As Is Contract for Sale and Purchase
THIS FORM HAS BEEN APPROVEO BY THE FLORIDA ASSOCIATION OF REALTORS. AND THE FLORIDA BAR
"As Is" Contract For Sale And Purchase
.
1" PARTIES: FANNIE MAE A/KI A FEDERAL NATIONAL MORTGAGE ASSOCIATION ("Seller"),
2* and COLLIER COUNTY, a Political Subdivision of the State of Florida ("Buyerj,
3 hereby agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property (collect"ely "Property")
4 pursuant to the terms and conditions of this Contract for Sale and Purchase and any riders and addenda ("Contract~):
5 I, DESCRIPTION:
C- (a) Legal description of the Real Property located In COLLIER County, Florida: LOT 16, BLOCK 253 I
7* GOLDEN GATE, UNIT 7, PLAT BOOK S, PAGES 135 THROUGH 146, PUBLIC RECORDS OF COLLIER COUNTY, FL
8* (b) Street address, city, zip, of the Property: "'l a t:: 1 ,1 Q'T'U 9'T'DE'ltT 9~ }l1");>T :i9 fT no TrI1\ '4. 11 ~
(C) Personal Property includes existIng range(s), refrigerator(s}, dishwasher(s), ceiling tan(s), light fixture(s), and window treatment(s) unless
specifically excluded below.
Other items included are:
9
10
11*
NOT APPLICABLE
12"
10*
14"
NOT APPLICABLE
Items of Personal Property (and leased items, if any) excluded are:
15" II, PURCHASE PRICE (U.S. currency):
16 PAYMENT:
17* (a) Deposit hek:l in escrow by ("Escrow Agent") in the amOUnl of (checks subject to clearance)
18. Escrow Agent's address: Phone:
19* (b) Additional escrow deposit to be made 10 Escrow Agent within ~ days after Effecti've Date in the amount of,
20* (c) Financing in the amount of ("Loan Amount") see Paragraph IV below .
21" (d) Other.
22 (e) Balance 10 close by cash, wire transfer or LOCALLY DRAWN cashier's or official bank check(s), subject
28* 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
20* before 10 DAYS FROM COUNTEROFFER , the deposit(s) will, at Buyer's option, be returned and this offer withdrawn.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 SeJler has signed or Initialed this offer or the
29 final counteroffer. 11 such date is not otherwise set forth in this Contract, then the "Effective Date" shall be the date determined above for
30 acceptance of this offer or, 11 applicable, the final counteroffer. "DEPOSIT DUE WITHIN FIFTEEN (15) DAYS OF EFFECTIVE DATE.
31 IV. FINANCING: COUNTEEOFFERS INCI...UDE ANY ADDENDA SUBMITTED AFTER EITHER PARTY SIGNS.
32* ~ (a) This is a cash transaction with no contingencies for financing;
33* Q (b) This Contract is contingent on Buyer obtaining written loan commitment which confinns underwriting loan approval for a ban to purchase
34" the Property ("Loan Approval') wilt1in _ days (If blenk, then 30 days) after Effective Date ('Loen Approval Date") for (CHECK ONLY
30* ONE): 0 a fixed; Q an adjustable; or Q a fixed or adjustable rate loan, in the Loan Amount (See Paragraph II.(c)) at an initial interest rate not to
36" exceed %, and for a term of __ years. Buyer will make api>ication within _ days (rt blank, then 5 days) after EffectIVe Date.
3~ 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 tenns of the Loan Approval; and dose the loan. Loan Approval which requires a condition related to tha sale of other property shall
39 not be deemed Loan Approval for purposes of this subparagraph. Buyer shall pay all loan expenses. Buyer authOfizes lhe 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 deleter to Seller written notice of Loan Approval by Loan Approval Date, Seller may thereafter cancel this Contract by
43 delivering written notice ("SeIter's Cancellation Noliee") to Buyer, but not later than seven (7) days prior to Closing. Seller's Cancelle~on Notice shall
44 notify Buyer that Buyer has three (3) days to deliver to Saner written notice waiving this Financing contingency, or the Contract shall be cancelled.
