Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
R15-050
1 RESOLUTION R15 -050 2 3 A RESOLUTION OF THE CITY OF BOYNTON 4 BEACH, FLORIDA, ACCEPTING THE OFFER OF 5 $4,500 AS SETTLEMENT OF THE CITY'S SECOND 6 MORTGAGE AS A RESULT OF A PROPOSED 7 SHORT SALE FOR DAVID AND ALEXIS MASSEY 8 BASED ON THE CITY'S SHORT SALE POLICY 9 FOR FIRST TIME HOMEBUYER ASSISTANCE 10 PROGRAM; AND PROVIDING AN EFFECTIVE 11 DATE. 12 13 14 WHEREAS, with the assistance of the City of Boynton Beach's first time 15 homebuyer assistance program David and Alexis Massey purchased their home at 8 Via 16 De Casas Sur #103 for $215,000 in June of 2006; and 17 WHEREAS, the City Commission previously approved two short sales for 18 David and Alexis Massey on April 16, 2013 and May 6, 2014, both sales fell though; and 19 WHEREAS, the City of Boynton Beach's second mortgage in the amount of 20 $45,000 is a zero interest (0 %) lien that runs concurrent with the first mortgage; and 21 WHEREAS, rather than be foreclosed upon, the homeowner was able to secure 22 a buyer for the property and their bank has agreed to a short sale in the amount of 23 $125,000; and 24 WHEREAS, the proposed settlement offer is in accordance with the City's Short 25 Sale Policy for the City's First Time Homebuyer Assistance Program; and 26 WHEREAS, the City Commission of the City of Boynton Beach upon 27 recommendation of staff, deems it to be in the best interest of the citizens and residents 28 of the City of Boynton Beach to accept the offer of $4,500 as settlement of the City's 29 second Mortgage as a result of the proposed short sale for David and Alexis Massey. C:\ Users\ Prainitoj \Appdata\Local\Microsoft\Windows \Temporary Internet Files \Content.IE5 \TJSA2KNN\Reso_ - Accept _Massey_Short_Sale_(2015).Doc 30 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION 31 OF THE CITY OF BOYNTON BEACH, FLORIDA, THAT: 32 Section 1. The foregoing "Whereas" clauses are hereby ratified and 33 confirmed as being true and correct and are hereby made a specific part of this 34 Resolution upon adoption. 35 Section 2. The City Commission of the City of Boynton Beach, Florida 36 hereby accepts the offer of $4,500 as settlement of the City's second Mortgage as a result 37 of the proposed short sale for David and Alexis Massey. 38 Section 3. This Resolution will become effective immediately upon passage. 39 PASSED AND ADOPTED this 19 day of May, 2015. 40 CITY OF BOYNTON BEACH, FLORIDA 41 42 YES NO 43 44 Mayor — Jerry Taylor 45 46 Vice Mayor — Joe Casello r/ 47 48 Commissioner — David T. Merker 49 50 Commissioner — Mack McCray 1/ 51 52 Commissioner — Michael M. Fitzpatrick c/ 53 54 55 VOTE J 0 56 ATTEST: 57 58 I, 59 Ai • i ., • 60 • • �+ _ . o MMC r 61 "� 62 ` -, 63 , - 64 0 s or.. e Seal ,4 Files • y T O 4.: JSA2KNN\Re o icro A pt Mas ey Short S ete(2015).Doc The City of Boynton Beach DEPARTMENT OF DEVELOPMENT COMMUNITY IMPROVEMENT DIVISION 100 E. Boynton Beach Boulevard } f ', Post Office Box 310 _ Boynton Beach, Florida 33425 -0310 as r TEL: 561.742.6066 FAX: 561.742.6089 www.bovnton- beach,orq City of Boynton Beach — Community Improvement Division SHORT SALE POLICY & GUIDELINES The City of Boynton Beach provides second mortgage subsidy assistance to first -time home buyers through its state SHIP housing assistance programs. The City Commission approved state regulations require the Community Improvement Division to encumber, by way of a thirty (30) year mortgage, all single- family residential property financially assisted with first time homebuyer grant funding. If the homeowner sells the assisted property or transfers title in any way, the entire amount of the second mortgage subsidy becomes due and payable to the City of Boynton Beach. When assisted property owners become financially distressed and can no longer afford to pay their first mortgage; or when the property owner must relocate out of Palm Beach County, a Short Sale will be authorized based upon the following criteria: I . The first mortgage lender must reimburse to City of Boynton Beach $4,000.00 or eight percent (8 %) of the remaining balance owed on the City's Second Mortgage, whichever is less. 2. The buyer of the assisted property cannot be a relative of the seller. 3. The seller of the assisted property shall not receive any money from the Short Sale transaction. 4. Community Improvement Division must review and approve the HUD Settlement Statement prior to the Short Sale closing. 5. Upon receipt of the Short Sale reimbursement, the City shall waive all rights to the file future judgments for deficiency against the homeowner. 6. Upon receipt of the Short Sale reimbursement, the Community Improvement Division shall satisfy the second mortgage subsidy. A request will be made for the City Attorney's office to prepare the Satisfaction for the City Manager's signature. 7. Clients that have been assisted with the City's Short Sale Policy are restricted from applying to the City of Boynton Beach for funding for any of its housing assistance programs for a period of five (5) years. 8. The owner of the property must provide proof of hardship that must include itemization of finances, bank statements, proof of income, tax returns, 1st Mortgage information and property information with any request for a short sale. "Breeze into Boynton Beach, America's Gateway to the Gulfstream" S-1Community ImprovementSPolicies \ShortSalePolicy.doc • • . • • • • • • . • - • • : : .. • • ...: • . . Whom it m4Se. doncern,., . March • . . • . — , . ••• • • s • . . In 2006; rny.theri fiend) and 1 Were looking to start Our tivet tOgether:,.,SecOmIng.hoMe OvineraWaia :. • . part Of outplen to starfoUt on the rightfOot'We found eintodest.townhoUse that fit usperfct1y. With : of the :exotic lending practices going on at the time, and with no nestegg,Of bur' own, we utilized a firtt • -• time hornebUy.er's program called SHIP the dity of-E.Oynton Beach. We were happy in'the.hOmeand • as time progressed via.got.Manied and were luckily blessed with a little:boyin•2040:, Weleyedthe.,: ••• neighborhood and our neighbors: !Wass member of .the•OpA :Oakland felt great abOta -frilprove our small COMmtinity.• • • , • "., . •-.*::' • • . . Then•in .2011, the downtum in thetotintiny.hit my ithalt bLisinesi•with was a photography and design Istudio thatepeoleriZedinlathily portraits. At this time the . e.dopon,Y . forced many families to cut back on aiiy:wextra" such as profestiOnal, familyportntift,• - bijiiiiiesti.:• • took such a substantial hit that lined to keep itifloat• With *ft*.p.virm personal savings and lines of credit. t • maxed out alI of MyOredit cards exhausted iny.savirtga..irs:1 I was.forced tOPlade the businese • •: bankruptcy in the 'sUrniner of 2011:: • : •. *: • • • • ' • ..• . . •• • 1 . • - . • •• • •. • • .•• • was teaching.at a small °private 011ege,. my wife andl Were barely able to.makeendt meet ... without the from my business and the addition„.ofthedebte that it accrued against me - : - ••• • • • • : 7 . Per:OhellY; We paid $1:025: per Month just for daycare:alone. My wife•Workeil•fdr the state of Florida and • ••• did not raise ih5 years. .1 began seeiching.fOre• new job to help with �ut finandlat Situation.' I was J••.•, looking for almost 6 months got a reSpOtiSafrom located in Atlanta, .GA. '1: had other options at that time butto accept the.PoSition to help support my family. 1 Stetted WOifi in January. of .2012 and my wife and son fOined me in GAin,Febtuary., • . • • " • • . • r*** My wife has been out of. work since Shezittoyed tcP,GA. She began loOking for a job . end we fOUsid. out we .• Iainat ion were expecting a baby. shortly - after. in jurte•2012, halfvitay.through the pregnancy, the waefOrded to txp give birth and wetost the baby due 10 severe medicalCOMplicationa. This was not only crushing • . • I wie'S • emotionally but alto put us under more financial strain as hospital and are veryhigh.......• , est 2011 even with insurance:We have had tribe put on parTiiint plans to manage our medical deht. • since been•Oletsed.Wilh a healthy child but along with that•thousends of dollars in medical extremili high fronthlYitiedicalinsurinde *mita*. • . „. . • • . . • . .• we:have..6•san:boftowitio frOf.fritnas,arid fanily to stay UP.* date.....with: aft of Ourbillt.Wecan no longef,: sustain livIng the mortgage on Our house ItY Beach. We have ne . dhoktehiAto . put the house up for short sale. This pains Us :greatly, 'but no other.ohdice we may be also'faprig:; .• personal •bankruptcy. ••• '•• • • • •• • •:. • • *** •••• • ": . . We appreciate and coMpassibri helping our family move on , ••.• • , • Sineetely . •• • . • „ . • • . . • •• - PLEASE NO E - HARDS IP ' LETTER . 71V - Alp; .1)(4,6k • . • • • ';' IS SIGNED BY BOTH • „. . . • David and Alexis Massey • . . . ** - Between PNc„and the . prior lender, SPS•, this. is bo rrowers' .