Sale and Purchase Contract
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THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS" AND THE FLORIDA BAR . ~p:\l~,
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DEUTSCHE BANK NATIONAL TRUST COMPANY, AS INDENTURE TRUSTEE FOR AMERICAN HOME MORTGAGE.
l' PARTIES: INVESTMENT TRUST, 2006-3, MORTGAGE-BACKED NOTES, SERIES 2006-3~_~'_________("Se!ler"),
2' Jnd COLLIER COUNTY, a political subdivision of the St~~~floridi3____, ("Buyer"),
hereby agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property (collectively "Property")
pursuant to the terms and conditions of thrs Contract for Sale and Purchase and :my riders and addenda ("Contract"):
I. DESCRIPTION:
(a) Legal description of the Real Propertv located in COLLIER __ County, Florida: LOT 15, IN BLOCK 195
GOLDEN GATE UNIT 6, PLAT BK. 5, PG.133, PUBLIC RECORDS, COLLIER COUNTY, FLORIDA
(b) Street address, City, zip, of the Property: 2245 51ST TERRACE SW, NAPLES, FL 34116.
(c) Personal Property includes existing rangers), refrigerator(s). dishwasher(s), ceiling fan(s), light fixture(s), and window treatment(s) unless
specifically excluded. below. ,
Other items included are: Not applicable
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Items of Personal Property (and leased items, if any) excluded are: Not applicable
15* II. PURCHASE PRICE (U.S. currency): . . . . . . . . . . , . . . . . . . , . . . . . . . . , . . , . . , . , . . . . . , . . . . . , . . . . . . . , , , , $
16 PAYMENT: LAW OFFICES OF
17* (a) Deposit held in escrow by DAVID J. SCHNEID, P.A. -. 'Escrow Agent") in the amount of (checks subject to clearance)
18' Escrow Agent's address: 6901 SW 18TH ST E-301 BOCA RATON, FL 33433 Phone: 561-31'1-9141 _,
1 g* (b) Additional escrDW depDsit to be made to Escrow Agent within -Dl..iL days after Effective Date in the amDunt Df. . . . . . . . . .
20* (c) Financing in the amount of ("Loan AmDunt") 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 10 days trom counteroffer , 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 Contraci, then the "Effective Date" shall be the date determined above for
30 acceptance of this offer or, if applicable, the final counteroffer..r'Deposit due within 10 days 0' Effective date.
31 IV. FINANCING: Counteroffers included any Addenda submitted after either party signs.
32* .ail (a) This is a cash transaction with no contingencies for financing;
33* 0 (b) This Contract is contingent on Buyer obtaining written roan 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 H,(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 licensee(s), and Closing Agent.
42 SELLER: If Buyer does not deliver to Seller written notice of Loan Approval by Loan Approval Date, Seller may thereafter cancel this Contract by
43 delivering written notice ("Seller's Cancellation Notice") to Buyer, but not later than seven (7) days prior to Closing, Seller's Cancellation Notice shall
44 notify Buyer that Buyer has three (3) days to deliver to Seller written notice waiving this Financing contingency, or the Contract shall be cancelled,
45 DEPOSIT(S) (for purposes of this Financing Paragraph IV(b) only): If Buyer has used reasonable diligence but does not obtain Loan Approval
46 by Loan Approval Date, and thereafter either party ejects to cancel this Contract, the deposit(s) shall be re1urned to Buyer, If Buyer obtains loan
47 Approval or waives this Rnancing contingency, and thereafter the Contract does not close, then the deposit(s) shall be paid to Seller; provided how-
48 ever, if the fa~ure 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 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 mor1gage (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 ctauses for terms),
53* V. TfTLE EVIDENCE: At least _ days (if blank, then 5 days) before Closing a 1itIe 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): 0 (1) Seller, at Seller's expense and delivered to Buyer or Buyer's attorney; or
56* ~ (2) Buyer at Buyer's expense.
57* (CHECK HERE): .:J 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 OCTOBER 26, 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 vvill be
60 extended a reasonable time until: (i) restoration of utilities and other seNices essential to Closing, and (/1) availability of Hazard, Wind, Flood, 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.
