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As Is Contract for Sale and Purchase & Addendum THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS" AND THE FLORIDA BAR 'J;l:-< ~, ,,:4th: Q ~a~il~~~~)' US BANK, NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE FOR THE REGISTER l' PARTIES: SECURITIES TRUST 2004~, MORTGAGE BACKED NOTES clo OCWEN LOAN 2' and COLLIER COUNTY, a political subdivision of the State of Florida ("Buyer"), 3 hereby agree that Seller shall sell and Buyer shall buy Ihe 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 r. DESCRIPTION: 6' (a) Legal description of tre Real Property located in_fOL_UEB ___ County, Florida: 7* LOT 2, BLOCK 192, GOLDEN GATE, UNIT 6 . PLAT BOOK 5, PAGE 130 COLLIER COUNTY, FL S' (b) Street address, city, zip, of the Property:. 5418 23RD CT SW NAPLES, FL 34116 9 (c) Personal Property includes existing rangers), refrigerator(s), dishwasher(s), ceiling fan(s), light fixture(s), and window treatment(s) unless 10 specifically excluded. below. . 11* Other items included are: Not applicable 12* 13* Items of Personal Property (and leased items, if any) excluded are: Not applicable 14* 15* II. PURCHASE PRICE (U.S. currency): . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 PAYMENT: 17* (a) Depos~ held in escrow by OAK RIDGE TITLE CO. P'r=~~.. AM_'''I ':1 the amount of (checks subiectto clearance) $ 1701 WEST HILLSBORO BLVD - SUITE 307 18' Escrow Agent's address:_ DEERFIELD BEACH, FL 33-442 Phone:_ 954-531-0728 19' (b) Additional escrow deposit to be made to Escrow Agent within ~ days after Effective Date In the amount of. . . . . . . . . '. 20* (c) Financing in the amount of ("Loan Amount") see Paragraph fI/ below . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 * (d) Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 (e) Balance to close by cash, wire transfer or LOCALLY DRAWN cashier's or offICial bank check(s), subject $57,900.00 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 from 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 Contrad, then the "Effective Date" shall be the date determined above for 30 acceptance of this offer or, If applicable, the final counteroffer. .. *DEPOSIT DUE WITHIN FIFTEEN (15) DAYS OF EFFECTIVE 31 IV. FINANCING' DATE. COUNTEROFFERS INCLUDE ANY ADDENDA SUBMITTED * "" ( ) Th' I' h t " h . . f fi . AFTER EITHER PARTY SIGNS. 32.... a IS s a cas ransactlon WIt no contingencIes or Inanclng; 33* 0 (b) This Contract is contingent on Buyer obtaining written loan commitment whid1 confirms underwriting loan approval for a Joan to purchase 34* the Property ("Loan Approval'') within _ days Of blank, then 30 days) after Effective Date ("Loan Approval Datei 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 1I.(c)) at an initial interest rate not to 36* exceed %, and for a term of _ years. Buyer wiD 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 ban. 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 shan pay alloarl 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 CIoshlg 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. Sener's Cancellation Notice shall 44 notify Buyer that Buyer has three (3) days to deliver to SeDer written notice waiving this Financing contingency, or the Contract'shall be canceDed. 45 DEPOSIT(S) (for purposes of this Financing Paragraph lV(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 fabe to close is due to' (i) Seller's fabe or refusal to close or SeUer otherwise fails to meet the terms of the Contract, or Oil Buyers lender 49 faDs 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 titie insurance commitment with legible copies of instruments listed as 54 exceptions attached thereto ("Title Commitment") and, after Closing, an owner's porlGy of title insurance (see Standard A for terms) shall be obtained by: 55* (CHECK ONLY ONE): 18 (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 NOVEMBER 16, 2009 ("Closing"), unless i9' modified by other provisions of this Contract. In the event of extreme weather or other conditions or events constituting "force majeure", Closing will be ,0 extended a reasonable time until: (i) restoration of utilities and other services essential to 'Closing, and OV availability of Hazard, Wind, Flood, or Homeowners' 1 * insurance. If such conditions continue more than ~ days (if blank, then 14 days) beyond Closing Date, then either party may cancel this Contract. $ $58,900.00 $1,000.00 N/A $ $ $ FAR/BAR ASIS-2 Rev. 9/07 ~ 2007 Florida Associzltion of REAllOHS" and Thf' F/()(,rl" R"r -"" P;~h,o DMM.~,", 62 VII. RESTRICTIONS; EASEMENTS; LIMITATIONS: Seller sholl convey marketal)/e 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 (Ioca ted 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 tllere exists at Closing no violation of the foregoing and none prevent use of the Property for NEIGHBORHOOD 68* STABILIZATION PROGRAM 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 delivE!red 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 cO'lflict with them. 75' X. ASSIGNABILITY: (CHECK ONLY ONE): Buyer 0 may assign and thereby be released from any further liability under this Contract; 0 may 76* assign but not be released from 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 Iien(s), if any, whether certified, confirmed and ratified, pending, or payable in installments, 80* as of Closing, shall be paid as follows: \!I 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 reQarding 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 SUt-Av1ARY: BUYER SHOULD NOT Ray ON THE SalEl'S CURRENT PROPERTY TAXES AS mE AMOUNT 94 OF PROPERTY TAXES Tl-Jtl.T mE BUYER MAY BE OBUGA,TED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OINNER- 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 mE COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION. 97 XII. MAXIMUM REPAIR COSTS: DELETED 98* XIII. HOME WARRANTY: Q Seller 0 Buyer I!!I 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 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 lende/: 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. 