OR ME s g. yy, 4 STATE OF FLORIDA 4rOn, 7 ys ce, DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATE 5, Up FLORIDA REAL ESTATE APPRAISAL BOARD GSK "os Pig Qe 4) FLORIDA DEPARTMENT OF BUSINESS & "Sf “FE PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, Petitioner, v. CASE NO. 2000-80171 KELLY J. ARTHURS, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Kelly J. Arthurs (“Respondent”), 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, including Section 20.165 and Chapters 120, 455 and 475 of the Florida Statutes, and the tules promulgated thereunder. 2. Respondent is currently a Florida state-certified residential real estate appraiser having been issued license RD0001906 in accordance with Chapter 475 Part I of the Florida Statutes. 3. The last license the State issued to Respondent was as a state-certified residential real estate appraiser at 1517 NE 28 Drive, Wilton Manors, Florida 33334. 4. On or about June 14, 1998, Respondent developed and communicated two (2) appraisal FDBPR v. Kelly J. Arthurs Case No. 200080171 Administrative Complaint reports for property commonly known as 6500 SW 14 Street, Boca Raton, Florida. On appraisal was prepared on the Uniform Residential Appraisal Report form (report #1A), and the other appraisal was developed on a Mobile Home Appraisal Report Form (report #1B). A copy of the reports are attached hereto and incorporated herein as Administrative Complaint Exhibits 1A and 1B, respectively. 5. $82,500. 6. 7. In both appraisal reports, Respondent concluded that the estimated market value was Both appraisal reports, #1A and #1B, contained the following errors: The reports failed to list that the subject property had a prior sale in May of 1998 for $27,500; . The reports indicated that comparable sale #1 sold in September of 1997 for $87,000, where the Palm Beach County records and ISC data records list that the property had a quitclaim deed for $100 in September of 1997; . The reports listed that comparable sale #1 sold for $87,000 in June of 1997, and failed to discuss that it also sold for $23,500 in April of 1997; . The reports stated that comparable sale #2 sold for $75,000 in February of 1998, and the report failed to disclose that the property also sold in February of 1998 for $34,500; At all times material, Respondent personally knew the seller of the subject property and owner of comparable sale #2, Leonard Weiss, and could have confirmed the sales not disclosed as stated above. 8. The contract for sale and purchase between Leonard Weiss and Carlos Decal listed a 2 FDBPR v. Kelly J. Arthurs Case No. 200080171 Administrative Complaint purchase price of $82,500. A copy of the contract is attached hereto and incorporated herein as Administrative Complaint Exhibit 2. COUNT I Based upon the foregoing, Respondent is guilty of having failed to exercise reasonable diligence in developing an appraisal report in violation of Section 475.624(15), Florida Statutes (1997). COUNT II Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal or other provision of the Uniform Standards of Professional Appraisal Practice (1998) in violation of Section 475.624(14), Florida Statutes (1997). COUNT Il Based upon the foregoing, Respondent is guilty of concealment, culpable negligence or breach of trust in a business transaction in violation of Section 475.624(2), Florida Statutes (1997). WHEREFORE, Petitioner respectfully requests the Florida Real Estate Appraisal Board, or the Department of Business and Professional Regulation, as may be appropriate, to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration or certificate 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; 3 FDBPR v. Kelly J. Arthurs . Case No. 200080171 Administrative Complaint issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See Section 475.624 of the Florida Statutes and Fla. Admin. Code R. 61J1-8.002. The penalties which may be imposed for violation(s) of Chapter 455 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration, or certificate 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 certificate holder to complete and pass additional appraisal 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. (1999) and Fla. Admin. Code R. 61J1-8.002. SIGNED this ©"? day of Cres / 2001. FILED soe fPED~ frm nt of Professional Regulation Florida D artment of Busi less and ves at * Real Estate Professional Regulation Division of Reai Estate By: \ Ny ee Director, Division of Real Estate Caik oe ot EY Geparti FDBPR v. Kelly J. Arthurs Case No. 200080171 Administrative Complaint ATTORNEY FOR PETITIONER Sunia Y. Marsh Fla. Bar No. 0068896 FDBPR-Division of Real Estate Legal Section 400 W. Robinson Street, N308A Orlando, Florida 32802-1772 (407) 481-5632 (407) 317-7260 - FAX PCP: MC/CW/EC 4/01 NOTICE TO RESPONDENTS PLEASE BE ADVISED that mediation under Section 120.573 of the Florida Statutes, is not available for administrative disputes involving this type of agency action. PLEASE BE FURTHER ADVISED that pursuant to this Administrative Complaint you may request, within the time proscribed, a hearing to be conducted in this matter in accordance with Sections 120.569 and 120.57 of the Florida Statutes; that you have the right, at your option and expense, to be represented by counsel or other qualified representative in this matter; and that you have the right, at your option and expense, to take testimony, to call and cross-examine witnesses, and to have subpoena and subpoena duces tecum issued on your behalf if a formal hearing is requested. PLEASE BE FURTHER ADVISED that if you do not file an Election of Rights form or some other responsive pleading with the Petitioner within twenty-one (21) days of receipt of this Administrative Complaint, the Petitioner will file with the Florida Real Estate Appraisal Board 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. Propeny Deseripth UN. -RM RESIDENTIAL Al iAISAL ZPORT tie tis, Provery Asn 6500 SWS STREED ey BOCA RATON sue PE mp coos 33428 | ttegstDesroson TOP 32, BLK 3 SANUALFOOT OQVE SACTION ONE 28-225. County AROWARD 5 seme rwcutne 42-4 7=3G-01-902-9350.. te Yee LS3Z ne tees 271, 59 senate! Arsonamant § aya = ig | Setower DHCAL, CARTOS Current Owes HENVITLIE Seoupant: | owner Tenant Vacant 2 Property nypla appraised X| Fee sinew | | ceasenots Propect two t eu T Condommiun tHUDAVA ony) woas 80.00 Mo ig me SANDALFOOT _COVE___ . Map Aatworoe 42-47-30 * census Tas 77,030. Gate of See PENDING _ tepseiCrene BRONARD FUNDING Gesaryion and & amaund of loan chargewoonoessions w be pant by ester NONE: wee 9050 PINES _ BLIND. STE450,— PEMBROKE PINES. Fl. _ La Aporatcar KEI ARTHUR sve 120 FE, OAKLAND PARK BIVD.. # AUD... FI | | Locawan LX Juan Suburben LAuead Predominant | Single tamily houeing | Present aT uae.% land use change 1 ave ue owe 75% astm | duns asn | OCCUPANCY | price A0E fone tumy = BO sion ety [nay Eq Grown cme uo [x] suce sow Owners 95 AQ. tow NEW] 24 temey tn process ; Property values inseasng X | State Decaring Aes 5 High be Mutwtamty 10 | Ta: ee Demana/supyty Shortage X | ta ceisnce Over uno | vacant (0-50 (/Z4Predomnant 774 comm oe a ee [manning one [ Jundura mos [X}a¢ | lowes moe vaciowr sx] 60. 1 ACANT _§ Note: Race and the racial composition of the neighborhood are nat appratsal factors. {fg | Neweorncou boundanue end chasactensuce: MAJOR. BOUNDARTES INCLUDE;. PALMETTO PARK ROAD TO. THE NORTH, HILLSBOR -BLVD..TO THE.SOUTH, SR. ROAD.7.TO.THE WEST AND POWERLINE ROAD TOTHE.EASE, 0 Ficlets tal act #4 manalabnly ol Fa plOpueNE A> hanjOomGod {tou 19 UBF nad BMUNNE, aFRPOYTED! sabAly, appeal Io mash, we HO_ADVERSE. FACTORS ARE. KNOWN 10 THE APPRAISER WHTGI WOULD. AFFECT THE MARKETABILITY OF THE. _ “SUBJECT, MOST MARKET. PREFERRED AMENITIES SUCH AS SCOOLS, SHOPPING, PUBLIC TRANSPORTATION AND. OTHER SUPPORT_ FACILITIES. INCLUDING RECREATION. AND. EMPLOYMENT, ARE LOCATED WITHIN REASONABLE. PROXIMITY TO THE SUBJECTS. IMMEDIATE. NEIGHBORHOOD _ INFORMATION CONTAINED. IN. THIS URAR REPORT. 1 LOONSISTENT §/TTH_A "SUMMARY APPRATSAL REPORE" AS STATED BY_THE APPRAISAL, STANDARDS BOARD... Manat condisna 1 he MR} reyRONIMOOS (remaNG DOOR LO Fe ABOVE conduNH fled Jo He Ran Of BLOpEY vA, JemanK/GuDDHY snd masanng ne = suc a8 dala on compat provetves fof 4atd ne nighboroos. deteryion of Uw prawucea of tvs aid MUDaRG conceSSONE, si ‘HE. APPRAISER HAS. CONSICEREN. RELEVANT. COMPELITIVE LISTINGS. AND/OR. CONTRACT. OFFERINGS_IN_THE - “PERFORMANCE OF ‘THIS. APPRAISAL. AND INTHE. ‘TRENDING.. INFORMATION. REPORTED IN THIS. SECTION, NORMAL MARKET_TIME: 60-180 DAYS. RANGE... CONVENTIONAL. AND GOVERNMENT FINANCING (FHA. &.VA) IS AVAILABLE ?. INTEREST. RATES” AND. DISCOUNT. POTNT'S. HOST. BUYERS. FIND T0_BE ATTRACTIVE........... S06zaOazo—-me [p| Project Information for PUD 1 vonweumt »- Uw Onwnper buna 0 aarucr O1 vw Horne Owturs! Anvocalan (HOAY? vee [XJno Approunele tolal ruenber of unis he eubpct ELopect N/A Approumale tat cumber ol urls lof sale 1 te sulyect oot N/A io Describe common elements and fecreavonsd tases: CUMMUNTTY GOLF, POO POO, TRYNTS, CLUBHOUSE Al . Omenwors =—_61 X_100. SEE_QURRENT. SURVEY ___ Topogresty -LEVEL_AT GRADE ____ i] sw aes 6,098 SE (PER COUNTY. TAX ROLLS)... comertot [X] vee [Tuo sue TYPICAL FOR AREA Sowahe srg dastncaban arnt dwscroion AR AGRICULTURAL (REST oa rat | srape : - wget Orawage ~APPEARS_ADEQUATE._ tuegconpuree [X]ewta | Hop rere tanned ie thghast & best use as enprowd: { Prasent uw ‘I Our use (onphan) oss. View ATYPICAL, RESIDENTIAL 8 Uuilties Owe Off-site impsovamenta type Pubic — Pavely [Lanascaping AVERAGE 1 | ewcvaty Dewey Sutce —° ASPHALT __ t Gas Cunbiguiter Appaent cannery “TYPICAL U TY Water Saher CONCRETE |. FEMA Specul Flood Hazard Aron Xj Yeo to No Sarataty sewer Suet ayia CTINCANDESCETE. FEMA Zorg IBM Man Owe 8/18/82 Glorm sewer _ [se THON fea mento 1201920240 Bo Commenis (apparent auvelse easomends, «/CIOKU MUMS, Speed assesEMenls, sinte 4/445, Haya! Of legal NoNCOMONNG ZOMG Use, 41 _NORMAL. UTILITY EASEMENTS FOR FLECTRIC, TELEPHONE,.ETC, THERE ARE NO. APPARENT. ADVERSE. EASEMENTS... ENCROACHMENTS OR OTHF!: APPARFIET ADVERSE OOMDTTTONS. J GENEAA. OESCAIPTION EATERION DESCAIPTION FOUNDATION BASEMENT | i { ; iy {te ote -OHTE______| Fouession COUC. BLK, | 540 JE | Na ot Sones “ONE _| Externe wats STRING ___ | trent Soave 18] tyes eran) _DETACHED] fect Sutace ALUMINUM____] Basement 1G | Cee csr: RANCH. __.