assistance grant award (lashawnda williams)
TRANSCRIPT
To: Honorable Chair and SMCRA Board Men;b~~
From: Stephen David, SMCRA Directo
Resolution
Date: April 8, 2013
ITEM No. -a SMCRA AFFORDABLE HOUSING PURCHASE ASSISTANCE GRANT AWARD (LASHAWNDA WILLIAMS)
A resolution relating to Affordable Housing Construction; authorizing the Agency to disburse
Homeowner Assistance grant funding in an amount not to exceed $25,000 to Florida Community
Bank designated closing agent, Barbara San Jurgo, P.A. on behalf of Homeowner's Assistance
award recipient Lashawnda Williams for the purchase of one (1) new, "Silver" L.E.E.D. certified
affordable home located on Agency conveyed property at 6477 SW 60th Avenue, South Miami,
Florida 33143, Folio No. 09-4025-028-0200; and charging the total amount not to exceed $25,000
to Account No. 610-564-99-35 (Affordable Housing Mortgage Assistance Grant Account).
Background
The SMCRA adopted redevelopment plan places great emphasis on the construction of new affordable housing in the SMCRA. In an effort to facilitate this objective, the SMCRA Board authorized construction of seven (7) new affordable single-family homes during the prior three years. The Board most recently authorized construction of six new "silver" L.E.E.D. certified homes by the Miami Dade Affordable Housing Foundation and Palmetto Homes Inc. The Agency has also previously partnered with Habitat for Humanity for the construction of over twenty-five (25) new affordable homes in the Community Redevelopment Area.
Based on the requirements of the current construction services agreement with the Affordable Housing Foundation, each new affordable upon completion must be sold to a "low" or "moderate" income households based on H.U.D. affordability gUidelines. The approved agreement with the Affordable Housing Foundation is also contingent upon the Agency providing mortgage assistance funding. Based on the agreement terms, the Board allocated funding in the amount of $150,000 in this year's budget to facilitate the purchase of six new affordable homes.
As part of the SMCRA Homeowner's Assistance requirements, Ms. Lashawnda Williams submitted a grant application for the purchase of one new affordable home located at 6477 SW 60th Avenue. 6477 SW 60th Avenue is the second home to be completed by the Affordable Housing Foundation. Attached as Exhibit A is a copy of the SMCRA Homeowner Assistance Program guidelines including the application received from Ms. Williams. Ms. Williams has successfully completed a comprehensive credit evaluation and has also received homeowner assistance training through the Miami Dade Affordable Housing Foundation. Her associated lending institution is the Florida Community Bank (FCB). Attached as Exhibit B is the mortgage qualification letter and affordability study prepared by Florida Community Bank.
Based on the information contained in the attached affordability study, the "gap" funding from the SMCRA required to ensure home affordability is $25,000. SMCRA grant assistance will be utilized in conjunction with other homeowner assistance award funding received from other affordable housing entities.
Also attached as Exhibit C is the purchase and sale agreement between Ms. Williams and the Miami-Dade Affordable Housing Foundation. As indicated, funding received from the Agency will be utilized for the purchase one new "Silver" L.E.E.D. certified affordable home on SMCRA conveyed "blighted" property located at 6477 SW 60th Avenue. Approval of the attached resolution shall authorize the Agency to disburse funding in an amount not to exceed $25,000 to Florida Community Bank closing agent, Barbara San Jurgo, P.A. on behalf of Lashawnda Williams for the purchase of one new single-family, affordable home at located at 6477 SW 60th Avenue, South Miami, Florida 33143.
Recommendation
Staff recommends approval of the attached resolution authorizing the Agency to disburse funding in an amount not to exceed $25,000 to Florida Community Bank closing agent, Barbara San Jurgo, P.A. on behalf of Lashawnda Williams for the purchase of one new L.E.E.D. certified, affordable home at located at 6477 SW 60th Avenue, South Miami, Florida 33143, Folio No. 09-4025-028-0200; and charging the total amount to Account No. 610-564-99-35 (Affordable Housing Mortgage Assistance Grant Account).
Attachments: Homeowner Assistance Program Guidelines and Application (Lashawnda Williams); Gibraltar Bank & Trust Loan Approval Letter and Housing Affordability Study (Lashawnda Williams) Purchase and Sale Agreement Between Lashawnda Williams and the Miami Dade Affordable Housing Foundation
SD:/CRA/ Authorization to Disburse Homeowner Assistance Grant Award (Lashawnda Williams)
~ RESOLUTION NO. ____ _
4 A resolution relating to Affordable Housing Construction;
5 authorizing the Agency to disburse Homeowner Assistance grant
6 funding in an amount not to exceed $25,000 to Florida Community
7 Bank designated closing agent, Barbara San Jurgo, P.A. on behalf of
8 Homeowner's Assistance award recipient Lashawnda Williams for
9 the purchase of one (1) new, "Silver" L.E.E.D. certified affordable
10 home located on Agency conveyed property at 6477 SW 60th
11 Avenue, South Miami, Florida 33143, Folio No. 09-4025-028-0200;
12 and charging the total amount not to exceed $25,000 to Account No.
13 610-564-99-35 (Affordable Housing Mortgage Assistance Grant
14 Account). l~ 17 WHEREAS, the SMCRA adopted redevelopment plan places high emphasis on the 18 construction of new affordable housing in the SMCRA; and 19 20 WHEREAS, in an effort to facilitate this objective, the SMCRA Board authorized 21 construction of seven (7) new affordable single-family homes during the prior three years; and 22 23 WHEREAS, the Board most recently authorized construction of six new "silver" L.E.E.D. 24 certified homes to be constructed by the Miami Dade Affordable Housing Foundation in 25 conjunction with Palmetto Homes Inc; and 26 27 WHEREAS, the Agency has also previously partnered with Habitat for Humanity to 28 complete construction of over twenty-five (25) new single-family affordable homes in the 29 Redevelopment Area; and 30 31 WHEREAS, based on the terms of the approved agreement with the Miami-Dade 32 Affordable Housing Foundation, the SMCRA is required to provide mortgage assistance funding 33 to eligible homeowners in an effort to maintain project affordability; and 34 35 WHEREAS, the SMCRA Board subsequently allocated funding in the amount of $150,000 36 in the FY 2012-2013 Budget to facilitate this objective; and 37 38 WHEREAS, the Agency recently received an application for homeowner's assistance 39 from Ms. Lashawnda Williams for the purchase of one (1) new L.E.E.D. certified, affordable 40 home at 6477 SW 60th Avenue, South Miami, Florida 33143; and 41 42 WHEREAS, Ms. Williams has successfully completed a comprehensive credit evaluation, 43 has received homeowner assistance training through the Miami Dade Affordable Housing 44 Foundation and meets the requirements of the SMCRA Homeowner's Assistance Program; and 45 46 WHEREAS, based on the findings of the Florida Community Bank affordability study, the 47 SMCRA would be required to provide "gap" funding in amount of $25,000 to maintain housing 48 affordability based on H.U.D. affordability guidelines; and 49
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WHEREAS, funding awarded by the SMCRA will be utilized in conjunction with other homeowner assistance grants received for other government entities with the goal of providing an "affordable" monthly mortgage payments for "low" to "moderate" income residents; and
WHEREAS, the SMCRA Board desires to fulfill the goals and objectives of the adopted community redevelopment plan including providing new affordable housing opportunities for "low" to "moderate" income households.
NOW THEREFORE BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF SOUTH MIAMI, FLORIDA THAT:
Section 1. The South Miami Community Redevelopment Agency Board authorizes a
Homeowner Assistance grant funding disbursement in an amount not to exceed
$25,000 to Florida Community Bank closing agent, Barbara San Jurgo, P.A. on behalf of
award recipient Lashawnda Williams to provide mortgage assistance funding for the
purchase of one {1} new, "Silver" L.E.E.D. certified affordable home located on Agency
conveyed property at 6477 SW 60th Avenue, South Miami, Florida 33143, Folio No. 09-
4025-028-0200; and charging the total amount to Account No. 610-1110-564-99-35
{Affordable Housing Mortgage Assistance Grant Account}.
Section 2. The funding disbursement is contingent upon final loan approval.
Section 3. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this _day of April, 2013.
ATTEST: APPROVED:
SECRETARY CHAIRPERSON
Board Vote: Chair Stoddard: Vice Chair Liebman:
READ AND APPROVED AS TO FORM: Member Newman: Member Harris: Member Welsh: Member Covington: Member Price:
GENERAL COUNSEL
Page 2 of2
SMCRA HOMEOWNER'S ASSISTANCE PROGRAM
GUIDELINES & APPLICATION
(Ms. Lashwnda Williams)
EXHIBIT A
oln or SOUTH 1111111
OOlillunln RIDlYllOPlllnT
IGlnoy
101l10llniR ISSISTlnOI
I PPII OITI on
October 1, 2009
smCRA IlomEownER ASSISTAnCE PROGRAm
The purpose of the Homeowner Assistance Program is to provide assistance to
eligible households for the purchase of affordable housing in the City of South
Miami Community Redevelopment Area. The goal of the program is to enhance
existing opportunities to obtain affordable housing and to facilitate neighborhood
stability through homeownership.
The Community Redevelopment Agency currently offers the following two forms
of assistance:
1. The Urban Infill Assistance Program; and
2. The General Mortgage Assistance Program
With the overall intent of maintaining as many existing residents in the community
redevelopment area as possible, residency status has been included as one
program criteria. Higher consideration shall be provided if an applicant currently
resides in the SMCRA area. However non-residents are also eligible for
assistance through this program.
In an effort to further stabilize the community, the SMCRA also actively recruits
what are considered "role model" professionals into the SMCRA area. A list of
eligible "role models" has been provided in the subsequent pages of this
application.
~;
Urbaa lafill A"i"aace 'fO,lam
Under the SMCRA Urban Infill Program, new homes are constructed on land
owned by the Agency and conveyed to an affordable housing . Through
recommended partnerships with various lending institutions, the SMCRA will
leverage available tax increment financing revenues (TIF) in the maximum
amount of $25,000 per housing unit to assist qualified homebuyers in purchasing
housing developed under the Agency's land affordable housing development
program. Funding shall be utilized to assist in the payment of down payment and
related closing costs in the effort to provide affordable mortgage payments for
eligible applicants.
This program does not require that an applicant purchase a home built under the
SMCRA affordable housing development program nor does it require that the
applicant be eligible for the role model recruitment program. Its primary emphasis
is to assist interested citizens in obtaining private home ownership in an already
constructed home in the community redevelopment area. The maximum available
funding award for this program is $12,500 per household.
Role Model Recruit ... eat 'fO,lam
The SMCRA shall promote the recruitment of homeownership assistance
applicants currently employed as professional educators, law enforcement
officers, firefighters, and medical care providers. The goal of this initiative to
3
increase stability in the SMCRA area by providing a mix of professional role
models into the area. Based on a prioritized applicant list, potential "role modals"
shall be awarded priority consideration. The maximum funding award for this
initiative shall depend on whether the Infill Assistance Program or the General
Assistance Programs are utilized.
Eligible Role model'
The following is a definition or recognized "role models" as it pertains to this
program:
Eductlltu- An individual employed full time by a public school, private school,
or federal, state, county or municipal educational Agency as a classroom teacher,
guidance counselor or administrator in grades K through 12.
