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HomeMy WebLinkAbout1169 I SIANUAHUSfraRllt..\l StntE?f1AN5A(:TIUN!< I V IUENCI nF TITLF• t~~ An l~lt(3G[ of Utla prtryual u? brauYhl cdrtant 1•? a reyrutabla artd aaisUng atglract Ilnn 111 not uxgtlnq thin r ertit,.al as t.uttect by a-• sxiftinq•Qnn) purporUnq to be an accurate fynopsis of the instrwerents afla rq Ure tills to subject real property ra.oraerl in the public rc~orrts nt the county shereln the land is sihtatal, through data of Contract- An abtusct shall canon r with the earliest public records, or such later date as may be ~ ustornary in the ~ _iu~ty ~whetiln the land Is situated. Sailer shall convey • marketable title In acco,•rancs with Titter Starer/rids adopted from time to time by The Florida Bay, subleet only to liana, encumlusnces, exesptipns or qualifkations set forth in this Contr.,.t ar•d those which shall W discharged by Seiler at or before clasirrg. Upon closing ~ of this transaction such abstract shall become the property of Buyer, subject to r'rrr right of ?etenlion thereof by first mortgagee until fully paid; or ~2J a title incur- ~ ante commitment issued by a qualilierl title insuror agreeing to issue to Buyer, „ rorr recording of the deed to Buyer, an Owner's policy OI title insuranc~ a~rnT~ e,n Wont o the pupurchase pike, inwrinq title of the Buyer to the real property, s.,bjstt only to liens, ercumbrances, exceptions or qualifications set forth in this Cuneract and show wtrich shelf be discharged by SeuN at or before closing. Buvr/ shall have a0 days, it abstract, or 5 Days. It tltN commitment, from data of re- ceiving evidence of title to exarnina sane. I1 title is found defective, Buyer shall, within 3 days tharaaita, notify Seller In writing speclfyirtq deseetis). i I f sstd detect(s) render title unmarketable. Sailer shall have 120 days from rete.ut of notice within whkh to remove said delactlsl, and if SNler is unsuccessful to removing them wumn sriia i:rare, Buyer shall have the option of either f ll accq•r~np the title as it then is, w (?i demanding a refund of all monies paid Mreunder .,,With shall forthwith W returned to Buyer and thereupon Buyer and Seller tJta'r ba released as to one another, of all further obligations under the Contract; how' ever. SBller agrees that ha will, if title is found to be unmarketable, use diligent effort to correct the detectlsl in ti•t1e within the tuna provided therefor, Including the bringing of neceswry suits. i B Ex ISTING MORTGAGES: Seller shall furnish a statement from the mortgagselsi setting forth principal balance. method of payment, interest rata and whether ` the mortgaga(su>< in good standing. if a mortgage requires approval of the 8uyar by the mortgagee in ord to avoid default, or for assumption by the Buyer of said ,nortgage, and ~jJ the mortgagee does not approve the Buyer, the Buyer may faceted the Contract. or [Z] rpuirts an Irtcraasa in the Interest rate or charge= a fad i ror any reason in excess of 5100.00, the Buyer may rescind the Contract unleu SNler elects to pay such increase or excess. Seller shall pay SO% of such sae up to {tl 550.00. Buyer shall use reasonable diligartce to obtain approval. The amount of any escrow deposits held by mortgagee shall bs crWited to SNler. PURCHASE MONEY A10RTGAGES: The purchase money note and mortgage, if any, shall provide fora 30 day grace period In the went of default It it is a f,rsr ,t.ortgage and • 15 day grace period i1 a second ntortgago; shall provide for right of prepayment in whole or in part without penalty; shall not provide for ,cce!eratiat: In want of resale of the property; and shall be otherwise irrk~ form and eontflnt required Dy Seller's attorney; provided, however, Seller may only re• .t~,ire clauses customarily found in mortgages and mortgage notes generapy utllia;edby swings and loan institutions in the county wherein the property is looted. sa,n mmtgsga shall requir! the owner of the property encumbered to keep ell prior liens and encumbrances in good standing and forbid the otJner of tM pro party from accepting modifkations of or future advances under prior mortgage(s). All personal property being conveyed will, at option of Seller, be subject to tM ~ yen of the mortgage and w)denced by recorded F Inaneing Statements. u. ~uHVEy: The Bu er, svrthin Lima altowttid for deliver of wldenee of title and examination thereof, ma have the Y Y y property surveyed at his expanse. It the survey, certified by a registered Florida surveyor, shows any encroachment on said property or that improvements intended to be located on the subject property in tact encroach on lands of others, or violate-any of the Contract covenants, the same shall be treated as • title defect. Any survey prepared in