Backup Documents 02/10/2009 Item #16K 3
ORIGINAL DOCUMENTS CHECKLIST & ROUTING SLIP16 K 3 ~
. TO ACCOMPANY ALL ORIGINAL DOCUMENTS SENT TO
THE BOARD OF COUNTY COMMISSIONERS OFFICE FOR SIGNATURE
Print on pink paper. Attach to original document Original documents should be hand delivered to the Board Office. The completed routing slip and original
documents are to be forwarded to the Board Office only after the Board has taken action on the item.)
ROUTING SLIP
Complete routing lines #1 through #4 as appropriate for additional signatures, dates, and/or informati9n needed. If the document is already complete with the
exce tion of the Chairman's signature, draw a line through routing lines #1 through #4, com lete the checklist, and forward to Sue Filson (line #5 .
Route to Addressee(s) Office Initials Date
ist in routin order
1.
2.
3.
4.
5. Sue Filson, Executive Manager
Board of County Commissioners
6. Minutes and Records
Clerk of Court's Office
PRIMARY CONTACT INF9RMATION .
(The primary contact is the holder of the original document pending BCC approval. Normally the primary contact is the person who created/prepared the executive
summary. Primary contact information is needed in the event one of the addressees above, including Sue Filson, need to contact staff for additional or missing
information, All original documents needing the BCe Chairman's signature are to be delivered to the BCC office only after the BCC has acted to approve the
item.
Name oiPrimary Staff
Contact
Agenda Date Item was
A roved by the BCC
Type of Docwnent
Attached
Deborah Farris
Phone Nwnber
252-5861
February 10, 2009
Agenda Item Nwnber
16K3
Purchase Agreement
Nwnber of Original
Docwnents Attached
One
INSTRUCTIONS & CHECKLIST
. Initial the Yes column or mark ''N/ A" in the Not Applicable column, whichever is
a roriilte..
Original docwnent has been signed/initialed for legal sufficiency. (All docwnents to be
signed by the Chairman, with the exception of most letters, must be reviewed and signed
by the Office of the County Attorney. This includes signature pages from ordiilances,
resolutions, etc. signed by the County Attorney's Office and signature pages from
contracts, agreements, etc. thathave been fully executed by all parties except the Bce
Chainnan and Clerk to the Board andossibl State Officials.)
2. All handwritten strike-through and revisions have been initialed by the County Attoriley' s
Office and all other arties exce tthe BCC Chairman and the Clerk to the Board
3. The Chairman's signature line date has been entered as the date ofBCC approval of the
document or the finaIne otiatedcontractdate whichever is a licable.
4. . "Sign here" tabs are place4 on the ~ppropriate pages indicating where thec;hairman's
siature and initials are re uired.
Inmost cases (some contracts are an exception), theoriginal doc1lment and thisrouting slip
should be: proyide<i to Sue Filson in the BCC officewithili ~4 hours. ofBCC apPr:o~aI.
SOm.e <1,?cwnents are time sensi~veand require forwarding to Talla.hll$see withjna (;~rtain
tinie frame or the BCC's actioriSaieriulli:fied..Be aware of your deadlines! .. ... ..' . .
~he <l~cumenfwas a~pr~vedbYWe:aSfon 2:'10":09 (e!#~fdaterandandl~Ilges
~~Lie.~uring 'ih'e meeting have be~ni~c~rporated. in t~e atta.~lteit docuinent.The. .
. . '. .. '.. . EOOll.Attorne 'sOffice has reViewed thechanes, if a Iicable.,. ..u ............ . .....
~r.,Rl~~s~scanunder . S~ntaBarb~ra inthe BMRRealPropertypolder.
.,.:.':'p....!;i.<'...,Blvd.... . .... ..... ...... . . ......>............. ....
