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HomeMy WebLinkAbout2002 Capt'n Butcher, Inc.Return lo:,;- rx!gse r -'f- addressed stamped envelope) /0. S D Name: Professional Title 1 13G . /o 1546 N.U.S. #1 Address: Sebastian, Florida 32958 _AM m .p 'F This Instrument Pre `red "by: w Professional Title Address: 1546 N.U.S. #1 Sebastian, Florida 32958 Property Appraisers Parcel Identification (Folio) Number(s): Granteel� WARRANTY DEED FROM CORPORATION RAMCO FORM 33 OF JEFFREY K. BARTON CLERK CLERK CIRCUIT COURT INDIAN RIVER CO., FLA. 1 S.S. #Isl: I iroURVEAMM SPACE ABOVE THIS LINE FOR PROCESSING DATA SPACE ABOVE THIS LINE FOR RECORDING DATA P -31376 00 r 4 UrrUnfiLI Jh9b Made and executed the aW t day of (9&_44b A.D. M by Capt'n Butcher, Inc. a torpor tion existing under the law ,-,of Florida and having its principal place of business at 0 4 f 7 O/ 0 41, �, ,�. .%.� g'I 9- hereinafter called the grantor, to City of Sebastian �i y whose post office address is r�r\ ,7%f �•� v�J�y�' � ,P hereinafter called the grantee: (Wherever used herein the terms "grantor" and "grantee" include all the parties to this instrument and the helm, legal representatives, and assigns of individuals, and the successors and assigns of corporations.) Ififil f,0004: That the said grantor, for and in consideration of the sum of $ 10.00 and other valuable considerations, receipt whereof is hereby acknowledged, by these presents does grant, bargain, sell, alien, remise, release, convey and confirm, unto the grantee all that certain land situate in Indian River County, State of Florida , viz: "-'-See Attachment "A" Subject to all valid restrictions, reservations, easements and zoning of record. Uloge#flCr, with all the tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. CUID BM IC Mltlb tit B01b, the same in fee simple forever. AUb the grantor hereby covenants with said grantee that it is lawfully seized of said land in fee simple; that it has good right and lawful authority to sell and convey said land; that it hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons whomsoever; and that said land is free of all encumbrances. A7T'DST. 31xt Witness WIllereof the said grantor has caused these (CORPORATE SEAL) presents to be executed in its name, and its corporate seal to be hereunto affixed, by its proper offcers thereunto duly authorized, the day and year first above written. the presence of: Cynthia M. c 10IIk/ C. Cam Harold Adams Printed Name — STATE OF'`��� F COUNTY OF,�`j I IIEREBY CERTIFY that on this day, before me, an officer duly authorized in the State aforesaid and in the County aforesaid to take acknowledgments, personally appeared Harold Adams well known to me known to be the Capt'n Butcher, Inc. President and respectively of and that they severally acknowledged executing the same in the presence of authority duly vested in them by said corporation and that the seal ofAd WITNESS my hand and official seal in the County and State last afor s dt r °�� CYNTHIA M. RICH N Public State of Florida UAR �IysNATURK *p Note�r • P d 60,E My Cvir i1 ssiofl Up. May 17,200 F' N'1'EU NU'I'AK1' SI( �p'�"" GQRi111135JOr1 i +�+� M; Corn uission E j. Ares: a covfxwation, g witnesses freely and voluntarily under true torpor", s 1 p�f said corporation. irk �GtF/L A.D. N Attachment A LEGAL. DESCRIPTION Commencing at the intersection of the North line of Lot 3, EStnLJoe AuguSf Pork, according to the Plat recorded in Plat trnlo�4venue,eru� South 22 °02'30" Records and the East right of way of Central East, along said East right of way, 58.31 feet to the Point of Beginning of a Ing 80 feet wide right of way of Jackson Street. sp rth 89"20'52" Point of Beg nn run North 64 °24'46" East, 34.82 feet; thence feet; thence North 63 °16'00' East, 77.57 feet to t'enWsa drlWe of �gh� 01. Indian River Drive, thence u1'h 63 bb4p0�OWes °t't97 �� feet: thence North way, 80.00 feet; thence lo 89 020`52" West; 381.72 feet; thence South bent a4 A'venuet thence North The aforementioned East right of way of C la feet t the Point of 22002'30' West, along said right of way, 80 o Beginning, All the above situate in Indian River County, Florida and containing 0,93 acres, more or less. 4...i ..o U1 t i ISSUED BY COMMONWEALTH LAND TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE Commonwealth A LANDAMERICA COMPANY COMMONWEALTH LAND TITLE INSURANCE COMPANY, a Pennsylvania corporation, herein called the company, for a valuable consideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges therefor; all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof. This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Commitment or by subsequent endorsement. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate 180 days after the effective date hereof or when the policy or policies committed for shall be issued, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the company. In Witness Whereof, the said Company has caused its Corporate Name and Seal to be hereunto affixed; this instrument, including Commitment, Conditions and Stipulations attached, to become valid when countersigned on Schedule A by an Authorized Officer or Agent of the Company. Attest: (✓ 1 / Secretary runenoan Lanu r rrre Mssucrauun UUMMurnern - r yDD Face Page Form 1004 -217B COMMONWEALTH LAND TITLE INSURANCE COMPANY �P�p T IT(F Sys qWPresident ORIGINAL Valid only if Schedules A and B and Cover are attached Commitment No.: 06157 File Number: P -31376 1. Policy or Policies to be issued: OWNER'S: Proposed Insured: City of Sebastian LOAN: Proposed Insured: Commitment For Title Insurance SCHEDULE A Effective Date: 10/07/02 at 8:00 AM $ 162,204.00 2. The estate or interest in the land described or referred to in this Commitment and covered herein is a fee simple, and title thereto is at the effective date hereof vested in: CaptIn Butcher, Inc. 3. The land referred to in this Commitment is described as follows: %"-'-See Attachment "A" Professional Title 1546 N.U.S. #1 Sebastian, Florida 32958 Countersigned: ALTA Commitment - 1966 Schedule A Form 1004 -118 i Officer o)fAgent Valid Only If Face Page, Schedule B and Cover Are Attached ORIGINAL SCHEDULE B -SECTION 1 Commitment No.: 06157 File No.: P -31376 The following are requirements to be complied with: 1. Payment of the full consideration to or for the account of the grantors or mortgagors. 2. Payment of all taxes, charges, assessments, levied and assessed against subject premises, which are due and payable. 3. Instrument(s) creating the estate or interest to be insured must be approved, executed and filed for record: a. Execute Owner's Affidavit. b. Secure and record warranty deed from owners to proposed insured. ALTA Commitment — 1966 Schedule B- Section 1 Form 1004 -119 ORIGINAL Commitment No.: 06157 File No.: P -31376 SCHEDULE B- SECTION II EXCEPTIONS Schedule B of policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company: 1. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this commitment. 2. Rights or claims of parties in possession not shown by the public records. 3. Easements or claims of easements not shown by the public records. 4. Encroachments, overlaps, boundary line disputes, and any other matters which would be disclosed by an accurate survey or inspection of the premises. 5. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 6. Any claim that any part of said land is owned by the State of Florida by right of sovereignty, and riparian rights, if any. 7. Taxes for the year 2002 and taxes or special assessments which are not shown as existing liens by the public records or which may be levied or assessed subsequent to the date hereof. 8. Personal property is neither guaranteed nor insured. 9. This policy does not insure against county and /or municipal improvment liens which are not recorded in the Official Records of subject county. 10. Assessments and /or improvement liens, pending and certified. 11. Any lien provided by chapter 159, Florida Statutes, in favor of any city, town, village, or port authority for unpaid service charges for service by water, sewer or gas system supplying the insured land. CONTINUED . . . ALTA Commitment - 1966 Schedule B - Part II ORIGINAL Form 1004 -120 (Rev. 7 -93) CONTINUATION File No. P -31376 Policy No. 12. Encroachments, overlaps, boundary line disputes, and any other matters which would be disclosed by an accurate survey or inspection of the premises. 13. Reservations for water from artesian well as reserved in Deed Book 61, Page 339 (as to Parcel 3), Public Records of Indian River County, Florida. 14. Easement reserved over the North 20 feet as reserved in Warranty Deed recorded in Deed Book 37, Page 197 (as to Parcel 2), Public Records of Indian River County, Florida. 15. Bulkhead line for the Indian River as recorded in Plat Book 5, Page 28, Public Records of Indian River County, Florida. 16. Sovereignty Submerged Lands Lease as recorded in OR Book 1087, Page 1000 and Renewal as recorded in OR Book 1353, Page 2443, Public Records of Indian River County, Florida. 17. Any claim that any part of said land is owned by the State of Florida by right of sovereignty and riparian rights, if any. 18. Any and all rights of the United States of America over any lands now or formerly lying under navigable waters, arising by reason of the authority of the United States of America to control navigable waters in the interest of navigation and commerce, and any conditions contained in any permit authorizing the filling in of such areas. 19. Title to no portion of the insured land below the mean high water line (mark) of any navigable waterbody is insured. 20. The right, title or interest, if any, of the Public to use any part of the land seaward and /or lakeward of the most inland of any of the following: a) the natural line of vegetation; b) the most extreme highwater line; c) the bulkhead line; and d) any other line which has been legally established as relating to such public use. 21. Assignment of Rents as recorded in OR Book 1408, Page 1593, Public Records of Indian River County, Florida. Form 2001 (Continuation - 3 Part) ORIGINAL. Attachment A LEGAL DE5CRIPTION Commencing at the intersection of the North line of Lot 3, Estcite of August Park, according to the Plat recorded in Plat a� Avenue, page 19, South 22 °02'?0" Records and the East right of way of Cen t 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 20' Point of e- g90!8g run North 64 024'46' East, 34,92 feet; thence Sout h 89 feet; thence North 63016'00' East, 77.57 feet to he West dright r right of Indian River Drive, thence South 26 044'00' East, g way, 80.00 feet; thence South 63 016'00' West, 466 thence r 89 020'52" West: 391,72 feet; thence South b 24 feet.