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HomeMy WebLinkAbout2006 - Vacant Land ContractWARREN W. DILL Also admitted in Wyoming Nebraska Richard E. Stringer, Esq. City of Sebastian 1225 Main Street Sebastian, FL 32958-4165 RE: Vacant Land Contract Dear Rich: DILL & EVANS, P.L. ATTORNEYS AT LAW 1565 US Highway 1 Sebastian, Florida 32958 JOHN G. EVANS Also Admitted in Califomia RECEIVED APR 6 Z006 BY: April 6, 2006 — Via Hand Delivery This Date -- Enclosed is the Vacant Land Contract with Addendum signed by Terrance Moore and Harold Adams, which I received from Harold this date. I will discuss this with you later. By copy of this letter to Marian Fell, Esq., I am providing her with a fully signed copy of the Contract and Addendum Very truly yours, DILL & EVANS, P.L. WARREN W. DILL W"/dram Enclosure(s) as Noted cc: Marian Fell, Esq. Indian River County Attorney's Office Harold Adams W.9City ojSebastianlCLSiringer_4-6-06.doc Tel: (772) 589-1212 • Fax: (772) 589-5212 tM Land Contract OF REAI70RSm 1 PARTIES AND DESCRIPTION OF PROPERTY .- 2• 1.SALE AND PURCHASE: Caot'nButcher, Inc. ("Seller") 3• and City of Sehx.atlan ("Buyer") 4 agree to sell and buy on the terms and conditions specified below the property ("Property') described as: u, Address: e' legal Description: r See Attachment A >r e' 1W rr 12- including all improvements and the following additional property: 13' 14• 15 PRICE AND FINANCING to' 2. PURCHASE PRICE: $ 162,204.00 payable by Buyer in U.S. funds as follows: 1r (a) $ Deposit received (checks are subject to clearance) by is signature for(''Escrow Agent') p' (b) $ Additional deposit to be made by or days from 21 Effective Date. zz' (c) Total Financing (see Paragraph 3 below) (express as a dollar amount or percentage) 2r (d) $ Other: 24• (a) $ 162.204.00 Balance to close (not including Buyer's closing costs, prepaid items and prorations). All funds 25 paid at closing must be paid by locally drawn cashier's check, official check or wired funds. 2W (f) (complete only if purchase price will be determined based on a per unit cost instead of a fixed price) The unit 2r used to determine the purchase price is Q lot Q acre square foot other (specify: 1 2W prorating areas of less than a full unit. The purchase price will be $ per unit based on a calculation of 2P total area of the Property as certified to Buyer and Seller by a Florida -licensed surveyor in accordance with Paragraph 30' 8(c) of this Contract. The following rights of way and other areas will be excluded from the calculation: 31, 3r 3. CASH/FINANCING: (Check as applicable) 0 (a) Buyer will pay cash for the Property with no financing contingency. 3r (b) This Contract is contingent on Buyer qualifying and obtaining the commitment(s) or approval(s) specked below (the 34- "Rnancingl within _, days from Effective Date (if left blank then Closing Date or 30 days from Effective Date, whichever 35' occurs first) (the "Financing Period'). Buyer will apply for Financing within _ days from Effective Date (5 days if left blank) 35 and will timely provide any and all credit, employment, financial and other information required by the lender. If Buyer, after 37 using diligence and good faith, cannot obtain the Financing within the Financing Period, either party may cancel this 38 Contract. Upon cancellation, Buyer will return to Seller all title evidence, surveys and association documents provided by 3e Seller, and Buyer's deposit(s) will be returned after Escrow Agent receives proper authorization from all interested parties. 4e Buyer will pay all ban expenses, including the lender'stitle insurance policy. 41' (1) New Financing: Buyer will secure a commitment for new third parry financing for k or 4z % of the purchase price at the prevailing interest rate and loan costs. Buyer will keep Seller and Broker fully 43 informed of the loan application status and progress and authorizes the lender or mortgage broker to disclose all 44 such information to Seller and Broker. 4W (2) Seller Financing: Buyer will execute a first 0 second purchase money note and mortgage to Seller in the 46- amount of $ , bearing annual interest at % and payable as follows: 4r t 49 The mortgage, note, and �r1y security agreement will be in a form acceptable to Seller and will follow forms generally 40 accepted in the county , h t e Pr rty is located; will provide for a late payment fee and acceleration at the so' Buyer(—) U aril Seller adgwiladge receipt of copy of this page, Wrth is Page 1 of 6 Pages. Q VACS 10/00 02000 Rorid Issociation of RmTogse Ali Rights Reserved 51 mortgagee's option If Buyer defa ; will give Buyer the right to prepay without p 'ty all or part of the principal at any 52 time(s) with interest only to date