19-3106 Approving Vacant Land Contract with Daypart, LLC for Five Parcels Adjacent to Casselberry Golf Course

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Form Simplicity 51 5. 52- 53- 54- 55- 56 2•53+54+55•56 57 58 59 60- 61- 62- 63 0<61k62•63 64 65 66- 67- 68- 69 6«67*68x69 70 71 72 73 74 75 76 77 78- 79- 80- 81- 82- 83- 84 8•79- 80<81•82•83*84 85- 86- 87 5•86t87 88 7/3/19, 2:38 PM Financing: (Check as applicable) (a) 1K Buyer will pay cash for the Property with no financing contingency. (b) ❑This contract is contingent on Buyer qualifying for and obtaining the commitment(s) or approval(s) specified below ("Financing") within days after Effective Date (Closing Date or 30 days after Effective Date, whichever occurs first, if left blank) ("Financing Period"). Buyer will apply for Financing within days after Effective Date (5 days if left blank) and will timely provide any and all credit, employment, financial, and other information required by the lender. If Buyer, after using diligence and good faith, cannot obtain the Financing within the Financing Period, either party may terminate this contract and Buyer's deposit(s) will be returned. (1) ❑ New Financing: Buyer will secure a commitment for new third party financing for $ or % of the purchase price at (Check one) ❑ a fixed rate not exceeding % ❑ an adjustable interest rate not exceeding % at origination (a fixed rate at the prevailing interest rate based on Buyer's creditworthiness if neither choice is selected). Buyer will keep Seller and Broker fully informed of the loan application status and progress and authorizes the lender or mortgage broker to disclose all such information to Seller and Broker. (2) ❑ Seller Financing: Buyer will execute a ❑ first ❑ second purchase money note and mortgage to Seller in the amount of $ bearing annual interest at % and payable as follows: The mortgage, note, and any security agreement will be in a form acceptable to Seller and will follow forms generally accepted in the county where the Property is located; will provide for a late payment fee and acceleration at the mortgagee's option if Buyer defaults; will give Buyer the right to prepay without penalty all or part of the principal at any time(s) with interest only to date of payment; will be due on conveyance or sale; will provide for release of contiguous parcels, if applicable; and will require Buyer to keep liability insurance on the Property, with Seller as additional named insured. Buyer authorizes Seller to obtain credit, employment, and other necessary information to determine creditworthiness for the financing. Seller will, within 10 days after Effective Date, give Buyer written notice of whether or not Seller will make the loan. (3) ❑ Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to LN# in the approximate amount of $ currently payable at $ per month, including principal, interest, ❑ taxes and insurance, and having a ❑ fixed ❑ other (describe) interest rate of % which ❑ will ❑ will not escalate upon assumption. Any variance in the mortgage will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase Seller's escrow account dollar for dollar. If the interest rate upon transfer exceeds % or the assumption/transfer fee exceeds $ , either party may elect to pay the excess, failing which this contract will terminate; and Buyer's deposit(s) will be returned. If the lender disapproves Buyer, this contract will terminate; and Buyer's deposit(s) will be returned. 89« 6. Assignability: (Check one) Buyer ❑ may assign and thereby be released from any further liability under this Sok contract, ❑ may assign but not be released from liability under this contract, or 0 may not assign this contract. 91. 7. Title: Seller has the legal capacity to and will convey marketable title to the Property by ❑ statutory warranty 92• deed ❑ special warranty deed N1 other (specify) QUIT CLAIM DEED , free of liens, easements, 93 and encumbrances of record or known to Seller, but subject to property taxes for the year of closing; covenants, 94 restrictions, and public utility easements of record; existing zoning and governmental regulations; and (list any 95. other matters to which title will be subject) 96 provided there exists at closing no violation of the foregoing. 97 (a) Title Evidence: The party who pays for the owner's title insurance policy will select the closing agent and 98 pay for the title search, including tax and lien search if performed, and all other fees charged by closing agent. 99 Seller will deliver to Buyer, at 100• (Check one) ❑ Seller's L7 Buyer's expense and 101< (Check one) Mwithin 5 days after Effective Date ❑ at least days before Closing Date, 102 (Check one) 103< (1) X a title insurance commitment by a Florida licensed title insurer setting forth those matters to be 104 discharged by Seller at or before closing and, upon Buyer recording the deed, an owner's policy in the 105 amount of the purchase price for fee simple title subject only to the exceptions stated above. If Buyer is 106 paying for the owner's title insurance policy and Seller has an owner's policy, Seller will deliver a copy to 107 Buyer within 15 days after Effective Date. Buyer , '`'�' j�) and Seller (�A () acknowledge receipt of a copy of this page, which is 2 of 7 pages. VAC -11 R -y'6117 02017 Florida Realtors-' Serial#:015849-200156-2179010 Form Simplicity https://forms.floridarealtors.org/users/renderpdfviewer Page 2 of 7