Fort Walton Beach Ordinance — 2039--100 Ready Avenue--Sale of Property — reading text

Expires 7/ 17/ 2023  Vacant Land Contract FLORIDA ASSOCIATION OF REALTORS© i 1 PARTIES AND DESCRIPTION OF PROPERTY Seller") 2 1, SALE AND PURCHASE: City of Fort Walton Beach, Florida Buyer") 3 and Southeastern Industrial Park, LLC 4 agree to sell and buy on the terms and conditions specified below the property(" Property") described as: 5 Address: Approximately 1. 8 acres( 100 ft x 800 ft+/-). See Exhibit A 6 Legal Description: To be determined by survey. 7 8 9 10 11 12 including all improvements and the following additional property: N/ A 13 14 15 PRICE AND FINANCING 16 2. PURCHASE PRICE: 50, 600. 00 payable by Buyer in U. S. funds as follows: Deposit received ( checks are subject to clearance) on July 8, 2020 by 17 ( a) $ 3, 000. 00 for delivery to Realty House Commercial Properties. Inc. (" Escrow Agent") 18 Signature Name of Company 19 20 Address of Escrow Agent) 11 Racetrack Road. NE Suite H- 1, Ft. Walton Beach, FL 32547 21 Phone# of Escrow Agent) 850-244- 9117 22 ( b) $ Additional deposit to be delivered to Escrow Agent by 23 or days from Effective Date. ( 10 days if left blank). 24 ( c) Total financing ( see Paragraph 3 below)( express as a dollar amount or percentage) 25 ( d) $ Other: All funds including Buyer' s closing costs, prepaid items and prorations). 47, 600. 00 Balance to close ( not 26 ( e) $ 27 paid at closing must be paid by locally drawn cashier' s check, official check, or wired funds. 28 squ&. deet- ' o( h terr r- trieretirrg 29 J, t—,,,; nom tl, e e& el,.. e, pr;e., ; n - het- - erere- - 30 31 32 33 34 3. CASH/ FINANCING: ( Check as applicable) X( a) Buyer will pay cash for the Property with no financing contingency. 36 + irtenein ) wh itin- days f, e, n Cffe 37 • 38 .. 39 . ... 44 firut- 45 46 emelt/et- 44 47 ay •• 50 Buyer( and Seller(..,.' j' )( acknowledge receipt of a copy of this page, which is Page 1 of 7 Pages. REALTORS@ All Rights Reserved Florida Association of 03 Cr VAC- 9 Rev 4/ 07 © 2007 FLAVOR. '"""' line Forms- www. TrueForms. com 800- 499- 9612 F orrn generated by 51 52 I. • - 53 54 55 56 57 58 4400- 59 enth i„ el d;, ry pr;„ e;1., el, ;, acetal, frxe-d either( elederib.) 1, L., ., 60 61 trtterest rat,, of Wo— arhielr -- viii- ••. . -. . ... . • - '- . • - Y6- er-the 63 64 65 CLOSING C..} Ac..` 1 66 67 4. CLOSING DATE; OCCUPANCY: This Contract will be closed and the deed and possession delivered on otttliqusP2ft 2020 68 Closing Date"). Unless the Closing Date is specifically extended by the Buyer and Seller or by any other 69 provision in this Contract, the Closing Date shall prevail over all other time periods including, but not limited to, financing and 70 feasibility study periods. If on Closing Date insurance underwriting is suspended, Buyer may postpone closing up to 5 days after 71 the insurance suspension is lifted. If this transaction does not close for any reason, Buyer will immediately return all Seller- 72 provided title evidence. surveys, association documents and other items. 73 5. CLOSING PROCEDURE; COSTS: Closing will take place in the county where the Property is located and may be conducted 74 by mail or electronic means. If title insurance insures Buyer for title defects arising between the title binder effective date and 75 recording of Buyer' s deed, closing agent will disburse at closing the net sale proceeds to Seller (in local cashier's checks if 76 Seller requests in writing at least 5 days prior to closing) and brokerage fees to Broker as per Paragraph 17. In addition to other 77 expenses provided in this Contract, Seller and Buyer will pay the costs indicated below. 78 ( a) Seller Costs: 79 80 Recording fees for documents needed to cure title 81 Title evidence ( if applicable under Paragraph 8) 82 Other. Taxes-en- the-deed 83 ( b) Buyer Costs: 84 Taxes and recording fees on notes and mortgages 85 Recording fees on the deed and financing statements 86 Loan expenses 87 Lender's title policy at the simultaneous issue rate 88 Inspections 89 Survey and sketch 90 Insurance 91 Other: Tc.0x.'. c :. • 4I, e1., ae4 92 ( c) Title Evidence and Insurance: Check ( 1) or( 2): 93 X (1) The title evidence will be a Paragraph 8(a)( 1) owner's title insurance commitment. X Seller search, Buyer will will select examination select the the title title and related charges or 94 agent and pay for the owner' s title policy, will search, examination and related charges or Buyer will select the title agent title 95 agent and pay for the owner' s policy, 96 and Seller will pay for the owner's title policy, search,Paragraph examinationa)(and related charges. 2) as title evidence. Seller Buyer will pay for the specified in 8( 97 2) Seller will provide an abstract as 98 owner' s title policy and select the title agent. Seller will pay fees for title searches prior to closing, including tax search 99 and lien search fees. and Buyer will pay fees for title searches after closing( if any), title examination fees and closing fees. 00 ( d) Prorations: The following items will be made current and prorated as of the day before Closing Date: real estate taxes. 01 interest, bonds. assessments. leases and other Property expenses and revenues. If taxes and assessments for the current 02 year cannot be determined, the previous year's rates will be used with adjustment for any exemptions. PROPERTY TAX 03 DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER' S CURRENT PROPERTY TAXES AS THE 04 AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO