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822-Stanley Sandefur-Sale & Pur ' ":~i~ll'§ FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS® AND THE FLORIDA BAR. C ' , :~CbNTRACT FOR SALE -'It~ , 'J t ~HASE ,, ,, '~'FAR/BAR ' '1 P~TIE8: CZ~ O~ S~O~D, ~O~ZD~ ("Selle~'), 2 of 300 N. ~a~ Ave~ue, SapSoral, ~ 3277~ (Phone) ~07-330-5602 ~ and S~ ~. S~D~, and/o= ass~ ~s ("Buyer'): 4 ~ 806 ~ast 25~h St=eel, Sa~o~d, ~ 32 Z (Phone) ~07-32~-8200 5 here~ agree that Seller shall sell and Buyer shell bW the following desorib~ real prope~ and personal prope~ (colle~ive~ "Prope~') pumuant to the terms and condffions of this Oontm~ 6 for Sale and Purchase and any ridera and addenda CGontmct"): 7 L DESCRIPTION: (a) Legal description of the Real Prope~ Iocat~ in SemL~o~e Count, Flodda: S~ ~C~D. '8 9 10 '11 '12 13 14 (b) Street address, city, zip, ofthe Property is: 3770 S. Orlando Drive, Sanford, FL (c) Personal Property: None -15 II. IbURCHASE PRICE: ............................................................................................. $ 200,000.00 16 PAYMENT: '17 (a) DepositheldinescrowbyStenStrOItl, McIntosh (Escrow Agent) in the amount of .$ *10,000.0~ '18 (b) Additional escrow deposit to be made to Escrow Agent within days after Effective Date (see Paragraph lID in the amount of ....... $ * S e e addendure '19 (c) Subject to AND assumption of existing mortgage in good standing in favor of 20 having an approximate present principal balance of ......... $ '21 (d) New mortgage financing with a Lender (see Paragraph IV) in the amount of ................................................. · 22 (e) Purchase money mortgage and note to Seller (see rider for terms) in the amount of ............................................ $ · 23 (f} Other: ........................................................................................................ $ · '24 (g) Balance to close by U.S. cash or LOCALLY DRAWN cashier's or official bank check(s), subject to adjustments or prorations ............ $ 19 0,0 0 0.0 0 25 III. TIME FOR ACCEPTANCE OF OFFER; EFFECTIVE DATE; FACSIMILE: If this offer is not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing · 26 between the parties on or before May 31, 2000 ~thedep~sit(s~wi~~~atBuyer~s~pti~n.beretumedandthis~fferwithdrawn.F~rpurp~ses~fde~ivery~rnctice~f 27 execution, parties include Buyer and Seller or each of the respective brokers or attorneys. The date of Contract ("Effective Date") will be the date when the last one of the Buyer and Seller 28 has signed this offer. A facsimile copy of this Contract and any signatures hereon shall be considered for all purposes as an original. 29 IV. FINANCING: · 30 ~1 (a) This is a cash transaction with no contingencies for financing; .31 [] (b) This Contract is conditioned on Buyer obtaining a written loan commitment within days after Effective Date for (CHECK ONLY ONE): [] a fixed; [] an adjustable; or [] a · 32 fixed or adjustable rate loan in the principal amount of $ , at an initial intern, st rate not to exceed %, discount and odgination fees not to exceed __% of · 33 principal amount, and for a term of __ years. Buyer will make application within days (5 days if left blank) after Effective Date and use reasonable diligence to obtain a loan 34 commitment and, thereafter, to satisfy terms and conditions of the commitment and close the loan. Buyer shall pay all loan expenses. If Buyer fails to obtain a commitment or falls to waive 35 Buyer's fights under this subparagraph within the time for obtaining a commitment or. after diligent effort, fails to meet the terms and conditions of the commitment by the closing date, 36 then either party thereafter, by written notice to the other, may cancel this Contract and Buyer shall be refunded the deposit(s); or · 37 [] (c) The existing mortgage, described in Paragraph II (c) above, has: [] a variable interest rate; or [] a fixed interest rate of __.% per annum. At time of title transfer, some fixed · 38 interest rates are subject to increase; if increased, the rate shall not exceed __.