__ STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL geese ah FLORIDA REAL ESTATE COMMISSIO og FLORIDA DEPARTMENT OF BUSINESS Alb at AND PROFESSIONAL REGULATION, . Petitioner, OS “FS 3 vs. FDBPR Case N° 97-84158 CYNTHIA LYNN POVELKO, Respondent. / ADMINISTRATIVE COMPLAINT ‘COMES NOW the Florida Department of Business and Professional Regulation, hereinafter referred to as "Petitioner," and files this Administrative Complaint against Cynthia Lynn Povelko hereinafter referred to as "Respondent, "and alleges the following: ESSENTIAL ALLEGATIONS OF MATERIAL FACT 1. Petitioner is a state government licensing and regulatory agency charged with the responsibility and duty tc to prosecute Administrative Complaints pursuant to the laws of the State of Florida, in particular § 20. 165, Fla. Stat., Chapters 120, 455 and 475, Fla. Stat., and the rules promulgated pursuant thereto. 2. Respondent i is and was at all times material hereto a licensed Florida real estate salesperson, issued license number 0628766 in accordance with Chapter 475, Fla. Siat. 3. The last license issued was as a salesperson % A A A Realty Inc., 10000 Stirling Road #5, Cooper City, Florida 33024. 4. On or about June 19, 1997, Beth Olynnger (“buyer”) made an offer through Respondent to purchase 9000 Jacaranda Lane, Unit#203, Plantation, Florida (“property”) owned ~ When sellers’ agent FDBPR v. Cynthia Lynn Povelko Case No. 97-84158 Administrative Complaint by Jean Delisle (“seller”). Copy of contract signed by buyer is attached hereto, incorporated herein and made a part hereof by reference as Administrative Complaint Exhibit 1. 5. On or between June 20, 1997, and June 23, 1997, Respondent learned that Julianne Evans (“seller’s agent”) needed six contract-offers with buyer’s original signature. Respondent then signed six copies of the contract-offer with buyer’s signature, without buyer’s permission. Copy of contract signed by Respondent is attached hereto, incorporated herein and made a part hereof by reference as Administrative Complaint Exhibit 2. 6. Respondent spelled buyer’s name incorrectly and wrote the incorrect social security number. Copy of buyer’s letter explaining circumstances is attached hereto, incorporated herein and made a part hereof by reference as Administrative Complaint Exhibit 3. 7. Buyer went to New York after making the June 19, 1997 offer. After trying to call Respondent several times, she contacted seller’s agent to find out if her offer was accepted. 0 Id her that she had “all six copies” in her possession, buyer informed her that she did not sign them. 8. Respondent did not inform seller’s agent that buyer did not sign the six contracts. 9. Seller’s agent then sent six contracts to buyer who executed them on or about June 27, 1997, and returned them to sellers’ agent, | | 10. The deal closed July 29, 1997, Respondent did not accompany buyer to the closing but did receive her commission. Copy of closing statement is attached hereto, incorporated herein and made a part hereof by reference as Administrative Complaint Exhibit 4. 2 FDBPR v. Cynthia Lynn Poveiko Case No. 97-84158 Administrative Complaint COUNT I Based upon the foregoing, Respondent 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 and breach of duty imposed by law in violation of § 475.25(1)(b), Fla. Stat. WHEREFORE, Petitioner respectfully requests the Florida Real Estate Commission to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalty for each count or separate offense may range from a reprimand; an administrative fine not to exceed $5,000.00 per violation; probation; suspension of license, registration or permit for a period not to exceed ten (10) years; revocation of the license, registration or permit; and any one or all of the above penalties as provided for by § 455.227 and § 475.25(1), Fla. Stat. and Fla. Admin. Code R. 61J2-24.001. In addition to the foregoing, Petitioner requests an award of costs as provided for by § 455.227(3), Fla. Stat. | | . | oy , SIGNED this © _ day of LT eey , 1998. T. FARRELL, Secretary Department of Business and Professional Regulation by: Henry M. Solares Director, Division of Real Estate FDBPR v. Cynthia Lynn Povelko Case No. 97-84158 Administrative Complaint ATTORNEY FOR PETITIONER Laura McCarthy Florida Bar N° 0973610 Senior Attorney Department of Business and Professional Regulation, Legal Section - Suite N 308 Hurston Bldg. North Tower 400 West Robinson Street Orlando, Florida 32801-1772 (407) 481-5632 (407) 317-7260 FAX 4/6/98 LM/k PCP: HEF/JR 5/98 NOTICE TO RESPONDENTS PLEASE BE ADVISED that mediation under § 120.573, Fla. Stat, 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 proscribed, a hearing to be conducted in this matter in accordance with Sections 120.569 and 120.57, Fla. Stat.; 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. j Cnt — TRACT FOR SALE AND purcuee, Ol :AL PROPERTY Date of last haere by ay : THIS IS AN FHA, VA, CONDOMINIUM, COOPERATIVE or VACANT LAND CONTRACT. RIDERS ARE luyer of Seller EQUIRED. A DISCLOSURE SUMMARY IS REQUIRED IF A HOMEOWNERS ASSO! ON me EFFECTIVE DATE AAAR Realty ROPERTY WAS BUILT PRIOR TO 1978, A LEAD BASED PAINT DISCLOSUR Fs To be filled in by {ast Party to Sign or inital Seller: De 4 Sle. of Buyer: 2.F, i PR LG of L36/ Sip 2289 Ave. hat pers Vida van pe a7 3P2 ork hereby agree that tne Seller shall sell and the Buyer shall buy the following described property together with existing improvements thereon, UPON THE TERMS AND CONDITIONS HEREINAFTER SET FORTH. 1. LEGAL DESCRIPTION of real estate located in Browarp County. Florida. Tax Folio # Sa Y lo§ 4A ay 44 07h ESthtes Chuno Yut £03 Depo 5S ADDRESS:_ 7220 ~JAcarnwoA AAwe 203. Elputaban BB32Y. (Street) (Apt/Unit) (City) (Zip + 4) SELLER OWNED PERSONAL PROPERTY INCLUDED: All fixed equipment, ail window screens and hardware, all attached floor coverings and attached lighting fixtures as now installed on said property. Also inciuded: Refrigerator Microwave Oven ___Above Ground Pool __Sccurity System Dishwasher __.Washer Pool Filter System __Smoke Detectoris) indow/Wali A Cis) LBisposal ryer Poo! Motor & Pump —Spiiakler System w/Pump eiling Fants: teRange A Water Heater _—Pool Eaupment Storage Shed Window Treaiments _Oven ——Garage Door Opener —Spatiot Tub —TV Antenna ADDITIONAL ?22SONAL PROPERTY INCLUDED:_/“/£44S hee See (Muon tar} Als x LEASED EQUIPMENT IF ANY (e.g., Securnty System. Appliances, etc.): Sellerrepresents that the property can now be used for the following purposes: i 1, SibDEM HE 2. PURCHASE PRICE in U.S. funds oo. ceceeccccsccscscssesesscsnsccsceeesesuecsessecssees a$ ~S Ks 2 oo 3° METHOD OF PAYMENT: {a) Deposits: to be held in escrow by Cord el Abb Kensty EScRew) 2 g06 {b) Additionai escrow deposit due within banking days after Effective Date. me being of the essence..$ Escrowed funds may be piaced in an interest bearing account with interest to accrue to the escrow agent unless precluded by taw. Apres . {c) Amount of new note and mortgage to be execused by the Buyer to any lender other than the Seller. ....... Sa Clu We OF MORTGAGE (CHECK ONE) [ “Conventional. (_ } FHA. (. ] VA (If FHA or VA see wae (V] Fixed Rate. { ] Variable, { ] Other at prevailing interest rate, payable in monthly installments to include interest for a period of years. (30 years if left blank) Buyer agrees to make a written application within five banking days and to make a good faith . diligent effort to obtain the loan. The commission or omission of any act by the Buyer calculated to produce a rejection by the prospective lender shall constitute an act of default under this contract. (d) Conditionea upon Buyer assuming { } fixed rate } adjustable rate (_ } balloon mortgage im favor of presently bearing interest at =. and presently payable $ per month (P.[.____.___.) having an approximate balance of ....... {APPROVE BY CHECKING ONE ONLY) oo { ] At present terms and interest rate for the period of the mortgage eon[ ] At an interest rate changeable to the rate of interest prevailing at time of closing and upon such terms and conditions as are required by lender, which Buyer agrees to accept. ore than one existing mortgage is being assumed, place total of other balances here and describe its terms in Pardgraph P (SPECIAL CLAUSES) of this Contract or on an Addendum { ] 2nd Mortgage [ } 3rd Mortgage ... aS (e) Purchase money mortgage and note to Seller in the principal amount of S. bearing interest at ____s for___ years. [ ] Freely Assumable [ ] Assumabie w/Qualifying { ] Assumable w/Qualifying & Rate Change { } Non-Assumable Payable as foilows wa $ (f) Balance of funds due trom Buyer in the form of U.S. currency or cashier’s check drawn ona Florida financial tution, upon closing and delivery of deed (or such greater or lesser amount as may Jk gee ~ be necess: ‘0 complete payment of purchase price after credits, adjustments and prorations) ......... cee 3 (g) PURCHA 4. CONTRACT RIDE See appropriat TIME FOR A S:[ ] FHA or VA, [LY Condominium, { ] Co-op. [ ] Homeowner's Association, and/or [ ] Vacant Land: (s) attached hereto and made a part hereof. TANCE: [f this Contract is aoi executed by Seller and Buyer on or before ube Sy i977, the deposit shaii. 