Contract for Sale and Purchase dated October 23, 2008

 

62	VII: RESTRICTIONS; EASEMENTS; LIMITATIONS: Seller shall convey marketable title subject to: comprehensive land use plans, zoning,
63	restrictions, prohibitions ,and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or otherwise
64	common to the subdivision; outstanding oil, gas and mineral rights of record without right of entry; unplatted public utility easements of record
65	(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
66	lines); taxes for year of Closing and subsequent years; and assumed mortgages and purchase money mortgages, if any (if additional items see
67*	addendum); provided, that there exists at Closing no violation of the foregoing and none prevent use of the Property for RESIDENTIAL
68*	- purpose(s)
69	VIII. OCCUPANCY: Seller shall deliver occupancy of Property to Buyer at time of Closing unless otherwise stated herein. If Property is intended
70	to be rented or occupied beyond Closing, the fact and terms thereof and the tenant(s) or occupants shall be disclosed pursuant to "AS IS" Standard
71	F. 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
72	for maintenance from that date, and shall be deemed to have accepted Property in its existing condition as of time of taking occupancy.
73	IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions, riders and addenda shall control all printed pro-
74	visions of this Contract in conflict with them.
75*	X. ASSIGNABILITY: (CHECK ONLY ONE): Buyer ___ may assign and thereby be released from any further liability under this Contract; _X__may
76*	assign but not be released from liability under this Contract; or ___ may not assign this Contract
77	XI. DISCLOSURES:
78	(a) The Property may be subject to unpaid special assessment lien(s) imposed by a public body ("public body" does not include a
79	Condominium or Homeowners' Association). Such Iien(s), if any, whether certified, confirmed and ratified pending, or payable in installments,
80*	as of Closing, shall be paid as follows: _X__by Seller at closing ___by Buyer (if left blank, then Seller at Closing). If the amount of any
81	assessment to be paid by Seller has not been finally determined as of Closing, Seller shall be charged at Closing an amount equal to the
82	last estimate or assessment for the improvement by the public body.
83	(b) Radon is a naturally occurring radioactive gas that when accumulated in a building in sufficient quantities may present health risks to per-
84	sons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida.
85	Additional information regarding radon or radon testing may be obtained from your County Public Health unit.
86	(c) Mold is naturally occurring and may cause health risks or damage to property. If Buyer is concerned or desires additional information
87	regarding mold, Buyer should contact an appropriate professional.
88	(d) Buyer acknowledges receipt of the Florida Energy-Efficiency Rating Information Brochure required by Section 553.996, F.S.
89	(e) If the Real Property includes pm- t 9-(8 residential housing, then a lead-based paint rider is mandatory.
90	(f) If Seller is a "foreign person" as defined by the Foreign Investment in Real Properly lax Act, the parties shall comply with that Act.
91	(g) BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' ASSOCIA-
92	TION/COMMUNITY DISCLOSURE.
93	(h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERW TAXES AS THE AMOUNT
94	OF PROPERTY TAXES THE BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNER-
95	SHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES.
96	IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION.
97	XII. MAXIMUM REPAIR COSTS: DELETED
98*	XIII. HOME WARRANTY: ___Seller ___ Buyer  X  N/A will pay for a home warranty plan issued by_______________
99*	At a cost not to exceed $
100*	XIV. INSPECTION PERIOD AND RIGHT TO CANCEL: (a) Buyer shall have 10 days from Effective Date ("Inspection Period") within
101	which to have such inspections of the Property performed as Buyer shall desire and utilities service shall be made available by the
102	Seller during the Inspection Period; (b) Buyer shall be responsible for prompt payment for such inspections and repair of damage
103	to and restoration of the Property resulting from such inspections and this provision (b) shall survive termination of this Contract;
104	and (c) if Buyer determines. in Buyer's sole discretion, that the Property is not acceptable to Buyer, Buyer may cancel this Contract
105	by delivering facsimile or written notice of such election to Seller prior to the expiration of the Inspection Period. If Buyer timely
106	cancels this Contract, the deposit(s) paid shall be immediately returned to Buyer; thereupon, Buyer and Seller shall be released of
107	all further obligations under this Contract, except as provided in this Paragraph XIV. Unless Buyer exercises the right to cancel
108	granted herein, Buyer accepts the Property in its present physical condition, subject to any violation of governmental, building,
109	environmental, and safety codes, restrictions or requirements and shall be responsible for any and all repairs and improvements
110	required by Buyer's lender.
111	XV. RIDERS; ADDENDA; SPECIAL CLAUSES: CHECK those riders which are applicable AND are attached to and made part of this Contract:
112*	__ CONDOMINIUM ___ VA/FHA X HOMEOWNERS' ASSN ___ LEAD-BASED PAINT ___ COASTAL CONSTRUCTION CONTROL LINE
113*	___INSULATION ___ EVIDENCE OF TITLE (SOUTH FLORIDA CONTRACTS) ___ Other Comprehensive Rider Provisions___ Addenda
114*	Special Clause(s):
115*
116*
117*
118*
119*
120*
121*
122*
123*
124*
125*
126	XVI. “AS IS” STANDARDS FOR REAL ESTATE TRANSACTIONS ("AS IS" Standards): Buyer and Seller acknowledge receipt of a copy
127	of “AS IS” Standards A through Z on the reverse Side or attached, which ARE Incorporated as part of this Contract

 

 

