HomeMy WebLinkAbout1989 kirklandCity of Sebastian
POST OFFICE BOX 780127 0 SEBASTIAN, FLORIDA 32978
TELEPHONE (407) 589-5330
April 28, 1989
Mrs. Pat Lambert
Lambert Real Estate, Inc.
P.O. Box 780187
Sebastian, FL 32978-0187
Dear Pat:
I am pleased to enclose a proposed Contract for Sale and Purchase
of certain property which you have listed. As you know, the City
owns other property in this area. We feel this offer is
consistent with the price the City has paid for other nearby
property.
If this offer is agreeable to the sellers, please have them sign
both copies of the contract and return to me. In turn, I will
request approval by the Sebastian City Council.
I look forward to hearing from you in the near future.
Sincerely,
be�Mcclary
City Manager
RSM/jmt
Enclosure
CHARLES TAN NASH
JAMBS H. FALLAOE
KAREN J. SESBEAU
PAUL J. KREUzsAMP- JR -
BOARD 01ORTIFIffiD IN
EBTATz PLANNING AND PROHATS
NASH & FALLACE, P.A.
ATTORNEYS AT LAW
April 26, 1989
Robert S. McClary, City Manager
Sebastian City Hall
Post Office Box 780127
Sebastian, FL 32978
Re: P/F Kirkland
Our File No.: 89-3165
Dear Robb:
930 S. HARBOR CITY BLVD.
SUITE 606
MELBOURNE. FLORIDA $2901
(407) 984.3300
FAX (407) 951-3741
Enclosed please find the proposed Contract for Sale and Purchase
with regard to the real estate located in Indian River County,
Florida for your review.
Once you have had an opportunity to review the enclosed Contract
for Sale and Purchase, please advise me of any changes you deem
necessary.
Thank you for your attention in this regard.
Very truly yours,
NASH & FALLACE, P.A.
C rles Ian Nash
City Attorney
CIN/mis
Enclosure
ADDENDUM TO CONTRACT FOR SALE AND PURCHASE
BY AND BETWEEN: THE CITY OF SEBASTIAN, A FLORIDA MUNICIPAL
CORPORATION, AS BUYER AND ELMO RONALD KIRKLAND, JR. AS SELLER
The parties hereto agree as follows:
1. Buyer and Seller represent to each other that no
brokerage commissions are due other than the fees to the
brokers identified on the face of this Contract. Seller
shall hold Buyer harmless from any additional brokerage fees
and any costs, expenses or attorney fees incurred by Buyer as
a result of any claims for fees or commissions.
2. This Contract and the Buyer's obligations pursuant to
this contract are expressly contingent upon the following
conditions:
A. Ten,(10) days prior to closing, Seller shall at
Seller's expense, deliver to Buyer a current
survey, satisfactory to the Buyer, of the property
identified in the face of this Contract by a
licensed land surveyor showing -all improvements, if
any, including buildings, fences, patios, decks,
sidewalks, driveways, are within the lot lines, and
showing no easement violations and no encroachments
of improvements from adjoining property.
B. The Buyer obtaining at least ten (10) days prior to
closing,the ratification and approval of the City
Council of the City of Sebastian of this Contract
and the terms and provisions contained in this
Contract for the purchase of the subject property.
C. The Buyer, at its option, obtaining an appraisal
satisfactory to Buyer verifying that the fair
market value of the property is a minimum of
$16,000.00.
Should any of the above contingencies not be.met to the
satisfaction of the Buyer, the Buyer will have the right, but
not the obligation, to declare this Contract null and void;
all earnest money deposits paid by the Buyer will immediately
be returned to the Buyer; and all parties will be relieved of
any further responsibilities or obligations pursuant to the
terms and provisions of the Contract.
3. Closing of this transaction shall occur at the Sebastian
City.Hall or at a place mutually agreed upon by the parties.