$
$73,150.00
$2,500.00
N/A
$
$
$
$
$70,650.00
FAR/BAR ASIS.2 Rev. 9/07 @ 2007 Florida Associiltion of RlAUGHS" and The Florida 83r All H'(jllts Reserved Page 1 of 5
62 VII, RESTRICTIONS; EASEMENTS; LIMITATIONS: Suller :3tli'l11 ccnvey rnmketi'lble title subject to: comprehensive land use pl2ns, zoning,
63 restrictions, prot~ibitions ane! otl18r rcqL:irements Imposerj IN govulnlllr)ntnl nuthority; restrrctlcns ilnd il1:1tters apoc:.lr:nCl Orl tile plat or otherwise
64 common to the subdivision; olJtstiln(jin~~ oil, uas and miner:i1 nghts of rucor'cJ V,IltJlOUt right of entry: unplaltcd publiC utility easements of record
65 (located contiguous to real propel1y :,ne3 al1d not more !him 10 feet in widtll :JS ~o the rear or front lines and 1 1/2 feet in ',I/ic!th as to the Side
66 lir:es); taxes for year of Closing i'lncJ sulx;equent ~iears; Jnd assurTicd rnortl]i'lCjeS Jnd purchase nlCn8Y mortgoges, If any (if add/tionalltems, see
67' addendum); provided, that there exists at ClosinrJ no vlolatioll of the foregoing and none prevent use of the Property for NEIGHBORHOOD
68' STABILIZATION PROGRAM purpose(s).
69 VIII. OCCUPANCY: Seller shi'lll deliver occupancy ot Propeny to Buyer at time at Closing unless otherwise stated herein. If Property is intended
70 to be rented or occupied beyond Closing, the fuct Jnd 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 occuprlllcy, 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: Typewlltten 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 0 may assign and thereby be released from any further liability under this Contract; D may
76* assign but not be released trom liability under this Contract; or ~ may not assign this Contract.
77 XI. DISCLOSURES:
78 (a) The Property may be subject to unpaid special assessment lien(s) imposed by a public body ("public body" does not include a
79 Condominium or Homeowners' Association). Such lien(s), if any, whether certified, confirmed and ratified, pending, or payable in installments,
80' as of Closing, shall be paid as follows: ~ 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 (~ 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 mE AMOUNT
94 OF PROPERTY TAXES TI-lAT THE BLNER rvtA,Y BE OBLIGATED TO PAY IN mE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OVVNER-
95 SHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF mE PROPERTY THA.T COULD RESULT IN HIGHER PROPERTY TAXES.
96 IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT mE COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION,
97 XII. MAXIMUM REPAIR COSTS: DELETED
98* XIII. HOME WARRANTY:J Seller 0 Buyer ~ N/A will pay for a home warranty plan issued by
99* at a cost not to exceed $ u.uu
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
106 cancels this Contract, the deposit(s) paid shall be immediately returned to Buyer; thereupon, Buyer and Seller shall be released of
107 all further obligations under this Contract, except as provided in this Paragraph XlV. Unless Buyer exercises the right to cancel
108 granted herein, Buyer accepts the Properly 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
11 0 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 VA/FHA 0 HOMEOWNERS' ASSN. 0 LEAD-BASED PAINT 0 COASTAL CONSTRUCTION CONTROL LINE
113* 0 INSULATION 0 EVIDENCE OF TITLE (SOUTH FLORIDA CONTRACTS) 0 Other Comprehensive Rider Provisions 0 Addenda
114* Special Clause(s): SELLER AGREES TO EXECUTE BUYER'S FORMS GAP AFFIDAVIT. PUBLIC DISCLOSURE
115* AFFIDAVIT, SPECIAL WARRANTY DEED AND SUBSTITUTE W-9, SELLER WILL DELIVER THE COMPLETED AND
116' SIGNED W-9 TO BUYER SIMULTANEOUSLY WITH THE SIGNED CONTRACT.