- eet to the aforementioned East right of way of Central Avenue,- ue,- he ce North th 2202'30' West, along said right of way, 80.15 fee of Beginning, All the above situate in Indian River County, Florida and containing 0,93 acres, more or less. ISSUED BY COMMONWEALTH LAND TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE ip Commonwealth A LANDAMERICA COMPANY CONDITIONS AND STIPULATIONS 1. The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument. If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions, the Conditions and Stipulations, and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. American Land Title Association Commitment - 1966 Cover Page Form 1004 -121 ORIGINAL i PROFESSIONAL TITLE OF INDIAN RIVER, INC;. 1546 N. U.S. 1 • SEBASTIAN, FLORIDA 32958 ( 561 ) 589 -3232 .(561 ) 589 -3231 FAX ( 5611 )589 -3233 12/02/02 City of Sebastian 1225 Main St. Sebastian,F.L. 32958 Re: Purchase of Metes and Bounds, Indian River County Our file No. 11-31376 Dear Customer: I- nclosed please find .the. fo.11.o,wing items regarding the above - described property- purchase: I. Original recorded Warranty Deed ( X ) 2. Owner's Title Insurance Policy ( X ) 3. Copy of recorded Mortgage ( ) Please note that the insurance policy is for the present purchase price. If you increase the value of your property by construction, you must endorse the title policy to reflect the total value of the home. Be advised that if upon construction you neglect to 'insure the property for the value of the constructinn, you will only be reimbursed the dollar amount of this policy and not your total investment, in the event of a title loss. i f .upon cons Lructi on you bring in the enclosed policy, we will be able to give you a discount on your future endorsements or transactions. Please keep this recorded deed and title policy in a safe place along with your other valuable documents. It has been a pleasure being of service to you and we look forward to being able to meet your future title needs. erely, Jessica Rich ISSUED BY COMMONWEALTH LAND TITLE INSURANCE COMPANY OWNER'S POLICY OF TITLE INSURANCE Commonwealth POLICY NUMBER A LANDAMERICA COMPANY A 0 2- 0 0 9 � 1 12 SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, COMMONWEALTH LAND TITLE INSURANCE COMPANY, a Pennsylvania corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: I. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. IN WITNESS WHEREOF, COMMONWEALTH LAND TITLE INSURANCE COMPANY has caused its corporate name and seal to be hereunto affixed by its duly authorized officers, the Policy to become valid when countersigned by an authorized officer or agent of the Company. COMMONWEALTH LAND TITLE INSURANCE COMPANY By: Attest: ////✓ 1 Secretary President qW EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: I . (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improve- ment now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the affect of any violation of these laws, ordinances or governmental regula- tions, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the Insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: (a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or (b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure: (i) to timely record the instrument of transfer; or (ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. ALTA Owner's Policy (10/17/92) Face Page with Florida Modifications Form 1190 -21 A ORIGINAL Valid only if Schedules A and B and Cover are attached Issued with Policy No. SCHEDULE A Policy No. A02- 0097712 Effective Date: November 4, 2002 @ 4:16 p.m. File Number P -31376 Amount of Insurance: $ 162 9 204.00 1. Name of Insured: City of Sebastian 2. The estate or interest in the land described herein and which is covered by this policy is a fee simple (if other, specify same) and is at the effective date hereof vested in the named insured as shown by instrument recorded in Official Records Book 1534 , Page 2411 of the Public Records of Indian River County, Florida. 3. The land referred to in this policy is described as follows: -'-See Attachment "A" N Countersigned: Authorized Officer or Agent ALTA Owner's Policy Schedule A Form 1190 -47 ORIGINAL SCHEDULE B File No.: P -31376 Policy No.: A02- 0097712 This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: 1. Taxes for the year 2002 and taxes or assessments which are not shown as existing liens by the public records or which may be levied or assessed subsequent to the date hereof. Z Rights or claims of parties in possession not shown by the public records. 3. Encroachments, overlaps, boundary line disputes, and any other matters which would be disclosed by an accurate survey or inspection of the premises. 4. Easements or claims of easements not shown by the public records. 5. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 6. Any claim that any part of said land is owned by the State of Florida by right of sovereignty, and riparian rights, if any. 7. Personal property is neither guaranteed nor insured. S• This policy does not insure against county and /or municipal improvment liens which are not recorded in the Official Records of subject county. 