Property Information Package

Transcription

1 Property Information Package US BANKRUPTCY AUCTION Southern District of Florida - Fort Lauderdale Division Kenneth A. Welt, Chapter 7 Trustee In re: Laura Lee Stutler / Case No: BKC-JKO 39 Whitetail Trail, Brunswick, Georgia Live on-site Auction Tuesday, December 5, 11:00 AM ET 3% Broker Participation Contact Francis Santos for details / francis@fisherauction.com Lamar Paul Fisher, AUNR E. Atlantic Blvd., Pompano Beach, Florida

2 Disclaimer Statement Real Estate Auction By Order of the U.S. Bankruptcy Court Southern District of Florida Fort Lauderdale Division Kenneth A. Welt, Chapter 7 Trustee Laura Lee Stutler Case No BKC-JKO 39 Whitetail Trail, Brunswick, Georgia Tuesday, December 5, 11:00 AM ET THIS PROPERTY INFORMATION PACKAGE HAS BEEN PREPARED SOLELY FOR INFORMATION PURPOSES TO ASSIST A POTENTIAL BIDDER IN DETERMINING WHETHER IT WISHES TO PROCEED WITH AN IN-DEPTH INVESTIGATION OF THE PROPERTY. THE SELLER AND ITS AGENTS, COLDWELL BANKER PLATINUM PARTNERS AND AUCTIONEER, SPECIFICALLY DISCLAIM ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF THIS PROPERTY INFORMATION PACKAGE OR OF ANY OF ITS CONTENTS. ALL FINANCIAL INFORMATION IS PROVIDED FOR GENERAL REFERENCE PURPOSES ONLY. THE PROPERTY IS BEING SOLD IN "AS IS," "WHERE IS" CONDITION AS OF THE DATE OF THE CLOSING THEREON. THE SELLER WILL MAKE NO AGREEMENT TO ALTER, REPAIR OR IMPROVE THE PROPERTY. THE SELLER, COLDWELL BANKER PLATINUM PARTNERS AND AUCTIONEER DISCLAIM ANY WARRANTY, GUARANTY OR REPRESENTATION, ORAL OR WRITTEN, PAST OR PRESENT, EXPRESS OR IMPLIED, CONCERNING THE PROPERTY DISCUSSED IN THIS PROPERTY INFORMATION PACKAGE. THE SELLER, COLDWELL BANKER PLATINUM PARTNERS AND AUCTIONEER HAVE ONLY LIMITED KNOWLEDGE OF THE CONDITION OF THE PROPERTY. THE PURCHASE OF THE PROPERTY WILL BE BASED SOLELY ON A BUYER'S OWN INDEPENDENT INVESTIGATION AND FINDINGS AND NOT IN RELIANCE ON ANY INFORMATION PROVIDED BY THE SELLER, COLDWELL BANKER PLATINUM PARTNERS AND AUCTIONEER.

3 Table of Contents I Executive Summary -Property Summary -Property Photographs -Location Maps II Buckmeadow Plantation Declaration of Protective Covenants III Instructions for Bidder Qualification / Trustee s Order Granting Trustee s Motion for Entry of Order with Purchase and Sale Agreement IV Real Estate Buyer Broker Participation Registration Form

4 US BANKRUPTCY AUCTION 39 Whitetail Trail, Brunswick, Georgia Executive Summary Lamar Paul Fisher, AUNR E. Atlantic Blvd., Pompano Beach, Florida

