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HomeMy Public PortalAboutExtension Addendum-Foxwood PropertiesExtension Addendum to Contract Real Estate Lavin The following date and/or time period(s) of the Contract for Residential Sale and Purchase , Residential Contract for Sale and Purchase, Vacant Land Contract, or Commercial Contract with the Effective date of 2/26/2020 between Foxwood of Crestview, LLC ("Seller") and City of Crestview ("Buyer") concerning the Property located at 4927 Antioch Rd, Crestview, FL is hereby extended. (check whichever apply) O Closing Date. Seller and Buyer agree to extend the Closing Date until June 29, 2020 ❑ Financing Period. Seller and Buyer agree to extend the Commitment Period, Loan Approval Date, or Financing Period for an additional days or until O Inspection Period. Seller and Buyer agree to extend the Inspection Period for an additional days or until ❑ Title Cure Period. Seller and Buyer agree to extend the Curative Period or Cure Period for an additional - days or until ❑ Short Sale Approval Deadline. Seller and Buyer agree to extend the Approval Deadline for an additional days or until ❑ Feasibility Study Period. Seller and Buyer agree to extend the Feasibility Study Period for an additional days or until ❑ Due Diligence Period. Seller and Buyer agree to extend the Due Diligence Period for an additional days or until This extension will be on the same terms and conditions as stated in the original contract except: All other non -conflicting terms of the contract remain in full force and effect. l�o�ewt ,Bevrett, (Tim 4/21/2020 Seller Date Seller Date Date ;/2 7/2-021) Date EA-3 Rev 8/19 Serial#: 056152-600158-7468980 ©2019 Florida Realtors" Form Pad "'iI f'& 193 CITY OF CRESTVIEW Item # 10.2. Staff Report CITY COUNCIL MEETING DATE: February 24, 2020 TYPE OF AGENDA ITEM: Action Item TO: Mayor and City Council CC: City Manager, City Clerk, Staff and Attorney FROM: Tim Bolduc, City Manager DATE: 2/20/2020 SUBJECT: Foxwood Purchase Agreement BACKGROUND: The City Council instructed the City Manager to work with the City Attorney and the representatives from LivingRight Realty to negotiate the purchase of Foxwood Country Club for the not to exceed amount of 1.4 million dollars. DISCUSSION: The attached agreement is the result of the negotiations to purchase the Foxwood country club property. Staff is asking for final approval of the purchase as proposed in the agreement and for permission for the Mayor to execute any documents necessary to complete the transaction. GOALS & OBJECTIVES This item is consistent with the goals in A New View Strategic Plan 2020 as follows; Foundational- these are the four areas of focus that make up the necessary foundation of a successful local government. Financial Sustainability- Achieve long term financial sustainability Infrastructure- Satisfy current and future infrastructure needs Communication- To engage, inform and educate public and staff Quality of Life- these six areas focus on the overall experience when provided by the city. Community Character- Promote desirable growth with a hometown atmosphere Safety- Ensure the continuous safety of citizens and visitors Opportunity- Promote an environment that encourages economic and educational opportunity Play- Expand recreational and entertainment activities within the City Community Culture- Develop a specific identity for Crestview FINANCIAL IMPACT The funding necessary to purchase the property was recently approved buy City Council. Paae 180 of 103 RECOMMENDED ACTION Staff respectively requests City Council approval of the negotiated terms of this agreement. Staff additionally requests Council approval for the Mayor to execute any and all documents to accomplish this purchase. Attachments 1. FoxwoodAgreement (1) Paae 183 of 102 Commercial Contract 1 1. PARTIES AND PROPERTY: City of Crestview 2 agrees to buy and Ft.ixwuud Cou►ttty Club, Inc. 3 agrees to sell the property at: Foxwood of Crestview, LLC ADEN- 4 Street Address: 4927 Antioch Road Crestview, FI. 32536 5 FioridaReaItors,: ("Buyer") ("Seller") 6 Legal Description: see attached 7 8 and the following Personal Property: 9 10 (all collectively referred to as the "Property") on the terms and conditions set forth below. 11 2. PURCHASE PRICE: $ 12 (a) Deposit held in escrow by: n/a $ 13 ("Escrow Agent") (checks are subject to actual and final collection) 14 Escrow Agent's address: Jonathan Holloway Phone: 8503986808 15 (b)Additional deposit to be made to Escrow Agent 16 ❑ within days (3 days, if left blank) after completion of Due Diligence Period or 17 ❑ within days after Effective Date $ 18 (c) Additional deposit to be made to Escrow Agent 19 [] within days (3 days, if left blank) after completion of Due Diligence Period or 20 ❑ within days after Effective Date $ 21 (d) Total financing (see Paragraph 5) $ 22 (e) Other $ 23 (f) All deposits will be credited to the purchase price at closing. 