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HomeMy WebLinkAbout0128 HIG~--ILIGHT~S OFTHI~ CONTRACT. ~ : ~THESE HIGHLIGHTS ARE SUBJECT TO ALL PROVISIONS OF THE CONDITIONS OF PUACHASE APPEAAING BELOW AND ON PAGE 1 OF 3 OF THE CONTRACT.] . REAL ESTATE TAXES WILL BE BILLED TO YOU ANNUAILY. (SEE ITEM 7 BELOW) • RESIDENTIAL LOT PURCHASERS HAVE THE PRIVILEGE OF TRANSFERRING THEIR EQUITY IN THIS PROP- ERTY TO A HOME IN A DESIGNATED GENERAI DEVELOPMENT SHELTER AREA OR OTHER AVAILABLE F90PERTY OF EQUAL OR HIGHER VALUE IN ONE OF OUR FLORIDA COMMUNITIES (SEE ITEM 8 BEIOW)- • WE 00 NOT REPURCHASE PROPERTY AFTER EXPIRATION OF THE CANCELLATION PERIODS PROVIDED BY LAW OR REFUNO ANY PORTION OF PAYMENTS EXCEPT AS PROVIDED IN ITEM 9 BELOW. • WITHOUT EXTRA CHARGE TO YOU: • WE WIIL COMPLETE YOUR STREETS NOT LATER THAN THE END OF THE DEVELOPMENT YEAR (SEE ITEM 2 BELOW). • WE WILL ISSUE YOU A WARRANTY DEED AND TITIE INSURANCE POLICY. (SEE ITEM 5 BELOW) CON DITION S OF PU RCHASE PLEASE READ CAREFULLY 1. BASIC AGREEMENT General Development Corporation agrees to sell to Association ~s more fully described in a recorded Declara- you, the Purchas2r(s), the property described in this Con- tion of Restrictions covering the property. The Association tract on the terms and conditions contained herein.. The is responsible for the maintenance of certain common unpaid balance at any time, including any unpaid annual properties (which may include: park sites, open spaces, tax payments, will bear interest at the ANNUAL PER- greenbelts and private residential streets within the com- CENTAGE RATE on ihe front of this Contract. mon properties). There will be no charge to purchaser or 2. STREETS to the Association for any improvements made or installed This property is currently undevetoped. We agree to within the common properties by General Development complete hard surface all weather streets adjacent to your Corporation, but the Association shali have the responsibil- property before the end ot the development year, statea ity ofi maintaining the common properties including such on the front of this Contract. improvements. We will convey to the Association title to 3. WATER FACILITIES the common properties as stated in the Declaration of If signed on the front of this Contract, a community Covenants and Restrictions. After purchaser has acquired water system will be installed to serve your property when title to his property, he will automatically be a member of you are ready to build (after we have deeded the property the Association and, by his execution of this Contract, he and you have obtained a building permit) and we have agrees to be bound by the Declaration of Reslrictions. the received 60 days~ written notice. Commencing three (3) Articles of Incorporation and the By-Laws of the Associa- years after the date of this Contract, you will pay a utilities tion, which are delivered herewith and made a part of this extension fee (for plant capacity and main lines) at the Contract. Purchaser acknowledges receipt of copies monthly rate stated on the front of this Contract. Fees will of these documents. Purchaser agrees to pay a mainte- r~e deposited ~n an escrow account and interesi will be nance fee to the Association in the initial amount of ~60.00 accrued.annually to this account based upon the.average per year, per homesite. subject to reasonable adjustment. ; on deposit, at the passbook savings account rate paid on General Development Corporation now elects the. December 31st of each year by the Citibank. N.A. Prior to Association's officers and directors. Property Owners~ ; commencement ot service. you will pay the excess. if any. Association votes are weighted as tollows: Class A-one ~ of the actual charge permitted by law to be made as a util- vote per lot or living unit; Class B-three votes per lot or ! :t~es extension fee (for plant capacity and main lines) over living unit owned by General Development. Ciass B are ~ che amount you have, previously paid. We will collect your converted to Class A votes not later than a date stated ~n ~ ut~!