5 Property Summary 39 Whitetail Trail, Brunswick, Georgia Property Details DESCRIPTION PROPERTY DIRECTIONS ZONING A 1,527± Square Foot Three (3) Bedroom / Two and One Half (2.5) Bathroom Home with Two (2) Car Garage in the Buckmeadow Planta on Subdivision From I 95 Exit # 36 US 341 and go West to Grants Ferry Road. Turn right to Whitetail Trail. Turn right and proceed to Address Residen al Single Family FLOOD ZONE Zone X Per Glynn County Flood Zone Map REAL ESTATE TAXES 2017 $1, Parcel No Tax Assessed Value : $65, Assessors Fair Market Value : $162,800 LEGAL DESCRIPTION 20 BUCKMEADOW PLANTATION IMPROVEMENTS LOT SIZE / FRONTAGE Total Area 2,128± Square Feet / Heated Area 1,527± Square Feet LOT SIZE 22,215± Square Feet /.51± Acres / 100± Feet of Frontage along Whitetail Trail LOCATION East Side of Whitetail Trail Nice family Subdivision with Large Lots Minutes to I 95, Shopping, Schools and Downtown Brunswick UTILITIES Water Community Well / Sewer Sep c System Electric Okefenokee Rural Electric Cable Television Comcast Buck Meadow Planta on HOA Annual Fee of $150 CONSTRUCTION Founda on Poured Concrete Slab Components Wood Frame and Stucco Exterior Walls Painted Stucco Roof Cover Asphalt Shingle Windows Metal Frame Doors Wood HVAC Central System Disclaimer; the informa on above has been obtained from sources deemed reliable. While we do not doubt the accuracy, we have not verified it and make no guarantee, warranty or representa on about it. Any projec ons, opinions, assump ons or es mates used are for example only and do not present the current or future performance of the property. It is your responsibility to independently verify the accuracy and completeness of the informa on. Lamar Paul Fisher, AUNR E. Atlan c Blvd., Pompano Beach, Florida on.com

6 Property Summary 39 Whitetail Trail, Brunswick, Georgia Property Highlights Quiet Family Subdivision with Large Lots Minutes to I 95, Shopping, Schools and Downtown Brunswick Close Proximity to Pristine Beaches and Entertainment Venues Prime opportunity for young family or professional in this desirable location Nice finishes throughout with 3 Bedrooms, 2.5 Bathrooms, Kitchen, Living Room, Family Room, Dining Room, and Garage Lamar Paul Fisher, AUNR E. Atlan c Blvd., Pompano Beach, Florida on.com

7 Property Summary 39 Whitetail Trail, Brunswick, Georgia Auc on Details Auc on Date / Time Auc on Loca on Property Direc ons Scheduled Property Tours Ini al Escrow Deposit Broker Par cipa on Tuesday, December 5, 11:00 AM ET Onsite at the Property 39 Whitetail Trail Brunswick, Georgia From I 95 Exit # 36 US 341 and go West to Grants Ferry Road. Turn right to Whitetail Trail. Turn right and proceed to Address Tuesdays, November 7th from 3pm to 6pm; November 14th from 11am to 2pm; November 28th from 11am to 2pm. Contact Francis Santos or francis@fisherauc on.com $10, Cashier s Check or Cer fied Funds payable in U.S. Funds to Genovese Joblove & Ba sta, P.A. Trust Account 3% of the Final Bid Price Call or visit on.com for the Mandatory Real Estate Buyer Broker Par cipa on Registra on Form For Complete Property Informa on Package please visit: on.com Lamar Paul Fisher, AUNR E. Atlan c Blvd., Pompano Beach, Florida on.com

8 Photographs

9 Aerial Photographs

10 Location Maps

11 Regional Map

12 US BANKRUPTCY AUCTION 39 Whitetail Trail, Brunswick, Georgia Buckmeadow Plantation Declaration of Protective Covenants Lamar Paul Fisher, AUNR E. Atlantic Blvd., Pompano Beach, Florida

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32 US BANKRUPTCY AUCTION 39 Whitetail Trail, Brunswick, Georgia Instructions for Bidder Qualification / Trustee s Order Granting Trustee s Motion for Entry of Order with Purchase and Sale Agreement Lamar Paul Fisher, AUNR E. Atlantic Blvd., Pompano Beach, Florida

