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Item L2BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: Mgy 16 2012 Division: Monroe County Housing Authority Bulk Item: Yes x No _ Department: MC SHIP PROGRAM Staff Contact Person/Phone #: J. Manuel Castillo, Sr., Executive Director AGENDA ITEM WORDING: A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA AUTHORIZING THE MONROE COUNTY STATE HOUSING INITIATIVES PARTNERSHIP (SHIP) PROGRAM ADMINISTRATOR AND COORDINATOR TO DENY AN OWNER'S REQUEST TO APPROVE A SHORT SALE; AND PROVIDING FOR AN EFFECTIVE DATE. ITEM BACKGROUND: Ship program participant Stephanie Kaple obtained a $45,000 SHIP second mortgage to purchase a condominium unit in March 2007. Unit suffered fire damage in June 2011; settled with insurance company in August, 2011; entered into short sale purchase agreement with Habitat in November 2011; April 2012 requesting approval of a short sale contract with Iberiabank. Owner is requesting that the Monroe County SHIP Program accept $2,635 for its current $45,000 second mortgage as a condition of the short sale approval. PREVIOUS RELEVANT BOCC ACTION: NIA CONTRACT/AGREEMENT CHANGES: NIA STAFF RECOMMENDATIONS: Approval. TOTAL COST: N/A INDIRECT COST: DIFFERENTIAL OF LOCAL PREFERENCE: COST TO COUNTY: BUDGETED: Yes No x SOURCE OF FUNDS REVENUE PRODUCING: Yes No x AMOUNT PER MONTH Year APPROVED BY: County Atty ewl OMB/Purchasing Risk Management DOCUMENTATION: Included x Not Required DISPOSITION: AGENDA ITEM # Revised 7/09 RESOLUTION NO. , 2012 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA AUTHORIZING THE MONROE COUNTY STATE HOUSING INITIATIVES PARTNERSHIP (SHIP) PROGRAM ADMINISTRATOR AND COORDINATOR TO DENY AN OWNER'S REQUEST TO APPROVE A SHORT SALE; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Stephanie Kaple (Owner), a SHIP Program participant purchased a condominium unit located at 1830 Fogarty Avenue, Unit #2, Key West, Florida in the amount of $195,075 on March 30, 2007 and obtained a Monroe County SHIP Second Mortgage in the amount of $45,000; and WHEREAS, the Owner's housing unit suffered fire damage on June 28, 2011 as a result of a fire in the unit above her; and WHEREAS, the Owner settled with the insurance company and received checks on August 12, 2011 for personal property damage totaling $14,363.69 and building damage totaling $31,500.00; and WHEREAS, the Owner executed a short sale contract on November 9, 2011 with Habitat for Humanity of the Lower Keys for $95,000.00; and WHEREAS, lberiabank was requested to approve the short sale contract which they did on April 12, 2012; and WHEREAS, the Owner's real estate agent notified the Monroe County SHIP Program staff regarding the fire, insurance settlement, short sale contract and Iberia approved short sale on April 11, 2012; and WHEREAS, the Owner is requesting that Monroe County accept $2,635.00 for its $45,000.00 second mortgage; and WHEREAS, the Monroe County SHIP Administrator and Coordinator recommend that the Owner's request to approve the short sale which will result in a write off of the balance of the existing Monroe County SHIP mortgage in the amount of $42,365.00 be denied since it will establish a precedent that will not be in the best interest of the SHIP program long term. NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County Florida, that the County hereby authorizes: The Monroe County SHIP Administrator and Coordinator to deny the Owner's short sale request. PASSED AND ADOPTED by the board of County Commissioners of Monroe County, Florida at a regular meeting of said Board on the 161h day of May, 2012. Mayor David Rice Mayor Pro Tem Kim Wigington Commissioner Heather Carruthers Commissioner George Nugent Commissioner Sylvia Murphy SEAL: ATTEST: DANNY L. KOLHAGE, Cleric BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA BY: Deputy Clerk Approved as to legal sufficiency: Date: M Mayor David Rice HOMEOWNERS CHOICE PROPERTY & CASUALTY INSURANCE COMPANY, INC 5300 W CYPRESS ST STE 100 TAMPA, FL 33607-1712 wadKVAa Bank a division o! Weft Fagg E s3-7s11631 CLAIM NO - 811588 PAY Thirty -One Thousand Five Hundred Dollars And ODl1DO Only ALL PAYEES MUST ENDORSE PAY TO THE STEPHANIE KAPLE and FL.ORIDIAN PUBLIC ADJUSTERS, LLC ORDER OF 1830 FOGARTY AVE APT 2 KEY (NEST, FL 33040 Ri u" 104391lii' j:0rz31075131.200004551 i55 W)MEOWNERS C"CE PROPERTY & CASUALTY INWRANCE COMPANY. INC CHECK Payment for fire damage under dwelling MEMO POLICY No HCPC - 1106 - 173542 - 3 CLAIM NO 811588 - KAPL.E. STEPHANIE - JE LOSS NO 999999 1830 FOGARTY AVE APT 2 KEY WEST, FL 33040 HOMEOWNERS CHOWE PROPER" & COUAL.TY INSURANCE COMPANY, WC 104396 nic. NA. (SATE 12-AUg-11 i ct�if CK- AMOUNT I $31,606.00 OATS 12-Aug-11 AMOUNT $31.500.W 104396 104396 104396 HOMEOWNERS CHOICE PROPERTY & CASUALTY waonoAa Ban INSURANCES COMPANY, INC acsv"narweftFatoo 5300 W CYPRESS ST STE 100 63.75,Wl TAMPA. FL 33607-1712 CLAIM NO - 811588 PAY Fourteen Thousand Three Hundred Sixty -Three Dollars And 691100 Only AL1- f-Ar t, MV51 tNiJCiFS�t PAY To THE STEPHANIE KAPLE and FLORIDIAN PUBLIC ADJUSTERS, LLC ORDER OF 1830 FOGARTY AVE APT 2 KFY WEST FL 33040 RI'CL 11'10439S'1' 406310?SLD:20000.55115520" HOMEOWNERS CHOICE PROPERTY & CASUALTY INSURANCES COMPANY, INC CHECK Payment for firs damage under dwelling MEMO POLICY NO HCPC - HOS - 173542 - 3 CLAW NO 811588 - KAPLE, STEPHANIE - JE LOSS NO 9999N 1830 FOGARTY AVE APT 2 KEY WEST, FL 33040 HOMEOWNERS CHOICE PROPERTY & CASUALTY INSURANCE COMPANY. INC 104395 k, NA, nnTS 12-Ate$-11 ( CHECK AMOiN't � 514,383.89 PATE 12-Aug-11 AMOUNT $14,363.69 104395 104395 104395 "AS IS" Residential Contract For Sale And Purchase � �;}��������.���°�.� THIS FORA KAS BEEN APPROVED RY THE FLORIDA REAL TORS AND THE KOMDA BAR ,� t- "TtEs- r and (7. 3 agree that Seller strait sell and Suy6il sffig buythe-Wowing dedbtW Real Property. and Personal 4 Property (collectively "Propertn pursuant to the terms and conditions of this AS IS Reskwrtial Cvn#act For sate s Aid Purchase and any riders and addenda ("Contract")., a It PROPERTY DESCRIPTION, r (a) Street addr"S, city; zip: i t ; . r (b) Property is located in: County., FloddeReai Property Tarr tD v 9• (c� legal ption of the ReiR Probity: ra tit Together with all existing imp ents and fixtures, including buHt in applW x*% bu*4n furnWWW and is attached walMo-ovall carpeting and flooring ("Real Propedy" unless spMAcally excluded beioiw. is , (dN Personal Property: 'rho foilowing items owned by Seller and existing on the Prooerty as of the date 14 of the initial offer are included in the purchase ("Personal Property"): 0) rang yoven(o), 'ciishwasher(e), is disposal, ceiling fan(s), intercom, light fixtures, rods, draperies and other window t v atments, _ garage door Is openers, and security gate and other access devices; and (11) those addrtionai Rom Oed(ed below, If it addlitional details are necessary, specify below. I tsti blank, the Rom befow is riot'Makida& Refrigerat�or(s) Smoke:delectar(s) Pod barriwfience Storage st,$cf Microwave oven Security system Poo1'aquiprnant T1f�Sat+BttinBclim Washer WinduwMWI-alc Pool heater WBtrrn aott+:rter}prrri�ar Dryer Generator Spa or hot tub with beater NSUM shutters and Stand-alone ice maker Above ground pool panels it The only other items of Personal .Property included in this purchase, and any additional details regarding t1r Personal Prop", if necessary, are, zrr 2; Personal Property is included in the Purc�mse Price, has no contributory value, and "I be loft for the Buyer. zr (e) The following items are excluded from the pu chase 2W 24- 2 PURCHASE PFtiCE (U.S. currency) ...................................... w........... ... ,.......,$ as (a) Initial deposit to be held in escrow in the amount of (checks sub4ed to Coi_LEC ox)` L? p 2e The initial deposit tirade payable and delivered to "Escrow Agent" narned below' z7- (CHECK ONE): © acoompanies offer or El is to be made upon acceptance (F-aactiye pate) . xe- or D is to be made within _ (if blank, then 3) days aftPrf erBaiiie +1101C Q zs- Escrow Agent information: Name: Wrest: .. _._. Phone: a�- E-main . Fax: 32, (b) Addifional deposit to be delivered to Escrow Agent within (if blank, then 3) • days after Effective mate..........................I........,,,........................................,....... �. 34 (Ali deposits paid or agreed to be paint, are colle; t- ty referred to as the "DepostF`') . as' (c) Financing: EVress 86 a dollar amount or percentage ("Loan Arnounf) see Paragraph 8 ......:.. , 37 (e) Balance to Dose (riot including Buyer's closing roars` PrePaids and prvrations) by wire ae• transfer or other COLLC-GT'ED funds ................................ .. ...........I..... _._..... _:.... 