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HomeMy WebLinkAboutPurchase Agreement for 5400 Pine TerraceT 1111 S. Bayshore Drive General Development Corporation Miami, Florida 33131 Telephone 305 350 1200 CONTRACT FOR THE PURCHASE OF LAND This instrument was prepared by: ^ Wayne L. Allen, Asst. General Counsel 3 % 11 l) 2 7 2 /�+�_XQ General Development Corporation ACCOUNT NUMBER DATE 1111 South Bayshore Drive PURCHASER[S] Miami, Florida 3313� Middle Miss 6i:- Last /)) OF A' C K L Ell First 1),e7h%.'� Initial �-' Mrs. Title - Middle Miss Mr. Last A) it F /b (_- C F R First Ct'c E ih' Initial /)% rMlfa, Title Address�CAn:rnT�<.0 _S -,/&r) FI NF rCJ-►-A« City State F= ,.. Zip or Country 333 / 7 Area Code 3D,! Telephone NumberS -%9el9 Permanent Address DESCRIPTION OF PROPERTY Residential P Commercial C-1 Duplex O Multi -Family ❑ Other O Lot(s) S Block Id 0 Unit/Addition/Section // Name of Subdivisio& �Lr ",I,-iL/eZ1u('d Accordinq to the plat of record in trteU.,v Av-vl County, Florida. PAYMENT TERMS 1. Total Cash Purchase Price 2. Cash Down Payment $ 4 7 3" 3. Unpaid Balance of Cash Price (Amount Financed) $ /;t .55'x2 4. FINANCE CHARGE $ s gas 5. Total of Pavments 6. Total Deferred Payn NEXT PAYMENT DUE $ 1t�P_rice $ til i9 MONTHLY PAYMENTS '7. Standard Monthly Payment $ /i/ Due and Payable by Mail or in Person, on the !sem of each month. All payments (cash, check, money order), must be made in United States currency. 8. Standard Number of Payments A2 6 9. Final Payment Amount $,2-3,11 to. ANNUAL PERCENTAGE RATE DEVELOPMENT YEAR Call2C„i Purchaser(s) sign for amenities to be provided under this con tr See Sections P,,& 4 9r; a e 2 of 3. Water-$ 3So Monthly Rate $3 1.X�-- - bilk tiu% �t:�=, ►;��c�e,c��L'Ci Sewer-$ Monthly Rate $ — "Payments commence with the 37th month. Excess costs, if any, will be paid by purchaser(s). Property Owner's Association -($60.00 per year minimum after your property is deeded) 1. "'"' _ 2. There are no default or delinquency charges in the event of late payment. However, interest will con- tinue to accrue on the unpaid balance during any default or delinquency period. Seller retains a security interest (as defined in the Federal Reserve Board's Regulation Z) in the above real estate, in that seller retains title and possession thereto until completion of payments, in accordance with the terms of this Contract. ACKNOWLEDGEMENT The undersigned Purchaser(s) certify that: (a) You are of legal age. (b) You have read this Contract including the Conditions of Purchase on pages 2 and 3. (c) You acknowledge that you have not relied upon any oral representations of any General De- velopment sales representative, employee or agent in making your decision to purchase the land de- scribed in this contract. (d) You have received and have had an opportunity to examine the Notice to Customer required by Federal law regarding your right to cancel this transaction within 3 business days. (e) You have the option to void your contract or agreement by notice to the seller if you did not receive a Property Report prepared pursuant to the Rules and Regulations of the Office of Interstate Land Sales Registration, U.S. Department of Housing and Urban Development, in advance of, or at the time of your signing the contract or agreement. If you received the Property Report less than 48 hours prior to signing the contract or agreement you have the right to revoke the contract or agreement by notice to the seller until midnight of the third business day following the consummation of the transaction. A business day is any calendar day except Sunday, or the following business holidays: New Year's Day, Washington's Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veteran's Day, Thanksgiving and Christmas. (f) You hereby acknowledge and affirm by your signature hereon that you received such property report or other appropriate document required by the law of F t piyiDn in advance of signing this contract and you have read and understood such Report(s). (g) You agree to purchase the described property in accordance with the terms of this Contract and anv duly executed Rider thereto. Uc, L� & �� V t" zdex- v Purchaser's Signaturex ��t��+��f SEAL Purchaser' I have receive GENERAL DEVEL Cash [-]$ SEAL initis aFv m apo witnetsed LhQ. above signatures. PMENT CORPORATION SALES REPRESENTATIVE Check F -T$ & 73 # " Page 1 of 3 8073212 1/78 AD 16004(u) (a) OAD 78 HIGHLI TS O'F`THIS I�ITRACT (THESE HIGHLIGHTS ARE SUBJECT LL PROVISIONS Of THE CONDITIONS OF P HASE APPEARING BELOW AND ON PAGE 1 OF 3 OF THE CONTRACT.) • REAL ESTATE TAXES WILL BE BILLED TO YOU ANNUALLY. (SEE ITEM 7 BELOW) • RESIDENTIAL LOT PURCHASERS HAVE THE PRIVILEGE OF TRANSFERRING THEIR EQUITY IN THIS PROP- ERTY TO A HOME IN A DESIGNATED GENERAL DEVELOPMENT SHELTER AREA OR OTHER AVAILABLE PROPERTY OF EQUAL OR HIGHER VALUE IN ONE OF OUR FLORIDA COMMUNITIES (SEE ITEM 