0 LEAD-BASED PAINT 0 COASTAL CONSTRUCTION CONTROL LINE 113* 0 INSULATION 0 EVIDENCE OF Tl1LE (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 8 UYER SIMULTANEOUSLY WITH THE SIGNED CONTRACT. 117" 118* SELLER WARRANTS PROPERTY IS VACANT AND SHALL REMAIN SO THROUGH CLOSING TO COMPLY WITH THE REQUIREMENTS OF THE 119* NEIGHBORHOOD STABILIZATION PROGRAM. 120* 121 * 122* 123* 124* 125* STANDARDS B, F AND Y ARE DELETED. DUE TO BUYER BEING A COUNTY GOVERNMENTAL ENTITY WITH SPECIFIC GUIDELINES AND PROCEDURES, SELLER ACKNOWLEDGES THAT STANDARD S IS HEREBY DELETED. STANDARDS D AND NARE DELETED. 126 XVI. "AS IS" STANDARDS FOR HEAL 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.2 Rev. 9/07 @ 2007 Florida Association of R~L10HS4 and The Florida Bar All Rights Reserved Page 2 of 5 128 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, 129 SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. 130 THIS "AS IS" FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS' AND THE FLORIDA BAR. 131 Approval does not ccnstitute an opinion that any of the terms and conditions in this Contract should be accepted by the parties in a 132 particular transaction. Terms and conditions should be negotiated based upon the respective interests, objectives and bargaining 133 positions of all interested persons. 134 AN ASTERISK(') FOLWWING A LINE NUMBER IN THE MARGIN II'IDICATES THE LINE CONTAINS A BLANK TO BE COMPLETED. 135' ".SEE SIGNATURE BLOCK BELOW 136 (BUYER) ~o~ ---- (SELLER) (DATE) 13r 138 (BUYER) (DATE) 139* Buyers' address for purposes of notice Real Property Manaqe 140' 3301 Tamiami Trail East, alda. W, Naples, FL 141> (239l252-8991 Phone Phone 142 BROKERS: The brokers nncluding cooperating brokers, if any) named below are the only brokers entitled to compensation in connection with 143 this Contract:. PERFECT PROPERTIES OF NAPLES PROSUL TS REALTY 144> Name: 145 Cooperating Brokers, if any (SELLER) SeHers' address for purposes of notice (DATE) Listing Broker Date Property acquisition approved by BCC: March 24, 200}, Ite? 10F '1 DATED: 10 I . ;)-00 , - ( BUYER: .- ,'''' '.1- .eo. -::1: ~ , . c NTY COMMISSIONERS , FLORIDA BY: Donna F' . . ~ ~7 ~ I r, " Approved as to form and legal sufficiency: ~~ ~ .county Attorney PROPERlY ADDRESS: 5418 23RD CT SW NAPLES, FL 34116 LOT 2, BLOCK 192, GOLDEN GATE, UNIT 6 PLAT BOOK 5, PAGE 130 COLLIER COUNTY, FL FA,R/BAR ASIS-;? RAV gIn? (E) ?m~' Flnrirf:.! 4<:-r::rirb.tinn fi( Ql..^'-'r'\r>.:-:Io 'HV-l Th...... o""~:....../~ ,')~. 1.11 n:_~._ rL_ 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 Trlle Commtment shall be issued by a Florida licensed tllle insurer agreeing to issue Buyer. upon recording or the deed to Buyer, an owner's policy of title insura,lce in the amount of lI,e purchase price, insuring Buyer's marketable title to the Real Property, subject only 10 matlers contained In Paragraph VII and those to be discharged by Seller at or before Closing. Marketable title shall be determined according to applicable Tille Standards adopt. ed by authOrity of The Florida Elar and ,n accordance with law. Buyer shall have 5 days from dale of recei'ling the Tille Commitment 10 examine ii, and it tille is found defective. notify Seller In writing specI~'ing defect(s) which render Iltle 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 wrltlen notice 10 Seller either: (1) extending the time for a reason. able period not to exceed 120 days within which Seller shall use diligent effort to remove the defects: or (2) requesting a refund of deposit(s) paid which shall be returned 10 Buyer. If Buyer faits 10 so notify Seller, Buyer shall be deemed to Ilave accepted the litle as it then is. Seller shall, if title is found unmarketable, use diligent effort to correcl defect(s) within the time provided. If, after diligent effort. Seiler is unable to timely correct Ihe defects, Buyer shall either waive the defects, or receive a refund of deposit(sJ, thereby releasing Buyer and Seller from all further obligations under this Contract. If Seller is to provide the Title Commitment and it is delivered 10 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: Lines 159-168 DELETED C. SURVEY; Buyer, at Buyer's e~pense, 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 sUNeyor. If the sUNey 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 Parapraph VII hereof and title to the Real Prooertv jR inRllr;lhle in accordance with "AS IS' St;lnrlftri'j 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 potentiallienors 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.!f 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 mate'ialmen 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 at the office of the attorney or other closing agent ("Closing Agent) designated by the party paying for litle insurance, I. TiME: Calendar days shan be use<j in computing time periOds except periods of less than six (6) days, in which event Saturdays, Sundays and state or nation- allegal hofidays shaH bEl 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 tien 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), shal 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 shiil have the option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at Oosing 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 wi. be credited to Saller. 