% per annum. Seller shall furnish a statement from each mortgagee stating the principal balance, 39 method of payment, interest rate and status of mortgage or authorize Buyer or Closing Agent to obtain the same. If Buyer has agreed to assume a mortgage which requires approval 40 of Buyer by the mortgagee for assumption, then Buyer shall promptly obtain the necessary application and diligently complete and return it to the mortgagee. Any mortgagee charge(s), '41 not to exceed $ (1% of amount assumed if left blank), shall be paid by Buyer. If Buyer is not accepted by mortgagee or the requirements for assumption 42 are not in accordance with the terms of this Contract or mortgagee makes a charge in excess of the stated amount, Seller or Buyer may rescind this Contract by wdtten notice to the 43 other party unless either elects to pay the increase in interest rate or excess mortgage charges. · 44 V. TITLE EVIDENCE: At least 5 days before closing date, (CHECK ONLY ONE): [~1 Seller shall, at Seller's expense, deliver to Buyer or Buyer s attorney; or [] Buyer shall at Buyer's · 45 expense obtain (CHECK ONLY ONE): ~1 abstract of title; or ~1 title insurance commitment (with legible copies of instruments listed as exceptions attached thereto) and, after closing, an 46 owne~'s policy of title insurance. · 47 Vl. CLOSING DATE: This transaction shall be closed and the closing documents delivered on see addendu_m , unless modified by other provisions of this Contract. 48 VII.RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer shall take title subject to: comprehensive land use plans, zoning, restdbtions, prohibitions and other requirements imposed by 49 govemmenfal authority; restrictions and matters appearing on the plat or otherwise common to the subdivision; outstanding oil, gas and mineral rights of record without right of entry; public 50 utility easements of record (easements are to be located contiguous to real property lines and not more than 10 feet in width as to the rear or front lines and 7 1/2 feet in width as to the side 51 lines unless otherwise stated heroin)' taxes for year of closing and subsequent years; assumed mortgages and purchase money mortgages, if any (if additional items, see addendum); · 52 provibed, that there exists at closing no ~iolation of the foregoing and none prevent use of the Property for uses permitted in GC-2 zoning purpose(s). 53 VIII.OCCUPANCY: Seller warrants that there are no parties in occupancy other than Seller; but if Property is intended to be rented or occupied beyond closing, the fact and terms thereof 54 and the tenant(s) or occupants shall be disclosed pursuant to Standard F. Seller shall deliver occupancy of Property to Buyer at time of closing unless otherwise stated heroin. If occupancy 55 is to be delivered before closing, Buyer assumes all risks of loss to Property from date of occupancy, shall be responsible and liable for maintenance from that date, and shall be deemed 56 to have accepted Property in its existing condition as of time of taking occupancy unless otherwise stated heroin. 57 IX. TYPEVVRITTEN OR HANDVVRITTEN PROVISIONS: Typewritten or handwritten provisions, riders and eddenda shall control all pdnted provisions of this Contract in conflict with them. 58 X. RIDERS: (CHECK those riders which are applicable AND are attached to this Contract): · 59 [] COMPREHENSIVE RIDER [] HOMEOWNERS' ASSN. E] COASTAL CONSTRUCTION CONTROL LINE · 60 [] CONDOMINIUM ~1 "AS IS" [] INSULATION '61 [] VNFHA [] LEAD-BASED PAINT [] assign and ,hereby be ,e.eased from any f. rthe, ,,abi. .nde, this ontract; [] may assign but nct be re,eased frcm ,iab,,ity 64 XII. DISCLOSURES: 65 (a) Radon is a naturally occurring radioactive gas that when accumulated in a building in sufficient quantities may present health dsks to persons who are exposed to it OVertime. Levels of radon 66 that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding Radon or Radon testing may be obtained from your County Public Health unit. 67 (b) Buyer acknowledges receipt of the Florida Building Energy-Efficiency Rating System Brochure. 68 (c) If the real property includes pro-1978 residential housing then a lead-based paint rider is mandatory. 69 (d) If Seller is a '~oreign person" as defined by the Foreign Investment in Real Property Tax Act, the parties shall comply with that Act. 70 (el If Buyer will be obligated to be a member of a homeowners' association, BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE 71 HOMEOWNERS' ASSOCIATION DISCLOSURE. 72 XIII.MAXIMUM REPAIR COSTS: Seller shall not be responsible for payments in excess of: · 73 (a) $ 0.0 0 for treatment and repair under Standard D (if blank, then 2% of the Purchase Price). · 74 (b) $ 0.0 0 for repair and replacement under Standard N (if blank, then 3% of the Pumhase Price). · 75 XIV. SPECIAL CLAUSES; ADDENDA: If additional terms are to be provided, attach addendum and CHECK HERE 76 XV. STANDARDS FOR REAL ESTATE TRANSACTIONS: Standards A through W on the reverse side or attached are incorporated as a part of this Contract. 77 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. 