24 Balance to close, subject to adjustments and prorations, to be paid 25 via wire transfer. $ 37 4. CLOSING DATE AND LOCATION: 38 (a) Closing Date: This transaction will be closed on ^Agrt'h 31, 2090 (Closing Date), unless 39 specifically extended by other provisions of this Contract. The Closing Date will prevail over all other time periods 40 including, but not limited to, Financing and Due Diligence periods. In the event insurance underwriting is suspended 1,200,000.00 0.00 0.00 0.00 0.00 0.00 1,200,000.00 26 For the purposes of this paragraph, "completion" means the end of the Due Diligence Period or upon delivery of 27 Buyer's written notice of acceptability. 28 3. TIME FOR ACCEPTANCE; EFFECTIVE DATE; COMPUTATION OF TIME: Unless this offer is signed by Seller 29 and Buyer and an executed copy delivered to all parties on or before February 21, 2020 , this offer 30 will be withdrawn and the Buyer's deposit, if any, will be returned. The time for acceptance of any counter offer will be 31 3 days from the date the counter offer is delivered. The "Effective Date" of this Contract is the date on which the 32 last one of the Seller and Buyer has signed or initialed and delivered this offer or the final counter offer or 33 . Calendar days will be used when computing time periods, except time periods of 5 34 days or less. Time periods of 5 days or less will be computed without including Saturday, Sunday, or national legal 35 holidays. Any time period ending on a Saturday, Sunday, or national legal holiday will extend until 5:00 p.m. of the next 36 business day. Time is of the essence in this Contract. April 30, 2020 AtT,W Buyer) and Seller" ) ( ) acknowledge receipt of a copy of this page, which Is Page 1 of 8 Pages. CC-5 Rev 9(17 8erial#: 043047-400157-0342427 ©2017 Florida Realtors® Form •- Simplicity Paae 182 of 102 41 on Closing Date and Buyer Is unable to obtain property Insurance, Buyer may postpone closing up to 5 days after 42 the insurance underwriting suspension is lifted. 43 (b) Location: Closing will take place in Okaloose County, Florida. (If left blank, closing will take place In the 44 county where the property is located.) Closing may be conducted by mall or electronic means. 45 5. THIRD PARTY FINANCING: 46 BUYER'S OBLIGATION: On or before days (5 days If left blank) after Effective Date, Buyer will apply for third 47 party financing in an amount not to exceed % of the purchase price or $ with a fixed 48 interest rate not to exceed % per year with an initial variable Interest rate not to exceed %, with points or 49 commitment or loan fees not to exceed % of the principal amount, for a term of years, and amortized 50 over years, with additional terms as follows: 51 52 Buyer will timely provide any and all credit,'employrnent, financial and other Information reasonably required by any 53 lender. Buyer will use good faith and reasonable diligence to (I) obtain Loan Approval within days (45 days if left 54 blank) from Effective Date (Loan Approval Date), (II) satisfy terms and conditions of the Loan Approval, and (III) close 55 the loan. Buyer will keep Seller and Broker fully informed about loan application status and authorizes the mortgage 56 broker and lender to disclose all such information to Seller and Broker. Buyer will notify Seller immediately upon 57 obtaining financing or being rejected by a lender. CANCELLATION: If Buyer, after using good faith and reasonable 58 diligence, fails to obtain Loan Approval by Loan Approval Date, Buyer may within days (3 days 11 left blank) 5e deliver written notice to Seller stating Buyer either waives this financing contingency or cancels this Contract. 60 If Buyer does neither, then Seller may cancel this Contract by delivering written notice to Buyer at any time thereafter. 61 Unless this financing contingency has been waived, this Contract shall remain subject to the satisfaction, by closing, of 62 those conditions of Loan Approval related to the Property. DEPOSIT(S) (for purposes of Paragraph 5 only): If Buyer 63 has used good faith and reasonable diligence but does not obtain Loan Approval by Loan Approval Date and 64 thereafter either party elects to cancel this Contract as set forth above or the lender falls or refuses to close on or s5 before the Closing Date without fault on Buyer's part, the Deposit(s) shall be returned to Buyer, whereupon both 66 parties will be released from all further obligations under this Contract, except for obligations stated herein as surviving 67 the termination of this Contract. If neither party elects to terminate thls Contract as set forth above or Buyer fails to use 68 good faith or reasonable diligence as set forth above, Seller will be entitled to retain the Deposit(s) if the transaction se does not close. For purposes of this Contract, "Loan Approval" means a statement by the lender setting forth the terms 70 and conditions upon which the lender is willing to make a particular mortgage loan to a particular buyer. Neither a pre- 71 approval letter nor a prequalification letter shall be deemed a Loan Approval for purposes of this Contract. 