-4.th* Short . . . • . . ". • sale request going . back to November 2012 Pri 011 _AP4tt due to • ...,, • - " -• •excesSive delays "* the . part of the lenders (buyers :Wallid) •-• . . •• March 31, 2015 To whom it may concern, As of Dec. 2011, my husband's Job forced our family to move out of the state of Florida. Since that time I have been unable to find regular and gainful employment. Sincerely, DACUZ — n r ia/-1 ' Alexis Duarte - Massey F^ t "�° a HUD - OMB Approval No. 2502 -0265 % A. Settlement Statement (HUD -1) B. Type of Loan 6. File Number 7. Loan Number 8. Mort9. Ins. Case Num. Q 1. FHA 0 2. RHS 0 3. Cony Unins. Q 4. V.A. Q 5. Cony. Ins. 5332.01 ID: C. NOTE: This torn fs furnished to give you a statement of actual settlement costs. Amounts paid to and by the selement agent are shown. Items marked "(p.o c.)" were paid orltside the closing; they are shown here for Informational purposes and are not included In the totals. D. NAME OF BORROWER: Karen Tdedano, Inc., a Florida corporation Address of Borrower: 19588 Satumia Lakes Drive, Boca Raton, Fbrtda 33498 E. NAME OF SELLER: David Massey and Alexis Duarte - Massey, husband and wife Address of Seller. 8 Via de Cases Sur, #103, Boynton Beach, Florida 33426 F. NAME OF LENDER: Address of Lender: G. PROPERTY LOCATION: 8 Via de Cases Sur, #103, Boynton Beech, Florida 33426 H. SETTLEMENT AGENT: Florida TitleWorks, Inc. Address: 150 South Pine Island Road, Suite 417, Plantation, Florida 33324 Phone: 954- 915 -0510 Mace of Settlement: 150 South Pins Island Road, Suite 417, Plantation, Florida 33324 I. SETTLEMENT DATE: 6/30/15 DISBURSEMENT DATE: 6/30/15 .1 Summary of borrower's transaction K. Summary of sellers transaction 100. Gross amount clue from borrower 400. Gross amount dare 10 seIIer 101. Contract sales price 119,000.00 401. Contract adea price 119,000.00 102. Personal property 402. Personal property 103. Settlement charges to borrower (Una 1400) 102.80 403. 104. 404. 105. 405. Adjustments for items paid by seller in advance: Adbosbnents for items paid by seller in advance. 106, Ctty/town taxes 406. City/town taxes 107. County taxes 407. County taxes 108. Assessments 408. Assessments 109. 409. 110. _ 410. 111. 411. 112. 412. 120. 0,08. amount • ue from borrower, 119,102.60 420. Gross amount due to seller: 119,000.00 200. Amounts paid or in behalf of borrower: 500 Reductions in amount due to seller: 201. Deposit or eemest money 501. Excess deposit (see Instructions) 202. Principal amount of new ban(.) 502. Settlement charges to seller (line 1400) 19,087.51 203. Existing loan(s) taken subject 10 503. Existing loan(s) taken subject to 204. Principal amount of second mortgage 504. Payoff of first mortgage loan (PNC) 94,486.62 205. 505. Payoff of second mortgage ban (City at Boynton Beach) 4,500.00 206. 508. 207. 507. 206. Principal amt of mortgage held by seller 508. Principal amt of mortgage held by seller 209. 509. 209e. 509a. Adjustmo nls tor kerns unpaid by seller: Adjustments for items unpaid by seller: 210. Ciyy/town tams 510. Clty/bom taxes 211. County taxes from 01/01/16 to 06/30/15 925.87 511. County taxes from 01/0l/151006/30/15 925.87 212. Assessments 512. Assessments 213. 513. 214. 514. 215. 515. 216. 516. 217. 517. 218. 518. 219, 519. 220. Total paid bylfor borrower: 925.87 520. Total reductlons In amount due seller: 119,000.00 300. Cash at settlement fromtto borrower 600. Cash at settlement to/trom t,etier. 301. Grose amount due from borrower (line 120) 119,102.60 601. Gross amount due to seller (line 420) 119,000.00 302, Less amount paid by/for the borrower (line 220) (925.87) 602. Less total reductions in amount due seller (line 520) (119.000.00) 303. Cash ( J From ❑ To ) Borrower: 118,176.73 603. Cash ( ❑ To ❑ From ) Sevier: 0.00 The Public Reporting Burden for this collection of information is estimated at 35 minutes per response for cdlectbg, reviewing, and reporting the date. This agency may not collect this information, end you are not required to complete this form, unless it displays a currently valid OMB contrd number. No confktentiellly is assured; thls disclosure is mandatory. This Is designed to provide the parties to a RESPA covered trans 1Ion with information during the settlement process. Borrowers InWal(s): Sellers Iniltal(s): HUD -1 U.S. Department of Housing and Urban Development Page 2 r . Yi einer, Y r_ICS - -- U 700. Total Real Estate Broker Fees 67,140.00 Paid from Paid from Division of commissln (line 700) as fdlows: Borrower's Seller's Funds at Funds at 701. $ 3,570.00 to Charles Rutanberg Realty Settlement Settlement 702. $ 3,570,00 to Charles Rutenberg Realty 703. Canmiasion paid at settlement 7,140.00 704. 705. to 706. to 801. Our origination charge (from GFE #1) 802. Your credit or charge (points) for the specific Interest rate chosen (from GFE #2) 803. Your adjusted ariginaton charges to (from GFE A) 804. Appraisal fee to (from GFE #3) 805. Credit report to (from GFE #3) 806. Tax service to (tram GFE #3) 807. Flood certificaean to (from GFE #3) 808. to 609. to 610. to . 811. to 812. to 813. to 6 R.,n.ir ^JC ^: L. ■,r .tr V', F, .47 do 901. Deliy,Nterest charges : from 10 to /day ((rorn GFE #10) • 902. Mortgage insurance premium for months to (from GFE #3) 903. Homeowner's insurance premium fr yes to (from GFE #11) 904. Flood insurance premium for years to 905. ; : to _- 1 ?LJ. R :ar Llzf :n r _ 1001. Initial deposit for,your escrow account Oran GFE #9) 1002. Haneowner's insurance months #11 per month 1003. Mortgage Insurance months G' per month 1004. Property taxes months per month 1005. Flora) Insurance months per month 1008. months A per month 1007. monnhs 611 per month 1008. months A per month 1009. Aggregate accounting adjustment 1 1100. T.11G 01 1101. Title services and lender's title insurance (from GFE #4) 1102. Settlement or closing fee to Florida TlfieWodca, Inc. 1,000.00 1103. Owner's title insurance to Old Republic Nat. TitlerFlaidsTdleWaks (from GFE #5) 67800 OF6- 670.00 1104. Lender's title insurance to 1105. Lenders We policy limit 1108. Owner's title policy limit $119,000.00 1107. Agent's portion of the total title Insurance premium $469.00 10 FloridaTitleWorka, Inc. 1108. Underwriter's potion of the total tltle Insurance premium $201.00 to Old Republic National Title Insurance Compw 1109. Abstract a tltle search to Florida TltleWorks, Inc. 360,00 1110. Selers document preparation to Scott Rosen, Esq. 450 1111. Lien searches to A -1 Title Support Services - - 300.00 1112. Condo estoppel letter fee relmb. to Florida TltleWaka,Inc. 500.00 1113. Courier/wire transfer/overnight me to Florida TltleWorks, Inc. 75.00 75.00 12. 11 1,1 irr a >L.r tl, 1201. Government recording charges (from GFE #7) 27.60 1202. Deed $27.80 Matgage(s) Releases $71.60 627.60 71.60 1203. Transfer taxes (tram GFE #8) 1204. City /County tax/stamps Deed 60.00 Mortgage(s) $0.00 1206. Statetax/stamps Deed $833.00 Mortgage(s) $0.00 833.00 1206. 1207. 1208. 130f. , - ilcnu i I 1 r -.cs 1301. Required services that you can shop fa (from GFE #6) 1302, Water/sewer escrow to Florida TltleWorks, Inc. 150.00 1303. Short sale processing to Scat Rosen, Esq. 2,500.00 1304. Condo association (satin.) to South Lake 11 Condominiu mAss 3,321.37 1305. Master association (estkn.) to Dos Lagos Homeowners Assad 1,726.54 1306. to 1307. to 1308. to 1309. 11 32 f.9Ef Seltivrnant Ch.rgo (Enter on lines 103, Section J and 502, Sectlon K) 102.60 19,087.51 * POC (B) = Patd outside of dosing by borrower " The exception rate option was used In this fife • POC (S) >= Paid outside of dosing by seller Borrower's Initial(s1: Sellers Inilalrsk DoubleTimelll SETTLEMENT CHARGES AND LOAN TERMS Page 3 Settlement Charges Our origination charge # 801 1.00 10.00 Your credit or charge (points) for the spoclfic interest rate chosen # 802 $.00 $0:00 Your adjusted origination charges # 803 1.00 10.00 Transfer tares *1203 $.00 10.00 C,FSrgos That ciiVV, ltifiorc Than 10� �� '�, if 1201 1.00 $27.60 T-* $0.00 $27.60 tucrt'€ o.t.ve;, r Gt and ilUO s :,I;arg t [ 127.60 or 0.0096 Initial deposit for your account 41001 1.00 10.00 Daily interest charges from # 901 1.00 10.00 Homeowners insurance premium for # 903 1.00 10.00 Primer/ Ws lnjtit+Y8)• Sellers initial(s) DoubleTlms* HUD -1 SETTLEMENT STATEMENT ADDENDUM File Number. 5332.01 1 have carefully reviewed the HUD -1 Settlement Statement and to the best of my knowledge and belief, it is a true and accurate statement of all receipts and disbursements made on my account or by me in this transaction. further certify that I have received a copy of the HUD-1 Settlement Statement. Borrower(s) Seller(s) David Masaey Alexis Duarte - Massey Settlement Agent The HUD -1 Settlement Statement which 1 have prepared is a true and accurate account of this transaction. I have caused or will cause the funds to be disbursed in accordance with thls statement. Florida TitleWorka, Inc. By: Date: WARNING: it is a crime to knowingly make false statements to the United States on this or any other similar form. Penalties upon conviction can include a fine and imprisonment. For details see: Title 18 U.S. Code Section 1001 and Section 1010. ._.... � -._- _.. ooubtaTtma, „ "AS IS” Residential Contract For Sale And Purchase /, i t ricwiff; __ 1 LP ..-.,.. 1 . v C. i 1,'JI .3 THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA DAR Am; ,vr Re, Ls: .:. • • , r:Ifri';L . , 1. PARTIES: 110 S.. 1 i lb_ 11 . ('Seller), 2 * and p Wig — NAP ' a s agree that Setier shall sell and Buyer shall buy the following described Real Property and Personal 4 Property (collectively 'Property") pursuant to the terms and conditions of this AS IS Residential Contract For Sale s And Purchase and any riders and addenda ("Contract"): gesqrrfvo &etch 6 1. PROPERTY DESCRIPTION: r (a) Street address, city, zip: li 0.. 