2494 Vacant Land Contract - Ridge Drive - Curt CoganTuesday, July 18, 2023
To: City Clerk/Mayor
RE: Vacant Land Contract
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The item(s) noted below is/are attached and forwarded to your office for the following action(s):
❑
Development Order
❑
Mayor's signature
❑
Final Plat (original mylars)
❑
Recording
❑
Letter of Credit
❑
Rendering
❑
Maintenance Bond
®
Safe keeping (Vault)
❑
Ordinance
❑
Deputy City Manager
❑
Performance Bond
❑
Payment Bond
❑
Resolution
❑
City Manager Signature
❑
❑
City Clerk Attest/Signature
❑
City Attorney/Signature
Once completed, please:
❑ Return originals to Purchasing- Department
❑ Return copies
Special Instructions: Safe Keeping
C4,L,, . Kari 6zr 7/18/2023
From Date
T:\Dcpt_forms\City Clerk Transmittal Memo - 2009.doe
Vacant Land Contract
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1. 1. Sale and Purchase: City of Sanford ("Seller")
2° and Curl Cogan ("Buyer")
3 (the "parties") agree to sell and buy on the terms and conditions specified below the property ("Property")
4 described as:
5• Address: Ridge Drive, Sanford, Florida 32771
6• Legal Description: OUT LOT NO i (LESS N 230 FT) LOCH ARBOR COUNTRY CLUB ENTRANCE SEC
7 PB5PG72
8
9
10
11• SEC _JTWP _-JRNG _ of Seminole County, Florida. Real Property ID No.: 04-20-30-501-0000-0010
12• including all improvements existing on the Property and the following additional property:
13
14• 2. Purchase Price. (U.S. currency) ....... $ 400,000.00
15 All deposits will be made payable to "Escrow Agent" named below and held in escrow by:
16• Escrow Agent's Name: Sfenstrom, McIntosh, Colbert & Whigham, P.A.
17• Escrow Agent's Contact Person: Lonnie N. Groot, Assistant City Attorney
16• Escrow Agent's Address: 1001 Heathrow Park Lane, Suite 4001, Lake Mary, FL 32746
19• Escrow Agent's Phone: 407-322-2171
20- Escrow Agent's Email: danielle@stenstrom.com
21 (a) Initial deposit ($0 if left blank) (Check if applicable)
22• 0 accompanies offer
23• 0 will be delivered to Escrow Agent within 3 days (3 days if left blank) 15,000.00
24• after Effective Date................................................................................................................ $
25 (b) Additional deposit will be delivered to Escrow Agent (Check if applicable)
26• ❑ within days (10 days if left blank) after Effective Date
27• ❑ within days (3 days if left blank) after expiration of Feasibility Study Period ....... $
28• (c) Total Financing (see Paragraph 5) (express as a dollar amount or percentage) ..................
29- (d) Other:............
30 (e) Balance to close (not including Buyer's closing costs, prepaid items, and prorations)
31• to be paid at closing by wire transfer or other Collected funds ............................................. $ 385,000.00
32• (f) ❑ (Complete only if purchase price will be determined based on a per unit cost instead of a fixed price.) The
33• unit used to determine the purchase price is ❑ lot ❑ acre 0 square foot ❑ other (specify):
34• prorating areas of less than a full unit. The purchase price will be $ per unit based on a
35 calculation of total area of the Property as certified to Seller and Buyer by a Florida licensed surveyor in
36 accordance with Paragraph 7(c). The following rights of way and other areas will be excluded from the
37• calculation:
38 3. Time for Acceptance; Effective Date: Unless this offer is signed by Seller and Buyer and an executed copy
39• delivered to all parties on or before—� X16 , this offer will be withdrawn and Buyer's deposit, if
40 any, will be returned. The time for acceptance of any counter offer will be 3 days after the date the counter offer is
41 delivered. The "Effective Date" of this contract is the date on which the last one of the Seller and Buyer
42 has signed or initialed and delivered this offer or the final counter offer.
