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Home My WebLink About0129 6. YOUR AIGHT TO PREPAY 12. EFFECTIVE DATE •,You have the right to prepay at any time, without This Gontract is eifective and binding on us when you penalty. Prepayrtient w~ll not accelerate our obligal;on to • have signed it and when we have signed it at our Home del;ver the Warranty Deed and Title Insurance Policy or Office. We may accept or reject this Contract without expla- to complete the street adjacent to your property before the nation, and ii we reject it, we will return the deposit to you end ot the Development Year, stated on page t of 3 of this and we shall be r~leased trom any obligation hereunder. contract. 13. AS~IGNMENT OF CONTRACT 7. ANNUAL TAX PAYMENT You may assign this Contract w~th our written consent Taxes will ba prorated from the date of purchase. upon payment of a transfer fee. (Consent will not unreason- Annually, you linciuding prepaid accounts) will receive a ably be withheld.) notice of iax payment due for all taxes assessed on this 14. NOTICES property. Payment must be made to us as stated in said Notices under ihis Contract must be in ~vr~ting and notice or this Contract will be subject to cancellation, in addressed to !he last known address of the respect~ve accorda~ce witn the terms and conditions ot Paragraph 11. party, except as to the voidance and revocation right as Any unpaid annuaf tax payment wiil be charged interest provided in paragraph (e) under ~~Acknowledgment section at the ANNUAL PERCENTAGE RATE on the front of this on the (ront page. Cont~act. 15. RESIDENTS OF THE STATE OF NEW YORK 8. YOUR TRANSFER PRIVILEGE Residents of the State of New York by v~rtue of the If your payments are current, we guarantee residen- Laws of that State must be furnished with a copy of the tial lot purchasers the privilege to transfer their equity New York Oifering Statement at the time 3ny soiic~tation or (payments of principal and any util~ty fees paid) at any time otfer to sell is made, and any contract to purchase lots before you have paid your outstanding balance in full. This which is signed hefore such New York resident has transfer may be toward either received a copy of the New York Offering Statement is (a) The purchase of available property of equal or deemed invalid. All representat~ons and warranties set higher pnce in this or any other of our Florfda Communi- forth in the Offering Statement are incorporated herein by ties; o~ reterence anci made a, part hereof and shall survive (b) The purchase of a home built by us in a desig- delivery oi the deed. nated Genera! Development shelter area. 16. RESIDENTS OF THE STATE OF CONNECTICUT If you have equities in rrtore than one lot, you may In the State of Connecticut ii the buyer does not transf~r them only to a like numbe~ of other lots or homes receive the Sales Prospectus as prescribed m the General in a designated GeReral Qevelopment shelter area. Statutes in the State of Connecticut. Publ~c Act 697 9. YOUR RIGHTS IF WE FAIL TO PERFORM Section 20-329h, the buyer may void this Contract within If we tail to meet any of our obligations under this 72 hours in the manner prescribed ~n said sect~on. Contract you may eiect either oi the folluwing exclusive 17. FLORI~A CONTRACT remedies at your option, and upon notification to you and The parties agree that this Contract shall be con- opportunity to eleci one of these remedies, we will be re- strued and interpreted in accordance with the laws of the leased from any further obligations under this Contract. State of Florida. - (a) You may exchange this property for other avail- able property of similar value in this or any other of our communities in a similarly desirable tocation, or, Accepted at Miami. Florida (b) We will refund all payments made by you under A DEV PM T C RPORATI this Contract. There are no other privileges of cancellation or refund except as stated above. 10. DEFAULT GRACE PERIODS By~ You have no personal iiability to make any payment Authorize mployee Sig at under this Contract. However, if you fail to make any pay- . I ments when due, inctuding the annual tax payment, you i Witness:-- - - - - ; will be in default and we may terminate this Contract. ~ } ; Before any such termination becomes effective, you ; will have a grace period within which to bring your account H/itnes ` to a curreni status. This grace period shall be for a period s of 60 days if 10°0 or less of the principal amount of the STATE OF FLORI~ SS: ; purchase price has been paid, 90 days if more than 10°o COUNTY OF DAD > and less than 25°0 of the principal price has been paid, ~ 120 days if 25°~0 or more but less than 50°% of the principal I HEREBY CERTIFY that on this day. before me, a ~ amount of the purchase p!ice has been paid, and 150 days Notary Public authorized to take acknowledgements, ! if 50°~~ or more of tne principal amount of the purchase personaily appeared ihe person indicated as Authorized price has been paid. Employee above. whom I know to be the agent of General N If you bring your account to a current status by paying Development Corporation in the foregomg Contract, and ~ all past due principal. utility fees, taxes and interest within acknowledged before me that he executed such Contract ~ the applicabte grace period, you will no longer be consid- ~n the name of and on behalf of Genera! Development ~ ered in default. If you do not bring your account to a current Corporation; that as such Agent he is duly authorized by ~ status with~n the apaiicable grace period, we may termi- General Development Corporation to dc, s~. and that such nate this Contrac? wrthout further notice. Contract is the act and deed of General Devefopment Cor- ~ 11. TERMINATION poration. ~ U{xn terminat~on. we will retain alt monies you have s paid under this Contra~t. including p?incipal, tax payments. H?ITNESS my hand and seal in the County and State ~ named above. ~ utility fees and interest. as liquidated damages because ~ we have taken this property off the real estate market, and ? ~ - =i---. ~ - - ~ ` have incurred selling, administration, interest, and other ex- this date a penses in connection with this property; provided, however, ~ that where the amoun: oi principaf paid by you exceeds o~r - ~ ~ actual dama es. c~rrentl calculated at 52°0 of the Total Notary Public; . 3~~ fl~ist~,'~';l~ar,e0., ~ 9 Y ' ,:•s., .J:_.,_ Cash Purchase Price. we will refund to you the amount of ` . ar~y such excess. Actual damages in the event of any specific General Developfqet;~~ y~?.~s to the terms - and conditio~- raphs stated contract cancellaUon will depend upon a variety of factors, ~ t,.: : ~ in this corlPr~Ct;.a , ~ ~ : including the Com~ar~y's future costs of doing business. ti.~ ~~;.a ~F~~- • 7 •i~"~ ; Accordingly. the a^~o~nt of pr:ncipal f~ be refunded, if any, g. .,v'~'~ ,k+'~dS=~s~.*._- ` ~ may be greaier cr ~esser than the 52'~ currently calculated. ~F_~°~° Genera velop ~ ~ t~,~fi~i:~8.y~ _ All utility tees paid are credited for the installation of utility ~i'°'" r~~r. ~ ..F.... ; facilities and are na^~refundable. All rights you may have gy had in thfs property shall immediately cease upon termina- . t; tion and we wifl retum this property to our inventory and '1 K~ resell it free and clear of any claims, liens or encumbrances ~ ansing out of this Contract, except refund rights. if any, as _ set forth above. ~ If this Contract ~s termina'ed our recorded affidavit E attesting to your default a~d it~e termmation shall be con- = clusive prooj~ ch l~igfa~lt ~d ~termination for al~ pur- r~~313 ~ll~ :f poses. and ylbu~~ o~bly a~eriie us to thus attest and ~+r.!( _ record such a'fidavit as though ~t were your own act and ~e~~' Paoe3o~3