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PAITnes; ISMAT CORP., a Florida corporation
<br />of (Phone)
<br />and THE CITY OF SUNNY ISLES BEACH
<br />of 17070 Collins Avenue, Suite 250, Miami Beach, FL (Phone)
<br />hereby agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property (collectively 'Properly') upon the following terms and conditions, which
<br />Include Standards for Real Estate Transactions ("Standard(s)') on the reverse side hereof or attached hereto and riders and addenda to this Contract for Sale and Purchase ("Contracf).
<br />I. DESCRIPTION:
<br />(a) Legal description of the Real Property located in Miami —Dade County, Florida: Folio No. 31- 2211 -019 -0010
<br />Tract A of THE PERU TOWERS SUBDIVISION, as recorded in Plat Book 99, Page 66, of the
<br />Public Records of Dade County, Florida
<br />(b) Street address, city, zip, of the Property is:
<br />(c) Personal Property: NONE - VACANT LAND
<br />II. PURCHASE PRICE: ......................................................................................................................................................................................................... S 1,000,000.00
<br />PAYMENT:
<br />(a) Deposit held in escrow by CHRISTOPHER P. KELLEY, P. A. , TRUST ACCOUNT in the amount of ...... $ 50,000.00
<br />(b) Additional escrow deposit to be made within days after Effective Date (as defined in Paragraph III) in the amount of $ N/A
<br />(c) Subject to AND assumption of existing mortgage in good standing in favor of
<br />having an approximate present principal balance of .. ............................... $ _N/A
<br />(d) Purchase money mortgage and note to Seller (see addendum) in the amount of ..................................................................... ............................... S___ _ N/A
<br />(e) Other: _ $ N/A
<br />I Balance to close by U.S. cash, LOCALLY DRAWN certified or cashier's check or third-party loan, subject to adjustments or prorations $ 950.000.00
<br />III. TIME FOR ACCEPTANCE OF OFFER, EFFECTIVE DATE; FACSIMILE: If this offer in not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing
<br />between the parties on or befor;R 99 , the deposit(s) will, at Buyer's option, be returned and this offer withdrawn. The dale of Contract ( "Effective Date ") will
<br />be the date when the last one of the Buyer and Seller has signed this offer. A facsimile copy of this Contract and any signatures hereon shall be considered for all purposes as originals.
<br />IV. FINANCING:
<br />(a) If the Purchase Price or any part of it is to be financed by a third -party loan, this Contract is conditioned on Buyer obtaining a written commitment within _ days after Effective
<br />Date for (CHECK ONLY ONE): U a fixed; U an adjustable; or U a fixed or adjustable rate loan in the principal amount of $ , at an initial interest rate not to
<br />exceed %, discount and origination fees not to exceed % of principal amount, and for a term of years. Buyer will make application within ___ days after Effective
<br />Date and use reasonable diligence to obtain a loan commitment and, thereafter, to satisfy terms and conditions of the commitment and close the loan. Buyer shall pay all loan
<br />expenses. If Buyer fails to obtain a commitment or fails to waive Buyers rights under this subparagraph within the time for obtaining a commitment or, after diligent effort, fails to meet
<br />the terms and conditions of the commitment, then either party thereafter, by written notice to the other, may cancel this Contract and Buyer shall be refunded the deposit(s); or
<br />(b) The existing mortgage described in Paragraph ll(c), above, has (CHECK ONLY ONE): U a variable interest rate; or U a fixed interest rate of % per annum. At time of title
<br />transfer, some fixed interest rates are subject to increase; if increased, the rate shall not exceed % per annum. Seller shall, within days alter Effective Dale, furnish a
<br />statement from each mortgagee stating the principal balance, method of payment, interest rate and status of mortgage. II Buyer has agreed to assume a mortgage which requires
<br />approval of Buyer by the mortgagee for assumption, then Buyer shall promptly obtain the necessary application and diligently complete and return it to the mortgagee. Any mortgagee
<br />charge(s) not to exceed $ shall be paid by Buyer. If Buyer is not accepted by mortgagee or the requirements for assumption are not in accordance with
<br />the terms of this Contract or mortgagee makes a charge in excess of the stated amount, Seller or Buyer may rescind this Contract by written notice to the other party unless either
<br />elects to pay the increase in interest rate or excess mortgage charges.
<br />V. TITLE EVIDENCE: At least 20 days before closing date, but no earlier than 45 days after Seller receives written notification that Buyer has obtained the loan commitment or
<br />has been approved for the loan assumption as provided in Paragraphs IV(a) or (b), above, or, if applicable, waived the financing requirements, (CHECK ONLY ONE): J Seller shall, at Seller's
<br />expense, deliver to Buyer or Buyers attorney; or U Buyer shall at Buyers expense obtain (CHECK ONLY ONE): diabstracl of title; or O title insurance commitment (with legible copies of
<br />instruments listed as exceptions attached thereto) and, after closing, an owner's policy of title insurance.