9• Assessments and /or improvement liens, pending and certified. 10. Any lien provided by chapter 159, Florida Statutes, in favor of any city, tom, village, or port authority for unpaid service charges for service by water, sewer or gas system supplying the insured land. CONTINUED . . . Schedule B of this Policy consists of Pages ALTA Owner's Policy - L/H Owner's Schedule B Form 1190 -36 ORIGINAL CONTINUATION File No. P -31376 Policy No.A02- 0097712 11. Encroachments, overlaps, boundary line disputes, and any other matters which would be disclosed by an accurate survey or inspection of the premises. 12. Reservations for water from artesian well as reserved in Deed Book 61, Page 339 (as to Parcel 3), Public Records of Indian River County, Florida. 13. Easement reserved over the North 20 feet as reserved in Warranty Deed recorded in Deed Book 37, Page 197 (as to Parcel 2), Public Records of Indian River County, Florida. 14. Bulkhead line for the Indian River as recorded in Plat Book 5, Page 28, Public Records of Indian River County, Florida. 15. Sovereignty Submerged Lands Lease as recorded in OR Book 1087, Page 1000 and Renewal as recorded in OR Book 1353, Page 2443, Public Records of Indian River County, Florida. 16. Any claim that any part of said land is owned by the State of Florida by right of sovereignty and riparian rights, if any. 17• Any and all rights of the United States of America over any lands now or formerly lying under navigable waters, arising by reason of the authority of the United States of America to control navigable waters in the interest of navigation and commerce, and any conditions contained in any permit authorizing the filling in of such areas. 18. Title to no portion of the insured land below the mean high water line (mark) of any navigable waterbody is insured. 19. The right, title or interest, if any, of the Public to use any part of the land seaward and /or lakeward of the most inland of any of the following: a) the natural line of vegetation; b) the most extreme highwater line; c) the bulkhead line; and d) any other line which has been legally established as relating to such public use. 20. Assignment of Rents as recorded in OR Book 1408, Page 1593, Public Records of Indian River County, Florida. 21. Items 2 and 5 are hereby deleted. Form 2001 (Continuation - 3 Part) ®REiaENAE. Attachment A LEGAL DE5CRIPTTON uSf Commencing at the intersection of the North line of Lot 3, Estete of County Park, according to the Plat recorded in Plat Book 1, page 19, , Lucie Records and the East right of way of Central Avenue, Point South inning2 f0 East, along said East right of way, 5831 feet to the 9 80 feet wide right of way of Jackson Street. From the Point of Beg nnin9 run North 64 024'46 East, 34,92 feet: thence 5outh 89 020'52" East, 390.87 way O'l feet; thence North 63 016'00' East, 77.57 feet to he West drlWe t r ght of Indian River Drive, thence South b� 664��0�� °�t�705 feet: thence North way, 80.00 feet: thence South 89 1120'52" West; 391.72 feet: thence Sou th 64 Alt hencefNorth The aforementioned East right of way of Central venue 22 °02'30" West, along said right of way, 84.15 feet to the Point Of Beginning. All the above situate in Indian River County, Florida and containing 0,93 acres, more or less. CONDITIONS AND STIPULATIONS 7. DETERMINATION AND EXTENT OF LIABILITY. (Continued) The Company shall be subrogated to and be entitled to all rights and This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A; or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. 8. APPORTIONMENT. If the land described in Schedule A consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of the parcels but not all, the loss shall be computed and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. LIMITATION OF LIABILITY. (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title as insured. (c) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY. All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. LIABILITY NONCUMULATIVE. It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. 12. PAYMENT OF LOSS. (a) No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. (b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT. (a) The Company's Right of Subrogation Whenever the Company shall have settled and paid a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. ALTA Owner's Policy (10- 17 -92) Cover Page with Florida Modifications Form 1190 -22 remedies which the insured claimant would have had against any person or property in respect to the claim had this policy not been issued. If requested by the Company, the insured claimant shall transfer to the Company all rights and remedies against any person or property neces- sary in order to perfect this right of subrogation. The insured claimant shall Dermit the Comnanv to sue, . comnmmise nr settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated to these rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impairment by the insured claimant of the Company's right of subrogation. (b) The Company's Rights Against Non - insured Obligors. The Company's right of subrogation against non - insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance or bonds, notwith- standing any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy. 14. ARBITRATION. Unless prohibited by applicable law, arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association may be demanded if agreed to by both the Company and the insured. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, any service of the Company in connection with its issuance or the breach of a policy provision or other obligation. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which the land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT. (a) This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate or interest covered hereby or by any action asserting such claim, shall be restricted to this policy. (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 16. SEVERABILITY. In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 17. NOTICES WHERE SENT. All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to: Consumer Affairs Department, P.O. Box 27567, Richmond, Virginia 23261 -7567. Inquires regarding policy coverage and assistance in resolving complaints, should be directed to the Company at (407) 481 -8181. Claims must be reported in accordance with Conditions and Stipulations. Valid only if Face Page and Schedules A and B are attached ORIGINAL Issued from the office of: PROFESSIONAL TITLE OF INDIAN RIVER, INC. 1546 North U. S. Highway 1 Sebastian, FL 32958 Phone: (561) 589 -3231 OWNER'S POLICY OF TITLE INSURANCE AMERICAN LAND TITLE ASSOCIATION (10/17/92) (WITH FLORIDA MODIFICATIONS) ISSUED BY COMMONWEALTH LAND TITLE INSURANCE COMPANY \\r/////7 Commonwealth A LANDAMERICA COMPANY Title Insurance Since 1876 Homr Orrice: 101 Gateway Centre Parkway, Gateway One Richmond, Virginia 23235 -5153 B 1190 -22 A WORD OF THANKS..... As we make your policy a part of our permanent records, we want to express our appreciation of this evidence of your faith in Commonwealth Land Title Insurance Company. There is no recurring premium. This policy provides valuable title protection and we suggest you keep it in a safe place where it will be readily available for future reference. If you have any questions about the protection provided by this policy, contact the office that issued your policy or you may write to: Consumer Affairs Department Commonwealth Land Title Insurance Company P.O. Box 27567 Richmond, Virginia 23261 -7567 TOLL FREE NUMBER: 1- 800 - 446 -7086 C1"JI S CLOSING STATERENOT AL. BTE lr!�_p PROFESSIONAL TITLE OF INDIAN RIVER, INC. 1546 N. U.S. 1, SEBASTIAN, FLORIDA 32956 PHONE: ( 561 )589-3231 SELLER: CC_aat'n Butcher, Inc. FILE #: P- 31376 PURCHASER: City of Sebastian PRORATION DATE: — LEGAL DESCRIPTION: BROKER: Realty. King Metes and bounds, Indian River County. Charges for water, gas, electricity, taxes, etc. on personal property are not adjusted. This company assumes no liability for any of these Items. The undorsigned hereby acknowledge that the funds collected at this settlement may be held in an interest- bearing account with the interest accruing and taxable to Professional Title, to offset escrow accounting costs. $ $ -0- 162,214.50 $ $ Purchase Price Recording and Update fees Title Insurance Slate Documentary Stamps Hazard Insurance Membership Fee Maintenance Fee Mobile Home Fee Amortization Schedule Deposit Held by Mortgage to Seller Real Estate Tax Proration From to (Based upon a yearly estimate of $ /year. If different from actual tax bill, purchaser and seller agree to adjust same.) TOTAL CREDITS BALANCE DUE FROM PURCHASER (Cashier's or Bank - Issued Check made payable to Professional Title of Indian Riv Nnc.) I hJve read- ad-Closi _ to emerat and hereby approve same. r ity o ebastian JDC 6/20/93 EXPENSES $ 162,204.00 $ 10.50 $ $ $ 162,214.5D TOTAL EXPENSES CREDITS -0- 162,214.50 $ $ Purchase Price Recording and Update fees Title Insurance Slate Documentary Stamps Hazard Insurance Membership Fee Maintenance Fee Mobile Home Fee Amortization Schedule Deposit Held by Mortgage to Seller Real Estate Tax Proration From to (Based upon a yearly estimate of $ /year. If different from actual tax bill, purchaser and seller agree to adjust same.) TOTAL CREDITS BALANCE DUE FROM PURCHASER (Cashier's or Bank - Issued Check made payable to Professional Title of Indian Riv Nnc.) I hJve read- ad-Closi _ to emerat and hereby approve same. r ity o ebastian JDC 6/20/93 PROFESSIONAL TITLE OF INDIAN RIVER, INC. 1546 N. U.S. Hwy. #1 • SEBASTIAN, FLORIDA 32958 772 - 589 -3232 • 772- 589 -3231 • FAX: 772 - 589 -3233 FAX DATE: (0 Fax #: TO- FROM - REGARDING: # OF PAGES:_ (Including Cover) MESSAGE: Vacant Land Contract 1co FLORIDA ASSOCIATION OF REALTORSO Py 1 PARTIES AND DESCRIPTION OF PROPERTY z* 1. SALE AND PURCHASE: Capt'n Butcher, Inc. ( "Seller ") 3* and City of Sebastian ( "Buyer ") 4 agree to sell and buy on the terms and conditions specified below the property (`Property ") described as: s* Address: 6* Legal Description: 7* See Attachment A s* s* 10* 11* 12* including all improvements and the following additional property: IT 14* 15 PRICE AND FINANCING 16* 2. PURCHASE PRICE: $ 162,204.00 payable by Buyer in U.S. funds as follows: 17* (a) $ Deposit received (checks are subject to clearance) by 18* for ( "Escrow Agent ") 19 signature Name of Company 20* (b) $ Additional deposit to be made by or days from 21 Effective Date. 22° (c) Total Financing (see Paragraph 3 below) (express as a dollar amount or percentage) (d) $ Other: 24* (e) $ 162.204.00 Balance to close (not including Buyer's closing costs, prepaid items and proration). All funds 25 paid at closing must be paid by locally drawn cashier's check, official check or wired funds. 