SUBJECT: Purchase of property located at

I
11/29/2012
Meeting Date: _____________________________
From (Dept): Community Development
Harold H. Home ~S~/ ~
Signature: ___________________________________
/fl
Official Use Only
Reviewed by
City Attorney:________________________
Council Action: _________________________
Department Directorfl
~~
Approved for
Agenda: _________________________________
City Manager
SUBJECT:
Request
For
1/
Date: __________________________________
___________________________________________________
Purchase of property located at 12008 Delaware Street for additional parking and
Approval:
office space.
SUMMARY EXPLANATION & BACKGROUND:
Purchase of property in support of the Community Redevelopment Plan which identifies traffic management
and improved parking within the Historic District; this also supports the city’s need for additional office space.
FISCAL INFORMATION: Purchase price: $70,000.00 plus closing costs; purchase budgeted for FY 20 12/13 to
be paid 50% from CRA Funds and 50% from Roads and Streets.
RECOMM EN DED ACTION: Approve purchase request.
Initiated by: JLR
r1T-~~~7
~
(~lL~ lfl
~J1 ~J
I
~T~U~I
I~I~4I~i
20750 River Drive
Dunnehoi. FL 34~~31
(352) 465-8500
FAX (352) 465-8505
MEMORANDUM
4
TO:
Mayor and City Council
FROM:
Lisa Algiere, City Manage~/~
DATE:
November 30, 2012
RE:
Purchase of property located at 12008 Delaware Street
The property listed above is available for purchase and is ideally situated for
public use. It is adjacent to the Greenlight office and Datesman Park, both
located in the CRA. The CRA plan calls for more parking. If purchased by
the City, this property will provide additional parking for the public and office
space for city use.
The purchase price is $70,000, which is budgeted in the CRA and Roads and
Streets budgets. State Statute does not require an appraisal for property
purchases under $100,000. Additionally, an appraisal could not be obtained
for its intended use until the property is rezoned. However, we need to
determine if the asking price is a fair market value.
Due to the slow real estate market there is a limited number of comparable
sales. I obtained listings of four commercial properties for sale in Dunnellon
and one recently sold commercial property. I compared the pricing of these
properties to the subject property and found the asking price to be more
than fair.
The comparison of these properties is detailed in the attached chart along
with the details of each property.
My recommendation is to approve the purchase of subject property.
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Comparables for 12008 Delaware Street
Listing #1
Listing #2
Listing #3
Sales #1
Type
Office
Commercial
Commercial
Office
Sq.Ft.
715
2090
2387
1186
Price
$105,000
$110,000
$194,500
$115,000
Price/SF
$146.85
$52.63
$81.48
$96.96
The average Price/SF is $94.48
If you remove the highest and lowest properties the average Price/SF is
$89.22
The subject property is 1,000 SF with an asking price of $70,000 making the
Price/SF at $70 which is lower than the comparable properties.
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Full Display
Page 1 of I
/
~N~or Public DistrjbutiQi~: Members Only
C377619 A
12009 S WILLIAMS ST, DUNNELLON FL 34432
List: CAROLYN NASH (352) 342-7852 of BOB ROGERS REALTY INC (352) 489-4422 / FAX: (352) 489-
3485..
County:
..
Co-List:
Marion
Type:
Year Built:
Subdivision: Dunnellon City
Model Name:
Bedrooms:
0
Baths:
0
Restroo~j_~.
i
B-3 Specialty Business
Legal:
L~N&T~N
Professional Office Bldg
1956
Stories:
One
Nat Gas YIN:
Elec Volt:
Elevator Y/N:
—
#Un~t~r~
Zonin’g~
Parcel:
~E(PROP APP
Total Sqft:
715
Building Sqit:
Net Oper mc:
Tot Oper Exp:
Lot Size:
13 X 125
Acres:
.04
Section: 35
Township:
16
Elem:
Taxes:
1046.11
Middle:
Auction:
N
High:
Sprinkler:
Property Type:
Personal Services, Retail Store Other-See Remarks
Range:
SPerSqft:
litil Comp:
AG Expt YIN:
Heating:
Extras:
NC:
Over Doors:
Parking:
Floor:
WaterFront:
Ceil Height:
Front Road:
Includes:
Utilities:
Dockage:
Directions:
Location:
Ext Misc:
Show Inst:
Lease Terms:
New Fin:
Exist MTG:
Root:
Sewer:
Water:
Photos:
Realtor Only
Remarks:
Central Electric
6-15 Spaces
Other-See Remarks
7-10 Ft.