99 NOTE: For the defitritian of "COLLECTION" or "iCOLLECTED" see .STANDARD S. 4o 3. TIME FOR ACCEPTANCE OF OFFER AND COUNTER-OFFERS; EFFECTIVE D1(` 9: 41• (a) If not signed by Buyer and Seiler, and an executed copy delly fed to all parties on or before , 42' this offer shall be deemed withdrawn and the Deposit, if any, wilt be rebumad to Myer. 43 Unless otherwise stated, time for acceptance of any counter-offers shaff be. wfthin_ . 2 days- e*...the •.day the a counter-offer is delivered. 45 (b) The effective date of this Contract will be the date when the last one of the Buyer and Setter'has signed or 46 initialed this ottr or final countar-offer (" Effecttve Elate"). 47 4 CLOSING DATE: Unless modified by other provisions of this Contract, the closing of this'tr ansaction shall occur . 48 and the closing documents requi d.ta be furnished by each party pursuant to this Contract mihal be delivered 4'r ('Closing") :on.l U$�:) ('Closing Elate"), at this time established by the .Cbsing A-,gwt. 4� Buyers wtialS Page 1 of to Seder's i WI$ FkXi0azea11ors*1oMii r-AS1 4 Asv; all66201© RaMa Realtors@ w d The Rwida Bar. All vulva iesmeti. so a Exrnsjosi OF CLOSING DATE: .Bt (a) If Closing funds from Buyer's tendegs) are not available at time of Closing due to Truth In Lending Act (TIf.A} 92 notice requirements, Closing shall be extended for such period necessary to satisfy TILA tk&e requirements, 63 not to exceed 7 days:. 54 (b) If extreme weather or other condition or event Constituting `Force Majeure' (see STANDARD G) causes: 55 () disruption of utilities or bier services essential for Closing, or (11) Hazard, VVhd. Fk>od or Honneciwn9m, s;s Insurance, to become unavailbWe prior to Closing, Closing rAR be extended a. reasonable time up to 3 days 67 after restoration of utilities and other services essential to Closhg, and avaitabMityof apple Ham, wirid, . sea Flood or Homeawners' insurance. If restoration of suchti titles or services and availability of Insumode figs not stp occurred within _jam_ of left blank, 141 clays after Closing. Date, then eittrer Irony may termkWe this so Contract by delivering written notice to the other party, and Buyer shall be refunded the Dept, thereby 61 releasing Buyer and Seller from all further obligations under this Contract. sz E. GCCUPANC:Y AND POSSESSION: unless otherwise sta6ed herein. Seiler shall at Closing, helve removed 63 personal items and trash from the Property and shaft deliver oocupancy and lion. along with ON keys, 94 garage door openers, access devices and codes, as -applicable, to Buyer: If Property is Intended to be rented or ss occupied beyond Closing, ft fact and terms thereat and the tenants) or occupants* *hail be disclosed punMnt ss 11D STANDARD D. If occupancy is to be delivered before Closing, Buyer assumes all rMm of km to Prope€iyfMM s-r cfaie. of occupancy, shall be rsponsible and liable fbr maintenance from that date, and strati be deerned to have as acceptetl Property in its existing.condition as of Urne of. taking occupancy. raw 7. ASSIGNABILITY: (CHECK ONE} Buyer ❑ may assign and thereby be released from any further liability ro• sender this Contract: �. rngy, assign but not be released from liability render this Contact; or 0 may not "Sign 71 this Gontract. 72 FINANCING 73 PI FINANCING. r-4• ] (a) Buyer will pay cash or may obtain a loan for the purchase of the Property. There is no financing 75 contingency to Buyer's obligation to close. 7V (b) this Contract is contingent upon Buyer obtamnIP-9 a written loan commitment for at�jmverstital 0 FMA 7r El VA loan on the following terms within rf blank, then 3f3 days?' after Effective date (`Loan 7r Cornimitment Date) for: (CHECK ONE), fixed, [] adjustable, or adjustable fists loan in 7s• the principal amount of $ .. or % of the Pu�Psrice, at art Initial Intemst # sea• not to exceed % (if lank, then prevailing rate based upon Buyer's credltworff*ms), and for a ai. term of years (" Financing"). W Buyer will make mortgage loan application for the Financing syw4hin (if tea* 5). d aftertie Effective hate and use good faith and diligent effort to obtain a written loan cormmfterd for the Fling 04 ("Loan Commitment") and close this Contract Buyer shall. keep Wer and $rimer fully k forn d about s the status of mortgage ban application and Loan Commitment and authorizes Buyers mortgage broker and as Buyer's lender to disclose such status and progress to Seiter and Broker, e7 if Buyer does not receive Loan Comr0ment,then Buyer may terminate ttds Contract by detiva ng wr en es notice to Seller, and ffm Deposft shall be refunded to Buyer, thereby roWsing Buyer and Seller from ell ea further obligations under this Contract .90 If Buyer does not deliver written notice to Seller of receipt of Loan Commitment or Bins wrMW tvaivet of st this financing contingency, then after Loan Commitment Date Seiler may telmkote this CoMmct by six derrvering written notice -to Buyer and the Deposit shah be refunded to Buyer, ftKeby reknomg Buyer and $3 Salter€roan all further obligations under" Contract. 9 if Buyer deli3rers written notice of tecelpt of Loan Commitment to Seger and this Contract doesnot as themefter close, the Deposit shall be paid to 'Seller unless failure to close is due to: (1,). SOWS Mauit; as (2) Property related conditions of the Loam Com mit rent have not been met (except when such .conditions 07 are waived by other provisions of this Contraacf); .(3) appraisal of the Property obtainod by Bu)rees ler+der'is go insufficient to.rmeet terms of the Loan Commitment; or (4) the loan is not funded due to ftraidl.failure of ss Buyer's lender. in which event(s) the Deposit Shall ba returned to Buyer, thereby rekmft Buyer and Seger 100 from all further obligations cinder 11ft Contract. lull Q (c). Assumptionof existing mortgage :(see rider for teams). rtrr 0 (d) Purchase money note and mortgage to Seller. (60e riders, addend; or special clauses for tams). Buyers Mitlals - ---.wT Page 2 of 10 Seller's ttiials� _...,. PrOMIMM-aft- PREBar-�ASIS&-'[ Rev. 6/10192040 Florida Reattor5O mid The Rolla Bar. AV rVM. rn ,.d. 103 CLOSING COSTS, FEES AND CHARGES 1o4 S. CLOSING COSTS; TITLE INSURANCE.; SURVEY; HCOE WARRANTY, SPECIAL ASSgSSKENi`S: low (a) COSTS TO BE PAID BY SELLER. • Documentary stamp taxes and surtax on deed, it any. • HOA/CondomWum Association estoppel fees • Owner's Policy and Charges (if Paragraph 9(c)(1) is chec(ed) - Re=ding and otl w fees needed to cure title - Title search charges (If Paragraph 9(c)(iii) is checked) + Seller's tattomeys' fees Other: M If, prior to Closing, Seller is unable in meet the AS IS Maintenance Requirement as requhed by Paragraph l 1 107 a sum equal to 125% of estimated cost to meet time AS IS Maintenances Requkenment shell be esovjftd at lee Closing. If actual costs to meet the AS IS Maintenance Requirement exceed escrowed 15mount, Seller shalt 100 pay such actual costs_ Any unused portion of escrowed amount shall be returned to Seiler. 11a- (b) COSTS TO BE PAID BY BUYER: • Taxes and recording fees on notes and mortgages - Loan expenses r Recording fees for deed and financing statements • Appraisal fees Owner's Policy and Charges (if Paragraph 9(c)(11) is checked) - Buyer's Inspections • Survey (arid elm(lon certificaW , if required) - Suyer*a attorneys' fee • ue;nder?s ripe policy and endorsements - All property related insurance . HOA10ondorninium Assoxation applicativrw ransferfam • Other:. 111• (c) TITLE EVIDENCE AND INSURANCE: At least (if blank, then 5) days prior to a-0 i 79 Date, .a title 112 insurance commitment issued by a Florida licensa title insurer, with legible oopws of"instruiments limed as e1s exceptions attached thereto (Title Commiment!) and; after Closing, an owner'spolicy o€-ffe insuiance.(see 114 STANDARD A for terms) shall be obtained and delivemd to Buyer. If Seller hes an owner's :poky of title 115 insurance covering the Real Property, a copy shall be furrmisshed to Buyer and Closing°Agent within .5 days after 11e Effective Date. The owner's title policy premium and charges for owner's policy endorsements; We search, 117 and closing services (collectively, 'Owners Policy and Charges") shall be paid, as set forth below 118 �) `{CJia OI ill 9- 1,J$T�' Suwill Seller vtirdesignate Closing Agent and pay for Owner's Policy and Charges (but not ltldtriilrig charges. 120 for dosing services related to Buyers lenders policy and endorsements and loan closing, which amounts 12l shalt be paid by Buyer to Closing Agent or such other providers) as Buyer may sue); or I& [I (ii) Buyer will designate Closing Agent and pay for Owners Policy and Charges Attd chai"ges for cites t 123 services related to Buyer's leaders policy, endorsements,and loan closing; or 124' ❑ (ig) [MIAMi-DADEIBROWARD REGIONAL PROVISION]:. Seller will furrmish a copy 0 R.prior owners policy 125 of Stle`insurance .or other evidence of We and pay fees for: (A) a corntintratfon or update of such title evidence, 125 which is acceptable to Buyer's We insurance underwriter for rebsue of coverage; (B) tax searc:t; and 127 (G) municipal lien search; Buyer shall obtain and pay fbr post -Closing con6nuatlon° and premium for Buyer's 128 owner's policy, and if applicable, Buyer's lenders policy. Seller shalt not be obligated to pay more than uw $ ^- . (if blank, $200.00) for abstract continuation or title search ordered or performed by Closing iso Agent. 