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VI(K) Discussion/ Action Re: Sale Of Parcels Of Land Located At 102 W. Ohio Street And At 703 California Avenue Owned By The City Of Ocoee
AGENDA 11-05-96 "CENTER OF GOOD LIVING -PRIDE OF WEST ORANGE" \ Item VI K 0:::: COMMISSIONERSRUSTY JOHN RS CITY OF OCOEE SCOTTANDERSON 150 N.LAKESHORE DRIVE SCOTT A.GLASS OCOEE,FLORIDA 34761 2258JIM GLEASON (407)656 2322CITY MANAGER ELLIS SHAPIRO MEMORANDUM TO: The Honorable Mayor and Board of City Commissioners FROM: Ellis Shapiro, City Manager DATE: November 1,1996 RE: ' SALE OF PARCELS OF LAND LOCATED AT 102 W. OHIO STREET AND AT 703 CALIFORNIA AVENUE OWNED BY THE CITY Several months ago. several parcels of land including the two lots described above were declared surplus by the City Commission and were advertised for bid for disposal. No bids were received on any of the parcels of land and our Buyer suggested that we possibly attempt to dispose of the surplus land by auction. Approximately one week ago, Pat Bond, representing Palm Tree Properties, contacted me and asked whether or not the property advertised was for sale and whether a bid could be given to the City for any or all of those parcels. I advised Mrs. Bond to provide the City with a Contract and I would have the City Attorney review the document to determine whether or not the City could accept a bid on this property and whether the terms in the Contract were acceptable to the City. The City Attorney has reviewed the attached Contract and, like this writer and Jim Shira, the head of the Utilities Department, feels that the price should be an acceptable price for the disposal of the surplus property. The appraised value of the parcels is $207,000. The offer to the City is $200,000 with the City paying a 10% commission ($20,000). In light of the circumstances discussed above, I believe, and the City Attorney concurs, that there is specific good cause to sell the property for a price below the appraised value. It is recommended that the City Commission find that there is specific good cause to sell the property at a price below its fair market value and approve the Contract between the City and Robert H. Wallick, authorizing the Mayor and City Clerk to execute the contract and all closing documents necessary to close the transaction. Respectfully Submitted, ES:fdg Attachments THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS® AND THE FLORIDA BAR. •ic. • ' —C. Contract for Sale and Purchase • FLORIDA ASSOCIATION OF REALTORS®AND THE FLORIDA BAR PARTIES: City of Ocoee, A Florida Municipal Corporation ("Seller"), of 150 N. Lakeshore Drive, Ocoee, Florida 34761 (Phone) and Robert H. Wallick of 312 E. Geneva St. , Ocoee, Florida 34761 (Phone) hereby agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property(collectively'Prooerty")upon the following terms and conditions,which Include Standards for Real Estate Transactions("Standard(sr)on the reverse side hereof or attached hereto and riders and addenda to this Contract for Sale and Purchase(Lcgel ). I. DESCRIPTION: (a)Legal description of the Real Property located in Orange County,Florida: See Attached: Parcel 1, 102 W. Ohio St. , Ocoee, Florida $100,000.00 Parcel 2, 703 California Ave. , Ocoee, Florida $100,000.00 (b)Street address,city,zip,of the Property is: Parcel 1: 102 W. Ohio S t. and Parcel 2: 703 California Ave. (c)Personal Property: Vacant Land, None II. PURCHASE PRICE: $ 200.000.00 PAYMENT: (a)Deposit held in escrow by Stewart Title of Winter Garden in the amount of $ 5,000.00 (b)Additional escrow deposit to be made within_days after Effective Date(as defined in Paragraph III)in the amount of $ —0— (c)Subject to AND assumption of existing mortgage in good standing in favor of having an approximate present principal balance of $ —0— (d)Purchase money mortgage and note to Seller(see addendum)in the amount of $ —0— (e)Other: $ —0— (f)Balance to close by U.S.cash,LOCALLY DRAWN certified or cashier's check or third-party loan,subject to adjustments or prorations $ 195,000.00 III. TIME FOR ACCEPTANCE OF OFFER;EFFECTIVE DATE;FACSIMILE:If this offer in not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing between the parties on or before Der Pmh er 4, 1996 ,the deposit(s)will,at Buyer's option,be returned and this offer withdrawn.The date of Contract("Effective Date')will be the date when the last one of the Buyer and Seller has signed this offer.A facsimile copy of this Contract and any signatures hereon shall be considered for all purposes as originals. IV. FINANCING: (a)If the Purchase Price or any part of it is to be financed by a third-party loan,this Contract is conditioned on Buyer obtaining a written commitment withinN/A days after Effective Date for(CHECK ONLY ONE):7 a fixed; ❑an adjustable;or 7 a fixed or adjustable rate loan in the principal amount of$ N/A ,at an initial interest rate not to exceed_N/A A..discount and origination fees not to exceedd/A %of principal amount,and for a term of N/A years.Buyer will make application within N/Adays after Effective Date and use reasonable diligence to obtain a loan commitment and, thereafter, to satisfy terms and conditions of the commitment and close the loan.Buyer shall pay all loan expenses.If Buyer fails to obtain a commitment or fails to waive Buyer's rights under this subparagraph within the time for obtaining a commitment or,after diligent effort,fails to meet the terms and conditions of the commitment,then either party thereafter,by written notice to the other,may cancel this Contract and Buyer shall be refunded the deposit(s);or (b)The existing mortgage described in Paragraph II(c),above.has(CHECK ONLY ONE):'7 a variable interest rate;or CI a fixed interest rate of N/A %per annum.At time of title transfer,some fixed interest rates are subject to increase;if increased,the rate shall not exceed N/A %per annum.Seller shall,within N/A.days after Effective Date,furnish a statement from each mortgagee stating the principal balance,method of payment,interest rate and status of mortgage.If Buyer has agreed to assume a mortgage which requires approval of Buyer by the mortgagee for assumption,then Buyer shall promptly obtain the necessary application and diligently complete and return it to the mortgagee.Any mortgagee charge(s)not to exceed$ N/A shall be paid by Buyer.