VACANT LAND CONTRACT
FLORIDA ASSOCIATION OF REALTORS
PARTIES AND DESCRIPTION OF PROPERTY
1. SALE AND PURCHASE: National Residential Properties, Inc. ("Seller") and WBS
Management & Acquisition Corp. or Assignee ("Buyer") agree to sell and buy on
the terms and conditions specified below the property ("Property") described as:
Address: To Follow
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Legal Description: See Exhibit "A" Attached Hereto
including all improvements and the following additional property:
2. PURCHASE PRICE: $1,980,000.00 payable by ▇▇▇▇▇ in U.S. funds as follows:
(a) $ 50,000.00 Deposit received (checks are subject to clearance) held in Escrow
-------------------- by _______________________ for ▇▇▇▇▇▇▇, ▇▇▇▇▇ & ▇▇▇▇▇▇,
P.A. ("EscrowAgent")
(b) $ 50,000.00 Additional deposit to be made by June 9, 2003 CA or ___ days
-------------------- from Effective Date.
(c) Total Financing (see Paragraph 3 below) (express as a dollar
-------------------- amount or percentage)
(d) $ Other:_____________________________________________________
--------------------
(e) $ 1,880,000.00 Balance to close (not including Buyer's closing costs, prepaid
-------------------- items and prorations). all funds paid at closing must be paid by
locally drawn cashier's check, official check or wired funds.
[ ] (f) (complete only if purchase price will be determined based on a
per unit cost instead of a fixed price). the unit used to determine the
purchase price is [ ] lot [ ] acre [ ] square foot other (specify:
_____________________) prorating areas of less than a full unit. The
purchase price will be $________________ per unit based on a
calculation of total area of the Property as certified to Buyer and
Seller by a Florida-licensed surveyor in accordance with Paragraph 8(c)
of this Contract. The following rights of way and other areas will be
excluded from the calculation:
3. CASH/FINANCING: (Check as applicable) [X](a) BUYER will pay cash for the
Property with no financing contingency. [ ](b) This Contract is contingent on
BUYER qualifying and obtaining the commitment(s) or approval(s) specified below
(the "Financing") within ______ days from Effective Date (if left blank then
Closing Date or 30 days from Effective Date, whichever occurs first) (the
"Financing Period"), BUYER will apply for Financing within ____ days from
Effective Date (6 days if left blank)and will timely provide any and all credit,
employment, financial and other information required by the lender. If buyer,
after using diligence and good faith, cannot obtain the Financing within the
Financing Period, either party may cancel this Contract. Upon cancellation,
▇▇▇▇▇ will return to SELLER all title evidence, surveys and association
documents provided by SELLER, and BUYER'S deposit(s) will be returned after
Escrow
Buyer(/s/) ( ) and Seller (CA) (/s/) acknowledge receipt of a copy of this
page, which is Page 1 of 6 Pages.
Agent receives proper authorization from all interested parties. BUYER will pay
all loan expense, including the lender's title insurance policy.
[ ] (1) New Financing: BUYER will secure a commitment for new third
party financing for $_____________ or ______% of the purchase price at
the prevailing interest rate and loan costs. BUYER will keep SELLER and
▇▇▇▇▇▇ fully informed of the loan application status and progress and
authorizes the lender or mortgage broker to disclose all such
information to Seller and Broker.
[ ] (2) SELLER FINANCING: BUYER will execute a [ ]first [ ]second
purchase money note and mortgage to Seller in the amount of
$___________________ bearing annual interest at _____% and payable as
follows:
The mortgage, note, and any security agreement will be in a form
acceptable to SELLER and will follow forms generally accepted in the
county where the Property is located; will provide for a late payment
fee and acceleration at the mortgagee's option if BUYER defaults; will
give BUYER the right to prepay without penalty all or part of the
principal at any time(s) with interest only to date of payment; will be
due on conveyance or sale; will provide for release of contiguous
parcels, if applicable; and will require BUYER to keep liability
insurance on the Property, with Seller as additional named insured.
▇▇▇▇▇ authorizes SELLER to obtain credit, employment and other
necessary information to determine creditworthiness for the financing.