Building(s) and Land
Above Ground Electric Street Lights
Warehouse Sqft:
Office Sqft:
Gross Oper lnc:
Construction: Bnck Concrete BIk w/ Stucco Concrete Block
Remarks:
L: $105,000
Firm: Agt: 271512006
1 8E
$146.85
Central Electric
Highway Frontage
Call Listing Agent Key List Oftice Vacant
Other-See remarks
Cash Conventional
City
City
Attached
DOWNTOWN DUNNELLON, 1 BLOCK FROM INTERSECTION OF HWY 41 (WILLIAMS ST) AND CR484 (PENNSYLVANIA
AVENUE) ON THE EAST SIDE OF 41 ACROSS FROM GARYS CARPET.
HIGH VISIBILITY ON MAIN STREET IN THE HISTORIC DISTRICT OF DOWNTOWN DUNNELLON. 2 LARGE ROOMS AND
RESTROOM. WOOD LAMINATE FLOORING AND TILED RESTROOM. SPACE IN REAR FOR PRIVATE PARKING, OR
EXPAND THE SQUARE FOOTAGED. BOARDERS PUBLIC PARKING LOT. GREAT OPPORTUNITY AT A GREAT PRICE.
(OWNER IS LIC FL REALTOR)
Commission patd upon successful closing.
List Date:
07/3012012
Sold Date:
Pend Date:
Expire Date:
Lease Date:
Caravan Date:
Withdraw Date:
Concessions Y/N:
VOW AVM:
No
Occupant Name I Phone:
Seller NamelPhone:
Orig ListS:
Sell Price:
Pend Agt:
How Show:
Exclusive:
Caravan Type:
Withdraw Status:
List Hub YIN:
VOW Blogging:
0DULEY
o-
$105,000
Call Listing Agt
Right
Yes
No
Trans. Broker:
Dual Corn YIN:
Buyer Agency:
NR Non-Rep:
Pend CTS Date:
Projected Close:
How Sold:
3% Sign Y/N:
No VOW YIN:
3% Internet YIN:
3% Occupied:
lOX:
DOM:
Internet Addr:
Yes Auction Prop:
No
Foreclosed/REO: No
Short Sale:
No
Yes
Yes
Yes
No
Yes
43
- - - - Information herein deemed reliable but not guaranteed - - - Copyright 2005 OcalaiMarion County Association of Realtors, Inc 0911112012 04:00 PM
Listing(s) may or may not belong to this firm.
https://www.mlsocala.eomlcgi-ocl/SDdisp?fiinc)ocl I=sm_qs_cmi&dispXX2l=2&LMMST_ml... 9/11/2012
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Page 1 Gf I
—
~
Not Far Public Distrib
n,Members Only
C369866 A
11987 S WILLIAMS ST, Dunnellon FL 34432
List: EWEULLYNE COMMANDER (352) 212-9120 of RAINBOW SPRINGS REALTY GROUP, INC (352) 48965951 FAX: (352) 489-6623
_________
Co-List:
County:
Marion
Type:
Commercial Building
Subdivision: Dunnellon City
Year Built:
1978
Model Name:
Bedrooms:
0
Stories:
One
Baths:
1
Nat Gas Y/N:
Restrooms: I
—— —
Elec Volt:
#LJnits:
—~‘
Elevator YIN: No
Zoning: ~
~Bu~ess
Parcel:
Legal:
SEC 35 TWP 16 RGE 18 Lot 559, Dunnellon, Plat Book “A”, Page 174 Parcel lD# 33800559-00
Total Sqft:
2090
Building Sqft: 2090
Net Oper mc:
Tot Oper Exp:
Lot Size:
50 X 125
Acres:
.14
Section: 35
Township:
Elem:
Dunnellon Elementary School
Taxes:
Middle:
Dunnellon Middle School
Auction:
High:
Dunnellon High School
Sprinkler:
Property Type:
Retail Store Other-See Remarks
Office Sqft:
Gross Oper Inc:
16
1,263.
N
Yes
Range:
$PerSqft:
Util Comp.:
AG Expt YIN:
$110,000
~irm:
1072
Agt: 271532081
Warehouse Sqft:
1 8E
$52.63
Progress Energy Florida
Construction: Brick, Concrete Block
Heating:
Central Electric
Extras:
Location:
Highway Frontage ,In City Limts, Historic District
NC:
Central Electric
Ext. Misc:
Other-See Remarks
Over Doors:
Show lnst:
Call Listing Agent Lockbox Supra , Vacant
Parking:
6-15 Spaces, Paved
Lease Terms: None
Floor:
‘Ihiyl, WIW Carpet
New Fin:
Cash Conventional
Waterfront:
Exist MTG:
Cell Height:
11-14 Ft.