78 THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS AND THE FLORIDA BAR. 79 Approval does not constitute an opinion that any of the terms and conditions in this Contract should be accepted by the parties in a particular transaction. Terms and conditions should be negotiated based upon the respective interests, objectives and bargaining positions of a~ into sted persons. 81 ..... CbPYRIGHT 1998 BY THE FLORIDA BAR AND THE FLORIDA A CIATION OF R RS ,.,1 " *82 83 (Buyer) Stanley H. Sandemur (D e) (Sell e) · 84 Social Security or Tax ID. # ~]¢' {t' :~ - 109,.,/1_,~' Social Security or Tax ID. # *85 86 *87 *88 89 *90 91 FAR/BAR-5 Revised 8/98 (Buyer) (Date) (Seller) (Date) Social Secudty or Tax ID. # Social Security or Tax ID. # Deposit under Paragraph II(a) received; IF OTHER THAN CASH, THEN SUBJECT TO CLEARANCE. (Escrow Agent) Stenstrom, McIntosh BROKER'S FEE: The brokers named below, including listing and cooperating brokers, are the only brokers entitled to compensation in connection with this Contract: Name: n/a Cooperating Brokers, if any Listing Broker Software and Added Formatting Copyright 1998 Alta Star Software, Inc. All Rights Reserved. (305) 279-8898 92 , STANDARDS FOR REAL ESTATE TRANSACTIONS 93 'A. EVIDENCE OF TITLE: (1) An abstract of title prepa~m%r brought current by a reputable and existing abstract firm (if p.'~isting then certified as correct by an exist ng firm) purporting 9z!jj~'~be an accurate synopsis of the instruments affectin,~ ~o the real property recerded in the public records ofthe coun, ;rein the real property is located through Effective Date. lt 95 shaft commence with the earliest public records, or such later date as may be customary in the county. Upon closing of this ~ontract, the abstract shall become the property of Buyer, subject 96 to the dght of retention thereof by first mortgagee until fully paid. (2) A title insurance commitment issued by a Flodda licensed title insurer agreeing to issue Buyer. upon recording of the 97 deed to Buyer, an owners policy of title insurance in the amount of the purchase price, insudng Buyers title to the reel property, subject only to liens, encumbrances, exceptions or 98 qualifications provided in this Contrsct and those to be discharged by Seller at or before closing. Seller shall convey marketable title subject only to liens, encumbrances, exceptions or 99 qualifications provided in this Contract. Marketable title shall be determined according to applicable Title Standards adopted by authority of The Flodda Bar and in accordance with 100 Buyer shall have 5 days from date of receiving evidence of title to examine it. If title is found defective, Buyer shall within said 5 days notify Seller in writing specifying the defect(s). If 101 defect(s) render title unmarketable, Seller will have 30 days from receipt of notice to remove the defects, failing which Buyer shall. within five (5) days after expiration of the thirty (30) day 102 period, deliver written notice to Seller either: (1) extending the time for a reasonable period not to exceed 120 days within which Seller shall use diligent effort to remove the detects; or (2) 103 requesting a refund of deposit(s) paid which shall be immediately returned to Buyer. If Buyer fails to so notify Seller, Buyer shall be deemed to have accepted the title as it then is. Seller 104 shall, if title is found unmarketable, use diligent effort to correct defect(s) within the time provided therefor. If Seller is unable to timely correct the defects, Buyer shall either waive the defects. 105 or receive a refund of deposit(s), thereby releasing Buyer and Seller from all further obligations under this Contract. If evidence of title is delivered to Buyer less than 5 days pdor to closing, 106 BUyer may extend closing date so that Buyer shall have up to 5 days from date of receipt of evidence of title to examine same in accordance with this Standard. 108 default if a ~ret mortgage and a 15-day grace pedod if a second or lesser mortgage; sha provide for dght of prel~meni%Au;h;le or in pa;t ;~'~' ~;l~;;~ji.J~.~ :Z'~e,eration' in event of 109 transfer of the real property; shall require all pdor liens and encumbrances to be kept in good standing and forbid modifications nf r,r ~ 't~:r; ~,.jvdl ~C~S under prior mortgage(s); sha~ require Buyer 110 to maintain pofioies of insurance containing a standard mortgagee clause coredrig all improvements Inr-=f~.~ c.,. U ,,~ ~ ~ai property against fire and all perils included within the term "extended 111 coverage endorsements" and such other risks and pedls as Seller may reR=n,~M'/. ~fui, u. it'~ an amount equal to their highest insurable value; and the mortgage, note and security agreement 112 shall be otherwise in form anFI ??ntent required hV ~^!