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Resolution 2019-30735
RESOLUTION NO. 2019-30735 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, DENYING THE APPROVAL OF THE CONTRACT BETWEEN THE CITY, AS BUYER, AND RICHARD D. KENDLE II, AS SELLER, FOR THE PURCHASE OF A MULTIFAMILY PROPERTY, LOCATED AT 1776 NORMANDY DRIVE, MIAMI BEACH, FLORIDA, FOR THE TOTAL SALES PRICE OF $775,000 PLUS CLOSING COSTS, FOR USE AS AFFORDABLE HOUSING; AND FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS IN CONNECTION WITH THE TERMINATION OF THE CONTRACT. WHEREAS, ensuring the availability of affordable housing has been identified as a priority by the City; and WHEREAS, the City's Comprehensive Plan, amended via Ordinance 2017-4147, established the goal of creating and maintaining 6,300 affordable housing units to serve low- and moderate-income and special needs households within its boundaries; and WHEREAS, The strengthening of the City's real estate market, coupled with the sharp reduction in housing funds from the state and federal governments, have severely curtailed the development growth the City experienced in 2000 - 2011; and WHEREAS, an opportunity to add to the City's affordable housing stock has arisen as a result of the City's resolution of past compliance issues with the U. S. Department of Housing and Urban Development (HUD); and WHEREAS, on July 2, 2018, the City Commission approved Resolution No. 2018-30374 appropriating $1,079,000 (the Appropriated Funds) from the General Fund for the repayment of HUD funds that the Office of the Inspector General (OIG) had deemed were inappropriately expended by the City's previous administration; and WHEREAS, in correspondence to the City dated August 6, 2018, HUD's Community Planning and Development Division (CPD) explained that the Appropriated Funds would return to the City's Line of Credit Control System (LOCCS) and be available for expenditure by the City in compliance with expenditure rules and deadlines prescribed by the Community Development Block Grant (CDBG) and HOME Investments Partnership (HOME) programs; and WHEREAS, these funds must be expended in compliance with HUD regulations, ensuring that funded activities are carried out pursuant to the defined project scope and within the timeframe allowed; and WHEREAS, the funds that will be returned to the City's line of credit may be used to acquire, develop or rehabilitate affordable housing for households earning up to 80 percent of Area Median Income (AMI); and WHEREAS, the Commission adopted Resolution No. 2018-30551, authorizing the City Manager to identify, negotiate, and if successful, execute a purchase agreement and other related purchase documents for the property being purchased, including payment of an initial deposit, in the amount of $1,000, provided that the purchase agreement is approved by the City Commission; and WHEREAS, the Administration identified and executed a purchase agreement for a multifamily property, located at 1776 Normandy Drive, Miami Beach, FL 33141 (the property), for the purchase price of$775,000; and WHEREAS, the Administration executed a contract for the purchase of the property, subject to approval of the contract by the City Commission; and WHEREAS, upon approval of the contract by the City Commission, the contract would be contingent upon receipt of an appraisal for the value of the sales price or more, and in compliance with HUD's Area Median Purchase and maximum per-unit subsidy amounts, and acceptance of the condition of the property after completion of due diligence; and WHEREAS, the property under contract is a two-story, 2,511 square foot building which sits on a 6,250 square foot lot and is comprised of 4 units, each with one bedroom and one bathroom, central air conditioning and new impact windows and doors; and WHEREAS, three of the four units are currently occupied and the Administration will have to follow the Uniform Relocation Assistance and Real Property Acquisition Policies Act (URA) requirements; and WHEREAS, in accordance with the URA, at the City's cost, all existing tenants who are not income eligible under HUD guidelines, will have to be relocated and will be entitled to: advisory services, replacement housing payments for 42 months, and moving expenses costs; and WHEREAS, typical closing costs for this purchase and sale transaction could total approximately three percent (3%) of the sales price ($23,250), which costs would stay within the limits of the Appropriated Funds; and WHEREAS, since the execution of the contract, the Administration has been in the process of considering other uses for these funds in order to benefit a larger number of income eligible residents, and possibly without expending URA funds, and, as such, the Administration is not recommending moving forward with this transaction. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission hereby denying the approval of the contract between the City, as buyer, and Richard D. Kendle II, as seller, for the purchase of a multifamily property, located at 1776 Normandy Drive, Miami Beach, Florida, for the total sales price of $775,000 plus closing costs, for use as affordable housing; and further authorize the City Manager to execute all necessary documents in connection with the termination of the contract. Passed and adopted this /3 day of GrCA , 2019. ATTEST: A aaik•4,�,11,er, Mayor Rafael E. Granado, City Cl k ,14 P/ . •,r,/�4$ y APPROVED AS TO ''''�'•�''"•'�. = - FORM & LANGUAGE * INCORP ORATE(); * - & FO EX CLITION 3'5 -1 Ih4�Q_••��-r + �a City Attorney , 1Date h H n •- • r'I Resolutions - C7 0 MIAMI BEACH COMMISSION MEMORANDUM TO: Honorable Mayor and Members of the City Commission FROM: Jimmy L. Morales, City Manager DATE: March 13, 2019 SUBJECT:A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, DENYING THE APPROVAL OF THE CONTRACT BETWEEN THE CITY, AS BUYER, AND RICHARD D. KENDLE II, AS SELLER, FOR THE PURCHASE OF A MULTIFAMILY PROPERTY, LOCATED AT 1776 NORMANDY DRIVE, MIAMI BEACH, FLORIDA, FOR THE TOTAL SALES PRICE OF $775,000 PLUS CLOSING COSTS, FOR USE AS AFFORDABLE HOUSING; AND FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS IN CONNECTION WITH THE TERMINATION OF THE CONTRACT. RECOMMENDATION The Administration recommends denying the contract to purchase 1776 Normandy Drive. ANALYSIS The availability of affordable housing has been a priority for the City and is critical to its economic growth. The City's Comprehensive Plan, amended via Ordinance 2017-4147, established the goal of creating and maintaining 6,300 affordable housing units to serve low- and moderate-income and special needs households within its boundaries. While the City has been steadily, though slowly, adding to its affordable housing stock from 2000 - 2011, the strengthening of the City's real estate market coupled with the sharp reduction in housing funds from the state and federal government curtailed this growth and no new City-sponsored units have been added since. However, an opportunity to add to the City's affordable housing stock has materialized as a result of the City's resolution of past compliance issues with the U. S. Department of Housing and Urban Development (HUD). On July 2, 2018, the City Commission approved Resolution No. 2018-30374. This action appropriated $1,079,000 from the General Fund to be used for the repayment of HUD grant funds to comply with the decision of the Office of the Inspector General Audit and as recommended by Letter to Commission (580-2017) on December 5, 2017. In its letter to the City of August 6, 2018, HUD's Community Planning and Development Division (CPD) provided wiring instructions for the repayment of the federal funds. The Page 686 of 1418 instructions further explained that these funds would return to the City's Line of Credit Control System (LOCCS) and be available for expenditure by the City in compliance with expenditure rules and deadlines prescribed by the Community Development Block Grant (CDBG) and HOME Investments Partnership (HOME) programs. HUD requires its entitlement jurisdictions to ensure that funded activities are carried out in the defined project scope and within the timeframe allowed by each program and the fiscal year of funds issuance. The funds returned to the City's line of credit may be used to acquire, develop or rehabilitate affordable housing for households earning up to 80 percent of area median income (AMI). In an effort to increase the supply of affordable housing, the Commission approved Resolution No. 2018-30551 authorizing the purchase of a qualifying multifamily property that can be acquired and made ready for tenancy solely with the available HUD funds. This property, once acquired, would subsequently house income-eligible households drawn from the City's affordable housing wait list. The Administration had identified and executed a purchase agreement for a multifamily property, located at 1776 Normandy Drive, Miami Beach, FL 33141 in the amount of $775,000.00. Since the execution of the contract, the Administration has been in the process of considering other uses for these funds in order to benefit a larger number of income eligible residents, and possibly without expending URA funds, as such the Administration is not recommending moving forward with this transaction. CONCLUSION Since the execution of the contract, the Administration has been in the process of considering other uses for these funds in order to benefit a larger number of income eligible residents, and possibly without expending URA funds, as such the Administraion is not recommending moving forward with this transaction. KEY INTENDED OUTCOMES SUPPORTED Ensure Workforce Housing For Key Industry Workers Is Available In Suitable Locations FINANCIAL INFORMATION HOME and CDBG funding. Legislative Tracking Housing and Community Services ATTACHMENTS: Description ❑ Property Listing ❑ Miami Dade Property Appraiser ❑ Property Photos ❑ Executed Contract ❑ Resolution Page 687 of 1418 =N Listing Residential Income 1776 Normandy Dr MIAMI BEACH, FL 33141-4748 ML#: A10590175 List Price: $818,000 Status: Active 1 , Short Sale: No REO: No County: Miami-Dade County + Area: 32 Geo Area: Total Units: 4 #Stories: 2.0 }.,.m SqFt(Liv): 02,511 Tot SqFt: A2,511 h SqFt(Adj): e2,511 'r _ Bld Ar/Src: i• ( I„ — Year Built: 1946/Resale ova Virtual Tour: Click Here Location Information Folio#: A0232100170050 Parcel #: 0050 Municipal Code: 2 Town/Range: 32 Section: 10 Subdivision #: 17 Map Coord: Zoning: e3900 Model Name: 4 plex Subdivision: IISLE OF NORMANDY MIAMI VI Development: 2 story General Information Type Property: Fourplex Co Lnd Code: Style: I04-Fourplex Style 2: Detached, Stairs Appr Lot Size: 6250 Auction: No Lot Desc: Less Than 1/4 Acre Lot, Flood Zone Lot Waterfront: No Water Access: Water Frontage: Spa: Pool: No Construction: Concrete Block Construction Roof Desc: Shingle Roof Floor: Tile Floors,Wood Floors Remarks Remarks: Gorgeous, beautifully updated two story 4-plex adjacent to the Normandy Park and Pool. 4 units, each 1 bed/1 bath with multiple built-in closets. Updated kitchens. 