SELLER will, within 10 days from Effective Date, give BUYER written
notice of whether or not SELLER will make the loan.
[ ] (3) Mortgage Assumption: Buyer will take title subject to and
assume and pay existing first mortgage to
LN#________________ in the approximate amount of $___________________
currently payable at $______________ per month including principal,
interest, taxes and insurance and having a [ ]fixed [ ]other (describe)
__________________________________________________________________
interest rate of _______% which [ ]will [ ]will not escalate upon
assumption. Any variance in the mortgage will be adjusted in the
balance due at closing with no adjustments to purchase price. BUYER
will purchase SELLER'S escrow account dollar for dollar. If the lender
disapproves BUYER, or the interest rate upon transfer exceeds ____ % or
the assumption/transfer fee exceeds $____________, either party may
elect to pay the excess, failing which this agreement will terminate
and BUYER'S deposit(s) will be returned.
CLOSING
4. CLOSING DATE; OCCUPANCY: This Contract will be closed and the deed and
possession delivered on or before July 25, 2003, unless extended by other
provisions of this Contract. If on Closing Date insurance underwriting is
suspended, BUYER may postpone closing up to 5 days after the insurance
suspension is lifted.
5. CLOSING PROCEDURE; COSTS: Closing will take place in the county where the
Property is located and may be conducted by electronic means. If title insures
BUYER for title defects arising between the title binder effective date and
recording of BUYER'S deed, closing agent will disburse at closing the not sale
proceeds to SELLER and brokerage fees to Broker as per Paragraph 17. In addition
to other expenses provided in this Contract, Seller and Buyer will pay the costs
indicated below.
(a) SELLER COSTS: SELLER will pay taxes on the deed and recording fees
for documents needed to cure title; certified, confirmed and ratified
special assessment liens; title evidence (if applicable under Paragraph
8); Other:
(b) BUYER COSTS: BUYER will pay taxes and recording fees on notes and
mortgages and recording fees on the deed and financing statements; loan
expenses; pending special assessment liens; lender's title policy at
the simultaneous issue rate; inspections; survey and sketch; insurance;
Other:____________________
(c) Title Evidence and Insurance: Check (1) or (2):
[ ] (1) SELLER will provide a Paragraph 8(a)(1) owner's title
insurance commitment as title evidence. [ ]SELLER [ ]BUYER
will select the title agent. [ ]SELLER [ ]BUYER will pay for
the owner's title policy, search, examination and related
charges. Each party will pay its own closing fees.
[ ] (2) SELLER will provide title evidence as specified in
Paragraph 8(a)(2). [ ]Seller [ ]Buyer will pay for the owner's
title policy and select the title agent. Seller will pay fees
for title searches prior to closing, including tax search and
lien search fees, and Buyer will pay fees for title searches
after closing (if any), title examination fees and closing
fees.
(d) PRORATIONS: The following items will be made current and prorated
as of the day before Closing Date: real estate taxes, interest, bonds,
assessments, leases and other Property expenses and revenues. If taxes
and assessments for the current year cannot be determined, the previous
year's rates will be used with adjustment for any exemptions.
(e) TAX WITHHOLDING: BUYER and SELLER will comply with the Foreign
Investment in Real Property Tax Act, which may require SELLER to
provide additional cash at closing if SELLER is a "foreign person" as
defined by federal law.
PROPERTY CONDITION
6. LAND USE: SELLER will deliver the Property to BUYER at the time agreed in its
present "as is" condition, with conditions resulting from BUYER'S inspections
and casualty damage, if any, excepted. SELLER will maintain the landscaping and
grounds in a comparable condition and will not engage in or permit any activity
that would materially alter the Property's condition without the BUYER'S prior
written consent.
(a) FLOOD ZONE: BUYER is advised to verify by survey, with the lender
and with appropriate government agencies which flood zone the Property
is in, whether flood insurance is required and what restrictions apply
to improving the Property and rebuilding in the event of casualty.