131 (d) SURVEY: At least -5.days prior to Closing, -Buyer may, at Buyer's expense, have the Rea! Property surveyed 132 and certified by a. registered Florida surveyor ('Survey. if Seller has a survey covering the Real Property, a 133 copy shall be fvmished to Buyer and Closing Agent within 5 ys after Eifectiv�e Date. 1341 (®) HOME WARRANTY: At Closing, ❑ Buyer ❑ Selier�lA will pay for a home wamuty plbn. issued by 1 ss .�- a not to exceed $ �-�- A horrre 136 warranty plan provides for repair or replacement of many of a home's nrse Awical systems and major f uliE in 137 appi lances in time event of breakdown due to normal weer and tear during the agreement's warrerity-period. 13e (f) SPECIAL ASSESSMENTS: At Closing, Seller will pay: (i) the full amount of liens Impart .by a public body 139 ("public body' does not include a Condominium or Homeowner's Association) that are.cetir%red, oonfirmed and 14o ratified before Closing; and (ir.) the.amount of the public body's most recant estimate or assessment for an 141 improvement which is substantially complete as of Effective Hate, bill that has not rmfted in ma lien being 141 imposed -on the Property before- Closing. Buyer will pay all oOw assessments, N spocia7ll ammemwft may 143 be paid In installments (CHECK ONE): 1"* ❑ (a) Scher shall pay installments due prior to Closing and Buyer shall pay lostolk""ts due after 145 Closing. Installments prepaid or due for the year of Cursing shall be proraed. 14 r AIF b) Sellershall pay the assessmot(s) In tul#.prior to or at the Onof Closing.147 EITHER BOX IS CHECKED, THEN OPTION (a) SFiALL.BE DEEMED SELECTED. r+s This Pasagreo 9(f) shall not apply to a special benefit tax Gen imposed by a Comrrmunir development district 149 (CDD) pursuant to Chapter 190 F_5. which lien shape-be-.trmeatecl.as an ad vakwem tax -and prorated pursuant to 150 STANDARD K Buyer'a tnttials Page 3 of 10 Seller's Initiats ,� FbrWFeeftom1R0iidaBar ASIS-1 Rev. UID 0 2010 Roddy Realtors@ and The Fronds Bar. Ali rights reen►ed, 01 DISCLOSURES 1s2 ":. DISCLOSURES: vas (a) RADON 'GAS: Ration is a ;naturally ;recurring radioactive gas that, when it is accurnukdad in a bins!§ In 154 sufficient quantities, may present health risks to persons who are exposed to it oirer time. Levels of radon that 1ss exceed tx%ral and state guideblines have been found in buildings in Florida. Additional Worrnation regarding 156 radon and radon testing may be obtained from your county health department. IV (b) PERMITS DISCLOSURE: Except as may have been disclosed by Seller to Buytrl'.in a w rVien discisrearo, 158 Sailer does not know of any Improvements made to the Property which were wwft without regttired 1s51 permits; or made pursuant to permits which haze not been property closed 160 (c) MOLD, Mold is naturally occurring and may care health risks or derma to property. If Buyer is omcerned-or 161 desires addtional information regarding mold, Buyer should contact an appropriate profes kml. 162 (d) FLOOD ZONE: ELEVATION CERTIFICATION: Buyer iS advised to vie fji.by elevation certificatewhich flood 183. eon$ the Property is in, whether flood_ insurance is required by Buyer's. lender, andwhatrestrictions applytb tee improving the Property and rebuilding in the event of mualty. If .Property is in a "SpeGlait Flood Hazard Area` 165 or "Coastal High Hazard Area". and finished floor .elevation Is below minimum flood elevation, Buyer may 166 terminate this Contract by delivering written notice io .Seller within 20 days after #eve Hate,. fa_ hire which 167 Buyer accepts existing elevation of buildings and flood zone desipnabon of Property, "a (e) ENERGY BROCHURE: Buyer adcri wvledgea-receipt of Florida Energy -Efficiency Raft lnfomxftn Brochure ,es required by Section 663.996, F.S. 170 (f) LEAD -BASED PAINT: If Property includes pre-1978 residential arousing, a leader paint rider is 177 mandatory. M (g) HOMEOWNERS, ASSOC1ATtoNICOMMUNITY DISCLOSURE: BUYER SHOULD NOT EXECUTE THIS 173 CONTRACT UNTIL BUYER HAS FtecoveD ARID READ THE I40MEC>WNERS, 174 ASSOCIATIONICOMM UNITY DISCLOSURE, IF APPLICABLE. 175 (h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S WRRENT 176 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER. MAY Be OBUGATED 177 TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHW OR PROPERTY 170 RA PROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER. 179 PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATK)N CONT14CT THE lei] COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION. lei (F) TAX. WITHHOLDING: if Seller is a'foreign person" as defamed by the Foreign Investment in Real Pretty Tait lax Acl CFI RPTA"), Buyer and Seller will comply with FIRPTA, which may require Seller to provide additgnW rash 1ex at Closing. Tao 6) SELLER DISCLOSURE: Seiler knows of no facts materially affecting the value of tfte Reef P'r'opertywhicts are 1ss not readily observable and which have not been colored to Buyer. EKoept as stated in tilts p'mg stnlence tee or otherwise disclosed in writing: (1). Seller has received no written or verbal native fmm any 9waritmental tar entity or agency as to a currently uncorrected building, enWortmental or safety code violation; and '(2) Seiler 188 extends and intends no warranty and makes no representation of any type, either express or tinpfred, as to the ,as physical condition or history of the Property. 190 PROPERTY MAINTENANCE, COf1i3MN, INSPECTIONS AND EXA0IINA-nONS 191 11. PROPERTY MAINTENANCE: Eiccapt for ordinary wear and tear and Casualty loss, Seow shall maintain the 192 Property, including, but rat limited to, lawn, shrubbery, and pool, in the condition; existing as of Effective Date 193 (OAS IS. Maintenance Requirement"). ta4 1 y.'PROPERTY INSPECTION; RIGHT TO CANCEL: 1%, (a) PROPERTY INSPEC77ONS AND RIGHT TO CANCEL• Butter shelf have (If b nrk, 15) days €r+om 196 Effective Date ("inspection Period") within which to have such inspections of the rshelf desire durin the Inspection Period. ffB �I�YP� d 197 as Buyer 9 . sF Buyer dete�rmi►res, ltr Buy�e►'s >mnJe ,dktcrfion, that Igo the ,Property is not acceptable to Buyer, Buyer way terntlnate, thls Confined by deflvwng. written noises 199 of such aieciiorr to Seller prior to expiration of Inspection Period. ff Buyer titrlely lrrzrrrrlriates thfs 200 . Contract; the Deposk paid shall be imwediately returned to Buyer, the wpon,: Btw and Seller$hall 201 be released of ail further o6Ngafions under this Contract, however, Bayer shag be resptrnsffile for M2 PMmPt payment fiver such inspections, for repair of .damage to, and mskwedorr of, the Firoperty 2oa tlasultirrg from such inspections, and shall provide Seiler wffh paid ifs for all work done on the + Property (tire pdity9 provision shall survive terlrtrirtatfpn of ttrls Contract. tlnfoss Ouyar wwcises 2% the rfght to terminate granted herein: Buyer accepts the Physical. condition of the Prropeny,and any 206 violetiorr of governmental, bu,7ding, .e idroonatental, and saAgy codes, t lWoas, or + r"wnapgs.. but 207 subject to Seller`s condnuingi AS tS Malntenance Requirement, and Bayer shalt be responslblaftwany gas and sit repairs and improvements required by Buyses lender. Buyer's Initials hN` Page 4 of 10 Seller's Inftiats �_ FloridaRealtorsTbdd ar.ASfS 1 Rev. WOO 2010 FbMa Realtors] and The Florida Bar, Art dgtrt8 reserved. 2N (b) WALK-THROUGH INSPEGTIOURE4NSPECTION: On the daffy prior to Closing Deft or on Closing Date prior 210 to time of Closing, as specified by Buyer, Buyer or Buyer's representative may perform a walk-through (and 211 follow-up watk4hrough, if necessary) inspection of the Property solely to confirm that all items of Pe=nai 212 - Property are on the Property and to veriiy.that Seller has maintained the Property as:r�egi�d-by tfte.-AS IS M Maintenance. Requirement and has met al odic' conbactuai obligations_ Zia (c) SELLER ASSISTANCE AND COOPERATION IN CLOSE-OUT OF BUILDWG PEMITS. it Buyer's zas inspection of tits Property identifies open or needed bullding permits, then Seller shells prom d�ivsr to 216 Buyer all plans, written documentation or other information in Seller's possession, knowux1ga, or control 217 relating to improvements to the Property which am the subject of such open or needed Permits, and shall 218 promptly cooperate in good faith with Buyer's efforts to obtain estimates of repairs or odd work neomary to 210 resotVe such Permit issues: Seller's obligationto cooperate Shag include SelWa execWort -of necessary axe authorizations; consents, or outer documents necessary for Buyer to conduct inspection and two etalrvtates 221 of such repairs or work prepared, but in fulfilling such obligation, Seller shag not be required to evend, or rzz bewme obligated to expend; any money. zzs (d) ASSIGNMENT OF REPAIR AND TREATMENT CONTRACTS AND WARRANTIES; At Buyer's. option and M cost, Seller will, at Closing, assign all assignab4a repair, trestrnent and maintenance contracts and warranties 225 to Bayer. 