| Cosee & enon ATUMTNUM, _. | Sune Pome . if Euaung Provorea = _ EXT STING Wesow tre AQMHING —_|oeons ONE OBSERV, iT] Ave wed --LQG3/ TSY} Sommsaens NO/ SCREENS | Seemo NONE _ORSERY Oxy N/A. Ig Etlectws Age (18) 13-15 Marulacturad Hours (iain NONE OBSERV,| i ce a PP nae one 7 " 1B] tome # {1 AREA. on. ee ee es oe ee | a ee een enn i P| Fesswa afea sdow gage contans: 5 Rooms; 2 Buaroamisy: 1.5 Bais 280 Squste Fuel ot Gross Lang Awa £8] senor MateoaisConsion Jmeantic ADEQ. ]xicnen cour. | arc | Awenmes _, [OAR sTonace: AQES. AG] Fooe CPT/VINYL/AVG_| tw CENIR, | Ralrowser | X]) Noow | | Peeoucay HONE a Nope 1B] wate ORYWALL/AVG __..| ELEC,..[Reneonn LX!) Stave a |? CONCRETE, .Xj | Seav fares LE | ten Feca AVG/AYG____ Commie AWG Oisuoret | Brow Stas Cem TONE 1 Attached Fa San Foot C.TILE/AVG | {coms ADEN, | Duncan . j setne “X} Pen COV EMERY XG | Oeuaws g| erent CTILEVAVG _ |eews yes | fentuos Poot | Fees CH, LK, | Guin Cuca STANDARD/ANG | omer HOUE jtisones Heated pe! OCUMUNTTY 2 HEL | conan 7 “ SLIDTHG GLASS/AVG Cetin AUG. VM att Lit yet Sr) Faw | 1 Otrweway a 7 | Anata neatatas tivo! eratgy atewnr lam, le) BAHAMA SHUTTERS, SPRIIKLER SYSTEM, PATIO, FLOOD. Liars... x | STORAGE,.. FANS AND. SHOVE ALARM, . "uy G| Comauin of Re enprovemente, aucocelir Vey mall, Mckteeral fad galatnall, Coles Haren, Quakty Ul COFDUUCIA feitodbulfAp dabwlona, ah: £ Gg 4 FUNCTIONAL OR EXTERNAL TADEQUACTES OBSERVED. SUBJECT IS. COUSIDERED..‘1Q_ EY, A h_ i J 5 < €} PLAN. NEWER. ROOF, CENTRAL A/C AND WOOD. SIDING. : M - - —_ : Tg] Awe enworsnaniat conuuuns (Kuh 9F bul fot Uniled 10, hacatioUn wasia, Wu sutatanows, WIC) present A Ine aNDIOWMenIy, UN Uae Sie, OF A Uw eNmeGAl, vewnly / oe suulect property: THERE AKE NO KNOWN. OR APPARENT ADVERSE ENVIRONMENTAL OONDITIONS. THA __LWOULD NEGATTVELY A THE VALUE OR MARKETABILITY OF THE SUBJECT PROPERTY. Frage Mac Form 70 0-93. Fane May Form 1004 1 “TOTAL” apprecsal software oy 12 mode, inc, 1-900-ALAMOOE PAGE 1 OF 2 Valuation Section UN. JRM RESIDENTIAI. A YAISAL EPORT © ruews. pecan ESTOAATED SITE VALUE eo 22. 000) Comments on Cost. “pprursi ESTIMATED REPRODUCTION COLT NCW.OF UaPROVEMES TS: such as, source of cori asiimate, site | value, square foct calculation end ‘or HUD, VA rad FmHA, th we 5 deewa 1,280 san «6 40,90_ 1 e6timeted remaining eronomin tile ot 6.7 proneniy!: ; N/A sar et ae a. COST DATA DERIVED FROM THE MARSHAL & SWIF -APPLIANCES/OOV. ENTRY/PATIO_ - _____ 6,000. VALUATION. SERVICE & VERIFIED BY APPRAISER: ‘ Gaagecapon __ 220 sari #6 22,00 _FILES AND LOCAL GOST DATA. ESTIMATED P| Tout Estate Coot Now = 7 4 Less Prywcet Funceonel . ‘A Beocecianon 19,444 4 ‘ DUEL CE Ceprecaied Value of improvements “6 HY paiar Vals of Ste improvemenis ‘ 0) EXTRACTION | WNOICATED VALUE BY COST APPROACH PrioaGrose te Aree Oats unaion Veriicavon Sautce VALUE ADAUSTMENTS Sais of Francng Concessone Daly of SomTena 22935 TRADEWIND RD 1530 SW 65 AVENUE 11863 ATLANTIC CIR BOCA RATON, FL ___|._BOCA RATON, FL. | BOCA RATON, FL LUM + ay, /op P/E OL, PUBLIC REC, |ISc_ _ | Isc. —_ Ise. . DESCAIPTION DESCRIPTION I () $ Aduavnent _ DESCRIPTION [e (18 Aqquatenens DESCRIPTION —_ [+ () § Aqusimen Le “ 4 9/97_CIOSPD CORNER INTERIOR $,000 SF.+ .. NOANT| 6,534. SF. ___|_AVER/RESID _|AVER/RESID__.____. ... ..|_AVER/RESTI GoMPARANLE nO 4 COMPARABLE NO. 2 COMPARABLE NO. 5 TLE WS APPROX, 1. ee TNSPECTION |PUBLIC RECORDS/MES | | PUBLIC RECORDS/MLS puBLIe oe WY) NONE NOTED CONVENTIONAL, Uy is CONCESSNS 10. CONCESSNS ow... _\FEE.SIMPLE. “AVER/MANUPAC| AVER/MANUFAG... | AVER/ MANUFAC __..-|-AVER/RESID _—.|-AVER/ ALUM. _ -AVER/ALLM,_. - 1963/35 YRi.. XJ |1970/28_YRS _ 1994/4 YRS _-3,.10¢ Letaaor . AVERAGE. -AVERAGE___ _ Abo Grace Tow Borne Baing | 1 ms dav Tout _Sdrme_ Bans. _ | Total: Barms Bae Room Count 52 1,.5.|.5 2. 2. -500 |..6._3 1.5 S32 -500 Grove thang Aree | 1,280. safe f 2.44 NO ADT B64sa. $4,200). 1.17659. 6. +1,,00¢ Maswinent & Firwsned NONE Rooms Below Groce Funcuonad Ulaty Hesung Coomng Enatgy Enicions laine BaOu Not Agy. (Wola) Adpuitod Solus Price ol Comparatie Comments on Sates Companson (nickiaing fe subyect propertys campauiuly 9 Ihe nwighbornoad, #1): MOST_RECENT. AND COMPARABLE AVATLABLE FOR ANALYSTS. AND. ALL ARE LOCATED IN THE. SURJBCTS. . IMMERTATE_SUB-MARKET., ALL ARE SIMITAR_TO. THE SUBJECT IN.SIZE_OF GROSS LIVING AREA, LOCATION, CONSTRUCTION QUALITY AND APPEAL... MOST_WEIGHT WAS _PIACER_ON SALES #1 & #2 DUR TO THEIR OVERALL -SIMILARITY_ANR LIMITED GROSS ADJUSTMENTS... SALE. #3, WAS CONSIDERED A GOON. SUPPORTIVE INDICATOR. W_USPAP_ STANDARDS . SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3. N/A N/A N/A N/A eM Date, Prow and Outs Soutce, tos pror salen sea yoat of appraise C_REC. PUBLIC RECORDS PUBLIC REOORDS PUBLIC RECORDS ~ Anatysis of any autrant agreement of Sale, ObWON. oF KSiINg Ol ihe Bub! property wnU analysis Of any plot tales OF BUbiNC! And Comparables wiun One yeas of Ihe Uale of appraisal: ALL_PRIOR SALFS..OF. THE. COMPARABLE “SALES OCCURRED. MORE THAN ONE YEAR AGO, NOIGATED VALUE BY SALES COMPARISON APPROACH INDICATED VALUE BY INCOME APPROACH iit Appwcacie) Eslinoind Market Rect § Tees auiwarvat amare — |X] ‘aes ft tutycl to te caters, alterations, Oxpec band OF cOMMLINS Kalod blow 1. | satrect to compieuon bar pana ww MevancaLons Conaucns of apovawas KO CONDITIONS ON APPRALSAL... ALL ABOVE SALES ARE ADJUSTED TO_RFFLECT.A CASH... EQUIVALENCY. BASIS. SFE.ATTACHED LIMITING CONRITIONS.. Foal Reoromnws: QUE TO LACK OF SUFFICTEUT RENTAL DATA,..1WE INCOME APPROACH IS NOT CONSIDERED. APPROPRIATE. AND WAS UOT _USFQ,THE COS? APPROACH WAS GTVEN LESSER WEEGHT POR EXISTING... PROPERTIES. SALES OCOMPARTSON METHOD BEST REFLECTS ACTTONS OF TYPICAL BUYERS AND. SELLERS. . Tha ouibase Gf Fas apiraual @ 1 OsuNAle ve mail vaNe GIO feel BLOpEITY Mel fhe subject of ue faHON, based Go Ihe wows conuUONE und Ihe C¥rNCANON, COnUgER! and nn N/A JMo_€ Gros Act Mutuplat carat, ane lhe Wome ERIN RAT I4 6 1td me yHACT Flecue Mas Form AN9/Farewe Mae Form 1004 (Asse _ 6/93.) 1(WE) ESTHAATE THE aerate DEFINED, OF THE REAL PROPERTY THATIS THE SUBJECT OFTHISREPORT,ASOF JUNE 14,1998 (WHICH IS THE DATE OPINSPECTION AND THE CFFEGTIYDATE OFTHISREPORT}TOBES —_ 82,500. APPRAISER: Ui, ; \ SUPERVISORY APPAAISER (ONLY IF REQUIRED): ; Synsure wai eA c ‘aut 4 \ ~ Sqynature _ jo tN bt TOERAR MM thse » i ee Dale Report Syrwa 4 /is™ ¢€ = Date Aayon Sgred . REA, __ D000 190630 Fl. Stale Coruication ¢ an Sue Or Stata Lounse # State ‘Feedins Mag Form 70 893 Farsae Mae Form 1004 - "TOTAL" appragal sottware by «la mode, inc. 1-800-ALAMODE PAGE 2 OF 2 pAGE MOBILE HOME APPRE .L REPORT RESIDENTIAL APPRAISALS Russet Summary Appraisal Report —.. uae A Boree DECAL, CARLOS ; angus Tract 77930. Map Reference: 42-47-30 _t z Ung Wu. WA Addiesy 6500 Sw 14 STREEL ___. Pigject Name/Phase lig SANDALFOOT COVE i E53 Cty BOCA RATON County PALM BEACH State FL. Tip Cove 33428 fad te GENE Model OOUBLEWIDE Yeu 1963 Seti No. ECEOUMFOQS45A~ Property Rights Apprased |] Fee | {Persona fa Length 43 Wath 32 Tip-ou WA Wangan N/A Poiches SCREENED Decks NONE : EA LendeyClent_ BROWARD FUNDING Lendes's Addeess . - INES, FL, 33025 Occupwt_ VACANT. Apptaiser_ NORMA PINNELL Instiuctions 10 Apr a aie) Sale Price_ 82.500 Date of Sale PENDING Loan Terns N/A * j 159 Location Py Urban {7} Suburban 1 | Rul Oye a A Good Avg. Fair Poor Buat Up 1 | Over 75% {]25%10 75% = |: Under 25% \ i Lj i Growth Rate |.) Fuly Dev. | Rapid (Steady |} Siow Zier ned ru {- ry ty Property Vaiues tl tocteasing f:] Stable 2 Oectining hy, cs C i Oemand’Supply [7] Shortage {] in Balance '”] oversupply és ut t Marketing Time [J Under 3 Mos. (-,) 4-6 Mos L. 7 Over 6 Mos. i Present Land Use 80 fe | Family fe 2-4 Family 5 % Apts. 10% Condo prwvicen nui veuMneMat Londmons “y 5 % Commercial % Industiial S$ % Vacant 25 % MBHM's {Police and Fie Protection i Change in Present Land Use: Not Likety LL] Lkey (*) {7} Taking Place (") General Appeaance of Properties “y 8 (*) From, _ To [Appeal to Market “| z Predominant Occupancy: [=] Owner (_J Tenant _____ % Vacant Distance] Aci erence 2 Mobile Homes: Price Range $_25 tu $100 Predominant $60 Public Transportation S MILE . J i Age 15 yis to __35 y's. Predominamt __20 yis. Employment Centers + MILE . i EA Single Family: Price Range $_70 to $250 Predominant § _100 Neighbohood Shopping | 2 MILES | Age 5 yis.to 35 yis. Predominam __ 20 yrs. Giammar School 2 MILES \ AT THE TIME OF INSPECTION _ | Freeway Access UMILE im Gescribe potential for ackitional MBHM Parks units wn nearby aea THE