33 Instructions for Bidder Qualification Real Estate Auction By Order of the U.S. Bankruptcy Court Southern District of Florida Fort Lauderdale Division Kenneth A. Welt, Chapter 7 Trustee Laura Lee Stutler Case No BKC-JKO 39 Whitetail Trail, Brunswick, Georgia Tuesday, December 5, 11:00 AM ET The following instructions are to help guide you in becoming a qualified bidder for the Live Auction. 1. The Property will be sold via a U.S. Bankruptcy Auction, which will be held at 11:00 AM ET, Tuesday, December 5, 2017 at 39 Whitetail Trail, Brunswick, Georgia Registration will begin at 10:00 AM ET on Auction day. You must present a Cashier s Check in the amount of $10, payable in U.S. Funds to Genovese Joblove & Battista, P.A. Trust Account along with a valid driver s license or passport in order to be a qualified bidder. The Auction will begin at approximately 11:00 AM ET. 3. The amount of (i) the Successful Bid AND (ii) 10% of the Successful Bid ( Buyer s Premium ), added together, will be the Total Purchase Price. 4. The Sale is subject to the U.S. Bankruptcy Court Approval. If you are the highest and best bidder at the Auction, you will immediately execute the Purchase and Sale Agreement that has been provided on with no changes or alterations. Additionally, the immediate Back Up Bidder will also execute the Purchase Agreement at their Total Purchase Price and remit the $10, Cashier s Check as the escrow deposit. If the highest and best bidder does not complete their transaction, the immediate Back Up Bidder will be required to proceed to close on their transaction. The Back Up Bidder s deposit shall either be returned upon the closing of the sale to the Successful Bidder or applied to the purchase price in a closing with such Back Up Bidder. 5. There will be a U.S. Bankruptcy Court Sale Hearing to confirm the Sale on Wednesday, December 6, 2017, at 9:30 A.M. ET at the U.S. Courthouse, 299 E. Broward Blvd., Courtroom 301, Fort Lauderdale, Florida Within 24 hours of approval of the Successful Bidder, Buyer shall have deposited the sum of 10% of the Successful Bid (which sum will include the $10, escrow deposit, and together shall be referred to hereafter as the Deposit ). The non-refundable deposit will be wired to Seller s Counsel, Genovese, Joblove & Battista, P.A., to be held in the escrow account of Genovese, Joblove & Battista, P.A. (the Deposit Agent ). 6. If the Sale is approved by the U.S. Bankruptcy Court, the closing shall take place within twenty (20) days of entry of the Sale Order or 6 days after the Sale Order becomes final and non-appealable, whichever is later. The Successful Bidder must be prepared and must in fact consummate the purchase of the Property in accordance with the Purchase Agreement. The Closing will be coordinated by the law firm of Genovese Joblove & Battista, P.A. 7. The Property is being sold in its As-Is, Where-Is condition with all faults and defects and with no representations or warranties express or implied. This is an all cash transaction with no contingencies of any kind including but not limited to financing or post due diligence. The Property is being sold free and clear of all liens, claims and encumbrances.

34 ACKNOWLEDGEMENT OF REVIEWING THE TRUSTEE S ORDERS Real Estate Auction By Order of the U.S. Bankruptcy Court Southern District of Florida Fort Lauderdale Division Kenneth A. Welt, Chapter 7 Trustee Laura Lee Stutler Case No BKC-JKO 39 Whitetail Trail, Brunswick, Georgia Tuesday, December 5, 11:00 AM ET I (Name of Bidder) agree to be bound by the following;, hereby acknowledges that I have read and - NOTICE OF PROPOSED AUCTION SALE OF DEBTOR S REAL PROPERTY, FREE AND CLEAR OF ALL LIENS, CLAIMS, INTERESTS AND ENCUMBRANCES AND OPPORTUNITY TO BID - AMENDED ORDER (1) APPROVING BIDDING PROCEDURES IN CONNECTION WITH AUCTION SALE, (2) APPROVING FORM AND MANNER OF NOTICE OF SALE, AND (3) SCHEDULING A FINAL HEARING TO APPROVE SALE - PURCHASE AND SALE AGREEMENT Acknowledged: Signature Date Time