45 DEPOSIT(S) (tor purposes 01 this Rnanclng Paragraph IV(b) only): ~ 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 Flnancing contingency, and thereafter the Contract does not close, then the deposit(s) shall be paid to Seller; provided how-
48 ever, if the failure to close is due to: (0 Seller's failure or refusal to close or Seller othelWiso fails to meet the terms of the Contract, or Oij 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) shan be
50 returned to Buyer
51* u (c) Assumption of existing mortgage (see rider for terms); or
b2* Q (d) Purchase money note and mortgage to Seller (see "As Is" Standards Band K and riders; addenda; or special clauses for terms).
53* V. TITLE EVIDENCE: At least _ days (If blank, then 5 days) before Closing a title insurance commitment with legible copies of nstruments listed as
54 exceptbns attached thereto ("Trtle Commrtment") and, after Closing, an owner's policy of title insuranr.e (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" 0 (2) Buyer at Buyer's expense
sr (CHECK HERE): 0 If an abstract of title is to be furnished instead of title insurance, and attach rider for terms.
50" 111. CLOSING DATE: This transaction shall be dosed and the closing documents deI~ on MARCH 26, 2010 ("Closing'), un....
s? modified by other provisions of this Contract. In the event of extreme weather or other conditions ()( events constituting "force majeure", Closing INiIl be
60 extended a reasorable time until: (Q restoration of utilities and other services essential to Closing, and ~Q availab~ity of Haza-d, Wind, Rood, or Homeovvners'
6 ,* insurarce. If such conditions cootinue more than ----+0-- days (If blank, then 14 days) beyond Closing Date, then either party may cancel this Contract.
$
93,060.00
$
NA
$
$
$
NA
NA
NA
$
93,060.00
FARI8AR AS1S-2 Rev. 9/07 iC 2007 Florida AssoclatJon of REALTOR.". and The Florida Bar All Rights Reserved Page 1 of 5
62 VII. ReSTlRICTlONS; EASEMENTS; UMITATlONS: Seller shall convey marketable title subject to: comprehensive land use plans, zoning,
63 restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or otherwise
64 common to the subdivision; outstanding oil. gas and mineral rights of record without right of entry: unplatted public utility easements of record
65 (located contiguous to real property lines and not more than 10 feet In width as to the rear or front lines and 7 1/2 feet In width as to the side
66 lines); taxes for year of Closing and subsequent years; and assumed mortgages and purchase money mortgages, if any (if additional Items. see
67* addendum); provided, that there exists at Closing no violation of the foregoing and none prevent use of the Property for
68* NEIGHBORHOOD STABILIZATION PROGRAM (NSP) purpose(s).
69 VIII. OCCUPANCY: SeUer shall deliver occupancy of Property to Buyer et time of Closing unless otherwise stafed herein. If Property is infended
70 to be rented or occupied beyond Closing, the fact and terms thereof and the tenant(s) or occupants shall be disclosed pursuant to "AS IS" Standard
71 F. If occupancy is to be delivered before Closing, Buyer assumes all risks of loss 10 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 handvw'rltten 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; 0 may
7W assign but not be released from "ability under this Contract; or 121 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.
BO" as of ClOSing, shall be paid as follows: 0 by Seller at closing 0 by Buyer (If left blank, then Seller at Closing), If the amount at 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 informaUon
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.
139 (e) If the Real Property includes pre.1978 residentIal housing, then a lead-based paint rider Is mandatory.
90 (f) 11 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 TlON/COMMUNITY DISCLOSURE.
93 (hI PROPERTY TAX DISCLOSURE SUMMtIRY: BUYER SHOULD NOT RELY ON THE SELlER'S CURRENT PROPERlY TPV<ES AS THE AWOUNT
94 OF PROPERTY TPV<ES THAT THE BUYER MAY BE OBlIGA.TIOD TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNER-
95 SHIP OR PROPERTY IMPROVEMENTS mOOERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES.
96 IF YOU HAVE AN( OUESTlONS CONCERNING VALUATlON, CONTACT THE COUNTY PROPERTY APPRAISER'S OFACE FOR INFORMATlON.
97 XII. MAXtMUM REPAIR COSTS: DELETED
98" XIII. HOME WARRANTY: 0 Seller IJi Buyer 0 N/A will peyfor e home warrenty plan issued by
99" at a cost not to exceed $ 0 00
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
10'2 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 cance' this Contract
105 by delivering facsimile or wriHen notice of such election to Seller prior to the expiration of the Inspection Period. If Buyer timely
1 D6 cancels this Contract, the deposit(s) paid shall be Immediately returned to Buyer; thereupon, Buyer and Seller shall be released of
le7 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 governmentai, building,
109 environmental, and safety codes, restrictions or requirements and shall be responsible for any and all repairs and improvements
110 required by Buyer's lender.