8 BELOW). • WE DO NOT REPURCHASE PROPERTY AFTER EXPIRATION OF THE CANCELLATION PERIODS PROVIDED BY LAW OR REFUND ANY PORTION OF PAYMENTS EXCEPT AS PROVIDED IN ITEM 9 BELOW. • WITHOUT EXTRA CHARGE TO YOU: . WE WILL COMPLETE YOUR STREETS NOT LATER THAN THE END OF THE DEVELOPMENT YEAR (SEE ITEM 2 BELOW). • WE WILL ISSUE YOU A WARRANTY DEED AND TITLE INSURANCE POLICY. (SEE ITEM 5 BELOW) CONDITIONS OF PURCHASE PLEASE READ CAREFULLY 1. BASIC AGREEMENT General Development Corporation agrees to sell to you, the Purchaser(s), the property described in this Con- tract on the terms and conditions contained herein. The unpaid balance at any time, including any unpaid annual tax payments, will bear interest at the ANNUAL PER- CENTAGE RATE on the front of this Contract. 2. STREETS This property is currently undeveloped. We agree to complete hard surface all weather streets adjacent to your property before the end of the development year, stated on the front of this Contract. 3. WATER FACILITIES If signed on the front of this Contract, a community water system will be installed to serve your property when you are ready to build (after we have deeded the property and you have obtained a building permit) and we have received 60 days' written notice. Commencing three (3) years after the date of this Contract, you will pay a utilities extension fee (for plant capacity and main lines) at the monthly rate stated on the front of this Contract. Fees will be deposited in an escrow account and interest will be accrued annually to this account based upon the average on deposit, at the passbook savings account rate paid on December 31st of each year by the Citibank, N.A. Prior to commencement of service, you will pay the excess, if any, of the actual charge permitted by law to be made as a util- ities extension fee (for plant capacity and main lines) over the amount you have previously paid. We will collect your utilities extension fee as agent for General Development Utilities, Inc., which may use this fee for partial reimburse- ment of its construction costs for the central water plant and main water lines. A separate connection charge will be made at the time of hook-up to cover the cost of install- ing a meter and a service line running from the main water line in front of your property to your property boundary line. SEWER FACILITIES If signed on the front of this Contract, a community sewer system will be installed to serve your property when you are ready to build (after we have deeded the property and you have obtained a building permit) and we have received 60 days' written notice. Commencing three (3) years after the date of this Contract, you will pay a utilities extension fee (for plant capacity, main lines and service lateral) at a monthly rate stated on the front of this Con- tract. The service lateral portion of the utilities extension fee is currently $65.00 and covers the cost of installing a service lateral running from the sewer main to your prop- erty boundary line. Fees will be deposited in an escrow account and interest will be accrued, annually to this ac- count, based upon the average on deposit at the passbook savings account rate paid on December 31st of each year by the Citibank, N.A. Prior to commencement of service, you will pay the excess, if any, of the actual charge per- mitted by law to be made as a utilities extension fee (for plant capacity, main lines and service lateral) over the amount you have previously paid. We will collect your utilities extension fee as agent for General Development Utilities, Inc., which may use this fee for partial reimburse- ment of its construction costs for the central sewer plant and main sewer lines. 4. PROPERTY OWNERS' ASSOCIATION If signed on the'front of this Contract,,there is in exis- tence a Property Owners' Association (the "Association") composed of property owners in this subdivision. The Association is more fully described in a recorded Declara- tion of Restrictions covering the property. The Association is responsible for the maintenance of certain common properties (which may include: park sites, open spaces, greenbelts and private residential streets within the com- mon properties). There will be no charge to purchaser or to the Association for any improvements made or installed within the common properties by General Development Corporation, but the Association shall have the responsibil- ity of maintaining the common properties including such improvements. We will convey to the Association title to the common properties as stated in the Declaration of Covenants and Restrictions. After purchaser has acquired title to his property, he will automatically be a member of the Association and, by his execution of this Contract, he agrees to be bound by the Declaration of Restrictions, the Articles of Incorporation and the By -Laws of the Associa- tion, which are delivered