Contract for Sale & Purchase
j'HIti FORM HAS BEEN APPROVED BY THE FLORIDA
ASSOCIATiON OF REALTORS@ANDTHEFLORIDABAR
CONTRACT FOR SALE AND PURCHASE
Edward E. Levinson, P.A.
407 Lincoln Road, PHoSE
Miami Beach, Florida 33139
(305) 534-6171/(305) 538-5504
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.~,\l.~M ~Jc
1 PARTIES: Gloria Rosenthal, Trustee ("Seller").
2 and The City Of Miami Beach ("Buver"),
.j hereby agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property (collectively
4 "Property") pursuant to the terms and conditions of this Contract for Sale and Purchase and any riders and addenda ("Contract"):
5 I. DESCRIPTION:
6 (a) Legal description of the Real Property located in Miami-Dade
7 Lot 10, Block 13, of Amended Plat of Alton Beach
8 thereof recorded in Plat Book 9, Page 146, of the
9 Florida.
10 (b) Street address. citv. zip, of the Propertv is: 1833 Bay Road, Miami Beach. Florida 33139
11 (c) Personal Property includes existing range, refrigerator, dishwasher, ceiling fans, light fixtures, and window treatments unless
12 specifically excluded below.
13 Other items included are:
14 None
15 Items of Personal Property (and leased items, if any) excluded are: None
16 II. PURCHASE PRICE (U.S. currency): . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
17 PAYMENT:
18 (a) Deposit held in escrow by Craiq M. Dorne, PA (Escrow Agent)
19 in the amount of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
20 (b) Additional escrow deposit to be made to Escrow Agent within days after Effective Date
21 (see Paragraph III) in the amount of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $
22 (c) Assumption of existing mortgage in good standing (see Paragraph IV(c)) having an approximate
23 principal balance of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
24 (d) New mortgage financing with a Lender (see Paragraph IV(b)) in the amount of . . . . . . . . . . . . . . . . . . $
25 (e) Purchase money mortgage and note to Seller (See Paragraph IV(d)) in the amount of . . . . . . . . . . . . . $
26 (f) Other: $
27 (g) Balance to close by cash or LOCALLY DRAWN cashier's or official bank check(s), subject to
28 adjustments or prorations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
29111. TIME FOR ACCEPTANCE OF OFFER AND COUNTEROFFERS; EFFECTIVE DATE:
30 (a) If this offer is not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing between the parties
31 on or before 5 days from offer ,the deposit(s) will, at Buyer's option, be returned and this offer withdrawn.
32 UNLESS OTHERWISE STATED, THE TIME FOR ACCEPTANCE OF ANY COUNTEROFFERS SHALL BE 2 DAYS FROM THE
33 DATE THE COUNTEROFFER IS DELIVERED.
34 (b) The date of Contract ("Effective Date") will be the date when the last one of the Buyer and Seller has signed or initialed this offer
35 or the final counteroffer. If such date is not otherwise set forth in this Contract, then the "Effective Date" shall be the date determined
36 above for acceptance of this offer or, if applicable, the final counteroffer.
37 IV. FINANCING:
38 Qg (a) This is a cash transaction with no contingencies for financing;
39 0 (b) This Contract is contingent on Buyer obtaining approval of a loan ("Loan Approval") within _ days after Effective Date for
40 (CHECK ONLY ONE): 0 a fixed; 0 an adjustable; or 0 a fixed or adjustable rate loan in the principal amount of
41 $ , at an initial interest rate not to exceed %, discount and origination fees not to exceed
42 % of principal amount, and for a term of _ years. Buyer will make application within _ days (if
43 blank, then 5 days) after Effective Date and use reasonable diligence to obtain Loan Approval and, thereafter, to satisfy terms and
44 conditions of the Loan Approval and close the loan. Buyer shall pay all loan expenses. If Buyer fails to obtain a Loan Approval or fails
45 to waive Buyer's rights under this subparagraph within the time for obtaining Loan Approval or, after diligent, good faith effort, fails to
46 meet the terms and conditions of the Loan Approval by Closing, then either party thereafter, by written notice to the other, may cancel
47 this Contract and Buyer shall be refunded the deposit(s);
48 0 (c) Assumption of existing mortgage (see rider for terms); or
49 0 (d) Seller financing (see Standard B and riders; addenda; or special clauses for terms).
