76-YRESOLUTION NO. 76-Y
A RESOLUTION OF THE CITY OF BOYNTON BEACH, FLORIDA,
PROVIDING FOR CONSTRUCTION OF A SECOND STORY TO
MUNICIPAL POLICE STATION AND ACQU!SITON OF A CERTAIN
PARCEL OF REAL PROPERTY TO BE USED AS A PUBLIC PARK
WITHIN SAID CITY; PROVIDING FOR THE ISSUANCE OF NOT
EXCEEDING $670,000.00 REFUNDING AND IMPROVEMENT RE-
VENUE CERTIFICATE OF SUCH CITY TO PAY THE COST OF
SAID PROJECT AND TO PROVIDE FOR THE REFUNDING OF
CERTAIN OUTSTANDING REVENUE OBLIGATIONS OF THE CITY;
PROVIDING FOR THE RIGHTS OF THE HOLDER OF SUCH CER-
TIFICATE; PROVIDING FOR THE PAYMENT THEREOF; AND
MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN
CONNECTION WITH THE ISSUANCE AND SALE OF SUCH CER-
TIFICATE.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BOYNTON BEACH,
FLORIDA:
Section 1. AUTHORITY
This Resolution is adopted pursuant to Chapter 24/398, Laws of Florida, S
Acts of 1947, as amended and supplemented, Chapter 210, Florida Statutes, and
applicable provisions of law.
Section 2. FINDINGS
A. It is necessary and desirable to construct a second story addition to the
existing municipal police station and to acquire for use as a public park a certain
cel of real property more particularly described in the annexed Exhibit A which is
hereby incorporated herein by reference, in order to preserve and protect the
health, safety and welfare of the inhabitants of the City of Boynton Beach, Florida.
Said construction and acquisition shall hereinafter be referred to as the "Project".
B. The City of Boynton Beach, Florida, (hereinafter called "City") presently
derives income from the State of Florida Municipal Financial Assistance Trust Fund
(hereinafter called "Trust Fund") created under Florida Statutes Section 2i0.20 (2)
for the purpose of receiving a portion of the revenues secured from the cigarette
excise tax imposed pursuant to the provisions of Florida Statutes Section 210.02,
which revenue is in the total approximate amount of $93,000.00 per annum. Said
revenue is not now pledge nor encumbered in any manner except to the prior pay-
ment of the principal of and interest on the outstanding bonds of an original issue of
$300,000.00 Police Building Revenue Bonds heretofore issued by the City under date
of August 17, 1971.
C. $100,000.00 of the 1971 Police Building Revenue Bonds will be outstanding
and' unpaid on June 1, 1976. All of such outstanding bonds may be refunded at any
time, in whole or in part, at the option of the City, on any interest payment date
after June 1, 'l~ZS, at par and accrued interest to the date of redemption, plus a
premium of one and one half percent of the par value thereof if redeemed during the
period from June 1, 1976, to May 31, 1977. Such outstanding obligations may be
advantageously refunded with substantial benefit to the City in the savings of in-
terest during the remaining terms of such outstanding obligations. It is in the best
interests of the City to provide for the refunding of such outstanding obligations and
to acquire funds for the Project, hereinabove described, by the issuance and sale
of the revenue certificate in the manner herein set forth.
D. First Bank & TrusT, of Boynton BeaCh, Florida, has committed to pur-
chase from the City a revenue c~rtificale to be issued by said City in a sum not
exceeding $670,000.00 at an interest rate of seven percent per annum, payable in
ten (I0) equal annual installments of principal, together with interest on the unpaid
~)ri~'cipal balance for the purpose of allowing the municipality to proceed with the
above-described Project and to secure the payment of said revenue certificate solely
from the revenue to be derived from the aforementioned Trust Fund.
E. The revenues estimated to be derived in each year hereafter from said
Trust Fund will be sufficient to pay all of the principal of and interest on the certifi-
cate to be issued hereunder, as it becomes due, to fully refund the balance due on
the outstanding 1971 Police Building Revenue Bonds, and to make all sinking fund,
reserve or other payments.
F. The principal of and interest on the obligations and all required sinking
fund, reserve and other payments shall be payable solely from the Trust Fund reve-
nues, as herein provided. The City shall never be required to levy ad valorem
taxes on any property therein to pay the principal of and interest on the certificate
or to make any of sinking fund, reserve or other payments and such certificate shall
not constitute a lien upon any property of or in the City.