'j:.ForIns! CoiUrty Forms! BCe Forms! Original DocUments Routing Slip WWS Onginal9.03.04, Revised 1.26.05, Revised 2.24.05
Yes N/A (Not
(Initial) . A . licable)
16K3_
PURCHASE AGREEMENT
(Extended Possession of Improved Property)
Santa Barbara Boulevard Project Parcel No. 136 Remainder
Folio No. 38169760004
THIS PURCHASE AGREEMENT is made and entered into on this 10th day of
Februarv , 2009, by and between VIMAL A. PATEL, a single person, whose
mailing address is 1924 Santa Barbara Boulevard, Suite No.1, Naples, Florida 34116
(hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the
State of Florida, whose mailing address is 3301 Tamiami Trail East, Naples. Florida 34112
(hereinafter referred to as "purchas.er").
WHEREAS, Seller owns certain improved property located at 2801 Santa Barbara
Boulevard. Naples, Florida 34116-7431, and more particularly described as the North 180
feet of Tract 1 09. Golden Gate Estates, Unit No. 30. according to, the Plat thereof, recorded in
Plat Book 7, Page 58, of the Public Records of Collier County. Florida. together with all
buildings, structures and improvements. fixtures, built-in appliances, refrigerators, stove,
dishwasher. washer, dryer, ceiling fans, floor coverings and window treatments (hereinafter
collectively referred to as "Property"); and
Whereas. Purchaser desires to purchase said Property; and
WHEREAS, Seller desires to remain in possession of the residence located on the
Property. and has requested the right to occupy the premises for a term of six (6) months, to
which request Purchaser has agreed; and
WHEREAS. Seller has agreed to sell and Purchaser has agreed to purchase the
Property subject to the terms and conditions that follow.
NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars
($1,0.00), and other good and valuable consideration, the receipt and sufficiency of which is
hereby mutually acknowledged. it is agreed by and between the parties as follows:
1. . AGREEMENT
;
In .consideration of the purchase price and upon the terms and conditions hereinafter set
forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property.
2. PURCHASE PRICE
A. The purchase price (the "Purchase Price") for the Property shall be FOUR
HUNDRED FIFTY THOUSAND AND NO/100 Dollars ($450,000.00) (U.S. Currency) payable
at time of closing. Said Purchase Price was agreed upon by the parties hereto with full
consideration having been given to the value of the extended possession. (See Section 4,
below.) None of the Purchase Price is attributed to any personal property. Purchaser shall
also pay to Seller TEN THOUSAND AND NOI1GO Dollars ($10,000.00) towards the Seller's
moving expenses.
B. Payment of the Purchase Price and other amounts provided for herein shall be
made at time of closing and shall be full compensation for the Property conveyed, including
all structural and site improvements and fixtures, and all landscaping, trees and shrubs
located thereon, and shall be in full and final settlement of all other costs and expenses
incurred by Seller, including but not limited to moving expenses, attorneys' fees, expert
witness fees and costs, as provided for in Chapter 73, Florida Statutes.
None of this Purchase Price is attributable to any personal property.
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Seller's Initials
Page No. 1
Purchase Agreement
1~K~~
Santa Barbara Boulevard Project Parcel ~6 'Ffemain~ ...
3. CLOSING
A. The Closing (THE "CLOSING DATE", "DATE OF CLOSING", OR "CLOSING") of
the transaction shall be held on or before NINETY (90) days following execution of this
Agreement by the Purchaser unless extended by mutual written agreement of the
parties hereto. The Closing shall be held at the Collier County Attorney's Office,
Administration Building, 3301 Tamiami Trail East, Naples, Florida. Purchaser shall be
entitled to possession as of Closing, unless otherwise provided herein. Seller shall
deliver the Property in broom-clean and working condition, and free of all debris upon
vacating the premises.
B. Seller shall convey a marketable title free of any liens, encumbrances, exceptions,
or qualifications. Marketable title shall be determined according to applicable title
standards adopted by the Florida Bar and in accordance with law. Within FIFTEEN
(15) days of the effective date hereof, Seller shall provide Purchaser with a copy of any
existing prior title insurance policies. At or before the Closing, the Seller shall cause to
be delivered to the Purchaser the items specified herein and the following documents
and instruments duly executed and acknowledged, in recordable form:
1. General Warranty Deed in favor of Purchaser conveying title to the Property,
free and clear of all liens and encumbrances other than:
(a) The lien for current taxes and assessments.