50 V. TITLE EVIDENCE: At least L- days (if blank, then 5 days) before Closing:
51 0 (a) Title insurance commitment with legible copies of instruments listed as exceptions attached thereto ("Title Commitment") and,
52 after Closing, an owner's policy of title insurance (see Standard A for terms); or 0 (b) Abstract of title or other evidence of title (see
53 rider for terms), shall be obtained by (CHECK ONLY ONE): 0 (1) Seller, at Seller's expense and delivered to Buyer or Buyer's attorney; or
54 0 (2) Buyer at Buyer's expense.
55 VI. CLOSING DATE: This transaction shall be closed and the closing documents delivered
56 on January 31, 2005 ("Closing"), unless modified by other provisions of this Contract. If Buyer
57 is unable to obtain Hazard, Wind, Flood, or Homeowners' insurance at a reasonable rate due to extreme weather conditions, Buyer
58 may delay Closing for up to 5 days after such coverage becomes available.
59 VII. RESTRICTIONS; EASEMENTS; LIMITATIONS: Seller shall convey marketable title sUbject to: comprehensive land use plans,
60 zoning, restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on
61 the plat or otherwise common to the subdivision; outstanding oil, gas and mineral rights of record without right of entry; unplatted
62 public utility easements of record (located contiguous to real property lines and not more than 10 feet in width as to the rear or front
FAR/BAR-5S Rev. 10/01. User Reg#: 1447224. Software and added formatting@2001 Alta Star Software, Inc. (877) 279-8898 Page 1 of 4
County, Florida:
RealtYCompany, according to the Plat
Public Records of Miami-Dade County,
1.080.000.00
25,000.00
1,055,000.00
APPROVED AS TO
FORM & LANGUAGE
A FOR EXECUTJoN
~
t-~c1r
S3 liqes and 7 1/2 feet in width as to the side lines); taxes for year of Closing and subsequent years; and assumed mortgages and purchase
64 money mortgages, if any (if additional items, see addendum); provided, that there exists at Closing no violation of the foregoing and none
65 prevent use of the Property for n/ a purpose(s).
66 VIII.OCCUPANCY: Seller shall deliver occupancy of Property to Buyer at time of Closing unless otherwise stated herein. If Property is
67 intended to be rented or occupied beyond Closing, the fact and terms thereof and the tenant(s) or occupants shall be disclosed
68 pursuant to Standard F. If occupancy is to be delivered before Closing, Buyer assumes all risks of loss to Property from date of
69 occupancy, shall be responsible and liable for maintenance from that date. and shall be deemed to have accepted Property in its
70 existing condition as of time of taking occupancy.
71 IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions, riders and addenda shall control all
72 printed provisions of this Contract in conflict with them.
73 X. ASSIGNABILITY: (CHECK ONLY ONE): Buyer 0 may assign and thereby be released from any further liability under this Contract;
74 0 may assign but not be released from liability under this Contract; or IlQ may not assign this Contract.
75 XI. DISCLOSURES:
76 (a)o CHECK HERE if the Property is subject to a special assessment lien imposed by a public body payable in installments which
77 continue beyond Closing and, if so, specify who shall pay amounts due after Closing: 0 Seller 0 Buyer 0 Other (see addendum).
78 (b) Radon is a naturally occurring radioactive gas that when accumulated in a building in sufficient quantities may present health risks
79 to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings
80 in Florida. Additional information regarding radon or radon testing may be obtained from your County Public Health unit.
81 (c) Buyer acknowledges receipt of the Florida Building Energy-Efficiency Rating System Brochure.
82 (d) If the real property includes pre-1978 residential housing then a lead-based paint rider is mandatory.
83 (e) If Seller is a "foreign person" as defined by the Foreign Investment in Real Property Tax Act, the parties shall comply with that Act.