35 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF FLORIDA Fort Lauderdale Division In re: Case No: BKC-JKO LAURA LEE STUTLER, Chapter 7 Debtor. / NOTICE OF PROPOSED AUCTION SALE OF DEBTOR S REAL PROPERTY, FREE AND CLEAR OF ALL LIENS, CLAIMS, INTERESTS AND ENCUMBRANCES AND OPPORTUNITY TO BID PLEASE TAKE NOTICE OF THE FOLLOWING: 1. On April 10, 2017, Laura Lee Stutler (the Debtor ) filed a voluntary petition under chapter 7 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Florida (the Bankruptcy Court ). Thereafter, Kenneth A. Welt was appointed as the Debtor s Chapter 7 Trustee (the Trustee ). 2. On August 22, 2017, the Trustee filed a motion (the Sale Motion ) with the Bankruptcy Court seeking, among other things, an order of the Bankruptcy Court (1) authorizing the Trustee to schedule an auction sale of the Debtor s property, (2) approving bidding procedures in connection with auction sale, (3) approving form and manner of notice of sale, (4) scheduling a final hearing to approve sale, and (5) approving the sale of the Trustee s interest in the Debtor s real property, free and clear of liens, claims and encumbrances. 3. Pursuant to the Sale Motion, the Trustee seeks to sell the Debtor s interest in 39 Whitetail Trail, Brunswick, Georgia (the Property ). 4. The sale of the Property will be via an auction (the Auction ), with or without a stalking horse bidder, and will be subject to higher and better offers and Bankruptcy Court approval. This notice sets forth the procedures (1) for qualifying to bid for the Property and (2) to participate in the Auction. Therefore, this notice sets forth the procedures for submitting bids for the Property. 5. A hearing on that portion of the Sale Motion dealing with the Bidding Procedures was held before the Bankruptcy Court on September 26, 2017, after which the Bankruptcy Court entered an order, among other things, approving the Bidding Procedures set forth in the Sale Motion (the Bid Procedures Order ). [ / /1]

36 6. A copy of the Bid Procedures Order is attached hereto as Exhibit A. The Bid Procedures Order establishes the Bidding Procedures that govern the manner in which the Property is to be sold. 7. The Bidding Procedures are as follows: Participation Requirements: Unless otherwise ordered by the Court, in order to participate in the bidding process, an interested bidder must present prior to the auction a cashier s check in the amount of $10, made payable to the Genovese Joblove & Battista, P.A. Trust Account 1. A person who timely complies with these requirements shall be a Qualified Bidder. Auction Date and Location: The Trustee, through the Auctioneer, will conduct an auction of the Property (the Auction ). The Auction shall take place at the Property, which is located at 39 Whitetail Trail, Brunswick, Georgia 31525, on December 5, 2017, beginning at 11:00 a.m. or such other time or place as the Trustee shall notify all Qualified Bidders. Auction Procedures: All bids made by Qualified Bidders are subject to a buyer s premium equal to 10% of the bid. All Qualified Bidders shall be entitled to make any subsequent bids. Subsequent bids shall be in increments of $5,000. The Auctioneer may reduce or increase the incremental bidding at his discretion. Bidding at the Auction shall continue until such time as the Auctioneer, in the exercise of its business judgment, determines that the highest and best bid (the Successful Bid ) has been submitted by a Qualified Bidder (the Successful Bidder ). The Auctioneer reserves the right to modify the bidding increments or announce at the Auction additional procedural rules for conducting the Auction in the exercise of its business judgment. Successful Bid: Immediately after the conclusion of the Auction, the Successful Bidder and Back Up Bidder (as defined below) shall fully execute an asset purchase agreement substantially in the form attached hereto as Exhibit B (the Purchase Agreement ), which shall include a purchase price, shall be subject to approval by this Court, and shall have no due diligence or financing contingencies. The Trustee shall submit the Successful Bid for approval to the Bankruptcy Court at U.S. Courthouse, 299 E. Broward Blvd., Courtroom 301, Ft. Lauderdale, Florida on December 6, 2017 at 9:30 a.m. (or such other date as set forth by the Court) (the Sale Hearing ). At the Sale Hearing, the will seek approval from the Court for the next highest or best bid (the Back Up Bid ), which approval shall authorize the Trustee to consummate the Back Up Bid immediately (within five days) after a default under the Successful Bid without further order of the Court. The Back Up Bidder s deposit shall either be returned upon the closing of the sale to the Successful Bidder or applied to the purchase price in a closing with such Back Up Bidder. 1 The $10, will become a portion of the highest bidder s non-refundable escrow deposit. [ / /1]