111 XV. RIDERS; ADDENDA; SPECIAL CLAUSES: CHECK those riders which are applicable AND are attached to and made part of 1his Contract:
11 Z" 0 CONDOMINIUM 0 VNFHA 0 HOMEOWNERS' ASSN. IJi LEAD-BASED PAINT 0 COASTAL CONSTRUCTION CONTROL UNE
113" 0 INSULATION 0 EVIDENCE OF Tl11..E (SOUTH FLORIDA CONTRACTS) 0 Other Comprehens"e Rider Provisions 0 Addenda
114" Special Ciause(s):
115" SELLER AGREES TO EXECUTE BUYER'S FORMS: GAP AFFIDAVIT; PUBLIC DISCLOSURE AFFIDAVIT; SPECIAL
116" WARRANTY DEED; AND SUBSTITUTE VENDOR W-9. SELLER WILL DELIVER THE COMPLETED AND SIGNED VENDOR
117~ W-g TO BUYER SIMULTANEOUSLY WITH THE SIGNED CONTRACT.
118"
119" SELLER WARRANTS PROPERTY IS VACANT AND SHALL REMAIN SO THROUGH CLOSING TO COMPLY WITH THE
120" REQUIREMENTS OF THE NEIGHBORHOOD STABILIZATION PROGRAM.
121"
122- STANDARDS "B - D - F - N, AND Y" ARE DELETED.
123--
124" DUE TO BUYER BEING A GOVERNMENTAL ENTITY WITH SPECIFIC GUIDELINES AND PROCEDURES, SELLER
125" ACKNOWLEDGES THAT STANDARD "S" IS HEREBY DELETED.
126 XVI. "AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS ("AS IS" Standards): Buyer and Seller acknowledge receipt of a copy
12:/ 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 10 2007 Florida Association of REALTORS. and The Florida Bar NI Rights Resmved 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 constitute 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(') FOLLOWING A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK TO BE COMPLETED,
135. **SEE SUBSTITUTE EXECUTION BLOCK BELOW**
136 (BUYER) (DATE)
(SELLER)
(DATE)
137*
136 (BUYER) (DATE)
139* Buyers' address for purposes of notice REAL PROPERTY MANAGEMENT
140. 3301 TAMIAMI TRAIL E. ,BLDG W, NAPLES, FL 34112 .__~
141'- 239-252-8991 Phone Phone
142 BROKERS: The brokers Qncluding cooperating brokers, if any) named below are the only brokers entitled to compensation in connection with
143 this Contract
144- Na.me:
145
(SELLER)
Sellers' address for purposes of notice
(DATE)
Cooperating Brokers. if any
AMERIVEST REALTY
Listing Broker
PATE PROPERTY ACQUISITION APPROVED BY BCC:
OCTOBER 27, 2009, AGENDA ITEM 16D8
DATED:
BUYER:
NCTEST:
DwIGHT E. BROCK, CLERK
~: ~\,ty~. 'r,~y,
,D Y CLERK
Attest U to C1Ie MIM 'f '
.t..... 011..
BOARD OF COUNTY COMMISIONERS
~~LLIER C7e'Je~YjA (~
FRED W. COYLE, CHAIRMAN
.Q.
APPROVED AS TO FORM AND
LEGAL S~FF~IEN~~' _
~. ,-D"h: :\\A::lC
JENNIFE B. WHITE,
AS~ISTANT COUNTY ATTORNEY
PROPERTY ADDRESS: 2951 49TH STREET SW, NAPLES, FL 34116
F-,A,R/BAR ASIS-2 Rev. 9/07 It> 2007 Florida Association of REALTORS- and The Florida Bar All Rights Reserved Page :3 of 5
146 "AS IS' STANDARDS FOR REAL ESTATE TRANSACTIONS
147 A. TITLE INSURANCE: The Title Commitmont shall be issued by a Florida licensed title insurer agreeing to issue Buyer, upon recording of the deed to Buyer,
'48 an owner's policy of title insurance in the amount of the purchase price, insuring Buyer's marketable title to the Real Property, subject only to matters contained
149 in Paragraph VII and those to be discharged by Seller at Of befixe Closing, Marketable title shall be determined according to applicable Title Standards adopt.
