1993-044 Purchase of Property for Parks & Recreation' RESOLUTION N0.44-93
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.
r
1
PASSED AND ADOPTED THIS 23rd DAY OF September 1993.
~~ ~7~~~
(Village Seal) i ~•
MAYOR
AT ES ~ ~~~
VILLAGE CLERK
1
•~ ~ _. _~ _ CONTRACT FOR SALE AND PURCHASE
yARTIEb: RTiNNER, INC. a Florida corporation
("Beller''1.
,rr/o K2rry R. Schwencke" P.A.. 1(45 P-R- .Tak(?c Rlvrl yr +~e~. #720, WPB FI (pfaro407-fi89-9200 ),
,~. THE~LLAGE OF RTH P BEAHH ('.ewer,),
i1 Village Hall, 501 U. S. Hiahwav Orte, North Palm Beach, FL. 33908 (pf,pns ),
areby agree that the Seller stall soli and Buyer shall buy the folbwlrg real poperty ("R I t ry and personal property C~Per~onal~t °) (caleclivoiy °pr~eny°) oDOn Ina faiowirq
arms and conditions, which INCLUDE the Standards for Real Estate TrensaCtbns (" e e pr fed on the reveres ar attached and any Rgars entl Addenda to This instrument.
DESCRIPTION:
(e) Legal description G Real Properly bcaletl In PAID4 BEACH County, Fbritla:
SEE ATTACHED RXHIBTT "T"
(b) Street address, Gty, zp, of the Property Is: ~r APPLICAP,LF.
(c) Personalty:- NONE
II. PURCHASE PRICE ........................................................................................................................................... $ 21 , 933.35
PAYMENT:
la) Deposk(s) to be held In escrow by KERRY R. RCHWENC;I~, P. T . in the amount of .. $ 100.00
(b) Additional escrow deposit within days after Effegive Date b tta amount ol .................:.................................. $
Ic) Subject to AND assumption of rtgrlgage In good slandirp In levor of
tlevlrp en approximate presem lxlroipal balance of .. $
Id) Purchase money mortgage and rote bearing annual Interest at % (see Addendum) In amount of ................ ~ ................ $ -
(e) Other. $
~10 Balance to close (U.S. cash, LOCALLY DRAWN certified or cashiers check), subjeG b adjustments and waarans ........................... $ 21 , 833.35
III. TIME FOR ACCEPTANCE; EFFECTIVE DATE; FACSIMILE: g tf119 otter b rot executed by and delivered to all parties OR FACT OF E%ECUTION communicated in writirp
calween the parties on or before A/] F/93 , the depostt(s) will, at Buyer's optbn, be returned to
&ryer and this oiler withdrawn. A facsimile copy of this
Jonlract for Sale and Purchase ("Contract") end any slgnaNres hereon shall be conslderetl for all Wrpoaes es orginals. The date of Contract ("Efl§cliye pate'1 will be the date when
:he last one of the Buyer and Seller has signed this oiler.
IV. FINANCING:
(a) 1/ the purchase prbe or any~~ppart d tt b to be financed by a thlrtl-party ben, Mla Cont[gcl b cWMitbned on the Buyer obtaining ° written commitment for (CHECK (1)
or (2) a (3)1: (1) ^ e fixed, (2) U an edjusteble or (S) ^ a fixed a adlustede rate ban wttN -/" -days after Elbctive Dale et an Initial Interest rate not to exceed-%,
term of yeare antl for the Drlropal amount W $ - Buyer will make apdbation within days aIlan Elleclive Date and use reasonable
tliligeroe to obtain the ban commitment and, thereafter, to meet the terms entl CondRbns of the Commitment antl Cbse the ban. Buyer shall pay ell loan expenses. II Buyer
falls to obtain the commitment a tells to waive Buyefe rights untler this subparagraph within the time for Obtalnlrp the commitment or alter dilpent effort falls to meet the
terms end conditions of the commitment, then either party thereafter by prompt written notbe to the other may cancel the Contract entl Buyer shall be relundetl the deposit(sl.
(b) The existirq mortgage described N Paragraph II(c) above has (CHECK (1) a 12)): (1) ^ e variable Interest rate or 121 ^ e fixed Interest rate of % per annum.