2: the option of Buyer, be retuned to Buyer and this Contract shail be nuil and oid. | p. beu 6 CLOSING DA This Contract shall be closed and the closing documents and possession shall be delivered on or vibe uly Fo 9 , unless modified by other provisions of this Contract or separate agreement. f / ia ‘z MIEMBERS OF THE REALTOR® ASSOCIATION OF HOLLY WOOD-SOUTH BROWARD. INC. THIS IS A LEGALLY BINDING CONTRACT AND ACCORDINGLY, YOU MAY WISH TO SEEK LEGAL AND/OR TAX ADVICE, sn CFSAPORP Page , ord Rev. 3/96 - STANDARDS FOR REAL ESTATE Ti. JSACTIONS A, ESCROW: Time is of the essence oniy with reference to the payment(s) of all escrow deposits. The party or entity receiving the deposit(s) agrees oy the acceptance thereof to deposit(s) tiem promptly, to hold tbe funds in escrow and to disburse the ‘same, subject to clearance, im accordance with this Contract. Failure of clearance of funds shail not excuse performance by Buyer. Provided, however, tbat in the event 2 dispute shall arise between any of the partes to this Contract as to the proper disbursement of the deposit(s), the party hoiding the deposits) may, at his option: (1) take no action and hold all funds (and documents, if any) until agreement 1s reached between the disputing parties, or unui a judgment has been entered by a court of competent jurisdiction and the appeal period has expired thereon, or if appealed then until the matter bas been finally conducted and then t6 act m accordance with such final judgment; or (2) institute an action for declaratory judgment, mterpleader or otherwise joining all affectéd parties and thereaiter compiying with the ultimate judgment of the court with regard to the disbursement of the deposit(s) and disposition of documents, if any. In the event of any suit between Buyer and Seller wherein the escrow agent is made a party by virtue of acting as such escrow agent hereunder, or in the event of aily suit wherein escrow agent interpleads the subject matter of this escrow, the escrow agent shall be entitled to recover all atlomey's fees and costs incurred, including cosis and atiomey’s fees for appellate proceeding, if any. The escrow agent shall be entitied to an award agaist the deposit funds for such costs and attomey’s fees, Any costs and allomey’s fees awarded to the escrow agent shall be reimbursed to the prevailing party and charged. as court costs against the losing party or parties. jointly and severally. The party receiving the deposit(s) shall be entitled to the foregoing interpleader relief and award of attomey's fees and cost regardiess of whether said party is also claiming a portion of deposit(s) monies as real estate commussion and whether or not suit is first filed by one or both Buyer or Seller in a suit involving the escrow holder and whether or not any party Buyer or Seller has an independent action against the escrow holder and whether or not the escrow hoider instituted the interpleader action for his own protection. Any escrow agent who holds any deposit(s) under the terms of this Contract shall, upon the filing of an interpleader action, be obligated to deliver said deposit(s) to the registry of the coun for disposition in accordance with the interpleader order. B. MORTGAGES: 1, NEW MORTGAGES: If this Contract provides for Buyer to obtain a new mortgage, then Buyer's periormance under this Contract. shail be contingent upon Buyer's obtaining said mortgage financing upon the terms stated, or if none are stated, then upon the terms generally prevailing at such time in the county where the property is located. In the event Buyer executes a new mortgage, all charges incidental to the mortgage shail be paid by the Buyer. In the event a ieter of approvai for said financing is not obtained within thirty (30) banking days from the Effective Date of this Contract, then either party may terminate this Contract by delivery of written notice to the other party or his agent, the deposit(s) shall be retumed to the Buyer and all parties shall be released from all further obligations hereunder. This right of termination shall cease upon the Buyer obtaining a written letter of approval reganiless of contingencies for mortgage financing at the rate and terms of payment previously specified herein pnor to the delivery of the notice of termination. 2. EXISTING MORTGAGES: The Seller shail obtain and fumish an estoppel statement from the mortgagee setting forth the principal balance, escrow balance, method of payment, interest rate, assumabiiity and whether the Tnortgage is in good standing, If there is a charge for the change of ownership, inciuding charges for an assumption fee, it shall be bome equaily by the Buyer and the Seller. Buyer shall make application for assumption of the existing mortgage within five (5) banking days from the Effective Date of this Contract. Buyer agrees to make a good faith, diligent etfort to assume the existing mortgage and agrees to execute ail documents required by the mortgagee for the assumption of said mortgage. In the event the mortgagee does not give wnnen consent to permit the Buyer to assume the existing mortgage at the rate and terms of. payment specitied in Paragraph 3.(d) within thirty (30) banking days, then exther party may terminate this Contract by delivery of written notice to the other party or his agent, then the deposits» shall be retumed to the Buyer and all partes shall be reieased from ail further obligations hereunder. This right of termination shail cease upon the Buyer obtaining written approval for assumption of the Mortgage pnor to the delivery of the notice of termination. If the total mortgage indebtedness on the property 1s less than the amount indicated in this Contract by an amount greater than two percent (2%), the Seller shall have the option to reduce the purchase pnice by the difference or grant the Buyer a Purchase Money Mortgage at the same terms and conditions of the existing mortgage for the difference. Should the Seiler elect not to reduce the purchase price or grant the mortgage, the Buyer shall have the night to provide the additionai cash needed to close or to declare this Contract oull and void. 3. PURCHASE MONEY MORTGAGES TO SELLERS: Except as specifically hereinafter provided, any purchase money note and mortgage to Seller shall follow a form with terms generally accepted in the county where the property is located. A purchase money mortgage shall provide for an annual proof of payment of taxes and insurance against loss by fire with extended coverage in an amount not less than the full insurable value of the inxprovements. Seller shall be named on the insurance policy as a loss payee. A first mortgage and note shall provide for acceleration, at the option of the boider, after thimy (30) days’ default, and a junior morgage shail provide for acceleration, at the option of the holder, aiter ten (10) days’ default. The note shall provide for a late charge of five percent (5%) of the payment due if Payment 1s received by the mortgagee more than ten (10) days ailer the due date and mortgagee has not elected to accelerate. Junior mortgages shail require the owner of the property encumbered to keep all pnor hens and encumbrances in good standing and shail forbid the owner from accepting modifications or future advances under any pnor mortgages. Any prepayment shatl appiy agaist principal amounts last maturing, All personal property conveyed will, at the option of Seller, be subject to the mortgage and evidenced by "Financing Statements.” C. INSPECTIONS: (Access and all utilities for completion of inspections shall be provided by Seller.) 