(b) Such other easements, restrictions or conditions of record.
2. Combined Purchaser-Seller closing statement.
3. A "Grantor's Non-Foreign, Taxpayer Identification & "Gap" Affidavit" as required
by Section 1445 of the Internal Revenue Code' and as required by the title
insurance underwriter in order to insure the "gap" and issue the policy
contemplated by the title insurance commitment.
4. A W-9 Form, "Request for Taxpayer Identification and Certification" as required
by the Internal Revenue Service.
5. Such evidence of authority and capacity of Seller and its representatives to
execute and deliver this Agreement and all other documents required to
consummate this transaction, as reasonably determined by Purchaser's
counsel and/or title company.
6. Certificate of insurance pursuant to Section AL (below).
C. At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the
Seller the following:
1. A negotiable instrument in an amount equal to Net Cash to Seller on the
Closing Statement. No funds shall be disbursed to Seller until the Title
Company verifies that the state of the title to the Property has not changed
adversely since the date of the last endorsement to the commitment,
referenced in "Requirements and Conditions" below, and the Title Company is
irrevocably committed to issue the Owner's title policy to Purchaser in
accordance with the commitment immediately after the recording of the deed.
2. Funds payable to the Seller representing the Purchase Price shall be subject to
adjustments and pro-rations as hereinafter set forth.
D. Purchaser shall pay all fees to record any curative instruments required to clear
title, all Warranty Deed recording fees, and any and all costs and/or fees associated
with securing and recording a Satisfaction, Release or Subordination of any mortgage,
lien or other encumbrance recorded against the Property; provided, however, that any
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Seller's n1tials
Page NO.2
16K3
Purchase Agreement
Santa Barbara Boulevard Project Parcel 136 Remainder
apportionment and distribution of the full compensation amount in Section 2 which may
be required by any mortgagee, lien-holder or other encumbrance-holder for the
protection of its security interest or as consideration for the execution of any release,
subordination or satisfaction, shall be the responsibility of the Seller, and shall be
deducted on the Closing Statement from the compensation payable to the Seller per
Section 2.
E. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp
taxes due upon the recording of the Warranty Deed, in accordance with Chapter
201.01, Florida Statutes, unless the Property is acquired under threat of condemnation.
F. The cost of a Title Commitment shall be paid by Purchaser along with the cost of
an Owner's Form 8 Title Policy, issued pursuant to the Commitment provided for in
Section 8, "Requirements and Conditions" (below).
G. Real Property taxes shall be prorated based on the current year's tax and paid by
Seller. If Closing occurs at a date which the current year's millage is not fixed, taxes will
be prorated based upon such prior year's millage.
H. A Security Deposit in the amount of FIVE THOUSAND AND NO/100 Dollars
($5,000.00) will be withheld from Seller's closing proceeds to be held by Purchaser
during the Seller's occupancy in accordance with the provisions of Section 48 (below).
4. OCCUPANCY BY SELLER AFTER CLOSING
A. Seller may occupy the Property after Closing for a term of SIX (6) months from the
date of Closing (the "Initial Term"). As consideration for Seller's extended occupancy of
the Property the Purchase Price in Section 2 was reduced by the sum of SIX AND
NO/100 Dollars ($6.00). In the event Seller and Purchaser agree to extend the Initial
Term of extended occupancy by an additional number of months (the "Extended Term"),
an additional sum will be required from Seller and shall be calculated by multiplying the
number of months of the Extended Term by TWO THOUSAND AND NO/100 Dollars
($2,000.00). This Fee must be paid to the Purchaser in a lump sum, no later than
THIRTY (30) days before expiration of the Initial Term, whereupon Purchaser and Seller
shall execute an addendum to this Agreement memorializing this Extended Term of
possession.
