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As Is Contract for Sale and Purchase #1 MEMORANDUM Date: April 24, 2009 To: Gary Bigelow Property Acquisition Specialist From: Ann Jennejohn, Deputy Clerk Minutes & Records Department Re: Purchase Contract & Addendum with Aurora Loan Services, LLC as part of the Neighborhood Stabilization Program Property Address: 4437 54th Avenue NE Enclosed is the original sales contract referenced above (Agenda Item #1 OF) approved by the Board of County Commissioners on Tuesday, March 24,2009. After processing please forward the fully executed original to the Minutes & Records Office for the Board's Official Record. If you should have any questions, please contact me at 252-8406. Thank you. Enclosure THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS. AND THE FLORIDA BAR "As Is" Contract For Sale And Purchase I r I ' . 1* PARTIES: Aurora Loan Services ("Seller"), 2* and COLLIER COUNTY GOVERMENT ("Buyer"), 3 hereby agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property (collectively "Property") 4 pursuant to the terms and conditions of this Contract for Sale and Purchase and any riders and addenda ("Contract"): 5 I. DESCRIPTION: 6* (a) Legal description of the Real Property located in COLLIER County, Florida: 7* 8* (b) Street address, city, zip, of the Property: 4437 54TH AVE. NE. NAPLES FLORIDA 34120 9 (c) Personal Property includes existing range(s), refrigerator(s), dishwasher(s), ceiling fan(s), light fixture(s), and window treatment(s) unless 10 specifically excluded below. 11* Other items included are: N/A 12* 13* Items of Personal Property (and leased items, if any) excluded are: N/A 14* 15* II. PURCHASE PRICE (U.S. currency):. . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $ 16 PAYMENT: 17* (a) Deposit held in escrow by UPON ACCEPTANCE ("Escrow Agent") in the amount of (checks subject to clearance) 18* Escrow Agent's address: Phone: 19* (b) Additional escrow deposit to be made to Escrow Agent within ---1D- days after Effective Date in the amount of, , . 20* (c) Financing in the amount of ("Loan Amount") see Paragraph IV below . . . , . . . , . . . . ., ,..,.,.,...... 21* (d) Other. , . . , . . , . , . , . . , . . . . . . , , . , , . , . . . . . . . , . . , . , , , , . , , . , . . . . . . . , . . . . . . . . . . . . . . . . . . . . . 22 (e) Balance to close by cash, wire transfer or LOCALLY DRAWN cashier's or official bank check(s), subject 23* to adjustments or prorations. . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 III. TIME FOR ACCEPTANCE OF OFFER AND COUNTEROFFERS; EFFECTIVE DATE: 25 (a) If this offer is not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing between the parties on or 26* before 4/6/2009 , the deposit(s) will, at Buyer's option, be returned and this offer withdrawn. Unless other- 27 wise stated, the time for acceptance of any counteroffers shall be 2 days from the date the counteroffer is delivered. 28 (b) The date of Contract ("Effective Date") will be the date when the last one of the Buyer and Seller has signed or initialed this offer or the 29 final counteroffer. If such date is not otherwise set forth in this Contract. then the "Effective Date" shall be the date determined above for 30 acceptance of this offer or, if applicable, the final counteroffer. 31 IV. FINANCING: 32* Ga (a) This is a cash transaction with no contingencies for financing; 33* 0 (b) This Contract is contingent on Buyer obtaining written loan commitment which confirms underwriting loan approval for a loan to purchase 34* the Property ("Loan Approval") within _ days (if blank, then 30 days) after Effective Date ("Loan Approval Date") for (CHECK ONLY 35* ONE): 0 a fixed; 0 an adjustable; or 0 a fixed or adjustable rate loan, in the Loan Amount (See Paragraph II.(c)) at an initial interest rate not to 36* exceed %, and for a term of _ years. Buyer will make application within _ days (if blank, then 5 days) after Effective Date. 37 BUYER: Buyer shall use reasonable diligence to: obtain Loan Approval; notify Seller in writing of receipt of Loan Approval by Loan Approval 38 Date; satisfy terms of the Loan Approval; and close the loan. Loan Approval which requires a condition related to the sale of other property shall 39 not be deemed Loan Approval for purposes of this subparagraph. Buyer shall pay all loan expenses. Buyer authorizes the mortgage broker(s) and 40 lender(s) to disclose information regarding the conditions, status, and progress of loan application and Loan Approval to Seller, Seller's attorney, 41 real estate Iicensee(s), and Closing Agent. 42 SELLER: If Buyer does not deliver to Seller written notice of Loan Approval by Loan Approval Date, Seller may thereafter cancel this Contract by 43 delivering written notice ("Seller's Cancellation Notice") to Buyer, but not later than seven (7) days prior to Closing. Seller's Cancellation Notice shall 44 notify Buyer that Buyer has three (3) days to deliver to Seller written notice waiving this Financing contingency, or the Contract shall be cancelled. 45 DEPOSIT(S) (for purposes of this Financing Paragraph IV(b) only): If Buyer has used reasonable diligence but does not obtain Loan Approval 46 by Loan Approval Date, and thereafter either party elects to cancel this Contract, the deposit(s) shall be returned to Buyer. If Buyer obtains Loan 47 Approval or waives this Financing contingency, and thereafter the Contract does not close, then the deposit(s) shall be paid to Seller; provided how- 48 ever, if the failure to close is due to: (0 Seller's failure or refusal to close or Seller otherwise fails to meet the terms of the Contract, or 00 Buyer's lender 49 fails to receive and approve an appraisal of the Property in an amount sufficient to meet the terms of the Loan Approval, then the deposit(s) shall be 50 returned to Buyer. 51* 0 (c) Assumption of existing mortgage (see rider for terms); or 52* 0 (d) Purchase money note and mortgage to Seller (see "As Is" Standards Band K and riders; addenda; or special clauses for terms). 53* V. TITLE EVIDENCE: At least _ days (if blank, then 5 days) before Closing a title insurance commitment with legible copies of instruments listed as 54 exceptions attached thereto ("Title Commitment") and, after Closing, an owner's policy of title insurance (see Standard A for terms) shall be obtained by: 55* (CHECK ONLY ONE): ill (1) Seller, at Seller's expense and delivered to Buyer or Buyer's attorney; or 56* U (2) Buyer at Buyer's expense. 57* (CHECK HERE): 0 If an abstract of title is to be furnished instead of title insurance, and attach rider for terms. 58* VI. CLOSING DATE: This transaction shall be closed and the closing documents delivered on 5/8/2009 ("Closing"), unless 59 modified by other provisions of this Contract. In the event of extreme weather or other conditions or events constituting "force majeure", Closing will be 60 extended a reasonable time until: (i) restoration of utilities and other services essential to Closing, and (iO availability of Hazard, Wind, Rood, or Homeowners' 61* insurance. If such conditions continue more than ~ days (If blank, then 14 days) beyond Closing Date, then either party may cancel this Contract. 80 655 00 $ 1.000.00 $ $ $ 4 000 00 000 $ 7 fi Rfifi 00 FAR/BAR ASIS-2x Rev. 2/08 @ 2008 Florida Association of ROALTOHS~ and The Florida SarAII Rights Reserved Pagel of 5 62 VII. RESTRICTIONS; EASEMENTS; LIMITATIONS: Seller shall convey marketable title subject to: comprehensive land use plans, zoning, 63 restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or otherwise 64 common to the subdivision; outstanding oil, gas and mineral rights of record without right of entry; unplatted publiC utility easements of record 65 (located contiguous to real property lines and not more than 10 feet in width as to the rear or front lines and 7 1/2 feet in width as to the side 66 lines); taxes for year of Closing and subsequent years; and assumed mortgages and purchase money mortgages, if any (if additional items, see 67* addendum); provided, that thore sldets at Closinf'j AS ':ielation CJf the ion3@CJin@l and none prevent use of the Property for 68* SINGLE FAMILY HOME purpose(s). 69 VIII. OCCUPANCY: Seller shall deliver occupancy of Property to Buyer at time of Closing unless otherwise stated herein. If Property is intended 70 to be rented or occupied beyond Closing, the fact and terms thereof and the tenant(s) or occupants shall be disclosed pursuant to "AS IS" Standard 71 F. If occupancy is to be delivered before Closing, Buyer assumes all risks of loss to Property from date of occupancy, shall be responsible and liable 72 for maintenance from that date, and shall be deemed to have accepted Property in its existing condition as of time of taking occupancy. 