AI time of title transfer some fixed Interest rates are subject to Increase. K Increased, the rate dell rot exceed % per annum. Seller shall, within tlays aRer
Ellective Date; furnish slalements Irom all mwtga(f6es atatlrp principal balances, methoQ W paynlant, Interest rate and status of morl0ages. If Buyer has agreed to aswme a
rtartgage whbh requires approval of &ryer by the ngrlpagee la essumptbn, then Buye1 shall prompty obtain all required eDDlbatbns and will tliligantly complete and return
them to the mortgagee. Any mortgagee charge(s) rot to exceed S ehetl be pall by (il not filled in, equally divbetll. II Buyer is not
accepted by mortgagee or the requlrementa (a assumption era not b accordance with the terms of this Contract or morpagee 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 rare or excess mortgagee charges.
V. TITLE EVIDENCE: At least days before cbsing tlate, Seller dell, at Seller's expense, deliver to Buyer or Bvyeis attorney, in accordance with Standard A,
CHECK (1) or 1211: (t) ^ abstract of title or (2) title Insufarlge cpmmitnlenl arid, after Cbelrtg, OWflef'8 pGby of title Insurance.
VI. CLOSING DATE; This transaction Ball be Cbsed and the deed and other Goslrq papers dellveretl on 9 /2R ~ A3 ,unless extended by other provisions of Contract.
VII. RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer shell take title subject to: zonlrp, reaMCtbng, prohlbttbna end other requirements Imposed by governmental authority; restrictions
and matters eppearirp on the plat or otherwise Common to lha subdivlsbn; puNb utility ea6eGlenta of record (easements pre to Da bceted Contiguous to Real Property lines and
wt more than IO lest in width es to the rear q front lines antl 7K leaf b wbth m to the ilde lines, unless o rwlae Baled herein); taxes la year of cbsing and subsequent
/ears; assumed nwrtgapes and purdhase money mortgages, N any, Other:' ~7 ~•~•
provided
:hat there exists at cbsing ro vitiation of the foregolrp and rare of them prevents use of Real Properly Ia- 1tS exists rxr use purpose(s).
VIII. OCCUPANCY: Seller warrants that there are ro parties b occwerwy other Ihen Seller, but, H Progeny b Intended to be rented or occuDiatl beyond cbsing, the fact end terms
hereof shall ba statetl herein end the tenant(s) or occupants tliacbeatl Wrsuent to Standard F. Seller agrees to deliver occupancy or Property et time of cbsirq unless otherwise
sated herein. 11 ocaparoy a to be delivered before cbsing, 8vyer assumes all rlek of bsa to Properly Irom dateol occupancy, shall De responsible and liable for maintenance Irom
hat dale, end shall be deemetl to have accepted Property In Its edsliry contlitbn es of time d takilq occupancy unless otherwise steletl herein a In a Separate writing.
%. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or hardwrkten provisbra shell ContrG ell prinletl provisions of Contract in conflict with them.
%. RIDERS: (CHECK a any of the IGbwlrg Ridere ere applicable grx ere ettaGtetl to this Contract):
(a) ^ COASTAL CONSTRUCTKIN CONTROL LWE RIDER lc) ^ FOREKiN WVESTMENT IN REAL PROPERTY TA%ACT RIDER (e) ^ FHANA RIDER
(b) ^ CONDOMINIUM RIDER Itl) ^ WSUUTION RIDER f0 ~ OTHER: Seller does ]TOt Wdrrdl7t
this property as to any environmental status and does rat ilxiemnify Purctlaser as to same
{I. ASSIGNABILITY: (CHECK (t) or 12p: Buyer (11 ^ may assign or (21 ~ may not assign tNS ConGeG.
tll. SPECIAL CLAUSES: (CHECK (1) or 12U: Addendum (t) ^ b attached or (2) ~ there H ro Addendum.
(III, TIME IS OF THE ESSENCE OF THIS CONTRACT. BUYER'S INITIALS
(IV. DISCLOSURES: Buyer ^ ackrowledgea or ^ does rot eckrpvAedge receipt of the agency/radon/compensation end estimatetl closing costs tlisclosures...
