D4 S 86t PL STATE OF FLORIDA FLORIDA REAL ESTATE COMMISSION FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, Petitioner, Vv. DBPR Case NO. 2008065707 2008065719 ARIF ZAHEER, 2008054720 MARTIN W. BURNSTEIN AND VISTA HORIZON REALTY INC., Respondent. / ADMINISTRATIVE COMPLAINT State of Florida, Department of Business and Professional Regulation, Division of Real Estate (“Petitioner”) files this Administrative Complaint against Arif Zaheer, Martin W. Burnstein and Vista Horizon Realty, Inc. ("Respondents") and alleges: ESSENTIAL ALLEGATIONS OF MATERIAL FACT 1. Petitioner is a state government licensing and regulatory agency charged with the responsibility and duty to prosecute Administrative Complaints pursuant to the laws of the State of Florida, in particular Section 20.165 and Chapters 120, 455 and 475, of the Florida Statutes and the rules promulgated pursuant thereto. 2. Respondent Arif Zaheer is and was at all times material H:\ac\zaheer.doc FDBPR v. Arif Zaheer Case No. 2008065707 Administrative Complaint hereto a licensed Florida real estate broker, issued license number 3049559 in accordance with Chapter 475 of the Florida Statutes. The last license issued was as a broker associate with Vista Horizon Realty, Inc., 2120 Whisper Lake Blvd., Orlando, Florida 32837. 3. Respondent Martin W. Burnstein is and was at all times material hereto a licensed Florida real estate broker, issued license number 3054831 in accordance with Chapter 475 of the Florida Statutes. The last license issued was as a broker associate with Vista Horizon Realty, Inc., 2120 Whisper Lake Blvd., Orlando, Florida 32837. 4. Respondent Vista Horizon Realty, Inc. is and was at all times material hereto a corporation registered as a Florida real estate broker having been issued license number 1016846 in accordance with Chapter 475 of the Florida Statutes. The last license issued was at the address of 2120 Whisper Lake. Blvd., Orlando, Florida 32837. 5. At all times material hereto, Respondent Martin W. Burnstein was licensed and operating as qualifying broker and officer of Respondent Vista Horizon Realty, Inc. 6. In September 2007, Complainants contacted Respondent Zaheer in reference to purchasing property located at 1310 S. Ridgewood H:\ac\zaheer.doc 2 FDBPR v. Arif Zaheer Case No. 2008065707 Administrative Complaint Avenue in Daytona Beach, Florida. 7. On September 20, 2007, $50,000 was wired from Vinay and Nimisha Patel (Complainants) to the operating account number 2000016914599 for ReMax Vista Horizon Realty Inc. as a deposit on the Subject Property. (See Petitioner’s Exhibit 1) 8. On October 31, 2007, Complainant wrote a check for $37,500 to Respondent Vista Horizon Realty Inc. as a deposit on the Subject Property. (See Petitioner's Exhibit 2) 9. On November 1, 2007, Complainants signed a sale and purchase contract for property located at 1310 S. Ridgewood Avenue, Daytona Beach, Florida. (Subject Property) (See Petitioner’s Exhibit 3) 10. On November 26, 2007, Complainant wrote check number 113 for $25,000 to Respondent Vista Horizon Realty Inc. as a deposit on the Subject Property. (See Petitioner’s Exhibit 4) 11. On January 9, 2008, Complainant wired $325,000 to operating account number ending in 14599 for ReMax Vista Horizon Realty Inc as a deposit on the Subject Property. (See Petitioner's Exhibit 5) 12. On January 23, 2008, Respondent Zaheer emailed Complainants acknowledging receipt of Complainants payments totaling $437,500. (See Petitioner’s Exhibit 6) 13. On May 23, 2008, Complainant's $25,000 from check 113 was H:\ac\zaheer.doc 3 FDBPR v. Arif Zaheer Case No. 2008065707 Administrative Complaint moved into Respondent Vista’s escrow account number ending in 13591. 14. On June 11, 2008, without authorization from the Complainants, Respondent Zaheer and Vista Horizon Realty released the $25,000 escrow deposit to the seller Ridgewood Retail Shoppes, LLC via check 1023. (See Petitioner’s Exhibit 7) 15. ‘On August 22, 2008, Complainants signed a release and cancellation of contract requesting a release of their escrowed funds. (See Petitioner’s Exhibit 8) 16. Respondents Vista Horizon, Burnstein and Zaheer have not returned Complainants’ deposits totaling 437,500. COUNT ONE Based upon the foregoing, Respondent Arif Zaheer is guilty of fraud, misrepresentation, concealment, false promises, false pretenses, dishonest dealing by trick, scheme or device, culpable negligence, or breach of trust in any business transaction in violation of Section 475.25(1) (b), Florida Statutes. COUNT TWO Based upon the foregoing, Respondent Arif Zaheer is guilty of failure to account or deliver funds in violation of Section 475.25(1)(d)1., Florida Statutes. COUNT THREE Based upon the foregoing, Respondent Arif Zaheer is guilty of exercising influence on the client for the purpose of financial gain H:\ac\zaheer.doc 4 FDBPR v. Arif Zaheer Case No. 2008065707 Administrative Complaint of the licensee or a third party in violation of Section 455.227(1) (n), Florida Statutes. COUNT FOUR Based upon the foregoing, Respondent Arif Zaheer is guilty of failure to immediately place with the registered employer any money, fund, deposit, check or draft entrusted to her as agent of the registered employer in violation of Rule 6132-14.009 of the Florida Administrative Code and Section 475.25(1) (k), Florida Statutes and, therefore, in violation of Section 475.25(1)(e), Florida Statutes. COUNT FIVE Based upon the foregoing, Respondent