Fort Walton Beach Ordinance — 2075--17 Industrial Street NW-Sale of Property — reading text

Page 1 of 1  Commercial Contract LW 1 1. PARTIES AND PROPERTY: William Augustus Bowles Foundation Buyer") 2 agrees to buy and CITY OF FT WALTON BEACH Seller") 3 agrees to sell the property at: 4 Street Address: 17 INDUSTRIAL ST, FORT WALTON BEACH, FL 32548 6 Legal Description: COM SE COR NE1/ 4 N1260 FT W25 FT W614 FT TO POB W228 FT N400 FT E228 FT S400 FT 8 and the following Personal Property: 10 ( all collectively referred to as the " Property") on the terms and conditions set forth below. 11 2. PURCHASE PRICE: $ 375, 000. 00 12 ( a) Deposit held in escrow by: Hayward Dykes $ 15, 000. 00 13 (" Escrow Agent") ( checks are subject to actual and final collection) 14 Escrow Agent's address: 35008 Emerald Coast Pkwy Destin FI Phone: 850- 650-0010 15 ( b) Additional deposit to be made to Escrow Agent 16 within _ days ( 3 days, if left blank) after completion of Due Diligence Period or 17 within _ days after Effective Date 18 ( c) Additional deposit to be made to Escrow Agent 19 within _ days (3 days, if left blank) after completion of Due Diligence Period or 20 within _ days after Effective Date 21 ( d) Total financing ( see Paragraph 5) 300, 000. 00 22 ( e) Other 23 ( f) All deposits will be credited to the purchase price at closing. 24 Balance to close, subject to adjustments and prorations, to be paid 25 via wire transfer. $ 60, 000. 00 26 27 For the purposes of this paragraph, " completion" means the end of the Due Diligence Period or upon delivery of Buyer's written notice of acceptability. 26 3. TIME FOR ACCEPTANCE; EFFECTIVE DATE; COMPUTATION OF TIME: Unless this offer is signed by Seller 29 and Buyer and an executed copy delivered to all parties on or before May 12, 2021 this offer 30 31 will be withdrawn and the Buyer's deposit, if any, will be returned. The time for acceptance of any counter offer will be 3 days from the date the counter offer is delivered. The " Effective Date" of this Contract is the date on which the 32 last one of the Seller and Buyer has signed or initialed and delivered this offer or the final counter offer or 33 . Calendar days will be used when computing time periods, except time periods of 5 34 35 days or less. Time periods of 5 days or less will be computed without including Saturday, Sunday, or national legal holidays. Any time period ending on a Saturday, Sunday, or national legal holiday will extend until 5:00 p. m. of the next 36 business day. Time is of the essence in this Contract. 37 4. CLOSING DATE AND LOCATION: 38 ( a) Closing Date: This transaction will be closed on August 19, 2021 ( 39 Closing Date), unless 40 specifically extended by other provisions of this Contract. The Closing Dale will prevail over all other time periods including, but not limited to, Financing and Due Diligence periods. In the event insurance underwriting is suspended Buyer (PL (_) and Seller (CnGO-) (_) acknowledge receipt of a copy of this page, which is Page 1 of B Pages. CC -5 Rev9/ 17 02017 Florida Reallors" Serialp'. 091978. 100182. 012082 Form Simplicity  41 42 on Closing Date and Buyer is unable to obtain property insurance, Buyer may postpone closing up to 5 days after the insurance underwriting suspension is lifted. 43 ( 44 b) Location: Closing will take place in Okaloosa County, Florida. ( If left blank, closing will take place in the county where the property is located.) Closing may be conducted by mail or electronic means. 45 5. THIRD PARTY FINANCING: 46 BUYER' S OBLIGATION: On or before _ days ( 5 days if left blank) after Effective Date, Buyer will apply for third 47 party financing in an amount not to exceed % of the purchase price or $ 300, 000.00 , with a fixed 48 interest rate not to exceed 5.5% per year with an initial variable interest rate not to exceed 5.5 %, with points or 49 commitment or loan fees not to exceed % of the principal amount, for a term of 15 years, and amortized 50 over 15 years, with additional terms as follows: 51 52 Buyer will timely provide any and all credit, employment, financial and other information reasonably required by any 53 lender. Buyer will use good faith and reasonable diligence to ( i) obtain Loan Approval within _ days ( 45 days if left 54 blank) from Effective Date ( Loan Approval Date), ( ii) satisfy terms and conditions of the Loan Approval, and ( iii) close 55 the loan. Buyer will keep Seller and Broker fully informed about loan application status and authorizes the mortgage 56 57 broker and lender to disclose all such information to Seller and Broker. Buyer will notify Seller immediately upon 58 obtaining financing or being rejected by a lender. CANCELLATION: If Buyer, after using good faith and reasonable diligence, fails to obtain Loan Approval by Loan Approval Date, Buyer may within _ days (3 days ff left blank) 59 so deliver written notice to Seller stating Buyer either waives this financing contingency or cancels this Contract. 61 If Buyer does neither, then Seller may cancel this Contract by delivering written notice to Buyer at any time thereafter. 62 Unless this financing contingency has been waived, this Contract shall remain subject to the satisfaction, by closing, of 63 those conditions of Loan Approval related to the Property. DEPOSIT(S) ( for purposes of Paragraph 5 only): If Buyer 64 has used good faith and reasonable diligence but does not obtain Loan Approval by Loan Approval Date and thereafter either party elects to cancel this Contract as set forth above or the lender fails or refuses to close on or 65 before the Closing Date without fault on Buyer's part, the Deposit(s) shall be returned to Buyer, whereupon both 66 67 parties will be released from all further obligations under this Contract, except for obligations stated herein as surviving the termination of this Contract. If neither party elects to terminate this Contract as set forth above or Buyer fails to use 68 good faith or reasonable diligence as set forth above, Seller will be entitled to retain the Deposit(s) if the transaction 69 70 does not close. For purposes of this Contract, "Loan Approval" means a statement by the lender setting forth the terms and conditions upon which the lender is willing to make a particular mortgage loan to a particular buyer. Neither a pre - 71 approval letter nor a prequalification letter shall be deemed a Loan Approval for purposes of this Contract. 72 6. TITLE: Seller has the legal ca acity to and will convey marketable title to the Property by [ K statutory warranty 73 74 deed El special warranty deed LJ other , free of liens, easements and 75 encumbrances of record or known to Seller, but subject to property taxes for the year of closing; covenants, 76 restrictions and public utility easements of record; existing zoning and governmental regulations; and (list any other matters to which title will be subject) 77 78 provided there exists at closing no violation of the foregoing and none of them prevents Buyer's intended use of the 79 Property as 80 ( 81 a) Evidence of Title: The party who pays the premium for the title insurance policy will select the closing agent and pay for the title search and closing services. Seller will, at ( check one) x Seller's Buyer' s expense and 82 within 60 days after Effective Date or at least days before Closing Date deliver to Buyer (check one) 83 84 x ( i) a title insurance commitment by a Florida licensed title insurer setting forth those matters to be discharged by 85 Seller at or before Closing and, upon Buyer recording the deed, an owner's policy in the amount of the purchase 86 price for fee simple title subject only to exceptions stated above. If Buyer is paying for the evidence of title and Seller has an owner's policy, Seller will deliver a copy to Buyer within 15 days after Effective Date. ( ii.) an 87 as