2s* (f) (complete only if purchase price will be determined based on a per unit cost instead of a fixed price) The unit Zr used to determine the purchase price is 0 lot 0 acre ❑ square foot n other (specify: 28* prorating areas of less than a full unit. The purchase price will be $ per unit based on a calculation of 29 total area of the Property as certified to Buyer and Seller by a Florida- licensed surveyor in accordance with Paragraph 3* 8(c) of this Contract. The following rights of way and other areas will be excluded from the calculation: 31* 32* 3. GASH /FINANCING: (Check as applicable) 0 (a) Buyer will pay cash for the Property with no financing contingency. 33* 0 (b) This Contract is contingent on Buyer qualifying and obtaining the commitment(s) or approval(s) specified below (the 34* "Financing ") 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) 36 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 39 Seller, and Buyer's deposit(s) will be returned after Escrow Agent receives proper authorization from all interested parties. 40 Buyer will pay all loan expenses, including the lender's title insurance policy. 41* n (1) New Financing: Buyer will secure a commitment for new third party financing for $ or 42* % 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. 45* 0 (2) Seller Financing: Buyer will execute a [] first n second purchase money note and mortgage to Seller in the 4s* amount of $ , bearing annual interest at % and payable as follows: 47* 48 The mortgage, note, and any security agreement will be in a form acceptable to Seller and will follow forms generally 49 accepted in the county ' h e �O=EALTCRs@ rty is located; will provide for a late payment fee and acceleration at the 5* Buyer () (_) and Seller ledge receipt of a copy of this page, which is Page 1 of 6 Pages. VAG6 10/00 02000 Rorid ssociation All Rights Reserved® m 51 mortgagee's option if Buyer defaults; will give Buyer the right to prepay without penalty all or part of the principal at any 52 time(s) with interest only to date of payment; will be due on conveyance or sale; will provide for release of contiguous 53 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 56 not Seller will make the loan. 57' ❑ (3) Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to 58' 59f' LN# in the approximate amount of $ currently payable at 60' $ per month including principal, interest, ❑ taxes and insurance and having a ❑ fixed ❑ other 61' (describe) 6T 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 64• account dollar for dollar. If the lender disapproves Buyer, or the interest rate upon transfer exceeds % or the 65' assumption /transfer fee exceeds $ , either party may elect to pay the excess, failing which this 66 agreement will terminate and Buyer's deposit(s) will be returned. 67 CLOSING 68 4. CLOSING DATE; OCCUPANCY: This Contract will be closed and the deed and possession delivered on or before w October 24 , 2002 , unless extended by other provisions of this Contract. If on Closing Date insurance 7o 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 deed, dosing agent will disburse at closing the net sale proceeds to Seller 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: Seller will pay taxes on the deed and recording fees for documents needed to cure title; certified, 76' confirmed and ratified special assessment liens; title evidence (if applicable under Paragraph 8); Other: 77• 78 (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 80' issue rate; inspections; survey and sketch; insurance; Other: 81 (c) Title Evidence and Insurance: Check (1) or (2): W ® (1) Seller will provide a Paragraph 8(a)(1) owner's title insurance commitment as title evidence. ® Seller ❑ Buyer ar will select the title agent. ® Seller ❑ Buyer will pay for the owner's title policy, search, examination and related 84 charges. Each party will pay its own closing fees. 85• ❑ (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 87 search fees, and Buyer will pay fees for title searches after closing (if any), title examination fees and closing fees. 88 (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 90 the current year cannot be determined, the previous year's rates will be used with adjustment for any exemptions. 91 (e) 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 96 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. 98 (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 106 Period "), determine whether the Property is suitable, in Buyer's sole and absolute discretion, for 107' Citv Street use. During the Feasibility Study Period, Buyer may conduct a Phase I environmental 108 assessment and any other tests, analyses, surveys and investigations ( "Inspections ") that Buyer deems necessary to 109 determine to Buyer's pfaon e Property's engineering, architectural and environmental properties; zoning and 11o• Buyer% U and Seller acknowledge receipt of a copy of this page, which is Page 2 of 6 Pages. VA" 10/00 ®2000 Flori REALTORS® All Rights Reserved 111 zoning restrictions; subdivision statutes; soil and grade; availability of access to public roads, water, and other 112 utilities; consistency with local, state 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 118 Study Period for the purpose of conducting Inspections; provided, however, that Buyer, its agents, contractors and 119 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 126 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 128 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. 