(b) GOVERNMENT REGULATION: BUYER is advised that changes in government
regulations and levels of service which affect Buyer's intended use of
the Property will not be grounds for canceling this Contract if the
Feasibility Study Period has expired or if Buyer has checked choice
(c)(2) below.
(c) INSPECTIONS: (check (1) or (2) below)
[ ] (1) FEASIBILITY STUDY: BUYER will, at BUYER'S expense and
within (feasibility shall be part of due diligence) from
Effective Date ("Feasibility Study Period"), determine whether
the Property is suitable, in Buyer's sole and absolute
discretion, for _____________________ Housing Lots ? 62 Lots
use. During the Feasibility Study Period, BUYER may conduct a
Phase I environmental assessment and any other tests,
analyses, surveys and investigations ("Inspections") that
BUYER deems necessary to determine to BUYER'S satisfaction the
Property's engineering, architectural and environmental
properties, zoning and zoning
Buyer(/s/) ( ) and Seller (CA) (/s/) acknowledge receipt of a copy of this
page, which is Page 2 of 6 Pages.
restrictions; subdivision statutes; soil and grade;
availability of access to public roads, water, and other
utilities; consistency with local, state and regional growth
management plans; availability of permits; government
approvals, and licenses; and other Inspections that BUYER
deems appropriate to determine the Property's suitability for
the BUYER'S intended use. If the Property must be rezoned,
BUYER will obtain the rezoning from the appropriate government
agencies. SELLER will sign all documents BUYER is required to
file in connection with development or rezoning approvals.
SELLER gives BUYER, its agents, contractors and assigns, the
right to enter the Property at any time during the Feasibility
Study Period for the purpose of conducting Inspections;
provided, however, that BUYER, its agents, contractors and
assigns enter the Property and conduct Inspections at their
own risk. BUYER will indemnify and hold SELLER harmless from
losses, damages, costs, claims and expenses of any nature,
including attorneys' fees, expenses and liability incurred in
application for rezoning or related proceedings, and from
liability to any person, arising from the conduct of any and
all Inspections or any work authorized by ▇▇▇▇▇. BUYER will
not engage in any activity that could result in a construction
lien being filed against the Property without SELLER'S prior
written consent. If this transaction does not close; BUYER
will, at BUYER'S expense, (1) repair all damages to the
Property resulting from the Inspections and return the
Property to the condition it was in prior to conduct of the
Inspections, and (2) release to SELLER all reports and other
work generated as a result of the Inspections.
▇▇▇▇▇ will deliver written notice to SELLER prior to the
expiration of the Feasibility Study Period of BUYER'S
determination of whether or not the Property is acceptable.
▇▇▇▇▇'S failure to comply with this notice requirement will
constitute acceptance of the Property as suitable for BUYER'S
intended use in its "as is" condition. If the Property is
unacceptable to BUYER and written notice of this fact is
timely delivered to SELLER, this Contract will be deemed
terminated as of the day after the Feasibility Study period
ends and ▇▇▇▇▇'s deposit(s) will be returned after Escrow
Agent receives proper authorization from all interested
parties.
[ ] (2) NO FEASIBILITY STUDY: BUYER is satisfied that the
Property is suitable for Buyer's purposes, including being
satisfied that either public sewerage and water are available
to the Property or the Property will be approved for the
installation of a well and/or private sewerage disposal system
and that existing zoning and other pertinent regulations and
restrictions, such as subdivision or deed restrictions,
concurrency, growth management and environmental conditions,
are acceptable to BUYER. This Contract is not contingent on
BUYER conducting any further investigations.
(d) SUBDIVIDED LANDS: If this Contract is for the purchase of
subdivided lands, defined by Florida Law as "(a) Any contiguous land
which is divided or is proposed to be divided for the purpose of
disposition into 50 or more lots, parcels, units, or interests; or (b)
Any land, whether contiguous or not, which is divided or proposed to be
divided into 50 or more lots, parcels, units, or interests which are
offered as a part of a common promotional plan." BUYER may cancel this
Contract for any reason whatsoever for a period of 7 business days from
the date on which BUYER executes this Contract. If Buyer elects to
cancel within the period provided, all funds or other property paid by
BUYER will be refunded without penalty or obligation within 20 days of
the receipt of the notice of cancellation by the developer.