276 ESCROW A43ENT AND BROKER z-�r 1'. ESCROW AGENT: Any Closing Agent or Escrow Agent (collectively "AgeW) rerelviog the. Deposit, crther funds 7M and other Items is authorized, and agrees by acceptance of them, to deposit thetas promptly, hold wren: in escrow gas within the State of Florida and, subject to COLLECTION, disburse them in ac cordance wIth1arms and conditions 230 of this Contract. Failure of funds to become COLLECTED shalt not excuse Buyer's pefforrruince. When corrfficting 231 demands for the Deposit are received, or Agent has a good faith doubt as to entklernent to the Deposit Agent 232 may take such actions permitted by this Paragraph 13, as Agent deems advisable. If in doubt as to Agent's duties 233 or liabilities under this Contract, Agent may, at Agent's option, Continue to hold the subject rhatter of the escrow M until the parties agree to its disbursement or until a oriel judgment of a court of competent.. jurisdiction sha4 2.W determine the rights of the parties;: or Agent may deposit sanw with the clerk of the circ *court hoinng juftdR tkm 236 of the dispute. An attorney who represents a party and also acts as Agent may represent such partly In such sal action. Upon nott'fying all parties concerned of such action; sit fiabFdy on the part of Agent doli my termtr9ft, zee except to: the extent of: accountM9 for any items previously del'n+ered out of escrow. K a` liaised reW ostata. zsa broker. Agent will comply with provisions of Chapter 475, F.S., as amended and FREC rules to timety resolve 2so escxaw disputes 'through mediation, arbitration, interplesder or an escrow dibursement order, Z41 Arty proceeding between Buyer and Seller wherein Agent is made a patty because. of acting as Agent hereur. der. 242 or in any proceeding where Agent interpleads tree subject matter of the escrow, Agent shall. recover reasonable 243 attorney's fees and costs incurred, to be paid pursuant to court order out of the escrowed funds or equivalent, Z" Agent shall not be liable to arty party or person for mis-delivery of any escrowed items, unless such mis-delhrery is 245 - due- to Agent's wiftful breach of this Contract or Agent's gross negligence. This Paragraph 13 shall survive Closing zee or tJerrnination of this. Contract 247 1 #: PROFESSIONAL ADVICE; BROILER LIABILITY: Broker advises Buyer- and Seller to riE * Property condttion, 24e square footage, and all outer facts and representations made pursuam to this Contract and to coneWt appropriate. 2.0 professionals for legal, tax, environmental; and other spectaitzed advice concerning matters afe1drg.the Property 2sa and the transaction contemplated by this. Contract..Broker represents to Buyer that Stotler does not reside on ttte 261 Property and that all represe.ntabons (oral, Written or otherwise) by Broker are teased on Sew representations or 252 public records. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSiaGMNAL INSPECTORS AND 2M GOVERNMENTAL AGENCIES FOR VERIFICATION OF PROPERTY CONDMON, SQtMREF =AGEAND 254 FAcTs THAT MATERIAi,LY AFFECT PROPERTY VALUE AND NOT ON THE REPRESENTATK)NS (ORAL, ass WRITTEN OR OTHERWISE) OF BROKER. Buyer and Seller (Individually, ifte "Index inifyirig Party-) ewh zss trrdI dually indemnifies, holds harmless, and rakmses Broker and Broker's officers, dilbeftrs, agef trx and. 25r employees from all tiability for low or damage, including en costs and expenses, and reasonable at�ney's'fees 258 at all levels, suffered or Incurred by Broker and Broker's officers, directors, agents and employees in connection Lion 259 with or arising from claims, demands or causes of action instituted by Buyer or Seller based on: (i) Inaccuracy of 2w information provided by the lndemn"if)ring Party or ftm public records; (u) Indemnifying Parry's rhisstati&nent(s) or 261 failure to perform contractual obligations; (iii) Broker's performance, at Indemnifying Parry's req(leat, of any.task zc beyond the scrape of services regulated by Chapter 475, F.S., as amended, indudmg Brokers r4enal, 263 recommendation or retention of any vendor for, or on behalf of, Indemnifying Party; (W) products or services 2" provided by any such vendor 1'or, or on behalf of, lridernniiying Party; and (v) expenses incurred by any.such M vendor. Buyer and Setter each assumes full responsibility for selecting and compense ing:# respec*e vendors zee and baying their other costs under this Contract whether or not this transaction closes. This PairagraO 14 will hot sal relieve Broker of Statutory obligations under Chapter 475, F.S., as amended. For purposes of this Paragraph 14, Buyers Initials Page 5 of 10 seller's Initials �,, FioridaReaRaralR0Rdai3ar-ASiS-i Rev. 6110 0 2010 Florida RealtomO and The Rodda Bar. All rights resealed. zsa Broker will be heated as a party to this Contract. This Paragraph 14 stroll survive Closing or termint4n of this 260 Contract. 2M DEFAULT AND DISPUTE RESOLUTION z71 ." 5. DEFAULT: ire (a) BUYER DEFAULT: If Buyer fails, neglects or refuses to perform Buyer's obllg� ureter this Conbad, 273 including payment of the Depmk within the time(s) spW ied, Seller may elect to recover and return .Iho; 274 Dep it for the account of Suer- as agreed upon kividated damages, c onsideiration for exeattion of V* zra Contract, and 'in fuft settlement of any claims, whereupon Buyet and Seller shall be reeved from ge furdW xrs obligations under this Cortract, or Seller, at Seller's option, may, pursuant to Paragraph 16 pro1ceed Inequity 277 to enforce SetWs rights under this Contrail. The portion of the Deposit, if any, paid to Litlrtir g- Broker -Mori 278 default by Buyer, shall be .split equally between Lasting Broker and Cooperating. marker; provided I rer, M Cooperating Broker's share shag not be greater than the commission amount Listing Broker nail age to pay zoo to Cooperating Broker. 201 (b)SEL,t..ER DEFAULT: If for any reason other than failure of Seller to make Sellers`1JW marketable after 282 reasonable diligent effort, Seller fails, neglects or refuses to perfoan Seller's obligations under this. Contract, zes Buyer may efect to receive return of Buyers Deposit without ftweby waiving any action fbr damaWs msufting zee from SeiHer's breach, and, pursuant to Paragraph 16, may seek to recover such damages or seek spent ztsa performance. This Paragraphs 15 shaU survive Chasing orfermination of this Contract. tea 16. DISPUTE RESOLUTION: Unresolved controversies, claims and either smatters in question betvveerr Buyer and M Seller arising out of, or relating to, this Contract or its breach, enforcement or interpretattion (`Dispute') will be zee settled as follows: 2" (a) Buyer and Seller will have 10 days after the date conflicting demands for the Deposit are -made. -to attempt .to 2W reasW such Dispute, failing which, Buyer and Seger shall submit such Dispute. to mediation under M Paragraph 16(b) 292 (b) Buyer and Seller shalt attempt to settle Disputes in an amIcabte planner through meceahm puususint tci Florida. M Rules for Certified and Court -Appointed Mediators and Chapter 44, F.S., as -amended (f� "Merliatiar�.I~FiAW), 294 The .mediator must' be certifled or must have experience in the seal Testate industry. Injuntfm serf dray -be 20 sought without first compiyurg with this Paragraph 16(b). [deputes not settled purse w,d to thin. Paragraph 16 zar may be resolved by instituting action in the appropriate court having} jurisdiction of the metier. ThfsPa h't6 227 shall survive Closing.or termination of this Contra#: 2sa 'iti'.. ATTORNEY'S FEES; COSTS: The parties will split equally any mediation fee incurred in any m6d'iation permitted 28 by this Contract, and each party Will pay their own Costs, e-v nses Arid fees, including attomey's fees, incurred in I" condut t rig the mediation. In any litigation permitted by this Contract, the prevailing .party shell be enNed to 303 recover from the non -prevailing party costs and fees, including reasonable attorney's fees, intxrrred.ln conducting ant the. litigation. This Paragraph 17 shall survive Closing or termrinati m of this Contract s STANDARDS FOR REAL. ESTATE TRANSACTIONS (-STANDARDS-) 304 1 , STANDARDS: sas A= TITLE. 