Polict- Ollict-r- A law enforcement officer, including a Community Service Aide,
employed full-time by a federal, state, county or municipal government sworn to
uphold, and make arrests for violations of federal, state, county or municipal laws.
Firt-lighlt-r- Certified firefighters employed full-time by state, county or municipal
government.
hlt-dictll Dtlrt- Proyidt-r - Includes all employees working full-time in medical
facilities, and doctors' offices except those whose responsibilities are solely
administrative, clerical or non-medical support.
It is the Agency's philosophy that homeownership as opposed to renter- occupied
properties will expand the number of stakeholders for the betterment of the
4
community redevelopment area. Therefore, the Agency has created a multi
faceted approach to assist qualified homebuyers in making the redevelopment
area their "neighborhood."
PlOgtGm Eligibility C,it.,iG
Urba" ."fill Program - Any applicant wishing to purchase a newly developed
home under the SMCRA Urban Infill Program is eligible to apply for assistance
under this program. In the event that there are more applicants than housing
product available, the Agency shall adhere to the following priority order listing:
1. SMCRA Area Resident;
2. South Miami Resident;
3. Role-Model Recruitment Applicant;
4. Non-Resident Working in South Miami; and
5. Non-resident
O.".tGl lIolf:gGg. A"illG"c. PlOgtGm - Any applicant wishing to purchase
an existing home in the redevelopment area shall be eligible to apply for
assistance under the General Mortgage Assistance Program.
Rol. 1I0d.1 R.cluitm.,,' PlOgtGm - Any applicant who is a non-probationary
employee in any eligible "role model" field as defined under this program shall be
qualified to apply for assistance through the Role Model Program based on the
following priority considerations:
1. Role Model applying for an infill home.
5
2. Role model applicant applying for any home in the redevelopment area.
Any existing "for sale" and newly constructed single-family home in the
redevelopment area shall be eligible for mortgage assistance under the Agency's
General Mortgage Assistance Program. The top priority for mortgage assistance
shall be those homes being constructed under the Urban Infill Housing Program.
All other single-family homes shall be second priority.
How will SMCRA participate?
Financially - The Agency may contribute a maximum of $25,000 towards the
purchase of or any closing costs related to securing a home mortgage. It is the
expressly stated intent of this program that maximum flexibility shall be allowed
regarding the expenditure of the $25,000 provided by the Agency. This policy is
to ensure that Agency funding can be "fitted" to match any mortgage assistance
program utilized by a participating bank or to provide "gap" funding for any
deficiency that a qualified buyer would face while participating in an existing bank
program.
A. Assistance with Mortgage Application - The SMCRA shall provide
professional one-on-one assistance to all qualified and interested potential
homebuyers. It is the intent of this Agency to provide all applicants with a full
opportunity to become homeowners in the City of South Miami redevelopment
area by ensuring that an application is not denied due to the complexity of the
mortgage application process.
6
B. Assist with locating a bank - The Agency will actively recruit
interested banking institutions to participate in one or several of
the housing assistance programs. A contact person will be
established at each bank that will be receptive and accountable
to the applicants in the city's redevelopment area.
How will Banks participate?
The SMCRA will actively recruit and secure letters of participation from qualified
financial institutions. Each bank that participates will assign a contact person who
has been trained regarding the guidelines of the SMCRA Housing Assistance
Programs. The Banks which are accepted as participants in this program will be
assigned a position on a rotating roster which will determine which applicant they
are matched with regarding the mortgage loan process. If an applicant chooses,
they may work with any bank that has been approved by the SMCRA to
participate under this program regardless of the roster position.
Is this program restricted to first-time homebuyers?
NO.
Must a home purchased under these programs be a primary residence for
the applicant?
YES.
7
Are there any income restrictions?
YES.
Is there a purchase price restriction?
YES.
Homes eligible under this program for financial assistance shall not have a
purchase price in excess of 110% of appraised value. No purchase price
restriction shall apply to homes purchased under the SMCRA Urban Infill
Housing Program.
Is there a minimum financial level of participation required of the
homebuyer?
YES.
Each applicant shall provide a $25 application fee and shall be required to
provide 1 % of the purchase price up to $1,000 towards either the down
payment or closing cost associated with the purchase of the home.
Is there any "up front" application fee required?
NO, a $25 fee is required once your application is approved. The check shall be
made payable to the South Miami CRA.
8
Explanation of application process, forms, procedures.
After an applicant has provided the $25 application fee they will begin completion
of the program application forms with the assistance of an SMCRA professional.
Application Forms are included as Appendix A
Once the application is completed, a financial institution shall be assigned or
selected and the SMCRA professional will present the application to the bank's
assigned contact person. At this point, the bank will assume primary
responsibility for the further review, processing and decision regarding the
approval of a mortgage. The bank will be responsible for all due diligence efforts
normally undertaken for the consideration for approval or denial.
Will eRA assist with Mortgage Application process?
YES, After any interested applicant has provided the $25 application fee, the
Agency will assign a qualified professional to assist the applicant throughout the
mortgage application process. This shall include assistance with preparing all
financial applications required by the lending institutions and other necessary
activities related to securing a mortgage. The Agency shall not be responsible for
the outcome of the decision by a participating bank regarding the approval or
denial of a mortgage application. All applicants will be required to attest to a
statement of this effect.
Must a home purchased under this program serve as a primary residence?
YES.
9
How many years will a successful homeowner who secures a mortgage
under one of the SMCRA housing assistance programs be required to
reside in that home as a primary residence home without any responsibility
to repay the Agency?
Three years. Applicant will be required to sign a statement that they will repay a
prorated share of funds granted by the Agency in the event they reside in the
residence for less than three years. There may be cases where this condition
cannot be met. In such hardship cases the homeowner may request an appeal.
The SMCRA Board of Commissioners shall make the final decision on an appeal.
Are multi-unit residences eligible under this program?
NO.
Does the SMCRA warranty the home purchased under this program?
NO.
Does the SMCRA require any inspections above and beyond the financial
institutions providing the mortgage or applicable state and federal laws?
NO.
Is there any training required in order for the applicant to receive mortgage
assistance?
YES.
10
Who will provide the training?
Each bank participating in the Homeowner Assistance Program is responsible for
providing Homeowner Training to qualified applicants. A training schedule will be
provided during the application process
What is the SMCRA's authority to conduct this program?
The Agency's authority to implement the multiple redevelopment initiatives that
comprise this program are granted under Section 7 of the Redevelopment Plan.
Specifically, Section I N (page 33); Section II-B, C, and D, (pages 34-35).
Additional authority for these redevelopment initiatives are under Florida Statute
Section 163 part III and the Interlocal Agreement with Miami Dade County Board
of Commissioners.
Questions Commonly Asked
What types of homes can be purchased?
Single-family detached homes.
Are there any restrictions to the homes purchased?
Yes, homes must be within the SMCRA redevelopment area. Properties must be
designated for residential housing; be occupied by the mortgagee(s) as his/her
principal residence; have an expected economic life of not less than 30 years; and
not provide a source of income to the mortgagor(s).
How do I find my house?
You may either use a participating SMCRA re-developer or select the home which
you wish to purchase and approach an approved lender.
11
Can I buy a home which is not yet constructed?
Yes.
What is the current interest rate?
The interest rate for a first mortgage will vary with each participating lender in the
loan program. Rates are currently in the range of 8% to 8.5% for a fixed 3D-year
mortgage. (Rates quoted are from the Wall Street Journal as of 8/25/00 and are
subject to change.)
What must I bring to the application process?
• Signed copies of your past two Federal Income Tax returns;
• Account numbers, balances, names and addresses for loans, credit cards,
checking and savings accounts;
• Explanations of any credit problems;
• Copy of recorded divorce decree and property settlement; names and
addresses of employers (current and former for the past two years); any other
information or documents as required to obtain credit and/or property
approval;
• Last two pay stubs from employer (if self-employed, a profit and loss
statement as of the date of application);
• Any other source of income that can be readily verified (i.e. Social Security,
SSI, pension, retirement, child support);
• Proof of availability of a minimum of 1 % of the purchase price up to $1,000 to
be applied towards the down payment or total acquisition cost;
• Original evidence of U.S. citizenship or legal immigration status on borrower or
cO-borrower;
• $25 application fee payable to SMCRA.
12
What are my obligations?
• Furnish all employment and credit information necessary;
• Provide a minimum of 1 % of purchase price up to $1,000 towards the down
payment or acquisition cost;
• Occupy the property being purchased as a permanent residence immediately
after loan closing.
• Provide an application fee of $25 payable to the SMCRA.
What can I afford?
Your monthly house payment, including principal, interest, taxes and insurance,
should be in the range of 25% to 33% of your gross monthly income. The
maximum monthly payments on all of your outstanding debts (including
installment loans, revolving credit cards, and child care expenses), plus your
monthly house payment, should not exceed 36% of your gross monthly income.
These guidelines may be exceeded where other funding sources permit and when
strong compensating factors exist.
When applying for a mortgage, here are some of the key questions you
should ask the lender:
• What will my monthly payments be, including taxes and mortgage insurance?
• Can I "buy down" the rate to a lower figure by paying more points?
• What will all my closing costs total, and which items do I have a choice of
waiving?
• Is this mortgage assumable, and under what conditions?
• At what date will the rate be locked in?
• Is private mortgage insurance necessary? If so, at what point will I no longer
be required to carry it?
• Is there a prepayment penalty on this mortgage?
13
If you are applying for an adjustable-rate mortgage, you should also ask
these questions:
• In a worst-case scenario, what would be the maximum payment on this loan?
• Can the mortgage rate be converted for a fixed one at some point in time? If
so, what would be the cost and rate?
• Does this adjustable-rate mortgage have negative amortization, that is, could
the outstanding balance rise even as I am making regular payments?
Where do I apply?
City of South Miami Community Redevelopment Agency 5825 SW 68th Street, Suite 400 South Miami, Florida 33143
Payment Calculator
When shopping 30-year mortgages, you can estimate your monthly payment using the
following figures. They show what your principal and interest payments would be on each
$1,000 borrowed. For example, the payment on an 8% rate is $7.338 per month per $1,000
borrowed. If you borrowed $100,000, your monthly payment would be 100 times that, or
$733.80. Escrow payments on taxes and mortgage and hazard insurance would be additional.
Here are other loan payment factors based on rates currently being charged: 8 %%/7.689; 8
%%/7.513; 7 %%/7.164;7 %%/6.992; 7 %%/$6.822; 7%/6.653; 6 %%/6.486; 6 %%/6.321; 6
%%/$6.157; 6%/%5.996.
Source:bankrate.com, North Palm Beach FL 33408 Internet: www.bankrate.com
Wall Street Journal week of 8/21-28
14
The table presented below provides examples of the principal and interest payments that would
be required for mortgage amounts between $50,000 and $100,000.