7. RISK OF LOSS; EMINENT DOMAIN: If any portion of the Property is materially
damaged by casually before closing, or SELLER negotiates with a governmental
authority to transfer all or part of the Property in lieu of eminent domain
proceedings, or if an eminent domain proceeding is initiated, SELLER will
promptly inform BUYER. Either party may cancel this Contract by written notice
to the other within 10 days from BUYER'S receipt of SELLER'S notification,
failing which BUYER will close in accordance with this Contract and receive all
payments made by the government authority or insurance company, if any.
TITLE SPECIAL WARRANTY DEED
8. TITLE: SELLER will convey marketable title to the Property by statutory
warranty deed or trustee, personal representative or guardian deed as
appropriate to SELLER'S status.
(a) TITLE EVIDENCE: Title evidence will show legal access to the
Property and marketable title of record in SELLER in accordance with
current title standards adopted by the Florida Bar, subject only to the
following title exceptions, none of which prevent ▇▇▇▇▇'s intended use
of the Property as Housing Lots - 62 Lots: covenants, easements and
restrictions of record; matters of plat; existing zoning and government
regulations; oil, gas and mineral rights of record if there is no right
of entry; current taxes; mortgages that Buyer will assume; and
encumbrances that Seller will discharge at or before closing. Seller
will, prior to closing, deliver to Buyer Seller's choice of one of the
following types of title evidence, which must be generally accepted in
the county where the Property is located (specify in Paragraph 5(c) the
selected type). Seller will use option (1) in Palm Beach County and
option (2) in Miami-Dade County.
(1) A title insurance commitment issued by a Florida-licensed
title insuror in the amount of the purchase price and subject
only to title exceptions set forth in this Contract.
(2) An existing abstract of title from a reputable and
existing abstract firm (if firm is not existing, then abstract
must be certified as correct by an existing firm) purporting
to be an accurate synopsis of the instruments affecting title
to the Property recorded in the public records of the county
where the Property is located and certified to Effective Date.
However if such an abstract is not available to SELLER, then a
prior owner's title policy acceptable to the proposed insurer
as a base for reissuance of coverage. SELLER will pay for
copies of all policy exceptions and an update in a format
acceptable to BUYER'S closing agent from the policy effective
date and certified to BUYER or BUYER'S closing agent, together
with copies of all documents recited in the prior policy and
in the update. If a prior policy is not available to SELLER
then (1) above will be the title evidence. Title evidence will
be delivered no later than 10 days before Closing Date.
(b) TITLE EXAMINATION: BUYER will examine the title evidence and
deliver written notice to SELLER, within 5 days from receipt of title
evidence but no later than closing, of any defects that make the title
unmarketable. SELLER will have 30 days from
Buyer(/s/) ( ) and Seller (CA) (/s/) acknowledge receipt of a copy of this
page, which is Page 3 of 6 Pages.
receipt of BUYER'S notice of defects ("Curative Period") to cure the
defects at SELLER'S expense. If SELLER cures the defects within the
Curative Period, SELLER will deliver written notice to BUYER and the
parties will close the transaction on Closing Date or within 10 days
from BUYER'S receipt of SELLER'S notice if Closing Date has passed. If
Seller is unable to cure the defects within the Curative Period, SELLER
will deliver written notice to BUYER and BUYER will, within 10 days
from receipt of SELLER'S notice, either cancel this Contract or accept
title with existing defects and close the transaction.
(c) Survey: BUYER may, prior to Closing Date and at BUYER'S expense,
have the Property surveyed and deliver written notice to SELLER, within
5 days from receipt of survey but no later than closing, of any
encroachments on the Property, encroachments by the Property's
improvements on other lands or deed restriction or zoning violations.
Any such encroachment or violation will be treated in the same manner
as title defect and BUYER'S and SELLER'S obligations will be determined
in accordance with subparagraph (b) above. If any part of the Property
lies seaward of the coastal construction control line, SELLER will
provide BUYER with an affidavit or survey as required by law
delineating the line's location on the property, unless BUYER waives
this requirement in writing.