Section 3. AUTHORIZATION OF PROJECT AND REFUNDING OF OUTSTAND-
ING REVENUE BONDS
A. There is hereby authorized the construction of a second story addition to
the existing municipal police station in accordance with the plans and specifications
presently on file with the City Manager and to acquire for use as a public park a
certain parcel of real property more particularly described on the annexed Exhibit A
pursuant to the terms and conditions set forth in the Deposit Receipt Contract for
Sale and Purchase attached hereto and hereby made a part hereof as Exhibit B. The
cost of such project, in addition to the items set forth in the plans and specifications
and Deposit Receipt Contract referred to above, may include, but need not be limited
to, the acquisition of additional lands or interests therein or in any other properties
deemed necessary or convenient therefor; engineering, legal and fiscal expenses;
expenses for estimates of costs and of revenues; expenses for plans, specifications
and surveys; administrative expenses relating solely to the construction and acqui-
sition of the project; and such other costs and expenses as may be necessary or
incidental to the financing herein authorized in the construction and acquisition of
the project and the placing of same in operation.
B. There is hereby authorized the refunding of the outstanding balance due
on the 19 71 Police Building Revenue Bonds in the manner provided in this Resolution
Section 4. AUTHORIZATION AND DESCRIPTION OF CERTIFICATE
Subject and pursuant to the provisions of this Resolution, an obligation of the
City, to be known as a Refunding and Improvement Revenue Certificate, is hereby
authorized to be issued on June 1, 1976, in a total principal amount not to exceed
$670,000.00, at an interest rate not to exceed 7% per annum, payable in ten (10)
equal installments of principal together with accrued interest on the unpaid
balance of said obligation, as of the date of said annual principal payment. Said
certificate shall specifically provide for the right of the City to prepay all or any
part of subject indebtedness at any time without penalty. Upon issuance, said reve-
nue certificate shall be sold at par to the First Bank and Trust of Boynton Beach,
Florida, in accordance with that firm's existing commitment to purchase the same,
a copy of said commitment being annexed hereto as Exhibit C and hereby made a part
hereof by reference.
Section 5. CERTIFICATE NOT TO CONSTITUTE DEBT OF CITY'
The Revenue Certificate to be issued hereunder shall not constitute a general
obligation or indebtedness of the City as a "Bond" within the meaning of the Consti-
tution of Florida, but shall be payable solely from~and secured by a lien upon and
a pledge of the Trust Fund as hereinabove provided. No.ho!der or holders of the
Certificate issued hereunder shall ever have the right to compel the exercise
of the ad valorem taxing power of the City or taxation in any form of any real pro-
perry therein to pay such Certificate or the interest thereon or be entitled to paymeni
of such principal and interest from any other funds of the City except from the Trust
Fund in the manner hereinabove provided.
Section 6. CERTIFICATE SECURED BY PLEDGE OF NET REVENUES
The payment of the principal of and interest on the Certificate to be issued
hereunder shall be secured by a pledge of and a lien upon the net revenues derived
by the City of Boynton Beach from the State of Florida Municipal Financial Assistance
Trust Fund account, and the City does hereby irrevocably pledge such revenues to
the payment of the principal of and interest on the Certificate, or reserves therefor,
and for all other required payments.
Section ?. APPLICATION OF CERTIFICATE PROCEEDS
The net proceeds from the sale of the Certificate shall, when received by the
City, be forthwith applied as follows:
A. The City shall transmit to the holder of the 1971 Police Building Revenue
Bonds a sum sufficient for the total repayment, redemption and retirement of all said
remaining outs/an ding !9 ?1 bonds.
B. The City shall next utilize a portion of the net proceeds for the purpose of
consummating the purchase of that certain parcel of real property described in the
attached Exhibit A as called for under the terms of the Deposit Receipt Contract for
Sale and Purchase attached hereto as Exhibit B.