u, payment; will be due on conveyance or sale; wil provide for release of contiguous ss parcels, if applicable; and will require Buyer to keep liability insurance on the Property, with Seller as additional named 54 insured. Buyer authorizes Seller to obtain credit, employment and other necessary information to determine 55 creditworthiness for the financing. Seller will, within 10 days from Effective Date, give Buyer written notice of whether or 5e not Seller will make the loan. V. ❑ (3) Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to 5s• 5e• LN# in the approximate amount of $ currently payable at eo• $ per month including principal, interest, ❑ taxes and insurance and having a ❑ fixed ❑ other ar (describe) ae Interest rate of % which ❑will ❑will not escalate upon assumption. Any variance In the mortgage will be 63 adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase Seller's escrow e4• account dollar for dollar. If the lender disapproves Buyer, or the Interest rate upon transfer exceeds % or the Or assumption/transfer fee exceeds $ , either party may elect to pay the excess, failing which this 65 agreement will terminate and Buyer's deposit(s) will be returned. 67 CLOSING as 4. CLOSING DATE; OCCUPANCY: This Contract will be closed and the deed and possession delivered on or before Co. October24 2002 , unless extended by other provisions of this Contract. If on Closing Date Insurance 70 underwriting is suspended, Buyer may postpone closing up to 5 days after the insurance suspension is lifted. 71 5. CLOSING PROCEDURE; COSTS: Closing will take place In the county where the Property is located and may be conducted 72 by electronic means. If title insurance insures Buyer for title defects arising between the title binder effective date and recording of 73 Buyer's dead, dosing agent will disburse at closing the net sale proceeds to Seiler and brokerage fees to Broker as per Paragraph 74 17. In addition to other expenses provided in this Contract, Seller and Buyer will pay the costs indicated below. 75 (a) Seller Costs: Seiler will pay taxes on the deed and recording fees for documents needed to cure title; certified, 75• confirmed and ratified special assessment liens; title evidence (f applicable under Paragraph 8); Other: 77' 79 (b) Buyer Costs: Buyer will pay taxes and recording fees on notes and mortgages and recording fees on the deed 79 and financing statements; loan expenses; pending special assessment liens; lender's title policy at the simultaneous a0• issue rate; inspections; survey and sketch; insurance; Other: 81 (c) Title Evidence and Insurance: Check (1) or (2): ar 0(1) Seller will provide a Paragraph 8(a)(1) owner's title insurance commitment as title evidence. 0 Seiler ❑ Buyer a3• will select the title agent. ®Seller []Buyer will pay for the owner's title policy, search, examination and related 94 charges. Each parry will pay its own closing fees. or 0(2) Seller will provide title evidence as specified in Paragraph 8(a)(2). ❑ Seller ❑ Buyer will pay for the owner's title 86 policy and select the title agent. Seller will pay fees for title searches prior to closing, including tax search and lien e7 search fees, and Buyer will pay fees for title searches after closing (if any), title examination fees and closing fees. Be (d) Prorations: The following items will be made current and prorated as of the day before Closing Date: real estate 89 taxes, interest, bonds, assessments, leases and other Property expenses and revenues. If taxes and assessments for 99 the current year cannot be determined, the previous year's rates will be used with adjustment for any exemptions. 91 (a) Tax Withholding: Buyer and Seller will comply with the Foreign Investment in Real Property Tax Act, which may 92 require Seller to provide additional cash at closing if Seller is a "foreign person" as defined by federal law. 93 PROPERTY CONDITION 94 6. LAND USE: Seller will deliver the Property to Buyer at the time agreed in its present "as is" condition, with conditions 95 resulting from Buyer's Inspections and casualty damage, if any, excepted. Seller will maintain the landscaping and w grounds in a comparable condition and will not engage in or permit any activity that would materially alter the Property's 97 condition without the Buyer's prior written consent. 9e (a) Flood Zone: Buyer is advised to verify by survey, with the lender and with appropriate government agencies which 99 flood zone the Property is in, whether flood Insurance Is required and what restrictions apply to improving the Property and 100 rebuilding in the event of casualty. 