- i:::= - - '--- ~ r--~ w ~ - - > - . - I--- {>-- -< < < < ~- I-- - '--- ~ - ~~ <- -f.---<- <~ - - - -I-- I-- - - - t= - - - - f.--- ~ - - I--- N LOCATION MAP PROPERTY TO BE TRANSFERED TO THE DELRAY BEACH COMMUNITY LAND TRUST, INC. CITY CF OELRAV BEACH. f1. PLANNlNC '" ZONINC OEPARllIENT -- OICITAl BASe MAP S'I'STDI -- PCH: 12-43-46-17-25-002-0210 [IT' DF DELRA' IEA[H CITY ATTORNEY'S OFFICE 200 NW 1st AVENUE' DELRAY BEACH, FLORIDA 33444 TELEPHONE: 561/243-7090' FACSIMILE: 561/278-4755 DELRAY BEACH f lOR I 0 ^ --- All-America City , III I! DATE: Writer's Direct Line: 561/243-7090 MEMORANDUM August 1, 2006 1993 2001 TO: City Commission David T. Harden, City Manager ~ FROM: Terrill Barton, Assistant City Attorney SUBJECT: Resolution No. 32-06/Transfer of Property Located at N.W. 8th Avenue, Parcel Control # 12-43-46-17-25-002-0210 to the Community Land Trust Attached to this memorandum please find Resolution 32-06 which confirms the City's intent to transfer the property referenced above to the Delray Beach Community Land Trust, Inc. for affordable housing purposes. Also attached please find a fully executed Contract for the Sale and Purchase of the above-referenced property. This resolution revises the legal description of the earlier Resolution 32-06 due to an error in the title search documents which incorrectly referenced the property as Lot 1 instead of Lot 21. Please place the Resolution and supporting documents on the agenda for the August 15, 2006 City Commission meeting for consideration. TCB:smk Attachment cc: Chevelle Nubin, City Clerk 10. f. RESOLUTION NO. 32-06 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 N.W. 8TII AVENUE, AS MORE PARTICULARLY DESCRIBED HEREIN, TO THE DELRAY BEACH COMMUNITY LAND TRUST, INC., TO BE UTILIZED FOR AFFORDABLE HOUSING PURPOSES. WHEREAS, the City of Delray Beach, Florida, desires to transfer/sell property located at N.W. 8th Avenue for the purposes of providing affordable housing as part of the Community Land Trust; 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 RESOLVED BY THE CITY COMMISSION OF THE CITY 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 Lot 21, Block B, Tourist Nook, according to the map or plat thereof as recorded in Plat Book 11, Page 47, Public Records of Palm Beach County, Florida, to the Delray Beach Community Land Trust, Inc. 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 2006. ATTEST: City Clerk 2 MAYOR RES. NO. 32-06 CONTRACT FOR SALE AND PURCHASE PARTIES: CITY OF DELRAY BEACH, a Florida municipal corporation, 100 N.W. 1st Avenue, Delray Beach, FL 33444 (Phone: 561-243-7000), ("Seller"), and the DELRAY BEACH COMMUNITY LAND TRUST, INC., ("Buyer"), 20 North Swinton Avenue, Delray Beach, Florida 33444 (Phone: 561-276-8640), 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: Lot 21, Block B, Tourist Nook, according to the map or plat thereof as recorded in Plat Book 11, Page 47, Public Records of Palm Beach County, Florida Property Control No. 12-43-46-17-25-002-0210 (b) Street address, city, zip, of the Property is: N.W. 8th Avenue, Delray Beach, Florida 33444 II. PURCHASE PRICE $ 10.00 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 August 1, 2006, 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 ~Buyer shall at Buyer's expense obtain (CHECK ONLY ONE) : abstract of title or ~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 1 mortgages, if any (if additional items, see addendum); provided that there exists at closing no violation of the foregoing. 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 quanti ties, 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 X . By: DE COMMUNITY LAND TRUST, INC. rr]-ob Date P~r'ml1n c. ,~' 0(0 I DateJ ~D.