4
C. The balance of the Certificate proceeds sh~d! be deposited into a bank ac-
count, separate and apart from a!l other City accounts ~ to be known as the "Police
Building Construction Fund". The money on deposit in said account shah be with-
drawn~ used and applied by the City sole!y to the payment of the cost of the project
and purp.oses incidental thereto, as hereinabove described and set forth. If~ for
any reason ~ such proceeds or any part thereof are not necessary for or are not
to the payment of such costs ~ then the unapplied proceeds shall be app!ied in reduc-
tion of the then outstanding balance due on the Certificate~
Section $. DISPOSITION OF Tl~UST FUND REVENUMS
All of the proceeds received by the City from the aforesaid Trust Fund shal!,
as soon as the same are collected by the City~ be forthwith deposited into an account
to be known as the "Cigarette Tax 2¢ Account" hereby created and established.
account sha!l constitute a trust fund for the purposes herein provided. A!l monies
deposited to said account sha!l be disposed of on or before the 1§th day of each mo
commencing in the month immediately fo!lowing the delivery of the Certificate ~ in the
fo!lowing manner:
A. From the monies in the Cigarette Tax 2¢ Account, the City shall deposit
into a separate account, which is hereby created and designated the "Cigarette Tax
2¢ Sinking Fund" (hereinfater ca!!ed "Sinking Fund" such sums as wi!l be suffici~
to pay one twelfth (1/12) of the principal and interest payment maturing on the Cer-
tificate on the next annual maturity date. Such payments shall continue to be made
unt~ ~there shall be on deposit in such Sinking Fund a sum equa! to the maximum
amount of principal and interest on the Certificate becoming due on the next annua!
maturity date. No further payments shall be required to be made into such Sinking
Fund as long as there sha!~ remain on deposit therein a sum equal to the maximum
amount of principa! and interest becoming due on the next maturity date.
B. ~henever, by reason of the insufficiency of monies on deposit in the
Cigarette Tax 2¢ Account~ the City is not ab!e to make promptly the current month!y
payment hereinabove required to be made into~the Sinking Fund, the deficiency
be made up in the subsequent payments in addition to the payments which wou!d
otherwise be required to be made thereon on the subsequent payment dates.
C. The balance of any monies remaining in the Cigarette Tax 2¢ Account
after the above required payments to the Sin~ing Fund have been made may be used
for the total and/or partial redemption of the Certificate or for any lawful purpose.
Section 9. MODIFICATION OR AMENDMENT
No material modification or amendment of this Resolution or of any resolution
or ordinance amendatory hereof or supplemental hereto may be made without the con-
sent in writing of the holders of two thirds (2/3) or more in the principal amount of
the Certificate then outstanding; provided, however, that no modification or amend-
ment shall permit a change in the maturity of such Certificate or affecting the ~
of the City to pay the principal of and interest on the certificate as the same shall
due from the proceeds of the Trust Fund revenues or reduce the percentage of the
holders of the Certificate required to consent to any material modification or amend-
ment hereof without the consent of all holders thereof.
Section 10. SEYERABILITY OF INVALID PROVISIONS
If any one or more of the covenants, agreements or provisions herein con-
tained shall be held contrary to any express provision of law or contrary to the
of express law, though not expressly prohibited, or against public policy, or shall
for any reason whatsoever be held invalid, then such covenants, agreements or pro-
v~sions shall be null and void and shall be deemed separable from the remaining
covenan~s, agreements or provisions and shall in no way affect the validity of any of
the other provisions hereof or of the Certificate issued hereunder.
Section 15. SALE OF CERTIFICATE
Upon issuance of subject Revenue Certificate, the Mayor, or, in the absence
of the Mayor, the Vice Mayor, and City Clerk, or, in the absence of the City Clerk,
the Deputy Clerk, of the City of Boynton Beach are hereby authorized to proceed
with the execution and sale of same, as provided for herein ~ and to further proceed
with the necessary steps to effectively implement the accomplishment of the aforesaid
Project, all subject to further authorization and approval of the City Council.
Section 12. REPEALING CLAUSE
Ail resolutions or parts thereOf of the City in conflict with the provisions
contained are, to the extent of such conflict, hereby superseded and repealed.
Section 13. EFFECTIVE DATE
This Resolution shall take effect immediately upon its passage.
CITY OF BOYNTON BEACH
Council Member
Council Member
ATTEST:
City Clerk
Council Membez
EXHIBIT "A"
To Deposit Receipt and Contract for Sale and Purchase between
Melvin M. Goldberg and Vera~, Goldberg, his wife, and Iris M. Snyder
as "Sellers" and City of Boynton Beach, Florida, a municipal corporation,
as "Purchasers" . r.
