COMPREHENSIVE ADDENDUM

PURCHASER:__________________________________________________________________________
PROPERTY ADDRESS:__________________________________________________________________
THIS ADDENDUM IS MADE AND ENTERED ON THE DATES SET FORTH HEREAFTER BY AND BETWEEN SOUTH FLORIDA REAL ESTATE INVESTMENTS, INC, (SELLER), AND

____________________________________________________________________________(BUYER). SELLER AND BUYER FURTHER AGREE AS FOLLOWS:

THE TERMS SET FORTH HEREIN ARE INCORPORATED AS A PART OF THE CONTRACT FOR SALE AND PURCHASE (THE "CONTRACT") TO WHICH THIS ADDENDUM IS ATTACHED.  IN THE EVENT OF ANY INCONSISTENCY OR CONFLICT BETWEEN THIS ADDENDUM AND THE CONTRACT OR ANY RIDERS OR ATTACHMENTS THERETO (INCLUDING, BUT NOT LIMITED TO, HOMEOWNERS, FHA/VA ADDENDUMS, ETC.), THE TERMS OF THIS ADDENDUM SHALL PREVAIL AND CONTROL.

THE PROPERTY IS BEING OFFERED FOR SALE AND PURCHASED IN AN "AS IS, WHERE IS" CONDITION. SELLER MAKES NO REPRESENTATIONS, WARRANTIES OR GUARANTEES CONCERNING THE CONDITION OF THE PROPERTY (REAL OR PERSONAL), INCLUDING, BUT NOT LIMITED TO, MECHANICAL SYSTEMS, EXISTENCE OF MOLD, FOUNDATION, STRUCTURAL, OR COMPLIANCE WITH CODE, ZONING, OR BUILDING REQUIREMENTS AND WILL MAKE NO REPAIRS TO THE PROPERTY AFTER ENTERING INTO THIS CONTRACT. IN THE EVENT ANY DAMAGE OCCURS TO THE PROPERTY AFTER THE DATE OF THIS CONTRACT AND THIS ADDENDUM, BUYER AGREES SELLER SHALL HAVE NO RESPONSIBILITY TO REPAIR SUCH DAMAGE. THIS ADDENDUM SHALL SERVE AS THE REAL PROPERTY DISCLOSURE STATEMENT.

PURCHASER(S) ACKNOWLEDGES THAT PURCHASER(S) HAS HAD THE OPPORTUNITY TO INSPECT, EXAMINE AND MAKE A COMPLETE REVIEW OF THE PROPERTY PRIOR TO ENTERING INTO THIS CONTRACT. PURCHASER(S) WILL RELY SOLELY ON PURCHASER’S PRE-CONTRACT INSPECTION AND REVIEW TO EVALUATE THE PROPERTY.

BY REVIEWING THIS NOTICE BUYER(S) UNDERSTANDS THAT THE SELLER HAS NEVER OCCUPIED THE PROPERTY. SELLER IS NOT DELIVERING A DISCLOSURE OF PROPERTY CONDITION IN LIGHT OF THE FACT SELLER HAS NEVER OCCUPIED THE PROPERTY. FOR THIS REASON SOME LENDERS MAY PERCEIVE THIS AS BEING A "FLIP DEAL". IT IS THE BUYERS’ RESPONSIBILITY TO SEE TO IT THAT THEIR LENDER (IF FINANCING IS BEING SOUGHT) IS ABLE TO APPROVE THE PROPERTY OR CHAIN OF TITLE. 

SELLER SHALL PROVIDE CLEAR TITLE TO THE REAL PROPERTY.

MULTIPLE OFFERS MAY BE RECEIVED ON THE PROPERTY ON WHICH YOU ARE CURRENTLY MAKING AN OFFER. THE SELLER IS UNDER NO OBLIGATION TO NEGOTIATE OFFERS IN THE ORDER IN WHICH THEY ARE RECEIVED, AND IT IS AT THE SELLER'S DISCRETION AS TO WHICH OFFER, IF ANY, THEY CHOOSE TO ACCEPT OR COUNTER AT ANY GIVEN TIME.

 

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THE SELLER MAY, AT SELLER’S DISCRETION, GRANT A MAXIMUM OF ONE 14 (CALENDAR) DAY EXTENSION TO THE CLOSING DATE OF THE CONTRACT. THE FEE FOR THE EXTENSION WILL BE ONE PERCENT (1%) OF THE CONTRACT PRICE. REQUESTS FOR EXTENSIONS MUST BE RECEIVED BY THE SELLERS’ CLOSING AGENT PRIOR TO THE EXPIRATION DATE OF THE SALES CONTRACT. CASHIERS CHECK OR MONEY ORDER MADE PAYABLE TO SOUTH FLORIDA REAL ESTATE INVESTMENTS, INC. MUST ACCOMPANY THE EXTENSION REQUEST. THIS IS A FEE AND WILL NOT BE HELD IN ESCROW OR DEDUCTED FROM THE SALE.

DEFAULT: IN THE EVENT OF DEFAULT OF EITHER PARTY, THE RIGHTS OF THE NON-DEFAULTING PARTY (AND THE BROKER, IF ANY) SHALL BE AS PROVIDED IN THIS SUBPARAGRAPH.