128	THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD,
129	SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING.
130	THIS" AS IS" FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS" AND THE FLORIDA BAR
131	Approval does not constitute an opinion that any of the terms and conditions in this Contract should be accepted by the parties in a
132	particular transaction. Terms and conditions should be negotiated based upon the respective interests, objectives and bargaining
133	positions of all interested persons.
134	AN ASTERISK(') FOLLOWING A UNE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK TO BE COMPLETED.
135*	____________________	____________________	____________________	____________________
136	BUYER	DATE	SELLER	DATE
137*	____________________	____________________	____________________	____________________
138	BUYER	DATE	SELLER	DATE
139*	Buyers' address for purposes of notice C/O CHRIS JOHNS		Sellers' address for purposes of notice
140*	1451 DANVILLE BLV. (SUITE 201) ALAMO, CA. 94507
141*	Phone		Phone
142	BROKERS: The brokers (including cooperating brokers, if any) named below are the only brokers entitled to compensation in connection with
143	this Contract
144*	Name: RUBIN GROUP REAL ESTATE, LLC 3% OF THE PURCHASE PRICE		WESTPARK REALTY OF BTOWARD, INC.
145	Cooperating Brokers, if any		Listing Broker

 

 

1	The clause below will be incorporated into the Contract between Countrywide (Seller)
2	and Support Save Investments LLC (Buyer) concerning the Property described as 10714 KIRKALD
3	LN. BOCA RATON, FL 33498 only if initialed by all parties:
4	(_____) (_____) - (_____)(_____) B. Homeowners’ Association: The Property is located in a community with a
5	R voluntary x mandatory (see the disclosure summary below) homeowners’ association (“Association”). Seller’s
6	warranty under Paragraph 8 of the Contract and risk of loss under Paragraph 9 or Paragraph H of the
7	Comprehensive Addendum (if applicable) extend only to the Property and does not extend to common areas or
8	facilities described below.
9	Notice: Association documents may be obtained from the county record office or, if not public record, from the
10	developer or Association manager. The Property may be subject to recorded restrictive covenants governing the
11	use and occupancy of properties in the community and may be subject to special assessments.
12	(1) Association Approval: If the Association documents give the Association the right to approve Buyer as a
13	purchaser, this Contract is contingent on such approval by the Association. Buyer will apply for approval within
14	_____days from Effective Date (5 days if left blank) and use diligent effort to obtain approval, including making
15	personal appearances and paying related fees if required. Buyer and Seller will sign and deliver any documents
16	required by the Association to complete the transfer. If Buyer is not approved, this Contract will terminate and
17	Seller will return Buyer’s deposit unless this Contract provides otherwise.
18	(2) Right of First Refusal: If the Association has a right of first refusal to buy the Property, this Contract is
19	contingent on the Association deciding not to exercise such right. Seller will, within 3 days from receipt of the
20	Association’s decision, give Buyer written notice of the decision. If the Association exercises its right of first refusal,
21	this Contract will terminate, Buyer’s deposit will be refunded unless this Contract provides otherwise and Seller
22	will pay Broker’s full commission at closing in recognition that Broker procured the sale.
23	(3) Fees: Buyer will pay any application, transfer and initial membership fees charged by the Association. Seller
24	will pay all fines imposed against the Property as of Closing Date and any fees the Association charges to provide
25	information about its fees or the Property, and will bring maintenance and similar periodic fees and rents on any
26	recreational areas current as of Closing Date. If, after the Effective Date, the Association imposes a special or other
27	assessment for improvements, work or services, Seller will pay all amounts due before Closing Date and Buyer
28	will pay all amounts due after Closing Date. If special assessments may be paid in installments __ Buyer ___Seller
29	(if left blank, Buyer) shall pay installments due after Closing Date. If Seller is checked, Seller will pay the
30	assessment in full prior to or at the time of Closing. Seller represents that he/she is not aware of any pending
31	special or other assessment that the Association is considering except as follows:
32	$________________ per __________________ to _________________________________________________
33	The following dues/maintenance fees are currently charged by the homeowners’ association:
34	$________________ per __________________ to _________________________________________________
35	$________________ per __________________ to _________________________________________________
36	$________________ per __________________ to _________________________________________________
37	(4) Damage to Common Elements: If any portion of the common element is damaged due to fire, hurricane or
38	other casualty before closing, either party may cancel the Contract and Buyer’s deposit shall be refunded if (a) as
39	a result of damage to the common elements, the Property appraises below the purchase price and either the
40	parties cannot agree on a new purchase price or Buyer elects not to proceed, or (b) the Association cannot
41	determine the assessment attributable to the Property for the damage at least 5 days prior to Closing Date, or (c)
42	the assessment determined or imposed by the Association attributable to the Property for the damage to the
43	common element is greater than $ _____ or % _____ of the purchase price (1.5% if left blank).
44	(5) Disclosure Summary for Mandatory Associations: IF THE DISCLOSURE SUMMARY REQUIRED BY
45	SECTION 720.401, FLORIDA STATUTES, HAS NOT BEEN PROVIDED TO THE PROSPECTIVE PURCHASER
46	BEFORE EXECUTING THIS CONTRACT FOR SALE, THIS CONTRACT IS VOIDABLE BY BUYER BY
47	DELIVERING TO SELLER OR SELLER’S AGENT OR REPRESENTATIVE WRITTEN NOTICE OF THE
48	BUYER’S INTENTION TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE DISCLOSURE SUMMARY OR
49	PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY PURPORTED WAIVER OF THIS VOIDABILITY
50	RIGHT HAS NO EFFECT. BUYER’S RIGHT TO VOID THIS CONTRACT SHALL TERMINATE AT CLOSING
51	Disclosure Summary For (Name of Community) STONEBRIDGE:
52	(1) AS A PURCHASER OF PROPERTY IN THIS COMMUNITY, YOU WILL BE OBLIGATED TO BE A MEMBER

 

 

 

 

 

I (We) Chris Johns/Support Save Investments, LLC agree to purchase on the terms set forth herein, the following property 10714 Kirkaldy Ln., Boca Raton, Florida 33498

 

The agreed purchase price of the property is

$250,000

 

Purchase has paid $2,500 in earnest money to be applied on the purchase price.