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 written notice to the other party unless either elects to pay the increase in interest rate or excess mortgage charges. V. TITLE EVIDENCE:At least 10 days before closing date,but no earlier than N/A days after Seller receives written notification that Buyer has obtained the loan commitment or has been approved for the loan assumption as provided in Paragraphs IV(a)or(b),above,or.if applicable,waived the financing requirements,(CHECK ONLY ONE): Seller shall.at Seller's expense,deliver to Buyer or Buyer's attorney;or 7 Buyer shall at Buyer's expense obtain(CHECK ONLY ONE): 7 abstract of title;or title insurance commitment(with legible copies of instruments listed as exceptions attached thereto)and,after closing,an owner's policy of title insurance. or oet ore VI. CLOSING DATE:This transaction shall be closed and the deed and other closing papers delivered on Dec. 25, 1996 unless modified by other provisions of this Contract. VII. RESTRICTIONS;EASEMENTS;LIMITATIONS:Buyer shall take title subject to:comprehensive land use plans,zoning,restrictions,prohibitions and other requirements imposed by governmental authority;restrictions and matters appearing on the plat or otherwise common to the subdivision;public utility easements of record(easements are to be located contiguous to Real Property lines and not more than 10 feet in width as to the rear or front lines and 7 1/2 feet in width as to the side lines,unless otherwise stated herein);taxes for year of closing and subsequent years;assumed mortgages and purchase money mortgages, if any (if additional items, see addendum);provided, that there exists at closing no violation of the foregoing and none prevent use of the Property for N/A purpose(s). VIII. OCCUPANCY:Seller warrants that there are no parties in occupancy other than Seller;but if Property is intended to be rented or occupied beyond closing,the fact and terms thereof and the tenant(s)or occupants shall be disclosed pursuant to Standard F.Seller shall deliver occupancy of Property to Buyer at time of closing unless otherwise stated herein.If occupancy is to be delivered before closing,Buyer assumes all risks of loss to Property from date of occupancy,shall be responsible and liable for maintenance from that date,and shall be deemed to have accepted Property in its existing condition as of time of taking occupancy unless otherwise stated herein. IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS:Typewritten or handwritten provisions,riders and addenda shall control all printed provisions of this Contract in conflict with them. X. RIDERS:(CHECK those riders which are applicable AND are attached to this Contract): (a) 7 COASTAL CONSTRUCTION CONTROL LINE (d) VA/FHA (g) ❑HOMEOWNERS'ASSOCIATION DISCLOSURE (b) 7 CONDOMINIUM (e) '7 INSULATION (h) 7 RESIDENTIAL LEAD-BASED HAZARD DISCLOSURE (c) 7 FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (f) a"AS IS" (I) 0 XI. ASSIGNABILITY:(CHECK ONLY ONE):Buyer 7 may assign and thereby be released from any further liability under this Contract:XI may assign but not be released from liability under this Contract:or 7 may not assign this Contract. XII. DISCLOSURES: (a) Radon is a naturally occurring radioactive gas that when accumulated in a building in sufficient quantities may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida.Additional information regarding Radon or Radon testing may be obtained from your County Public Health unit. (b)Buyer may have determined the energy efficiency rating of the residential building,if any is located on the Real Property. (c) If the Real Property includes pre-1978 residential housing then Paragraph X(h)is mandatory. XIII. MAXIMUM REPAIR COSTS:Seller shall not be responsible for payments in excess of: (a)S N/A for treatment and repair under Standard D(if blank,then 2%of the Purchase Price). (b)S N/A for repair and replacement under Standard N(if blank,then 3%of the Purchase Price). XIV. SPECIAL CLAUSES;ADDENDA:If additional terms are to be provided,attach addendum and CHECK HERE 7. 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 REALTORS AND THE FLORIDA BAR. Approval does not constitute= opinion that any of the terms and conditions in this Contract should be accepted by the parties in a particular transaction.Terms and conditions should e neg ti- ed b •.n the respective interests,objectives and bargaining positions of all interested persons. -,'1995 BY THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORS r Oct.3O. 1996 See Attached Signature Block ( y L,y� (Date) (Seller) (Date) Social Security or Tax I.D.# 280-22-4531 Social Security or Tax I.D.# (Buyer) (Date) (Seller) (Date) Social Security or Tax I.D.# Social Security or Tax I.D.# Deposit under Paragraph II(a)received;IF OTHER THAN CASH,THEN SUBJECT TO CLEARANCE. N/A (Escrow Agent) BROKER'S FEE:The brokers named below,including listing and cooperating brokers,are the only brokers entitled to compensation in connection with this Contract: Name: Palm Tree Properties, Inc.-Pat Bond - 10% Listing Broker Cooperating Brokers,if any FAR/BAR-4A Revised 12/95 RIDERS CAN BE OBTAINED FROM THE FLORIDA ASSOCIATION OF REALTORS®OR THE FLORIDA BAR STANDARDS FOR REAL ESTATE TRANSACTIONS A.EVIDENCE OFTTTLE(1)An Utes(ri d neti prepared or brought current by a reputable and existing abstract firm(if not cueing then certified as caned by an ecistirg firm)pinioning to be an accurate synopsis of the instruments affecting title to the Real Property recorded in the public records of the cc my wherein the Real Property is located through Eflbctrve Dale.It shall commence with the earliest public records,or such later date as may be customary in the county.Upon closing of this Cormtxa.the abstract shad become the property of Buyer.subject to the right of retention thereof by first mortgagee until fully paid.