73 IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions, riders and addenda shall control all printed pro- 74 visions of this Contract in conflict With them. 75* X. ASSIGNABILITY: (CHECK ONLY ONE): Buyer ill may assign and thereby be released from any further liability under this Contract; ':l may 76* assign but not be released from liability under this Contract; or I.J may not assign this Contract. 77 XI. DISCLOSURES: 78 (a) The Property may be subject to unpaid special assessment Iien(s) imposed by a public body ("public body" does not include a 79 Condominium or Homeowners' Association). Such Iien(s), if any, whether certified, confirmed and ratified, pending, or payable in installments, 80* as of Closing, shall be paid as follows: ill by Seller at closing 0 by Buyer (if left blank, then Seller at Closing). If the amount of any 81 assessment to be paid by Seller has not been finally determined as of Closing, Seller shall be charged at Closing an amount equal to the 82 last estimate or assessment for the improvement by the public body. 83 (b) Radon is a naturally occurring radioactive gas that when accumulated In a building in sufficient quantities may present health risks to per- 84 sons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. 85 Additional information regarding radon or radon testing may be obtained from your County Public Health unit. 86 (c) Mold is naturally occurring and may cause health risks or damage to property. If Buyer is concerned or desires additional information 87 regarding mold, Buyer should contact an appropriate professional. 88 (d) Buyer acknowledges receipt of the Florida Energy-Efficiency Rating Information Brochure required by Section 553.996, F.S. 89 (e) If the Real Property includes pre-1978 residential housing, then a lead-based paint rider is mandatory. 90 m If Seller is a "foreign person" as defined by the Foreign Investment in Real Property Tax Act, the parties shall comply with that Act. 91 (g) BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' ASSOCIA- 92 TION/COMMUNITY DISCLOSURE. 93 (h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY TAXES AS THE AMOUNT 94 OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNER- 95 SHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. 96 IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION. 97 XII. MAXIMUM REPAIR COSTS: DELETED 98* XIII. HOME WARRANTY: 0 Seller 0 Buyer ill N/A will pay for a home warranty plan issued by 99* at a cost not to exceed $ . 100* XIV. INSPECTION PERIOD AND RIGHT TO CANCEL: (a) Buyer shall have ~ days from Effective Date ("Inspection Period") within 101 which to have such inspections of the Property performed as Buyer shall desire and utilities service shall be made available by the 102 Seller during the Inspection Period; (b) Buyer shall be responsible for prompt payment for such inspections and repair of damage 103 to and restoration of the Property resulting from such inspections and this provision (b) shall survive termination of this Contract; 104 and (c) if Buyer determines, in Buyer's sole discretion, that the Property is not acceptable to Buyer, Buyer may cancel this Contract 105 by delivering facsimile or written notice of such election to Seller prior to the expiration of the Inspection Period. If Buyer timely 1 06 cancels this Contract, the deposit(s) paid shall be immediately returned to Buyer; thereupon, Buyer and Seller shall be released of 1 07 all further obligations under this Contract, except as provided In this Paragraph XlV. Unless Buyer exercises the right to cancel 1 08 granted herein, Buyer accepts the Property in its present physical condition, subject to any violation of governmental, building, 1 09 environmental, and safety codes, restrictions or requirements and shall be responsible for any and all repairs and improvements 110 required by Buyer's lender. 111 XV. RIDERS; ADDENDA; SPECIAL CLAUSES: CHECK those riders which are applicable AND are attached to and made part of this Contract: 112* 0 CONDOMINIUM 0 VNFHA 0 HOMEOWNERS' ASSN. ::l LEAD-BASED PAINT 0 COASTAL CONSTRUCTION CONTROL LINE 113* 0 INSULATION :.I EVIDENCE OF TITLE (SOUTH FLORIDA CONTRACTS) :.I Other Comprehensive Rider Provisions:.l Addenda 114* Special Clause(s): 115* 116* 117* 118* 119* 120* 121* 122* 123* 124* 125* 126 XVI. "AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS ("AS IS" Standards): Buyer and Seller acknowledge receipt of a copy 127 of "AS IS" Standards A through Z on the reverse side or attached, which are incorporated as part of this Contract. FAR/BAR ASIS-2x Rev. 2/08 @ 2008 Flonda Association of REAUOHS' and The Florida Bar All Rights Reserved Page 2 of 5 ~ " -- 128 129 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. THIS "AS IS" FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS" AND THE FLORIDA BAR. Approval does not constitute an opinion that any of the terms and conditions in this Contract should be accepted by the parties in a particular transaction. Terms and conditions should be negotiated based upon the respective interests, objectives and bargaining positions of all interested persons. AN ASTERISK(') FOLLOWING A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK TO BE COMPLETED. * Board of County Commissioners 1~* Co er Count Florida 136 (BUYEFIj) Fiala, C ~ (DATE) 137* ~ q--1-1 L 138 (BUYER) (DATE) 139* Buyers' address for purposes of notice 140* 141* Phone Phone 142 BROKERS: The brokers (including cooperating brokers, if any) named below are the only brokers entitied to compensation in connection with 143 this Contract: 144* Name: Bartley Realty Services/David R. Bartley 145 Cooperating Brokers, if any 130 131 132 133 134 (SELLER) (DATE) (SELLER) Sellers' address for purposes of notice (DATE) Bartley Realty Services/David R. Bartley Listing Broker * AS TO COUN1Y: DATED: Lf -11 cR ATTEST: . ", . f' :',1 . DWIGHT,~.E~":B~R6~.,;., Clerk .> "I \:~. Deputy Clerk ,.:~tt~st' ..\toQi<<...... . t'ttn4turt' . oA '.' . , (I., .::,'(, rm & legal sufficiency ow Ito ney FAR/BAR ASIS-2x Rev. 2/08 @ 2008 Florida Association of RIoAllORS" and The Florida Bar All Rights Reserved Page 3 of 5 . 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 "AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS A. TITLE INSURANCE: The Title Commitment shall be issued by a Florida licensed title insurer agreeing to issue Buyer, upon recording of the deed to Buyer, an owner's policy of title insurance in the amount of the purchase price, Insuring Buyer's marketable title to the Real Property, subject only to matters contained in Paragraph VII and those to be discharged by Seller at or before Closing. Marketable title shall be determined according to applicable Title Standards adopt- ed by authority of The Florida Bar and in accordance with law. Buyer shall have 5 days from date of receiving the Title Commitment to examine it, and if title is found defective, notify Seller in writing specifying defect(s) which render title unmarketable. Seller shall have 30 days from receipt of notice to remove the defects, failing which Buyer shall, within 5 days after expiration of the 30 day period. deliver written notice to Seller either: (1) extending the time for a reason- able period not to exceed 120 days within which Seller shall use diiigent effort to remove the defects; or (2) requesting a refund of deposit(s) paid which shall 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) within the time provided. If, after diligent effort. 