THIS IS INTENDED TO BE A LEQALLY BINDINQ 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 en oplMon that any of the farms and condillms h MI5 CDrllladf ba epfed D)' the parties h e pa/liculer Gansacfion. Terms
and a)rldifiorLS slroufd Da negotiated Based uPnl the ra$OeCIA'e h(erasfa,,. all 68 4JnQ tons 0I ell Interested persons.
VILLAGE OF NORTH PALM ~caGkrr 1801 BV THE FLORIDA BAR ANO T_HE_FL IDA ySSOCI ION/ FACTORS
,~ l/~i7z~~, A7~~ ~ 9 2/ 3/93 ~~ PI , INC , lorida corporation
Dale
p ~yBr) J rS~; Vice Presiden
3ocal Secadty or~l.D.• F9_Fi0L7gR4 al seadty rrex LD.r
Date Dale
(Buyer) laenen
local Security or Tax LD. 2 Social Sec ~y w T ,rt 1.0..2""
leposit under Paragraph II(a) received; IF OTHER THAN CASH, THEN SUBJECT TO CLEARANCE. - ~ (Escrow Agenq
3ROKER'S FEE: (CHECK AND COMPLETE THE ONE APPLICABLE) ~ BY RR ('~f#^]L'iN .-P. T . _
] IF A LISTING AGREEMENT IS CURRENTLY IN EFFECT•
r agrees o pay er name , ro ing Cooperetirg sub-agents named, a to the terms Of en ex'ati
JR rg, separate listing agreement.
] IF NO LISTING AGREEMENT IS CURRENTLY IN EFFECT:
er agrees o Day ro er na a ow, a ime o cos n0. from the disbureementa of the proceeds of the sale, compensation In the amount of (COMPLETE ONLY ONE )
% of gross purchase Ddce or $ for Broker's servbes in ellecting the able Dy fintlinp the Buyer ready, willing end able to purchase pursuant to the foregoing
:ontracl. If Buyer tails to perform and deposll(s) a retained, 60% ther001, but rqt exceetlirg Iha &oker'c lee above povldeQ, dell be paid Broker as lull consideratbn for &oker's
services, Including costs expelled by Scher, end the balance shell be paid to Seller. g the Vansaclion shall not cbse Decease of refusal or failure of Seller to perform, S°Iler stall
ay the lull tae to Scher on demand. In any litpation arising out of the ContraG concerning the Brokers fee, the prevailing pony shall recover reasonable attorney's lees and costs.
Nt7P APPLICABLE
irm name o Istug o er um name o ae Ing er r
By: By.
out ize signs cry s e Ory r
~... .,....-- .-. ... . ,... pInFRC I`AU pc r1RTAlucn epMy Tu° Cr nwn. •nnn..r.~,n., nc pea Tnnc nn n vr, nn,n• n.n
STANDARDS FOR REAL ESTATE TRANSACTIONS
A. EVIDENCE OF TITLE:y1) Ap b heel 1 title preperetl o[ Drought arrant by. a reputable 8i10 exbtirp abetted firm (N not ezblirp then certified as correct by an existing firm)
purportirp to be an accurate syrapss o nslruments aflectinp title to the Reel Property reoaded In the pudk records d the county wherein Real Properly b heated through
Elleilive Dale and which shalt commence with the earliest publb records, or such bier date es Inay be customary In Ifb oouny. Upon cbsirp of this transaclbn, the abslrect shall
become the property of Buyer, sublact to the r'pht of relentbn thered by first mortgagee until fury pea. (2) a,title Insuaroe commitment issued Dy a Fbraa licensed title Insurer
agreeing to Issue to Buyer, upon recordlrp d the deed to Buyer, en owner's pdby d tHb krurenoe k the amoun 0 e-fTl~c asl~elnsurirq Buyer'c title to the Real Property,
wbject only b'liens, encumbrances, exceptbns or Welilbetione set forth In fhb Contrail and IhD69 whkh shall De OiacMrpeO ty Seller el or Delore Wsirp. Seller shall convey
marketable title subloct only to liens, encumbrances, exceptbns or qualifketbns epeolfied b 91e Contract. Marketable title eMn be determined according to epdicable Tltor Standards
adopted by eulrgrlty of The Fbrae Bar aril In eccortlance wlm law. Buyer shall have 30 dtye, N abetted, or 6 days, N ikor oommkmenL Irom dale of receiving evidence d title
to examine It. II title 15 found tlaledive, Buyer shall, withln 3 days, ratify Seller in wrking apedlylrp deled(sI. N the defect(s) rerx)er flee unmarketable, Seller will have 720 days from
receipt of rotas wlthin whim 10 remove fro detect(s), fallirp whkh Buyer shall Dave the opdon d eNher accedirp the title ea tt then b a demanding a refund Of tleposil(s) paid
wnich shall Immediately be returned to Buyer; thereupon, Buyer ant Seller shall reora6e one andher d ap further odipetkxl3 under the Contrecl. Seller shall, N tile b round unmarkelaDe.