1. SCOPE OF INSPECTIONS: Buyer snail, at his expense, have the right to make the following inspections: {a) Termite: Inspection must be performed by a licensed exterminating company, to determme whether there are active termite, fungus (dry-rot) or other wood- destroying organisms on the property or damage trom present or prior termite or wood-destroying organisms. if there is such infestation or damage, Seiler shail pay the cost of treatment, repair or replacement of the property which is infested or damaged. Where no active wood destroying infestation is observed, treatment or eradication shall not be required, at Sellers expense. uniess required by the iender. (b) Roof: Inspection must be performed dy a licensed Flonda roofer or licensed Florida Generai Contractor to determine that there 1s no evidence of existing root leaks or damage to facia or solfit. If inspection reveais tirat Tepairs and/or replacements are required, costs of same shall be paid by Seller. If roof is found to be jeak free, no re-rooting will be required, notwithstanding tie conuition of rooting matenais, including, but not limited to loose, cracked or slipping ties or curied shingles. All missing tiles or shingles must pe rensaced. (c) Other Inspections: Buyer, at his expense, may make such other inspections of the premises as he deems reasonably necessary. Said inspections shaii be made hy licensed persons or compamies qualified to perform the inspections and give estimates. Any additional inspections recommended by the inspection company will be performed at the Buyer's expense. if the inspections reveal functional defects (as distinguished from acsthetic defects), the cost of same shall be paid by Seller. (d) Personal Property: Seiler represents that ail appiiances, machinery and equipment shall be in working order at date of ctosing. if iaspections reveai that repairs or replacements are necessary. the cost of same shall be paid by Seller. (c) All inspections and repairs shall include any other structures on the property except for fences and sheds. (f) Seller is not required to repair cosmetic concitions (aesthetic defects) unless the cosmetic condition resulted from a functional defect or repair oF a functional defect. “Functional defect means not operating in the manner in which the item was designed to operate and “cosmetic condition” means aesthetic imperfections which do not affect the working condition of the item, including, but not limited to: tears in items other than window screens or screen enclosures; worn spots: discoloration of floor coverings, wallpapers and window treannents; discoloration or staining of pool marcite: nail holes: scratches; dents; scrapes; chips; and cosmetic cracks in ceilings, wails, flooring, tile, fixtures, mirrors, windows, driveways, sidewalks, decks, slabs, and floors, including garage and patio. 2. TIME FOR INSPECTIONS: All inspections, writen reports and estimates shall be completed no later than ten (10) days pnor to the date of scheduled closing. Failure of Buyer to make one or more of the abuve inspections shall be deemed a waiver of the inspections not made and any nghts denved thereunder. 3. RESULTS OF INSPECTION: (a} Copies of inspection reports and estimates pertaining to same, must be provided to ali Buyers, Sellers, real estate brokers, lending instirunons, atlomevs and litle companies as requested. (b) Inspection reports must include monetary v amounts relating to the repairs cited. (c) Inspections pursuant to this Contract are the Tesponsibility of the parties. Brokers shail not incur liability to enher party stemming trom assistance rendered in the inspection process. . 4. REINSPECTION: If Seller disputes Buyer's inspection reports, Seller shail have the right to have additional inspections made at his cost which will be completed within five (5) days of recewt of the disristed report. !f Buyer's and Seller's inspection repons do not agree, the parties shail agree on a third mspector, whose report as to condition ang required repairs shall be binding upon the parties. Said inspection(s) shall be completed witinn 3 days of said agreement. The cost of the third inspection shall be tome equally by Buyer and Seller. $. LIMITATION CLAUSE: Seller shall be tesponsinie for the aggregate costs of the above treatment, repairs and replacement up to four percent (4%) of the purchase price including the cost of tenant relocation. i necessary. if the total cost of matters to be remedied under Paragraph C.1. exceeds this amount. either party shail have the option of pay ing any amount im excess thereof! and this Contract shall remain in full force and effect. If neither party agrees to pay such excess. then, at Seller's or Buyer's option, this Contract may be cancelled by delivery of wntten notice to the other party. in the event of such canceilanon all deposits made shall be returned to Buver. whereupon ail parties shall be relieved of all obligations under this Contract, Seller may use a itcensed Contractor and matenats of Seller's choice to perform ati necessary Tepaits, providing they meet the applicable building codes. After repairs have been completed. Buyer, at Buyer's expense, may have a remspection of repairs. Ax foal CFSAPORP , . Page 2 of + Rev. 3/96 ‘ . L. PRE-CLO” “= EXAMINATION: In addition to the above inspections, Buyef * have ine nght to a pre-closing examimation (walk through) of the premises pnor sing. cole purpose of the "walk through” sbail be limited 1 tifyic ‘ages in condition of the property which have arsen or circumstances which coulk have been readily observed since the execution of this Contact. . pre-closing examination expressiy ts NOT aa additionai inspection. Any changes in condition noted at the "walk through", with the excepnion of norma wear and tear, shall be the fesponsibility of Seller. E, LEASES AND TENANCIES: Prior to the execution of the Contract the Seller shall disclose to the Buyer in wniting ail occupancies or nghts to occupancy, rental, rate, nature, duration and terms (including any special clauses or covenants) of ail occupancies. Within fifteen (15) days afier execution of Contract, Seller shail furnish to Buyer copies of all written ieases and statements from eacn tenant verifying tbe accuracy of statements previously furnished by Seller. If Seller is unable to obtain the foregoing statements from tenants, the same information may be provided in a Seller's Affidavit. If there ts a material discrepancy between statements provided by Seller and verification received by Buyer, this Contract at Buyer's option may be cancelled and all deposits made shall be returned to Buyer. No new occupancies shall be created without the wnnen consent of Buyer, which consent shall not be unreasonably withheld. Seller shall deliver and assiga all existing leases, unmodified, to Buyer at closing. F, RENTAL SECURITY DEPOSITS: Secunty deposits, if any. to the extent they bave pot been appiied by Seller in accordance with the rental agreement and current law, shall be transferred to Buyer pursuant to Florida Law, G. EVIDENCE OF TITLE: Evidence of Title shall be certified to a date subsequent to the Effective Date of this Contract, but not more than thirty (30) days prior to date of scheduled closing. Evidence of Title sball show in Seller 2 marketable title in accordance with current ttle standards adopted by the Florida Bar, subject oniy to liens, encumbrances, exceptions or qualifications set forth in this Contract and those which sbali be discharged by Seiler at or before closing. Evidence of Title shall be delivered within ten (10) days after the Effective Date of this Contract, or fifteen (15) days pnor to the closing date set forth in, Paragraph 6. whichever 1s earner, and if not, Buyer may delay closing date in order that Buyer has fifleen (15) days from date of receiving said title evidence to examine same. if title is found lo be defective, Buyer shall, within a reasonable period, notify Seller in writing and specify the defects. If said defects render title unmarketable. Seller shall bave sixty (60) days from receipt of such notice to cure the defects, and if after said period Seller sball not bave cured the defects. Buyer shail have the option of accepting ulle as itis, extending the closing date up to one (1) year or: demanding a refund of all deposits made bereuncer which shail forthwith be returved to Buyer, and thereupon Buyer and Seller sbali be released of all obligations to each other under this Contract. Seller agrees that be will, if title is found to be unmarketable, use diligent effort to correct the defects within the time limit provided, Seller, at Seller's expense, shail deliver to the Buyer, one of the following evidences of title. Buyer shall pay the cost of the title insurance policy(s) op the subject property: 1) An existing title insurance policy, qualified as a base for reissuance of Coverage on said property at the purchase price, together with an abstract contiouation from the Effective Date of said policy, or together with a computer printout and name search of all eames reflecting all documents affecting the property from the Effective Date of the policy. Continuation shail be by Buyer at Sellers expense not to exceed what Dormaily and reasovably is charged in the community. Seller shall be obligated to provide at Seller's expense copies of all documents affecting the utle to the property. 