Roof:
Shingle
Front Road: City, US Highway
Sewer:
City
Includes:
Building(s) and Land
Water:
City
Utilities:
Street Lights
Photos:
To Follow
Dockage:
Street Level
Directions:
From Ocala: HYW200Wto HYW484Wto HYW41 {Dunnellon} Turn Left on HYW41 do a U-turn Bldg will be on the Right of
HYW 41 before lnters/41 & 484 *Look for my Sign * Public Parking Lot next to bldg.
Remarks:
A Best Deal in Marion County Commercial Real Estate!!! This Commercial Bldg. is offered ~ Low Investment Cost of $1 10K *
Located in City of Dunnellon {New Business “Hot Spot” for Marion Cty) Perfect Location for Your New Business w/Parking +
City/Public Parking Lot Next Door! Ocala & Citrus County Merchants.,.Perfect Oportunity for 2nd Business Location!!! Nice Size
building WI Ex. Lg Showroom ÷ Room for Expansion. * Hot Location..Busy Downtown Dunnellon lnter/HYW41&484
Realtor Only
Marion CTY MLS Supra Lock Box This Commercial Building Will be Sold “AS IS” with Right to Inspect Thanks for Showing!!!
Remarks:
List Date:
02/03/2012 Orig ListS:
$110,000
Trans. Broker:
5% Sign Y/N:
Yes
Sold Date:
Sell Price:
Dual Corn YIN:
No VOW YIN:
No
Pend Date:
Pend Agt:
Buyer Agency:
5% Internet YIN:
Yes
Expire Date:
How Show:
Call Usting Agt
NR Non-Rep:
5% Occupied:
No
Lease Date:
Exclusive:
Right
Pend CTS Date:
IDX:
Yes
Caravan Date:
Caravan Type:
Projected Close:
DOM:
221
Withdraw Date:
Withdraw Status:
How Sold:
Concessions YiN:
ListHubY/N:
No
VOW AVM:
No
VOW Blogging:
No
Internet Addr:
Yes Auction Prop:
No
Occupant Name I Phone:
0Foreclosed!REO: No
Seller Name/Phone:
Celtics, Inc. 0Short Sale:
No
- - - - Information herein deemed reliable but not guaranteed - - - Copyright 2005 Ocala/Marion County Association of Realtors, Inc 09/11/2012 03:59 PM
Listing(s) may or may not belong to this firm.
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C373887 A
20561 POWELL RD. DUNNELLON FL 34431
List: LINDA CORSE (352) 804-3110 of CBIRIVERLAND REALTY (352)489-4511 / FAX: (352) 4899976 ____ ~~.____
Co-List:
County:
Marion
Type:
Commercial Building
Subdivision: Hilldale
Year Built:
1938
Model Name:
Bedrooms:
1
Stories:
One
Baths:
2
Nat Gas YIN: No
Restrooms: 0
EIec Volt:
# Units:
2
Elevator Y/N: No
Zoning:
Res Business Historic
Parcel:
3350-068-000
Legal:
HILLSDALE LOT 68 PB C PG 049
Total Sqft:
3158
Net Oper mc:
Lot Size:
195 X 165
Section: 26
Elem:
Dun nellon Elementary School
Middle:
Dunnellon Middle School
High:
Dunnellon High School
Property Type:
Personal Services
Building Sqif:
Tot Oper Exp:
Acres:
2387
.74
Township:
Taxes:
Auction:
Sprinkler
Construction: Frame Wi Stucco
Extras:
Public Restrooms Refrigerator, Security Alarm System
Smoke Alarm System Wheelchair Accessible
NC:
Ceiling Fan Central Electric , ~llftNIndow Unit
Over Doors: None
Parking:
6-15 Spaces, Carport, None, Unpaved
Floor:
Hardwood/Parquet, Vinyl
WaterFront:
Cell Height:
7-10 Ft.
Front Road:
City
Includes:
Building(s) and Land
Utilities:
Above Ground Electric
L: $194,500
Fir~n.
Agt: 271510151
OffIce Sqtt:
Gross Oper mc:
Warehouse Sqft:
Range:
$ Per Sqif:
Util Comp.:
AG Expt YIN:
16
1925.42
N
No
I 8E
$61 .5~
No
Heating:
Location:
Central Electric
Paved Street
Ext. Misc:
Show lnst:
Lease Terms:
New Fin:
Exist MTG:
Fenced, Landscaped , Wheelchair Access
Appointment, Call Listing Agert
None
Cash , Conventional
Roof:
Sewer:
Water:
Photos:
Shingle
City
City
Attached
Dockage:
Directions:
Remarks:
Realtor Only
Remarks:
List Date:
Sold Date:
Peed Date:
US HWY’ 41 TO WEST ON POWELL RD TO SIGN ON RIGHT.