84 (I) If Buyer will be obiigated to be a m!lmber of a homeowners' association, BUYER SHOULD NOT EXECUTE THIS CONTRACT
85 UNTil BUYER HAS RECEIVED AND READ THE HOMEOWNERS' ASSOCIATION DISCLOSURE.
86 XII. MAXIMUM REPAIR COSTS: Seller shall not be responsible for payments in excess of:
87 (a) $ . for treatment and repair under Standard 0 (if blank, then 2% of the Purchase Price).
88 (b) $ for repair and replacement under Standard N not caused by Wood Destroying Organisms
89 (if blank, then 3% of the Purchase Price).
90 XIII. RIDERS: RIDERS; ADDENDA; SPECIAL CLAUSES: CHECK those riders which are applicable AND are attached to this Contract:
91 0 CONDOMINIUM 0 VA/FHA 0 HOMEOWNERS' ASSN. 0 LEAD-BASED PAINT
92 0 COASTAL CONSTRUCTION CONTROL LINE 0 INSULATION IlQ "AS IS"
93 0 Other Comprehensive Rider Provisions 0 Addenda
94 Special Clause(s):
95 The StiDulation for Settlement bv and between Buver and Seller is Dart and Darcel to this Contract and in the event of anv
96 conflicts. the StiDulation for Settlement shall Qovern. Standard T is modified to Drovide that the Contract and the
97 Stioulationare subiect to Florida Public Records Law. It is understood that Seller does not have a orior title policv for the
98 prQperty and as such Seller shall pav the cost for a tllte qpdate and Buyer shall Day for the cost of the title policy if Buyer
99 elects to procure one Paragnwh 1 (", and (ct) of the AS-IS rider are hereb.y deleted Para.f1r~h 3 of the AS IS rider is
100 modifi..d to r..flect that B~er is obligat..d fnr the maitenance nf the prn..rty as it is th.. curr..nt tenant
101
102 XIV. STANDARDS FOR REAL ESTATE TRANSACTIONS ("Standards"): Buyer and Seller acknowledge receipt of a copy of Standards
103 A through Won the reverse side or attached, which are incorporated as part of this Contract.
104 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING.
105 THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REAL TORS@ANDTHE FLORIDA BAR.
106 t constitute an opinion that any of the terms and conditions in this Contract should be accepted by the parties in a particular transaction. Terms and
107 condi .ons should be negotiated based upon the respective interests, objectives and bargaining positions of all interested persons.
Gloria Rosenthal, Trustee
0~r &~ /elH7~_/7~
~a ~ I(Seller)
!. I Y. I}-
(Date)
~rfrf
(Date)
110
111
(Seller)
(Date)
(Buyer) ~'ry e.-"<IU::.
112 Buyers' address for purposes of notice
113 /'700 ~N oI'l{.':>,It:.,.J u.:>r~1Z- OR-,vl(
114 3e>G - t.,:s - ,0,,"0 1SK.T1C~::"o"'> ~7,27
Phone
Phone
115 Deposit under Paragraph II (a) received (Checks are subject to clearance.): (Escrow Agent)
116 Craig M. Dorne, PA
117 BROKERS: The brokers named below, including listing and cooperating brokers, are the only brokers entitled to compensation in
118 connection with this Contract:
119 Name: Royal Palm Realty Per Stip Keys Company Per Stip
120 Cooperating Brokers, if any listing Broker
FAR/BAR-65 Rev. 10/01. Page 2 of 4
@2oo1 Florida Association of Realtors@and The Florida Bar. All rights reserved. @2001 Licensed to Alta Star. User Reg#: 1447224.
