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765-Bishop & Buttrey-Mill Creek ' Cxb ~f '~ ' The Greater Orlando Vacant Land Contract """ '* '- Association of FLORIDAASSOCtATIONOFREALTORS® I~,, JU[. 27 R-112:[2 ¢ REALTORS® 1 PARTIES AND DESCRIPTION OF PROPERTY 2' 1. SALE AND PURCHASE: Bishop & nn.ttrey, Tnn. ("Seller") a' and the City of Ranfor:]' ("Buyer") 4 agree to sell and buy on the terms and conditions specified below the property ("Property") described as: s* Address: 6' Legal Description: See atta. ch~ibit A, all loca'i-ed in R35, T'I9R, R30F,, 7' Seminoli~ County: Florida. s' 9' ~2, including all improvements and the following additional property: Tm~rovements as cletailed in ehibit B, ~3 PRICE AND FINANCING ~4' 2. PURCHASE PRICE: $ 9 5 0 ~ 0 0 0 payable by Buyer in U.S. funds as follows: ~s- (a} $ N /A Deposit received (checks are subject to clearance) ,19 .: . by 1 s' for ("Escrow Agent") 17 Sl~lnature Name Of Company b (see 18, additiona~gterms,) ~a' (b)$ 950,000 Additional deposit to be made y . , ~9' (c) N/A Total Financing (see Paragraph 3 below) (express as a dollar amount or percentage) 20' (d) $ N/A. Other: a' (e) $ -0- Bala~ce4o.,ciose (not including Buyer's closino costs prepaid items and ororafions 22 ~..,",,'.~,: p'C'd al dos""!'; mus: ~';,.'-'. :}~ d :~.y l:x:;'.. ,::a.'," ,'.'..~!~ · '::~ :;",~Q~ c" ,',,'.su L.:'cs. 23' Q (f) (complete only if purcl 7, s:~ F: c-~ ,'., :: :i :;:.t :~r ' .:on :;a:,;a ,,~- ? :re: .,.: c.c,,< ns;ea.:: 2" ::, :'.xcc. i'..r co.. "'e 24, used to determine the purcl'.;;!~.:., i. ;,, ',, .J .,:: J ,!::: .::'. J sq:,.:re ;o;.n J s';!:.' .~:,::ec.,: ......... 25' prorating areas of less than '..! ', .... :i.!. ':': i:..r:~' ..=f: ::. :!' :.'., .'.. '.;r; S ............ pc' ....: ::~.!s:.:: 26 total area of the Property as co': ;.e;: :: Buyer ar=c Seiler c. a :: c-da-=:;,:-so',:: su".e.. 2' r' a:':::.r.L:a':ce: ,', 'h ;:,-:,'-,~, .... · · ....... ." '^r' ' 27* 8(C) Of this Contract. The foil:: .',',':',:2 "Z;":'s .':.: .'.::L a' r:: i: c:' ars, as w!,. be: exc ..:.:::.: ','::,, :" r; oh::: .: ~:! :": 28' 29* 3. CASH/FINANCING: (Check as .:!;::: ::au c.' ',,.I ia) Buyer :.: ;ray %s" ~:: :79 P' :::.';;':: .'.,l" :'c ~,-.ar~;:.n~ csn;:":.',,e":,. Ca (b) This Contract is conting'.T,: :;'. Buyer z;,. :;..,'. ," ~ ~;r'.'. ;;.'.',';:: .: '.g :::~.! commit::'.::".!.~..::r ::~;;;':':!,;.; .s' !;::.";.: 1'..:3 cs.:: .".' A,:h,:~ __. days from Effective Da',c ,' e": ;.:'a'k ::::!" (:;:..~.',.'..~ DcJ..-'; :~: :2f) d&y,; fr'e,:' Bloc: .c i:.'.;.;.. ,'.!'.:",;.'., c:;::urs .,'s:. Buyer a2' will apply for financing within __. _ .:':,%.s f.;: "' Eflec: .e Z~,;:; .5 :;a..:~ ".:.~fi :~;~.'-r:k. ,. '.:~[.::': .:a:'cn :;e" '.':::":. a:'.:j .v :': ;:c=.. ;:.',r ::.'; c;o 3a any and all credit, employment, i~nanc~a, and o~ner information requ~rac~ ~ he lender. It Buyer, after using diligence and a4 good faith, cannot obtain the financing, either party may cancel this Cont .~nd Buyer will return to Seller all title evidence a5 and surveys provided by Seller, and Buyer's deposit(s) will be returned after Escrow Agent receives proper authorLzation from 36 all interested parties, Buyer will pay all loan expenses, including the lender's title insurance policy. 37' Q (1} New Financing: Buyer will secure a commitment for new third party financing for $ or 3s' __% of the purchase price at the prevailing interest rate and loan costs. Buyer will keep Seller and Broker fully 39 informed of the loan application status and progress and authorizes the lender or mortgage broker to disclose 4o such information to Seller and Broker, 4r' Q (2) Seller Financing: Buyer will execute a Q first Q second pumhase money note and mortgage to Seller in the 42' amount of $ , bearing annual interest at. % and payable as follows: 44 The mortgage, note, and any security agreement will be in a form acceptable to Seller and will follow forms generally 45 accepted in the county where the Property is located; will provide for a late payment fee and acceleration at the 46 mortgagee's option if Buyer defaults; will give Buyer the right to propay without penalty all or part of the principal at any 47 time(s) with interest only to date of payment; will be due on conveyance or sale; will provide for release of contiguous 48 parcels, if applicable; and will require Buyer to keep liability insurance on the Property, with Seller as additional named 49 insured. Buyer authorizes Seller to obtain credit, employment and other necessary information to determine 5o creditworthiness for the financing. Seller will. within 10 days from Effective Date, give Buyer written notice of whether or 5~ not Seller will make the loan. This Contract is not assignable without Seller's written consent. 52' Q (3) Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to 53' 54' LN# in the approximate amount of $ currently payable at 55" $ per month including principal, interest, Q taxes and insurance and having a Q fixed Q other ss' "(describe) 57' interest rate of . % which Q will Q will not escalate upon assumption. Any vadance in the mortgage will be 58 adjusted in the balance due at closing with no adjust,ment to purchase price. Buyer will purchase Seller's escrow 59' account dollar for dollar. If the lender disapproves Buyer, or the interest rate upon transfer exceeds __2/0 or the co' assumption/transfer fee exceeds $ , either party may elect to pay the excess, failing which this 6~ agreemen~ will terminate and Buyer's deposit(s) will be returned. 