(2)A title insurance commdmenl issued by a Ronda licensed title insurer agreeing to issue Buyer.upon reconhg oi the deed to Buyer. an owner's policy of title insurance in the amount of the purchase price. insuring Buyer's title to the Real Property,abject only to tens,encumbrances,eucpbas or qualefe:no s provided in the Contract and those to be discharged by Seller at or before closing.Seller shall convey marketable title subject ely to bens.enairtrances.e iceptions or qualifications provided in the Contract.Marketable title snail be determined according to applicable Title Standards adopted by authority of The Florida Bar and in accordance with law.Buyer That have 30 days.t abstract,or 5 days.if title commitment.from Cate of receiving evidence of title to examine it.If title is friend defective,Buyer:had*din 3 days thereafter.notify Seller in writing speatyrxg the delect(s).If detect'(s)render title unmarketable.Seller will nave 30 days from receipt of notice to remove the detects,fafng which Buyer shad,within five(5)days arter exprraton of the thirty(30)day period.deliver wnnen notice to Seller either:(1)extending the time for a reasonable period not to exceed 120 days within which Seller shag use diligent etort to remove the defects:or(2)requesting a refund of deposit(s)paid which shall be immediately returned to Buyer.11 Buyer tails to so neatly Seer.Buyer shad be deemed to have accepted the title as it then is.Seder shall.it tine is found unmarketable.use diligent etlen to correct defect(s)within the time provided therefor.It Seiler is unable to timely correct the defects. Buyer shad either waive the detects,or receive a refund of deposit(s).!hereby releasing Buyer and Seller from all further obligation under the Centred 8.PURCHASE MONEY iIORTGAGE:SECURITY AGREEMENT TO SELLER:A purchase money mortgage and mortgage note to Seder shad provide for a 30-day grace penod in the event of debut)d a first mortgage and a 15day grace period it a second or lesser mortgage:shall provide for nght of prepayment in whole or in part without penatyr,shag permit acceleration in event of easier of the Real Property,shall require all poor liens and encumbrances'o be kept in good standing and Iorbid nwckficibons of or t cure advances fonder prior mortgages): shall require Buyer to maintain policies of insurance containing a standard mortgagee clause covenng all improvements located on the Real Property aganrsl fire and orb pent included within the term'extended coverage endorsements'and such other nsks and perils as Seller may reasonable require.in an amount equal to their highest iwurabfe value:and the mortgage,note and security agreement shall be otherwise in form and content required by Seller:but Seller may only require clauses and coverage arstomaiiy lend in fi.utyrye,mortgage notes and security agreements generally utilized by savings and loan institutions or slate or national banks located in the county wherein the Real Property is located.Al Personal Propery and leases being conveyed or assigned will,at Seller's option,be subject to the lien of a security agreement evidenced by recorded financing statements.II a baboon mortgage,the final payment will exceed the penot5c payments thereon. C.SURVEY:Buyer,at Buyer's expense.within time allowed to deliver evidence of lite and to examine same.may have the Real Property surveyed and certified by a registered Florida surveyor.If the survey discloses enaoacttments on the Real Property or that improvements located thereon enuoadh on setbadt lines,easements.Lands of others or violate any restrir:Lions. Contract covenants or'tpplir-ihlr governmental regulation,the same shall ccnstitute a title defect. D.TERMITES:Buyer,al Buyers expense.within the time allowed to deliver evidence of title.may have the Property inspected by a Florida Certified Pest Control Operator('Operetoe)to determine if there is any visible actrve termite infestation or visible damage from termite infestation in the Property.If either or both are found.Buyer shad have 4 days from date of written notice thereof within which to have cost of treatment.if required.estimated by the Oaerator and all damage inspected and estimated by a licensed bender or general contractor.Seller shall pay valid costs of treatment and repair of all damage up to the amount provided in Paragraph XIII(a).II estimated costs exceed that amount,Buyer shal have the option of canceling this Content within 5 days after receipt o1 contractor's repair estimate by giving wnnen notice to Seller or Buyer may elect to proceed with the trarsacten,and receive a credit at dosing on the .amount provided n Paragraph Millais'Termites'shall be deemed to include all wood destroying organisms required to be reported under the Florida Pest Control Act.as amended. E!NGRESS AND EGRESS:Seller warrants and represents that there is ingress aria egress to the Real Property sufficient for its intended tee as described in Paragraph VII hereon.title to 'much s in accordance with Standard A. F.LEASES:Seller shall.not less than 15 days before dosing,lurnesh to Buyer comes of all written leases and estoppel letters from each tenant specifying the nature and duration of the tenant's occupancy.rental rates.aav need rent and secuntv deposits paid by tenant.If Seller is unable to obtain such letter Iron,each tenant the same nbrmLabon shall be furnished by Seiler to Buyer within that time penod in tie:arm of a Seiler's atfdavit.and Buyer may tnereatter contact tenants to confirm such information.Se tee shall.at closing,deliver and assign all original leases to Buyer. G.UENS:Seller shall furnish to Buyer at time el dosing an affidavit attesting to tee apsence. unless otherwise provided for hereon,of any financing statement.cairns of lien or potential :tenors known to Seller and further anescng that there have been no improvements or repairs to the Real Property for 90 days immeciatety preceding dale of dosing.if the Real Property has been improved or repaired within that lime.Seller snail deliver releases cr waivers of construction liens executed by ail general contractors. beent:J ews.suppliers and mLateriatmen :n aodrtionn to Seller's lien affidavit setting forth the names of an such general contractors.subccntmctors.suppliers and rnaterialmen.further affirming that ae dtarges for improvements or resters which could serve as a basis ter a construction Gen or a claim for damages have been paid or thnt be paid al the dosing of the Contract. H.PLACE OF CLOSING:Ceasing snarl be nee in the county wherein the Real Property is located al the office of the attorney or other dosing agent d[signated by Seller. I.TIME In computing time penes of less elan sec t6)days.Saturcays.Sundays and state or national legal hclidays shall be execded.Arty time periods provided for herein which snit end on a Saturday.Sunday.or a legal holiday snail extend to 5.00 p.m.of the next business cay.Time is of the essence in this Contrad- J.DOCUMENTS FOR CLOSING:Seller shall furnish the deed,bill of sale.construe::en lien affidavit.owners possesson efficient assignments o1 lenses. tenant and mortgagee estoppel letters and corrective instruments.Buyer shall