150 ad by authority of The Florida Bar and in accordance with law. Buyer shall have 5 days from date of receiving the Title Commitment to examine it, and if title is
151 found defoctive, notify Seller in 'Miting specifying detect{s) which rendei' title unmarketable. Seller shall have 30 days from receipt of notice to remove the
'52 defects, failing which Buyer shall, Within 5 days after expiration of the 30 day period, deliver written notice to Seller either: (1) extending the time lor a reason-
153 able period not to exceed 120 days within 'Nhich Seller shall use diligent effort to remove the defects; or (2) requesting a refund of deposit(s) paid which shall
154 be returned to Buyer. If Buyer fails to so notify Seller, Buyer shall be deemed to have accepted the title as it then is. Seller shall, if title is found unmarketable,
15.5 use diligent effort to correct defect(s) within the time provided. If, after diligent effort. Seller is unable to timety correct tho defects, Buyer shall either waive the
156 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
157 Commitment and it is delivered to Buyer less t~an 5 days prior to CkJsing, Buyer may extend Closing so that Buyer shall have up to 5 days from date of receipt
158 to examine same in accordance with this "AS IS" Standard.
159 B. PlJACHASEMONEV MORTGAGE; SECURITY AGREEMENT -TO SEllER:-A purona6& money mortgage afld- mortgage-noto-to- SelI9rshall- provide--fora
160 30ctaygraoe"pefiod in thecvcntol dcfaullifa firm mortgageandu15 day graooporiodifu 6OCOnd or loswr mortgage; 6haHprovide for nghlof prepayment
161 in whole-or in part without penalty: sholl pcrmtt.Qooclcretton in ovent-of transfer-of the RooI-PrQperty; .sha"'reQUire all prim IienSsoo"9nGumbrances-tGbe-kep&
162 in good standiflg: shell-forbid modificationsof;..or future €levElflOO&undor, prior mortgagc(sl-; -shaU.reql:Jir<rBuyer-to-maintain-J')0liGie8-Gf.insuraAG&-wntainiA9"8
163 3tandardmortgagoe clauso. eoveringollimprovcmcnttl locotcd on the Rool ProportyagainGt fire and all porllsfncluded. within the term"extendedcov8fage
164 endorsomonts" and such othcr risks ond perils as SeUermayrea-sonab!y require, in an amount equal 10 their highest insurab1avalue: andtl1emortgage,note
166 snd"securlty'sgreement-shali'be-otherwlse-lAfOffll-nndcontoot. rOQUirodby-8cIIcr, -bljlSellef"moyonly roquiro olau6E3sand.ooverage<1!JStomarilyloundin.morl-
166-gages-;-mortgagc.ootoo--ondsCOUl'ity-agreementsgenerallyutJlized-by-6aving6.and loan--iAstttutionsQl' 6tatoornationalbanks-located-in ttle countywharein tile
167 Real-Propefty,ialooatOCI.-All-PersonafPr-operty and-1eas86---beingoorweyedor a88igneGwfR;at SelIer'soption,be subject to the #en. of a.security agreement evi.
168 danced byrccordcd- or flied ftnanoing statcmonts Ofoortiflcatoo of titlo;110OOllooo mortgage, the f'inaJpayment will exceed the periodicpaymenls thereon.
169 C,'SURVEV:-Buyer,--at-Bu~-'&el(f*lFlOO;-,withirHjm&-alIowea-IDdeliver-evideRoo-Qf-titleaAGto'6I(amine--88ffl&; mayhav6-lhe Real PrGperty. SYrVQyed~cem-
170 - 'iedby..a-rogisteredFloridasufVoyQf;-lfthe-suf\lO'y" disolo6csoocreoohrnentsOA.theRool- Proper=ly-Q( thattmprovements.\oGated--lhereoo encroach 00 setDack
171 iinca-,C05Cmentsjlandsof ethefo-ofviolateonyrootflctiofl&;Contrnot CO'fflflontsor applioablcgevornmeAtal.-regulatiomi-, the same shaU CQl16titvtea title. defect-,
172 D, WOOO DESTROYING ORGANISMS: DELETED
173 e. INGRESS AND EGRESS: Seller warrants and represents that lhere is ingress and egress to the Real Property sufficient for its intended use as described
17 -I In Paragraph VII hereof and title to the Real Property is insurable in accordance with "AS IS. Standard A without exception for lack of legal right of access,
1 75 F. LEASES: Seller shaH at least 10 daY9bofOfe Closing., furnish to BU'yOf oopto5of alIwrittonlcooosonctostoppcllottofS frorneach tenant SpeOOying lhe nature
176 r:md-dufOtionof thctcnant'n oocuparlcy.,..rontol. rat06;advonood-.ronl and ooourily.dopooo:s"poid bytonanL.~Sejlerffi .unable-toobtainsuchlener-from eaoh teA-
177 ant, the sameinformetionsholl be furnished. by Scller to Buyer Withjfl that.time period intnc ferm of (1' Seller'a-affidavit,and Buyer"maythereafteroontaot ten~
178 nntloconflfmsuch inlormation. If the tormsaf the 100000 differ matorially from 8clloru reprooontations-, Buyer may terminate this Contract by delivering wrITten
~.19 notieo-to.seller.ot---lea9t-6-.d6ys-priGfk>.CloGing".-SolIer.~ ot-Gooing; dclWorond aooign.aH..originaJ1OOOOS--to.Buyor.
