HomeMy WebLinkAbout1991 05 22 - Accepted OfferCity of Sebastian
POST OFFICE BOX 780127 ❑ SEBASTIAN, FLORIDA 32978
TELEPHONE (407) 589-5330 ❑ FAX (407) 589-5570
SUBJECT: Barber Street Sports
Complex Property
Approved For Submittal By:
City Manager �" ✓
EXPENDITURE
REQUIRED:
Agenda No.
Dept. of Origin: City Manager
Date submitted: 05/07/91
For Agenda Of: 05/22/91
Exhibits:
- Florida Lifestyle Letter
Dated 5/3/91
AMOUNT
BUDGETED:
SUMMARY
- Real Estate Contract Between
City and Sorensen
- Comparable Land Value Analysis
By L & D Realty, Inc., Dated
1/29/91
APPROPRIATION
REQUIRED:
The development of the Barber Street Sports Complex includes a
reorientation of the existing softball field which will require
the acquisition of two (2) residential building lots along the
northern portion of the property. One lot is owned by General
Development Corporation and is the subject of current
negotiations. The other lot is privately held and has recently
been listed for sale by Florida Lifestyle Real Estate, Inc. The
City has attempted to acquire this lot on several occasions over
the past two (2) years. In January, in anticipation of
negotiations, we asked a local realtor to provide data to us
regarding the sale of comparable residential building lots in the
Sebastian Highlands. The average sales price of the eleven (11)
lots analyzed is $10,409 per lot. On April 26th, subject to
conditions outlined in an addendum, I made an offer on this lot
in the amount of $7,500. This offer was accepted by Mr. & Mrs.
John A. Sorensen on May 1, 1991. The addendum included a
condition that the contract is contingent upon the City receiving
the express written approval of the City Council and the
signature of the Mayor. The City Attorney has already approved
the contract.
91 /`fS
ACTION
Move to approve and ratify a contract for sale and purchase of
Lot 3, Block 208, Unit 10, Sebastian Highlands and to authorize
and direct the Mayor and City Clerk to sign all documents
necessary to effect said purchase.
May 3, 1991
FLORIDA LIFESTYLE
REAL ESTATE, INC.
484 U.S. One, Suite D, P.O. Box 780305, Sebastian, Florida 32978-0305
(407) 589-0550
Toll Free 1-800-678-0747
Aor 4
City of Sebastian
1225 Main Street IF M!9111
Sebastian, FL 32958
aw
Atteu: Robert McCleary N^e'A-
Re: Lot 3, Block 208, Unit 10
Sebastian Highlands (Rosebush Terr)
Dear Mr. McCleary,
Enclosed please find a copy of the fully executed contract on the
above referenced lot.
Congratulations! My client has accepted your offer.
We are using Executive Title Company for the title insurance and
closing on the property.
You will be receiving closing papers, etc., from them in the near
future. The closing is scheduled for June 15, 1991, as per contract,
or sooner if you so desire.
I am happy to be of service to you. If you have any questions,
please do call me.
Sin r lyJ����
ctavia M. Br 11
LTOR—Associate
OMB/kj
Encls.
Serving Indian River and South Brevard County
19
MLS
CONTRACT FOR SALE AND PURCHASE
PARTIES: John A. and Grace A. Sorensen (••pilo;•)
Of '__.o�/o- Florida Lifestyle Real Estate. Inc. (Phone (407)S99-0550 ),
and - Citly -of Sebastian r'sl�'er ),
of c/o Florida Lifestyle Real Estate Inc (Phone ran7)5Ro_n55n ),
hereby agree that the Seller shall sell and Buyer shall buy the following real properly ("Real Property") and personal property ("Personal ") (collectively "Property') upon the following
terms and conditions, which INCLUDE the Standards for Real Estate Transactions ("Standards') printed on the reverse or attached and any Riders and Addenda to this instrument.
