DEPOSIT RECEIPT AND CONTRACT FOR SALE AND PURCHASE
REGIONAL DEVELOPERS, INC., a Florida corporation, whose principal place of
business is 0000 Xxxxxxxxx Xxxx, XX, Xxxxx 000, Xxxxxxx, Xxxxxxx 00000,
telephone number (000) 000-0000, hereinafter called Seller, and INLAND
COMMUNITIES, INC., a Florida corporation, of 0000 Xxxxx Xxxxx, Xxxx Xxxxx,
Xxxxxxx 00000 and telephone number is (000) 000-0000 or assignees, hereinafter
called Buyer agree that Seller shall sell and Buyer shall buy the following
property upon the terms and conditions hereinafter set forth.
SEE ATTACHED EXHIBIT "A" - (See Attached Legal Description)
(Containing approximately 72 lots in Summerbooke Subdivision, 8877 Blackheath
Way in Golden Eagle subdivision, OxBottom Lot No.2, Block W - Unit 5-A,
Preservation Pointe property, 2876 and 0000 Xxxxxxxx Xxxxx Xxxx, Xxxx
Xxxxxxxx, xxx (2) townhouses in Xxxxxxx Place, Lakeshore Gardens , Assignment
of Contract interest in Pine Summit Project, Fort Xxxxxx, FL)
2. PURCHASE PRICE: Buyer and Seller agree that the purchase price
for the site shall be TWO MILLION THREE HUNDRED SEVENTY NINE THOUSAND SIXTY
FOUR DOLLARS AND 26/100 CENTS ($2,379,064.26)., allocated as follows:
72 Summerbooke lots $ 1,717,725.60
Ox Bottom Lot 2,W 5-A 35,999.84
Pine Landings 270,255.22
0000 Xxxxxxxxxx Xxx 180,547.07
5B Xxxxxxx Place - 2880 Gulfwind 53,407.73
5C Xxxxxxx Place - 2876 Gulfwind 53,432.34
Lakeshore Gardens 269,328.27
Preservation Pointe 18,623.41
Pine Summit 50,000.00
____________________
$ 2,649,319.48
METHOD OF PAYMENT:
a) Assumption of Current Debt to
People's First Community Bank $ 1,594.676.86
Jacobwicz Debt $ 339,595.65
Capital City Bank $ 394,791.75
Xxxxx Revocable Trust $ 270,255.22
b) Approximate balance to close in cash
$ 50,000.00
(Excluding Buyer's expenses subject to prorations)
TOTAL PURCHASE PRICE $ 2,649,319.48
3. TIME FOR ACCEPTANCE: If this offer is not executed by Xxxxxx and Buyer
prior to June 28, 1999 the deposit shall be returned to Buyer and this offer
shall be null and void. The date of this contract shall be the date when the
last party has signed this contract and initialed any corrections.
4. CLOSING AND POSSESSION: This contract shall be closed and the deed
delivered on or before June 30, 1999 unless extended by other provisions of
this contract. Possession of the property shall be delivered to Buyer at
closing.
5. EVIDENCE OF TITLE: Seller and Xxxxx agree that neither party wishes
to have title insurance on the above property and will rely exclusively on
the warranty of the title given to them, as well as the Affidavit of No-Lien
or Encumbrances to be executed in connection with this contract. Seller
warrants title to be given free and clear, except from the aforementioned
mortgages given to People's First Bank, Capital City Bank, and Xxxxx
Xxxxxxxxx, covenants and restriction, and easements of record.
6. RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer and Seller agree that
the Buyer is taking this property subject to all existing taxes and homeowners
dues (if any) which may be due and not yet paid. Further, Xxxxx agrees to
take title subject to any of the following: special assessments and those
taxes accruing hereafter, zoning and other governmental restrictions, plat
restrictions and qualifications, public utility easements, and restrictive
covenants of record.
7. INSTRUMENTS: Title to real property shall be conveyed by general
warranty deed. Seller represents that it has legal authority and capacity to
convey title to the property with all improvements. Seller shall furnish to
Buyer a Seller's affidavit that there have been no improvements to subject
property for 90 days preceding date of closing for which a lien could be
filed.
8. PRORATIONS: All taxes and homeowners association dues from the current
year shall NOT be prorated as of date of closing. Buyer shall be deemed the
owner of the property on date of closing.
9. EXPENSES:
Buyer shall pay for the following:
a) recording fees
b) any costs associated with loan
Seller shall pay for the following:
a) state documentary stamps on deed
10. FAILURE OF PERFORMANCE: If Buyer fails to perform this contract within
the time specified (including payments of all deposits), the deposit(s) paid
by Buyer may be retained by or for the account of the Seller as agreed upon
liquidated damages, consideration for the execution of the contract and in full
settlement of any claims; whereupon Buyer and Seller shall be relieved of all
obligations under contract; of Seller, at Seller's option, may proceed in
law or in equity to enforce Seller's rights under this contract. If, for
any reason other than failure of Seller to make Seller's title marketable
after diligent effort, Seller fails, neglects or refuses to perform this
Contract, the Buyer may seek receive the return of Xxxxx's deposit(s) and
agreeing to waive any action for damages resulting from Xxxxxx's breach.
11. ATTORNEYS FEES AND COSTS: In connection with any litigation, including
appeals arising out of this contract, the prevailing party shall be entitled
to recover all costs incurred, including reasonable attorney fees.
12. TYPEWRITTEN, WRITTEN AND OTHER AGREEMENTS: There are no agreements,
promises, or understandings between these parties except as specifically set
forth herein. No alterations or changes shall be made to the contract
except those in writing initialed and dated by all parties. Typed or written
provisions inserted in this contract shall control all printed provisions
in conflict.
13. SPECIAL CLAUSES:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
BUYER SELLER
INLAND COMMUNITIES, INC. REGIONAL DEVELOPERS, INC.
a Florida corporation a Florida corporation
FED ID#_Pending_______________ FED ID# 00-0000000
___________________________________ _________________________________
By: Xxxxx X. Xxxx, III By: Xxxxxx X. Xxxxx, Vice-President
DATE:_________________________ DATE:____________________________