Signed this day of , 1989;
WITNESSES: BUYER: _
THE CITY OF SEBASTIAN, A
FLORIDA MUNICIPAL
CORPORATION
BY:
ATTEST:
KATHRYN M. O'HALLORAN, CMC/AAE
CITY CLERK
RICHARD B. VOTAPKA,
AS MAYOR
r CONTRACT FOR SALE AND PURCHASE
PARTIES::ELMO RONALD KIRKLAND JR.
of c/o LAMBERT REAL ESTATE, INC. , Se astian;. Florida (phwie589-8700 ),
and THE QTTY OF S.RASTTAN_ a Florida Municipal Carlmration
. („Buyer"),
of c/o NASH & F T T ACF i P AA 1� MP -1 hol trne i F ori da (Phone 994-3100 ),
hereby agree that the Setter shall sell and Buyer shall buy the following real property ("Real Property") and personal property ("Personal ") (collectively "may") upon the following
terms and conditions which INCLUDE the Standards for Real Estate Transactions printed on the reverse or attached ("Standards ") and any addendum to this instrument.
1. DESCRIPTION: (a) legal description of Real Property located in Tndi an Rimer County, Florida
7 nt C R r% % anrll Q ` 1'21 ~Ar 1 LIADTL'L' 1 C CT MnTl TTOT^XY lin _ _ _ _-- . • .» ..
Florida. -
(b) Street address, city, zip, of the Property is: �—
(c) Personalty: NONE —VACANT' LAND
11. PURCHASE PRICE..................................................................................................................................... $ 16,000.00
PAYMENT:
(a) Deposit(s) to be held in escrow by NASH& FAL ACE, P . A. in the amount of $ 100.00
(b) Subject to AND assumption of mortgage in good standing in favor of
NA having an approximate present principal balance of $ 0.00
(c) Purchase money mortgage and mortgage note bearing annual interest at N % on terms set forth herein, in amount of .......... $ '
00
(d) Other: NA _ $ 0.00
(e) Balance to close (U.S. cash, LOCALLY DRAWN certified or cashier's check), subject to adjustments and proration ....................... s___ 15j900.00
Ill. TIME FOR ACCEPTANCE; EFFECTIVE DATE: If this offer is not executed by and delivered to all pante
on or before M -9Y 3 --1989 , the deposit(s) will, at Buyer's option, be returned to Buyer and the offer withdrawn.
The date of this Contract ("Effective Date") will be the date when the last one of the Buyer and the Seller has signed this offer.
IV. FINANCING: (a) If the purchase price or any par f It Is to be financed by a third party loan, this Contract for Sale and Purcha "Contract" is conditioned on the Buyer
obtaining a written commitment for the loan within days from Effective Date, at an initial interest rate not to exceed %; term of —, NA years;
and in the principal amount of $ NA . Buyer will make application within NA' _ days from Effective Date, and use reasonable diligence to obtain the loan com-
mitent and, thereafter, to meet the terms and conditions of the commitiment and to close the loan. Buyer shall pay all loan expenses. If Buyer fails to obtain the loan commitment and,
promptly notifies Seller In writing, or after diligent effort falls to meet the terms and conditions of the commitment or to waive Buyer's rights under this subparagraph within the time
stated for obtaining the commitment, then either party may cancel the Contract and Buyer shall be refunded the deposit(s).
(b) The existing mortgage described in Paragraph II(b) above has (CHECK (1) OR (2)): (1) ❑ a variable interestrr o OR (2) [1a fixed interest rate of �.NA % p annum.
At time of title transfer some fixed interest rates are subject to Increase. If Increased, the rate shall not exceed LVA % per annum. Seller shall, within
days from Effective Date, furnish a statement from all mortgagees stating principal balances, method of payment, interest rate and status of mortgages. If Buyer has agreed to assume
a mortgage which requires approval of Buyer by the mortgagee fqr, gssumption, then Buyer shaWmptiy obtain all required applications and will diligently complete and return them
to the mortgagee. Any mortgagee charge(s) not to exceed $ LVH shall be paid by (if not filled in, equally divided). If the Buyer is not accepted
by mortgagee or the requirements for assumption are not in accordance with the terms of the Contract or mortgagee makes a charge in excess of the stated amount, Seller or
Buyer may rescind this Contract byf6
written notice to the other party unless either elects to pay the increase in interest rate or excess mortgagee charges.
V. TITLE EVIDENCE: At least lV days before closing date, Seller shall, at Seller's expense, deliver to Buyer or Buyer's attorney, in accordance with Standard A. (Check (1)
or (2)): (1) ❑ abstract of title OR (2) IR title insurance commitment. 06/14/89
VI. CLOSING DATE: This transaction shall be dosed and the deed and other closing papers delivered onunless extended by other provisions of Contract.
VII. RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer shall take title subject to: zoning, restrictions, prohibitions and other requirements imposed by 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 Real Properly lines and
not more than 10 feet in width as to the rear or front lines and 71k feet in width as to the side lines, unless otherwise specified herein); taxes for year of closing and subsequent
years; assumed mortgages and purchase money mortgages, if any; other: -- none
provided, that there exists at dosing no violation of the foregoing and none of them prevents use of Real Property for purpose(s).
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 shall be stated herein, and the tenant(s) or occupants disclosed pursuant to Standard F. Seller agrees to deliver occupancy of Property at time of closing unless otherwise
stated herein. If occupancy is to be delivered before closing, Buyer assumes all risk of loss to Property from date of occupancy, shall be responsible and liable for maintenance from
that date, and shall be deemed to have accepted Property in their existing condition as of time of taking occupancy unless otherwise stated herein or in a separate writing.
IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provision shall control all printed provisions of Contract in conflict with them.
X. INSULATION RIDER: If Contract is utilized for the sale of a new residence, the Insulation Rider or equivalent may be attached.
XI. COASTAL CONSTRUCTION CONTROL LINE (-CCCL") RIDER: If Contract is utilized for the sale of Property affected by the CCCL, Chapter 161, F.S., (1985), as amended,
shall apply and the CCCL Rider or equivalent may be all-aFuto this Contract.
XII. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (-FIRPTA") RIDER: The parties shall comply with the provisions of FIRPTA and applicable regulations which could
require Seller to provide additional cash at closing to meet withholdingrequir me eats, and the FIRPTA Rider or equivalent may be attached to this Contract.
XIII. ASSIGNABILITY: (CHECK (1) or (2)): Buyer (1) [N may assign OR (2) ❑ may not assign Contract.
XIV. SPECIAL CLAUSES: (CHECK (1) or (2)): Addendum (1)M is attached OR (2) [1 is not applicable.
THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT.
IF RIOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING.
- THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS AND THE FLORIDA BAR.
Approval does not constitute an gpinlon that any of the term and conditions -in this Contract should be accepted by the parties in a particular transaction. Terms
and. conditions should be negotiated based uponthe respective interests, objectives and bargaining positions of alt interested persons.
COPYRIGHT 1988 BY THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORS, INC.
THE CITY OF SEBASTIAN, A Florida - - - - - - - - _ - -
Municipal Corporation
Ry - Date
(Buyer)
Social Security or Tax I.D. #
Date
(Buyer)
,
Social Security or Tax I.D. #
Date
(Seller) SMO RONALD KIRKLAND, JR.
Social Security or Tax I.D. #
(Seller)
Social Security or Tax I.D. #
Date
Deposit(s) under Paragraph 11 received; IF OTHER THAN CASH. THEN SUBJECT TO CLEARANCE. NASH & FAT J AC.F. - P.A. (Escrow Agent)
_ BROKER'S FEE: (CHECK 8 COMPLETE THE ONE APPLICABLE) By.