AN AMAZING OPPORTUNITY! DREAM OF HAVING YOUR OWN BUSINESS? MAIN BUILDING HAS 1C ROOMS, 2 FULL
BATHS, AN OUTDOOR PATIO, LAUNDRY ROOM AND SCREENED PORCH. SECOND BUILDING HAS 2 STORAGE ROOMS
AND A 3 SEASON ROOM. PRESENTLY AN ANTiQUE SHOP. REAL ESTATE ONLY FOR SALE.
AT PRESENT CAN ONLY BE SHOWN FROM 10 A.M. -4 P.M. TUESDAY THROUGH SATURDAY. BUSINESS NOT FOR SALE SEE ATTACHED DEFINITION OF PERMITTED USES FOR RBO ZONING. COMMISSION PAID ONLY UPON SUCCESSFUL
CLOSING.
05/04/2012 Orig List$:
$217,000
Trans. Broker:
3% Sign Y/N:
Yes
Sell Price:
Dual Corn YIN:
No VOW YIN:
No
Pend Agt:
Buyer Agency:
3% Internet YIN:
Yes
How Show:
Call Usting Agt
NR Non-Rep:
3% Occupied:
Yes
Exclusive:
Transaction Broker
Pend CTS Date:
IDX:
Yes
Expire Date:
Lease Date:
Caravan Date:
Withdraw Date:
Concessions Y/N:
VOW AUM:
No
Occupant Name I Phone:
Seller Name/Phone:
Caravan Type:
Withdraw Status:
List Hub YIN:
No
VOW Blogging:
No
OWNER 0AUNT BOBBY’S ()-1 48
- - - -
Projected Close:
How Sold:
Internet Addr:
DOM:
132
Yes Auction Prop:
No
Foreclosed!REO:
Short Sale:
No
Information herein deemed reliable but not guaranteed - - - Inc 09/13/2012 05:21 PM
Listing(s) may or may not belong to this firm.
Copyright 2005 OcalalMarion County Association of Reallora,
https://www. mlsocala.com/cgi-ocl/SD disp?funcXX I I=smqs_cmi&dispXX2I=2&LM_MSTmI
9/13/2012
20709 W Pennsylvania Avenue, Dunnellon, FL°ã4431
Summary
Sale Details
r~
Sale Status:
Sold
Sale Date:
0711912012
Sale Price:
$115,000 ($96.96/SF)
Document #:
69756
.2012 Mcr~sc~tCøqp~&n
02010 NAVTEQ
C AND
Property Information
Property Type:
Office
Property Subtype:
Office Building
Building Size:
1,186 SF
Lot Size:
014 Acres
APN I Parcel ID:
3380-0377-00
Parties to Transaction
Seller:
OUR FLORIDA LLC
Buyer:
REED, JAMES D
19100 Sw 103Rd St, Dunnellon, FL 34432
Financing Comments
Cash Sale.
Property Details
Office
Office Building
1186SF
0.14 Acres
N
1923
http :Ilwww.1oopnet. ~
9/13/2012
re~ ~ ~AGR ac;’p,:- 107
CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE
THIS CONTRACT for purchase and sale of Real Estate (the “Contract”) is made and entered into as of the
Effective Date (later defined herein) by and between Janet Ledsome., hereinafter referred to as “Seller”, whose
mailing address is 2491 NE Cherry Lake Circle, Pinetta, Florida 32350-2155 and The City of Dunnellon, a
Florida municipal corporation, whose mailing address is 20750 River Drive, Dunnellon, Florida 34431,
hereinafter referred to as “Buyer”.
WITNESSETH THAT:
WHEREAS, Seller desires to sell and convey the subject Property (hereinafter described) to Buyer and Buyer desires
to purchase the subject Property from Seller on the terms and conditions hereinafter set forth.
NOW, THEREFORE, for and in consideration of the premises hereof, the sums of money paid and to be paid
hereunder and for other good and valuable considerations, the receipt and sufficiency of which are hereby
acknowledged, the parties promise, covenant and agree as follows:
1.
DEFINITIONS. The following terms shall have the meanings indicated for all purposes
affecting this Contract.
1.01
Property. The term “Property” shall mean that portion of land as described in the manner set forth
in the attached Exhibit “A”, together with all the tenements, hereditaments and appurtenances
thereto belonging or in anywise appertaining. The parties agree that the Exhibit “A” description
shall be replaced by survey description (see Paragraph 2 herein below) at such time as the survey
description is available and has been mutually approved in writing.