turn'sm closing statement.mortgage.mortgage note,security agreement arid financing staternene, K.EXPENSES:Documentary stamps on the deed and reccrC:ng of corrective instruments snarl be paid by Seller.Documentary stamps and intangde tax on the purense money mortgage and any mortgage assumed.and mon:trig of purchase money mortgage to Seiler. teed and financing statements shall be paid by the Buyer.Urli(ss otherwise provided by Law or rider to txs Contract,charges for the Wowing related title services.namely title or abstract charge,title examination,arid settlement and dosing lea shall be paid by the party responsible for tumistng the title evidence in aocoraancb with Paragraph V. L PRORATIONS;CREDITS:Taxes,assessments,rent.interest.insurance and other expenses of the Property shall be prorated thrtxxpi the day belbre dosing.Buyer shall have the option pi taking over=sarig polices of insurance.if assumable,in wnicn event premiums snarl be prorated.Cash at dosing shall be increased or deceased as may be required by prorations to tie rnaoe through day prior to dosing or occupancy if occupancy occurs oefere closing Acvance rent and secunty deposits will be credited to Buyer.Escrow deposits held by mortgagee will be credited to Seiler.Taxes shall be prorated based on the current years tax with Cue allowance made for maximum allowable discount homestead and other eierractices If closing occurs al a date when the current year's millage s not fixed and current years assessment is available.taxes will be prorated based upon such assessment and prior year's millage.If current years assessment is not available.then taxes will be ororated on prior years tax.If there are completed improvements on the Real Property by January 1st of year of dosig,Mich improvements were not in existence on January 1st o1 prior year,then taxes snail be created based upon prior years millage and at an equitable assessment to be agreed upon between the parties: riling whin.request shall be made to the County Property appraiser for an internal assessment taking into account available exemptions A tax proration based on an estimate shall.at request of ether party,be reaaelusted upon receipt of tax pill on condition that a statement t0 teat effect is signed at dosing. M.SPECIAL ACSFSCMENT UENS:Certified,confirmed and ratified special assessment liens as of date of dosing(not as of Elective Dale)are to be paid by Soler.Penciling liens as of Cate of dosing shag be assumed by Buyer.if the improvement has been substantially completed as of Effective Date,any pending lien shall be artudere t certified.confirmed or ratified and Seiler shall.at dosing,be charged an amount equal to the last estimate or assessment for the improvement by the public body. N.INSPECTION. REPAIR AND MAINTENANCE: Seller warrants that, as of 10 Cays prier to dosing, the ceiling, root (inducing the Hula and soffits)and exterior and interior orals. foundation,seawalls(or equivalent)ano doocage do not have any VISIBLE EVIDENCE of leaks.water damage or structural damage and that the septic tank pool.all appliances,mechanical :terns.heating.meting,eieceical,plumbing systems and macninery are in WORKING CONDITION.The foregoing warranty shall be limited to the items speafied unless otherwise provided .n an addendum.Buyer may.at Buyer's expense.have inspections mace of those items ey a firm or individual specializing in home inspections and hoeing an occupational license for such purpose(if required)or by an appropnatery licensed Renee contractor.Buyer shall,prior to Buyer's occupancy or not less than 10 days prior to dosing,whiduever occurs first.report in wining to Seller such items that do not meet the above stancar s as to Cefects.Unless Buyer timely reports such defects.Buyer shag be deemed to have waived Seders warranties as to oekdxs not reported.II repairs or replacements are required to comply with this Standard.Seller shall cause them to be made and shall pay up to the arrant provided in Paragraph)XIII(b).Seger is not required to make repairs or replacements of a cosmetic nature unless caused by a defect Seller is responsible to repair or replace.if the oast for each repair or replacement exceeds the amount provided in Paragraph XIII(b),Buyer or Seller may elect to pay such excess.tailing which either party may cancel this Contract.if Seder is uhade to correct the detects prior to dosing,the cost thereof shall be paid into escrow at closing.Seiler shall,upon reasonace notice.provide utilities service and access to the Property for irspcctiorc,including a walk-through prior to dosing,to confine that all items of Personal Property are on the Real Property and.subject to the foregoing,that all required repairs and to A...u,eeets have been invade and that the Property.uhcf zing.but not limited to.Lawn.shrubbery and pool.t any,has been maintained in the condition existing as of Effective Date,ordinary wear and tear excepted. O.RISK OF LOSS:If the Property is damaged by fire 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 shad be an obligation of the Seller and closing shall proceed pursuant to the terms of this Contract with restoration costs escrowed at dosing II the cost of restoration exceeds 3%of the assessed valuation of the Property so damaged.Buyer shall have the cation of either taking the Property as is,!Nether with either the 3%or any insurance proceeds payable by virtue of such tens or damage.or of canceling this Contract and receiving return of the deposit(s). P.PROCEEDS OF SALE;CLOSING PROCEDURE:The deed snail be recorded upon clearance of funds.II an abstract of title has been furnished.evidence of title shall be continued at Buyer's expense to show title in Buyer,without any encumbrances or criange wnicn would render Seller's title unmarketable from die date of the last evidence.Al dosing proceeds shall be held in escrow by Seller's attorney or other mutually acceptable escrow agent for a Period cf not more than 5 days after dosing date.II Seeller's title is rendered uvharketable,through no fauit of Buyer.Buyer shal,within the 5-day period,notify Seiler in writing p1 the Cetect and Seller snail have 30 days from dale of receipt of such noeff©tion to cure the defect If Seller faits to umey cure the oetea-all deposit(s)and dosing tunes snail.upon written demand by Buyer and within 5 days after demand.be returned to Buyer and,Soluteneoduf)r with such repayment. Buyer shall return the Personal Property,vacate the Real