Fort Walton Beach Ordinance — 2041--Behind 30 Ready Ave ‎(Sale of Property)‎ — reading text

all other amounts. If special assessments may be paid in installments Buyer Seller( if left blank, 113 Buyer) shall pay installments due after closing. If Seller is checked, Seller will pay the assessment in full prior to or at the 114 time of closing. Public body does not include a Homeowner Association or Condominium Association. 115 ( f) Tax Withholding: If Seller is a " foreign person" as defined by FIRPTA, Section 1445 of the Internal Revenue Code 116 requires Buyer to withhold 10% of the amount realized by the Seller on the transfer and remit the withheld amount to the 117 Internal Revenue Service ( IRS) unless an exemption applies. The primary exemptions are ( 1) Seller provides Buyer with an 118 affidavit that Seller is not a " foreign person", ( 2) Seller provides Buyer with a Withholding Certificate providing for reduced or 119 eliminated withholding, or ( 3) the gross sales price is $ 300, 000 or less, Buyer is an individual who purchases the Property to 120 use as a residence, and Buyer or a member of Buyer' s family has definite plans to reside at the Property for at least 50% of 121 the number of days the Property is in use during each of the first two 12 month periods after transfer. The IRS requires Buyer 122 and Seller to have a U. S. federal taxpayer identification number (" TIN"). Buyer and Seller agree to execute and deliver as 123 directed any instrument, affidavit or statement reasonably necessary to comply with FIRPTA requirements including applying 124 for a TIN within 3 days from Effective Date and delivering their respective TIN or Social Security numbers to the Closing Agent. 125 If Seller applies for a withholding certificate but the application is still pending as of closing, Buyer will place the 10% tax in 126 escrow at Seller' s expense to be disbursed in accordance with the final determination of the IRS, provided Seller so requests 127 and gives Buyer notice of the pending application in accordance with Section 1445. If Buyer does not pay sufficient cash at 128 closing to meet the withholding requirement, Seller will deliver to Buyer at closing the additional cash necessary to satisfy 129 the requirement. Buyer will timely disburse the funds to the IRS and provide Seller with copies of the tax forms and receipts. 130 ( g) 1031 Exchange: If either Seller or Buyer wishes to enter into a like- kind exchange ( either simultaneously with closing or 131 after) under Section 1031 of the Internal Revenue Code (" Exchange"), the other party will cooperate in all reasonable respects 132 to effectuate the Exchange including executing documents; provided, however, that the cooperating party will incur no liability 133 or cost related to the Exchange and that the closing shall not be contingent upon, extended or delayed by the Exchange. 134 PROPERTY CONDITION 135 6.LAND USE: Seller will deliver the Property to Buyer at the time agreed in its present " as is" condition, with conditions 136 resulting from Buyer' s Inspections and casualty damage, if any, excepted. Seller will maintain the landscaping and grounds in a 137 comparable condition and will not engage in or permit any activity that would materially alter the Property's condition without the 138 Buyer' s prior written consent. 139 ( a) Flood Zone: Buyer is advised to verify by survey, with the lender and with appropriate government agencies which flood 140 zone the Property is in, whether flood insurance is required and what restrictions apply to improving the Property and 141 rebuilding in the event of casualty. 142 ( b) Government Regulation: Buyer is advised that changes in government regulations and levels of service which affect 143 Buyer' s intended use of the Property will not be grounds for canceling this Contract if the Feasibility Study Period has 144 expired or if Buyer has checked choice ( c)( 2) below. 145 ( c) Inspections: ( check( 1) or( 2) below) 146 X( 1) Feasibility Study: Buyer will, at Buyer' s expense and within 15 days from Effective Date (" Feasibility Study 147 Period"), determine whether the Property is suitable, in Buyer' s sole and absolute discretion, for Storage and 148 Warehouse use. During the Feasibility Study Period, Buyer may conduct a Phase I 149 environmental assessment and any other tests, analyses, surveys and investigations (" Inspections") that Buyer deems 150 necessary to determine to Buyer' s satisfaction the Property' s engineering, architectural and environmental properties; 151 zoning and zoning restrictions; subdivision statutes; soil and grade; availability of access to public roads, water, and other 152 utilities: consistency with local, state and regional growth management plans; availability of permits, government approvals, 153 and licenses; and other Inspections that Buyer deems appropriate to determine the Property' s suitability for the Buyer' s 154 intended use. If the Property must be rezoned, Buyer will obtain the rezoning from the appropriate government agencies. 