THIS FORM HAS BEEN APPROVED BY THE FLORIDA
ASSOCIATION OF REALTORS(R) AND THE FLORIDA BAR
CONTRACT FOR SALE AND PURCHASE
PARTIES: Universal Asset Recovery, Inc. ("Seller"), and Xxxxxxx Xxx ("Buyer")
hereby agree that Seller shall sell and Buyer shall buy the following described
Real Property and Personal Property (collectively "Property") pursuant to the
terms and conditions of this Contract for Sale and Purchase and any riders and
addenda ("Contract"):
I. DESCRIPTION:
(a) Legal description of the Real Property located in PB County, Florida:
Sun Glades Estates [ILLEGIBLE]
(b) Street Address, city, zip, of the Property is: 00xx Xxxxxx (Xxxxx
Xxxx), Xxxxxxxxxx
(c) Personal Property includes existing range, refrigerator, dishwasher,
ceiling fans, light fixtures, and window treatments unless specifically
excluded below:
Other items included are: vacant land
Items of Personal Property (and leased items, if any) excluded are:
II. PURCHASE PRICE (U.S. CURRENCY):...............................................$55,000.
PAYMENT:
(a) Deposit held in escrow by Illustrated Properties (Escrow
Agent) in the amount of..............................................$1,000.
(b) Additional escrow deposit to be made to Escrow Agent within
_____ days after Effective Date (see Paragraph III) in the
amount of ...........................................................$N/A
(c) Assumption of existing mortgage in good standing (see
Paragraph IV(c)) having an approximate value of......................$N/A
(d) New mortgage financing with a Lender (see Paragraph IV(b)) in
the amount of .......................................................$N/A
(e) Purchase money mortgage and note to Seller (See Paragraph
IV(d)) in the amount of..............................................$N/A
(f) Other: ..............................................................$N/A
(g) Balance to close by cash or LOCALLY DRAWN cashier's or
official bank check(s), subject to adjustments or prorations.........$54,000.00
III. TIME FOR ACCEPTANCE OF OFFER AND COUNTEROFFERS; EFFECTIVE DATE:
(a) If this offer is not executed by and delivered to all parties
OR FACT OF EXECUTION communicated in writing between the
parties on or before 12-22-01, the deposit(s) will, at Buyer's
option, be returned and this offer withdrawn.
UNLESS OTHERWISE STATED, THE TIME FOR ACCEPTANCE OF ANY COUNTEROFFERS
SHALL BE 2 DAYS FROM THE DATE THE COUNTEROFFER IS DELIVERED.
(b) The date of Contract ("Effective Date") will be the date when
the last one of the Buyer and Seller has signed or initiated
this offer or the final counteroffer. If such date is not
otherwise set forth in this Contract, then the "Effective
Date" shall be the date determined above for acceptance of
this offer or, if applicable, the final counteroffer.
IV. FINANCING:
[ILLEGIBLE NOTATION]
[] (a) This is a cash transaction with no contingencies for
financing;
[] (b) This Contract is contingent on Buyer obtaining
approval of a loan ("Loan Approval") within _____
days after Effective Date for (CHECK ONLY ONE): [] a
fixed; [] an adjustable; or [] a fixed or adjustable
rate loan in the principal amount of
$___________________, at an initial interest rate not
to exceed %, discount and origination fees not to
exceed % of principal amount, and for a term of _____
years. Buyer will make application within _____ days
(if blank, then 5 days) after Effective Date and use
reasonable diligence to obtain Loan Approval and,
thereafter, to satisfy terms and 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 to waive Buyer's rights under this
subparagraph within the time for obtaining Loan
Approval or, after diligent, good faith effort, fails
to meet the terms and conditions of the Loan Approval
by Closing, then either party thereunder, by written
notice to the other, may cancel this Contract and
Buyer shall be refunded the deposit(s);
[] (c) Assumption of existing mortgage (see rider for
terms); or
[] (d) Seller financing (see Standard B and riders; addenda;
or special clauses for terms).
V. TITLE EVIDENCE: At least _____ days (if blank, then 5 days) before
Closing:
x (a) Title insurance commitment with legible copies of instruments
listed as exceptions thereto ("Title Commitment") and, after Closing,
an owner's policy of title insurance (see Standard A for terms); or []
(b) Abstract of title or other evidence of title (see rider for terms),
shall be obtained by (CHECK ONLY ONE): Buyer x (1) Seller, at Seller's
expense and delivered to Buyer or Buyer's attorney; or [] (2) Buyer at
Buyer's expense.
VI. CLOSING DATE: This transaction shall be closed and the closing
documents delivered on 2/15/02 ("Closing"), unless modified by other
provisions of this Contract. If Buyer is unable to obtain Hazard, Wind,
Flood, or Homeowners' insurance at a reasonable rate due to extreme
weather conditions, Buyer may delay Closing for up to 5 days after such
coverage becomes available.
VII. RESTRICTIONS; EASEMENTS; LIMITATIONS: Seller shall convey marketable
title subject to: comprehensive land use plans, zoning, restrictions,
prohibitions and other requirements imposed by governmental authority;
restrictions and matters appearing on the plat or otherwise common to
the subdivision; outstanding oil, gas and mineral rights of record
without right of entry; unplatted 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 lines 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 money mortgages, if any (if additional
items, see addendum); provided, that there exists at Closing no
violation of the foregoing and none prevent use of the Property for
agricultural/res purpose(s).
VIII. OCCUPANCY: Seller shall deliver occupancy of Property to Buyer at the
time of closing unless otherwise stated herein. If Property is intended
to be rented or occupied beyond Closing, the fact and terms thereof an
d the tenant(s) or occupants shall be disclosed pursuant to Standard F.