101 (b) Government Regulation: Buyer is advised that changes in government regulations and levels of service which 102 affect Buyer's intended use of the Property will not be grounds for canceling this Contract if the Feasibility Study 103 Period has expired or if Buyer has checked choice (c)(2) below. 104 (c) Inspections: (check (1) or (2) below) 105• ❑(1) Feasibility Study: Buyer will, at Buyer's expense and within 0 days from Effective Date ("Feasibility Study 10e• Period°), determine whether the Property is suitable, in Buyer's sole and absolute discretion, for 10r City Street use. During the Feasibility Study Period, Buyer may conduct a Phase I environmental 10e assessment and any other tests, analyses, surveys and investigations ("Inspections') that Buyer deems necessary to 109 determine to Buyer's sat faL'nthe Property's engineering, architectural and environmental properties; zoning and 110 BuyerU(j and Selleracly a�ledge reoapt of a copy of this age, which is Pie 2 of 6 Pages VA" 10/00 02000 Flo Association of RExmRs® All Rights Reserved 111 zoning restrictions; subdivisior :tutes; soil and grade; availability of acces 1 public roads, water, and other 112 utilities; consistency with local, Slate and regional growth management plans; availability of permits, government 113 approvals, and licenses; and other Inspections that Buyer deems appropriate to determine the Property's suitability 114 for the Buyer's intended use. If the Property must be rezoned, Buyer will obtain the rezoning from the appropriate 115 government agencies. Seller will sign all documents Buyer is required to file in connection with development or 116 rezoning approvals. 117 Seller gives Buyer, its agents, contractors and assigns, the right to enter the Property at any time during the Feasibility 11e Study Period for the purpose of conducting Inspections; provided, however, that Buyer, its agents, contractors and 11a assigns enter the Property and conduct Inspections at their own risk. Buyer will Indemnify and hold Seller harmless 120 from losses, damages, costs, claims and expenses of any nature, including attorneys' fees, expenses and liability 121 Incurred in application for rezoning or related proceedings, and from liability to any person, arising from the conduct of 122 any and all Inspections or any work authorized by Buyer. Buyer will not engage in any activity that could result in a 123 construction lien being filed against the Property without Seller's prior written consent. If this transaction does not 124 close, Buyer will, at Buyer's expense, (1) repair all damages to the Property resulting from the Inspections and 125 return the Property to the condition it was in prior to conduct of the Inspections, and (2) release to Seller all reports 125 and other work generated as a result of the Inspections. 127 Buyer will deliver written notice to Seller prior to the expiration of the Feasibility Study Period of Buyer's 123 determination of whether or not the Property is acceptable. Buyer's failure to comply with this notice requirement 129 will constitute acceptance of the Property as suitable for Buyer's intended use in its "as is' condition. If the Property 130 is unacceptable to Buyer and written notice of this fact is timely delivered to Seller, this Contract will be deemed 131 terminated as of the day after the Feasibility Study period ends and Buyer's deposit(s) will be returned after Escrow 132 Agent receives proper authorization from all Interested parties. 13T ❑ (2) No Feasibility Study: Buyer is satisfied that the Property is suitable for Buyer's purposes, including being 134 satisfied that either public sewerage and water are available to the Property or the Property will be approved for the 135 installation of a well and/or private sewerage disposal system and that existing zoning and other pertinent regulations 135 and restrictions, such as subdivision or deed restrictions, concurrency, growth management and environmental 137 conditions, are acceptable to Buyer. This Contract is not contingent on Buyer conducting any further investigations. 139 (d) Subdivided Lands: If this Contract is for the purchase of subdivided lands, defined by Florida Law as "(a) Any 139 contiguous land which is divided or is proposed to be divided for the purpose of disposition into 50 or more lots, 140 parcels, units, or interests; or (b) Any land, whether contiguous or not, which is divided or proposed to be divided Into 141 50 or more lots, parcels, units, or interests which are offered as a part of a common promotional plan.", Buyer may 142 cancel this Contract for any reason whatsoever for a period of 7 business days from the date on which Buyer executes 143 this Contract. If Buyer elects to cancel within the period provided, all funds or other property paid by Buyer will be 144 refunded without penalty or obligation within 20 days of the receipt of the notice of cancellation by the developer. 