Software and Added Formatting @ 2001 Alta Star Software, Inc. All Rights Reserved. (877) 279-8898
ALTA
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STANDARDS FOR REAL ESTATE TRANSACTIONS
A. TITLE INSURANCE: The Title Commitment shall be issued by a Florida licensed title insurer agreeing to issue Buyer, upon recording of the deed to
Buyer, an owner's policy of title insurance in the amount of the purchase price, insuring Buyer's marketable title to the Real Property, subject only to
matters contained in Paragraph VII and those to be discharged by Seller at or before Closing. Marketable title shall be determined according to
applicable Title Standards adopted by authority of The Florida Bar and in accordance with law. Buyer shall have 5 days from date of receiving the Title
Commitment to examine it, and if title is found defective, notify Seller in writing specifying defect(s) which render title unmarketable. Seller shall have 30
days from receipt of notice to remove the defects, failing which Buyer shall, within 5 days after expiration of the 30 day period, deliver written notice to
Seller either: (1) extending the time for a reasonable period not to exceed 120 days within which Seller shall use diligent effort to remove the defects; or
(2) requesting a refund of deposit(s) paid which shall be returned to Buyer. If Buyer fails to so notify Seller, Buyer shall be deemed to have accepted the
title as it then is. Seller shall, if title is found unmarketable, use diligent effort to correct defect(s) within the time provided. If Seller is unable to timely
correct the defects, Buyer shall either waive the defects, or receive a refund of deposit(s), thereby releasing Buyer and Seller from all further obligations
under this Contract. If Seller is to provide the Title Commitment and it is delivered to Buyer less than 5 days prior to Closing, Buyer may extend Closing
so that Buyer shall have up to 5 days from date of receipt to examine same in accordance with this Standard.
B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shall
provide for a 30 day grace period in the event of default if a first mortgage and a 15 day grace period if a second or lesser mortgage; shall provide for
right of prepayment in whole or in part without penalty; shall permit acceleration in event of transfer of the Real Property; shall require all prior liens and
encumbrances to be kept in good standing; shall forbid modifications of, or future advances under, prior mortgage(s); shall require Buyer to maintain
policies of insurance containing a standard mortgagee clause covering all improvements located on the Real Property against fire and all perils included
within the term "extended coverage endorsements" and such other risks and perils as Seller may reasonably require, in an amount equal to their highest
insurable value; and the mortgage, note and security agreement shall be otherwise in form and content required by Seller, but Seller may only require
clauses and coverage customarily found in mortgages, mortgage notes and security agreements generally utilized by savings and loan institutions or
state or national banks located in the county wherein the Real Property is located. All Personal Property and leases being conveyed or assigned will, at
Seller's option, be subject to the lien of a sec~rity agreement evidenced by recorded or filed financing statements or certificates of title. If a balloon
mortgage, the final payment will exceed the periodic payments thereon.
C. SURVEY: Buyer, at Buyer's expense, within time allowed to deliver evidence of title and to examine same, may have the Real Property surveyed and
certified by a registered Florida surveyor. If the survey discloses encroachments on the Real Property or that improvements located thereon encroach
on setback lines, easements, lands of others or violate any restrictions, Contract covenants or applicable governmental regulations, the same shall
constitute a title defect.
D. WOOD DESTROYING ORGANISMS: Buyer, at Buyer's expense, may have the Property inspected by a Florida Certified Pest Control Operator
("Operator") at least 10 days prior to Closing to determine if there is any visible active Wood Destroying Organism infestation or visible damage from
Wood Destroying Organism infestation, excluding fences. If either or both are found, Buyer may, within 5 days from date of written notice thereof, have
cost of treatment of active infestation estimated by the Operator and all damage inspected and estimated by an appropriately licensed contractor. Seller
shall pay costs of treatment and repair of all damage up to the amount provided in Paragraph XII(a). If estimated costs exceed that amount, Buyer shall
have the option of canceling this Contract within 5 days after receipt of contractor's repair estimate by giving written notice to Seller, or Buyer may elect
to proceed with the transaction and receive a credit at Closing on the amount provided in Paragraph XII(a). "Wood Destroying Organisms" shall be
deemed to include all wood destroying organisms required to be reported under the Florida Pest Control Act, as amended.
E. INGRESS AND EGRESS: Seller warrants and represents that there is ingress and egress to the Real Property sufficient for its intended use as
described in Paragraph VII hereof, and title to the Real Property is insurable in accordance with Standard A without exception for lack of legal right of
access.