IF A LISTING AGREEMENT IS CURRENTLY IN EFFECT:-
filer agrees to pay the oker narned below, including cooperating sub -agents named, according to the terms of an existing, separate listing agreement:
OR
❑ IF NO LISTING AGREEMENT IS CURRENTLY IN EFFECT:
Ne'ller shall pay the Broker named below, at time of c sing, from the .disbursements of I the proceeds of the sale, compensation in the amount of (COMPLETE ONLY ONE)
% of gross purchase price OR $ for Broker's services in effecting the sale by finding the Buyer ready, willing and able to purchase pursuant to the foregoing
Contract. If Buyer fails to perform and deposit(s) is retained, 50% thereof, but not exceeding the Broker's fee above provided, shall be paid Broker, as full consideration for Broker's
services including costs expended by Broker, and the balance shall be paid to Seller. If the transaction shall not close because of refusal or failure of Seller to perform, Seller shall
pay the full fee to Broker on demand. In any litigation arising out of the Contract concerning the. Broker's fee, the prevailing party shall recover reasonable attorney fees and costs.
LAMBERT REAL ESTATE. INC.
(firm name of Broker)
By:
(authorized signatory)
(name of cooperating sub -agent)
(selier)EMO RONALD KIRK AND, JR.
(Seller)
RIDERS CAN BE OBTAINED FROM THE FLORIDA ASSOCIATION OF REALTORS OR THE FLORIDA BAR.
FAR/BAR 002-87b (1/88)
STANDARDS FOR REAL ESTATE TRANSACTIONS
A. EVIDENCE OF TITLE: (1) An abstract of title prepared or brought current by a reputable and existing abstract firm (if not existing then certified as correct by an existing firm)
purporting to be an accurate synopsis of the instruments affecting title to Real Property recorded in the public records of the county wherein Real Property is located, through Effective
Date and which shall commence with the earliest public records, or such later date as may be customary in the county. Upon closing of this transaction the abstract shall become
the property of Buyer, subject to the right of retention thereof by first mortgagee until fully paid. (2) A title insurance commitment issued by a Florida licensed title insurer agreeing
to issue to Buyer, upon recording of the deed to Buyer, an owner's policy of title insurance In the amount o the pure ase p ce, Insuring Buyer's title to Real Property, subject only
to liens, encumbrances, exceptions or qualification set forth in this Contract and those which shall be discharged by Seller at or before closing. Seller shall convey a marketable
title subject only to liens, encumbrances, exceptions or qualifications set forth in Contract. Marketable title shall be determined according to applicable Title Standards adopted by
authority of The Florida Bar and in accordance with law. Buyer shall have 30 days, if abstract, or 5 days, If title commitment, from date of receiving evidence of title to examine
it. If title is found defective, Buyer shall, within 3 days, notify Seller in writing specifying defect(s). If the defect(s) render title unmarketable, Seller will have 120 days from receipt
of notice within which to remove the defect(s), failing which Buyer shall have the option of either accepting the title as It then is or demanding a refund of deposit(s) paid which
shall immediately be returned to Buyer, thereupon Buyer and Seller shall release one another of all further obligation under the Contract. Seller will, if title is found unmarketable,
use diligent effort to correct defect(s) in title within the time provided therefor, Including the bringing of necessary suits.
im-
R, even and a 15 day grace period if a second or lesser mortgage; shall provide for right of prepayment In whole or in part without penalty: shall
not permit acceleration or interest dl en �n ert shall rec;uire all prior lien and encumbrances to be kept in good standing and forbid modifications
of or future advances under prior martgage(s); and the mortgage, note and security agr a and content requireid by Seller, but Seller may only require
clauses customarily found in mortgages, mortgage notes, and security agreements generally utilized by saving and loan ins u son , located in the county
wherein Real Property is located. All Personaltl) aril leases bei corwo od or asst red will, at Setter's o tion be sub' ct to the lien of a securit agreement evidence
k.X A_&JLL% u
C. SURVEY at expense, within time allowed to deliver evidence of title and to examine same*M have Real Property surveyed and certified by a registered Florida
surveyor. It survey shows encroachment on Real Property or that improvements located on Real Property encroach on setback lines, easements, lands of others, or violate any restrictions,
Contract covenants or applicable governmental regulation, the same shall constitute a title defect.