Interest Rates
7%% 7%% 8% 81/4% 8%%
$699.20 $716.40 $733.80 $751.30 $768.90
$629.28 $644.76 $660.42 $676.17 $692.01
$559.36 $573.12 $587.04 $601.04 $615.12
$489.44 $501.48 $513.66 $525.91 $538.23
$419.52 $429.84 $440.28 $450.78 $461.34
$344.60 $358.20 $366.40 $375.65 $384.45
South Miami Community Redevelopment Agency (SMCRA) 6130 Sunset Drive, South Miami, FL 33143 Appendix Documents
Appendix A Application Form
Appendix B SMCRA Area Boundary Map
15
Certification and Signature
I (we) hereby certify that all of the foregoing information is true and complete to
the best of my (our) knowledge, and hereby give my (our) permission to the City
of South Miami Redevelopment Agency (SMCRA) (or any lender acting on the
Agency's behalf) to conduct further credit and financial investigation, as deemed
necessary to determine eligibility. Furthermore, I (we) agree to abide by the
eligibility and program requirements set forth in connection with any opportunities
which may be offered to me (us) by the SMCRA pursuant to this application. I
(we) understand that false, inaccurate, or incomplete information in the foregoing
application shall be considered cause for me (us) to be disqualified from
participation in the Housing Assistance Program of the SMCRA, and I (we) must
immediately notify the agency of any change in my (our) income, status of
employment prior to closing for reverification. I (we) further understand that an
"Affidavit of No Income Change" must be signed prior to receiving any program
benefits.
I (we) hereby authorize the SMCRA or any lender acting on the Agency's behalf
to verify my past and present employment, past and present landlord information,
past and present mortgage loans, and any other credit information as needed.
(we) understand a copy of this form will also serve as authorization.
WARNING: Florida Statute 817 provides that willful false statements or misrepresentation concerning income and assets or liabilities relating to financial condition is a misdemeanor of the first degree and is punishable by fines and imprisonment provided under statute 775.082 or 775.83.
Signature of Applicant Signature of Co-Applicant
Date Date
16
1001
"Making our Neighborhood a Great Place to Uve, iMJrk and Play"
COMMUNITY REDEVELOPMENT AGENCY HOMEOWNERS ASSISTANCE APPLICATION
APPLICANT'S NAME
DATE OF BIRTH
MARITAL STATUS (check one)
WORK PHONE
CO-APPLICANT'S NAME (Spouse)
DATE OF BIRTH
MARITAL STATUS (check one)
WORK PHONE
CURRENT ADDRESS
APPLICATION DATE:
Lashawnda Williams
MARRIED .------------._-.----------- ... ---------_ .. ----------.
x SEPARATED
SOCIAL SECURITY #
UNMARRIED (includes single, divorced & widowed)
( 305) HOME (305)
when can you be reached: __ PHONE when can you be reached: __
n/a
n/a
MARRIED
SOCIAL SECURITY #
n/a
1--4···················································· ...................................................................................................................................................... .
SEPARATED 1--+ .......................................................................................................................................................................................... · ................ · .. f
X UNMARRIED (includes single, divorced & widowed)
( ) HOME () when can you be reached: PHONE when can you be reached:
6100 SW 68th Street, South Miami, Florida 33143
How long at this address? YEARS 8
LANDLORD'S NAME (if applicable)
LANDLORD'S ADDRESS
page 1 of 3
Christopher Blunzer PHONE NUMBER
5724 SW 76 Terrace, South Miami, Florida 33143
INCOME INFORMATION (ANNUAL) . . (List all sources of income. earned yearly from the· sources listed below.
Include all amounts which can be. verified such as Social Secaritybenefits, interest income, pari-timeemp/oyment, child support/alimony, or other income declared on federal t?xreturn.)
ApPLICANT
Primary Job $32,994.84 Primary Job $
Second Job $ n/a Second Job $
Pension $ n/a Pension $
Social Security $ n/a Social Security $
AFDClWelfare $ n/a AFDClWelfare $
Alimony/Child Support $ n/a Alimony/Child Support $
Workers' $ n/a
Workers' $
Com nsation Com sation
I nterest from Savings $ n/a Interest from Savings $
Other income (explain) $ n/a Other income (explain) $
TOTAL $32,994.84 TOTAL $
Type of Name of Financial Institution & Account Number Balance Value Net Value of Asset full address (if applicable) (if applicable) payme Due Asset of Asset nt
Auto $ $ $ $
Savings $ $ $ $
Checking $ $ $ $
Checking $ $ $ $
page 2 of 3
CREDIT HISTORY (Both the applicant and co-applicant must answer the following questions.
You may attach additional sheets if explanations are needed.)
Please circle yes or no for the following questions. APPLICANT -CO-APPLICANT
Have you ever owned any residential property? YES YES NO
If yes, list dates of ownership. Dates: nla Dates: nla
Do you have any outstanding unpaid collections or judgements?
If yes, list amounts owed. $
Have you declared bankruptcy in the last 7 years?
Are you a party in a lawsuit?
Have you ever had property foreclosed on or given back title to avoid foreclosure?
Have you cosigned or co-endorsed a loan, debt or other liability not listed in this application?
NAME OF LENDER PROVIDING Florida Community Bank YOUR FIRST MORTGAGE
2500 Weston Road, Suite 300
YES
YES
YES
YES
YES
NO YES NO
nla $
NO YES NO
NO YES NO
NO YES NO
NO YES NO
ADDRESS OF LENDER f------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------1
Weston, Florida 33331
PHONE NUMBER OF LENDER ( 954) 984-3314
6477 SW 60th Avenue, South Miami, Florida 33143 ADDRESS OF PROPERTY TO BE PURCHASED
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------1
HOUSE INFORMATION
NUMBER OF BEDROOMS
3
PURCHASE PRICE OF PROPERTY (attach signed real estate sales contract)
NUMBER OF BATHROOMS
$191,000
2 HOUSE SIZE (SQUARE FEET)
page 3 of 3
1,558 SF
EXHIBIT B
FLORIDA COMMUNITY BANK
PRE-QUALIFICATION LETTER & AFFORDABILITY STUDY
(Ms. Lashwnda Williams)
.... _ ..... _ ... _ .. -------=--""'''' ___ . ....-----. CB FLORIDA COMMUNITY BANK
Date: 04/05/2013
To: Lashawnda Williams
Assumptions: Loan Type: Fixed Interest Rate: 3.00% Property Type:
Targeted Sales Price: $191,000.00 Loan amount: $90,000.00
We have reviewed preliminary information received from the above referenced borrower(s). Based upon this documentation it appears that they should qualify for a loan at the above stated terms. We have not taken an application as of yet.
This pre-qualification is only preliminary and does not constitute a loan approval or a commitment to rates, fees or terms. Final approval will be based upon a review of a loan application, credit, income, property appraisal and assets. Any misrepresentations or omitted information or adverse change in your financial position would affect your ability to ultimately be approved.
This pre-qualification notification does not intend or purport to confer any rights, privileges upon any third parties including, but not limited to, sellers of real property, real estate brokers, or their agents.
This loan is subject to receipt of funds from PHCD in the amount of $56,900.00, City of South Miami in the amount of $25,000.00 and Miami Dade HFA in the amount of $28,650.00.
Florida Communit Bank N.A. is a Direct Lender:
Sincerely, Robin Holley CRA Loan Officer NMLS ID #: 484758 E-mail: [email protected] Phone 954-984-3314 Cell:954-557-5591
AFFORDABILITY STUDY
COMPLETED FOR: Lashawnda Williams
SOURCE:
PREPARED BY: Robin Holley
ANNUAL INCOME: $ 39,164
47.91% OF MEDIAN, --------------------------NO. OF BEDROOMS:
PURCHASE PRICE: $191,000
1% 'Yo OF DOWN PAYMENT: $1,910
GROSS REQUIRED FINANCING: $90,000
Florida Community Bank 1st MTG $90,000
PHCD 2nd MTG $56,900
City of South Miami 3rd MTG: $25,000
HFA 4th MTG: $28,650
$90,000 1ST MTG P&I AT 4.50 % 30 YRS
$3,480 APPROX TAXES $2,520 APPROX INSURANCE HAZ/FLD.
$0 APPROX MAINT. -----1ST MTG TOTAL DEBT TO
$56,900 2ND MTG AT
$25,000 3RD MTG AT
COMMENTS:
TOTAL 1ST, 2ND, AND 3RD MTG PAYMENT
OTHER DEBTS 1 CHILD SUPPORT
TOTAL PMT MTG & DEBT.
o % 30 YRS
o % 30 YRS
FAMILY SIZE: 4 LEVEL: Low
DATE: 03/29/13
MONTHLY GROSS: $3,264
MAX SUBSIDY: $110,550
MEDIAN INCOME: $65,400
PHCD
,:!~t_ City 5 Miami
HFA ""/;";"r" t,'··
MONTHLY .. MONTHLY PAYMENTS .. RATIOS
$456 .. .. $290 .. $210 ..
$0 .. $956 .. 29. 29'Yo
$25 ..
° ..
$981 .. 30.06%
$286 .. $1,267 .. 38.82%
EXHIBIT C
MIAMI-DADE AFFORDABLE HOUSING FOUNDATION
PURCHASE & SALE AGREEMENT
(Ms. Lashwnda Williams)
"AS IS" Residential Contract For Sale And Purchase THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR rtt~ FloridaRealtors" l' PARTIES: Miami Dade Affordable Housing Foundation, Inc. ("Seller"), 2' and Lashawnda Williams, a single J?erson ('Buyer"), 3 agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal 4 Property (collectively ·Property") pursuant to the terms and conditions of this AS IS Residential Contract For Sale 5 And Purchase and any riders and addenda ("Contract"): 6 1. PROPERTY DESCRIPTION: 7' (a) Street address, city t zip: .-::6...::4.:....7 7.:...-..:S"-'-W:..........:::6.=.0-'A:::.v:..;:e::-_.:.:M=.ia""m::::i:,r,-=..l'=.1 __ -:-c:-____ =--=-:-----:--;---:----:--;---::--8' (b) Property is located in: Miami-Dade County, Florida. Real Property TaxlD No: to be determined 9' (C) Legal description of the Real Property: Lot 6, le .. <he We •• ~.5 ft <hereOf, Block 1 flWll<LIN SUBDIVISION, according to <he Plat
the~$ot .$ reoorded in Plat boole 5, P"'9a 34, ot ctl.o Publio RcoorQs of lfiMl1·P4de County I 10· n 11 together with all existing improvements and fixtures, including built-in appliances, built-in furnishings and 12 .attached wall~to-wall carpeting and flooring ("Real Property") unless specifically excluded below. 13 (d) Personal Property: The following items owned by Seller and existing on the Property as of the date 14 of the initial offer are included in the purchase ("Personal Property"); (i) range(s)!oven(s), dishwasher(s), 15 disposal, ceiling fanes), intercom, light fixtures, rods, draperies and other window treatments, garage door 16 openers, and security gate and other access devices; and (ii) those additional items checked below. If 17' additional details are necessary, specify below. If left blank. the item below is not included:
18
19*
20' 21
22*· .