72 6. TITLE: Seller has the legal capacity to and will convey marketable title to the Property by 0 statutory warranty 73 deed ❑x special warranty deed LJ other , free of liens, easements and 74 encumbrances of record or known to Seller, but subject to property taxes for the year of closing; covenants, 75 restrictions and public utility easements of record; existing zoning and governmental regulations; and (list any other 76 matters to which title will be subject) 77 78 provided there exists at closing no violation of the foregoing and none of them prevents Buyer's intended use of the 79 Property as 80 (a) Evidence of Title: The party who pays the premium for the title insurance policy wilAielect the closing agent 81 and pay for the title search and closing services. Seller will, at (check one) ❑ Seller's Buyer's expense and 82 wit in days after Effective Date or at least days before Closing Date deliver to Buyer (check one) 83 (i) a title insurance commitment by a Florida licensed title insurer setting forth those matters to be discharged by 84 Seller at or before Closing and, upon Buyer recording the deed, an owner's policy in the amount of the purchase 85 price for fee simple title subject only to exceptions stated above. If Buyer Is paying for the evidence of title and 86 Seller has an owner's policy, Seller will deliver a copy to Buyer within 15 days after Effective Date. ❑ (0.) an 87 abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an existing firm. 88 However, if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed 89 insurer as a base for reissuance of coverage may be used. The prior policy will include copies of all policy 90 exceptions and an update in a format acceptable to Buyer from the policy effective date and certified to Buyer or Buyer ) and L ) ( ) acknowledge receipt of a copy of thls page, which Is Page 2 of 6 Pages. CC-5 Rev OM 02017 Florida Roaltorsb amlallk 0439474000741342427 499form 7lShnpliclty Paae 183 of 192 91 Buyer's closing agent together with copies of all documents recited in the prior policy and In the update. If such 92 an abstract or prior policy is not available to Seller then (I.) above will be the evidence of title. 93 (b) Title Examination: Buyer will, within 15 days from receipt of the evidence of title deliver written notice to Seller 94 of title defects. Title will be deemed acceptable to Buyer if (1) Buyer falls to deliver proper notice of defects or (2) 95 Buyer delivers proper written notice and Seller cures the defects within days from receipt of the notice 96 ("Curative Period"). Seiler shall use good faith efforts to cure the defects. If the defects are cured within the 97 Curative Period, closing will occur on the latter of 10 days after receipt by Buyer of notice of such curing or the 96 scheduled Closing Date. Seller may elect not to cure defects if Seller reasonably believes any defect cannot be 99 cured within the Curative Period. If the defects are not cured within the Curative Period, Buyer will have 10 days too from receipt of notice of Seller's inability to cure the defects to elect whether to terminate this Contract or accept 101 title subject to existing defects and close the transaction without reduction in purchase price. • 102 (c) Survey: (check applicable provisions below) 103 ❑x Seller will, within 10 days from Effective Date, deliver to Buyer copies of prior surveys, 104 plans, specifications, and engineering documents, if any, and the following documents relevant to this 105 transaction: 106 107 prepared for Seller or In Seller's possession, which show all currently existing structures. In the event this 106 transaction does not close, all documents provided by Seller will be retumed to Seller within 10 days from the 109 date this Contract is terminated. 110 [� Buyer will, at © Seller's Buyer's expense and within the time period allowed to deliver and examine 111 title evidence, obtain a currant certified survey of the Property from a registered surveyor. If the�urvey reveals 112 encroachments on the Property or that the improvements encroach on the lands of another, I_, Jv Buyer will 113 accept the Property with existing encroachments 0 such encroachments will constitute a title defect to be 114 cured within the Curative Period. 