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 mm- age is not fixed and current year's assessment is available, taxes wRl 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 equ~able assess- ment to be agreed upon between the parties; faRing 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 shaD, at request of either party, be readjusted upon receipt or 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 it 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 e~her take the Property as is, together with the 1.5% or receive a refund of depos~(s) thereby releasing Buyer and Seller from all further obligations under this Contract. Seller's sole obligation with respect to tree damage by casu any 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.2 Rev. 9/07 TQ 200i' Florida Association of RI:ALlOHS" and The Florida Bar All Rights Reserved Page 4 of 5 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 "AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED) closing procerjures shall ilpply: (1) all clOSing proceeds shall be held In escrow I)y the Closing Agcni (or a pe'lod 01 not more ihan 5 days aNer Closing; (2) If Seller's title is rendered unmarkctili)le. through no fault of Buyer. Buyer shall, vllth,n the 5 day period. nolity Seller In w(Jting of the defect and Seller shall have 30 days from date of receipt or such notification to cure t1l0 defect; (3) If Seller fails to timely cure the defect. all deposits and closing funds shall, upon written demand by Buyer and 'Ndhin 5 days aNer demand, be returned 10 Buyer and, slmullaneously wdh such repayment, Buyer shall return the Personal 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 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- ranties contained in the deed c{ bill of 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 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 shal/ 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 a party and also acts as Agent may represent sllch party in such action. Upon notifying all parties concerned of such action, all liability on the part of Agent shal/fulfy 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 provisions of Chapter 475, F.S., 3S amended. Any suit between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, or in any suit wherein Agent interpleacfs the subject matter of the escrow, Agent shall recover reasonable attorney's fees and costs incurred with these amounts to 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 to any party or person for misdelivery to Buyer or Seller of items subject to the escrow, unless such misdelivery is due to willful breach of the provisions of this Contract or gross negligence of I\gent. R. ATTORNEY'S FEES; COSTS: In any litigation, including breach. enforcement or interpretation, arising out of this Contract, the prevailing party in such liti- gation, which. for purposes of th.s "AS IS" Standard, shall include Seller, Buyer and any brokers acting in agency or nonagency relationships authorized by Chapter 475, F.S., as amended. shall be entitled to recover from the non-prevailing party reasonable attorney's fees, costs and expenses. s. FAILURE OF PERFORMANCE: Lines 241-246 DELETED T. CONTRACT NOT RECORDABI_E; 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 context permits, singular shall include plural and one gender shall include all. Notice and delivery given by or to the al10rney or broker representing any party shall be as effective as if given by or to that party. All notices must be in writing and may be made by mail, personal delivery or electronic media. A legible facsimile or electronic Oncluding "pdf") copy of this Contract and any signatures hereon shall be considered for all purposes as an original. U. CONVEYANCE: Seller shall copvey 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, :>ubject 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 titie, 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- 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. 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 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) Sel1er 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; PHOPERTY 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 sE:rvice and access to the Property for appraisal and inspections, including a walk-through prior to Closing, to confirm that 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 assiqnable repair and treatment contracts and warranties to Bwer at Closing. Y. 1031 EXCHANGE Lines 267-270 DELETED contingent upon, nor extended or delayed by, such Exchange. . z. BUYER WANER OF CLAIMS: Buyer waives any claims against Seller and, to the extent permitted by law, against any real estate licensee involved in the negotiation at the Contract, tor 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. FAR/BAR ASIS.2 Rev. 9/07 (92007 Florida ASSOCiation of RlcAuOHs" and The Florida Bar All RiqhlS Resen'ed Paqe 5 of 5 ADDENDUM "A" FIRST ADDENDUM TO CONTRACT OCWEN ASSET NUMBER: 70057807 Seller: Ocwen Loan Servicing, LLC on behalf of US Bank NA Buyer: COLLIER COUNTY Buyer Property Address I 5418 r 23rd Court SW "a/kJa/ Subject Property" I Naples IELJ 34116 Date 9/30/2009 (of even date with contract of purchase attached hereto) BUYER(S) AND SELLER AGREE AS FOLLOWS: (A) OFFER AND ACCEPTANCE: Buyer is aware of the following: (i) Seller has reserved the right to make multiple counter-offers on this property; (ii) Seller reserves the right to continue to offer the Property for sale until this offer has been formally accepted in writing; (iii) acceptance of this offer or any counter-offers hereto is subject to Ocwen Loan Servicing, LLC's Executive Committee's approval; (iv) This offer shall expire on 10/14/09 at 5:00 PM EST. Any decision as to Buyer's acceptance of this offer shall be approved by Ocwen Loan Servicing, LLC's Executive Committee. Seller's acceptance of another offer prior to Buyer's acceptance and communication of acceptance of this offer to Seller, or Seller's agent shall revoke this counter-offer. Communication of acceptance of this counter-offer must be received by Seller in writing prior to the expiration of the time frame specified above and may be in the form of a facsimile, e-mail, or hard copy via mail so long as receipt of delivery can be confirmed. (B) RECAP OF CONTRACT TERMS AND "DEFINITIONS": (i) Sale Price to be $58,900 (ii) Earnest Money Deposit [hereinafter to be referred to as "Earnest Money Deposit or Initial Deposit"] to be $1,000 at the signing of contract. (iii) Additional deposit(s) [hereinafter to be referred to as "Additional Deposit"] of$O.OO shall also be required upon the removal of all inspection contingencies. (iv) Balance of the Sales price in the amount of$57,900 to be paid by wire transfer at closing. (v) Definition of DEPOSIT: "DEPOSIT" shall be used to refer to the sum/totality/combination of the Earnest Money Deposit, Additional Deposit(s) and any other subsequent deposits held in escrow