I. DESCRIPTION:
(a) Legal description of Real Properly located in Indian River County, Florida:
Lot 3 Block 208 Unit 10
Sebastian Highlands
(b) Street address, city, zip, of the Properly is: Rosebush Terrarp
(c) Personalty. Vacant Land
It. PURCHASE PRICE
PAYMENT:
$ 7,500.00
(a) Deposit(s) to be held in escrow by Florida Lifestyle Real Estate, Tnr- in the amount of..$ Ino no
(b) Additional escrow deposit within n/a days after Effective Date in the amount of .................................................... $ -0-
(c) Subject to AND assumption of mortgage in good standing in favor of n/a
having an approximate present principal balance of .. $ -n-
(d) Purchase money mortgage and note bearing annual Interest at n/a % (see Addendum) in amount of .................................. S -Q-
(e) Other. n/a $ -n-
(1) Balance to close (U.S. cash, LOCALLY DRAWN certified or cashiers check), subject to adjustments and prorations ........................... $ 7An0 nn
III. TIME FOR ACCEPTANCE; EFFECTIVE DATE; FACSIMILE: If this offer is not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing
between the parties on or before May 9. 1991 , the deposits) will, at Buyer's option, be returned to Buyer and this offer withdrawn. A facsimile copy of this
Contract for Sale and Purchase ("Contract") and any sign (tures hereon shall be considered for all purposes as originals. The date of Contract ("Effective Dale') will be the date when
the last one of the Buyer and Seller has signed this offer.
IV. FINANCING:
(a) If the purchase price or any art of if is to be financed by a third -party loan, this Contract is conditioned on the Buyer obtaining a written commitment for (CHECK (1)
or (2) or (3U: (1) ❑ a fixed, (2) U an adjustable or (3) ❑ a fixed or adjustable rale loan wfthin_.n,4a days after Effective Date at an initial interest rale not to exceed%,
term of p4p years and for the principal amount of $ n/a . Buyer will make application within n/a days after Effective Date and use reasonable
diligence to 6btam the ban commitment arid, thereafter, to meet the terms and conditions of the commitment and class the loan. Buyer shall pay all loan expenses. If Buyer
fails to obtain the commitment or fails to waive Buyer's rights under this subparagraph within the time for obtaining the commitment or after diligent effort fails to meet the
terms and conditions of the commitment. then either party thereafter by prompt written miles to the other may cancel the Contract and Buyer shall be rplunded the deposit(s).
(b) The existing mortgage described in Paragraph II(c) above has (CHECK (1) or (2)): (1) ❑ a variable interest rale or (2) ❑ a fixed interest rate of n/a % per annum.
At time of title transfer some fixed interest rates are subject to increase. If Increased, the rate shall not exceed _.33 1 n % per annum. Seller shall, within El I a days after
Effective Date, furnish statements 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 for assu plion, then Buyer shall promptly oblain all required applications and will diligently complete and return
them to the mortgagee. Any mortgagee charges) not to exceed $ n �a shall be paid by n/ a (if not filled in, equally divided). If Buyer is not
accepted by mortgagee or the requirements for assumption are not in accordance with the terms of this Contract or mortgagee makes a charge in excess of the slated amount,
Seller or Buyer may rescind this Contract by prompt written notice to the other party unless either elects to pay the increase in interest rale or excess mortgagee charges.
V. TITLE EVIDENCE: At least '11 1, t 1 ve I-,�-days before closing dale, $p(pf7¢pr -'•Ijq•ycx+- del' t - - --- - --- - --- p A.
VI. CLOSING DATE: This transaction shall be closed and the deed and other closinglune J.� iyyl
papers delivered on � ,unless extended by other provisions of Contract.
matters appearing on the plat or otherwise common to the subdivision; public utility easements of record (easements are to be locate ea Property lines and
morel than 10 feet in width as to the rear or front lines and 71h feet in width as to the side lines, unless othe m ; faxes for year of closing and subsequent
Years; assumed mortgages and purchase money mortgages, 9 any; other.
; provided,
that there exists.al-elosinq'r vnolation of the foreooing and none of them prevents use of Real Property for_- Ac 7.nnpd purpose(s).