43, 4. Closing Date: This transaction will close on _ (See Additional Terms) ("Closing Date"), unless specifically
44 extended by other provisions of this contract. The Closing Date will prevail over all other time periods including,
45 but not limited to, Financing and Feasibility Study periods. However, if the Closing Date occurs on a Saturday,
46 Sunday, or national legal holiday, it will extend to 5:00 p.m. (where the Property is located) of the next business
47 day. In the event insurance underwriting is suspended on Closing Date and Buyer is unable to obtain property
46 insurance, Buyer may postpone closing for up to 5 days after the insurance underwriting suspension is lifted. If
49 this transaction does not close for any reason, Buyer will immediately return all Seller provided documents and
sa other items.
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Buyer I C---) and Seller( 1 � acknowledge receipt of a copy of this page, which is 1 of 7 pages
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51 5. Financing: (Check as applicable)
52• (a) ® Buyer will pay cash for the Property with no financing contingency.
53• (b) ❑ This contract is contingent on Buyer qualifying for and obtaining the commitment(s) or approval(s)
54• specified below ("Financing") within days after Effective Date (Closing Date or 30 days after Effective
55• Date, whichever occurs first, if left blank) ("Financing Period"). Buyer will apply for Financing within
56 days after Effective Date (5 days if left blank) and will timely provide any and all credit, employment, financial,
57 and other information required by the lender. If Buyer, after using diligence and good faith, cannot obtain the
58 Financing within the Financing Period, either party may terminate this contract and Buyer's deposit(s) will be
59 returned.
60• (1) O New Financing: Buyer will secure a commitment for new third party financing for $
61• or % of the purchase price at (Check one) ❑ a fixed rate not exceeding % ❑ an
62- adjustable interest rate not exceeding % at origination (a fixed rate at the prevailing interest rate
63 based on Buyer's creditworthiness if neither choice is selected). Buyer will keep Seller and Broker fully
64 informed of the loan application status and progress and authorizes the lender or mortgage broker to
65 disclose all such information to Seller and Broker.
es• (2) O Seller Financing: Buyer will execute a ❑ first ❑ second purchase money note and mortgage to
67• Seller in the amount of $ , bearing annual interest at % and payable as
68• follows:
69 The mortgage, note, and any security agreement will be in a form acceptable to Seller and will follow
70 forms generally accepted in the county where the Property is located; will provide for a late payment fee
71 and acceleration at the mortgagee's option if Buyer defaults; will give Buyer the right to prepay without
72 penalty all or part of the principal at any times) with interest only to date of payment; will be due on
73 conveyance or sale; will provide for release of contiguous parcels, if applicable; and will require Buyer to
74 keep liability insurance on the Property, with Seller as additional named insured. Buyer authorizes Seller
75 to obtain credit, employment, and other necessary information to determine creditworthiness for the
76 financing. Seller will, within 10 days after Effective Date, give Buyer written notice of whether or not
77 Seller will make the loan.
78• (3) O Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to
79-
80. LN# in the approximate amount of $ currently payable at
81• $ per month, including principal, interest, ❑ taxes and insurance, and having a
82• O fixed O other (describe)
83- interest rate of % which ❑ will O will not escalate upon assumption. Any variance in the
84 mortgage will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will
85• purchase Seller's escrow account dollar for dollar. If the interest rate upon transfer exceeds % or
86• the assumption/transfer fee exceeds $ , either party may elect to pay the excess,
87 failing which this contract will terminate; and Buyer's deposit(s) will be returned. If the lender disapproves
88 Buyer, this contract will terminate, and Buyer's deposit(s) will be returned.
89• 6. Assignability: (Check one) Buyer ❑ may assign and thereby be released from any further liability under this
90• contract, ® may assign but not be released from liability under this contract, or ❑ may not assign this contract.
91• 7. Title: Seller has the legal capacity to and will convey marketable title to the Property by ON statutory warranty
92• deed O special warranty deed O other (specify) , free of liens, easements,
93 and encumbrances of record or known to Seller, but subject to property taxes for the year of closing; covenants,
94 restrictions, and public utility easements of record; existing zoning and governmental regulations; and (list any
95- other matters to which title will be subject) ,
96 provided there exists at closing no violation of the foregoing.
97 (a) Title Evidence: The party who pays for the owner's title insurance policy will select the closing agent and
98 pay for the title search, including tax and lien search if performed, and all other fees charged by closing agent.