~:,.Z, L, ut caller may only require clauses and coverage costomadly found in mortgages, mortgage notes and secudly agreements .qenerallv 116 surveyor. If the survey discloses encroaohments on the real property or that improvements located thereon encroach on setback lines, easements, lands of others or violate any restrictions, 117 Contract covenants or applicable governmental regulation, the same shall conetitute a title defect. 118 D. TERMITES/WOOD DESTROYING ORGANISMS: Buyer, at Buyers expense, within the time allowed to deliver evidence of title, may have the Property inspected by a Florida Certified Pest 11 9 Control Operator ("Operator') to determine if there is any visible active termite infeetation or visible damage from termite infestation, excluding fences. If either or both are found, Buyer shall have 120 4 days from date of written notice thereof within which to have cost of treatment, if required, estimated by the Operator and all damage inspected and estimated by a licensed builder or genersl 121 contractor. Seller shall pay valid costs of treatment and repair of all damage up to the amount provided in Paragraph XI II(a). If estimated costs exceed that amount, 8dyer shall have the option 122 Of Oanceling this Contrsct within 5 days after receipt of contractors repair estimate by giving written notice to Seller or Buyer may elect to proceed with the transaction and receive a credit at 123 clOSing on the amount provided in Paragraph XII l(a). "Termites" shal~ be deemed to include all wood destroying organisms required to be reported under the Florida Pest Control Act, as amended. 124 E. INGRESS AND EGRESS: Seller warrants and represents that there is ingress and egress to the real property sufficient for its intended use as described in Paregrsph VII hereof, title 125 to which is in accordance with Standard A. 126 F. LEASES: Seller shall, not less than 15 days before dosing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying the nature and duration of the tenant's 127 Ocoupancy. rental rates, advanoed rent and security deposits paid by tenant. It Seller is unable to obtain such letter from each tenant, the same information shall be furnished by Seller to Buyer 128 within that time period in the form of a Sellers affidavit, and Buyer may thereafter contact tenant to confirm such information. Seller shall, at dosing, deliver and assign all original leases to Buyer, 129 G. LIENS: Seller shall furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statement. claims of lien or potential 130 lienors known to Seller and further attesting that there have been no improvements or repairs to the real prope~'y for 90 days immediately preceding date of dosing. If the real property has 131 been improved or repaired within that time, Seller shall deliver releases or waivere of conetruotion liens executed by all general contractors, subcontractors, suppliers and materialmen in 132 addition to Sellers lien affidavit setting forth the names of all such general contractors, subcontractors, suppliere and materialmen, further affirming that all charges for improvements or 133 repairs which could serve as a basis for a construction lien or a claim for damages have been paid or will be paid at the closing of this Contract. 134 N. PLACE OF CLOSING: Closing shall be held in the county wherein the reel property is located at the office of the attorney or other dosing agent ("Closing Agent") designated by Seller. 135 I. TIME: in computing time pedods of less than six (6) days, Saturdays, Sundays and state or national legal holidays shall be excluded. Any time periods provided for herein which shall 136 end on a Saturday, Sunday, or a legal holiday shall extend to 5:00 p.m. of the next business day. Time is of the essence in this Contract. 137 J. CLOSING DOCUMENTS: Seller shall furnish the deed, bill of sale, construction lien affidavit, owners possession affidavit, assignments of leases, tenant and mortgagee estoppel letters 138 and corrective instruments. Buyer shall furnish dosing statement, mortgage. mortgage note, seoudty agreement and financing statements. 