Arif Zaheer is guilty of having delivered a deposit to the other party to a transaction before the transaction closed in violation of Rule 61J2-14.011 of the Florida Administrative Code and, therefore, in violation of Section 475.25(1) (e), Florida Statutes. COUNT SIX Based upon the foregoing, Respondent Martin W. Burnstein is guilty of fraud, misrepresentation, concealment, false promises, false pretenses, dishonest dealing by trick, scheme or device, culpable negligence, or breach of trust in any business transaction in violation of Section 475.25(1) (b), Florida Statutes. COUNT SEVEN Based upon the foregoing, Respondent Martin W. Burnstein is H:\ac\zaheer.doc 5 FDBPR v. Arif Zaheer Case No. 2008065707 Administrative Complaint guilty of failure to account or deliver funds in violation of Section 475.25(1) (d)1., Florida Statutes. COUNT EIGHT Based upon the foregoing, Respondent Martin W. Burnstein is guilty of failure to maintain trust funds in the real estate brokerage escrow bank account or some other proper depository until disbursement thereof was properly authorized in violation of Section 475.25(1) (k), Florida Statutes. COUNT NINE Based upon the foregoing, Respondent Martin W. Burnstein is guilty of failure to direct, control or manage a broker associate employed by him in violation of Section 475.25(1)(u), Florida Statutes. COUNT TEN Based upon the foregoing, Respondent Martin W. Burnstein is guilty of failure to immediately deposit trust funds in violation of Rule 6132-14.010 of the Florida Administrative Code and, therefore, in violation of Section 475.25(1)(e), Florida Statutes. COUNT ELEVEN Based upon the foregoing, Respondent Martin W. Burnstein is guilty of having delivered a deposit to the other party to a transaction before the transaction closed in violation of Rule 61J2- H:\ac\zaheer.doc 6 FDBPR v. Arif Zaheer Case No. 2008065707 Administrative Complaint 14.011 of the Florida Administrative Code and, therefore, in violation of Section 475.25(1) (e), Florida Statutes. COUNT TWELVE Based upon the foregoing, Respondent Vista Horizon Realty, Imc. is guilty of fraud, misrepresentation, concealment, false promises, false pretenses, dishonest dealing by trick, scheme or device, culpable negligence, or breach of trust in any business transaction in violation of Section 475.25(1)(b), Florida Statutes. COUNT THIRTEEN Based upon the foregoing, Respondent Vista Horizon Realty, Inc. is guilty of failure to maintain trust funds in the real estate brokerage escrow bank account or some other proper depository until disbursement thereof was properly authorized in violation of Section 475.25(1)(k), Florida Statutes. COUNT FOURTEEN Based upon the foregoing, Respondent Vista Horizon Realty, Inc. is guilty of failure to account or deliver funds in violation of Section 475.25(1) (d)1., Florida Statutes. COUNT FIFTEEN Based upon the foregoing, Respondent Vista Horizon Realty, Inc. is guilty of having delivered a deposit to the other party to a transaction before the transaction closed in violation of Rule 61J02- H:\ac\zaheer.doc 7 FDBPR v. Arif Zaheer Case No. 2008065707 Administrative Complaint 14.011 of the Florida Administrative Code and, therefore, in violation of Section 475.25(1)(e), Florida Statutes. WHEREFORE, Petitioner respectfully requests the Florida Real Estate Commission, or the Department of Business and Professional Regulation, as may be appropriate, to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license or registration or permit; suspension of the license, registration or permit for a period not to exceed ten (10) years, imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant or permittee to complete and pass additional real estate education courses; publication; or any combination of the foregoing which may apply. See Section 475.25(1), Florida Statutes and Florida Administrative Code Rule 6132-24.001. The penalties which may be imposed for violation(s) of Chapter 455 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, H:\ac\zaheer.doc 8 FDBPR v. Arif Zaheer Case No. 2008065707 Administrative Complaint registration, or permit; suspension of the license, registration, or permit for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or permittee to complete and pass additional real estate education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of a cease and desist notice; or any combination of the foregoing which may apply. See Section 455.227, Florida Statutes and Florida Administrative Code Rule 6172-24.001. Signed this 24 day of Sey , 2009, ATTORNEY FOR PETITIONER CL hile fe Patrick James Cunningham Senior Attorney Florida Bar No. 4692210272697 Division of Real Estate Department of Business and Professional Regulation, Legal Section - Suite N 801 Hurston Bldg. North Tower 400 West Robinson Street Orlando, Florida 32801-1757 (407) 481-5632 (407) 317-7260 FAX ae Weed a sr eee a /k PCP: RD/GS 7/09 H:\ac\zaheer.doc 9 FDBPR v. Arif Zaheer Case No. 2008065707 Administrative Complaint NOTICE TO RESPONDENTS PLEASE BE ADVISED that mediation under Section 120.573 of the Florida Statutes, is not available for administrative disputes involving this type of agency action. PLEASE BE FURTHER ADVISED that pursuant to this Administrative Complaint you may request, within the time allowed by law, a hearing to be conducted in this matter in accordance with Sections 120.569 and 120.57 of the Florida Statutes; that you have the right, at your option and