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 obligations under this Contract. If Seller is to provide the Title Commitment and It is delivered to Buyer less than 5 days prior to Closing, Buyer may extend Closing so that Buyer shall have up to 5 days from date of receipt to examine same in accordance with this "AS IS" Standard. B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purChase money mortgage and mortgage note to Seller shall provide for a 30 day grace period in the event of default if a first mortgage and a 15 day grace period if a second or lesser mortgage; shall provide for right of prepayment in whole or in part without penalty; shail permit acceleration in event of transfer of the Real Property; shall require all prior liens and encumbrances to be kept in good standing; shall forbid modifications of, or future advances under, prior mortgage(s); shall require Buyer to maintain policies of insurance containing a standard mortgagee clause covering all improvements located on the Real Property against fire and all perilS included within the term "extended coverage endorsements" and such other risks and perils as Seller may reasonably require, in an amount equal to their highest insurable value; and the mortgage, note and security agreement shall be otherwise in form and content required by Seller, but Seller may only require clauses and coverage customarily found in mort- gages, mortgage notes and security agreements generally utilized by savings and loan Institutions or state or national banks located in the county wherein the Real Property is located. All Personal Property and leases being conveyed or assigned will, at Seller's option, be subject to the lien of a security agreement evi- denced by recorded or filed financing statements or certificates of title. If a balloon mortgage, the final payment will exceed the periodic payments thereon. C. SURVEY: Buyer, at Buyer's expense, Within time allowed to deliver evidence of title and to examine same, may have the Real Property surveyed and certi- fied 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 regulations, the same shall constitute a title defect. D. WOOD DESTROYING ORGANISMS: DELETED E. INGRESS AND EGRESS: Seller warrants and represents that there is ingress and egress to the Real Property sufficient for its intended use as described in Paragraph VII hereof and title to the Real Property is insurable in accordance with "AS IS" Standard A without exception for lack of legal right of access. F. LEASES: Seller shall at least 10 days before Closing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying the nature and duration of the tenant's occupancy, rental rates, advanced rent and security deposits paid by tenant. If Seller is unable to obtain such letter from each ten- ant, the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller's affidavit, and Buyer may thereafter contact ten- ant to confirm such information. If the terms of the leases differ materially from Seller's representations, Buyer may terminate thiS Contract by delivering written notice to Seller at least 5 days prior to Closing. Seller shall, at Closing, deliver and assign all original leases to Buyer. G. LIENS: Seller shall furnish to Buyer at time of Closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statement, claims of lien or potentiai lienors known to Seller and further attesting that there have been no improvements or repairs to the Real Property for 90 days imme- diately preceding date of Closing. If the Real Property has been improved or repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all general contractors, subcontractors, suppliers and materialmen in addition to Seller's lien affidavit setting forth the names of all such gen- eral contractors. subcontractors, suppliers and materialmen, further affirming that all charges for improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been paid or will be paid at the Closing of this Contract. H. PLACE OF CLOSING: Closing shall be held in the county wherein the Real Property is located at the office of the attorney or other closing agent ("Closing Agent") designated by the party paying for title insurance, or, if no title insurance, designated by Seller. I. TIME: Calendar days shall be used in computing time periods except periods of less than six (6) days, in which event Saturdays, Sundays and state or nation- allegal holidays shall be excluded. Any time periods provided for herein which shall end on a Saturday, Sunday, or a legal holiday shall extend to 5:00 p.m. of the next business day. Time is of the essence in this Contract. J. CLOSING DOCUMENTS: Seller shall furnish the deed, bill of sale, certificate of title, construction lien affidavit, owner's possession affidavit, assignments of leas- es, tenant and mortgagee estoppel letters and corrective instruments. Buyer shall furnish mortgage, mortgage note, security agreement and financing statements. K. EXPENSES: Documentary stamps on the deed and recording of corrective instruments shall be paid by Seller. All costs of Buyer's loan (whether obtained from Seller or third party), including, but not limited to, documentary stamps and intangible tax on the purchase money mortgage and any mortgage assumed, mortgagee title insurance commitment with related fees, and recording of purchase money mortgage, deed and financing statements shall be paid by Buyer. Unless otherwise provided by law or rider to this Contract, charges for related closing services, title search, and closing fees (including preparation of closing statement), shall be paid by the party responsible for furnishing the title evidence in accordance with Paragraph V. L. PRORATIONS; CREDITS: Taxes, assessments, rent, interest, insurance and other expenses of the Property shall be prorated through the day before Closing. Buyer shall have the option of taking over 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 mill- age is not fixed and current year's assessment is available, taxes will be prorated based upon such assessment and prior year's millage. If current year's assess- ment is not available, then taxes will be prorated on prior year's tax. If there are completed improvements on the Real Property by January 1 st of year of Closing, which improvements were not in existence on January 1 st of prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assess- ment to be agreed upon between the parties; failing which, request shall be made to the County Property Appraiser for an informal assessment taking into account available exemptions. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of current year's tax bill. M. (RESERVED - purposely left blank) N. INSPECTION AND REPAIR: DELETED O. RISK OF LOSS: If, after the Effective Date, the Property is damaged by fire or other casualty ("Casualty Loss") before Closing and cost of restoration (which shall include the cost of pruning or removing damaged trees) does not exceed 1.5% of the Purchase Price, cost of restoration shall be an obligation of Seller and Closing shall proceed pursuant to the terms of this Contract, and if restoration is not completed as of Closing, restoration costs will be escrowed at Closing. If the cost of restoration exceeds 1.5% of the Purchase Price, Buyer shall either take the Property as is, together with the 1.5% or receive a refund of deposit(s) thereby releasing Buyer and Seller from all further obligations under this Contract. Seller's sole obligation with respect to tree damage by casualty or other natu- ral occurrence shall be the cost of pruning or removal. p. CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. If the title agent insures adverse matters pursuant to Section 627.7841, F.S., as amended, the escrow and closing procedure required by this "AS IS" Standard shall be waived. Unless waived as set forth above the following .~ FAR/BAR ASIS-2x Rev. 2/08 @ 2008 Florida Association of REAUORs~ and The Florida Bar All Rights Reserved Page 4 of 5 218 "AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED) 219 closing procedures shall apply: (1) all closing proceeds shall be held in escrow by the Closing Agent for a period of not more than 5 days after Closing; (2) 220 if Seller's title is rendered unmarketable, through no fault of Buyer, Buyer shall, within the 5 day period, notify Seller In writing of the defect and Seller shall 221 have 30 days from date of receipt of such notification to cure the defect: (3) if Seller fails to timely cure the defect, all deposits and closing funds shall, upon 222 written demand by Buyer and within 5 days after demand, be returned to Buyer and, simultaneously with such repayment. Buyer shall return the Personal 223 Property, vacate the Real Property and reconvey the Property to Seller by special warranty deed and bill of sale: and (4) if Buyer fails to make timely demand 224 for refund, Buyer shall take title as is, waiving all rights against Seller as to any Intervening defect except as may be available to Buyer by virtue of war- 225 ranties contained in the deed or bill of sale. 226 Q. ESCROW: Any Closing Agent or escrow agent (collectiveiy "Agent") receiving funds or equivalent is authorized and agrees by acceptance of them to deposit 227 them promptly, hold same in escrow and, subject to clearance, disburse them In accordance with terms and conditions of this Contract. Failure of funds to 228 clear shall not excuse Buyer's performance. If in doubt