0. TERMITES: Buyer, at Buyer's expense, within time allowed to deliver evidence of title and to examine same, may have Real Property inspected by a Florida Certified Pest Control
Operator to determine if there is any visible active termite infestation or visible existing damage from termite infestation in the improvements. If either or both are found. Buyer will
have 4 days from date of written notice thereof, within which to have all damages, whether visible or not, inspected and estimated by a licensed builder or general contractor. Seller
shall pay valid costs of treatment and repair of all damage up to 2% of purchase price. Should such costs exceed that amount, Buyer shall have the option of cancelling Contract
within 5 days after receipt of contractor's repair estimate by giving written notice to Seller or Buyer may elect, to proceed with the transaction, in which event Buyer shall receive
a credit at closing of an amount equal to the total of the treatment and repair estimate not in excess of 2% of the purchase price. 'Termites" shall be deemed to include all wood
destroying -organisms required to be reported under the Florida Pest Control Act.
E. INGRESS AND EGRESS: Seller warrants and represents- that there is ingress and egress to the Real Property sufficient for the intended use as described in Paragraph VII hereof,
title to which is in accordance with Standard A. , , I - , .. ,
of the tenant's occupancy, rental rates, advanced rent and security de sits ai m eac tenant, the same information shall be
furnished by rer pul W in I form of a i es affidavit, and Buyer may thereafter contact tenants to confirm such information. Seiler shall, at closing,
G. LIENS: Seiler shall furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for. hereln, of any financing statements, claims of lien or
potential lienors known to Seller and further attesting that there have been no improvements or repairs to Property for 90 days immediately preceding date of closing. If Property
has been improved, or repaired within that time, Seller shall deliver releases or waivers of mechanics' liens executed by all general contractors, subcontractors, suppliers, and materialmen
in addition to Sellers lien affidavit setting forth the names of all such general contractom'subcontractors, suppliers and materialmen and further affirming that all charges for improvements
or repairs which could serve as a basis for a mechanic's lien or a claim for damages have been paid or will be paid at closing.
H. PLACE OF CLOSING: Closing shall be held in the' -county where Real Property is located, at the office of the attorney or other closing agent designated by, B".
1. TIME: Time Is of the essence of this Contract. Time periods herein of less than 6 days shall in the computation exclude Saturdays, Sundays and state or national legal holidays,
and any time period provided for herein which shall end on Saturday. Sunday or legal holiday shall extend to 5:00 p.m. of the next business day.
J. DOCUMENTS FOR CLOSING: Seller shall furnish deed, bill of sale. mechanic's lien affidavit, assignments of leases, tenant and mortgagee estoppel letters, and corrective instruments.
Buyer shall furnish closing statement, mortgage, mortgage note, security agreement, and financing statements.
K. EXPENSES: Documentary stamps on the deed and recording corrective instruments shall be paid by Seller. Documentary stamps, intangible tax and recording purchase money
mortgage to Seller, deed and financing statements shall be paid by Buyer.
L PRORATIONS; CREDITS: Taxes, assessments, rent, interest, insurance and other expenses and revenu&,of Property -shall be� prorated, through day before closing. Buyer shall have
the option of taking over any existing policies of Insurance, N assumable, in which event premiums shall be prorated. Cash at closing shall be Increased or decreased as may be
required by proration. Proration will be made through day prior to occupancy if occupancy occurs before closing. Advance rent and security deposits will be credited to Buyer and
escrow deposits held by mortgagee will be credited to Seller. Taxes ' shail be prorated based on the current year's tax with due allowance made for maximunl allowable discount,
homestead and other exemption. If closing occurs at a date when the current years mitlage Is not fixed, and current -year's assessment Is available, taxes will be prorated based
upon such assessment and the prior year's mitlage. If current year's assessment is not available, then taxes will be prorated on the prior year's tax. If there are completed improvements
on Real Property by January 1st of year of closing which Improvements were, not In existence on January 1st of the prior year then taxes shall be prorated based upon the prior
year's millage and at an equitable assessment to be agreed upon between the parties, failing which, request will be made to the County Property Appraiser for an informal assessment
taking into consideration available exemptions. Any tax proration based on an estimate may, at request of,.elther Buyer or Seller, be subsequently readjusted upon receipt of tax bill
on condition that a statement to that effect is in the closing statement.
