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Home My WebLink AboutProperty Sale by GDC 598 Layport Dr.46 � . �...._...J . 1..._x..1 . CONTRACT FOR PURCHASE AND SALE THIS AGREEMENT is made between GENERAL DEVELOPMENT . CORPORATION, a Delaware corporation, as authorized to do business in the State of Florida with offices at 1111 South Bayshore Drive; Miami, Florida:33131, .(hereinafter referred to as the ""Seller") and 1112,eZ f4. /ocgtJ4(hereinafter referred to as the "Buyer") whose address* is. The seller, in consideration of the sum of $✓. ot1 received from the Buyer, hereby r agrees to sell to the Buyer and the Buyer agrees to -buy from the Seller subject to all covenants and restrictions of record, foj' the purchase price hereinafter stated in Item I (of which the consideration paid for this contract is a part), the following described real property located in ,C'County, Florida, to wit: ../o The*said parties do further agree as follows: (1) The purchase price is hereby agreed.to be (2) The Buyer will pay the purchase price provided for herein in the following manner: 1oY-0- 06 down in cash, or cashier's check, said amount evidenced by the /U 7 given in consideration of this contract. The remainder of the purchase price shall be paid in cash or cashier's check at the time of closing subject to closing adjustments. i �(3) Within (30) days following the effective date of this contract, the Seller will deliver to the'Buyer-at Buyer;s expense, evidence of title in the form of a title ,insurance binder or abstract issued by a title insurance company, which is a member of the American Land Title ,41 r Association,'requiring the title insurance company to issue to the Buyer, upon the recording of .the Warranty Deed hereinafter.mentioned,.a title insurance policy in the amount of the purchase price insuring the title of, the Buyer to the- ,real property ;which: is the. subject matter of this contract, excepting..covenants an,d restrictions . _• .. , of record, easements, public roads,.and recorded plats....'. affectin the g property -which is• •the subject .matter of :this contract and any ,other standard conditiona,.and exceptions as areprinted..in the American Land Title Association owner's Policy'Standard Form A--1962. (4) Thee Buyer shall, 'have. thirty_ ,(30) days after ._ c.,a..l _ .. delivery of the. title binder in the. form .referred to above within which to, o1ofin thq,: �rnnsaotion; in: ques.tion�. the Buyer shall not close within the required time, the Seller shall have.the option of terminating this contract,. andAhe amount paid as consideration for this contract shall not be refynded but shall be retained as_.liquidated Wit.. damages by the Seller. (5) If the title binder shall not meet the require- ments, the Buyer.shall so notify the Seller in writing within fifteen (15) days after delivery, specifying the defects, which shall not include items in Paragraph 3 of this contract..' The Seller shall have forty-five (45) days after f'eceipt of that notice to cure the defects, and will in good faith exercise due diligence to do so. I£ the defects,are•cured within that time, the Seller shall. so notify the Buyer in writing and the BuYer shall have (15) days after receipt of that notice to pay the balance of the purchase price; and if the Buyer shall not do so within that 'time, the Seller may elect to terminate this contract and the amount paid as consideration'•for this -2- 0 Association,'requiring the title insurance company to issue to the Buyer, upon the recording of .the Warranty Deed hereinafter.mentioned,.a title insurance policy in the amount of the purchase price insuring the title of, the Buyer to the- ,real property ;which: is the. subject matter of this contract, excepting..covenants an,d restrictions . _• .. , of record, easements, public roads,.and recorded plats....'