3o6 (*TITLE EVIDENCE; RESTRICTIONS; EASEMENTS; ILIM1TATIONS: Within the time -period provkw in 3w Feragraph 9(e); the Tithe Commitment, with legible copies of instruments Rated as .excepti+ons attRdled tlrer'eto; shall eoa be issued and delivered to Buyer. The Title Commitment shall set forth those matters to be disctrarged by,Seller at or sas before. noosing and shall provide that, upon recording of the deed to Bayer, an owner's policy of title insurance in the 310--ammount of the Purchase Puce, shall be issued to Buyer insuring Buyers marketable title to the ReW property, s abject only to the following. matters: (a) comprehensive land use plans, zoning, and other land we t�rrs, sTz pM*11tions and requirements imposed by governmental authority; (b) resbichom and matte m appeaft on tfite Plot sia cr otherwise common to the subdivision: (c) outstanding. oat; gas and mineral rights of record without rift `of entry; 314. -(d) unpletted public uiilitty easements of record (located contiguous to real properly fines and not.worie-than 10 feet in ms vtk th as to rear or front lines and 7 1/2 feet in width as to side {brim); (e) taxes for year of Ciosiag and euboaWevit ,$ years; and (f) assumed mortgages and purchase rsrortey mortgages, if any (if additioned , eftd addendum , .3i7 p VAded, that none prevent use of the Property for RESIDENTIAL PURPOSES. If there exists at Ckmirgany 31e violalfton of iterns kle€itiired in (b) - (f) above, then the same shall be deemed a tine defoct..lU a ebble title -shall be sts d*emilned e=rding to applicMe Title Ste€ldards adopted by authority of The Fl Bill' ON in at=irdance tint sza lash: sz, 0, TITLE EXAMINATION: Buyer shall have 5 days after receipt of Title Commitment to wkvnh're it and notify' 3n Saller in writing specifying defect(s), if any, that render titre unmarketable. If Seller provides Title Commitment and it =e is delivered to Buyer Tess than 5 days prior' to Closing Date, Buyer may extend Closing for up to .5 days after a24 date of receipt to examine same in accordance with this STANDARD A. Seller shag have 30days (`Cure period') 32s afar receipt of Buyer's notk* to take reasonable diligent efforts to remove defects. If Buyer fails to so notify Suer, m B -yer shall be deemed to have accepted title as if then is. if Seller cures defects wlthln Cure period, Seller wit Buyer .. initials /� Page 6 of 10 Selfet's Initials Fkxida;'-:altor-Ttofi agar-ASIS-t Rev_ 611d 0 2010 Florida RealtorsM and The Horde Bar. All rights reserved_ szr STANDARDS FOR REAL ESTATE TRANSAcnoirl,S (CONTINUM) sze deliver written notice to Buyer (with proof of cure acceptable to Buyer and Buyer's and the attorney] .parties wig ns . c=_se this Contract on .Closing lute (or if Closing Date.has passed, within 10 days after Suyer's mceipt of sellers Sao ri aloe).: If Seger is unable to cure defects within Cure Period, then Buyer ,tray, within 5 flays 'air expkatbrr of asi Cure Period, deliver written notice to Seller. (a). extending Cure Period for a specified period not to exceed 120 days 332 16• thin which Seiler shall continue to use reasonable diligent effort to remove or cure the defects (" fxtended Cure 33a F Aod' or (b) electing to accept title with existing defects -and dose this Contract on Closing Date (or WClositkU Date 3u has passed, within the earlier of 1.0 days after end of Extended Cure Period or Buyers receipt of Semis ndtice�, or mss Cr.) electing to terminate this Contract and receive a refund of the Depose, thereby releasing Buyer and Seller from 33s all further obligations under this Contract. If after reasonable diligent eifart, Seiler is unable to urnely curie defeccfs. ssr and 8tyer does not waive the defects, this Contract shall terminatier and Buyer shall receive a refund of the Deposit, sae kiereby releasing Buyer and Sew from all further obligations under this Contract. see B. SURVEY, If Survey discloses encroachments an the Rest Property or that improverneiits 10caled thereon 310 encroach on setback #nee, easernerns, or lands of others; or violate any reefttions, covenanW. or apptica# J+li g wemmental regulations described In STANDARD A (i)(a) (tr) or (d) above, Buyer shall deliver w#Wn nofioe of such 34z ,-utters, "ther with a copy of Survey, to Seller within. 5 days after Buyer's n3c o of Survey, but no .fiater #tn w Closing. If Buyer timely delivers such notba and Survey 1 to Seller, such matters identified in itie; nonce .and Surrey eta shall constitute a title defect, subject to curs obligations of STANDARD A above. If Seller has delivered a prior 34s eurvey, Seiler shall, at Buyer's request; execute an affidavit of "fro change" to the Real Property sine the 346 preparation of such prior Survey, to the extent the affirmations therein are true and correct. a47 C. INGRESS AND EGRESS: Seller represents that them Is ingress and egress to the Real Property and fetle to 3arr the Real Property is insurable in accordance with STANDARD A without exception for lack of Isgat right of 8=ss. sea V. LEASES* Seller shaft, within 5 days after Inspection Period, furnish to Buyer copies of sal written rases and 35o estoppel tatters from each tenant specifying nature and duration of tenant's occupancy, rental rates, advancedrent asp and security deposits paid by tenant, and income and expense statements for pmv9ding 12 months ("Lease 352 InformatloW). If Seller is unable to obtain estoppel letters from tenant(s), the same infomtation snail tie: furnished by sss E; l# . r to Buyer within that time period in the form of a Sellers affidavit, and Buyer may thereafter ooritect.:tenaws) 3m ter confirm such information. If terms of the lease(s) differ :materially from Saber's representations, t.3uyer may deliver sss r.:.tt»t notice to Seller within 5 days after receipt of Lease Informiitlon, but no later than 5 days prior W ClmIng ems 121te, terminating this Contact and receivea refund of the Deposit. thereby releasing Buyer and Seller from all zs7 fi' 'her. obligations under this Contract. Saber shall, at Closing, deliver and assign all original leases to Buyer who 3se stall assume Seder's obligation thereunder. ass E, LIENS: Seiler shall furnrish to Buyer at Closing an.affclavit attesting; (i) to the ate of any ftenclng 36o statemenL claims of flee, or potential l'renors known to Seller; and (ii) #hat doe have been no improvements or repairs 361 to the Real Property far 90 days immedately Preceding. Closing. Date. If the Real Property has been improved -or n.z mpaired within that time; Seller shall deriver releases -or waivers of constauctlon liens ex+ d by all general m c xttraclors, subcontractors, suppliers a► cl materialmen in addMon to Seller`s Ilen affidavit setting fodh names of alI ass s ich general contractors,. subcorAm0ofs, suppliers and matedaknen, further affirming that all charges .for 3gs improvements or repairs which could serve as a basis toga construction lien or a claim for damages have been paid 3e6 a Mn`ft be paid at Closing. w? ` F. TIME, Calendar days shall be used in computing time periods. Any time periods provided fior In this Contract see which shall end on a Saturday, Sunday, or a national'legal.holiday (see 5 UJ S.C. 610:1) shah eaciierrd tp 5:tXi p,jri. 3N (where .the Property is located) of the next business day: Time is of the essence In this Contract: 3m 43. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Cbritract.or be 371 liable to each other for damages so long as performance or non-perfionnance of the obligatim is delayed; cairsed or art. p evented by Force Majeurs. "Font Ma)eure" means:: hurricanes, earthquakes, floods, ffre, mots df God, umwal 37a. °transpartation delays, wars,. insurrections, acts of terrorism, and any other cause not reasonably within controt of 374 Buyer or Seller; and which, by exercise of reasonable diligent efForf, the non-perfiorining party is -unable in'whale:ar in 37r, pod to prevent or overcome. All time periods, including Closing Date, will be extended for the period that the Forte are N'ajelrre prevents performance under this Contract, provided, howwer; if such Farce Majeur+e oonfinues'to prevent zrn performance under this Contract more than 14 days beyond Closing Date, then either party may tarrnrrMe this xte C<,titract by delivering written notice to the other and the Deposit shalt be rehmded to Buyer, th8roby releasing Buyer. ng a[- f Seller from all further obligation under this Contract: 33o H CONVEYANCE: Seller shall convey marketable: title. to the Real Property by statutory warranty, .trustee's, Sal p- -3onal representative's, or guardian's deed, as appropriate.to the status of Seller, subject only to matters. described aaz ire STAiVDARD A and those accepted by Buyer. Pemonal Property shall, at request of Buyer, betransferred by 333 absolute bill of sale with warranty -of title; subject only to such matters as may be pravicted for In this Contra, sea 1. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE: 3as (i LOCATION: Closing will take place in the county where the Real Property is located at H% affrce of tfie ass a0. rzy or. other closing agent r;'Elosing Agent") designated by the part' paying for the owners policy cyr'ne Buyer's initials t rage 7 at 10 - Seller's Initials MrWaiteaitorsflor►daSar ASISA Rev. 61400 20to Florida Real"sO and Ttie Florida Bar. AN rrghtS reserved. 387 STANDARDS FOR. REAL UTATE. TRANSACM.NS, (CONTINUED) 3w Insurance, ar, if no We insurance; designated by Seller. ,Closing may be conducted by maw or.eleaardrtic me". G' , sag iii) CLOSING DOCUMENTS:.At Closing; Seller shall furnish and pay for, as applicable: dead, bfll of ,safe. Aso certificate of title, construction Gen affiida%d, owner's possession Widavit, assignments of leases, and corrective 391 Instruments, Salter shall provide Buyer with paid receipts for all work done on the Property pursuarlt W this Contract: 3w Buyer shall furnish and pay for, as applicable, mortgage, mortgage note, security agreernent, finandng statements, 3s3 survey, base elevation certification; and other docurnents required by Buyer's lender. ago 65) PROCEDURE: The deed shell be nmoraded upon COLLECTION of all closing. iuricls. N the Title ass Commitment provides insurance against adverse matters pursuant to Section 627,7841, F.S., as amended, the 3n escrow closing procedure required by STANDARD J shall be waived. and Closing Agent shall, subject -to ssr COLLECTION of all closing finds, disburse at Closing the>brokerage fees to Broker and the rwt sale proceeds to sea Seller, sse J. ESCROW CLOSING PROCEDURE: If Title Commitment issued pursuant to Paraagraph:.9(c) does rot:provia 400 IlUr insurance against adverts matt" as permitted under Sedlon 627,1841,VS., as amended, the folkrMn9:•escrow 4oi a: - d closing procedures shatt apply. (1) all Ctoslrrg:proceeds shalt be held in escrow by the Closing Age fora Penton as 2 of not snore than 10 days after Closing; (2) if Seller's tiff is rendered unmarketable, through no fault of Buyer, Buyer 4o3 e' ,all within the 10 day period, notify Sake in writing of tha defect and Seller shall have 30 days -front :date of receipt 4u to such notification to cure the defect; (3) if Seller fads to timely Cure the defec4, the Deposit and ati -Giosing, R"Ids 405 paid by Buyer shall, within 5 days after written denu td'by. Buyer, be refunded to Buyer andsirrtU Buy , laneoursly vvath. 4m SuCh repayment. Buyer shall return the Personal Propertyr vacate the Real Property and re -convey the Property to 4ar7 Seller by sped! warranty deed and big of sale; and (4) if :Buyer fails to make timely dsrnartd fair reNnd of the 408 D6305f,- Buyer shall lake title as is, waiving all rights against Seller as to any intervening defect exDMA as may be ,sat aavaiiable to Bayer by virtue of warranties contained in the dee6ur gill of sale. oo K. PRORATIOWS; CREDITS: The following. rrecurong items will be made current (I applicable) and prorated as of aft Lie' day prior to: Closing Data, or data' .of occupancy if occupancy occurs before Cio Ang Date: Mal' e8We taxes 412 "rncluding: special- benefit tax assessments- Imposed by�. a COD),interest bonds, association -fem, Ins€trsnoe, <rw is 413 ".other expenses of Property. Buyer shall haave 'option 9f teking. over existing policies of insursmna,-if awmmble .in. 414 which event :prerrrlums shaft W prorated. Cash=at Ciosft shag bra increased. ter decreased ab."ba.]reqWred`by 415 prorstions to be madetht+ough day prior to Ctosiing. Advance rent ,and. security depoeft` if ar , viiti..be ctedlite-dicy its Buyer. Escrow deposits held by Seller's mortgaagee vaiill°be Paid: to Seller. faxes shall be prorated based on ;urgent 417 year's tax with .due allowance mads for maxiinurn a ft6wable : discount, homestead and offw exanWtions,' if Ckning 41a occurs on a date when current- year's millage is not .fixed` but current year's assessment is avaeble�'taxes wit be 41e prorated based upon such assessment and prior year's inaiage. If current year's assesment is riot then 42o taxes stroll be prorated on prior year's tax. If there are completed -improvements on the Real Property by January i st of 4R1. year of Closing, which irnprovemanU were not in existence ore -Jaanuaary 1 st of Prior Year, titers ta3x ahaall be.proraieq 422 tensed upon prior year's m. illage and at an equitable assessment tea. be agreed upon -between the parties; failing wtftch, 423 request shalt be made to the County Property Appraiser for an informal assessment taking into alcourit av*k"e 4z4 e� r:mptions. A tax proration teased an an estimate shall, at:. either partys request, be readjusted upon receipt. of 425 m Tent year'stax bill. This STANDARD K shall -survive CbaIng_;: 42s : L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS, iNSPEEC ONS, AND WALK-THROUGH-. Seiler 427 sr' rill; upon reasonable notice,: provide utliirtes, service anal : access to Property for appraisals and inspodons, 47rr it . iudirlg aaa walla: -through (or follow -cup watt -through if necessary) prior to Closing, 4m N. RISK OF :LOSS: N, after Effective Date, but before_ Closing, Property is damaged by fire or other- castatty 43o ('Casuatty 'Loss") and cost of. restoration (which shall include cost of pruning or removing damaged trees) dam root. 431 exceed 1:5% of Purchase Price, cost of restoration. shall be an obligation of Seller and Closing .sly proceed. 432 Pursuant to terms of this Contract. if 'restoration is.not completed as of Closing, a sum equal to 125% of:eitlmgied 4w cost to complete restoration (not to exceed 1.5% of Purchase Price), will be escrowed at Ciasim. If actuat oW of 434 restoration exceeds escrowed amount, Seller shall pay -such actual coats (but, not in ,excess of'1.6% of Purcium .435 Price). Any unused portion of escrowed amount shall be returned to Sailer. If cost of restoration exceed8 1,5% of era Furchase Price, Buyer shaft elect to either take Property `as is" together with the 4.510/p, or receive. a raettrnd of .tole air Ceposit, thereby releasing Buyer and Seller from all further obligations under this Contract. Seller`s sole obligation 438 with respect totree- damage by casualty or other natural occurrenceshallbe cost of pruning cu removal, 439` N, 1031 EXCHANGE: if either Seller or Buyer wish to enter'into a li,ca3-ktrtd exchange simuitanwus wM w Closing or 'deferred) under Section 1031 of the Internal Revenue Code (`Exchange`}, the other party shall coinwate 441 it aft reasonable respects to effectuate the Exchange, Including execution of documents; prpvkh4 howevaer; 44z: o9operating party shall incur no iiabHity or. expena3e retaated to the Exchange. and Closing stwil not be contirtgent 443 u eon, nor extended. or delayed by, such Exchange, 444 Q CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; COPIES. Neither this-Conbodd nor any oars 'nor" of R shall be recorded in any public records- This: Contract shall be binding on, and Inure to the banak of, the 4+s parties and their respective heirs or successors in interOA -Whenever they content permits, singular small Include plural Buyer', ln,^als page 8 of 10 Seller's Irtl & Florida 2rfws1F1oridaBai-AS151 Rev. 6110 0 201C Florida Reaftvse and The Florida Bar. All rijhit reserved. V�`""� A47 STANDARDS FOR REAL. ESTATE TRANSACTIONS (CONTINUED) ua and one gender shall inctude all. Notice and defrvery given by or to the attorney or broker (Including such broker's real 448 e•:Eate licensee) representing any parry shall be as effective: as if given by or to that party. All notlem must be in 4so writing and may be made by mail, personal delivery, or, electronic (including "pdr) media. A legible facsimile or 4si ejectranic (Including `pdf) copy of this Contract and any signatures hereon shalt be considered for all purposes as an 452 original. 4s3 P..INTEGRATION; MODIFICATION.- This Contract contains the full and complete urtderstardng and agreemi ent 454 of duyer and 5P.iiar with respect to the transaction ronternplated by this Contract and no prior agn+eerri or ass rooresentations shalt be binding upon Buyer or Seller unless Include-d in this Contract. No rnodifica#Ion to of change 455 it this Contract shall be valid or binding upon -Buyer or E*Aer unless in writing and executed by V* pertles hAerided 4s7 tc ae. bound by it 45s G. WAIVER: Failure -of Buyer or Seller to inslist on compfianre with, or strict perlormarim of;: any t � d y* 4a Contract, or to take advantage of any right under this Cerrftract,shall not constitute a waiver of other provisions or ant} f1gt1S. ,oaf F. RIDE11% ADDENDA; TYPEWRITTEN OR 14ANaWPJTTEN PROVISIONS: Riders, addenda; artil typewrlrtert 4w or handwritten provisions shall control all printed provisions of this Contract in conflict with then}; ass s. COLLECTION or COLLECTED: -ICOLLECTIOND ors'COLLECTED-.means any checks tendered or received, 4M including. Deposits, have become actually and flirally::collected; and deposited in the acco>ti d 'of Escrow Ageoi 4m or Closing Agent. Closing and disbursernerwt of funds and;deiivery of Ctosfng docunwota may be d9byed. by . 