4 off-street parking spaces. New Impact Windows and Doors. Central Air. Long term tenants. SupRemarks: Driving Directions: N/S on Collins. West on 71st St(which turns into Normandy Dr after the Normandy Fountain),to 1776 Normandy Dr after the Normandy Pool on south side of the street. Units # HR Eff BD FB HB SF Molnc Fur Lse End Rooms Prkg #Unit 1 No No 1 1 0 $1,250 Unfurn Month to Month Kitchen Space 4 Equipment: Air Conditioning Unit, Circuit Breaker, Dishwasher, Microwave, Range, Refrigerator, Smoke Detector, Window Coverings Included Additional Information Gas: Sep Mtr: Yes Cable: Yes # Prk: 4 Rent Includes: Lawn Care, Pest Control, Sewer,Trash Removal, Water Window Treat: Blinds/Shades, High Impact Windows, Impact Glass Ceil Fan: Exterior Feat: High Impact Doors, Exterior Lights • Heating: Central Heat, Electric Heat Cooling: Ceiling Fans, Central Cooling, Electric Cooling Sprinkler: Water: Municipal Water Sewer: Municipal Sewer Green Energy: Financial Information Assumable: $/SOH Value: Assessed$: Total Mortg: Terms: All Cash, Conventional Type of Assoc: None Flood Zone: eAE Assoc Fee: Assoc Fee Pd: Tax Amount: $7,132 Tax Year: 2018 Owner Agent: Yes Tax Info: Tax Reflects No Exemptions Special Info: As Is, Flood Zone Possession Info: Funding Page 688 of 1418 t .. // (` 1 . • (1 A AT, A A A T,Ir,le ale,Ir,I, A /l A A 1 /1 fl in/l 1/1 Info Available: Rent Rolls, Existing Survey Income/Expense Information Gross Rent Inc: $5,000 Annual NOI: Annual Tot Exp: Expenses Include RE Tax: Water/Sewer: Insurance: Mgmt: PP Tax: Electric: Trash: Acct/Legal: Adv/Lic/Prm: Janitor: Pool Svc: Lawn Maint: Extermin: Maint/Repair: Replace Resrv: Gas/Oil: Supplies: Miscellaneous: Prepared By: Cristina Cabrera Date Printed: 01/18/2019 02:40 PM * Flood Insurance is Required * Information is Believed To Be Accurate But Not Guaranteed. Copyright SouthEast Florida MLS.©2019 Page 689 of 1418 1 .. // 1' 1 . • /1 I . /T . /T ./l . (1 A AT, A A AT gr dr i A n A A 1 /1('1"n1( Apcit PEDRO J3ARCI o MIAMI-DADE PROPERTY APPRAISER Address Owner Name Folio SEARCH: 111 NW 1 St Suite Q PROPERTY INFORMATION Folio:02-3210-017-0050 Sub-Division: ISLE OF NORMANDY MIAMI VIEW SEC PART 2 Property Address 1776 NORMANDY DR Miami Beach, FL 33141-4748 Owner RICHARD D KENDLE II Mailing Address PO BOX 403426 MIAMI, FL 33140 PA Primary Zone 3900 MULTI-FAMILY-38-62 U/A Primary Land Use 0803 MULTIFAMILY 2-9 UNITS:MULTIFAMILY 3 OR MORE UNITS Beds/Baths/Half 4/4/0 Floors 2 Living Units 4 Actual Area Living Area Page 690 of 1418 1 .. // 1 1 / 1 / 1 /1(1/nnln ---1 _--, _ __ - .. r _ Adjusted Area 2,511 Sq.Ft Lot Size 6,250 Sq.Ft Year Built 1946 — '-'wil ilmill irk , .. -.. i ,_ 47-. - 111,r* :----. I MV' wr . I , il , ___-f i , . 4 . . . _...,., .. , I . .. .. i a _, _ ., . t„,,, . .4 ' - I p 3 I.; I re A. . rig ' - ,_ - _ . , __, ! 111 ; r. -A6 P iiii-- ti ,. , ....- : _ i Ili . Y 1.f wr 1111111141Plit j111111" 1 I ._ �'.. _ r , .1 , .14 i iiiiitii. ,r. t . ._ Aff 3_ ,- , - t .• = s.im Ya V4rAm /�yOf%ail ' _ tII,. -rte • e - * s .d . 60ft Featured Online Tools Comparable Sales Glossary Non-Ad Valorem Assessments PA Additional Online Tools Property Record Cards Property Search Help Property Taxes Report Discrepancies Report Homestead Fraud Tax Comparison Tax Estimator TRIM Notice Page 691 of 1418 1 ., ii • • 1 . i 1 / 1 /1 o inns n Value Adjustment Board ASSESSMENT INFORMATION Year 2018 2017 2016 Land Value $437,500 $437,500 $437,500 Building Value $10,000 $10,000 $10,000 Extra Feature Value $0 $0 $0 Market Value $447,500 $447,500 $447,500 Assessed Value $341,220 $310,200 $282,000 TAXABLE VALUE INFORMATION 2018 2017 2016 COUNTY Exemption Value $0 $0 $0 Taxable Value $341,220 $310,200 $282,000 SCHOOL BOARD Exemption Value $0 $0 $0 Taxable Value $447,500 $447,500 $447,500 CITY Exemption Value $0 $0 $0 Taxable Value $341,220 $310,200 $282,000 REGIONAL Exemption Value $0 $0 $0 Taxable Value $341,220 $310,200 $282,000 BENEFITS INFORMATION Benefit Type 2018 2017 2016 Non-Homestead Cap Assessment Reduction $106,280 $137,300 $165,500 Note: Not all benefits are applicable to all Taxable Values(i.e.County,School Board,City,Regional). FULL LEGAL DESCRIPTION Page 692 of 1418 ISLE OF NORMANDY MIAMI VIEW SEC PART 2 PB 41-75 LOT 5 BLK 30 LOT SIZE 50.000 X 125 OR 20540-2068 07 2002 1 COC 21771-3789 02 2003 4 COC 22919-0786 12 2004 1 SALES INFORMATION Previous Sale Price OR Book-Page Qualification Description Previous Own 05/11/2006 $100 29213-2735 Sales which are disqualified as a result of examination of the deed HENRY VOLPI 12/01/2004 $475,000 22919-0786 Sales which are qualified 10/01/2004 $0 22784-3145 Sales which are disqualified as a result of examination of the deed 11/01/2003 $375,000 21856-2277 Sales which are qualified 02/01/2003 $0 21771-3789 Sales which are disqualified as a result of examination of the deed 07/01/2002 $200,000 20540-2068 Sales which are qualified 09/01/1986 $93,000 13055-1069 Sales which are qualified 06/01/1981 $120,000 11135-2040 Other disqualified 04/01/1980 $89,000 10725-1938 Sales which are qualified For more information about the Department of Revenue's Sales Qualification Codes. 2018 2017 2016 LAND INFORMATION Land Use Muni Zone PA Zone Unit Type Units Calc Value GENERAL RM-1 3900-MULTI-FAMILY-38-62 U/A Square Ft. 6,250.00 $437,500 BUILDING INFORMATION The Building calculated value for this property has been overridden.Please refer to the Building Value in the Assessment Section,in or Building Number Sub Area Year Built Actual Sq.Ft. Living Sq.Ft. 1 1 1946 EXTRA FEATURES The Extra Feature calculated value for this property has been overridden.Please refer to the XF Value in the Assessment Section,in of Description Year Built Page 693 of 1418 Chain-link Fence 4-5 ft high 1973 ADDITIONAL INFORMATION *The information listed below is not derived from the Property Appraiser's Office records. It is provided for convenience and is derived from other government agencies. LAND USE AND RESTRICTIONS Community Development District: NONE Community Redevelopment Area: NONE Empowerment Zone: NONE Enterprise Zone: MIAMI BEACH Urban Development: INSIDE URBAN DEVELOPMENT BOUNDARY Zoning Code: RM-1 - Existing Land Use: 30-MULTI-FAMILY,LOW-DENSITY(UNDER 25 DU/GROSS ACRE). Government Agencies and Community Services OTHER GOVERNMENTAL JURISDICTIONS Business Incentives Childrens Trust City of Miami Beach Environmental Considerations Florida Department Of Revenue Florida Inland Navigation District PA Bulletin Board Non-Ad Valorem Assessments School Board South Florida Water Mgmt District Tax Collector The Office of the Property Appraiser is continually editing and updating the tax roll.This website may not reflect the most current information on record.The Property Appraiser and Miami-Dade County assumes no liability,see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp For inquiries and suggestions email us at http://www.miamidade.gov/PAPortal/ContactForm/ContactFormMain.aspx. Version:2.0.3 EXEMPTIONS B BENEFITS Page 694 of 1418 Deployed Military Disability Exemptions Homestead Institutional Senior Citizens More> REAL ESTATE 40 Yr Building Re-Certification Appealing Your Assessment Defective Drywall Folio Numbers Mortgage Fraud More> TANGIBLE PERSONAL PROPERTY Appealing your Assessment Assessment Information Search Exemptions Extension Requests Filing Returns More> Page 695 of 1418 ., It i i i 1 I inns PUBLIC RECORDS Address Blocking Change of Name Change of Address Change of Ownership&Title Declaration of Condominium More> ONLINE TOOLS Property Search Property Sales Tax Estimator Tax Comparison Homestead Exemption and Portability More> TAX ROLL ADMINISTRATION Appealing your Assessment Reports Page 696 of 1418 • • 1 i i i i � i�ninnn 1776 Normandy Dr, Miami Beach, FL 33141 MLS Number: A10590175 - .ter . 1 ,, — .w ' All h t I. #1 ) ,- zeJIl -- y •-4•• ' .1:7.11'. `ate- New impact windows and doors. �, rl i■� a -- :1;)ini r.. 1 z .ar krle 0 , - , i.1,, . Adjacent to neighborhood park and pool • IIIIPR tigat..1 _ ______...,..... _, _ 1111111.'. 4 Airy and bright bedrooms. IP 31 IP to t ' . Page 698 of 1418 tl ., r r r 1 . • n 7 . • IT 1 1• mi r n 1 -0 • n 0 r 1 0 .• 1 rl 0 I fl 1 1 1 (1 I,n 1 tS 1776 Normandy Dr, Miami Beach, FL 33141 MLS Number: A10590175 , F s „„ r Built-in closets in each unit. A I s- p - Al z19 A limit _-, _- .41110. I I a.. 1 ,rix Li' . . 1 .11,1111.1 Ai t - , z" Page 699 of 1418 .. 1, -r 1 nX.r-. • m 11• /r 1 . n n 1 -n • nn r 1D .• 1 n n 1 ' I n n 1•1 n I n 1776 Normandy Dr, Miami Beach, FL 33141 MLS Number: A10590175 Dining room W! Page 700 of 1418 1 .. // 0 1 . • /A L • • /T 1 1• ml . T n 1 !0 • /1 0 T 1 0 .• 1 11 0 1 '1 1 /1 0/n n 1 n "AS IS" Residential Contract For Sale And Purchase THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR Mit FloridaRealtorsi 1• PARTIES: Richard D Kendle II ("Seller"), 2• and City of Miami Beach, Flonda ("Buyer"), 3 agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property 4 (collectively"Property") pursuant to the terms and conditions of this AS IS Residential Contract For Sale And Purchase 5 and any riders and addenda ("Contract") 6 1. PROPERTY DESCRIPTION: 7• (a) Street address, city, zip 1776 Normandy Dr,Miami Beach,FL 33141-4748 s• (b) Located in: Miami-Dade County, Florida. Property Tax ID#: 02-32-10-017-0050 s• (c) Real Property. The legal description is ISLE OF NORMANDY MIAMI VIEW SEC PART 2 PB 41-75 LOT 5 BLK 10 30 LOT SIZE 50.000 X 125 OR 20540-2068 07 2002 1 COC 21771-3789 02 2003 4 COC 2291 11 12 together with all existing improvements and fixtures, including built-in appliances, built-in furnishings and 13 attached wall-to-wall carpeting and flooring ("Real Property") unless specifically excluded in Paragraph 1(e)or 14 by other terms of this Contract 1s (d) Personal Property Unless excluded in Paragraph 1(e) or by other terms of this Contract, the following items 16 which are owned by Seller and existing on the Property as of the date of the initial offer are included in the 17 purchase' range(s)/oven(s), refrigerator(s), dishwasher(s), disposal, ceiling fan(s), intercom, light fixture(s), 1e drapery rods and draperies, blinds,window treatments, smoke detector(s), garage door opener(s), security gate 19 and other access devices, and storm shutters/panels ("Personal Property"). 20' Other Personal Property items included in this purchase are. 21 22 Personal Property is included in the Purchase Price, has no contributory value, and shall be left for the Buyer. 23" (e) The following items are excluded from the purchase: 24 25 PURCHASE PRICE AND CLOSING 26• 2. PURCHASE PRICE (U.S. currency) $ 775,000.00 27• (a) Initial deposit to be held in escrow in the amount of(checks subject to COLLECTION) $ 1,000 00 28 The initial deposit made payable and delivered to"Escrow Agent"named below 29• (CHECK ONE): (I)❑accompanies offer or(Ii) El is to be made within (if left 30 blank, then 3)days after Effective Date. IF NEITHER BOX IS CHECKED, THEN 31 OPTION (ii)SHALL BE DEEMED SELECTED. 32• Escrow Agent Information: Name: Suzanne A. Docker-1y, P,A. 33• Address' 110 Merrick Way, Suite 3_-B. Coral Gables. FL 33134 34• Phone' 05-443-911 62 x20 E-mail. sdockerty@jptitzlaw.cornFax 305-443-9155 35• (b) Additional deposit to be delivered to Escrow Agent within (if left blank, then 10) 36• days after Effective Date $ 0 37 (All deposits paid or agreed to be paid, are collectively referred to as the "Deposit") 38• (C) Financing: Express as a dollar amount or percentage ("Loan Amount")see Paragraph 8 0 39• (d) Other $ 0 40 (e) Balance to close (not including Buyer's closing costs, prepaids and prorations) by wire 41' transfer or other COLLECTED funds $ 774.000.00 42 NOTE: For the definition of"COLLECTION" or"COLLECTED"see STANDARD S. 43 3. TIME FOR ACCEPTANCE OF OFFER AND COUNTER-OFFERS; EFFECTIVE DATE: 44 (a) If not signed by Buyer and Seller, and a. -xeyted copy delivered to all parties on or before 45• January1o_ 2019 , this offer shall be •11:..w 3I ■drawn and the Deposit, if any, shall be returned to 46 Buyer. Unless otherwise stated, time for acceptance of any counter-offers shall be within 2 days after the day 47 the counter-offer is delivered. 