(VIII. OCCUPANCY: Seller warrants that there are no parties in occupancy other than Seller, but, it 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 Properly from date of occupancy, shall be responsible and liable for maintenance from
that dale, and shall be deemed to have accepted Property in its 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 provisions shall control all printed provisions of Contract in conflict with them.
X. RIDERS: (CHECK if any of the following Ridere are applicable and are attached to this Contract):
(a) ❑ COASTAL CONSTRUCTION CONTROL UNE RIDER (C) ❑ FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT RIDER
(b) ❑ CONDOMINIUM RIDER (d) ❑ INSULATION RIDER
XI. ASSIGNABILITY: (CHECK (1) or (2)): Buyer (1) ❑ may assign or (2) Jg6sy not assign this Contract.
XII. SPECIAL CLAUSES: (CHECK (1) or (2)): Addendum (1) ❑ is attached or (2)79 them is no Addendum.
(e) ❑ FHA/VA RIDER
(1) ❑ OTHER
XIII. TIME IS OF THE ESSENCE OF THIS CONTRACT. PUYMS INITIALS
XIV. DISCLOSURES: Buyer acknowledges or
❑ apes not acknowledge receipt of the agency/radon/compensalbn and estimated closing costs disclosures...
THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. Z" v�l�
IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING.
6T L> 'Oe n/
THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS AND THE FLORIDA BAR.
Approval does not constitute an opinion that any of the terms and conditions in this Contract should be accepted by the parties in a particular transaction. Team
rand conditions should be negotiated based upon lira respectAre interests, oblectn e5 and bargaining positions of all interested persons.
4-- d--7 X I . iCOPYRIGHT 1991 BY THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORS
J Jl""-4^�"" �T
lL/L�i j �T ,C-. i Date ' �>tigdyL� Ste( 7 l Dale
(Buyer) ' - (Seller)
j ol7
Social Severity or Tax I.D. #
Date
(Buyer)
Social Security or Tax I.D. # & Z ` 7 D ' '
Date
(Seller) //
Social Security a Tax I.D. # Social SecurityorTax I.D. # - k / O
Deposit under Paragraph Ills) received IF OTHER THAN CASH, THEN SUBJECT TO CLEARANCE. OE&44.1 (Escrow Agent)
BROKER'S FEE: (CHECK AND COMPLETE THE ONE APPLICABLE) By fTi OL fir--% [z
In IF A LISTING AGREEMENT IS CURRENTLY YIINE, FFE�
OR EFFECT;
Seller agrees to pay the Broker named bekua
lw, lW_ing cooperating sub -agents named, according to the terms of an existing, separate listing agreement:
❑ IF NO LISTING AGREEMENT IS CURRENTLY IN EFFECT:
Seller agrees to pay the Broker named below, a I—T- ime o1closing, from the disbursements of 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 deposits) 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 o 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 slyill ecover.�as ble attorney's fees and costs.
Florida Lifestyle Real Estate, Inc. K / y
(firm name o listing Broker) nrm name of selling Broker) r) /�•1
By. (authorized signatory) ey. (authorized signatory) K yeller) I ,y17
FAR/BAR 002A -90a Rev. 1 /91 RIDERS CAN BE OBTAINED FROM THE FLORIDA ASSOCIATION OF REALTORS OR THE FLORIDA BAR.