1 ' 1.... # . i C.- ...... 0 te (b) Property is located in: ! Il County, Florida. Real Property Tax ID No g* (c) Legal description of the Real Pmperty: 10- 11 together with all existing improvements and fixtures, including built-in appliances, built-In furnishings and 12 attached wall-to-wall carpeting and goofing e'Real Property') unless spedfically excluded below. 13 (d) Personal Property: The following items owned by Seller and existing on the Property as of the date 14 of the initial offer are included in the purchase ("Personal Property'): (1) range(s)/oven(S), dishwasher(s), 15 disposal, ceiling fan(s), Intercom, light fixtures, rods, draperies and other window treatments, garage door 16 openers, and security gate and other access devices; and (ii) those adclitienal items checked below. If 17' addttldrial details are necessary, specify below. if left blank, the laser below le not included: i' Refrigerelor(s) 0 SITI$31(0 detector(s) 0 Pool banierifence p Stomp shed lcrowave oven 0 Security system 8 Pool equipment TV antennalsatetitte dish Or: Washer 0 Mildew/well arc Poet heater Water softeneripurifier 1174 3 er 0 Generator 8 Spa Of hot tub with heater 0 Storm shutters and 1111 Sband-alona ice maker Above ground. pool panels 18 The only other items of Personal Property included In this purchase, and any additional details regarding er Personal Property, if necessary, are: 20' 21 Personal Property is included in the Purchase Price, bas no contributory value, and shall be left for the Buyer. 22 (e) The following items are excluded from the purchase: 23* 24* 2. PURCHASE PRICE (U.S. cumetcy): $ 1 ( 1 / 000 A 1 _ ,, 25* (a) tribal deposit to be held in escrow In the arnount of (chador subject to COLLECTION) 8 IA 1 Ut..) U 26 The initial deposit made payable and delivered to 'Escrow Agent named below 2r (CHECK ONE): 0 =companies offer sr 0 is to be made upon acceptance (Effeotive 2ir Date) or is to be made within (if .lank_ 3) chms after E"ffecfive Date 20' Escrow nt Intimation: Name: .0 x .. /.. as , vvPreS sr Address: Phone: 31* e4raii: Fax 32. (b) Addificcial deposit tin be delivered to Escrow Agent wftrrin , (If blank then 3) 39' days after Effective Date__ „.. .."- . . . . ...... ..... ........ .... . .... . .. ___. ......... .... $ ll 34 (A deposits paid or agreed to be paid, are collectively 'vie med to as the "Deposit as- (c) Financing: Exposes as a dollar amount or percentage ("Loan Amount") See Paragraph 8... $ 38. (d) Other $ 37 (e) Balance to close (not including Buyer's closing costa, prepaids and proreitions) by wire 36* transfer or other COLLECTED fund& $ 1 1 1 39 NOTE: for tha definition of "COLLECTION" or "COLLECTED" sea STANDARD S. 40 3. THIEFOR, Amen-Nice OF OFFER AND COUNTER-OFFERS; EFFECTIVE DATE: 41* (60 if not signed by Buyer and Seller, and an executed copy delivered to all parties on or before 3 g0 lc 42. • this offer shall be deemed withdrawn and the Deposit, W any, will be retu ed to 8uyer. 43 taitis4111erw time for acceptance of any counter-offers shall be within 2 days after the day the 44 counter-offer is delivered. 46 (0 Thit date of this Contract will be the date when the last one of the Buyer and Seller has signed or 4s initialed this offer or final counter-offer ("Effective Date). 47 4. CLOSING DATE: Unless modified by other provisions of this Contract. the closing of this transaction shall occur 48 and the closing clocu, ma .. --/ 7;' nts requi7d be furnished by each party pursuant to this Contract shall be delivered 40' ("Closing") on or neo p Lc("Closing Date), at the time established by the Closing Agent Buyer's Initials Page 1 of 10 Seller's Millets AIN_ 14 FlorldaRealtorsFlor Rev. 5/10 0 2010 Florida Reafforaa) and The Florida Bar. Ali eahla reserved, giNiabr b88308441+13.4472,504 50 5. EXTENSION OF CLOSING DATE: 61 (a) if Closing funds from Buyers lender(s) are not available at time of Closing due to Truth In Lending Act (TILA) 52 notice requirements,. Closing shall be extended for such period necessary to satisfy MA notice requirements, 53 not to exceed 7 days. 64 (b) If extreme weather or other condition or event constituting "Force Majeure' (see STANDARD 0) causes: ss (i) disruption of utilities or other services essential for Closing, or (ii) Hazard, Wind, Flood or Homeowners' e6 insurance, to become unavailable prior to Closing, Closing, will be extended a reasonable time up to 3 days 57 after restoration of utilities and other services essential to Closing, and availability of applicable Hazard, Wind, se Flood or Homeowners' insurance. if restoration of such utilities or services and availability of insurance has not ea' occurred within (if left blank, 14) days after Closing Date, then either party may terminate this 60 Contract by delivering written notice to the other party, and Buyer shaft be. refunded. the. Deposit, thereby 61 releasing Buyer and Seller from all further obligations under this Contract. e2 6. OCCUPANCY AND POSSESSION: Unless otherwise .stated herein, Seiler shall at Closing, have removed all 63 personal items and trash from the Property and shall deliver occupancy and possession, along with all keys, e4 garage door openers, access devices and- codes, as applicable, to Buyer. If Property is intended to be- rented or as occupied beyond Closing, the fact and terms thereof and the tenant(s) or occupants shall be disclosed pursuant ea to STANDARD D. If acbupancy is to be delivered before Closing, Buyer assumes all risks of loss to Property from 67 date of Occupancy, shelf be responsible and liable for maintenance from that date, and shall be deerned to have es accepted Property in its existing condition as of time of taking occupancy. ea" 7. ASSIGNABILITY: (CHECK ONE) Buyer 0 may assign and thereby be released from an further liability 70" under Contract; ❑ may assign but not be released from liability under this Contract; or may not assign 71 this Contract. 72 FINANCING 73 8. Fl CENG: 74• (a) Buyer will pay cash or may obtain a loan for the purchase of the Property. There is no financing m contingency to Buyer's obligation to close. 76' ❑. (b) This Contract is contingent upon Buyer obtaining a written loan commitment' for a 0 conventional 0 FHA n• ❑ VA loan on the following terms within if blank, then 30) days after Effective Date ( "Loan 78' Commitment Date ") for. (CHECK ONE): ❑ fixed, adjustable, ❑ fixed or adjustable rate loan in 79" the principal amount of $ or % of the Purchase Price, at an initial interest rate . 80' not to exceed % (if blank, then prevailing rate based upon Buyer's creditworthiness), and for a 81` term of years ( "Financing"). s2• Buyer will make mortgage loan application for the Financing within (if blank, than 5) days after 83 Effective Date and use good faith and diligent effort to obtain a written loan commitment for the Financing e4 ("Loan Corrmmitrnent') and close this Contract. Buyer shall keep Seller and Broker fully informed about es the status of mortgage loan- application and Loan Commitment and. authorizes. Buyer's mortgage broker as and Buyer's fender to disclose such status and progress to Seiler and Broker. e7 If Buyer does not receive Loan Commitment, then' Buyer may terminate this Contract by delivering written ae notice to Seiler, and the Deposit shall be refunded to Buyer, thereby releasing. Buyer and Seller from all se further obligations under this Contract. no If Buyer does not deliver written notice to Seiler of receipt of Loan Commitment or Buyer's Written waiver of 01 this financing ,contingency, then after Loan Commitment Date Seller may terminate this Contract by 92 delivering written notice to Buyer and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Qs Seilerrfrom ati further obligations under this Contract. 94 If Boyer delivers written notice of receipt of Loan Commitment to Seiler and this Contract does not as thereafter close, the Deposit shall be paid" to Steer unless failure to close is due to: (1) Seller's default es (2) •Property related conditions of the Loan Commitment have not been met (except when such oondtttons 97 ere waived by other provisions of this Contract); (3) appraisal of the Property obtained by Buyer's lender Is es insufficient to meet terms of the Loan Commitment; or (4) the loan is not funded due to financial failure of s0 Buyer's lender, In which event(s)the Deposit shall be returned m Buyer, thereby releasing Buyer and Seller 100 fibril air further obligations under this Contract. 101" Q (o) Assumption of existing mortgage (see rider for terms). 1 or ❑ (d) Purchase money note and mortgage to Seller (see riders; addenda; or special clauses for terms). Buyers Initials it Page 2 of 10 Setters Initials , plA _,_ ForidaReekoralFlerrdeBer-A61S-1 Rev. e/10 02010 Florida Realtors and The Florida Bar, M r10s reserved. Sedan oecost oo1364$72604 103 CLOSING COSTS, FEES AND CHARGES 104 9. CLOSING COSTS; 1 fLE INSURANCE; SURVEY; HOME WARRANTY; SPECIAL ASSESSMENTS: toe• (a) COSTS TO BE PAID BY SELLER: • Documentary stamp taxes and surtax on deed, if any • HOA!Condominium Association estoppel fees • Owner's Policy and Charges (if Paragraph 9(c)(i) is checked) • Recording and other fees needed to cure titre • Title search charges (if Paragraph 9(c)(iii) is checked) • Seller's attorneys' fees • Other. we If, prior to Closing, Seller is unable to meet the AS IS Maintenance Requirement as required by Paragraph 11 107 a sum equal to 125% of estimated cost to meet the AS IS Maintenance Requirement shall, be escrowed at 108 Closing. If actual costs to meet the AS 1S Maintenance Requirement exceed escrowed amount, Seller shall 100 pay such actual costs. Any unused portion of escrowed amount shall be rseturned to Seiler. 