1.02
Escrow AQent. The term “Escrow Agent” shall mean and refer to Empire Title Company of Florida,
Inc.
1.03
Effective Date. The Effective Date of this Contract shall be the date upon which this Contract has
been fully executed by both Seller and Buyer, (including all required initials.).
1.04
Intended Use. The term “Intended Use” shall mean for municipal development.
1.05
Governmental Authorities. The term “Governmental Authorities” shall mean and refer, but not be
limited to the Federal Government, the State of Florida, Marion County, municipality where
applicable, the Southwest Florida Water Management District, or any other jurisdictional agency
having jurisdiction over the Property or any portion thereof and whose approval is necessary for the
development of the Property and construction of the improvements.
2.
PURCHASE PRICE. The Buyer agrees to pay and deliver unto the Seller, in exchange for the Property,
pursuant to the terms of this Contract, the amount of Seventy thousand dollars and no cents (70,000.00). The
Property shall be legally described by a survey by a Florida licensed surveyor as provided herein, which survey
description shall be subject to the reasonable approval of both Seller and Buyer.
2.01
Deposit. An initial earnest money deposit of Five Thousand ($5,000.00) Dollars will be deposited
with the Closer at Empire Title Company.
2.02
Balance of Purchase Price. The balance (“Balance”) of the Purchase Price shall be due and
payable at closing by wire-transfer to the account of Escrow Agent-Closer at Empire Title Company
subject to such adjustments or pro-rations as are provided by this Contract.
Purchase & Sale Contract
The City of Dunnellon & Janet Ledsorne
1
3.
APPROVAL. Seller shall cooperate with Buyer’s efforts to obtain all approvals, rezoning, comprehensive
plan revisions, annexation, contracts, formal actions and other assurances by all applicable governmental agencies
and all other parties which may be reasonably required for Buyer to develop, use and occupy the Property for Buyer’s
Intended Use. Such cooperation by Seller shall specifically include Seller’s joinder in or execution of all applications
to or filings with any applicable governmental agencies whose consent, approval or other official action may be
required in connection with Buyer’s proposed development of the Property, as well as the execution and transmittal
of such letters or other communications manifesting or otherwise expressing such reasonable support by Seller as
may be requested by Buyer. Such cooperation shall not result in any expense to Seller. The purchase is contingent
upon approval of requested rezoning and approval of purchase and acceptance of contract by the City Council of the
City of Dunnellon.
4.
INSPECTION PERIOD. Buyer shall have a period commencing (15) business days after the Effective Date,
(the “Inspection Period”) to obtain a Phase I or other environmental reports, survey, recertification of existing survey,
or acceptance of Title Company’s underwriter to accept an owner’s survey affidavit in lieu of recertification of same.
Buyer’s inspection may include a title search, survey & environmental testing. In the event Buyer elects to terminate
this Contract, Buyer shall deliver written notice to Seller of its election to terminate this Contract prior to the expiration
of the Inspection Period. In the event this Contract fails to close for any reason, as a condition to the return of any
Earnest Money Deposit, if such sum is refundable. Buyer hereby indemnifies Seller for any damages, claims or
causes of action resulting from any damage or injury which takes place on the Subject Property during any inspection
by Buyer or its representatives, or which is otherwise caused by Buyer.