115 (d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress. 116 7. PROPERTY CONDITION: Seller will deliver the Property to Buyer at the time agreed in its present "as is" condition, 117 ordinary wear and tear excepted, and will maintain the landscaping and grounds in a comparable condition. Seller 118 makes no warranties other than marketability of title. In the event that the condition of the Property has materially 119 changed since the expiration of the Due Diligence Period, Buyer may elect to terminate the Contract and receive a 120 refund of any and all deposits paid, plus Interest, if applicable, or require Seller to return the Property to the required 121 condition existing as of the end of Due Diligence period, the cost of which is not to exceed $ (1.5% of 122 the purchase price, if left blank). By accepting the Property "as Is", Buyer waives all claims against Seller for any 123 defects in the Property. (Check (a) or (b)) 124 0 (a) As Is: Buyer has Inspected the Property or waives any right to inspect and accepts the Property in its "as is" 125 condition. 126 ® (b) Due Diligence Period: Buyer will, at Buyer's expense and within 45 days from Effective Date ("Due 127 Diligence Period"), determine whether the Property is suitable, in Buyer's sole and absolute discretion. During the 128 term of this Contract, Buyer may conduct any tests, analyses, surveys and investigations ("Inspections") which 129 Buyer deems necessary to determine to Buyer's satisfaction the Property's engineering, architectural, 130 environmental properties; zoning and zoning restrictions; flood zone designation and restrictions; subdivision 131 regulations; soli and grade; availability of access to public roads, water, and other utilities; consistency with local, 132 state and regional growth management and comprehensive land use plans; availability of permits, government 133 approvals and licenses; compliance with American with Disabilities Act; absence of asbestos, soil and ground 134 water contamination; and other Inspections that Buyer deems appropriate. Buyer will deliver written notice to 135 Seller prior to the expiration of the Due Diligence Period of Buyer's determination of whether or not the Property 136 is acceptable. Buyer's failure to comply with this notice requirement will constitute acceptance of the Property in 137 Its present "as is" condition. Seller grants to Buyer, its agents, contractors and assigns, the right to enter the 138 Property at any time during the term of this Contract for the purpose of conducting Inspections, upon reasonable 139 notice, at a mutually agreed upon time; provided, however, that Buyer, its agents, contractors and assigns enter 140 the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller harmless from 141 losses, damages, costs, claims and expenses of any nature, including attorneys' fees at all levels, and from 142 liability to any person, arising from the conduct of any and all inspections or any work authorized by Buyer. Buyer 143 will not engage In any activity that could result in a mechanic's lien being filed against the Property without 144 Seller's prior written consent. In the event this transaction does not close, (1) Buyer will repair all damages to the Buyer ) and SiteC ) (_________ ) acknowledge motet of a copy of this page, which Is Page 3 of 8 Pages. CC-5 Rev 9/17 Serial* 043947.40010R0042427 ©2017 Florida Realtors' vA, form t 1Simpiicity Paae 136 of 102 145 Property resulting from the Inspections and return the Property to the condition it was in prior to conduct of the 146 Inspections, and (2) Buyer will, at Buyer's expense release to Seller all reports and other work generated as a 147 result of the Inspections. Should Buyer deliver timely notice that the Property is not acceptable, Seller agrees that 148 Buyer's deposit will be immediately returned to Buyer and the Contract terminated. 149 (c) Walk-through Inspection: Buyer may, on the day prior to closing or any other time mutually agreeable to the 150 parties, conduct a final "walk-through" inspection of the Property to determine compliance with this paragraph and 151 to ensure that all Property is on the premises. 162 8. OPERATION OF PROPERTY DURING CONTRACT PERIOD: Seller will continue to operate the Property and any 153 business conducted on the Property in the manner operated prior to Contract and will take no action that would 154 adversely Impact the Property after closing, as to tenants, lenders or business, if any. Any changes, such as renting 155 vacant space, that materially affect the Property or Buyer's intended use of the Property will be permitted 0 only with 156 Buyer's consent ❑ without Buyer's consent. 157 9. CLOSING PROCEDURE: Unless otherwise agreed or stated herein, closing procedure shall be in accordance with 168 the norms where the Property Is located. 159 (a) Possession and Occupancy: Seller will deliver possession and occupancy of the Property to Buyer at 160 closing. Seller will provide keys, remote controls, and any security/access codes necessary to operate all locks, 161 mailboxes, and security systems. 162 (b) Costs: Buyer will pay Buyer's attorneys' fees, taxes and recording fees on notes, mortgages and financing 163 statements and recording fees for the deed. Seller will pay Seller's attorneys' fees, taxes on the deed and 164 recording fees for documents needed to cure title defects. If Seller Is obligated to discharge any encumbrance at or 165 prior to closing and fails to do so, Buyer may use purchase proceeds to satisfy the encumbrances. 