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

Inspections provided, at their own however, risk. Buyer that Buyer,anditshold will indemnify agents, Sellercontractors and harmless from 158 159 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 Buyer' s expense, ( Property 1) repair without Seller's all damages prior written to the Property consent. resulting fromIf the this Inspections transaction and doesreturn not close, Buyer witol ,theat the Property 163 164 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 L.. fied that either public sewerage and water are available to the Property or the Property will be approved for the acknowledge receipt of a copy of this page, which is Page 3 of 7 Pages. 174 Buyer( IP )( _) and Seller(.. 4TJ Ii _) REALTORS® All Rights Reserved R 4107 ' 2c07 Florida Association of VAC- 9 v. www. TrueForms. com 500-099- 9612 Farm generated by True Forms'- 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. Florida Law as '( a) Any Subdivided Lands: If this Contract is for the purchase of subdivided lands, defined by 178 ( d) 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 proposedBuyer to be may divided into 50 or more lots, cancel this Contract for 181 parcels, units, or interests which are offered as a part of a common promotional plan.", 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 , ,„•‘.,\ wrv,Rr' 11 clieer, or trustee, personal representative or 191 8. TITLE: Seller will convey marketable title to the Property by 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 titlecovenants, exceptions, none of easements Warehouse and storage 195 which prevent Buyer' s intended use of the Property as 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. Seller will deliver to Buyer Seller's choice of one of the following types of title evidence, which must be 199 generally accepted in the county where the Property is located ( specify in Paragraph 5(c) the selected type). Seller will use 200 option ( 1) in Palm Beach County and option (2) in Miami- Dade County. 201 1) A title insurance commitment issued by a Florida- licensed title insurer in the amount of the purchase price and 202 subject only to title exceptions set forth in this Contract and delivered no later than 2 days before Closing Date. 203 2) An existing abstract of title from a reputable and existing abstract firm ( if firm is not existing, then abstract must be 204 certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to the 105 Property recorded in the public records of the county where the Property is located and certified to Effective Date. 06 However if such an abstract is not available to Seller, then a prior owner' s title policy acceptable to the proposed 207 insurer as a base for reissuance of coverage. Seller will pay for copies of all policy exceptions and an update in a format 108 acceptable to Buyer's closing agent from the policy effective date and certified to Buyer or Buyer' s closing agent, 209 together with copies of all documents recited in the prior policy and in the update. If a prior policy is not available to Seller 110 then ( 1) above will be the title evidence. Title evidence will be delivered no later than 10 days before Closing Date. 211 ( b) Title Examination: Buyer will examine the title evidence and deliver written notice to Seller, within 5 days from receipt of 212 title evidence but no later than closing, of any defects that make the title unmarketable. Seller will have 30 days from receipt 213 of Buyer's notice of defects(" Curative Period") to cure the defects at Seller's expense. If Seller cures the defects within the 114 Curative Period. Seller will deliver written notice to Buyer and the parties will close the transaction on Closing Date or within 115 10 days from Buyer's receipt of Seller's notice if Closing Date has passed. If Seller is unable to cure the defects within the 216 Curative Period, Seller will deliver written notice to Buyer and Buyer will, within 10 days from receipt of Seller's notice, 217 either cancel this Contract or accept title with existing defects and close the transaction. 218 ( c) Survey: Buyer may, prior