PILED 00 JW 26 py 2:42 STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REG ONIN or FLORIDA REAL ESTATE COMMISSION HES IRATIVE EAR INGS FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, (Y) -200H Petitioner, vs. DBPR Case N° 99-80507 99-80508 HANS R. SCHINK AND BENJAMIN A. COLA, Respondents. / ADMINISTRATIVE COMPLAINT State of Florida, Department of Business and Professional Regulation, Division of Real Estate (hereinafter "Petitioner" files this Administrative Complaint against Hans R. Schink and Benjamin A. Cola (hereinafter “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 § 20.165, Fla. Stat., Chapters 120, 455 and 475, Fla. Stat., and the rules promulgated pursuant thereto. 2. Respondent Hans R. Schink is and was at all times material hereto a licensed Florida real estate salesperson, issued license number 0672041 in accordance with Chapter 475, Fla. Stat. The last license issued was as a voluntary inactive salesperson at P O Box 2165, Daytona Beach, Florida 32115. FDBPR v. Benjamin Alexander Cola Case No. 99-80508 Administrative Complaint 3. Respondent Benjamin Alexander Cola is and was at all times material hereto a licensed Florida real estate broker, issued license number 3002074 in accordance with Chapter 475, Fla. Stat. The last license issued was as a broker t/a Palm Property Management, 370 N. Hwy. 17-92, Longwood, Florida 32750. 4. At all times material to this action Respondent COLA was the qualifying broker for Palm Property Management. At all times material Respondent SCHINK was an employee of Palm Property Management. SCHINK obtained his real estate salespersons license on December 21, 1998. 5. On or about September 21, 1998, Respondent COLA through Palm Property Management entered into a listing agreement for property located at 633 Cherry Street in Daytona Beach, Florida, with Augustin POLYDORE as the seller. A copy of the listing agreement is attached hereto, incorporated herein and made a part hereof by reference as Administrative Complaint, Exhibit 1. 6. On or about September 29, 1998, a contract for the sale and purchase of the 633 Cherry Street property was entered into between POLYDORE as the seller, and John C. BALDWIN as the buyer. A copy of the contract is attached hereto, incorporated herein and made a part hereof by | reference as Administrative Complaint Bxhibit 2. 7. In order to complete the transaction, BALDWIN obtained mortgage financing for $33,750. The balance of the financing, $11,250 was obtained through a second mortgage with FDBPR v. Benjamin Alexander Cola Case No. 99-80508 Administrative Complaint the seller, POLYDORE. 8. On or about November 5, 1998, the closing on the 633 Cherry Street property took place. At such closing the seller paid a $750 consulting fee directly to Respondent SCHINK. Respondent SCHINK was not licensed as the time and POLYDORE did not have prior notice of this fee. 9. On or about September 9, 1998, Respondent COLA negotiated the purchase and sale of property located at 631 Cherry Street in Daytona Beach, Florida. A copy of the contract is attached hereto, incorporated herein and made a part hereof by reference as Administrative Complaint, Exhibit 3. The seller was Carla Jennings as executrix of the estate of Pauline Caldwell. The buyer was POLYDORE. 10. POLYDORE gave Respondent SCHINK a check in the amount of $700 allegedly to cover legal expenses to clear the 631 Cherry Street property out of probate. Respondent SCHINK is not a member of the Florida Bar. 11. Respondent SCHINK had POLYDORE sign papers assigning the second mortgage on the 633 Cherry Street property to Respondent SCHINK. At the time POLYDORE signed the same he was unaware that he had assigned the mortgage to Respondent SCHINK. 12. Respondent COLA has since terminated SCHINK as an employee and had SCHINK reassign the mortgage back to POLYDORE. FDBPR vy. Benjamin Alexander Cola Case No. 99-80508 Administrative Complaint COUNT I _ Based upon the foregoing, Respondent Hans R. Schink 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 § 475.25(1)(b), Fla. Stat. COUNT I Based upon the foregoing, Respondent Benjamin Alexander Cola is guilty of culpable negligence, or breach of trust in any business transaction or violated a duty imposed by law in violation of § 475.25(1)(b), Fla. Stat. COUNT III Based upon the foregoing, Respondent Hans R. Schink is guilty of having operated as a broker without being the holder ofa valid and current license as a salesperson in violation of § 475.42(1)(a), Fila. Stat. and therefore in violation of § 475.25(1)(e), Fla. Stat. COUNT IV ‘Based upon the foregoing, the Respondent Benjamin Alexander Cola is guilty of having employed any person as a salesperson who is not the holder of a valid and current license as salesperson in violation of § 475.42(1)(c), Fla. Stat. and therefore in violation of § 475.25(1)(e), Fila. Stat. ‘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 FDBPR v. Benjamin Alexander Cola Case No. 99-80508 Administrative Complaint as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475, Fla. Stat., 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 $1,000 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 permitee to complete and pass additional real estate education courses; publication; or any combination of the foregoing which may apply. See § 475.25(1), Fla. Stat. and Rule 61J2- 24.001, Fla. Admin. Code. The penalties which may be imposed for violation(s) of Chapter 455, Fla. Stat., depending upon the severity of the offense(s), include: revocation of the license, 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 permitee to complete and pass additional real estate education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of a cease and desist order; or any combination of the foregoing which may apply. See § 455.227, Fla. Stat. and Rule 61J2-24.001, Fla. Admin. Code. Sanartment of Professional Resulatien Civision of Real Estate i) : helo 7 ATTORNEY FOR PETITIONER FDBPR v. Benjamin Alexander Cola Case No. 99-80508 Administrative Complaint SIGNED this _/7 th ay of Flay , 2000. : IV: edep GLGLT > FILED mo, Déphrtment of Budingss and Professional Regulation By: Herbert S. Fecker, Jr. Director, Division of Real