166 (c) Documents; Seller will provide the deed; bill of sale; mechanic's lien affidavit; originals of those assignable 167 service and maintenance contracts that will be assumed by Buyer after the Closing Date and letters to each 168 service contractor from Seller advising each of them of the sale of the Property and, if applicable, the transfer of its 169 contract, and any assignable warranties or guarantees received or held by Seller from any manufacturer, 170 contractor, subcontractor, or material supplier in connection with the Property; current copies of the condominium 171 documents, If applicable; assignments of leases, updated rent roll; tenant and lender estoppels letters (If 172 applicable); tenant subordination, non -disturbance and attornment agreements (SNDAs) required by the Buyer or 173 Buyer's lender; assignments of permits and licenses; corrective instruments; and letters notifying tenants of the 174 change in ownership/rental agent. If any tenant refuses to execute an estoppels letter, Seller, if requested by the 175 Buyer in writing, will certify that information regarding the tenant's lease is correct. If Seller Is an entity, Seller will 176 deliver a resolution of its governing authority authorizing the sale and delivery of the deed and certification by the 177 appropriate party certifying the resolution and setting forth facts showing the conveyance conforms to the 178 requirements of local law. Seller will transfer security deposits to Buyer. Buyer will provide the closing statement, 179 mortgages and notes, security agreements, and financing statements. 180 (d) Taxes and Prorations: Real estate taxes, personal property taxes on any tangible personal property, bond 1s1 payments assumed by Buyer, Interest, rents (based on actual collected rents), association dues, insurance 182 premiums acceptable to Buyer, and operating expenses will be prorated through the day before closing. If the 183 amount of taxes for the current year cannot be ascertained, rates for the previous year will be used with due 184 allowance being made for improvements and exemptions. Any tax proration based on an estimate will, at request 185 of either party, be readjusted upon receipt of current year's tax bill; this provision will survive closing. 186 (e) Special Assessment Liens: Certified, confirmed, and ratified special assessment liens as of the Closing Date 187 will be paid by Seller. If a certified, confirmed, and ratified special assessment is payable in installments, Seller will 188 pay all installments due and payable on or before the Closing Date, with any installment for any period extending 189 beyond the Closing Date prorated, and Buyer will assume all installments that become due and payable after the 100 Closing Date. Buyer will be responsible for all assessments of any kind which become due and owing after Closing 191 Date, unless an improvement is substantially completed as of Closing Date. If an improvement is substantially 192 completed as of the Closing Date but has not resulted in a lien before closing, Seller will pay the amount of the last 193 estimate of the assessment. This subsection applies to special assessment liens Imposed by a public body and 194 does not apply to condominium association special assessments. 195 (f) Foreign Investment in Real Property Tax Act (FIRPTA): If Seller is a "Foreign person" as defined by FIRPTA, 196 Seller and Buyer agree to comply with Section 1445 of the Internal Revenue Code. Seller and Buyer will 197 complete, execute, and deliver as directed any Instrument, affidavit, or statement reasonably necessary to comply auyerUy? goal(_) and S ddv ) ( ) acknowledge receipt of a copy of this page, which le Page 4 of 8 Pages. CC"S Rey W17 Se,I"01. 043047.4001574342427 ®2a17 Florida 12eaitolss vi Form 50.51mplicity Paae 185 of 193 198 with the FIRPTA requirements, Including delivery of their respective federal taxpayer identification numbers or 19D Social Security Numbers to the closing agent. If Buyer does not pay sufficient cash at closing to meet the 200 withholding requirement, Seller will deliver to Buyer at closing the additional cash necessary to satisfy the 201 requirement. 