Oil' otherwise intended to be applied toward Sales price. The DEPOSIT is considered to be "hard money" and non-refundable with the exception of the financing contingency and other exceptions as may be defined later herein. (vi) Definition of COSTS: Any amounts incurred by Buyer in connection with the purchase of the Subject Property, the Contract, and/or the Addendum, including but not limited to attorneys fees, inspection fees, title search fees, or repair costs. A Buyer's Expense, as defined in Paragraph E(ii) does not fall into the definition of Costs. (vii) Definition of BUYER: All Buyers on the Contract and Addendum shall be collectively referred to as "Buyer". (viii) Closing date on or before 11/16/2009 ..... (C) CONFLICT BETWEEN SALES CONTRACT AND FIRST ADDENDUM TO CONTRACT: In the event any provision of this First Addendum To Contract [hereinafter to be referred to as "Addendum"] dated 9/30/2009 conflicts in whole or in part with any of the terms of the sales contract [hereinafter to be referred to as "Contract"] between Buyer and Seller, then the provisions of the instant /' -'dendum shall control. (Buyer's Initials) (D) ASSIGNMENT OF CONTRACT: Buyer shall neither assign its rights nor delegate its obligations hereunder without obtaining Seller's prior written consent, which may be withheld in Seller's sole discretion. In no event shall any assignment relieve Buyer from its obligations under this Contract. If Buyer attempts to or actually assigns or delegates the Contract and/or Addendum without obtaining Seller's prior written consent, then both the Contract and Addendum may be deemed null and void at Seller's discretion. In the event that Seller chooses to nullify the Contract and Addendum for this reason, then Seller shall not be required to refund Deposit or Costs to Buyer. (E) NO REPRESENTATIONS OR WARRANTIES: PROPERTY SOLD "AS IS" Buyer acknowledges and understands that the Property (Property is herein defined to be the property and improvements, if any, which are the subject of the Contract) is being sold as-is, where-is, and with all faults. Buyer further acknowledges and understands that the Property was acquired by the Seller through foreclosure action, therefore, the Seller was not an owner-occupant and its information concerning the Property and its condition is limited. Buyer is hereby informed that Seller is unaware of any latent defects in the Property or any appurtenant systems, including but not limited to plumbing, heating, air conditioning and electrical systems, fixtures, appliances, roof, sewers, septic, soil conditions, foundation, structural integrity, environmental condition, pool or related equipment. Seller makes no representations or warranties as to any of the above, the condition of the Property, the Property's systems, the serviceability or fitness for a particular use of the Property, or any component of the Property. Buyer agrees that in contracting to buy the Property, Buyer has not relied to their detriment upon any representation or warranty made by the Seller, any parent, subsidiary or affiliate thereof, or any of its officers, directors, employees, agents or representatives. (F) FINANCING CONTINGENCY (NA)/(NA) (I) Sale Contingent on Mortgage Financing (i) Deadline for Commitment: This Contract is subject to the condition that on or before the deadline, [hereinafter to be referred to as "Deadline"] of NA , Buyer shall secure, or there shall be made available to Buyer, a written commitment for a loan to be secured by a mortgage or deed of trust on the property in the amount of $ NA , or such lesser sum as Buyer accepts. If Financing Declined Notification is provided by close of Deadline date, then this Contract shall become null and void and Deposit shall be returned to Buyer. If neither a Commitment nor a Notification is provided by close of Deadline date, then this contract shall remain in full force and effect without any loan contingencies. (ii) Buver's Expense: Buyer shall, at Buyer's expense, execute all documents necessary to procure a mortgage loan from any source. Any delays caused by Buyer's Lender, whether a result of Buyer's conduct or not, shall constitute a default by Buyer. (iii) Buver's Authorization for Lender: Buyer hereby authorizes the Lender (and/or it's successors and assigns) to discuss with Ocwen Loan Servicing, LLC the buyers loan application including, but not limited to, the buyer's credit history (including Credit Report), income, debts and the progress. of the entire loan application. (iii) Buver's Authorization for Ocwen: Buyer hereby authorizes Ocwen Loan Servicing, LLC or other investigative agency employed by Ocwen Loan Servicing, LLC to investigate buyers ability to purchasl: under the terms and conditions of the contract to purchase and Addendum A including but not limited to the ordering of a credit history from a credit reporting agency and discussion of buyers loan application with the Lender and or their successors or assigns. Buyer shall be entitled, upon request, to a complete and accurate disclosure of the nature and scope of any investigation. (Buyer's Initials) 2 lXJ/~ (2) All Cash Transaction This is an all-cash sale and purchase, and is NOT contingent upon Buyer's obtaining financing for the purchase of the Property regardless of any mortgage loan application made by the Buyer to any lending institution. Buyer understands and agrees that neither delivery of a commitment for a mortgage loan from any lending institution nor the Buyer's acceptance of such a commitment will in any way be a condition of Buyer's obligation under this Contract. Buyer represents to Seller that Buyer has sufficient readily available funds to complete the purchase of the Property. If Buyer is unable to submit cash at time of closing date to Seller, then Seller shall be entitled to retain the Deposit. (G) CLOSING COSTS Buyer agrees to pay all allowable closing costs on behalf of the Buyer, including the cost of a lenders title insurance policy if applicable. Buyer understands that they may also have to pay certain prepayable expenses, including, but not limited to, adjustments for