. affectin the g property -which is• •the subject .matter of :this contract and any ,other standard conditiona,.and exceptions as areprinted..in the American Land Title Association owner's Policy'Standard Form A--1962. (4) Thee Buyer shall, 'have. thirty_ ,(30) days after ._ c.,a..l _ .. delivery of the. title binder in the. form .referred to above within which to, o1ofin thq,: �rnnsaotion; in: ques.tion�. the Buyer shall not close within the required time, the Seller shall have.the option of terminating this contract,. andAhe amount paid as consideration for this contract shall not be refynded but shall be retained as_.liquidated Wit.. damages by the Seller. (5) If the title binder shall not meet the require- ments, the Buyer.shall so notify the Seller in writing within fifteen (15) days after delivery, specifying the defects, which shall not include items in Paragraph 3 of this contract..' The Seller shall have forty-five (45) days after f'eceipt of that notice to cure the defects, and will in good faith exercise due diligence to do so. I£ the defects,are•cured within that time, the Seller shall. so notify the Buyer in writing and the BuYer shall have (15) days after receipt of that notice to pay the balance of the purchase price; and if the Buyer shall not do so within that 'time, the Seller may elect to terminate this contract and the amount paid as consideration'•for this -2- A, 1; contract shall t b refunded but.shall.be retained. as ']� .i, :=nom / .L, �pl ..:�:C:•Y'C1:� :�� C'I _: L]C li uidated.,damages., If the defects are not cured.within . •_�v ...�..t ....�..� ._,sem. 1.1-e.:�:2( ��C',r i, L ::':; that time the Buyer- shall have fifteen (15) daXs after expiration... of that .time to pad the balance of the purchase price notwithstanding the defects; and/if the Buyer•shall^^_ not do so within. that time or _if he notifies the Seller of his intention not,to.do so.within that time, the Seller. will promptly lrfund_ they full _amount of the iconsideration paid for this contract and -this. contract shall terminate. ._.. i.._.r/.. :L. � •. ..`: L. ,.L:._.L'. .. a• ..JC.:i/4 .L _�.r •.. iJVl.l•'.. -_.... �.1.. (6)•.. Ad. valorem •taxes for. -the year in which the transaction is closed will lie fro --rated between the.:parties. All pro -rating will be: as:- of the _ date of closing. If tax amount is not available at date of closing,- taxes shall) bpro-rated . based'o/r} the previous year's tax bill. (7) Costs .and charges incident to this transaction will be paid as.follows:.. (a) Contract for Sale Buyer and Seller 'shall compensate -their owri couhs'el (b) Preparation of -Deed Seller (c) -Stamps on Deed Seller ' (d) Recording Deed. Buyer (e) Examination. of title bi1nder and policy. Buyer (•f) 'Title Insurance Buyer (8) •hosses•sion• *off - the' aforementioned prop•erty.' shall be transferred from. the Seller to the Buyersimul- taneously with delivery of'the'Warranty Deed. at closing. (9) The Seller hereby agrees that at time Of closing it will promptly execute and deliver to the Buyer la good and marketable title,'sufficient Warranty Deed, containing all'the usual common law covenants of title, conveying the property to 'trre buyer in fee simple,'' subject to 'those items • included in', 'Paragraph 3' hereof '. and 'C6ntain.ind-'1L "•' restriction thLLat' the GYantee (wherietier �iset3' herein- the -`term 3- r r shall include the Grantee referred to•in•this deed, its successors, assigns and any purchaser of the Grantee's interest in the property pursuant to•a foreclosure proceeding) is required to commence construction of improvements on .the property described in this deed not. later than two months from the date hereof. Construction of such improve- ments shall be in accordance with recorded deed restrictions and -applicable zoning regulations and shall be pursued • i diligently to completion. In the event the Grantee fails to commence and pursue such construction to completion, 'the Grantor, at its sole option and discretion, may elect tb repurchase the subject property for 80% of the �iirchase price. In theevent of such ' election to repurchase, the Grantee shall reconvey the subject property to the Grantor by general warranty deed, free and clear of.any liens, encumbrances, or any other defects in title arising out of the Grantee's or any successors in title, ownership of the subject property. Any expenses incurred to eliminate. discharge, cancel or release -encumbrances o; clouds on title created subsequent to the conveyance from the Grantor to the Grantee shall be borne by the Grantee. If the Grantee fails or refuses to reconvey title in accordance with the foregoing, the Grantor may elect to bring an action for specific performance and, in such event, the Grantee shall be responsible for all costs thereof -'including reasonable attorneys fees. I (10) The Seller and Buyer represent to each other that neither they, nor -anyone on their' behalf, has dealt with