Prcperty and reconvey the Properly to Seller try special warranty deed and bill of sale.11 Buyer faits to make timely demand for refund.Buyer snail take title as s waiving all rights against Seller as to any intervening defect except as may be available to Buyer by virtue of Yeur ntes careened in the deed or ba of sale.if a portion of the purchase price is:o be derived from institutionai financ:ng or rehnare:ng,requirements of the lendng institution as to place,tine of day and procedures tor dosavg, and for disbursement of rno.Nage proceeds shall control over contrary provision in this Contract Seller shall have the right to require horn the krndng institution a written oorrrmrtment that not wttNold disbursement of mongage proceeds as a result of any title celect attnbutable to Buyer-mortgagor.The escrow and dosing procedure rued by cis Standard shaf be waned if tine title agent insures adverse matters pursuant to Section 627.7841.F.S..as amended. O.ESCROW:Amy escrow agent CLir)receiving funds or equivalent is authorized and agrees by acceptance of them to deposit therm Prot>nt1l,hold same in escrow and,subject to clearance,disburse them in accordance with terms and conditions of this Contract.Failure of funds to dear shall not excuse Buyer's perfomnanla t in dab as to Agent's duties or fiabtbbes under the provisions of this Contract Agent may,at Agents option,continue to fold the subjec:matter of the escrow until the parties hereto agree to its disbursement or will a judgement of a court of competent turisdcoon shall determine the rights of the parties.dr Agent may deposit same with the clerk of the circuit court having itriscietien of the dispute.Upon notifying all parties eorodrned of such action,all lability on the part of Agent shall fully terminate.exceol to the extent of accounting for any items previously delivered cut of eraow.II a licensed real estate broker.Agent will carroty with provisions of Chapter 475,F.S.,as amerced.My suit between Buyer and Seller wherein Agent is made a party because:of acing as Agent hereunder, or in arty suit wherein Agent interpleads the subject matter of the escrow.Agent shall recover reasonable attorney's fees and casts incurred with these am torts to be paid from and out of the esaowed ends or equivalent and charged and awarded as court costs in favor of the prevailing party.The Agent shall not be Sable to any party or person for misde iveryr to Buyer or Seiko of items subject to the escrow,unless such misdelivery is Cue to%wilful breach of the provisions of this Contract or gross negligence of Agent. R.ATTORNEY'S FEES;COSTS:In any litigation,including breach,enforcement or interpretation,arising out of this Contrxt,the prevailing party in suci legation.whinn,for purposes of tits Standard.shall'include Seiler.Buyer and any brokers acting in agency or nonaoency relationships authorized by Chapter 475.F.S.,as amended,shad be entitled to recover from the non-prevailing party reasonable attorneys tees,costs and expenses. S.FAILURE OF PERFORMANCE:If Buyer tails to perform this Contract within the time specified.including payment of all deposits,the deposits)paid by Buyer and deposits)agreed to be paid,may be recovered and returned by and for the account of Seller as agreed upon liquidated damages,consideration for the ex®aution of this Contrail and n fug settlement of any c air=whereupon,Buyer and Seller shad be relieved of all obligations under this Contract:or Seller,at Setters option,may emceed in egtity to entoroe Seller's rights under cis Contract. If tor any reason other than failure of Seller to make Sellers title marketable after diligent effort, Seller tarts,neglects or refuses to perform this Contract the Buyer may seek specific performance or elect to recwe the return of Buyers deposit(s)without thereby waiving any action for damages resulting from Seder's breads T.CONTRACT NOT RECORDABLE;PERSONS BOUND;NOTICE:Neither this Contract nor any notice of it shall be recorded in any public records.This Contract shag bind and inure to the benefit of the parties and their successors in interest.Whenever the context permits.singular shall include plural and one gender shad include de all.Notice given by or to the attorney for army party shag be as effective as it given try or to that party. U.CONVEYANCE Sector shall convey title to the Real Property by stalu:cry warranty,trustee's,personal representative's or guardian's deed,as appropriate to the dabs al Seller,subject only to matters contained in Paragraph VII and those otherwise accepted by Buyer.Personal Property shall,at the request of the Buyer,be transferred by an absolute big of sale with warranty of title,subject orvy to such matters as may be otherwise provided for herein. V.OTHER AGREEMENTS:No prior or present agreements or representations shall be binding upon Buyer or Seller unless included in the Contrail.No mac/loafers to at change in ins Contract shall be vaid or busing upon the parties unless in writing and executed by the party or parties intended to be bound by it. W.WARRANTY:Seller warrants that there aro no facts known to Seller matenally affecting the value of the Property which are not madly observable by Buyer or which have not been disclosed to Bayer. 0-1 AGENCY DISCLOSURE RfALIO R• Florida real estate licenseesare required by law to disclose which party they represent in a transaction and to allow a party the right to choose or refuse among the various agency relationships. The purpose of the AGENCY DISCLOSURE is to acknowledge that the disclosure occurred and that the consumer has been informed of the various agency relationships which•are available in a real estate transaction. The following descrip- tions of terms, agency relationships and their respective duties and obligations are based upon Florida Law (Chapter 475.Florida Statutes). • • - • SELLER'S AGENT A licensee who is engaged by and acts as the agent of the Seller only is known as a Seller's agent. A Seller's agent has the following duties and obligations: To the Seller. - - (a) The fiduciary duties of loyalty, confidentiality, obedience, full disclosure, accounting and the duty to use skill, care and diligence. To the Buyer and Seller. , (a) A duty of honesty and fair dealing. (b) A duty to disclose all facts known to the Seller's agent materially affecting the value of the property which are not known to, or readily observable by the parties in a residential transaction. ;e * * * * ** * * ******** *BUYER'S AGENT**************************************** A licensee who is engaged by and acts as the agent of the Buyer only is known as a Buyer's agent. A Buyer's agent has the following duties and obligations: To the Buyer: (a) The.fiduciary duties of loyalty, confidentiality, obedience, full disclosure, accounting and the duty to use skill, care and diligence. To the Seller and Buyer: (a) A duty of honesty and fair dealing. • • DISCLOSED DUAL AGENT • A disclosed dual agent is a licensee who, with the informed written consent of Seller and Buyer, is engaged as an agent for both Seller and Buyer. As a disclosed dual agent, the licensee shall not represent the interests of one party to the exclusion or detriment of the interests of the other party. A disclosed dual agent has all the fiduciary duties to the Seller and Buyer that a Seller's or Buyer's agent has except the duties of full disclosure and undivided loyalty. A disclosed dual agent may not disclose: (a) To the Buyer that the Seller will accept less than the asking or listed price, unless otherwise instructed in writing by the Seller; (b) To the Seller that the Buyer will pay a price greater than the price submitted in a written offer to the Seller, unless otherwise instructed in writing by the Buyer. (c) The motivation of any party for selling, buying, or leasing a property, unless otherwise instructed in writing by the respective party; or, (d) That a Seller or Buyer will agree to financing terms other than those offered, unless otherwise instructed in writ- ing by the respective party. AGENCY DISCLOSURE Wallick Family Trust is(are)XX Buyer(s) Seller(s) and NAME(S) is hereby informed that Palm Tree Properties, Inc. - NAME OF BROKERAGE FIRM and Pat Rnnri anr1 Leon C. Johnson, Jr. (Rusty) are acting as , NAME(S)OF LICENSEE(S) /' ,%' ' Seller's Agent XX • Buyer's Agent Y (tit-.//- ' iC•= '-17 /0/7/9'6 DATE You have the explicit right to choose or refuse among these relationships. Other brokerage firms may offer you other broker- age relationships. You are free to seek any brokerage firm offering the type of relationship you desire. CONSENT TO DUAL AGENCY Sign only if you are giving your informed written consent to the brokerage firm and its licensees acting as a dual agent repre- senting both seller and buyer. Your signature also acknowledges that you have received a copy of this disclosure. DATE SELLER OR BUYER PLEASE PRINT NAME SELLER OR BUYER THE AGENCY DISCLOSURE form has been adopted by the Florida Real Estate Commission and is required to be used by real estate licensees pursuant to Rule 61J2-10.036 of the rules of the commission. BPR 70-01-003.025 The use of this form is not intended to identify the user as a REALTOR'member. - °Copyright 1995 by the Greater Orlando Association of REALTORS'. GOAR—2/6/95 ADDENDUM TO CONTRACT FOR SALE AND PURCHASE ("CONTRACT") by and between CITY OF OCOEE, a Florida Municipal Corporation ("Seller") ROBERT H. WALLICK ("BUYER") Dated /(?/3() , 1996 The parties hereto agree that the following provisions are hereby agreed to and incorporated into the Contract: 1. STANDARDS FOR REAL ESTATE TRANSACTIONS B,D,F,J, AND N, are hereby deleted. 2. Paragraph IV of the Contract Is hereby deleted. 3. Each party shall pay their respective attorneys ' fees, if any, associated with this transaction and the closing. 4. As to Parcel 1, Title will be conveyed subject to SCL Railroad right-of-way along the approximate westernmost 30 feet of Lot 77, Block 3. 5. If Title or Survey objections are raised, the City will be under no obligation to cure any such title objections. 6. Seller discloses to Buyer that Parcel 2, has been used by Seller as an effluent disposal site. 7. The City will convey title by Special Warranty Deed. 8. The Closing-Agent will be Stewart Title of Winter Garden. The cost of document preparation will be equally borne by the parties. 9. The Seller represents that the properties are zoned R-1-AA. 10a. Seller agrees to pay a real estate brokerage commission in the amount of 10% of the Purchase Price, in the event this sale closes, and only in that event, to PALM TREE PROPERTIES, INC. (the "Broker") whose efforts procured this Agreement. b. Seller and Buyer hereby represent to each other that, except for the Broker, they are not aware of any person or entity which would be entitled to a commission, compensation or brokerage fee for the bringing about of this transaction or the consummation hereof. Except as aforesaid, Seller and Buyer agree to, and each does hereby indemnify and hold the other harmless from and against all liabilities and expenses, including attorney's fees, paralegal fees and costs incurred, at both the trial and appellate levels, in connection with any claims for commission, compensation, or otherwise, for the bringing about of this transaction, or the consummation hereof, which may be made against the other by any other person, firm or corporation as the result of any acts of Seller or Seller's representatives or as the result of any acts of Buyer or Buyer's representatives, as the case may be. . PCs s' der to:FARIBAR'Contract for Sale and•Purchase FLO • T AIDArASSOdAT.ON.OFA F.11L7OAS'AANO'fH�FLbAIDA'BAR I:� [This F,rder is intended for use hi conjunction whh Paragraph X of the Florida Association of AE4LTCRs arid The Rarida Bar(FAR/HAA)'Cont:ac t • for Sale and Purchase (199S ed.)j : This "As Is" Rider ("Rider") shall amend, modify and be a part of that certain Contract For Sale and Purchase("Contract") by and between The City of 0coee,A Florida Municipal Corp., as Seller and Robert H. Wallick as Buyer dated /2 43 p /y6, ; to which this Rider is attached. Buyer and Seller agree as follows: 1. Sellers Warranties and Representations:Obligation With Respect to Residential Real Property:Limitations. A. Clauses D and N of the Contract are hereby deleted. B. Seller acknowledges thatthe use of this Rider does not relieve Seller of Seller's responsibility to disclose latent defects materially affecting the value or desirability of residential real property. Except as set forth below and in Standard W of the Contract, Seller makes no warranty of any type, either express or implied, as to the physical condition of the Property. Seller has received no notice from any governmental agency as to a currently uncorrected building or safety code violation. Buyer expressly waives any claims against Seller or Seller's agent, including the broker, for any unknown defects or other damage which may exist or be discovered by Buyer. The property will be conveyed "As Is" without any warranty or representation other than Warranties of Title. 