short term interest, taxes, water and sewer charges, insurance, MIP or PMI. Buyer understands that if they obtain an FHA or PMI mortgage, the MIP or PMI premium will be added to the mortgage amount and increase their monthly payment. (H) INSPECTIONS Buyer, at Buyer's sole cost and expense, and after Seller's written acceptance of this offer, shall have the opportunity to inspect the Property including, but not limited to, environmental, asbestos, radon gas, lead paint, mold, physical defects including structural defects, roof, basement, mechanical systems such as heating and air conditioning, electrical systems, sewage and septic systems, plumbing, exterior site drainage, termite and other types of pest and insect infestation or damage caused by such infestation, and boundary surveys. Any and all costs and expenses associated with this inspection shaH be referred to as "inspection costs". If the sale fails to close due to an issue stemming from this inspection, SeHer shaH not be required to reimburse Buyer for inspection costs. Seller does not supply "surveys, boundary surveys or footprint surveys". BUYER IS ENCOURAGED TO OBTAIN THE SERVICES OF A QUALIFIED AND EXPERIENCED PROFESSIONAL TO CONDUCT INSPECTIONS AND TESTS PRIOR TO THE END OF THE SEVEN (7) CALENDAR DAY INSPECTION PERIOD, AS THE EXISTENCE OF CERTAIN CONDITIONS, INCLUDING BUT NOT LIMITED TO THOSE LISTED ABOVE,. COULD CAUSE SERIOUS HEALTH PROBLEMS AND/OR A SUBSTANTIAL REDUCTION IN PROPERTY VALUE. Buyer is hereby notified and agrees that Buyer is solely responsible for any required remediation and/or resulting damages, including, but not limited to, any effects on health, due to a condition in, on or around the property. If Buyer does not give to Seller written notice of cancellation, for any reason, by the close of business on the deadline of the inspection period as defined by the Sales Contract [hereinafter "Inspection Period deadline"] between Buyer and Seller, then Buyer shall conclusively be deemed to have: (i) completed all inspections, investigations, review of applicable documents and disclosures and removed all contingencies; (ii) elected to proceed with the transaction; and (iii) assumed all liability, responsibility, and expense for repairs or corrections other than for items which Seller has otherwise agreed in writing to repair or correct. If Buyer timely objects to the condition of the Property by the Inspection Period deadline, then Buyer, at their sole option, may terminate this contract and neither party shall have any further obligations hereto. As a condition to Buyer's termination under the inspection period, Buyer agrees to submit any and all written reports as to such inspections within three (3) calendar days following the close of the Inspection Period Deadline after which time Seller will immediately refund the Deposit to Buyer. (Buyer's Initials) 3 (I) SELLER'S UNLIMITED RIGHT TO CANCEL CONTRACT AND/OR ADDENDUM: AT ANY TIME AFTER THE EXECUTION BY SELLER OF EITHER THE CONTRACT OR THE ADDENDUM. SELLER SHALL HAVE THE UNLIMITED RIGHT, AND AT ITS COMPLETE DISCRETION, TO ELECT TO DEEM THE SALES CONTRACT AND/OR ADDENDUM BETWEEN BUYER AND SELLER NULL AND VOID AND NOT CLOSE THE TRANSACTION FOR ANY REASON AND THE PARTIES SHALL BE RESTORED TO THEIR ORIGINAL POSITIONS AS IF THE CONTRACT AND ADDENDUM NEVER EXISTED. SHOULD SELLER EXERCISE ITS DECISION TO NULLIFY THE CONTRACT AND/OR ADDENDUM. THEN SELLER SHALL RETURN THE DEPOSIT. AS DEFINED IN PARAGRAPH B(5) TO BUYER. HOWEVER. IT IS SELLER'S SOLE DECISION AS TO WHETHER OR NOT IT WILL REIMBURSE BUYER FOR ANY COSTS AS DEFINED IN PARAGRAPH 8(6) OR OTHERWISE. THE BUYERS AGREE THAT SHOULD SELLER CANCEL THE SALE FOR ANY REASON THAT THEY WAIVE THEIR RIGHT TO SUE FOR SPECIFIC PERFORMANCE AND/OR DAMAGES AND FULLY RELEASE SELLER AS FURTHER SET FORTH IN RELEASE CONTAINED WITHIN PARAGRAPH WHEREIN. (Buyer's Initials) (Buyer's Initiais) I HAVE READ THIS PARAGRAPH AND I AM INITIALING TO VERIFY THAT I ACCEPT IT AS PART OF THE CONTRACT AND ADDENDUM. (J) REPAIRS Any repairs to th<: Property identified by Buyer or which may be required by any lending institution to which Buyer may have applied ("Repairs") are the responsibility of the Buyer. The Seller will be under no obligation whatsoever to make any Repairs to the Property. Buyer agrees not to enter the Property prior to Closing for the purpose of making any repairs or alterations without Sellers express written consent. (K) LlOillDATED DAMAGES-DEPOSIT NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, IF BUYER HAS NOT TERMINATED THIS AGREEMENT AND IF THE SALE OF THE PROPERTY TO BUYER HAS NOT BEEN CONSUMMATED FOR ANY REASON OTHER THAN SELLER'S DEFAULT UNDER THE AGREEMENT, SELLER SHALL BE ENTITLED TO RETAIN THE DEPOSIT AS SELLER'S LIQUIDATED DAMAGES. THE PARTIES AGREE THAT IT WOULD BE IMPRACTICABLE AND EXTREMELY DIFFICULT TO ASCERTAIN THE ACTUAL DAMAGES SUFFERED BY SELLER AS A RESULT OF BUYER'S FAILURE TO COMPLETE THE PURCHASE OF THE PROPERTY PURSUANT TO THIS AGREEMENT, AND THAT UNDER THE CIRCUMSTANCES EXISTING AS OF THE DATE OF THIS AGREEMENT, THE LIQUIDATED DAMAGES PROVIDED FOR IN THIS SECTION REPRESENTS A REASONABLE ESTIMATE OF THE DAMAGES WHICH SELLER WILL INCUR AS A RESULT OF SUCH FAILURE, PROVIDED, HOWEVER, TRAT THIS PROVISION SHALL NOT LIMIT SELLER'S RIGHT TO RECEIVE REIMBURSEMENT FOR ATTORNEYS' FEES,. NOR WAIVE OR AFFECT SELLER'S RIGHT AND BUYER'S INDEMNITY OBLIGATIONS UNDER OTHER SECTIONS OF THIS AGREEMENT. THE PARTIES ACKNOWLEDGE THAT THE PAYMENT OF SUCH LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER. NOTWITHSTANDING THE FOREGOING, IF BUYER INTERFERES WITH OR MAKES ANY ATTEMPT TO INTERFERE WITH SELLER RECEIVING OR RETAINING, AS THE CASE MAY BE, THE LIQUIDATED DAMAGES PROVIDED FOR IN THIS SECTION, INCLUDING WITHOUT LIMITATION, GIVING ANY NOTICE OR INSTRUCTIONS TO ESCROW HOLDER NOT TO DELIVER THE DEPOSIT TO SELLER, SELLER SHALL HAVE THE RIGHT TO ELECT TO RECOVER THE GREATER OF ITS ACTUAL DAMAGES OR THE LIQUIDATED DAMAGES BY GIVING WRITTEN NOTICE TO BUYER AND SELLER SHALL HAVE ALL OTHER RIGHTS AND REMEDIES AGAINST BUYER PROVIDED AT LAW AND IN EQUITY, AND SELLER SHALL