herewith and made a part of this Contract. Purchaser acknowledges receipt of copies of these documents. Purchaser agrees to pay a mainte- nance fee to the Association in the initial amount of $60.00 per year, per homesite, subject to reasonable adjustment. General Development Corporation now elects the Association's officers and directors. Property Owners' Association votes are weighted as follows: Class A -one vote per lot or living unit; Class B -three votes per lot or living unit owned by General Development. Class B are converted to Class A votes not later than a date stated in the Declaration of Restrictions, or when the number of property owners' votes equal General's. We will turn over control of the Association to the property owners and pur- chasers hereby agree that they will assume control of and manage the Association, and elect their own officers and directors, when General calls a meeting of property owners for that purpose. 5. YOUR WARRANTY DEED (a) We will deliver to you at our expense, a properly executed Warranty Deed upon completion of full payment of the Deferred Payment Price, utilities extension fees, if any, stated on the front of the Contract and any unpaid taxes for which you are obligated, and after the streets adjacent to your property are completed in accordance with paragraph two (2) above. (b) We will reserve in the Warranty Deed: all water rights below 400 feet in depth, with no right of surface access on your property. (c) The Warranty Deed will require the submission of all plans for structures to an Environmental Control Com- mittee. (d) The Warranty Deed will convey marketable and insurable title to you, free and clear of all encumbrances, except the following: (1) The Lien for taxes for the year of conveyance; (2) oil, gas and mineral reservations of record, if any; (3) easements; (4) covenants and restrictions of public record common to the neighborhood; (5) Property Owners' Association, if any, and (6) applicable zoning and ordi- nances. (e) After this Warranty Deed is recorded, we will at our expense have issued to you a standard owner's title policy from a member firm of the American Land Title Association. (f) Use and possession of this property will be re- tained by us until you have paid us all monies in full and until we have delivered the Warranty Deed, Page 2 of 3 6. YOUR RIGHT TO PREPAY • • You have the right to prepajft any time, withqut penalty. Prepayment will not accee our obligation to deliver the Warranty Deed and Title Insurance Policy or to complete the street adjacent to your property before the end of the Development Year, stated on page 1 of 3 of this contract. 7. ANNUAL TAX PAYMENT Taxes will be prorated from the date of purchase. Annually, you (including prepaid accounts) will receive a notice of tax payment due for all taxes assessed on this property. Payment must be made to us as stated in said notice or this Contract will be subject to cancellation, in accordance with the terms and conditions of Paragraph 11. Any unpaid annual tax payment will be charged interest at the ANNUAL PERCENTAGE RATE on the front of this Contract. 8. YOUR TRANSFER PRIVILEGE If your payments are current, we guarantee residen- tial lot purchasers the privilege to transfer their equity (payments of principal and any utility fees paid) at any time before you have paid your outstanding balance in full. This transfer may be toward either: (a) The purchase of available property of equal or higher price in this or any other of our Florida Communi- ties; or (b) The purchase of a home built by us in a desig- nated General Development shelter area. If you have equities in more than one lot, you may transfer them only to a like number of other lots or homes in a designated General Development shelter area. 9. YOUR RIGHTS IF WE FAIL TO PERFORM If we fail to meet any of our obligations under this Contract you may elect either of the following exclusive remedies at your option, and upon notification to you and opportunity to elect one of these remedies, we will be re- leased from any further obligations under this Contract. (a) You may exchange this property for other avail- able property of similar value in this or any other of our communities in a similarly desirable location, or, (b) We will refund all payments made by you under this Contract. There are no other privileges of cancellation or refund except as stated above. 