AGREEMENT TO SELL REAL ESTATE
AMPAC INVESTMENTS, INC, of
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000 X. Xxxxxxx, Xxxxx 000, Xxxxxxx, Xxxxxxx 00000 as Seller, and
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X. X. Investments, Ltd., of
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0000 X. 000 X. Xxxx Xxxx Xxxx, Xxxx 00000, as Buyer, hereby agree that
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the Seller shall sell and the Buyer shall buy the following described property
UPON THE TERMS AND CONDITIONS HEREINAFTER SET FORTH, which include the STANDARDS
FOR REAL ESTATE TRANSACTIONS set forth withing this contract.
1. LEGAL DESCRIPTION of real estate located in Orange
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County, State of Florida
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See Addendum "A"
2. PURCHASE PRICE $1,400,000 Dollars, Method of
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Payment:
(a) Deposit to be held in trust by_____________________ $ -0-
(b) Approximate principal balance of first mortgage to which
conveyance shall be subject, if any, Mortgage
holder:_______________________________________
Interest:_____% per annum:
Method of payment_____________________________ $ 440,363
(c) Other: 8% interest balloon payment in 2 years $ 959,637
(d) Cash, certified or local cashier's check on closing and
delivery of deed (or such greater or lesser amount as may
be necessary to complete payment of purchase price after
credits, adjustments and prorations). $ -0-
3. PRORATIONS: Taxes, insurance, interest, rents and other expenses and
revenue of said property shall be prorated as of the date of closing.
4. RESTRICTIONS, EASEMENTS, LIMITATIONS: Buyer shall take title subject to:
(a) Zoning, restrictions, prohibitions and requirements imposed by
governmental authority, (b) Restrictions and matters appearing on the plat
or common to the subdivision, (c) Public utility easements of record,
provided said easements are located on the side or rear lines of the
property, (d) Taxes for year of closing, assumed mortgages, and purchase
money mortgages, if any, (e) Other:______________________________________.
Seller warrants that there shall be no violations of building or zoning
codes at the time of closing.
5. DEFAULT BY BUYER: If Buyer fails to perform any of the covenants of this
contract, all money paid pursuant to this contract by Buyer as aforesaid
shall be retained by or for the account of the Seller as consideration for
the execution of this contract and as agreed liquidated damages and in full
settlement of any claims for damages.
6. DEFAULT BY SELLER: If the Seller fails to perform any of the covenants of
this contract, the aforesaid money paid by the Buyer, at the option of the
buyer, shall be returned to the Buyer on demand; or the buyer shall have
only the right of specific performance.
7. TERMITE INSPECTION: At least 15 days before closing, Buyer, at Buyer's
expense, shall have the right to obtain a written report from a licensed
exterminator stating that there is no evidence of live termite or other
woodboring insect infestation on said property nor substantial damage from
prior infestation on said property. If there is such evidence, Seller shall
pay up to three (3%) percent of the purchase price for the treatment
required to remedy such infestation, including repairing and replacing
portions of said improvements which have been damaged; but if the costs for
such treatment or repairs exceed three (3%) percent of the purchase price,
Buyer may elect to pay such excess. If Buyer elects not to pay, Seller may
pay the excess or cancel the contract.
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8. ROOF INSPECTION: At least 15 days before closing, Buyer at Buyer's expense,
shall have the right to obtain a written report from a licensed roofer
stating that the roof is in watertight condition. In the event repairs are
required either to correct leaks or to replace damage to fascia or soffit,
Seller shall pay up to three (3%) percent of the purchase price for said
repairs which shall be performed by a licensed roofing contractor; but if
the costs for such repairs exceed three (3%) percent of the purchase price,
Buyer may elect to pay such excess. If buyer elects not to pay, Seller may
pay the excess or cancel the contract.
9. OTHER INSPECTIONS: At least 15 days before closing, Buyer or his agent may
inspect all appliances, air conditioning and heating systems, electrical
systems, plumbing, machinery, sprinklers and pool system included in the
sale. Seller shall pay for repairs necessary to place such items in working
order at the time of closing. Within 48 hours before closing, Buyer shall
be entitled, upon reasonable notice to Seller, to inspect the premises to
determine that said items are in working order. All items of personal
property included in the sale shall be transferred by Xxxx of Sale with
warranty of title.
10. LEASES: Seller, not less than 15 days before closing, shall 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
and advanced rent and security deposits paid by tenant. If Seller is unable
to obtain such letters from tenants, Seller shall furnish the same
information to Buyer within said time period in the form of a seller's
affidavit, and Buyer may contact tenants thereafter to confirm such
information. At closing, seller shall deliver and assign all original
leases to Buyer.
11. MECHANICS LIENS: Seller shall furnish to Buyer an affidavit that there have
been no improvements to the subject property for 90 days immediately
preceding the date of closing, and no financing statements, claims or lien
or potential lienors known to Seller. If the property has been improved
within that time, Seller shall deliver releases or waivers of all mechanics
liens as executed by general contractors, subcontractors, suppliers and
material men and reciting that all bills for work to the subject property
which could serve as basis for mechanics liens have been paid or will be
paid at closing.