99 Seller will deliver to Buyer, at
100• (Check one) El Seller's ❑ Buyer's expense and
101- (Check one) N within 30 days after Effective Date O at least days before Closing Date,
102 (Check one)
103• (1) Ox a title insurance commitment by a Florida licensed title insurer setting forth those matters to be
104 discharged by Seller at or before closing and, upon Buyer recording the deed, an owner's policy in the
105 amount of the purchase price for fee simple title subject only to the exceptions stated above. If Buyer is
106 paying for the owner's title insurance policy and Seller has an owner's policy, Seller will deliver a copy to
107 Buyer within 15 days after Effective Date.
Buyer) (^_) and Seller ) acknowledge receipt of a copy of this page, which is 2 of 7 pages.
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108• (2) Dan abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an
109 existing firm. However, if such an abstract is not available to Seller, then a prior owner's title policy
110 acceptable to the proposed insurer as a base for reissuance of coverage may be used. The prior policy
111 will include copies of all policy exceptions and an update in a format acceptable to Buyer from the policy
112 effective date and certified to Buyer or Buyer's closing agent together with copies of all documents
113 recited in the prior policy and in the update. If such an abstract or prior policy is not available to Seller,
114 then (1) above will be the title evidence.
115• (b) Title Examination: After receipt of the title evidence, Buyer will, within 30 days (10 days if left blank)
116 but no later than Closing Date, deliver written notice to Seller of title defects. Title will be deemed acceptable
117 to Buyer if (i) Buyer fails to deliver proper notice of defects or (ii) Buyer delivers proper written notice and
118• Seller cures the defects within 30 days (30 days if left blank) ("Cure Period") after receipt of the notice. It
119 the defects are cured within the Cure Period, closing will occur within 10 days after receipt by Buyer of notice
120 of such cure. Seller may elect not to cure defects if Seller reasonably believes any defect cannot be cured
121 within the Cure Period. If the defects are not cured within the Cure Period, Buyer will have 10 days after
122 receipt of notice of Seller's inability to cure the defects to elect whether to terminate this contract or accept
123�� title subject to existing defects and close the transaction without reduction in purchase price.
124 (c) Survey: BuyeWay, at Buyer's expense, have the Property surveyed and must deliver written notice to
125 �- Seller, within ays after receiving survey but not later than 5 days before Closing Date, of any
126encroachments on the Property, encroachments by the Property's improvements on other lands, or deed
127 restriction or zoning violations. Any such encroachment or violation will be treated in the same manner as a
128 title defect and Seller's and Buyer's obligations will be determined in accordance with Paragraph 7(b).
129 (d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress.
130 8. Property Condition: Seller will deliver the Property to Buyer at closing in its present "as is" condition, with
131 conditions resulting from Buyer's Inspections and casualty damage, if any, excepted. Seller will not engage in or
132 permit any activity that would materially alter the Property's condition without the Buyer's prior written consent.
133 (a) Inspections: (Check (1) or (2))
134• (1) ® Feasibility Study: Buyer will, at Buyer's expense and within 180 days (30 days if left blank)
135 ("Feasibility Study Period") after Effective Date and in Buyer's sole and absolute discretion, determine
136 whether the Property is suitable for Buyer's intended use. During the Feasibility Study Period, Buyer
137 may conduct a Phase 1 environmental assessment and any other tests, analyses, surveys, and
138 investigations ("Inspections") that Buyer deems necessary to determine to Buyer's satisfaction the
139 Property's engineering, architectural, and environmental properties; zoning and zoning restrictions;
140 subdivision statutes; soil and grade; availability of access to public roads, water, and other utilities;
141 consistency with local, state, and regional growth management plans; availability of permits, government
142 approvals, and licenses; and other inspections that Buyer deems appropriate. If the Property must be
143 rezoned, Buyer will obtain the rezoning from the appropriate government agencies. Seller will sign all
144 documents Buyer is required to file in connection with development or rezoning approvals. Seller gives
145 Buyer, its agents, contractors, and assigns, the right to enter the Property at any time during the
146 Feasibility Study Period for the purpose of conducting Inspections, provided, however, that Buyer, its
147 agents, contractors, and assigns enter the Property and conduct Inspections at their own risk. Buyer will
148 indemnify and hold Seller harmless from losses, damages, costs, claims, and expenses of any nature,
149 including attorneys' fees, expenses, and liability incurred in application for rezoning or related
150 proceedings, and from liability to any person, arising from the conduct of any and all Inspections or any
151 work authorized by Buyer. Buyer will not engage in any activity that could result in a construction lien
152 being filed against the Property without Seller's prior written consent. If this transaction does not close,
153 Buyer will, at Buyer's expense, (t) repair all damages to the Property resulting from the Inspections and
154 return the Property to the condition it was in before conducting the Inspections and (ii) release to Seller
155 all reports and other work generated as a result of the Inspections.