\J IZ. L.E.J'NS{). Tax ID No. ~<\-(o00030~ Tax ID No. "'2- C - I..{ t G:I L..- '3 5 '"2- 2 ADDENDUM TO CONTRACT FOR SALE AND PURCHASE SELLER: CITY OF DELRAY BEACH, a Florida municipal corporation BUYER: THE DELRAY BEACH COMMUNITY LAND TRUST, INC. PROPERTY ADDRESS: N.W. 8th Avenue, 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 1 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 3 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. 4 STANDARDS FOR REAL ESTATE TRANSACTIONS A. EVrDENCE OF TI~: (l)An abstract of title prepared or brought current by a reputable and existing abstract firm (if 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. (2) 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 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 (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 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. B. PllRCHASB llQ!IIU' l~!l'mlSBl SBSlIU'l'T J\GIlEBtIl!2I'1' !l'G SEl..l.Im. .'. pHrehase meAey mart!j'a!j'e aAe Hlert!j'a!j'e Aete ta Seller shall pre.iee fer a 3Q es) !j'raee periee iA the e 'ent ef eefaHlt if a first Hlert!j'a!j'e ane a IS ea) !j'raee periee if seeeRe er lesser mert!j'a!j'el shall pre.iee far ri!j'ht ef prepa)~eRt iR .hele er in part .litheHt penalt)1 shall l'erHlit aeeeleratiBn in e.ent ef tranefer ef the Real Prepert)1 shall re~ire all prier lien ane enoumeranees te ae ]lept iR !j'eee stanein!j' ane fereie meeifieatiens ef er future ae.aAees uAeer prier mert!j'a!j'e(s)I shall re~uire SHier te HlaiAtain pelieies ef insHranee eentsinin!j' a stanesre mert!j'a!j'ee elaHse ee.eriR!j' all iffil9re.eHlents leeatee en the Real Prel'erti a!j'ainst fire aRe all perils inelHeee ithin the terHl "eHteReea ee.ers!j'e eneerseHlents" ane! s"eh sther risks aRe l'erils as Eeller ma) reasenaely re~Hire, in aR affieHnt e~Hal te their hi!j'hest iRs"raale alHe, aRe the Hlert!j'a!j'e, nete aRe! seeHrit) a!j'reemeat shall ae ether.lise iR fBERl aRe eeatent re~"iree! a) Beller, aut Seller Hla) eRl) require elaHs8s e"stemaril) feuRe iR mert!j'a!j'es, mert!j's!j'e aetes, aRa seeHrit) a!j'reements !j'enerall) "tili~ee! a) Ss.iR!j' aRe leaa iAstitHtiens er etate er RatieAal aanl,s leeatee iA the eeHAty ,.hereia Real Prepert) is leeatea. All Perseflal Prepert) aRa leases aeia!j' eea.eiee er assi!j'aee _ill, at Seller's eptisR, ae sHajeet te the lieR ef a seeHrit) a!j'reemeAt e.ieeAeee a) reeereee finsneiR!j' statemeAts. If a aalleeR me rt!j'a!j'e , the fiRal pa)'fileRt _ill eHeeee the 1gerieeie paymeats thereeR. c. SORVEY: 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. 9. R:I1UIRS, BHier, at Btiyer's eHpense, \lithia time alle.:ea ts eelher e.iaeaee sf title aaa ts eHamiae saHle, Rlay ha.e Real Preperti inspeetee a) a Fleriea Certifiee Pest Cafltrsl Operater ("Operater") te eetermine if there is aA) isiale aeti.e terHlite iafestatiea er \isiale eHistin!j' eams!j'e frem termite infsstatiaA in the Prspert). If either sr Beth are fe~Acl. BH)er _ill ha e 1 aa)s frem eate ef rittea Aetiee thereef ithiA hieh ts ha.e esst ef treatHleat, if reqHiree, estimatee a) the 9peratsr aRe all eama!j'e inspeetee aAe estiHlatee a) a lieeasee aHilaer er !j'eAeral esntraeter. Seller shall pay .alie eests sf treatmeRt aAe repair ef all eama!j'e up te the aHleHat pre.ieee iA Para!j'raph (a) . If estimatee essts eHeeee that aHlsuRt, EH) er shall ha e the eptieA sf eaaeeliA!j' this Centraet ~5 ea)s after reeeil't sf eBAtraeter's repair estiHlate BY !j'i.iA!j' ..ritteR aetiee te Seller er BH)er Hla) eleet te preeeee ith the transaetien, aAa reeei e a e"eeit at elesia!j' SA the ams~Rt ~re.ieea iA Para!j'raph (a]. "Termites" shall ae eeemee ts iaeluee all .eee aestre)iA!j' sr~aRisHls re~uiree te ae re~ertee "Aeer tt: fI8riea Pest Centrsl Aet, as ameAeee. E. INGRESS AND EGRESS: 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. F. ~ES, Seller shall, RSt less than 15 aa)s aetere elesiR!j', fHraish te BHier espies sf all 'ritten leases aae estsppel letters frsm eaeh teaant speeif)in!j' the natHre aAa eHratien af the teRant's seeHpaAe), rental rates, ae.aaeee rent ane seeHrit) eepesits paie ai tenaAt. If Seller is ~aaale te eatain sHeh letter frsHl eaeh tenant, the saHle infermatien shall ae f~raishee ay Selle" te BH)er ..ithin that time perise ia the ferHl ef a Seller's affiaa.it, aAe BH)er mal thereafter eeataet teaaats te eenfirm sHeh iRferHlatiea. Seller shall, at elesiA!j', aeli.er ane assi!j'A all eri~iAal leases te BH)er. 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 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 names 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. H. PLACE OF CLOSING: 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. TIME: 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 Dr legal holiday shall extend to 5:00 p.m. of the next business day. Time is of the essence in this Contract. 5 J. DOCtlMENTS FOR CLOS:ING: Seller shall furnish deed, bill of sale, construction lien affidavit, owner's possession affidavit, and corrective instruments. Buyer shall furnish closing statement. K. EXPENSES: 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. PRORA7:IONS; CRED:I7S: Taxes, assessments, 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. M. SPEC:IAL ASSESSMEN7 L:IENS: Certified, confirmed and ratified special assessment 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 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. N. nISPEG~IGN, REPAIR ANa !~~GE, Seller arrants that, as sf 19 sa)s priBr te elesin~, the eeilin~, rBef (inel~sifl~ the faseia ans seffits) ana enteriBr ans interiBr aIls, fs~nsatiBn, sea alls (Br e,!~i.alentl ans deella~e aB flet ha.e any YIE:IBJ;.E E"IBENCE ef leal,s, .,ater sama~e er str~et~ral salfta~e ana that the septia tanle, peel, all appliaRees, meehanieal items, heatin~, eeelin~, eleetrieal, ph"nBin~ s)stelfts ans maehiner) are in \IORKINC COIlDITION. The fere~ein~ 1arrant) shall Be limites ts the items s~ecifies ~Rless etherlise ~Es.isES in an aaaens~m. B~)er lOa), at B~)eE's en~eflse, ha.e iRspeetisRs maae ef these items B) a firm eE insivis~al speeialiain~ in heme ifls~eetiefls afla hslaiR~ an eee~~atienal lieense fer s~eA ~uE~ese (if re'J~irea) er a) aR apprepriatel) lieeflsea fleriaa eefltraeteE. B~)eE shall, prieE te B~)er's eee~~afle) eE flet less thaR 19 aa)s ~rieE te elesin~, hiche.er eee~ES first, Ee~ert in .Eitin~ te Seller s"eh items that de net meet tAe aae.e stansards as te aefeets. Unless B~)er timel) Eeperts sueh aefeets, Bu)er shall ae deemea te ha.e ai.ea Seller's 1arraflties as te aefeets flet re~ertes. If re~airs eE re~laeement are re'J~irea te eempl) lith this Standara, Seller shall ea~se them te ae maae ans shall ~ay ~~ te the _eunt pre daea in Para~raph (B). Seller is net re,!uirea te make repairs er re~laeements ef a eesmetie nature .Rless eausea a) a aefeet Seller is Ees~ensiale tB re~air BE re~laee. If thE eeBt Bf s~eh re~air Br re~laeement eueeeas the eme_nt ~re.iaea in Para~raph _____ (B), B~)er er Seller ma) eleet tB pa) s~eh eueess, failin~ ..hieh either ~art) ma) eaneel this Centraet. If Seller is ."aBle te eerreet the aefeets ~rier te elesi,,~, the eest thereef shall ae ~aia inte esere.. at elesin~. SelleE shall, u~en reasenaale netiee, ~re iae ~tilities