SUBJECT IMMEDIATE SUB-MARKET WAS FOUND TO BE APROACHING FULL CAPACITY FOR ADDITIONAL MOBIL. HOMES. "ANDO FCEQUMF604458. Describe those factors, lavorable ov unfavorable, affecting marketabiay (e.g. public parks, schools, noise, view, mML. area, population size and financial abilay) NO ADVERSE FACTORS ARE KNOW TO THE APPRAISER WHICH WOULO AFFECT THE MARKETAGILITY OF THE SUBJECT. MOST MAKET PREFERRED AMENITIES SUCH AS SCHOOLS, SHOPPING, PUBLIC TRANSPORTATION AND OTHER SUPPORT FACILITIES, INCLUDING RECREATION ‘AND EMPLOYMENT, ARE LOCATED WITHIN REASONABLE PROXIMITY TO THE SUBJECTS IMMEDIATE NEIGHBORHOOD. INFORMATION CONTAINED IN THIS URAR REPORT IS CONSITENT WITH A “SUMMARY APPRAISAL REPORT’ AS STATED BY THE APPRAISAL STANDARDS BOARD. Describe Site ONLY if t is included in the Final Value Estimate. Omensions 6,098 49 $ F (SEE SURVEY) = NIA Sq. Ft. oF Actes Lx] Commer Lot Zoning Classdication AR Present inpovements [-] do {| donot confoum to zormng segukions Highest and Best Use (} Present Use |_| Other {specity) Public Other (Describe) ‘OFF SITE IMPROVEMENTS Topo LEVEL AT GRADE {(] Puvate Size TYPICAL FOR AREA Shape MOSTLY RECTANGULAR Sueet Access (] Public Sulace ASPHALT;CIRCULAR ___ Maattenance (°! Pubic |_| Private |View RESIDENTIAV/AVERAGE Storm Sewer *) CubyGutter — Dranaye APPEARS ADEQUATE is the property located in a HUD Identiied Special Flood Mtazard Avea? (~] No |_| Yeo Comments (favorable of untavorable including any apparert adverse easements, encroachments, or other adverse conditions) UTILITY EASEMENTS FOR ELECTRIC, ‘ TELEPHONE, ETC, THERE ARE NO APARENT AOQVERSE EASEMENTS, ENCROACHMENTS OR OTHER APPARENT ADVERSE CONDITIONS Evectiicgy © Complete only # subject is located in a Mobile Home Paik, PROJECT RATING Good Avg. Fair Poot Name SANDALFOOT COVE Location , “} | No. of Mobile Homes 170. Density pet Acte MEDIUM/HIGH General Appearance ' Toning Classficdion © A-R_ AGRICULTURAL RESIDENTIAL Amenities and Recreational Faciliies ! Approx. No. Unds fr Sale 5% ESTIMATED. Approx. Nu. Units Rented 10% ESTIMATED. Density (units per acte) ( Monthly Space Ret $ ** finctudes |_| witer |} sewer {__} qasbage) Und Mix Quality of Constr. (mat & finish) PROJECT RATING Access (Ingress/Eqress) APPEARS ADEQUATE Osainage/Flood Conddions + APPEARS ADEQUATE. Condition ot Exterior ad Describe common elements of sectedtion faciities CLUB HOUSE, SWIMMING PGOL, GOLF Condition of Interior jd a [Appeal to Masket, COURSE, TENNIS COURT, PUTTING GREEN ~) Existing [_} Proposed ‘Mobile Home Living Avea (including Expanxdos, Tipouts, etc.) - Guil-on Additions (Finished and Untineshed Areas) Room. = | tw | din | ka | Bom | sain ; fam | Rec _| ast | Other ‘Mobile Horne tit 712 [is toa DEN, Addons I | _ ** $80.00 MONTHLY FEE PAID FOR COMMON AREA AMENITIES. RATING Canddion of Improvements Kit. Equip.. Cabinets & Workspace Fors: (J Hardwood [-} Capetover METAL VINYL Plumbing - Adequacy and Condaion ( teterior Wats; [] Panebng {| Pressboad =|} - Electrical - Adequacy and Condtion . =a TiwFinish: (_] Good (5) average {_ | Faw L] Pon ‘Skilting - Adequacy and Condition a Fea 8th Hoos: Civm [4 _ Wansco, — [_} Maite [7] Adequacy of insulation Bed Windows (type}: AWNINGS __ C2] storm Sash (4) Screens |] Combo Locahon within Project of View : FA kéchen Equip: () Relrigerator [| Range/ven — [:.j FarvHood [7] Washer |_] Oryer Overal Livability (_"} (J tmercom =] Disposal] Dishwasher {_] Microwave {__] Compactor [Appeal and Masketabitty rj HEAT: Type CENTRAL Fuel ELECTRIC Cond, AVERAGE Estimated Elfective Age 10 to__12 Ws. AIR CONG: {J cemia — |_} other “| Adequate {_] Inadequate Estimated Remaining Economic Lite 28 to 30 Vis. Comments) READERS OF THIS REPORT NEED NOTE THAT THE SUBJECT PROPERTY APPEARS TO HAVE RECEIVED ADEQUATE MAINTENANCE THROUGHOUT ITS LIFE THE SUBJECT CONSISTS OF TWO BEOROOM, ONE. AND HALF BATHROOMS, WITH A FAMILY ROOM AND A DEN SUBJECT FEATURES INCLUDE: ONE CAR CARPORT WITH A FRONT DOOR, SPRINKLER. SYSTEM, NEW ROOF AND EXTERIOR PLY WOOD. C Form MBL ~- ‘TOTAL 2000 tor Windows" appraisal suftware by a la made, inc, —- 1-800-ALAMODE VALUATION S£L..0¥ The undersigned nas Teceed Uae Tecere sas oF ploverties most simiat and piovimate 1 subject wa? fas comswbies these i ae mK culcuysts. The Gescuplion inches a doliat adjustment, ‘eflecting maket reaction (o those tems of signtticant variation between the subject and comparable pisperties. Ha signmcant item in the comparabie property is Superior to, of move favorable than, the subject plopeity, a minus {-} adjustment is made, thus reducing the indicated value of subject: # a significant dem in the comparable is udena: to, of fess favorable than the subject property, a plus {+} adjustment is made, thus increasing the indicated value of the subject. HEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address of 6500 SW 14 STREET} 22935 TRADEWIND ROAD 1530 SW 65 AVENUE 11863 ATLANTIC CIRCLE e Number BOCA RATON Fi [BOCA RATON, FL BOCA RATON, FL, BOCA RATON, FL APPROX _5 MILE WEST APPROX. 1 BLOCK SOUTH APPROX. 5 MILE WEST Proximty to Subject Sales Price. 87.000 $s 77,000. gq _ ls 64.7310) $ 65.48 OESCRIPTION DESCRIPTION +{-18 Adjust DESCRIPTION [+(-1$ Adjust DESCRIPTION __]-+(~)§ Adjust INSPEC. 5/98 9197 CLOSED 2/98 CLOSED : 4198 CLOSED. ‘ v CORNER/AVG iNTERIOR/AVG +1,000 | INTERIOR/AVG. INTERIOR/AVG, £ GENE UNKNOWN UNKNOWN UNKNOWN : Fy 1964/38 YEARS 197226YEARS. : -900 | 1970/28 YEARS. : +700} 1994/4 YEARS : -3,100 < SUPERIOR i -5,000 | AVERAGE. ‘ AVERAGE ‘ 6 Total: Bdims, Tota__‘Bdims: Bah + Tota_: Aiding: Bah: & 6:3: 15 6 a2 +1,000 & 864 Sq.ft: +6,200 1.176 Sy Ft: +1,500 “ NIA : NA : NONE NONE NONE LIMITED UPGRADES FURNISHED. NONE NONE UPGRADES FURNISHED FURNISHED NONE NONE 1 CAR CARPORT. LIMITED UPGRADES FURNISHED NONE 1 CAR CARPORT. 30,000 CONVENTIONAL, 30,000 CONVENTIONAL + ()- Net 15.3% Gass 120% |$ Gross 17.2% Comments on Market Daa. THE COMPARABLE SALES EMPLOYED REPRESENT THE SEST DATA AVAILABLE AS OF THE OATE OF THE INSPECTION MOST WEIGHT WAS PLACED ON SALE #1 DUE TO ITS SIMILARITY AND LIMITED GROSS ADJUSTMENTS, SALES #2 & #3 WERE GOOD SUPPORT INDICATORS. ALL SALES MEET USPAP STANDARDS. INDICATED VALUE BY MARKET DATA APPROACH $ INDICATED VALUE SY INCOME APPROACH (it applicable) Economic Market Rent $ N/A /Mo. x Gioss Rent Mutipies O00 = $ This appraisal is made (J tas ist [_) subject to tepaits, aderations, of conditions listed beow —-{_] completion per plans and spectications, Comments and Conditions of Appraisal: © _NO FUNCTIONAL OR EXTERNAL INADEQUACIES OBSERVED, SUBJECT IS CONSIDERED TO HAVE A R SALE AT $82,500. sae 82,500 ERTIES. SALES COMPARISON METHOD BEST Constucton Warranty Yes {_].No Name of Warranty Progiam N/A This appraisal & based upon the above requirements, the certdication, contingent and timding condaions and Markel Value definition that gre stated in (2. FHLMC Form 439 (Rev. 6/93) / FNMA Furm 10048 (Rev. 6/93) tied with client NIA 4 (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE SUBJECT AS OF JUNE 14 (oe Amd Appraiser(s) NORMA (in STREG AEA 0009615 ac Review Appraiser (it applicable) KEL ial Furm tABL ~~ ‘TOTAL 2000 tor Windows* appraisal software by a fa mode, inc. — 1-800-ALAMODE TRATIVE COMPLAINT EXHIBIT # PAGE NIS ADI OF Bedroom 35.0" Family Room Bathroom Kicchen | 55 9+ Living Room Dining 1/2 Bathroom 43.0' 1/24 SKETCH CALCULATIONS Al + 39,0 x 12.0 = 420.0 AZ : 45.0% 20,08 860,0 First Floor 1280.0 Total Living Area 1280.0 WenSketcn by Jaman Software , & | 3 / ” € ij ay \ 32 ‘ ~ ee HORSESHOE ALACS esvcssstas 42 & go pan, SORERRSETS BE merry we ee Fine BNC Gay tte Gon | Ree _-ab0cn GAROENS factor C8. Sf fan ; BOCA AZUL andy [aby une Sa iis ° jam iss 9 10 re 28 BL Bde brs t “at punt] & ADOLETROCK rate gd ee ee ny COUNTY pases —-. a Ff ote: ne & at wert fase} esate Pt te ne ma, | sy pee Ce FNS. royeeaonh 4 sore? Boca caste | fSacreiy RENTWOOD § ESTATES TON SQUARE SfHCaPeinG CUNTER west soca coauts & Mb Motard Sprcaanes faye na gant oe od) 475008 cre meat | ph it bg e001 hs 3 pooqedser sewn Cs Syduus | rache Cre ‘e A aoe, pV WaT Ata] 4 2 ee i erent! feses \s -. D yo We re wel gs — ‘ { tA ia dig \ ° Spee nah scan ’ o e Ge 2! et: P1000 MIME RR eG wh a } t ‘wok | Fi an a 1AuOy . f J COWNIRT O PARA Vp me Weat BOC . a gh ee i 6 : ESN “cOumrarciuds au ihe PCa Sis erg esas PL Pak tt te i AUmeriand es, Laiggy 4 tt nook URtirane ay 3G Sreciey \ | sega dee ig . wis OCA Tie Le Zz s COMMUNITEE Z sw 1A < a. o { | a | cs _ ot ra ue iJ WasO}AMMee 8 nak # a frat ee er san aurod FOUARE To Margate Sy [| 00-42-47-30-01-003-0350, 6500 SANDALFOOT BLVD, BOCA RATON Fi, 33428-7830 CORS a iis oan tenn] rs 25 Bla SNH AKER ENE a FA tae vt. ial 5 hw E0GEWOOD coNnoos APPRAISER’S CERTIFICATION: ine Appraiser ceviifies ana cgtees that: 1, { have researched the subject market aiea and have selected a minimum of Uwee secent sales of properties most simila and proximate to the subject property” for consideration in the sales comparison analysis and have made a dofar adjustment when appropriate to reflect the masket reaction to those aems of significant valiation. it a signdicant item in a comparable property is supesior fo, or mote favorable than, the subject property, | have made a negative adjustment to reduce the adjusted sales pice of the compaable and, # a significant item in a compasable property is infesio! to, of tess favorable than the subject property, | have made 4 postive adjustment to inciease the adjusted sues price of the comparable. . 