23"
'24' 2.
rgj Refrigerator(s) rgj Smoke detector{s) o Microwave oven 0 Security system I8J Washer 0 Window/walt ale I8J Dryer 0 Generator o Stand-alone ice maker
o Pool barrier/fence o Pool equipment o Pool heater o Spa or hot tub with heater o Above ground pool
. 0 Storage shed o TV antenna/satellite dish o Water softener/purifier o Storm shutters and
panels
The only other items of Personal Property included in this purchase, and any additional details regarding Personal Property, if necessary, are: _________________________ _
Personal Property is included in the Purchase Price, has no contributory value, and shall be left for the Buyer. (e) The following items are excluded from the purchase: disposal, ceiling fans, intercom,. light
. fixtures, rods, draperies I window treatment, garage door openers·,: security gates or carpet
PURCHASE PRICE (U.S. currency): .................................................................. : ...... $_---=1;.;.:;9..;.;1.:-, 0 ..... 0..;:.0-,-. 0_0
25' (a) Initial deposit to be held in escrow in the amount of (checks subject to COLLECTION) $ 500.00 ;15 .. -.. . The i~itialdepO$itmade payable andd~U\feredtq~~99rQw.~genrnJilm~~tp¢IO.w'~ .. ..... 27' (CHECK ONE): ~ accompanies offer or 0 is to be made upon acceptance (Effective Date) 2S' or 0 is to be made within __ (if blank, then 3) days after Effective Date 29* Escrow Agent Information: Name: Federated Title &. Trust Lr..C 30' AddresS:2630 SW 28 St unit 6I, Miami, Fl 33133 Phone: (305) 370-3990
:$1' E-mail: [email protected] Fax: (30il) 370-3999 :'!~i?:~:', .. ··(b);AqdltIOl1sl·;deposlt to be delivered to Escrow Agent within 90 ... (if blarik, therr3)'- . i::~~\:;':;. ,;~,d¢\y~,:~lfterEffective· Date,; ............. : ....................... , .......... " ..... '" .. , ", ... " ............ ; .... $ _____ _ . :)4 .. (All deposits paid or agreed to be paid,;:lre collectively referred to as the "Deposit") <~5' (c) Financing: Express as a dollar amount or percentage ("Loan Amount") see Paragraph 8 ......... ___ --:-_ ...... i.:l6· .·{d)Other: • . . . .. ...... $ ~64, 315.00
37 . (e)Balance to close (not including Buyer's closing CO!;lts, prepa/ds and prorations) py wire . 38' transferorotherCOLLECrEPfLinds .................................................. , ...................... $ 6,185.00
.. 39 .... ·.NOTE:Forthe c!eflnltI6rhjf. uqOLLECTION"or ~'COLLECJeD" see STANDARD S . . 40 3;. TIME FORAcCEPTANCE OF OFFER AND COUNTER-OFFERS; EFFECTIVE DATE:
41' (a) If not signed by Buyer and Seller, and an executed copy delivered to all parties Qnor before . . .. 42' 02/5/2013. this offer shall be deemed withdrawn and the Deposit; if any, will be returned to Buyer.
",.'.' 43 Unless otherwise stated, time for acceptance of any counter-offers shall be within 2 days after the day the . 44 counter-offer is delivered. 45 (b) The effective date of this Contract will be the date when the last one of the Buyer aod Seller hassigoed or 46 . Initialed this offer or final counter-offer ("Effective Date"). 47 4. CLOSING DATE: Unless modified by other provisions of this Contract, the closing of this transaction shall occur
. ': .48 . and the closing documents required to be furnished by each party pursuant to this Contract shall be delivered .··C"Closing" on aer.t:l.ficat. e ofr com leti. O.n("CIOSin. 9 Date"}, at the time estarQ'F'.. the Closing Agent.
BI)Y~t~s"nitials Page 1 of 10 Seller's Initials . ·FlorldaRealtors/FlorldaBar.ASIS-1 Rev. 6/1.0 ® 2010 Florida Reaitors® and The Florida Bar. All rights rese/Ved.· ...
50 5. EXTENSION OF CLOSING DATE: 51 (a) If Closing funds from Buyer's lender(s) are not available at time of Closing due to Truth In Lending Act (TILA) 52 notice requirements, Closing shall be extended for such period necessary to satisfy TILA notice requirements, 53 not to exceed 7 days. 54 (b) If extreme weather or other condition or event constituting "Force Majeure" (see STANDARD G) causes: 55 (i) disruption of utilities or other services essential for Closing, or (ii) Hazard, Wind, Flood or Homeowners' 56 insurance, to become unavailable prfor to Closing, Closing will be extended a reasonable time up to 3 days 57 after restoration of utilities and other services essential to Closing, and availability of applicable Hazard, Wind, 58 Flood or Homeowners' insurance. If restoration of such utilities or services and availability of insurance has not 59* occurred within (if left blank, 14) days after Closing Date, then either party may terminate this 60 Contract by delivering written notice to the other party, and Buyer shall be refunded the Deposit, thereby 61 ,releasing Buyer and Seller from all further obligations under this Contract. 62 6. OCCUPANCY AND POSSESSION: Unless otherwise stated herein, Seller shall at ClOSing, have removed all 63 personal items and trash from the Property and shall deliver occupancy and possession, along with all keys, 64 garage door openers, access devices and codes, as applicable, to Buyer. If Property is intended to be rented or 65 occupied beyond Closing, the fact and terms thereof and the tenant(s) or occupants shall be disclosed pursuant 66 to STANDARD D. If occupancy is to be delivered before Closing, Buyer assumes all risks of loss to Property from 67 date of occupancy, shall be responsible and liable for maintenance from that date, and shall be deemed to have 68 accepted Property in its existing condition as of time of taking occupancy. 6S' 7. ASSIGNABILITY: (CHECK ONE) Buyer 0 may assign and thereby be released from any further liability 70' under this Contract; 0 may assign but not be released from liability under this Contract; or ~ may not assign 71 this Contract.
72 FINANCING 73 8. FINANCING: w 0 (a) Buyer will pay cash or may obtain a loan for the purchase of the Property. There is no financing 75 contingency to Buyer's obligation to close. 76" ~ (b) This Contract is contingent upon Buyer obtaining a written loan commitment for a tgJ conventionali:8l FHA 77' 0 VA loan on the following terms within (if blank, then 30) days after Effective Date ("Loan' 78' Commitment Date") for: (CHECK ONE): ~ fixed, 0 adjustable, 0 fixed or adjustable rate loan in 79", the principal amount of $ or 96.5 % of the Purchase Price, at an initial interest rate 80'not to exceed mkt % (if 'blank, then prevailing rate ,based upon l3uyer's creditworthiness), and for a 81" term of 30 years ("Financing"). ' ,
82"
" ",t13
84
85
66
Buyer will make mortgage loan application for the Financing within 5 (if blank, then 5) days after ,Effective Date, and use good ,faith ,and diligent effort to obtain, a, written loan c;pmmitment for the Financing, ("Loan Commitment") and' close thlsContract:-BuyieTshallkeep Selle(Md Broker fully informed about' the status of mortgage loan application and Loan Commitment and authorizes Buyer's mortgage broker and Buyer's lender to disclose such status and progress to Seller and Broker.
87:lfBuyer does not receive loan Commitment, then Buyer may terminate this Contract by delivering written -8~'i ' '" - , ,·notice to St;lIer, and the Deposit ~hall be refunded to Buyer,thereJJy releasing Buyerand Seller from all [i~;P',i" ",f\lrt~~rQQUgf;ltions underth1s Cont~¢t. '
90
91 , 92
93,
94
95
96
":",0', ";' 97,
, ',99,
. '100 101"
102'
If Buyer does not deliver w~itten not/ceto S~lIerofreceiPtof Loan ,Commitment Qr Buyer's written waiver of this financing contingency, then after Loan ,Commitment Date Seifer may terminate this Contract ,by delivering written notice to Buyer and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all further obligations under this Contract. '
If Buyer delivers written notice of receipt of Loan Commitment to Seller and this Contract does.not thereafter close, the Deposit shall be paid to Seller unless failure to close is due to: (1) Seller's default; (2) Property related conditionl1 of the loan Commitment have not been met (except when such conditions are waived by other provisions of this Cbntract);(3) C;lppraisal of the Property obtained by BUy(;3r's lender Is jO(~u(ficlentto meet terms of the Loan Commitment; or (4) the loan is not funded due to financial failure of Buyer'S lender, in whlch event(s) the Deposit shaU be returned ttl Buyer, thereby releasing Buyer and Seller from all further obligations under this' Contract. .
D(c) Assumption of existing mortgage (see rider for terms). o (d) Purchase money note and mortgage to Seller (see riders; addenda; or special clauses for terms).
103 CLOSING COSTS, FEES AND CHARGES 104 9. CLOSING COSTS; TITLE INSURANCE; SURVEY; HOME WARRANTY; SPECIAL ASSESSMENTS: 105"
106
107
108
109
110'
(a) COSTS TO BE PAID BY SELLER: • Documentary stamp taxes and surtax on deed, if any • HOAlCondominium Association estoppel fees • Owner's Policy and Charges (if Paragraph 9(c)(i) is checked) • Recording and other fees needed to cure title • Title search charges (if Paragraph 9(c)(lii) is checked) • Seifer's attorneys' fees ·Other., __ ~~~~~~ __ ~~~ __ ~~~~~~ ____ -= __ ~ __ ~ ____ ~~~~ __ ~~
If, prior to Closing. Seller is unable to meet the AS IS Maintenance Requirement as required by Paragraph 11 a sum equal to 125% of estimated cost to meet the AS IS Maintenance Requirement shalt be escrowed at ClOSing. If actual costs to meet the AS ·IS Maintenance Requirement exceed escrowed amount, Seller shall pay such actual costs. Any unused portion of escrowed amount shall be retumed to Seller.
(b) COSTS TO BE PAID BY BUYER: • Taxes and recording fees on notes and mortgages • Loan expenses • Recording fees for deed and financing statements • Appraisal fees • Owner's Policy and Charges (if Paragraph 9(c)(ii) is checked) • Buyer's Inspections • Survey (and elevation certification, if required) • Buyer's attorneys' fees • Lender's title policy and endorsements • All property related insurance • HOAlCondominium Association application/transfer fees • Other: .