MISCELLANEOUS
9. EFFECTIVE DATE; TIME: The "Effective Date" of this Contract is the date on
which the last of the parties initials or signs the latest offer. TIME IS OF THE
ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. All time periods expressed as days
will be computed in calendar days. If any deadline falls on a Saturday, Sunday
or national legal holiday, performance will be due the next business day. All
time periods will end at 5:00 p.m. local time (meaning in the county where the
Property is located) of the appropriate day.
10. NOTICES: All notices will be made to the parties and Broker by mail,
personal delivery or electronic media. ▇▇▇▇▇'S FAILURE TO DELIVER TIMELY WRITTEN
NOTICE TO SELLER, WHEN SUCH NOTICE IS REQUIRED BY THIS CONTRACT, REGARDING ANY
CONTINGENCIES WILL RENDER THAT CONTINGENCY NULL AND VOID AND THE CONTRACT WILL
BE CONSTRUED AS IF THE CONTINGENCY DID NOT EXIST.
11. COMPLETE AGREEMENT: This Contract is the entire agreement between BUYER and
SELLER. EXCEPT FOR BROKERAGE AGREEMENTS, NO PRIOR OR PRESENT AGREEMENTS WILL
BIND BUYER, SELLER OR BROKER UNLESS INCORPORATED INTO THIS CONTRACT.
Modifications of this Contract will not be binding unless in writing, signed and
delivered by the party to be bound. Signatures, initials, documents referenced
in this Contract, counterparts and written modifications communicated
electronically or on paper will be acceptable for all purposes, including
delivery, and will be binding. Handwritten or typewritten terms inserted in or
attached to this Contract prevail over preprinted terms. If any provision of
this Contract is or becomes invalid or unenforceable, all remaining provisions
will continue to be fully effective. This Contract will not be recorded in any
public records.
12. ASSIGNABILITY; PERSONS BOUND: BUYER may not assign this Contract without
SELLER'S written consent. The terms "BUYER", "SELLER", and "Broker" may be
singular or plural. This Contract is binding on the heirs, administrators,
executors, personal representatives and assigns (if permitted) of BUYER, SELLER
and Broker.
DEFAULT AND DISPUTE RESOLUTION
13. DEFAULT: (a) SELLER DEFAULT: If for any reason other than failure of SELLER
to make SELLER'S title marketable after diligent effort, SELLER fails, refuses
or neglects to perform this Contract, BUYER may choose to receive a return of
BUYER'S deposit without waiving the right to seek damages or to seek specific
performance as per Paragraph 16. SELLER will also be liable to Broker for the
full amount of the brokerage fee. (b) BUYER DEFAULT: If Buyer fails to perform
this Contract within the time specified, including timely payment of all
deposits, SELLER may choose to retain and collect all deposits paid and agreed
to be paid as liquidated damages or to seek specific performance as per
Paragraph 16; and Broker will, upon demand, receive 50% of all deposits paid and
agreed to be paid (to be split equally among cooperating brokers) up the full
amount of the brokerage fee.
14. DISPUTE RESOLUTION: This Contract will be construed under Florida law. All
controversies, claims, and other matters in question arising out of or relating
to this transaction or this Contract or its breach will be settled as follows:
(a) DISPUTES CONCERNING ENTITLEMENT TO DEPOSITS MADE AND AGREED TO BE
MADE: BUYER and SELLER will have 30 days from the date conflicting
demands are made to attempt to resolve the dispute through mediation.
If that fails, ▇▇▇▇▇▇ Agent will submit the dispute, if so required by
Florida law, to Escrow Agent's choice of arbitration, a Florida court
or the Florida Real Estate Commission. Buyer and Seller will be bound
by any resulting settlement or order.