8. At Closing, the sum of FIVE THOUSAND AND NO/100 Dollars ($5,000.00) will be
withheld by Purchaser as security for any damages suffered by the Property during the
Seller's occupancy ("Security Deposit"). The Security Deposit will be paid to Seller at
the end of its Term of occupancy, provided there has been no damage to the Property
caused by the negligence or intentional acts of Seller or anyone acting with Seller's
knowledge and consent. Upon the vacating of the Property, the Purchaser will have
TWENTY (20) days to return the Security Deposit or give Seller written notice of
Purchaser's intention to impose a claim upon the Security Deposit. In the event
Purchaser intends to impose a claim upon a part or all of the Security Deposit, it will
provide Seller with an explanation of the damage, an estimate of repair and an
accounting of the deposit balance.
C. When the Property is partly damaged or destroyed by fire or other casualty not due
to Seller's willful or negligent act or that of anyone on the Property with the knowledge
or consent (actual or implied), of Seller, Purchaser will make repair as soon as
reasonably possible. Purchaser shall also be responsible for the repair to fixtures or
appliances in excess of the limit set forth in Section 4F (below), provided such repair is
not necessitated by Seller's misuse, waste or neglect of the Property, or that of anyone
on the Property with Seller's knowledge and consent (actual or implied). If the Property
is rendered un-inhabitable due to fire, storm or other casualty, then this Agreement shall
automatically terminate, with the sole duty of Purchaser then being to refund to Seller
the security deposit, plus accrued interest. Purchaser shall not be liable for any
damage or injury to Seller and his or her property by reason of any water damage
sustained by Seller and his or her property, or by reason of the breakage, leakage, or
obstruction of water and sewer lines or other breakage in or about the Property.
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Seller's Initials
Page NO.3
16K3 ..~
Purchase Agreement
Santa Barbara Boulevard Project Parcel 136 Remainder
D. Seller agrees to pay all utility services as they come due, including electricity,
telephone, gas, cable television, water, sewer, and solid waste collection, shall arrange
for a final billing and payment of same at the time Seller vacates the Property, and
acknowledges that Purchaser will deduct all such unpaid bills from the Security Deposit.
Seller shall keep the property free from pests and insure that the air conditioning system
is in operation to maintain a reasonable room temperature until the Seller vacates the
property.
E. Seller will use the Property only as its primary residence. Seller is prohibited from
allowing persons, other than its immediate family members, to reside on the Property.
F. Seller shall maintain the Property, including all Systems and Equipment, in clean
and working condition at all times. Seller shall use all Systems and Equipment in a
reasonable manner. Seller shall immediately make and pay for all required repairs to
the plumbing, range, heating apparatus, washer-dryer, air conditioning, refrigerator,
dishwasher and electric and gas fixtures, provided the cost of said repairs does not
exceed Ten Thousand Dollars ($10,000.00). Purchaser reserves the right to enter upon
the Property and repair, at the Seller's expense, all damage or injury to the fixtures and
appliances in the event Seller fails to effect repairs after TEN (10) days' notice.
Purchaser's election not to effect repairs shall not relieve Seller of its obligation to repair
or subject Purchaser to liability for its election.
G. Seller shall.. comply with all governmental regulations concerning the use of the
Property and not permit or suffer any illegal activity or use, or permit to be made any
disturbance, noise or nuisance whatsoever, which would be detrimental to the peace,
quiet and comfort of other persons in the vicinity of the Property, or affect the insurance
risk factor to the Property.
H. Seller shall permit Purchaser's agent or employee to enter the Property at any
reasonable time, upon TWENTY -FOUR (24) hours notice, during the term of this
Agreement to inspect the Property or make any needed repairs.
I. Seller will surrender possession of the Property at the expiration of either the Initial
Term or the Extended Term in as good a condition as of the Effective Date, reasonable
wear and tear and acts of God excepted. Seller shall not be responsible to repair or
replace the items or deficiencies set forth in the attached list marked Exhibit "B", which
existed prior to the Closing.
J. Seller shall not alter or make additions to the Property without the Purchaser's
consent. Seller shall not deface, damage or remove any part of the Property or permit
any person to do so, nor shall any of the appliances listed on Exhibit "C" be replaced
without the Purchaser's consent.