Estate . Andrea Perkins Florida Bar N° 0943053 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 AP/k PCP: LJ/MP 5/00 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, FDBPR v. Benjamin Alexander Cola Case No, 99-80508 Administrative Complaint 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. REAL ESTATE ILJSTING AGREE a In consideration of the covenants yefcinafer containcd, _ isco Ut Ne? IG_€: Gre of SS tips Ace: S The feb hd LM __ hercinafier referred to as Owner. apps Palm Property Management of 340 South Beach St. Daytona Beach, VL 321 ra. as Exclusive Agent forthe CSALE RENTAL OTHER on G53 Z eer. Let 2 Tel hercinafidr referred to as the en al the gross asking price of, 4% _Guonthly rental), The Owner agrees: (a) To furnish Palm Property Management with Ting specifications, inveutory of any personal property to be included or excluded from the transaction, (b) To keep Palm Property Management informed of the location of the Owners, and to make Property available for inspection at reasonable hours. (c) To convey to Palm Property Management an exclusive right to scll and or lease, advertise, place a sign upon and show the properly through its efforts and others with whom Agent may choose to sub-list, and to refer immediately (o Palm Property Management all inquirics of other brokerages and Buyers: (d) To enter into the customary written purchase and or lease agreement whea a purchaser or tenant is found for the property. | To guarantee clear tille to the property ata sales closing; (c¢) To maintain insurance co We jability on the property. (f) To authorize Palm Property Management to act as Exclusive Rental Agent for a foc of ~% ol the first months rent which is fully carned at the time of Lease Inception and to act as Exclusive Monthly Rent Collector for an additional fee of 10% of all collected rent during the term of any lease under this agrecment. (y) To allow Palm Property Management the right, but nol the obligation, to authorize any “Emergency” or “Legally Necessury” repair request in order to conform with City, County, State and Federal laws. Prior to Agent's authorization of any repairs, Palm Property Management will provide the Owner with as much notice as is reasonably possible in order that the Owner may repair the Property. In the event that the Owner is unavailable or unresponsive to repair requests, then Palm Property Management ul its sole option may initiate repairs and the Owner hereby agrees to inumediately pay Palm Property Management in full for its charges and costs to tepair, Owner authorizes Pulot Property Management to deduct repair charges from the Owucr’s rental income stream and or gross sale proceeds at settlement. (h) Owner understands and agrees that Palm Property Management and its Agents and. sub- Ageuls do not guarantec anything under this listing agreement. Owner furthermore agrees to hold harmless Palm Property Management and ils Agents and sub-agents for any action or inaction regarding repairs, advertising, Tenant or any other clicut sclection. eviction. or negotiation, contract or addendum writing whether they arc completed or not, initiated or nol, liable or not. including conscquential damages, income loss or any injury arising out of Palm Property Management's fon ction : or Owner notification. i In the event of a Rental, of all or part of the Property, Owner Grants Palm Property japagcneny | the authority to sclect Tenants and sign Icascs, to cvict Tenants, to negotiate and settle any form of clainiaguinst panting to hold corresponding escrow sccurily deposits. (j) In the cyent thg,Prpperty is sold during the term of thi mMceRO the ier | agrecs lo pay Palin Property Management a commission Koo Fiat ine gross salc price of the abov be d Property ro) | The Owner further agrecs to pay the same comunission should he at any time within onc year after the te alition i) of 3 | agreement. scll or lease the above described Property to anyone made aware of the Property's availability, iructly @ indirectly, by Palm Property Management or its Sub-Agents during the term of this agreement. In the evi eieaePahn Toperly Management receives a deposit for a sale, lease, contract for deed or any other type of actual or equitable Ue rage whiat? does not close duc to Buyer default, then Owner and Palm Property Management agree that any collected deposits*held for that transaction shall be liquidated first to pay Agent's full commission which shall be considered fully carned by Agent with the remainder to the Owner. The listing shall continuc unchanged until its term is complete. This agreement shall remain in effect until the property is sold aud title transfers or for a period of cightcen months. whichever occurs first. (k) Owner understands and agrees that Palm Property Management and its Agents shall not assume liability, care, custody. or control of said Property. behavior of Tenants, nor docs it guarantee its sale, rental. rent collection, ability of rent to pay Owner's cost of ownership or maintenance, and that Palm Property Management will never purchase any insurance coverage or pay Insurance bills on Owner’s Property. (1). It is agreed in advance among the parties, that a fax. photocopy. computer scan or print of a scan of this Listing Agrecment shall be as fegally valid as the original. Owner certifies herewith that He / She has received a copy of this Listing Agreement. (m) REPRESENTATION: | It is hereby understood and ugreed that Palm Property Management and the Agent hereunder represent the Owner in any transaction under this Listing unless a different form of Representation is agreed upon in writing and signed by Palm Properly Management and the Owner. ee Set 2b (E24 Datc ow mit : ok & _ (al ed ee Palm Prof rly Managentent (Agdnt) Date ae : 3 : LO a “Cle # WO < lar Fee Cows, DION or CL ot [veges % , exniaite 1 paceaay| _ Date HV WR Ie 6 PURI ROOULIAI UI UP MCALIUNOW ANU INE PLEURA BAK Eantr for Sale and Purchase o-*sLonioa 13 SIATION OF REALTORS® AND THE FLORIDA BAR a CACFR T= hereby agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property (collectively “Property upon the following terms and conditions, whi Incude Stendarcs for Real Estate Transactions (‘Standards on the reverse side hereof or attached hereto and riders and addenda to this Contract for Sale and Purctase (‘Contract’). m Lnnnzipto ine es per cian UC Ora ye ENDER EPI Unslh ACCOR (0) Street address, city, zip, of the Property is: (©) Personal Property: Mh PURCHASE PRIC! PAYMENT: Ln (a) Deposit held in escrow w Bf Sef an (0) Additional escrow deposit to be made within days after Effective Date (as defined in Paragraph Ill) in the amount of (©) Subject to AND assumption of existing mortgage in good standing in favor of pt or toe ning an j@ate prpsent principal balance of (@) Purchase money mortgage and‘rote to Seller (see addendum) if the amount of fe d 6 Sh 2D, LS Ms Be (e} Other: 3 ycmr (0) Balance to close by U.S. cash, LOCALLY DRAWN ceriifiad or cashiers check of third-party loan, subject to adjustments or prorations I, TIME FOR ACCEPTANCE OF OFFER; EFFECTIVE DATE; FACSIMILE: If this offer is not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writi between the parties on or before the deposit(s) will, at Buyer's option, be retumed and this otfer withdrawn. The date of Contract ("Effective Date’) be the date when the last one of the Buyer and Seller has signed this offer. A facsimile copy of this Contract and any signatures thereon shall be consktered for ail Purposes as originals. 1. FINANCING: . (a) If the Purchase Price or any part of itis to be financed by a third-party loan, this Contract is conditioned on Buyer obtaining a written witrin ZO days aftar Effect Date {pe CHEGIS ONLY ONE): Gia fixed; © an adjustable; or O a fixed or adjustable rate loan in the principal amount of § 2A 2 VR at an initial interest rate not exceed | °%, discount and origination fees not to exceed _! _% of principal amount, and for a term of A00_ years. ‘Buyer will make apptication within “days after Effect Date and use reasonable diligence to obtain a loan commitment and, thereafter, to satisty terms and coriditions of the commitment gag close the loan. Buyar. shall pay ail Ic expenses. If Buyer fails to obtain a commitment or fails to waive Buyer's rights under this subparagraph within the time for obtaining a nent OF, igert etfort, tails to m« the terms and conditions of the commitment, then either party thereatter, by written notice to the other, may cancel this and Bufet’shall ba the daposit (b) The existing mortgage described in Paragraph II(c), above, has (CHECK ONLY ONE): Q a variable interest rate; or Ef’artixed interest rate of wr annum. At time of t i days-eftér gestive Date, furnis! transfer, some fixed interest rates are subject te increase; if increased, the rate shall not exceed ____ % per annum. Sell statement trom each mortgagee stating the principal balance, method of payment, interest rate and status of mortgage. if Tortgage which requi approval of Buyer by the mortga ‘umption, then Buyer shall promptly obtain the necassary application and diligent) s to theljnortga: charga(s) not to exceed $ shall be paid by Buyer, it Buyer is not accepted by mortgagee or fs son ' the terms of this Contract or mortgagee makes a charge in excess of tha stated amount, Seller or Buyer may rescind thit Gh pean to arty unless eit. elects to pay the increase in interest rate or excess mortgage charges. V. TITLE EVIDENCE: At least _*"_ days before closing date, but no earlier than Z= days atter Seller receives written no! . ined q) commnitmen has been approved for the loan assumption as provided in Paragraphs !V(a) or (b), above, or, if applicable, waived the financing requir Ben yr shall, al Sel. expense. deliver to Buyer or Buyer's attomey; or Qi Buyer shall at Buyer's expense obtain (CHECK ONLY ONE): Q abstract of ttle; com t (vith legibla copies instruments listed as exceptions attached thereto} and, atter closing, an owner's policy of title insurance, Z la 30 (9 w Vl. CLOSING DATE: This transaction shall be closed and the deed and othar closing papers delivered on 7c 7 Li, dyot sions of this Contr: Vil. RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer shall take title subject to: comprehensive land use plans, zoning, restrictions, | fons and uirements imposec governmental authority; restrictions and matters appearing on the plat or otherwise common to the subdivision; public utility easements ot ts ar¥ to be located contiguou Aeal Property linas and not more than 10 feet in width as to the rear or front lines and 7 1/2 feet in width as to the side lines, unless otherwise stated herein); taxes fcr year of closing « subsequent years: assumed mortgages and maage mon 00 Ja nm items, seo addendum); provided, that there exists at closing no violation of the foregc and none pravent use of the Property for LO VOLE. Cont dl Tae purpose Vill, OCCUPANCY: Sellar warrants that thare are no parties in occupancy other than Seller; but if Property is intended to be rented or occupied beyond closing, the fact and terms the: and the tenani(s) or occupants shall be disclosed pursuant to Standard F. Seller shall deliver occupancy of Property to Buyer at time of closing unless otherwise stated herein. I! occupa is to be deliverad belore closing, Buyer assumes all risks of loss to Property trom date of occupancy, shall be responsible and liable for maintenance trom that date, anid shall be deme have accepted Property in its existing condition as of:time of taking occupancy unless otherwise stated herein, - IX. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions, riders and addenda shall control all printed provisions of this Contract in conflict with th x RIDERS: (CHECK those riders which are applicable AND are attached to this Contract): DP ve f a CK {a) QCOASTAL CONSTRUCTION CONTROL LINE (} QVA/FHA (g) QHOMEQWNERS' ASSOCIATION DISCLOSURE (o} Q CONDOMINIUM (e} QINSULATION (h} ORESIDENTIAL LEAD-BASED HAZARD DISCLOSURE (c) Q FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT () ALAS IS” yO XL ASSIGNABILITY; (CHECK ONLY ONE): Buyer Q may assign and thereby be released {rom any further liability under this Contract; Q may assign but not be released from fiat under this Contract; or may not assign this Contract. Xt, DISCLOSURES: (a) Radon is a naluraily occurring radioactive gas that when accumulated in a building in sufficient quantities may present heaith risks lo persons who are exposed to it over ti Levele of radon that exceed faderal and state guidelines have been found in buildings in Florida. Additional information regarding Radon or Radon testing may be obtained your County Public Health unit. (b) Buyer may have determined the energy efficiency rating of the residential building, if any is located on the Real Property. (©) if the Real Property includes pre-1978 residential housing then Paragraph X (h} is mandatory. XII. MAXIMUM REPAIR COSTS: Seller shall not ba responsible for payments in excess of: @s for treatment and sepair under Standard D (if blank, then 2% of the Purchase Price). (o)$ for repair and replacement under Standard N {if blank, then 3% of the Purchase Price). XIV, SPECIAL CLAUSES; ADDENDA: If additional terms are to be provided, attach addendum and CHECK HERE Q. © . ” - THIS IS INTENDED TO SE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS AND THE FLORIDA BAR. Approval does not constitute an opinion that any of the terms and conditions in this Contract should be accepted by the parties in a particular transaction, Terms anc! conditions shou be negotiated based upon the respective interests, objectives and bargaining positions of all interested persons. COPYRIGHT 1995 BY THE FLORIDA BAR AND THE FLORIDA, ASSOCIATION OF REALTORS Bra. Balhar: Sool 29-156 SX Plteyeplee stl tewe. Sough BBL. (Buyer) “(Date) (Seller) (Date) Socia' Secunty or tax ..d 0574 C#- SAD Social Security o Tax ILD. # Gii- as GST (Le. (Beyer) (ate) (Seller) ‘Date) Social Security or Tax 1.0. # Social Security or Tax ILD. # — Deposit under Paragraph Il (a) received; IF OTHER THAN CASH, THEN SUBJECT TO CLEARANCE. _—- (Escrow A BROKER'S FEE: The byokers pamed below, jpoucieg jpting and cooperating _ are the only brokers entitled to compensation in connection with this Contract: Names LAL Mae Mbilhg ge HELCrA fn 4 7 ZF = A A ising Broke y “ISR BOEF Cooperating Brokers, if any oe pas » RIDERS CAN‘BE OBTAINED FROM THE FLORIDA ASSOCIATION OF REALTORS® OR THE FLORIDA BAR ( ARCAA Rovised 19/95 ete wo) F643. (Md PUR NAS OCEN APPRUVEW OT IMC PLURIVA ASSUUIALIUN UP MALI UNoW ANU PAE PLOKIVA BAP ° » Contgast for Sale and Purchase FLORIDA UCIATION OF REALTORS® AND THE FLORIDA BAR PARTIES: ae BEA servis s Phat of 12RF Kene bY KAD at. 70, Z —fIZE, and Aisa is tin 2 of S08 THiRy Aver, ante awh Beach FL BAY ron EO DES hereby agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property (collectively “Praperty”) upon the following terms and conditions, wh. Include Standards for Real Estate Transactions ("Standard(s}") on the reverse side hereof or attached hereto and riders and addenda to this Contract for Sale and Purchase (‘Contract’). DESCRIPTIO Velushia - Parce | $339- 79-00 —O anf? (a) Legal tiption of jhe Real Property located in Alienate key! 45 26 {b) Street address, city, zip, of the Property is: HERRY 2: - Hel (c) Personal Property: _/ la : a ft \ f > ae Tr Sat fp mo ll PURCHASE PRICE: cence $y COO, PAYMENT: 7 (@) Deposit held in escrow by AAs Title in the amount of too, © (b) Additional escrow deposit to be made within ___days atter Elective Dale (as defined in Paragraph lll) in the amount of anne $ (©) Subject to AND assumption of existing mortgage in good standing in favor of fe having an approximate present prircipal balance of ..... (2) Purchase money mortgage and note to Seller see addendum) ine amount of h (e} Other: wee Berne Fothing hame owe : TL 300 Boo ( Balance to close by U.S. cash, LOCALLY DRAWN certified or cashier’s check or third-party loan, subject to adjustments Of PrOrationS.cenenne Ue ge ME FOR ACCEPTANCE OF OFFER: EFFECTIVE DATE; FACSIMILE: I this offer is not executed by and delivered to all parties OR FACT OF mecuToN coramunicated in wri: between the parties on or befora the deposit(s) will, at Buyer's option, be returned and this offer withdrawn. The date of Contract ("Elfective Date") be the date when the last one of the Buyer and Sais fas signed tis offer. A facsimile copy o ts Contract and any signatures thereon shall be considered for al purposes as crigina Mm FMaNONG: Dery” te Aoly inact, he 2 Lyone Cpu: h Lonrs ayy hig Pourey (iis (a) If the Purchase Price or any part of it is to’ 8 fin bya ‘Viroeparty oad this Coctract is conditioned on Buyer obtaining a written commitment __ days after ence Date for (CHECK ONLY ONE): O a fixed; © an adjustable; or Q a fixed or adjustable rate loan in the principal amount of $ atan inital interest rate nc exceed _%, discount and origination fees not to exceed __ % of principal amount, and tor a term of years. Buyer will make application within ___ days after Effec Date and use reasonable diligance to obtain a loan commitment and, thereafter, to satisfy terms and conditions of the commitment and close the loan, Buver shail pay ail |. expenses. f Buyer fails to obtain a commitment or fails to waive Buyer's rights under this subparagraph within the time for obtaining a commament or, after diligent effort, fails to mr the terms and conditions of the commitment, then either party thereafter, by written notice to the other, may cancel this Contract and Buyer shail be retunded the deposit(s); or (0) Thg existing Mortgage described in Paragraph Ili pat above, has (CHECK ONLY f ONE): Qa variable interest rate; of Oa fixed interest rate of % per annum. At time of transter, some fixed interest rates are subject to‘Inctease; jNNhcreased, the rate shalinot exceed {| _2élper annumi’Seller’shall, within ___ days aher Etfactive Date, furnis statement from each mortgagee stating therprinciogl bat balance, method,6f payment, interest rata and status of mortgage’ It Buyer has agreed to assuy assuong a mortgage which requ approval of Buyer.by the mortgagee for, opassumptiony then 1uyex shall pfomptly obtain the necessary application afd diligently ty compete and retum.it to gages: Afly moriga charge(s) not to exceed $ \ shay elpaid,by Buyer. I{ Buyet is not accepted by ma the fequirements-torassumption are not in accordance + the tecms.of this Contract or mortgagee makes a charge ip exi ‘ot the statedamount, Soller or Buyér may rescind this Contract by written notice to the othar party unless ev: elects