62 CLOSING 63 4, CLOSING DATE; OCCUPANCY: This Contract will be closed and the deed and possession delivered on or before 18 e4' *~.P-,,~.B..~%~gff~j2~ ........~9 , unless extended by other provisions of this Contract. if on Closing Date insurance 65 underwriting is suspended, Buyer may postpone closing up to 5 days. 66' Buyer(,, . ./( )and Seller( )( )acknowledge receipt of a copy of this page, whichis page l of 4 Pages. VAC-2 1 ~.296 ©1996 Florida Association of RSALTORS® All Rights Reserved LICENSED TO THE GREATER ORLANDO ASSOCIATION OF REALTORS® [] 1~ DEFAULT AND DISPUTE RESOLUTION 13. DEFAULT: (a) Seller Default: If for any reason other than failure of Seller to make Seiler's title marketable after diligent effort, Seller fails, refuses or neglects to perform this to neglects to substantially complete the construction of the retention pond(s) as outhned in Exhibit return of Buyer's deposit and utilize the deposit to complete the project. Upon completion of the project and transfer of title to Buyer, any unutilized funds remaining from the deposit shall be paid to the account of Seller, its successors or assigns. (b) Buyer Default: If Buyer fails to perform the Contract within the time specified, including timely payment of all deposits, Seller may chose to retain and collect all deposits paid and agreed to be paid as liquidated damages or to seek specific performance as per Paragraph Ir/S. 14, DISPUTE RESOLUTION: This Contract will be construed under Florida law. All controversies, claims, and other matters in question between the parties arising out of or relating to this Contract or its breach will be settled as follows: (a) Buyer and Seller will have 30 days from the date a dispute arises between them to attempt to resolve the matter through mediation, failing which either party may bring suite in Seminole County, Florida, to resolve the issues. (b) Mediation; Expenses and Attorney's Fees: Mediation is a process in which parties attempt to resolve a dispute by submitting it to an impartial mediator who facilitates the resolution of the dispute but who is not empowered to impose a settlement on the parties. Mediation will be in accordance with the rules of American Mediation Association or other mediator agreed on by the parties. The parties will equally divide the mediation fee, if any, If the matter is subject to litigation, the prevailing party is entitled to recover their attorney's fees and court costs. Buyer( )( )andSeller( )( ) acklmwledge receipt of a copy of ~is page, which is Page 3.5 of 4 Pages. ExtnDg B Retention Pond " ~' S35, T19S, R30E t'~ Cormtry Club Drive, Sanford Seller shall provide the following: 1. Maximum area of ponds permittable, with a minimum of 35 acres, in two ponds separated by a jurisdictional area. 2. 4:1 side slops and maximum excavatable depth as called for by SJRWIVID regulations. 3. Connection to existing City retention pond by open canal as detailed by CPH Engineers (June 11, 1999). 4. Sodding of side slopes. All pond side slopes, above the normal water level, and 18" beyond the top of slope will be sodded with Argentine Bahia. Note: Littoral shelf with planrings may be required at top of side slopes for mitigation of wetland impacts. This will be installed by Seller as needed. 5. A mutually agreeable completion schedule, tied to construction of the "Missing Link" will be worked out between Buyer and Seller. 6. Stabilized roads around ponds, where possible. In areas of littoral shelf plantings, roadways will not be constructed. 7. Fencing as detailed in CPH specifications, attached. 8. Seller reserves the right to fill a portion of one of the ponds with muck, and f[}q establish additional wetlands for mitigation, so long as storm water storage (~ capacity is not reduced. shall provide: 2~'c/.a'.w, vt~ 2~,~,'~'D /7~t,q~r,,,~,,v~', 1. Excavation permits as required, including excavation of public road right-of-ways within the property, use of city streets for haul roads will be allowed. 2. Zero setbacks from adjoining property, except where 12' service road is required. Setbacks will be 12' in this area. 3. Outfall piping will be installed by the Buyer. 4. Buyer will assist Seller to obtain permits from all agencies. 5. Buyer will provide Seller a "first right of refusal" to any fill material generated from the Pineburst Park Project, during the life of this contract. 6. Buyer will assist Seller in attempting to remove the railroad easement on the south end of the property. SELLER: BUYER: BISHOP & BUTTREY, INC., CITY OF SANFORD, A Florida Municipal Corporation so President ATTEST: Date: 7-Z~- ~1999 Date:(5~ c>D,'7 ,1999 Sent by: CPH Eng~.neePS Inc 407 330 06~9; 06.~11/99 4:01PM;J~,lJSl~#739~Page 2/1t T~ ~2~, ~ ~-~.~z~? JO~ NO. ~O G O~- [ ~ Ch~ke~ ~y Date _ SU~ECT Div. of Work Shee~ No, of ;..:;~