K. DEFAULT. Seller will be deemed in default of this Agreement if Seller fails to
perform any of the covenants, promises or obligations contained in this Section for a
period of TEN (10) days after notice of such default. Upon Seller's default, County may
terminate this Agreement upon TWENTY (20) days written notice to Seller, re-enter and
take possession of the Property, whereupon the term thereby granted and all rights of
Seller to occupy the Property shall terminate. The Seller shall remain liable for any
damage suffered by the Property because of Seller's breach of any of the covenants of
this Agreement, and such termination shall be without prejudice to the Purchaser's right
to collect said damages. Purchaser and Seller shall have the right to pursue any and all
remedies available under this Agreement or applicable law.
L. Seller shall be required to maintain insurance on the Property during the entire
Term, and any Extended Term, which policy shall include contents coverage of
$100,000, premises liability with limits of $300,000, and loss of use coverage.
Purchaser will be named as an additional insured and the policy premium for the Term
of occupancy will be paid in advance at Closing. Seller will be required to provide a
certificate of insurance prior to Closing.
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Page No.4
Seller's Initials
16K31
Purchase Agreement
Santa Barbara Boulevard Project Parcel 136 Remainder
M. The terms and conditions contained in this Section shall survive Closing and are
not deemed satisfied by conveyance of title.
5. PROPERTY CONDITION DISCLOSURES
A. General. Seller represents that Seller knows of no facts or conditions materially
affecting the value of the Property, except those which are readily observable by
Purchaser, or which have been disclosed to Purchaser by Seller in writing and furnished
to Purchaser prior to the Effective Date of this Agreement.
B. Radon Gas. Florida law requires the following disclosure: Radon is a naturally
occurring radioactive gas that, when it has 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 and radon testing may be obtained from
your county health department. Seller has no knowledge of the existence of radon on
the Property or any radon mitigation having been performed on the Property.
C. Lead Based Paint/Paint Hazards. If construction of the residence on the Property
was commenced prior to 1978, Seller is required to complete, and Seller and Purchaser
are required to sign and attach to this Agreement, the addendum entitled "Lead-Based
Paint and/or Lead-Based Paint Hazards Attachment to Sales Contract: Disclosure of
Information and Acknowledgement."
D. Mold. Molds are commonly found both indoors and outdoors. Interior infestation
by certain molds may cause property damage and health problems for some persons.
Seller has no knowledge of any mold remediation having been performed on the
Property.
E. Warranty. Except as to any facts or conditions disclosed to Purchaser as required
under Section 5. A. above, Seller warrants that all major appliances and equipment;
sprinkler, well, septic, heating, cooling, electrical and plumbing and security systems;
major mechanical components; roof (including fascia and soffits); ceiling; structural
walls; foundation; swimming pool, spa and pool/spa deck; seawalls; docks; boat
lifts/davits and related electrical and mechanical components, if any (collectively
"Systems and Equipment") are in Working Condition. "Working Condition" shall mean
operating in a manner in which the Systems and Equipment were designed to operate.
The roof, ceiling, interior and exterior walls, foundation, swimming pool, spa and
pool/spa deck, if any, shall be considered in Working Condition if structurally sound and
watertight. Seawalls and docks, if any, shall be considered in Working Condition if
structurally sound. Seller shall not be required to repair or replace any Cosmetic
Condition. "Cosmetic Condition" shall mean an aesthetic imperfection which does not
affect the Working Condition of the item, including corrosion; tears; worn spots;
discoloration of floor covering or wallpaper or window treatments; missing or torn
screens; nail holes; scratches; dents; chips; caulking; pitted pool surfaces; minor cracks
in windows, driveways, sidewalks, spa/pool decks and garage, tile, lanai and patio
floors; and cracked roof tiles, curling or worn shingles and limited roof life, so long as
there is no evidence of structural damage or leakage.
6. INSPECTIONS
A. Inspection Period. Purchaser shall have THIRTY (30) days from the Effective Date
(Inspection Period) to have the Property and improvements thereon inspected at
Purchaser's expense as follows: (a) Systems and Equipment, by an appropriately
Florida licensed inspection company or licensed contractor, and/or (b) radon gas, by a
Florida certified radon measurement technician or specialist, and/or (c) lead-based paint
and hazards, by an EPA-certified lead exposure risk assessor, and/or (d) termites or
other wood-destroying organisms, by a certified pest control operator (collectively the
"Inspection Items"). Upon reasonable notice, Seller shall provide access and utilities
service to the Property to facilitate inspections.