to pay the increase in. interest Fate or excess mortgage charges. v TITLE EVIDENCE: At least 2 days before closing date, but no earlier than __ days after Seller receives wnitten notification that Buyer has obtained the loan commitmer has been approved for the loan assumption as provided in Paragraphs IV(a) or (b), above, or, f applicable, waived the financing requirements, (CHECK ONLY ONE): 0 Sselier shail, at Sel. expense, deliver to Buyer or Buyer's attorney; or 2 Buyer shall at Buyer's expense obtain (CHECK ONLY ONE): abstract of title; or 2 title insurance commitment (with legible copie instruments listed as exceptions attached thereto) and, after closing, an owner's policy of title insurance. tL, . Vi, CLOSING DATE: This transaction shall be closed and the deed and other closing papers delivered on. RSF, unless modified by other provisions of this Contr Vil, RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer shail take title subject to: comprehensive land Use plans, zoning, restrictions, prohibitions and other requirements impose governmental authority; restrictions and matters appearing on the plat or otherwise common to the subdivision; pubiic utility aasements of record (easements are to be located contiguot. Real Property lines and not more than 10 feet in width as to the rear or front lines and 7 1/2 feet in width as to the side lines, unless otherwise stated herein); taxes for year of closing subsequent years; assumed mortgages and purchase money mortgages, if any (if additonal tems, see addendum); provided, that there exists at Closing no violation of the foreg: and none prevent usa of the Property for Ae fe CAE purpos: Vill, OCCUPANCY: Seller warrants that there are no parties in occupancy other than Seller; but if Property is intended to be rented or occupied beyond closing, the fact anc terms the and the tenant(s) or occupants shall be disclosed pursuant to Standard F. Sell \all deliver occupancy of Property to Buyer at time ot closing uniess otherwise stateci herein. If occup: is to be delivered before closing, Buyer assumes alll risks of loss to Property from date of occupancy, shail be responsible and liable for maintenance from that date, ard shall be deeme have accepted Property in its existing condition as of time of taking occupancy unless otherwise stated herein. IX. TYPEWRITTEN OR HANOWRITTEN PROVISIONS: Typewnitten or handwritten provisions, riders and addenda shail control all printed provisions of this Contract in conffict with tt Pe Tenia Ty x. RIOERS: (CHECK those riders which are applicable AND are attached to this Contract): . {a) Q COASTAL CONSTRUCTION CONTROL LINE {d) OVA/FHA (g) GQ HOMEOWNERS’ ASSOCIATION DISCLOSURE us {b) GQ CONDOMINIUM (e) Q INSULATION (h) Q RESIDENTIAL LEAOD-BASED HAZARD DISCLOSURE 7 (c) OQ FOREIGN INVESTMENT iN REAL PROPERTY TAX ACT () AS IS” (Om) Xi. ASSIGNABILITY: (CHECK ONLY ONE): Buyer Q may assign and thereby be released from any further erably under this Contract: 2 may assign but not be released from lia: under this Contract; or) may not assign this Contract. . Xi DISCLOSURES: (a) Radon is a naturally occurring radioactive gas that when accumulated in a building in sufficient quantities may present heath risks to persons who are exposed to it over : Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding Radon or Radon testing may be obtained your County Public Health unit. (b) Buyer may have determined the energy efficiency rating of the residentiai building, if any is located on the Rea! Property. (c) it the Real Property includes pre-1978 residential housing then Paragraph X (h) is mandatory. : xitl, maxi BEPAIR COSTS: Seller shall not be responsible for payments in excess of: : C- | (as fe aie for treatment and repair under Standard 0 (jf blank, then 2% of the Purchase Price). () ( a wos Aoki for repair and replacement under Standard N (if blank, than 3% of the Purchase Price). O N lan Do \ ql XIV, SPECIAL CLAUSES; ADDENDA: I! additional terms are to be provided, attach addendum and CHECK HERE Q. THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. THIS FORM HAS BEEN APPROVED 8Y THE FLORIDA ASSOCIATION OF REALTORS AND THE FLORIDA BAR. Approval dees not constitute an opinion that any of the terms and conditions in this Contract should be accepted by the parties ir parteuiar transaction. Terms ant conditions show be negotiated based upon the respective interests, objectives and bargaining positions of all inierestad — de COPYRIGHT 1995 BY THE FLORIDA BAR AND THE FLORIDA ASSOCIATION, |OE 4} REALTORS. i tin rchen ip Dats alee 7S id eae {euyen 7 a Fi (Seller) i 90 Social Security or Tax LD. # =~ 20-5 S“BS7, 2 | Social Security or Tax 1.0. # (Buyer) (Date) (Seller) (Date) Social Security or Tax 1.0. # Social Security or Tax 1.0. # 000 Deposit under Paragraph Ii (a) received; IF OTHER THAN CASH, THEN SUBJECT TO CLEARANCE. BROKER'S FEE: The brokers named Delay including listing and cooperating brokers, are the only brokers entitled to compensayon in connection with this Contract: {Escrow A Name: ate I au? iy Me coro mesit™. be colt, fee _ Sofa Came) '25F- 2267 Tat! ‘Cooperating Brokei ‘a Ia 24.9 FAR/BAR-4A Revised 12/95 RIDERS CAN BE OBTAINED FROM THE FLORIDA. ASSOCIATION’ OF REALTORS® OR THE FLORIDA BAR * eyuare FF paava (7 STANDARDS FOR REAL ESTATE TRANSACTIONS A, EVIDENCE E: (1) An abstfict of title preoared or brought current by a reputable and Jabstract firm (if not existing then certified as correct by an ex sting firm) puroor. to be an accural sis of the instruments aflecting title to the Real Property recorded in the cords of the county wherein the Real Property is located thrcugh Effective Dat: shall commenco with the earliest public records, or such later date as may be customary in the county. Upon closing of this Contract, the abstract shall become the property of Buyer, sud to the right of retention thereof by first mortgagee until [ully paid. (2) A tile insurance commitment issued by a Florida licensed title insurer agreeing to issue Buyer, upon recording of deed to Buyer, an owner's policy of title insurance in the amount of the purchase price, insuring Buyer's title to the Real Property, subject only ta liens, encumbrances, exceptions