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SELLER WARRANTS PROPERTY IS VACANT AND SHALL REMAIN SO THROUGH CLOSING TO COMPLY WITH THE REQUIREMENTS OF THE
NEIGHBORHOOD STABILIZATION PROGRAM.
STANDARDS B, F AND YARE DELETEO. DUE TO BUYER BEING A COUNTY GOVERNMENTAL ENTITY WITH SPECIFIC GUIDELINES AND
PROCEDURES, SELLER ACKNOWLEDGES THAT STANDARD S IS HEREBY DELETED.
STANDARDS D AND N ARE DELETED,
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.
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1)8 fHIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD,
123 SEEK THE ADVICE OF AN ATIORNEY PRIOR TO SIGNING.
130 THIS "AS IS" FOf'iM HAS B[EN f\PPROVCD f3Y TI-if n.cr=:IDA /\SSCJCiAflON OF RE/\LTOF'iS" hUD THE ICLORIDA B/I.R.
131 Approval does not constitute an opinioll that any of the terms and coneJition.s in rhis Contract shoulcllJ8 ;Jccepted by the p2r!ies in a
132 particular tr::msaction. Terms and conditions should be negotiated based upon the respective intfHests, objf!Ctives and bargaining
133 positions of all intuested persons.
134 AN ASTERISK(') FOLLOWING A LlII.JE "lUMBER IN THE ~A/\RC"N II'JDIC/\TES THE LINE CONT/'.I~JS /\ BLPJJK TO BE COMPLETED.
135' USEE SIGNATURE BLOCK BELOW
136 (BUY Di'\.TEj-
137*
138 (BUYER) (DATE)
139* Buyers' address for purposes of notice Real Property Manaqe
140' 3301 Tamiami Trail East, Bldq, W, Naples, FL
141* (239) 252-8991 Phone Phone
142 BROKERS: The brokers (including cooperating brokers, if any) named below are the only brokers entitled to compensation in connection with
143 this Contract:
144' Name:
145
(SELLER)
(DATE)
(SELLER)
Sellers' address for purposes of notice
(DATE)
Cooperating Brokers, if any
Listing Broker
Date Property acquisition approved by BCC:
March 24~o~m 1 Qf or
DATED: '6 ~ -- 20
BUYER:
TTEST' .;- f'.'~'l.Q '.
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Approved as to form and
leg I sufficiency: .
~
County Attorney
"3"~ NN 'F(.(t e>. W-H ''T'L
PROPERTY ADDRESS:
2245 51ST TERRACE SW, NAPLES, FL 34116
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"AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS
A. TITLE INSURANCE: Tile Tillie COlJ1I1"lment ,;r1;]1I be Isslind l)y il Flori,j,l licens8d title InSLlrC?r c1'jreolllg to i,,';ulJ Ruyei', Llpon rccordlniJ of the deed to Buyer,
an owner's policy 01 tlUe In.sur.3ncn ,n Ilie ~mloUl11 of !11C purch8se price, il1SUllllg Buyer's markelable tl:te to tile 1l(~ilJ Propcrty, subject only 10 mailers conta:118c1
in FJaragrilpl1 V,I and those 10 1)(, eiischm'Jf:d 1)'1 Seller Cltor !)efore Closing. M3rketable title srloll be) clet8rrl1lni)eJ acccujing 10 Elpplical)le Title S(c,ndards adopt,
ed by authOrity of The Florida BOI and '11 accorlli1nce With 12W. Buyer Shilll /1i.1Ve 5 days Irom date of receiving the Tille COmrnrlnlent 10 examine rI, and If title IS
found defective. notify Seller In writing specifying defecl(s) WhlCll render title unmarketable. Seller Shilll hove 30 ,JilYS frOIll recelpl 01 notice to remove the
defecls, fallng which Buyer shall, within 5 days after expiration of the 30 day penod, deliver wntten notice 10 Seller either: (1) extending the time for a reason,
able perrod not to exceed 120 dilYS within which Seller Shilll use diligent effort to remove tre defects: or (2) requesting a refund of deposlt(s) paid which shall
be returned to Buyer If BL;yer falls 10 so notify Seller, Buyer s/1all be deemed to Ilave accepted the title as it then IS. Seller shall, If !itle is found unmarketable,
use diligent effort to correct defect(s) Within the time provided. If, after diligent effort, Seller is unable 10 timely correct the defects, Buyer shall either waive Ihe
defects, or receive a refund of deposlt(sJ, thereby releasing Buyer and Seller from all further obligations under this Contract. If Seller IS 10 proVide the Title
Commitment and it is delivered to Buyer less than 5 days prior to Closing, Buyer may extend Closing so thaI Buyer Sh811 have up to 5 days from date of receipt
to examine same in accordance With this "AS IS" Stilndard.