202 10. ESCROW AGENT: Seller and Buyer authorize Escrow Agent or Closing Agent (collectively "Agent") to receive, 203 deposit, and hold funds and other property In escrow and, subject to collection, disburse them in accordance with the 204 terms of this Contract. The parties agree that Agent will not be liable to any person for misdellvery of escrowed items to 206 Seller or Buyer, unless the misdelivery is due to Agent's willful breach of this Contract or gross negligence. If Agent 206 has doubt as to Agent's duties or obligations under this Contract, Agent may, at Agent's option, (a) hold the escrowed 207 items until the parties mutually agree to its disbursement or until a court of competent Jurisdiction or arbitrator 208 determines the rights of the parties or (b) deposit the escrowed items with the clerk of the court having Jurisdiction over 209 the matter and file an action in interploador. Upon notifying the parties of such action, Agent will be released from all 210 liability except for the duty to account for items previously delivered out of escrow. If Agent is a licensed real estate 211 broker, Agent will comply with Chapter 475, Florida Statutes. In any suit in which Agent interpleads the escrowed items 212 or is made a party because of acting as Agent hereunder, Agent will recover reasonable attorney's fees and costs 213 incurred, with these amounts to be paid from and out of the escrowed Items and charged and awarded as court costs 214 in favor of the prevailing party. 215 11. CURE PERIOD: Prior to any claim for default being made, a party will have an opportunity to cure any alleged 218 default. If a party falls to comply with any provision of this Contract, the other party will deliver written notice to the non. 217 complying party specifying the non-compliance. The non -complying party will have days (5 days if left blank) after 21s delivery of such notice to cure the non-compliance. Notice and cure shall not apply to failure to close. 219 12. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be liable 220 to each other for damages so long as performance or non-performance of the obligation, or the availability of services, 221 Insurance, or required approvals essential to Closing, Is disrupted, delayed, caused or prevented by Force Majeure. 222 "Force Majeure" means: hurricanes, floods, extreme weather, earthquakes, fire, or other acts of God, unusual 223 transportation delays, or wars, insurrections, or acts of terrorism, which, by exercise of reasonable diligent effort, the 224 non -performing party is unable in whole or in part to prevent or overcome. All time periods, including Closing Date, will 225 be extended a reasonable time up to 7 days after the Force Majeure no longer prevents performance under this 226 Contract, provided, however, if such Force Majeure continues to prevent performance under this Contract more than 227 30 days beyond Closing Date, then either party may terminate this Contract by delivering written notice to the other 228 and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all further obligations under this Contract. 229 13. RETURN OF DEPOSIT: Unless otherwise specified in the Contract, in the event any condition of this Contract is 230 not met and Buyer has timely given any required notice regarding the condition having not been met, Buyer's deposit 231 will be returned in accordance with applicable Florida Laws and regulations. 232 14. DEFAULT: 233 (a) In the event the sale is not closed due to any default or failure on the part of Seller other than failure to make 234 the title marketable after diligent effort, Buyer may elect to receive return of Buyer's deposit without thereby 235 waiving any action for damages resulting from Seller's breach and may seek to recover such damages or seek 236 specific performance. If Buyer elects a deposit refund, Seller may be liable to Broker for the full amount of the 237 brokerage fee. 238 (b) in the event the sale is not closed due to any default or failure on the part of Buyer, Seller may either (1) 239 retain all deposit(s) paid or agreed to be paid by Buyer as agreed upon liquidated damages, consideration for the 240 execution of this Contract, and in full settlement of any claims, upon which this Contract will terminate or (2) seek 241 specific performance. If Buyer fails to timely place a deposit as required by this Contract, Seller may either (1) 242 terminate the Contract and seek the remedy outlined in this subparagraph or (2) proceed with the Contract without 243 waiving any remedy for Buyer's default. 244 15, ATTORNEY'S FEES AND COSTS: in any claim or controversy arising out of or relating to this Contract, the 245 prevailing party, which for purposes of this provision will include Buyer, Seller and Broker, will be awarded reasonable 246 attorneys' fees, costs, and expenses. 247 16, NOTICES: All notices will be in writing and may be delivered by mail, overnight courier, personal delivery, or 248 electronic means. Parties agree to send all notices to addresses specified on the signature page(s). Any notice, 249 document, or item given by or delivered to an attorney or real estate licensee (including a transaction broker) 250 representing a party will be as effective as if given by or delivered to that party. Buyer ('-� iC) and le ) ( ) acknowledge receipt of a copy of thls page, which Is Page 5 of 8 Pages. 