110• (b) COSTS TO BE PAID BY BUYER: • Taxes and recording fees on notes and mortgages • Loan expenses • Recording fees for deed and financing: statements • Appraisal fees • Owner's Poky and Charges (if Paragraph 9(0)(ii) is checked) • Buyer's inspections • Survey (and elevation certification, if required) • Buyer's attorneys' fees • Lender's title policy and endorsements • Ail property related insurance • HONCondominium Association application/transfer fees • Other. 111 (c) TITLE EVIDENCE AND INSURANCE: At least (if blank, then 5) days prior to Closing Date, a title 112 insurance commitment issued by a Florida licensed title insurer, with legible copies of instruments listed as 113 exceptions attached thereto ( "Title Commitment') and, after Closing, an owner's policy of title insurance (see 114 STANDARD A br tenets) shall be obtained and delivered to Buyer. If Seiler has an owners poticy of title els insurance covering the Real Property, a copy shall be furnished to Buyer and Closing Agent within 5 days after ifs Effective Date. The owner's title policy premium and charges for owner's policy endorsements, title search, 117 and closing services (collectively, "Owner's Policy and Charges') shall be paid, as set forth below 118 (CHECK ONE): 11g (i) Seller will designate Closing Agent and pay for Owner's Policy and Charges (but not Including charges 120 for closing services related to Buyer's tender's policy and endorsements and loan dosing, which amounts 121 shall be paid by Buyer to Closing Agent or such other provider(s) as Buyer may select); or 122* Q (it) Buyer will designate Closing Agent and pay for Owner's Policy and Charges and charges for dosing 123 services related to Buyer's lenders poky, endorsements, and Loan closing; or 124' 0 (in) tMV 1AM1- DADEIBROWARD REGIONAL PROVISIONJ: Seller will furnish a copy of a prior owner's policy 126 of title insurance or other evidence of title and pay fees for (A) a continuation or update of such tine evidence, 126 which is acceptable to Buyer's title insurance underwriter for reissue of coverage; (B) tax search; and 127 (C) municipal lien search. Buyer shall obtain and pay for post - Closing continuation and premium for Buyer's 128 owner's policy, and if applicable, Buyer's lender's policy. Seller shall not be obligated to pay more than tae $ (if blank, $200.00) for abstract continuation or title search ordered or performed by Closing Ise Agent. 131 (d) SURVEY: At least 5 days prior to Closing, Buyer may, at Buyer's expense, have the Real Property surveyed 132 and certified by a registered Florida surveyor ("Survey"). If Seller hag a survey covering the Real Property, a 133 copy shall be furnished to Buyer and Closing Agent within 5 s after Effective Date. 134• (e) HOME WARRANTY: At Closing, 0 Buyer 0 Seller el NIA will pay fora home warranty plan issued by tag at a •• not to exceed $ . A home rte warranty plan provides for repair or replacement of many of a home's mechanical systems and major built -in 137 appliances in the event of breakdown due to normal wear and tear during the agreement's warranty period. 138 (f) SPECIAL ASSESSMENTS: At Closing, Seller will pay: (I) the full amount of liens Imposed by a public .body 130 ( "public body" does not include a Condominium or Homeowner's Association) that are certified, confirmed and 140 ratified before Closing; and (ii) the amount of the public body's most recent estimate or assessment for an 141 improvement which is substantially complete as of Effective Date, but that has not resulted In a lien being 142 imposed on the Property before Closing, Buyer will pay all other assessments. If special assessments may 143 Id In Installments (CHECK ONE): 144 (a) Seller shall pay tnatalhnents due prior to Closing and Buyer shall pay Installments due after 146 Closing. 4sstaEments prepaid or clue for the year of Ctosi shall be prorated. 146 ❑ (b) Seller shall pay the assessment(s) in fun prior to or at the time of Closing. 147 iF NETHER BOX IS CHECKED, THEN OPTION (a) SHALL BE DEEMED SELECTED, 14e This Paragraph 9(1) shalt not apply to a special benefit tax Den imposed by a community development district +se (COD) pursuant to Chapter 100 F.S. which Han shall be treated as an ad valorem tax and prorated pursuant to 160 STANDARD K. Buyer's Initials Page 3 of 10 Sailer's Initials jy al _ FtoridaRea1tovs /FtoridaBar-ASl8 -1 Rev. 8/10 CS 2016 Florida Reallorse end The Honda Bar. AO rights reserved. Serial* . e809O6 .49013e.4872e64 151 DISCLOSURES 162 10. DISCLOSURES: 153 (a) RADON GAS: Radon is a naturally occurring radioactive gas that, when it is accumulated in a building in 164 sufficient quantities, may present hearth risks to persons who are exposed to it over time. Levels of radon that 165 exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding 16s radon and radon testing may be obtained from your county health department 167 (b) PERMITS DISCLOSURE: Except as may have been disclosed by Seller to Buyer M a written disclosure, 168 Seller does not know of any improvements made to the Property which were made without required 159 permits or made pursuant to permits which have not been properly closed. lea (c) MOLD: Mold is naturally occurring and may cause health risks or damage to property. it Buyer is concerned or 161 desires additional information regarding mold, Buyer should contact an appropriate professional. 162 (d) FLOOD ZONE; ELEVATION CERTIFICATION: Buyer is advised to verify by elevation certificate which flood 169 zone the Property is in, whether flood insurance is required by Buyers lender, and what restrictions apply to 1a4 improving the Property and rebuilding in the event of casualty. If Property is in a "Special Flood Hazard Area 166 or "Coastal High Hazard Area and finished floor elevation is below minimum flood elevation, Buyer may 166 terminate this Contract by delivering written notice to Seller within 20 days after Effective Date, failing which 107 Buyer accepts existing elevation of buildings and flood zone designation of Property. 166 (e) ENERGY BROCHURE: Buyer acknowledges receipt of Florida Energy - Efficiency Rating tnfomlaation Brochure 180 required by Section 553.996, F.S. 170 (f) LEAD - BASED PAINT: If Property includes pre -1976 residential housing, a lead -based paint rider is 171 mandatory. 172 (g) HOMEOWNERS' ASSOCIATION /COMMUNITY DISCLOSURE: BUYER SHOULD NOT EXECUTE THIS 173 CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' 174 ASSOCIATION/COMMUNITY DISCLOSURE, IF APPLICABLE. 175 (h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLERS CURRENT 176 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED 177 TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY i78 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER 179 PROPERTY TAXES, IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE 180 COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION. 181 (1) TAX WITHHOLDING: if Seller Is a "foreign person" as defined by the Foreign Investment in Real Property Tax 182 Act CFIRPTA"), Buyer and Seller will comply with FIRPTA, which may require Seller to provide additional cash 189 at Closing. ,aa (jj SELLER DISCLOSURE: Seiler knows of no facts materially affecting the value of the Real Property which are 185 not rieaddy observable and which have not been disclosed to Buyer. Except as stated in the preceding sentence 186 or otherwise disclosed in writing: (1) Seller has received no written or verbal notice from any governmental 187 entity or agency as to a cur uncorrected building, environmental or safety code violation; and (2) Seller 188 extends and intends no warranty and makes no representation of any type, either express or implied, as to the 169 physical condition or history of the Property. 100 PROPERTY MAINTENANCE, CONDITION, INSPECTIONS AND EXAMINATIONS 191 11. PROPERTY MAINTENANCE: Except for ordinary wear and tear and Casualty Loss, Seiler shall maintain the dal Property, including, but not limited to, lawn, shrubbery, and pool, in the condition existing as of Effective Date 199 ( "AS IS Maintenance Requirement'). 104 12. PROPERTY INSPECTION; RIGHT TO CANCEL: 196" (a) PROPERTY INSPECTIONS AND RIGHT TO CANCEL: Buyer shall have I (if blank, 15) days from 106 Effective Date ( "Inspection Period"`) within which to have such inspect) s of the Property performed 197 as Buyer shall desire during the Inspection Period. if Buyer determines, In Buyer's sole discretion, that 198 the Property Is not acceptable to Buyer, Buyer may terminate this Contract by delivering written notice 109 of such election to Seller prior to exrpiration of Inspection Period H Buyer timely terminates this 200 Contract, the Deposit paid shall be immediately returned to Buyer, thereupon, Buyer and Seller shall sot be released of all further obligations under this Contract; however, Buyer shall be responsible for 202 prompt payment for such Inspections, for repeir of damage to, and restoration of, the Property 203 resulting from such inspections, and shall provide Seller with paid receipts for all work done on the 204 Property (the preceding provision shall survive termination of this Contract). Unless Buyer exercises 205 the right to terminate granted herein, Buyer accepts the physical condition of the Property and any 205 violation of governmental, building, environmental, and safety codes, restrictions, or requirements, but 207 subject to. Seder's continuing AS IS Maintenance Requirement and Buyer shall be responsible for any 208 and all repairs and improvements required by Buyer's lender. �I �1 �. Buyer V s Initials Page 4 of 10 Seder's Initals _ 0 ) FlordaReaftore /FlorldaBarti4515-1 Rev. 8170 ® 2020 Florida Reatto and The Florida Bar. AN rigida reserved. 