2. Vhave taken inta consideration the factois that have an impact on value in my development of the estimate of market value in the appraisal report. | have nt knowingly withheld any significant information trom the appraisal ceport and | believe, to the best of my knowledge, that all statements and information in the appraisal report ae tue and conect. 3, | stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conchisions, which we subject only to the contingent ‘and limiting conditions specified in this form. 4. ‘have mo present or prospective interest in the propeity that is the subject to this report, and | have no present or prospective personal interest or bias with fespect to the participants in the transaction, 1 did not base, either pattialy or completely, my analysis and/or the estimate of market value in the appraisal report on the race, colot, ‘eligion, sex, handicap, tamiial status, of national origin of ether the prospective owners of occupants of the subject property or of the present ‘owners of occupants of the properties in the vicinty of the subject property. 5, have no present of contemplated future interest in the subject property, and nether my cutrent oF future employment nor my compensation for performing this appiaisal is contingent on the appraised value of the property. 6. { was not fequited to report a predetermined value of diection in value that favors the cause of the clent or any related party, the amount of the value estimate, the allainment of a specitic result, of the occurrence of a subsequent event in ordet to feceive my compensation and/or employment for perfoiming the appraisal. | did not base the appraisal (eport on a requested minimum valuation, a specific valuation, of the need to approve a specific mortgage toan. 7. 1 performed this appraisal in conformity with the Unioim Standards of Professional Appraisal Practice thal were adopted and promulgated by the Appraisal Standards Boad of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision ot those Standards, which does not apply. | acknowledge that an estimite of a reasonable time for exposure in the open market is a condition in the defvtion of market value and the estimate | developed is consistent with the marketing time nated in the neighborhood section of this seporl, unless | have otherwise staed in the feconcidation section, 8. {have personaly inspected the interior and exterior aeas of the subject property and the exterior of all properties listed as comparables in the appraisal report. | further certity that | have noted any appaent of known adverse conddions in the subject improvements, on the subject se, oF on any sie within the immediate: vicindy of the subject property of which | am aware and have made adjustments tor these adverse conditions in rity analysis of the property value to the extent that Thad market evidence to support them. | have also commented about the etfect of the adverse condiions on the marketabilty ot the subject property. 9 | personaly prepared al conchisions and opinions about the seal estate that were set forth in the appraisal veport. | relied on signdicant professional assistance from any individual of individuals in the performance of the appraisal or the preparation of the appraisal veport, | have named such indwvidual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal repoit. | certify that any individual so named is qualified to pertormn the tasks, | have not authorized anyone fo make a change to any item in the ceport; therefore, # an unauthorized change is made to the apptaisal report, | wil take 0 responsibility tor &. SUPERVISORY APPRAISER'S CERTIFICATION: ta supervisory appraiser signed the appraisal report, he of she certifies and agrees tha: t dwecty supervise the appraiser who prepaied the appraisal ceport, have seviewed the appraisal report, agree with the sta@ements and conchisions of the appsaiser, agree (0 be bound by the appraiser's certfications numbeied 4 through 7 above, and am taking full fesponsibilty for the appiaisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 6500 Sw 14 STREET. APPRAISER: SUPERVISORY APPRAISER {only If required): Signatwe: Signature: Name: NORMA PINNELL Name: KELLY J. ARTHURS, Oede Signed _JUNE 15, 1998. Oate Signed: JUNE 15, 1998. State Certification #: ST REG REA State Certification #: _RO-0001906 ST CERT REA on State License #: #0003615 ot State License #: State: FL State: FL Expiration Date of Certiication of License: 41/30/98. Expiration Date of Certéication of License: 11/30/98 (} oi ==) Did Not tnspect Property 4/37 NS Freddie Mac Form 439 6-93 Page 2. of 2 Fannie Mae Form 10048 6-93 Form ACR -~ ‘TOTAL 2000 for Windows’ appraisal software by ala mode, inc. — 1-800-ALAMODE Subject Photo,” ‘ge Bonowei/Clent_ DECAL, CARLOS, «Ptgpeity Addess 6500 Swv 14 STREFT Cty BOCA RATON Lender BROWARD FUNDING Subject Front 6500 SW 14 STREET Sales Price + 82,500 Gross Living Area 1,280 Total Rooms $ Total Bedrooms = 2 Tota Bathiooms = 1.5. Location CORNER/AVG View RESIAVG Ste 0,000 ‘Qualty CBSIAVG Age 1963/35 YEARS. biyyee eet a Pee Subject Rear Subject Street 4/38 Form PIC3x5.SR — "TOTAL 2000 for Windows® appraisal software by a fa mode, ine. — 1-800-ALAMODE : Comparable Phe Page Bortowe/Clem_ DECAL, CARLOS a . _ | Property Addiess _€500 SW14 STREET _ . . . . : [cay BOCA RATON County PALM BEACH tender BROWARD FUNDING Comparable 1 22935 TRADEWIND ROAD Prox. to Subject . APPROX. 5 MILE WEST Sale Price 87,000 Gross Living Aiea 1,344 Total Rooms 5 Tota Bedrooms = 2 Total Bathtooms: 2 Location INTERIOR/AVG: View Ste 30,000 Quality Age 1972/26YEARS Comparable 2 1530 SW 65 AVENUE Prox. to Subject. = APPROX. .1 BLOCK SOUT: Swe Price 75,000 Gross Living Area 864 Total Rooms 6 Tota Bedrooms: 3 Total Batwooms = 1.5 Location INTERIORIAVG View Ste 30,000 Quality Age 197028 YEARS Comparable 3 14863 ATLANTIC CIRCLE > Prox. to Subject «= APPROX, .5 MILE WEST S Sale Price 77,000 on Goss Living Aiea 1,176 oO. Total Rooms 6 ic Total Bedrooms = 3 i> Tota Batwooms = 2 oo] Location INTERIOR/AVG View Site 30,000 Quilty Age 199474 YEARS PAGE ___ OF 1/24 Form PIC3x5.CR — “TOTAL 2000 for Windows® appraisal software by a ta mode, inc, — 1-800-ALAMODE beh DEPOSIT RECEIPT AND CONTR2°7 FOR SALE AND PURCHASE {IU FHA, VA or CONDOMINIUMHOMEOWNER’S ASSOCIATION CONTRACT, AODENOUM REQUIRED.) BUYER CARLOS Mh. DECAL, A SINGLE HAN SELLER, Lpowaeo & WE [6s A MARRIED 1A. Buyer and Seller hereby agree thal Selier shall sell and Buyer shall buy the following teal property (Real Property”) and personal property (“Personalty"} (collectively "Property’) upon the following terms and condilions and any addendum to this Contract. 1. LEGAL DESCRIPTION of real estate located in 2/7 SEACH County, Florida. TAX FOLIO # 004247 700/003 086 hor 35 Blocn 3, SANDALFOOT COVE SECTION ove nccon ons To THE PLAT THEREOF AS RECORDED MN PLAT Book 2% PRES IAC AND IAG OF THE Poguic RECOADS OF PALM QEACH COUUTY, Bio AIDA, TOGETHER W/TH A 1963 GEA ERAL DoVGLE WDE be d/e€ New€ L.0, NOS. Foe Ovi FOO ae SA anv 4, 1.1 COMPLETE PROPERTY ADDRESS: _ 729; ua BLVo cA _RATO, - SF YRP (accvess) c C7) 1.2 Seller reprasents (hal the Property can be used for the fokowing purposes: 2. PERSONAL PROPERTY INCLUDED: All fixed items including: all landscaping; window screens, window treatments and hardware: wall-to-wall or attached floor coverings and attached lighting fixtures as now installed on the Real Property. Also included are the following checked (lems: range, Y felrigeralor, NM dishwasher, MN disposal, L. igpenttt oven, tuash compactor, washer, (Vv _ dryer, Ceiling fans, AV solar systems, satellite dishes, security/alarmn systems, __A/ pool cleaning equipment: (DESCRIBE): ROPERTY INCLUDED: 7.2 PERSONAL PROPERTY NOT INCLUDED: 2.3 LEASED ITEMS: AJA security/alarm systems, A satelite dishes, 4/4 other: we : 3, PURCHASE PRICE IS: (In U.S, funds) 0006... .c core cneeeee en erer eee nreeteeeed s £22500 dv METHOD OF PAYMENT: = 3.3 Deposit made al the time Buyer executed this document... -- o-eece neers sees oe $. Lb, 500, 00 3.2 Additional deposit due within Uniled States banking days after Effective Date. , ceettseen fy LA Time is of the essence as to additional deposit. ALL DEPOSITS TO BE HELD BY: _< 0s. 1 AE 3,3 Amount of new note and mortgage ta be executed by Buyer to any lender other than Seller... §. hhh00. go TYPE OF MORTGAGE: {CHECK ONE) (x) Conventional, ( _)FHA, ( )VA (If FHA or VA see Addendum) {CHECK ONE) (X } Prevailing Rate & Terms; OR { ) interest Rate _% & Term ___ Years {CHECK ONE) (X } Fixed Rate, ( — ) Variable rate with a maximum ceiling of % Other terms: My] 3.4 Existing mortgage balance encumbering the Property to be ASSUMED by Buyer approximately $. 1A Mortgagee Name Loan #. (CHECK ONE) ( — ) Fixed rate-not to exceed the rate of % ( ) Variable current rate with a maximum ceiling of % Gatioon Mortgage: ( )Yes ( ) NO Balloon Due Date: . Otherterms: . 3.5 Purchase money nole to Seller secured by a{—) Is OR (_ ) 2nd purchase monay mortgage, bearing interest at tha rate of __% per annum with payments based on ___ years. amortization OR payable $. principal and interest per ees $. Ala Galioon Mortgage: ( ) Yes ( )No Baltoon Due Date: Que onsale: ¢ }Yes ( )No No prepayment penalty. 