· The earnest money deposit was paid with cashiers check.

· Buyer understands that Earnest Money is non refundable, except if Buyer fails to qualify for a loan on the property or Buyer declines to purchase the property after inspection(s).

The Buyer is pre-qualified by _________________________________________________________________________________

 

Buyer is applying for ___conventional financing,___FHA insured financing,____VA insured financing__X_paying cash or ____using other financing

Buyer is paying ____________________________________________________________

 

Buyer is paying a down payment of	$	0
Buyer is financing	$	0
Buyer is requesting closing costs of	$	0

 

· Closing Costs Description

 

Buyer is requesting down payment assistance costs of $0

· Down Payment Assistance Description

 

Buyer is requesting other costs of $0

·Other Costs Decription

 

Comments The Buyer plasn to buy it iwth cash. No financing, Buyer can close more quickly if necessary. Buyer

 

Upon closing, Seller agrees to pay the purchaser’s agent a commission of $7,577.00

 

Listing broker Charalene Canfield will receive a commission of $2,509.00

 

Escrow/Closing Agent/Title Company will be _____________________________________________________________________

 

[X] Standard terms and clauses initiated

[X ] “As Is” clauses agreed to

 

The net amount due seller is $240,064.00

 

The sale shall not close later than 30 DAYS FROM SELLER EXECUTION or next business day.

 

Buyer(s) Name Chris Johns

Buyer Company Name

Buyer Address 1451 Danville Blvd. (Suite 201), Alamo, FL 94507

Buyer Phone Number (248) 230-4101

Selling Agent Name Ronin Rubin

Selling Agent Company Rubin Group Real Estate, LLC

Selling Agent Address 400 South Dixie Hwy. (Suite 411), Boca Raton, FL 33432

Selling Agent Phone (561) 208-1194

Selling Agent Fax (561) 208-1210

Selling Agent Alternate Phone

Selling Agent Email ***@***

[ ] The listing agent is acting in a dual agency capacity representing interests of both the Buyer and the Seller.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUYER (Initials) /s/CJ

SELLER (Initials) /s/RW

 

References to the “Seller” in this Section 1 of this Addendum shall include the Seller and the Indemnified Parties (as defined in Section 26 of this Addendum, and all references in this addendum to “Indemnified Parties” or “INDEMNIFIED PARTIES” shall have the meaning set forth in Section 26).

 

Buyer Initials /s/CJ

 

2. Effective Date: The date of Seller’s execution of this Addendum shall be the “Effective Date” of the Agreement, notwithstanding any prior understanding or agreement with respect to the financial terms set forth herein. The Agreement shall be null and void if the Agreement signed by the Buyer is not actually received by the Seller before the Seller accepts a competing offer, or gives verbal or written notice of revocation to the Buyer, the Buyer’s agent or attorney, or the listing agent. The Agreement must be approved by the Seller’s management, and it must be signed by all parties in order to be binding.

 

3. Purchase Price:

 

Purchase Price:	$	250,900.00
Down Payment:	$	0
Loan Amount(nte):	$	0

 

4. Earnest Money Deposit:

 

If applicable, escrow will be opened by both parties immediately following the Effective Date with an escrow/closing agent acceptable to the Seller. The Buyer’s earnest money deposit of $ 2,500.00 is to be delivered to Seller’s listing agent to be held pursuant to local law and custom, within 24 hours of the Effective Date.

 

5. Financing: The Agreement (check one): ( ) is (X) is not contingent on the Buyer obtaining financing for the purchase of the Property. If the Agreement is contingent on financing, the type of financing shall be the following (check one):

 

___	Conventional
___	FHA
___	VA
___	Other(specify):

 

(a) If the Agreement is contingent on financing, the Buyer shall apply for a loan in the amount of $ with a term of years, at prevailing rates, terms and conditions. The Buyer shall complete and submit to a mortgage lender an application for a mortgage loan containing the terms set forth in this paragraph within three (3) business days of the Effective Date, and shall use diligent efforts to obtain a mortgage loan commitment within fifteen (15) calendar days from the said date. If, despite the Buyer’s diligent efforts, the Buyer cannot obtain a mortgage loan commitment by the specified date, then either the Buyer or the Seller may terminate the Agreement by giving written notice to the other Party. The Buyer’s notice must include a copy of the loan application, proof of the application date, and a copy of the denial letter from the prospective lender. In the event of a proper termination of the Agreement under this paragraph, the earnest money deposit shall be returned to the Buyer and the parties shall have no further obligation to each other under the Agreement. The Buyer agrees to cooperate and comply with all requests for documents and information from the Buyer’s chosen lender during the loan application process. Failure of the Buyer to comply with such requests from the lender that results in the denial of the mortgage loan shall be considered a material breach of the Agreement and the Seller shall be entitled to retain any earnest money deposited by Buyer.

 

If the Agreement is contingent on financing, as a sales condition, Buyer must obtain a pre-approval letter from a branch office of Countrywide Home Loans, Inc. (“CHL”) for a mortgage loan in an amount and under terms sufficient for Buyer to perform its obligations under the Agreement, and such letter must accompany the Agreement. The pre-approval shall include, but is not limited to, the pre-approval letter, a satisfactory credit

 

 

BUYER (Initials) /s/CJ

SELLER (Initials) /s/RW

 

report, and proof of funds sufficient to meet Buyer’s obligations under the Agreement. Buyer’s submission of proof of pre-approval is a condition precedent to Seller’s acceptance of Buyer’s offer. Seller may require Buyer to obtain, at no cost to Buyer, loan pre-approval as Seller may direct. Notwithstanding any Seller required pre-approval, Buyer is not required to obtain financing from CHL or Seller-Buyer may obtain financing from any source. As an incentive for the Buyer to obtain financing from CHL, CHL will offer a free appraisal and a free credit report if the Buyer finances and closes the purchase of the Property through financing from CHL.