37 Additional Deposit. Within 24 hours of approval of the Successful Bidder by the Bankruptcy Court, the Successful Bidder shall deposit via wire transfer an additional non-refundable escrow deposit totaling 10% of the Successful Bid (the Additional Deposit ) into the trust account of Genovese, Joblove & Battista, P.A. The Additional Deposit shall be held without interest and shall be applied against the purchase price at closing. Closing: Closing shall take place within twenty (20) days of entry of the Sale Order or 6 days after the Sale Order becomes final and non-appealable, whichever is later. The Successful Bidder must be prepared and must in fact consummate the purchase of the Property in accordance with the Purchase Agreement. Upon the failure of the Successful Bidder to consummate the closing of the purchase of the Property because of a breach or failure on the part of the Successful Bidder, then the Trustee may elect in his business judgment to close with the Back Up Bidder. The ultimate purchaser, upon closing, whether the Successful Bidder or the Back Up Bidder, shall be referred to herein as the Purchaser. As Is Where Is: The Property will be sold in its As Is, Where Is condition and with all faults, with no guarantees or warranties express or implied. No Conditions or Contingencies: The Property will be sold without any financing or other conditions, other than marketable title. Real Estate Commissions: The Auctioneer (including Coldwell, through the Auctioneer) and the buyer s duly registered broker are the only parties that shall be entitled to a commission in connection with this transaction. The Auctioneer will be entitled to a commission of not more than 7% of the purchase price, which shall be paid from the 10% buyer s premium, as set forth in their retention application. The buyer s registered broker will be entitled to a commission of 3% of the purchase price, which is included in the 10% buyer s premium. In the event the buyer is not represented by a broker, the full 10% buyer s premium shall be paid to the Auctioneer. The Purchaser shall indemnify and hold the estate harmless for any other claimed real estate commissions. Sale Free and Clear of Liens, Claims and Conditions: The Property will be sold free and clear of all liens, claims and encumbrances. Objections: Objections, if any, to the Sale, must (a) be in writing; (b) set forth the nature of the objector s claims against or interest in the Debtor s estate, and the basis for the objection and the specific grounds therefore; (c) comply with the Bankruptcy Rules and the Local Bankruptcy Rules for the Southern District of Florida and all Orders of this Court; (d) be filed with the Court and served upon counsel to the Trustee, the United States Trustee for the Southern District of Florida, so as to be received no later than 5:00 pm (Eastern) two (2) businesses days prior to the Sale Hearing (the Objection Deadline ). Only timely filed and served responses, objections, or other pleadings will be considered by this Court at the Sale Hearing. The failure of any person or entity to timely file its objection [ / /1]

38 shall be a bar to the assertion, at the Sale Hearing or thereafter, of any objection to the Motion, the Sale or the consummation and performance of the Sale Agreement. 8. The Sale Hearing is currently scheduled to be conducted on December 6, 2017 at 9:30 a.m. (Eastern Time) at the United States Bankruptcy Court for the Southern District of Florida, U.S. Courthouse, 299 E. Broward Blvd., Courtroom 301, Ft. Lauderdale, Florida (the 2017, before the Honorable John K. Olson, United States Bankruptcy Judge, to consider the approval of the sale to the Successful Bidder (as defined in the Sale Motion). The Sale Hearing may be adjourned or rescheduled without notice by an announcement of the adjourned date at the Sale Hearing. 9. The failure of any person or entity to file an Objection on or before the Objection Deadline shall be deemed a consent to the sale transaction contemplating the sale of the Property to the Purchaser and the other relief requested in the Sale Motion, and be a bar to the assertion, at the Sale Hearing or thereafter, of any objection to the Bidding Procedures, the Sale Motion, the Auction, and the sale of the Property. 10. This Notice is subject to the full terms and conditions of the Sale Motion, the Bidding Procedures Order and the Bidding Procedures, which shall control in the event of any conflict. The Trustee encourages parties in interest to review such documents in their entirety and consult an attorney if they have questions or want advice in connection therewith. 11. For further information about the sale, please contact the Trustee s Auctioneer at: Lamar P. Fisher, President/CEO Fisher Auction Co., Inc East Atlantic Boulevard Pompano Beach, Florida x Cellular Facsimile lamar@fisherauction.com [Remainder of Page Intentionally Left Blank] [ / /1]