3.6 OTHER CONSIDERATION: 3. fal Taree 3.7 Approximate additional payment due al closing in U.S. currency or LOCAL CASHIER'S CHECK (This amount does not include Buyer's closing casts and/or prepaid items) . . ah, ld (3 we KZ g (1 $6, 3.8 TOTAL PURCHASE PRICE 4. TIME FOR ACCEPTANCE: If, by 5:00 p.m. 6/5. PP __. nis otter is nt executed by ai parties and delivered to all parties or their Authorized Répresentative, this offer Is withdrawn and all deposits wil be setumed to Buyer. 5. FACSIMILE: A legible facsimile copy of this antire Contract and any signatures hereon shalt be considered as originats. 8, EFFECTIVE DATE: The effective date of this Coniract ("Effective Date’) shall be the day upon which it becomes fully executed by ail parties. 7. TIME: Time periods herein of tess than six (6) days shall in the computation exclude Saturdays, Sundays and state oF national egal holidays, and any time period provided for herein which shall end on Saturday, Sunday of legal holiday shall extand to 5:00 p.m. of the next business day. 6. CLOSING DATE: This Cont Shall be closed and the deed and possession shail be delivered on or before the iS day of TUNE. /228_. unless extended by other provisions of this Contract or separate agreement. Form 1009 PAGE 1 OF 6 (Revamd 03706) “Bf n 78 a Ly) 82 a a4 85 86 2 8 Cy 90 A) 92 ce aay 95 9 a 8 9 400 401 102 103 104 105 106 107 108 oo 10 Wit biz 3 id Us 116 7 Ws 9 120 1b 22 23 124 125 1% 427 128 129 430 cP) 132 133 34 133 136 WW? 8 49 140 141 442 14) 14a 4s 146 447 14 149 130 st 152 (sy 134 135 p ertvaoorness YSS0 MAaswn Bly». - Be -_Ragon Fe. BPH RE (Aadoss) Cay a Pauy’s Authorized Sapracar a cae 9:1 DEF.NITICN OF At SEW (ATIVE. Auiiorized Representative shall include: 9.1.1 any licensed Florida attorney representing Buyer or Seller in this trarsacidon (as to the party the attomey fepresents}: 9.1.2 any person specificalty authorized in wriling by Buyer or Seiter lo receive documents sequired by this Contract, 9.1.3 as to Salier, the Florida real estate licansee(s) shown as {isting salesperson(s) and the Broker(s) of such jicensee’s teal estate firm: 0.1.4 as to Buyer, the Florida real estate licensee(s) presenting this document to Seiler or Seller's Authorized Represeniative and the Broker(s) of such ticensee's real estale firm. 10. EVIDENCE OF TITLE: Seller shail. ai Seller's expense, furnish lo Buyer or Buyer's Closing Agent not less than fifteen (15) days prior to closing either: (1) a certified abstract of title which shall commence with the earliest public tecords with certified search through the Effective Date; of (2) a prior owner's lille insurance policy issued by a currently licensed title insurance company and partial certified abstract of Certified search from the date of such policy through the Effective Date, Seller shall convey a marketable title, subject only to liens, encumbrances, exceptions on qualifications sel forth in this Contract and those which shalt be discharged by Seiler at or before closing. Marketable lile shail be determined according to applicable Title Standards adopted by The Florida 8ar and in accordance with the flaw. 10,1 PALM BEACH COUNTY: If the Property is located in Palm Seach County, Seller shall, al Seller's expense, deliver to Buyer or Buyer's attomey, a fille insurance commilment and poticy issued by a Florida licensed title insurer acceptable to major institutional lenders in the county where the Property is located agreeing to issue to Buyer , upon recording of the deed to Buyer, an owner's policy of title insurance in the amount of the Purchase Price, insuring marketable litle in Buyer to the Property subject only to liens, ancumbrances, exceptions o¢ qualifications set forth in this Contract and those which shail be discharged by Seller at or before closing. 10.2 RELEASE OF RESERVATIONS: Seller shall use besi efforis to oblain releases of canal reservations, oil, gas and/ot mineral reservations, if any, Failure to release reservations or right of entry tor oil, mineral and gas reservations shail constitute a title defect, 10.3 TITLE DEFECTS: Buyer shail have ten (10) days trom the date of receiving evidence of litle to examine same. if title Is found to be defective, Buyer shall within said period, notify Seller in writing specifying the defects. If such defects render the tille unmarketable, Seller shail have thirty (30) days from the receipt of such notice to cure the defects, and IW after said period Seller shail not have cured the defects, Buyer shall have the option of (1) accepting titte ‘as it then is; of (2) lemminating this Contract by delivery of written notice to Selier or his Authorized Representative, and deposits shall be returned to Buyer and all parties shall be released from all further obligations herein. 11. SURVEY: Buyer, at Buyer's expense, within the time allowed to deliver evidence of title and lo examine same, may have (he Real Property surveyed and certified by a registered Florida surveyor. if the survey shows encroachment on Real Property or thal improvements located on Real Property encroach on setback lines, easements, lands of others, or violale any restrictions, contract covenants of applicable govemmentai regulation, ihe same shall constitule a title defect. if the Property is located east of ine Intracoastal Waterway it may be affected by the Coastal Construction Control Line as defined in F.S, 161.053. 12. CONVEYANCE: Seller shall convey lille to Real Property by statutory warranty’ o¢ fiduciary special warranty deed, if applicable, subject onty to land use designalion, zoning restrictions, prohibitions and other requirements imposed by governmantat authority; restrictions, easements and matters appearing on the plat or otherwise common to the subdivision; public utility easements of record which are located contiguous to Red! Property fines and not more than ten (10) feet in width as to the rear of front lines and 7 1/2 feet in width as ta the side lines (unless otherwise specified herein); taxes for year of closing and subsequent years, assumed mortgages and purchase money mortgages, if any, (provided there exists at closing no violation of the loragoing and none of them prevents the use of the Property for the Purpose represented in this Contract). matters contained in this Contract and matiers olherwise accepted by Buyer. Personality shall, at request of Buyer, be transfered by an absolute bill of sale with warranty of tile, subject only to such matters as are otherwise provided herein. 43. EXISTING MORTGAGES: Seller shall obtain and fumish a statement from the mortgagee setting forth the Principal balance, method of payment, interest rate, and whether the morgage is in good standing. if Inere are charges for the change of ownership, including charges for assumption, they shall be pald by Buyer unless the total charges ‘exceed one percent (1%) of the unpaid balance of the mongage. If the total cost of the above items exceed one percent (1%) of the unpaid balance of the mortgage to be assumed, then either party shall have the option of paying any amount in excess so thal the entire cost is paid, and this Contract shall remain in full force and effect, However, if Neither party agrees lo pay the additianal amount, then, either party may terminate this Contract by delivery of witten notice to the other party of his Authorized Representative, and deposits shail be returned to Buyer and all parties shall be released trom all further obligations herein. . 13.1 APPLICATION AND QUALIFICATION: ®uyer shall make application for assumption of the existing mortgage within ___ banking days (five (5) banking days if this blank ts not filled in) after the Effective Date. Buyer agrees to make @ good faith, diligent effort to assume the existing mortgage and agrees to execute all documents required by (he mortgagee for the assumption of said mortgage. If the mortgagee does not give willen consent to permit the Buyer to assume the existing mortgage at the rae and terms of payment previously specified within _ banking days (twenty (20) banking days if this blank is not filled in} after the Effective Date, either party may terminate this Contract by detivery of written notice lo the other party or his Authorized Representative, and deposits shall be returned to Buyer and all parties shall be released from all further obligations herein, This right of termination shall cease upon Buyer ‘obtaining written approval for assumption of the mortgage prior ta the delivery of the notice of termination. 13.2 VARIANCE: Any vanance in the amount of a mortgage to be assumed and the amount stated in the Contract shall be added to or deducted from the cash payment. If the mortgage balance is more than three percent (3%) less than the amount indicated in the Contract, Seller shall have the option of adjusting the Purchase Price to an amount where {he differential is no more than the three percent (3%) allowed, and if Seller declines to do so. then aither pasty may terminate this Contract by delivery of wntten notice to the other party or his Authorized Reprasentalive, and deposits shall be setumed to Buyer and ai! parties shall be released from all (urther obligalions herein. This notice must be given nol tess than five (5) days prior to ihe ciosing. Fon #1001 PAGE 2 OF 6 (Rewsed 00/98) 161 162 163 164 165 166 467 168 169 170 7 2 3 174 15 176 7 i” 179 180 ist 182 183 184 185 186 87 186 189 t90 rn 192 93 195 195 196 197 198 199 200 20r 202 203 204 205 206 207 208 209 10 2 22 2 24 2s 16 27 28 ng 220 22 22 mm 24 25 226 227 28 sperry aooress 7489 desig Bivd. Bo * AAT Fe. 3342P TAsorees) > 7 Cai Gor vw.d DISPOSITION OF ESCROW BALANCE. If Buyer assumes a mony, . ,2. Seller shail receive as credit al closing an amount equal to the ascrow funds Meld by the mortgagee. which funds shall thereupon be transferred to Buyer. 