'T CC-6 Rev 9117 sorial4: 943947.496167-9642427 017 Florida Reallorss , Form jslmpliclty Paae 136 of 103 251 17. DISCLOSURES: 252 (a) Commercial Real Estate Sales Commission Lien Act: The Florida Commercial Real Estate Sales 253 Commission Lien Act provides that a broker has a lien upon the owner's net proceeds from the sale of 254 commercial real estate for any commission earned by the broker under a brokerage agreement. The lien upon the 255 owner's net proceeds is a lien upon personal property which attaches to the owner's net proceeds and does not 256 attach to any interest in real property. This lien right cannot be waived before the commission Is earned. 257 (b) Special Assessment Liens Imposed by Public Body: The Property may be subject to unpaid special 258 assessment lien(s) imposed by a public body. (A public body includes a Community Development District.) Such 259 liens, if any, shall be paid as set forth in Paragraph 9(e). 260 (c) Radon Gas: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in 261 sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that 262 exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon 263 and radon testing may be obtained from your county public health unit. 264 (d) Energy -Efficiency Rating Information: Buyer acknowledges receipt of the information brochure required by 265 Section 553.996, Florida Statutes. 266 18. RISK OF LOSS: 267 (a) If, after the Effective Date and before closing, the Property is damaged by fire or other casualty, Seller will 268 bear the risk of loss and Buyer may cancel this Contract without liability and the deposit(s) will be returned to 269 Buyer. Alternatively, Buyer will have the option of purchasing the Property at the agreed upon purchase price and 270 Seller will credit the deductible, if any and transfer to Buyer at closing any insurance proceeds, or Seller's claim 271 to any insurance proceeds payable for the damage. Seller will cooperate with and assist Buyer in collecting any 272 such proceeds. Seller shall not settle any insurance claim for damage caused by casualty without the consent of 273 the Buyer. 274 (b) If, after the Effective Date and before closing, any part of the Property is taken in condemnation or under the 275 right of eminent domain, or proceedings for such taking will be pending or threatened, Buyer may cancel this 276 Contract without liability and the deposit(s) will be returned to Buyer, Alternatively, Buyer will have the option of 277 purchasing what is left of the Property at the agreed upon purchase price and Seller will transfer to the Buyer at 278 closing the proceeds of any award, or Seller's claim to any award payable for the taking. Seller will cooperate 279 with and assist Buyer in collecting any such award. 280 19. ASSIGNABILITY; PERSONS BOUND: This Contract may be assigned to a related entity, and otherwise ID is not 281 assignable [] is assignable. If this Contract may be assigned, Buyer shall deliver a copy of the assignment agreement 282 to the Seller at least 5 days prior to Closing. The terms "Buyer, " "Seller" and "Broker" may be singular or plural. This 283 Contract is binding upon Buyer, Seller and their heirs, personal representatives, successors and assigns (if 284 assignment is permitted). 285 20. MISCELLANEOUS: The terms of this Contract constitute the entire agreement between Buyer and Seller. 286 Modifications of this Contract will not be binding unless in writing, signed and delivered by the party to be bound. 287 Signatures, initials, documents referenced in this Contract, counterparts and written modifications communicated 288 electronically or on paper will be acceptable for all purposes, including delivery, and will be binding. Handwritten or 289 typewritten terms inserted in or attached to this Contract prevail over preprinted terms. If any provision of this Contract 290 Is or becomes invalid or unenforceable, all remaining provisions will continue to be fully effective. This Contract will be 291 construed under Florida law and will not be recorded in any public records. 292 21. BROKERS: Neither Seller nor Buyer has used the services of, or for any other reason owes compensation to, a 293 licensed real estate Broker other than: 294 (a) Seller's Broker: Livin Right Real Estate, LLC Matthew McGee, Broker 295 102 Buck Dr Unit C. Fort Walt(ny Name) oneBeach FL 32548 296 297 298 299 300 (b) Buyer's Broker: 301 (Licensee) (Address, Telephone, Fax E-mail) wh9 [I is a single agent [is a transaction broker has no brokerage relationship and who will be compensated by Seller 0 Buyer LI both parties pursuant to a listing agreement 0 other (specify) 4% of the gross purchase price, payable from the proceeds at the time of closing (Company Name) (Licensee) iPt uyer (Address, Telephone, Fax, E-mail) and Seller ( ) ( ) acknowledge receipt of a copy of this page, which Is Page 6 of 8 Pages. CC-5 Rev 9/17 ©2017 Florida Reallore® S e ria ifs: 043047.400167-8342427 Atorrn impnl icily Paae 180 of 102 302 303 304 305 306 307 308 309 310 311 312 who ❑ is a single agent ❑ is a transaction broker ❑ has no brokerage relationship and who will be compensated