as to Agent's duties or liabilities under the proviSions of this Contract, Agent may, at Agent's option, con- 229 tinue to hold the subject matter of the escrow until the parties hereto agree to Its disbursement or until a judgment of a court of competent jurisdiction shall 230 determine the rights of the parties, or Agent may deposit same With the clerk of the circuit court haVing jUrisdiction of the dispute. An attorney who represents 231 a party and also acts as Agent may represent such party In such action. Upon notifying all parties concerned of such action, all liability on the part of Agent 232 shall fully terminate, except to the extent of accounting for any items previously delivered out of escrow. If a licensed real estate broker, Agent will comply with 233 provisions of Chapter 475, F.S., as amended. Any suit between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, or in 234 any suit wherein Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney's fees and costs incurred with these amounts to 235 be paid from and out of the escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. The Agent shall not be liable 236 to any party or person for misdelivery to Buyer or Seller of items subject to the escrow, unless such misdelivery is due to willfui breach of the provisions of this 237 Contract or gross negligence of Agent. 238 R. ATTORNEY'S FEES; COSTS: In any litigation, Including breach, enforcement or interpretation, arising out of this Contract, the prevailing party in such Iiti- 239 gation, which, for purposes of thiS "AS IS" Standard, shall include Seller, Buyer and any brokers acting in agency or nonagency relationships authorized by 240 Chapter 475, F.S., as amended, shall be entitled to recover from the non-prevailing party reasonable attorney's fees, costs and expenses. 241 S. FAILURE OF PERFORMANCE: If Buyer fails to perform this Contract within the time specified, including payment of all depOSits, the deposit(s) paid by 242 Buyer and deposit(s} agreed to be paid, may be recovered and retained by and for the account of Seller as agreed upon liquidated damages, consideration for 243 the execution of this Contract and in full settlement of any Claims; whereupon, Buyer and Seller shall be relieved of all obligations under this Contract; or Seller. 244 at Seller's option, may proceed in equity to enforce Seller's rights under this Contract. If for any reason other than failure of Seller to make Seiler's title mar- 245 ketable after diligent effort, Seller fails, neglects or refuses to perform this Contract, Buyer may seek specific performance or elect to receive the return of Buyer's 246 deposit(s) without thereby waiving any action for damages resuiting from Seller's breach. 247 T. CONmACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES: Neither this Contract nor any notice of it shall be recorded in any public records. 248 This Contract shall bind and inure to the benefit of the parties and their successors in interest. Whenever the context permits, singular shall include plural and 249 one gender shall include all. Notice and delivery given by or to the attorney or broker representing any party shall be as effective as if given by or to that party. 250 All notices must be in writing and may be made by mail, personal delivery or electronic media. A legible facsimile or electronic (including "pdf) copy of this 251 Contract and any signatures hereon shall be considered for all purposes as an original. 252 U. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's, personal representative's, or guardian's deed, as 253 appropriate to the status of Seller, subject only to matters contained in Paragraph VII and those otherwise accepted by Buyer. Personal Property shall, at the 254 request of Buyer, be transferred by an absolute bill of sale with warranty of title, subject only to such matters as may be otherwise provided for herein. 255 V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seiler unless included in this Contract. No mod- 256 Ification to or change in this Contract shall be valid or binding upon the parties unless in writing and executed by the parties intended to be bound by it. 257 W. SELLER DISCLOSURE: (1) There are no facts known to Seller materially affecting the value of the Property which are not readily observable by Buyer or 258 which have not been disclosed to Buyer; (2) Seller extends and intends no warranty and makes no representation of any type, either express or implied, 259 as to the physical condition or history of the Property; (3) Seller has received no written or verbal notice from any governmental entity or agency as 260 to a currently uncon-ected building, environmental or safety code violation; (4) Seller has no knowledge of any repairs or improvements made to the 261 Property without compliance with govemmental regulation which have not been disclosed to Buyer. 262 X. PROPERTY MAINTENANCE; PROPERTY ACCESS; ASSIGNMENT OF CONTRACTS AND WARRANTIES: Seller shall maintain the Property, including, 263 but not limited to lawn, shrubbery, and pool in the condition existing as of Effective Date, ordinary wear and tear and Casualty Loss excepted. Seller shall, upon 264 reasonable notice, provide utilities service and access to the Property for appraisal and inspections, including a walk-through prior to Closing, to confirm that 265 all items of Personal Property are on the Real Property and that the Property has been maintained as required by this "AS IS" Standard. Seller will assign all 266 assignable repair and treatment contracts and warranties to Buyer at Closing. 267 Y. 1031 EXCHANGE: If either Seller or Buyer wish to enter into a like-kind exchange (either simultaneous with Closing or deferred) with respect to the Property 268 under Section 1031 of the Internal Revenue Code ("Exchange"). the other party shall cooperate in all reasonable respects to effectuate the Exchange, includ- 269 ing the execution of documents: provided (1) the cooperating party shall incur no liability or expense related to the Exchange and (2) the Closing shall not be 270 contingent upon, nor extended or delayed by, such Exchange. 271 Z. BUYER WAIVER OF CLAIMS: Buyer waives any claims against Seller and. to the extent permitted by law, against any real estate licensee involved 272 in the negotiation of the Contract, for any defects or other damage that may exist at Closing of the Contract and be subsequently discovered by the 273 Buyer or anyone claiming by, through, under or against the Buyer. FAR/BAR ASIS-2x Rev. 2/08 @ 2008 Florida AssociatIOn of REAuof1s~ and The Florida Bar All Rights Reserved Page 5 of 5 Details Property Record I 11IIII Aerial Sketches a Parcel No.1139027360008 Current Ownership Property Addressll4437 54TH AVE NE Owner Namell AURORA LOAN SERVICES LLC Addressesll % AURO LOAN SERVICES INC . 327 INVERNESS DR S Cityll ENGLEWOOD I State I CO Legall' GOLDEN GATE EST UNIT 45 W 175FT OF E 150FT OF TR 83 Section I' Township Range Acres 4 I 48 28 1.14 Sub No. II 340900 I GOLDEN GATE EST UNIT 45 '1J Use Code I I SINGLE FAMILY RESIDENTIAL 2008 Final Tax Roll (Subject to Change) If all Values shown below equal 0 this parcel was created after the Final Tax Roll Land Value $ 43,890.00 (+) Improved Value $ 168,924.00 (=) Just Value $ 212,814.00 (-) SOH Exempt Value $ 0.00 I (=) Assessed Value I $ 212,814.00 (-) Homestead and other Exempt Value I $ 50,000.00 (=) Taxable Value I $ 162,814.00 SOH = "Save Our Homes" exempt value due to cap on assessment increases. ilia The Information is Updated Weekly. Trim Notices Map No. 3004 '1J Millage Area 17 I ,. Page 1 of 1 - - Zip 180112 - 6012 Latest Sales History Book - Page 4405 - 1167 3720 . 2487 3537 - 4064 2526.742 http://www.collierappraiser.comlRecordDetail.asp?Map=&F 0 lioID=000003 902 7360008 Strap No. 340900 83 13004 '1J~ 11.5439 Amount I $ 14,000.00 I $188,300.00 $ 24,000.00 $ 0,00 4/6/2009 Print Map Page 1 of 1 PMC.tt. SubdiyltJon. A~IAl. 2.001I [6 Inch Urb""l A~laJ. 2001(2 FEET) Bundln, f'ootprlnts Colli., County Folio Number: 39027360008 Nam.: AURORA LOAN SERVICES LLC Streel# & Name: 4437 54TH AVE NE Legal Description: GOLDEN GATE EST UNIT 45 W 75FT OF E 150FT OF TR83 <C:l2004. Collier County Property Appraiser. lM'Iile the Collier County Property Appraiser is committed to providing the most accurat. and up~to~date information, no warranties expressed or implied are provided for the data herein, its use, or its interpretation. http://maps.collierappraiser .Coml~~Q!!!ap/mapprint.aspx?title=&orient= LANDSCAPE&pap... 4/6/2009 THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS. AND THE FLORIDA BAR "As Is" Contract For Sale And Purchase I , ( ), \,) ill I, ~ j ~ ,I ~ II J J 1 I \ I , \, . 