Loading...
HomeMy WebLinkAboutRes 1993-44 Purchase of Property for Parks & RecreationRESOLUTION NO. 44-93 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA, AUTHORIZING AND DIRECTING THE MAYOR AND VILLAGE CLERK TO, ENTER INTO A CONTRACT FOR SALE AND PURCHASE OF REAL PROPERTY WITH PINNER, INC., A FLORIDA CORPORATION, ATTACHED AS EXHIBIT "A", WHICH REAL PROPERTY IS TO BE UTILIZED BY THE VILLAGE FOR PARK AND RECREATIONAL PURPOSES; AND, PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Village of North Palm Beach is desirous of entering into a Contract for Sale and Purchase with Pinner, Inc., a Florida corporation, for the acquisition of real property to be utilized by the Village for park and recreational purposes. BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA: Section 1. The Village Council of the Village of North Palm Beach does hereby approve the Contract for Sale and Purchase of real property with Pinner, Inc., attached as Exhibit "A", which real property is to be utilized by the Village for park and recreational purposes. Section 2. The Mayor and Village Clerk are hereby authorized and directed to execute the Contract for Sale and Purchase with Pinner, Inc., set forth in Exhibit "A" for and on behalf of the Village of North Palm Beach. Section 3. This Resolution shall take effect immediately upon its adoption. 1y`.ti, -PAS5)ED ANL,..jADOPTED THIS 23rd DAY OF FLORIDA .. %,'(,Vi 11 age. -Seal ) AT .EST . `J� f _Oi: t_ VILLAGE CLERK September , 1993 i'37. rh. D MAYOR _ CONTRACT FOR SALE AND PURCHASE 'ARTIea P:TiNNER, INC. a Florida cot ration ("butler'"), os/n Kerry J.TIM f. GE F nolLie PTH PA., 1645 CH P..R_ Talroc Rind (rate #720, W.P.B, FT,. (Phone407-689-92011 ) (".Buyer"). ,I Village Hall, 501 U.S. Hiahwav One, North Pa}m_ peach}• FL. 33408 (Phone ereby agree that the Seller shall sell and Buyer shall buy the following real property ("Raul property") and personal property ("Personaltt ") (collectively "Pr enemy") upon the following arms and conditions. which INCLUDE the Standards for Real Estate Transactions ("Stancard(sj") printed on the reverse a attached and any Riders and Addenda to this instrument . DESCRIPTION: (a) Legal description of Real Property located In BALM BEACH County, Florida GRF. ArfTArBP,,B VYTTTRTT "T" (b) Street address, city, zip, of the Property is: jrm APPT,TrAP.T F (c) Personalty: NONE PURCHASE PRICE $ 21 .931.15 PAYMENT: (a) Deposit(s) to be held In escrow by FERRY R. SCHWEN • P.P. in the amount of e 100.00 (b) Additional escrow deposit within days after Effective Date In the amount of t (c) Subject to AND assumption of mortgage In good standing In favor of (d) Purchase money mortgage and note bearing annual interest at (e) Other Having an approximate present principal balance of .. t % (see Addendum) In amount of r t m It) Balance to close (U.S. cash, LOCALLY DRAWN certified or cashiers check), subject to adjustments and proration $ 21 , 813. 35 III. TIME FOR ACCEPTANCE; EFFECTIVE DATE; FACSIMILE: If this offer is not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing cetween the parties on or before 9 /16 /Q4 , the deposit(s) will, at Buyers option, be returned to Buyer and this often withdrawn. A facsimile copy of this :entreat for Sale and Purchase ("Contract") and any signatures hereon shall be considered for all purposes as originals. The date of Contract ("Eflecllve Date") will be the date when :he last one of the Buyer and Seller has signed this oiler. IV. FINANCING: (a) 11 the purchase price or anyaart of It Is to be financed by a third -party loan, this Contract Is conditioned on the Buyer obtaining a written commitment for (CHECK (1) or (2) or (3)). (1) 0 a fixed, (2) U an adjustable or (3) 0 a fixed or adjustable rate loan wlthlnLV . T " days after Effective Date at an initial Interest rate not to exceed_%, term of years and for the principal amount of $ Buyer will make application within days alter Effective Date and use reasonable diligence to obtain the loan commitment and, thereafter, to meet the terms and conditions of the commitment and close the loan. Buyer shall pay all loan expenses If Buyer falls to obtain the commitment or falls to waive Buyers rights under this subparagraph wlthln the time for obtaining the commitment or alter diligent effort falls to meet the terms and conditions of the commitment, then either party thereafter by prompt written notloe to the other may cancel the Contract and Buyer shall be refunded the deposals) (b) The existing mortgage described N Paragraph II(c) above has (CHECK (1) or (2)): (1) 0 a variable Interest rate or (2) 0 a fixed Interest rate of % per annum At time of title transfer some fixed Interest rates are subject to Increase. If Increased, the rate shall not exceed % per annum. Seller shall, within days alter Effective Date, furnish statements from all mortgagees stating principal