 

(b) Cash Offer: Buyer shall provide Seller proof of liquid funds on deposit in the United States sufficient to this transaction. Such proof shall be provided within three (3) business days of the Effective Date and shall be subject to Seller’s approval. The Property shall remain on the market until such proof of funds is accepted by Seller. Notwithstanding the terms provided in Section 12 for inspection of the Property, in the event of a noncontingent cash offer all inspections shall be completed and any notice of disapproval shall be given to Seller within seven (7) calendar days of the Effective Date. Failure to timely notify Seller of any disapproval shall be deemed acceptance by Buyer of the inspection results and the condition of the Property. Cash offers shall not be subject to any contingency, unless specifically described in Section 10 of this Addendum.

 

(c) The Buyer is aware that the price and terms of this transaction were negotiated on the basis of the type of financing selected by the Buyer. Any change of the loan type, loan terms, financing, or Buyer’s lender after the Agreement has been entered into shall be subject to Seller’s approval and may require, at Seller’s sole discretion, renegotiation of all or some of the terms of the Agreement.

 

6. Other Financial Terms:

 

 

FHA/VA Allowable Costs:	$
Other Loan Types Non Allowable:	$
Property Transfer Taxes:	$
Home Protection Policy:	$
Other: _______________________	$
Other: _______________________	$
TOTAL:	$

 

 

By Buyer/Lender (nte):	$
Fumigation/Chemical only:	$
Termite Repairs (nte):	$
Pest Report Fee (nte):	$
Other:_______________________	$
TOTAL:	$

 

Notwithstanding any provision in the Agreement to the contrary, if Seller agrees in the Agreement to pay any of Buyer’s closing costs, then Seller shall only pay the lesser of Buyer’s actual closing costs and the closing costs that Seller has agreed to pay in the Agreement. Section 17 has additional provisions pertaining to closing costs.

 

 

BUYER (Initials) /s/CJ

SELLER (Initials) /s/RW

 

7. Time of the Essence; Closing Date:

 

(a) It is agreed that time is of the essence with respect to all dates specified in the Agreement and any addenda, riders, or amendments thereto, meaning that all deadlines are intended to be strict and absolute. The Agreement shall terminate automatically, and without notice, if it is not concluded by the Closing Date, or any extension thereof.

 

Initial /s/CJ

 

(b) The closing shall take place on or before 30 DAYS FROM SELLLER EXECUTION_______________, 20___, or within five (5) calendar days of final loan approval by the lender, whichever is earlier (“Closing Date”), unless the Closing Date is extended in writing signed by the Seller and the Buyer, or extended by the Seller under the terms of the Agreement. The closing shall be held in the offices of the Seller’s attorney or agent, or at a place so designated and approved by the Seller, unless otherwise required by applicable law. If the closing does not occur (through no fault of Seller) by the date specified in this Section 7 of this Addendum or in any extension, the Agreement is automatically terminated and the Seller shall retain any earnest money deposit as liquidated damages.

 

8. Extension of Closing Date; Per Diem Interest: Any request for extension of the Closing Date by Buyer must be in writing and approved by the Seller, and the Buyer agrees to pay to the Seller a per diem of one-tenth (1/10th) of one percent (1%) of the purchase price, but not less than $50.00 per day, towards Seller’s carrying costs, through and including the Closing Date specified in the written extension. If the sale does not close by the date specified in the written extension agreement, the Seller may retain the earnest money deposit and the accrued per diem payment as liquidated damages. This provision is not applicable if Buyer obtains FHA/VA financing for the purchase, or for delays caused by Seller.

 

Buyer Initials /s/CJ

Buyer Initials /s/CJ

 

9. The Buyer (check one): (X) does (___) does not intend to use and occupy the Property as Buyer’s primary residence.

 

10. Additional Terms or Conditions:

 

11. Attachments:

 

BUYER (Initials) /s/CJ

SELLER (Initials) /s/RW

 

12. Inspections:

 

(a) On or before ten (10) calendar days (seven days for noncontingent cash offers as indicated in Section 5 (b) above) from the Effective Date, the Buyer shall inspect the Property or obtain for its own use, benefit and reliance, inspections and/or reports on the condition of the Property, or Buyer shall be deemed to have 1) waived such inspections and any objections to the condition of the Property, and 2) accepted the condition of the Property. The Buyer shall keep the Property free and clear of liens and indemnify and hold the Seller and the Indemnified Parties harmless from all Claims arising out of or relating in any way to the Buyer’s inspections, and the Buyer shall repair the Property, at Buyer’s sole expense, for all such Claims. The Buyer shall not directly or indirectly cause any inspections to be made by any government building or zoning inspectors or government employees without the prior written consent of the Seller, unless required by law, in which case, the Buyer shall provide reasonable notice to the Seller prior to any such inspection. If the Seller has winterized the Property and the Buyer desires to have the Property inspected, the listing agent will have the Property dewinterized prior to inspection and rewinterized after inspection. The Buyer agrees to pay this expense in advance to the listing agent. The amount paid under this provision shall be nonrefundable.