145 7. RISK OF LOSS; EMINENT DOMAIN: If any portion of the Property is materially damaged by casualty before closing, 14e or Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain proceedings, 147 or if an eminent domain proceeding Is initiated, Seller will promptly inform Buyer. Ether party may cancel this Contract 148 by written notice to the other within 10 days from Buyer's receipt of Seller's notification, failing which Buyer will close in 149 accordance with this Contract and receive all payments made by the government authority or insurance company, if any. 15o TITLE 161 8. TITLE: Seller will convey marketable title to the Property by statutory warranty deed or trustee, personal representative 152 or guardian deed as appropriate to Seller's status. 153 (a) Title Evidence: Title evidence will show legal access to the Property and marketable title of record in Seller in 164 accordance with current title standards adopted by the Florida Bar, subject only to the following title exceptions, none of 15s which prevent Buyers intended use of the Property ag City Street : covenants, easements and 16e restrictions of record; matters of plat; existing zoning and government regulations; oil, gas and mineral rights of record if 157 there is no right of entry; current taxes; mortgages that Buyer will assume; and encumbrances that Seller will discharge at 15e or before closing. Seller will, prior to closing, deliver to Buyer Seller's choice of one of the following types of title evidence, 159 which must be generally accepted in the county where the Property is located (specify in Paragraph 5(c) the selected 160 type). Seller will use option (1) in Palm Beach County and option (2) in Miami -Dade County. 161 (1) A title insurance commitment issued by a Florida -licensed title insurer in the amount of the purchase price and 162 subject only to title exceptions set forth in this Contract. 163 (2) An existing abstract of title from a reputable and existing abstract firm (I firm is not existing, then abstract must be 164 certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to the 165 Property recorded in the public records of the county where the Property is located and certified to Effective Date. lea However if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed insurer 167 as a base for reissuance of coverage. Seller will pay for copies of all policy exceptions and an update in a format 16e acceptable to Buyer's closing agent from the policy effective date and certified to Buyer or Buyer's closing agent, 169 together with copies of all documents recited in the prior policy and in the update. If a prior policy is not available to 170 Seller then (1) above will be the title evidence. Tale evidence will be delivered no later than 10 days before Closing Date. 171 (b) Title Examination: Buyer wI examine the title evidence and deliver written notice to Seller, within 5 days from receipt 172 of title evidence but no later closing, of any defects that make the title unmarketable. Seller will have 30 days from 173* Buyer(^) ( I and Seller ge receipt of a copy of this page, which is Page 3 of 6 Pages. VA" 10/00 02000 Rorld Association of REALimS All Rights Reserved 174 receipt of Buyer's notice of defer '"Curative Period") to cure the defects at r We expense. If Seller cures the 176 defects within the Curative Period, boiler will deliver written notice to Buyer and the parties will close the transaction on 176 Closing Date or within 10 days from Buyer's receipt of Seller's notice if Closing Date has passed. If Seller is unable to 177 cure the defects within the Curative Period, Seller will deliver written notice to Buyer and Buyer will, within 10 days from 178 receipt of Seller's notice, either cancel this Contract or accept title with existing defects and close the transaction. 179 (c) Survey: Buyer may, prior to Closing Date and at Buyer's expense, have the Property surveyed and deliver written 16o notice to Seller, within 5 days from receipt of survey but no later than closing, of any encroachments on the Property, tat encroachments by the Property's Improvements on other lands or deed restriction or zoning violations. Any such 182 encroachment or violation will be treated in the same manner as a title defect and Buyer's and Seller's obligations will be 183 determined in accordance with subparagraph (b) above. If any part of the Property lies seaward of the coastal 184 construction control line, Seller will provide Buyer with an affidavit or survey as required by law delineating the line's 1e5 location on the property, unless Buyer waives this requirement in writing. 