111' (c) TITLE EVIDENCE AND INSURANCE: At least _5_ (if blank, then 5) days prior to Closing Date, a title 112 insurance commitment issued by a Florida licensed title insurer, with legible copies of instruments listed as 113 exceptions attached thereto ("Title Commitment") and. after Closing, an owner's policy of title insurance (see 114 STANDARD A for terms) shall be obtained and delivered to Buyer. If Seller has an owner's policy of title 115 insurance covering the Real Property, a copy shall be furnished to Buyer and Closing Agent within 5 days after 116 Effective Date. The owner's title policy premium and charges for owner's policy endorsements, title search, 117 and closing services (co"ectively, 'Owner's Policy and Charges") shall be paid, as set forth below 118 (CHECK ONE): 119' 0 (i) Seller will designate Closing Agent and pay for Owner's Policy and Charges (but not including charges 120 for closing services related to Buyer's lender's policy and endorsements and loan closing, which amounts 121 shall be paid by Buyer to Closing Agent or such other provider(s) as Buyer may select); or 122' ~ (ii) Buyer will designate Closing Agent and pay for Owner's PoliCY and Charges and charges for closing 123 . services related to Buyer's lender's policy, endorsements, and loan closing; or 124"· 0 (iii) [MIAMI~DADE/BROWARD REGIONAL· PROVISION):. SeHer will furnish a copy of a prior owner's policy 125 of.titleinsurance or other evidence of title and pay fees for: (A) a continuation or update of such title eVidence, 126. which is acceptable to Buyer's title insurance underwriter for reissue of coverage; (8) tax search; and 127 (C) municipal lien search. Buyer shall obtain and pay forpost-Closing continuation and premium for Buyer's
; . ~128: ..... ': .'.ow.fler·~policy, and if applicable,. auyer's..I~nde~~~ .!?~I!<:y. ~ ~~!Ie.rshallnot be.?bligated ;to pay m.ore Jhan . 129' .$ . ... 250.00 (if blank, $200.00) for abstract continuation or title search ordered or peiformed by Closing 130 Agent. 131 (d) SURVEY: At least 5 days prior to Closing, Buyer may, at Buyer's expense, have the Real Property surveyed 132 and certified by a registered Florida surveyor ("Survey"). If Seller has III survey covering the Real Property, a 133. :/copy.shall be furnished to Buyer and ClOSing Agent within 5 days after Effective Date. 134····@'HOME"WARRANTY: At Closing, 0 Buyer 0 Seller ~N/A will pay for a home warranty plah:issued by
;135~!.·.~:';·· .···.'·~·i(CjY at a costnot toex<;:eed$ . . .A home 136 warranty plan provides for repair or replacement of many of ;;I hom6'smechanical systems and major built-in
"137 ··.C'i\ppliancesintheeventofbreakdown due to normal WeS!f S!ndtearduringthe agreement's warranty period, 138(f) ~PECIAL.ASSESSMENTS: .At Closing, Seller wiU pay: (i)the full amount' of liens imposed by a public body 139 ("public body" does not include a CondominIum or Homeowners Association) that are certified, confirmed and 140 ratified before Closing; and· (ii) the amount of the public body's most recent estimate or assessment for an 141 Improvement which is substantially complete as of Effective Date, but that has not resulted in a lien being
'142 .' imposed9ri the Property. before Closing. Buyer will pay all other assessments. (fspecial assessments may '143 ·b(J palcHn Instalirnents(CHECK ONE): . . .. 144' o (a) Seller shall pay installments due prior to Closing and Buyer shall pay installments due after
.'<.C145 ;Closlng. Installments prapaidordue for the year: ofCl051ng shall be prorated. ;46' '!8l. (b) Seller shall pay the assessment(s) In fuff prior to or at the time of ClosIng.
····.147 . IF·NEITHERBOX IS CHECKED, THEN OPTION (a) SHALL SSDEEMED SELECTED.
., .
148 '. This Paragraph 9(f) shall not apply to a special benefit tax Iten· Imposed bya community development district 149 (COD) pursuant to Chapter 190 F.S. which lien shall be treated as an ad valorem tax and prorated pursuant to 150 STANDARD K.
Buyer's InItials· FlorldaRealtors/Flo
wJ Page 3 of 10 Seller's Initlalstr!DL ___ -;.. Bar;ASIS-1 Rev. 6/10 © 2010 Florida Rellitors® nnd The Florida 811r. All rights reserved. ~
151 DISCLOSURES 152 10. DISCLOSURES; 153 (a) RADON GAS: Radon is a naturally occurring radioactive gas that, when it is accumulated in a building in 154 sufficient quantities. may present health risks to persons who are exposed to it over time. Levels of radon that 155 exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding 156 radon and radon testing may be obtained from your county health department. 157 (b) PERMITS DISCLOSURE; Except as may have been disclosed by Seller to Buyer in a written disclosure, 158 Seller does not know of any improvements made to the Property which were made without required 159 permits or made pursuant to permits which have not been properly closed. 160 (c) MOLD: Mold is naturally occurring and may cause health risks or damage to property. If Buyer is concerned or 161 desires additional information regarding mold, Buyer should contact an appropriate professional. 162 (d) FLOOD ZONE; ELEVATION CERTIFICATION: Buyer is advised to verify by elevation certificate which flood 163 zone the Property is in, whether flood insurance is required by Buyer's lender, and what restrictions apply to 164 improving the Property and rebuilding in the event of casualty. If Property is in a "Special Flood Hazard Area" 165 or "Coastal High Hazard Area" and finished floor elevation is below minimum flood elevation, Buyer may 166 terminate this Contract by delivering written notice to Seller within 20 days after Effective Date, faUlng which 167 Buyer accepts eXisting elevation of buildings and flood zone deSignation of Property. 168 (e) ENERGY BROCHURE: Buyer acknowledges receipt of Florida Energy-Efficiency Rating Information Brochure 169 required by Section 553.996, F.S. 170 (f) LEAD-BASED PAINT: If Property includes pre-1978 residential housing, a lead-based paint rider is 171 mandatory. 172 (g) HOMEOWNERS' ASSOCIATION/COMMUNITY DISCLOSURE: BUYER SHOULD NOT EXECUTE THIS 173 CONTRACT UNTIL BUYER HAS RECENED AND READ THE HOMEOWNERS' 174 ASSOCIATION/COMMUNITY DISCLOSURE, IF APPLICABLE. 175 (h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT 176 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED 177 TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY 178 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER 179 PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE 180 COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION. 181 (i) TAX WITHHOLDING: If Seiler is a "foreign person" as defined by the Foreign Investment in Real PropertyTax 182 Act ("FIRPTA"), Buyer and Seller will comply with FIRPTA, whiqhmay require Seller to provide additional cash 183 at Closing. . . . 184 U) SEl..l.ERDISCLOSURE: Seller knows of no facts materially affecting the value of the Real Property which are 185 not readily observable and which have not been disclosed to Buyer. Except as stated in the preceding sentence 186 or otherwise disclosed in writing: (1) Seller has received no written or verbal notice from any governmental 187 ........ .}:I@lh' or agency asto a. cur~el!tltu!1~o~r.ecte_~b_~ildin!:h~~yironrne!lt§ll_ <:Ir safety. ~ode violation; and. (2) Seller .188 extends·and intends no warranty and makes no representation of any type, either express or implied, as to the 189 physical condition or history of the Property.
190 PROPERTY MAINTENANCE, CONDITION, INSPECTIONS AND EXAMINATIONS 191 11. PROPERTY MAINTENANCE: Except for ordinary wear and tear and Casualty Loss;Selief shall maintain the 19z"Prcperty, including, but not Hniited to; lawn, shrubbery, and pool, in thecondition-exlsting-as· of Effective Date 193 ... (~,e;§.lE?:Maintenance Requirement"). 194. 12.·PROPERTV INSPECTION; RIGHT TO CANCEL: 195' {aYPI10PSRTYfNSPECTIONS AND RIGHT TO CANCEL: Buyer shall have ~ (If blank, 15) days from
. 196 EffectlVeDate rlnspect/on Period'? within which to have such Inspections of the Property performed , .. 197 as Buyer shall desire dui:lng the Inspection Period. If Bliyer determines; InSuyer's sale dfscretlon,that 198.the Property Is I)otacceptable to Buyer, Buyer may terminate this Contract by delivering written notice
: 1.99-of 8uchelectlontoSellerprlorto,explration of Inspect/on Period. If Buyer timely terminates this 'laoo Cciiitract, the Deposlt.paiilshall beimined/ately retumedto Buyer, thereupon, Buyer and Seller shall 201 be r(l/eased of all further obligations under this Contract; however, Buyer shall be responsible for 20;1 . . prompt payment for such inspections, for repair of damage to, and restoration of, the Property
,;'.;;,.,;:; 20~ , .. re'Sultlngfromsuch fnspectlonSj.8(1dshti/l. provide. Seller with paid receipts for all work done on the 204 ·,~Pr9perty (the precedlng.provlslon shall survive term/nation .ot this Contract). Unless Buyer exercises ,206. ., __ (h~ilg"t, to. termInate granted hereIn, Buyer accepts the phYsical condition oitha Property and any 206 violation of governmental, buildIng, environmental, and safety codes, restrictions, or requlrements;'but 207 subject to Seller's continuIng AS IS MaIntenance Requirement, and Buyer shall be responsible for any 208 and all repairs and improvements required by Buyer's lender.
Buy~r's Initials ,o{A At" . Page 4 of 10 S~lIer's Initials rrrJL FlorldaRealtors/FI~ar-ASIS-1 Rev. 6/10 © 2010 Florida Realtors® and The Florida 8ar. All rights reserved. ~.
209 (b) WALK-THROUGH INSPECTION/RE-INSPECTION: On the day prior to Closing Date, or on Closing Date prior 210 to time of Closing, as specified by Buyer, Buyer or Buyer's representative may perform a walk-through (and 211 follow-up walk-through, if necessary) inspection of the Property solely to confirm that all items of Personal 212 Property are on the Property and to verify that Seller has maintained the Property as required by the AS IS 213 Maintenance Requirement and has met all other contractual obligations. 214 (c) SELLER ASSISTANCE AND COOPERATION IN CLOSE-OUT OF BUILDING PERMITS: If Buyer's 215 inspection of the Property identifies open or needed building permits, then Seller shall promptly deliver to 216 Buyer all plans, written documentation or other information in Seller's possession, knowledge, or .oontrol 217 relating to improvements to the Property which are the subject of such open or needed Permits, and shall 218 promptfy cooperate in good faith with Buyer's efforts to obtain estimates of repairs or other work necessary to 219 resolve such Permit issues. Seller's obligation to cooperate shall include Seller's execution of necessary 220 authorizations, consents, or other documents necessary for Buyer to conduct inspections and have estimates 221 of such repairs or work prepared, but in fulfilling such obligation, Seller shall not be required to expend, or 222 become obligated to expend, any money. 223 (d) ASSIGNMENT OF REPAIR AND TREATMENT CONTRACTS AND WARRANTIES: At Buyer's option and 224 cost, Seller will, at Closing, assign all assignable repair, treatment and maintenance contracts and warranties 225 to Buyer. 226 ESCROW AGENT AND BROKER 227 13. ESCROW AGENT: Any Closing Agent or Escrow Agent (collectively "Agent") receiving the Deposit, other funds 228 and other items is authorized, and agrees by acceptance of them, to deposit them promptly, hold same in escrow 229 within the State of Florida and, subject to COLLECTION, disburse them in accordance with terms and conditions 230 of this Contract. Failure of funds to become COLLECTED shall not excuse Buyer's, performance, When conflicting 231 demands for the Deposit are received, or Agent has a good faith doubt as to entitlement to the Deposit, Agent 232 may take such actions permitted by this Paragraph 13, as Agent deems advisable, If in doubt as to Agent's duties 233 or liabilities under this Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow 234 until the parties agree to its disbursement or until a final judgment of a court of competent jurisdiction shall 235 determine the rights of the parties, or Agent may deposit same with the clerk of the circuit court having jurisdiction 236 of the dispute. An attorney who represents a party and also acts as Agent may represent such party in such 237 action, Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, 236 except to the extent of accounting for any items previously delivered out of escrow, If a licensed real estate
.. 239 broker, Agent will comply with provisions of Chapter 475, F.S., as amended and FREC rules to timely resolve ·240 eS!crow disputes. through mediation, arbitration, interpleader or an escrow disbursement order.