use diligent effort to correct delectls) in the title within the time dovbed tDerelor, Iroludirp ihs bdrpirp d neCOaaery cults.
the event of default it a first mortgage and a 15-tlay grace period N e second or bs9er nargTape; enan provke for rpht d prepaymen i t penalty; shorn
rot permit ecceleret'an or Interest adjustment in even) d resale of Real Properly, shorn regtdre aN prbr liens din Nood staMirp and forbid modilicetbns
bl or future advances under prbr mortgage(s); aril the mortgage, note end Be Hulse b form end content required by Seller, but Seller may ony require
clauses customarily found In mortgefles, mort a manta generaMM utilized DY eavirga aril ken IrretNutb+b or stale or national banks bested in the county
.wherein Real Pro rt y end leases belrp conveyed or assigned wNl, at Seller's pdbn, be subject to the lien of a severity agreement evidenced by recorded
1'
C. SURVEN. Bgye2, at, Buljer's expense, withln time elbwed to tlelNer evidence d dtor antl b examine same, may have RBI Property surveyed and certilbd by a registeretl Fbraa
surveyor: It survey'shows eraroechmenl on Real Property or that Improvements bcatetl on Real ProPeM encroach on setback Nnea, easements, bMS of others or vbble any reshictions,
Contrecl covenan(,s,erapplic~b(e~!RlnQidnt~l (epubtion, tpe same shell constNUb a title ddect ..
Operator to determine it there Is any visible alive termite inlestatbn or vbide ezbtinp de Irom termtte NNestatbn k the Improvements rid, Buyer will
have 4 days Irom dale d written ratite Ihered wlthin which a have ell demepea, whether vsible a nil, aenaed Wilder a general contractor. Seller
.shall pay valid costs of Treatment end repair of ell damage W to 296 0l purchase exceed that amount, Buyer shell have the optbn of caroellirp Contract
wlthin 5 days after receipt of contractor's repair estimat br or Buyer may ebd to proceed with the Vansaclbn, In whkh event Buyer shall receive
a credit at cbsing of an a treatment end repair estimate not h excess d 2% of the Wrchase qbe. "Termites" shall De deemed to Include all wood
E. INGRESS AND EGRESS: Seiler warrants antl represents that there is irpresa and sprees to the Real Property sdfbornt for the Intended use es descdbetl h Paragraph VII hereof,
title to which Is In accordance with Standard A.
F. LEASES: Seller shall, not less than 15 days bebre cbsirp, furnish to Buyer codes of ell vyritten beaes and estoppel letters from each tenant specllylrp the nature and duratbn
d the tenant's occupancy, rental rates, advanced rent and security deposlb pale by tenant. tl Saner b unede to obtain eueh letter from each tenant, the same Information snarl be
furnished by Seller to Bryer within that time period in the form d a Seller's ellaavtt, aril Beyer may th9realter cooled tenants to confirm such Informaton. Seller shall, at closing,
deliver end assign ell or'pinal leases to Buyer.