156 ,._._+Befere-eexpiretio"f-tl�te+easibility—Mud-yTreeMd-,-Bayermast-de6ver w ' m -&Buyer's -
157 deter isri-ef-whethemr*tet-t#1e-Properly4s-a6ceptable-Buyer's-#ailtfre-to-comply 1 Is no Ice
158 rsquir mastAWLcaastitute-eeeeptance-of-ills-P+epe"s-su'tfable-for-Btryer's-intended-usTifflfs "axis"
159 pondition ff by Pmperty-istfRaeeeptable- itiyewarrd�vvrEtten-Rstice-ef-tNs4act-isl me d-eltmred-to-
160 Sefler;-alis contraet-vvHH5e-dean-ted4efminated-an Buyers-depaSiC wl M-U-retttr-ned.
161• (2) DNo Feasibility Study: Buyer is satisfied that the Property is suitable for Buyer's purposes, including
162 being satisfied that either public sewerage and water are available to the Property or the Property will be
163 approved for th installation of a well and/or private sewerage disposal system and that existing zoning
Buyer (�(�) and Seller ) ) acknowledge receipt of a copy of this page, which is 3 of 7 pages.
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164 and other pertinent regulations and restrictions, such as subdivision or deed restrictions, concurrency,
165 growth management, and environmental conditions, are acceptable to Buyer. This contract is not
166 contingent on Buyer conducting any further investigations.
167 (b) Government Regulations: Changes in government regulations and levels of service which affect Buyer's
168 intended use of the Property will not be grounds for terminating this contract if the Feasibility Study Period has
169 expired or if Paragraph 8(a)(2) is selected.
170 (c) Flood Zone: Buyer is advised to verify by survey, with the lender, and with appropriate government
171 agencies which flood zone the Property is in, whether flood insurance is required, and what restrictions apply
172 to improving the Property and rebuilding in the event of casualty.
173 (d) Coastal Construction Control Line ("CCCL"): if any part of the Property lies seaward of the CCCL as
174 defined in Section 161.053, Florida Statutes, Seller will provide Buyer with an affidavit or survey as required
175 by law delineating the line's location on the Property, unless Buyer waives this requirement in writing. The
176 Property being purchased may be subject to coastal erosion and to federal, state, or local regulations that
177 govern coastal property, including delineation of the CCCL, rigid coastal protection structures, beach
178 nourishment, and the protection of marine turtles. Additional information can be obtained from the Florida
179 Department of Environmental Protection, including whether there are significant erosion conditions associated
leo with the shore line of the Property being purchased.
181 • ❑ Buyer waives the right to receive a CCCL affidavit or survey.
182 9. Closing Procedure; Costs: Closing will take place in the county where the Property is located and may be
183 conducted by mail or electronic means. If title insurance insures Buyer for title defects arising between the title
184 binder effective date and recording of Buyer's deed, closing agent will disburse at closing the net sale proceeds
185 to Seller (in local cashier's check if Seller requests in writing at least 5 days before closing) and brokerage fees to
186 Broker as per Paragraph 19. In addition to other expenses provided in this contract, Seller and Buyer will pay the
187 costs indicated below.
188 (a) Seller Costs:
189 Taxes on deed
190 Recording fees for documents needed to cure title
191 Title evidence (if applicable under Paragraph 7)
192• Other:
193 (b) Buyer Costs:
194 Taxes and recording fees on notes and mortgages
195 Recording fees on the deed and financing statements
196 Loan expenses
197 Title evidence (if applicable under Paragraph 7)
198 Lender's title policy at the simultaneous issue rate
199 Inspections
200 Survey
201 Insurance
202- Other:
203 (c) Prorations: The following items will be made current and prorated as of the day before Closing Date: real
204 estate taxes (including special benefit tax liens imposed by a CDD), interest, bonds, assessments, leases,
205 and other Property expenses and revenues. If taxes and assessments for the current year cannot be
206 determined, the previous year's rates will be used with adjustment for any exemptions.