 

Within five (5) calendar days of receipt of any inspection report prepared by or for the Buyer, but not later than ten (10) calendar days (seven days for noncontingent cash offers as indicated in Section 5 (b) above) from the Effective Date, whichever first occurs, the Buyer shall provide written notice to the Seller of any items disapproved or problems with the condition of the Property. The Buyer’s failure to provide such written notice to Seller shall be deemed as Buyer’s acceptance of the condition of the Property. The Buyer shall immediately provide to the Seller, at no cost, upon request by the Seller, complete copies of all inspection reports upon which the Buyer’s disapproval of the condition of the Property is based. In no event shall the Seller be obligated to make any repairs or replacements, or correct any problems or defects that may be indicated in the Buyer’s inspection reports. The Seller may, at its sole discretion, make such repairs, replacements, or corrections to the Property. If the Seller elects not to repair or correct the Property, the Buyer may cancel the Agreement within five (5) calendar days of receiving notice from Seller that Seller elects not to repair or correct the Property. If Buyer timely notifies Seller of such cancellation, then Buyer shall receive all earnest money deposited. If the Seller elects to make any such repairs or corrections to the Property, the Seller shall notify the Buyer after completion of the repairs or corrections and the Buyer shall have five (5) calendar days from the date of such notice, to inspect the repairs or corrections and notify the Seller of any items disapproved. The Buyer’s failure to notify Seller of any items disapproved shall be deemed acceptance by Buyer of the condition of the Property.

 

In situations that are applicable, a structural, electrical, mechanical or termite inspection report may have been prepared for the benefit of the Seller. Upon Buyer’s request, the Buyer may review such reports, but the Buyer acknowledges that such inspection reports were prepared for the sole use and benefit of the Seller. Buyer shall not rely upon any such inspection reports obtained by the Seller in making a decision to purchase the Property, and such reports shall not serve as a basis for Buyer to terminate the Agreement.

 

(b) If the Property is a condominium or planned unit development or co-operative, unless otherwise required by law, the Buyer, at the Buyer’s own expense, is responsible for obtaining and reviewing the covenants, conditions and restrictions, and bylaws of the condominium or planned unit development or cooperative within ten (10) calendar days of the Effective Date. The Seller agrees to use reasonable efforts, as determined at the Seller’s sole discretion, to assist the Buyer in obtaining a copy of the covenants, conditions and restrictions, and bylaws. The Buyer will be deemed to have accepted the covenants, conditions and restrictions, and bylaws if the Buyer does not notify the Seller in writing within fifteen (15) calendar days of the Effective Date of the Buyer’s objection to the covenants, conditions and restrictions, and/or bylaws.

 

 

 

 

BUYER (Initials) /s/CJ

SELLER (Initials) /s/RW

 

 

 

 

 

 

 

 

Mold, mildew, spores and/or other microscopic organisms and/or allergens (collectively referred to in the Agreement as “Mold”) are environmental conditions that are common in residential properties and may affect the Property. Mold, in some forms, has been reported to be toxic and to cause serious physical injuries, including but not limited to, allergic and/or respiratory reactions or other problems, particularly in young children, elderly persons, persons with immune system problems, allergies, or respiratory problems, and pets. Mold has also been reported to cause extensive damage to personal and real property. Buyer is advised to thoroughly inspect the Property for Mold. Mold may appear as discolored patches or cottony or speckled growth on walls, furniture, or floors, behind walls and above ceilings. Any and all presence of moisture, water stains, mildew odors, condensation, and obvious Mold growth, are all possible indicators of a Mold condition, which may or may not be toxic. Mold may have been removed or covered in the course of any cleaning or repairing of the Property. Buyer acknowledges that, if Seller, or any of Seller’s employees, contractors, representatives, brokers, or agents cleaned or repaired the Property or remediated the Mold contamination, that Seller does not in any way warrant the cleaning, repairs, or remediation, or that the Property is free of Mold. Buyer is further advised to have the Property thoroughly inspected for Mold, any hidden defects, and/or environmental conditions or hazards affecting the Property. Buyer is also advised that all areas contaminated with Mold should be properly and thoroughly remediated. Buyer represents and warrants that: (A) Buyer accepts full responsibility and liability for all hazards, and Claims that may result from the presence of Mold in or around the Property; (B) If Buyer proceeds to close on the purchase of the Property, then Buyer has inspected and evaluated the condition of the Property to Buyer’s complete satisfaction, and Buyer is satisfied with the condition of the Property notwithstanding the past or present existence of Mold in or around the Property; and (C) Buyer has not, in any way, relied upon any representations or warranties of Seller, or Seller’s employees, officers, directors, contractors, representatives, brokers, or agents concerning the past or present existence of mold or any environmental hazards in or around the Property.

 

 

BUYER (Initials) /s/CJ

SELLER (Initials) /s/RW

 

15. Occupancy Status of Property: The Buyer acknowledges that neither the Seller, nor its representatives, brokers, agents or assigns, has made any warranties or representations, implied or express, relating to the existence of any tenants or occupants at the Property unless otherwise noted in Section 10 of this Addendum. The Seller, and its representatives, brokers, agents, and assigns, shall not be responsible for evicting or relocating any tenants, occupants or personal property at the Property prior to or subsequent to closing unless otherwise noted in Section 10 of this Addendum.

 

The Buyer further acknowledges that, to the best of the Buyer’s knowledge, the Seller (A) is not holding any security deposits from former or current tenants, and (B) has no information as to any security deposits that may have been paid by former or current tenants to anyone. Buyer agrees that no sums representing such tenant security deposits or any rights, title, or interest in such deposits shall be transferred to the Buyer as part of this transaction. The Buyer further agrees to assume all responsibility and liability for the refund of such security deposits to any tenants pursuant to the provisions of applicable laws and regulations. All rents that are due and payable and collected from tenants for the month in which closing occurs will be prorated according to the provisions of Section 17 of this Addendum.

 

The Buyer acknowledges that this Property may be subject to the provisions of local rent control ordinances and regulations. The Buyer agrees that upon the closing all eviction proceedings and other duties and responsibilities of a property owner, and landlord, including, but not limited to, those proceedings required for compliance with such local rent control ordinances and regulations, will be the Buyer’s sole responsibility. Buyer understands that the Property may be subject to redemption by the prior owner upon payment of certain sums, and Buyer may be dispossessed of the Property. Buyer is advised to consult with an attorney to fully understand the import and impact of the foregoing. Buyer agrees Buyer shall have no recourse against Seller in the event the right of redemption is exercised.