G. LIENS: Seller shall furnish to Buyer at time of cosing en al/idavil atteslirp to the absence, unless otherwise dovldetl for herein, of any linarairp statements, claims of lien or
potenliai tarots known to Seller and lurlher attestirp Thal There have been n0 ImplOV9nI9r11a IX repaire to the Property for 90 days Immediately precetlirp date d cbsirp. If Property
has boon Improved or repaired within that time, Seller shall deliver releases or W91vere d machanlca' liana ezeoutetl by all general Contractors, subcontreClora, suppliers aril materialmen
in addition to Seller's lien affidavit settirp forth the names of all such general contractors, subeaMractore, eupplorrs ant materblmen ant further ellirmirp that all charges Ior impro+emenls
or repairs whkh cold serve as a basis for a mechanic's lien or a claim for damages hoes been pork or will De pork at dosing Of this Contrect.
H. PLACE OF CLOSING: Cbsirp shell W held in the County wherein the Real Property b heeled at 1M offbe d the aHornay d other cbslrp agent tlesipneted by Seller.
I. TIME: Time periods herein of bas than 8 days shall In the computation exckde Saturdays, SuMays and state or national legal hdidays, aril any lima period povaed Ior herein
which shall aril on Saturday, SuMay or a legal fglitlay shall ederd b 5;00 p.m, d the next WNnesa day.
J. DOCUMENTS FOR CLOSING: Seller shall Iurnish the deetl, dll d sale, medlank's torn effdavN, easlpnments of Isaacs, tenant ant rtartgagee ealoppel letters and corrective instruments.
Buyer shall Iurnish closinfl statement, mortgage, rnorlflage rate, security agreement ant Nnendnp atateolen[b.
K. EXPENSES: Documentary stamps on the deetl end recortlirp corrective Instruments chap be bald DY Seller. Documentary stamps, Intanplde tax antl reCOrding purchase money
narigage to Seller, tleed end linancinp statements shall be pork Dy Byrer.
L. PROBATIONS; CREDITS: Taxes, assessments, rent, Interest, ktsuraroe eM other experrees aril revenue d Rroperty s11eN be prorated thrvepD day before cbsirp. Buyer shall have
the optbn of taking over any eziatinp pdbors of Insurance, M eaeumabor, In whbh evert premiums shell be prorebd. Cash et closing shall be Increased or decreasetl as may W
required by proration5, Aoratbns will be made through day poor a ocWpengy N ecctgenc)' Occure before dosing. Adverse reel and aeWrity deposits will be creditetl to Buyer and
escrow deposits held by mortgages will be credited to Seller. Taxes shorn be prorated beaetl on the current y¢a(,p tsx wRh due elbwsnce matle for maximum elbweble tlisoounl,
famesteatl end otMr exemptions. N cbsirp occurs at a date wfwh the dlrrent years mpleye~b rat fixetl and drcreM a assessment b available, lazes will be prorated based
anon such assessment and the pr'ar year's mllorge. H current year's eseesement b not available, Marl texea will be prorated on the pr'zx years lax. If there are comdeted Improvements
on the Real Properly Dy January 1st of year d cbsirp whbh Improvements were not k exbtenoe on January 1st d the dbr year, then taxes shall be ddatetl basetl upon the
pr'ar years millape and at en equitable assessment to be agreed upon betw6en the parNe0. failirq whioh, request will be matle to the County Property Appraiser for an Informal
assessment taking Into coreideratbn avellebor exemplbrre. Any tax dorelbn basetl on an estimate shell, al request d either Buyer or Seller, be suDSequenty reatljusled upon receipt
of tax bill on contlition that a statement to that dlecl b In the dosirp alatement.
M. SPECIAL ASSESSMENT LIENS: Certified, conlirmetl ant ratHord special assessment Netts ea d date of cbairp (rat as of Effective Date) are to be pork by Seller. PoMirp liens
as of date of cbsirp shall Dc assumed by Buyer. H the imdovemenl has been 6ubataMiely tampletetl ss of EHectNe Dete, such pendirp lien shell De consMered certified, confirmed
or talilied ant Sauer Shan, et cbsirp, be charged en amount equal to the last estimate d easeaament for the knprovement by the pudb body.
to Buyer's occupancy Or rat less
Unless Buyer reports such tlelecl
-Seller shall cause such repairs to
CONDITION. It the cost for such
this Conlrecl. II Seller Is unabblc
rot hays any VISIBLE EVIDENCE d bake, Water damage Of BtrUClgral damage and ir181 1119 Bepla tank, pod, all Hess-nl0ananaal
systems aril machinery are in VJOFiKINO CONIXTNON. Buyer may, at Buyer's expense, have In those Nems Dy a firm
ms and holdup en oCCUpallonal license for each purpose IN reauuetl) a M e sensed Fbrida contractor. Buyer shall, prior
~ days prbr to cbslnp, wFiahewr occurs fret, report ti wdtl Nems that W rat mad the above slaMards es to detects.