207 (d) Special Assessment by Public Body: Regarding special assessments imposed by a public body, Seller
208 will pay (1) the full amount of liens that are certified, confirmed, and ratified before closing and (ii) the amount
209 of the last estimate of the assessment if an improvement is substantially completed as of Effective Date but
210 has not resulted in a lien before closing; and Buyer will pay all other amounts. If special assessments may be
211• paid in installments, ❑ Seller El Buyer (Buyer if left blank) will pay installments due after closing. If Seller is
212 checked, Seller will pay the assessment in full before or at the time of closing. Public body does not include a
213 Homeowners' or Condominium Association.
214 (e) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT
215 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO
216 PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY
217 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN
218 HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT
219 THE COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION.
Buyer & (_ _) and Seller ) �) acknowledge receipt of a copy of this page, which is 4 of 7 pages.
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220 (f) Foreign investment in Real Property Tax Act ("FIRPTA"): If Seller is a "foreign person" as defined by
221 FIRPTA, Seller and Buyer will comply with FiRPTA, which may require Seller to provide additional cash at
222 closing.
223 (g) 1031 Exchange: If either Seller or Buyer wish to enter into a like -kind exchange (either simultaneously with
224 closing or after) under Section 1031 of the Internal Revenue Code ("Exchange"), the other party will
225 cooperate in all reasonable respects to effectuate the Exchange including executing documents, provided,
226 however, that the cooperating party will incur no liability or cost related to the Exchange and that the closing
227 will not be contingent upon, extended, or delayed by the Exchange.
228 10. Computation of Time: Calendar days will be used when computing time periods, except time periods of 5 days
229 or less. Time periods of 5 days or less will be computed without including Saturday, Sunday, or national legal
230 holidays specified in 5 U.S.C. 6103(a). Any time period ending on a Saturday, Sunday, or national legal holiday
231 will extend until 5:00 p.m. (where the Property is located) of the next business day. Time is of the essence in
232 this contract.
233 11. Risk of Loss; Eminent Domain: If any portion of the Property is materially damaged by casualty before closing
234 or Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain
235 proceedings or an eminent domain proceeding is initiated, Seller will promptly inform Buyer. Either party may
236 terminate this contract by written notice to the other within 10 days after Buyer's receipt of Seller's notification,
237 and Buyer's deposit(s) will be returned, failing which Buyer will close in accordance with this contract and
238 receive all payments made by the governmental authority or insurance company, if any.
239 12. Force Majeure: Seller or Buyer will not be required to perform any obligation under this contract or be liable to
240 each other for damages so long as the performance or non-performance of the obligation is delayed, caused, or
241 prevented by an act of God or force majeure. An "act of God or "force majeure" is defined as hurricanes,
242 earthquakes, floods, fire, unusual transportation delays, wars, insurrections, and any other cause not reasonably
243 within the control of Seller or Buyer and which by the exercise of due diligence the non-performing party is
244 unable in whole or in part to prevent or overcome. All time periods, including Closing Date, will be extended for
245 the period that the act of God or force majeure is in place. However, in the event that such act of God or force
246 majeure event continues beyond 30 days, either party may terminate this contract by delivering written notice to
247 the other; and Buyer's deposit(s) will be returned.
248 13. Notices: All notices will be in writing and delivered to the parties and Broker by mail, personal delivery, or
249 electronic means. Buyer's failure to timely deliver written notice to Seller, when such notice is required by
250 this contract, regarding any contingency will render that contingency null and void, and this contract will
251 be construed as if the contingency did not exist. Any notice, document, or item delivered to or received
252 by an attorney or licensee (including a transactions broker) representing a party will be as effective as if
253 delivered to or received by that party.
254 14. Complete Agreement; Persons Bound: This contract is the entire agreement between Seller and Buyer.