expense, to be represented by counsel or other qualified representative in this matter; and that you have the right, at your option and expense, to take testimony, to call and cross-examine witnesses, and to have subpoena and subpoena duces tecum issued on your behalf if a formal hearing is requested. PLEASE BE FURTHER ADVISED that if you do not file an Election of Rights form or some other responsive pleading with the Petitioner within twenty-one (21) days of receipt of this Administrative Complaint, the Petitioner will file with the Florida Real Estate Commission a motion requesting an informal hearing and entry of an appropriate Final Order which may result in the suspension or revocation of your real estate license or registration. Please see the enclosed Explanation of Rights and Election of Rights form. H:\ac\zaheer.doc 10 4/09/2089 16:88 8477859834 PATEL FIDELITY BROKERAGE SERVICES LLC P.O. BOX 145421 CINCINNATI, OH 45250-5421 Transaction Confirmation Fidelity Account Number: = Transaction Reference Number: 37593103 PAGE 44 Fidel 4] lavestnents 40100000310 NIMISHA V PATEL VINAY N PATEL 46 INVERWAY INVERNESS tL 60067-4412 We are writing to confirm a recent bank wire disbursement from your account. Please review this information carefully and if you have any questions or believe that this transaction was processed in error, please call 800-544-6666. Date of Transaction: September 20, 2007 Bank Wire Amount: $50,000.00 Bank Name: FIRST UNION NATIONAL BANK Bank Routing Number: XXXXX7513 For Credit to: REMAX VISTA Bank Account Number: XX0}0OOOOXXX4599 Fidelity Brokerage Services LLC, Members NYSE, SIPC 40100000310 Page 1 of ADMINISTRATIVE COMPLAINT 561525 EXHIBIT # PAGE OF WA MICH DATA, NEW YORK. NY DREYFUS LIQUID ASSETS, INC. 38 wo Wha _ (S885 The OnbeR oF rescese” Vv SS CR 7 aloo ; , Cn thor sand, bre \rmded eS OF em wee mI ADWINIS nA CE LUNE LANG EXHIBIT # ——_____—— PAGE OF @ WD t 2 rd t Commercial Contract FLORIDA ASSOCIATION OF REALTORS® 1. PURCHASE AND SALE: Vinay Patel and Nimisha Patel ("Buyer") agrees to buy and Ridgewood Retail Shoppes LLC (‘Seller’) agrees to sell the Property described as: Street Address: 1310 Ridgewood Ave Daytona Beach, FL Legal Description: #5340-05-06-0010 Lots 1&2 EXC Road & EXC W 360.29 FT BLK 6 Bethune Grant " Per OR 3646 Pg0512 Per OR 5368 Pgs3502-3503 Per OR 5541 PG4490 PER OR 5647 PGS 4291-4292 and the following Personal Property: NONE (all collectively referred to as the “Property") on the terms and conditions set forth below. The “Effective Date" of this Contract is 0 the date on which the last of the Parties signs the latest offer. Time is of the essence in this Contract. Time periods of 5 1 days or less will be computed without including Saturday, Sunday, or national legal holidays and any time period ending on a 2 Saturday, Sunday or national legal holiday will be extended until 5:00 p.m. of the next business day. 3* 2, PURCHASE PRICE: 3 2,750,000.60 (a) Deposit held in escrow by ; Remax Vista $ 25,000.00 * (b) Additional deposit to be made within 46 days from Effective Date $ 62,500.00 (c) Total mortgages (as referenced in Paragraph 3) $ 1,312,500.00 (d) Other: _. _ $ (e) Balance to close, subject to adjustments and prorations, to be made with cash, locally drawn $ 350,000.00 certified or cashier's check or wire transfer. "3. THIRD PARTY FINANCING: Within w/a days from Effective Date ("Application Period’), Buyer will, at Buyer's expense, apply for third party financing in the amount of $ 1,312, 500.00 or _©-000_ % or the purchase price to be amortized over a period of __30 years and due in no less than 5 years and with a fixed interest rate not io exceed Kl current % per year or variable interest rate not to exceed KX] curren % at origination with a lifetime cap not to exceed curren % from initial rate, with additional terms as follows: Buyer will pay for the mortgagee title insurance policy and for ali loan expenses. Buyer will timely provide any and all credit, employment, financial and other information reasonably required by any lender. Buyer will notify Seller immediately upon obtaining financing or being rejected by a lender. if Buyer, after diligent effort, fails to obtain a written commitment within 60 days from Effective Date ("Financing Period"), Buyer may cancel the Contract by giving prompt notice to Seller and Buyer's Geposit(s) will be “etumed to Buyer in dance with Paragraph 9. " / seer MES ¢ and sete dB) wv ) acknowledge receipt ot 3 copy of this page, which is page 1 of 5 Pages. ADMINISTRATIVE COMPLAINT. S ‘C-2 ©1997 Florida Association of REALTORS® Al Rights Reserved EXHIBIT # 3 EXHIBIT PAGE_2 OF ntial CRES Commercial Real Estate 12¢ S Palmetto Ave, Daytona Beach FL 32 IDAGE 3862538565 Fax: (386) 253-8544 Claude J. Gardner, PA Produced with ZioForm™ by RE FaemeNet 11.0 12098 5 Ridgewood 1310 4. TITLE: Seller has the legal capacity to and will convey marketable title to the Property by statutory warranty deed 2° D other , free of liens, easements and encumbrances of record or known to Seller, 33 bul subject to property taxes for the year of closing; covenants, restrictions and public utility easements of record; and (list. any 34° other matters to which title will be subject) NONE 35 : 36 provided there exists at closing no violation of the foregoing and none of them prevents Buyer's intended use of the Property as 37* Retail Strip Center . 