qualifications provided in this Contract and those to be discharged by Seller at or before closing. Seller shall convey marketable title subject only to liens, encumbrances, exceptions qualifications provided in this Contract. Marketable title shall be determined according to applicable Title Standards adopted by authority of The Florida Bar and in accordance with law. BL shall have 30 days, #f abstract, or § days, if tile commitment, from date of recsiving evidence of title to examine it I title is found defective, Buyer shail within 3 days thereatter, notiy Se in writing specitying the defect(s). If detect(s) render tite unmarketable, Seller will have 30 days from receipt of notica to remove the defects, failing which Buyer shail, within five (5) ¢ after expiration of the thirty (30) day period, deliver written notice to Seller either: (1) extending the time for a reasonable period not to exceed 120 days within which Saller shall use dic etfort to remove the defects; ot (2) requesting a refund of deposit(s) paid which shall be immediately returned to Buyer. If Buyer fails to so notify Sellar, Buyer shall be deamed to h accepted the title as it then is. Seller shall, if title is found unmarketable, use diligent effort to correct defect(s} within the time provided therefor. if Seller ts unable to timely correct the dete Buyer shall either waive the defects, or receive a refund of deposit(s), thereby releasing Buyer and Seller {rom all furthar obligation under this Contract. B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER; A purchase money mortgage and mortgage note to Seller shalt provide for a 30-day grace period in event of default if a first mortgage and a 15-day grace period if a second or lesser mortgage; shail provide for right of prepayment in whele or in part without penalty; shail permit acceiera’ in event of transfer of the Real Property; shall require all prior liens and encumbrances to be kept in good standing and forbid modifications of or future advances uncer prior mortgage shall require Buyer to maintain policies of insurance containing a standard mortgagee clause covering ail improvements located on the Real Property against fire and all perils included w: the term “extended coverage endorsements" and such other risks and perils as Seller may reasonably require, in an amount equal to their highest insurable value; and the mortgage, r and security agreement shalt be otherwise in form and content requirad by Seller; but Seller may only require clauses and coverage customanly found in mortgages, mortgage notes : security agreements generally utilized by savings and loan institutions or state or national banks located in the county wherein the Real Property is located. Ail Personal Property and tea being conveyed or assigned will, at Seller's option, be subject to the lien of a security agreement evidenced by recorded financing statements. if a balloon mortgage, the final payment ‘exceed the periodic payments thereon. C. SURVEY: Buyer, at Buyer's expense, within time allowed to deliver evidence of litle and to examine same, may hava the Real Property surveyed and certified bv a registered Flo: surveyor. If the survey discloses encroachments on the Real Property or that improvements located thereon encroach on setback lines, easements, tands of others or violate any resincdc Contract covenants or applicable governmental regulation, the same shall constitute 4 title defect. D, TERMITES: Buyer, at Buyer's expense, within the time allowed to deliver evidence of titte, may have the Property inspected by a Florida Certified Pest Control Operator (‘Operator determine if there is any visible active termite infestation or visible damage from termite infestation in the Property. If either or both are found, Buyer shall have 4 days from date of wn Aotice thereo! within which to have cost of treatment. if required, estimated by the Operator and ail damage inspected and estimated by a licensed builder or ganeral contractor, Seller s pay valid costs of treatment and repair of all damage up to the amount provided in Paragraph Xill(a). If estimated costs exceed that amount, Buyer shall have the option of canceling Contract within 5 days after receipt of contractor's repair estimate by giving written notice to Seller or Buyer may elect to proceed with the transaction, and receive a c-edit at closing on amount provided in Paragraph Xili(a). “Termites” shall be deemed to include all wood destroying organisms required to be reported under the Florida Pest Control Act, as amended. E. INGRESS AND EGRESS: Seller warrants and represents that there is ingress and egress to the Reai Property sufficient for its intended use as desenbed in Paragraph Vil hereof, nit which is in accordance with Standard A. : F. LEASES: Seller shall, not less than 15 days before closing, furnish to Buyer copies of all written leases and estoppel letters from each tenant specitying the nature and duration of tenant's occupancy, rental rates, advanced rent and security deposits paid by tenant. If Seller is unable to obtain such letter from each tenant, the same information shall be turnishec Seller to Buyer wn that time period in the form of a Seller's affidavit, and Buyer may thereafter contact tenants to confirm such information. Seller shail, at closing, deliver and assigr original leases to Buyer. G. LIENS: Seller shall furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statement, claitns of lien or pote: lienors known to Seller and further attesting that there have been no improvements or repairs to the Real Property for 90 days immediately preceding date of closing. if the Real Prop- has been improved or repaired within that time, Seller shall deliver releases or waivers of construction liens executed by alt general contractors, subcontractors, suppliers ard materialr in addition to Sellers lien affidavit setting forth the names of all such general contractors, subcontractors, suppliers and materialmen, further affirming that all charges for improvement repairs which could serve as a basis for a construction lien or a claim for damages have been paid or will be paid at the closing of this Contract. H, PLACE OF CLOSING: Closing