A parcel of land in Section 15, Township 45 South, Range 4~ East, Palm Beach
County, Florida, more particularly described as follows: -
Lot 10, SAM BROWN JR. 'S SUBDIVISION, according to the Plat ~hereof as
recorded in Plat Book 1, Page 81, Public Records of Palm Beach County, Florida;
in Section 15, Township 45 South, Range 43 East, LESS the existing right of way
for State Road 5 and less the following parcel of land in sad Lot 10:
From the S .W. Corner of said Lot 10, run Easterly along the South line of
said lot for 153.67 feet; thence Northerly at right angles for 50.95 feet; thence
Westerly, parallel to the South line of said Lot 10 for 53.95 feet~ thence Northerly
at right angles for 7.9 feet; thence Westerly, parallel to said South line for 91.94
feet to a point iq the West line of said Lot '10; thenCe Southerly along said West line
for 59.36 feet t~ point of beginning.
And LESS the following parcel of land which lies within 50 feet Westerly of
and within 44 feet Easterly of the Baseline of Survey according to the Right of
Way Map of Section 93010-2501, State Road 5, as filed in the Office of the Clerk of
the Circuit Court of Palm Beach County, Florida, in 'Road Plat Book 2, Page 237, a
part of said baseline being more' particularly described as follows:
Beginning at a point on the South line of and 474.86 feet South 89°25'00'' East
of the S .W. corner of Section 15, Township 45 South, Range 43 East, run North
08o12'00" East, a distance of 2625.64 feet to .the end of the baseline herein described.
and a point on the East-West 1/4 Section line of and 885.78 feet South 89°13'55'' -'
East of the West 1/4 corner of said Section 15.
FIRST BANK AND TRUST
BOY~TON -BEACH, FLORIDA 33435
ESTABLISHED 1948
GEORGE I. Wll. D~
VICi- CHAIRMAN
April 13, 1976
Mr, Frank Kohl, City Manager
City of Boynton Beach
Boynton'Beach, Florida 33435
Re: Proposed Loan.
Dear Mr. Kohl:
In accordance with Mr. Robert Reed, City Attorney's request,
this letter is issued as a commitment to the City of Boynton - '
Beach to grant a loan of $670,000 in accordance with those terms -
and conditions as set out previously in my letters to you dated
February 3, February 12 and March 12, 1976.
The letter of March 12, 1976, established the amount of the loan
at $666,261.00. However, we have agreed to increase this
commitment, in accordance with Mr. Reed's request, t.o $670, 000.
The terms and conditions of the loan are.set out as.follows:
1)
Interest rate, 7 % per annum.
z)
A service charge in the amount of 3% of the
principal amount of the loan ($18,000) from
which the bank's legat fees and other related
items will be' paid.
Collateral--the assignment of the city
.cigarette tax.
P- O. DRAWER 580 'THE BANK WITH THE CLOCK ON TOP" TELEPHONE (305). 73:3-7000
April 13, 1976
Mr. Frank Kohl, City Manager
l~age Two
.4)
Term of the loan--a period up to ien years,
or any period within the ten years that would
be most convenient for the city. In addition,
the bank would permit prepayments' of prin-
cipal, at any time without penalty.
All other terms and conditions, as set forth, are in effect and we
look forward to funding this commitm-ent at the convenience of the
city. - ............... -~--,...
GIW :mgm
cc: Mr. t~obert Reed/
Mr. Curtis Witters
Sincerely yours,
George I. Wilde
~ .-~ THIS IS A LEGALLY BINDING CONTRACT, IF NOT FULLY UNDERSTOOD, SEEK COMPETENT ADVICE
DEPOSIT RECEIPT AND CONTRACT FOR SALE AND PURCHASE
_M_e_[y_in_ M. GoIdbe.rg and Vera M. Go[dber~, his wife, and Iris M. S_n~der ..... ~
of _ ~ LQ. ~_e_r_l'l_a~_ _dL~ La_n_, _ _E_s_.q.t z _B_ _o$. t_O_Fl., _ _~/~_a_s s, . (Ph .......... ) hereinafter called the seller, and
~J~v_ 0~ ~.o.y.P~0o.~e_~Ql'~_ ~JDr[d.a_, a munici~.at_c, or~ora!ion
o~ B:pynion Beac lq. Florida
that the ~qler droll ~eil ~the buyer shall buy ~ following ' (Ph. ) hereinafter called the buyer, hereby agree
1. LEGAL DESCRIPTION of real estate located in --- Pah~_ _B_~_a~.h ........... County, Florld~
SEE EXHIBIT "A" ATTACHED
/ersonal property included: None
S,reet addr~,: North Federal Highway, Ci%y of Boynton Beach, Florida
Seller repre~nts that the property can be used for the following purposes, _Cr3__&__R_-_3__z_o_n_esLp_u_blic recrealionat facititie~
2. Purchase price and Method of Payment: Purchase price is .~U.~h_r_e_e_H__u~__d_re_d Thousan.d_ [$_3._0_0~ 000.00) OoUan.