connection with or as a consequence of this transi,dion may include a description of the property under iM Florida Coordinate System as defined In Chapter 177, Florida Statutes C. TERMITES- The Buyer, within tuna allowed for delivery of widertce of title end Cxantination thereof, or no later than 10 days prior to closing, whkhwer data occurs lest, may have the improvements inspected at Buyer's expense by a Corti/fad Pest Connal Operator to determine whether there is any visible active termite inrestation o? visible existing damage from termite inlestahon in the improvements. if Buyer is iMOnned of either or both of the foregoing, Buyer will have 1 days 'roe, date of tivritten notke thereof or 2 days alter selection of s contractpr, whichwer occurs first. within which to have all damages, whether visible or not, in- zpected and estimated by a licensed building or general contractor. Seller shall pay valid cosri of treatment and repair of alt damage up to tvrX of PurcMw Price. 1 Should such Costs exceed that amount, Buyer shall have fire Option of cancelling Contract :vitlrin 5 days after receipt of contractor's repair estirnsta by Swing i ;written notice to SNler: or Buyer may elect to proceed with the transaction, in whkh went Buyer shall receive a credit at closing of an amount equal to lY.% of ~ sa,d Purchase Price. "Termite' shall he deemed to include all wood destroying insects. F INGRESS p,NO EGRESS: Seller covenants and warrants that there is ingress and egress to the property. LEASES: Seller shall, not less than 15 days prior eo closing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying the na?ore and duration of said tenant"s occupancy, rental rates and advanced rent and security deposits paid by tenant. In the event Seller is unable to obtain such +et!ars from each tenant, the same information shall be furnished by Seller to Buyer within- raid timer period in the form of • SNler's affidavit, and Bvytr may thereafter cohtact tenants to confirm such information. Seller shall deliver and assign all original leases to Buyer at closing- i r+ LIENS: Seller shall, both as to the realty and personalty being sold hereunder, furnish to Buyer at time of closing an affidavit attesting to the absence unless olr; er•vise provided for herein, of any financing statements, claims of lien or potential lienors known to Seller artd further attestiny that there have been no improve- ,r,ents to the property for 90 days immediately p•aceviing date of closing. If the property has been improved within said time, Salter shall deliver releases or waivers of all ntechanic•s liens, executed by general contractors, subcontractors, suppliers, and materialmen, In addition to Seller's lien affidavit setting forth the names of ;~i such general contractors, subcontractors, suppliers and msterialrnen and further reciting that in tact alt bills for work to the sul„ect property which could larva ss a basis for a mechanic's lion have been paid or will be paid at closing. i PLACE OF CLOSING: Closing shall be held in county wherein property is located, at the olike of attorney or other closing agent designated Dy Seller. J TIME : Time is of the essence of this Contract. Any reference herein to time periods of less than 6 days shall in the computation thereof exclude Saturdays, Sun- days and legal holidays, and any time period provided for herein which shall end on s Saturday, Sunday or legal holiday shall extend to 5:00 p.m. of the next full cosiness day. ^::CUR1Et~1TS FOR CLOSiaG. Seder strbii furnish deed, mechanic's Tian affidavit, assignmentc o/ teases, and any corrective instruments that may be requirrsd in c onnection with perfecting the title. Buyer shalt furnish closing statement, mortgage, mortgage note, and financing statements. EXPENSES: State surtax and documentary stamps which are required to be affixed to the instrument of conveyance, intangible tax on and recording of pur- ~nase money rnortgags to Seller, and cost of recording any corrective instruments shall be paid by Seller. Documentary stamps to be affixed [o the note or notes 1 secured by the purchase money mortgage, cost of recording the deed and financing statements shall be paid by Buyer. °r?ORATION OF TAXES (REAL AND PERSONAL): Taxes shall be prorated Wsed on the current year's tax with due allowance made for maximum stlowable ~f~scount and homestead or other exemptions if allowed for said year. If closing occurs at a date when the current year's millage is not fixed, aril current yeai s assessment is available, taxes will be prorated based upon wch assessment, and the prior year's millage. It current yeai s assessment is not available. then taxes will r•e prorated on the prior year's tax; provided, however, if. there are completed