48 (b) The effccti .- - - • __ - . - -- --- e-wt - - • - - •- - -- -- - - - -- -• - - 49 -- . . .- . - - - - - •- -- - ;••• - " • - :: -„ so 4. CLOSING DATE: Unless modified by other provisions of this Contract, the closing of this transaction shall occur 51 and the closing documents required to be furnished by each party pursuant to this Contract shall be delivered 52• ("Closing") on April 7, 2019 -("Closing Date"), at the time established by the Closing Agent. Buyer's Initials li\ Page 1 of 12 Seller's Initials FioridaRealtors • daBar-ASIS-5 Rev.4/17©2017 Florida Realtors*and The Florida Bar. All rights reserved. Senor# O64O47-V*O162.072a . Page 701 of 1418 53 5. EXTENSION OF CLOSING DATE: 54 (a) If Paragraph 8(b) is checked and Closing funds from Buyer's lender(s) are not available on Closing Date due 55 to Consumer Financial Protection Bureau Closing Disclosure delivery requirements ("CFPB Requirements"), 56 then Closing Date shall be extended for such period necessary to satisfy CFPB Requirements, provided such 57 period shall not exceed 10 days. 58 (b) If an event constituting "Force Majeure" causes services essential for Closing to be unavailable, including the 59 unavailability of utilities or issuance of hazard, wind, flood or homeowners' insurance, Closing Date shall be 60 extended as provided in STANDARD G. 61 6. OCCUPANCY AND POSSESSION: 62 (a) Unless the box in Paragraph 6(b) is checked, Seller shall, at Closing, deliver occupancy and possession of the 63 Property to Buyer free of tenants, occupants and future tenancies. Also, at Closing, Seller shall have removed 64 all personal items and trash from the Property and shall deliver all keys, garage door openers, access devices 65 and codes, as applicable, to Buyer. If occupancy is to be delivered before Closing, Buyer assumes all risks of 66 loss to the Property from date of occupancy, shall be responsible and liable for maintenance from that date, 67 and shall be deemed to have accepted the Property in its existing condition as of time of taking occupancy. 68* (b) ❑ CHECK IF PROPERTY IS SUBJECT TO LEASE(S) OR OCCUPANCY AFTER CLOSING. If Property is 69 subject to a lease(s) after Closing or is intended to be rented or occupied by third parties beyond Closing, the 70 facts and terms thereof shall be disclosed in writing by Seller to Buyer and copies of the written lease(s) shall 71 be delivered to Buyer, all within 5 days after Effective Date. If Buyer determines, in Buyer's sole discretion, that 72 the lease(s)or terms of occupancy are not acceptable to Buyer, Buyer may terminate this Contract by delivery 73 of written notice of such election to Seller within 5 days after receipt of the above items from Seller, and Buyer 74 shall be refunded the Deposit thereby releasing Buyer and Seller from all further obligations under this Contract. 75 Estoppel Letter(s) and Seller's affidavit shall be provided pursuant to STANDARD D. If Property is intended to 76 be occupied by Seller after Closing, see Rider U. POST-CLOSING OCCUPANCY BY SELLER. 77* 7. ASSIGNABILITY: (CHECK ONE): Buyer ❑may assign and thereby be released from any further liability under 76* this Contract; ❑X may assign but not be released from liability under this Contract; or ❑may not assign this 79 Contract. 80 FINANCING 81 8. FINANCING: 82* X❑ (a) Buyer will pay cash for the purchase of the Property at Closing. There is no financing contingency to Buyer's 83 obligation to close. If Buyer obtains a loan for any part of the Purchase Price of the Property, Buyer acknowledges 84 that any terms and conditions imposed by Buyer's lender(s) or by CFPB Requirements shall not affect or extend 85 the Buyer's obligation to close or otherwise affect any terms or conditions of this Contract. 86* ❑ (b) This Contract is contingent upon Buyer obtaining approval of a❑conventional❑FHA❑VA or❑other 8r (describe) loan within (if left blank, then 30) days after Effective Date ("Loan Approval 88* Period") for(CHECK ONE):❑fixed,❑adjustable,❑fixed or adjustable rate in the Loan Amount(See Paragraph 89* 2(c)), at an initial interest rate not to exceed % (if left blank, then prevailing rate based upon Buyer's 90• creditworthiness), and for a term of (if left blank, then 30)years ("Financing"). 91* (i) Buyer shall make mortgage loan application for the Financing within (if left blank, then 5) days 92 after Effective Date and use good faith and diligent effort to obtain approval of a loan meeting the Financing terms 93 ("Loan Approval") and thereafter to close this Contract. Loan Approval which requires a condition related to the sale 94 by Buyer of other property shall not be deemed Loan Approval for purposes of this subparagraph. 95 Buyer's failure to use diligent effort to obtain Loan Approval during the Loan Approval Period shall be considered a 96 default under the terms of this Contract. For purposes of this provision, "diligent effort" includes, but is not limited 97 to, timely furnishing all documents and information and paying of all fees and charges requested by Buyer's 98 mortgage broker and lender in connection with Buyer's mortgage loan application. 99 (ii) Buyer shall keep Seller and Broker fully informed about the status of Buyer's mortgage loan application, 100 Loan Approval, and loan processing and authorizes Buyer's mortgage broker, lender, and Closing Agent to disclose 101 such status and progress, and release preliminary and finally executed closing disclosures and settlement 102 statements, to Seller and Broker. 103 (iii) Upon Buyer obtaining Loan Approval, Buyer shall promptly deliver written notice of such approval to Seller. 104 (iv) If Buyer is unable to obtain Loan Approval after the exercise of diligent effort, then at any time prior to 105 expiration of the Loan Approval Period, Buyer may provide written notice to Seller stating that Buyer has been los unable to obtain Loan Approval and has elected to either: 107 (1)waive Loan Approval, in which event this Contract will continue as if Loan Approval had been obtained; or 108 (2) erminate this Contract. Buyer's Initials A; Page 2 of 12 Seller's Initials FloridaRealtors/F'aBar-ASIS-5 Rev.4/17©2017 Florida BeaagltoorsJ® d The ida Bar. All rights reserved. Serial#:064047-900152-0726 F' T 12255 109 (v) If Buyer fails to timely deliver either notice provided in Paragraph 8(b)(iii) or (iv), above, to Seller prior to in expiration of the Loan Approval Period, then Loan Approval shall be deemed waived, in which event this Contract 111 will continue as if Loan Approval had been obtained, provided however, Seller may elect to terminate this Contract 112 by delivering written notice to Buyer within 3 days after expiration of the Loan Approval Period. 113 (vi) If this Contract is timely terminated as provided by Paragraph 8(b)(iv)(2) or(v), above, and Buyer is not in 114 default under the terms of this Contract, Buyer shall be refunded the Deposit thereby releasing Buyer and Seller 115 from all further obligations under this Contract. 116 (vii) If Loan Approval has been obtained, or deemed to have been obtained, as provided above, and Buyer 117 fails to close this Contract, then the Deposit shall be paid to Seller unless failure to close is due to: (1) Seller's 118 default or inability to satisfy other contingencies of this Contract; (2) Property related conditions of the Loan Approval 119 have not been met (except when such conditions are waived by other provisions of this Contract); or (3) appraisal 120 of the Property obtained by Buyer's lender is insufficient to meet terms of the Loan Approval, in which event(s) the 121 Buyer shall be refunded the Deposit, thereby releasing Buyer and Seller from all further obligations under this 122 Contract. 123* ❑(c)Assumption of existing mortgage(see rider for terms). 124* ❑(d) Purchase money note and mortgage to Seller(see riders; addenda; or special clauses for terms). 125 CLOSING COSTS, FEES AND CHARGES 126 9. CLOSING COSTS; TITLE INSURANCE; SURVEY; HOME WARRANTY; SPECIAL ASSESSMENTS: 127 (a) COSTS TO BE PAID BY SELLER: 128 • Documentary stamp taxes and surtax on deed, if any • HOA/Condominium Association estoppel fees 129 • Owner's Policy and Charges (if Paragraph 9(c)(i) is checked) • Recording and other fees needed to cure title 130 •Title search charges(if Paragraph 9(c)(iii) is checked) • Seller's attorneys' fees 131* •Municipal lien search (if Paragraph 9(c)(i) or(iii) is checked) • Other: 132 If, prior to Closing, Seller is unable to meet the AS IS Maintenance Requirement as required by Paragraph 11 133 a sum equal to 125% of estimated costs to meet the AS IS Maintenance Requirement shall be escrowed at 134 Closing. If actual costs to meet the AS IS Maintenance Requirement exceed escrowed amount, Seller shall pay 135 such actual costs. Any unused portion of escrowed amount(s) shall be returned to Seller. 136 (b) COSTS TO BE PAID BY BUYER: 137 •Taxes and recording fees on notes and mortgages • Loan expenses 138 • Recording fees for deed and financing statements •Appraisal fees 139 • Owner's Policy and Charges (if Paragraph 9(c)(ii) is checked) • Buyer's Inspections 140 • Survey (and elevation certification, if required) • Buyer's attorneys' fees 141 • Lender's title policy and endorsements •All property related insurance 142 • HOA/Condominium Association application/transfer fees • Owner's Policy Premium (if Paragraph 143 •Municipal lien search (if Paragraph 9(c)(ii) is checked) 9 (c)(iii) is checked.) 144* •Other: 145* (c) TITLE EVIDENCE AND INSURANCE: At least (if left blank, then 15, or if Paragraph 8(a) is checked, 146 then 5) days prior to Closing Date ("Title Evidence Deadline"), a title insurance commitment issued by a Florida 147 licensed title insurer, with legible copies of instruments listed as exceptions attached thereto ("Title 148 Commitment") and, after Closing, an owner's policy of title insurance (see STANDARD A for terms) shall be 149 obtained and delivered to Buyer. If Seller has an owner's policy of title insurance covering the Real Property, a 150 copy shall be furnished to Buyer and Closing Agent within 5 days after Effective Date. The owner's title policy 151 premium, title search and closing services (collectively, "Owner's Policy and Charges") shall be paid, as set 152 forth below. The title insurance premium charges for the owner's policy and any lender's policy will be calculated 153 and allocated in accordance with Florida law, but may be reported differently on certain federally mandated 154 closing disclosures and other closing documents. For purposes of this Contract"municipal lien search" means a 155 search of records necessary for the owner's policy of title insurance to be issued without exception for unrecorded 156 liens imposed pursuant to Chapters 159 or 170, F.S., in favor of any governmental body, authority or agency. 