139 K. EXPENSES: Documentary stamps on the deed and recording of corrective instruments shall be paid by Seller. Documentary stamps and intangible tax on the purchase money mortgage 140 and any mortgage assumed, mortgagee title insurance commitment with related fees, and recording of purchase money mortgage to Seller, deed and financing statements shall be paid 141 by Buyer. Unless otherwise provided by law or rider to this Contract, charges for the following related title services, namely title or abstract charge, title examination, and settlement and 142 dosing fee, shall be paid by the party responsible for furnishing the title evidence in accordance with Paragraph V. 143 L. PRORATIONS; CREDITS: Taxes, assessments, rent, interest, insurance and other expenses of the Property shall be prorated through the day before dosing. Buyer shall have the option 144 of taking over existing policies of insurance, if assureable. in which event premiums shall be prorated. Cash at dosing shall be increased or decreased as may be required by prorations to 145 be made through day prior to dosing, or occupancy, if occupancy ocoure before dosing. Advance rent and security deposits will be credited to Buyer. Escrow deposits held by mortgagee 146 will be credited to Seller. Taxes shall be prorated based on the current years tax with due allowance made for maximum allowable discount, homestead and other exemptions. If closing 147 occurs at a date when the ourrent years millage is not fixed and current years assessment is available, taxes will be prorated based upon such assessment and prior years millage. If 148 current years assessment is not available, then taxes wilt be prorated on prior years tax. If there are completed improvements on the real property by January I st of year of dosing, which 149 improvements were not in existence on JanuaW I st of prior year. then taxes shall be prorated based upon prior years millage and at an equitable assessment to be agreed upon between 150 the patties; failing which, request shall be made to the County Property Appraiser for an informal assessment taking into account available exemptions. A tax proration based on an estimate 151 shall. at request of either party, be readjusted upon receipt of tax bill on condition that a statement to that effect is signed at closing. 152 M. SPECIAL ASSESSMENT LIENS: Certified, confirmed and ratified special assessment liens as of date of dosing (not as of Effective Date) are to be paid by Seller. Pending liens as of 153 date of closing shall be assumed by Buyer. If the improvement has been substantially completed as of Effective Date, any pending lien shall be considered certified, confirmed or ratified 154 and Seller shall, at closing, be charged an amount equal to the last estimate or assessment for the improvement by the pubrio body. 158 inspections made of those items within 20 days after the Effective Date, by a firm or individual specializing in home inspections and holding an occup~,'-:.;-..~ense for such purpose (if required) 159 or by an appropriately licensed Florida contractor, and Buyer shall, prior to Buyer's occupancy but not more than 20 days after Effective Date, m_n~ ;,. writing to Seller such items that do not meet 160 the above standards as to defects. Unless Buyer timely reports such defects, Buyer shall be deemed to have waived Sellers?-.. ~a~ ~tlesas to defects not reported. If repaire or replacements are 161 required to comply with this Standard, Seller shall cause them to be made and shall pay up to the amount provEN-:N~ gF~r~grsph XII I (b). Seller is not required to make repairs or replacements of 162 a Cosmetic Condition unless caused by a defect Seller is responsible to repair or replace. If the cncf ~.';~ ouc~ Fepair or replacement exceeds the amount provided in Paragraph XIIl(b), Buyer or Seller 163 may elect to pay such excess, failing which either party may cancel this Contract. If S-!~^.-- ;.~u; ~ble to correct the defects prior to closing, the cost thereof shall be paid into escrow at closing. 164 Seller shall, upon reasonable notice, provide utilities service and access tn +h~-~,t~jpeFty for inspections, including a walk-through pdor to closing, to confirm that all items of personal properly are 165 on the real property and, subject to the foregoing, that all ren~_,;%j ~e~Sairs and replacements have been made and that the Property, including. but not limited to, lawn, shrubbery and pool, if any, 166 has been maintained in the condition existinq a~_~f-.",rective Date, ordinaW wear and tear excepted. For purposes of this Contract: (a) 'Working Condition" means operating in the manner in which 167 the item was designed to operated(b,~ "Gu~nehc Condition" means aesthetic imperfections that do not affect the working condition of the item, including, but not limited to: pitted marcite; missing 168 or tom screens; fogarid ".