21 An abstract of title prepared and brought current by an abstract company or ttle agent approved by Buyer, commencing with the earizest possible records. 3) A Standard Title Insurance Commitment issued by a qualified ttle msurer or agent approved by Buyer agreeing to issue to Buyer a Standard Owner's Title Insurance Policy m the amount of the purchase price. . APPRAISAL VALUATION: In the event the appraisal is less than this Conrract’s purchase price, the partes sball have the following options: 14 Seller may agree to sell the property at the appraised vaiue. 2: If the mortgage loan amount must be reduced by the lender. the Buyer wril deposit the casi difference to tbe escrow agent within five (5) banking days after receiving notification of tbe evaluation and proceed with the purchase at this Contract’s purchase pnice. Ja the event that none of the above ‘Options is exercised, then Buyer and Seller agree toa twenty (20) banking day extension in order for the Patties to attempt to obtain a higher valuation or the parties may agree to renegotiate the terms and conditions of this Contract. Failing said subsequent agreement . this Contract shall become auli and void with all deposits returned to tbe Buyer, whereupon all parties shall be relieved of all obligations under this Conmact. I, DEFAULT: ! DEFAULT BY BUYER: If Buyer fails to perform this Contract within the time specified, an amount equal to the deposit(s) made or agreed to be made by Buyer. or ten percent (10%) of the purchase price, whichever ts greater may be retamed or recovered by or for the sccount of Seller as iiquidated damages, consideration for tbe execution of this Contract and full settlement of any claims: whereupon Buyer sball be relieved of all obligations to the Seller under this Contract: or Seller, at bis option, may proceed in equity for specific performance of this Contract. Nothing berem contained shail affect Buyer's obligation to Broker as set forth in Paragraph Q. 2. DEFAULT BY SELLER: If, for any reason other than faiiure of Seller to roake title marketable afer diligent effort, Seller fails, neglects or refuses to perform tbis Contract, the Buyer may seek Specific performance or elect to receive the return of Buyer's deposit(s) without thereby waiving any action for damages resulting from Seller's breach. Seller's failure to produce marketable title or failure to correct violations of government regulations sball not affect Sellers obligation for Brokers Professional fee an full as provided in Paragraph Q. J. CLOSING: | PLACE: Closing shall be beld at the office of Buyer's attorey or closing agent, :f located within the county i which tbe property 1s situated; if not, then at the office of Seller's attorney or closing agent. However, if a portion of the purchase price is to be denved from institutional financing or refinancmg, the leader's requirements as to place, time, date and Procedures for ciosing and for disbursement of mortgage proceeds shall control, anything in this Contract to the contrary notwithstanding. 2. DOCUMENTS: Seller sball furnish deed or other instrument of conveyance. mechanic's lien affidavit, bill of sale, assignment of leases, purchase money note and mortgage, secunty agreement and financmg statement. and any corrective instruments that may de required in connection with perfecting the ttle Each rarty shall prepare and furnish its own closing statement. 3 st of providing Evidence of Title covenng the period pror to closing, state documentary stamps which are required to be affixed to the ssrumen: recording of any purcbase money Morigage to Seller, semlement fee charged by closing agent for settlement services on bebalf of Seiler, and the cost o: 8 aby Corrective documents sbail be paid by Seller. Documentary stamps and intangible tax on the note or notes secured dy the purchase money mortgage, and the cost of recording the deed and suy financing statements sbail be paid by Buyer. Seller shaii pay any prepayment Penaities incurred or charged in satisfying existing mortgages. Buyer shail pay a real estate Processing and handling fee of $110.00 to Century 21 AAA Realty. 4 PRORATIONS: Any references in this Contract to prorations shall be as of the date of closing unless occupancy, occurs prior to ciosing, in which case "3 Proration of Taxes (Real And Personal): Taxes shall be prorated on the current year’s tax without tegard to discount. if closing occurs on a date when plion of taking over any existing policies of insurance on the property, if assumable, in which event Premiums shall be prorated. Other Prorations: Rent. Association Dues, Condo Dues. interest, appliance setvice contracts «if Buyer requests transfer), any other expenses and revenues ‘of the property sball be prorated. K. AFFIDAVITS: Seiler shall furnish to Buyer at ume of closing an affidavit attestin; Seiler, if the property bas been ‘unproved within ninety (90) days pnor to closing, Seiler shail deliver to Buyer an affidavit Setting forth names and addresses of ail Contractors, sub-Contractors, suppliers and matenalmen and stating that all bi! of aii potenti liens. Seller shall also furnish a “Gap” affidavit and any other affidavits which may teasopably be required by the closing agent. L. CONVEYANCE AND TRANSFER: Seller shall convey reai property to Buy. ts. {2 taxes for year of closing and subsequent years: (2) zoning ender restct.ons and prohibitions umposed by governmental authonty: (3; restrctions and other “use of ne property; and (5) otber matters specified in this Contract including mortgages to be assumed by Buyer and Purchase Money Mortgages, if any. All reverter Provisions and reservations shall be released of record at Seller's expense uniess extinguished by the Markelabie Record Title Act or uniess ine Nght of re-entry or the reservation bas been released by other statutory authority or by the state of Florida. Personal property shail be transferred by Bill of Sale Absolute subject only tm suco irens as agreed to by the parties. . M. OCCUPANCY AND POSSESSION: Seller agrees to deliver possession. and all ke that tpere are no other persons in occupancy, unless expressiy agreea to by the parties. requires by this Contract as to existing tenants. 'yS for locks and alarms if any, upon closing aod funding and represents If the property 1s rental property, Seller sbaii provide the information 7 a “CESAPORP ; . Page 3 of 4 JO Rev. 3/96 N. MIS' \NEOUT 1 ea aan ive the propery surveyed at bis expense. If the eA ie registered Florida surveyor, shows any encroachment or the property or that imp:.- ot last excoutor AAA Rea ity THE PROPERTY WAS BUILT PRIOR TO 1978. A LEAD BASED PAINT DISCLOSURE REQUIRED) w 6. LEASED EQUIPMENT IF ANY (e.g., Secunty System, Appliances, etc.1: . PURCHASE PRICE in U.S. funds . METHOD OF PAYMENT: A THIS iS AN FHA. VA. CONDOMINIUM, COOPERATIVE or VACANT. 2 CONTRACT. RIDERS ARE —_—> REQUIRED A DISCLOSURE SUMMARY IS REQUIRED IF A HOMEOWNERS, ASSOCIATION EXISTS. IF pre P CTIV i To be tiled in by Le Party to Sign of init LEGAL DESCRIPTION of real estate located in & you Avi County. Flonda. Tax Folio #_°* ke ia Akos Fethtc Unpr 803 Veron, = A AAy es 293 Flay trt FRR. DDRESS:_ 9299 Ta gw a ayttess (Street) (ApusUnnt) (City) (Zip ~ 4) SELLER OWNED PERSONAL PROPERTY INCLUDED: All fixed equipment, all window screens and hardware. all attact floor coverings and attached lighting fixtures as now installed on said Property. Also included: Central AC “Refrigerator © _L the same, subject to clearance, m0 accordance wrth this SWWact. F of clearance of funds shall not excuse performance by Buyer. Provided. however, that . , event a dispute sali anise between any of the pares to this Contrac. 