F. LEASES: Seller shall, at least 10 days before Closing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying
the nature and duration of the tenant's occupancy, rental rates, advanced rent and security deposits paid by tenant. If Seller is unable to obtain such
letter from each tenant, the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller's affidavit, and Buyer
may thereafter contact tenant to confirm such information. If the terms of the leases differ materially from Seller's representations, Buyer may terminate
this Contract by delivering written notice to Seller at least 5 days prior to Closing. Seller shall, at Closing, deliver and assign all original leases to Buyer.
G. LIENS: Seller shall furnish to Buyer at time of Closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing
statement, claims of lien or potentiallienors known to Seller and further attesting that there have been no improvements or repairs to the Real Property
for 90 days immediately preceding date of Closing. If the Real Property has been improved or repaired within that time, Seller shall deliver releases or
waivers of construction liens executed by all general contractors, subcontractors, suppliers and materialmen in addition to Seller's lien affidavit setting
forth the names of all such general contractors, subcontractors, suppliers and materialmen, further affirming that all charges for improvements or repairs
which could serve as a basis for a construction lien or a claim for damages have been paid or will be paid at the Closing of this Contract.
H. PLACE OF CLOSING: Closing shall be held in the county wherein the Real Property is located at the office of the attorney or other closing agent
("Closing Agent") designated by the party paying for title insurance, or, if no title insurance, designated by Seller.
I. TIME: In computing time periods of Itlss than six (e) days, Saturdays, Sundays and state or national legal "oUdays shall be excluded. Any time periods
provided for herein which shall end on a Saturday, Sunday, or a legal holiday shall extend to 5 p.m. of the next business day. Time is of the essence in
this Contract.
J. CLOSING DOCUMENTS: Seller shall furnish the deed, bill of sale, certificate of title, construction lien affidavit, owner's possession affidavit,
assignments of leases, tenant and mortgagee estoppel letters and corrective instruments. Buyer shall furnish mortgage, mortgage note, security
agreement and financing statements.
K. EXPENSES: Documentary stamps on the deed and recording of corrective instruments shall be paid by Seller. Documentary stamps and intangible
tax on the purchase money mortgage and any mortgage assumed, mortgagee title insurance commitment with related fees, and recording of purchase
money mortgage to Seller, deed and financing statements shall be paid by Buyer. Unless otherwise provided by law or rider to this Contract, charges for
the following related title services, namely title evidence, title examination, and closing fee (including preparation of closing statement), shall be paid by
the party responsible for furnishing the title evidence in accordance with Paragraph V.
L. PRORATIONS; CREDITS: Taxes, assessments, rent, interest, insurance and other expenses of the Property shall be prorated through the day
before Closing. Buyer shall have the option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash
at Closing shall be increased or decreased as may be required by prorations to be made through day prior to Closing, or occupancy, if occupancy
occurs before Closing. Advance rent and security deposits will be credited to Buyer. Escrow deposits held by mortgagee will be credited to Seller. Taxes
shall. be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and other exemptions. If
ClOSing occurs at a date when the current year's millage is not fixed and current year's assessment is available, taxes will be prorated based upon such
assessment and prior year's millage. If current year's assessment is not available, then taxes will be prorated on prior year's tax. If there are completed
Improvements on the Real Property by January 1 st of year of Closing, which improvements were not in existence on January 1 st of prior year, then
taxes shall be prorated based upon prior year's millage and at an equitable assessment to be agreed upon between the parties; failing which, request
shall be made to the County Property Appraiser for an informal assessment taking into account available exemptio . A tax proration based on an
esltmate shall, at request of either party, be readjusted upon receipt of tax bill on condition that a statement to that effe t sign at Closing.
Page 3 of 4
FAR/BAR-5S Revised 10/01 @2001 Florida Association of REAL TORS@and The Florida Bar. An Rights Reserved. User Reg#: 1447224.
Software and added formatting @ 2001 Alta Star Software, Inc. (877) 279-8898
~
STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED)
195 M. SPECIAL ASSESSMENT LIENS: Except as set forth in Paragraph XI (a), certified, confirmed and ratified special assessment liens imposed by
196 public bodies as of Closing are to be paid by Seller. Pending liens as of Closing shall be assumed by Buyer. If the improvement has been substantially
197 completed as of Effective Date, any pending lien shall be considered certified, confirmed or ratified and Seller shall, at Closing, be charged an amount
',98 equlll to the last estimate or assessment for the improvement by the public body.