1e6 MISCELLANEOUS 137 9. EFFECTIVE DATE; TIME: The "Effective Date" of this Contract is the date on which the last of the parties initials or 1es signs the latest offer. Time is of the essence for all provisions of this Contract. All time periods expressed as days will lee be computed in business days (a "business day" is every calendar day except Saturday, Sunday and national legal 1eo holidays), except for time periods greater than 60 days, which will be computed in calendar days. If any deadline falls on a 1e1 Saturday, Sunday or national legal holiday, performance will be due the next business day. All time periods will end at 5:00 1e2 p.m. local time (meaning In the county where the Property Is located) of the appropriate day. lea 10. NOTICES: All notices will be made to the parties and Broker by mail, personal delivery or electronic media. Buyer's iw failure to deliver timely written notice to Seller, when such notice is required by this Contract, regarding any contingencies 1e5 will render that contingency null and void and the Contract will be construed as If the contingency did not exist lee 11. COMPLETE AGREEMENT: This Contract is the entire agreement between Buyer and Seller. Except for brokerage 197 agreements, no prior or present agreements will bind Buyer, Seller or Broker unless incorporated into this Contract. lee Modifications of this Contract will not be binding unless in writing, signed and delivered by the party to be bound. Signatures, lee Initials, documents referenced in this Contract, counterparts and written modifications communicated electronically or on paper zoo will be acceptable for all purposes, including delivery, and will be binding. Handwritten or typewritten terms inserted in or 201 attached to this Contract prevail over preprinted terms. If any provision of this Contract is or becomes Invalid or unenforceable, 202 all remaining provisions will continue to be fully effective. This Contract will not be recorded in any public records. 203 12. ASSIGNABILITY; PERSONS BOUND: Buyer may not assign this Contract without Seller's written consent. The terms 204 "Buyer," "Seller," and "Broker" may be singular or plural. This Contract Is binding on the heirs, administrators, executors, 205 personal representatives and assigns (if permitted) of Buyer, Seller and Broker. 206 DEFAULT AND DISPUTE RESOLUTION 207 13. DEFAULT: (a) Seller Default: If for arty reason other than failure of Seller to make Seller's tftle marketable after diligent effort, Zoe Seller fails, refuses or neglects to perform this Contract, Buyer may choose to receive a return of Buyer's deposit without 20e waiving the right to seek damages or to seek specific performance as per Paragraph 16. Seller will also be liable to Broker for 210 the full amount of the brokerage fee. (b) Buyer Default If Buyer fails to perform this Contract within the time specified, including 211 timely payment of all deposits, Seller may choose to retain and collect all deposits paid and agreed to be paid as liquidated 212 damages or to seek specific performance as per Paragraph 16; and Broker will, upon demand, receive 50% of all deposits 213 paid and agreed to be paid (to be split equally among cooperating brokers) up to the full amount of the brokerage fee. 214 14. DISPUTE RESOLUTION: This Contract will be construed under Florida law. All controversies, claims, and other matters In 215 question arising out of or relating to this transaction or this Contract or its breach will be settled as follows: 216 (a) Disputes concerning entitlement to deposits made and agreed to be made: Buyer and Seller will have 30 days from 217 the date conflicting demands are made to attempt to resolve the dispute through mediation. If that fails, Escrow Agent 218 will submit the dispute, If so required by Florida law, to Escrow Agent's choice of arbitration, a Florida court or the 21e Florida Real Estate Commission. Buyer and Seller will be bound by arry resulting settlement or order. 220 (b) All other disputes: Buyer and Seller will have 30 days from the date a dispute arises between them to attempt to 221 resolve the matter through mediation, failing which the parties will resolve the dispute through neutral binding 222 arbitration in the county where the Property is located. The arbitrator may not alter the Contract terms or award any 223 remedy not provided for in this Contract. The award will be based on the greater weight of the evidence and will 224 state findings of fact and the contractual authority on which it is based. If the parties agree to use discovery, it will 225 be in accordance with the Florida Rules of Civil Procedure and the arbitrator will resolve all discovery -related 226 disputes. Any disputes with a real estate licenses named in Paragraph 17 will be submitted to arbitration only if the 2r7 licensee's broker consents in writing to become a party to the proceeding. This clause will survive closing. 