255 Except for brokerage agreements, no prior or present agreements will bind Seller, Buyer, or Broker
256 unless incorporated into this contract. Modifications of this contract will not be binding unless in writing, signed
257 or initialed, and delivered by the party to be bound. Electronic signatures will be acceptable and binding. This
258 contract, signatures, initials, documents referenced in this contract, counterparts, and written modifications
259 communicated electronically or on paper will be acceptable for all purposes, including delivery, and will be
260 binding. Handwritten or typewritten terms inserted in or attached to this contract prevail over preprinted terms. If
261 any provision of this contract is or becomes invalid or unenforceable, all remaining provisions will continue to be
262 fully effective. Seller and Buyer will use diligence and good faith in performing all obligations under this contract.
263 This contract will not be recorded in any public record. The terms "Seller," "Buyer," and "Broker" may be singular
264 or plural. This contract is binding on the heirs, administrators, executors, personal representatives, and assigns, if
265 permitted, of Seller, Buyer, and Broker.
266 15. Default and Dispute Resolution: This contract will be construed under Florida law. This Paragraph will survive
267 closing or termination of this contract.
268 (a) Seller Default: If Seller fails, neglects, or refuses to perform Seller's obligations under this contract, Buyer
269 may elect to receive a return of Buyer's deposit(s) without thereby waiving any action for damages resulting
270 from Seller's breach and may seek to recover such damages or seek specific performance. Seller will also
271 be liable for the full amount of the brokerage fee.
Buyer dQ) (__) and Seller } acknowledge receipt of a copy of this page, which is 5 of 7 pages.
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272 (b) Buyer Default: If Buyer fails, neglects, or refuses to perform Buyer's obligations under this contract,
273 including payment of deposit(s), within the time(s) specified, Seller may elect to recover and retain the
274 deposit(s), paid and agreed to be paid, for the account of Seller as agreed upon liquidated damages,
275 consideration for execution of this contract, and in full settlement of any claims, whereupon Seller and Buyer
276 will be relieved from all further obligations under this contract; or Seller, at Seller's option, may proceed in
277 equity to enforce Seller's rights under this contract.
278 16. Escrow Agent; Closing Agent: Seller and Buyer authorize Escrow Agent and closing agent (collectively
279 "Agent") to receive, deposit, and hold funds and other items in escrow and, subject to Collection, disburse them
280 upon proper authorization and in accordance with Florida law and the terms of this contract, including disbursing
281 brokerage fees. "Collection" or "Collected" means any checks tendered or received have become actually and
282 finally collected and deposited in the account of Agent. The parties agree that Agent will not be liable to any
283 person for misdelivery of escrowed items to Seller or Buyer, unless the misdelivery is due to Agent's willful
284 breach of this contract or gross negligence. If Agent interpleads the subject matter of the escrow, Agent will pay
285 the filing fees and costs from the deposit and will recover reasonable attorneys' fees and costs to be paid from the
286 escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party.
287 17. Professional Advice; Broker Liability: Broker advises Seller and Buyer to verify all facts and representations
288 that are important to them and to consult an appropriate professional for legal advice (for example, interpreting
289 this contract, determining the effect of laws on the Property and this transaction, status of title, foreign investor
290 reporting requirements, the effect of property lying partially or totally seaward of the CCCL, etc.) and for tax,
291 property condition, environmental, and other specialized advice. Buyer acknowledges that Broker does not reside
292 in the Property and that all representations (oral, written, or otherwise) by Broker are based on Seller
293 representations or public records. Buyer agrees to rely solely on Seller, professional inspectors, and
294 government agencies for verification of the Property condition and facts that materially affect Property
295 value. Seller and Buyer respectively will pay all costs and expenses, including reasonable attorneys' fees at all
296 levels, incurred by Broker and Broker's officers, directors, agents, and employees in connection with or arising
297 from Seller's or Buyer's misstatement or failure to perform contractual obligations. Seller and Buyer hold
298 harmless and release Broker and Broker's officers, directors, agents, and employees from all liability for loss or
299 damage based on (i) Seller's or Buyer's misstatement or failure to perform contractual obligations; (ii) the use or
300 display of listing data by third parties, including, but not limited to, photographs, images, graphics, video
301 recordings, virtual tours, drawings, written descriptions, and remarks related to the Property; (iii) Broker's
302 performance, at Seller's or Buyer's request, of any task beyond the scope of services regulated by Chapter 475,
303 Florida Statutes, as amended, including Broker's referral, recommendation, or retention of any vendor; (iv)
304 products or services provided by any vendor; and (v) expenses incurred by any vendor. Seller and Buyer each
305 assume full responsibility for selecting and compensating their respective vendors. This Paragraph will not relieve