<br />VI. CLOSING DATE: This transaction shall be closed and the deed and other closing papers delivered on June 15, 1999 unless modified by other provisions of this Contract.
<br />VII. RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer shall take title subject to: comprehensive land use plans, zoning, restrictions, prohibitions and other requirements imposed by
<br />governmental authority; restrictions and matters appearing on the plat or otherwise common to the subdivision; public utility easements of record (easements are to be located contiguous to
<br />Real Property lines and not more than 10 feet in width as to the rear or front lines and 7 112 feet in width as to the side lines, unless otherwise stated herein); taxes for year of closing and
<br />subsequent years; assumed mortgages and urchase money mortgages, it any (if additional items, see addendum); provided, that there exists at closing no violation of the fuiegoing
<br />and none prevent use of the Property for City park site purpose(s).
<br />VIII. OCCUPANCY: Seller warrants that there are no parties in occupancy other than Seller; but if Property is intended to be rented or occupied beyond closing, the fact and terms thereof
<br />and the tenant(s) or occupants shall be disclosed pursuant to Standard F. Seller shall deliver occupancy of Property to Buyer at time of closing unless otherwise stated herein. If occupancy
<br />is to be delivered before closing, Buyer assumes all risks of loss to Property from dale of occupancy, shall be responsible and liable for maintenance from that date, and shall be deemed to
<br />have accepted Properly in its existing condition as of time of taking occupancy unless otherwise stated herein.
<br />IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions, riders and addenda shall control all printed provisions of this Contract in conflict with them.
<br />X. RIDERS: (CHECK those riders which are applicable AND are attached to this Contract):
<br />(a) U COASTAL CONSTRUCTION CONTROL LINE (d) U VA/FHA (g) U HOMEOWNERS'ASSOCIATION DISCLOSURE
<br />(b) U CONDOMINIUM (e) ❑ INSULATION (h) U RESIDENTIAL LEAD -BASED HAZARD DISCLOSURE
<br />(c) ❑ FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (f) XT "AS IS" (1) ❑
<br />XI. ASSIGNABILITY: (CHECK ONLY ONE): Buyer U may assign and thereby be released from any further liability under this Contract; U may assign but not be released from liability
<br />under this Contract; or U may not assign this Contract.
<br />XII. DISCLOSURES:
<br />(a) Radon is a naturally occurring radioactive gas that when accumulated in a building in sufficient quantities may present health risks to persons who are exposed to it over time.
<br />Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding Radon or Radon testing may be obtained from
<br />your County Public Health unit.
<br />(b) Buyer may have determined the energy efficiency rating of the residential building, if any is located on the Real Property.
<br />(c) If the Real Property includes pre -1978 residential housing then Paragraph X (h) is mandatory.
<br />XIII. MAXIMUM REPAIR COSTS: Seller shall not be responsible for payments in excess of:
<br />(a) $ —0— for treatment and repair under Standard D (if blank, then 2% of the Purchase Price).
<br />(b) $ —0— for repair and replacement under Standard N (if blank, then 3% of the Purchase Price).
<br />XIV. SPECIAL CLAUSES; ADDENDA: If additional terms are to be provided, attach addendum and CHECK HERE U.
<br />THIS 1 INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING.
<br />T S FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS AND THE FLORIDA BAR.
<br />Approval doe t constitute o r ion that any 0t the terms and conditions in this Contract should be accepted by the parties in a particular transaction. Terms and conditions should
<br />be negotiated based upon the respective interests, objectives and bargai ' positions of al ' ferested persons.
<br />CI y E Y HT 1995 BY THE
<br />� FLORIDA BAR AND THE I S RI SSOCIATION REALTORS
<br />BY [{I k" ICI BY: • (B er) , Mayor (Dat) •( Iler) (Dale)
<br />Social Security or Tax I.D. If $6cial Security or T/ D.
<br />I
<br />(Buyer) (Date) (Seller) (Date)
<br />Social Security or Tax I.D. # Social Security or Tax I.D. If
<br />Deposit under Paragraph II (a) received; IF OTHER THAN CASH, THEN SUBJECT TO CLEARANCE. (Escrow Agent)
<br />BROKER'S FEE: The brokers named below, including listing and cooperating brokers, are the only brokers entitled to compensation in connection with this Contract:
<br />Name:
<br />Listing Broker Cooperating Brokers, If any
<br />FAR/BAR -4 Revised 12195 FAR/BAR 12/95 RIDERS CAN BE OBTAINED FROM FLORIDA LAWYERS SUPPORT SERVICES, INC. (FLSSI)
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