2. Determination and Inspection Period. Buyer shall have 30 days ("Inspection Period") from the Effective Date in which to have such inspections of the Property performed as Buyer shall desire. A. Buyer shall be responsible for repair of damage or restoration of the Property required as a result of any inspections. B. If Buyer determines, in Buyer's sole discretion, that the condition of the Property is not acceptable to Buyer, Buyer may cancel this Contract by delivering written notice of such election to Seller within the Inspection Period. The deposit(s) paid shall be immediately returned to Buyer, thereupon, Buyer and Seller shall be released of all further obligations under the Contract. 3. Maintenance. 1 Seller shall maintain the Property, including„ but not limited to, the lawn, shrubbery and pool, if any, in the condition existing as of the Effective Date, ordinary wear and tear excepted. See Attached Signature Blocks See Attached Signature Blocks ("Buyer") ("Seller") Dated: Dated: SELLER: CITY OF OCOEE, FLORIDA ATTEST: By: S. Scott Vandergrift, Mayor By: Jean Grafton, City Clerk (SEAL) DATE: FOR USE AND RELIANCE ONLY BY APPROVED BY THE OCOEE CITY THE CITY OF OCOEE, FLORIDA COMMISSIONER AT A MEETING APPROVED AS TO FORM AND LEGALITY HELD ON ,1996 THIS DAY OF , 1996. UNDER AGENDA ITEM NO. FOLEY & LARDNER BY: City Attorney 10/24/96 07:51 V407 656 9852 STEWART. TITLE WG 21001 • • • Sanctify of Comucci STEWART TITLE • 13207 West Colonial Drive OF ORANGE COUNTY, INC. JoAnne Queries Suite 103 a ranch Manager Winter Garden,Florida 34787 Telephone:(407)656-9800 • Fax:(407) 858-9852 October 24, 1996 Mr. Paul E. Rosenthal Foley & Lardner, Attorneys At Lai 111 N. Orange Avenue, Suite #1800 • Orlando, FL 32802-2193 RE: Robert H. Wallick, Purchaser City of Ocoee, 'A Florida Municipality, Seller Parcel 1-102 W. Ohio Street Parcel 2--703 California Avenue Dear Mr. Rosenthal: In connection with the Sales.Contract on the caption properties wherein the proposed sales price is $200,000.00, we are please to quote you the following fees: $200,000.00 Owners Policy - $1075.00 25.00 Saarch Fee • 25.00 Exam Fee 75.00 Closing Fee We trust you will find the costs acceptable and appreciate the opportunity to work with you and the City of Ocoee. If I may be of further assistance at this time, please do not hesitate to call. Sincerely, JoAnne Quarles, C. L. C. Branch Manager Enclosure (Info Pamphlet) CONSORTIUl11 L . THE APPRAISAL OF A 3:82t ACRE PARCEL OF VACANT LAND LOCATED _imimmommilimmimimmummummaimimmu ALONG THE EAST SIDE OF"S[ KISSIMNIEE.AVENUE, BETWEEN E. OHIO STREET AND E. DELAWARE STREET,' IN THE CITY OF OCOEE ORANGE COUNTY, FLORIDA PREPARED FOR THE CITY OF OCOEE C/O MR. JAMES W. SffiRA, P.E. DATE OF VALUATION APRIL 9, 1996 DATE OF INSPECTION APRIL 9, 1996 • DATE OF REPORT APRIL 11, 1996 CONSORTIU April 11, 1996 Mr. James W. Shira, P.E. City Engineer/Utilities Director City of Ocoee 150 N. Lakeshore Drive Ocoee, FL 34761 Dear Mr. Shira: At your request, our firm has inspected and appraised a 3.82± acre parcel of vacant land which is located along the east side of S. Kissimmee Avenue, between E. Ohio Street and E. Delaware Street, in the city of Ocoee, Orange County, Florida. The subject site reflects a current street address of 102 W. Ohio Street. 1 The purpose of our appraisal was to estimate the market value of the fee simple interest in the subject site, as vacant, based upon market conditions prevailing on April 9, 1996. This appraisal, and the value estimates contained herein, are subject to and contingent upon the following: (1) The Appraisers have not been provided with a current survey of the subject site. The legal description, site area and site dimensions reported herein have been based upon data contained within the Public Records of Orange County, Florida and are subject to verification by a current certified survey of the subject site. (2) The Appraisers were not provided subsoil reports relating to the subject site. This appraisal has been made contingent upon the absence of any adverse subsoil characteristics that '(if in existence) would negatively impact the value of the subject property. (3) This appraisal has been made contingent upon the absence of hazardous contamination of the subject site. Mailing Address:Post Office Drawer 2129,Winter Park,Florida 32790 (407) 647-0800 Fax # (407) 645-2301 Mr. James W. Shira, P.E. City of Ocoee April 11, 1996 Page 2 It was our opinion, based upon the data provided to the Appraisers and the investigations and analyses undertaken that, as of April 9, 1996, and subject to the limiting conditions, assumptions and contingencies as set out within this report, the subject property had a fee simple market value of: ONE HUNDRED THREE THOUSAND DOLLARS ($103,000.00) We certify that, to the best of our knowledge and belief, the statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions, and conclusions. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. Our compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. Our compensation is further not contingent upon the reporting of a predetermined value or directions in value that favors the cause of the client; the amount of the value estimate; the attainment of a stipulated result; or the occurrence of a subsequent event. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of The Appraisal Institute. The use of this report is subject to the requirements of The Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, Philip F. Wood, MAI, has completed the requirements of the continuing education program of The Appraisal Institute. The subject property, neighborhood and comparable properties were personally inspected by Philip F. Wood and Charles B. Byrd. No one provided significant professional assistance to the persons signing this report. We do not authorize the out-of-context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of media for public communication without the prior written consent of the Appraiser(s) signing this appraisal report. Please refer to the self contained appraisal report, plus Exhibits, for documentation of this value estimate. If any additional information is needed, please advise. NOTE: The information contained in this report is copyrighted. The willful unauthorized