133" ❑ (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 136 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. 138 (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, 146 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. Either 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. 150 TITLE 151 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 154 accordance with current title standards adopted by the Florida Bar, subject only to the following title exceptions, none of 155• which prevent Buyer's intended use of the Property as City Street : covenants, easements and 156 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 158 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 (if 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. 166 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 168 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. Title evidence will be delivered no later than 10 days before Closing Date. 171 (b) Title Examination: Buyer w' I examine the title evidence and deliver written notice to Seller, within 5 days from receipt 172 of title evidence but no later h closing, of any defects that make the title unmarketable. Seller will have 30 days from 173" Buyer (_ _J "and Seller owledge receipt of a copy of this page, which is Page 3 of 6 Pages, VAG6 10 /00 02000 Rorid Association of REALTORS® All Rights Reserved V4 receipt of Buyer's notice of defects ( "Curative Period ") to cure the defects at Seller's expense. If Seller cures the 175 defects within the Curative Period, Seller 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 1T7' 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 18o notice to Seller, within 5 days from receipt of survey but no later than closing, of any encroachments on the Property, 181 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 185 location on the property, unless Buyer waives this requirement in writing. 186 MISCELLANEOUS 187 9. EFFECTIVE DATE; TIME: The "Effective Date" of this Contract is the date on which the last of the parties initials or 188 signs the latest offer. Time is of the essence for all provisions of this Contract. All time periods expressed as days will 189 be computed in business days (a "business day" is every calendar day except Saturday, Sunday and national legal 190 holidays), except for time periods greater than 60 days, which will be computed in calendar days. If any deadline falls on a 191 Saturday, Sunday or national legal holiday, performance will be due the next business day. All time periods will end at 5:00 192 p.m. local time (meaning in the county where the Property is located) of the appropriate day. 193 10. NOTICES: All notices will be made to the parties and Broker by mail, personal delivery or electronic media. Buyer's 194 failure to deliver timely written notice to Seller, when such notice is required by this Contract, regarding any contingencies 195 will render that contingency null and void and the Contract will be construed as if the contingency did not exist. 196 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. 196 Modifications of this Contract will not be binding unless in writing, signed and delivered by the party to be bound. Signatures, 199 initials, documents referenced in this Contract, counterparts and written modifications communicated electronically or on paper 20o will be acceptable for all purposes, including delivery, and will be binding. Handwritten or typewritten terms inserted in or 2o1 attached to this Contract prevail over preprinted terms. If any provision of this Contract is or becomes invalid or unenforceable, 2o2 all remaining provisions will continue to be fully effective. This Contract will not be recorded in any public records. 2o3 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, 2o5 personal representatives and assigns (if permitted) of Buyer, Seller and Broker. 206 DEFAULT AND DISPUTE RESOLUTION 2o7 13. DEFAULT. (a) Seller Default: If for any reason other than failure of Seller to make Seller's title marketable after diligent effort, 208 Seller fails, refuses or neglects to perform this Contract, Buyer may choose to receive a return of Buyer's deposit without 2o9 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 219 Florida Real Estate Commission. Buyer and Seller will be bound by any 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 licensee named in Paragraph 17 will be submitted to arbitration only if the 227 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 22s 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 ") 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 arties. Arbitration will be in accordance with the rules of the AAA or other arbitrator agreed 234 on by the parties. Each pa tp any arbitration will pay its own fees, costs and expenses, including attorneys' fees, and 235` Buyer L---j and Seller acknowledge receipt of a copy of this page, which is Page 4 of 6 Pages. VAC-6 10/00 ®2000 Florid ssociation of REALTORS® All Rights Reserved 236 will equally split the arbitrators' fees and administrative fees of arbitration. In a civil action to enforce an arbitration 237 award, the prevailing party to the arbitration shall be entitled to recover from the nonprevailing party reasonable 238 attorneys' fees, costs and expenses. 