improvements on th! property by January 1st of year of closing, svh;ch improvements ere not in existence on January 1st- of the prior year, then taxes shall he prorated based upon the prior year's millage and at an equitable assessment to be agreed :pore between the parties, failing which, request will be made to the County Property Appraiser for an informal assessment taking into consideration homestead cren,ption, if any. Howwer, any tax proration based on an estimate may at request of either party to the transaction, be wbsertuently readjusted upon receipt of !err bill on condition that a statement to that affect is set forth in the closing statement. SPECIAL ASSESSMENT LIENS: Certified, confirmed and ratified special assessment liens as of date of closing land not as of date o! Contrau) are to be paid uy Selfer. Pending liens ss of date of closing shall be assumed by Buyer, provided, howwer, that where the improvement has been substantially completed ss of the dare of Contract, such gentling lien shall he considered as certified, confirmed or ratified and SNler shalt, at closing, be charged an amount equal to the last estimate *r,a public body, of the aswssrnent for the improvement. - ~ PERSONAL PROPERTY INSPECTION, REPAIR: Selfer warrants that all major appliances, heating, tooling, eie^_tricol, plumtinp systems. and machinery are in Ong condition M of 6 days prior to closing. Buyer Wray. at his expense, have inspections made of said items by licensed pers_~ns dealing in the repair and main- .9'~anre thoreof, and shalt report in writing to Seller such items sf found not in vrorking condition prior to taking of possMSian thereof, or 6 days prior to dosing, S chewer is first. Unless Buyer reports failures within said period, he shall be deemed to have waivM Seller's warranty as to f,+iturns not •epo.ted. Valid reported { ~ !a~!vres shall ba corrected at Seller's cost with funds therefor escroweaf at closing. Setter agrees to provide access for inspection upon reasonable notice- t • RfSK OF LOSS: If the improvements are damaged by fire or other casualty prior to dosing, and costs of restoring same does not exteetd 3°>< of the Assessed e' :at;on of the improvements 30 damaged, cost of restoration shall be an obligation of the Seller and dosing shall proceed pursuant to the terms o Detract ! ~?mac oat therefor escro»ed at closing. In the event the cost of repair or restoration exceeds JX of the assessed valuation of the improvernants so damaged, Buyer s~.~~ ~ have the option df either tak my the property as is. together with either the said 3°G or any insurance Droceeds payable Dy virtue of wch tuss~or damage, or of ` ' a~cef,ng Contract and receiving return of deposit(s) made hereunder. i`i ".!AINTENANCE: Notwithstanding provisions of Standard O, between Contract date and closing date, personal property re!erred to in Standard O and real ' r~ruper ty, including lawn, shrubbery and pool, If any, shall be maintained by Seller in conditions they existed as of Contract date, ordinary wea* and tear excepted. Pr~OCEEOS OF SALE AND CLOSING PROCEDURE: Ths deed shat) be recorded upon clearance of funds and evidence of Gt1e cantinued at Buyer's sxpense, sr~o;v title in Buyer, without any encumbrances or change which would render Sellei s title unmarketable, from the date of the last widence and the cash pro- ~e is of sale shall be held in escrow by Sellei s attorney or by wch other escrow agent ss may be mutually spread upon for a period of not longer than 5 days a r: and after closing date. If Seller's title is rendered unmarketable, Buyer shall within said 5 day period, notiry Seller in writing of the defer! and Soler shall f 30 days frpm date of receipt of such notification to :ore said defect. In the event Seller fails to timely cure said defect, alt monies pairs hereunder theft, upon f 4 .t^n rie•nsnd Lherefor and within 5 days thereafter, be returned to Buyer and, simultaneously with wch repayment, Buyer shall vacate the premises and rocon- !!i !ne aroperty in question to the Seller by special 'warranty deed. In the went Buyer fails to make timely demand for r~tunri, ha shall take title as is. ~va+ving ail • •s aainst Seller as to such intervening detect except as may be available to Buyer by virtue of warranties, if any, contained in deers. In the went a I•ortion of the . _rr<rase price is to be dsrived from institutional financing or re-financing, the require+nents of the lending institution a: to plate, tune and prnceriures for closing, i !