38° (a) Evidence of Title: Seller will, at (check one) {J Seller's O Buyer's expense and within 15 days O from Effective Date 39" [ prior to Closing Date C1 from date Buyer meets or waives financing contingency in Paragraph 3, deliver to Buyer (check one) so {a title insurance commitment by a Florida licensed title insurer and, upon Buyer recording the deed, an owner's policy in al the amount of the purchase price for fee simple tittle subject only to exceptions stated above. 42" C. an abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an existing firm. 43 However, if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed insurer as a4 a base for reissuance of coverage. The prior policy will include copies of all policy exceptions and an update in a format 45 acceptable to Buyer from the policy effective date and certified to Buyer or Buyer's closing agent together with copies of ali 40 documents recited in the prior policy and in the update. 47 (b) Title Examination: Buyer will, within 15 days from receipt of the evidence of title deliver written notice to Seller of title 18 defects. Title will be deemed acceptable to Buyer if (1) Buyer fails to deliver proper notice of defects or (2) Buyer delivers proper as" written notice and Seller cures the defects within 10 days from receipt of the notice ("Curative Period’). If the defects are so cured within the Curative Period, closing will occur within 10 days from receipt by Buyer of notice of such curing. Seller may 51 elect not to cure defects if Seller reasonably believes any defect cannot be cured within the Curative Period. if the defects are “2 not cured within the Curative Period, Buyer will have 10 days from receipt of notice of Seller's inability to cure the defects to 33 elect whether to terminate this Contract or accept title subject to existing defects and close the transaction without reduction in 3a purchase price. The party who pays for the evidence of title will also pay related title service fees including title and abstract arces and title evar “3 charges and tite examination. 56 {c) Survey: (check applicable provisions below) z Seller will, within S days from Effective Date, deliver to Buyer copies of prior surveys, plans, specifications, and oe engineering documents, if any, and the following documents relevant to this transaction: 3g" , prepared for Selier or in Seller's 30 possession, which show all currently existing structures. ott Gd Buyer will, at G2 Seller's Buyer's expense and within the time period allowed to deliver and examine title evidence, a2 obtain a current certified survey of the Property from a registered surveyor. If the survey reveals encroachments on the 83" Property or that the improvements encroach on the lands of another, (] Buyer will accept the Property with existing aa* encroachments Gq such encroachments will constitute a title defect to be cured within the Curative Period U5 (d) Ingress or Egress: Seller warrants that the Property presently has ingress and egress. 8 (e) Possession: Seller will deliver possession and keys for all locks and alarms to Buyer at closing. 87" §. CLOSING DATE AND PROCEDU! #6, transaction will be closed in Volusia County, Florida on 88" or before the December | , 2007 __ or within days from Effective Date ("Closing Date"), unless otherwise extended © herein. & Seller C1 Buyer will designate the clasing agent: Buyer and Seller will, within 45 days from Effective Date, deliver to Escrow Agent signed instructions which provide for closing procedure. If an institutional lender is providing purchase funds, lender requirements as to place, time of day, and closing precedures will control over any contrary provisions of this Contract. 3 (a) Costs: Buyer will pay taxes and recording fees on notes, mortgages and financing statements and recording fees for the deed, Seller will pay taxes on the deed and recording fees for documents needed to cure title defects. If Seller is obligated to discharge any encumbrance at or prior to closing and fails to do so, Buyer may use purchase proceeds to satisfy the encumbrances. te Sond (b) Documents: Seller will provide the deed, bit of sale, mechanic's lien affidavit, assignment of leases, updated rent roll, tenant and tender estoppel letters, assignments of permits and ticenses, corrective instruments and letters notifying tenants of the change in ownership/renta! agent. If any tenant refuses to execute an estoppel letter, Seller will certify that information fegarding the tenant's lease is correct. If Seller is a Corporation, Seller will deliver a resolution of its Board of Directors authorizing the sale and delivery of the deed and certification by the corporate Secretary certifying the resolution and setting forth facts showing the Conveyance conforms with the requirements of local law. Seller will transfer security deposits to Buyer. Buyer will provide the closing statement, mortgages and notes, security agreements and financing statements. * Buyer ( ( ) and Seller (eK IY acknowledge repalPVON ES ddA bi Vitis GRIWIRIDAMNG. pagé 2 of 5 Pages. CC-2 ©1997 Florida Association of REALTORS®” Aji Rights Reserved EXHIBIT # A “-DaAGE z OF oe sa a OF Ow Produced with ZipForm™ by RE FormsNet, LLC 16U26 Fite (c) Taxes, Assessments, Prorations: The following items will be made current and prorated K as of Closing Date CL) as of ‘teal estate taxes, bond and assessment payments assumed by Buyer, interest, fents, association dues, insurance premiums acceptable to Buyer, operational expenses and : If the amount of