M. SPECIAL ASSESSMENT LIENS: Certified, confirmed and ratified special assessment liens as of date of closing (and not as of Effective Date) are to be paid by Seller. Pending
liens as of date of closing shall be assumed by Buyer. 11 the Improvement has been substantially completed' as- of Effective Date, such pending lien shall be considered as certified,
confirmed or ratified and Seiler shall, at closing, be charged an amount equal to the last estimate of assessment for the improvement by the public body.
N. INSPECTION, REPAIR AND MAINTENANCE: Seller warrants that, as of 10 days prior to closing, the ceiling, root (Including the fascia and soffits) and exterior and interior walls
do not have any VISIBLE EVIDENCE of leaks or water damage and that the septic tank, pool, ail major appliances, heating, tooting, electrical, plumbing systems and machinery are
in WORKING CONDITION. Buyer may, at Buyer's expense, have inspections made of those items by an appropriately Florida licensed person dealing in the construction, repair or
maintenance of those items and shall report In writing to Seller such items that do not meet the above standards as to defects together with the cost of correcting them, prior to
Buyer's occupancy or not less than 10 days prior to closing, whichever occurs first. Unless Buyer reports such defects within that time Buyer shall be deemed to have waived Seller's
warranties as to defects not reported. If repairs or replacement are required. Seller -shall pay up to 3% of the' purchase price for such repairs or replacements by an appropriately
Florida licensed person selected by Seller. If the cost for such repairs or replacement exceeds 3% of the purchase price, Buyer or Seller may elect to pay such excess, failing which
either party may cancel this Contract. If Seller is unable to correct the defects prior to closing, the cost thereof shall be paid ' into escrow at closing. Seller will, upon reasonable
notice, provide utilities service for inspections. Between Effective Date and the closing, Seller shall maintain Property, including but not limited to the lawn and shrubbery, in the condition
herein warranted, ordinary. wear and tear excepted. Buyer shall be permitted access for inspection of Property prior to closing In order to confirm compliance with this Standard.
0. RiSK OF LOSS: If the Property is damaged by fire or other casualty before closing and cost of restoration does not exceed 3% of the assessed valuation of the Property so
damaged, cost of restoration shall be an obligation of the Seiler and closing shall proceed pursuant to the terms of Contract with restoration costs escrowed at closing. If the cost
of restoration exceeds 3% of the assessed valuation of the Improvements so damaged,. Buyer shall have the option of either taking Property as is, together with either the 3% or
any insurance proceeds payable by virtue of such loss or damage, or, of cancelling Contract and receiving return of deposit(s).,
P. PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. if abstract, evidence of title shall be continued at Buyer's expense to show
title in Buyer, without any encumbrances or change which would render Seller's title unmarketable from the date of the last evidence. Proceeds of the sale shall be held in escrow
by Seller's attorney or by such other mutually acceptable escrow agent for a period of not longer than 5 days from and after closing date. If Seller's title is rendered unmarketable,
through no fault of Buyer, Buyer shall; within the 5 day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt of such notification to cure
the defect. If Seiler fails to timely cure the defect, all deposit(s) shall, upon written demand by Buyer and within 5 days after demand, be returned to Buyer and simultaneously with
such repayrtient. Buyer shall return Personalty 'and vacate Real Property and reconvey It to Seiler by special warranty deed. if Buyer faits to make timely demand for refund. Buyer
shall take title as is, waiving all rights against Seller as to any intervening defect except as may be available to Buyer by virtue of warranties contained in the deed. If a portion
of the purchase price is to be derived from institutional financing or refinancing, requirements of the lending intitution as to place, time of day and procedures for closing, and for
disbursement of mortgage proceeds shall control over contrary provision in this Contract. Seller shall have the right to require from the lending Institution a written commitment that
it will not withhold disbursement of mortgage proceeds as a result of any title defect attributable to Buyer -mortgagor. The escrow and closing procedure required by this Standard
-may-b�ah*d-If-Hte-aged iriqures_adverse matters pursuant to Section 627.7841, F.S. (1987), as amended.