STANDARDS FOR REAL ESTATE TRANSACTIONS �C O D G,V D P
A. EVIDENCE OF TITLE: (1) An abstract of title prepared or brought current by a reputable and existing abstract firm (if net existing then certified as correct by an existing firm)
purporting to be an accurate synopsis of the instruments affecting title to the Real Properly recorded in the public records of the county wherein Real Property is located through
Effective Dale 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 aIle 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 of the purchase price insuring Buyer's title (a the Real Properly,
subject only to liens, encumbrances, exceptions or qualifications set forth in this Contract and (lose which shall be discharged by Seller at or before closing. Seller shall convey
marketable title subject only to liens, encumbrances, exceptions or qualifications specified in the Contract. Marketable title shall be dciermined 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 dale of receiving evidence of title
to examine it. If title is lonnd defective, Buyer shall, within 3 days, notify Seller in writing specifying, defechs). If the defecKri) render -title unmarketable, $eller will have 120 day's from
receipt of notice within which to remove the defect(s), failing which Buyer shall have the option of either accepfingdhe tole as iL (Ilan 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 furlherobligatio`rs under the Contract. Seller shall, if title is found unmarketable,
use diligent effort to cormet defects) In the title within the time provided therefor, including the bringiN of necessary suits.B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgaWrcte to Seller shallprovidelot a 30 -day grace period in
the event of default if a first mortgage and a 15 -day grace period if a second or lesser mortgage; shall provide for right of prepayment in whole or fn part without penalty; shall
pct permit acceleration or interest adjustment in event of resale of Real Property; shall require all prior liens and encumbrances to be kept in good standing and forbid modification
of or future advances under prior mortgage(s); and the mortgage, rate and security agreemegq4 shall be Otherwise in form and content required by Seller; but. Seller may Only require
clauses customarily found in mortgages, mortgage notes and security agreements generally Lined by savings and loan institutions or stale or national banks located in the county
wherein Real Properly is located. All Personally and leases being conveyed or assigned will, at Seller's option, be subject to the lien of a security agreement evidenced by recorded
financing statements. It a balloon mortgage, the final payment will exceed the periodic payments thereon. 11i,..
C. SURVEY: Buyer, at Buyer's expense, within lime allowed to deliver evidence of title and to examine same, may have. Real Property. surveyed and. cedified_by-a-registered FlaFda—
suna:yor-If-survey tlwti,nprovvnx, s uaned un tical PicuPeny encroach on setback lines, easements, lands of offers or violate any restrictions,
i Conlracf covenants or applicable governmental regulation, the ser4abagl constitute a title defi h%,
D. 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 it 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 dale of written ratite 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 contractors 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 actual 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 fa the intended use as described in Paragraph VII hereof,
title to which is in accordance with Standard A.
F. LEASES: Seller shall, not less than 15 days before closing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specifying the naWLe and duration
of the tenant's Occupancy, rental rates, advanced rent and security deposits paid by tenant. If Seller is unable to obtain such letter Iron each tenant, the same information shall be
furnished by Seller to Buyer within that time period in the form of a Seller's affidavit, and Buyer may thereafter contact tenants to confirm such information. Seller shall, at closing,
deliver and assign all original leases to Buyer.
G. LIENS: Seller shall furnish to Buyer at lime of closing an affidavit attesting to the absence, unless otherwise provided for herein, 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 the Property for 90 days immediately preceding date of closing. II 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 malerialmen
in addition to Seller's lien affidavit setting forth the names of all such general contractors, subcontractors. suppliers and malerialmen and for 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 pard or will be paid at closing of this Contract.
H. PLACE OF CLOSING: Closing shall be held in the county wherein the Real Property is located at the allies of the attorney or other closing agent designated by Sullen.
I. TIME: 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 a legal holiday shall extend to 5:00 p.m. of the next business day.
J. DOCUMENTS FOR CLOSING: Seller shall furnish the deed, bill of sale, mechanic's lien affidavit, assignments of leases• tenant and mortgagee esloppol lellers 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 lax and recording purchase money
mortgage to Seller, deed and financing statements shall be paid by Buyer.
