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Home My WebLink About1123 't.t-+ HIGHLIGHTS of oils AGREEMENt' S ~i ' S ' (These highlights are subject to all provisions of the Conditions of Purchase appearing below and on the Jront 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 oar 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 to you: • • We will pay all real estate faxes on your property for the first three years. (See Item 5 below • We will pave your street not -later than the end of the Homesite Devebpment Yea*: (See Item 2 below.) • We will issue you a Warranty Deed and title insurance policy. (See Item 3 below.) CONDITIONS OF PURCHASE PLEASE READ CAREFUIIY 1. BASIC AGREEMENT 7. YOUR RIGHTS IF WE FAIL TO PERFORM We (General Development Corporatloo) agree to sell to ymr (ths If we fail to meet any of our obligations under this Agreement, you purchaser or purchasers named on the face page) the residential prop- may elect either of the following exclusive remedies, at your option: arty described in this purchase agreearenk This agreement also states (s) ljou may exchange this property for other property of similar the price and describes the other terms of this purchase. You agree to value in this or any other of our oommunitiies and in a similarly buy this property [rortr us and to make Standard Monthly PayTnemta -desirable location, or in the amount shown on the face of this agreement on or before the (b) We wt~l refund all payments made by you under thin Agreemenk tenth day of each month. The unpaid balance at any time will bear If you elect either of these remedies. we will be released from any interest at the rate specified on the front of the Agreement (ANNUAL fimrtLer obligations under this Agrcernenk There are ao other privileges PERCENTAGE RATE). of cancellatan or refund except as stated above. 2. PAVING OF YOUR STREET 8. NO PTsRSONAL LIABILITY ON DEFAULT This property is currently undeveloped. We agree to rnmplete the You,have fro personal liability to make any payment under thin paving of streets adjacent to your property. in accordance wrth the Agreement. However, rf you fail to make any payment, you will ire in tat filed in the blic records of the county m whrch your property is default and we may termrnate this agreemenk located, before th~~e end of the Houresite Development Year Before-any such ternrination becomes effective. you will have s grace period within which to bring your account to a current status. This !ice period shall be for the period of eD days if 10`b or less of the 3. YOUR WARRANTY DEED princrpal amount of the purchase pace bas been paid. 90 days if more (a) We will deliver to you at our expense a properly executed War- than 10$ and less than 25% of the principal amount of the purchase ranty Deed if you have fully paid for this property by malumg all of price has been paid,120 days if more than 25`b but less than 50`b of the your Standard Monthly Payments without prepayment. prircipal amount of the purchase price has been paid, and 150 days if (b) The Waaanty Deed will convey good marketable and insurable ti05b or more of the principal amount of the pun:haae puce has been paid. title to you, free and clear of all encumbrances except for the following: If you bring your account to a current stales by paying all past due (1) the lien for taxes for the year in which we convey the property; pnneipal and interest within the applicable grace penod, you volt no (2) oil, gas and mineral reservatrons of record, if any; (3) zoning and longer be considered in default. If you do not bong your account to a regulatory ordinances, restrictions and easements commonly found in current status within the applicable grace period. we may terminate Florida communities of high standards- (4) restrictions and limitations this Agreement without further notice. affecting the use of the property which are rnmmon to the subdivision ~ and which now or hereafter may bernme of public record; and (5) ease- 9. TERMINATION manta for drainage, canal maintenance and public utilities If we terminate this Agreement, we will retain ell monies you have After this Warranty Deed is recorded, we will at our expense paid under this Agreement, including principal and interest. as liqui- have rued to you a standard ownei s title policy from a member firm dated damrages because we have taken this property off the real estate of the American Lend 'title Association. market, we have turned away other p live purchasers and we have (d? Use end possessiorr.of this property w~l be retained by~ us untr7 intoned or will be incurring selling, adm-mistrative and development }•ou have pa\d us the purchase ptice~p fdU an~until we have de6ven~ expenses in connection with this property. Upon termination, any and the Warranty Deed. ~ all nghts you may have had in this property shall immediately termi- v Hate and we may return this property to our inventory and resell rt free 4. YOUR RIGHT TO PREPAY and clear of any claims, liens or encumbrances arisurg out of this You have the right to prepay the outstanding balance under this Agreemenk agreement in whole or in part at any time without penalt_r•. Prepayment If this Agreement is terminated, our rernrded af6da~~t attesting to dues not, however, accelerate our obligation la? to deliver the \Varranty your default and the termination, shall be rnnclusive proof of such Deed and title insurance policy to you before the Homesite Devebp- default and termimation for all purposes, and you irrevocably authorize ment Date or (b) to complete the paving of the streets adjacent to your us to thus attest and record such a~dawt as though it were your own property 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 in full 'T'his Agreement is effective and binding on us when you have signed 5. WE PAY TAXES FOR FIRST THREE YEARS it and when we have signed it at our Home Office. We may accept on \Yew•illpayalln~lpropertytaxesonthr>propertywhilethrsAg<eemretrt reject this Agreement wUhout explanation, and if we reject it, we will in force or until y ou record this Agreement or until wr deliver you aWar- return the deposrt to you and we shall be released from any obligation r.,nty Deerl conve~~ng title to the property to you, whichever first occurs hereunder. ? }low-ever,rnmmencingthreeyearsafterthedateofthiaAgrErment,youwill mimburse us for any fazes assessed and paid on this property ther+~iter. 11. ASSIGNMENT OF THIS AGREEMENT ,y You may assign this Agreement with our written consent upon 8. YOUR TRANSFER PRIVILEGE payment of a trarufer fee. If your payments are current, we guarantee you the privilege to 12 NOTICES tronsfer your equity (the portion of your payments ou t)us prolx~rty appliicl towards princepall at any time before you have paid your out- Notices under this Agreement must be in writing and addr~+ed to standin;; balance rn full. Thu transfer may be toward c•it )rer the last known addres-s of the respective party, except a; ti, the voidance la! The purchase of available property of equal or higher price in and revocation right as pnrvided in paragraph (d) under "Acknowl- this ur any other of our Florida comneumtres; or edgrrrent" section on the face page. , (b? 'I'hr• pun-hae of a standard home built by us in am available 13. FLORIDA CONTRACT huusinF area. if caw Gave c•ctuities in more than one hotni~ite, you may transfer The parties a},nr that this Agreement shall be constnied and in- them only to a like number of other homesitus or homes terpntc~rl in accordance with the laws of the 5t<ate of Florida. r 1 x~ ~9 1~.2z