180 '3. LIENS: Seller shall furnish to Buyer at time of Closing an affidavit attesting to the absence, unless other.vise provided for hefein, of any financing statement.
181 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.
1 ~2 diatety preceding date of Closing. If the Real Property has been improved or repaired within that time, Seller shail deliver releases or waivers of cons1ruction
183 liens executed by all general contractors, subcontractors, suppliers and materialmen in addition to Seller's lien affidavit sening forth the names of all such gen-
184 eral contractors, subcontractors, suppliers and materialmen, further affirming that all charges for improvements or repairs which could serve as a basis for a
185 construction lien or a claim for damages have been paid or will be paid at the Closing of this Contract.
18~' H. PLACE OF CLOSING: Closing shall be held in the county wherein the Real Property is located at the offICe of the attorney or other closing agent ("Closing
187 Agent") designated by the party paying for title insurance, or, if no title insurance. designated by Seller,
188 I, TIME: Calendar days shall be used in computing time Pefiods except periods of Jess than six (6) days, in which event Saturdays, SlXldayS and state or natIOn-
189 allegal holidays sha. be excluded. Any time periods provided fOf herein wflich shall end on a Saturday, Sunday, or B legal holiday shal extend to 5:00 p.m. of the
190 next business day. Time is of the essence in this Contract.
191 J. CLOSING DOCUMENTS: SeUer shall furnish the deed, bill of sale, certrticate of title. construction lien affidavit, owner's possession affidavit, assignments of leas-
, 92 as, tenant and mortgagee esloppelletters and corrective instrul11Ell1ts. Buyef shall furnish mortgage, mortgage note, security agreement and financing statements.
193 K. EXPENSES: Documentary stamps on the deed and recording of corrective instruments shall be paid by Seller. All costs of Buyers loan (whether obtained
194 from Seller or third party), including, but not limited to, documentary stamps and intangole tax on the purchase money mortgage and any mortgage assumed,
195 nortgagee title insurance commitment with related fees, and recording of purChase money mortgage, deed and financing statements shall be paid by Buyer.
196 Unless otherwise provided by law or rider to this Contract, charges for related closing services, title search, and closing fees (including preparation of closing
197 statement), shall be paid by the party responsible for furnishing the title evidence in accordance with Paragraph V.
198 L. PRORATIONS; CREDITS: Taxes, assessments, rent, interest, insurance and other expenses 01 the Property shall be prorated through Ihe day before Closing.
199 Buyer shaN have the option of taking over existing poliCies of insurance, if assumable, n which event premiums shall be prorated. Cash at Closing shall be
200 i lCreased or decreased as may be required by prorations to be made through day prior to Croslng, or occupancy, if occupancy occurs before Closing. Advance
201 rent and security depoSits will be credited to Buyer. Escrow deposits held by mortgagee will be credited to SeHer. Taxes shall be prorated based on the current
202 year's tax with due allowance mado for maximum altolrvable discount, homestead and other exemptions. If Closing occurs a\ a date when the current year's mill-
203 age is not fixed and current year's assessment is available, taxes will be prorated based upon such assessment and prior year's millage. If current year's assess.
204 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 1st of year of Closing,
205 which improvements were not in existence on January 1 s1 of prior year, then taxes shall be prorated based upon prior year's millage and at !:In equitabie assess.
