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

147 obtain the rezoning from the appropriate government agencies. Seller will sign all documents Buyer is 148 required to file in connection with development or rezoning approvals. Seller gives Buyer, its agents, 149 contractors, and assigns, the right to enter the Property at any time during the Due Diligence Period for the 15D purpose of conducting Inspections, provided, however, that Buyer, its agents, contractors, and assigns 151 enter the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller 152 harmless from losses, damages, costs, claims, and expenses of any nature, including attorneys' fees, 153 154 expenses, and liability incurred in application for rezoning or related proceedings, and from liability to any person, arising from the conduct of any and all Inspections or any work authorized by Buyer. Buyer will 155 not engage in any activity that could result in a construction lien being filed against the Property without 156 Seller' s prior written consent. If this transaction does not close, Buyer will, at Buyer' s expense, ( i) repair 157 all damages to the Property resulting from the Inspections and return the Property to the condition it was in 158 before conducting the Inspections and ( ii) release to Seller all reports and other work generated as a 159 result of the Inspections. 160 Before expiration of the Due Diligence Period, Buyer must deliver written notice to Seller of Buyer' s 161 determination of whether or not the Property is acceptable. Buyer' s failure to comply with this notice 162 requirement will constitute acceptance of the Property as suitable for Buyer' s intended use in its " as is" 163 condition. If the Property is unacceptable to Buyer and written notice of this fact is timely delivered to 164 Seller, this Contract will be deemed terminated, and Buyer's deposit( s) will be returned. Buyer + VAC- 14 ,:. 4 ,« ar and Seller 1 I acknowledge receipt of a copy of this page. which is 3 of 8 pages. 0202221 Fonda4Realtors® dodoop signature verification' 165• 2) 0 No Due Diligence Period: Buyer is satisfied that the Property is suitable for Buyer's purposes, 166 including being satisfied that either public sewerage and water are available to the Property or the 167 Property will be approved for the installation of a well and/ or private sewerage disposal system and that 168 existing zoning and other pertinent regulations and restrictions, such as subdivision or deed restrictions, 169 concurrency, growth management, and environmental conditions, are acceptable to Buyer. This Contract 170 is not contingent on Buyer conducting any further investigations. 171 b) Government Regulations: Changes in government regulations and levels of service which affect Buyer' s 172 intended use of the Property will not be grounds for terminating this Contract if the Due Diligence Period has 173 expired or if Paragraph 9( a)( 2) is selected. 174 c) Flood Zone: Buyer is advised to verify by survey, with the lender, and with appropriate government agencies 175 which flood zone the Property is in, whether flood insurance is required, and what restrictions apply to 176 improving the Property and rebuilding in the event of casualty. 177 d) Coastal Construction Control Line(" CCCL"): If any part of the Property lies seaward of the CCCL as 178 179 defined in Section 161. 053, Florida Statutes, Seller will provide Buyer with an affidavit or survey as required by law delineating the line's location on the Property, unless Buyer waives this requirement in writing. The 180 Property being purchased may be subject to coastal erosion and to federal, state, or local regulations that 181 govern coastal property, including delineation of the CCCL, rigid coastal protection structures, beach 182 nourishment, and the protection of marine turtles, Additional information can be obtained from the Florida 183 Department of Environmental Protection, including whether there are significant erosion conditions associated 184 with the shore line of the Property being purchased. 185• 0 Buyer waives the right to receive a CCCL affidavit or survey. 186 187 10. Closing Procedure; Costs: Closing will take place in the county where the Property is located and may be conducted by mail or electronic means. If title insurance insures Buyer for title defects arising between the title 188 binder effective date and recording of Buyer' s deed, closing agent will disburse at closing the net sale proceeds to 189 Seller( in local cashier's check if Seller requests in writing at least 5 days before closing) and brokerage fees to Iso 191 Broker as per Paragraph 21. In addition to other expenses provided in this Contract, Seller and Buyer will pay the costs indicated below. 192 a) Seller Costs: 193 Taxes on deed 194 Recording fees for documents needed to cure title 195 Title evidence( if applicable under Paragraph 8) 196 Estoppel Fee(s) 197* Other: 198 b) Buyer Costs: 199 Taxes and recording fees on notes and mortgages 200 Recording fees on the deed and financing statements 201 Loan expenses 202 Title evidence( if applicable under Paragraph 8) 203 Lender's title policy at the simultaneous issue rate 204 Inspections 205 Survey 206 Insurance 207• Other: 208 C) Prorations: The following items will be made current and prorated as of the day before Closing Date: real 209 estate taxes( including special benefit tax liens imposed by a CDD), interest, bonds, assessments, leases, and 210 other Property expenses and revenues. If taxes and assessments for the current year cannot be determined, 211 the previous year' s rates will be used with adjustment for any exemptions. 212 213 d) Special Assessment by Public Body: Regarding special assessments imposed by a public body, Seller will pay( i) the full amount of liens that are certified, confirmed, and ratified before closing and ( ii) the amount of the 214 last estimate of the assessment if an improvement is substantially completed as of Effective Date but has not 215 resulted in a lien before closing; and Buyer will pay all other amounts. If special assessments may be paid in 216' installments, Seller Buyer( Buyer if left blank) will pay installments due after closing. If Seller is 217 checked, Seller will pay the assessment in full before or at the time of closing. Public body does not include a 218 Homeowners' or Condominium Association. 219 e) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER' S CURRENT 220 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO 221 PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY caP land Seller- acknowledge receipt of a copy of this page, which is 4 of 8 pages. BuyerIs VAC- 14 ., 1, t 1 0202221 Florida Realtors® dotloop signature verifica@on: 222 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER 223 PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE 224 COUNTY PROPERTY APPRAISER' S OFFICE FOR FURTHER INFORMATION. 225 1) Foreign investment in Real Property Tax Act(" FIRPTA"): If Seller is a" foreign person" as defined by 226 FIRPTA, Seller and Buyer will comply with FIRPTA, which may require Seller to provide additional cash at 227 closing. 228 229 g) 1031 Exchange: If either Seller or Buyer wish to enter into a like-kind exchange( either simultaneously with closing or after) under Section 1031 of the Internal Revenue Code(" Exchange"), the other party will cooperate 230 in all reasonable respects to effectuate the Exchange including executing documents, provided, however, that 231 the cooperating party will incur no liability or cost related to the Exchange and that the closing will not be 232 contingent upon, extended, or delayed by the Exchange. 233 11. Computation of Time: Calendar days will be used when computing time periods, except time periods of 5 days 234 or less. Time periods of 5 days or less will be computed without including Saturday, Sunday, or national legal 235 holidays specified in 5 U. S. C. 6103( a). Other than time for acceptance and Effective Date as set forth in Paragraph 236 3, any time periods provided for or dates specified in this Contract, whether preprinted, handwritten, typewritten or 237 inserted herein, which shall end or occur on a Saturday, Sunday, or national legal holiday (see 5 U. S. C. 6103) 238 shall extend until 5:00 p. m. ( where the Property is located) of the next business day. Time is of the essence in 239 this Contract. 240 241 12. Risk of Loss; Eminent Domain: If any portion of the Property is materially damaged by casualty before closing or Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain 242 243