O. ESCROW. Any escrow agent (" nt")'receiving funds or equivalent is auth6i'ized-and-agrees by-aeosptance of them to deposit them promptly, hold same in escrow and, subject
to clearance, disburse them in accordance with terms and conditions of Contract. Failure of clearance of funds shall not. excuse Buyer's performatbe. If In doubt as to Agents -duties
or liabilities under the provisions of Contract. Agent may, at Agent's option, continue to hold the subject matter of the escrow until the parties mutually agree to its disbursement,
or until a judgment of a court of competent jurisdiction shall determine the rights of the, parties or Agent ,may, deposit with the -clerk of the circuit court having jurisdiction of the
disoute. Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, except to the extent of accounting for any items previously delivered
out of escrow. If a licensed real estate broker. Agent will comply with provisions of Chapter 475, F.S. (1987), as amended. Any suit between Buyer and Seller where Agent is made
a party because of acting as Agent hereunder, or in any suit wherein Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney's fees and costs
incurred with the fees and costs to be charged and assessed as court costs in favor of the prevailing party. Parties agree that Agent shall not be liable to any party or person
for misdelivery to Buyer or Seller of items subject to this escrow, unless such misdelivery Is due to willful breach of Contractor gross negligence of Agent.
R. ATTORNEY FEES; COSTS: In any litigation arising out of this Contract, the prevailing party shall be entitled to recover reasonable attorney's fees and costs.
S. FAILURE OF PERFORMANCE: If Buyer fails to perform this Contract within the time specified (including payment of all deposit(s)), the deposit(s) paid by Buyer may be retained
by or for the account of Seller as agreed upon liquidated damages, consideration for the execution of this Contract and in full settlement of any claims; whereupon, Buyer and Seller
shall be relieved of all obligations under Contract; or Seller, at Sellers option, may proceed In equity to enforce Setter's rights -under this Contract. If, for any reason other than failure
of Seller to make Seller's title marketable after diligent effort, Seller fails, neglects or refuses. to perform this.Contract. the Buyer may seek specific performance or elect to receive
the return of Buyer's deposit(s) without thereby waiving any action for damages resulting from Seller's breach.
T. CONTRACT NOT RECORDABLE; PERSONS 606ND; NOTICE: Neither this Contract nor any notice' of It stuff be recorded In any' public records. This Contract shall bind and
inure to the benefit of the parties -and their successors ln:interest. Whenever the context permits, singular shall include -plural and one gender shall include all. Notice given by or
to the attorney for any party shall be as effective as if given by or to that party. _
U. CONVEYANCE: Seller shall convey title to Real Property by statutory warranty, trustee's. 'peisonal representative's or guardian's deed, as appropriate to the status of Seiler, subject
only to matters contained in Paragraph VII and those otherwise accepted by Buyer. Personalty shall, at request of Buyer, be transferred by an absolute bill ofsale with warranty
of title, subject only to such matters as may be otherwise provided for herein. : •�;
V. OTHER AGREEMENTS: No prioror present agreements or representations shall be binding upon 8tt w, or Seller luriles9'Included in this Contract. No modification or change in
this Contract shall be valid or binding ,upon the parties unless in writing and executed by the -party or parties intended to be bound try it
W. WARRANTIES: Seller warrants that there are no facts known, to Seiler materially 'affecting the value -of the Real Property which are not readily observable by Buyer or which
have not been disclosed to Buyer.
C,nnvrinht 1988 by The Flnrkla Bar and The Florida AsAnriation of REALTORS. int.
Signed this day of , 1989;
WITNESSES: SELLER:
ELMO RONALD KIRKLAND, JR.
Thisinstrument prepared by and return to: Charles Ian Nash,
Esquire, NASH & FALLACE, P.A., 930 S. Harbor City Blvd.,
Suite 505, Melbourne, Florida 32901, (407) 984-3300