206 ment to be agreed upon between the parties; failing which, request shall be made to the County Property Appraiser for an informal assessment taking into
207 account available exemptions. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of current year's tax bill.
208 M. (RESERVED - purposely Ivft blank)
209 N. INSPECTION AND REPAIR: DELETED
210 O. RISK OF LOSS: If, after the Effective Date. the Property is damaged by fire or other casualty ("Casualty Loss") before Closing and cost of restoration (whch
211 :;ha!1 include the cost of pruning or removing damaged trees) does not exceed 1 ,5% 01 the Purchase Price, cost of restoration shaU be an obiigation 01 SeHer and
21~ Closing shall proceed pursuant to the terms of this Contract, and if restoration is nol completed as of Closing, restoration costs wil! be escrowed at Closing. If
213 tile cost of restoration exceeds 1.5% 01 the Purchase Price, Buyer shall either take the Property as is, together with the 1.5% or receive a refund of deJ:Xlsit(s)
21 ~ thereby releasing Buyer and Seller from all further obligations under this Contract, Seller's sole obligation with respect to tree damage by casualty or other natu-
215 rai occurrence shaa be the cost of pruning or removal
21 f' P. CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. If the title agent insures adverse matters pursuant to Section 627.7841,
217 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
FARlBAR ASIS-2 Rev. 9/07 iO 2007 Florida Association of RfAl_TORS. and The Florida Bar All Rights Reserved Page 4 of 5
218 "AS IS" STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED)
219 closing procedures shall apply: (1) all closing proceeds shall be held in escrow by the Closing Agent for a period of not more than 5 days after Closing; (2)
220 if Seller's title is rendered unmarketable, through no fault of Buyer, Buyer shall, within the 5 day period, notify SeUer in writing of the defect and Se"er shaN
2~1 have 30 days from date of receipt of such notification to cure the defect; {3l if Seller failS to timely cure the defect, all deposits and closing funds shall, upon
222 written demand by Buyer and within 5 days after demand, be returned to Buyer and, simultaneously with such repayment, Buyer shari return the Personal
221 Property, vacate the Real Property and reconvey the Property to Seller by special warranty deed and bill of sale; and (4) jf Buyer fails to make timely demand
224 for refund, Buyer shall take title as is, waiving all rights against Seller as to any intervening defect except as may be available to Buyer by virtue of war-
225 ran1les contained in the deed or bill of sale.
226 Q, ESCROW: Any Closing Agent Of' escrow agent (collectively "Agent~) receiving funds or equivalent is authorized and agrees by acceptance of them to deposit
227 them promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and conditions of this Contract. Failure of funds to
228 clt;'!ar shalt not excuse Buyer's performance. If in doubt as to Agent's duties or liabilities under the provisions of this Contract, Agent may, at Agent's option, con-
229 tinue to hok:llhe subject matter of the escrow until the parties hereto agree to its disbursement or until a judgment of a court of competent Jurisdiction shall
230 dmermine the rights of the partfes, or Agent may deposit same with the clerk of the circuit court having jurisdiction of the dispute. An attorney who represents
231 a party and also acts as Agent may represent such party in such aelion. Upon notifying all parties concorned of such action, all liability on the part of Agent
232 shall fully terminate, except to the extent of accounting for any items previously delivered out of escrow. If a licensed real estate broker, Agent will comply with
233 r:-rovlsions of Chapter 475, F.S., as amended. Any sull bef\Neen Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, or in
234 any suit wherein Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney's fees and costs incurred with these amounts to
235 be paid from and out of the escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. The Agent shall not be liable
23d to any party or person for misdelivery to Buyer or Seller of items subject to the escrow, unless such misdelivery is due to wiltful breach of the proviskms of this
237 Contract or gross negligence of Agent.
238 R. ATTORNEY'S FEES; COSTS: In any ~tigation, including breach, enforcement or interpretation, arising out of this Contract, the prevailing party in such liti-
239 gation, which, for purposes of this "AS IS- Standard, shall include Seller, Buyer and any brokers acting in agency or nonagency relationships authorized by
240 Chapter 475, F.S., as amended, shall be entitled to recover from the non-prevailing party reasonable attorney's fees, costs and expenses.