balances, method of payment, Interest rate and status of mortgages If Buyer has agreed to assume a mortgage which requires approval of Buyer by the mortgagee for assumption, then Buyer shall promptly obtain all required applications and will diligently complete and return them to the mortgagee Any mortgagee charge(s) not to exceed $ shall be paid by (it not filled in, equally divided) If Buyer is not accepted by mortgagee or the requirements for assumption are not In accordance with the terms of this Contract or mortgagee makes a charge in excess of the stated amount. Seller or Buyer may rescind this Contract by prompt written notice to the other party unless either elects to pay the Increase in interest rate or excess mortgagee charges V. TITLE EVIDENCE: Ai least 10 days before closing date, Seller shall, at Seller's expense, deliver to Buyer or Buyers attorney, in accordance with Standard A, CHECK (1) or (21): (1) 0 abstract of title or (2) J title insurance commitment and, after closing, owner's policy of title Insurance. VI. CLOSING DATE: This transaction shall be Closed and the deed and other closing papers dellvered on 9J2R/ 91 unless extended by other provisions of Contract VII. RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer shall take titb subject to: zoning, restrictions, prohibitions and other requirements Imposed by governmental authority, restrictions and matters appearing on the plat or otherwise common to the eubdivislon; public utility easements of record (easements are to be located contiguous to Real Property lines and lot more than 10 feet in width as to the rear or front lines and 71/2 feet In wklth as to the aide lines, unless otherwise stated herein); taxes for year of closing and subsequent /ears; assumed mortgages and purchase money mortgages, 8 any, other thoco of roOOrd i%1ri.ifl. - _ ; provided hat there exists at closing no violation of the foregoing and none of them prevents use of Real Property for its existing use purpose(s). MI. OCCUPANCY: Seller warrants that there are no parties In occupancy other than Setter, but, If Property Is intended to be rented or occupied beyond closing. the fact and terms hereof shall be stated herein and the tenant(s) or occupants disclosed pursuant to Standard F. Seller agrees to deliver occupancy of Property at time of closing unless otherwise sated herein. 11 occupancy Is to be delivered before closing, Buyer assumes all risk of loss to Property from date of occupancy, shall be responsible and liable for maintenance from hat dale, and shall be deemed to have accepted Property In Its existing condition as of time of taking occupancy unless otherwise stated herein or in a separate writing X. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions shall control all printed provisions of Contract in conflict with them. X. RIDERS: (CHECK if any of the following Riders are applicable grx are attached to this Contract): (a) ❑ COASTAL CONSTRUCTION CONTROL LNE RIDER (c) ❑ FOREIGN INVESTMENT IN REAL PROPERTY tlx ACT RIDER (e) ❑FHANA RIDER lb) ID CONDOMINIUM CONDOMINIUM RIDER Id) 0 INSULATION RIDER (g pI OTHER. ,C,a11 er r1M4 TQt 'arrant this property as to any environmental status and does not indemnify Purchaser as to same (I. ASSIGNABILITY: (CHECK (1) or (2)): Buyer (1) ❑ may assign or (2) may not assign this Contract. (11. SPECIAL CLAUSES: (CHECK (1) or (2)): Addendum (1) ❑ Is attached or (2) there Is no Addendum. (III. TIME IS OF THE ESSENCE OF THIS CONTRACT. (IV. DISCLOSURES: Buyer ❑ acknowledges or 0 does not acknowledge receipt of the agency/radon/compensation and estimated closing costs disclosures THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF R TORS AND THE FLORIDA BAR. Approval does not constitute an opinion that any of the terms and conditions In Ws Contract and conditions should be negotiated based upon the s$me01 a Mereets,. VILLAGE T me OF NORTH PATIN nv=IcerIGHT 1891 BY THE FLORIDA BAR AND THE FL. ' IDA tI O_CI 1 PI Iri INC , c lorida corporation :': ./.Q/7Zct c . 07. ti . 9/23/93 Buyer) 3oclal Sect rity or T xx I.DD.. a 59-60179R4 Date Date (Buyer) 3ocal Security or Tax I D. N Social Se )eposit under Paragraph II(a) received; IF OTHER THAN CASH, THEN SUBJECT TO CLEARANnm 3ROKER'S FEE: (CHECK AND COMPLETE THE ONE APPLICABLE) By iCF.RR 3 IF A LISTING AGREEMENT IS CURRENTLY IN EFFECT; JR Seller agrees to pay the Broker named below, Including cooperating sub -agents named, a IF NO LISTING AGREEMENT 18 CURRENTLY IN EFFECT: Seller agrees to pay the Broker namQ1ppd,�ppelow, at time of closing, from the disbursements of the proceeds of the sale, compensation In the amount of (COMPLETE ONLY ONE ) % o1 gross purchase price or $ N. A • for Broker's services In elfecting the sale by finding the Buyer ready, willing and able to purchase pursuant to the foregoing :ontract. If Buyer fails to perform and deposits) Is retained, 60% thereof, but not exceeding the Brokers lee above provided, shall be paid Broker as full consideration for Broker's .ervices, Including costs expended by Broker, and the balance shall be paid to Seller. If the transaction shall not close because of refusal or failure of Seller to perform, Seller shall my the full fee to Broker on demand In any litigation arising out of the Contract concerning the Broker's fee, the prevailing party shall recover reasonable attorney's lees and costs NOT APPLICABT,F (firm name of listing Broker) (firm name of selling Broker) By By. (authorized signatory) (authorized signatory) .,..