~t~es extension fee as agent for General Development the Declaration of Restrictions, or when the number of E Ut~l~ties. Inc.. which may use this fee for partial reimburse- property owners~ votes equal General's. We wlll turn over ~ ment of its construction costs for the central water plant control of the Association to the property owners and pur- ~ and mam water lines. A separate connection charge will chasers hereby agree that they will assume control of ~ ~e made a! the t+me of hooR-up to cover the cost of install- and manage the Association. and elect their own ofticers ~ ~ng a meter and a serv~ce line running irom the main water and directors. when General calls a meeting of property ; ~~ne in front of your property to your property boundary line owners for that purpose. ` SEWER FACILITiES 5. YOUR WARRANTY DEED a It s~gned on the front of this Contract, a commurnty (a1 We will det~ver to you at our expense. a properly ~ ~ewer system will be installed to serve your property when executed Warranty Deed upon compleUon of full payment ~ you are ready to build ~after we have deeded the property of the Deferred Payment Price. util~ties extension fees. if ~ and you have o5tained a building permit) and we have any. slated on the front of the Contract and any unpaid 8 received 60 days~ written not~ce. Commencing three (3) taxes for which you are obligated. and after the streets ; years atter the date of this Contract, you will pay a utiliUes ad~acent to your property are completed in accordance ~ extens~on fee ffor plant capacrty, main lines and serv~ce w~th parag.?aph two (2) above. ~ iateral) at a monthly rate stated on the front of this Con- (b) We will reserve in ihe Warranty Deed: all water ~ cract. The service lateral portion of the utilit~es extension nghts below 400 teet in depth. wiih no right of surface fee is currently 565.00 and covers the cost ot install~ng access on your property. ~ a:,erv~ce lateral runn~ng from the sewer main to your prop- (c) The Warranty Deed wil! require the submission of ~ rty boundary line. Fees will ~e depositec~ in an escrow al! plans for structures to an Environmental Control Com- ~ account and interest w~ll be acerued annc~ally to this ac- mittee. ~ count. based upon the average on deposit al ihe passbook (d) The Warranty Deed will convey marketable and savmgs account rate pa~id on December 31st ot each year ~nsurable title to you. free and clear of all encumbrances. ~ by the Crtibank. N.A. Prior ta ~~mmencement of service. except the following: • ~ you w~ll pay the excess. if any. of tne actual charge per- (1) The L~en for taxes for the year of conveyance: ~ m~tted by law to be made as a ut~l~ties extension fee (for (2) o~l, gas and mireral reservations of record. if any: plant capac~ty. mam lines and service lateral) over the (3) easeme~ts: (4) covenants and restrictions of public ~ amount you have previeusly pa~d. 1Me will collect your record common to the neighbcrhood: (5? Properiy Owners~ ut~l~t~es extension fee as agent for General Development Association. if any, and (6) applicab~e zoning and ord~- ~ Ut~I~t~es. Inc.. which may use this tee for partial reimburse- nances. j ment of its construction cosis for the central sewer pfant (e) Atter th~s Warranty Deed is recorded, we will at i and mam sewer lines. our expense have issued to you a standard owner~s title < ~ 4 PROPERTY OWNERS ASSOCIATION policy irom a member firm of the American Land Title ~ I( s~gned on the (ront of this Contract. there ~s ~n ex~s- Assoaation. - tence a Property Owners~ Assor,~ation (the Assoc~aUon i ~f) Use and possession oi this property will be re- ~ composed of property owners ~n this subdiwsion. The tained by us until you have paid us all mornes in tull and _f until we have delivered the Warranty Deed. 'a ~ ~ . , 3 t ~ f~ = 3~3 e~ 1~'8 ~ ~ T,' ! • Page2ol3 ' .f. f . ;e I