 

16. Personal Property: Items of personal property, including but not limited to, window coverings, appliances, manufactured homes, mobile homes, vehicles, spas, antennas, satellite dishes, and garage door openers, now or hereafter located on the Property, are not included in this sale or the purchase price unless the personal property is specifically described and referenced in Section 10 of this Addendum. Any personal property at or on the Property may be subject to claims by third parties, and therefore, may be removed from the Property prior to or after the Closing Date. The Seller makes no representations or warranties as to the condition of any personal property, title thereto, or whether any personal property is encumbered by any liens. The Buyer assumes responsibility for any personal property remaining on the Property at the time of closing.

 

17. Closing Costs and Adjustments:

 

Items of personal property, including but not limited to, window coverings, appliances, manufactured homes, mobile homes, vehicles, spas, antennas, satellite dishes, and garage door openers, now or hereafter located on the Property, are not included in this sale or the purchase price unless the personal property is specifically described and referenced in Section 10 of this Addendum. Any personal property at or on the Property may be subject to claims by third parties, and therefore, may be removed from the Property prior to or after the Closing Date. The Seller makes no representations or warranties as to the condition of any personal property, title thereto, or whether any personal property is encumbered by any liens. The Buyer assumes responsibility for any personal property remaining on the Property at the time of closing.

 

(a) The Buyer and the Seller agree to prorate the following expenses as of closing and funding: municipal water and sewer charges, utility charges, real estate taxes and assessments, common area charges, condominium or planned unit development or similar community assessments, co-operative fees, maintenance fees, and rents, if any. In determining prorations, the Closing Date shall be allocated to the Buyer. Payment of special assessment district bonds and assessments, and payment of homeowner’s association or special assessments shall be paid current and prorated between the Buyer and the Seller as of the Closing Date with payments not yet due and owing to be assumed by the Buyer without credit toward the purchase price. The Property taxes shall be prorated based on an estimate or actual taxes from the previous year on the Property. All prorations shall be based upon a 30-day month and all such prorations shall be final. The Seller shall not be responsible for any amounts due, paid, or to be paid after closing, including, but not limited to, any taxes, penalties or interest assessed or due as a result of retroactive, postponed or additional taxes resulting from any change in use of, or construction on, or improvement to the Property, or an adjustment in the appraised or assessed value of the Property. If the Property is heated by, or has storage tanks for fuel oil, liquefied petroleum gases, or similar fuels, the Buyer will buy the fuel in the tank at closing at the current price as calculated by the supplier. In the event the Seller has paid any taxes, special assessments, or other fees and there is a refund of any such taxes, assessments, or fees after closing, Buyer, as the then current owner of the Property, or the closing agent, in the event of a holdback for payment of such items, shall immediately remit the refund to the Seller.

 

 

BUYER (Initials) /s/CJ

SELLER (Initials) /s/RW

 

(b) Seller shall only pay those closing costs and fees associated with the transfer of the Property that local custom or practice clearly allocates to Seller and any closing costs and fees specifically agreed to in Section 6, and Buyer shall pay all remaining fees and costs. Notwithstanding the foregoing, FHA/VA allocation of closing costs shall apply when applicable.

 

(c) The Seller shall pay the real estate commission per the listing agreement between the Seller and the Seller’s listing broker. Unless disclosed to Seller, Buyer represents that Buyer is not a real estate licensee, and that the real estate licensee representing Buyer is not related to, or affiliated with Buyer.

 

18. Delivery of Funds: Regardless of local custom or practice, Buyer shall deliver all funds due the Seller from the sale by wire transfer or in the form of cash, bank check, or certified check to the closing agent prior to delivery of the deed by the Seller to the Buyer.

 

19. Certificate of Occupancy: If the Property is located in a jurisdiction that requires a certificate of occupancy, smoke detector certification, septic certification, or any similar certification or permit (”Certificate of Occupancy”) or any form of improvement or repair to the Property to obtain such Certificate of Occupancy necessary for the Property to be occupied, the Buyer understands that the Seller requires the Certificate of Occupancy to be obtained by the Buyer at the Buyer’s sole cost and expense. The Buyer shall make application for all required Certificates of Occupancy within ten (10) calendar days of the Effective Date. The Buyer shall not have the right to delay the closing due to the Buyer’s failure or inability to obtain any required Certificate of Occupancy. Failure of the Buyer to obtain and furnish the Certificate of Occupancy shall be a material breach of the Agreement.

 

20. Delivery of Possession of Property The Seller shall deliver possession of the Property to the Buyer at closing and funding of the sale. The delivery of possession shall be subject to the rights of any tenants or parties in possession per Section 15 of this Addendum. If the Buyer alters the Property or causes the Property to be altered in any way and/or occupies the Property or allows any other person to occupy the Property prior to closing and funding without the prior written consent of the Seller, then: (A) Such event shall constitute a material breach by the Buyer under the Agreement; (B) The Seller may terminate the Agreement; (C) The Buyer shall be liable to the Seller for all Claims caused by any such alteration or occupation of the Property prior to closing and funding; and (D) Buyer waives all Claims for improvements made by the Buyer to the Property including, but not limited to, any Claims for unjust enrichment.

 

21. Deed: The deed to be delivered at closing shall be a deed that covenants that grantor grants only that title that grantor may have and that grantor will only defend title against persons claiming by, through, or under the grantor, but not otherwise (which deed may be known as a Special Warranty, Limited Warranty, Quitclaim or Bargain and Sale Deed). Any reference to the term “deed” or “Special Warranty Deed” herein shall be construed to refer to such form of deed.