If occupancy is to be delivered before Closing, Buyer assumes all risks
of loss to Property from date of occupancy, shall be responsible and
liable for maintenance from that date, and shall be deemed to have
accepted Property in its existing condition as of time and taking
occupancy.
IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten
provisions, riders and addenda shall control all printed provisions of
this Contract in conflict with them.
X. ASSIGNABILITY: (CHECK ONLY ONE): Buyer [] may assign and thereby be
released from any further liability under this Contract; [] may assign
but not be released from liability under this Contract; or x may not
assign this Contract.
XI DISCLOSURES:
(a) [] CHECK HERE if the Property is subject to a special
assessment lien imposed by a public body payable in
installments which continue beyond Closing and, if so, specify
who shall pay amounts due after Closing: [] Seller [] Buyer []
Other (see addendum).
(b) Radon is a naturally occurring radioactive gas that when
accumulated in a building in sufficient quantities may present
health risks to persons who are exposed to it over time.
Levels of radon that exceed federal and state guidelines have
been found in buildings in Florida. Additional information
regarding radon testing may be obtained from your County
Public Health unit.
(c) Buyer acknowledges receipt of the Florida Building
Energy-Efficiency Rating System Brochure.
(d) If the real property includes pre-1978b residential housing
then a lead-based paint rider is mandatory.
(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.
(f) If Buyer will be obligated to be a member of a homeowners'
association, BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL
BUYER HAS RECEIVED AND READ THE HOMEOWNERS' ASSOCIATION
DISCLOSURE.
XII. MAXIMUM REPAIR COSTS: Seller shall not be responsible for payments in
excess of:
(a) $___N/A__________________ for treatment and repair under
Standard D (if blank, then 2% of the Purchase Price).
(b) $___N/A__________________ for repair and replacement under
Standard N not caused by Wood Destroying Organisms (if blank,
then 3% of the Purchase Price).
XIII. RIDERS: RIDERS; ADDENDA; SPECIAL CLAUSES: CHECK those riders which are
applicable AND are attached to this Contract:
[] CONDOMINIUM [] VA/FHA [] HOMEOWNERS' ASSN.
[] COASTAL CONSTRUCTION CONTROL LINE [] INSULATION [] "AS IS"
[] Other Comprehensive Rider Provisions [] Addenda [] LEAD-BASED PAINT
Special Clause(s):
Vacant land addendum
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XIV. STANDARDS FOR REAL ESTATE TRANSACTIONS (STANDARDS"): Buyer and Seller
acknowledge receipt of a copy of Standards A through; W on the reserve
side or attached, which are incorporated as part of this Contract.
THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY
UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING.
THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS(R)
AND THE FLORIDA BAR.
Approval does not constitute an opinion that any of the terms and
conditions in this Contract should be accepted by the parties in a
particular transaction.
Terms and conditions should be negotiated based upon the respective
interests, objectives and bargaining positions of all interested
persons.
/s/Xxxxxxx Xxx 12/20/2001 /s/Universal Asset Recovery, Inc. 12/24/2001
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(Buyer) (Date) (Seller) (Date)
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[/S/ ILLEGIBLE], President
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(Buyer) (Date) (Seller) (Date)
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Buyers' address for purposes of notice Sellers' address for purposes of notice
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Phone Phone
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Deposit under Paragraph II(a) received (Checks are subject to clearance.): (Escrow Agent)
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BROKERS: The brokers named below, including listing and cooperating brokers, are
the only brokers entitled to compensation in connection with this Contract:
Name: Illustrated Properties South Fields Realty
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COOPERATING BROKERS, IF ANY LISTING BROKER
ILLUSTRATED PROPERTIES
REAL ESTATE, INC.
VACANT LAND ADDENDUM
Addendum to contract dated 12/20/01 between Universal Asset Recovery, Inc.,
SELLER
And Xxxxxxx Xxx BUYER concerning property located at 00xx Xx. (Xxxxx Xx.)
Xxxxxxxxxx the undersigned BUYER and SELLER hereby agree to the following:
1. The parties acknowledge that the details of the intended use of the
property, and the improvements to be constructed thereon, are best
known to the Buyer. Accordingly, neither the Seller nor the Broker make
any representations or warranties whatsoever (except for the general
use designation in paragraph VII and the warranty in Standard W) that
the Buyer may use the property for a specific purpose or may construct
any specific improvements on the property. The Buyer shall be solely
responsible for determining that the property can be used for Buyers
specific needs. Buyers shall have _____________ days (14 days if t his
blank is not filled in) from the Effective Date hereof to make those
determinations, INCLUDING BUT NOT LIMITED TO BUILDING, ZONING,
CONCURRENCY, UTILITIES, WETLANDS PROTECTION, HAZARDOUS SUBSTANCES AND
SOIL CONDITION. Buyer shall have the right of access to the property to
conduct such inspections or tests as Buyer deems necessary to make said
determinations and Buyer shall indemnify and hold harmless Seller from
any and all damages resulting therefrom. If Buyer has not notified
Seller in writing within said time, then it shall be conclusively
presumed that the property is acceptable. In the event the Buyer finds
the property unusable for Buyers intended use and notifies Seller in
writing within said time period then the contract shall terminate and
Buyer shall be refunded all deposits. All notifications hereunder shall
be deemed made when sent by certified mail, return receipt requested.
2. Further, the parties hereby agree that it shall be the responsibility
of the Seller to obtain at their expense, the release of any
sub-surface exploration rights or a non-use commitment from any third
party holding sub-surface rights.
Date: 12/24/2001 Date: 12/20/2001
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Universal Asset Recovery Inc.
[/S/ ILLEGIBLE], President /s/ Xxxxxxx Xxx
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Seller Buyer
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Seller Buyer