12. PLACE OF CLOSING: Closing shall be held at the office of the Seller's
attorney or as otherwise agreed upon.
13. TIME IS OF THE ESSENCE: Time is of the essence of this Sale and Purchase
Agreement.
14. DOCUMENTS FOR CLOSING: Seller's attorney shall prepare deed, note,
mortgage, Seller's affidavit, any corrective instruments required for
perfecting the title, and closing statement and submit copies of same to
Buyer's attorney, and copy of closing statement to the broker, at least two
days prior to scheduled closing date.
15. EXPENSES: State documentary stamps required on the instrument of conveyance
and the cost of recording any corrective instruments shall be paid by the
Seller. Documentary stamps to be affixed to the note secured by the
purchase money mortgage, intangible tax on the mortgage, and the cost of
recording the deed and purchasing money mortgage shall be paid by the
Buyer.
16. INSURANCE: If insurance is to be prorated, the Seller shall on or before
the closing date, furnish to Buyer all insurance policies or copies
thereof.
17. RISK OF LOSS: If the improvements are damaged by fire or casualty before
delivery of the deed and can be restored to substantially the same
condition as now within the period of 60 days thereafter, Seller shall so
restore the improvements and the closing date and date of delivery of
possession hereinbefore provided shall be extended accordingly. If Seller
fails to do so, the Buyer shall have the option of (1) taking the property
as is, together with insurance proceeds, if any, or (2) canceling the
contract, and all deposits shall be forthwith returned to the Buyer and all
parties shall be released of any and all obligations and liability.
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18. MAINTENANCE: Between the date of the contact and the date of closing, the
property, including lawn, shrubbery and pool, if any, shall be maintained
by the Seller in the condition as it existed as of the date of the
contract, ordinary wear and tear excepted.
19. CLOSING DATE: This contract shall be closed and the deed and possession
shall be delivered on or before the _____day of______________, 19_____,
unless extended by other provisions of this contract.
20. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten
provisions inserted in this form shall control all printed provisions in
conflict therewith.
21. OTHER AGREEMENTS: No agreements or representations, unless incorporated in
this contract, shall be binding upon any of the parties.
22. SPECIAL CLAUSES: Seller will convey with Quit Claim Deed. Property sold "as
is".
COMMISSION TO BROKER: The Seller hereby recognizes N/A as the Broker in this
transaction, and agrees to pay as commission_____% of the gross sale price, the
sum of____________ Dollars ($_____________) or one half of the deposit in case
same is forfeited by the Buyer through failure to perform, as compensation for
services rendered, provided same does not exceed the full amount of the
commission.
WITNESSED BY:
/s/ illegible 6-29-97 Xxxxxx Xxxxxx 6-29-97
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Witness Date Buyer Date
/s/ illegible 6-29-97 Xxxx Xxxxxx 6-29-97
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Witness Date Seller Date
lk: a:\agreement
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EXHIBIT "A"
Recorded - Xxxxxx X. Xxxxxx
LEGAL DESCRIPTION
Parcel 1
East 52.14 feet of West 312.84 feet of NW 1/4 of NW 1/4 of NW 1/4 of Section 22,
Township 22 South, Range 31 East, lying North of Xxxxx Xxxx Xx. 00, and East
52.14 feet of West 260.70 feet of NW 1/4 of NW 1/4 of NW 1/4 of Section 22,
Township 22 South, Range 00 Xxxx, xxxxx Xxxxx xx Xxxxx Xxxx Xx. 00.
The East 52.14 feet of the West 417.12 feet of the NW 1/4 of the NW 1/4 of NW
1/4 of Section 22, Township 22 South, Range 31 East, lying North of State Road
No. 50, also the East 52.14 feet of the West 364.98 feet of the NW 1/4 of the NW
1/4 of NW 1/4 of Section 22, Township 22 South, Range 00 Xxxx xxxxx Xxxxx xx
Xxxxx Xxxx Xx. 00.
Section 22, Township 22 South, Range 31 East. East 104.29 feet of the West
208.56 feet of the NW 1/4 of the NW 1/4 of NW 1/4, lying North of Xxxxx Xxxx Xx.
00.
All lying and being in Orange County, Florida.
Parcel 2
The West 300.00 feet (as measured along the South line) of the following
described portion of Xxx 0, Xxxxx "X", Xxxxxxxxxxx, as recorded in Plat Book
"O", Page 82, Public Records of Orange County, Florida: Begin at the Southeast
corner of said Xxx 0, xxx Xxxxx 00 xxxxxxx Xxxx xxxxx Xxxxxxxx Boulevard, 150.30
feet; thence South 89 degrees West 455.52 feet; thence North 27 degrees West
111.6 feet more or less to Emerald Lake; thence Westerly along the lake 77.32
feet more or less to the West line of said Lot 1; thence South 2 degrees East
along the West line of said Lot 1, 230.00 feet more or less to the Southwest
corner of Lot 1; thence East 607.2 feet to the Point of Beginning.
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