157 (CHECK ONE): 158* E (i) Seller shall designate Closing Agent and pay for Owner's Policy and Charges, and Buyer shall pay the 159 premium for Buyer's lender's policy and charges for closing services related to the lender's policy, 160 endorsements and loan closing, which amounts shall be paid by Buyer to Closing Agent or such other 161 provider(s) as Buyer may select; or 162* ❑ (ii) Buyer shall designate Closing Agent and pay for Owner's Policy and Charges and charges for closing 163 services related to Buyer's lender's policy, endorsements and loan closing; or Buyer's Initials Page 3 of 12 Seller's Initials FloridaRealtors F ridaBar-ASIS-5 Rev.4/17©2017 Florida I aayy altgrsiolctThf4F,it-ida Bar. All rights reserved. Serial#:064047-900152-07 6 3 r • fOrinwitty..,/iCitV 164• ZI (iii) [MIAMI-DADE/BROWARD REGIONAL PROVISION]: Seller shall furnish a copy of a prior owner's policy 165 of title insurance or other evidence of title and pay fees for: (A)a continuation or update of such title evidence, 168 which is acceptable to Buyer's title insurance underwriter for reissue of coverage; (B) tax search; and (C) 167 municipal lien search. Buyer shall obtain and pay for post-Closing continuation and premium for Buyer's owner's 168* policy, and if applicable, Buyer's lender's policy. Seller shall not be obligated to pay more than $ 169 (if left blank, then $200.00) for abstract continuation or title search ordered or performed by Closing Agent. 170 (d) SURVEY: On or before Title Evidence Deadline, Buyer may, at Buyer's expense, have the Real Property 171 surveyed and certified by a registered Florida surveyor ("Survey"). If Seller has a survey covering the Real 172 Property, a copy shall be furnished to Buyer and Closing Agent within 5 days after Effective Date. 173* (e) HOME WARRANTY: At Closing,[' Buyer❑Seller❑N/A shall pay for a home warranty plan issued by 174* at a cost not to exceed $ . A home 175 warranty plan provides for repair or replacement of many of a home's mechanical systems and major built-in 178 appliances in the event of breakdown due to normal wear and tear.during the agreement's warranty period. 177 (f) SPECIAL ASSESSMENTS: At Closing, Seller shall pay: (i) the full amount of liens imposed by a public body 178 ("public body" does not include a Condominium or Homeowner's Association) that are certified, confirmed and 179 ratified before Closing; and (ii) the amount of the public body's most recent estimate or assessment for an 180 improvement which is substantially complete as of Effective Date, but that has not resulted in a lien being 181 imposed on the Property before Closing. Buyer shall pay all other assessments. If special assessments may 182 be paid in installments (CHECK ONE): 183• ❑ (a) Seller shall pay installments due prior to Closing and Buyer shall pay installments due after Closing. 184 Installments prepaid or due for the year of Closing shall be prorated. 185 X❑(b) Seller shall pay the assessment(s) in full prior to or at the time of Closing. 186 IF NEITHER BOX IS CHECKED, THEN OPTION (a) SHALL BE DEEMED SELECTED. 187 This Paragraph 9(f) shall not apply to a special benefit tax lien imposed by a community development district 188 (CDD) pursuant to Chapter 190, F.S., which lien shall be prorated pursuant to STANDARD K. 189 DISCLOSURES 190 10. DISCLOSURES: 191 (a) RADON GAS: Radon is a naturally occurring radioactive gas that, when it is accumulated in a building in 192 sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that 193 exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding 194 radon and radon testing may be obtained from your county health department. 195 (b) PERMITS DISCLOSURE: Except as may have been disclosed by Seller to Buyer in a written disclosure, Seller 196 does not know of any improvements made to the Property which were made without required permits or made 197 pursuant to permits which have not been properly closed. If Seller identifies permits which have not been 198 properly closed or improvements which were not permitted, then Seller shall promptly deliver to Buyer all plans, 199 written documentation or other information in Seller's possession, knowledge, or control relating to 200 improvements to the Property which are the subject of such open permits or unpermitted improvements. 201 (c) MOLD: Mold is naturally occurring and may cause health risks or damage to property. If Buyer is concerned or 202 desires additional information regarding mold, Buyer should contact an appropriate professional. 203 (d) FLOOD ZONE; ELEVATION CERTIFICATION: Buyer is advised to verify by elevation certificate which flood 204 zone the Property is in, whether flood insurance is required by Buyer's lender, and what restrictions apply to 205 improving the Property and rebuilding in the event of casualty. If Property is in a "Special Flood Hazard Area" 206 or"Coastal Barrier Resources Act"designated area or otherwise protected area identified by the U.S. Fish and 207 Wildlife Service under the Coastal Barrier Resources Act and the lowest floor elevation for the building(s) and/or 208 flood insurance rating purposes is below minimum flood elevation or is ineligible for flood insurance coverage 209 through the National Flood Insurance Program or private flood insurance as defined in 42 U.S.C. §4012a, Buyer 210* may terminate this Contract by delivering written notice to Seller within 30 (if left blank, then 20) days after 211 Effective Date, and Buyer shall be refunded the Deposit thereby releasing Buyer and Seller from all further 212 obligations under this Contract, failing which Buyer accepts existing elevation of buildings and flood zone 213 designation of Property. The National Flood Insurance Program may assess additional fees or adjust premiums 214 for pre-Flood Insurance Rate Map (pre-FIRM) non-primary structures (residential structures in which the insured 215 or spouse does not reside for at least 50% of the year) and an elevation certificate may be required for actuarial 216 rating. 217 (e) ENERGY BROCHURE: Buyer acknowledges receipt of Florida Energy-Efficiency Rating Information Brochure 218 required by Section 553.996, F.S. Buyer's Initials .\ Page 4 of 12 Seller's Initials FloridaRealtors/' l idaBar-ASIS-5 Rev.4/17©2017 Florida 1 �1tgrsl doThalgida Bar. All rights reserved. Serlallt:064047-900152-072. il 9 Eiri';,.iil. i,li It':. 219 (f) LEAD-BASED PAINT: If Property includes pre-1978 residential housing, a lead-based paint disclosure is 220 mandatory. 221 (g) HOMEOWNERS' ASSOCIATION/COMMUNITY DISCLOSURE: BUYER SHOULD NOT EXECUTE THIS 222 CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' 223 ASSOCIATION/COMMUNITY DISCLOSURE, IF APPLICABLE. 224 (h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT 225 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TO 226 PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY 227 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER 228 PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE 229 COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION. 230 (I) FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT ("FIRPTA"): Seller shall inform Buyer in writing if 231 Seller is a "foreign person" as defined by the Foreign Investment in Real Property Tax Act ("FIRPTA"). Buyer 232 and Seller shall comply with FIRPTA, which may require Seller to provide additional cash at Closing. If Seller 233 is not a "foreign person", Seller can provide Buyer, at or prior to Closing, a certification of non-foreign status, 234 under penalties of perjury, to inform Buyer and Closing Agent that no withholding is required. See STANDARD 235 V for further information pertaining to FIRPTA. Buyer and Seller are advised to seek legal counsel and tax 236 advice regarding their respective rights, obligations, reporting and withholding requirements pursuant to 237 FIRPTA. 238 (j) SELLER DISCLOSURE: Seller knows of no facts materially affecting the value of the Real Property which are 239 not readily observable and which have not been disclosed to Buyer. Except as provided for in the preceding 240 sentence, Seller extends and intends no warranty and makes no representation of any type, either express or 241 implied, as to the physical condition or history of the Property. Except as otherwise disclosed in writing Seller 242 has received no written or verbal notice from any governmental entity or agency as to a currently uncorrected 243 building, environmental or safety code violation. 244 PROPERTY MAINTENANCE, CONDITION, INSPECTIONS AND EXAMINATIONS 245 11. PROPERTY MAINTENANCE: Except for ordinary wear and tear and Casualty Loss, Seller shall maintain the 246 Property, including, but not limited to, lawn, shrubbery, and pool, in the condition existing as of Effective Date ("AS 247 IS Maintenance Requirement"). 248 12. PROPERTY INSPECTION; RIGHT TO CANCEL: 249* (a) PROPERTY INSPECTIONS AND RIGHT TO CANCEL: Buyer shall have 30 (if left blank, then 15) 250 days after Effective Date ("Inspection Period") within which to have such inspections of the Property 251 performed as Buyer shall desire during the Inspection Period. If Buyer determines, in Buyer's sole 252 discretion, that the Property is not acceptable to Buyer, Buyer may terminate this Contract by delivering 253 written notice of such election to Seller prior to expiration of Inspection Period. If Buyer timely 254 terminates this Contract, the Deposit paid shall be returned to Buyer, thereupon, Buyer and Seller shall 255 be released of all further obligations under this Contract; however, Buyer shall be responsible for 256 prompt payment for such inspections, for repair of damage to, and restoration of, the Property resulting 257 from such inspections, and shall provide Seller with paid receipts for all work done on the Property(the 258 preceding provision shall survive termination of this Contract). Unless Buyer exercises the right to 259 terminate granted herein, Buyer accepts the physical condition of the Property and any violation of 260 governmental, building, environmental, and safety codes, restrictions, or requirements, but subject to 261 Seller's continuing AS IS Maintenance Requirement, and Buyer shall be responsible for any and all 262 repairs and improvements required by Buyer's lender. 263 (b) WALK-THROUGH INSPECTION/RE-INSPECTION: On the day prior to Closing Date, or on Closing Date prior 264 to time of Closing, as specified by Buyer, Buyer or Buyer's representative may perform a walk-through (and 265 follow-up walk-through, if necessary) inspection of the Property solely to confirm that all items of Personal 266 Property are on the Property and to verify that Seller has maintained the Property as required by the AS IS 267 Maintenance Requirement and has met all other contractual obligations. 268 (c) SELLER ASSISTANCE AND COOPERATION IN CLOSE-OUT OF BUILDING PERMITS: If Buyer's inspection 269 of the Property identifies open or needed building permits, then Seller shall promptly deliver to Buyer all plans, 270 written documentation or other information in Seller's possession, knowledge, or control relating to 271 improvements to the Property which are the subject of such open or needed Permits, and shall promptly 272 cooperate in good faith with Buyer's efforts to obtain estimates of repairs or other work necessary to resolve 273 such Permit issues. Seller's obligation to cooperate shall include Seller's execution of necessary authorizations, Buyer's Initials .14a� Page 5 of 12 Seller's Initials FloridaRealtors Flo idaBar-ASIS-5 Rev.4/17©2017 Florida�saLt6rs�+ coThagtrida Bar. All rights reserved. Serial#:064047.900152-0 613; r�� i } �t.1tt!l4ifft�5�t+~1��M 274 consents, or other documents necessary for Buyer to conduct inspections and have estimates of such repairs 275 or work prepared, but in fulfilling such obligation, Seller shall not be required to expend, or become obligated to 276 expend, any money. 