8 r alR: 0582Q5.400135r872e04 209 (b) WALK - THROUGH INSPECT10NJRE INSPECTION: On the day prior to Closing Date, or on Closing Date prior 210 to time of Closing, as specified by Buyer. Buyer or Buyer's representative may perform a walk - through (and 211 follow -up walk- through, if necessary) Inspection of the Property solely to confirm that all items of Personal 212 Property are on the Property and to verify that Seiler has maintained the Property as required by the AS IS 213 Maintenance Requirement and has met all other contractual obligations. 714 (c) SELLER ASSISTANCE AND COOPERATION iN CLOSE - OUT OF BUILDING PERMITS: If Buyer's 216 inspection of the Property identifies open or needed budding permits, then Seller shall promptly deliver to 210 Buyer all plans, written documentation or other information in Seller's possession, knowledge, or control 217 relating to improvements to the Property which are the subject of such open or needed Permits, and shall 218 promptly cooperate in good faith with Buyer's efforts to obtain estimates of repairs or other work necessary to 219 resolve such Permit issues. Seller's obligation to cooperate shall include Seller's execution of necessary 220 authorizations, consents, or other documents necessary for Buyer to conduct inspections and have estimates 221 of such repairs or work prepared, but in futelling such obligation, Seller shall not be required to expend, or 222 become obligated to expend, any money, 223 (d) ASSIGNMENT OF REPAIR AND TREATMENT CONTRACTS AND WARRANTIES: At Buyer's option and 224 cost, Seller will, at Closing, assign all assignable repair, treatment and maintenance contracts and warranties 225 to Buyer. 226 ESCROW AGENT AND BROKER 227 13. ESCROW AGENT: Any Closing Agent or Escrow Agent (collectively "Ageni') receiving the Deposit, other funds 228 and other Items is authorized, and agrees by acceptance of there, to deposit them promptly, hold same in escrow 229 within the State of Florida and, subject to COLLECTION, disburse them in accordance with terms and conditions 230 of this Contract Failure of funds to become COLLECTED shall not excuse Buyer's performance. When conflicting 231 demands for the Deposit are received, or Agent has a good faith doubt as to entitlement to the Deposit, Agent 232 may take such actions permitted by this Paragraph 13, as Agent deems advisable. If in doubt as to Agent's duties 233 or liabilities under this Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow 234 until the parties agree to its disbursement or until a final judgment of a court of competent jurisdiction shall 235 determine the rights of the parties, or Agent may deposit same with the clerk of the circuit court having jurisdiction 238 of the dispute. An attorney who represents a party and also acts as Agent may represent such party in such zar action. Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, 238 except to the extent of accounting for any items previously delivered out of escrow. if a licensed real estate 239 broker, Agent will comply with provisions of Chapter 475, F.S., as amended and FREC rules to timely resolve 240 escrow disputes through mediation, arbitration, interpleader or an escrow disbursement order. 241 Any proceeding between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, 242 or in any proceeding where Agent interpleads the subject matter of the escrow, Agent shall recover reasonable 243 attorney's fees and costs incurred, to be paid pursuant to court order out of the escrowed funds or equivalent 244 Agent shall not be liable to any party or person for mis- delivery of any escrowed items, unless such mis- delivery is 246 due to Agent's wilful breach of this Contract or Agent's gross negligence. This Paragraph 13 shah survive Closing 24s or termination of this Contract 247 14. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seiler to verify Property condition, 248 square footage, and alt other facts and representations made pursuant to this Contract and to consult appropriate 249 professionals for legal, tax, environmental, and other specialized advice concerning matters affecting the Property 260 and the transaction: contemplated by this Contract. Broker represents to Buyer that Broker does not reside on the 281 Property and that all representations (oral, written or otherwise) by Broker are based on Seller representations or 252 public records. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND 283 GOVERNMENTAL AGENCIES FOR VERIFICATION OF PROPERTY CONDITION, SQUARE FOOTAGE AND 254 FACTS 'THAT MATERIALLY AFFECT PROPERTY VALUE AND NOT ON THE REPRESENTATIONS (ORAL, 255 WRITTEN OR OTHERWISE) OF BROKER. Buyer and Seller (individually, the `Indemnifying Party') each 250 individually indemnifies, holds harmless, and releases Broker and Broker's officers, directors, agents and 257 employees from ail liability for loss or damage, including all costs and expenses, and reasonable attorney's fees 268 at all levels, suffered or incurred by Broker and Broiler's officers, directors, agents and employees in connection 259 with or arising from claims, demands or causes of action instituted by Buyer or Seller based on: (I) inaccuracy of 280 information provided by the Indemnifying Party or from public records; (ii) indemnifying Party's misstatements) or 261 failure to perform contractual obligations; (iii) Broker's performance, at Indemnifying Party's request, of any task 282 beyond the scope of services regulated by Chapter 475, F_S., as amended, including Broker's referral, 283 recommendation or retention of any vendor for, or on behalf of, Indemnifying Party; (iv) products or services 284 provided by any such vendor for, or on behalf of, Indemnifying Party; and (v) expenses incurred by any such 208 vendor. Buyer and Seller each assumes full responsibility for selecting and compensating their respective vendors ass and paying their other costs under this Contract whether or not this transaction closes. This Paragraph 14 win not 287 relieve Broker of statutory obligations under Chapter 475, F.S., as amended. For purposes of this Paragraph 14, Buyers initials __ Page 5 of 10 Seller's Initials _ --- F or daRealtors/Fbridater -i4 tt5-1 Rev, 6110 ® 2010 Florida Realtors and The Florida Bar. All rights reserved. 6cr,,,W 0 88305 44 0138- 4672E04 268 Broker will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination of this 20 Contract. 270 DEFAULT AND DISPUTE RESOLUTION 271 15. DEFAULT: 272 (a) BUYER DEFAULT: If Buyer fails, neglects or refuses to perform Buyer's obligations under this Contract, 273 including payment of the Deposit, within the time(s) specified, Seger may elect to recover and retain the 274 Deposit for the account of Seiler as agreed upon liquidated damages, consideration for execution of this 275 Contract, and in full settlement of any claims, whereupon Buyer and Seller shall be relieved from all further 276 obligations under this Contract or Seller, at Seller's option, may, pursuant to Paragraph 16, proceed in equity rn to enforce Seller's rights under this Contract. The portion of the Deposit, if any, paid to Listing Broker upon 276 default by Buyer, shall be split equally between Listing Broker and Cooperating Broker, provided however, 27a Cooperating Broker's share shall not be greater than the commission amount Listing Broker had agreed to pay 280 to Cooperating Broker. 281 (b) SELLER DEFAULT: If for any reason other than failure of Seller to make Seller's title marketable after 282 reasonable diligent effort, Seller fails, neglects or refuses to perform Seder's obligations under this Contract, 289 Buyer may elect to receive return of Buyer's Deposit without thereby waiving any action for damages resulting 264 from Seller's breach, and, pursuant to Paragraph 16, may seek to recover such damages or seek specific 235 performance. This Paragraph 15 shall survive Closing or termination of this Contract. 203 18. DISPUTE RESOLUTION: Unresolved controversies, claims and other matters in question between Buyer and 287 Seller arising out of, or relating to, this Contract or its breach, enforcement or Interpretation ("Dispute') wit be tae settled as follows: 289 (a) Buyer and Seiler will have 10 days after the date conflicting demands for the Deposit are made to attempt to 220 resolve such Dispute, failing which, Buyer and Seller shall submit such Dispute to mediation under 291 Paragraph 16(b). 