(a)   IF THE SALE OF PROPERTY IS NOT CONSUMMATED FOR ANY REASON OTHER THAN SELLER’S DEFAULT UNDER THE CONTRACT, SELLER SHALL BE ENTITLED TO RETAIN THE DEPOSIT AS SELLER’S LIQUIDATED DAMAGES. THE PARTIES AGREE THAT IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO ASCERTAIN THE ACTUAL DAMAGES SUFFERED BY SELLER AS A RESULT OF BUYER’S FAILURE TO COMPLETE THE PURCHASE OF THE PROPERTY PURSUANT TO THIS AGREEMENT, AND THAT UNDER THE CIRCUMSTANCES EXISTING AS OF THE DATE OF THIS CONTRACT, THE LIQUIDATED DAMAGES PROVIDED FOR REPRESENT A REASONABLE ESTIMATE OF THE DAMAGES WHICH SELLER WILL INCUR AS A RESULT OF SUCH FAILURE TO CONSUMMATE THE CLOSING. THE PARTIES ACKNOWLEDGE THAT THE PAYMENT OF SUCH LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER. THE SALES CONTRACT IS NOT CONTINGENT UPON THE PURCHASERS ABILITY TO OBTAIN FINANCING FOR THE PROPERTY. THE ESCROW AGENT IS AUTHORIZED TO RELEASE ALL DEPOSIT MONEY TO SELLER WITHOUT FURTHER NOTICE OF CONSENT BY PARTIES IF BUYER FAILS TO CLOSE ON THE SCHEDULED CLOSING DATE FOR ANY REASON. IN THE EVENT THE PARTIES CONSENT IN WRITING TO AN EXTENSION OF THE CLOSING DATE, ESCROW AGENT IS AUTHORIZED TO RELEASE ALL DEPOSIT MONEY TO SELLER UPON RECEIPT OF SUCH WRITTEN CONSENT IN WHICH CASE THE DEPOSIT WILL BE CREDITED AT CLOSING IF BUYER CLOSES ON THE RESCHEDULED DATE OR FORFEITED IF BUYER FAILS TO DO SO.

                (b) IF SALE OF THE PROPERTY TO BUYER IS NOT CONSUMMATED FOR ANY REASON OTHER THAN BUYER’S DEFAULT UNDER THE CONTRACT, THEN AT BUYER’S ELECTION, THE DEPOSIT SHALL IMMEDIATELY BE RETURNED TO THE BUYER UPON DEMAND. THE BUYER MAY SUE FOR SPECIFIC PERFORMANCE. IN THE EVENT THE BUYER DOES NOT ELECT WITHIN 10 DAYS OF THE SCHEDULED CLOSING DATE AS SET FORTH IN THE CONTRACT, THEN THE BUYER’S SOLE REMEDY SHALL BE LIMITED TO A RETURN OF DEPOSIT. NO BROKER’S COMMISSION SHALL BE DUE UNLESS THE SALE IS CONSUMMATED AS EVIDENCED BY THE OCCURRENCE OF A CLOSING. ANY CONTROVERSY OR CLAIM BETWEEN BUYER AND SELLER ARISING OUT OF OR RELATING TO THIS CONTRACT, MAY, AT THE ELECTION OF BOTH PARTIES, BE SETTLED BY MEDIATION OR BY ARBITRATION. ALL PROCEEDINGS, INCLUDING ANY LITIGATION ARISING IN CONNECTION WITH THIS CONTRACT, SHALL BE BROUGHT IN BROWARD COUNTY, FLORIDA, AND SHALL BE CONDUCTED PURSUANT TO FLORIDA STATUTES. THE PARTIES HERETO WAIVE THE RIGHT TO A JURY TRIAL.

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BUYER AND SELLER AGREE THAT CLOSING SHALL BE HELD AND THE TITLE INSURANCE ISSUED BY EAST COAST TITLE, LLC., 1525 NORTHPARK DRIVE SUITE 101, WESTON, FLORIDA 33326 (954-449-1425). BUYER(S) TITLE INSURANCE COST SHALL BE NO MORE THAN PROMULGATED RATE. THE PARTIES HEREBY AUTHORIZE EAST COAST TITLE, LLC., TO FAX A COPY OF THIS ADDENDUM TO ANY OTHER PARTY HOLDING ANY CONTRACT DEPOSIT PROVIDED FOR IN THE CONTRACT AND THIS ADDENDUM SHALL BE DEEMED THE NECESSARY CONSENT BY BUYER AND SELLER TO AUTHORIZE THE TRANSFER OF ALL DEPOSIT MONEY TO EAST COAST TITLE, LLC., WITHOUT FURTHER WRITTEN AUTHORIZATION.

PURCHASER(S) SHALL BE RESPONSIBLE FOR ALL LENDER OR OTHER REQUIRED REPAIRS.

BUYER MAY NOT ASSIGN THIS CONTRACT.

 

IF ASSOCIATION OR CONDO APPROVAL IS REQUIRED. THE BUYER(S) WILL SUBMIT APPLICATION FOR APPROVAL WITHIN THREE (3) BUSINESS DAYS FROM EFFECTIVE DATE OF CONTRACT.

THE SELLER HEREBY DISCLOSES THAT ITS PRINCIPLES ARE FLORIDA LICENSED REAL ESTATE AGENTS AND/OR MORTGAGE BROKERS.

 

 

 

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BUYER

 

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BUYER

 

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BUYER’S AGENT

 

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SOUTH FLORIDA REAL ESTATE INVESTMENTS, INC.

 

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