277 (d) ASSIGNMENT OF REPAIR AND TREATMENT CONTRACTS AND WARRANTIES: At Buyer's option and 278 cost, Seller will, at Closing, assign all assignable repair, treatment and maintenance contracts and warranties 279 to Buyer. 280 ESCROW AGENT AND BROKER 281 13. ESCROW AGENT: Any Closing Agent or Escrow Agent (collectively "Agent") receiving the Deposit, other funds 282 and other items is authorized, and agrees by acceptance of them, to deposit them promptly, hold same in escrow 283 within the State of Florida and, subject to COLLECTION, disburse them in accordance with terms and conditions 284 of this Contract. Failure of funds to become COLLECTED shall not excuse Buyer's performance. When conflicting 285 demands for the Deposit are received, or Agent has a good faith doubt as to entitlement to the Deposit, Agent may 286 take such actions permitted by this Paragraph 13, as Agent deems advisable. If in doubt as to Agent's duties or 287 liabilities under this Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow until 288 the parties agree to its disbursement or until a final judgment of a court of competent jurisdiction shall determine 289 the rights of the parties, or Agent may deposit same with the clerk of the circuit court having jurisdiction of the 290 dispute. An attorney who represents a party and also acts as Agent may represent such party in such action. Upon 291 notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, except to the 292 extent of accounting for any items previously delivered out of escrow. If a licensed real estate broker, Agent will 293 comply with provisions of Chapter 475, F.S., as amended and FREC rules to timely resolve escrow disputes through 294 mediation, arbitration, interpleader or an escrow disbursement order. 295 In any proceeding between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, 296 or in any proceeding where Agent interpleads the subject matter of the escrow, Agent shall recover reasonable 297 attorney's fees and costs incurred, to be paid pursuant to court order out of the escrowed funds or equivalent. Agent 298 shall not be liable to any party or person for mis-delivery of any escrowed items, unless such mis-delivery is due to 299 Agent's willful breach of this Contract or Agent's gross negligence. This Paragraph 13 shall survive Closing or 300 termination of this Contract. 301 14. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verify Property condition, 302 square footage, and all other facts and representations made pursuant to this Contract and to consult appropriate 303 professionals for legal, tax, environmental, and other specialized advice concerning matters affecting the Property 304 and the transaction contemplated by this Contract. Broker represents to Buyer that Broker does not reside on the 305 Property and that all representations (oral, written or otherwise) by Broker are based on Seller representations or 306 public records. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND 307 GOVERNMENTAL AGENCIES FOR VERIFICATION OF PROPERTY CONDITION, SQUARE FOOTAGE AND 308 FACTS THAT MATERIALLY AFFECT PROPERTY VALUE AND NOT ON THE REPRESENTATIONS (ORAL, 309 WRITTEN OR OTHERWISE) OF BROKER.Buyer--and-Seller(indiv+dually;the "Indemnifying Party")each 310 individually indemnifies, holds harmless, and releases Broker and Broker's officers, directors,.agents and 311 employees from all liability for loss or damage, including all costs and expenses, and reasonable attorney's fees at 312 all levels, suffered or incurred by Broker and Broker's officers, directors, agents and employees in connection with 313 or arising from claims, demands or causes of action instituted by Buyer or Seller based on: (i) inaccuracy of 314 information provided by the Indemnifying Party or from public records; (ii) Indemnifying Party's misstatement(s) or 315 failure to perform contractual obligations; (iii) Broker's performance, at Indemnifying Party's request, of any task 316 beyond the scope of services regulated by Chapter 475, F.S., as amended, including Broker's referral, 317 recommendation or retention of any vendor for, or on behalf of, Indemnifying Party; (iv) products or services 318 provided by any such vendor for, or on behalf of, Indemnifying Party; and (v) expenses incurred by any such vendor. 319 Buyer and Seiler each assumes full responsibility for selecting and compensating their respective vendors and 320 paying their other costs under this Contract whether or not this transaction closes. This Paragraph 14 will not relieve 321 Broker of statutory obligations under Chapter 475, F.S., as amended. For purposes of this Paragraph 14, Broker 322 will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination of this Contract. 323 DEFAULT AND DISPUTE RESOLUTION 324 15. DEFAULT: 325 (a) BUYER DEFAULT: If Buyer fails, neglects or refuses to perform Buyer's obligations under this Contract, 326 including payment of the Deposit, within the time(s) specified, Seller may elect to recover and retain the Deposit 327 for the account of Seller as agreed upon liquidated damages, consideration for execution of this Contract, and 328 in full settlement of any claims, whereupon Buyer and Seller shall be relieved from all further obligations under Buyer's Initials ilk Page 6 of 12 Seller's Initials V FloridaRealtors/Flo;..Bar-ASIS-5 Rev.4/17©2017 Florida Iii9a6cgsycyerghpifitrida Bar.All rights reserved. Serial#064047-900152-0726133 } FlJlp�lil�fl11ly�1k.l�``i 329 this Contract, or Seller, at Seller's option, may, pursuant to Paragraph 16, proceed in equity to enforce Seller's 330 rights under this Contract. The portion of the Deposit, if any, paid to Listing Broker upon default by Buyer, shall 331 be split equally between Listing Broker and Cooperating Broker; provided however, Cooperating Broker's share 332 shall not be greater than the commission amount Listing Broker had agreed to pay to Cooperating Broker. 333 (b) SELLER DEFAULT: If for any reason other than failure of Seller to make Seller's title marketable after 334 reasonable diligent effort, Seller fails, neglects or refuses to perform Seller's obligations under this Contract, 335 Buyer may elect to receive return of Buyer's Deposit without thereby waiving any action for damages resulting 336 from Seller's breach, and, pursuant to Paragraph 16, may seek to recover such damages or seek specific 337 performance. 338 This Paragraph 15 shall survive Closing or termination of this Contract. 339 16. DISPUTE RESOLUTION: Unresolved controversies, claims and other matters in question between Buyer and 340 Seller arising out of, or relating to, this Contract or its breach, enforcement or interpretation ("Dispute")will be settled 341 as follows: 342 (a) Buyer and Seller will have 10 days after the date conflicting demands for the Deposit are made to attempt to 343 resolve such Dispute, failing which, Buyer and Seller shall submit such Dispute to mediation under Paragraph 344 16(b). 345 (b) Buyer and Seller shall attempt to settle Disputes in an amicable manner through mediation pursuant to Florida 346 Rules for Certified and Court-Appointed Mediators and Chapter 44, F.S., as amended (the "Mediation Rules"). 347 The mediator must be certified or must have experience in the real estate industry. Injunctive relief may be 348 sought without first complying with this Paragraph 16(b). Disputes not settled pursuant to this Paragraph 16 349 may be resolved by instituting action in the appropriate court having jurisdiction of the matter. This Paragraph 350 16 shall survive Closing or termination of this Contract. 351 17. ATTORNEY'S FEES; COSTS: The parties will split equally any mediation fee incurred in any mediation permitted 352 by this Contract, and each party will pay their own costs, expenses and fees, including attorney's fees, incurred in 353 conducting the mediation. In any litigation permitted by this Contract, the prevailingeach party shall be entitled to recover arA responsible for their respective costs and fees, including reasonable attorney's fees, incurred in conducting the 366 litigation. This Paragraph 17 shall survive Closing or termination of this Contract. 356 STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") 357 18. STANDARDS: 358 A.TITLE: 359 (i)TITLE EVIDENCE; RESTRICTIONS; EASEMENTS; LIMITATIONS: Within the time period provided in 360 Paragraph 9(c), the Title Commitment, with legible copies of instruments listed as exceptions attached thereto, shall 361 be issued and delivered to Buyer. The Title Commitment shall set forth those matters to be discharged by Seller at 362 or before Closing and shall provide that, upon recording of the deed to Buyer, an owner's policy of title insurance 363 in the amount of the Purchase Price, shall be issued to Buyer insuring Buyer's marketable title to the Real Property, 364 subject only to the following matters: (a)comprehensive land use plans, zoning, and other land use restrictions, 365 prohibitions and requirements imposed by governmental authority; (b) restrictions and matters appearing on the 366 Plat or otherwise common to the subdivision; (c) outstanding oil, gas and mineral rights of record without right of 367 entry; (d) unplatted public utility easements of record (located contiguous to real property lines and not more than 368 10 feet in width as to rear or front lines and 7 1/2 feet in width as to side lines); (e) taxes for year of Closing and 369 subsequent years; and (f) assumed mortgages and purchase money mortgages, if any (if additional items, attach 370 addendum); provided, that, none prevent use of Property for RESIDENTIAL PURPOSES. If there exists at Closing 371 any violation of items identified in (b)—(1)above, then the same shall be deemed a title defect. Marketable title shall 372 be determined according to applicable Title Standards adopted by authority of The Florida Bar and in accordance 373 with law. 374 (ii) TITLE EXAMINATION: Buyer shall have 5 days after receipt of Title Commitment to examine it and notify Seller 375 in writing specifying defect(s), if any, that render title unmarketable. If Seller provides Title Commitment and it is 376 delivered to Buyer less than 5 days prior to Closing Date, Buyer may extend Closing for up to 5 days after date of 377 receipt to examine same in accordance with this STANDARD A. Seller shall have 30 days ("Cure Period") after 378 receipt of Buyer's notice to take reasonable diligent efforts to remove defects. If Buyer fails to so notify Seller, Buyer 379 shall be deemed to have accepted title as it then is. If Seller cures defects within Cure Period, Seller will deliver 380 written notice to Buyer(with proof of cure acceptable to Buyer and Buyer's attorney) and the parties will close this 381 Contract on Closing Date(or if Closing Date has passed, within 10 days after Buyer's receipt of Seller's notice). If 382 Seller is unable to cure defects within Cure Period, then Buyer may, within 5 days after expiration of Cure Period, Buyer's Initials _Pgatept 11 1418 - Seller's Initials FloridaRealtors/- . idaBar-ASIS-5 Rev.4/17©2017 Florida Realtors and The Florida Bar.All rights reserved. STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS")CONTINUED 383 deliver written notice to Seller: (a)extending Cure Period for a specified period not to exceed 120 days within which 384 Seller shall continue to use reasonable diligent effort to remove or cure the defects ("Extended Cure Period"); or 385 (b) electing to accept title with existing defects and close this Contract on Closing Date (or if Closing Date has 386 passed, within the earlier of 10 days after end of Extended Cure Period or Buyer's receipt of Seller's notice), or(c) 387 electing to terminate this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all 388 further obligations under this Contract. If after reasonable diligent effort, Seller is unable to timely cure defects, and 389 Buyer does not waive the defects, this Contract shall terminate, and Buyer shall receive a refund of the Deposit, 390 thereby releasing Buyer and Seller from all further obligations under this Contract. 