-.•- .- .".. DinrDe nAIJ AC AnrAlMrn manta rue r, nein. •nen..,•v,n., non aea,rnne nn w or n,^run t n.n BUYER'S INITIALS opted by the parties hi a particular transaction. Terms , dons or all mraested persons 0N? EALTORS rTax ID. r S; Vice Presidlen Date (Seiler) % (. // IF. rCHWENCkE: `P. F . to the terms of an existing, separate listing agreement (Seller) (Seller) Date (Escrow Agent) • 1 STANDARDS FOR REAL ESTATE TRANSACTIONS A. EVIDENCE OF TITLE: (1) An abstract y1 title prepared or brought current by. a reputable and existing abstract firm (H not existing then certified as correct by en existing firm) purporhrg to be an accurate synapsis of the Instruments affecting title to the Real Property, recorded In the public records of the county wherein Real Properly is located through Effective Date end which shall commence with the earliest public records, or such later date as may be customary In the oounty. Upon closing of Ihls transactlon, the abstract shall become the property of Buyer, subject to the right of retention thereof by first mortgagee until fuly paid. (2) jy tjjla Lneurgs commitment Issued by a Florida licensed title Insurer agreeing to Issue to Buyer, upon recording of the deed to Buyer, an owner's policy of title insurance In the amount 07 the Wrchaae pike insuring Buyer's title to the Real Property. subject only to liens, encumbrances, exceptions or qualifications set forth In this Contract and those which shall be discharged by Seder al or before closing Selier shall convey marketable title subject only to liens, encumbrances, exceptions or qualifications specified in the Contract. Marketable title shall be determined according to applicable Title Standards adopted by authority of The Florida Bar and In accordance with law. Buyer shall have 30 days, H abstract, or 6 days, H title commitment, from date of receiving evidence of title to examine It If title Is found defective, Buyer shall, within 3 days, notify Seller in writing specifying defect(s). H the defect(s) render title unmarketable, Seller will have 120 days from receipt of notce within which 10 remove the defect(s), falling which Buyer shall have the option of either accepting the title as it then Is or demanding a refund of deposit(s) paid which shall Immediately be returned to Buyer, thereupon, Buyer and Seller shall release one another of all further obligations under the Contract. Seller shall, H title is found unmarketable, use diligent effort to correct delect(s) in the title within the time provided therefor, Including the bringing of necessary sults. the event of default it a first mortgage and a 15-day grace period a a second Or lesser mortgage; shall provide for right of prepayment In yrti penalty; shall not permit acceleration or Interest adjustment in event of resale o1 Real Property, shall require all prior hb .,,•:aua ens jaock••••r.a Yu Kept in good standing and forbid modifications of or future advances under prior mortgage(s); and the mortgage, note and "wry_,...: -..., p„ .ro wnerwlse in form and content required by Seller, but Salter may only require clauses customarily found In mortgages, mod a •„uu,ey agreements generally utilized by savings and ban Institutions or state or national banks located In the county ..wherein Real Property y and leases being conveyed or assigned will, et Sellers option, be subject to the lien of a security agreement evidenced by recorded 1...•.,osus- r . C. SURVEY: Buyer,t aL Btlyer's expense, within time allowed to deliver evidence of title and to examine same, may have Real Property surveyed and certified by a registered Florida surveyor. It survey shows encroachment on Real Property or that Improvements located on Real Properly encroach on setback lines, easements, lands of others or violate any restrictions. Contract covenanlspr aPplickble !Rrn dntrl sedation, t;e same shall constitute a title detect ... Operator determineit there In not ei thereof active termite h ta or vbiae ,existing eq from termite Inlestaloc In the Improvements d e� ^o r tor.BuyS will have 4 days from date of written notice paired allwithin gich to have all damages, whether visible a not Naphced that eamoun,,, uy a lshall ether option general cancelling C ntract -shall pay valid costs of pt of cot and repair of all damage up to 296 0l purchase fb ter r ._ r may b ect to roct proceed with Beyer nsall have the oht ev nt Buyer Sh Contract within tt at sftgr receipt of contractors repair estimate Dy gm n a ,d, re ,rotes im Seller or excer may %ot thpuwith the transaction, in which event to inn shall all receive a credtt at closing of an a 1' _ .gym, a me treatment and repair estimate not in excess d 2% of the purchase price. "Termites" shall be deemed to Include all wood a....