199 N. INSPECTION, REPAIR AND MAINTENANCE: Seller warrants that the ceiling, roof (including the fascia and soffits) and exterior and interior walls,
200 foundation, seawalls (or equivalent) and dockage of the Property do not have any visible evidence of leaks, water damage or structural damage and that
201 the septic tank, pool, all appliances, mechanical items, heating, cooling, electrical, plumbing systems and machinery are in Working Condition. The
202 foregoing warranty shall be limited to the items specified unless otherwise provided in an addendum. Buyer may inspect, or, at Buyer's expense, have a
203 firm or individual specializing in home inspections and holding an occupational license for such purpose (if required) or an appropriately licensed Florida
204 contractor make inspections of, those items within 20 days after the Effective Date. Buyer shall, prior to Buyer's occupancy but not more than 20 days
205 after Effective Date, report in writing to Seller such items that do not meet the above standards as to defects. Unless Buyer timely reports such defects,
206 Buyer shall be deemed to have waived Seller's warranties as to defects not reported. If repairs or replacements are required to comply with this
207 Standard, Seller shall cause them to be made and shall pay up to the amount provided in Paragraph XII (b). Seller is not required to make repairs or
208 replacements of a Cosmetic Condition unless caused by a defect Seller is responsible to repair or replace. If the cost for such repair or replacement
209 exceeds the amount provided in Paragraph XII (b), Buyer or Seller may elect to pay such excess, failing which either party may cancel this Contract. If
210 Seller is unable to correct the defects prior to Closing, the cost thereof shall be paid into escrow at Closing. Seller shall, upon reasonable notice, provide
211 utilities service and access to the Property for inspections, including a walk-through prior to Closing, to confirm that all items of Personal Property are on
212 the Real Property and, subject to the foregoing, that all required repairs and replacements have been made and that the Property, including, but not
213 limited to, lawn, shrubbery and pool, if any, has been maintained in the condition existing as of Effective Date, ordinary wear and tear excepted. For
214 purposes of this Contract: (1) "Working Condition" means operating in the manner in which the item was designed to operate; (2) "Cosmetic Condition"
215 means aesthetic imperfections that do not affe~t the Working Condition of the item, including, but not limited to: pitted marcite or other pool finishes;
216 missing or torn screens; fogged windows; tears, worn spots, or discoloration of floor coverings, wallpaper, or window treatments; nail holes, scratches,
217 dents, scrapes, chips or 'caulking in ceilings, walls, flooring, fixtures, or mirrors; and minor cracks in floors, liles, windows, driveways, sidewalks, or pool
218 decks; and (3) cracked roof tiles, curling or worn shingles, or limited roof life shall not be considered defects Seller must repair or replace, so long as
219 there is no evidence of actual leaks or leakage or structural damage, but missing tiles will be Seller's responsibility to replace or repair.
220 O. RISK OF LOSS: If the Property is damaged by fire or other casualty before Closing and cost of restoration does not exceed 3% of the assessed
221 valuation of the Property so damaged, cost of restoration shall be an obligation of Seller and Closing shall proceed pursuant to the terms of this Contract
222 with restoration costs escrowed at Closing. If the cost of restoration exceeds 3% of the assessed valuation of the Property so damaged, Buyer shall
223 either take the Property as is, together with either the 3% or any insurance proceeds payable by virtue of such loss or damage, or receive a refund of
224 deposit{s), thereby releasing Buyer and Seller from all further obligations under this Contract.