B. PURCHASE MONEY MORTGAGE,
SECURITY AGREEMENT TO SELLER:
Lines 159-168 DELETED
C, SURVEY: Buyer, at Buyer's expense, within time allowed to deliver eVidence of title and 10 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 Paraqraph VII hereof and title to the Real Prooertv is insl JrPlhle in accordance with "AS IS" StPlnriArri A without exception for lack of legal right of access.
F. LEASES: Lines 175-179 DELETED
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 polentiallienors known 10 Seller and further attesting that there have been no improvements or repairs 10 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 affidavil setting forth the names of all such gen'
eral contractors, subcontractors, suppliers ilnd materialmen, further affirming that all charges for improvements or repairs which could serve as a basis for il
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 at the office of the attorney or other closing agent ("Closing
Agent") designated by the party paying for title Insurance,
I. TIME: Calendar days shall be used in computing lime 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 ins1ruments. Buyer shalllurnish mortgage, mortgage nole, 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, ~ 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 assessmen1 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 sl of prior year, lhen taxes shall be promted based upon prior year's millage and at an equitable assess,
ment to be a9reed 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 01 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 ~ restoration is nol 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 deposrt(s)
thereby reteasing Buyer and Seller from all further obligations under this Contract. Seller's sole obligation with respect 10 tree damage by casualty or other nalu'
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
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"AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED)
c'asing procelJuros shEll! apply (1) "1:1 closln'] prou!cds shaillJc heir) in i,,;Ur)>;1 by ii',\) CI'Y,lnS A,Veni lor J perioe! of not n',oro than 5 days iiller Closing; (2)
'f Seiler's titre IS rend'~red unnliJrketJtJle, IhrouCjh no faull ()( Buy'''. BUiU ;,h;;II, '/iltf::n tile 5 clay penod. niJtl~1 Scl:u In writing of the defect ilnd Soller S11811
have 30 days (rolll date of receipt of such notlflcalion to cure rhe defect; (3) If SeUer 'ai's to 11I11ely cure Ihe duiecr, all [lepos'ts (Jnd clOSing fU11(lS shall, upon
wnlten demand by Buyer and wltllin 5 days after demand, be returned to Buyer and, slmullaneously wilh such repaYlllc!nl, Buyer shall return Ihe Personal
Property, vacate the Real Property and reconvey Ihe Propeny to Seller by spec,,"1 warranty rj,-ceiJ and bill of sale; and ('1) If Buyer falls to make tirnely demand
for refu fld, Buyer shall take !It Ie as is, w3ivlng all r'Jllts 8f]3inst Se!/er as to any intervening ddu:t except ilS miJY be av;o,ilable to Buyer by virtue of war,
ranties conlalned In the deed or bill of sale.