taxes and assessments for the current year cannot be ascertained, rates for the previous year will be used with due allowance being made for improvements and exemptions. Seller is aware of the following assessments affecting or potentially affecting the Property: NONE . Buyer will be responsible for all assessments of any kind which become due and owing on or after Effective Date, unless the improvergent is substantially completed as of Closing Date, in which case Seller will be obligated to pay the entire assessment. (d) FIRPTA Tax Withholding: The Foreign Investment in Real Property Act ("FIRPTA*) requires Buyer to withhold at closing a portion of the purchase proceeds for remission to the Internal Revenue Service ("LR.S.") if Seller is a “foreign person" as defined by the Internal Revenue Code. The parties agree to comply with the provisions of FIRPTA and to provide, at or prior to closing, appropriate documentation to establish any applicable exemption from the withholding requirement. If withholding is Tequired and Buyer does not have cash sufficient at closing to meet the withholding requirement, Seller will provide the necessary funds and Buyer will provide proof to Seller that such funds were properly remitted to the LR.S. 6. ESCROW: Buyer and Seller authorize Remax Vista * Telephone: (407) 240-2223 ay aioe (407) 650-3142 Address: AAO Ih Sper Cakes Pid . Pr las ce: : to act as "Escrow Agent” to receive funds and other items and, subject to clearance. disburse them in accordance with the terms of this Contract. Escrow 101" Agent will deposit alt funds received in &) a non-interest bearing escrow account C] an interest bearing escrow account. with 402° interest accruing to with interest disbursed (check one) O) at closing vos Dat intervals. If Escrow Agent receives conflicting demands or has a good faith doubt as to Escrow 104 Agent's duties or liabilities under this Contract, he/she May (a) hold the subject matter of the escrow until the parties mutually '08 agree to its disbursement or until issuance of a court order or decision of arbitrator determining the parties’ rights tegarding the ‘06 escrow or (b) deposit the subject matter of the escrow with the clerk of the circuit court having jurisdiction over the dispute. Upon 107 notifying the parties of such action, Escrow Agent will be released from all liability except for the duty to account for items ‘98 previously delivered out of escrow. If a licensed real estate broker, Escrow Agent will comply with applicable provisions of Chapter 149 475, Florida Statutes. In any suit or arbitration in which Escrow Agent is made a party because of. acting as agent hereunder or -19 interpleads the subject matter of the escrow, Escrow Agent will recover reasonable atiorneys' fees and costs at all levels, with mh fy i Such fees and costs to be paid from the escrowed funds or equivalent and charged and awarded as courl or other costs in favor 12 of the prevailing party. The parties agree that Escrow Agent will not be fiable to any person for misdelivery to Buyer or Seller of 113 escrowed items, unless the misdelivery is due to Escrow Agent's willful breach of this Contract or gross negligence. 7. PROPERTY CONDITION: Seller will deliver the Property to Buyer at the time agreed in its present "as is" condition, ordinary ‘1S wear and tear excepted, and will maintain the tandscaping and grounds in @ comparable condition. Seller makes no warranties ‘18 other than marketability of title. By accepting the Property ‘as is", Buyer waives all claims against Seller for any defects in the 18" (a) As is: Buyer has inspected the Property or waives any right to inspect and accepts the Property in its “as is" condition. 19° By (b) Due Diligence Period: Buyer will, at Buyer's expense and within 45 days from Effective Date ("Due Diligence Period’), +2 investigations ("Inspections") which Buyer deems necessary to determine to Buyer's satisfaction the Property's engineering, OMON GO on aw bs vy mo #3 architectural, environmental properties: Zoning and zoning restrictions; flood zone designation and restrictions; subdivision Seller grants to Buyer, its agents, contractors and assigns, the right to enter the Property at any time during the Due Diligence B Db 6 d Sell ag Va i ; . , uyer ) and Seller 4 VA }) acknowledge rene Mit a iSPRR WE PESIVEPPICA LIN Rage 3 of 5 Pages SC-2 ©1997 Florida Association of REALTORS® All Rights Reserves EXHIBIT , ee 4. PACE 2. OF 45 Produced with ZipForm™ by RE FormsNet, LLC 18025 Fifteen hale Resid Cline Te 41 (c) Walk-through Inspection: Buyer may. on the day prior to closing or any other time mutually agreeable to the parties, 142 conduct a final "walk-through" inspection of the Property to determine compliance with this paragraph and to ensure that all 143 Property is on the premises. . 144 (d) Disclosures: 145 1. Radon Gas: Radon is a naturally occurring radioactive gas inal, when it has accumulated in a building in sufficient 148 quantifies, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state 147 guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained 148 from your county public health unit. 149 2. Energy Efficiency: Buyer may have determined the energy efficiency rating of the building, if any is located on the Real 150 Property. 