Deport to be held in trust by $ -0-
Approximate principal balance of first mortgage to which conveyance shall be
subject, if any. Mortgage holder
Interest ......... ~ per annum; Method of payment
Other:. _ _ _
Ca~, certified or local cashier's check on closing and delivery of deed (or such
greater or lesser amount as may be necessary to complete payment of purchase
price after credits, ac~ustments and prorations).
$ .__.-0-
3. TIME FOR ACCEPTANCE: If ~ contract is not executed by the seller and buyer on or Sefore._~_a__~L~'3.~. 1--9--7% --, the
aforesaid ~fepo~f shall be, at the option of the buyer, returned to him and this agreement shall be null and void. The date of contract, for
purples permrmance, shall be regarded as the date when the last one of the seller and buyer has s~gned this contract.
4. CLOSING DATE: This contract shall be closed and the deed and possession shah be delivered on or before the._~LS_.day of_
~; ~"~ .... 19_76 _; unless extended by other provisions of this contract. --- 5. PRORATIONS: Taxes, insurance, interest, rents and other expels and revenue of said property shall be prorated as o~ the date of closing.
6. EVIDENCE OF TITLE: (Check [] (1) or [~ (2))Within ..... days from
deliver to the buyer ' · e/ther: (1) abstract (2) Tide guarantee.
or h~s attorney in accordance with Standard A on reverse siZ: date of this contract, the seller shaH, at h~ expense,
7. CONVEYANCE: Seller shah convey tide to the aforesaid property to the buyer by statutory warranty deed subject to matter~ contained
.in this contract and taxes 'for the year of closing.
8. RES .TI~.ICTI. ONS AND EASEMENTS: The buyer shall take tide hub'oct to- a . '
~overnmental authority, (b) Restr/ctions and matt ' ~J _ ' ( ) Zomng and/or r?tr~ct~ons and prohibmons ~rn
~'cor . . ers appeanng on the plat and/or common t . : . . .. posed by
d, provided smd easements are located on the side ~ ~o~. ~:~-- -r .~_ . o the subd~vm~on, (c) Public uuh easements
' ' . ~r ....... me property aha are not more than six feet in width, (d) ~er of.
'ae_at_vietj~e covenants in Deed Book 1003 Pa e 615" ' '
urther provided that none of the foregoing interferes with the me of the property for the purposes as stated in this contract.
~. DEFAULT~ BY BUYER: If buyer fa~s to perform an e . -
,,,,sgr~ ,,nH tn tull settlement Ol any claims for damages ,o. mc cxecunon O! ~ contract and as agreed liquidated
DEFAULT BY SELLER: If the seller fails to perform any of the. covenant~ of this contract, the aforesaid m~ney paid by the buyer .at
option of the buyer, shah be returned to the buyer on demand; or the buyer shall ~ave only the right o~ specific performance.
1~: T~YPEV~.'.RIT~.EN O.R HANE)WI~ITTEN PROVISIONS: Typewritte~ or handwrltt~n provisions inserted in this form shall control all
~ymteu provumm m confllc~ therewith. '
1~.1~. OTHER AGREEMENTS:cLAUSES: No agreements or representations, unless incorporated in this contract shah he binding upon any of the parties.
s obligation to close f~is fransacfion is made subje¢~ ~o i~s ability ~o issue and
a $670, 000. 00 Refunding & Improvemen~ Revenue Cer~fiea,e fo be used as L~e source
~com which paymen~ of the purchase price is ~o be derived.