14. HEW MORTGAGFS: Buyer execito* a mortgzc, alt costs and charges incigental thereto : 2H be daid by Guyer. Except as nevennatter provided. any surchase money note and mortgage to Seller shail follo~ a form «th ierms generally accepted and used by institutional fenders doing business in the county where the Property is located. A purchase money mortgage shail provide for an annual proof of payment of taxes and insurance against foss by fire with extended coverage in an amount nat Jess than the full insurable vaiue of the improvements. A first mortgage and nole shall provide for acceleration at the option of the holder after thirty (30) days defautt: for junior mortgages this shall be ten (10) days. The nate shall 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 dale and mortgagee has nol elected to accelerate. Junior mortgages shall require the owner of the Property encumbered to keep all prior liens and encumbrances in good slanding and shall forbid the owner from accepting modifications or future advances under any prior mortgages, Any prepayment shall apply against principal amounts fast maturing, . 44.1 PREQUALIFICATION: Within, days (five (5) banking days if this blank is not filled injafier the Effective Date, Buyer shall provide to Seller a letler from a lender stating that, based on a review of Buyer's application and credit report, Buyer is prequalified for the mortgage loan indicated in Paragraph 3.3 of this Contract. If Buyer fails 10 Provide such letter within that time, Seller may terminate this Contract by delivery of written nolice to the other party or his Authonzed Representative and deposits shall be returned to Buyer and alt parties shail be released from ail further obligations herein, This nght of termination shall cease upon Buyer obtaining a foan commitment priar to delivery of the notica of termination. 14.2 APPLICATION AND QUALIFICATION: if this Contract provides for Buyer to abtain a new mortgage, then Buyer's performance under this Contract shall be contingent upon Buyer obtaining said mongage financing upon the terms. stated, or if none are slated, then upon the terms generally prevailing at such time in the county where tive Property is Jocated. Buyer agrees to apply within banking days (five (5) banking days if this dDlank is not filled in) after the Effective Date and to make a good faith, diligent effort 1 obtain mortgage financing. if within banking days {thirty (30) banking days if this blank is nal filled in) after the Etfective Date, Buyer fails to obtain a loan commitment, or alter diligent effort Buyer is not able to comply with the terms and conditions of the ioan commitment, and Buyer does not waive Buyer's righis under this subparagraph within the time stated for obtaining the commitment, then either party may terminate this Contract by delivery of written notice to the other party or his Authorized Representative, and deposits shail be retumed to Buyer and all parties shall be released {rom all further obligations herein. This right of lermination for tailure to obtain 2 loan commitment shail cease upon Buyer obtaining a loan commitment prior to delivery of the notice of termination, 15. INSPECTIONS, REPAIR AND MAINTENANCE: Buyer shail have the right, at Buyer's expense, to have roof, seawail, dock, pool, electrical, plumbing, sprinkler system, window. septic system, radon, hazardous substance, environmental, termite, wood destroying organism, air conditioning and heating system, mechanical, structurat and other inspections made by inspectors qualified and licensed to perform such services. All written reports of inspections together with the estimated cost of repairs and trealments, shall be delivered to Selter or Seller's Authorized Representative within fiteen (15) days after Ine Effective Date except any wood destroying organism inspection report shall be detivered not tater than 20 days prior to closing date. If such reports and estimates ave not delivered within the slated time, Buyer is deemed to have accepted the Property “as is.” If Seller disagrees with Buyer's inspection reports, Seller shall have the right ta have inspections made at Seller's expense. if Buyer's and Seller's inspection reports do Nol agree, the parties shall agree on a third inspector, whose report shail be binding. The cost of the third inspector Shall be paid equally by Buyer and Seller 15.1 DEFECTS: if inspections reveal functional defects, or if there is any termite or wood destroying organism infestation or damage, the cost of reatment and repair shail be at the expense of Seller. Age alone is not a functional defect nor are aesthetic defects which inctude: cracked roof tiles: pitted marcite; missing or tom screens; fogged windows: tears. worn spots and discoloration af floor coverings/wallpapers/window treatments; naif holes; scratches, dents, scrapes, chips and caulking in ceilingswalls/lloonngiile/fixtures/mirors; and minor cracks in floor tileswindows/driveways/sidewalks/poo! decks/garage and patio floors. Seller is not obligated to bring any item into compliance with existing building code regulations if such item complied with the building code regulations at the time it was constructed unless necessary to repaie & warranted item. 15.2 LIMITATION: If the cost of repairs and treatments exceeds (2% Of the Purchase Price if this blank is not filled in), Buyer or Seller may elect to pay such excess, failing which, either party may lerminate this Contract by delivery of written notice to the other party or his Authorized Representalive and deposits shall be returned to Buyer and all parties shall be released trom ali further obligations herein. 15.3 WALK THROUGH INSPECTION: Suyer is entitled to a walk through inspection immediately prior to closing to verity compliance with this section and to verity thal no major functional defects have occurred subsequent fo the inspections. Sellet warrants that all apptiances and machinery included in this sale shall be in working order at closing. 15.4 UTILITIES: Seller shall provide ulility services for all inspections. Ail parties and their Authorized Representatives have the right to be presen al the time of all inspections and shall be given reasonable nolice of the schedule of all inspections. : 45.5 ESCROW FOR REPAIRS: It repairs and treatments ara not completed prior to closing. unless prohibited by Lender, sufficient funds shall be escrowed at closing lo effect such repairs and treatments. 15.6 MAINTENANCE: Between the Effective Date and the closing, Seller shalt maintain the Property, including but not limited to the lawn and shrubbery, in the same condition as of the Effective Date, ordinary wear and tear excepted. Sellar shall vacate the Property and remove all {umiture and personal items not inctuded in this Sale, and leave the Property in a clean, broom-swep! condition before the time sel for closing, 16. ENVIRONMENTAL CONDITION: Seller is not aware of any prior of existing environmental condition, situation or incident on, al, of concerning the Property or any adjacent property that may give rise as against Seller or the Property to an action or to liabitity under any law, rule, ordinance or common jaw theory. This representation shall survive (he closing. 17, INSURANCE: The premium on any hazard or flood insurance policy in force covering improvements on the Property shall be prorated between the parties, if assumed. If insurance is to be prorated, Seller shall, at closing, furnish to Buyer all insurance policies or copies thereal. if insurance cannot be obtained because of tropical storm activity, either party may delay closing until insurance can be obtained. Form #1001 PAGE 3OF 6 (Rewred 03496) S 53 a :PLAINT ly fl iv) uL VE 235 SPERTY ADDRESS OGE0 Naka &t. vw, Bra RATOS fe. B3Y2P 2 vAadiess) Cay er 207 SERVICE CONTRACTS: Ruyer nas the aption o accepting ort. ng any continuation of service contracts, 204 pravider ine servic contracts are axs.qrcide to Buyer. iH accepted, the cost thereof shall be prorated. Any transter fee 239 shall be asic by Buyer oo. . 