1 . 2. 3 4 5 6* 7* 8* 9 10 11 * 12. 13. 14. 15* II. 16 PARTIES: Auror~~~...':I._Se~~c:;~~J:-L~___ _ ("Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida i"Buyer"). hereby agree that Seller sllall sell alleJ Buyer shall buy the following described Real Property and Personal Property (collectively "Property") pursuant to the terms and conditions of this Contract for Sale and Purchase and any riders and addenda ("Contract"): I. DESCRIPTION: (a) Legal description of the Real Property located In COLLIER County, Florida: uSee Exhibit "A" attached hereto for the complete leqal descriotion (b) Street adOress, City, ZIp, of the Property 4437 54TH AVE. NE. NAPLES. FLORIDA 34120 (c) Personal Property Includes eXisting run~]8(S), refrigerator(s), dishwasher(s), ceiling fan(s), light fixture(s). and window treatmenHs) unless specifically excludeCl below. Other items inciudecJ are: N/A Items of Personal Property (and leasfj(J items, If any) excluded are: N/A PURCHASE PRICE (US. currencyj, PAYMENT: $ 80 655 00 17* la) DepOSit l1el(1Ir1 uscrew I)Y __lI.EONACCEPTANCE("Escrow Agent") in the amount of (checks subject to clearance) 18" Escrow Agent's address ._ __ ___________ ____. _Phone: 1 9' (b) Additional escrow deposit to be made to Escrow Agent within ---1D- days after Effective Date in the amount of. . 20. (c) FinanCing In the amount of ("Loan Amount") see Paragraph IV below . . 21. (d) Other .. . . . . . . . . . , . . . . . . . , . , . . . . . . . . . . . . . , 22 (e) Balance to close by cash, wire transfer or LOCALLY DRAWN cashier's or official bank check(s), subject 23. to adjustments or prorations. . . . . . . , . . . 24 III. TIME FOR ACCEPTANCE OF OFFER AND COUNTEROFFERS; EFFECTIVE DATE: 25 (a) If this offer IS not executed by and delivered to all parties OR FACT OF EXECUTION communicated In writing between the parties on or 26* before j/3o/200~_~_~_, the deposit(s) will, at Buyer's option, be returned and thiS offer withdrawn. Unless other- 27 wise stated, the time for acceptance of any counteroffers shall be 2 days from the date the counteroffer is delivered. 28 (b) The date of Contract ("Effective Date") will be the date when the last one of the Buyer and Seller has signed or initialed this offer or the 29 final counteroffer. If such date IS not otherwise set forth In this Contract, then the "Effective Date" shall be the date determined above for 30 acceptance of this offer or, if applicable, the final counteroffer. 31 IV. FINANCING: 32. ;,j (a) This is a cash transaction with no contingencies for financing; 33....1 (b) This Contract is contingent on Buyer obtaining written loan commitment which confirms underwriting loan approval for a loan to purchase 34' the Property ("Loan Approval") within ~_ days (if blank, then 30 days) after Effective Date ("Loan Approval Date") for (CHECK ONLY 35' ONE): U a fixed;.J an adjustable; or U a fixed or adjustabie rate loan, in the Loan Amount (See Paragraph 1I.(c)) at an initial interest rate not to 36. exceed %. and for a term of _ years. Buyer will make application within _ days (if blank, then 5 days) after Effective Date. 37 BUYER: Buyer shall use reasonable diligence to: obtain Loan Approval; notify Seller in writing of receipt of Loan Approval by Loan Approval 38 Date: satisfy terms of the IDan Approval; and close the loan. Loan Approval which requires a condition related to the sale of other property shall 39 not be deemed Loan Approval for purposes of this subparagraph. Buyer shall pay all loan expenses. Buyer authorizes the mortgage broker(s) and 40 lender(s) to disclose information regarding the conditions, status, and progress of loan application and Loan Approval to Seller, Seller's attorney, 41 real estate licensee(s), and Closing Agent. 42 SELLER: If Buyer does not deliver to Seller written notice of Loan Approval by Loan Approval Date, Seller may thereafter cancel this Contract by 43 delivering written notice ("Seiler's Cancellation Notice") to Buyer, but not later than seven (7) days prior to Closing. Seller's Cancellation Notice shall 44 notify Buyer that Buyer has three (3) days to deliver to Seller written notice waiving this Financing contingency, or the Contract shall be cancelled. 45 DEPOSIT(S) (for purposes of this Financing Paragraph IV(b) only): If Buyer has used reasonable diligence but does not obtain Loan Approval 46 by Loan Approval Date, and thereafter either party elects to cancel this Contract, the deposit(s) shall be returned to Buyer. If Buyer obtains Loan 47 Approval or waives this Financing contingency, and thereafter the Contract does not close, then the deposit(s) shall be paid to Seller; provided how- 48 ever. if the failure to close IS due to: (i) Seller's failure or refusal to close or Seller otherwise fails to meet the terms of the Contract, or (Ii) Buyer's lender 49 fails to receive and approve ar appraisal of the Property In an amount sufficient to meet the terms of the Loan Approval, then the deposit(s) shall be 50 returned to Buyer. 5' * ...J (c) Assumption of existing mortgage (see rider for terms); or 52* ...J (d) Purchase money note and mortgage to Seiler (see "As Is" Standards Band K and riders; addenda; or special clauses for terms), 53* V. TITLE EVIDENCE: /:I, ""il~,t ,.:j;jv,~; ~It blill1k tller1 5 days) before Closing a title insurance commitment With legible copies of instruments listed as 54 excefJtions attactled n 1'"i'i'10 ("TitIFe COIliIIIr:rJi\olll') :lId. dtler ClOSing. an owner's policy of title insurance (see Standard A for (erllIS) shall be obtained by 55* (CHECK ONLY ONE): .:J,' S"ller. ,..: Sdler',; F;xpense and dellvere(j to Buyer or Buyer's attorney; or 56. ...J 12 Buye,. c.lf Buyer';:; ,;xp",nse. 57* (CHECK HERE): ..J It all clListr,lct title ie. to r)e fUrrll;:;hed Insteae of title insurance. and attach rider for terms. 58' VI. CLOSING DATE: This t,.nnsacrlon shall be closed ane the closing documents delivered OIl _ 5/29/2009 ("ClOSing"), unless 59 modified by other prOVisions of tillS Contract In the event of extreme weather or other conditions or events constituting "force majeure". Closing will be 60 extended a reasonable time until: (i) restoration of utilities and other services essential to Closing, and (Ii) availability of Hazard, Wind, Flood, or Homecwners' 61 * insurance. If such conditions continue more than '_~_ days (if blank, then 14 days) beyond Closing Date, then either party may cancel this Contract. $ 1.000.00 $ $ $ 4 000 00 000 $ 71:, RI:,I:, 00 FAR/BAR ASIS-2x Rev. 2/08 (\;J 2008 Flo(!(ja ASSOCiatIOn of Rlfo.L1oHs' and The FlOrida Bar All Rights Reserved Page 1 of 5 62 VII. RESTRICTIONS; EASEMENTS; LIMITATIONS: Seller shall convey marketable title subject to: comprehensive land use plans, zoning, 63 restrictions, prohibitions and other reqlAements IInposed by governmental authonty; restnctlons and matters appearing on the plat or otherwise 64 common to the subOlviSlon; outstanolng od, gas and minerai nghts of record without nght of entry; unplatted public utility easements of record 65 (located contiguous to roal propmly Ilfies and not more than 10 feet In width as to the rear or front lines and 7 112 feet In \fJldth as to the side 66 lines): taxes fOI' year of ClOSing 0110 si,bs8quent years; and assumed 'TIortgages and purchase money mortgages, If any (if additional Items. see 67* aOdemjum);:xovldeci, that trlOIO ,;)<I81~ :It Cloe [1g no '.lol:Jtlon of tho forogoin~ and none prevent use of the Property for 68* SINGLE FAMILY HOME purpose(s). 69 VIII. OCCUPANCY: Seller shall deliver occlJpancy of Property to Buyer at time of ClOSing unless otherwise stated Ilereln. If Property is Intended 70 to be r'ented or occupied beyonci CIOSlllg, the fac' and terrns trlereof and the tenant(s) or ocoupants shall be disclosed pursuant to "AS IS' Standard 71 F. If occupancy is to be oelivered oefore ClOSing. Buyer assumes all risks of loss to Property from date of occuparlcy, shall be responsible and liable 72 for maintenance fro I'" 1I1at date, and sllall be deemed to have accepted Property In ItS eXisting condition as of tllle of tak,ng occupancy. 73 IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewntten or handwntten provisions, nders and adoenda shall control all cnmed pro- 74 vIsions of thiS Contract In c01flict Wltrl1!lUil1. 75* X. ASSIGNABILITY: (CHECK ONLY ONE) Buyer iJ may assign and thereby be released from any further' liability under thiS Contract .J may 76* assign but not be released irom liat)llity ~.IIider thiS Contract; or .J may not assign thiS Contract. 