228 (c) Mediation and Arbitration; Expenses: "Mediation" Is a process in which parties attempt to resolve a dispute by 229 submitting it to an impartial mediator who facilitates the resolution of the dispute but who Is not empowered to impose a 230 settlement on the parties. Mediation will be in accordance with the rules of the American Arbitration Association ("AAA's 231 or other mediator agreed on by the parties. The parties will equally divide the mediation fee, if any. "Arbitration" is a 232 process in which the parties resolve a dispute by a hearing before a neutral person who decides the matter and whose 233 decision Is binding on the ariies. Arbitration will be in accordance with the rules of the AAA or other arbitrator agreed z34 on by the parties. Each pa any arbitration will pay its own fees, costs and expenses, including attorneys' fees, and x 5 Buyer( (� and Seller adv%Medge receipt of a copy of this page, which s Page 4 of 6 Pages. VAC-6 10/00 02000 Ron ciation of Rani'rorls® All Rights Reserved 2" will equally split the arbitrators' ' and administrative fees of arbitration. In a '1 action to enforce an arbitration 237 award, the prevailing party to the arbitration shall be entitled to recover from me nonprevailing parry reasonable 238 attorneys' fees, costs and expenses. me ESCROW AGENT AND BROKER 240 15. ESCROW AGENT: Buyer and Seiler authorize Escrow Agent to receive, deposit and hold funds and other items in 241 escrow and, subject to clearance, disburse them upon proper authorization and In accordance with the terms of this 242 Contract, including disbursing brokerage fees. The parties agree that Escrow Agent will not be liable to any person for 243 misdelivery of escrowed items to Buyer or Seller, unless the misdelivery is due to Escrow Agent's willful breach of this 244 Contract or gross negligence. If Escrow Agent interpleads the subject matter of the escrow, Escrow Agent will pay the 245 filing fees and costs from the deposit and will recover reasonable attorneys' fees and costs to be paid from the 246 escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. All claims 247 against Escrow Agent will be arbitrated, so long as Escrow Agent consents to arbitrate. 24a 16. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verify all facts and representations 249 that are important to them and to consult an appropriate professional for legal advice (for example, interpreting contracts, 2w determining the effect of laws on the Property and transaction, status of title, foreign investor reporting requirements, etc.) 251 and for tax, property condition, environmental and other specialized advice. Buyer acknowledges that Broker does not 252 reside in the Property and that all representations (oral, written or otherwise) by Broker are based on Seller 2m representations or public records unless Broker Indicates personal verification of the representation. Buyer agrees to rely 254 solely on Seller, professional inspectors and governmental agencies for verification of the Property condition and facts 255 that materially affect Property value. Buyer and Seller respectively will pay all costs and expenses, including reasonable 256 attorneys' fees at all levels, incurred by Broker and Broker's officers, directors, agents and employees in connection with 257 or arising from Buyer's or Seller's misstatement or failure to perform contractual obligations. Buyer and Seller hold 2% harmless and release Broker and Broker's officers, directors, agents and employees from all liability for loss or damage 259 based on (1) Buyer's or Seller's misstatement or failure to perform contractual obligations; (2) Broker's performance, at 280 Buyer's and/or Seller's request, of any task beyond the scope of services regulated by Chapter 475, F.S., as amended, 2si including Broker's referral, recommendation or retention of any vendor; (3) products or services provided by any vendor; 2s2 and (4) expenses incurred by any vendor. Buyer and Seller each assume full responsibility for selecting and 253 compensating their respective vendors. This paragraph will not relieve Broker of statutory obligations. For purposes of this 264 paragraph, Broker will be treated as a parry to this Contract. This paragraph will survive closing. 