155 Seller will sign all documents Buyer is required to file in connection with development or rezoning approvals. 156 Seller gives Buyer, its agents, contractors and assigns, the right to enter the Property at any time during the Feasibility 157 Study Period for the purpose of conducting Inspections; provided, however, that Buyer, its agents, contractors and 158 assigns enter the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller harmless from 159 losses, damages, costs, claims and expenses of any nature, including attorneys' fees, expenses and liability incurred in 160 application for rezoning or related proceedings, and from liability to any person, arising from the conduct of any and all 161 Inspections or any work authorized by Buyer. Buyer will not engage in any activity that could result in a construction lien 162 being filed against the Property without Seller' s prior written consent. If this transaction does not close, Buyer will, at 163 Buyer' s expense, ( 1) repair all damages to the Property resulting from the Inspections and return the Property to the 164 condition it was in prior to conduct of the Inspections, and ( 2) release to Seller all reports and other work generated as a 165 result of the Inspections. 166 Buyer will deliver written notice to Seller prior to the expiration of the Feasibility Study Period of Buyer' s determination of 167 whether or not the Property is acceptable. Buyer' s failure to comply with this notice requirement will constitute 168 acceptance of the Property as suitable for Buyer' s intended use in its " as is" condition. If the Property is unacceptable to 169 Buyer and written notice of this fact is timely delivered to Seller, this Contract will be deemed terminated as of the day 170 after the Feasibility Study period ends and Buyer' s deposit( s) will be returned after Escrow Agent receives proper 171 authorization from all interested parties. 172 2) No Feasibility Study: Buyer is satisfied that the Property is suitable for Buyer' s purposes, including being 173 satisfied that either public sewerage and water are available to the Property or the Property will be approved for the 174 Buyer((, i )( and Seller( acknowledge receipt of a copy of this page. which is Page 3 of 7 Pages. VAC- 9 Rev. 4/ 07 G 2007 Florida Association of REALTORS® All Rights Reserved Form generated by True Forms" www. TrueForms. com 800- 499- 9612 175 installation of a well and/ or private sewerage disposal system and that existing zoning and other pertinent regulations and 176 restrictions, such as subdivision or deed restrictions, concurrency, growth management and environmental conditions, 177 are acceptable to Buyer. This Contract is not contingent on Buyer conducting any further investigations. 178 ( d) Subdivided Lands: If this Contract is for the lands, defined purchase of subdivided by Florida Law as "( a) Any 179 contiguous land which is divided or is proposed to be divided for the purpose of disposition into 50 or more lots, parcels, 180 units, or interests; or( b) Any land, whether contiguous or not, which is divided or proposed to be divided into 50 or more lots, 181 parcels, units, or interests which are offered as a part of a common promotional plan.", Buyer may cancel this Contract for 182 any reason whatsoever for a period of 7 business days from the date on which Buyer executes this Contract. If Buyer elects 183 to cancel within the period provided, all funds or other property paid by Buyer will be refunded without penalty or obligation 184 within 20 days of the receipt of the notice of cancellation by the developer. 185 7. RISK OF LOSS; EMINENT DOMAIN: If any portion of the Property is materially damaged by casualty before closing, or 186 Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain proceedings, 187 or if an eminent domain proceeding is initiated, Seller will promptly inform Buyer. Either party may cancel this Contract by 188 written notice to the other within 10 days from Buyer' s receipt of Seller' s notification, failing which Buyer will close in 189 accordance with this Contract and receive all payments made by the government authority or insurance company, if any. 190 TITLE peek cut ( A) QQe. 21\ hY (.& d 191 8. TITLE: Seller will convey marketable title to the Property by sterttrterroverrerrtrefeeel or trustee, personal representative or 192 guardian deed as appropriate to Seller' s status. 193 ( a) Title Evidence: Title evidence will show legal access to the Property and marketable title of record in Seller in 194 accordance with current title standards adopted by the Florida Bar, subject only to the following title exceptions, none of 195 which prevent Buyer' s intended use of the Property as Warehouse and storage covenants, easements 196 and restrictions of record; matters of plat; existing zoning and government regulations; oil, gas and mineral rights of record if 197 there is no right of entry; current taxes; mortgages that Buyer will assume; and encumbrances that Seller will discharge at or 198 before closing.