 

22. Defects in Title: If the Buyer raises an objection to the Seller’s title to the Property, which, if valid, would make title to the Property uninsurable, the Seller shall have the right unilaterally to terminate the Agreement by giving written notice of the termination to the Buyer. However, if the Seller is able to correct the problem through reasonable efforts, as the Seller determines, at its sole and absolute discretion, prior to the closing date set forth in the Agreement, including any written extensions, or if title insurance is available from a reputable title insurance company at regular rates containing affirmative coverage for the title objections, then the Agreement shall remain in full force and the Buyer shall perform pursuant to the terms set forth in the Agreement. The Seller is not obligated to (A) remove any exception, (B) bring any action or proceeding or bear any expense in order to convey title to the Property, or (C) make the title marketable or insurable. Any attempt by the Seller to remove such title exceptions shall not impose an obligation upon the Seller to remove those exceptions. The Buyer acknowledges that the Seller’s title to the Property may be subject to court approval of foreclosure or to a mortgagor’s right of redemption. In the event the Seller is not able to (A) make the title insurable or correct all title problems, or (B) obtain title insurance for the Property from a reputable title insurance company, either Party may terminate the Agreement and any earnest money deposit will be returned to the Buyer as the Buyer’s sole remedy at law or equity.

 

 

BUYER (Initials) /s/CJ

SELLER (Initials) /s/RW

 

 

28. Eminent Domain: In the event that the Seller’s interest in the Property, or any part thereof, shall have been taken by eminent domain, or shall be in the process of being taken on or before the Closing Date, either Party may terminate the Agreement and the earnest money deposit shall be returned to the Buyer and neither Party shall have any further rights or liabilities hereunder, except as provided in Section 30 of this Addendum.

 

29. Keys: Buyer is aware that the property may be on a master key system. Buyer is encouraged to re-key the property after closing. Buyer agrees to hold Seller and the Indemnified Parties harmless for any Claims relating in any way to any theft or damage of personal property that occurs after the Closing Date.

 

30. Survival: Delivery of the deed to the Property to the Buyer by the Seller shall be deemed to be full performance and discharge of all of the Seller’s obligations under the Agreement. Notwithstanding anything to the contrary in the Agreement, the provisions of Sections 1, 13, 14, 15, 17, 19, 20, 23, 25, 26, 27, 28, 30 and 47 of this Addendum, as well as any other provisions that contemplate performance or observance subsequent to any termination or expiration of the Agreement, shall survive the closing, funding and the delivery of the deed and/or termination of the Agreement by any Party and such provisions shall continue in full force and effect.

 

31. Title and Closing: The providers of title and escrow/closing services shall be designated by Seller. Seller shall pay for Standard ALTA Homeowners policy of title insurance. Buyer is hereby notified that LandSafe Title Company is an affiliate of Seller.

 

32. Severability: If any provision of the Agreement is determined to be invalid, illegal, or unenforceable, the remaining provisions shall not be affected or impaired thereby, and no provision shall be deemed dependent upon any other provision unless so expressed herein.

 

33. Termination of Agreement: If either Party terminates the Agreement when permitted to do so, the Parties shall have no further obligation to each other, except as to any provision that survives the termination of the Agreement pursuant to Section 30 of this Addendum.

 

34. Assignment of Agreement: The Buyer shall not assign the Agreement. The Seller may assign the Agreement at its sole discretion without prior notice to, or consent of, the Buyer.

 

35. Modification and Waiver: No provision, term, or clause of the Agreement shall be revised, modified, amended, or waived, except by an instrument in writing signed by the Buyer and the Seller. The waiver by any Party of a breach of the Agreement shall not operate or be construed as a waiver of any other or subsequent breach. No course of dealing between the Parties shall operate as a waiver of any provision of the Agreement.

 

36. Rights of Others: The Agreement does not create any rights, claims or benefits inuring to any person or entity, other than Seller’s successors and/or assigns, that is not a Party to the Agreement, nor does it create or establish any third party beneficiary to the Agreement.

 

37. Counterparts and Facsimile: The Agreement may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. A signed facsimile or photocopy of the Agreement shall be treated as an original, and shall be deemed to be as binding, valid, genuine, and authentic as an original signed agreement for all purposes, including all matters of evidence and the “best evidence” rule.

 

38. Headings: The titles to the sections and headings of various paragraphs of the Agreement are placed for convenience of reference only, and in case of conflict the text of the Agreement, rather than such titles or headings, shall control.

 

39. Gender: Unless the context otherwise requires, singular nouns and pronouns, when used herein, shall be deemed to include the plural of such nouns or pronouns, and pronouns of one gender shall be deemed to include the equivalent pronoun of the other gender.

 

 

BUYER (Initials) /s/CJ

SELLER (Initials) /s/RW

 

 

 

 

IN WITNESS WHEREOF, the Buyer and the Seller have entered into the Agreement effective as of the date it is executed by Seller as set forth below.

 

BUYER(S):	SELLER:
Signature: /s/Chris Johns	Countrywide Home Loans, Inc.:
Date: 10/23/08	Countrywide Home Loans, Inc., as Agent in Fact For:
Print Name: Chris Johns	First Preston I, LP
Address:1451 Danville Blvd., #201 Alamo, CA 94507	By: /s/Richard Watts
Telephone:	Title: Senior Vice President
Fax:	Date: 10/23/08
Signature:
Date:
Print Name:
Address:
Telephone:
Fax:

 

============================================================================

 

BUYER'S AGENT:	SELLER'S AGENT:
Buyer’s Agent Name:	Seller’s Agent Name:
Address:	Address:
Telephone:	Telephone:
Fax:	Fax:

 

BUYER (Initials) /s/CJ

SELLER (Initials) /s/RW

 

 

 