(b) ALL OTHER DISPUTES: BUYER and SELLER will have 30 days from the
date a dispute arises between them to attempt to resolve the matter
through mediation, failing which the parties will resolve the dispute
through natural binding arbitration in the county where the Property is
located. The arbitrator may not alter the Contract terms or award any
remedy not provided for in this Contract. The award will be based on
the greater weight of the evidence and will state findings of fact and
the contractual authority on which it is based. If the parties agree to
use discovery, it will be in accordance with the Florida Rules of Civil
Procedure and the arbitrator will resolve all discovery-related
disputes. Any disputes with a real estate licensee named in Paragraph
17 will be submitted to arbitration only if the licensee's broker
consents in writing to become a party to the proceeding. This clause
will survive closing.
(c) MEDIATION AND ARBITRATION; EXPENSES: "Mediation" is a process in
which parties attempt to resolve a dispute by submitting it to an
impartial mediation who facilitates the resolution of the dispute but
who is not empowered to impose a settlement on the parties. Mediation
will be in accordance with the rules of the American Arbitration
Association ("AAA") or other mediator agreed on by the parties. The
parties will equally divide the mediation fee, if any. "Arbitration" is
a process in which the parties resolve a dispute by a hearing before a
neutral person who decides the matter and whose decision is binding on
the parties. Arbitration will be in accordance with the rules of the
AAA or other arbitrator agreed on by the parties. Each party to any
arbitration will pay its own fees, costs and expenses, including
attorneys' fees, and will
Buyer(/s/) ( ) and Seller (CA) (/s/) acknowledge receipt of a copy of this
page, which is Page 4 of 6 Pages.
equally split the arbitrators' fees and administrative fees of
arbitration. In a civil action to enforce an arbitration award, the
prevailing party to the arbitration. In a civil action to enforce an
arbitration award, the prevailing party to the arbitration shall be
entitled to recover from the nonprevailing party reasonable attorneys'
fees, costs and expenses.
15. ESCROW AGENT: ▇▇▇▇▇ and Seller authorize Escrow Agent to receive, deposit
and hold funds and other items in escrow and, subject to clearance, disburse
them upon proper authorization and in accordance with the terms of this
Contract, including disbursing brokerage fees. The parties agree that Escrow
Agent will not be liable to any person for misdelivery of escrowed items to
Buyer or Seller, unless the misdelivery is due to Escrow Agent's willful breach
of this Contract or gross negligence. If Escrow Agent interpleads the subject
matter of the escrow, Escrow Agent will pay the filing fees and costs from the
deposit and will recover reasonable attorneys' fees and costs to be paid from
the escrowed funds or equivalent and charged and awarded as court costs in favor
of the prevailing party. All claims against ▇▇▇▇▇▇ Agent will be arbitrated, so
long as Escrow Agent consents to arbitrate.
16. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises ▇▇▇▇▇ and Seller to
verify all facts and representations that are important to them and to consult
an appropriate professional for legal advice (for example, interpreting
contracts, determining the effect of laws on the Property and transaction,
status of title, foreign investor reporting requirements, etc.) and for tax,
property condition, environmental and other specialized advice. ▇▇▇▇▇
acknowledges that ▇▇▇▇▇▇ does not reside in the Property and that all
representations (oral, written or otherwise) by Broker are based on Seller
representations or public records unless Broker indicates personal verification
of the representation. ▇▇▇▇▇ agrees to rely solely on Seller, professional
inspectors and governmental agencies for verification of the Property condition
and facts that materially affect Property value. Buyer and ▇▇▇▇▇▇ respectively
will pay all costs and expenses, including reasonable attorneys' fees at all
levels, incurred by ▇▇▇▇▇▇ and ▇▇▇▇▇▇'s officers, directors, agents and
employees in connection with or arising from Buyer's Seller's misstatement or
failure to perform contractual obligations. Buyer and Seller hold harmless and
release Broker and ▇▇▇▇▇▇'s officers, directors, agents and employees form all
liability for loss or damage based on (1) Buyer's or Seller's misstatement or
failure to perform contractual obligations; (2) Broker's performance, at Buyer's
and/or Seller's request, of any task beyond the scope of services regulated by
Chapter 475, H.S., as amended, including Broker's referral, recommendation or
retention of any vendor; (3) products or services provided by any vendor; and
(4) expenses incurred by any vendor. ▇▇▇▇▇ and Seller each assume full
responsibility for selecting and compensating their respective vendors. This
paragraph will not relieve Broker of statutory obligations. For purposes of this
paragraph, ▇▇▇▇▇▇ will be treated as a party to this Contract. This paragraph
will survive closing.