(Two are r~qnired} Executed by Buy~ on __~rj~ , 1976
Ci~ CLerk Joe DeLonp - ~~uye, -_./SSALI
in ~ ~a~tion, a~ ag~ m pay ~ commi~on 10 $ ~ ~e uro~ ~1~ -nc T ir
~--~' ':.~ ...... : .................. ~H~ ~3~ 000. 00 ~ or o.~ h~ of ~ ~ · - -.. '
~n Jmmre to ~o~. ~ co~ation for ~ice re~ ~--~-~ ~ ~ . ' _ . _ ~t m c~ ~c ~ Jor~t~ by ---- , provm~ ~mc ao~ ~[ ~ce~ ~e ~H amour of ~e ~~
(Two ~ requ~) ~t~ by SeH~ on ~[ ~ 1976
Seller
.!
EXHIBIT "B"
~.,~ -- - ~ ~ ESTATE TRANSACTIONS
A. EVIDENCE OF TITLE: (1) A complete abstract of title prepared bya reputable abstract firm purporting to be an accurate synopsis
of~ the im~men~ affec6ng the title to that real proper~ record~ in pubBc records of t~t county to the date of ~i~ contract, showing in
· e Seller a marketable tide in accordance wi~ title standards adopted from time to time by the Florida ~r. subject only to lien~. ~ncutn.
~ branch, exceptiom er qual~cafions s~t for~ in ~h conuact and those which shall be d~harged by seller at or before clming. (2) a titl~
guarantee commitment i~ued by a qualified tltle imuror agree~g to issue to. the buyer, upon the record; of ~e de~ hereaft~ rotationS,
as own~ gu~antee ~ ~e amou~ of the pur~ase price i~ur~g the fide of ~e bu-'-L -- .k .....
ycr to [~[ Feat prope~, sublet only to liens, encum-
brance, exc~tiom or q~Hficafiom set forth ~ t~s contact and those which s~ll be d~h~g~ by seller at or before
Buy~ s~fl ct, or five'(5) days if title guarantee, ~om ~e date of receiv~g ~e ~id~ce of title lo examine
~me. ay~ shall, within ~[d peri~ noff~~ the sell~ ~ ~ing specifying ~e def~a. If the S~d def~s
~- ha~ ~ n~ety ~90) da~ ~om. ~e receipt of such notice ~ ~re the def~. and 'i~a~er said
shall have the op~on: (1) accepting title as it ~ ~, br (2) d~andi~ a refund of all monim
ret~n~ to ~e buy~. and thereupon the buy~ and seller ~ be ~leas~ of all fur~ obljga.
~e seller shall ~r~sh estopp~ lett~s '(not nec~y ~ ~vit go~) settin~ for~ ~e principal balance.
~ in go~ st~ding. If ~ere ~ a ~arge for the ~ange o~ ow~r~i~ ~cor~, by ~e mortgagee,
as credit at ci~ing, an amount equal to the ~ow funds held by ~e ~rtgag~ If ~e
, ~e sa~e, ~en ~e bwer shall do so; provided, howev~ :r .~. m.r ...... ~_Li . _.. 'ulng
'er ,, h, opuon, may onc,l the contract and all ~;~e, p~d"b;'~e ~';!,~%~~' ~he.,u?r. Ihen
m the
MORTGAGES: Any purch~e mon~ holes and morlgag~ r~uired by ~e contract sha~ follow ~e f~ms
in the coun~ where the land is lool~. ~y purchase mon~. moriga~e shall provide for i~rance a ~1 I
in an amount not l~s th~ ~e ~ imurable value of .k_ : ............ . }~ ~ ' .~ by ~r~
-~ ma~ov~cnis, an a u~t mortgage, the note and mortgage
: ~e 'option of ~e holder, ~t~ ~irty {~0) days default and in a second mortgage, aft~ fift~n 15 days d
A ~re a mortgagor to k~ all nr~r He~ and ..... ~ ...... ~- - ~ : -. - · ... (') ehuh.
all or ~rt at any t~e or ~m wt~ mt~t to date of payment without pen~ty g Buyer mall have ~e ~ght to prosy
D. O~ MORTGAGES: In ~e ev~t buy~ ~e~t~'a mortgage to one 0~er'~an &e sell~. ~] costs and charg~ in~dent~ ~erem
.. be p~d by ~e huy~.' _
E. SURVEY: Il ~e buy~ d~ir~ a su~ey ~ s~H have ~e pro~r~ su~ey~ at hi~ e~me 'pffor to closing ~te. ~ ~e su~ sho~
en~chm~, ~e ~e s~il be ~eat~ ~ a rifle de,ct.