seE.iee ana aeeess te the Prs~ert) fer ins~ectiens, iRel~ain~ a .all, thre~~h ~rier te elesin~, ts eenfiEm that all items af Perssnal Preperty are en the Real rrspert) ana, sUBject te the fere~sin~, that all re'J~irea repairs ana Ee~laeements ha.e Been made ana that the Pre~ert), ineluain~ a~t nst limitea te. la..n, shr"BBer) ana ~eel, if an), has Been maintainea in the eenaitien enistin~ as ef Effeeti.e Bate, erainary lear ana tear eJlee~tea. 9. ntSK 91' LeSS. If the PEe~eE~) is ~ama~ea B) fire er etheE eas~alt) eefere elssin~ ana eest ef restaratisn seES net eJleeea 3' af the asaessea .aluatieR ef the Pre~ert) se dama~ea, eest ef resteratien shall Be an eBli~atien ef the SelleE ana elesin~ shall ~rseeea ~~Esuant te the teElfts ef Centrast .ith restsratisn eests esere\.es at elesin~. If the eest ef resteratien eueeeas 3\ ef the assessea al.atien ef the iffiPre.ements se aama~ea, B~)er shall ha.e the eptien sf either tallin~ Pre~ert) as is, te~ether .lith eitheE the 3' er an) iRs~ranee ~reeeeas ~aJaI91e B) irt~e ef s~eh less er sama~e, er ef eaReelin~ Centract ana reeei.in~ ret~En ef ae~esit(s). P. PROCEEDS 01' SALE; .CLOSmG PROCEDURE: 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'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 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 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 as is, waiving all rights against Seller as 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 p~rchas~ price is to be derived from institutional financing or refinancing, requirements of the lending institution as to place, time of day and procedures for closing, and for disbursement of mortgage proceeds 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 proceeds 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 627.7841, F.S., as amended. Q. ESSIlOill 1'....) esereu a~ent (.~.) reeei in~ funas er e'Jui alent is authsril!ea ana a~rees B) aaee~tanee ef them te ae~esit them premptl), hela same in esere 1 ana, sUBjset te elearanee, eisBurse thEm in aeeerdanee ith terms ana eenaitiens ef Centraet. Failure ef elearanee ef funds shall nst Eneuse Bu)er's perfeEmanee. If in as~t as te A~ent's auties er liabilities ~Rder the ~re.isisns ef Centract, ~~ent ma), at ~~ent's eptien, eentin~e te held the s~Bjeet matter ef the esere.l until the ~arties he rete a~ree te its aisa.rsement, eE ~ntil a j~a~meflt ef a eeurt ef sem~etent j~risaietien shall eetermine the ri~Ats ef the ~arties er A~ent lOa) ae~esit ith the elerl, ef the eire~it eeurt ha in~ j~risdietien ef the sis~ute. 9~sn netif)in~ all parties aeneernea ef sueh aetien, all 6 ~;::~;;:~ :: t~: :::: :f Zi":t ~~=:: ~IJ::~ t::~:~at", """"flt ta the e"te~t ~f ae~~u.,na~~n~ ~r ~n~ ~~:: ~~:; i~":l~ ::l;;:;:~ a"~ ~f :~~r::;, :: a n~~:=R::~ ~~~l estate sral,er, ,"'!leRt ..ill c~;.-;~ ~~;~ ;f-~;:~~~s :r .~~:~":: :~:d ~,s, :: ::~R=:~. ~:~ :~:~ :=~:e;~ ~~~~: :~a ~eller ..heFe 1\'3'ent ~a mase a !,ar =:;.:-___ __ ___~;': a; ~= ~:r::::::, :r ~: :R~ :";; ~:e~:;: ~::fl;,~=t~~~~:a~ ~~= s~~j.::t '"?tteE af the e:e:: ~ ~\!lC~~- ~~e"il ~c~o~:r ~~~:~:~e :~t:~:~~~' :::" ::: ::a:: :::::'":: :~E~ E~::: a~~"~~: ::: ~: ~~~s fFem ans ell _~ e__ra t-- fu~~e ': :<JU;': a=. ;R: e:::::: ~:: ::~:~~ :: e"tu:t c~::a ~R :~;:~ :~ th.c prc:.a!hR!l !,art)" The ::'3'~~t _~,a;; n:~ ~e ~~~~~~ ~: a?~ !,~rt) :r f~~;:~ ::: :"~~*~~=:: :a D.:"~," 01' ~:.