L PROBATIONS; CREDITS: Taxes, assessments, rent, interest, insurance and other expenses and revenue of Property shall be prorated through day before closing. Buyer shall have
the option of taking over any existing policies of Insurance, it assumable, in which event premiums shall be proraled. Cash at closing shall be increased or doureased as may be
required by proration, Privations will be made through day prior to occupancy II occupancy occurs before closing, Advance rent will security deposits will be credited to Buyer and
escrow deposits held by mortgagee will be credited to Seller. Taxes shall be prorated based on Ile current year's lax with due allowance made for maximum allowable discount,
homestead and other exemptions. If closing occurs at a date when the current year's millage is not fixed and current year's assessment is available, tams will be prorated based
upon snuh assessment and the prior year's millago. It current year's assessment is not available, (hen fazes will be parceled on the prior year's lax, II (here are connplal.d improvements
on the Real Property by January fall of year of closing which improvements were not in existence on January 1st of the prior year, then taxes shall be prordWd based urpon the
prior year's millago 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 lax proration based on an estimate shall, at refusal of either Buyer an Seller, be subsequundy nu.nljusled 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 Ileus as or data of closing (not as of Effective Date) are to be paid by Sutler. Pending liens
as of dale of closing shell be assumed by Buyer. If the improvement has been substantially completed as of Effective Date, such pending lien shall be considered certified, confirmed
or ratified and Seller 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, Ilia ceiling, roof (Including the fascia and soffits) and exterior and interior walls,
seawalls (or equivalent) and dockage do not have any VISIBLE EVIDENCE of leaks, water damage or structural damage and that (he septic tank, pool, all appliances, mechanical
items, heating, cooling, electrical, plumbing systems and machinery are in WORKING CONDITION. Buyer may, at Buyers expense, have inspections made of moss items by a fin))
or individual specializing in home inspections and holding an occupational license for such pollinate (if Mildred) Or by an appropriatoly licensed Florida conhadoi Biryer shall, pilot
to Buyer's occupancy or of less than 10 days prior to closing, whichever occurs first, report in writing to Seller such items that (to not meet Ilia above sluudcvds as to defects.
n Unless Buyer repofls such defects within that time, Buyer shall be deemed to have waived Seller's warranties as to defects of roporled. If repairs or replscenn:nts are required,
Seller shall cause such repairs to be made and shall pay up to 3% of the purchase price for such ropaire min replacements as may be required in order to place sw.h iloms in WORKING
CONDITION. II the cost for such repairs or replacement exceeds 3% of the purchase price, Buyer or Seller may elect to pay such excess, falling which either p,rdy may cancel
this Contract. If Seller Is unable to correct Ile defects prior to closing, the cost thereof shall be paid into escrow at closing. Seller will, upon reasonable notice, provide utilities service
and access to Ile Property for infections, including a walk-through prior to closing. Between Effective Dale and tie date of closing, except for repairs nocluinad by this Standard,
Seiler shall maintain Property. Including, but of limited to, the lawn and shrubbery, in the condition herein waranled, ordinary wear and fear excepted.
O. RISK OF LOSS: It the Property is damaged by fire or other casualty before closing and cost of restoration class not exceed 3% of theassessed valuation of the Property so
damagod, cost of restoration shall be an obligation of the Seller and closing shall proceed pursuant to the terms of Contract with restoration costs escrowed at closing. If Ile cost
of restoration exceeds 3% of the assessed valuation of the Improvements so damaged, Buyer shalt kava 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 this Contract and receiving return of deposil(s1.
P. PROCEEDS OF SALE: CLOSING PROCEDURE: The deed shall be recorded upon clearmce of 11.1111 II abslacl, ovidmce of title shall he conlfnued at Uuyct?: u.pw can to slow
fills in Buyer, without any encumbrances or change which would render Seller's title unmarlcutable from the dale of the last evidecm. Proceeds of lho saki dbull ho hull in esmow
by Sellers attorney or by such other mutually acceptable escrow agent for a period of not longer than 5 days Iron and after closing date. If Seller's title Is touduwd unmarketable,
through no fault of Buyer. Buyer shall, within Ito 5 -day period, notify Seller in writing of Ilia defect and Seller shall have 30 clays from dale Of receipt of such ;ratification to euro
the defect. If Seller fails to timely cure the defect, all deposll(s) and closing funds shall, upon written demand by Buyar and within 5 days alter demand, bo nctumod to Buyer and
simultaneously with such repayment, Buyer shall return Personalty and vacate Property and reconvey it to Seller by special warranly deed If Buyer fails (o make timely demand lir
refund. Buyer shall lake title as Is, waiving all rights against Seller as to any intervening defect except as may be available to Buyer by virtue of warranties coatainn:d in Ilia deed.