77 XI. DISCLOSURES: 78 (a) The Property may I)e subject te unpaid special assessment lien(s) Imposed by a public oody ("public body" does not II'elude a 79 Condominium or Homeowners' ASSOCiation). Such Iien(s). If any, whether certified, confirmed and ratified, pending, or payable In Installments, 80* as of Closing, shall be paid as fOllows: i::J by Seller at closing U by Buyer (if left blank, then Seller at Closing). If the amount of any 81 assessment to be paid oy Seller Icas not oeen linally determined as of ClOSing, Seller shall be cllarged at Closing an amount equal to the 82 last estimate or aSSeSSl'llent for the IInprovement by the public body. 83 (b) Radon IS a naturally OCCUlTing radoactlve gas that when accumulated in a building In sufficient quantities may present health risks to per- 84 SOt'S who are exposed to It over time. levels of radon that exceed federal and state guidelines have been found In buildings in Florida. 85 Aejdltlonallnformatlon r'egardlng rador or radar' testing may be obtained from your County Public Health unit. 86 (ej Molo IS natur311y oeeurrlnq e\l1d me1y cause 1"8alm risks or damage to property. If Buyer is concerned or deSires additional information 87 leC)arrjlllg neol.J. Buyer should:on1act an appropriate protesslonal. 88 (rj) Buyer aCKnowledfJes reC81ct of 11'e Florida Energy-EffiCiency Rating InformatIOn Brochure required by Section 553.996, F.S. 89 (e) !f tile Real Property Il1cluC1eS ;Jlrc;-19/8 reslcJentlai 110u51n9, then a lead-based paint rider is mandatory. 90 (Ii It Sellel IS 3. ";'JreI9n l:Jeh.;r:' dS cJftlrlec1 [)y the Forelgr! Investment In Real Property Tax Act. the parties shall cOI"ply WitI'I 111a! Act. 91 Ig) BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' ASSOCIA- 92 TION/COMMUNITY DISCLOSURE. 93 (hi PFiOPERTY TAX DISCI_CX::;.Hl3~r,;1MA;W GUiER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY TAXES AS THE AMOUNT 94 OF PRCf"Ei:jTY TAXES --, !AT Ti iE BUfm MAY Ek OBLIGATED TO PAY IN THE YEAR SUBSE~UENT TO PURCIIASE. A CHANGE OF OWNER- 95 SHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. 96 IF YOu HAVE ANY OUESTIONS CONCER\JING VALUATION. CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION. 97 XII. MAXIMUM REPAIR COSTS: DELETED 98* XIII. HOME WARRANTY:.J Seller -J Buyer Zl N/A will pay for a home warranty plan issued by 99* at a cost not to exceed $ . 100* XIV. INSPECTION PERIOD AND RIGHT TO CANCEL: (a) Buyer shall have ---1.L days from Effective Date ("Inspection Period'J within 101 which to have such inspections of the Property performed as Buyer shall desire and utilities service shall be made available by the 102 Seller during the Inspection Period; (b) Buyer shall be responsible for prompt payment for such inspections and repair of damage 103 to and restoration of the Property resulting from such inspections and this provision (b) shall survive termination of this Contract; 104 and (c) if Buyer determines, in Buyer's sole discretion, that the Property is not acceptable to Buyer, Buyer may cancel this Contract 105 by delivering facsimile or written notice of such election to Seller prior to the expiration of the Inspection Period. If Buyer timely 1 06 cancels this Contract, the deposit(s) paid shall be immediately returned to Buyer; thereupon, Buyer and Seller shall be released of 1 07 all further obligations under this Contract, except as provided in this Paragraph XlV. Unless Buyer exercises the right to cancel 108 granted herein, Buyer accepts the Property in its present physical condition, subject to any violation of governmental, building. 109 environmental, and safety codes, restrictions or requirements and shall be responsible for any and all repairs and improvements 110 required by Buyer's lender. 111 XV. RIDERS; ADDENDA; SPECIAL CLAUSES: CHECK those riders which are applicable AND are attached to and made part of trllS Contract: 112* ..J CONDOMINIUM ...J VNFHA :.J HOMEOWNERS' ASSN....J LEAD-BASED PAINT 0 COASTAL CONSTRUCTION CONTROL LINE 113* ...J INSULATION ...J EVIDENCE OF TITLE (SOUTH FLORIDA CONTRACTS) :J Other Comprehensive Rider PrOVisions :J Addenda 11.1 * SpeCial ClcJuse(s): 115* 116* 117* 11;3* 119* 120* 121 . 12;-2~ 123* 124* 125* 126 XVI. "AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS ("AS IS" Standards): Buyer and Seller acknowledge receipt of a copy 127 of "AS IS" Standards A th(Qugh Z on the reverse Side or attached, which are incorporated as part of this Contract. FAR/BAR ASIS-2x HeN, 2!C,o, U :;>00:" Flone!," Association of RrMI ()I i;, . and The Flonda Bar All Rights Resmved Page 2 of 5 128 129 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. THIS 'AS IS" FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS" AND THE FLORIDA BAR, Approval does not constitute an opinion that any of the terms and conditions In this Contract should be accepted by the parties In a particular transaction. Tem1S ancj <:ond:l1011S shoulo be negotiated based upon the respective interests. oblectives and bargaining positions Of all interested persons. AN ASTERISKi') FOLLOWING A liNE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK TO BE COMPI_ETED BOA OF COUNTY COMMISSIONERS 135* C IER COUNTY FLORIDA____ 136 (BUYE r~A, ~N ID4<i.i27-09 (SELLER) 130 131 132 133 134 (DATEI 137* 138 (BUYER) 139* Buyers' address for purposes ot notice 140* (DATE) (SELLER) Sellers' address for purposes of notice (DATE) 1 41* _ Phone Phone 142 BROKERS: The brokers (IncludimJ cooperating brokers. If any) named below are the only brokers entitled to compensation in connection with 143 thiS Contract. 144 * Name. Bartley B_ealty Seryj(;il_~Q.c:lyidB:~c:lDJ~Y___n______ 145 Cooperating Brokers, if any Bartley Realty Services/David R. Bartl~_______ Listing Broker ** AS TO COUNTY: DATED:~'f.toOCi AlrTE~,T ~.'D.!~::'~"> . DW~Q~ 'E~.. . ~ ~:ttqCK, CLERK ...~;' '. .J.. ,_ '\ ~~OL. ?___".~"~ traM .......:..,'., , Approved as to form & !egal Sufficiency .._L 7.U~ Assistant County Attorney FAR/BARASIS2x Rev. 2/08 \1J 2008 F,o(lda ASSoClutlon of Rb\LI {)Hc," and The Florida Bar All Rights Reserved Page 3 of 5 146 "AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS 147 A. TITLE INSURANCE: T~le Title COrT1intlnellt S:klil be Issued ~)y a Florrda licensed title Insurer agreeing to issue Buyer, upon recordln(.) of the deed to Buyer. 148 an owner's pol,cy Of Iltle Insurance In the arnOJnt of the purchase price. Illsuring Buyer's marketable title to Hle Real Property. subject only to matters contained 149 in Paragraph \/11 ana Ulose 10 be discharged 1)'1 Seiter at or belore ClOSing. Marketable title shall be determined according to applicable Title Standards adopt- 150 ed by autnorny of The Florida Bar and III accordance with law. Buyer shall have 5 days from date of receiving the Tille Corrwnitll1ent to examine If, and If title IS 151 found defective. notify Seller In wrrtlng specifying defect(s) which render title unmarketable. Seller shall have 30 days from receipt of notice to romove the 152 defects, farllng which Buyer shall. Within 5 days after expiration of the 30 day period. deliver written notice to Seller either: (1) extending the tlmo for a reason- 153 able perrod not to exceed 1 20 days Within Wlllch Seller shall use diligent effort to remove the defects: or (2) requesting a refund of deposlt(s) paid which sr1all 154 be returned to Buyer. If Buyer falls to so IIOtlfy Seller. Buyer shail be deemed to have accepted the title as it then IS. Seller shali, If title IS found unmmketable. 155 use diligent eHort to correct oefect(s) Wltll1l1 tne tln1e prOVided. If. atter diligent effort. Seller IS unable to timely correct the defects. Buyer shall either waive the 156 defects. or receive a refund of deposlt(s), thereby releaSing Buyer and Seller from all further obligations under U1IS Contract. It Seller is to prOVide the Tille 157 Comm,tment and It IS delivered to Buyer less than 5 days pnor to Closing, Buyer may extend ClOSing so that Buyer shall have up to 5 days from date of receipt 158 to examine same ill accordance \^IltIl thiS "AS IS" Standard. 