that time, Buyer shall be deemed to he warreMks es to delecte rat reported. If repalre or epacements are require4
end shall pay up to 3% prae for such repelre a replacements as may be required in order to dace such Items in YJORKING
or re I s 3% of the Wrchase price, Buyer a Seller may ebd t0 pay each excess, failirp whkh either party may cancel
elects prbr to cbairp, the host thereof shell be paid Mto escrow at cbdrp. Seller will, upon reasonable ratte, dovlde utilities servke
u, InClWirq awalk-through prior to cbslnp. Between EffeCtNe Date aril the dale of dosing, except for repalre reWiretl by this Standard,
O. RISK OF LOSS: II the Property Is damaged by lire or other casually before Cbslrp aril coat d restoration Boas not Bzceed 3% d the assessed velualbn of the Property so
damaged, cost of restoration shall be an obligation of the Seller antl dosing shall poceed WrouanYb the terms d Contract wtth restoration costs eaerowetl at closing. II the cost
d restoration exceeds 3% of the assessed valualbn of the Improvements so damaged. Btyar shall have the odbn d ether taking Property as Is, together with either the 3% or
any Insuraroe proceeds payable by virtue of each bas or damage, a of cancelling this Contrail and reoeNirp return d depoatt(s).
P. PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorrb0 upon clearance d funds. N abetted, evlderae d title shall be continuetl al Buyers expense to show
title In Buyer, without sny encumbrances or charge which would rentler Seller's title unmarketable from the date d the last evitleroe. Proceetla d the sale shall be heb h escrow
by Sollor's attorney or by such other mdualy eccepbde escrow agent for a perbtl d opt Iilpar lien 5'deys iron aril after doslrp date. If Seller's tNor b rendered unmarketable,
through no Iault of Buyer, Buyer shell, within the 6•tlay gerbil, ratify Seller in wrnlrp d the dated ant Seller shell Dave 30 days from date of receid of such ratilbatbn to are
the defect. If Seller falls to timely cure the defect all deposit(s) end cbairp funds ehail, uPCn wdtten dement by Buyer antl within 8 tlays after demand, be returnetl to Buyer end
simultaneously with such repayment Buyer shall return Personalty and vacate Property and•reconeey N to Soler by epecbl warranty deed. 11 Buyer lath to make timely demand for
refund. Buyer shall take title es b, waNlrp ell rghts against Seller es to cry Intervenirp ddad except as may be evalbbb to Buyer by Nrtue of warrantors contained In the tleetl.
II a portbn of the Wrchase prke b to be OerNeO from instilutbnal linarxdnp or reNnendrp, repllremants d the bntlirp InatNutbn ea to dace, time or day aril procedures for cbsirp,
and for disbursement of mortgage proceeds shall contrd over conNary povbion k this Contract. 89119r shall have ifb right to require Irom the orMirp Institutbn a written commitment
that It will rat withhold disbursement of mortgage proceeds as a result of any tNb dated attrlbutabb to Buyer-mortgagor. The escow end cbsirp procedure required by this Standard
may be waivetl It title agent Insures adverse matters Wreuant to Section 827.7841, FS. (1989), M amsndetl.