241 Any.p~ocee<;ling between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, 2420(in any proceeding where Agent interpleads the subject matter of the escrow, Agent shall recover reasonable 243 attorney's fees and costs incurred, to be paid pursuant to court order out of the escrowed funds or equivalent. 244 Agent shall not be liable to any party or person for mis-delivery of any escrowed items, unless such mis-delivery is
..•........ 215 _ .. _ : d.u~ :tP. Agel)t's willful breach of this Contract or Agent's gross negligence, This Paragraph 13 shall survive Closing 246 or termination of this Contract. . ... .. . ., ... .. -- . . . .. _.. .
247 14. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verify Property condition, 248 square footage, and all other facts and representations made pursuant to this Contract and to consult appropriate 249 prpffl~sionals for legal, tax, enVironmental, and other specialized advice concerning matters affecting the Property 25Q ' and the transaction contemplated by this Contract. Broker represents to Buyer that Broker does not reside on the 251· Property and that all representations (oral, written or otherwise) by Brcikerarebased on Seller representations or .252 •• i:~pupli¢~~~c9.rps;E3UYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND 2S3, '. 'GOVeRNMENTAL. AGENCIES FOR VERIFICATION OFPROPERTY CONDITION, SQUARE FOOTAGE AND :?64 . ":'rACrs'THATMATERIALLY AFFECT PROPERTY VALUE AND NOT ON THE REPRESENTATIONS (ORAL,
·,':i5S .. WRITTENOROTI:IERWISE) OF BROKER. Buyer and Seller (individually, the "Indemnifying Party") each 256 . . individually- indemnifies. holds harmless, and releases Broker and Broker's officers, directors, agents and 257 employees from all liability for loss or damage, including all costs and expenses, and reasonable attorney's fees 258 at al/ levels, suffered or incurred by eroker and Broker's officers, directors, agents and employees in connection m·with or arising from claims, demands or causes of action instituted by Buyer or Seller based on: (i) inaccuracy of
.•. 260·informatlon.provldedby the Indemnifying Party or from public records; (ii) Indemnifying Party's misstatement(s) or : 261 railuretoperform contractual obligations; (IIi) Broker's performance, at Indemnifying Party's request, of any task ·262 beyond the scope of services regulated by Chapter 475, F.S., as amended,including Broker's referral,
263 recommendation or retention of any vendor for, or on behalf of, Indemnifying Party; (iv) products or services 264 pr¢videdby any such vendor for, or on behalf of, Indemnifying Party; and (v) expenses incurred by any such 265 vendor, Buyer and Seller each assumes full responsibility for selecting and compensating their respective vendors 266 and payIng their other costs under. this Contract whether or not this transaction closes, This Paragraph 14 will hot 267 relieve Broker of statutory obligations under Chapter 475, F,S., as amended. For purposes of this Paragraph 14,
BUY(lr'Slnltials~i\AY Page50f10 Seller'sln/tials tmL ___ _ FloiidaRealtors/FIO~ Rev. 6/10 © 201 0 Florida Reallors® and The Florida Bar. All rights reserved. ~
268 Broker will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination of this 269 Contract. 270 DEFAULT AND DISPUTE RESOLUTION 271 15. DEFAULT: 272 (a) BUYER DEFAULT: If Buyer fails, neglects or refuses to perform Buyer's obligations under this Contract, 273 including payment of the Deposit, within the time(s) specified, Seller may elect to recover and retain the 274 Deposit for the account of Seller as agreed upon liquidated damages, consideration for execution of this 275 Contract, and in full settlement of any claims, whereupon Buyer and Seller shall be relieved from all further 276 obligations under this Contract, or SeUer, at Seller's option, may, pursuant to Paragraph 16, proceed in equity 277 to enforce Seller's rights under this Contract. The portion of the Deposit, if any, paid to Listing Broker upon 278 default by Buyer, shall be split equally between Listing Broker and Cooperating Broker; provided however, 279 Cooperating Broker's share shall not be greater than the commission amount Listing Broker had agreed to pay 280 to Cooperating Broker. 281 (b) SELLER DEFAULT: If for any reason other than failure of Seller to make Seifer's title marketable after 282 reasonable diligent effort, Seller fails, neglects or refuses to perform SeUer's obligations under this Contract, 263 Buyer may elect to receive retum of Buyer's Deposit without thereby waiving any action for damages resulting 284 from Seller's breach, and, pursuant to Paragraph 16, may seek to recover such damages or seek specific 285 performance. This Pi!lragraph 15 shall survive Closing or termination of this Contract. 286 16. DISPUTE RESOLUTION: Unresolved controversies, claims and other matters in question between Buyer and 287 Seller arising out of, or relating to, this Contract or its breach, enforcement or interpretation ("Dispute") will be 288 settled as follows: . 289 (a) Buyer and Seller will have 10 days after the date conflicting demands for the Deposit are made to attempt to 290 resolve such Dispute, failing which, Buyer and Seller shall submit such Dispute to mediation under 291 Paragraph 16(b). 292 (b) Buyer and Seller shall attempt to settle Disputes in an amicable manner through mediation pursuant to Florida 293 Rules for Certified and Court-Appointed Mediators and Chapter 44, F.S., as amended (the "Mediation Rules"). 294 The mediator must be certified or must have experience in the real estate industry. Injunctive relief may be 295 sought without first complying with this Paragraph 16(b). Disputes not settled pursuant to this Paragraph 16 296 may be resolved by instituting action in the appropriate court having Jurisdiction of the matter. This Paragraph 16 297 shall survive Closing or termination of this Contract.
· .. 298 17. ATTORNEY'S FEES; COSTS: The parties will split equally any mediation fee incurred in any mediation permitted 299 ' by this Contract, and each party will P13Y their own costs, expenses and fees, including attorney's fees, incurred in· 300COndllctiOg the mediation. In any litigation permitted by this Gontract,the.prevailing party shall be.entJtled to 301 recovedrom the non-prevailing party costs and fees, including reasonabieattorney's feesj'incurred in conducting 302 the litigation. This Paragraph 17 shall survive Closing or termination of this Contract.
304 18. 'STANDARDS: 305 A. TITLE:
STANDARDS FOR R,~AI". ~STA n; TRAN$ACTIONS("STANpARDS;')
306 (i) TITLE EVIDENCE;RESTRICTIONSj EASEMENTS; LIMITATIONS: WithIn the time period provided in 307 Paragraph 9(c), the Title Commitment, with legible copies of instruments listed as exceptions attached .thereto, shall .~08 . be issued.and delivered to Buyer. The Title Commitment shall set forth those matters to be discharged by. SeUer at or 309.befot~;C!o~ing and shalf provide that, upon recording of the deed .to Buyer, an owner's policy of title Insurance in the ~1O;';1'i !:inLof;tha 'purchase Price, shall be issued to Buyer insuring Buyer's ml;lfketable title to the Real Property,
<311 ;:'t~· h('orilyto ,~he' fol,ciwing matters: (a) comprehensive land USe plans,zonlng~ and other land use restrictions, ~i;~12;.p. itiO:nsati~ii:equire.ments imposed by govemmE?otalaL!thority;'(b) restrictions .and matters appearing on the Plat .·.m . or,otherWisEVcomrnontoth.esubdlvlsion; (c) outstanding oil; gas and mineral rights of record without right of entry;
.314 (cl)',(jnpiatted public u~ility easements of record (located contiguous to real property lines and not more than 10 feet in . 315 wiotti'astorear'or front lines and 71/2 feet in width as to side. lines); (e) taxes for year of Closing and subsequent ,·316 yel;irs;and (f)assumedmortgages and purchase money mortgages, if any (if additlona! items; attach addendum); ; 317prc;ivIC!ed, that'ooneprevent use of the Property for RESIDENTIAL PURPOSES. If there exists at Closing any
316 violation of items identified in (b) - (f) above, then the same shall be deemed a title defect. Marketable title shall be 319 determined according to applicable Title Standards adopted by authority of The Florida Bar andirl accordance With 32()I~w. .,' ... . . . .... 321 (ii)TITLE EXAMINATION: Buyer shall have 5 days after receipt of Title Commitment to examine it and notify 322 Selfer lhwrlting specifying defect(s), if any, that render title unmarketable. If Seller provides Title Commitment and it 3i3 Isdeliven~d.toBuyer less than 5 days prior to Closing Oats, Buyer may extend Closing for up to 5 days after 324 date of receipt to examine same Inaccordanc9with this STANDARD A. Seller shall have 30 days ("Cure Periocl") 325 after receipt of Buyer's notice to take reasonable diligent efforts to remove defects. If Buyer fails to so notify Seller, 326 Buyer shall be deemed to have accepted title as it then is. !f SeHer cures defects w~'t ' Period, Seller 'wi!!
Buyer's Initials ,t?t A 0 Page 6 of 10 Seller's Initials FlorldaRealtors/FIO~ Rev. 6/10 © 2010 Florida Realtors® and The Florida Bar. All rights reserved.