or consulted with any real estate broker• or agent in connection with this.transaction and that no commission or finder's . fee will be payable as a iesult of the execution of this Agreement or the .consummation of the transaction contemplated hereby. in the event a.real. estate broker or agent'claims to have dealt with one.of the parties contrary to the foregoing representation, the party,, the broker or agent claims ' to have dealt or consulted with agrees. to indemnify and hold the other• party harmless against'the claim or demand. , (11) Mortgages, liens and other encumbrances on the property when specified as defects by the Buyer, may be satisfied by the Seller simultaneously with the closing of the transaction, provided that proper satisfaction instruments and the cost of recording the same are then and there delivered to the Buyer. (12 ) The covenants by the Seller and Buyer' to - be kept herein shall survive the closing of the transaction � contemplated by this contract, and shall be binding upon the Seller and Buyer, their heirs, personal representative ., successors or assigns. (13) The effective date of this contract for purposes of performance shall be regarded as the date upon which the Buyer.and Seller have executed this contract. (14) Unless mutually agreed'otherwise, the closing - of this transaction shall be held at:the offices of • General Development Corporation, 1111 South Bayshore Drive, Miami, Florida 33131.. (15) The Buyer represents -to the Seller that /of Buyer has investigated to the full satisfaction the Buyer, the physical nature and condition of the land; that neither the Seller nor any agent, attorney, employee or representa-. tive of the Seller had made any representation whatsoever regarding the subject mattgr of the sales or any part thereof, including (without limiting the generality of the foregoing) representations as to the physical nature of the premises, except as-, expressly set forth in the agreement; andthat the Buyer in executing, delivering.. and/or preparing r this Agreement; does not rely upon any statement- and/or 'information to whomsoever verbally or in writing; by any individual, firm or corporation. The Buyer agrees to take said'premises and ,the property to be transferred to the buyer hereunder "as is" as of the date hereof. .(.16)- Prior to the commencement of construction of any kind including but not limited to original construction, alterations or modifications, all plans and specifications shall be submitted for approval to General Development Corporation.- General Development Corporation shall review the data submitted as to aesthetical, functional and economical conformance with the area and its proposed development. , (17) Parties.hereto agree and understand that time is of the essence'in this Agreement. (18) The Seller and Buyer agree that this Agreement will not be recorded in the office of any Clerk of any Circuit Court of the -State of Florida. (19) This 'Agreement, --and the rights and interests created hereunder, are .not assignable by the Buyer without the prior written consent of the Seller. (20) This'agreement constitutes the entire agree- ment between the parties hereto, and may not be modified except by an instrument in writing signed by the parties.. (21) In connection with any litigation arising out of this contract', the prevailing party shall be entitled to recover all costs incurred, including reasonable attorney fees. (22) The Buyer represents that it has personally - inspected the property, and that neither the Seller, nor anyone apting on behalL of the•Seller, has made any rep- resentation as to the present or future value or possible use of the, property. v (23) Any ziotice required under this'agreement shall be:.delivered'by.certified mail to the parties as ,. follows: Seller: General Development Corporation Attention Legal Department ` 1111 South Bayshore Drive' Miami,, Florida 33131 Buyer: ' �� y r re,,,Ilc"�.'r' 1'9 7 6 . • Executed'by Buyer this �� % da of �' ' .• •• N Executed by Seller this ;�'% ;'� day of 4 E,cv,;zy 1'976. IN WITNESS WHEREOF.the parties hereto have hereunto set their . -hands and seals as of the ,day and year first above' written. Signed, sealed and GENERAL DEVELOPMENT CORPORATION del'v red in the pr sence of: (Sel er) BY: VICE-PRESIDENT •� ATTEST: ASSISTANT SECRETARY Signed, sealed andl dei red in the resence of: (Buyer) ZZ r7r