HAVE THE RIGHT TO REQUIRE THAT BUYER SPECIFICALLY PERFORM BUYER'S OBLIGATIONS UNDER THIS AGREEMENT. (Buyer's Initials) (L) SELLERS CLOSING COSTS AND BROKERAGE COMMISSION 4 Ifnecessary to complete a transaction, Seller will contribute up to: (i) $~ towards Buyer's non-recurring closing costs, discount points, and, if applicable, Buyer's Non- allowable FHNVA costs; (ii) $ 0.00 as a credit to Buyer at closing for Buyer to purchase a Home Protection Plan; and (iii) $ 0.00 towards a termite report. Seller will pay a brokerage commission in accordance with the sales commission rate chart attached to the listing agreement between the listing broker and the seller. The selling broker, if any, is recognized below. Seller hereby instructs the closing agent to pay the brokerage commission at closing via separate checks made out to the following companies, in the following amounts: Referral Fee: Payable to OCWEN Real Estate Servicing Solutions Listing Broker Fe<:: Payable to Prosults Realty Selling Broker Fe<:: Payable to Perfect Properties of Naples Inc Property Management Fee: Payable to Prosults Realty Amount: $ Amount: $ Amount: $ Amount: $ 883.50 883.50 1,767.00 883.50 (M) TRANSFER OF TITLE AND SUBSEOUENT NOTICE OF COSTSILIENS/ASSESSMENTS Seller will transfer title by means of a special or limited warranty deed, or an equivalent thereof (the"Deed"). The acceptance of the Deed by the Buyer will be deemed to constitute full compliance by the Seller with all of the terms and conditions of the Contract and this First Addendum. Seller shall NOT be responsible for any unpaid real estate taxes and/or assessments, levies, homeowner association fees and charges, utility charges or any other charges not readily obtainable from a title search prior to closing. SPECIFICALLY, IF AT ANY TIME AFTER THE DATE OF CLOSING, THE BUYER OR THEIR ASSIGNS OBT AIN ACTUAL OR CONTRUCTIVE NOTICE OF ANY COSTS/LIENS/ASSESSMENTS/JUDGMENTS ASSOCIATED WITH THE SUBJECT PROPERTY THAT WERE NOT OF RECORD AT THE TIME OF THE CLOSING, INCLUDING BUT NOT LIMITED TO CODE VIOLATIONS, TAXES, UTILITY LIENS, CONDOMINIUM ASSESSMENTS, THE BUYER SHALL BE RESPONSIBLE FOR PAYMENT OF SAME AND RELEASES SELLER FOR ANY AND ALL LIABILITY IN CONNECTION THERETO, WHETHER OR NOT THE SELLER OWNED THE PROPERTY AT THE TIME SAID COSTS WERE ASSESSED OR INCURRED AND WHETHER OR NOT SELLER HAD ACTUAL OR CONSTRUCTIVE NOTICE OF THE EXISTENCE OF SAID COSTS/LIENS/ ASSESSMENTS/JUDGMENTS. Buyer is responsible for verifying any possible liens/judgments/assessments that may not be of record and releases Seller from any and all liability and as also set forth in the Release contained herein in Paragraph W. None of the provisions of the Contract or the First Addendum will survive the delivery of the Deed. _ (Buyer's Initials) (N) TITLE AGENT The Buyer is entitled to legal representation at the closing and may elect to have such representation at Buyers own expense. Buyer and any Buyer's Lender/ Title Company/ Attorney if applicable, agrees to cooperate with SeHer's Title/ Closing Company at no extra expense to the Seller. It is Seller's intent to deliver an Owners Title Insurance Policy in lieu of an abstract in the customary states. The Buyer hereby accepts the Owners Title Insurance Policy in lieu of an abstract, if applicable. The seller agrees to pay the premium for an Owners Policy only if the policy is issued by Seller's selected Title/Closing Company or their title insurance agent. Seller shall pay its own title examination fee to Seller's Title/Closing Company, as well as a standard base Owners Policy of title insurance premium based upon the sales prke, supplied to the Buyer by Seller and Seller shall also select the title agent issuing same. Unless otherwise specified by Buyer, all closing transactions will be conducted by Seller's Title/ Closing Company at a time and location selected by Seller or Seller's Title/Closing Company. Buyer shall pay their share of all customary closing fees and title fees to the Settlement and Closing /Title agent. If Seller permits in writing,. Buyer or Buyer's Lender/Title Company/Attorney if applicable, to use a non Seller selected Closing Agent! Title company or Attorney if applicable, then all closing transaction and title fees of both the Buyer and Seller will still be the buyers responsibility to pay on the HUD closing statement at the time of closing, which include all Seller fees charged by Seller's Attorney, Seller's Title Company, and Seller's Closing Company (Buyer Initials) 5 (0) INSURANCE POLICIES SeHer's insurance policies on the subject property of the closing are not transferable, and will not be prorated at Closing. (P) TITLE DEFECTS In the event that a title defect is discovered prior to closing date, then SeHer shaH have the unlimited right to be entitled to a thirty (30) day extension within which to resolve any title exceptions or defects or other title issues which in any way impede or impair SeHer's ability to convey title as required herein. This additional period thirty (30) day period shaH hereinafter be referred to as "Extended Closing Period". If, within such Extended Closing Period, the SeHer determines that it is unable or unwilling, at its sole discretion, to resolve such matters then the buyer may elect to: (I) take title to the subject property in its then state, thereby waiving any title objections, or (2) terminate the contract and receive a refund of the Deposit as defined in Paragraph B(5) which is Buyer's sole and exclusive remedy against SeHer for Seller's inability to delivl:r insurable title and fuHy releases seller as fuHy set forth in Paragraph W contained herein. (Q) (NA )/(NA )LEAD-BASED PAINT CONTINGENCY Buyer's obligation to close this transaction is contingent upon Buyer conducting a risk assessment or inspection of the Property for the presence of lead-based paint and/or lead-based paint hazards, at the Buyer's sole cost and expense, on or before 5pm eastern time on that date ten (10) days from the Contract Date (the "LBP Test Period"). Intact lead-based paint that is in good condition is not necessarily a hazard (see the EPA pamphlet "Protect