by ❑ Seller's Broker El Seller ❑ Buyer El both parties pursuant to ❑ an MLS offer of compensation ❑ other (specify) (collectively referred to as "Broker") in connection with any act relating to the Property, including but not limited to inquiries, introductions, consultations, and negotiations resulting in this transaction. Seller and Buyer agree to indemnify and hold Broker harmless from and against losses, damages, costs and expenses of any kind, including reasonable attorneys' fees at all levels, and from liability to any person, arising from (1) compensation claimed which is inconsistent with the representation in this Paragraph, (2) enforcement action to collect a brokerage fee pursuant to Paragraph 10, (3) any duty accepted by Broker at the request of Seller or Buyer, which is beyond the scope of services regulated by Chapter 475, Florida Statutes, as amended, or (4) recommendations of or services provided and expenses incurred by any third party whom Broker refers, recommends, or retains for or on behalf of Seller or Buyer. 313 22. OPTIONAL CLAUSES: (Check if any 314 this Contract): 315 ❑ (A) Arbitration 316 ❑ (B) Section 1031 Exchange 317 El (C) Property Inspection and Repair 318 ❑ (D) Seller Representations 319 320 /'al- 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 of the following clauses are applicable and are attached as an addendum to ❑ (E) Seller Warranty ❑ (I) Existing Mortgage ❑ (F) Coastal Construction Control Li❑ (J) Buyer's Attorney Approval ❑ (G) Flood Area Hazard Zone ❑ (K) Seller's Attorney Approval ❑ (H) Seller Financing ❑ Other 23. ADDITIONAL TERMS: Contract is contingent on approval by the City Council after seller's acceptance Buyer and seller agree to extend the closing date by an additional 60 days if required by the seller contract is contingent upon the successful merger of Beach Community Bank and First City Bank 342 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE 343 ADVICE OF AN ATTORNEY PRIOR TO SIGNING. BROKER ADVISES BUYER AND SELLER TO VERIFY ALL 344 FACTS AND REPRESENTATIONS THAT ARE IMPORTANT TO THEM AND TO CONSULT AN APPROPRIATE 345 PROFESSIONAL FOR LEGAL ADVICE (FOR EXAMPLE, INTERPRETING CONTRACTS, DETERMINING THE 346 EFFECT OF LAWS ON THE PROPERTY AND TRANSACTION, STATUS OF TITLE, FOREIGN INVESTOR 347 REPORTING REQUIREMENTS, ETC.) AND FOR TAX, PROPERTY CONDITION, ENVIRONMENTAL AND OTHER Buyer_) and 3c 1" ) ( ) acknowledge recelpt of a copy of this page, which is Page 7 of 8 Pages, CC-5 Rev 9/17 Serlal#: 043947-400157.834242 T 02017 Florida Realtors" Form ;=`Sirnplicity Paae 196 of 102 348 ADVICE. BUYER ACKNOWLEDGES THAT BROKER DOES NOT OCCUPY THE PROPERTY AND THAT ALL 349 REPRESENTATIONS (ORAL, WRITTEN OR OTHERWISE) BY BROKER ARE BASED ON SELLER 350 REPRESENTATIONS OR PUBLIC RECORDS UNLESS BROKER INDICATES PERSONAL VERIFICATION OF 351 THE REPRESENTATION. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND 352 GOVERNMENTAL AGENCIES FOR VERIFICATION OF THE PROPERTY CONDITION, SQUARE FOOTAGE AND 353 FACTS THAT MATERIALLY AFFECT PROPERTY VALUE. 354 Each person signing this Contract on behalf of a party that is a business entity represents and warrants to the other 355 party that such signatory has full power and authority to enter into and perform this Contract in accordance with its 356 terms and each person execut' g this Contract and other documents on behalf of such party has been duly authorized 357 to do so. 358 (Sign _ /,�/ y� 359 L&u ✓� I/v�r i 1 7L >7 (Typed or Printed Name of Buyer) 360 Title: AyOr 361 (Signature of Buyer Date: f 79CW Tax ID No.: Telephone: 673-0 ga..2 , Date: 362 362 Tax ID No.: (Typed or Printed Name of Buyer) 363 Title: Telephone: 364 Buyer's Address for purpose of notice 365 Facsimile: 366 367 lODef e EU&oteei (7;4 (Signature of Seller) Email: Date: 2/10/2020 7:10 PM CST Tax ID No.: (Typed or Printed Name of Seller) 368 Title: Telephone: 369 Date: (Signature of Seller) 370 Tax ID No.: (Typed or Printed Name of Seller) 371 Title: Telephone: 372 Seller's Address for purpose of notice: 373 Facsimile: Email: Florida REALTORS° makes no representation as to the legal validity or adequacy of any provision of thls form In any specific transaction. This standardized form should not be used In complex transactions or with extensive riders or additions. Thls form Is available for use by the entire real estate industry and Is not intended to identify the user as REALTOR'. REALTOR° Is a registered collective membership mark which inay be used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS° and who subscribe toils Code of Ethics. The copyright laws of United States (17 U.S. Code) forbid the unauthorized reproduction of this form by any means including facsimile or computerized forms. Buyer) and Set e' ) ( ) acknowledge receipt of a copy of this page, which is Page 8 of 8 Pages. CC-5 Rev 9/17 Serials:043947-400157.8342427 ©2017 Florida Realtors® A'Forrn .,.Slrnplicity Paae 199 of 193