Book 101 • Page 112 Agenda Item 25 3/6/96 RESOLUTION 96-7652 A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A CONTRACT, IN A FORM TO BE APPROVED BY THE CITY ATTORNEY, BETWEEN MERCEDES MAZPULE AND THE CITY OF NAPLES, FOR THE PURCHASE OF NAPLES TWIN LAKES BLOCK 5 LOT 10 AS RECORDED IN COLLIER COUNTY (VACANT LOT); AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Naples has negotiated a purchase contract with Mercedes Mazpule in the amount of $32,000 for the purchase of Naples Twin Lakes Block 5 Lot 10 as recorded in Collier County; and WHEREAS, subject property has an appraised value of $26,000; and WHEREAS, it is in the best interests of the City to enter into a contract with Mercedes Mazpule, a copy of which is attached hereto and made a part hereof; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF NAPLES, FLORIDA: Section 1. That the City Manager is hereby authorized to execute a contract, in a form to be approved by the City Attorney, between Mercedes Mazpule and the City of Naples in the amount of thirty two thousand dollars ($32,000) for the purchase of Naples Twin Lakes Block 5 Lot 10 (vacant lot) as recorded in Collier County. Section 2. This resolution shall take effect immediately upon adoption. PASSED IN OPEN AND REGULAR SESSION OF THE CITY C. CIL GI7rHE CITY OF NAPLES, FLORIDA, THIS 6TH DAY OF MARCH, 1995. Barnett, Mayor Atte t: Approved as to form and legality: • 's\ 01014004..1. Tara A. Normai, Deputy City Clerk , City Attorney M:\REF\COUNCIL\RES\96-76S2 Book 101 'Page 1/7 2670 Airport Road South COMPLIMENTS OF LAVVY EHS' ABS MAC I SERVICE, INC. Naples, Florida 33962-4895 SALES CONTRACT (NOT FOR CONDOMINIUMS) L, -1(052 SELLER: _____a_likap_ur_,F BUYER: =TA 11E. NAPLES ADDRESS: 341-3—C-RAI-T-41N—R-0-M) ADDRESS: __OJAV E MERCE-R)434 -17454 --NAPLES-TFL.--33-940 —475 134h. St. Ne-r-441- N Telephone It Na Fa.„ F.1 _3_3 ci4a____ Telephone —262 -3 5-5 4-- --- - UPON THE ACCEPTANCE OF THE OFFER (OR COUNTEROFFER) the Seller has agreed to sell and Buyer has agreed to buy UPON THE TERMS AND CONDI I IONS WHICH FOLLOW, the real property legally described as: MLS # 601531- 4624 CAPRI DRIVE AKA NAPLES TWIN LAKES PLK 5 LOT 10 AS RECORDED IN COT, T,IER COUNTY FL. (VACANT LOT) tograther-k•441144k4tues,-4estrAti.eg-b444-ie-afrelieneeer-teltigerater,stover-weahef,-dryer7- well-te-wett-earpetingr-windew--coverings, and ,and-the-personal-peaperly,41-apy1-as-4isted-en--114e-eltaehed-inyee4ecyr4cee-el-4iens,--The following items --ere-specifically-axcludrad4lom-this-contract: The purchase price is allocated to real property only unless otherwise stated. 1. PURCHASE PRICE: The total purchase price shall be. $ 32,000 (U.S.) payable as follows: (a)initial deposit in escrow at this time of $ 5-7-080 (b)additional deposit to be received in escrow on or before days after Effective Date as defined below in the amount of $ (c)proceeds of mortgage, if any, [See Par 3(b)] $ (d)note and mortgage to Seller, if any, [See Par 3(c)] $ (e)mortgage assumption, if any, subject to normal amortization, of approximately [See Par 3(d)] $ (I) the balance of the purchase price by local certified check, wire transfer funds or local cashier's check at closing,subject to adjustments and prorations, of approximately $ 27,000 Deposit checks are accepted subject to collection. 2. CLOSING AND POSSESSION DATE: Closing shall occur at a time of day and place in Collier County, or the County in which the property is located, selected by the Buyer, but upon reasonable notice to the Seller, on . a/1_5_ ______ i g).6____ _ , (or prior to that date with the written consent of both parties) (the "Closing Date"); provided, however, in no event shall the Buyer be required to close less than two (2) weeks after the date on which the mortgage commitment has been obtained pursuant to paragraph 3 below Buyer shall be the legal owner of the property as of the closing and Seller shall give possession of the property at closing unless otherwise provided herein. 3. METHOD OF PAYMENT/FINANCING: (a) N A Buyer will pay cash, with no mortgage commitment contingency. 