Your Family From Lead in Your Home" for more information). This contingency will terminate at the expiration of the LBP Test Period unless Buyer delivers to SeHer written notice listing the specific existing deficiencies and corrections needed, together with a copy of the inspection and/or risk assessment report. Seller may, at Seller's sole discretion, within ten(lO)days after delivery of the notice, elect in writing whether to correct the condition(s) prior to settlement. If Seller elects to correct the condition, Seller shaH, upon completion of the correction(s), furnish to Buyer certification from a risk assessor or inspector demonstrating that the condition has been remedied. If SeHer does not elect to make the repairs, or if SeHer counter-offers, Buyer shall have five (5) days to respond to the counter-offer or remove this contingency and take the Property in "as is" condition or this Agreement shall become void. Buyer may remove this contingency at any time without cause. (R) QL)/QL)WAIVER OF LEAD-BASED PAINT INSPECTION PERIOD: SELLER'S REPRESENTATION'S Buyer acknowledges that it has had the opportunity to undertake studies, inspections or investigations of the Property as Buyer deemed necessary to evaluate the presence of lead-based paint and/or lead-based paint hazards on the Property. To the extent that Buyer has waived or otherwise declined the opportunity to undertake such inspections and investigations as a condition to the completion of the Closing under the terms of this Agreement, Buyer has knowingly and voluntarily done so. Buyer understands and acknowledges that the Property may have been built prior to 1978 and lead-based paint and/or lead-based paint hazards may be present on the Property. In accordance with the Section 1018 of Title X, the Residential Lead-Based Paint Hazard Reduction Act of 1992, attached to this Agreement as Exhibit "H" and made part hereof, SeHer attaches the Disclosure of Information on Lead Based Paint and/or Lead-Based Paint Hazards Lead Warning Statement. SeHer shaH have no responsibility or liability with respect to any such occurrence of lead-based paint. It is understood by the parties that Seller does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information contained in SeHer's files or in the documents produced by Seller or its agents, including, without limitation, any environmental audit or report. Buyer acknowledges that SeHer and SeHer's affiliates shaH have no responsibility for the contents and accuracy of such disclosures, and Buyer agrees that the obligations of SeHer in connection with the purchase of the Property shaH be governed by this Agreement irrespective of the contents of any such disclosures or the timing or delivery thereof. (Buyer's Initials) 6 (S) CLOSING DATE I TIME OF THE ESSENCE It is agreed that time is of the essence with respect to all dates specified in the Contract and any addenda, riders or amendments thereto. This means that all deadlines are intended to be strict and absolute. In the event Buyer fails to close on the scheduled closing date through no fault of the Seller, Seller may, in its discretion, agree to extend the closing date for up to 10 days. In the event seller agrees to extend the closing date, buyer shall pay, in addition to the Sale Price, a (I) $300.00 fee for the extension, and (2) a per diem penalty of $100.00 ($150.00 per diem if this is a cash otTer) for each day that the closing day is extended to the maximum of 10 days. In addition, there shall be a per diem penalty of $20.00 deducted from the selling broker's commission for each day that the closing is extended beyond the scheduled closing date. Buyer assumes all liability in providing all necessary information to their lender. Furthermore, Buyer shall instruct their lender and attorney to work in conjunction with the brokers to ensure a timely closing. The Broker and Co-Broker if applicable, shall assume all responsibility for follow-up with the Buyer, any lender or mortgage representative involved in financing this transaction, and either party's attorney and/or title company to ensure that there is no delay in closing. Purchaser will not be given possession, or may not occupy the premises prior to closing and disbursement of sale proceeds. (T) NO ALTERATIONS PERMITTED WITHOUT PRIOR CONSENT: Purchaser shall be considered in default of the Contract of Sale in the event Purchaser occupies or alters the property or permits it to be altered unless provided for in the Contract for Sale or unless prior written consent has been obtained from the Seller. Buyer shall be required to return the subject property to its original condition, at their own expense, should Seller so request in writing. (U) TERMINA lION OF CONTRACT In the event the Contract is terminated by Seller pursuant to any provision of the Contract, this First Addendum, any other addendum, or in the event Seller is otherwise unable to or elects not to perform this contract, Seller's sole liability to Buyer will be to return Buyer's deposit, at which time the Contract shall cease and terminate and Seller and Buyer shall have no further obligations, liabilities or responsibilities to one another. (V) SEVERABILITY If any provisions of this Addendum shall be prohibited by or invalid under applicable law, such provisions shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Addendum or the Sales Contract. _ (Buyer's Initials) (W) HOA ASSESSMENTS HOA assessments shall be based on the assessment rate in effect as of the actual date of Closing. Any special assessmenlt levied and payable in installments shall be prorated to the Closing Date and any installments due after the actual date of closing shall be paid by Buyer, in no event shall Seller be responsible for the payment of any unlevied assessment pending as of the actual date of closing. _ (Buyer's Initials) 00 RELEASE In consideration of the sale of the Property to the Buyer, and/or in consideration of Seller paying title examination fee and the premium for the title insurance policy, receipt of which is hereby acknowledged, upon the effective date of the Contract, Buyer does