292 (b) Buyer and Seller shall attempt to settle Disputes in an amicable manner through mediation pursuant to Florida 293 Rules for Certified and Court-Appointed Mediators and Chapter 44,, RS., as amended (the 'Mediation Rules'). 294 The mediator must be certified or must have experience in the real estate ind-usby. Injunctive relief may be em sought without first complying with this Paragraph 16(b). Disputes not settled pursuant to this Paragraph 16 296 may be resolved by instituting action in the appropriate court having jurisdiction of the matter. This Paragraph 18 297 shall survive Closing or termination of this Contract. 298 17. ATTORNEY'S FEES; COSTS: The parties will split equally any mediation fee incurred in any mediation permitted 209 by this Contract, and each party will pay their own costs, expenses and fees, including attorney's fees, incurred in 300 conducting the mediation. In any litigation permitted by this Contract, the prevailing party shall be entitled to 301 recover from the non-prevailing party costs and fees, including reasonable attomey's fees, incurred in conducting 302 the litigation. This Paragraph 17 shall survive Closing or termination of this Contract 303 STANDARDS FOR REAL ESTATE TRANSACTIONS (STANDARDS) 304 18. STANDARDS: 3O k TITLE: 306 (1) TITLE EVIDENCE; RESTRICTIONS; EASEMENTS; LIMITATIONS: Within the time period provided in 307 Paragraph 9(c), the Title Commitment, with legible copies of instruments listed as exceptions attached thereto, shall so be issued and delivered to Buyer. The Tide Commitment shall set forth those matters to be discharged by Seller at or 3os before Closing and shall provide that, upon recording of the deed to Buyer, an owners policy of tide insurance in the 310 amount of the Purchase Price, shalt be issued to Buyer insuring Buyer's marketable title to the Real Property, 311 subject only to the following matters: (a) comprehensive land use plans, zoning, and other land use restrictions, 312 prohibitions and requirements Imposed by governmental authority; (b) restrictions and matters appearing on the Plat 913 or otherwise common to the subdivision; (o) outstanding oil, gas and mineral rights of record without right of entry; 314 (d) unplatted public utility easements of record (located contiguous to real property lines and not more than 10 feet in 3t$ width as to rear or front lines and 7 1/2 feet in width as to side lines); (e) taxes for year of Closing and subsequent 316 years; and (f) assumed mortgages and purchase money mortgat ee if any (if additional items, attach addendum); 317 provided, that none prevent use of the Properly for RESIDENTIAL PURPOSES. If there exists at Closing any 318 violation of items identified in (b) - (f) above, then the same shall be deemed a title defect. Marketable tile shall be 319 determined according to applicable Title Standards adopted by authority of The Florida Bar and in accordance with no (aw. 321 (ii) TITLE EXAMINATION: Buyer shall have 5 days after receipt of Title Commitment to examine it and notify 322 Seller in writing specifying defect(s), if any, that render title unmarketable. If Seller provides Title Commitment and it 323 is delivered to Buyer less than 5 days prior to Closing Date,. Buyer may extend Closing for up to 5 days after 3 date of receipt to examine same in accordance with this STANDARD A. Seller shall have 30 days ("Cure Period') 328 after receipt of Buyer's notice to take reasonable diligent efforts to remove defects. If Buyer fails to so notify Seller, 326 Buyer shall be deemed to have accepted title as it then is. If Seller cures defects within Cure Period, Seller will Senses Initials ___VIetki IOU& Buyer's Initials Page 6 of 10 FlosideReaitars/Florid Rev. 6/10 0 2010 Florida Realtors0 and The Florida Bar. Ail rights reserved. Sale& earmee4o013e-4e12604 127 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED) 328 deliver written notice to Buyer (with proof of cure acceptable to Buyer and Buyer's attorney) and the parties will vs dose this Contract on Closing Date (or if Closing Date has passed, within 10 days after Buyer's receipt of Selfer s Sao notice). If Seller is unable to cure defects within Cure Period, then Buyer may, within 5 days after expiration of 331 Cure Period, deliver written notice to Seiler: (a) extending Cure Period for a specified period not to exceed 120 days 3 within which Seller shall continue to use reasonable diligent effort to remove or cure the defects ( "Extended Cure 333 Period "); or (b) electing to accept title with existing defects and dose this Contract an Closing Date (or if Closing Date 334 has passed, within the earlier of 10 days after end of Extended Cure Period or Buyer's receipt of Seller's notice), or 336 (c) electing to terminate this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from 338 all further obligations under this Contract. If after reasonable diligent effort, Setter is unable to timely cure defects, 337 and Buyer does not waive the defects, this Contract shall terminate, and Buyer shall receive a refund of the Deposit, 335 thereby releasing Buyer and Seller from all further obligations under this Contract. 339 B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon 34o encroach on setback lines, easements, or lands of others; or violate any restrictions, covenants, or applicable 341 governmental regulations described in STANDARD A (i)(a), (b) or (d) above, Buyer shall deliver written notice of such 342 matters, together with a copy of Survey, to Seller within 5 days after Buyer's receipt of Survey, but no later than 343 Closing. If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice and Survey 344 shall constitute a title defect, subject to cure obligations of STANDARD A above. If Seller has delivered a prior 346 survey, Seller shall, at Buyers request, execute an affidavit of no change' to the Real Property since the 346 preparation of such prior survey, to the extent the affirmations therein are true and con ect 347 C. INGRESS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to 345 the Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of access. me D. LEASES: Seller shall, within 5 day::, after Inspection Period, furnish to Buyer copies of ail written leases and sso estoppel letters from each tenant specifying nature and duration of tenant's occupancy, rental rates, advanced rent 361 and security deposits paid by tenant, and income and expense statements for preceding 12 months (`Lease 362 Information"). If Seller is unable to obtain estoppel letters from tenant(s), the same information shall be furnished by 363 Seller to Buyer within that time period in the form of a Setter's affidavit, and Buyer may thereafter contact tenant(s) 354 to confirm such information. It terms of the lease(s) differ materially from Seller's representations, Buyer may deliver see written notice to Seger within 5 days after receipt of Lease Information, but no later than 5 days prior to Closing 381 Date, terminating this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all 367 further obligations under this Contract. Seller shall, at Closing, deliver and assign all original leases to Buyer who 35s shall assume Seller's obligation thereunder. 358 E. LIENS: Seller shall furnish to Buyer at Closing an affidavit attesting; (1) to the absence of any financing 3so statement, claims of lien or potential lienors known to Seller, and (11) that there have been no improvements or repairs 381 to the Real Property for 90 days immediately preceding Closing Date. If the Real Property has been improved or 362 repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all general 363 contractors, subcontractors, suppliers and materialmen in addition to Setters lien affidavit setting forth names of all 364 such general contractors, subcontractors, suppliers and materiatmen, further affirming that all charges for 38s improvements or repairs which could serve as a basis for a construction fien or a claim for damages have been paid set or will be paid at Closing. 367 F. TIME: Calendar days shaft be used in computing time periods. Any time periods provided for in this Contract 308 which shail end on a Saturday, Sunday, or a national Legal holiday (see 5 U.S.C. 6103) shalt extend to 5:00 p.m. 3e9 (where the Property Is located) of the next business day. Time is ottttie essence In this Contract 37o G. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be 371 liable to each other for damages so long as performance or non - performance of the obligation is delayed, caused or 372 prevented by Force Majeure. `Fong Majeure' means: hurricanes, earthquakes, floods, fire, acts of God, unusual 373 transportation delays, wars, insurrections, acts of terrorism, and any other cause riot reasonably within control of 374 Buyer or Seller, and which, by exercise of reasonable diligent effort, the non - performing party is unable in whole or In 375 part to prevent or overcome. All time periods, including Closing Date, will be extended for the period that the Force 376 Majeure prevents performance under this Contract, provided, however, if such Force Majeure continues to prevent 377 performance under this Contract more than 14 days beyond Closing Date, then either party may terminate this 378 Contract by delivering written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer ere and Seller from all further obligations under this Contract. aso H. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's, 381 personal representative's, or guardian's deed, as appropriate to the status of Seiler, subject only to matters described 382 In STANDARD A and those accepted by Buyer. Personal Property shalt, at request of Buyer, be transferred by 383. absolete bill of sale with warranty of title, subject only to such matters as may be provided for in this Contract, 364 I. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE: ses (i) LOCATION: Closing will take place in the county where the Real Property is located at the office of the See attorney or other ct ing agent ( "Closing Agent') designated by the party paying for the owner's policy of title Buyer's Initials Page 7 of 10 Seller's Initials 411 Florid3Realtors /Florldaear,ASJS -1 Rev. 640 0 2010 Florida Rearlone and The Florkle Bar, All rights reserved. Sanwa 610368- 4a0136.4$7M04 387 STANDARDS FOR REAL ESTATE TRANSACTIONS ;CONTINUED) no insurance, or, if no title insurance, designated by Seller. Closing may be conducted by mail or electronic means. 389 (ii) CLOSING DOCUMENTS: At Closing, Seller shall furnish and pay for, as applicable, deed, bill of sale, 990 certificate of title, construction hen affxiavit, owner's possession affidavit, assignments of leases, and corrective :lei instruments. Seller shall provide Buyer with paid receipts for all work done on the Property pursuant to this Contract. 392 Buyer shall furnish and pay for, as applicable, mortgage, mortgage note, security agreement, financing statements, 393 Survey, base elevation certification, and other documents required by Buyer's (ender. 994 (Ui) PROCEDURE: The deed shall be recorded upon COLLECTION of all closing funds. If the Tale sos Commitment provides insurance against adverse matters pursuant to Section 627.7841, F.S., as amended, the 396 escrow closing procedure required by STANDARD J shall be waived, and Closing Agent shall, subject to 397 COLLECTION of all closing funds, disburse at Closing the brokerage fees to Broker and the net sale proceeds to 398 Seller. 39e J. ESCROW CLOSING PROCEDURE: if Tide Commitment issued pursuant to Paragraph 9(c) does not provide 400 for insurance against adverse matters as permitted under Section 627.7841, F.S. es amended, the following escrow 401 and closing procedures shall apply: (1) all Closing proceeds shall be held in escrow by the Closing Agent fora period 492 of not more than 10 days after Closing; (2) if Seller's title is rendered unmarketable, through no fault of Buyer, Buyer 403 shall, within the 10 day period, notify Seiler in writing of the defect and Setter shall have 30 days from date of receipt 404 of such notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and all Closing funds 436 paid by Buyer shall, within 5 days after written demand by Buyer, be refunded to Buyer and, simultaneously with ere such repayment, Buyer shall return the Personal Property, vacate the Real Property and re-convey the Property to ass Seller by special warranty deed and bill of sale; and (4) if Buyer fails to make timely demand for refund of the aos Deposit, Buyer shall take tide as Is, waiving all rights against Seller as to any intervening defect except as may be 499 available to Buyer by virtue of warranties contained in the deed or bill of sale. aio K. PRORATIONS; CREDITS: The following recurring items will be made current (if applicable) and prorated as of 411 the day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate taxes 412 (including special benefit tax assessments imposed by a CDD), interest, bonds, association fees, insurancre, rents are and other expenses of Property. Buyer shall have option of taking over existing policies of insurance, if assumable, in 414 which event _premiums shalt be .prorated. Cash at Closing shad be Increased or decreased as may be required by 416 prorations to be made through day prior to Closing. Advance rent and security deposits, if any, will be credited to 416 Buyer. Escrow deposits held by Seller's mortgagee will be paid to Seller. Taxes shall be prorated based on current 417 year's tax with due allowance made for maximum allowable discount, homestead and other exemptions. if Closing 418 occurs on a date when current year's millage is not fixed but current year's assessment Is available, taxes will be 419 prorated based upon such assessment and prior year's millage. If current year's assessment is not available, then 420 taxes will be prorated on prior year's tax. If there are completed improvements on the Real Property by January 1st of 421 year of Closing, which improvements were not in existence on January let of prior year, then taxes shall be prorated 422 based upon prior year's millage and at an equitable assessment to be agreed upon between the parties, failing which, 423 request shall be made to the County Property Appraiser for an informal assessment taking into account available 424 exemptions. A tax proration based on an estimate shall, at either party's request, be readjusted upon receipt of 426 current year's tax bill. This STANDARD K shall survive Closing. 428 L. ACCESS, TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seller shall, 427 upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, including a 42 walk-through (or foilow-up walk-through If necessary) prior to Closing. 429 M. RISK OF LOSS: If, after Effective Date, but before Closing, Property is damaged by fire or other casualty 430 ("Casualty Loss') and cost of restoration (which shall include cost of pruning or removing damaged trees) does not 431 exceed 1.5% of Purchase Price, cost of restoration shall be an obligation of Seiler and Closing shall proceed 432 pursuant to terms of this Contract. If restoration is not completed as of Closing, a sum equal to 125% of estimated 439 cost to complete restoration (not to exceed t.5% of Purchase Price), will be escrowed at Closing. If actual cost of 434 restoration exceeds escrowed amount, Seller shall pay such actual costs (but, not In excess of 1.5% of Purchase 439 Price). Any unused portion of escrowed amount shall be returned to Seller. if cost of restoration exceeds 1.5% of 496 Purchase Price, Buyer shall elect to either take Property "as Is together with the 1.5%, or receive a refund of the 437 Depose thereby releasing Buyer and Seller from all further obligations under this Contract. Seller's sole obligation 438 with respect to tree damage by casualty or other natural occurrence shall be cost of pruning or removal. 439 N. 1031 EXCHANGE: If either Seller or Buyer wish to enter into' a Oka-kind exchange (either simultaneous with 449 Closing or deferred) under Section 1031 of the Internal Revenue Code ("Exchange"), the other party shall cooperate 441 in all reasonable respects to effectuate the Exchange, including execution of documents provided, however, 442 cooperating party shall incur no liability or expense related to the Exchange, and Closing shall not be contingent 443 upon, nor extended or delayed by, such Exchange. 444 0. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES: Neither this Contract nor any 445 notice of it shall be recorded in any public records. This Contract shall be binding on, and inure to the benefit of, the 446 parties and their respective heirs or successors in interest. Whenever the context permits, singular shall include plural Buyer's initials Page 8 of 10 Seller's initials ___________ FloridaRealtors/FloridaBar-ASiS-1 Rev. 6/100 2090 Florida Realtors& and 'The Florida Bar. All rights reserved. Sar1sit 983336400t31-4873104 447 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED:) 448 'and one gender shall include all. Notice and delivery given by or to the attorney or broker (including such broker's real 449 estate licensee) representing any party shall be as effective as If given by or to that party. All notices must be in 4so writing and may be made by mail, personal delivery or electronic (including "pdr) media. A legible facsimile or 451 electronic (including "pdf) copy of this Contract and any signatures hereon shall be considered for all purposes as an 452 original. 453 P. INTEGRATION; MODIFICATION: This Contract contains the full and complete understanding and agreement of 484 Buyer and Seiler with respect to the transaction contemplated by this Contract and no prior agreements or 455 representations shall be binding upon Buyer or Suer unless included in this Contract. No modification to or change 46e in this Contract shall be valid or binding upon Buyer or Seller unless in writing and executed by the parties intended 467 to be bound by it 458 Q. WAIVER: Failure of Buyer or Seller to insist on compliance with, or strict performance of, any provision of this 480 Contract, or to take advantage of any right under this Contract, shall not constitute a waiver of other provisions or 480 rights. 461 R. RIDERS; ADDENDA; TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders„ addenda, and typewritten 482 or handwritten provisions shall control alit printed provisions of this Contract In conflict with them. 463 S. COLLECTION or COLLECTED: - COLLECTION' or- COLLECTED" means any checks tendered or received, 464 including. Deposits, have become actually and finally collected and deposited in the account of Escrow Agent 4es or Closing Agent. posing and disbursement of funds and dei'tveryr of Closing documents. may be delayed by 4ee Closing Agent until such amounts have been COLLECTED in posing Agent's accounts. 