391 B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon 392 encroach on setback lines, easements, or lands of others, or violate any restrictions, covenants, or applicable 393 governmental regulations described in STANDARD A (i)(a), (b) or (d) above, Buyer shall deliver written notice of 394 such matters, together with a copy of Survey, to Seller within 5 days after Buyer's receipt of Survey, but no later 395 than Closing. If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice and 396 Survey shall constitute a title defect, subject to cure obligations of STANDARD A above. If Seller has delivered a 397 prior survey, Seller shall, at Buyer's request, execute an affidavit of "no change" to the Real Property since the 398 preparation of such prior survey, to the extent the affirmations therein are true and correct. 399 C. INGRESS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to 400 the Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of access. 401 D. LEASE INFORMATION: Seller shall, at least 10 days prior to Closing, furnish to Buyer estoppel letters from 402 tenant(s)/occupant(s) specifying nature and duration of occupancy, rental rates, advanced rent and security 403 deposits paid by tenant(s) or occupant(s)("Estoppel Letter(s)"). If Seller is unable to obtain such Estoppel Letter(s) 404 the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller's affidavit 405 and Buyer may thereafter contact tenant(s) or occupant(s) to confirm such information. If Estoppel Letter(s) or 406 Seller's affidavit, if any, differ materially from Seller's representations and lease(s) provided pursuant to Paragraph 407 6, or if tenant(s)/occupant(s) fail or refuse to confirm Seller's affidavit, Buyer may deliver written notice to Seller 408 within 5 days after receipt of such information, but no later than 5 days prior to Closing Date, terminating this 409 Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all further obligations under 410 this Contract. Seller shall, at Closing, deliver and assign all leases to Buyer who shall assume Seller's obligations 411 thereunder. 412 E. LIENS: Seller shall furnish to Buyer at Closing an affidavit attesting (i) to the absence of any financing 413 statement, claims of lien or potential lienors known to Seller and (ii) that there have been no improvements or 414 repairs to the Real Property for 90 days immediately preceding Closing Date. If the Real Property has been 415 improved or repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all 416 general contractors, subcontractors, suppliers and materialmen in addition to Seller's lien affidavit setting forth 417 names of all such general contractors, subcontractors, suppliers and materialmen, further affirming that all charges 418 for improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been 419 paid or will be paid at Closing. 420 F. TIME: Calendar days shall be used in computing time periods. Time is of the essence in this Contract. Other 421 than time for acceptance and Effective Date as set forth in Paragraph 3, any time periods provided for or dates 422 specified in this Contract, whether preprinted, handwritten, typewritten or inserted herein, which shall end or occur 423 on a Saturday, Sunday, or a national legal holiday(see 5 U.S.C.6103)shall extend to 5:00 p.m. (where the Property 424 is located)of the next business day. 425 G. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be 426 liable to each other for damages so long as performance or non-performance of the obligation, or the availability of 427 services, insurance or required approvals essential to Closing, is disrupted, delayed, caused or prevented by Force 428 Majeure. "Force Majeure" means: hurricanes, floods, extreme weather, earthquakes, fire, or other acts of God, 429 unusual transportation delays, or wars, insurrections, or acts of terrorism, which, by exercise of reasonable diligent 430 effort, the non-performing party is unable in whole or in part to prevent or overcome_All time periods, including 431 Closing Date, will be extended a reasonable time up to 7 days after the Force Majeure no longer prevents 432 performance under this Contract, provided, however, if such Force Majeure continues to prevent performance under 433 this Contract more than 30 days beyond Closing Date, then either party may terminate this Contract by delivering 434 written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all 435 further obligations under this Contract. 436 H. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's, 437 personal representative's, or guardian's deed, as appropriate to the status of Seller, subject only to matters 438 described in STANDARD A and those accepted by Buyer. Personal Property shall, at request of Buyer, be Buyer's Initials 1',t Page 8 of 12 Seller's Initials FloridaRealtors ' • idaBar-ASIS-5 Rev.4/17©2017 Florida Realtors®and The Florida Bar. All rights reserved. Serial#084047-900152-0721, form simpliC1 Page 708 of 14183 t STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED 439 transferred by absolute bill of sale with warranty of title, subject only to such matters as may be provided for in this 440 Contract. 441 I. CLOSING LOCATION; DOCUMENTS;AND PROCEDURE: 442 (i) LOCATION: Closing will be conducted by the attorney or other closing agent ("Closing Agent") designated by 443 the party paying for the owner's policy of title insurance and will take place in the county where the Real Property 444 is located at the office of the Closing Agent, or at such other location agreed to by the parties. If there is no title 445 insurance, Seller will designate Closing Agent. Closing may be conducted by mail, overnight courier, or electronic 446 means. 447 (ii) CLOSING DOCUMENTS: Seller shall at or prior to Closing, execute and deliver, as applicable, deed, bill of 448 sale, certificate(s) of title or other documents necessary to transfer title to the Property, construction lien affidavit(s), 449 owner's possession and no lien affidavit(s), and assignment(s) of leases. Seller shall provide Buyer with paid 450 receipts for all work done on the Property pursuant to this Contract. Buyer shall furnish and pay for, as applicable, 451 the survey, flood elevation certification, and documents required by Buyer's lender. 452 (iii) FinCEN GTO NOTICE. If Closing Agent is required to comply with the U.S. Treasury Department's 453 Financial Crimes Enforcement Network ("FinCEN") Geographic Targeting Orders ("GTOs"), then Buyer 454 shall provide Closing Agent with the information related to Buyer and the transaction contemplated by this 455 Contract that is required to complete IRS Form 8300, and Buyer consents to Closing Agent's collection and 456 report of said information to IRS. 457 (iv) PROCEDURE: The deed shall be recorded upon COLLECTION of all closing funds. If the Title Commitment 458 provides insurance against adverse matters pursuant to Section 627.7841, F.S., as amended, the escrow closing 459 procedure required by STANDARD J shall be waived, and Closing Agent shall, subject to COLLECTION of all 460 closing funds, disburse at Closing the brokerage fees to Broker and the net sale proceeds to Seller. 461 J. ESCROW CLOSING PROCEDURE: If Title Commitment issued pursuant to Paragraph 9(c) does not provide 462 for insurance against adverse matters as permitted under Section 627.7841, F.S., as amended, the following 463 escrow and closing procedures shall apply: (1) all Closing proceeds shall be held in escrow by the Closing Agent 464 for a period of not more than 10 days after Closing; (2) if Seller's title is rendered unmarketable, through no fault of 465 Buyer, Buyer shall, within the 10 day period, notify Seller in writing of the defect and Seller shall have 30 days from 466 date of receipt of such notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and all 467 Closing funds paid by Buyer shall, within 5 days after written demand by Buyer, be refunded to Buyer and, 468 simultaneously with such repayment, Buyer shall return the Personal Property, vacate the Real Property and re- 469 convey the Property to Seller by special warranty deed and bill of sale; and (4) if Buyer fails to make timely demand 470 for refund of the Deposit, Buyer shall take title as is, waiving all rights against Seller as to any intervening defect 471 except as may be available to Buyer by virtue of warranties contained in the deed or bill of sale. 472 K. PRORATIONS; CREDITS: The following recurring items will be made current(if applicable) and prorated as of 473 the day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate taxes 474 (including special benefit tax assessments imposed by a CDD), interest, bonds, association fees, insurance, rents 475 and other expenses of Property. Buyer shall have option of taking over existing policies of insurance, if assumable, 476 in which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required 477 by prorations to be made through day prior to Closing.Advance rent and security deposits, if any, will be credited 478 to Buyer. Escrow deposits held by Seller's mortgagee will be paid to Seller. Taxes shall be prorated based on 479 current year's tax. If Closing occurs on a date when current year's millage is not fixed but current year's assessment 480 is available, taxes will be prorated based upon such assessment and prior year's millage. If current year's 481 assessment is not available, then taxes will be prorated on prior year's tax. If there are completed improvements 482 on the Real Property by January 1st of year of Closing, which improvements were not in existence on January 1st 483 of prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assessment to be 484 agreed upon between the parties, failing which, request shall be made to the County Property Appraiser for an 485 informal assessment taking into account available exemptions. In all cases, due allowance shall be made for the 486 maximum allowable discounts and applicable homestead and other exemptions. A tax proration based on an 487 estimate shall, at either party's request, be readjusted upon receipt of current year's tax bill. This STANDARD K 488 shall survive Closing. 489 L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seller 490 shall, upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, 491 including a walk-through (or follow-up walk-through if necessary) prior to Closing. 