239 ESCROW AGENT AND BROKER 24o 15. ESCROW AGENT: Buyer and Seller 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. 248 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, 25o 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 253 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 251 or arising from Buyer's or Seller's misstatement or failure to perform contractual obligations. Buyer and Seller hold 258 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 26o Buyer's and /or Seller's request, of any task beyond the scope of services regulated by Chapter 475, F.S., as amended, 261 including Broker's referral, recommendation or retention of any vendor; (3) products or services provided by any vendor; 262 and (4) expenses incurred by any vendor. Buyer and Seller each assume full responsibility for selecting and 263 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 party to this Contract. This paragraph will survive closing. 265 17. BROKERS: The licensee(s) and brokerage(s) named below are collectively referred to as "Broker." Seller and Buyer 266 acknowledge that the brokerage(s) named 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 268 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 270 as indicated below. 271* 272 Pea/ Estate Licensee Peal Estate Licensee 273* 274* Broker / Brokerage fee: ($ or % of Purchase Price) Broker/ Brokerage fee: ($ or % of Purchase Price) 275* 276 ADDITIONAL TERMS 277* 18. ADDITIONAL TERMS: 278* 279* 280* 281* 282* 283* 28a* 285* 286* 287* 288* 289* 290* 291* 292* 293* 294* 295' Buyer (_) and Seller acknowledge receipt of a copy of this page, which is Page 5 of 6 Pages. VAC-6 10/00 02000 Florid ssociation of REALTORsO All Rights Reserved 296* 297* 298* 299' 300* 301* 302* 303 304* 306* 3077* 300 309* 310* 311* 312* 313* 314* 315* 316* 317" 318* 319* 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 324' (Check if applicable: ❑ Buyer received a written real property disclosure statement from Seller before making this Offer.) 325 Buyer offers to purchase the Property n the abov terms and conditions. Unless this Contract is signed by Seller and a 326* copy delivered to Buyer no later than :00 0 a.m p.m. on Friday. September 20 , 2002 , this offer will be 327 revoked and Buyer's deposit refund te r: subje • cleara e I 328* Date: r Bu Tax 1D /SSN: 329* 1 Print P 330' Date: 331* Buyer: _ Print name: 332* Phone: Address: i 333* Fax: 334* Date: Seller: Tax ID /SSN: 335* Print name 336* Date: Seller: Tax ID /SSiN: 337* Print name: 338* Phone: Address: 339* Fax: 34o* ❑ 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 I . ❑ Seller rejects Buyer's offer. Tax ID /SSN: FfI —ive gate: (T he ;late on which the last par; signed or initialed acceptance of the final offer.) j 343• Buyer L___) L--) and Seiler (^l (_--) acknowledge receipt of a copy of this page, which is Page 6 of 6 Pages, The Florida Association of REALTORs and local Board/Association of REALTORS make no representation as to the legal validity or adequacy of any provision of this form in arty specific transaction. This standardized form should not be used in complex transactions or with extensive riders or additions. This form is available for use by the entire real estate industry and is riot intended to identify the useras a REALTOR. REALTOR is a registered collective membership mark that may be used only by real estate licensees who are members of the National Association of REALTORS and who subscribe to its Code of Ethics. The copyight laws of the United States (17 U.S. Code) forbid the unauthorized reproduction of blank forms by any means including facsimile or computerized forms. VAC-6 10/00 02000 Florida Assoc tion of REALTORSO All Rights Resery ADDENDUM TO CONTRACT FOR SALE AND PURCHASE Between Capt'n Butcher Inc Seller(s) and City of Sebastian _ Buyer(s) concerning the property described as: See Attachment A Buyer and Seller make the following terms and conditions part of the Contract: 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. Buyer(s): Date: 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 Plat Book 1, page 19, St. Lucie County Records and the East right of way of Central Avenue, run South 22 002'30" 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 64 024'46" East, 34.92 feet; thence South 89 °20'52" East, 390.87 feet; thence North 63 016'00" East, 77.57 feet to the West right of way of Indian River Drive, thence South 26 044'00" East, along said West right of way, 80.00 feet; thence South 63 016'00" West, 97.06 feet; thence North 89 020'52" West; 391.72 feet; thence South 64 024'46" West, 21.23 feet to the aforementioned East right of way of Central Avenue; thence North 22 002'30" 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.