Fort Walton Beach Ordinance — 2126--Disposition of Surplus Property - 760 Lovejoy Road NW to Daher Contracting, Inc. — reading text

Date( 5 days if left blank) and will timely provide any and all credit, employment, financial, 61 and other information required by the lender. If Buyer, after using diligence and good faith, cannot obtain the 62 Financing within the Financing Period, either party may terminate this Contract and Buyer's deposit( s) will be 63 returned. 64• 1) 0 New Financing: Buyer will secure a commitment for new third party financing for$ 65• or of the purchase price at( Check one) 0 a fixed rate not exceeding 0 an 66. adjustable interest rate not exceeding at origination ( a fixed rate at the prevailing interest rate 67 68 based on Buyer' s creditworthiness if neither choice is selected). Buyer will keep Seller and Broker fully informed of the loan application status and progress and authorizes the lender or mortgage broker to 69 disclose all such information to Seller and Broker. 70. 2) 0 Seller Financing: Buyer will execute a 0 first 0 second purchase money note and mortgage to 71• Seller in the amount of 5. bearing annual interest at and payable as follows: 72. 73 The mortgage, note, and any security agreement will be in a form acceptable to Seller and will follow 74 forms generally accepted in the county where the Property is located; will provide for a late payment fee 75 and acceleration at the mortgagee' s option if Buyer defaults; wilt give Buyer the right to prepay without 76 penalty all or part of the principal at any time( s) with interest only to date of payment; will be due on 77 conveyance or sale; will provide for release of contiguous parcels, if applicable; and will require Buyer to 78 keep liability insurance on the Property, with Seller as additional named insured. Buyer authorizes Seller 79 to obtain credit, employment, and other necessary information to determine creditworthiness for the 80 financing. Seller will, within 10 days after Effective Date, give Buyer written notice of whether or not Seller 81 will make the loan. 82. 3) 0 Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to 83' 84• LN#_ in the approximate amount of$ currently payable at 85• per month, including principal, interest, 0 taxes and insurance, and having a 86• p fixed 0 other( describe) 87• interest rate of which 0 will will not escalate upon assumption. Any variance in the mortgage 88 will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase 89• Seller's escrow account dollar for dollar. If the interest rate upon transfer exceeds or the 90• assumption/ transfer fee exceeds $ either party may elect to pay the excess, failing 91 which this Contract will terminate; and Buyer' s deposit(s) will be returned. If the lender disapproves 92 Buyer, this Contract will terminate; and Buyer' s deposit( s) will be returned. 93• 7. Assignability: ( Check one) Buyer 0 may assign and thereby be released from any further liability under this 94• Contract, 0 may assign but not be released from liability under this Contract, or ® may not assign this Contract. 95• 8. Title: Seller has the legal capacity to and will convey marketable title to the Property by 0 statutory warranty 96• deed ® special warranty deed 0 other( specify) free of liens, easements, 97 and encumbrances of record or known to Seller, but subject to property taxes for the year of closing; covenants, 98 restrictions, and public utility easements of record; existing zoning and governmental regulations; and ( list any 99' other matters to which title will be subject) 100 provided there exists at closing no violation of the foregoing. 101 102 a) Title Evidence: The party who pays for the owner' s title insurance policy will select the closing agent and pay for the title search, including tax and lien search ( including municipal lien search) if performed, and all other 103 fees charged by closing agent. Seller will deliver to Buyer, at 104. Check one) 0 Seller' s 0 Buyer' s expense and 105• Check one) 0 within days after Effective Date ® at least 5 days before Closing Date, 106 Check one) 107• 1) ® a title insurance commitment by a Florida licensed title insurer setting forth those matters to be 1DB discharged by Seller at or before closing and, upon Buyer recording the deed, an owner' s policy in the Buyer - and Seller acknowledge receipt of a copy of this page, which is 2 of 8 pages VAC- 14- ' a= ' • 1 5262221 Florida Realtors® dotioop signature verification: 109 amount of the purchase price for fee simple title subject only to the exceptions stated above. If Buyer is 110 paying for the owner's title insurance policy and Seller has an owner' s policy, Seller will deliver a copy to 111 Buyer within 15 days after Effective Date. 112• 2) © 113 an abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an existing firm. However, if such an abstract is not available to Seller, then a prior owner's title policy 114 acceptable to the proposed insurer as a base for reissuance of coverage may be used. The prior policy will 115 116 include copies of ail policy exceptions and an update in a format acceptable to Buyer from the policy effective date and certified to Buyer or Buyer' s closing agent together with copies of all documents 117 recited in the prior policy and in the update. If such an abstract or prior policy is not available to Seller, 118 then ( 1) above will be the title evidence. 119• b) Title Examination: After receipt of the title evidence, Buyer will, within days ( 10 days if left blank) but 120 no later than Closing Date, deliver written notice to Seller of title defects. Title will be deemed acceptable to 121 Buyer if( i) Buyer fails to deliver proper notice of defects or( ii) Buyer delivers proper written notice and Seller 122• cures the defects within days( 30 days if left blank) (" Cure Period") after receipt of the notice. If the 123 defects are cured within the Cure Period, closing will occur within 10 days after receipt by Buyer of notice of 124 such cure. Seller may elect not to cure defects if Seller reasonably believes any defect cannot be cured within 125 the Cure Period. If the defects are not cured within the Cure Period, Buyer will have 10 days after receipt of 126 notice of Seller' s inability to cure the defects to elect whether to terminate this Contract or accept title subject 127 to existing defects and close the transaction without reduction in purchase price. 128 c) Survey: Buyer may, at Buyer' s expense, have the Property surveyed and must deliver written notice to 129 Seller, within 5 days after receiving survey but not later than 5 days before Closing Date, of any 130 encroachments on the Property, encroachments by the Property' s improvements on other lands, or deed 131 restriction or zoning violations. Any such encroachment or violation will be treated in the same manner as a 132 title defect and Seller' s and Buyer' s obligations will be determined in accordance with Paragraph 8( b). 133 d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress. 134 9. Property Condition: Seller will deliver the Property to Buyer at closing in its present" as is" condition, with 135 conditions resulting from Buyer's Inspections and casualty damage, if any, excepted. Seller will not engage in or 136 permit any activity that would materially alter the Property' s condition without the Buyer' s prior written consent. 137 a) Inspections: ( Check ( 1) or( 2)) 1as• 1) ® Due Diligence Period: Buyer will, at Buyer' s expense and within 30 days ( 30 days if left blank) 139 Due Diligence Period") after Effective Date and in Buyer' s sole and absolute discretion, determine 140 141 whether the Property is suitable for Buyer's intended use. During the Due Diligence Period, Buyer may conduct a Phase 1 environmental assessment and any other tests, analyses, surveys, and investigations 142 Inspections") that Buyer deems necessary to determine to Buyer' s satisfaction the Property's 143 engineering, architectural, and environmental properties; zoning and zoning restrictions; subdivision 144 statutes; soil and grade; availability of access to public roads, water, and other utilities; consistency with 145 local, state, and regional growth management plans; availability of permits, government approvals, and 146 licenses; and other inspections that Buyer deems appropriate. If the Property must be rezoned, Buyer will