Fort Walton Beach Ordinance — 2040--100 Hill Avenue--Sale of Property — reading text

1 FloridaRealtOrc Buyer") PARTIES AND PROPERTY: David L. Hunter 1. Seller") The City of Fort Walton Beach, a Florida municipal corportion agrees to buy and agrees to sell the property described as: Street Address: approx. 1. 59 acres on Hill Ave Fort Walton Beach, FL. Legal Description: Approx. 1. 59 acres with Tax id# 08- 2S- 24-0000- 0002- 0080 Okaloosa County, FL. None and the following Personal Property: all collectively referred to as the" Property") on the terms and conditions set forth below. 497, 500. 00 2. PURCHASE PRICE: 10, 000. 00 a) Deposit held in escrow by Realty House Commercial Properties, Inc. Escrow Agent') ( checks are subject to actual and final collection) 11 Racetrack Rd. NE Suite H- 1 Phone: 850- 244- 9117 Escrow Agent' s address: Ft Walton Beach, FL. 32547 b) Additional deposit to be made to Escrow Agent within days after Effective Date $ Additional deposit to be made to Escrow Agent within days after Effective Date $ c) d) Total financing ( as referenced in Paragraph 5) e) Other: Balance to close, subject $ 87, 500. 00 f) All deposits will be credited to the purchase price at closing. to adjustments and prorations, to be paid locally with drawn cashier's or official bank check( s) or wire transfer. 3. TIME FOR ACCEPTANCE; EFFECTIVE DATE; COMPUTATION OF TIME: Unless this offer is signed by Seller on or before August 12, 2020 , this offer will be and Buyer and an executed copy delivered to all parties withdrawn and the Buyer's deposit, if any, will be returned. The time for acceptance of any counter offer will be 3 days from the date the counter offer is delivered. The" Effective Date" of this Contract is the date on which the last one of the Seller and Buyer has signed or initialed and delivered this offer or the final counter offer. Calendar days will be used when computing time periods, except time periods of 5 days or less. Time periods of 5 days or less will be computed without including Saturday, Sunday, or national legal holidays. Any time period ending on a Saturday, Sunday, or national legal holiday will extend until 5: 0D p. m. of the next business day. Time is of the essence in this Contract. 4. CLOSING DATE AND LOCATION: October 1, 2020 Closing Date), unless specifically Closing Date: This transaction will be closed on a) extended by other provisions of this Contract. The Closing Date will prevail over all other time periods including, but not limited to, Financing and Due Diligence periods. In the event insurance underwriting is suspended on Closing Date and Buyer is unable to obtain property insurance, Buyer may postpone closing up to 5 days after the insurance underwriting suspension is lifted. Buyer/ J.- 104H and Seller(- Tb )( acknowledge receipt of a copy of this page, which is page 1 of 8 Pages. CC- 4 REV. 12/ 10 002010 Florida REALTORS® All Rights Reserved Form generated by Tnte Forms'" www. TrueForms. com 800- 499- 9612  b) Location: Closing will take place in Okaloosa County, Florida. ( If left blank, closing will take place in the county where the property is located.) Closing may be conducted by mail or electronic means. 6. THIRD PARTY FINANCING: e a, ( 3-eley - if-left 6. TITLE: Seller has the legal capacity to and will convey marketable title to the Property by L statutory warranty deed X other special warranty deed free of liens, easements and encumbrances of record or known to Seller, but subject to property taxes for the year of closing; covenants, restrictions and public utility easements of record; existing zoning and governmental regulations; and ( list any other matters to which title will be subject) provided there exists at closing no violation of the foregoing and none of them prevents Buyer's intended use of the uses allowed in CTP Commerce& Technology Park Property as a) Evidence of Title: The party who pays the premium for the title insurance policy will select the closing agent and pay for the title search and closing services. Seller will, at( check one) X Seller's 11 Buyer's expense and within 10 days X after Effective Date 7 or at least days before Closing Date deliver to Buyer( check one) X(i.) a title insurance commitment by a Florida licensed title insurer setting forth those matters to be discharged by Seller at or before Closing and, upon Buyer recording the deed, an owner's policy in the amount of the purchase price for fee simple title subject only to exceptions stated above. If Buyer is paying for the evidence of title and Seller has an owner's policy, Seller will deliver a copy to Buyer within 15 days after Effective Date. b) Title Examination: Buyer will, within 15 days from receipt of the evidence of title deliver written notice to Seller of title defects. Title will be deemed acceptable to Buyer if( 1) Buyer fails to deliver proper notice of defects or and Seller( wrqa )( acknowledge receipt of a copy of this page, which is page 2 of 8 Pages. Buyer4A- ) 2010 Florida REALTORS& All Rights Reserved CC- 4 REV. 12/ 10 © Form generated by: True Forms' www. TrueForms. com 800- 499- 9612  the defects within 20 days from receipt of the notice 2) Buyer delivers proper written notice and Seller cures Curative Period"). If the defects are cured within the Curative Period, closing will occur within 10 days from receipt by Buyer of notice of such curing. Seller may elect not to cure defects if Seller reasonably believes any defect cannot be cured within the Curative Period. If the defects are not cured within the Curative Period, Buyer will have 10 days from receipt of notice of Seller's inability to cure the defects to elect whether to terminate this Contract or accept title subject to existing defects and close the transaction without reduction in purchase price. c) Survey: ( check applicable provisions below) X Buyer will, at E Seller's X Buyer's expense and within the time period allowed to deliver and examine title evidence, obtain a current certified survey of the Property from a registered surveyor. If the survey reveals encroach on the lands of another, [ II Buyer will encroachments on the Property or that the improvements accept the Property with existing encroachments X such encroachments will constitute a title defect to be cured within the Curative Period. d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress. 7. PROPERTY CONDITION: Seller will deliver the Property to Buyer at the time agreed in its present" as is" condition, ordinary wear and tear excepted, and will maintain the landscaping and grounds in a comparable condition. Seller makes no warranties other than marketability of title. In the event that the condition of the Property has materially changed since the expiration of the Due Diligence Period, Buyer may elect to terminate the Contract and receive a refund of any and all deposits paid, plus interest, if applicable. By accepting the Property "as is", Buyer waives all claims against Seller for any defects in the Property. ( Check ( a) or( b)) X(a) As Is: Buyer has inspected the Property or waives any right to inspect and accepts the Property in its" as is" condition. expense and within N/ A days from Effective Date (" Due i( b) Due Diligence Period: Buyer will, at Buyer' s Diligence Period"), determine whether the Property is suitable, in Buyer's sole and absolute discretion, for Buyer's intended use and development of the Property as specified in Paragraph 6. During the Due Diligence Period, Inspections") which Buyer deems necessary and investigations (" Buyer may conduct any tests, analyses, surveys to determine to Buyer's satisfaction the Property' s engineering, architectural, environmental properties; zoning and zoning restrictions; flood zone designation and restrictions; subdivision regulations; soil and grade; availability of access to public roads, water, and other utilities; consistency with local, state and regional growth management and comprehensive land use plans; availability of permits, government approvals and licenses; compliance with American with Disabilities Act; absence of asbestos, soil and ground water contamination; and other inspections that Buyer deems appropriate to determine the suitability of the Property for Buyer's intended use and development. Buyer will deliver written notice to Seller prior to the expiration of the Due Diligence Period of Buyer's determination of whether or not the Property is acceptable. Buyer's failure to comply with this notice requirement will constitute acceptance of the Property in its present" as is" condition. Seller