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Page NO.5
Seller's Initials
16K 3 ."
Purchase Agreement
Santa Barbara Boulevard Project Parcel 136 Remainder
B. Election and Response. If any inspection conducted during the Inspection Period
reveals: (1) that any Systems and Equipment are not in Working Condition, and/or (2)
the presence of radon gas at a level in excess of EPA action levels, and/or (3) the
presence of lead-based paint or paint hazards required abatement under HUD/EPA
protocols, and/or (4) the existence of active infestation by termites or other wood-
destroying organisms and/or visible damage caused by active or past infestation
(collectively the "Defective Inspection Items"), Purchaser shall, within FIFTEEN (15)
days after expiration of the Inspection Period: (a) notify Seller of any Defective
Inspection Items, and (b) furnish to Seller a copy of the inspection report(s)
documenting the Defective Inspection Items, and (c) notify Seller of Purchaser's election
either to: (i) receive a credit from Seller at closing in lieu of any repairs, replacements,
treatment, mitigation or other remedial action necessary to bring the Defective
Inspection Items into compliance with the relevant standards set forth above (the
"Remedial Action"), or (ii) have Seller take Remedial Action at Seller's expense prior to
closing. If Purchaser elects to receive a credit, the amount of the credit shall be
equivalent to the estimated costs of any Remedial Action and shall be determined not
later than the earlier of Seller's Response Deadline, or TEN (10) days prior to the
Closing. If Purchaser elects (i), Seller shall not be required to take any Remedial
Action. If Purchaser makes no election, Purchaser shall be deemed to have elected to
receive a credit at Closing.
C. Not later than FIFTEEN (15) days from receipt of the written notice and inspection
report(s) from Purchaser ("Seller's Response Deadline"), Seller shall notify Purchaser
whether Seller will give Purchaser credit equal to the cost of repairs or take remedial
action, whichever is requested by Purchaser. If Seller refuses Purchaser's election by
Seller's Response Deadline, then Purchaser may terminate this Agreement within TEN
(10) days of Seller's Response Deadline. If Purchaser does not elect to so terminate
this Agreement, Purchaser is deemed to have accepted the Property in the condition it
existed on the Effective Date, except that Purchaser retains the rights set forth in
Section 6.G. (Walk Through Inspection) below. If Seller fails to respond by the Seller's
Response Deadline, Seller shall be deemed to have accepted Purchaser's election, and
Purchaser may receive credit at Closing as set forth above.
D. If Purchaser does not have the Inspection Items inspected, or fails to do so within
the Inspection Period, or fails to timely report any Defective Inspection Items to Seller,
Purchaser shall be deemed to have accepted the Property in the condition it existed on
the Effective Date, except that Purchaser retains the rights set forth in Section 6.G.
(Walk Through Inspection) below.
E. Remedial Action shall be deemed to have been properly performed if (1) the
Systems and Equipment are placed in Working condition (as defined above), (2) radon
gas within the residence on the Property is reduced to below EPA action levels, (3)
lead-based paint and paint hazards on the Property are removed or contained in
accordance with HUD/EPA guidelines, and (4) any active infestation of termites or other
wood-destroying organisms is exterminated or treated, and all visible damage caused
by active or past infestation is repaired or replaced. Seller shall make a diligent effort to
perform and complete all Remedial Action prior to the Closing Date, failing which a sum
equivalent to One Hundred Fifty percent (150%) of the estimated costs of completing
the Remedial Action shall be paid by Seller into escrow at Closing pending completion.
F. No cost to repair or replace any Systems and Equipment shall exceed the fair
market value of that item if it were in Working Condition. If the costs do exceed fair
market value, then either Seller or Purchaser may elect to pay such excess, failing
which, either party may terminate this Agreement upon written notice.