306 Broker of statutory obligations. For purposes of this Paragraph, Broker will be treated as a party to this contract.
307 This Paragraph will survive closing.
308 18. Commercial Real Estate Sales Commission Lien Act: If the Property is commercial real estate as defined by
309 Section 475.701, Florida Statutes, the following disclosure will apply: The Florida Commercial Real Estate Sales
310 Commission Lien Act provides that when a broker has earned a commission by performing licensed services
311 under a brokerage agreement with you, the broker may claim a lien against your net sales proceeds for the
312 broker's commission. The broker's lien rights under the act cannot be waived before the commission is earned.
313 19. Brokers: The brokers named below are collectively referred to as "Broker." Instruction to closing agent:
314 Seller and Buyer direct closing agent to disburse at closing the full amount of the brokerage fees as specified in
315 separate brokerage agreements with the parties and cooperative agreements between the Brokers, except to the
316 extent Broker has retained such fees from the escrowed funds. This Paragraph will not be used to modify any
317 MLS or other offer of compensation made by Seller or Seller's Broker to Buyer's Broker.
318• (a) Cogan Realty, LLC (Seller's Broker)
319• will be compensated by M Seller ❑ Buyer ❑ both parties pursuant to ❑ a listing agreement ❑ other
320• (specify): 30/6 of the purchase price
321• (b) NSA (Buyer's Broker)
322• will be compensated by ❑Seller ❑ Buyer ❑ both parties ❑ Seller's Broker pursuant to ❑ a MLS offer of
323- compensation ❑ other (specify):
Buyer &),(;__) and Seller ) ( ) acknowledge receipt of a copy of this page, which is 6 of 7 pages.
VAC -10 Rev 8114 v
Sadal#: 071798.900146.2196572
®Florida Realtors°
forfnsiInPlicity
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20. Additional Terms: See Exhibit "A" to Vacant Land Contract attached hereto and made a part hereof.
341 This is intended to be a legally binding contract. If not fully understood, seek the advice of an attorney before
342 signing. n
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Buyer: I` /
Print name: Cur Cogan
Buyer:
Print name:
Buyer's address for purpose
Address: c/o Charles R. Hari
Phone: 407-644-3080 A
Esquire, 1413 Trovillion Ave., Winter Park, FL 32789
Fax:
Date: q " 1 'b f' G
Date:
Email: charles@harrisonlawfirm.com
Seller: G Date:
Print name: Jeff Tripl , Ma of the City of Sanford
Seller: (Attest) Date: 07 —17--/
Print name: C nthi orter, City Clerk A14,0 /�" U
Seller's address for purpose of notice: f �C A
Address: 300 North Park Avenue, Sanford, FL 32771
Phone: 407-688-5000 Fax: Email:
Effective Date: 5 -12 --It- (The date on which the last party signed or initialed and delivered the
final offer or counter offer.)
Florida Realtors° and local Board/Association of REALTORS" make no representation as'fo the legal validity or adequacy of any provision
of this form In any specific transaction. This standardized form should not be used in complex transactions or with extensive riders or
additions. This form is available for use by the entire real estate industry and is not intended to identify the user as a REALTOR.
REALTOR`' is a registered collective membership mark that may be used only by real estate licensees who are members
of the National Association of REALTORS" and who subscribe to its Code of Ethics. The copyright laws of the United States (17 U.S.
Code) forbid the unauthorized reproduction of blank forms by any means including facsimile or computerized forms.
Buyer lam) (—i and Seller ( ) (} acknowledge receipt of a copy of this page, which is 7 of 7 pages.
VAC -10 Rev 8/14 0 Florida Realtors°
serials: 07179&900146-2196572
Exhibit "A"
To Vacant Land Contract
Notwithstanding anything to the contrary in this Vacant Land Contract including,
but not limited to, Paragraph 8(a)(i) the following Additional Terms shall control:
(1) Buyer may elect to extend the Feasibility Study Period ("FSP") (in which
case the $15,000 deposit shall be non-refundable but a credit against the Purchase Price)
up to 2 additional 30 day periods by paying $10,000 (each non-refundable deposit but a
credit against the Purchase Price) to the Seller for each additional 30 day extension. In
order to obtain the 1St 30 day extension to the FSP, Buyer must pay $10,000 to the Seller
before the end of the FSP. Thereafter, Buyer must pay $10,000 to Seller before the end
of the 1St 30 day extension to obtain the 2nd 30 day extension to the FSP.