327 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED) 328 deliver written notice to Buyer (with proof of cure acceptable to Buyer and Buyer's attorney) and the parties will 329 close this Contract on Closing Date (or if Closing Date has passed, within 10 days after Buyer's receipt of Seller's 330 notice). If Seller is unable to cure defects within Cure Period, then Buyer may, within 5 days after expiration of 331 Cure Period, deliver written notice to Seller: (a) extending Cure Period for a specified period not to exceed 120 days 332 within which Seller shall continue to use reasonable diligent effort to remove or cure the defects ("Extended Cure 333 Period"); or (b) electing to accept title with existing defects and close this Contract on Closing Date (or if Closing Date 334 has passed, within the earlier of 10 days after end of Extended Cure Period or Buyer's receipt of Seller's notice), or 335 (c) electing to terminate this Contract and receiVe a refund of the Deposit, thereby releasing Buyer and Seller from 336 all further obligations under this Contract. If after reasonable diligent effort, SeUer is unable to timely cure defects, 337 and Buyer does not waive the defects, this Contract shall terminate, and Buyer shall receive a refund of the Deposit, 338 thereby releaSing Buyer and Sel/er from all further obligations under this Contract. 339 B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon 340 encroach on setback fines, easements, or lands of others; or violate any restrictions, covenants, or applicable 341 governmental regulations described in STANDARD A (i}(a), (b) or (d) above, Buyer shall deliver written notice of such 342 matters, together with a copy of Survey, to Seller within 5 days after Buyer's receipt of Survey, but no later than 343 Closing. If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice and Survey 344 shall constitute a title defect, subject to cure obligations of STANDARD A above. If Seller has delivered a prior 345 survey, Seller shall, at Buyer'S request, execute an affidavit of uno change" to the Real Property since the 346 preparation of such prior survey, to the extent the affirmations therein are true and correct. 347 C. INGRESS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to 348 the Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of access. 349 D. LEASES: Seller shall, within 5 days after Inspection Period, furnish to Buyer copies of all written leases and 350 estoppel letters from each tenant specifying nature and duration of tenant's occupancy, rental rates, advanced rent 351 and security deposits paid by tenant, and income and expense statements for preceding 12 months ("Lease 352 Information"). If Seller is unable to obtain estoppel letters from tenant(s), the same information shall be furnished by 353 Seller to Buyer within that time period in the form of a Seller's affidavit, and Buyer may thereafter contact tenant(s) 354 to confirm such information. If terms of the lease(s) differ materially from Seller's representations, Buyer may deliver 355 written notice to Seller within 5 days after receipt of Lease Information, but no later than 5 days prior to Closing 356 Date, terminating this Contract and receive a refund of the Deposit, thereby releasing Buyer and SeJler from all 357 further obligations under this Contract. Seller shall, at Closing, deliver and assign all original leases to Buyer who 356 shall assume Seller's obligation thereunder. . 359 E. LIENS: Seller shall furnish to Buyer at Closing an affidavit attesting; {i} to the absence of any financing 360 statement, claims of lien or potential lienors known to Seller, and (ii) that there have been no improvements or repairs 361 to the Real Property for 90 days immediately preceding Closing Date. If the Real Property has been improved or 362 . repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all general
.............. 363 contractors, subcontractors, suppliers and materialmen .in addition to Seller's /ien. affidavit setting ,forth names of all 364 si.Jch:general contractors, subcontractors, sup!:,liers and 'materialmen, further affirming that all charges for 365 improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been paid 368 orwiil be paid at Closing. 367F. TIME:. Calendar days shall be used in computing time periods. Any time periods provided for in this Contract 368 cwhlchshall end 6na Saturday, Sunday, or a national lega/ holiday (see 5 U.S.C. 6103) shall extend to 5:00 p.m. '369 (where the ProPerty is located) of the next business day. Time is of the essence In this Contract. ,;31();G~';J~9/3.C:;,!VIAJ~UR~: Buyer or Seller shall not be required to perform any obligation under this Contract or be 371liable'to each btherTor damages so long as performance or non-performance of the obligation is delayed, caused or 372 prevented by Force Majeure. "Force Majeure" means: hurricanes, earthquakes, floods, fire, acts of God, unusual
. 373tr01nsport01tion delays, wars, insurre9tions, acts of terrorism, and any other cause not reasonably within control of .. 374 . Buyer or Seller, and which, by exercise of reasonable diligent effort, the non-performing party is unable in whole or in 375 ;part to· prevent or overcome. All time periods, Including Closing Date, will be extended for the period that the Force 376 Majeure prevents performance under this Contract, provided, however, if such Force Majeure continues to prevent 377 performance under this Contract more than 14 days beyond Closing Date, then either party may terminate this·
. 378 Contractby delivering written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer ·379 and 'Seller from.all further obligations under this Contract. 360 H.,CONVEYANCE: Seller shall convey marke~ble title to the Real Property by statutory warranty, trustee's, 381 per$onal representative's, or guardian's deed, as appropriate to the status of Seller, subject only to matters described
'382 in ~TANDARDA and those accepted by Buyer. Personal Property shall, at request of Buyer, be transferred by . 363i3bSolute bill of sale with warranty of title, subject only to such matters as may be provided for in this Contract. 384 I .. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE: 365 (i) LOCATION: Closing will take place in the county where the Real Property is located at the office of the 386 attorney or other closing agent ("Closing Agent") designated by the party paying ~rJi!f?er's policy of title
Buyer's Initials ~ J/ Page 7 of 10 Seller's Initials .•. ;; FloridaRealtors/FIO~ Rev. 6/10 © 2010 Florlda Realtors® and The Florida Bar. All rights reserved.
387 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED) 388 insurance, or, if no title Insurance, designated by Seller. Closing may be conducted by mail or electronic means. 389 (ii) CLOSING DOCUMENTS; At Closing, Seifer shall furnish and pay for, as applicable, deed, bill of sale, 390 certificate of title, construction lien affidavit, owners possession affidavit, assignments of leases, and corrective 391 instruments. Seller shall provide Buyer with paid receipts for all work done on the Property pursuant to this Contract. 392 Buyer shall furnish and pay for, as applicable, mortgage, mortgage note, security agreement, financing statements, 393 survey, base elevation certification, and other documents required by Buyer's lender. 394 (iii) PROCEDURE: The deed shall be recorded upon COLLECTION of all closing funds. If the Title 395 Commitment provides insurance against adverse matters pursuant to Section 627.7841, F.S., as amended, the 396 escrow closing procedure required by STANDARD J shall be waived, and Closing Agent shall, subject to 397 COLLECTION of all closing funds, disburse at Closing the brokerage fees to Broker and the net sale proceeds to 398 Seller. 399 J. ESCROW CLOSING PROCEDURE: If Title Commitment issued pursuant to Paragraph 9(c) does not provide 400 for insurance against adverse matters as permitted under Section 627.7841, F.S., as amended, the following escrow 401 and closing procedures shall apply: (1) all Closing proceeds shall be held in escrow by the Closing Agent for a period 402 of not more than 10 days after Closing; (2) if Seller's title Is rendered unmarketable, through no fault of Buyer, Buyer 403 shall, within the 10 day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt 404 of such notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and all Closing funds 405 paid by Buyer shall, within 5 days after written demand by Buyer, be refunded to Buyer and, simultaneously with 406 such repayment, Buyer shall return the Personal Property, vacate the Real Property. and re-convey the Property to 407 Seller by special warranty deed and bill of safe; and (4) if Buyer fails to make timely demand for refund of the 408 Deposit, Buyer shall take title as is, waiving all rights against Seller as to any intervening defect except as may be 409 available to Buyer by virtue of warranties contained in the deed or bill of sale. 410 K. PRORATIONS; CREDITS: The following recurring items will be made cunrent (if applicable) and prorated as of 411 the day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate taxes 412 (including special benefit tax assessments imposed by a COD), interest, bonds, association fees, insurance, rents 413 and other expenses of Property. Buyer shall have option of taking over existing policies of insurance, if assumable, in 414 which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required by 415 prorations to be made through day prior to Closing. Advance rent and security deposits, jf any, will be credited to 416 Buyer. Escrow deposits held by Sellers mortgagee will be paid to Seller. Taxes shall be prorated based on current 417 year's tax with due allowance made for maximum allowable discount, homestead and other exemptions. If Closing 418 occurs on a date when current year's millage is not fixed but current year's assessment is available, taxes will be 419proratEld based upon such assessment and prior year's millage. If current year's assessment is not available, then 420 taxeswill be prorated on prior year's tax. If there are completed improvements on the Real Property by January 1st of 421 year of Closirig, which improvements were not in existence on January 1st of prior year, then taxes shall be prorated 422 based upon prior year's millage and at an equitable assessment to be agreed upon between the parties, failing which, 423, request shall.pe made to the County Property Appraiser for an informal assessment . taking into accouf\tavailable 424exemptkiris. A tax proration based on an estimate· snail; aCeithar party's request,be readjusted upori receiptor 425 current year's tax bill. This STANDARD K shall survive Closing. 426 L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seller 4~7 shall, upon reasonable notice, provide utilities service and access to Property for appraisals . ~nd inspections, 428 including a walk-through (or follow-up walk-through if necessary) prior to Closing. . 42\1 M.RISKOF ·LOSS: If, after· Effective Date,but before Closing, Property is damaged ' by fire or other . casualty
.~4~O '("C~$ualtyt.oss~)and cost of restoratlon (which shall include cost of pruning or removing damaged trees) does not 431. exceed 1.5% bf Purchase, Price, cost of restoration shall be an obligation of Seller and ClOSing shall proceed
.,43l!pUrsuarittotermsofthlsContract. If restoration is not completed as of Closing,a sum equal to 125% of estimated :"33costtb compl$te restoratipn (not to exceed 1 .. 5% of Purchase Price), will be escrowed at Closing. If actual cost of '434 r~storati6n eXce;lt;lds escrowed amount, Seller shall pay such actual costs (but, not in excess of 1.5% of Purchase
435 prlc;e).Aiiyunused portion at escrowed amount shall be returned to Seller. If cost of restoration exceeds 1.5% of '.436. purchase Price,. Buyer shall elect to either take Property "as Is" together with the 1.5%, or receive a refund of the 437 Deposit, thereby releasing auyer and Seller from all further obligations under this Contract. Sellers sole obligation
'438 with respect to tree damage by casualty or other natural occurrence shall be cost of pruning or removal. '. 439 N. 1 Q31EXCHANGE: If either Seller or Buyer wish to enter into a like-kind exchange (either simultaneous with
,.'>-0;';; 44o.Closing ordeferred) under Section 1031 of th~lntemal Revenue Code ("Exchange"), the other party sh?lIcoop·e.~te 441 hi all reasonable respects to effectuate the Exchange, including execution of documents; provided, however,
. 442 cooperating party shall incur no liability or expense related to the Exchange, and Closing shall not beCOritlngent 443 upon, nor extended or delayed by, such Exchange. 4440. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES: Neither this Contract nor any 445 notice of it shall be recorded in any public records. This Contract shall be binding on, and inure to the benefit of, the 446 p. arties andth Ir respective heirs or successors in interest. Whenever the context permit~.. I shall include plural
l;3uyer'slnltials Page 8 of 10 Seller's Initials . Florld~Realtor~lFlor Bar-ASIS-1 Rev. 6/10 © 2010 Florida Reeitors® and The Florida Bar. All rights reserved.
447 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED) 448 and one gender shall include all. Notice and delivery given by or to the attorney or broker (including such broker's real 449 estate licensee) representing any party shall be as effective as if given by or to that party. All notices must be in 450 writing and may be made by mail, personal delivery or electronic (including "pdf') media. A legible facsimile or 451 electronic (including "pdf") copy of this Contract and any signatures hereon shall be considered for aU purposes as an 452 original. 453 P. INTEGRATION; MODIFICATION: This Contract contains the full and complete understanding and agreement 454 of Buyer and Seller with respect to the transaction contemplated by this Contract and no prior agreements or 455 representations shalf be binding upon Buyer or Seller unless included in this Contract. No modification to or change 456 in this Contract shall be valid or binding upon Buyer or Seller unless in writing and executed by the parties intended 457 to be bound by it. 458 Q. WAIVER: Failure of Buyer or Seller to insist on compliance with, or strict performance of, any provision of this 459 Contract, or to take advantage of any right under this Contract, shall not constitute a waiver of other proVisions or 460 rights. 461 R. RIDERS; ADDENDAj TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten 462 or handwritten provisions shall control all printed provisions of this Contract in conflict with them. 463 S. COLLECTION or COLLECTED: "COLLECTION" or "COLLECTED" means any checks tendered or received, 464 induding Deposits, have become actually and finally collected and deposited in the account of Escrow Agent 465 or Closing Agent. Closing and disbursement of funds and delivery of Closing documents may be delayed by 466 Closing Agent until such amounts have been COLLECTED in Closing Agent's accounts. 467 T. LOAN COMMITMENT: "Loan Commitment" means a statement by the lender setting forth the terms and 468 conditions upon which the lender is willing to make a particular mortgage loan to a particular borrower. 469 U. APPLICABLE LAW AND VENUE: This Contract shaff be construed in accordance with the laws of the State of 470 Florida and venue for resolution of all disputes, whether by mediation, arbitration or litigation, shall lie in the county in 471 which the Real Property is located .. 472 X. BUYER WAIVER OF CLAIMS: Buyer waives any claims against Sellsr and, to the extent permitted by 473 Jaw, against any real estate licensee involved In the negotiation of this Contract, for any defects or other 474 damage that may exist at Closing of this Contract and be subsequently discovered by the Buyer or anyone 475 claiming by, through, under or against the Buyer.