0 the proper disbursement of the deposits). the party holding the deposit(s) may, at bis option: (1) take no acuon and hold all funds cand documents. if any: unt agreement 1s reached betWween the dispunng partes. or until a judgment bas been entered by a court of competent yunsdicnon and the appear penod has expired thereon. or if appealed then unul the matter bas been finality conducted and then to act m accordance with such fimal judgment: or (2) mstmme an acton for declaratory judgment, mterpleader or otherwise yomme all affected parnes and thereafter compiymg with the ultmate judgment of the court with regard to the disbursement of the depositis) and disposnion of documents. if any. In the event of any suit between Buyer and Seller wherein the escrow agent is made a party by virtue of acting as such escrow agent hereunder, or mn the event of any sut wherem escrow agent interpleads the subject matter of this escrow. the escrow agent shall be entitled to recover all attomey's fees and costs mcurred, imchudmg costs and attomey’s fees for appellate proceeding, if any. The escrow agent shall be enttied to an award agatst the deposit funds for such costs and attorney's fees. Any costs and attomey’s fees awarded to the escrow agent shall be reumbursed to the prevailing party and charged. as court costs against the losing party or pares, jointly and severally. The party recervmg the deposit(s) shail be entnied io the foregomg mterpieader relief and award of atiomey’s fees and cost regardiess of whether said party ts also clammmg a poruon of deposms} momes as real estate commusion and whether or not suit is first filed by one or both Buyer or Seller ma sun. involving the escrow bolder and whether or not any party Buyer or Seiler bas an independent acnon agamst the escrow holder and whether or not the escrow bolder msttuted the interpleader action for his owa protection. Any escrow agent who holds any deposit(s) under the terms of this Contract shall, upon the filing of an mterpleader acon, be obligated to deliver said depositis) to the registry of the court for disposition m accordance with the mterpleader order. B. MORTGAGES: |. NEW MORTGAGES: If this Contract provides for Buyer to obtam a new mortgage, then Buyer's performance under this Contract shail be contingent upon Buyer's obtammng said mortgage financing upon the terms stated, or if none are stated, then upon the terms generally prevailmg at such tme m the county where the property 1s located. In the event Buyer executes a new mortgage, ali charges incidental to the mortgage shall be paid by the Buyer. in the event a letter of approval for said fmancmg 1s not obtamed within thirty (30) banking days from the Fffective Date of this Contract, then erther party May terminate this Contact by delivery of wniten notice to the otber party or dis agent, the deposmt(s) shall be returned to the Buyer and all parnes shail be reieasea trom all further obhiganons bereunder. ‘This nght of termination shall cease upon the Buyer obtammg a wniten letter of approval regardless of contingencies for mortgage financing at the rate and terms of payment previously specified berem pnor to the delivery of the notice of termmation. 2. EXISTING MORTGAGES: The Seller shall obtain and furnish an estoppel statement from the mortgagee settmg forts the prmcrpal balance. escrow balance. method of payment. interest rate. assumability and whether the mongage 1s m good standing. if there ts a charge for the coange of ownership, including charges for an assumpton fee, it shall be borne equalty by the Buyer and the Seller. Buyer shall make appiicaton for assumpton of the existing mortgage withm five (5) banking days from the Effective Date of this Contract. Buyer agrees to make a good farth. diligent effort to assume the existmg mortgage and agrees to execute all documents required by the Mmorgagee for the assumpuon of said mortgage. If the total mortgage mdebtedness on the Property 1s less than the amount indicated m this Contract by an amount greater than two percent (2%), the Seller shail bave the opnon to reduce the purchase price by the difference or grant the Buyer a Purchase Money Mortgage at the same terms and conditions of the existing mortgage for the difference. Should the Seller elect not to reduce the purchase pnice or grant the mortgage, the Buyer shali have the night to provide the additional cash needed to close or to deciare this Contract null and vord. 3. PURCHASE MONEY MORTGAGES TO SELLERS: Except as specifically heremafter provided. any purchase money note and morgage to Se:tey shail follow a form with terms generally accepted m the county where the Property 1s located. A purchase money mongage shall provide for an annual proof c: caymnent of taxes and msurance agamst loss by fire with extended coverage m an amount not less than the full insurable vatue of the mprovements. Seller shall be named on the msurance policy as a loss payee. A first mortgage and note sbail provide for acceleration, at the opton of the holder, after thirty (30) days’ default, and a Junior mortgage shall provide for acceleranon, at the option of tbe bolder, after ten (10) days’ defauk. The note shali provide for a late charge of five percent (5%) of the payment due if payment is received by the mortgagee more than ten (10) days after the due date and mortgagee has not elected to accelerate. junior mortgages shall require the owner of the property encumbered to keep ali pnor liens and encumbrances 10 good standing and shall forbid the owner from accepimg modifications or future advances under any pnor mortgages. Any prepayment shall apply against prncipal amounts last matunng. All personal property conveyed will. at the opton of Seller, be Subject to the mortgage and evidenced by “Fmanemg Sutements.” C. INSPECTIONS: {Access and all utilities for completion of inspections shail be provided by Seller.) 1. SCOPE OF INSPECTIONS: Buyer shall, at ins expense, bave the ngbt to make the followmg mspecuons: (a) Termite: Inspecton must be performed by a licensed exterminating company, to determine woether there are actve termite, fungus (dry-rot) or other wood- destroying organisms on the propery or damage from present or pnor termite or wood-destroyimg organisms. If there 1s such mfestanon or damage, Seller shail pay the cost of treatment. reparr or repiacement of the property which 1s mfested or damaged. Where co active wood destoying wtestauon 1s observed, treatment or eradication shall not be required. at Sellers expense, unless Tequired by the lender. () Roof: Inspection must be performed by a licensed Flonda roofer or licensed Flonda Geverai Contractor to determme that there 1s n0 evidence of existing roof leaks or damage to facia or soffit If inspection reveals that repairs andor replacements are required. costs of same shall be paid bv Seller. If root 1s found to be leak free, po re-rooting will be required. dotwithstandmg the condition of roofing matenais, including. but not limited to 1oose. cracked or shpping ties or-curied sbiogies. Alt missing tles or sbingies must be replaced. ic) Other Inspections: Buyer. at bis expense, may make such other inspections of the premises as he deems reasonaniv necessary. Said inspections shali be made by hicensed persons or companies qualified to perform the inspections and give estamales Any additional inspections recommended by the imspection sompany will be performed at the Buyer's expense. If the inspections reveal functional detects ‘as distinguished trom aestnetic defects), the cost of same shall be paid by Seller. (d) Personal Property: Selier represents that ail appliances, machinery and equipment shail be i working order at date of closmg. if ispections reveal ‘bat repairs or replacements are necessary. the cost of same shall be paid by Seller. te) All mspections and repairs shall mclude any other structures on the property except for fences and sheds. {f) Seller 1s not required to repair cosmetic conditions (aestheuc defects) unless the cosmetic condition resuited frem a functional defect or repair of a functional defect. “Functional defect” means not Operating tn the manner in winch the item was designed to operate and “cosmetic condition” means aesthetic imperfections wbich do not affect the working condition of the tem. including, but pot limited to: tears 19 itemas other than wmdow screens or screen enciosures; worn spots: discoloration of floor covenngs. wallpapers and window treannents: discoloration or staining of pool mareite: nail boles. scratches: dents: scrapes: chips: and cosmetic cracks in ceilings, wails, floonng. tle, fixtures, murors. windows. anveways. sidewalks. decks, slabs. and Hoots. mcluding garage and pao 2. TIME FOR INSPECTIONS: All inspections. wntten Teports and estimates shall be compieted no jater than ten : 10+ days pnor to the date of scheduled ciosing. Failure of Buyer w make one or more of the above imspections shall be deemed a waiver of the ispections not mace and any ngbts denved thereunder. \ RESULTS OF INSPECTION. ia) Copies of inspection repons and estimates Pertaining to same, must be provided to all Buyers, Sellers, real estate proxers. lending insututions. atomevs and ttle companies as requested (>) Inspection reports must include monetary value amounts relating to the repairs cited. ‘c) Inspections pursuant to this Contract are the responsibthty of the parties, Brokers sbaii not incur habihty wo etrer rendered in the mspection process. + REINSPECTION: if Seller disputes Buyer's taspection reports. Seller shall have the mgnt t nave additional inspecticns made at his cost which will be sompieted within five (S) days of recerpt of the disputed report If Huyer’s and Seller's iMspection reports do not agree the parties shall agree on a third inspector. whose report as to condition and required Tepairs sball be binding upon the parties. Sard mMspectionis: sua: ce completed within 3 days of said agreement The cost of the third mspection shall be bome equally by Buyer and Seller ‘LIMITATION CLAUSE: Selier sbail be responsible for the aggregate costs of the anove mearment. repairs ang the purchase pnce mcluding the cost of tenant relocation. if necessary. If the total cost af matters t+ be remedied unser sither party shall have the option of paving aby amount in excess thereot and this ( untract shai: remain in full force ana t. If neither party agrees to pay such excess. then. at Seller's or buyer's option, this Contract may be cancelled by delivery of wnnen notice to the otner pb. in the event of such cancellation ali deposits made shall be returned to isuyer. whereupon all parties shall he reineved of all ebigations under this Contract Selier mav use a licensed Contractor and matenais of Seller's choice to veriorm all Decessary repairs. providing they meet the appiicarie pullding codes. After repairs have been compieted. Buyer. at buyer's expense. may bave a remspection of repairs Party stemming from assistance repiasement up to tour percent 14%} of rap 1 exceeds this amount. Page 2rd Rey. 3/96 N. ME ANF O'S: 1, SUR’ : Buy y have the property surveyed at bis expense. if the survey. cert “¥ a registered Florida surveyor, shows any encroachmen: © the property or that nuprovements intended to be located on the property do. im fact, encroaca on iands of others or violate any other Contract covenants. same shall be treated as a utle defect, 2. SPECIAL ASSESSMENT LIENS: Certlied speciai assessment hens as of the date of closing are to be paid by Seller. Pendmg iiens as of the date ot civ shall be assumed by Buyer. Where the improvement bas been substantially compieted as of the Effective Date of this Contract, such pending lens sha: considered as certified. and Seller shail, at closing, be charged an amount equal to the last estimate of the public body of the assessment of the improve: 3. (a) RISK OF LOSS: if the improvements are damaged by fire or other casualty prior to closmg, and the cost of restonng the same does not exceea percent (5%) of the sales price, the cost of restoration shall be an obligation of Seller and closmg shall proceed pursuant to the terms of this Contract = the cost thereof being escrowed at closing, If the cost of repair or restoration exceeds five percent (5%) of the sales price, Buyer shall have the option of Ua the property “as 1s." together with any msurance proceeds by virtue of said loss or damage, or canceiling this Contract and all deposits will be returned forth to Buyer and tbe partes reitased of any further liability hereunder. (6) CONDEMNATION: In the event an order of taking bas been tssued by any governmental authonty, Buyer shall have the ‘option to cancei cont or require Seller to convey any remarning portion of the property. Should the Buyer not elect to cancel the Contract, then the Buyer shail bave the nec Participate tn negotiations with government and this Contract shali remain 1a full force and effect. 4. INGRESS AND EGRESS: Seller warrants that there are ingress and egress to the property over public or private roads or easements sufficient tor intended use thereof. and this warranty shall survive the closing. 5. MAINTENANCE: Between the Effective Date of this Contract and the closing date. all personal property included in the transaction and the real prope including lawn. shrubbery and pooi, if any, sbali be maintained by Seller m the condition existing as of the Effecuve Date of this Contract. ordinary « and tear excepted. 6. INTEREST: No interest shali be paid to the Sellers or Buyers on deposits, or on mortgage proceeds or closing proceeds not disbursed to Seller at cios 7. ATTORNEY'S FEES AND COSTS: In any litigation (rocluding all appeals) arismg out of thts Contract involving Seller and. Buyer or Broker.or Esc> Agent, the prevailing party shail be entitled to recover ail costs incurred. ‘acluding reasonable attomey's fees. 8. PERSONS BOUND: This Contract shall bind and inure to the benefit of the parties hereto, their heirs, successors and assigns. Whenever the coz: permits, singular shall include plural and gender shail include all. 9. ADDENDA AND EXHIBITS: The term “Contract” shall iciude all Addenda and Exhibits attached or incorporated by reference. 10. NOTICE AND TIME: Notice given by or to the Attomey for either party shall be effective as if given by or to said party. Any reference to ume per shall, m the computaton thereof, exciude Saturdays, Sundays and legal holidays, and any ume penod which shail end on a Saturday, Sunday or legai hoi- shall extend to 5:00 o'clock P.M. on the next full business day. 11. CONTRACT NOT RECORDABLE: Neither this Contract nor any notice thereof shall be recorded in the public records. 12, PROPERTY CONDITIONS DISCLOSURE: Selter warrants that there are no facts known to Seller matenaily affectmg the value of the subject property which are not readily observable by Buyer andor which have not been disclosed to Buyer. 13. FIRPTA: All parties are advised that the [.R.S. Code Tequires the Buyer to withhold ten percent (10%) of the sales price for tax on sales by centain forergr, The tax will be wthheld unless affidavits of comphance with the I.R.S Code or an LR.S. qualifymg statement are provided to Buyer at closing. 14. FLORIDA REAL ESTATE COMMISSION: Notwithstanding anything berem contained, the Seller and Buyer agree that any Real Estate Broker boic any deposits) under the terms of this Contract, may reiy upon an Escrow Disbursement Order or similar direction from the Flonda Real Estate Commis: 15. THIRD PARTY BENEFICIARIES: The Buyer and Seller each acknowledge that the Listing Broker and the Cooperanng Broker are Third P Beneficiaries of this Contract. Notwithstanding privity or the absence of same. said Brokers have an interest m the pertormance of this Contract. Accoriin, the partes agree that this Contract shall not be changed or modified 1n any way which wouid affect the Brokers nights without the consent of said Brok Further, tn the event of breach by either Buyer or Seller. then the Cooperating Broker, Listing Broker, or both may bring an action agamst the breaching p: for the amount of the protessional service fee said Broker or Brokers would have received bad the breaching party not breached. In the event of apy s ligation, this Contract and the Listing Agreement if any, shall control. In the event of conflict. this Contract shall prevail over tbe Listing Agreement. prevailing party rm any such acton shall be entitled to attorneys fees and costs. 