151 8. OPERATION OF PROPERTY DURING CONTRACT PERIOD: Seller will continue to operate the Property and any business 152 conducted on the Property in the manner operated prior to Contract and will take no action that would adversely impact the 153 Property, tenants, lenders or business, if any. Any changes, such as renting vacant space, that materially affect the Property or 154" Buyer's intended use of the Property will be permitted (J only with Buyer's consent [] without Buyer's consent. 155 9. RETURN OF DEPOSIT: Unless otherwise specified in the Contract, in the event any condition of this Contract is not met and 158 Buyer has timely given any required notice regarding the condition having not been met, Buyer's deposit will be returned in 18? accordance with applicable Florida laws and regulations. 153 10. DEFAULT: 189 (a) In the event the sale is not closed due to any default or failure on the part of Seller other than failure to make the title 160 marketable after diligent effort, Buyer may either (1) receive a refund of Buyer's deposit(s) or (2) seek specific performance. If 161 Buyer elects a deposit refund, Seller will be fiable to Broker for the full amount of the brokerage fee. 162 (b) In the event the sale is not closed due to any default or failure on the part of Buyer, Seller may either (1) retain all deposit(s) 163 paid or agreed to be paid by Buyer as agreed upon liquidated damages, consideration for the execution of this Contract, and in 164 full settlement of any claims, upon which this Contract will terminate or (2) seek specific performance. If Seller retains the 165 deposit, Seller will pay the Listing and Cooperating Brokers named in Paragraph 12 fifty percent of all forfeited deposits retained 166 by Seller (to be split equally among the Brokers) up to the full amount of the brokerage fee. is? 41, ATTORNEY'S FEES AND COSTS: In any claim or controversy arising out of or relating to this Contract, the prevailing party, 168 which for purposes of this provision will include Buyer, Seller and Broker, will be awarded reasonable attorneys’ fees, cost and 169 expenses. , 170 42. BROKERS: Neither Buyer nor Seller has utilized the services of, or for any other reason owes compensation to, a licensed 171 real estate Broker other than: 172" (a) Listing Broker: Prudential CRES Commercial Real Estate DB : 173" who is (] an agent of &) a transaction broker (1 a nonrepresentative 174" and who will be compensated by [x] Seller (] Buyer ([] both parties pursuant to a listing agreement [1] other (specify) i178 (b) Cooperating Broker: Re/Max Vista ; 179° who is (an agent of Oa transaction broker [] a nonrepresentative 180" and who will be compensated by [] Buyer Seller (] both parties pursuant to & an MLS or other offer of compensation to a 181° cooperating broker OJ other (specify) 184° 188 (collectively referred to as “Broker"} in connection with any act relating to the Property, including but not limited to inquiries, 186 introductions, consultations and negotiations resulting in this transaction. Seller and Buyer agree to indemnify and hold Broker 132 harmless from and against losses, damages, costs and expenses of any kind, including reasonable attorneys’ fees at all levels, and :a8. from liability to any person, arising from (4) compensation claimed which is inconsistent with the representation in this Paragraph, (2) 189 enforcement action to collect a brokerage fee pursuant to Paragraph 10, (3) any duty accepted by Broker at the request of Buyer or 190 Seller, which duty is beyond the scope of services regulated by Chapter 475, F.S., as amended, or (4) recommendations of or services 191 provided and expenses incurred by any third party whom Broker refers, recommends or retains for or on behalf of Buyer or Seller. 192° 13, ASSIGNABILITY; PERSONS BOUND: This Contract may be assigned to a related entity, and otherwise [J is not assignable 193° [J is assignable. The terms "Buyer," "Seller’ and “Broker” may be singular or plural. This Contract is binding upon Buyer, Seller 194 and their Ytirs, perso epresentatives, successors assigns (if assignment is permitted). OY) MINISTRATIVE COMPLAINT. . ) (IX3_) and Seller f ) HA “~) acknowldee CeIpt of ‘copy of this page, which is page 4 of 5 Pages. 97 Florida Association of REALTORS@” ‘All Rights Reserved EXHIBIT + PAGE _ 195° Buyer ( ne2 OF eer 5G 14, OPTIONAL CLAUSES: (Check if any of the following clauses are applicable and are attached as an addendum to this Contract): 0 Arbitration C) Seller Warranty © Existing Mortgage CQ] Section 1031 Exchange CO) Coastal Construction Control Line C) Other Ci Property Inspection and Repair 11 Flood Area Hazard Zone OC Other Seller Representations O Seller Financing 0 Other ' 15. MISCELLANEOUS: The terms of this Contract constitute the entire agreement between Buyer and Seller, Modifications of woe this Contract will not be binding unless in writing, signed and delivered by the party to be bound, Signatures, initials, documents feferenced in this Contract, counterparts and written Modifications communicated electronically or on Paper will be acceptable for 4 all purposes, including delivery, and will be binding. Handwritten or typewritten terms inserted in or attached to this Contract prevail THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. BROKER ADVISES BUYER 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. BUYER ACKNOWLEDGES THAT BROKER DOES NOT OCCUPY 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. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND GOVERNMENTAL AGENCIES FOR VERIFICATION OF THE PROPERTY CONDITION, SQUARE FOOTAGE AND FACTS THAT MATERIALLY AFFECT PROPERTY VALUE. DEPOSIT RECEIPT: Deposit of $ . byO check [Jother ; ! by received on Signature of Escrow Agent OFFER: Buyer offers to purchase the Property on the above terms and conditions. Unless acceptance is signed by Seller and a signed copy delivered to Buyer or Buyer's agent no later than 6:00 Oam. &p.m.on Buyer may revoke this offer and receive ,a refund of all deposits Date: Ife 7__ BUYER: Mg i . aa Tax iD No: Ties — Telephone, Facsimile: Address: ao _ _ 7. T date: BUYER: TSS west an (Callback Performed by (Employee Signature): [Caller (Employee) Phone number.” | i we ee ein wesc eemnen ee 4 Callback Time: Callback made to: © . ‘Callback Phone #: Effective date: 10:42: O3AM Eastern time [01/09/2008 Domestic CC ype. |Availablebalance. ~~" Wire Amount (US dollars): [CHASE BETTER BANKING $332,003.09 [$325,000.00 ‘Qualifying Account # ~ "Qualifying Account ‘Type: [Source offunds: =——S*=—<“‘“‘“*”*”*””:SCS Wire ee: i i iChecking $25.00 Le eee ec ee alee einen nee nets ci 2 anfo e eee ce Pe _ \Currency type to be sent: |Exchange rate teoreign currency amount: Amount to Collect (USD): US Dollars IN/A INA $325,025.00 a a iFX Contract Number: Customer Disclosure: If you iiate more than three Rapid ‘Cash@ funds transfers during any calendar month, you will incur a Rapid Cash Remittance Fee of is $40 for each Rapid Cash funds transfer in in excess of three. These fees will be deducted from your checking account. Beneficiary Account Informatio [Account Name: IREMAX VISTA | Street Address: Account Number: | i [200001691 4599 i icy - ” State | Zip Country Beneficiary Bank Inf a _ (Bank Name: ° —_ ~ | ‘Wachovia Bank, National Association © ‘Sireet Address! 707 0 mn mre nk ABA/SWIET Code: 52 COOLIDGE CT 063000021 City St*~> Mail | Contacts Calendar Notepad Mail For Mobile - Mail Upgrades - Options Check Mail | Compose | ™ ~ Search Mail | Search the Web | Netflix Previous | Next | Back to Messages Only $4.99/mo. ‘ | : : : Delete } Reply | Forward j Spam f Move... Folders [Add - Edit] This message is not flagged. [ Flag Message - Mark as Unread J Printable View inbox (10) From: "ARIF ZAHEER” @ Add Mobile Alert Draft To: nimi1162@yahoo.com Sent cc: az@vistahorizons.cam Bulk [Empty] Trash [Empty] Subject: Closing Amout needed My Falders [Hide] Date: Wed, 23 Jan 2008 15:46:32 -0500 Greg Hoard Dear Bhabhi ji, Orthodontics . : Please find enclosed herewith the closing funds that we need> acoadental basement quotes THE PURCHASE PRICE: 1850000.00 e-chx CLOSING COST (APROX) 74000.00(THIS IS AN ESTIMATE ACTUAL NUMBER WILL friends BE LITTLE LESS OR MORE office FUND IN ESCROW TO RUN THE BUILDING 74000.00(THIS STAYS WITH US) orchestra rahul ridgewood TOTAL 19898000.00 LOAN FROM LEHMAN 1240000.00 Search Shortcuts LOAN FROM THE SELLER 140000.00 My Photos PAYMENT RECEIVED BY RE/MAX [ ~”50000.00 ” My Attachments Skater —orrmn——= 3750.00 ny ; 2500000 | 4 37, SOX2 ; | 325000.00 See your credit _ ak score - free en J Online Degree THE BALANCE NEEDED TO CLOSE 180500.00 Programs Free Printable . Grocery Caupons ALL OF THESE NUMBERS ARE ESTIMATED THE ACTUAL NUMBER ht://us.£382.mail yahoo.com /ym/ShowLerter™Msgid=5882_2960405_...=yestinc~2 5grdar dae eR NEDO CAVE EAN: Dabo Inbox Page 1 of 2 EXHIBIT # +. oAnE OF ne (TO OE 1 im EXPRESS / GHrly EJ Documents On a SATURDAY DeLNERY C] SSHIPMENT:FROM Se: Fy 232 22 2000 145 i : ee _ HN 4F9 232 22 1000 444 i G I h ; Fy ~ . Trenton L ig fre tek Bn CI 407-240-2223 =) RE/MAX VISTA 2120 WHISPER LAKES BLVD e ORLANDO 12 BRE TE . og om LZ 4F4 232 22 1 7 Harts Nlirdei i 2 OM OD | fo) Pvcinghodl Cres cine rial fal | rr ; ae it tf f ie hill Hie he. U 8 i a Fe 3 {[! { 4Z 4F9 232 22 gop 14a? og | vie gh oxo a A, 34 vecet awene DATE OF SHIPMENT 7 u SHIPMENT 12Ce ii , 4F92 3279 XLD oo e. 0101911202608 1/07 § United Parcel Service, Louisville, KY FONUMBER, ' 6 ! / SEE RRA a i a es A re ia sett aS amet Be So eH Ts hoe a Fesnaren as a0 ESCROW 1023 | onto Sa, DATE ie | 008 she , ; f W/ p) _~ 20 i aie Py af HL) GOA. he. AFLAOALO , CAE $025, 000% uve ron 1310 ry TIVE COMPLAINT EXHIBIT j—-Cor.-.... mie PAGE a e vt ADMINIST Cancellation of Contract. By signing this RELEASE AND CANCELLATION OF CONTRACT FOR SALE AND PURCHASE (Release’), Buyer and Seller cancel the Contract for Sale and Purchase (“Contract”), signed by Buyer on the day of Nalembey Zang ond signed by Seller on the _{_ $4~ day of ante sma, conceming the following descn property (give street address and legal description): ‘ Release from Liability. Buyer and Seller release each other and: fe UDG A Cle s (name of brokerage) together with its affillates and their respective officers, directors, agents, employees, successors and assigns, and Re/u TRV S$ 74A- (name of brokerage) together with its affiliates and their respective officers, directors, agents, employees, successors and assigns from any and all claims and actions whatsoever arising from or relating to the Contract or pre-Contractual issues existing as of the date of the Release. : Disbursement of Escrow Funds. Buyer and Seller instruct the escrow agent to disburse the deposit as follows: $BIk Ecwaw- to Vinay Pate $ to $s t $ to oa 0822 fox r Date Buyer Date ! : Seller Date Seller Date RC-3x 9/97, 10/00 © 1997, 2000 Florida Association of ReaLrors® All Rights Reserved [A 2 ADMINISTRATY COMPLAINT: EXHIBIT pn Qeeen meneame oo ee ae ns)

Docket for Case No: 09-005889PL

Issue Date	Proceedings
Feb. 03, 2010	Order Severing Cases and Closing File. CASE CLOSED.