476 ADDENDA AND ADDITIONAL TERMS 477 19. ADDENDA: The following additional terms are included in the attached addenda and incorporated into this 478' Contract (Check if applicable):
o A. Condominium Assn. 0 L. RESERVED 0 R. Rezoning o B. Homeowners' Assn. 0 S. Lease Purchase! n C.,$~n~r Financing .....18l NL {)efectiv~prywall . _ ... ..... L~as~ ()ptkm o D.Mortgage Assumption D N. Coastal Construction 0 T. Pre~Closing DE. FHANA Financing Control Line Occupancy o F.Appraisal Contingency D O. Insulation Disclosure 0 U. Post-Closing o G .. $hort Sale 0 P. Pre-1978 HousIng Occupancy
·nH.'Homeownets'lnsurance Statement (lead 0 V. Sale. of Buyer's ··'"--DLFIRPTA ··Based Paint) Property . :\mJ;lriterest~BearingAcct. 0 Q. Housing for Older 0 W.Back-up Contract
o K.RESERVED Persons 0 X. Klck-out Clause
479' 20. ADDITIONAL TERMS: . ·480'
DY.
OZ.
OM.
DBB. ~
Sellar's Attorney Approval Buyer's Attorney Approval Licensee-Personal Interest in Property Binding Arbitration Otherm ::;o;;,:l::..;d"--__ _
481'
482' 483' 484.Certain Deed Restrictions/oovenants as stipulated is Warranty Deed 485' Reoorded OR 27926 Pag 1233
... ' 41;!6'· '';'''''''·~'.4ar
;:4w·.· . . 48a'.
490'
491' 492'
:~:er's Initials ~ page' 9 of 10 Seller's Initials . rrDL __ -,,-_ FloridaRealtors/FlorldaBar-ASIS-1 Rev. 6/10 © 2010 Florida Realtors@ and The Florida Bar. All rights reserved. ~.
. ;
i
I I
494 COUNTER-OFFER/REJECTION 495' 0 Seller counters Buyer's offer (to accept the counter-offer, Buyer must sign or initial the counter-offered terms and 496 deliver a copy of the acceptance to Seller). 497' 0 Seller rejects Buyer's offer.
498 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SeEK THE ADVICE 499 OF AN ATTORNEY PRIOR TO SIGNING.
500 THIS FORM HAS BEEN APPROVED BY THE FLORIDA REAL TORS AND THE FLORIDA BAR.
501 Approval of this form by the Florida Realtors and The Florida Bar does not constitute an opinion that any of the terms 502 and conditions in this Contract should be accepted by the parties in a particular transaction. Terms and conditions 503 should be negotiated based upon the respective interests, objectives and bargaining positions of alf interested 504 persons.
505 AN ASTERISK (*) FOLLOWING A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK TO 506 BE COMPLETED.
'''' Buya" ~ U/k= Lash da W1lliams
508" Buyer: __________________ ..,--_____ _
@~,..." 509' Seller: ____ ~----"~..,-'--------------------
MDAHFI
6W Seller: ________________________ _
""/, Ii';'; Date: __ "'---;,(-_-'-___ -,-
Date: _ _,_------
Date: _______ _
Date: _______ _
511 Buyer's address for purposes of notice 512' filOO SW 58 St
Seller'S address for purposes of notice 1444 Bisoayne Blvd. Suite 312
... ". 5W ... South Miami, Fl 33143 .. -.. ',-' ·014·· .. · .. "-- .- .. _ ........ c'. '"
.~- .. . ..".. Miami, Fl 33132
515 BROKER: listing and Cooperating Brokers, if any. named below (collectively, "Broker"), are the only Brokers entitled 516 to compensation in connection with this Contrsct. Instruction to Closing Agent: Seller and Buyer direct Closing Agent 517 to disburse at Closing the full amount of the!;lrokeragefees·;aa . specified in separate brokerage
.. 01$ ·.agreElltlents~. with.thepartles and" cooperative .• agreement$Petween .th~tJ3roken' (:(:!~cep1·to the ext~nt. BlYker has §19, ·X~tii!i[l~g.l!uchfees Jramthe escrowed funds~ ThfsContract shatl.notmodify anyMLS or other offer of.comp~msatjon '62'ci'''m'a~g''6y'Selief orl.iitingBrbker to'Cooperatlng Brokers; ...... ." '. .'. . '." 'C"'"
621~ uta 622 C<;>operatlng Sales Associate, if any
'623' nta .' 524 Cooperating Broker, if any
nta .Listing Sales Associate
nta listing. Broker
Page 10 of 10 FlorfdaRealtorslFlorfdaBar-ASIS-1 Rev. 6110 © 2010 Florida Realtors® and The Florida Bar. All rights reserved.
The following provisions are made part of the Contract for Sale and Purchase or Residential Sale and Purchase Contract
between ___________ . Miami Dade Affordable Rousing Foundation, Inc ___________ {Seller)
and ______________ _ ______ L_a_B_ha_wn __ d_a_W_~_·l_l_i_am_B ________ . ____________ (BuyeQ
concerning the Property located at 6477 SW 60 Ave South Miami, F1
Chinese/Defective Dr/wall: During the time Florida was experiencing building material shortages, some homes were built or renovated using defective drywall imported from or manufactured in China. Defective drywall reportedly emits levels of sulfur, methane and/or other volatile organic compounds that cause corrosion of air conditioner and refrigerator colis, copper tubing, electrical wiring, computer wiring and othor household items as well as create noxious odors which may also pose health risks.
1. Seller's Knowledge: Except as indicated below. Seller has no knowledge of the presence of Chinese/defective drywall or of any records or reports pertaining to Chinese/defective drywall affecting t~le Property: (describe all known Chinese/defectivEl drywall Information and list all available documents pertaining to Chinese/defective drywall and provide documents, if any, to Buyer before accepting Buyer's offer) .
2. Chinese/Defective Drywall Inspection: (Check One)
o Buyer waives the opportunity to conduct a risk assessment or inspection for the presence of Chinese/defective drywall and accepts the drywall in the Property in its existing condition.
\2i Buyer. at Buyer's expense, may have a home inspector, licensed contractor or other licensed professional Of required by law) to conduct an inspection or risk assessment of the Property for the presence of Chinese/defective drywall within
60 days from the Efff.')ctive Date ("Drywall Inspection Period"). Buyer shall be responsible for prompt payment for such inspections and repair all damages to the Property resulting from the Inspections. If the inspection or risk assessment reveals th~)presencebf Chiriese/defe6tlvedrywallorrevealsdamage to. the Property resulting from the defective drywall and the cost to remove/replace the defective drywall or damage resulting from the defective drywall exceeds $ 250.00 ($500 if left blank). Buyer may cancel the Contract by giving written notice to the Seller within :3 days from the enQ of the Drywall Inspection Period and receive a refund of thEi deposit. If Buyer falls to cancel timely or fails to conduct the inspections permitted in til is paragraph, Buyer may not terminate this Contract pursuant to this Addend'urJk . . '.
3. PrOfessionaIAdvlce:8Uy~racknoWledges that all representations about ~hinese/defectivedrwtalibY Broker are based . onSeJler representations and that Broker has not conducted any independent investigations to verify theaccuradY or
completeness of the information. Buyer agrees to rely solely on Seller, professional inspectors, govemmentalagencies or any third parties retained by the Buyer re arding any issue related to Chinese/defective drywall.
Date SellerMDAHF;j; Date
Date Seller Date Buyer
. goA-1 5/09 © 2009 Florida Associatlon of Realtors® All Rights Reserved
The following provisions are made a part of the Contract for Sale and Purchase or Residential Sale and Purchase Contract
between Miami Dade Affordable Housing Foundation, Inc. (Seller) and
________________ --..:.L;:a:.!:s~h~a:::wn~d::::a:::.....!w!.::i:.::l~l.:!:i::::am~s~ ________________ (Buyer)
concerning the Property located at 6477 SW 60 Ave, South Miami, Fl
1. Buyer. at Buyer's expense, may have a qualified professional conduct an Inspection of the Property for mold within
60 days from the Effective Date ("Mold Inspection Period").
2. Buyer shall be responsible for prompt payment for such Inspections and repair of damage to and restoration of the
Property resulting from such Inspections. This provision shall survive termination of the Contract.
3. In the event the mold inspection reveals a significant presence of mold In the Property, which requires professionals
to remove the mold, at a cost which exceeds $~_~, Buyer may cancel the Contract by delivering written
notice of such election no later than 48 hours after expiration of the Mold Inspection Period. If Buyer timely cancels
the Contract, the deposits paid shall be immediately returned to Buyer and Buyer and Seller shall be released from
further obligations under the Contract, except as provided in subparagraph 2 above.
4. If Buyer falls to conduct the.lnspectlon permitted in this Paragraph or having conducting such inspections, falls to
timely notify the Seller of Buyer's Intent to cancel this Contract or if the mold inspection does not reveal significant
presence of mold In the Property which requires professional remediation to remove the mold, at a cost which
si(ceedsthe sum specIfied in Paragraph 3 above,. Buyers may notierminate thisContraqt pursuant to thisAc;ldend~m.
Seller: f!i4 """ MDAHFI Date: (print)
§leller: / Date: . ,. . . (sllinillure) (print)
. Buyer: ~(k·U0- / Lashawrida Williams Date: 2/1/ J3 (Signatura) (print)
Buyer: I Date: (signature) (print)
MIAC·1 Rev. 1 0/02 © 2002 Florida Association of REALTORS® All Rights Reserved
,._ ... ",., .. , .. _._:,.~hi6 software is licensed to (Milli Merolliela - Membiela Properties Inc) www.trans6ctiond .... k.com.JP.J!lfl$.rJjf$;t··
Addendum to Contract for Residential Sale and Purchase ttl: FloridaReaftors®
The Yoi~6 fur Real tstale<»in Flurida
If initialed by all parties, the terms below will be incorporated into the Contract for Residential Sale and Purchase
2' between Miami Dade Affordable Rousing Foundation, Inc. ("Seller")
3' and Laehawnda Willicuns ("Buyer")
4' 6477 SW 60 Ave South Miami, F1
S'
6' (~ (~ -{~ -----> Additional Clauses:
7' 1. In accordance with certain Deed Restrictions/Covenants stipulated in 8' the Warranty Deed Recorded OR 27926 Pages 1233 of Miami Dade County 9' Fl, parragraph 9, the Buyer should maintain the property a·ffordable for 10' 15 years after acquisition. Should the Buyer sell the property in 15 ~~: years from the date of acquisition, they would have to sell to another
low-to-moderate income family, 13'
14' 15,2. Buyer should attend a workshop on the LEED components and design of 16' the house before closing. 17' 18,3. Buyer should attend an 8 hours Home Buyers Education class and 19' obtain a Certificate from an approved HUn agency. 20'
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25'
26'
gI'_. _ . __ _ 28'
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31'
as" ri4" -35'
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+.43'
'44' , 45'
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48'
CRSP-12 (Addlijonal Clauses Addendum) <t12012 Florida Association of Reaito"," All Rights Reserved
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