496 Closing Agent until such amounts have boon 0XLECTED`tn Closing Agent's accounts. 4e7 T. LOAN COMMITIMENT: "Loan Gommitrnenf means a statement by the lender setting forth the terms and 4se conditions upon which the lender is willing to make a particular mortgage loan to a particular bore—ww 409 LL. APPLICABLE LAW AND VENUE` This Contract shallbe construed in accordance with the laws oftheSfate of 47o Fbrtria and venue for resolution of off disputes, whether by mediation, arbkmftn or Rigation, shaR lie in the county in Ora which the Real Property Is located: 472 .: X : BUYER WAIVER OF CLAIIIAS; Bayer wails airy cWoirs: against. Seller a:' A to thewamt pOr"Aftw by. Ora few, against any nsaf aster fic lhi ,Wvad in Ift'negot3atidn of lids Con&act, ftsr anydigdlectsc or ot#r 474 dkimaye that if y $XISI +1i1``GGrsifi$_ of this C d"&act slid bd S9615 $Q[Iw&jr &wovered by f: cw anyone. Ors ctffhnhrg by, t uwgh,:`undr-(wag~ Vw Buyer. 476 ADDENDA AND ADDITIONAL TERMS 477 1 i. ADDENDA., The following additional terms are included in the attached addenda and incorporated Into thy; 4-nr D --itr'act (Check if applicable), - [ A. Condominium Assn_ ❑ L. RESERVER HR. Rezoning 0 Y. SOWs Attomey [, r3. Homeowners' Assn. S. Lease Purchase/ ApprOVal 0 C. Seller Financing O M. defective Drywall Lease Option ❑ Z. Buyer's Attorney 0 D. Mortgage Assumption ❑ N. Coastal Construction 01. Pre -Closing Approval 0 E. FHAtVA Financing Gontrol Line Occupancy ❑AA. Licensee -Personal C] -prdlsai Contingency G.; [] O: insulation Disclosure 0 U. Post -Closing Interest in Property Short Safe P: Prre-1918 Housing Occupancy ❑ BB. 8'rrttlirtg Arbitration Homeowners' Insurance. Statement (Lead. 0 V. Sale of Buyer's [❑ O#iier 0.1. FIRPT'A leased Paint) Property 0 J. Interest-Baann Acct. t. g ❑:Q: Housing for Older g 0 W. Back-up Contract 0 K 'RESERVED Persons 0 X Kick -out Clause 47w 24. ADDITIONAL TERMS: 480• 48a• asz• 4W 4W 9m, 4es• 48r' ate, 469-�. . 4W 402! Buyer' 3 lnMals face 9 of 10. Seders Initials FlorldaReattors"Odda ar-ASIS-1 Rev. WO 02010 Mrda Reeilars& and Theflorida Bar. All rights reserved, 494 . CCbUNTER-OFFER(f'tE.1ECTtON 4W El Seller Counters Buyer's offer (to'accept the oaimter-o fer, .Buyer must sign or fnftial the cxounW-offered to is and 4% deliver a copy of the acceptance to Seller). 4er 0 Seller rejects Buyer's offer. 49s THIS IS INTENDED TO BEA LEGALLY BINDINGCOWRACT. FRIOT FULLY UNDERSTOOD, SEEK THE ADVICE .o OF AN ATTORNEY PRIOR To SiGNme.. sac THIS FORM HAS BEEN APPROVE 0 BY THE FLORIDA REALTORS AND THE FLORIDA BAR. wi Approval of thisform by fhe ffarida Realtm and The Fbtxb Bar does not caonsht * an q*wn MW any of ft.'t'-fms sae end cxir7rlft7s h7 this Conftd shotdd be acwpW by ft pa -Vas in a pardwiar bgnswfian: -rem%T aw cone s Sys �kaufd be negWated . based Upon fh& r&Sped" in bm zft 04WWS and bargaining pos11` ohs :of at mtem9ted sm AW ASTERISK(*) FOLLOW NG A LINE NUM13ER IN THE MARGItV':INDICATES THE LINE CON'fAINSA SLANK To Et COMPLETED. Date: It .. i►IID:Rk�. f ale 5 -- e Mc. 13► A2kA6/k- v l .00? 6w Buyer sw Seller: — - - - - -- - - -- - - ---- 51cr Seller: Date: // • q.- / Date: w Euyer's:address foor purposes Of r*ice Seller's.address for purposes of notice Sir w E-10KER. Listing and CoopwaMo `8rokera; ff, any; .named'below (lively; `erokee), are tl o*:&tkets entiffed ms to cO>'rtperisation. in connec#ton whh ihis Contraa bristruc to Close Agent: Suer and Buyer dired`ClosingAgetiit :av to disburse.- 'at..Closirig the full afmount of tfre bfukeftes. fees as specirW in wPmft bMiorage sfa .ar ;'eements'w4h the parties and c000rs" agreeMentil between the Brokers, except to tile`: e7ftnt Broker soaj sis retained such fees vm the eserr3 ,ed funds. This Contract shell not modify any MLS or other offer of i sac made by Seller or L' -nig 13rnlcer to Cooper;Wg Brokers: CoopersUng Sales socla* if any L.lstbrig'Sates AssmjaW L-4 323• �/�.� sm CuopsroMng Broker, any' Li*Hng Broker Pap 10 of 10 Fioridat si.mlumt; kwidaRw AS1S-1 Rev. U10 6 24ta'F WWO ROOors+8.4 d 1V* FbddaSar. M igft Mserved. Comprehensive Rider to the Residential Contract For Sate. And-Purc1hase ThIS FOM X" BEER APPROVED BY THE FLORIbA FWALTORS'AND THE FLORIDA BAR If iniit alert by .20 parties, For Sake Weir ase Fend 1 1A, r. Florida Realtors - the Florida Realtors&Fforide Bar ReskleatialContract Suyar*s l►ri W3 saws fnmW's G. SHORT SALE APPROVAL ColhMNGENCY 1. Approval of Seller's Lenders) and Regte'kemetefs for SO S Approval of Short Sale. This Connect is oorftent u ion:. (a) Seller's. lender(s) and all other lion hoider(s) (coliedivety 'Seller's Lander) approving the. Purchase Price, lc-?-s'--of this Contaact. and -. did #t Un-f':sett m .nt 4slot ont (b) Seller's Lender's agreement- to apt a ioyblf vat ich is less fhan the balance: due on the loan or other indebtedness and (a) Seller's Landes aWssn*nt ba twease, a -ol proMe; a satisfaction of. the °rnortgage(s) andfar other l#ert(s) encumbering the Property (tto'Mortgage(a)j upon re-mipt of reduced payoff amount(s). Approval of,' or agreement to, 'iierns (a) through`. (c) by: Seller's Lender is referred to as °Short Sale Approval'. Hlowever, an approval by. Seftes Lender which does not pmvide a waiver and complete release of anq chart(s) for a d Adency against Seller for sums due Se#ter's Lender urn Um Mortgage(s) as of the payoff date, or .which requires additional terms or obtigatiotrs affecting Mier party OW not he deemed 'Short. Sale Approvar':einkm-the p 3rty affected accepts those addWonal teens or obligations in writing: A copy of a Shea Sale Approval accepted by Sir shall be. de vered by Se#lar:too Wirer and Closing Ageni within 3 days of Seller`s receipt of such Short Sale Approval. 2. Applici an for Approval of Shalt Sale:. Seller shall within : 1 :Q (it blank, 10) days after Eiloctive mate oMn .from Seller's Lender their.`application forms for a 'short sale-, and Steller will diligently coffoeld and rsturn such fbrnus to `Setter's Lender within '5. days thereafter and Promptly :provide such additfonal docurnenu as my be requested by Seliees'Lender. 3. Status of Short Sale Approval Applrci tion. Sellof heralatreulitor'rtes. 5eilr,es tender to provide Buyer and Birysr's ftlier and Closing Agent. with WoMlafW_.61900'.'ttie -Of ;Sei SOWS appifcaition for apPMV 1i of a Short :dale aruf n.% of the approvals) oe deniat(s) of such 6pplicaWs}. Setter.sFiall prompN earl+ 8*W when War obtains 5 tort Sale Approval as provided In Paragraph abme, 4rdehlal of such approval from Seller's Lender- 4. Short Sale Approval Deadline, Terminatio . If :Sebwr does; not deliver written notice to Buyer that Seiler has oVaired Short Sale Approval within'. U (if >,iarjc; then BOY days from Effective Date Mhort Sale Approval 136adflner), then either party may :thereafter temanste this Costrab ,* delivering written no** to the other party, and tt-! Deposit wK. be refunded to Buyer, the" reks" Buyer and Seller from al# furftr obiigaWils urider M C<ntract; T eis .Contract ,shall automatically: ,terminate. if Setter has. not delivered the Short Sale Approval to Buyer WltMn (if blank, then 120) days iron Ef eCtirre:`Date t Contract Expiration_DaW), in whichavant the Deposit shall be refunded to Buyer,,.: thereby reieaskV Buyer and Seller from all further obligations [irtcfer this Contract. S. Time Periods. The time for making the I n%al Deposit acid for calculating the Short Sale Approval Dine: and Contract Expiration Date shallbe: computed from the .Effective DaW. All other time periods and other 'ob tions.under itis Contract shall.commence from the date of Buyer`s.re.ceipt of Short Sate Approval pursuant to Paragraph 'i above. (SEE CokrimuAwk) Page _ of CamprehenElve Rider to Me Reaklerftl Contrail For SWO And Purchase CR-1 Pev. W10 0 2010 rWda Rea4wsO and The Eland* liar. Al sights r+i�: Q. S.HORTZALE 4PPfit YiN�NCY.