~, ,doves; tears. worn spots, or discolorstion of floor coverings, wallpaper, or window treatments; nail holes, scratches, dents, scrapes, chips or caulking in ceilings, walls, 169 ~oodn~,_ _fi_vt, 'r.~, or'rnirrors; and minor cracks in flogre, tiles, windows, driveways, sidewalks, or pool decks; and (c) cracked roof tiles, cuding or worn shingles, or limited roof life shall not be 172 Cost-of restoration shall be an obligation of Seller and closing shall proceed pureuant to the terms of this Cnntmet ,,~ifh ""'f"r:t~nr ..... [., c~.~ uwuu dL Closing. it the COst of restoration ex~eed's 173 3% of the assessed valuation of the Property .~n rl~rn~CnH' _r1::¥,,,;, .~,~.,u;; ;.uv~ d I~ upuon el e~ther taking the Property as is, together with either the 3% or any insursnce proceeds payable 175 P. PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. If an abstract of title has been furnished, evident;:"eli title shall be continued at 176 Buyers expense to show title in Buyer, without any encumbrances or change which would render Sellers title unmarketsble from the date of the last evidence. All closing proceeds shall 177 be held in escrow by Sellers attorney or other mutually acceptable escrow agent for a period of not more than 5 days after closing date. If Sellers title is rendered unmarketable, through 178 no fault of Buyer, Buyer shall, within the 5-day period, notify Seller in wnting of the defect and Seller shall have 30 days from date of receipt of such notification to cure the defect. If Seller 179 fails to timely cure the defect, all deposit(s) and closing funds shall, upon written demand by Buyer and within 5 days after demand, be returned to Buyer and, simultaneously with such 180 repayment, Buyer shall return the pereonal property, vacate the real property and reconvey the Property to Seller by special warranty deed and bill of sale. If Buyer fails to make timely 181 demand for refund, Buyer shall take title as is, waiving all dghts against Seller as to any intervening defect except as may be available to Buyer by virtue of warrsnties contained in the deed 182 or bill of sale. If a portion of the purchase price is to be derived from institutional financing or refinancing, requirements of the lending institution as to place, time of day and procedures for 183 closing, and for disbursement of mortgage proceeds shall control over contrary provision in this Contrsct. Seller shall have the right to require from the lending institution a written 184 commitment that it will not withhold disbursement of mortgage proceeds as a result of any title defect attributable to Buyer-mortgagor. The escrow and closing procedure required by this 185 Standard shall be waived if the title agent insures adverse mattere pureuant to Section 627.7841, F.S., as amended. 186 Q. ESCROW: Any escrow agent ("Agent") receiving funds or equivalent is authorized and agrees by acceptance of them to deposit them promptly, hold same in escrow and, subject to 187 clearsrice, disburse them in accordance with terms and conditions of this Contrsct. Failure of funds to clear shall not excuse Buyers performance. If in doubt as to Agents duties or liabilities 188 under the provisions of this Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow until the parties hereto agree to its disbursement or until a judgement 189 of a court of competent jurisdiction shall determine the rights of the parties, or Agent may deposit same with the clerk of the circu it court having jurisdiction of the dispute. Upon notifying all '190 parties concerned of such action, all liability on the part of Agent shall fully terminate, except to the extent of accounting for any items previously delivered out of escrow. If a licensed real 191 estate broker, Agent wilt comply with provisions of Chapter 475, F.S., as amended. Any suit between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, 192or in any suit wherein Agent interpleads the subject matter of the escrc'~:, Agent shall recover reasonable attomey's fees and costs incurred with these amounts to be paid from and out of 193 the escrowed funds or equiva. lent and charged and awarded as court costs in favor of the prevailing party. The Agent shall not be liable to any party or person for misdelivery to Buyer or 194 Seller of items subject to the escrow, unless such misdelivery is due to willful breach of the provisions of this Contract or gross negligence of Agent. 195 R. ATTORNEY'S FEES; COSTS: In any litigation, including breach, enforcement or interpretation, arising out of this Contrect. the prevailing party in such litigation, which, for purposes of 196 this Standard, shall include Seller, Buyer and any brokere acting in agency or nonagency relationships authorized by Chapter 475, F.S., as amended, shall be entitled to recover from the 197 noneprevailing party reasonable attorneys fees, costs and expenses. 