16. GOVERNMENTAL AND RELATED MATTERS: Seller warrants and represents that the property in tts present condition ts not m violation with goveromental regulations affecting the property. All improvements to the Property have been properly permitted. The property is not im violation with governmental codes affecting the property. There is a0 condition of the Property which violates state. local or federal environmental regulations. To the ex: that apy aspect of the property ts im vielation with all such governmental regulations. then Buyer shall give wntten notice to Seller and Seller shail have s '60) days to remedy the defect. If after the exprration of the said sixty (60) day penod Seller bas been unable to remedy said defects. Buyer may cancei contract, whereupon bis depostt shail be refunded. In the ahemmanve. Buyer may accept the property in its present condition. Seller shali make a due dihg. good faith effort to bnng the property into compliance with all governmental regulations. Notwithstanding the foregoing, in no event shall Seller be requ: to expend more than five percent (5%) of the purchase pice to so bring the property into compitance. Seller's warranties herein contained shall not sur. the closing of this transaction. 17. FAX AND COUNTERPARTS: A signature transmited by telerax shall be deemed to have the same effect as an ongimal signature. This agreement 7 be executed in counterparts. ‘8. EFFECTIVE DATE: The Effective Date shall be the last date of execution by Buyer or Seller. All trme periods shall be caiculated commencing the after the Effective Date unless specitted bere. O. FINAL AGREEMENT: No modification or change im this Contract shall be binding uniess in wrtmg and executed by the parties. Where m con: typewntten provisions shall supersede printed Provisions and bandwntten provisions shall supersede typewntten andor pnnted provisions. P. SPECIAL CLAUSES: Q. BROKER’S COMPENSATION: (check one) { a wntten Listing Contract is currently im effect. Seller agrees to pay the Brokerts) named below a professional service fee according to the term: the Listing Contract. ) Ole . yy Op ler shail pay the Brokerts) named beiow a protessional service fee of % of the purct A/ \ lure of Buver to pertorm. Buyer shail pay Broker's) professional service fee in tull upon dem2- * , oy, such event. fifty percent of Buyer's deposits) (made or agreed to be made) shail be paid to Brox ; 268 Yo uO ul professional service fee. The balance of Buyer's deposit(s) shall first be applied toward Brox. “7 ‘9 other expenses incurred by Brokenss) on Seller's bebalf, and the balance paid. if any. to the Se aL i ‘ng Seller's ngbts against Buyer as provided for in Paragraph I. relating to detault. {f Seller deta all pay Brokers’ professional service fee 1a full upon demand. AAs ,, fo os Set finde, wy fT ’ Date Seller rh = LIA Ss# ne Buyer Date Seller 5 SS# - SS# wat ev Conte 9 Pog, ve te NS ena ‘Firm Name and Phone Number of Cooperanng Broker) (Firm Name and Phone Number of Listing Broker) CFSAPORP Page 4 of 4 Rev. 3 Miat there are po otber persons ip occupancy, unless expressiy agrees tp _CESAPORP D. PRE-CLOSING EXAMINATION: In addition to the above wspechons. Buyer shail have the ngbt to a pre-closing exar von (walk through) of the Premises prior to closing. The sole purpose of the “walk gb” shall be limited to identifying changes m condition of thet whr-m dave ansen or curcumstatces which couid not bave been readily observ: ¢ the iuon of this Contract. The pre-closing examination e: SIV 1S ap additionat waspection.” Any changes in condition noted at the “walk througn . she exception of normal wear and tear, shall be the Tespoustbiiit, _. Seiier. E. LEASES AND TENANCIES: Pnor to the execution of the Contract the Seller Shall disclose to tae Buyer in wnittog aii occupancies or ngats to occupancy, rental. rate. nature, duration and terms Gncluding any speciai clauses or covenants) of all occupancies. Within fifteen i$) days ater execution of Contract. Seller shall furnish to Buyer copies of all written ieases and statements from each tenant venfyimg the accuracy of statements previously furnished by Seller. If Seller is unable to obtain the foregomg statements from tenants. the same tnformation may be provided ir a Seiler’s Affidavit, If there 1s a maternal discrepancy between statements provided by Seiier and verification received by Buyer. this Contract at Buyer's option may be cancelled and all deposits made shall be returned to Buyer. No new occupancies shall be created without the wnitten consent of Buyer. wich consent shali not be unreasonably withheld. Seller shall deliver and assign all existing leases, unmodified, to Buyer at closing. F. RENTAL SECURITY DEPOSITS: Secunty deposits, uf any, to the extent they have not been appiied by Seller mn accordance with the Tental agreement and current law. sball be transferred to Buyer pursuant to Flonda Law, to correct the defects wrthm the time Inmit provided. Seller, at Seller's expense, shall deliver to the Buyer. one of the following evidences of title. Buyer shall pay the cost of the Gtle insurance poiicy(s) on the subject property: (1) An exisung ttle msurance policy, qualified as a base for retssuance of coverage on said property at the purchase pnice. together wrt an abstract continuation from the Effective Date of said pohcy, or tog ‘wr a computer printout and name search of all enmes Teflecung all documents affecumg the property trom the Effective Date of the policy. Contmuanon shali be by Buyer at Seliers expense not to exceed what ormaily and reasonably 1s charged m the communnty. Selier shall be obligated to provide at Seller's expense copies of all documents affectmg the ntle to the property. (2) An abstract of ntle prepared and brought current by an abstract company or ttle agent approved by Buyer. commencing with tbe earliest possibie records. (3) A Standard Title Insurance Commitment issued by a qualified ntle msurer or agent approved by Buyer agreemg to issue to Buyer a Standard Owner's Title Insurance Policy m the amount of the purchase price. H. APPRAISAL VALUATION: In the event the appraisal 1s iess than this Contract's purchase price, the Parties sball bave the following opnons: . (1) Seller may agree to sell the property at the appraised vaiue (2) Mf the morgage joan amount must be reduced by the lenaer. the Buyer will deposit the cash difference to the esctow agent within five |S) banking 'o obtam a bigner vaiuation or the partes may agree to renegouale the terms and conditions of this Contract. Failmg said subsequent agreement . this Contract shall become null and void with all deposuts returned to tbe Buyer, whereupon all parties shall be releved of all obhigabons under this Contract. 1. DEFAULT: 1. DEFAULT BY BUYER: If Buyer fails to perform this Contract within the time specified, an amount equal to the deposits) made or agreed to be made by Buyer, or ten percent (10%) of the Purchase price, whichever 1s greater may be retained or recovered by or for the account of Selier as liquidated damages, consideration for the execution of this Contract and full settlement of any clams: whereupon Buyer shall be relieved of all obligations to the Selier under this Contract: or Seller. at bis option, may proceed rn equity for specific performance of this Contract. Nothing berem contamed shall affect Buyer's obiigation to Broker as set forth tn Paragraph Q. 2. DEFAULT BY SELLER: If, for any Treason other than fatiure of Seller to make title marketable after diligent effort, Seller fails, neglects or refuses to perform this Contract, the Buyer may seek specitic performance or elect to receive the return of Buyer's depositis) without thereby warving any action for damages resulting from Seller's breach. Seller's failure to produce marketable title or failure to correct violations of government regulations shall not affect Seliers obligation for Brokers professional fee in full as provided 1p Paragraph Q J. CLOSING: 1. PLACE: Closing shall be beld at the office of Buyer's attorney or closing agent. 1f located within the county m which the propern 1s situated: if sot, then at the office of Seller's anomey or ciosing agent. However, if a portion of the purchase Price is to be denved from mstirutional financing or refinancmg. the lender's requirements as to place. time, date and Procedures for ciosing and for disbursement of mortgage proceeds shall controi. anything tn this Contract to the contrary notwithstanding. 