5,
TITLE INSURANCE. On or before thirty (30) days from the Effective Date, which may be extended by
mutual agreement of the Parties, Seller, at Seller’s expense, shall provide City, with a Title Insurance Commitment as
to the Property (“Commitment”) issued by Empire Title Company of Florida, Inc. (Title Company) and committing to
issue to Buyer an owner’s policy in the amount of the Purchase Price upon the recording of the deed to Buyer. Title
to the Property as reflected by the Commitment and owner’s policy issued pursuant thereto shall be subject only to
encumbrances and matters which are acceptable to Buyer as not adversely affecting the ability of, and cost to, Buyer
of utilizing the Property, as well as the financing, sale and lease of same, which determination of adversity and cost
shall be at Buyer’s sole discretion (“Permitted Encumbrances”). The Commitment shall include copies of all
documents referenced therein and shall agree to insure any easements benefiting the Property. The Commitment
shall provide that all “standard exceptions” (including standard exceptions for taxes and assessments not shown in
the public records, claims of unrecorded easements, parties other than owner in possession, mechanic’s liens and
matters disclosed on accurate survey, but excluding current real estate taxes) shall be deleted from the title
insurance policy when issued upon receipt of a proper survey and appropriate affidavits. Seller shall provide to Title
Company any affidavits and other instruments required to delete said standard exceptions, and Buyer shall provide to
Title Company the survey as set forth below. Buyer and Seller shall have Thirty (30) days from receipt of the
Commitment and copies of all exceptions to review the same. In the event Buyer finds the Commitment to contain
any matter, requirement or exception other than a Permitted Encumbrance, Buyer may give written notice to Seller of
Buyer’s objection(s) within the period for review of the Commitment. Seller shall thereupon promptly use its best
good faith efforts to cure said objection(s) (but shall not be required to expend monies or institute legal action in
connection therewith) within Fifteen (15) days after Buyer’s notice of objection(s) is received by Seller. If Seller is
unable or unwilling to cure all objections to title within said period, Seller shall give prompt written notice to Buyer of
those objections which Seller is unable or unwilling to cure, whereupon Buyer shall have the option either to (a) waive
the remaining objection(s) to title and proceed to close, or (b) terminate this Contract, whereupon the Deposit
together with accrued interest shall be returned to Buyer and the parties shall thereafter be relieved of all further
liability hereunder.
6.
SURVEY. Prior to closing, Buyer shall have the Property surveyed, at Buyer’s expense, by a registered
land surveyor selected by Buyer. The survey (“Survey”) shall be certified to Buyer, Seller, Seller’s counsel, Escrow
Agent and Title Company. The Survey shall certify the gross acreage of the Property to be conveyed and shall be
sufficient to remove the “survey” standard exception to the title policy described above. In the event the Survey
reflects any easements, encroachments, rights-of-way, roads, lack of access, deficiencies, gaps or any other adverse
matters not constituting a Permitted Encumbrance, Buyer shall notify Seller of Buyer’s objections to the Survey on or
Purchase & Sale Contract
The City of Dunnellon & Janet Ledsome
2
before the deadline for objecting to the Commitment. Objections to the Survey shall be treated as objections to title
pursuant to Paragraph 5 above.
7.
REPRESENTATIONS AND WARRANTIES.
As a material inducement to Buyer, Seller does hereby represent and warrant that:
(a)
The Seller holds fee simple title to the Property.
(b)
To the best of Seller’s knowledge, there is no condemnation or eminent domain
proceeding pending or threatened against the whole or any part of the Property.
(c)
To the best of Seller’s knowledge, there are no violations of any federal, state or local
laws, rules, regulations or ordinances, including without limitation, drainage or
environmental matters, affecting the Property.
(d)
No work has been performed or materials furnished by or on Seller’s behalf or request on
or with respect to the Property which could give rise to a mechanic’s or materialmen’s lien
against the Property.
(e)
The Seller assigns rental income received from the tenant in residence and shall be prorated as of
the date of Closing for the current month. Seller shall provide Tenant with Notice to Vacate as of
the date of Closing for the current month and provide a copy of said notice to Buyer.
(f)
To the best of Seller’s knowledge, no representation or warranty by Seller in this Contract, or in any
instrument, certificate or statement furnished to Buyer by Seller pursuant hereto, or in connection
with the transaction contemplated hereby, contains or will contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements contained herein or
therein not misleading.
(g)
To the best of Seller’s knowledge, there is no condition of or to the Property not readily observable
by Buyer which would tend to be adverse to Buyer’s Intended Use.
All representations and warranties herein shall be automatically renewed at Closing and shall survive
Closing.
8.
CLOSING. The closing will take place at City Hall within 30 days of approval of said contract and may be
extended if necessary upon agreement of both Parties (“the Scheduled Closing Date”).
9,
CLOSING COSTS:
9.01
Seller and Buyer have negotiated an agreement as to payment of closing costs as follows: The
closing costs include documentary stamps, recordings costs, Owner’s Title Policy, Survey,
expenses of the Escrow Agent, Closer and preparation of the Warranty Deed. Seller shall pay
Owner’s Title Policy in an amount up to purchase price. Each of the respective parties shall bear
its own attorney’s fees.
9.02
Real estate taxes and other pro-ratable items shall be prorated as of the date of Closing for the
current year. All taxes and assessments for prior years shall be paid by Seller and be brought
current as to the Property prior to the date of closing. Seller shall pay, or prior to Closing shall have
paid, all special assessments and liens for public improvements, which are, as of the closing date,
pending liens.
Purchase & Sale Contract
The City of Dunnellon & Janet Ledsorne
3
10.