~::~ :f ~tema s"s]"et te Una ea e u 1 5 e Hl .. i duc t e~ea,," af' 6e"Efaet eE !lrsso ncql~!lefl"e ef A!jent. R. ATTORNEY FEES; COSTS: In any litigation, including breach, enforcement or interpretation, ar~s~ng 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. S. FAILURE OF PERFO~CE: Except as provided in Paragraph XII, 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!s) 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(s) without thereby waiving any action for damagea resulting from Seller's breach. T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTrCE: 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 as effective as if given by or to that party. 11. CONVEYANCE: 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. OTHER AGREEMENTS: 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, WARRANTIES: 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. 7 ~- ~ II t-~ II III ~ LUTHER '--- I ~ == - - - - ST. r- \ I I I "': ~.r N.W. 3RD TERR. <C - r----- - ~ <C < 1--- __ 1--- -- f--- w- -w- - ~--~- -- - -- 1 I - - I - - - - - - - <C_ - - - 3R - - - - - - - L..-- ATLAN TIC A V E N U E GA rEWA Y OIIIIII ITIIIIillID I I II ITIIIIIIIIJ] ~ I I ,-- MINI PARKS '=' . = ~ == - ~ == -~ w W I--- ~ -< < > > .~ < < ~ - - <C: - ~ I--- ~== - - -<'-- <== - - - -- I-- - == - - - == - -- -== i--- ST. ~ '-- iE ~ ~ -~ 0- o - a:_ :Ii -' z --.. S.D. SPADY ELEMENTARY SCHOOL :I: ~ :: -j :Ii Z T= I T I- '- ~ - - - =I~ - - - - - - - ST. if= J I === - - -I--- - -- ....... I I ~ < 5 < - :::;;;;;;;;, POMPEY PARK r IlL II '-----' I11L - ~ <C_ MARTIN T. _ ---1N~ -.-- ~-- -<--::r;: --6 -- ....., - if - - I - -- -- - - r- ;;;) - - - - - -- -- -- -.- -~- ;i ,-- - --.: f-- '-- ~ I ~~ ~ - - -. -": _z - - ,..-- - >----- --- TLAN nc A VENUE NO.1 N - LOCATION MAP PROPERTY TO BE TRANSFERED TO DELRAY BEACH COMMUNITY LAND TRUST, INC. ClTY OF OELRAY BEACH. f1. PLANNI'IC .. 20NINC OEPARTI.IENT THE -- DIGITAL BASe MAP S'lSTDI -- PCN: 12-4J-4{i-17-25-OO2-0210 Cc', L tX.vl e( ac;v- b-iJi ~ 'I fl5! ok, {A~o- 28 Boca RatonlDelray Beach News ~ TuesdayIWednesday, August 8-9, .2006 · www.bocanews.com ~EOfINTeNTTO TRAN$FEAISELL REAL PROPERTY . NOTICE IS HEREBY GIVEN thai the Gltyof _~elr~lY Beach; Florida, an. nounces Its Intention to transfer/sell the 1oRowing described property: ~ot 21. Block. B~ :Tourist Nook. accord- Ing to ~he map or plat thereof as :re~ ~ded In Plat ~ 11. Page 47 -Pub- ~:cordS of Palm Beach Cdunty. Othe~ tert~S of the transfer/sale are contained _ In ~e _ eonlfact for _ Sale _ and Purchas~ bet,ween- the' City and - the Comf!'l_unlty, Land Trust. Ii. resolution of the City, Commission' aulhoriz{ng the transfer/sale of real property incorpo; ratln~ the terms and conditions there- of. Wln be considered at a .public hear- 1",9 to be held on August 15. 2006 at 7.00 pm. at City Hall. 100 NW 1st Avenue. Dekay Beach. Aorida. . CITY O;y~ELRAY BEACH. FLORIDA Chevelle Nubin Publish: August 1st &. ~.~ Boca RatonlOelray Beach News tc; cheue-I {~ 28. Boca RatonlOelray Beach News - TuesdayIWednesday, August 1-2, 2006 · www.bocanews.com NOTICE OF IIllENT TO T1IANSFER/SElL REA~ PROPERTY NOTICE IS HEREBY GIVEN that the City of 'Delray Beach, Florida, an. nounces its intention to transfer/sell 1l1e tallowing de.cribe<l property: Lot 2 \. Block B. Tourist Nook. accord. iog to the map or plat thereof as re- corded in Plat Book 11. Page 47. Pub- Hc Records. of Palm Beach County. Aarida. Other terms at the transfer/sale aTe contained in the Contract tor Sale and Purchase between the City and the Community Land Trust. A resolution of the City Commission authorizin~ the transfer/sale 01 real property incorpO- rating the terms and conditions there- of. will be cOnsidered at a public hear,- iog to beheld on August 15. 2006 at 7:00 p.m. at City Hall. 100 NW.-.1st Avenue. Delray Beach. Florida CITY OFDELRAY BEACH. FlORIDA By: ChevelleNubin Cityetork Publish: Augusl1st & 8th, 2006 Boca Raton/OeIray Beach News (~)