17. BROKERS: The licensee(s) and brokerage(s) named below are collectively
referred to as "Broker." ▇▇▇▇▇▇ and ▇▇▇▇▇ acknowledge that the brokerage(s)
named below are the procuring cause of this transaction. Instruction to Closing
Agent: Seller and ▇▇▇▇▇ direct closing agent to disburse at closing the full
amount of the brokerage fees as specified in separate brokerage agreements with
the parties and cooperative agreements between the brokers, unless ▇▇▇▇▇▇ has
retained such fees from the escrowed funds. In the absence of such brokerage
agreement, closing agent will disburse brokerage fees as indicated below.
------------------------------------------------------- -----------------------------------------------------
Real Estate Licensee Real Estate Licensees
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Broker / Brokerage fees: ($ or %of Purchase Price) Broker / Brokerage fees: ($ or %of Purchase Price)
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18. ADDITIONAL TERMS:
1). Due Diligence Period until June 9, 2003.
2). No Broker's Commission.
3). Seller will finish Plat Recording prior to closing.
4). 62 Water Residential/sidewalk bond included.
5). Existing Environmental Has been faxed to buyer.
6). Buyer to obtain permits to build houses and pay permit & impact
fees to build houses.
7). Escrow Letter to be signed by ▇▇▇▇▇▇▇, ▇▇▇▇▇ & ▇▇▇▇▇▇ and sent to
Seller.
Attached Exhibit "B" Tentative Plat
Buyer(/s/) ( ) and Seller (CA) (/s/) acknowledge receipt of a copy of this
page, which is Page 5 of 6 Pages.
This is intended to be a legally binding contract. If not fully
understood, seek the advice of an attorney prior to signing.
OFFER AND ACCEPTANCE
(Check if applicable: [ ]▇▇▇▇▇ received a written real property disclosure
statement from Seller before making this offer.)
Buyer offers to purchase the Property on the above terms and conditions. Unless
this Contract is signed by Seller and a copy delivered to Buyer no later than 4
[ ]a.m. [X]p.m. on May 28, 2003 , this offer will be revoked and ▇▇▇▇▇'s deposit
refunded subject to clearance of funds.
Date: May 28, 2003 Buyer: Tax ID/SSN:
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Print name: WBS Management Acquisition Corp.
Address:
Date: May 28, 2003 Buyer: /s/ ▇▇▇▇ ▇▇▇▇▇ Tax ID/SSN:
---------------------
Print name: ▇▇▇▇ ▇▇▇▇▇▇, President
Phone: Address:
---------------------
Fax:
-----------------------
Date: May 29, 2003 Buyer: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇ Vice President Tax ID/SSN:
---------------------
Print name: ▇▇▇▇▇ ▇▇▇▇▇▇, Vice President
Date: Buyer: Tax ID/SSN:
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Print name:
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Phone: Address:
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Fax:
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[ ] Seller counters Buyer's offer (to accept the counter offer, Buyer must sign
or initial the counter offered terms and deliver a copy of the acceptance to
Seller by 5:00 p.m. on ). [ ] Seller rejects ▇▇▇▇▇'s offer.
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Effective Date:
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(The date on which the last party signed or initialed acceptance of the
final offer.)
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The Florida Association of Realtors and local Board/Association of Realtors make
no representations as to the legal validity or adequacy of any provision of this
form in any specific transaction. This standardized form should not be used in
complex transactions or with extensive riders or additions. This form is
available for use by the entire real estate industry and is not intended to
identify the user as a Realtor. Realtor is a registered collective membership
mark that may be used only by real estate licensees who are members of the
National Association of Realtors and who subscribe to its Code of Ethics.
Buyer(/s/) ( ) and Seller (CA) (/s/) acknowledge receipt of a copy of this
page, which is Page 6 of 6 Pages.