HAZARDOUS MATERIAL. Seller represents and warrants as of the Effective Date and as of the closing,
that it has not and will not utilize the Property, nor any part thereof, to treat, deposit, store, dispose of, or place any
hazardous substances (other than such lawful use of fertilizers, herbicides, and pesticides as are incidental to a citrus
grove operation), as defined by U.S.C.A. Section 9601, (14); nor has or will Seller authorize any other person or
entity to treat, deposit, store, dispose of or place any hazardous substance, as defined above on the Property, or any
parts thereof; and to the best knowledge of Seller, no other person or entity has treated, deposited, stored, disposed
of, or placed any hazardous substance (other than such lawful use of fertilizers, herbicides, and pesticides as are
incidental to a citrus grove operation), as defined, on the Property, or any part thereof. These representations and
warranties contained in this Paragraph 10 shall survive the Closing.
During the inspection period buyer may conduct such environmental assessments of the Property as it may deem
necessary or expedient. In the event prior to close of the inspection period any of the reports are unsatisfactory and
the indicated environmental problem is more significant than that which would require relatively minor remedial effort
by Seller and cannot be resolved to Buyer’s reasonable satisfaction by Seller prior to closing, then Buyer may elect to
terminate this Agreement and the Deposit together with accrued interest shall be returned to same.
11.
REAL ESTATE COMMISSION. Seller and Buyer each hereby acknowledge that there are no compensable
brokers involved in the sale of the Property. Each party warrants to the other that, the warranting party has incurred
no obligation by reason of this Agreement or the transaction contemplated by this Agreement, for any real estate
brokerage commission or finder’s fee for which the other party would be liable. Buyer and Seller, upon Closing, shall
execute an indemnification holding the other party harmless from any costs, expenses, or commission relative to the
respective party’s real estate brokerage or finder’s fee, if any.
12.
CONVEYANCE OF SELLER’S RIGHTS. Seller shall by a Statutory Warranty Deed of conveyance, sell,
assign, and transfer unto Buyer the Property and shall also thereby convey to Buyer all of Seller’s right, title and
interest in and to any plans, permits, rights, easements, licenses, reservations, uses, improvements, rights of way, or
other interests of whatever nature or kind that may run with or be a part of appurtenant to the Property.
13.
DEFAULT. In the event of a default on the part of Buyer of any of the terms hereunder (except the payment
of the Deposit as provided in paragraphs 2.01 and the timely closing in accordance herewith, for which there is no
cure period) which default is not the fault of the Seller, Seller shall notify Buyer in writing of such default and Buyer
shall have Ten (10) days from the receipt of notice of default to cure the default, but in no event later than the closing
date. Should Buyer not cure the default within the Ten (10) day period, Buyer and Seller covenant and agree that
Buyer shall forfeit the escrowed Deposit to Seller as consideration for the Contract as liquidated damages and in full
satisfaction of any and all claims or damages that Seller may have against Buyer and be released from all further
liability and the Contract shall be deemed terminated, In the event of a default on the part of Seller of any of the terms
hereunder, which default is not the fault of the Buyer, Buyer shall notify Seller in writing of such default and Seller
shall have Ten (10) days from the receipt of notice of default to cure the default. Should Seller not cure the default
within the Ten (10) day period, Buyer and Seller covenant and agree that Buyer shall have the right and option to
terminate this Contract and receive back from Seller the escrowed Deposit including accrued interest paid to date or
closing on the Contract according to its terms. If Seller fails to close, the Buyer shall have the right to the remedy of
Specific Performance.
14.
DUTIES OF ESCROW AGENT. Buyer and Seller authorize Escrow Agent to receive funds and, subject to
clearance, disburse them according to the terms of this Contract. In addition to the terms of Paragraph Two of this
Contract, Escrow Agent shall deliver the Deposit or portion thereof (as the case may be) to Buyer or Seller (as the
case may be) upon receipt of written demand therefore, stating that a party to this Contract has breached the terms
of this Contract or is otherwise entitled to the Deposit and accrued interest as provided herein, provided however,
that Escrow Agent shall not honor such demand until the Tenth (10) day after Escrow Agent shall have served a copy
of such demand on the party alleged to have breached this Contract, nor thereafter if the Escrow Agent shall have
received written notice of objection from said party within Ten (10) days from the receipt of said demand. In the
event Escrow Agent has received notice of objection, Escrow Agent shall promptly serve notice thereof on the
demanding party. In the event Escrow Agent shall have received notice of objection, Escrow Agent may elect to (i)
Purchase & Sale Contract
The City of Dunnellon & Janet Ledsome
4
continue to hold the Deposit until both Buyer and Seller direct the disbursement of the Deposit in writing, in which
case Escrow Agent shall disburse the Deposit in accordance with said directions, or (ii) in the event of litigation
between Buyer and Seller, Escrow Agent shall deposit the Deposit with the Clerk of the Court in Orange County,
Florida. Escrow Agent shall have the right to take such affirmative steps as Escrow Agent may, at Escrow Agent’s
reasonable option, elect in order to terminate Escrow Agent’s duties as Escrow Agent, in which event Escrow Agent
shall place the Deposit with a successor escrow agent mutually satisfactory to Buyer and Seller pursuant to an
escrow agreement executed by such successor escrow agent, Buyer and Seller.