2 DOCUMENTS: Selier shail furnish deed or other instrument of conveyance. mechanic's hen affidavit, bill of sale, assignment of ieases. purchase money Dole and mortgage. secunty agreement and financmg statement aca any corrective tnstruments that may be required in connection witn pertectiog the ttle Each party shall prepare and furnisb its own closing statement EXPENSES: The cost of providing Evidence of Title covenng the instrument of conveyance. recording of any purchase money mortgage to Seiler. settiement fee charged by closing agent for settiement services on pebalr (be current year's millage 1s not fixed, and the Current year's assessment 1s available. taxes will be prorated based upon such assessment and the pnor year’s millage. If the current year's assessment 1s not available, taxes wiil de prorated on the Prior year's tax without regard to discount. If there are compieted ‘mprovements by January Ist of the year of closing. which tmprovements were not tp existence on January tst of the pnor year, taxes will be prorated based Upon the pror year's millage and an equitable estrmated assessment of the property, as improved. Any tax proration based upot apy estimate shail be subsequentiy readiusted upon receipt of the tax bill (b) Proration of Insurance: Bu: premiums shall’ be prorated. {c) Other Prorations: Rent. Association Dues. Condo Dues, interest. appliance service contracts «if Buyer requests transier: reventies of the property shall be prorated - K. AFFIDAVITS: Seller sail furnish to Buyer at ume of closizg an affidavit attesting to the Seller. If the property has been tmproved with ninery 190) days pr: yer shall bave the option of taking over any existing policies of insurance on the property. 1! assumable. 10 which event aay other expenses and absence of any claims of lien or potential henors known wo closing. Seiler shail deliver to Buyer an affidavit setting loms names and adaresses 8 that all bills for work on subyect property have been paid. isuver may require releases 'y other affidavits which may reasonably be reoutred by the using agent perty to Buyer by Statutory Warranty Deed (uniess selling in a representative capacity « sublect resinctions and prohibitions unposed by govemmental authonn resinctions and otner niity easements of record. provided said easements do not Teasonanty mtertere with the tended se of the property: and (5) other matters specitied mn this Contract, metuaing Mortgages « be assumed by Buyer and Purchase Money Morgazes. i! apy. Ail reverter expense uniess extinguished by the Marketable Record Tille Act or usiess ine nght of re-enry or y he sate of Flonda. Personal property shail be ransterred by Bill of Sate Ansoiute. sudiect ony = such ‘hens as agreed to by the parties. M. OCCUPANCY AND POSSESSION: Seller agrees to deliver nossession. and all keys tor locks and alarms it a ine reservation bas been released by other statutory aulhonty or b: ny. upon closing auc mmding ana reeresents dy the parues. if the property 1s rental property. Selier snau provide thetniommation required by this Contract as to existing tenants. 7 ae Page 3 ord Rev 3% SEP} 3-4997 \ W 7) as prcriye® RENAISSANCE, JARAGUA HOTEL & CASINO LisA KING Division CFREAL ESTATE HURSTCOW QCeTH TOE 4OO WEST POBIK SCH ST CELLARS | FL sax! 1772 TERE US KiG, Tt HAVE ENCLOSED 3 COPIES OF THE COATRICT LAM #QLOuwee CO TO THE OTHES D Fee Cowen ce. LN THE FUTURE LT Cre PRULIDE ALL TF Neeser PURASE NCTE THE Steet Dro Tire SPEctiwe oF MY LAST WANE | TOCRLE LS ALE WOTE THE WEMNE SOUAL SECURTY MCIMBER. L Dido T UomteT TO ALTER WS CONTORIS SL Bust Set mye UM GA PE CF PAPER + TAPED TT ARE. NEO NCTE WHERE TH ANNU LLERE CHHUGRD BY THE S2(_ eS PRMLTER SUUMUCE MD TO THE ceeBecT AMOT DB cioy PEVEWLC URCTE TKCSRET ArrnUTS, TD CE TC Tie vou FUR THE TimmsOs7ve CRSA TO TAS SITUS AWD IF MSO WOTE SHae ay AAD SHE Usp DOA ty» Av. George Washington 367, Apartaao Postal 769-2, Santo Domingo, Reoublica Dominicana, Teléfono 809-221-2222. Fax 809-686-0528 ease HOTELS AND RESORT 1 1 2.0 FmHA 5.0 Conv, las, 3.0 Conv. Daas.| 6. File Number © 97-299 C. NOTE: This form is furntshed to give you 4 Statement of aenal serlemene marked *(p.c.c.)” were paid outside the closmg: they are shown D. NAME OF BORROWER: AME Beth N. O’Lynnger GROSS AMOUNT DUE FROM BORROWER | 01. C:ract sales price 200. AMOUNTS PalD BY OR IN BEHALF OP BORROWER 201. Decos:t or earnest money 202. Prinemal amount of new loan(s) an(s) mien subject (206. I 1208 20a 2090 TAX 0 #: 202.09-2623 SETTLEMENT DATE: Acmmnenty for items paid by seller in advance Pt 106. C crown taxes 52,650.00 ‘Adwesmnenes for itcras utpaid by seller | « Satlementdate ‘ht ~ U.S. Department of Housing and Urban Development 368962440 9000 Jacaranda Lane Joseph M. Balogco, PAL 202 1323 S.E. 3RD AVENUE FORT LAUDERDALE, FL 73316 28.500. U0! 401. Contract sates orice ! =8.500 00 propa [_[20. Persona prop 103. Secemene charges to borrower (luse 1400) l 3258. iC} 403. | 294. 404. 205. a eo 606. City/towt maxes 407, County texer 408. Assessments -_ 430. 326 Quem: 1506. i 1297. Appixauon tee w/Lender : A {S09 210, Coy owa texcs to 510. City/town taxes Commy ces QUOLOT 4 O7A9/97 i SOT 04) Sh. Seanay vines 212. Asssssments 0. S12, Assessments ts17. 1218, 518, 23. [s9, , 220. TOTAL AMOUNTS PAID 420. TOTAL REDUCTIONS IN \__3Y OR IN BEHALF OF BORROWER 56,497. O4f 302. CASH = From © To BORROWER >| 5,499.89 | 603. CASH To < a ZEQE SE7 PSE LV vey 12 AUMINSO HONS idZO“ZL 7, Loan Number 07/29/97 } 400. GROSS AMOUNT DUE TO SELLER t Adrien for items paid by seller in advance | 500. REDUCTIONS IN AMOUNT DUE TO SELLER 3000 .0ut $01. Excess depose (see ustnichonss ll 302, Seadement charres 09 stiler (line 1400) 1 4.618 . 82] £04. Payoff of first morteage joan ‘ 7 | 505. Pavoff of sscond mortzage losn AMOUNT DUE SELLER LENDER’S ADDRESS: P.O. Box 619001 DFW Alrpor. TY, 75261 H. SETTLEMENT AGENT: JOSEPH M. BALOCCO, FA. 1323 $.B. 3RD AVENUE PY. LAUDERDALE. FL 373!5 cy Adjustmems for items unpaid by seller 2 OOD OF ATIRAT OLIOT 4 OF /29/97 $57.04 ES ! ~ 2 From SELLER | MUDAU (80) RETPA. HR OS 2 5 . Ss a J U.S. DEPARTMENT OF HOUSING Jom RBar ELOPMENT ences L._ Settlement Charges . i Paid Prom , Barrower's Seller's 701. 1 755, 06 21 AAA $00. Items Payable In Connection With Loan 801, Loan Originacon Fes 1.0008... .. m_Amenean Atrlines EE TU Federal Exp ess_ Serve 9 Anetean Apes ERC i 12. Tax Service Fee = aie . Baloeee, Pa, 2500 1 1 . 1200. Government Recordin and Transfer _C! 1301. Survey - : POL Serve $$ 1202 Spex 10 303, 2 : to Federal Express 24.50| dT 1304. Fax, Cops. LDC. ex. to Joseph M. Balocco, PA. 35.00 1305. Handling Fee to €-21 AAA Realty 110.00] 1306._3:d Quarcer Mamcenance to Jacaranda Estases : 343.32 1207. j . i 1400. Total Settlement Charges (ener on lines 103, Section J and 502, Section 10 > 3,288 a 4,618, 82/ RTIFICATI - Meo ERECTA RS PPE SARE TREE RA ee AD yg Pace caeme s ° J L = Borrower = bid, a Seller Fs a - “S Jean Delite y . Oo Borrower See Seller Fhe uD ht Sfilement Saatnen which I have 4 UE and accurate accouneef tos ransaction. {have eaused the funds w be disbursed in accond- Agent ~~ Date TARNING: It is 9 ct LJ Pi ar utili bal Foon al° is} SEBE SEV SE LIVae wv .Z YOINSO WoYS mdZO Zt LEEt-2t-4t Me POSURE ea Sak ae tyr ssf, maf memes ee + ene

Docket for Case No: 00-000753

Issue Date	Proceedings
Oct. 02, 2000	Status Report filed by Respondent.
Sep. 27, 2000	Order Closing File issued. CASE CLOSED.
Sep. 21, 2000	Motion to Relinquish Jurisdiction (filed by Petitioner via facsimile).
Sep. 19, 2000	Order issued. (parties shall advise status by 9/29/2000)
Sep. 15, 2000	Status Report (filed by Petitioner via facsimile).
Jun. 27, 2000	Order sent out. (parties shall advise of mutually-agreeable hearing dates by 8/31/2000)
Jun. 23, 2000	Status Report (filed by G. Coaxum via facsimile) filed.
Jun. 23, 2000	Notice of Substitute Counsel (filed by G. Coaxum via facsimile) filed.
Jun. 16, 2000	Order Placing Case in Abeyance sent out. (Parties to advise status by June 23, 2000)
Jun. 12, 2000	Status Report/Motion for Extension of Time (Petitioner filed via facsimile) filed.
May 23, 2000	Order Granting Continuance sent out. (Parties to advise status by June 12, 2000.)
May 22, 2000	(Petitioner) Motion for Continuance (filed via facsimile).
May 16, 2000	Joint Pre-Hearing Stipulation (filed via facsimile).
Apr. 28, 2000	Notice of Withdrawal of Counsel (filed by A. Strause, Jr.) filed.
Apr. 05, 2000	Notice of Substitute Counsel (filed by A. D. Perkins via facsimile) filed.
Apr. 03, 2000	Notice of Appearance (Edward Paul Kreiling) filed.
Mar. 08, 2000	Order of Pre-hearing Instructions sent out.
Mar. 08, 2000	Notice of Hearing sent out. (hearing set for May 26, 2000; 10:00 a.m.; Fort Lauderdale, FL)
Feb. 29, 2000	(Petitioner) Unilateral Response to Initial Order (filed via facsimile).
Feb. 18, 2000	Initial Order issued.
Feb. 17, 2000	Letter to G Coaxum From A. Strauss, Jr. Re: Rejects Settlement offer, Request for Scheduling of Hearing filed.
Feb. 17, 2000	Administrative Complaint filed.
Feb. 17, 2000	Agency Referral Letter filed.