225 p, CLOSING PROCEDURE: The deed shll11 be recorded upon clearance of funds. If the title agent insures adverse matters pursuant to Section
226 627.7841, F.S., as amended, the escrow and closing procedure required by this Standard shall be waived. Unless waived as set forth above the
227 following closing procedures shall apply: (1) all closing proceeds shall be held in escrow by the Closing Agent for a period of not more than 5 days after
228 Closing; (2) if Seller's title is rendered unmarketable, through no fault of Buyer, Buyer shall, within the 5 day period, notify Seller in writing of the defect
229 and Seller shall have 30 days from date of receipt of such notification to cure the defect; (3) if Seller fails to timely cure the defect, all deposits and
230 closing funds shall, upon written demand by Buyer and within 5 days after demand, be returned to Buyer and, simultaneously with such repayment,
231 Buyer shall return the Personal Property, vacate the Real Property and reconvey the Property to Seller by special warranty deed and bill of sale; and (4)
232 if Buyer fails to make timely demand for refund, Buyer shall take title as is, waiving all rights against Seller as to any intervening defect except as may be
233 available to Buyer by virtue of warranties contained in the deed or bill of sale.
234 Q. ESCROW: Any Closing Agent or escrow agent ("Agent") receiving funds or equivalent is authorized and agrees by acceptance of them to deposit
235 them promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and conditions of this Contract. Failure of funds
236 to clear shall not excuse Buyer's performance. If in doubt as to Agent's duties or liabilities under the provisions of this Contract, Agent may, at Agent's
237 option, continue to hold the subject matter of the escrow until the parties hereto agree to its disbursement or until a judgment of a court of competent
238 jurisdiction shall determine the rights of the parties, or Agent may deposit same with the clerk of the circuit court having jurisdiction of the dispute. An
239 attorney who represents a party and also acts as Agent may represent such party in such action. Upon notifying all parties concerned of such action, all
240 liability on the part of Agent shall fully terminate, except to the extent of accounting for any items previously delivered out of escrow. If a licensed real
241 estate broker, Agent will comply with provisions of Chapter 475, F.S., as amended. Any suit between Buyer and Seller wherein Agent is made a party
242 because of acting as Agent hereunder, or in any suit wherein Agent interpleads the subject matter of the escrow, Agent shall recover reasonable
243 attorney's fees and costs incurred with these amounts to be paid from and out of the escrowed funds or equivalent and charged and awarded as court
244 costs in favor of the prevailing party. The Agent shall not be liable to any party or person for misdelivery to Buyer or Seller of items subject to the
245 escrow, unless such misdelivery is due to willful breach of the provisions of this Contract or gross n'Jgligence of Agent.
246 R. ATTORNEY'S FEES; COSTS: In any litigation, including breach, enforcement or interpretation, arising out of this Contract, the prevailing party in
247 such litigation, which, for purposes of this Standard, shall include Seller, Buyer and any brokers acting in agency or nonagency relationships authorized
248 by Chapter 475, F.S., as amended, shall be entitled to recover from the non-prevailing party reasonable attorney's fees, costs and expenses.
249 S. FAILURE OF PERFORMANCE: If Buyer fails to perform this Contract within the time specified, including payment of all deposits, the deposit(s) paid
250 by Buyer and deposit{s) agreed to be paid, may be recovered and retained by and for the account of Seller as agreed upon liquidated damages,
251 consideration for the execution of this Contract and in full settlement of any claims; whereupon, Buyer and Seller shall be relieved of all obligations
252 under this Contract; or Seller, at Seller's option, may proceed in equity to enforce Seller's rights under this Contract. If for any reason other than failure
253 of Seller to make Seller's title marketable after diligent effort, Seller fails, neglects or refuses to perform this Contract, Buyer may seek specific
254 performance or elect to receive the return of Buyer's deposit(s) without thereby waiving any action for damages resulting from Seller's breach.
255 T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; FACSIMILE: Neither this Contract nor any notice of it shall be recorded in any
256 public records. This Contract shall bind and inure to the benefit of the parties and their successors in interest. Whenever the context permits, singular
257 shall include plural and one gender shall include all. Notice and delivery given by or to the attorney or broker representing any party shall be as effective
258 as if given by or to that party. All notices must be in writing and may be made by mail, personal delivery or electronic media. A legible facsimile copy of
259 this Contract and any signatures hereon shall be considered for all purposes as an original.
260 U. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's, personal representative's or guardian's
261 deed, as appropriate to the status of Seller, subject only to mailers contained in Paragraph VII and those otherwise accepted by Buyer. Personal
262 Property shall, at the request of Buyer, be transferred by an absolute bill of sale with warranty of title, subject only to such mailers as may be otherwise
263 provided for herein.