(C0VnNUEDy G.. Closing Date. The Ckmemq...Da a shall be (if blank, then 49) days after Bi;ryer receives 9't A Sale. approval pursuant to Paragraph .I abo _. ' 7. Eck -alp Offers. (CHECK ONE -If na option is chicken -then option (a) shall be ftemed selected): raj 50sr.s Agreement "trot to Accepf der GalW" or Ei e's. During the term of this Contract Seller s t not incept or enter into any back-up --offersmntractst.. options or other agrawgrlts Concerning the sale of rite r'toperty: . " (ts) 5el es Right to Accept Back-up Contracts Or OiW& Daring the term of this. Contract, .Seller may accept r enter intrs°bona Ftde `basic-u ":. con.trada or ditm purchase. the Property that are conditioned .upon a. failure of the Closing of the safer contomplated by this Conttr ia. t3 A kno:vledgernant by Seller..: (a)' If Seiler is `advised of S Uerq Lerxier's rasa[ -to .part cipde: in any short sale, Seller a to.irrorAbdiaftly communicate this to. Buyer and Broker. (b) Sekia ,,aekntlhat'Broker, h"'edvisad Seiler to cbnsi& with pr6liesslonals far any tax, legal or spedWlio advice and, has been encouraged to discuss other options With legal counsel of Seller's choosing prior is entering into this short sale transaction, 9. Aaknowted.ga mient by Buyer. (a) Buyer. acknowledges Sellers Lender is not .a party to this Contract and therefore Is not abliggW to'appave `. this. Contract • tha# Sellers ascep#an se of this Contrad .does trot gdamrvW Seller's Lender's. accopwoe, e1 x Sellers Lender is ander rto obligation to 0ornsidai, riadpo.W, a p€ove or advise either Setter or Buyor; or Broker as to any offer submitted to it. (b) Buyer further acknowW!Ves that Seller and/orBroM.r shill! not be liable .for delays caused by Sere. to/der sir costs and nses uch as ��. rrtiorns a� appraisals) irrcri�rad exile . { payments for ban. � by Buyer wider ttrls Contract if Seller's Lender does nit complete ttre.sho t sal afar seller's raeW of Short Sale approval. to. Tgrr 4nation Upon# oroclosure Sate. If during the irerrn of:this Contract, the Property is sold at totedosuraesale prior to the vedies obtaining Short Sale Approval erid 0osing tune try ft.acbm Malted by this Contrak.ct lhis Cntritract: . shad be terminated,. and Buyer shall be reftmled the tD Vmeby reledak g Buyer and Seller` from as WW o Nigations under this Contract.. SHORT SALE APPROVAL NOTIFICATION LETTER "CLOSING INSTRUCTIONS" r Date: 4/12/2012 Borrower Name(s): Stephanie M. Kaple Account Number: 1715403101 Property Address: 1830 Fogarty Ave. #2 Key West, FL 33040 Ms. Kaple, IBERIABANK has reviewed all documents pertaining to your request for a Short Sale approval on the above referenced property. The decision by IBERIABANK has been made to approve a contract Purchase Price of $95,000.00 for Habitat for Humanity of Key West and the Lower Keys, Inc. (Buyer(s). This is based on an executed contract between Stephanie M. Kaple (Seller(s) and Habitat for Humanity of Key West and the Lower Keys, Inc. (Buyer(s) dated 11/09/11. IBERIABANK reserves the right to "rescind" this approval if any approval conditions are not met 48 hours before a scheduled closing date or the expiration of this approval. This approval is "not transferable" and is only good through 4/30/2012. This Short Sale Approval Notification Letter must be signed and returned to Bank by 04/12/12. By signing this Approval Notification Letter Borrower(s) agree to waive all rights to any escrowed funds or refunds from expenses. All Borrower(s) must execute any designated IBERIABANK closing documents. Only "active members" of the military will be allowed to utilize a "Power of Attorney" to execute documents. If a "Power of Attorney" designate is requested, the "POA" must be reviewed and approved "in writing" by 93ERIABANK prior to closing. Any exception to this by "non active military personnel" will be on a "case by case" basis and will require a review and "written approval" by IBERIABANK prior to closing. This Letter is to confirm the terms and conditions applicable to the closing and disbursement of funds. Please provide the "Transaction Closing Agent' with a copy of this approval letter as 1BERIABANK's "Closing Instructions". Please note "Transaction Closing Agent' must "strictly adhere" to all approval terms and conditions. If there are any questions regarding compliance with the stated terms and conditions, please contact Donatha Ezechiels at 941-363-3144 or at the e-mail address listed below. This is a "conditional approval" and "final approval" will be given only when all terms and conditions have been met and the Final HUD-1 is approved. Kindly make the proceeds check payable to IBERIABANK and overnight mail along with all applicable closing documents and an "original" executed Final HUD-1 to: IBERIABANK Attn: Donatha Ezechiels 1741 Main St. 2"d Floor Tribune Bldg. Sarasota, FL 34236 Fax Number: 941-363-3198 E-mail: Donatha.Ezecltiels lBERIABANK.com The Alaroval terms and conditions are as follows: 1.) Minimum Contract Sale Price of $95,000.00 2.) Total Realtor(s) Fee(s) not to exceed $5,700.00 (6%) based on contract price 3.) Seller(s)/Borrower(s) Contribution to Buyer(s) is $0.00. 4.) Closing cost credit of $1,211.25 is disallowed 5.) Maximum allowed payoff to the 2"a lien SHIP is $2,635.00 6.) Seller(s) to pay Sewer fee and past due HDA due per HUD 7.) No funds disbuised to Seller(s)/Borrower(s). The subject property is being sold in "As Is Condition". No repairs will be paid out of Bank's proceeds unless approved by Bank in writing prior to closing. The transaction has to be an "Arms Length Transaction". The Buyer(s) and Seller/Borrower(s) cannot be related through fanuly or any recognized business interest. 8.) IBERIABANK to receive minimum "Net Proceeds" at closing of $84,544,61.00. If Bank is in first lien position any surplus funds above the agreed upon "Net Proceeds" is the exclusive property of IBERIABANK and shall be made payable to IBERIABANK. If Bank is in any secured Jr. Lien capacity, Bank reserves the right to reduce or eliminate any proceeds paid to Buyer(s) or Fee Servicers that reduce Bank's net proceeds. 9.) Borrower(s) to provide and/or execute at closing the following but not limited to document(s): a.) IBERIABANK Short Sale Approval Letter & Closing Instructions b.) Forwarding Address & Telephone Number Form c.) Borrower to contribute $30,000.00 at closing to IBERIABANK net proceeds (Remaining deficiency of approx. $75,000.00 will be waived) d.) Special Release Agreement 10.)All executed closing documents are to be returned to the Bank along with the net proceeds check in the form of certified funds, cashier's check or official bank check. By signing this Approval Notification Letter, Seller/Borrower acknowledges that they have reviewed the terms and conditions reflected in this Approval Notification Letter. Further by signing this Approval Notification Letter Seller/Borrower agrees to accept these terms and conditions. This approval is only applicable to the subject property located at: 1830 Fogarty Ave. #2 Key West, FL 33040. 11.)Final HUD -I and all executed closing documentation to be approved by IBERIABANK prior to disbursement of "any proceeds". 12.)Closing to occur no later than 4130/2012. IBERIABANK must approve "in writing" any request for an extension of this date and the Seller(s)/Borrower(s) will be responsible for any additional fees and costs associated with extension. These additional fees and costs cannot reduce the above referenced minimum Net Proceeds paid to IBERIABANK. 13.)Transaction Closing Agent will collect as an "Out of Pocket" expense from the Sellers)/BoiTower(s) any applicable "Recording Fees" for recordation of any required IBERIABANK closing doeument(s). If and "only if' "Documents Stam s" for the shortfall amount of this transaction is required, the Seller(s)IBorrower(s) will be responsible for the fee. Fee payment cannot reduce the above referenced minimum Net Proceeds paid to IBERIABANK. This offer is considered null and void if funds are not received by IBERIABANK by 5/01/2012 or if a foreclosure sale date is set prior to 4/30/2012 then, this offer is considered null and void if the funds are not received by IBERIABANK 48 hours prior to the foreclosure sale date. IMPORTANT: 1. You are hereby notified that IBERIABANK its Successors and/or Assigns may report information about your account to credit reporting agencies. Late payments, missed payments, or other defaults on your account may be reflected on your credit report. 2. IBERIABANK to release collateral at 1830 Fogarty Ave. #2 Key West, FL 33040 3, Forgiveness of any and all of the Borrower(s) deficiency resulting from this short sale transaction will occur once the required proceeds fiom this transaction has been received and the requirements outlined in this approval letter have been properly satisfied. 4. Borrower understands that the forgiveness of debt may have tax consequences to the Borrower, and that the Lender, in certain instances, is required by law to report to the Internal Revenue Service such forgiveness of debt. If you have any questions or concerns about any potential tax liability resulting from this transaction, please consult your tax adviser. If you are currently in bankruptcy or your debt has been discharged in bankruptcy, IBERIABANK is only exercising its rights against the subject property and is not attempting to hold you personally liable on the Note. Kindly sign and date this Approval Notification Letter and return to my attention at the address or e-mail provided to you in this letter. Stephanie M. Kaple Dated THIS CORRESPONDENCE lS FROM A D1.13T COLLECTOR AND ANY INFORMATION OBTAINED MAY' BE 1..1SED FOR THAT PURPOSE. Sincerely, Donatha Ezechiels I Special Assets Underwriter IBERIABANK ZIABf.H1C,=_a,Tt 113E RIABANK