(2) Before expiration of the FSP as may be extended as set forth above, Buyer
must deliver written notice to Seller of Buyer's determination of whether or not the
Property is acceptable. Buyer's failure to comply with this notice requirement will
constitute acceptance of the Property as suitable for Buyer's intended use in its "as is"
condition.
(3) The Closing Date shall be 15 days from the date of the expiration of the last
of: (a) 180 days from the Effective Date; (b) the 1St 30 day extension; or (c) the 2nd 30 day
extension unless prior to expiration of (a), (b) or (c), Buyer has delivered written notice to
the Seller the Property is unacceptable to Buyer; in which case,, this Vacant Land Contract
shall be deemed terminated. If Buyer deliver the foregoing written notice to Seller before
the expiration of 180 days from the Effective Date, Buyer's $15,000 deposit shall be
returned by Seller to Buyer.
(4) The Buyer shall apply for rezoning to the multi -family zoning district within
15 days of the approval of this contact by the City Commission.
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CITY COMMISSION MEMORANDUM 16.236.6
JULY 25, 20'16 AGENDA
To: Honorable Mayor and Members of the City Commission
PREPARED BY: Thomas George, Deputy City Manager
SUBMITTED BY: Norton N. Bonaparte Jr., City Manager
SUBJECT: Vacant Land Sale Contract for surplus land located near the Mayfair Golf
Course
STRATEGIC PRIORITIES:
❑ Unify Downtown & the Waterfront
❑ Promote the City's Distinct Culture
❑ Update Regulatory Framework
❑ Redevelop and Revitalize Disadvantaged Communities
SYNOPSIS:
Approval of a Vacant Land Sale Contract for a City owned parcel of land located at the corner of
Ridge Drive and Lake Avenue is requested.
FFISCALISTAFFING STATEMENT:
The Sale Contract is for a total price of $400,000 with a $15,000 initial deposit and a three percent
(3%) compensation to the Buyer's Broker for a net of $388,000 to the City. The sale price is
consistent with an Appraisal the City procured for this parcel.
BACKGROUND:
This City owned parcel is 5.57 acres in size and is located on the north side of Lake Boulevard and
between Country Club Road and Ridge Drive adjacent to the municipal golf course and bounded
by public maintained roads. This parcel was declared surplus by the City Commission in August
2015 and there are no future needs anticipated for the City.
The property appears to be a remnant parcel of Out Lot 1 as identified in the plat parcel for the
Loch Arbor Subdivision and the attached exhibits. The parcel is zoned Parks, Recreation and Open
Space (PRO) and various compatible uses and zoning classifications and could potentially be re-
zoned in the future for development. The proposed buyer intends to proceed through the rezone
process with the intention of obtaining multifamily zoning approval. This process could take up to
six months so the contract contains a one hundred eighty (180) day Feasibility Study Period (FSP)
during which the buyer would process the rezoning application. At any time during this feasibility
study period the buyer may elect to declare the property unsuitable for their use and, if done
timely, the original deposit will be returned. Buyer may elect to pay an additional deposit amount
to extend the FSP for two additional thirty (30) day periods if the rezoning process has progressed
satisfactorily but is not complete. These terms and conditions are detailed in Exhibit "A' of the
Vacant Land Contract (attached).
LEGAL. REVIEW:
The City Attorney has participated in preparation and approved the Vacant Land Contract.
RECOMMENDATION:
It is staff's recommendation that the City Commission approve the Vacant Land Sale Contract for
the City owned land parcel located on Ridge Drive across from Mayfair Golf Course and authorize
the Mayor to sign the contract.
MOTION:
"I move to approve the Vacant Land Sale Contract for the City owned land parcel located on Ridge
Drive across from Mayfair Golf Course and authorize the Mayor to sign the contract."
ATTACHMENTS:
Vacant Land Contract
Exhibit "A"
Site Photographs (2 pages)
Zoning Map
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