If a portion of the purchase price is to be derived from institutional financing or refinancing; requirements or the leading institution as to plane, little of day and proi:edures for closiwd,
and for disbursement of mortgage proceeds shall control over contrary provision in this Contract. Seller shall have the right to require from the lending kolihmion a written commitment
that it will not withhold disbursement of mortgage proceeds as a result of any title Adan allrihutahle to Bnyun -mortgagor. The escrow antl closing prooalnma refuired by this Sla rLiOl
may be waived if title agent inures adverse matters pursuant to Section 627.7841, F S. 119891, as annealed.
O. ESCROW: Any escrow agent ("Acenl") receiving funds or equivalent is authorized and agrees by uccuptaoe of them to deposit them promptly, hold same in escrow and, subject
to clearance, disburse them in accordance with terms and conditions of Contact. Failure of clearance of funds shall of excuse Buyer's performance. If in doubt as to Agent's duties
or liabilities under the provisions of Contract. Agent may, at Agent's option, continue to hold lire subject matter of the escrow until the parties mutually ngme to its disbursement
or until a judgment of a court of competent jurisdiction shall determine the rights of Ito patties or Agent may deposit same with the clerk of the circuit court having jurisdiction
of the dispute. Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, except 10 the Oxtent of accounting for any items. Previously
delivered out of warm. If a licensed real estate broker, Agent will comply with provisions of Chapter 475, F.S. (1989), as amended. Any suit butween Buyur and Soller wherein Agent
is made a party because of acting as Agent hereunder, or in any suit wherein Agent interpleads Ilia subject matter of the escrow, Agent shall recover wasonable attorney's hies
and costs incurred with the fees and costs to be paid from and out of the escrowed funds or equivalent and charged and awarded 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 ouch misdelivory is due to willful breach
of this Contract or gross negligence of Agent.
R. ATTORNEY'S FEES; COSTS: In any litigation arising Out of this Contract, the prevailing party in such litigation which, for the purposes of this Standard, shall include Seller, Buyer,
listing broker. Buyer's broker and any subagents to lie listing broker or Buyer's broker, shall be entitled to recover reasonable attorney's fees and costs.
S. FAILURE OF PERF011MANCE: II Buyer fails to perform this Contract within Ila lime 'It!' lied, including payment of all deposits), the defositsl paid by Buyer and deposit(::)
agreed to be paid, may he retained by or for the account of Seller as agreed upon hgeidand d.unags, wrisideralion for the exeadion of [his Contact cul in full settlement of airy
clnhms; whereupon, Buycr and Seller shall be relieved of all obligations under Contract: or Shcen, ul Sr: f n'u Option, may proceed in equity to enforce Sullurs rkdlns undur this Coutmcl.
It, for any reason other Ihau failure ul Seller to made Seller's title marketable filler diligent effort. Sef,-i Lnls, nreglccts or refuses to perform hits (:unhurt, life Buyer may seek sp:cifie
pct lorrnance or elect to receive tie rulurn of Buyer's depoetts) without thereby waiving any a:liea lar d.mn.gya insulting from Seller's breach.
1: CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; Neither [his Contract. nor any notice 01 it, shall be recorded! in any public records. R1is Contract shall bind and
u
inre to the benefit of the parties end their successors in Interest. Wlx:never the context permits, singular shall include plural and ane gendur shall inrlude all. Notice given by ..rt
to the attorney for any party shall be as effective as if given by or to that party.
U. CONVEYANCE: Seller shall convey tills to the Real Property by statutory warranty, trustees, personal representative's or guardians deed, as appropriate to Ilia slates of Oudon.
subject only to matters contained In Paragraph VII and those otherwise accepted by Buyer. Personalty shall, at request of Buyer, be transacted by an absolute bill of sale with wmrnay
of title, subject only to such manes as may be otherwise provided for herein.
V. OTIIER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in this Contract. No modification or change in
this Contrar( sliall be yandor binding upon the parties unless in writing and executed by the early or parties intended to be boned by it.
