21-3243 - Approving Purchase Agreement - 700 South Lost Lake Lane

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STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED 553 parties, to be subsequently disbursed in accordance with the Withholding Certificate issued by the IRS or remitted 554 directly to the IRS if the Seller's application is rejected or upon terms set forth in the escrow agreement. 555 (iv) In the event the net proceeds due Seller are not sufficient to meet the withholding requirement(s) in this 556 transaction, Seller shall deliver to Buyer, at Closing, the additional COLLECTED funds necessary to satisfy the 557 applicable requirement and thereafter Buyer shall timely remit said funds to the IRS or escrow the funds for 558 disbursement in accordance with the final determination of the IRS, as applicable. 559 (v) Upon remitting funds to the IRS pursuant to this STANDARD, Buyer shall provide Seller copies of IRS Forms 560 8288 and 8288-A, as filed. 561 W. RESERVED 562 X. BUYER WAIVER OF CLAIMS: To the extent permitted by law, Buyer waives any claims against Seller 563 and against any real estate licensee involved in the negotiation of this Contract for any damage or defects 564 pertaining to the physical condition of the Property that may exist at Closing of this Contract and be 565 subsequently discovered by the Buyer or anyone claiming by, through, under or against the Buyer. This 566 provision does not relieve Seller's obligation to comply with Paragraph 106f). This Standard X shall survive 567 Closing. 568 ADDENDA AND ADDITIONAL TERMS 569* 19. ADDENDA: The following additional terms are included in the attached addenda or riders and incorporated into this 570 Contract (Check if applicable): ❑ A. Condominium Rider ❑ K. RESERVED ❑ T. Pre -Closing Occupancy ❑ B. Homeowners' Assn. ❑ L. RESERVED ❑ U. Post -Closing Occupancy IN C. Seller Financing ❑ M. Defective Drywall ❑ V. Sale of Buyer's Property ❑ D. Mortgage Assumption ❑ N. Coastal Construction Control ❑ W. Back-up Contract ❑ E. FHA/VA Financing Line ❑ X. Kick -out Clause ❑ F. Appraisal Contingency ❑ O. Insulation Disclosure ❑ Y. Seller's Attorney Approval ❑ G. Short Sale ® P. Lead Paint Disclosure (Pre -1978) ❑ Z. Buyer's Attorney Approval ❑ H. Homeowners/Flood Ins. ❑ Q. Housing for Older Persons ❑ AA. Licensee Property Interest ❑ I. RESERVED ❑ R. Rezoning ❑ BB. Binding Arbitration ❑ J. Interest -Bearing Acct, ❑ S. Lease Purchase/ Lease Option ❑ CC, Miami -Dade County Special Taxing District Disclosure ❑ Other: 571* 20. ADDITIONAL TERMS: 1. The acceptance and approval of this "AS IS" Residential Contract for Sale and 572 Purchase by the Casselberry City Commission (the "Commission") shall be a requirement for this Contract 573 to be effective. If the Commission has not accepted and approved this Contract on or before June 15 2021L- 574 each of BuVer and Seller shall thereafter (until the Commission accepts and aDoroves this Contract) have the 575 576 577 578 579 580 581 582 583 564 585 586 587 shall be returned 2. Exhibit "1" - Legal Description 3. Exhibit "2" - At Closing, Buyer shall execute and deliver the Unsecured Purchase Money Promissory Note to Seller. 4. Addendum 1 - Additional Terms and Conditions which are incorporated herein by reference. 588 COUNTER-OFFER/REJECTION 589* ❑ Seller counters Buyer's offer (to accept the counter-offer, Buyer must sign or initial the counter -offered terms and 590 deliver a copy of the acceptance to Seller). 591* ❑ Seller rejects Buyer's offer. 05 Buyer's Initials Page 11 of 12 Seller's Initials U Florida Realtors/FloridaBar-ASIS-5x Rev.6/19 0 2017 Florida Realtors@ and The Florida Bar, All rights reserved. Licensed to Alta Star Software and ID: D649071966.J8QY.102014 Software and added formatting © 2020 Alta Star Software, all rights reserved. • www.altastar.com • (877) 279-8898