44)---1---)-MORT-6A__GE COMMITMENT CONTINGENCY CLAUSE: Buyer's obligations are contingent upon Buyer obtaining a mortgage commitment on the real _property described herein in the amount of $ Or _ % of the purchase price (fill in one alternative) at a (1) [ (fixed or (21'J ( initial interest rate not to exceed % per year for an amortized term of not less than years with a balloon not sooner than -:-__-____ years (if no box is checked (1) shall be deemed to apply). Buyer shall, at Buyer's expense, make a prompt application for and a goos . effort to obtain the said mortgage commitment. If Buyer fails to obtain this loan commitment on or before , 19 _ _., (the cancellation period shall be 6 weeks from the Effective Date unless a different period is inserted in the preceding blank) then this co shall stand terminated and the deposit(s) will be returned to Buyer unless within such period Buyer waives this mortgage contingency in wri r the parties mutually agree in writing to extend the mortgage contingency period. Within said contingency period, Buyer shall notify Seller ling upon receipt of the mortgage commit- ment. Buyer's failure to notify Seller in writing that Buyer has received said mortgage commit me ting the contingency period shall entitle the Seller to terminate the contract by notification to Buyer in writing and the deposit monies shall b urned to Buyer. (c) [ ] PURCHASE MONEY NOTE AND MORTGAGE shall have the following economic and payment terms: The on ii rincipal amount shall be $ , with an annual interest rate of %, amortized over years. The periodic pa s shall : ( ) include interest (each payment the same) OR( ) be plus interest then due (payments decrease with time) AND be payable nnually, ( ) semiannually. ( ) quarterly or ( ) monthly. The Note and Mortgage will require the Buyer to keep the Property insured, with named as an additional named insured, against loss by fire, wind (and flood, if in a flood zone) with coverage in an amount not less than tt Met of the maximum insurable value or full replacement value for the Properly. The Note and Mortgage will otherwise contain terms and c ions that are customary in Purchase Money Mortgages encumbering property in Collier County, Florida. The Buyer shall be personally lia n the note which shall be due and payable (or balloon) in full ___ years after closing. Buyer shall have the right to prepay all or any part of principal at any time with interest to the date of payment without penalty except no prepayment in Seller's fiscal year of closing is permitte thout Seller's consent. The Purchase Money Mortgage shall contain a due-on-sale clause. (d) [ I ASSUMPTION OF EXISTING MO GE: Within 10 days after the Effective Date, Seller shall furnish Buyer a written statement from the mort- gagee, setting forth the mortga s name, address, loan identification number, principal balance, method of payment, and whether the mortgage is in good standing. Seller a nzes Buyer to also request and obtain this information. If applicable, within 15 days after the Effective Date, Buyer shrill make application for assumption of the existing mortgage. lithe mortgage contains a due on sale provision and the mortgagee will not approve t 1 9. , lib assumption, Bu may cancel the contract and obtain a refund of Buyer's deposit(s). An increase in the mortgage rate of interest to any rate interest then-charged by any local bank for like loans and a one-time charge not to exceed 1% of the assumed amount for the assumption shall not be dee g disapproval by mortgagee. The deed shall contain an assurlitionandaIt promise to pay any mortgage amount shown at paragraph 1 (e) asi`/-'w ' ,croft 2t rIpcin , .• t' • 4. EVIDENCE OF TITLE: Within 30 days after the Effective Date or 20 days prior to closing, whichever is earlier, Seller shall deliver to Buyer a complete abstract of title from a company satisfactory to Buyer, certified to the date of this contract. The abstract will show good and marketable title with legal access subject only to the following approved title exceptions: (a) real property ad valorem taxes for the year of closing; (b) zoning, buildiing code and other use restrictions imposed by governmental authority; (c) outstanding oil, gas and mineral interest of record, if any; and (d) restriction4 r and easements common to the subdivision, provided, however that no one of them shall prevent use of the property for the purpose of RIA) _f21_ q we r Stu+, on) - 5. INSTRUCTIONS FOR TITLE: At least 15 days prior to closing, Buyer shall deliver to Seller the name(s), address(es), manner in which title will be taken, and any assignment(s) thereby required. No assignment shall release Buyer from the obligations of this contract unless Seller consents in writing. 6.—CON : • : real property which are not readily observable by Buyer or which have not been disclosed to Buyer other than FJ JP Seller warrants that all major appliances, equipment and systems will be in working condition at closing or possession vet first occurs, and Buyer (or its designated independent inspector) will inspect shortly before closing to verify this warranty. No cos air a warranted item hereunder shall exceed its fair market value at closing.