hereby release and agree to indemnify, hold harmless and forever discharge the Seller, as owner of the Property, and its officers, employees, agents, successors and assigns, from any and all claims, liabilities, or causes of action of any kind that the Buyer may now have or at any time in the future including but not limited to the OtTer and Acceptance (Paragraph A), the Conflict Provision (Paragraph C), Assignment issues (Paragraph D), Representations (Paragraph E), Financing Contingency (Paragraph F ), Inspection issues (Paragraph H), Seller's exercise of its unlimited 7 right to cancel Contract and Addendum (Paragraph I), Repairs (Paragraph J), Seller's definition of liquidated damagt:s (Paragraph K), Subsequent Notice of Liens (Paragraph M), Seller's ability to Transfer Title (Paragraphs Nand P ), Repairs, Lead Based Contingency Issues (Paragraphs Q and R ), and Prohibition on Alterations to Property (Paragraph T). Buyer further expressly waives the (a) remedy of specific performance on account of Seller's default under this Agreement for any reason, and (b) any right otherwise to record or file a lis pendens or a notice of pendency of action or similar notice against all or any portion of this Property. Seller: Date OCWEN LOAN SERVICING, LLC on behalf of US Bank NA Buyer: See Attached Substitute Execution Page Date Name Printed: Buyer: Date Name Printed: Listing agent: Signature: Date 10/7/2009 Name Printed: Adrian Petrila, Prosults Realty Buyer's agent: Signature: Date Name Printed: Mary Willkomm, Perfect Properties of Naples Inc. 8 . NEIGHBORHOOD STABILIZATION PROGRAM Property Address: 5418 23'd Court SW, Naples, FL 34116 Folio Number: 36308560009 IN WITNESS WHEREOF, the Purchaser and Seller have hereto executed this Addendum. iJate property acquisition approved by BCC: March 24, 2009, Item 10F ,,;Q:f: -0200,/ .' J.. . H'i~:,8~ ,Clerk <:; ~ . ~,:~ b,-- , Approved as to form and legal sufficiency: ~~~ Jennifer B. ite, Assistant County Attorney OA TED: PURCHASER: BY: Donna Fiala, Chairman SELLER: US BANK NATIONAL ASSOCIATION, as INDENTURE TRUSTEE for the REGISTERED HOLDERS of AEGIS ASSET BACKED SECURITIES TRUST 2004-6, MORTGAGE BACKED NOTES c/o OCWEN LOAN SERVICING, LLC BY: PRINT NAME: TITLE: MEMORANDUM Date: Oc:tober 8, 2009 To: Gary Bigelow, Property Acquisition Specialist From: Teresa Polaski, Deputy Clerk Minutes & Records Department Re: Addendum: 5418 23rd Ct SW Enclosed please find the one original documents referenced above, (Agenda Item #10F), which was adopted by the Board of County Commissioners on Tuesday, March 24, 2009. If you should have any questions, please contact me at 252-8411. Thank you. Enclosure ORIGINAL DOCUMENTS CHECKLIST & ROUTING SLIP TO ACCOMPANY ALL ORIGINAL DOCUMENTS SENT TO THE BOARD OF COUNTY COMMISSIONERS OFFICE FOR SIGNATURE Print on pink paper. Attach to original document. Original documents should be hand delivered to the Board Office. The completed routing slip and original documents are to be forwarded to the 30ard Office only after the Board has taken action on the item.) ROUTING SLIP Complete routing lines # I through #4 as appropriate for additional signatures, dates, and/or information needed. If the document is already complete with the exee tion of the Chairman's si nature, draw a line throu routin lines # I throu #4, com lete the checklist, and forward to Sue Filson (line #5). Rpute to Addressee(s) Office Initials Date (I}st in routing order) 1. 2. ----- (0('3ID9 3. (Th~ primary contact is the holder of the original document pending BCC approval. Normally the primary contact is the person who created/prepared the executive sUJ11mary. Primary contact information is needed in the event one of the addressees above, including Sue Filson, need to contact staff for additional or missing information. All original documents nl:eding the BCC Chairman's signature are to be delivered to the BCC office only after the BCC has acted to approve the item.) Name of Primary Staff Contact Agenda Date Item was A roved by the BCC Type of Document Attached ---- 4. ______ /" 5. Ian Mitchell, BCC Office Supervisor 6. Minutes and Records Board of County Commissioners Clerk of Court's Office 8075 /0 ;{ Yes (Initial) N/A (Not A licable) PRIMARY CONTACT INFORMATION Phone Number ~{b-G-LO vJ 3} ~t.I / Dq i2~.;1Odl- 8/ '~~~obJDA- Agenda Item Number JJr i: Forms! County Forms! BCe Forms! Original Documents Routing Slip WWS Original 9.03.04, Revised 1.26.05, Revised 2.24.05, Revised 9.18.09 Number of Original Documents Attached I. INSTRUCTIONS & CHECKLIST Initial the Yes column or mark "N/A" in the Not Applicable column, whichever is a propriate. Original document has b(~en signed/initialed for legal sufficiency. (All documents to be signed by the Chairman, with the exception of most letters, must be reviewed and signed by the Office of the County Attorney. This includes signature pages from ordinances, resolutions, etc. signed by the County Attorney's Office and signature pages from contracts, agreements, etc. that have been fully executed by all parties except the BCC Chairman and Clerk to the Board and ossibly State Officials.) All handwritten strike-through and revisions have been initialed by the County' Attorney's Office and all other parties exce t the BCC Chairman and the Clerk to the Board The Chairman's signature line date has been entered as the date ofBCC approval of the document or the final negotiated contract date whichever is ap Iicable. "Sign here" tabs are placed on the appropriate pages indicating where the Chairman's signature and initials are tequired. In most cases (some contracts are an exception), the original document and this routing slip should be provided to Ian Mithchell in the BCC office within 24 hours ofBCC approval. Some documents are time sensitive and require forwarding to Tallahassee within a certain time frame or the BCe's :lctions are nullified. Be ware of our deadlines! The document was approved by the BCC on (enter date) and all changes made during the meeting have been incorporated in the attached document. The Count Attorne 's Offke has reviewed the chan es, if a licable. '" 3. 4. 5. 6.