241 S. FAILURE OF PERFORMANCE: If Buyer fails to perform this Contract within the timeSp8Clfled, including payment of aU deposit-s, the deposit{s) paid by
242 Buyer and deposit{s} agroodto bopaid, may bereoovered and. retained by and- for the account of Seller as agreed upon liquidated damages, consideration for
243 the-elfflCUtion-ofthis-Gontrectllndinful! scttlcmentofanyelaims~'wherQupon;' BuyerandSeller-6ha~ber~ieved-ofallebligations.underthisContractj or SaUer,
244 <}t- 8eIIef~optioo;"may'prooeed.inCQUity-to.enferG6-SeIleF-'sright&underthi&Contraoh-ff.for. any -reaSORotherthan failure. of Sella,. to make Scller.'s.. title mar.
245 k9tableafl8f d~iQ8f1t effort,- ScUor fails, ncgloctsorrefuses-to perforrn this Contrac1-, BUyefmay seek SPecifIC performance or elect torecaive the return of Buyer's
246 ctcposit(s} without thcrebywaiving any action for damages resultlngfromSeller'sbreach.
247 T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOnCE; COPIES: Neither this Contract nor any notice of it shall be recorded In any publiC records.
248 lllis Contract shall bind and inure to the benefit of the parties and their successors in interest. Whenever the context permits, singular shaN include plural and
249 :.me gender shall include all. Notice and delivery given by or to the attorney or broker representing any party shalt be as effective as if given by or to that party.
250 AH notices must be in writing and may be made by mail, personal delivery or electronic media. A legible facsimile or electronic (including "pdf") copy of this
251 Contract and any signatures hereon shall be considefed for all purposes as an original.
252 U, CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's, personal representative's, or guardian's deed, as
25<:1 appropriate 10 the status of Seller, sub/eet only to matters conlaJned in Paragraph VII and those otherwise accepted by BUYBf, Personal Property shalt, at the
254 request of Buyer, be transferred by an absolute bill of sale with warranty of title, subject onty to such matters as may be otherwise provided for herein.
255 V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this Contract. No mod-
256 ificatlon 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 il.
257 W. SELLER DISCLOSURE: (1) There are no facts known to Seller materialty affecting the value of the Property which are not readily observable by Buyer or
253 which have not been disclosed to Buyer; (2) Sefler extends and intends no warTanty ana makes no representation of any type, either express or Implied,
259 as to the physical condition or history of the Property; (3) Seller has ffJceived no written or verbal nof/ce from any governmental entity or agency as
2B0 to a cummtfy uncorrected building, environmental or safety code violation; (4) Seller has no knowledge of any repairs or Improvements made to the
261 Property without compliance with governmental regulation which have not been disclosed to Buyer.
262 X. PROPERTY MAINTENANCE; PROPERTY ACCESS; ASSIGNMENT OF CONTRACTS AND WARRANTIES: Seller shall maintain the Property, including,
263 but not limited to lawn, shrubbery, and pool in the condition existing as of Effective Dale, ordinary wear and tear and Casualty Loss excepted. Seller shall, upon
264 reasonable notice, provide utilities service and access to the Property for appraisal and inspections, including a walk-through prior to Closing, to confirm that
265 all items of Personal Property are on the Real Property and that the Property has been maintained as required by this "AS IS" Standard. Seller will assign all
260 assignable repair and treatment contracts and warranties to Buyer at Closing.
267 y, 1031 EXCHANGE: If either Seller or Buyer wish to onter inion like-kind exchange (either slmunaneou6 with Closing or deferred) with re6pect to the. Property
268 under Section 1 0310fll1e Internal Revenue Code ("Exohange'J, theothefparty sllaRcooperateinall reasonablerespeot8 10 effectuate-the Exchange, includ-
260 ing--lheexeoutionof dooomenl6i. provided (1) the cooperating. party 6hall incuf flO hability or expense- related 10 lheExchangeand (2) the Closing slla"not.be
270 GOfltingent Upon-,AOI' extendOOoF-de1ayed by, such- Exchange..
271 Z. BUYER WAIVER OF CLAIMS: Buyer waives any claims against Seller and, to the extent permitted by law, against any real estate licensee involved
L72 in the negotiation of the Contract, for any defects or other damage that may exist at Closing of the Contract and be subsequently discovered by the
273 Buyer or anyone claiming by, through, under or against the Buyer.
r'AR/BAR ASIS-2 Rev, 9/07 C 2007 Florida Association of REALTCRS- and The Rorida Bar All Rights Reserved Page 5 of 5