O. ESCROW: Any escrow agent ("A ant") recelvinq lu'rrids a eWNalent Is aWhorizetl antl agrees by acceptance d Ifbm to deposit Them promptly, hold same in escrow antl, subject
to cloararae. tlisWrsa Thom in accordance with terms end contlitkms of Conlrecl. F9HUre. of Obarenc9 of lards shall not exvese Buyer's performance. If In doubt as to Agent's duties
or liabilities under the provisions d Contrecl,'Agent may, at Agent's opfan, continua to fork the eWject 11181ter of the eaerow until the parkas mutuaM agree to Its disbursement
or until a jutlpment of a cart of competent jurisdiction shall determine the rights d ifs partes or Agent may deposit same with the clerk of the GrwH court havirp juristlblbn
of the dispute. Upon Holtlying ell parties concerned of such aolbn, all liability on the pert d Agent shall fury terminale, except to the extent d eccountirp for any Items devbusly
tleliveretl out of escrow. If a licensed real estate broker, Apenl will comdY with provisions d Chapter 476, F.S. (1989), as emended. AM suit between Buyer and Seller wherein Agent
b made a party becauso of acting as Agent hereunder, or In sny suit wherein Agent interdeada the subject matter of the escrow, Agent shall recover reasonable attorney's lees
end costs Inwrretl with the tees and costs to be paid Irom ant oN of the escrowed lunch a equNelent and Uwrped and awarded as court costs in favor of the prevailing party.
Parties agree that Agent snail not be liable to any perry a person for misdelivery to 8vyer or Seller of Nems subject to fhb escow, unless such mistlelivery b tlue to willful breach
of this Contract or gross negligence of Agent ,
R. ATTORNEY'S FEES; COSTS: In any litpatbn arisirp out or this Contract the pevaillrp party In such litpelbn wtYCh, la the Wrposes of this Standard, shall IraAude Seller, Buyer,
listin0 broker, Buyer's broker eM any subagents to the listing broker or Buyer's brokeq shall be entNled to recover reasonable attorney s tees ant cosh.
S. FAILURE OF PERFORMANCE: II Buyer falls to perform this Contrail withln the time speopbtl, IraNdirp payment of pll deposit(s), the deposit(s) paid by Buyer antl deposit(s)
agreed to be paid, may be retained by or Ior the account of Seller as agreed upon Iquldaled Aenlagea, consideratbn la the exevetbn of this Contract antl in lull settlement of any
claims; whereupon, Buyer ant Selorr shall W relieved d all obligations antler Contract or Seller, at Seller's odion, may proceed In equity to enforce Seller's rghts under this Contract.
H, for sny reason other than faibre of Seller to make Sellers title marketable aHor diligent efbrt Seller Ieils,~nepleote or refuses to perform this Conlrect the Byrer may seek aped/b
Derlormaroe or elect to receive the return of Buyer's deposit(s) without thereby waMrp arty adbn for demapea resuttinp from 3elbr's breach.
T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE: Neither this Contrail, not sly talks of N, shall be reCdrtletl in any pudk retorts. This Contract shall bind end
Inure to the benefit of the parties and their successors in Interest. Whenever the Context permits, slrpular shah IrKJutle pbral end one pander shall Nalude all. Notbe given by or
to the attorney la any party shall be es ellective es H Olven by or to {het party.
U. CONVEYANCE: Seller shall convey tile to the Real Property by statutory warranty, trustee's, personal repreaentathre'c a guardian's tleed, as appropriate to the status of Seller,
subject only to matters containetl In Paragraph VII and those dherwise accepted by Buyer. Pereoreky shall, at request d Bybr, be transferred by an absdule Dill of sale with warranty
bl tale, subject only to such matters es may be dherwise provided fd herein. ~ .
K OTRER AGREEMENTS: No prior or present agreements or representa[brre shall be~ dndirp upon Buyer or Seller unbar included in this Contrecl. No nadiliCatgrt or charge In
this Coritrect shell be valid or Dindirp upon the parties uNesa In venting and executed by the party M partba ktended a be bound by h.
W WARRANTIES: Seller werrenis that there ere ra facts known to S911er~matedelly affedNp the value of the Real Property whkh are nbl reatlily observable by Buyer or which
have rat Deen tllscbsetl to Buyer. ..
.,:o
Copyright 1991 by Tfa Fbrida Barentl The Fbrida-ASaodatbn d REALTORS
,t :. ;
SCHEDULE A
A parcel of Land in Tract "A", VILLAGE OF NORTH PALH riEACH
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 ae
follows:
FkOM 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
night angles to said southerly line, a distance of 437.83 feet;
thence easterly, making an angles of deflection to the East from
the preceding course, of 68o Sti' 30" a dletance of 256.31 feet to
the point of beginning and the nortltweaterly 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-~
[ante of 120 feet to the POINT OF BEGINNING.