492 M. RISK OF LOSS: If, after Effective Date, but before Closing, Property is damaged by fire or other casualty 493 ("Casualty Loss") and cost of restoration (which shall include cost of pruning or removing damaged trees) does not 494 exceed 1.5% of Purchase Price, cost of restoration shall be an obligation of Seller and Closing shall proceed 495 pursuant to terms of this Contract. If restoration is not completed as of Closing, a sum equal to 125% of estimated Buyer's Initials ,` Page 9 of 12 Seller's Initials V FloridaRealtors/ •ridaBar-ASIS-5 Rev.4/17©2017 Florida Realtors®and The Florida Bar. All rights reserved. Serbia*064047-900162472 3 t� i � r�ri .ltcl t T Page 709 of 1418 STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS")CONTINUED 496 cost to complete restoration (not to exceed 1.5% of Purchase Price) will be escrowed at Closing. If actual cost of 497 restoration exceeds escrowed amount, Seller shall pay such actual costs (but, not in excess of 1.5% of Purchase 498 Price). Any unused portion of escrowed amount shall be returned to Seller. If cost of restoration exceeds 1.5% of 499 Purchase Price, Buyer shall elect to either take Property"as is"together with the 1.5%, or receive a refund of the 500 Deposit thereby releasing Buyer and Seller from all further obligations under this Contract. Seller's sole obligation 501 with respect to tree damage by casualty or other natural occurrence shall be cost of pruning or removal. 502 N. 1031 EXCHANGE: If either Seller or Buyer wish to enter into a like-kind exchange (either simultaneously with 503 Closing or deferred) under Section 1031 of the Internal Revenue Code("Exchange"), the other party shall cooperate 504 in all reasonable respects to effectuate the Exchange, including execution of documents; provided, however, 505 cooperating party shall incur no liability or expense related to the Exchange, and Closing shall not be contingent 506 upon, nor extended or delayed by, such Exchange. 507 O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; DELIVERY; COPIES; CONTRACT 508 EXECUTION: Neither this Contract nor any notice of it shall be recorded in any public records. This Contract shall 509 be binding on, and inure to the benefit of, the parties and their respective heirs or successors in interest. Whenever 510 the context permits, singular shall include plural and one gender shall include all. Notice and delivery given by or to 511 the attorney or broker(including such broker's real estate licensee) representing any party shall be as effective as 512 if given by or to that party. All notices must be in writing and may be made by mail, personal delivery or electronic 513 (including "pdf') media. A facsimile or electronic(including "pdf') copy of this Contract and any signatures hereon 514 shall be considered for all purposes as an original. This Contract may be executed by use of electronic signatures, 515 as determined by Florida's Electronic Signature Act and other applicable laws. 516 P. INTEGRATION; MODIFICATION: This Contract contains the full and complete understanding and agreement 517 of Buyer and Seller with respect to the transaction contemplated by this Contract and no prior agreements or 518 representations shall be binding upon Buyer or Seller unless included in this Contract. No modification to or change 519 in this Contract shall be valid or binding upon Buyer or Seller unless in writing and executed by the parties intended 520 to be bound by it. 521 Q. WAIVER: Failure of Buyer or Seller to insist on compliance with, or strict performance of, any provision of this 522 Contract, or to take advantage of any right under this Contract, shall not constitute a waiver of other provisions or 523 rights. 524 R. RIDERS; ADDENDA; TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten 525 or handwritten provisions shall control all printed provisions of this Contract in conflict with them. 526 S. COLLECTION or COLLECTED: "COLLECTION" or "COLLECTED" means any checks tendered or 527 received, including Deposits, have become actually and finally collected and deposited in the account of 528 Escrow Agent or Closing Agent. Closing and disbursement of funds and delivery of closing documents 529 may be delayed by Closing Agent until such amounts have been COLLECTED in Closing Agent's accounts. 530 T. RESERVED. 531 U. APPLICABLE LAW AND VENUE: This Contract shall be construed in accordance with the laws of the State 532 of Florida and venue for resolution of all disputes, whether by mediation, arbitration or litigation, shall lie in the 533 county where the Real Property is located. 534 V. FIRPTA TAX WITHHOLDING: If a seller of U.S. real property is a "foreign person" as defined by FIRPTA, 535 Section 1445 of the Internal Revenue Code ("Code") requires the buyer of the real property to withhold up to 15% 536 of the amount realized by the seller on the transfer and remit the withheld amount to the Internal Revenue Service 537 (IRS) unless an exemption to the required withholding applies or the seller has obtained a Withholding Certificate 538 from the IRS authorizing a reduced amount of withholding. 539 (i) No withholding is required under Section 1445 of the Code if the Seller is not a "foreign person". Seller can 540 provide proof of non-foreign status to Buyer by delivery of written certification signed under penalties of perjury, 541 stating that Seller is not a foreign person and containing Seller's name, U.S. taxpayer identification number and 542 home address (or office address, in the case of an entity), as provided for in 26 CFR 1.1445-2(b). Otherwise, Buyer 543 shall withhold the applicable percentage of the amount realized by Seller on the transfer and timely remit said funds 544 to the IRS. 545 (ii) If Seller is a foreign person and has received a Withholding Certificate from the IRS which provides for reduced 546 or eliminated withholding in this transaction and provides same to Buyer by Closing, then Buyer shall withhold the 547 reduced sum required, if any, and timely remit said funds to the IRS. 548 (iii) If prior to Closing Seller has submitted a completed application to the IRS for a Withholding Certificate and has 549 provided to Buyer the notice required by 26 CFR 1.1445-1(c) (2)(i)(B) but no Withholding Certificate has been 550 received as of Closing, Buyer shall, at Closing, withhold the applicable percentage of the amount realized by Seller 551 on the transfer and, at Buyer's option, either(a)timely remit the withheld funds to the IRS or(b) place the funds in 552 escrow, at Seller's expense, with an escrow agent selected by Buyer and pursuant to terms negotiated by the Buyer's Initials Ala Page 10 of 12 Seller's Initials FloridaReaftors/ daBar-ASIS-5 Rev.4/17©2017 Florida Realtors®and The Florida Bar. All rights reserved. Serial#:064047-90015247 • • form simplicity Page 710 of 1418 j' J STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED 553 parties, to be subsequently disbursed in accordance with the Withholding Certificate issued by the IRS or remitted 554 directly to the IRS if the Seller's application is rejected or upon terms set forth in the escrow agreement. 555 (iv) In the event the net proceeds due Seller are not sufficient to meet the withholding requirement(s) in this 556 transaction, Seller shall deliver to Buyer, at Closing, the additional COLLECTED funds necessary to satisfy the 557 applicable requirement and thereafter Buyer shall timely remit said funds to the IRS or escrow the funds for 558 disbursement in accordance with the final determination of the IRS, as applicable. 559 (v) Upon remitting funds to the IRS pursuant to this STANDARD, Buyer shall provide Seller copies of IRS Forms 560 8288 and 8288-A, as filed. 561 W. RESERVED 562 X. BUYER WAIVER OF CLAIMS: To the extent permitted by law, Buyer waives any claims against Seller 563 and against any real estate licensee involved in the negotiation of this Contract for any damage or defects 564 pertaining to the physical condition of the Property that may exist at Closing of this Contract and be 565 • subsequently discovered by the Buyer or anyone claiming by, through, under or against the Buyer. This 566 provision does not relieve Seller's obligation to comply with Paragraph 10(j). This Standard X shall survive 567 Closing. 568 ADDENDA AND ADDITIONAL TERMS 569* 19. ADDENDA: The following additional terms are included in the attached addenda or riders and incorporated into this 570 Contract(Check if applicable): ❑A. Condominium Rider ❑ K. RESERVED ❑T. Pre-Closing Occupancy ❑ B. Homeowners'Assn. ❑ L. RESERVED ❑ U. Post-Closing Occupancy ❑C. Seller Financing ❑ M. Defective Drywall ❑V. Sale of Buyer's Property ❑ D. Mortgage Assumption ❑ N. Coastal Construction Control ❑W. Back-up Contract ❑ E. FHANA Financing Line ❑X. Kick-out Clause ❑ F. Appraisal Contingency ❑ 0. Insulation Disclosure ❑Y. Seller's Attorney Approval ❑ G. Short Sale ❑ P. Lead Paint Disclosure (Pre- ❑ Z. Buyer's Attorney Approval ❑ ❑ 1978) ❑ ❑ H. Homeowners/Flood Ins. ❑ Q. Housing for Older Persons ❑AA. Licensee Property Interest ❑ I. RESERVED ❑ R. Rezoning ❑ BB. Binding Arbitration J. Interest-Bearing Acct. S. Lease Purchase/ Lease Option Other:_ 571• 20. ADDITIONAL TERMS: The effective date of this contract shall be the date when the Mayor and City Commission approve 572 the Contract("Effective Date"). If the City Commission does not approve the Contract within forty-five days from the date all the 573 parties execute the Contract,the Contract shall automatically terminate and Buyer's Deposit shall be returned to the Buyer, and, 574 thereupon Buyer and Seller shall be released of all further obligations under this Contract. During the Inspection Period,as 575 defined in paragraph 12, Buyer shall have an opportunity to conduct an appraisal of the Property by a licensed appraiser. If the appraised value of the Property,pursuant to said appraisal,is less than the Purchase Price, Buyer shall have the right to terminate .this Contract during the Inspection Period, pursuant to paragraph12, by written notification to Seller. 576 577 _ 578 _ 579 _ 580 581 582 583 584 585 - 586 - 587 588 COUNTER-OFFER/REJECTION 589* ❑ Seller counters Buyer's offer(to accept the counter-offer, Buyer must sign or initial the counter-offered terms and 590 deliver a c•py of the acceptance to Seller). 591• LI Seller re,-c . Buyer's offer. Buyer's Initials- Page 11 of 12 Seller's Initials_ FloridaReattors/FI, aBar-ASIS-5 Rev.4/17©2017 Florida Reattoret,�cb 'hr4F,ilgrida Bar. All rights reserved. Serie{#:064047-900152-072613 rays 592 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE 593 ADVICE OF AN ATTORNEY PRIOR TO SIGNING. 594 THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR. 595 Approval of this form by the Florida Realtors and The Florida Bar does not constitute an opinion that any of the 596 terms and conditions in this Contract should be accepted by the parties in a particular transaction. Terms and 597 conditions should be negotiated based upon the respective interests, objectives and bargaining positions of all 598 interested persons. 599 AN ASTERISK,*) FOLLOW! 3 A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK 600 TO BE COMP 1 TED. City'.i Miami B •Inch, Florid. 