159 B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shall provide for a 160 30 (jay grace penod Ir the event of rjcfaulT It a firST mortgage and a 15 day grace penod if a second or lesser mortgage: shall prOVide for nghT of prepayment 161 In whole or In part wltl10ut p()l1alty: snail pennl! acceleration in (Nent of transfer of the Real Property: shall require all pnor liens and encumbrances to be kept 162 In gOOd standing; s~1all forb"J modlf'cah:ms of, or future advar~ces 'Linder. pnor mortgage(s): shall require Buyer to rnalntain poliCies of Insurance contalnln(.) a 163 standard mortgagee clause coverrr'CJ il1lprovenlenls iocaled on tr1e Real Property against fire and all perilS Included wlUlln the term "extended coverage 164 endorsernenlS" and SGct! oll',er nsk,; ano IJerrls as Seller rnay reasonably require. In an amount equal to their highest Insurable value; and Ule morlgage. note 165 and SeCljnty agreerner.t shall Dt; otherwrse ,'T form and content lequrred by Seller, but Seller may only require clauses and coverage customanly found In mort- 166 gages, mortgage 'lcles and securty agre""llE,rlts CJf.merall\ utdlLed flY savings and loan Institutions or state or national banks located In the county wherein the 167 Real Property IS iocateo All Personal PI'(Jpertv and leases being ccnveyed or aSSigned will, at Seller's option, be subject to tile lien of a secunty agreement EJVI- 168 denced by rocorded or fried finanCing statements or certificates of title. If a balloon mortgage, the final payment WI If exceed tile perrodlc payments thereon. 169 C. SURVEY: Buyer, at Buyer'S expense. Within IIlT;e allowed to deliver eVldonce of title anrj to examine same. may rlave the Real Property surveyeej and certl- 170 tied by a reglsterecj Florida surveyor. it the survey discloses encroad111lents on the Real Property or that Improvements located tr1ereon encroach on setback 171 lines, easements, lands of o1rlerS or Violate ally restrrctlons. COlltracl covenar1ts or appilcable governmental regulations, trle sarne sr1all constitute a title defect. 172 D. WOOD DESTROYING ORGANISMS: DELETED 173 E. INGRESS AND EGRESS: Seller warrants and represents that there is Ingress and egress to the Real Property sufficient for ItS Intended use as descnbed 174 In Paragraph VII hereof and trtle 10 tile Real Property is insurable In accordance With "AS IS" Standard A without exception for lack of legal right of access. 175 F. LEASES: Seller shall 211 least 10 cJays tJefore ClOSing. furnrsh to Buyer copies of all written leases and estoppel letters from each tenant specifying the nature 176 and duration of the tenant's occupancy, rental rates, advanced ront and security deposrts paid by tenant. If Seller IS unable to obtain such letter from each ten- 177 ant, the same Informa110n silall be ILlrtlIsr1ed IlY Seller to Buyer wl1r\ln that time period In the form of a Seller's affidaVit, and Buyer may thereafter contact ten- 178 ant to confirm such Intormatlor1. if the terms 01 the leases differ materrally from Seller's representations, Buyer may terminate thiS Contract by dellverrng wntten 179 1I0tlce to Seller 211 lease 5 days prior to ClOSing. Seller shall. at ClOSing, deliver and assign all original leases to Buyer. 180 G. LIENS: Seller shall turnlsll to Buyer at til1m of ClOSing an affidaVit attesting to ttle absence, unless otherwise prOVided for herein. of any tlnanclng statement. 181 claims ot lien or potentlallienors known to Seiler and further altestlnf] that there have been no improvements or repairs to the Real Property for 90 days Imme- 182 dlately prececllng date of ClOSing. If tile Real Property Ilas been Improved or repaired Within that time, Seller shall deltver releases or waivers of construction 183 liens executocj by all gener,,1 contractors. subcontractors, suppliers ;:v1d materralmen In addition to Seller's lien affidaVit setting torth the names of all SuCh gon- 184 elal contractors. sulJContractors, suppliers awl matenalmen. further affirming that all charges for Improvements or repairs which could servo as a baSIS for a 185 construction lien or a clallT1 for (jam ages I');IV(' been palci or 'NIII be paid at the Closing of thiS Contract. 18G H. PLACE OF CLOSING: ClOSinq sllall be, t1Clij In tile county wl'1ereln the Real Property IS located at the office of ttle attorney or other clOSing agent ("ClOSing 187 Aqenl": deSignated 1)'1 t~le party pay,nq lor Illk. Illsurdllce. or. 11110 title Insurance, deslgnat'ed by Seller. 188 I. TIME: Calendar days shall be used In cornputlng time perrods except pen ods of less than SIX (6) days, in which event Saturdays, Sundays and state or natlon- 189 allegal holidays shall be excluded. Any time periOdS prOVided for herein which shall end on a Saturday, Sunday, or a legal holiday shall extend to 5:00 p.m. oj the 1 90 next bUSiness day. Time is of the essence in this Contract. 191 J. CLOSING DOCUMENTS: Seller shall furnish the deed, bill of sale, certificate of trtle, construction lien affidavit, owner's posseSSion affidavit, assignments of leas- 192 es, tenant and mortgagee estoppel letters and corrective Instruments. Buyer shall furnish mortgage, mortgage note, security agreement and finanCing statements. 193 K. EXPENSES: Documentary stamps on the deed and recording of corrective instruments shall be paid by Seller. All costs of Buyer's loan (whether obtained 194 from Seller or third party). Including, but not limited to, documentary stamps and intangible tax on the purchase money mortgage and any mortgage assumed, 195 mortgagee title insurance commitment with related fees, and recording of purChase money mortgage, deed and financing statements shall be paid by Buyer. 196 Unless otherwise proVided by law or rrder to thiS Contract, charges for related closing services, title search, and closing fees (including preparation of closing 19l statement), shall be paid by the party responsible for furnishing Ihe title eVidence in accordance with Paragraph V. 198 L. PRORATIONS; CREDITS: Taxes, assessments, rent, Interest, Insurance and other expenses of the Property shall be prorated through the day before Closing. 199 Buyer shall have the option of taking over eXisting policies ot Insurance, If assumable, In which event premiums shall be prorated. Cash at Closing shall be 200 Increased or decreased as may be reqUired by prorations to be made through day prior to Closing, or occupancy, If occupancy occurs before Closing. Advance 201 rent and secunty deposrts will be credited to Buyer. Escrow depOSits held by mortgagee will be credited to Seller. Taxes shall be prorated based on the current 202 year's tax With due allowance made for maximum allowable discount. homestead and other exemptions. If Closing occurs at a date when the current year's mlll- 203 age is not fixed and current 'lear's assessment IS available, taxes wili be prorated based upon such assessment and prior year's millage. If current year's assess- 204 ment IS not avarlable, then taxes Will De prorated on pnor year's tax. If there are completed Improvements on the Real Property by January 1 st of year of Closln(.), 205 which Improvements were not In eXistence on January 1 st of prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assess- 20G ment to be agreed upon between H1e parties: fallin(.) which. request shalf be made to the County Property Appraiser for an informal assessment taking Into 207 account available exemptions. A tax proration based on an estrmate shall. at request of either party, be readjusted upon receipt of current year's tax bill. 208 M. (RESERVED - purposely left blank) 209 N. INSPECTION AND REPAIR: DELETED 210 O. RISK OF LOSS: If, after the Effective Date, the Property is damaged by fire or other casualty ("Casualty Loss") before Closing and cost of restoration (which 211 shall include the cost of pruning or removing damaged trees) does not exceed 1 .5% of the Purchase Price, cost of restoration shall be an obligation of Seller and 212 ClOSing shall proceed pursuant to the terms of this Contract, and if restoration is not completed as of Closing, restoration costs will be escrowed at ClOSing. If 213 the cost of restoration exceeds 1.5% of the Purchase Price, Buyer shall either take the Property as is, together with the 1.5% or receive a refund of deposit(s) 214 thereby releasing Buyer and Seiler from all further obligations under this Contract. Seller's sole obligation with respect to tree damage by casually or other natu- 215 ral occurrence sflall be the cost ot pruning or removal. 