-,r disbursement of mortgage! p!ocerfs chaff tOntrol, anything in this Contract to the contrary nat:tiithstsndirg. PrOCiderf- hmsever, that the Setter shall have :~e r iyht to require from such lending institution at closing a commitment that it will not withhold disbursement of mortaage proceeds as a result of any tine defect e!!r,Cutahle to Buyer- mortgagor. CSC ROW: Any escrow agent recovmg funds is authorized and agrees by acceptance thereat to promptly depnslt and to hold same in ru:rew and to disburse --~~~e subject to clearance thereof in arcardanne with terns and conditions of Contract- Failure of dearence df funds si•aI! not rxc+,se perfor:r.ance L•y the Buyer. ~ ~ the event of doubt ss to his duties or liabilities under the. pravifionf of this Contract, the escrow agent may in his sole diuretron,tonrinue to hold the monies •:hi h are [he subject pf ibis escrow until the parurs mutually agree to the disbursement thereof, or until a judgmenTOf a court of competent nrrisdiction shall ~ ~ <.••r*ine *he rights of the parties thereto, or he may deposit all the monies then held pursuant to this Confrere with the Clerk of the Circuit Court elf the County a: ~•,fl I::risdiction of the dispute, end upon notifying all parties concerned of such action, all liability un the part of the escrow agent shaft fiilly terminate, except • ~ ?r<e e• tent -ol accamting fur any monies theretofore tlrliverrd Out 01 escrow. It a licensed real estate broker, the escro;vice .will cn,nply with provisions o/ Section 2~ ! t) (c), ~.5., es a,nen.le,l. to llrr event of wny suit between Buyer and Selfer wirsrein the escrow agent is rnarie a party r•y vnrue nl a,aing as such escro;v ~ hereunder, or rn the event of any suit .:-hr:rein rsc•a:v agent inirrpleadt the subject matter rl this escrow, the r.<~:row aslant ;haft be r+m;rlerl to recover e ~easonabfp ettornoy's fee and costs inc•rrrc•,1, card Inez and colts to tie charged and assessed as court costs m I?avor of thr+t+r o.. ailinG parry. Atl par ties agree chat the . a ant shall nut he stable to an t 9 y party or person :vhornwever for misdelivery to Buyer or Salter of monies tuh;ecr to this escrow, unless such miscfetivery shat! ~ ,f ~e to witllrrl breach of this Cnnrract or gross negtigenr•e on the part of •he escrow agent. l 4TTr)Rt\Fy fEES AND t'OgtS In connection with any litiyation including at•pellatr procee~ctings arisine ou• ut this Cnnlrart, the pravailmg party shall b! i !i ;n r~n~rf to recover reasonable attorney's ter. and costs. ; . r<C F AUI.T. If Buyer (ails to porfann this Contract within the time specified, fhe dcpositlsl paid ?,y Use gayer aforesaid may Ue reta,nrd by or for the ar.r_ount ' Sailer as liquidated damages. considoration for the execution of this Contrwct aril in full setrlanrent o! any claims: vrhereupnn all parties shalt he rHieved of t nt~liyahons under the Comrss: t; or Seller, at hr•. op[wn, may proceed at saw nr in eq,~ity to enforce his loyal rights trnrter this Contact. If- ror any reason other •^a^ faibne of Seller to render his title marketable a`ter diligent effort. Sutler rafts, neylecrs or rerusas to perform this Contract, the 8uyar may led wecific per- !n,•.-.ance or eie_t to receive the reRrrn of his deposits) svithqut thereby weivirg any ethers for damages resulting from Seller's breac!t GO"J7 RACT NOT RECORDABLE, PERSONS BOUND Af.D NOTICE. Neitir?r this Contract our any notice iherenf shall he rer.ordea} in in7 /•ubtic records. r a Contract shat) bind and ;.fore to the benefit of the parties ?rereto and their successors in interest. Whenevor the cnntex t permits, singular shaft incl•rde plural and -rny yonder shall include all. Notice given by or to the attorney for either party shalt be as eftnr.tive as it given by ar to said party. PRO RATIONS ANO INSURANCE: Taxtc, assessments, rent, interest, insurance and othe• expenses and revenue of Said properly shale he prroa.ed as of Jats ? closing. Buyer shall have the option of taking over any existing policies of insurencs nn thr property, if assumabte, in .which a en• pr~rnium; shall he prorated. E ' ne cash at closing shall be increased or dscreasec! as may tae required by said proret:Ons All refe•zncrs in Contract to prgra•rons as of date of tracing will tae •lee•~ed "data of occupancy" if occupancy occurs prior to closing, unless otherwise provideA for herein. . y CciNVEYANCE: Seller shall convey titter to the. aforesaid coal property by statuto•y warranty decd subject only to martens rontainarf in Pa•Pgraph V11 hereof. °er;ensl property shall, at the request of Buyer, be conveyed by an absolute bill Gf sale with warranty of title, subjr_t to wch fens as may be other:vis6 provided •pr herein. ~ - € nTN6R A(~REEMBNTS: rN0 prior or present agreements or represemetions shall be b;rdmg r!pon any M the r,arties harrta +rnless into*porated rn { ?nil Contract. NO modilicatbe saeftenge in this Contract shill be valid or binding upon the parties unless in writPr,p. executed by the parties to be bound thereby.