10. DEFAULT GRACE PERIODS You have no personal liability to make any payment under this Contract. However, if you fail to make any pay- ments when due, including the annual tax payment, you will be in default and we may terminate this Contract. Before any such termination becomes effective, you will have a grace period within which to bring your account to a current status. This grace period shall be for a period of 60 days if 100% or less of the principal amount of the purchase price has been paid, 90 days if more than 10% and less than 25% of the principal price has been paid, 120 days if 25% or more but less than 50% of the principal amount of the purchase price has been paid, and 150 days if 50% or more of the principal amount of the purchase price has been paid. If you bring your account to a current status by paying all past due principal, utility fees, taxes and interest within the applicable grace period, you will no longer be consid- ered in default. If you do not bring your account to a current status within the applicable grace period, we may termi- nate this Contract without further notice. 11. TERMINATION Upon termination, we will retain all monies you have paid under this Contract, including principal, tax payments, utility fees and interest, as liquidated damages because we have taken this property off the real estate market, and have incurred selling, administration, interest, and other ex- penses in connection with this property; provided, however, that where the amount of principal paid by you exceeds our actual damages, currently calculated at 52% of the Total Cash Purchase Price, we will refund to you the amount of any such excess. Actual damages in the event of any specific contract cancellation will depend upon a variety of factors, including the Company's future costs of doing business. Accordingly, the amount of principal to be refunded, if any, may be greater or lesser than the 52% currently calculated. All utility fees paid are credited for the installation of utility facilities and are nonrefundable. All rights you may have had in this property shall immediately cease upon termina- tion and we will return this property to our inventory and resell it free and clear of any claims, liens or encumbrances arising out of this Contract, except refund rights, if any, as set forth above. If this Contract is terminated our recorded affidavit attesting to your default and the termination shall be con- clusive proof of such default and termination for all pur- poses, and you irrevocably authorize us to thus attest and record such affidavit as though it were your own act and deed. Page 3 of 3 12. EFFECTIVE DATE This Corqft is effective and binding on us when you have signed Aft when we have signed it at our Home Office. We may accept or reject this Contract without expla- nation, and if we reject it, we will return the deposit to you and we shall be released from any obligation hereunder. 13. ASSIGNMENT OF CONTRACT You may assign this Contract with our written consent upon payment of a transfer fee. (Consent will not unreason- ably be withheld.) 14. NOTICES Notices under this Contract must be in writing and addressed to the last known address of the respective party, except as to the voidance and revocation right as provided in paragraph (e) under "Acknowledgment" section on the front page. 15. RESIDENTS OF THE STATE OF NEW YORK Residents of the State of New York by virtue of the Laws of that State must be furnished with a copy of the New York Offering Statement at the time any solicitation or offer to sell is made, and any contract to purchase lots which is signed before such New York resident has received a copy of the New York Offering Stalernent is deemed invalid. All representations and warranties set forth in the Offering Statement are incorporated herein by reference and made a part hereof and shall survive delivery of the deed. 16. RESIDENTS OF THE STATE OF CONNECTICUT In the State of Connecticut if the buyer does not receive the Sales Prospectus as prescribed in the General Statutes in the State of Connecticut, Public Act 697 Section 20-329h, the buyer may void this Contract within 72 hours in the manner prescribed in said section. 17. FLORIDA CONTRACT The parties agree that this Contract shall be con- strued and interpreted in accordance with the laws of the State of Florida. Accepted at Miami, Florida GENERAL D LO a71ON By: - ---- - - - --- — - Authori e Employee Signature 1 Witness: CJI ,lY•����'`-� _ _ W' ess:f; STATE OF FL ID ,4 SS: COUNTY OF DADE I HEREBY CERTIFY that on this day, before me, a Notary Public authorized to take acknowledgements, personally appeared the person indicated as Authorized Employee above, whom I know to be the agent of General Development Corporation in the foregoing Contract, and acknowledged before me that he executed such Contract in the name of and on behalf of General Development Corporation; that as such Agent he is duly authorized by General Development Corporation to do so, and that such Contract is the act and deed of General Development Cor- poration. WITNESS my hand and seal in the County and State named above. this date i 07 Notary Public, State of Florida a ar 9V to General Development Utiliti Inc. agrees to the terms and conditions of the water and sewer paragraphs stated in this contract. General Development Utilities, Inc. By:_ _ J