�aLa. oe.h r_„e..0 e..t E. INGRESS AND EGRESS: Seller warrants and represents that there is ingress and egress to the Real Property sufficient for the Intended use as described in Paragraph VII hereof, title to which Is In accordance with Standard A. F. LEASES: Seller shall, not less than 15 days before closing, furnish to Buyer coplea of all (vritten leases and estoppel letters from each tenant specifying the nature and duration of the tenant's occupancy, rental rates, advanced rent and security deposits paid by tenant. If Seiler b unable to obtain such letter from each tenant, the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller's affidavit, and Buyer may thereafter contact tenants to confirm such Information Seller shall, at closing, deliver and assign all original leases to Buyer. G. LIENS: Seller shall furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statements, claims of lien or potential honors known to Seller and further attesting that there have been no Improvements or repairs to the Property for 90 days immediately preceding date of closing If Property has been Improved or repaired within that time, Seller shall deliver releases or waivers of mechanics' liens executed by all general contractor, subcontractors, suppliers and materialmen in addition to Seller's hen affidavit setting forth the names of all such general contractors, subcontractors, suppliers and materialmen and further affirming that all charges for improvements or repairs which could serve as a basis for a mechanic's hen or a claim for damages have beanbag or will be paid at closing 0f this Contract. H. PLACE OF CLOSING: Closing shall be held in the county wherein the Real Property Is located at the office of the attorney or other closing agent designated by Seller. I. TIME: Time periods herein of less than 6 days shall In the computation exclude Saturdays, Sundays and state or national legal holidays, and any time period provided for herein which shall end on Saturday, Sunday or a legal holiday shall extend to 5.00 p.m, of the next business day. J. DOCUMENTS FOR CLOSING: Seller shall furnish the deed, bill of sale, mechanic's lien affidavit, assignments of leases, tenant and mortgagee estoppel letters and corrective instruments Buyer shall furnish closing statement, mortgage, mortgage note, security agreement and Snanol g statements, K. EXPENSES: Documentary stamps on the deed end recording corrective Instruments shall be paid by Seller. Documentary stamps, Intanglde tax and recording purchase money mortgage to Selier, deed and financing statements shall be paid by Borer. L. PRORATIONS; CREDITS: Taxes, assessments, rent, Interest Insurance and other expenses and revenue of Property shall be prorated through day before closing Buyer shall have the option of taking over any existing policies of Insurance, H assumable, In which event premiums shall be prorated, Cash at closing shall be Increased or decreased as may be required by proration. Proration will be made through day prior to occupancy If occupancy Occurs before closing. Advance rent and security deposits will be credited to Buyer and escrow deposits held by mortgagee will be credited to Seller. Taxes shall be prorated based on the current yearp tax with due allowance made for maximum allowable discount, txrLstead and other exemptions. H closing occurs at a date when the current year's mange b not fixed and drreht years assessment Is available, taxes will be prorated based upon such assessment and the prior year's mlllege. H current year's assessment Is not available, then taxes will be prorated on the prior year's tax. If there are completed improvements on the Real Property by January 1st of year of closing which Improvements were not In existence on January let of the prior year, then taxes Shall be prorated based upon the prior years millage and at an equitable assessment to be agreed upon between the parhea, falling which, request will be made to the County Property Appraiser for an Informal assessment taking Into consideration available exemption. Any tax proration based on an estimate shall, at request of either Borer or Seller, be subsequently readjusted upon receipt of tax bill on condition that a statement to that effect is In the closing statement. • M. SPECIAL ASSESSMENT LIENS: Certified, confirmed and ratified special assessment lens as of date of closing (not as of Effective Date) are to be paid by Seller. Pending liens as of date of closing shall be assumed by Buyer. H the Improvement has been substantially completed as of Effective Date, such pending lien shall be considered certified. confirmed or ratified and Seller shall, et closing, be charged an amount equal to the last estimate of assessment for the Improvement by the public body. N.