216 P. CLOSING PROCEDURE: The, dc.eej ,;II:,il il,' il'conj(?d upon clearance of funds. If the title agent Insures adverse matters pursuant to Sfxtlon 627 7841, 217 F.S., as amended. Ille %crow ,\I1ej ::I<X;,liCi ;JrUCEKlure reqUlreU ~)\' thiS "AS IS" Standard shall be waived. Unless waived as sel lortl1 aDove Hie 101l0WIII(.) FAR/BAR ASIS.2x Rev. 2/08 11) 2008 i=iornet ASc;OClett,OI' 01 r-',(,I.I;)I<' and The Florrda Bar All Rights Reserv()O PagB 4 of 5 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 "AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED) C:OSlng procedures SllUIl applY' CICSillQ pIOCUf:ds srlall IJC rlC:ld In escrow by the ClOSing Agent for a period of not more than 5 days atter ClOSing: (2) If Seller's 1Itle IS rCI1derml unmaIK{,L.,t)lc. Ihro,..gll no fault :Jf Buye,r, Buyer shall, Within the 5 day period, notify Seller In writing of the defect ,cmd Seller shall have 30 d;lYS from ciatcc of rece,!:Jt at such notification to cure tt1e defect; (3) If Seller falls to timely cure the defect, all depOSits and clOSing funds sllall, upon written demand by Buyor and wlthlrl 5 riays atter (iemand, be returned to Buyer and, simultaneously with such repayment, Buyer shall return the Personal Property. vacate trle Rea! Property cHid reconvey t'l8 Property to Seller by special warranty deed and bill of sale: and (4) it Buyer tails to make lInlely demand for retund, Buyer sl'lal, laKe title as IS. wdlvin(J ali ri(jllts L1C)alnsl Soller as to any intervening defect except as may be available to Buyer by wtue of war- ranties contained ill the deed or bill ot sale. Q. ESCROW: Any ClOSing Agent or escrow agent (collectively "Agent") receiVing funds or equivalent IS authorized and agrees by acceptance of them to deposit them promptly, hold same In escrow and, subject to clearance, disburse them In accordance With terms and conditions of this Contract Failure of funds to clear shall not excuse Buyer's performance. If In doubt as to Agent's duties or liabilities under the prOVISions of thiS Contract. Agent may, at Agent's option. con- tinue tc hold tile subject matter at tile escrow until the parties hereto agree to its disbursement or until a Judgment of a court of competent Jurisdiction shail determine the ngllts of tlle parties, or Agc;!'lt may depOSit same With the clerk of the cirCUit court having jUrisdiction of the dispute. An attorney who represents a party and also acts as Agent rTlay represent such party In such action. Upon notifying all parties concerned of such action, all liability on the part ot Agent sllallluily tertrllnate. except to We extent of accourl11ng for any Iterl1S previously delivered out of escrow. If a licensed real estate broker. Agent will comply WItr1 proVISions of Chapter 475. F.S, as amended. Any SUit bel ween Buyer and Seller wherein Agent is made a party because of acting as Agent ilereunder, or In any SUit where,n Agent Interpleads the '3ub!ect matler of tile escrow. Agent shall recover reasonable attorney's fees and costs Incurred witn these amounts to be pLild from and our cf the c,scroweo fur"j,~, or eo~I.J1'1C1Icnl anci cnargC(j and awarded as court costs In favor of the prevailing P8rty. Tile, Agont shall not be 118blC to any party or person for Il'iIsdeiivery tt) Bli'/(I! or '3cll(:l Of Items sulJlect to the escrow. uniess such misdelivery IS duo to 'NII!ful breach of the prOVIsions of thiS Contr~)ct or qr-o~s nE:;911~Jc-nCt:~ uf Aqcrlt R. ATTORNEY'S FEES; COSTS: Ir' ,111\ ',tiCji.ltICH), ,,'c!uurr'lg brr,acrl, f:llforcr:rnent or Interpretation. arising out of tllis Contract, me prevailing P8rty In such liti- gation. whlcll. tor 'Jurposes of tillS "AS IS" St,.HluClrc1 ,;llall InClude: Seller. Buyer and any brokers acting In agency or nonagency relatlollShlps 8utrlonzed by Chapter 475, F.S.. as amenderj. snal: be entitled to recover Ir0l11 trlu non-prevailing party reasonable attorney's fees. costs and expenses. S. FAILURE OF PERFORMANCE:! Suver tails to perform thiS CCintract Within the time specified, including payment of all deposits. the deposit(s) paid by Buyer and deposlt(s) agreed to be paid, rTiay be recovered and retained by and for the account of Seller as agreed upon liqUidated damaqes. consideration for the execution of thiS Contract and In full set:IO'llent of any claims; wllereupon. Buyer and Seller shall be relieved of all obligations under this Contract: or Seller. at Seller's oplion, may proceed In equity 10 enforce Seller's nghts under thiS Contract. If tor any reason other than failure of Seller to make Seller's litle mar- ketable atter diligent effort, Seller tails, neqlects or refuses to perform thiS Contract, Buyer may seek speCifiC performance or elect to receive ttle return ot Buyer's deposlt(s) wrthout thereby walvlnq any ;.Jctlon for darrages resulting trom Seller's breach. T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES: Neither this Contract nor any nolice of it shall be recorded rn any public records. ThiS Contract shall bind and Inure to the benefit at the parties and their successors in interest. Whenever the context permits, singular shall include plural and one gender shall Include all. Notice and delivery given by or to the attorney or broker representing any party shall be as effective as if given by or to that party. All notices must be in writing and rT'ay be made by rnail. personal delivery or electronic media. A legible faCSimile or electronic (including "pdf") copy ot thiS Contract and any signatures hereon shall be conSidered tor all purposes as an orrglnai. U. CONVEYANCE: Seller shall convey 1T1arketable title to the Real Property by statutory warranty, trustee's, personal representative's, or guardlan's deed. as appropnate to the status of Seller, subject only to matters contained In Paragraph VII and those otherwise accepted by Buyer. Personal Property shall, at the request of Buyer, be transferred by an absolute bill ot sale With warranty of title, subject only to such matters as may be otherWise provided for herein. V. OTHER AGREEMENTS: No prror or present agreements or representations shall be binding upon Buyer or Seller unless Included In thiS Contract. No mod- Ification to or change In this Contract sllail be valid or binding upon the parties unless in writing and executed by the parties intended to be bound by It. W. SELLER DISCLOSURE: (1) There are no lacts 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: (2) Seller extends and intends no warranty and makes no representation of any type. either express or implied, as to the physical condition or history of the Property; (3) Seller has received no written or verbal notice from any governmental entity or agency as to a currently uncorrected building, environmental or safety code violation; (4) Seller has no knowledge of any repairs or improvements made to the Property without compliance with governmental regulation which have not been disclosed to Buyer. X. PROPERTY MAINTENANCE; PROPERTY ACCESS; ASSIGNMENT OF CONTRACTS AND WARRANTIES: Seller shall maintain the Property, including, but not limited to lawn, shrubbery, and pool in the condition existing as of Effective Date, ordinary wear and tear and Casualty Loss excepted. Seller shall, upon reasonabl(J notice, prOVide utilities service and Clccess to the Property for appraisal and inspections, including a walk-through prior to ClOSing, to confirm that alltems of Personal Property are on the Real Properly and that the Property has been maintained as requlled by this "AS IS" Standard. Seller will assign all asslCjnatJle repair Clnd treatrnent COlltracts and war'Llntles to Buyer at ClOSing. Y. 1031 EXCHANGE: 'I .)l1h"r Selier 01 P,U,/CI Wish Ii) I)nt';r Into a Ilkc:-klnd exchange (either Simultaneous With ClOSing or deferred) wltll respect 10 tile Propertv undu Section 10::, t of IIle 1""e)ll"111 Rev,,,,,,", Gldc ("E'~xcl~ianqe"). the otller party shall cooperate In all reasonable respects to effectuate the Exchanqe. Includ- ,rlq the ilxucu!,on of doculnent:;: prONieii (1) 'Ile (1)()I.J{lrat,nq P<Jrty sllalllncur no liability or expense related to tl18 ExchangE] an(j (2) \rle CIOSlrK) '3[1011 not l)u contlnqvnt upon, nor c'xh:r1cjeej \)1' (J::I;Jyr~:!(1 tlY, ':;uch Fxcnanqe, Z. BUYER WAIVER OF CLAIMS: Buyer waives any claims against Seller and, to the extent permitted by law, against any real estate licensee involved in the negotiation of the Contract. for any defects or other damage that may exist at Closing of the Contract and be subsequently discovered by the Buyer or anyone claiming by, through, under or against the Buyer. 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 21'i.) .0~ 253 254 255 256 257 258 259 260 261 262 263 264 265 2G6 2G7 26,S 269 270 271 272 273 FAR/BAR ASIS-2x Rev 2108 @ 2008 F,orlda A,;Soclatlon of RloAUOH'," and The Florida Bar All Rights Reserved Page 5 of 5 Exhibit "A" West 75 feet of the East 150 feet of Tract No. 83 of Golden Gate Estates Unit No. 45. according to the Plat thereof, as recorded in Plat Book 7, at Page 30, of the Public Records of Collier County, Florida.