shall be held in the county wherein the Real Property is located al the office of the attorney or other clasing agent designated by Saller, 1. TIME: In computing time periods of less than six (6) days, Saturdays, Sundays and state or national legal holidays shall be excluded. Any time periods provided for herein which shall on a Saturday, Sunday, or a legal holiday shail extend ta 5:00 p.m. of the next business day. Time is of the essence in this Contract. J. DOCUMENTS FOR CLOSING: Seller shail furnish the deed, bill of sale, construction lien affidavit, owner's possession affidavit, assignments of leases, tenant anc! mortgagee estox letters and corrective instruments. Buyer shall fumish closing statement, mortgage, mortgage note, security agreement and financing statements, K. EXPENSES: Documentary stamps on the deed and recording of corrective instruments shall be paid by Seller. Documentary stamps and intangible tax on the purchase money mortg and any mortgage assumed, and recording of purchase money mortgage to Seller, deed and financing statements shall be paid by the Buyer, Unless otherwise provided by law or ride this Contract, charges for the following elated tie services, namely title or abstract charge, litle examination, and settlement and closing fee, shall be paid by the party responsible furnishing the title evidence in accordance with Paragraph V. L PRORATIONS; CREDITS: Taxes, assessments, rent, interest, insurance and other expenses of the Property shall be prorated through the day before closing. Buyer shail have the of of taking over existing policies of insurance, i assumable. in which event premiums shall be prorated. Cash at closing shall be increased or decreased as may be required by prorabon be made through day prior to closing or occupancy if occupancy occurs before closing. Advance rent and security deposits will ba credited to Buyer. Escrow deposits held by morgage be credited to Seller. Taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and other exemptions. If closing ox at a date when the current year's millage is not fred and current year's assessment is available, taxes will be prorated based upon such assessment and prior year’s millage. If current ye assessment is not available, then taxes will be prorated on prior year's tax. If there are completed improvements on the Real Property by January 1st of year of closing, which improvem. were nat in existence on January 1st of prior year, then taxes shall be prorated based upon prior year's muliage and at an equitable assessment to be agreed upon between the par. tailing which, request shall be made to the County Property Appraiser for an informal assessment taking into account available exemptions, A tax proration based or an estimate sha: request of either party, be readjusted upon receipt ol tax bill on condition that a statement to that effect is signed at closing. M. SPECIAL ASSESSMENT LIENS: Certified, confirmed and ratified special assessment liens as of date of closing (not as of Etfective Date) are to be paid by Seller. Pending tiens a date of closing shail be assumed oy Buyer. If the improvement has been substantially compieted as of Effective Date, any pending lien shall be considered certified, confirmed of ratified ‘Seller shalt, at closing, be charged an amount equal to the last estimate or assessment for the improvement by the public body. N. INSPECTION, REPAIR AND MAINTENANCE: Seller warrants that, as of 10 days prior to closing, the ceiling, roof (including the fascia and sotfits) and exter.or and interior w foundation, seawalls (or equivalent) and dockage do not have any VISIBLE EVIDENCE of leaks, watar damage or structura! damage and that the septic tank, pool, all appliances, mechar items, heating, cooling, electrical, plumbing systems and machinery ara in WORKING CONDITION. The foregoing warranty shalt be limited to the items specified unless otherwise prov. in an adcendum. Buyer may, at Buyer's expense, have inspections made of those items by a firm of individual specializing in home inspections and hokding an occuparional license for = purpose (if required) or by an appropriately licensed Florida contractor. Buyer shall, prigr to Buyer's occupancy or not less than 10 days prior to closing, whichever occurs first, report in wr to Seller such items that do not meet the above standards as to defects. Uniess Buyer timety reports such defects, Buyer shall be deemed to have waived Seller's wasranties as to del. not reported. It repairs or replacements are required to comply with this Standard, Seller shall cause them to be made and shall pay up to the amount provided in Paragraph XIIl(b). S- is not required to make repairs or replacements of a cosmetic nature unless caused by a detect Seller is responsible to repair or replace. If the Cost for such repair or replacement exce the amount provided in Paragraph Xill(b), Buyer of Seller may elect to pay such excess, failing which either party may cancel this Contract. It Seller is unable to correct the defects prc closing, the cost thereof shall be paid into escrow at closing. Seiler shall, upon reasonable notice. provide utililies service and access to the Property for inspections, including a walk-thre Prior to closing, to confirm that alt items of Personal Property are on the Real Property and, subject to the foregoing, that all required repairs and replacements have been made and the Property, including, but not limited to, lawn, shrubbery and pool, it any, has been maintained in the condition existing as of Etlective Date, ordinary wear and tear excepted. ©. RISK OF LOSS: If the Property is damaged by fire or other casualty before closing and cost of restoration does not exceed 3% of the assessed valuation of the F'roperty so dama cost of restoration shall be an obligation of the Seiler and closing shall proceed pursuant to the terms of this Contract with restoration costs escrowed at closing. If the cost of restor: exceeds 3% of the assessed valuation of the Property 0 damaged, Buyer shal! have the option of either taking the Property as is, together with either the 3% or any insurance proce payable by virtue of such foss or damage, or of canceling this Contract and