-4NSPEBTIOH1-REPA1fMND-MAI seawalls (or equivalent) and dockage do not have any VISIBLE EVIDENCE of leaks, water damage or structural damage and that the septic tank, pool, ell =••'nees,'Irdhenbal Items, heating, cooling, electrical, plumbing systems and machinery are In WORKING CONDITION. Buyer may, at Buyer's expense, have In • those hems bye firm 0r Individual specializing In home Inspections and holding an occupational license for such purpose (H required) or by a ` tensed Florida contractor. Buyer shall, prior to Buyer's occupancy or not less than 10 days prior to closing, whichever occur first report In wdtlr. - +r items that do not meet the above standards as to defects Unless Buyer reports such defects within that time, Buyer shall be deemed to ha : - warranties es to defects not reported. If repair or replacements are required, -Seller shall cause such repairs to be made and shall pay up to 3% . price for suoh repair or replacements as may be required in order to place such items in WORKING CONDITION It the cost for such repairs or re ..:.•-- ::.s 3% of the purchase price, Buyer 01 Seller may elect 10 pay such excess, failing which either party may cancel this Contract if Seller Is unabl, • - •elects prior to closing, the cost thereof shell be paid into escrow at closing. Seller will, upon reasonable notice, provide utilities service and access y or inspections, Including a walk-through prior to closing. Between Effective Date and the date of dosing, except for repair required by this Standard, O. RISK OF LOSS: if the Property Is damaged by lire or other casualty before closing and cost of restoration does not exceed 3% of the assessed valuation of the Property so damaged. cost of restoration shall be en obligation of the Seller and closing shall proceed pursuant to the terms of Contract with restoration costs escrowed at closing If the cost of restoration exceeds 3% of the assessed valuation of the Improvements so damaged, &ter shall have the option of either taking Property as Is, together with either the 3% or any insurance proceeds payable by virtue of such loss or damage, or of cancelling this Contraot and receiving return of deposit(s). P. PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. If abstract, evidence of title shall be continued al Buyers expense to show title In Buyer, without any encumbrances or change which would render Sellers title unmarketable from the date of the last evidence. Proceeds of the sale shall be held in escrow by Seller's attorney or by such other mutually acceptable escrow agent for a period of not longer than 5 days from and after closing date. If Sellers title Is rendered unmarketable, through no fault of Buyer, Buyer shall, within the 5-day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt of such notification to cure the defect If Seller falls to timely cure the defect, all deposlt(s) and closing funds shall, upon written demand by Buyer and within 5 days after demand, be returned to Buyer and simultaneously with such repayment, Byer shall return Personalty and vacate Property and•reconvey It to Seller by speelal warranty deed. 11 Buyer falls to make timely demand for refund, Buyer shall take title as is, waNi g all rights against Seiler as to any Intervening defect except as may be available to Buyer by virtue of warranties contained In the deed If a parkin of the purchase price Is to be derived from institutional financing or refnandn gg, requirements of the lending Institution as to place, tine of day and procedures for closing, and for disbursement of mortgage proceeds shall control over contrary provision in this Contract. Seller shall have the right to require from the lending g institution a written commitment that It will not withhold disbursement of mortgage proceeds as a result of any title defect ettdbutable to Buyer -mortgagor. The escrow and closing procedure required by this Standard may be waived If title agent Insures adverse matters pursuant to Section 627.7841, FS. (1989), as amended. O. ESCROW: Any escrow agent ("Agent") receiving Wilds or equivalent Is authorized and agrees by acceptance of them t0 deposit them promptly. hold same in escrow and. subject to clearance. disburse them in accordance with terms and conditions of Contract. Falure of clearance of funds shall not excuse Buyer's performance. If In doubt as to Agent's duties or liabilities under the provisions of Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow until the parties mutually agree to Its disbursement or until a judgment of a court of competent jurisdiction shall determine the rights of the parties or Agent may deposit same with the clerk of the circuit court having jurisdiction of the dispute Upon notifying all parties concerned of such action, all liability on the part of Agent shalt July terminate, except to the extent of accounting for any items previously delivered out of escrow If a licensed real estate broker, Agent will comply with provisions of Chapter 475, F.S. (1989), as amended Any suit between Buyer and Seller wherein Agent e made a party because of acting as Agent hereunder, or In any suit wherein Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney's lees and costs incurred with the tees and costs to be paid from and out of the escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. Parties agree that Agent shall not be liable to any party or person for misdelivery to Buyer or Seller of Items subject to this escrow, unless such misdelivery Is due to willful breach of this Contract or gross negligence of Agent R. ATTORNEY'S FEES; COSTS: In any litigation arising out of thls Contract, the prevailing party In such litigation which, for the purposes of this Standard. shall include Seller, Buyer. listing broker, Buyer's broker and any subagents to the listing broker or Buyer's broker, shall be entitled to recover reasonable attorneys tees and costs. S. FAILURE OF PERFORMANCE: if Buyer falls to perform this Contract within the time specified, Including payment of all deposit(s), the deposit(s) paid by Buyer and deposit(s) agreed to be paid, may be retained by or for the account of Seller as agreed upon liquidated damages, consideration to the execution of this Contract and in lull settlement of any claims, whereupon, Borer and Seller shall be relieved of all obligations under Contract; or Seller, at Sellers option, may proceed In equity to enforce Seller's rights under this Contract H, for any reason other than failure of Seller to make Sellers title marketable after diligent effort, Seller fails, neglects or refuses to perform this Contract, the Buyer may seek specific performance or elect to receive the return of Buyer's deposit(s) without thereby waiving any action for damages resulting from Seller's breach. T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE: Neither this Contract, nor any notice of It, shall be recorded in any pudic records. This Contract shall bind and inure to the benefit of the parties and their successor in Interest. Whenever the context permits„ singular shall Include plural and one gender shall Include all Notice given by or to the attorney for any party shall be as effective es H given by or to that party. U. CONVEYANCE: Seller shall convey title to the Real Property by statutory warranty, trustee's, personal representative's or guardian's deed, as appropriate to the status of Seller, subject only to matters contained In Paragraph VII and those otherwise accepted by Buyer. Personalty shall, at request of Beyer, be transferred by an absolute bill of sale with warranty of title, subject only to such matters as may be otherwise provided for herein. V. OTHER AGREEMENTS: No prior or present agreements or representations shall be dndirg uoon Buyer or Seller unless included in this Contract. No modification or change In this Contract shall be valid or binding upon the parties unless In writing and executed by the party or parties Intended to be bound by H W. WARRANTIES: Seller warrants that there are no facts known to Seller materially effectig the value of the Real Property which are nct readily observable by Buyer Of which have not been disclosed to Buyer. Copyright 1991 by The Florida Bar and The Florida Association of REALTORS • SCHEDULE A A parcel of Land in Tract "A", VILLAGE OF NORTH PALM BEACH PLAT #1, according to the plat thereof recorded in Plat Book 24, pages 202 to 206, inclusively, Public Records of Palm Beach County, Florida, and being more particularly described as follows: FROM a point in the southerly line of said Tract "A" at a distance of 209.03 feet southeasterly, measured along said southerly line from the southwesterly corner thereof, run northeasterly at right angles to said southerly line, a distance of 437.83 feet; thence easterly, making an angle of deflection to the East from the preceding course, of 680 56' 30" a distance of 256.31 feet to the point of beginning and the northwesterly corner of the parcel of land herein described; thence continue easterly along the same course a distance of 212 feet; thence southerly at right angles to the preceding course, a distance of 120 feet; thence westerly, at right angles to the preceding course a distance of 212 feet; thence northerly at right angles to the preceding course a dis tance of 120 feet to the POINT OF BEGINNING.