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Home My WebLink About1551 LAN' l)h'h'ICEti t)1~ A1.AIv lt. Ui'P1:IVHh:1\Ih:R A'I'Tlttt\tsl'ti a\1' [.A\\' 1313 NORTHWEST SEVENTH STREET MIAMI. FLORIDA 33123 HIGHUGH~'S of rills AGREEMENT (These hr~hliRhts are subject to all provisions of the COndittons of Purchase appearing below and on the hont of the Agreement) • You have the privilege of transferring your equity in this property to a home or other avail- ableproperty ofequal orhigher value in one of out Florida communities. (See Item 6 below.) • We do not repurchase property after expiration of the cancellation periods provided by law or refund any portion of payments except as provided in Item 7 below. • Without extra charge Ito you: • We will pay atl -real estate taxes tin you? proptt?rty uMit we have deeded your propetrty to you ' or this Agreement is recorded. (See Item 5 below.) • We will pave your street not Eater than the end of the Homesite Development Year. (See Item 2 below.) • We will issue you a Warranty Deed and title insurance policy. (See Item 3 bti~ow.~~ ; ~ c COftl?E D 43162+65 CONDITIONS OF PURCHASEi-z~ ~ ~ 6 P.'i 2 = ~ i ~ PLEASE READ CAREFULLY ~-,+e P•' m • c x. wK p~ 1. BASIC AGREEMENT 7. YOUR RIGHTS IF WE FAIL TO PERFORM We lGeneral Development Corporation) agree to aeq to you (the If we fail to meet any of ouroltliprtanps nntierthieAgrelrnwtt. you purchaser or purchasers maned on the face page) the rewdential prop- may elect either of the followmR exclusive remedies, at your option erty described in this purchase agreement. This agreement also states (al You may exchange this property for other property of similar the price and describes the other tern4 of this purchase. You agree to value in this or any other of our ootirmunities and to a similarly buy this property from us and to make Standard Monthly Payments desirable location, or in the amount shown on the face of this agreement on or before the Ibl WewillrefundallpaymentsmadebyyyoattttderthiaAgreement tenth~day of each month. The unpaid balance at any time will bear Ifyouelecteitheroftheseremedies.bothyouandwewillbereleaaed in tercet at the rate specified on the front of the Agreement (ANNUAL from any tuRherobligationsunder thisAgrersnent There are no other PE RCENTAGE RATE). privileges of cancellation or refund except as stated above. 2. PAVING OF YOUR STREET 8. NO PERSONAL LIABILITY ON DEFAULT This property is currently undeveloped. We agree to complete the You have no personal liability to make any payment under this pa~~ng o[ streets adjacent to your property. in accordance with the Agreement. However, if you fail to make any payment, you will be in plat filed in the public records of the county to which your property is default and we may terminate ties agreement. I~ Before env such termination bernmes effective, you will have a located. before the end of the Homesite Development Year. grsce p~~ which to bring your account to a current status. Thisrace period shall be for the period of 80 days if 10~# or less of the 3. YOUR WARRANTY DEED prinppal amount of the purchase prtce hex been paid, 9(1 days if more E (a) We will deliver to ou at our ezpertse a properly executed War- them l(y# and Tess titan 25`lr of the principal amount of the purchase l ran ty Deed if you have fully paid for this property by makimg all of price has been paid,120 days if more than 7.5`X but less than 50`t of the t your Standard Monthly Payments without prepayment. pnmctpal amount of the purchase price has been paid, and 150 days if 1 b; The Warranty Deed will convey good marketable and insurable 5(1~F or more of the principal amount of the purchase price has been paid. title to you, tree and clear of aU encumbrances except for the following: If you brim your account to a current status by paying all past due (])the lien for taxes for the year in which we convey the property: princtpal and interest within the applicable grace period, you well no ~ (2) oil, gas and mineral reservations of record, if any; (31 Zoning and longer be considered in default _ If you do not bring your account to a regulatory ordinances. restrictions and easements commonly found in current statln within the applicable grace period. we rlray terminate Florida communities of high standards• (4? restrictions and limitations this Agreement without further notrce. affecting the use of the property which are common to the subdivision i and which now or hereafter may become of public record; and (5) ease- 8. TERMINATION merits for drainage, canal maintenance and public utilities If we terminate this Agreement, we will retain all monies you have i Ic) After this Warranty Deed is recorded. we will at our expense paid under this Agreement, including principal and interest, as hqw- have issued to you a standard owner s title policy from amember-firm dated damages because we have talten this property off the real estate of the American Land Title Association_ market, we have tented awayotherpraspective purchasers snd we have 1 d? Use and possession of this property will be retained by us until incurred or will be trtwmng selhng, admtntstrahve and development v..u have paid us the purchase price to full and until we have delivered ezper~es in connection with this property. Upon termination, any and the Warranty Deed. all rights you may have had in this property shall immediately termt- i nets and we may return this property W our inventory and resell a free 4. YOUR RIGHT TO PREPAY and clear of any claims, liens or encumbrances artstng out of this ~ 1'ou have the right to prepay the outstanding balance under thin Agreement. a greetnent in whole or in part at an time without penalty. Prepayment If this Agreement is terminated, our recorded a>davit attesting to d~,esnot,however,~co~lerateo>aobhgationla?todehvertheWarranty your default and the termination, shall be conchisive proof of such Deed and title insurance policy to you before the Homesite Devebp- default and termination forall purposes. and you irrevocably authorize merit Date or Ib) to complete the paving of the streets adjacent to your ns to Lhus attest aria record such affidavit as though tt were your own pn~perty before the end of the Homesite Development Year. However. act and deed. if you do prepay. we will thereupon issue you a certificate of payment 10. EFFECTIVE DATE fuiL This Agreement is effective and binding oo tta when yon have Idgned 5. W E PAY TAXES it and when we have signed ii at our Home Office. We may accept or We will all realm taxeson this ro while thisA Telect this Agreement without explanation, and if we reject tt, we will pay p perry p perty gree~ return the deposit to you and both parties shall be released from any merit is in force or until you ><ecord this Agreement or until we deliver obligation hereunder. ti' yuu a Warranty Deed conveying true to the property to you, whichever a° first occurs. 11. ASSIGNMENT OF THIS AGREEMENT You may assign this Agreement with our written consent upon ~ 6. YOUR TRANSFER PRMLEGE payment of a t:ranafer fee. If your payments are current, we guarantee you the privilege to 12 NOTICES transfer your equity (the portion of your payments on this property applied towards principal) at any time before you have paidyour out- Notices under tills Agreement must be in writing and addressed to standing balance m full. This transfer may be toward either • the last known address of the respective party, ezceppt as to the voidance ~ (a) The purchase of available property of equal or higher price is - and revocation right as provided m paragraph (d) undef "Acknowl- this or any other of our Florida communrties; or - edgtnent" section on the face page. Ib) The purchase of a standard borne built by tts in an available ~ FLORIDA CONTRACT housimg area. If you have egttitiles in more than one homesite, You may transfer The parties agree that this Agreement shall be ooffitrued and in- them ody to a L7ce number of other homeeites or homes, terpretedm accordance with the laws of tLe State of Florida. - . ~ A~~ ga~304 ~~1549 8~~j ~t~ F1