601* BuyerX ! Date: //7,47 Jimmy . Mora =s, Manager 602* Buyer: Date: 11 1 Date: 603* Seller: • � 604* Seller: Date: 605 Buyer's address for purposes of notice Seller's address for purposes of notice 606* City of Miami Beach, Florida 607* 1700 Convention Center Dr 608* Miami Beach. Florida 33139 Attention: City Manager 609 BROKER: Listing and Cooperating Brokers, if any, named below (collectively, "Broker"), are the only Brokers 610 entitled to compensation in connection with this Contract. Instruction to Closing Agent: Seller and Buyer direct 611 Closing Agent to disburse at Closing the full amount of the brokerage fees as specified in separate brokerage 612 agreements with the parties and cooperative agreements between the Brokers, except to the extent Broker has 613 retained such fees from the escrowed funds. This Contract shall not modify any MLS or other offer of compensation 614 made by Seller or Listing Broker to Cooperating Brokers. 615. Not applicable Richard D Kendle 616 Cooperating Sales Associate, if any Listing Sales Associate 617. The K Company Realty, LLC 618 Cooperating Broker, if any Listing Broker APPROVED AS TO FORM & LANGUAGE & FOR EX CUTION �(� (-- ,- zZ (9 City Attorney Date Buyer's Initials1 Page 12 of 12 Seller's Initials FloridaRealtor. .•ridaBar-ASIS-5 Rev.4/17©2017 Florida Realtors and The Florida Bar. All rights reserved. Serial*.094047-90015 , , 33 � SiC71p.�1CIC Page 712 of 1418 1776 Normandy Dr, Miami Beach, FL 33141 i MLS #A10590175 1 Zillow Page 1 of 1 1 0 Normandy Dr r Q Listing Type 'v Any Price v 0+ Beds 'v More v es • • • • • • a 3.5M S •11.17 OOK Public View Owner Viewlorida • Miami Bern 9�331m- I rt m�nc�y-t - y-vr- -- S1O.,.,� `1.29MP _$ .37NI 5�. � • $1..•8 $1.U6M_.... 5995K�� $5.96M :• S4.9M • ' : " ' F 45M • T kwv. y, , ”.354111 -- 474,7114441 „, .,,,,,.,. 7,--,?0,-..„'n,V4.„,:?•;,, ` • $921" Y .41 • i s+J • _..7d©41 lir. .:^.,,.g4;--..'.e--..`_V'''''.1,',;-a3 7 t4 *44iis :s6MtK w'° • Schoc f ,t.; -., :b2 units itliY K+ i 522,SA ' ..$180K \ vrav .;. 5 1895K ma-0 x. 1 c1 ; 1,, lif ..,-..., . . `i, . - S�M ', , is i •t \I , y�. ... 75M i r -k isli i4aaa tis • . !�. }:;. $3.24a !, Street Vie\ $1.73h� ....__ $58 K $489K -units : yee511 sqft • 179116. • '°F(Ii r S79bK #$ ' QQ _____________ Phone ASM 52.2'ri2rrunl 4.97M un r -V OO��-- 2 Noma •r estima a r' I 1 II 41 $720,209 Email $ Dr I am interested in 1776 Normandy Dr, 2h4 3C Al! 2hi. --- oR7R"TG Miami Beach, FL 33141. • V l - Miami -- —$45,94, • ,;M Est. 'each, FL Contact Agents $2. 2M Mortgage: 33141 $3,259/mo r1 I want financing information ® _ By pressing Contact Agent,you agree that Zillow Group and real estate professionals may call/text you 1 bed • 1 bath ' about your inquiry,which may involve use of 0Get pre-qualifL 1-aced means and prerecorded/artificial voices. 2,511 sqft en't need to consent as a condition of buying any ® Get pre-qualifiedoperty,goods or services,Message/data rates may V apply.You also agree to our Terms of Use.Zillow does Page 713 of 1418 httns://www.zillow.com/homes/1776-Normandv-Dr-Miami-Beach.-FL,_-33141 rh/ 1/1R/2019 RESOLUTION NO. 2018-30551 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE CITY MANAGER TO IDENTIFY A MULTIFAMILY PROPERTY WITHIN THE CITY OF MIAMI BEACH BOUNDARIES FOR USE AS AFFORDABLE HOUSING; AND AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE A PURCHASE AGREEMENT AND OTHER PURCHASE CONTRACT DOCUMENTS FOR THE PROPERTY, FOR A TOTAL SUM NOT TO EXCEED $1,079,000 (INCLUSIVE OF CLOSING COSTS), TO BE FUNDED FROM COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) FUNDS AND HOME INVESTMENT PARTNERSHIP (HOME) FUNDS, PROVIDED THAT SAID PURCHASE AGREEMENT IS CONTINGENT UPON APPROVAL BY THE CITY COMMISSION; AND FURTHER AUTHORIZING THE CITY MANAGER TO MAKE AN INITIAL REFUNDABLE DEPOSIT, IN THE AMOUNT OF $1,000, TO SECURE THE PROPERTY PENDING APPROVAL BY THE CITY COMMISSION. WHEREAS, ensuring the availability of affordable housing has been identified as a priority by the City; and WHEREAS, while the City is moving forward on C}ty-led projects that will create new workforce housing units, the City's efforts are insufficient to meet the demand; and WHEREAS, on July 2, 2018, the City Commission adopted Resolution No. 2018-30374, approving, in part, the Third Amendment to the General Fund budget for fiscal year 2017-2018; and WHEREAS, this amendment appropriated $1,079,000 in the General Fund to be used for the repayment of U.S. Department of Housing and Urban Development (HUD) Community Development Block Grant (CDBG) funds and HOME Investment Partnership (HOME) funds, to comply with the completed Office of the Inspector General Audit as recommended by the Letter to Commission (580-2017) dated December 5, 2017; and WHEREAS, in a letter dated August 6, 2018, the HUD Community Planning and Development Division (CPD) provided wiring instructions for the reimbursement of these federal funds; and WHEREAS, the instructions explained that these federal funds will be returned to the City's Line of Credit Control System (LOCCS); and WHEREAS, these federal funds must be expended in compliance with HUD regulations; and WHEREAS, HUD requires its entitlement jurisdictions to ensure that funded activities are carried out in the defined project scope and within the timeframe allowed; and WHEREAS, the federal funds that will be returned to the City's line of credit may be used to acquire, develop or rehabilitate affordable housing for households earning up to 80 percent of Area Median Income(AM I); and WHEREAS, in an effort to increase the supply of affordable housing and ensure timely expenditure of these HUD funds, the Administration recommends that these federal funds be used to purchase a multifamily property; and Page 714 of 1418 WHEREAS, as the first step in the purchase process, the Administration recommends authorizing the City Manager to identify and negotiate, and, if successful, execute a purchase agreement and other related purchase documents for the property, including payment of an initial deposit, in the amount of $1,000, provided that the purchase agreement is contingent upon the approval, by the City Commission, of the transaction. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission hereby authorize the City Manager to identify a multifamily property within the City of Miami Beach boundaries for use as affordable housing; and authorize the City Manager to negotiate and execute a purchase agreement and other purchase contract documents for the property, for a total sum not to exceed $1,079,000 (inclusive of closing costs), to be funded from Community Development Block Grant (CDBG) funds and Home Investment Partnership (HOME) funds, provided that said purchase agreement is contingent upon approval by the City Commission; and further authorize the City Manager to make an initial refundable deposit, in the amount of $1,000, to secure the property pending approval by the City Commission. Passed and adopted this /7 day of AJC r , 2018. ATTEST: //1 ('cL Dan Gelber, Mayor Al' i(SAa it/ Rafael E. Granado, Ci Clerk , ''B F----` 1 C .1.?v�R .''' 19.....,„.._CH .. \-:s`4 . APPROVED AS TO FORM & LANGUAGE &FOR XECUTION cAQ-R-D,t-- (4 - ( -- (g City Attorney "UT Dote Page 715 of 1418 Resolutions - C7 AH MIAMI BEACH COMMISSION MEMORANDUM TO: Honorable Mayor and Members of the City Commission FROM: Jimmy L. Morales, City Manager DATE: October 17, 2018 SUBJECT A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE CITY MANAGER TO IDENTIFY A MULTIFAMILY PROPERTY WITHIN THE CITY OF MIAMI BEACH BOUNDARIES FOR USE AS AFFORDABLE HOUSING; AND AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE A PURCHASE AGREEMENT AND OTHER PURCHASE CONTRACT DOCUMENTS FOR THE PROPERTY, FOR A TOTAL SUM NOT TO EXCEED $1,079,000(INCLUSIVE OF CLOSING COSTS), TO BE FUNDED FROM COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) FUNDS AND HOME INVESTMENT PARTNERSHIP (HOME) FUNDS, PROVIDED THAT SAID PURCHASE AGREEMENT IS CONTINGENT UPON APPROVAL BY THE CITY COMMISSION; AND FURTHER AUTHORIZING THE CITY MANAGER TO MAKE AN INITIAL REFUNDABLE DEPOSIT, IN THE AMOUNT OF $1,000, TO SECURE THE PROPERTY PENDING APPROVAL BY THE CITY COMMISSION. RECOMMENDATION The Administration recommends approving the Resolution. ANALYSIS The availability of affordable housing has been a priority for the City and is critical to its economic growth. The City's Comprehensive Plan, amended via Ordinance 2017-4147, established the goal of creating and maintaining 6,300 affordable housing units to serve low- and moderate-income and special needs households within its boundaries. While the City has been steadily, though slowly, adding to its affordable housing stock from 2000 - 2011, the strengthening of the City's real estate market coupled with the sharp reduction in housing funds from the state and federal government curtailed this growth and no new City-sponsored units have been added since. However, an opportunity to add to the City's affordable housing stock has materialized as a result of the City's resolution of past compliance issues with the U. S. Department of Housing and Urban Development (HUD). On July 2, 2018, the City Commission approved the Resolution No, 2018- 30374. This action appropriated $1,079,000 from the General Fund to be used for the repayment of HUD grant funds to comply with the decision of the Office of the Inspector General Audit and as recommended by Letter to Commission (580-2017)on December 5,2017. In its letter to the City of August 6, 2018, HUD's Community Planning and Development Division (CPD) provided wiring instructions for the repayment of the federal funds. The instructions further explained that these funds would return to the City's Line of Credit Control System(LOCCS) and be available for expenditure by the City in compliance with expenditure rules and deadlines prescribed Page 624 of 1637 Page 716 of 1418 by the Community Development Block Grant (CDBG) and HOME Investments Partnership (HOME) programs. HUD requires its entitlement jurisdictions to ensure that funded activities are carried out in the defined project scope and within the timeframe allowed by each program and the fiscal year of funds issuance, Ensuring the availability of affordable housing has been identified as a priority by the City, While the City is moving forward on City-led projects that will create new workforce housing units, the City's efforts are insufficient to meet the demand or goal established in the City's Comprehensive Plan. The funds that will be returned to the City's line of credit may be used to acquire, develop or rehabilitate affordable housing for households earning up to 80 percent of area median income (AMI). In an effort to increase the supply of affordable housing and ensure timely expenditure of these HUD funds, the Administration recommends these funds be used to purchase a qualifying multifamily property that can be acquired and made ready for tenancy solely with the available HUD funds. This property, once acquired, would subsequently house income-eligible households drawn from the City's affordable housing wait list. CONCLUSION The Administration recommends approval and authorization of the actions proposed above and authorizing the City Manager to execute all required documents as delineated herein. KEY INTENDED OUTCOMES SUPPORTED Ensure Workforce Housing For Key Industry Workers Is Available In Suitable Locations Legislative Tracking Housing and Community Services ATTACHMENTS: Description o Building Purchase Resolution Page 625 of 1637 —�-- Page 717 of 1418