264 V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this Contract.
265 No modification to or change in this Contract shall be valid or binding upon the parties unless in writing and exe ted by the parties intended to be
266 bound by it.
267 W. WARRANTY: Seller warrants that there are no facts known to Seller materially affecting the value of the Pr hich are not readily observable
268 by Buyer or which have not been disclosed to Buyer.
FAR/BAR.6S Revised 10/01 @2001 Florida Association of REAL TORS@and The Florida Bar, All Rights Reserved,
Software and added formatting @ 2001 Alta Star Software, Inc. (877) 279-8898
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THIS FORM HAS BEEN APPROVED BY THE FLORIDA
ASSOCIATION OF REALTORS@ANDTHE FLORIDA BAR
Go\,,1)rehenslve Rider to the
.FAR/BAR Contract for Sale and Purchase
Edward E. Levinson, P.A.
407 Lincoln Road, PHoSE
Miami Beach, Florida 33139
(305) 534-6171/(305) 538-5504
USE THE RIDERS THAT APPLY
If initialed by all parties, the clauses below will be incorporated into the FAR/BAR Contract for Sale and Purchase between
Gloria Rosenthal. Trustee
and The City Of Miami Beach
concerning the Property described as: Lot 10. Block 13. of Amended Plat
according to the Plat thereof recorded in Plat Book 9. Page
Miami-Dade County. Florida.
(Seller)
(Buyer)
of Alton Beach RealtyCompany.
146. of the Public Records of
"AS IS"
Buyer's initials -- Seller's initials: Ifto be made a part ofthe Contract.
)( )--( )( )
1. Seller's Warranties and Representations: Obligations with Respect to the Property Limitations
(a) Paragraph XII and Standard D and Standard N are deleted.
(b) This Rider does not relieve Seller's obligations under Standard W for facts known to Seller. However, except as required in
this Rider and in Standard W, Seller extends and intends no warranty and makes no representation of any type, either express or
implied, as to the physical condition or history of the Property.
(c) Seller has received no written or verbal notice from any governmental entity or agency as to a currently uncorrected building,
environmental or safety code violation.
(d) Subject to the provisions and limitations of this Rider, Buyer waives any claims against Seller and, to the extent permitted by
law, against any licensee involved in the negotiation of the Contract, for any defects or other damage that may exist at Closing of
the Contract and be subsequently discovered by the Buyer or anyone claiming by, through, under or against the Buyer.
2. Inspection Period and Right to Cancel.
(a) Buyer shall have 5 days from Effective Date ("Inspection Period") within which to have
such inspections of the Property performed as Buyer shall desire and utilities shall be made available by the Seller during
the Inspection Period.
(b) Buyer shall be responsible for prompt payment for such inspections and repair of damage to and restoration of the
Property resulting from such inspections. This provision shall survive termination of the Contract.
(c) If Buyer determines, in Buyer's sole discretion, that the condition of the Property is not acceptable to Buyer, Buyer
may cancel the Contract by delivering facsimile or written notice of such election to Seller within 48 hours after expiration
of the Inspection Period. If Buyer timely cancels the Contract, the deposit(s) paid shall be immediately returned to Buyer;
thereupon, Buyer and Seller shall be released of all further obligations under the Contract, except as provided in
Subparagraph 2(b), above.
3. Maintenance.
Seller shall maintain the Property, including, but not limited to, the lawn, shrubbery and pool, if any, in their respective
conditions, existing as of the end of the Inspection Period, ordinary wear and tear excepted. Buyer shall be permitted
access to the Property prior to Closing, with utilities provided by Seller, for a walk-through to confirm that all items of
Personal Property are located on the Real Property and that the Property has been maintained in accordance with the
provisions of this paragraph.
AS-IS, FBCR.4 06/02 @2002 Fla. Association of REAL TORS@and The Fla. Bar. All Rights Reserved. Lie. to Alia Star. User Reg#: 1447224
Software and Added Formatting @ 2002 AlIa Star Software, Inc. All Rights Reserved. (877) 279-8898
Al _ ALTA
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