198 S. FAILURE OF PERFORMANCE: If Buyer fails to perform this Contract within the time specified, including payment of all deposits, the deposit(s) paid by Buyer and deposit(s) agreed to 199 be paid, may be recovered and retained by and for the account of Seller as agreed upon liquidated damages, consideration for the execution of this Contract and in full settlement of any 200 claims; whereupon, Buyer and Seller shall be relieved of all obligations under this Contract; or Seller, at Sellers option, may proceed in equity to enforce Sellers dghts under this Contract. 20'I Iffer any reason other than failure of Seller to make Sellers title marketable after diligent effort, Seller fails, neglects or refuses to perform this Contract, Buyer may seek specific performance 202 or elect to receive the return of Buyers deposit(s) without thereby waMng any action for damages resulting from Sellers breach. 203 T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE: Neither this Contract nor any notice of it shall be recorded in any public records. This Contract shall bind and inure 204 to the benefit of the parties and their successors in interest. Whenever the context permits, singular shall include plural and one gender shall include all. Notice given by or to the attorney 205 for any party shall be as effective as if given by or to that party. 206 U. CONVEYANCE: Seller shall convey title to the real property by statutory warranty, trustee's, personal representative's or guardian's deed, as appropriate to the status of Seller, subject 207 only to matters contained in Paragraph VII and those otherwise accepted by Buyer. Personal property shall, at the request of Buyer, be transferred by an absolute bill of sale with warrsnty 208 of title, subject only to such matters as may be otherwise provided for heroin. 209 V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this Contract. No modification to or change in this 210 Contract shall be valid or binding upon the parties unless in wdting and executed by the party or patties intended to be bound by it. 211 W. WARRANTY: Seller warrants th are o facts known to Seller materially affe 'ng t value of the Property wh ch are not readily observable by Buyer or which have not been ~isc,0sed to Buyer. "U;~ )and Seller ~ ( ) ackno. wledg, receipt of a copy o,f this page. FAR/BAR-5 Rev. 8/98 COPYRIGHT 1998 THE FLORIDA BAR AND THE FL~SOCIATION OF REALTORS®' Software © 1998 Alta Star Software Inc. All rights reserved. ADDENDUM TO CONTRACT This Addendum modifies that certain Contract for Sale and Purchase (hereinafter "Contract:") by and between CITY ?F/~NFORD, as SELLER, and STANLEY H. SANDEFUR, as BUYER, dated ,2000. WHEREAS, the Buyer and Seller have agreed to modify such Contract in accordance with conditions and provisions as hereinafter provided in this Addendum. NOW THEREFORE, for and in consideration of the premises contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto do hereby agree as follows: 1. INSPECTION PERIOD. BUYER shall have ninety (90) days from and after the Effective Date of this Agreement, to make and conduct, and to approve or disapprove, in its sole discretion, the results of the following applications, inspections and investigations (hereinafter for convenience collectively referred to as the "Investigations"), all of which will be conducted at Buyer's sole cost and expense: (a) Physical inspection of the Premises. (b) Investigations to determine the availability of necessary utilities for operation of the Premises. (c) Investigations to determine that existing zoning and other requirements of governmental authorities will permit operation of the Premises as and for Buyer's desired purpose. (d) Such soil studies, engineering and architectural analyses and studies as Buyer may desire. (e) Demographic studies, market analyses, traffic counts, traffic flow patterns, and the like. (f) The obtaining of such approvals, consents, authorizations and the like by governmental authorities as Buyer may deem appropriate. (g) Investigation of any other matter or thing which Buyer deems appropriate concerning the Premises. Buyer may at any time prior to the expiration of the Inspection Period terminate this Agreement by written notice to Seller and all parties shall be released from further liability hereunder. In the event Buyer fails to terminate this Agreement on or before the expiration of the Inspection Period, Buyer's right to terminate this Agreement by reason of any matter or condition which either was, or could have been disclosed, in or by virtue of the investigations prior to the expiration of the Inspection Period shall cease, such that unless Buyer elects to terminate this Agreement on or before expiration of the Inspection period as aforesaid, Buyer shall be obligated to close hereunder with Seller. SELLER shall provide BUYER with all surveys, drawings, and engineering data in its possession to assist BUYER with its due diligence. BUYER shall return said items to SELLER in the event either party defaults hereunder. 