2s5 17. BROKERS: The licensee(s) and brokerage(s) named below are collectively referred to as "Broker." Seller and Buyer 28s acknowledge that the brokerage(s) reamed below are the procuring cause of this transaction. Instruction to Closing Agent: 267 Seller and Buyer direct closing agent to disburse at closing the full amount of the brokerage fees as specified in separate 2ss brokerage agreements with the parties and cooperative agreements between the brokers, unless Broker has retained such 269 fees from the escrowed funds. In the absence of such brokerage agreements, closing agent will disburse brokerage fees 27o as indicated below. 271' 272 RealEstate Licensee Real Estate t.k�see 27T 274• Broker/ Brokerage fee: ($or %of Prechase Prix) Broker/ Brokerage fee: ($ or % o1 Purchase Prke) 275• 276 ADDITIONAL TERMS 27r 18. ADDITIONAL TERMS: 278• 279• 28W 281• 282• 29T 284• 285• 288• 29r 298• 289' M. 291• 292• M. 294• z9s• Buyer(_)"and Seller �adalawledgo receipt of a copy of this page, which is Page 5 of 6 Pages VAC-6 10/00 02000 Florid ssocletlon of REPLTORB® All Rights Reserved 2W 297' 2ae' M. 330• 301• 302' 30T 374• 305• 306• 307' 308' 3oe• 31W 311• 312' 317 314' 315• $16' 317' 31W 31V 320• 321' 322 This is intended to be a legally binding contract. If not fully understood, seek the advice of an attorney prior to signing. 323 OFFER AND ACCEPTANCE 32a• (Check if applicable: ❑ Buyer received a written real property disclosure statement from Seller before making this Offer.) m5 Buyer offers to purchase the Proper n the abov terms and conditions. Unless this Contract is signed by Seller and a 326• copy delivered to Buyer no later th :00 OE�� ay. September 20 , 2002 this offer will be 327 revoked and Buyer's deposit refund d subje cleare 32r Date: D O'2-- Bu er: Tax ID/SSN: 329• Print —Fe 330• Date: Buyer: Tax ID/SSN: 331• Print name: 33z' Phone: Address: / 333r Fax: dA' / / 334• Date: Seller: �/'/p�'\I ����_ Tax ID/SSN: 3W Print narn 336' Date: Seller: 1h Tax ID/SSN: 33r Print name: 336' Phone: Address: Sw Fax: Sao' ❑ Seller counters Buyer's offer (to accept the counter offer, Buyer must sign or initial the counter offered terms and deliver a 341' copy of the acceptance to Seller by 5:00 p.m. on , .❑ Seller rejects Buyer's offer. 342' I Effective Date: (The date on which the last party signed or initialed acceptance of the final offer.) 343' Buyer (_) ( I and Seller (L_J acknowledge receipt of a copy of this page, which is Page 6 of 6 Pages. The Florida Association of Rnirau and local 6oanl/Associallon of Rawwna make no representation as to the legal validity aadequacy of any provision of this form in any specific transaction This standardized form should net be used In complex transactions"Writ extensive riders oraddltions. This to= Is av2tlabie for use by the entim real estate Industry and is net intended to identify the user as a RFnI.*oa. P�Toe Is a registered collective membership mark that may be used only by real estate licensees who am members of the National AssoclAw of Ra Toas and who subscribe to Its Code of Ethics. The comighllaws of the Uhited Sues (17 U.S. Cade) forbid rraurraulhoNed mpo0lction of borJaDrms by any rnears hdKN foostnle amnputerized form VAC-6 10/00 02000 Rodda Assoc' hon of REALToRS® All Rights Resery ADDENDUM TO CONTRACT FOR SALE AND PURCHASE Between and concerning the property described as: Caot'n Butcher. Inc. Citv of Sebastian See Attachment A Buyer and Seller make the following terms and conditions part of the Contract: Seller(s) Buyer(s) This Contract is contingent upon the Buyer and Seller entering into a mutually agreed upon Developer's Agreement to build Jackson Street from North Central to Indian River Drive. The Developer shall have the right to use the square footage of the road right-of-way and parking in all calculations pertaining to the development of Capt'n Butchers in present or future development. The Buyer agrees to execute the necessary paperwork for the Income Tax Credit. Date: Buyer(s): v Date: Seller(s): �` Attachment A LEGAL DESCRIPTION Commencing at the intersection of the North line of Lot 3, Estate of August Park, according to the Plat recorded in Plot Book 1, page 19, St. Lucie County Records and the East right of way of Central Avenue, run South 22002'30" East, along said East right of way, 58.31 feet to the Point of Beginning of a 80 feet wide right of way of Jackson.Street. From the Point of Beginning run North 64"24'46" East, 34.92 feet; thence South 89°20'52" East, 390.87 feet; thence North 63016'00" East, 77.57 feet to the West right of way of Indian River Drive, thence South 26044'00" East, along said West right of way, 80.00 feet; thence South 63016'00" West, 97.06 feet; thence North 89020'52" West; 391.72 feet; thence South 64024'46" West, 21.23 feet to the aforementioned East right of way of Central Avenue; thence North 22002'30" West, along said right of way, 80.15 feet to the Point of Beginning. All the above situate in Indian River County, Florida and containing 0.93 acres, more or less.