240 19 ‘NGRESS.AND CGRESS Seles covenants ‘isd’ warrants that there is ingress and egreds to the Property over 241 public ar privalé roads or easemenie, 242 20. LEASES: Unless indicated under Special Clauses, al closing there shall be no lease of right of occupancy 243, encumbering the Property. If appticabie. Setier shall, ten (10) days prior to closing, fumish to Buyer copies of ail written 244 teases and estoppel letters from each tenant specifying the nature and duration of said tenant's occupancy, rental rate, 245. advance rents of security deposits paid by lenanl. If Seller is unable to obtain estoppel letters trom tenants, the same. 246. information may be furnished by Seller to Buyer in (he form of a Seller's affidavit. : 247 21. SELLER'S AFFIDAVIT: Seller shail fumish lo Buyer at closing an affidavit attesting to the absence of any financing 248. statements, claims of lien or potential henors known to Seller. If the Property has been improved within ninety (90) 249 days prior to closing, Seiter shall deliver to Buyer an affidavit setting forth names and addresses of all contractors, 250 subcontractors, suppliers and materiaiman and stating that all bills for work on Property have been paid. Buyer may 251 require seleases of all such potential liens, The affidavit shall stale thal there are no matters pending against Selter that 252 could give rise to a lien that would attach to the Property behween the disbursing of the closing funds and the recording 253 of the Instrument of conveyance. and that Seller has not, and will nol, execute any instrument that could adversely 254 affect the titie fo the Property 233 22. DOCUMENTS FOR CLOSING: If applicable, Sefler shai prepare and provide deed, purchase money mortgage 236 and note, assignment of ieases, bill of sale, Sellef's affidavits, FIRPTA alfidavit, survey of affidavit regarding coastal 257 construction control fine, F.S. 161.57, and any corrective instruments that may be required in connection with perfecting 258 the tile. Buyer's closing agent shall prepare the closing statement, 259 23. EXPENSES: Abstracting prior to closing, govemmenial lien searches, cost of obtaining payotf and estoppel letters, 260 state documentary stamps on the deed and the cost of recording any cosrective insiruments, shall be paid by Seller. 261 Intangibte personal property taxes and documentary stamps to be affixed to the purchase money mortgage, if any. or 262 required on any morgage modification. the cast of fecording the deed and purchase money mortgage and 263 documentary stamps and recording costs assessed in connection with assumption of any existing mortgage shalt be 264 paid by Buyer, 265 24. PRORATION: Taxes, insurance, assumed interest, utllilies, rents, and other expenses and reverwe of the Property 266 shail be prorated through the day prior to closing, Taxes shall be prorated on ine current year’s tax, if known. if the 267 closing occurs at a dale when the current year's taxes are not fixed, and the current years assessment is available, 268 taxes will be prorated based upon such assessment and the prior year's millage, If the current year's assessment is not 269. available, then taxes will be prorated on the prior year’s tax: provided, however, if there are completed improvements 270 on the Property by January 1st of the year of closing, which improvements were not in existence on January 1st of the 274 prlor year, then the taxes shail be prorated to the date of closing based upon the prior year’s. milage and al an equilable 272 assessment to be agreed upon between the parties, failing which, requests will be made to ihe county tax assessor for 273 an informal assessment taking into consideration homestead exemption, if any. However, any tax proration based on 274 an estimate may, at the request of eilher party to the transaction, be Subsequently readjusted upon receipt of tax bill, 275. All such prorations whether based on actual tax or estimated tax will make appropriate allowance for the maximum 276 allowable discount and for homestead or other exemptions if allowed for the current year. The covenants in this 277 paragraph shall survive closing. 278 25. SPECIAL ASSESSMENT LIENS: Certified, confirmed and ratified special assessment liens #3 of the Effective 279 Date ara to be paid by Seller. Pending liens as of the Effective Date shall be assumed by Buyer. 280 26. PLACE OF CLOSING: Closing shail be held af the office of the Buyer's closing agent if located within the county 281 where the Property is tocaled, and if not, then al the office of Seller's closing agent if located within the county where 282 the Property Is located, and if nol, then at such place as mutually agreed upon, If a portion of the Purchase Price is to 283 be derived (rom institutional financing of refinancing, the requirements of the lending institution as to place, time and 284 procedures tor closing shall control, anything in this Contract to the contsary notwithstanding, 265 27. PROCEEDS OF SALE AND CLOSING PROCEQURE: The deed shall be recorded and evidence of the title 286 continued at Buyer's expense, to show title in Buyer, without any encumbrances of changes which would render Seller's 287 {fille unmarketable, from the dale of the last evidence, and the cash proceeds of sale may be held in escrow by Seller's 288 atlomey or by such other escrow agent as may be mutually agreed upon for a period of not longer than ten (10) days. if 289 Seller's title is rendered unmarketable, Buyer's closing agent shall, within said ten (10) day period, nolity Seller or 290 Seller's attomey in writing of the defect, and Seller shall have thirty (30) days from date of receipt of such notice to cure 291 said defect and shall use best efforts to do so. If Seller fails to timely cure said defect, all monies paid hereunder by 292 Buyer shat, upon written demand therefore, and within five (5) days thereatter, be ratumed 10 Buyer and, 29) simultaneously with such repayment, Buyer shall vacate the Property and reconvey the Property to Seiler by special 294 warranty deed. If Buyer fails lo make timely demand for refund, he shall take title as is, waiving all rights against Seller 295 as to such intervening defect except such rights as may be available to Buyer by virtue of warranties contained in deed, 296 Al) payments including mortgage proceeds shail be made in the form of U.S. currency, cashier's check of equivalent 297 drawn on a financial institution with branches in Broward, Dade of Palm Beach County which must have at least one 298 branch in the county where (he Property is located. The foregoing notwithstanding, if title insurance is available, at 299 standard rates insuring Buyer as to any title defects arising between the elfective dale of title commitment and 300 recording of Buyer's deed, proceeds of sale shail be disbursed to Seller at closing. 301 27.1 Possession and occupancy will be delivered to Buyer at closing and funding. ~ 302 27.2 The Broker's professional service fee shall be disbursed simutianeously wilh disbursement of Seller's closing 303 proceeds. 304 26. ESCROW: Any escrow agent (“Escrow Agent’) receiving funds or equivalent is authorized and agrees by 30$ acceptance of them to deposit them promptly, hold same in escrow and, subject to clearance, disburse them in 306 accordance with this Contract. Failure of clearance of funds shall not excuse Buyer's performance. If in doubt as to 307 Escrow Agant's duties or liabilities under the provisions of this Contract, Escrow Agent may, at Escrow Agent's aption, 308 continue to hold the subject matter of the escrow until the parties mutually agree to its disbursement, or unt judgement 309 of @ court of competent jurisdiction shall determine the rights of the parties. or Escrow Agent may deposit the subject 310 matter of te Escrow with the clerk af the circuit court having jurisdiction of the dispute. Upon notifying ali parties. 311 concemed of such action. ail liability on the part of Escrow Agent shail fully terminate, ‘except to the extent of 32 313) Form #1001 PAGE 4 OF 6 (Revaes O06) a wertyaporess __24P0_ “Aewd Ber, Ooc- dito) fr. 33 fal . jy NS (Aaatess) Bsr ter 316. .wounting for any ilems previously delivered out of escrow. If aticen. al estate broker, Escrow Ager will coraty 317 with provisions of Chapter 475, F.S. (1987), as emencad Any suit between Buyer and Seller where cscrow «gent is WW8 -itde a pany bocause of acting as Escrow Agert hereucuc:, oF in any suit wherein Eercow Ageni inerpi 149 subject matter cf tho escrow, Escrow Agent shall recover reasore ble attorney's fc2s and costs incurred ..i 320 and costs to be charged and assessed as court costs in favor of the prevailing party. Parties agree thal Escrow Agent 321. shal! nol be liable to any panty of person for misdelivery to Buyer or Selier of items subjecl 1o this escrow, uniess such 322 misdelivery is due to willtul breach of Contract or gross negligence of Escrow Ager. 123. 29. RISK OF LOSS: if tne improvements are damaged by fire or other casuatty before delivery of the deed and can be 324 restored to substantially the same condition as existing on the Effective Date within a period of sixty (60) days 32S thereatier, Seller may restore the improvements and the closing date and date of delivery of possession shall be 326 extended accordingly. tf Seller fails to do so, Buyer shall have the option of {1} taking the Property “as is” logether with 327 insurance proceeds, if any, of (2) terminating this Contract by delivery of writlen notice to Seller or his Authorized 328 Representative, and deposits shall be returned to Buyer and all panties shall be released from alt further abligalions 329 herein. 330 30. ASSIGNMENT; This Contract is not assignable without the specific written consent of Seller if new mortgage 331 financing or an assumption of an existing mortgage is a contingency. 332.31. ATTORNEY FEES ANO COSTS: in connection with any arbitration of titigation arising out of this Contract, the 333. prevailing party to the arbitration and/or litigation, whether Buyer, Seller or Brokers, shalt be entitled 10 recover all cosis 334 incurred including attorney's fees and legal assistant fees for services rendered in connection therewith, including 335 appellate proceedings and postjudgement proceedings. 