15.
MISCELLANEOUS.
15.01
Notice. Any notice required by this Contract shall be deemed effective when placed in the United
States certified mail, return receipt requested, or with a nationally recognized overnight carrier such
as Federal Express, postage prepaid, addressed to the Buyer or Seller, or hand delivered to the
following addresses:
Buyer:
The City of Dunnellon,
a Florida Municipal Corporation
20750 River Drive
Cocoa Beach, Florida 32932
Telephone: 352.645.8500
Facsimile: 352.465.8505
Buyer’s Attorneys:
Fowler & O’Quinn, P.A.
James A. Fowler, Esquire
28 W. Central Boulevard, Suite 400
Orlando, Florida 32801
Telephone: 407.425.2684
Facsimile: 407.425.2690
Seller:
Janet Ledsome
2491 NE Cherry Lake Circle
Pinetta, FL 32350-2155
Telephone:
Seller’s Attorneys: (Agent)
____________________________
_________________________
__________________________
Telephone:
Facsimile:
___________________
15.02
AssiQnment. This Contract is freely assignable by Buyer. Seller’s approval of any change in
ownership of Buyer is not required.
15.03
Attorneys Fees. In any litigation arising out of this Contract, the prevailing Party shall be entitled to
recover reasonable attorney’s fees and costs, including the cost of appeal.
15.04
Successors and AssiQns. This Contract shall be binding and shall inure to the benefit of the
successors and assigns of the parties.
15.05
Failure to Close. In the event Buyer fails to successfully close not due to default of Seller, Buyer
agrees to deliver to Seller all survey data, documents materials, due diligence data, including soil
testing, environmental reports, civil engineering, permits, and applications, at no cost to Seller.
16.
AMENDMENT OF THE CONTRACT. The Contract may not be altered, modified, varied or amended
except by subsequent formal agreement in writing, signed by the parties hereto.
17,
RADON GAS. Radon is a naturally occurring radioactive gas which, when it has accumulated in a building
in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon which
exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon
and radon testing may be obtained from the county public health unit.
Purchase & Sale Contract
The City of Dunnellon & Janet Ledsome
5
18.
TIME IS OF THE ESSENCE. Time is of the essence in this Contract. Any reference in this Contract to time
periods of less than Six (6) days shall, in the computation thereof, exclude Saturdays, Sundays and legal holidays.
Any time period provided for herein which ends on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. of
the next business day.
19.
DUPLICATE ORIGINALS. This Contract shall be executed in duplicate originals.
20.
1031 EXCHANGE. The conveyance of the Property may, on the part of Buyer or Seller, be part of a likekind exchange pursuant to Section 1031 of the Internal Revenue Code, Said exchange may be in the form of a
simultaneous exchange, a deferred “Starker’ exchange, or possibly a “reverse Starker’ exchange and may involve
qualified intermediaries. Seller and Buyer shall cooperate in amending this Contract to accommodate any such
exchange. All accommodations must be at the sole expense of the party initiating such exchange and such that they
do not negatively impact the other party.
IN WITNESS WHEREOF, BUYER and SELLER have hereunto executed this Contract for Sale and
Purchase as of the day and year below written.
Signed, sealed and
delivered in the presence
SELLER:
Janet Ledsome
As to Seller
Janet Ledsome
As to Seller
Date:
Signed, sealed and
delivered in the presence
_____________
2012
BUYER:
The City of Dunnellon, A Florida
Municipal Corporation
By:______________________________
Asto Buyer
As to Buyer
Date:
Purchase & Sale Contract
The City of Dunnellon & Janet Ledsome
6
____________
2012
EXHIBIT “A”
SEC 35 TWP 16 RGE 18
PLAT BOOK A PAGE 174
DUNNELLON
LOTS 473,474.475
All of the foregoing are referred to collectively as ‘the Property” in the Contract for Sale and Purchase to which this
Exhibit “A” is attached.
Purchase & Sale Contract
The City of Dunnellon & Janet Ledsome
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