use of any contents of this report constitutes copyright infringement which could subject Mr. James W. Shim, P.E. City of Ocoee - April 11, 1996 Page 3 the infringer to civil damages and criminal penalties pursuant to §§504 and 506 of the Federal Copyright Revision Act.of 1976. The Florida Real Estate License Law (Chapter 475-Part II, Florida Statutes defines an appraisal, an appraisal service, an appraisal assignment and an analysis assignment. Be advised that this report falls within these definitions only if properly executed herein. Proper execution includes an original blue-ink signature by the Appraiser overlaid by a raised seal. Any deviation from this means that the report is copyright infringed, unauthorized and does not represent services provided by the Appraisers or the firm. Respectfully submitted, CONSORTIUM APPRAISAL AND CONSORTIUM APPRAISAL AND CONSULTING SERVICES, INC. CONSULTING SERVICES, INC. By: National Consortium Research ;-"By: National Consortium Research Corporation, Inc. ' Corporation, Inc. ,Pluilp F. Wood, MAI, SRPA Charles B. Byrd President (Corporate Seal) Staff Appraiser State-Certified General Real . State-Certified General Real Estate Appraiser Estate.Appraiser Florida License No. 0000777 Florida License No. 0000908 PFW:CBB/slm 96-020 - #1 CONSORTIUM ....... • • .> THE<APPRA.ISAI OF A: 453±:::ACPARCEL:OF>°VACANT. IAND> 'EA : IDE_OF'CALIFORIVIA;. AVENUE.:AN :T.!- �J WEST SIDE:OF:::MONT:GO:MERY A' ENUE, APPROXIMATELY>::655 r` ET SOUTH`OF ORANGE>:C.OUNTY, FLORIDA: PREPARED FOR TH111, CITY OF OCOEE C/O MR. JAMES W. SHIRA, P:E. DATE OF VALUATION APRIL 9, 1996 • DATE OF INSPECTION APRIL 9, 1996 DATE OF REPORT APRIL 11, 1996 CONSORTIUM 1 April 11, 1996 Mr. James W. Shira, P.E. City Engineer/Utilities Director City of Ocoee 150 N. Lakeshore Drive Ocoee, FL 34761 Dear Mr. Shira: At your request, our firm has inspected and appraised a 4.53 f acre parcel of vacant land which is located along the east side of California Avenue and the west side of Montgomery Avenue, approximately 655 feet south of Orlando Avenue, in the city of Ocoee, Orange County, Florida. The subject site reflects a current street address of 703 California Avenue. The purpose of our appraisal was to estimate the market value of the fee simple interest in the subject site, as vacant, based upon market conditions prevailing on April 9, 1996. This appraisal, and the value estimates contained herein, are subject to and contingent upon the following: (1) The Appraisers have not been provided with a current survey of the subject site. The legal description, site area and site dimensions reported herein have been based upon data contained within the Public Records of Orange County, Florida and are subject to verification by a current certified survey of the subject site. (2) The Appraisers were not provided subsoil reports relating to the subject site. This appraisal has been made contingent upon the absence of any adverse subsoil characteristics that (if in existence) would negatively impact the value of the subject property. (3) This appraisal has been made contingent upon the absence of hazardous contamination of the subject site. Mailing Address:Post Office Drawer 2129,Winter Park,Florida 32790 • (407) 647-0800 Fax # (407) 645-2301 1 Mr. James W. Shira, P.E. City of Ocoee April 11, 1996 Page 2 It was our opinion, based upon the data provided to the Appraisers and the investigations and analyses undertaken that, as of April 9, 1996, and subject to the limiting conditions, assumptions and contingencies as set out within this report, the subject property had a fee simple market value of: ONE HUNDRED FOUR THOUSAND DOLLARS 77 ($104,000.00) We certify that, to the best of our knowledge and belief, the statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions, and conclusions. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. Our compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. Our compensation is further not contingent upon the reporting of a predetermined value or directions in value that favors the cause of the client; the amount of the value estimate; the attainment of a stipulated result; or the occurrence of a subsequent event. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of The Appraisal Institute. The use of this report is subject to the requirements of The Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, Philip F. Wood, MAI, has completed the requirements of the continuing education program of The Appraisal Institute. The subject property, neighborhood and comparable properties were personally inspected by Philip F. Wood and Charles B. Byrd. No one provided significant professional assistance to the persons signing this report. We do not authorize the out-of-context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of media for public communication without the prior written consent of the Appraiser(s) signing this appraisal report. Please.refer to the self contained appraisal report, plus Exhibits, for documentation of this value estimate. If any additional information is needed, please advise. NOTE: The information contained in this report is copyrighted. The willful unauthorized use of any contents of this report constitutes copyright infringement which could subject Mr. James W. Shira, P.E. City of Ocoee April 11, 1996 Page 3 the infringer to civil damages and criminal penalties pursuant to §§504 and 506 of the Federal Copyright Revision Act of 1976. The Florida Real Estate License Law (Chapter 475-Part II, Florida Statutes defines an appraisal, an appraisal service, an appraisal assignment and an analysis assignment. Be advised that this report falls within these definitions only if properly executed herein. Proper execution includes an original blue-ink signature by the Appraiser overlaid by a raised seal. Any deviation from this means that the report is copyright infringed, unauthorized and does not represent services provided by the Appraisers or the firm. Respectfully submitted, CONSORTIUM APPRAISAL AND CONSORTIUM APPRAISAL AND CONSULTING SERVICES, INC. CONSULTING SERVICES, INC. By: National Consortium Research By: National Consortium Research Corporation, Inc. , Corporation Inc. hil F.Wood, MAI, SRPA Charles B. yrd z' President (Corporate Seal) Staff Appraiser State-Certified General Real State-Certified General Real Estate Appraiser Estate Appraiser Florida License No. 0000777 Florida License No. 0000908 PFW:CBB/slm 96-020 - #3