336 32. DEFAULT: it either pany defaults, the cights of the non-defauiling party and the Grokers shall be as provided 337 herein and such rights shall be deemed to be the sote and exctusive righis in such event. If Buyer fails to perform any 338 of the covenants of this Contract, all money paid or to be paid as deposits by Buyer pursuant to this Contract shall 339 be retained by or for the account of Seller as consideration for the execution of (his Contract and as liquidated damages 340. and in full settlement of any claims for damages and specific performance by Seller against Buyer. If Seller fails to 341 perform any of the covenants of this Contract, all money paid of deposited by Buyer pursuant to this Contract shail be 342 relumed to Buyer upon demand, or Buyer shall have the right of specific performance. in acktition, Setter shall pay 343 forthwith to Brokers the (ull professional service tee provided for in this Contract. Any controversy os claim between 344 Buyer and Seller arising out of or relating to this Contract, or a breach thereof, may be submitted to mediation prior to 345. arbitration or fitigation. The mediators fees shall be paid equally by the parties of the mediation. Any of the above 346 proceedings shall be brought in the county where the Real Property is located and shall be conducied pursuant to 347 Florida Statutes retaling to mediation, arbitration oF litigation. 348 33. CONTRACT NOT RECORDABLE AND PERSONS BOUND: The benefils and obligations of the covenants herein 349 shall inure to and bind the respective heits, representatives, successors and assigns (when assignment is permitted) of 350 the parties herato, Whenever used, tha singular number shail include the plural, the plural the singular, and the use of any shall include all genders. Neither this Contract nor any notice shalt be recorded in any public records, 152 34, SURVIVAL OF COVENANTS AND SPECIAL COVENANTS: No provision, covenant or warranty of this Contract 35) shall survive the closing except as expressly provided herein, 354 35, CONCURRENCY: No representation is made regarding the ability to change the current use of or to improve the 35$ Property under the Local Goverment Comprehensive Planning and Land Development Regulation Act (Chapter 163 et 156 seq.. Florida Statutes) or any comprehensive plan of other similar ordinance promulgated by controlling governmental 357 authorities in accordance with the Act. 358 36, FIRPTA: All panties are advised that the I.R.S. code requires Buyer to withhold ten percent (10%) of the Purchase 159 Price for tax on sales by certain foreigners. The tax wil be withheld unless affidavits of compliance with the .R.S. code 360 of anJ.R.S. qualifying statement are provided ta Buyer at closing. 364 37. QISCLOSURES: 362 37.1 RADON GAS: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in 363 sufficient quaniilies, may present health risks (o persons who are exposed to il aver time, Levels of radon that exceed 364 (ederal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon 365 testing may be obtained from your county public health unit. 366 37.2 ENERGY-EFFICIENCY RATING: “in accordance with the Florida Building Energy-Elficiency Rating Act (Chapter 367 553, Part Xi, F.S. (1993)}, the Buyer of Real Property with a building for occupancy located thereon is notified that the 368 Buyers may have the building's energy-efficiency rating determined,” Buyer acknowledges seceipt of the “Florida 369 Building Enargy-Efficiency Rating System” Disclosure. 370 37,3 CLOSING COSTS. Buyer may be required to pay additional closing costs, including but not fimiled ta; attamey's J11 tees, casualty insurance premiums, property tax proration, recording costs, survey costs, courier fees, tax setvice tees, 372 underwriting tees, document preparation fees, utility search fees, owner and mortgagee tille Insurance Premium, taxes, 373 and costs associated with obtaining financing, such as: application fee. appraisal fee, credit report fee, and points or 374 assumption tee and a $95,00 processing and handling fee, 375 37.4 SELECTION OF SERVICE PROVIDERS; It Brokers give Buyer or Seller referrals to professional persons, 376 service or product providers or vendors of any type, including, but nol limited to, tending Institutions, loan brokers, 377 gttomeys, lille insurers. ascrow companies, inspectors, structural engineers, pest control companies, contractors, and 378 home warranty companies (‘Providers’) , the referrals are given based on (he following disclosures: 379 37.4.1 Buyer and Seller are free to select Providers other (han those referred or recommended by Brokers. 380 37.4.2 Brokers do nol guarantee the performance of any Providers, 38, DISCLOSURE OF LATENT DEFECTS: Seller specifically acknowtedges and understands that if Seller knows of 382 latent defects materialy affecting the value of the Property, which are defects not readily observable, then Seiler is under a duty to disclose said latent defects to Buyer. Seller represents that If Setier knows of said latent defects, they 384. are set forth in writing under “Special Clauses” below or have been separately disclosed by Seller and acknowledged in 385 wnting by Buyer. Setter and Buyer agree lo indemnify and hold harmless Brokers from damages resulting from the 386 inaccuracy of this information, The covenants in this paragraph shail survive the closing, 38? 39. FINAL AGREEMENT: This Contract represents the final agreement of the parties and no agreements or 388 representations, unless incorporated into this Contract, shall be binding on the parties, Typewritten provisions shall 169 supersede printed provisions and handwritten provisions shai! superseda typewritten and/or printed provisions. Such 390 handwritten of typewnitien provisions as are appropriate may be inserted on this form or attached hereto as an 391 addendum. 392 Fam #1001 PAGE 5 OF 6 (Reveed 03/96) hod 393 ra 395 396 397 538 Fd tol adi Sd 404 403 406 407 408 409 410 ait 412 ayy 44 4s 416 al? as 4gy 420 a 42 423 a4 ars 46 47 428 4a 430 4 4a 43 44 435 436 ay 438 as 44 aaa 44s aaa PROPERTY ADDRESS: 7080 AKIN OLyD L/ULd Aw tums o.oo SF ~ CLAUSES: . i ADDENDUM(S} ATTACHED: {CHEC! IE} (x) ¥es ( } No Typa of Addendum: ody eu) Mor ASS on BUYER C =~ tee BUYER, Printed Name CACC 0S 47 DECAL Date, (3 Printed Name Date, Social Security of Tax 1.0.# /S6 60 LOL? Sociat Security or Tax 1.D. # address £708 _S. q A pen DALE FE BS OL Tole. #: (25) 272- 21SY Fax #: (__), Tele. #:(___). Fax #:(__), DEPOSIT RECEIVEO __ Juve S , 29Pf tobe held : , subject to clearance. Escrow Agent: AVA a ve Company Name ACCEPTANCE OF CONTRACT & PROFESSIONAL SERVICE FEE: The Selier hereby approves and accepts the offer contained herein and secogrizes_ AJA Listing Broker in this transaction Address: Tele. #(__). Broker MLS ID # Salespersons Public MLS (0 # and recognizes, ‘fas Selling Broker in this transaction, Address: Tole. @ (___). Broker MLS ID # Salespersons Public MLS ID # {CHECK and COMPLETE THE ONE APPLICABLE) (IF A WRITTEN LISTING AGREEMENT IS CURRENTLY IN EFFECT: Seller agrees to pay the Listing Broker named above ing to the terms of an existing, separate vaitten professional service fee agreement: as per MLS 4_. Mf Buyer falls to perform and deposits cooreeiaimed, 50% thereol, bud not exceeding the professional service fee, shall be evenly divided between Listing Broker and Selling Broker, as ful consideration for Brokers’ services including costs expended by Brokers, and the balance shall be paid to Setter, oR ( )(F NO WRITTEN LISTING AGREEMENT 1S CURRENTLY IN EFFECT: Setter shall pay the Li ‘above, a closing, from the proceeds of the a professional service fae of (COMPLETE ONLY ONE) A % of the gross Purchase Price OR 3. mun , lor Broker(s) services tortor and deposi sre retsined, SO% thereat, but nok exceeding the professional service (ee, shall be evenly Goiied Cyue SEI EM SELLER Printed = BJEMSS Data_6/7 FE Printed Name Date, Social Security or Tax 1.0. @_/Sf 20 S43) Social Security of Tax 1D, # addons Suis Sia Te Loao ds, DAVE Fe. 3332 Tole. #: GEL) 46-2700 Fax #: (PL) F7e- F703 tobe, #: (_)__ Fax @{_} THIS 1S INTENDED TO BE A LEGALLY BINDING CONTRACT. Uf you do nat fully understand this Contract, seek the sdvice of an attomey prior 10 signing. If you desire legal of Lax advice consun an appropriate prolessionsl. This form has been approved by the Broward County Gar Association and the REALTOR® Association of Greater Fort Leuderdale, inc. Approval dows nol consttule an prion that any ofthe terms and conditions in ins Conlsact should be sccepted by the parties in « pestoler Laneacton. Terms cre candilions should be negotiated bated upon the respective interests, abjections end bargaining posiions of al parties, Farm 1001 PAGE 6 OF 6 (Revised 93/08)

Docket for Case No: 02-001683PL

Issue Date	Proceedings
Jun. 13, 2002	Order Closing File issued. CASE CLOSED.
Jun. 12, 2002	Order Granting Joint Motion for Extension of Time issued. (parties must file stipulation by June 21, 2002)
Jun. 12, 2002	Motion to Relinquish Jurisdiction (filed by Petitioner via facsimile).
Jun. 11, 2002	Joint Motion for Extension of Time to File Pre-Hearing Stipulation (filed via facsimile).
May 22, 2002	Order of Pre-hearing Instructions issued.
May 22, 2002	Notice of Hearing issued (hearing set for June 27, 2002; 1:00 p.m.; Fort Lauderdale, FL).
May 08, 2002	Joint Response to Initial Order (filed via facsimile).
May 01, 2002	Administrative Complaint filed.
May 01, 2002	Petition for Formal Hearing filed.
May 01, 2002	Agency referral filed.
May 01, 2002	Initial Order issued.