Feb. 02, 2010	Motion to Relinquish Jurisdiction filed.
Jan. 26, 2010	Order on Amended Motion to Compel.
Jan. 25, 2010	CASE STATUS: Motion Hearing Held.
Jan. 21, 2010	Petitioner's First Request for Admissions to Respondent Arif Zaheer and Vista Horizon Realty, Inc. filed.
Jan. 21, 2010	Petitioner's First Interrogatories to Respondent Arif Zaheer and Vista Horizon Realty, Inc. filed.
Jan. 21, 2010	Respondent's Response to Request for Admissions (filed in Case No. 09-005890PL).
Jan. 21, 2010	Respondent's Response to Petitioner's Interrogatories (filed in Case No. 09-005890PL).
Jan. 21, 2010	Respondent's Response to Petitioner's Request for Production (filed in Case No. 09-005890PL).
Jan. 19, 2010	Order Granting Continuance and Re-scheduling Hearing (hearing set for February 19, 2010; 9:00 a.m.; Orlando, FL).
Jan. 15, 2010	Notice of Telephonic Motion Hearing (motion hearing set for January 25, 2010; 11:00 a.m.).
Jan. 15, 2010	CASE STATUS: Motion Hearing Held.
Jan. 12, 2010	Notice of Appearance (of D. Villazon).
Jan. 11, 2010	Petitioner's Amended Motion To Compel (filed in Case No. 09-005890PL).
Jan. 11, 2010	Petitioner's Amended Motion To Compel filed.
Jan. 11, 2010	Petitioner's First Motion to Continue (filed in Case No. 09-005890PL).
Jan. 11, 2010	Petitioner's First Motion to Continue filed.
Jan. 07, 2010	Petitioner's Motion to Compel Discovery Reponses (filed in Case No. 09-5890PL).
Jan. 07, 2010	Petitioner's Motion to Compel Discovery Reponses (filed in Case No. 09-5889PL) filed.
Jan. 06, 2010	Order Granting Withdrawal of Counsel.
Jan. 05, 2010	Addition to the Petitioner's Witness List (filed in Case No. 09-005890 PL).
Jan. 05, 2010	Addition to the Petitioner's Witness List (filed in Case No. 09-5889 PL) filed.
Dec. 23, 2009	(Proposed) Order on Motion to Withdraw filed.
Dec. 23, 2009	Attorney's Motion to Withdraw as Counsel of Record filed.
Dec. 15, 2009	Index to Petitioner's Formal Hearing Exhibits filed.
Dec. 15, 2009	Petitioner's Witness List filed.
Dec. 03, 2009	Petitioner's First Request for Production to Respondent Arif Zaheer and Vista Horizon Realty, Inc. filed.
Dec. 03, 2009	Petitioner's Notice of Filing Petitioner's First Request for Production to Respondent Arif Zaheer and Vista Horizon Realty, Inc. filed.
Dec. 03, 2009	Petitioner's First Request for Production to Respondent Martin Burnstein filed.
Dec. 03, 2009	Petitioner's Notice of Filing Petitioner's First Request for Production to Respondent Martin Burnstein filed.
Dec. 03, 2009	Petitioner's First Request for Admissions to Respondent Arif Zaheer and Vista Horizon Realty, Inc. filed.
Dec. 03, 2009	Petitioner's Notice of Filing Petitioner's First Request for Admissions to Respondent Arif Zaheer and Vista Horizon Realty, Inc. filed.
Dec. 03, 2009	Petitioner's First Request for Admissions to Respondent Martin Burnstein filed.
Dec. 03, 2009	Petitioner's Notice of Filing Petitioner's First Request for Admissions to Respondent Martin Burnstein filed.
Dec. 03, 2009	Petitioner's First Interrogatories to Respondent Arif Zaheer and Vista Horizon Realty, Inc. filed.
Dec. 03, 2009	Petitioner's Notice of Filing Petitioner's First Interrogatories to Respondent Arif Zaheer and Vista Horizon Realty, Inc. filed.
Dec. 03, 2009	Petitioner's First Interrogatories to Respondent Martin Burnstein filed.
Dec. 03, 2009	Petitioner's Notice of Filing Petitioner's First Interrogatories to Respondent Martin Burnstein filed.
Nov. 17, 2009	Order of Pre-hearing Instructions.
Nov. 17, 2009	Notice of Hearing (hearing set for January 22, 2010; 9:00 a.m.; Orlando, FL).
Nov. 17, 2009	Order of Consolidation (DOAH Case Nos. 09-5889PL and 09-5890PL).
Nov. 02, 2009	Joint Response to Initial Order filed.
Oct. 30, 2009	Motion to Consolidate filed.
Oct. 26, 2009	Administrative Complaint filed.
Oct. 26, 2009	Answer to Administrative Complaint filed.
Oct. 26, 2009	Election of Rights filed.
Oct. 26, 2009	Agency referral filed.
Oct. 26, 2009	Initial Order.
	CASE STATUS: Motion Hearing Held.