W. WARRAIJTIF'.C: er.ifer Nrrants that there ala no facts known to Seller materially affecting the value of the Real Property which are not readily observalllo by'Uuyor or which
have not boan disclosed to Buyer.
Copyright 1991 by The Florida Bar and The Florida Association of REALTORS
ADDENDUM TO CONTRACT FOR SALE AND
PURCHASE BY AND BETWEEN JOHN A. SORENSEN
AND GRACE A SORENSEN, AS SELLER, AND CITY
OF A SEBASTIAN AS BUYER
The parties hereto agree as follows:
1. This Contract and Buyer's obligations pursuant to
this Contract are contingent upon Buyer receiving, at
least ten (10) days prior to Closing Date, the express
written approval of the City Council and the signature
of the Mayor of the City of Sebastian of the purchase of
the Property and the terms and conditions of this
Contract.
2. Section V shall be amended to read as follows:
"Within twenty (20) days of the Effective Date, Buyer
shall, at Seller's expense, deliver to Buyer or Buyer's
attorney, in accordance with Standard A, a title
insurance commitment.
3. Section VII shall be amended to read as follows:
"Buyer shall take title subject to: zoning,
restrictions, prohibitions and other requirements
imposed by governmental authority and taxes for the year
of closing, and no other matters or restrictions."
4. Standard A shall be amended to state that in the
event defect (s) render title unmarketable, Seller will
have thirty (30) days from the receipt of notice within
which to remove the defect (s).
IN WITNESS WHEREOF, the parties have hereunto set their
hands and seals on the date indicated.
Date:
JO A. SORENSEN
Date: ar5h `1 I K �Y�CA CSL- P! �LJw ae-w
GRACE A. SORENSEN
CITY O/F%SEBASTIAN
Date: �' aCc �� By:
January 29, 1991
I? _ F'Edf�LT"' ,, I IJe� .
741 C.R. 512 Suite 1
Sebastian, FL 32958
t -X C> 7 i t5p8'EO—SELL. C -7
COMPARABLES LAND ONLY
M/L
PRICE
SELLING PRICE
DATE
ADDRESS
04014
$10,000
$10,000
07/03/90
Emerson
Lane
04791
10,500
10,000
07/31/90
Memorial
Avenue
06030
12,500 )0
11,000
08/31/90
Landsdowne
06427
11,000
11,000
08/01/90
Memorial
Avenue
04763
12,000
11,500
07/28/90
Midvale
Terrace
03693
8,500
7,500
12/20/90
Joyhaven
04914
11,500
9,500
08/03/90
Rolling
Hill
04793
11,000
10,500
07/16/90
Rolling
Hill
07877
10,500
10,500
12/07/90
Fairfield
Lane
03001
11,500
11,500
11/20/90
Belfast
Terrace
03695
11,500
11,500
08/15/90
Midvale
Terrace
Please note: ALL THE ABOVE HAVE BEEN SOLD DURING JULY,90 THRU DECEMBER.,90.
AVERAGING $10,#09 PER: LOT.
N
0
i/CVs
City of Sebastian
POST OFFICE BOX 780127 ❑ SEBASTIAN, FLORIDA 32978
TELEPHONE (407) 589-5330 ❑ FAX (407) 589-5570
May 7, 1991
Ms. Octavia M. Brill
Realtor - Associate
Florida Lifestyle Real Estate
P. O. Box 780305
Sebastian, FL 32978-0305
Re: Lot 3, Block 208, Unit 10 - Sebastian Highlands
Dear Ms. Brill:
Thank you for your letter of May 3, 1991 which transmitted a copy
of the fully executed contract on the above referenced lot. I
have scheduled City Council action to ratify this contract on the
agenda of the Regular Meeting for May 22, 1991. Upon City
Council approval, I will contact you to set a convenient time for
closing.
Thank you for your assistance
you please call?
RSM/jmt
If you should have questions, will
Sincerely,
Robert S. McClary
City Manager