Fort Walton Beach Ordinance — 2042--100 Ready Avenue ‎(portion of)‎--Sale of Property — reading text

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: 1031 If either Seller or Buyer Section wishes to enter into a like-kind exchange ( either simultaneously with closing or Revenue Code (" Exchange"), the other party will cooperate in all reasonable respects of the Internal 131 after) under 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. PROPERTY CONDITION 134 135 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. 145 146 X 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 2) No Feasibility Study: Buyer is satisfied that the Property is suitable for Buyer' s purposes, including being 173 fied that either public sewerage and water are available to the Property or the Property will be approved for the r 174 Buyer( )( and Seller( t- i 3 )( acknowledge receipt of a copy of this page, which is Page 3 of 7 Pages. Florida Association of REALTORS® All Rights Reserved VAC- 9 Rev 4/ 07 © 2007 www. TrueForms. com 800- 499. 9612 Form Generated by T1-fie 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 "( Lands: If this Contract is for the purchase of subdivided lands, defined by a) Any 178 ( d) Subdivided 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. TITLE 190 191 8. TITLE: Seller will convey marketable title to the Property by statutory warranty deed 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 titlecovenants, exceptions, none of easements Buyer' s intended use of the Property as Warehouse and storage 195 which prevent 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 205 Property recorded in the public records of the county where the Property is located and certified to Effective Date. 206 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 208 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 210 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 214 Curative Period, Seller will deliver written notice to Buyer and the parties will close the transaction on Closing Date or within 215 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 to Closing Date and at Buyer's expense, have the Property surveyed and deliver written notice 219 to Seller, within 5 days from receipt of survey but no later than 5 days prior to closing, of any encroachments on the 220 Property, encroachments by the Property's improvements on other lands or deed restriction or zoning violations. Any such 221 encroachment or violation will be treated in the same manner as a title defect and Buyer's and Seller' s obligations will be 222 determined in accordance with subparagraph ( b) above. 223 224 225 . yincluding 226 •• 227 228 229 230 MISCELLANEOUS 231 232 9. EFFECTIVE DATE; TIME; FORCE MAJEURE: 233 ( a) Effective Date: The " Effective Date" of this Contract is the date on which the last of the parties initials or signs and 234 delivers final offer or counteroffer. Time is of the essence for all provisions of this Contract. 235 ( b) Time: All time periods expressed as days will be computed in business days (a " business day" is every calendar day legal holidays). If any deadline falls on a Saturday, Sunday or national legal national excSaturday. Sunday and 236 237 Buyer( and Seller( w+c15 }( acknowledge