F. TE~ITE INSPEC~ON- Prior to cl~i~o at .b,.~'s ........ ~ .......... ' · - '-
and bond~ e .... : ......... ; .......... "~' . .7 -ff~ .... Wc ~uyer ~a~ nave me n~t to nave ~e prope i~ ected b' lice~,ed
................. 'm, .... homer mere, any act,ve te~lte ~ta,on or damage from pr~r t~mite ilion in ~ improve-
~i~,,t~4, proart. If ~e ~ any such inf~mtion or dam:~e. ~e sell~ shall pay all cos~ of ~e treasons r~ui~d, to remedy any
'or d~age so r~orted, including ~e cos~ ~ reputing or replacing a~ ~iom of ~id ~prov~ents whi~ are
or have Howler, .~ ~e event ~e ~s~ to be ~curred are more than three (~%) p~c~t of ~e pur~e p~e~ ~an,
at the he ~y ~an~l the c~act wi~ t~ (IC) days of ~e r~eipt of ~e t~ite ~ec~on r~o~ by givi~ ~itten
to the buy~.
G. INSTANCE: If i~urance ~ to be prorate, ~e seH~ shall on or before the clo~ date, furn~h to buyer aH im~ance ~oHci~
copi~ ~eof.
H. LEAS~: The seli~ shall ~r~sh copi~ og ~ writt~ leas~ to ~e buyer prior to cl~ing and ff there are any ~e~om in
"~ byWith°Ut~e seH~ittenpriorl~to ~e~t°Ppelclo~ing lette~date, from su~ pe~om ~e~ing ~e nam~ and d~a~on of ~e occu~n~ sha~ be furnish~ to ~e buyer
I. MEC~NI~ LIENS: Seller shall ~r~ to ~e' ~uyer an affidavit ~at ~ere have be~ ~ improvemen~ to the sublet proper~
90 days ~med~tely preceded the date of cl~g. H ~e subject property h~ be~ ~proved wi~ 90 da~ immediately prec~g ~e closing
date. ~he seH~ sh~l deliver rel~s~ or w~v~ of aH me~a~ lie~ executed by general cont~ctors, subcontra~o~, suppHe~ or ~t~ m~
and seller's me~a~ li~ ~fidavit.
J..PIECE OF CLOSING: Cl~ing shall be held at ~e office of ~e seller's attorney or ~ o~e~ise agreed upon.
TIME IS OF THE ~SENCE: Time h of ~e msence 0f the Contract for ~le a~ Purchase.'
~L, DOCUMENTS FOR CLOSING: Seller's at[or~y or other cluing agent shall prepare deed, note. mortgage, seller's af~davit, ci~int
statcmentclos~ng date.and submit copi~ of same to buyer's attorney, and copy of closing s~t~ent to the broker, at least ~o days prior to scheduled
M, EXP~NSES: btate surtax and documentary stam~ which are required to be af~x~ to the ir~trument of conveyance, intangible pe~na]
property tax~ and the cost of recording ~e purchase money mortgage sh~l be paid ~ the sell~, Docum~ta~, stamps ~o be alfred to the
,~,~ note or ~t~ secured by the .purchase money mortgage and ~e cost of recording the deed shall be paid by ~e buyer.
N, PRO~TION OF TAXES (REAL A~ PERSONAL): Taxes shall be prorated based upon the c~rent year's tax Without regard to dis-
count. If the closing t~ place and ~he current year's tax~ are not ~x~, and ~e ~rrent y~'s ass~sment is available, taxes will be prorat~
based upon such ~sment and the prior yor's millage. If ~e ~rrent year's a~essment is not available, then'tai~ will be prorat~ on ~e
prior year's ~x, provided, however, if there h complet~ ~prov~ent of ~e subject pr~is~ by January I of the year of closing, ~en tile tax~
shall be prorated to the date of cl~i~ ba~ upon the prior ye~'s millage and an equi~ble ~ment to be agreed u~n be~een the parti~.
t~g into co~ide~on H~tead ~emption, if any.
O. SPECIAL ASSESSMENT LIENS: Cert~ed, co~ed or rat~ special a~essment liem ~ of ~e date of cl~g (and not ~ of the date
of ~e con.act) are to be p~d by ~e SeH~. Pending ~ ~ of ~e date of cl~ing shall be a~umed by ~ebuyer, provld~ however, ~at where
the improv~t has b~n substan~aHy completed ~ of the date of the contract, such pendi~ li~ shall be co~i&?ed as certified, co~rm~
~or ratifi~ and ~e seller sh~l, atdOsing, be ~arged an ~ount equ~ to ~e l~t estimate by ~e public ~y of ~e ass~sment for ~e
improvement.
P. PERSONAL PROPERS: ~e seller represen~ and warrants that all major applianc~ and machin~y ~clud~ in ~e ~le shall ~
g~ working order and r~a~ as of ~e date of cl~ing. All pe~onal property shall be tr~f~r~ by Bill of Sale with Warranty of Title.
Q. RISK OF LOSS: If the ~provements ~e damaged by fire or casualty before delivery of the deed and can be r~tored tc substantially the
~me condition ~ now within a peri~ of 60 days thereafter, sell~ shall so r~tore the improvements and ~e closing date and date of delivery
~of po~ion her~nbe[ore provided shall be extended accordingly. If seller fai~ to do so, the buyer shall have ~e o sion of I
.~ro~er~, - ~ ~, togeth~r'wi~ ~surance proceeds, ff any, or (2) cancelllnp. ~e conwa~_., ~,,~--n ~.-' u~u~t~a~--' ........ are m ~ .l~tnwiznPret .... --( ) ' ~ ~ the
~n~ ail partz~ shall be rel~ of an and a urne~ to t~e ouyer
Y II obligation and liabili~.
R. NIAINTENANC~ Be~een the date of ~e contra~ and the date of closing, the property, including lawn. shrubby- and puol. ii any.
shah be malnt~ned by the sell~ ~ ~e condition as it existed as of the date of the contract, ordina~ wear and t~r excepted.
S. PROCEEDS OF SALE: ~e De~all be r~orded and the evidence of title continued, at seller's ~pen~. to show title in the buyer.
without ~y encumbranc~ or change ~om the date of t~ last evide~e re~e~ s~er's title unmarkelable, and the cash proceeds of ~uch sale
s~il be held in ~crow by ~e sell~'s attorney or by such o~er mutually agreed upon ~ro~ Agent for a period of not longer than five (5) days.
exclusive og Saturdays. Sundays a~ holidays~ If ~e ~ll~'s title is ~ rendered unmarketable, the buyer's attorn~ shall, within the ~id five (5)
day period, notify seller's attorney in writing of ~e defect and the sell~ s~ll have thirty (~) days ~om the date of recei t of such notifies
to cure the defect. In ~e ~ent ~llcr ~i~ t~ timely cure sald,d~ect all ~.;~ ..:a ~ ...... a__' .c_. . ~ P , . _ ' "t~n
-- ...... ~,,~ Fa,u ltelguil~Ct ~aail. upon wrlttea ocmano there[or ~st
five (5) days ther~ft~, he ~mediately r~ur~d to buyer and simuhaneoaslv w;,k -.-~ ........ c ..... ' · "hin
~ · , . ,~, ~u~. a~aymcnt. OUy~ snail vacate lac prem~ and
reconvey by Special Warrant- De~. In the event of the ~ilure of ~e buy~ lo make timely demand for refund, hc shah ia~e lille a~
waiving ~ righls again! ~e seller ~ to the_ inte~e~g def~.
. BROKER'S COM~IISSION: ~e Broker's comm~slon shall be d~bursed at the llme of th~ disbu~-ment of lhe.pr~t~.
U. A~ORNEY FEES AND COS~: In co,me:llon with any litigalion ar~ing oul of the contract, lhe prevailing p~iv shall be entitled
recover all c~ts incurred, including reasonable attorne~ [e~. '
V. CONTRACT NOT RECORDABLE, ~s conlract s~il not be recorded in lhe office of the Clerk of any Circuit Courl of lhe Sta~e oi
[~orlda.
BRITTON PRESS