4e7 T. LOAN COMMITMENT: "Loan Commitment' means a statement by the lender setting forth the terms and 463 conditions upon which the tender is witting to make a particular mortgage loan to a particular borrower. aso U.. APPt.ICABLE LAW AND VENUE: This Contract shalt be construed in accordance with the laws of the State of 470 Florida and venue for resolution of all disputes, whether by mediation, arbitration or litigation, shall he in the county in 471 which the Real Property Is located. 472 X. BUYER WAIVER OF CLAIMS: Buyer waives any claims against Seller and, to the extent permitted by 473 law, against any read estate licensee Involved In the negotladon of this Contact for any defects or other 474 damage that may exist at Closing of this Caniract and be subsequently discovered by the Buyer or anyone 476 claiming by, through, under or against the Buyer. 476 ADDENDA AND ADDITIONAL. TERMS 477 19. ADDENDA: The following additional terms are Included in the attached addenda and incorporated into this 47r" Contract (Check if applicable): ❑ A Condominium Assn. 0 L. RESERVED ❑ R. Rezoning ❑ Y. Seller's Attorney Q B. Homeowners' Assn. 0 S. Lease Purchase( Approval Q C. Seller Financing ❑ M. Defective Drywall Lease Option 0 Z. Buyer's Attorney 0 D. Mortgage Assumption ❑ N. Coastal Construction 0 T. Pre - Closing App ❑ E. FHAIVA Financing Control Line Occupancy 0 AA. Licensee - Personal Appraisal Contingency ❑ 0. Insulation Disclosure 0 U. Post- Closing Intelsat in Property G. Short Sale ❑ P. Pre -1978 Housing Occupancy 0. BB. Binding Arbltratfon . Homeowners' Insurance Statement (Lead 0 V. Sale of Buyer's ❑ Other O L FIRPTA Based Paint) Property 0 J. interest-Bearing Acct. 0 Q. Housing for Older ❑ W. Back -up Contract 0 K. RESERVED Persons ❑ X. Kick -out Clause 470 2e. ADDITIONAL TERMS: 496• 481` 482` 463• 434" 497 .1 486" 437" 4Wr7►.1rLVOIRIP.ILVrOMrM �. 486" 489` 490" 491' 497" 499" Buyer's initials Page 9 of 10 Sellers Initiats 11114/‘ lat FtoridaRaafNxs /Floridsesr- ASIS -1 Rev. W1O02D }O Monde Realtors.aid The Florida Bar Ab sew 0808084001414872834 494 COUNTER•OFFER/REJECTION ags. ❑ Seller counters Buyer's offer (to accept the counter - offer, Buyer must sign or initial the counter - offered terms and 49e deliver a copy of the acceptance to Seller). 427• ❑ Seller rejects Buyer's offer. 498 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE 409 OF AN ATTORNEY PRIOR TO SIGNING. 590 THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR. sot Approval of this form by the Florida Realtors and The Florida Bar does not constitute an opinion that any of the terms 502 and conditions in this Contract should be accepted by the parties in a particular transaction. Terms and conditions sus should be negotiated based upon the respective interests, objectives and bargaining positions of all interested 504 persons. sos AN ASTERISK ( *) FOLLQWING A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK TO sos BE COMPLETED. sor Buyer. Date: 3'f 4 j see* Buyer. Date: sog• Seller:. .2f Date: ] /13 t (5- , 610* Seller: 44 f 4 1�.:� .. II . �. _�.. hate: - 5/ ( �}f! 7 _ 511 Buyer' • - . dr: s fo p • • - s flf nonce • Seller's address for purposes of notice 512* ' f *i � M s i c w� AI ..— �� 513` :I'I!�' _/ •,r ,1 ;�4�1f:� DP r 514' 516 BROKER: Listing and Cooperating Brokers, if any, named below (collectively, "Broker), are the only Brokers entitled 615 to compensation in connection with this Contract Instruction to Closing Agent; Setter and Buyer direct Closing Agent 517 to disburse at Closing the full amount of the brokerage fees as specified in separate brokerage sia agreements with the parties and cooperative agreements between the Brokers, except to the extent Broker has 519 retained such fees from the escrowed funds. This Contract shall not modify any MIS or other offer of compensation 520 made by Seiler or Listing Broker to Cooperating Brokers. 31 AI 52.2 Cooperating Sales Associate, if any Listing Sales As ociate 523• Oita r [e c eV , j # NALl ley VI L , , _ h 2 , r5 524 Cooperating: Broker, If any ♦ • / I Listing 19rokc r Page 10 of 10 FloridaRea ttors/Flotldaear- RSIS -1 Rev. 6/10 0 2010 Florida Realtors® and The Florida Ber. AU rights reserved. Si** rrR W 308.144131. 4872904 Short Sale Addendum to Purchase and Safe Contract • ' . The following provisions are made part of the Contract for Sale and Purchase or Residential Sale and Purchase Contr between �._ I .crl) tyt6 X. �s / ' �++�.�7"yN", (Seller) and i flt::L... T— i c (Buyer) concerning the Property located ate 1 j. 1. Approval of the Lender: This Contract is contingent upon: (a)' the Sellers t ender(s) and/or other Tien f?: (' (. fecthve)y the "Lender ') approval of the purchase price, terms of the Contract and the FiUD - 1 settlement statement (b) the Lender`s agreement to accept a payoff which is fess than the balance due on the loan or other indebtedness and (c) the Lenders release and satisfaction of the mortgage(s) and/or other lien(s) upon receipt of discounted payof. Setter agrees to cdsdose or provide any requested information or documentation to the Lender for the purpose of obtaining approval of this shottsale Contract tf Setter obtains an approval from Lender, Setter shaft deliver wrdten notice of the approvel to the Buyer no tater than 3 days after receipt of the ap. ff Seller does not deliver written notice to Buyer that Lenderhas approved the purchase price and contract terrns within 'UP days from Effective Date ("Approval Deadline ") (30 days if left blank), or if Lender rejects this Contract prior to the expiration of Approval Deadline, either party may thereafter cancel the Contract by delivering written notice to the other. However, such right to cancel shaft cease to exist If Seller delivered written notice that the Contract has been approved by the Lender. 2. Effective Date and Time for Acceptance: The Effective Date and the time for acceptance of al offers and counteroffers under the Contract shaft be computed as set forth in the Contract. 3. Time Periods: (check one) 1'4 Except for Approval Deadline, alt time periods for inspections, contingencies, depostt(s) and other obligations under the shall commence from the date Seller deilvers written notice to Buyer that the Contract has been approved by the Lender ❑. AO time periods under the Contract shall commence from the Effective Date under the Contract. d. Acknowledgment by Buyer: Buyer ecknowtedgat that the Lender is not party to the Contract and therefore is not obligated to approve the Contract. Buyer further acknowledges that Seller and Broker are not liable for delays caused by Lender, failure of the Lender to approve the Contract, failure of the Lender to complete the short sale after approving the Contract or any costs and expenses (such as payments for ban applications, inspections, and appraisals) associated with the decays or Lenders failure to approve the Contract or complete the Short Sate after approving the Contract. S. Seder Acknowledgment: Seller acknowledges that a short sale may result in Lander requiring the Seller to pay the difference of what was owed as a defidenency judgment, that the Lender's forgiveness of debt may be a taxable event to the Setter and that Seller's credit may be negatively impacted. Suer also awes that Lender may require Setter to bring funds to Closing or to execute a promissory note. Seller Is advised to consult with appropriate financial, legal and tax professionals. Seiler agrees to rely on such professionals and not Broker for tax and legal advice: Seiler agrees to release Broker and its associates from ell liability regarding the consequences of a short sate. 6, Multiple Offers: (check one) 1' During the term of this Contract, Setter may not swept any back - offers or enter into any back - contracts urdess otherwise in = - • , directed or required by Lender. ❑ During the term of this Contract, Seller may accept a back- up offer or enter into a back -up contract that is conditioned upon termination of Contract. This addendum amends the above - referenced Contract between Seller and Buyer. AN other non - conflicting provisions of that agreement remain in full force and effect. t i ` , ealC.r" DA .1.442 AA DATE Se.ttc+x .: SSA -3 Rev. 12/2010 0 2010 Florida REALTORS ®) At Rights Reserved form simplicity WELLS FARGO Date: March 11 2015 To: Whom It May Concern Regarding Customer: KAREN TOLEDANO INC 19588 SATURNIA LAKES DR BOCA RATON, FL 33498 To Whom it May Concern: This letter is verification that the customer named above has an account with Wells Fargo. This account number ending in -5779, was opened 04/27/2009 and has a current balance of $134,525,65. If you need deposit information, refer to the customer named above. The account holder een provide deposit information from their monthly statements. If you have any questions please call us at 1- 800 -TO -WELLS (1- 800- 869- 3557). Phone Bankers are available to assist you 24 hours a day, 7 days a week. Sincerely, WELLS FARt3OBANK, N.A. 1464. G adoWest 9906Gisda Rd 8oea Raw, FI.33431 Jeffery Casey Personal Banker (561) 417 -31411 © 2010 Walls Fargo Bank, N.A. AN rights reserved. Member FDIC. DS 04236 (7 -10 129971)