G. Walk-ThrouQh Inspection. Purchaser (or a designated representative) may
conduct a walk-through inspection of the Property prior to Closing and prior to
possession, to confirm: (1) completion of any Remedial Action agreed to by Seller in
Section 6.B "Election and Response" above, (2) that the personal property items which
are being conveyed as part of this Agreement remain on the Property, (3) that the
personal property items which are not being conveyed as part of this Agreement have
been removed from the Property, and (4) that Seller has maintained the Property as
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Seller's Initials
Page NO.6
16 K 3 ..~
Purchase Agreement
Santa Barbara Boulevard Project Parcel 136 Remainder
required in Sections 3 and 7. Upon reasonable notice, Seller shall provide access and
utilities service to the Property to facilitate the walk-through inspection.
H. Inspections durinq Occupancy. Purchaser may enter upon the Property with at
least 24-hour notice to Seller for purposes of inspecting the Property for compliance
with the terms of Section 4 of this Agreement or effecting repairs.
7. RISK OF LOSS
Seller shall maintain the Property (including without limitation the lawn, shrubbery, and
landscaping) in the condition existing on the Effective Date until Closing or date of
Purchaser's possession, whichever is later, except for ordinary wear and tear and any
Remedial Action agreed to by Seller under Section 68 above. Any future loss and/or
damage to the Property between the Effective Date and the Closing or date of Purchaser's
possession, whichever is earlier, shall be at Seller's sole risk and expense, except as
provided in Section 4.
8. REQUIREMENTS AND CONDITIONS FOR CLOSING
Upon execution of this Agreement by both parties or at such other time as specified within
this Section, Purchaser and/or Seller, as the case may be, shall perform the following within
the times stated, which shall be conditions precedent to the Closing:
A. Within FIFTEEN (15) days after the date hereof, Purchaser shall obtain as
evidence of title an AL TA Commitment for an Owner's Title Insurance Policy (AL TA
Form 8-1970) covering the Property, together with hard copies of all exceptions shown
thereon. Purchaser shall have THIRTY (30) days, following receipt of the title insurance
commitment, to notify Seller in writing of any objection to title other than liens evidencing
monetary obligations, if any, which obligations shall be paid at closing. If the title
commitment contains exceptions that make the title unmarketable, Purchaser shall
deliver to the Seller written notice of its intention to waive the applicable contingencies
or to terminate this Agreement.
8. If Purchaser shall fail to advise the Seller in writing of any such objections in
Seller's title in the manner herein required by this Agreement, the title shall be deemed
acceptable. Upon notification of Purchaser's objection to title, Seller shall have THIRTY
(30) days to remedy any defects in order to convey good and marketable title, except for
liens or monetary obligations which will be satisfied at Closing. Seller, at its sole
expense, shall use its best efforts to make such title good and marketable. In the event
Seller is unable to cure said objections within said time period, Purchaser, by providing
written notice to Seller within SEVEN (7) days after expiration of said THIRTY (30) day
period, may accept title as it then is, waiving any objection, or may terminate the
Agreement.
C. Seller agrees to furnish any existing surveys of the Property in Seller's possession
to Purchaser within TEN (10) days of the Effective Date of this Agreement. Purchaser
shall have the option, at its own expense, to obtain a current survey of the Property
prepared by a surveyor licensed by the State of Florida. If the survey provided by Seller
or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an
encroachment onto the property; or (b) that an improvement located on the Property
projects onto lands of others, or (c) lack of legal access to a public roadway, the
Purchaser shall notify the Seller in writing, within THIRTY (30) days from the Effective
Date of this Agreement, of such encroachment, projection, or lack of legal access, and
Seller shall have the option of curing said encroachment or projection, or obtaining legal
access to the Property from a public roadway. Should Seller elect not to or be unable to
remove the encroachment, projection, or provide legal access to the property within.
FORTY FIVE (45) days, Purchaser may accept the Property as it then is, waiving any
objection to the encroachment, or projection, or lack of legal access, or Purchaser may
terminate the Agreement, by providing written notice to Seller within SEVEN (7) days
after expiration of said FORTY FIVE (45) day period. A failure by Purchaser to give
such written notice of termination within the time period provided herein shall be
\If
Seller's Initials
Page NO.7
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