2. The initial deposit of $10,000.00 as described in paragraph II of the Contract is due and payable in full within ninety (90) days of the effective date of the Contract unless during said ninety (90) day period, Buyer elects to terminate this contract as described above. 3. The Closing shall occur thirty (30) days after the certificate of occupancy is issued on the new fire station which is under construction. Date: ,2000 Date: 2"/ ,2000 ~A/'Dale, Mayor Stanley H. Sandefur 2 "As Is" Rider to the gE i2e w,;-T'il :lnel--.,ei, nl-...- FLORIDA ASSOCIATION OF REALTORS~ AND THE FLORIDA BAR [This Rider is intended for use in conjunc~on with Paragraph X of the Florida Association of REALTORS and The Florida Bar (FA~BAR) contact for Sale and Purchase (1995 ed.)] The following clauses amend and are made a part of the Contract for Sale and Purchase ("Contract') first dated the __ day of , , by and between CITY OF SANFORD, FLORIDA (Seller) and STANLEY H. SANDEFUR, and/or assigns (Buyer). In accordance with the provisions of Standard 'V", which allows modifications and changes to the Contract, Buyer and Seller agree as follows: 1. Seller's Warranties and Representation; ObliQation with Respect to the Property; Limitations (a) Paragraph XIII and Standard "D" and Standard "N" are deleted. (b) This Rider does not relieve Seller of Seller's obligations under Standard '~/V" for facts known to Seller. However, except as required in this Rider and in Standard '~/V", Seller extends and intends no warranty and makes no representation of any type, either express or implied, as to the physical condition or history of the Property. (c) Seller has received no written or verbal notice from any govemmental entity or agency as to a currently uncorrected building, environmental or safety code violation. (d) Subject to the provisions and limitations of this Rider, Buyer waives any claims against Seller and, to the extent permitted by law, against any licensee involved in the negotiation of the Contract, for any defects or other damage that may exist at closing of the Contract and be subsequently discovered by the Buyer or anyone claiming by, through, under or against the Buyer. 2. Inspection Period and Rklht to Cancel (a) Buyer shall have ~2;~ days from Effective Date ("Inspection Period") wiffiin which to have such inspections of the Property performed as Buyer shall desire and utilities shall be made available by the Seller during the Inspection Period. (b) Buyer shall be responsible for prompt payment for such inspections and repair of damage to and restoration of the Property resulting from such inspections. This provision shall survive termination of the Contract. (c) If Buyer determines, in Buyer's sole discretion, that the condition of the Property is not acceptable to Buyer, Buyer may cancel the Contract by delivering facsimile or written notice of such election to Seller within 48 hours after expiration of the Inspection Period. If Buyer timely cancels the Contract, the deposit(s) paid shall be immediately returned to Buyer; thereupon, Buyer and Seller shall be released of all further obligations under the Contract, except as provided in Subparagraph 2.(b), above. 3. Maintenance Seller shall maintain the Property, including, but not limited to, the lawn, shrubbery and pool, if any, in their respective conditions, existing as of the end of the Inspection Period, ordinary wear and tear excepted. Buyer shall be permitted access to the Property prior to closing, with utilities provided by Seller, for a walk-through to confirm that all items of Personal Property are located on the Real Property and that the Property has been maintained in accordance with the provisions of this paragraph. BUYER Stanley H. Sandefur Date S e BUYER Date SELLER ASR-2 Rev. 9/96 © The Florida Bar and the Florida Association of REALTORS® Software and added formatting © 1998 Alta Star Software, Inc. All rights reserved. (305) 279-8898 Date ALTA STiR SO~TWARF