Q. ESC ROW: Any ClOSing Agent or escrow agent (collec:ively "Agent") receiving funds or equival8nl is authorizeli and agrees by acceptance of then) 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. It In doubt as to Agent's duties or IIDbillties under the prov:.'3ions of thiS Contract, Agent may, at Agent's option, con,
tlnue to hold the subject matter of the escrow untit the parties hereto agree to ItS disbursement or until a Judgment ot a court of competent jurisdiction shall
determine the rights of the parties, or Agent may depOSit sarne with the clerk of !rle CirculI court haVing iunsdiction ot the dispute. An attorney who represents
a party and also acts as Agent may represent SLlch party in such action. Upon notifying all par1ies concerned of such action, all liability on the part of Agent
shall fully lerminate, except to the extent of accounting for any Hems previously delivered oul of escrow. If a licensed real estate broker, Agent will comply With
provisions of Chapter 475, F.S., as amended. Any suit between Buyer and SelJer whemin Agent IS made a party because of acting as Agent hereunder, or in
any SUit wherein Agent interpleads the subject matter of the escrow, Agenl shall recover reasonable at1orney's fees and cosls Incurred With these amounts to
be paid From and out of the escrowed funds or equivalent C1nd chiJrged and awarded as court costs In favor of the prevailing party. The Agent shall not be liable
to any party or person for misdelivery to Buyer or Seller ot items subject to the escrow, unless such misdelivery is due to willful breach of the prOVisions of this
Contract or gross negligence of Agent.
R. ATTORNEY'S FEES; COSTS: In any litigation, including breach, enforcement or Interpretation, arrsing out of this Contract, the prevailing party In such liti,
gation, which, for purposes of this "AS IS" Slandard, shall include Seller, Buyer and any brokers acting in agency or nonagency relationships authorized by
Chapter 475, F.S., as amended, shall be entitled to recover from the non'prevailing par1y reasonable attorney's fees, costs and expenses.
S. FAILURE OF PERFORMANCE: Lines
241-246 DELETED
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T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES: Neither this Contract nor any notice of it shall be recorded in any public records.
This Contract shall bind and inure to the benefit of the parties and their successors in interest. Whenever the contex1 permits, singular shall include plural and
one gender shatl include all. Notice and delivery given by or to the attorney or broker representing any pany shall be as effective as if given by or to that par1y.
All notices must be in writing and may be made by mail, personal delivery or electronic media. A legible facsimile or electronic (including "pdt") copy of this
Contract and any signatures hereon shall be considered for all purposes as an original.
U. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's, personal representative's, or guardian's deed, as
appropriate to the status of Seller, subject only to matters contained In Paragraph VII and those otherwise accepted by Buyer, Personal Property shall, at the
request of Buyer, be transferred by an absolute bill of sale with warranty of title, subject only to such matters as may be otherwise provided for herein.
V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in thiS Contract. No mod,
itication 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.
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
which have not been disclosed to Buyer; (2) Seller extends and intends no warranty and makes no representatiDn Df any type, either express Dr implied,
as to the physical condition or history of the Property; (3) Seller has received nD written Dr verbal nDtice from any gDvernmental entity or agency as
to a currently uncorrected building, envirDnmental or safety code violation; (4) Seller has nD knDwledge Df any repairs Dr 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
reasonable notice, provide utilities service and access to the Property for appraisal and inspections, including a walk,through pnor to Closing, to confirm that
all items of Personal Proper1y are on the Reat Property and that the Property has been maintained as required by this "AS IS" Standard. Seller will assign a/l
assiqnable repair and treatment contracts and warranties to Buyer at Closing.
Y. 1031 EXCHANGE Lines 267-270 DELETED
contingent upon, nor extended or delayed by, such Exchange.
Z. BUYER WAIVER OF CLAIMS: Buyer waives any claims against Seller and, tD 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 DI the Contract and be subsequently discovered by the
Buyer or anyone claiming by, through, under Dr against the Buyer.
FAP/BAn ASIS.2 /lev. 9/07 IE> 2007 FlcJfI(j3 r,ssocral101l olllbLioHs" and Thr, f'lollela Gdr ;',11 n'gl1b ncsurved Page 5 of 5
MEMORANDUM
Date:
August 25,2009
To:
Gary Bigelow
Property Acquisition Specialist
From:
Ann Jennejohn, Deputy Clerk
Minutes & Records Department
Re:
Neighborhood Stabilization Program
"As Is" Contract for Sale & Purchase with
Deutsche Bank (American Home Mortgage Investment Trust)
2245 51 st Terrace SW
Enclosed is the original sales contract referenced above (Agenda Item #10F)
approved by the Board of County Commissioners on Tuesday, March 24, 2009.
After processing please forward a fully executed copy 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