receiving return of the deposit(s). P, PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds. I an abstract of title has been furnished, evidence of title shall be continue Buyer's expense to show litle in Buyer, without any encumbrances or change which would render Seller's litle unmarketable {rom the date of the last evdence. All closing proceeds sha heid in escrow by Seller’s attorney or other mutually acceptable escrow agent for a period of not more than 5 days ater closing date. If Seller's title is rendered unmarketable, throug fault of Buyer, Buyer shail, within the S-day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt of such nobficaton to cure the defect. if Selier to timely cure the defect, all daposit(s) and closing funds shall, upon written demand by Buyer and within 5 days after demand, be retumed to Buyer and. simultaneously with such repayrr Buyer shall return the Personal Property, vacate the Real Property and reconvey the Property to Seller by special warranty deed and dui of sale. i! Buyer fails to make timely deman relund, Buyer shall take titte as is, waiving ail nights against Seller as to any intervaning defect except as may be available to Buyer by virtue of warrantes containec in the deed or £ sale. It a portion of the purchase price is to be derived from institutional financing or refinancing, requirements of the lending institution as to place. bme of day and procedures for clos and for disbursement of mortgage proceeds shail control over contrary provision in this Contract. Seller shall have the right to require from the lending institution a written commitment it will not withhold disbursement of mortgage proceeds as a result of any title defect attributable to Buyer-mortgagor. The escrow and closing procedure required by tnis Standard sha waived if the litle agent insures adverse matters pursuant to Section 627.7841, F.S., as amended. Q. ESCROW: Any escrow agent (“Agent”) receiving funds or equivalent is authorized and agrees by acceptance of them to deposit them promptly. hold same in escrow and, subje clearance, disburse them in accordance with terms and conditions of this Contract, Failure of tunds to clear shail not excuse Buyer's performance. It in doubt as to Agent's duties or liad under the provisions at this Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow until the parties hereto agree to its disbursement or until a judger ‘of a court of competent jurisdiction shall determine the rights of the parties, or Agent may deposit same with the clerk of the circuit court having jurisdiction of the disp ste. Upon noutyir parties concerned of such action, all fiability on the part of Agent shall fully terminate, except to the extent of accounting for any items previously delivered out of escrow. if a licensea estate broker, Agent will comply with provisions of Chapter 475, F.S., as amended. Any suit between Buyer and Seller wherein Agent is made a party because of acting) as Agent hereur ‘or in any suit wherein Agent interpleads the subject matter of the escrow, Agent shail resaver reasonable attorney's fees and costs incurred with these amounts to be paid from and © the escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. The Agent shall not be liable to any party or person for m-sdelivery to Buy Seller of items subject to the escrow, uniess such misdelivery is due to willful breach of the provisions of this Contract or gross negligence of Agent. A. ATTORNEY'S FEES; COSTS: In any litigation, including breach. enforcement or interpretation, arising out of this Contract, the prevailing party in such litigation, which, for purpose this Standard, shall include Seller, Guyer and any brokers acting in agency or nonagency relationships authorized by Chapter 475, F.S., as amended. shall be entitled to recover from non-prevailing party reasonable attorney's fees, costs and expenses. S. FAILURE OF PERFORMANCE: If Buyer laiis to perform this Contract within the time specified, including payment of all deposits, the deposit(s) paid by Buyer anc deposit(s) agree be paid, may be recovered and retained by and for the account of Seller as agreed upon liquidated damages, consideration for the execution of this Contract and in full settlement of claims; whereupon, Buyer and Sellar shail be relieved of all obligations under this Contract; or Seller, at Seller's option, may proceed in equity to enforce Seller's rights under this Cont Ht for any reason other than failure of Seller to make Seller's title marketable after diligent effort, Seller fails, neglects or refuses to perform this Contract, the Buyer may seek spc performance or elect to receive the return of Buyer's deposit(s} without thereby waiving any action for damages cesulting from Seller's breach. T, CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE: Neither this Contract nor any notice of it shall be recorded in any public recoras. This Contract shall bind and inu the benefit of the parties and their successors in interest. Whenever the context permits, singular shall include plural and one gender shall include ail. Notice given by or to the attorne any party shall be as effective as if given by or to that party. U. CONVEYANCE: Seller shall convey title to the Real Property by statutory warranty, trustee's, personal representative's or guardian's deed, as appropriate to the status of Seller, su only to matters contained in Paragraph Vil and those otherwise accepted by Buyer. Personal Property shall, at the request of the Buyer, be transferred by an absolute bil of sale with war of title, subject only to such matters as may be otherwise provided for herain. V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or Selier unless included in this Contract. No modification to or change ir Contract shail be valid or binding upon the parties unless in writing and executed by the party or parties intended to be bound by it. i HARA Seller warrants that there are no facts known to Seller materially affecting the value of the Property which are not readily observable by Buyer or which have not isclosed to Buyer. Rew, 12/95 COPYRIGHT 19% THE FIORINA RAR ARID THE FARINA AGECR HACE NE MERLE Mere, vaste §3,

Docket for Case No: 00-002604