The undersigned parties to a purchase contract dated 10/23/2008, for the purchase of the property and the improvements commonly known as 10714 Kirkaldy Ln., Boca Raton, FL 33498 (the “Property”) between Chris Johns/Support Save Investments LLC (“Buyer”) and Countrywide Home Loans, Inc. (“Seller”), acknowledge and agree as follows:

 

Seller hereby advises Buyer that the Property (including, but not limited to, the basement) is or may be affected by water or moisture damage, toxic mold, and/or other environmental hazards or conditions. Seller further advises Buyer that as a consequence of possible water damage and/or excessive moisture, the Property may be or has been irrevocably contaminated with mildew, mold, and/or other microscopic organisms. Buyer is being advised that exposure to certain species of mold may pose serious health risks, and that individuals with immune system deficiencies, infants, children, the elderly, individuals with allergies or respiratory problems, and pets are particularly susceptible to experiencing adverse health effects from mold exposure.

 

Buyer acknowledges that Seller has advised Buyer to make his/her own evaluation of the Property and to have the Property thoroughly inspected. Buyer has been further advised by Seller that all areas contaminated with mold, and/or other environmental hazards or conditions, should be properly and thoroughly remediated. Additionally, Buyer has been advised by the Seller that habitation of the Property without complete remediation may subject the inhabitants to potentially serious health risks and/or bodily injury. Buyer acknowledges that it is the sole responsibility of Buyer to conduct any remediation on the Property.

 

Buyer also acknowledges that Buyer is buying the Property AS-IS. Buyer represents and warrants to Seller that Buyer has made (or will make before closing on the purchase of the Property) his/her own inspection and evaluation of the Property to Buyer’s complete satisfaction, and Buyer accepts the Property AS-IS at the time of closing. Buyer is electing to purchase the Property from Seller in an AS-IS condition with full knowledge of the potential conditions of the Property, the potentially serious health risks, and the potential liability that Buyer could incur as the owner of the Property for claims, losses, and damages arising out of any toxic mold contamination, and/or other environmental hazards or conditions on the Property. Buyer agrees that the purchase price of the Property reflects the agreed upon value of the Property AS-IS taking into account the aforementioned disclosures.

 

Buyer understands and acknowledges that the Property was acquired by Seller through foreclosure, deed-in-lieu of foreclosure, or similar process, that Seller has never occupied the Property, and that Seller has little or no direct knowledge regarding the condition of the Property. Buyer further acknowledges that Seller has not made and does not make any express or implied representations or warranties of any kind with respect to the environmental condition of the Property or whether the Property is in compliance with applicable local, state, or federal environmental or other laws, statutes, regulations, rules, ordinances, codes, or standards (“Laws”). Buyer hereby agrees not to pursue any claims, losses, or damages against Seller, or Seller’s parent company, subsidiaries, affiliates, directors, officers, employees, partners, shareholders, representatives, agents, brokers, predecessors, successors, or assigns, arising out of or relating in any way to any violations of Laws, or for costs, fees, or expenses incurred in conducting investigations relating to Laws or the Property. In addition, to the fullest extent permitted by law, Buyer, for himself/herself, and for all Buyer’s invitees, agents, heirs, executors, devisees, and assigns hereby forever waives and fully releases Seller, and Seller’s parent company, subsidiaries, affiliates, directors, officers, employees, partners, shareholders, representatives, agents, brokers, predecessors, successors, and assigns (the “Released Parties”) from and against any and all claims, causes of action, whether administrative or judicial, losses, costs (including any and all reasonable attorneys’ fees, court costs, and reasonable costs of investigation, litigation, and settlement), expenses, sanctions, curtailments, interest, liabilities, penalties, fines, demands, liens, judgments, compensation, fees, loss of profits, injuries, death and/or damages, of any kind whatsoever, whether known or unknown, fixed or contingent, joint or several, criminal or civil, or in law or in equity arising from, in connection with, or in any way relating to any known or unknown conditions of the Property, including but not limited to, the existence of toxic mold, and/or any other environmental conditions on the Property (“Claims”).

 

 

REO#_____________________

 

 

This Addendum (“Addendum”) to contract of sale verifying non-affiliation with seller is made part of, and incorporated into, the Real Estate Purchase Contract dated 10/23/2008 (“Contract”) between Countrywide Home Loans (“Seller” and the term “Seller” shall also include Countrywide Home Loans, Inc.) and Chris Johns/SupportSave Investements LLC (“Buyer”) for the property and improvements located at the following address 10714 Kirkaldy Ln, Boca Raton, FL 33498 (“Property”).

 

Buyer and Seller may each be referred to herein as a “Party” and collectively as the “Parties.”

 

By signature below, the Buyer certifies that they are not a Designated Broker, representative, agent, contractor, sub-contractor, relative or affiliated person or entity, directly, indirectly, or through a family member, or through an interest in a partnership, corporation, joint venture, trust or other entity, to any officer, director, employee, or Business Partner (as defined below) of Seller, or its parent company, subsidiaries or affiliated companies.

 

Business Partner shall mean any agent, broker, appraiser, attorney, trustee, property inspection or preservation company, title company, representative, or vendor of Seller or its parent company, subsidiaries, or affiliated companies.

 

BUYER(S):   Signature: /s/Chris Johns   Date: 10/23/2008   Print Name: Chris Johns   Signature: _________________________________   Date: _____________________________________   Print Name: ________________________________

SELLER:   Countrywide Home Loans, Inc.:   Countrywide Home Loans, Inc.: as Agent in fact For:   First Preston I, LP   By: As Agent for Countrywide Home Loans   Title: Richard Watts, Senior Vice President   Date: 10/23/2008

 

 

BUYER’S AGENT:   Buyer’s Agent Name: Ronan Rubin

SELLER’S AGENT:   Seller’s Agent Name: Charalane Canfield