39 Dated: September 28, GENOVESE JOBLOVE & BATTISTA, P.A. Attorneys for Chapter 7 Trustee 100 Southeast Second Street, Suite 4400 Miami, Florida Telephone: (305) Facsimile: (305) By:_/s/ Glenn D. Moses Glenn D. Moses Florida Bar No gmoses@gjb-law.com [ / /1]

40 EXHIBIT A

41 Case JKO Doc 49 Filed 10/04/17 Page 1 of 3 ORDERED in the Southern District of Florida on October 3, John K. Olson, Judge United States Bankruptcy Court UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF FLORIDA FORT LAUDERDALE DIVISION In re: Case No: BKC-JKO LAURA LEE STUTLER, Chapter 7 Debtor. / AMENDED 1 ORDER (1) APPROVING BIDDING PROCEDURES IN CONNECTION WITH AUCTION SALE, (2) APPROVING FORM AND MANNER OF NOTICE OF SALE, AND (3) SCHEDULING A FINAL HEARING TO APPROVE SALE THIS MATTER came before the Court on September 26, 2017 upon the motion (the Motion ) 2 of Kenneth A. Welt, as Chapter 7 Trustee (the Trustee ) for Laura Lee Stutler (the Debtor ), seeking an Order (1) approving bidding procedures, (2) approving the form and manner of notice of sale, (3) scheduling a final hearing to approve the sale of the Debtor s real property, and (4) approving the sale of the Debtor s real property, free and clear of liens, claims 1 Amended to correct a scrivener s error in ECF No Capitalized terms used but not defined herein have the meanings given to such terms in the Motion and all Exhibits thereto.

42 Case JKO Doc 49 Filed 10/04/17 Page 2 of 3 and encumbrances (the Motion ). The Court, having considered the Motion, the Objection thereto filed by Wells Fargo Bank, N.A. [ECF No. 44] (the Objection ), and the arguments of counsel at the hearing, ORDERS as follows: 1. The Motion is Granted as set forth herein. 2. The Objection is overruled. 3. The Bidding Procedures as outlined in the Motion are approved and incorporated herein. The Trustee is authorized to act in accordance with the Bidding Procedures, which shall be binding upon all parties-in-interest. 4. The hearing to approve the sale of the Debtor s real property shall be held before this Court on December 6, 2017 at 9:30 a.m. at the U.S. Courthouse, 299 E. Broward Blvd., Courtroom 301, Fort Lauderdale, FL (the Sale Hearing ). 7. Objections, if any, to the Sale, must (a) be in writing; (b) set forth the nature of the objector s claims against or interest in the Debtor s estates, and the basis for the objection and the specific grounds therefore; (c) comply with the Bankruptcy Rules and the Local Bankruptcy Rules for the Southern District of Florida and all Orders of this Court; (d) be filed with the Court and served upon the Trustee, the Successful Bidder, and the United States Trustee for the Southern District of Florida, so as to be RECEIVED no later than 5:00 pm (Eastern) on December 4, Only timely filed and served responses, objections, or other pleadings will be considered by this Court at the Sale Hearing. The failure of any person or entity to timely file its objection shall be a bar to the assertion, at the Sale Hearing or thereafter, of any objection to the Motion, the Sale or the consummation and performance of the Agreement. ### 2

43 Case JKO Doc 49 Filed 10/04/17 Page 3 of 3 Submitted by: Glenn D. Moses, Esq. Genovese Joblove & Battista, P.A. Counsel to Kenneth A. Welt, Trustee 100 Southeast Second Street, Suite 4400 Miami, FL Telephone: (305) Facsimile: (305) gmoses@gjb-law.com Copy to: Glenn D. Moses Esq. (Attorney Moses is directed to serve a conformed copy of this Order on all parties in interest) 3

44 EXHIBIT B

45 PURCHASE AND SALE AGREEMENT BETWEEN KENNETH A. WELT, AS CHAPTER 7 TRUSTEE LAURA LEE STUTLER as Seller AND as Buyer Property: 39 Whitetail Trail, Brunswick, Georgia Dated as of:, 2017 [ / /1]

46 PURCHASE AND SALE AGREEMENT THIS PURCHASE AND SALE AGREEMENT (this Agreement ), dated as of the day of, 2017, between KENNETH A. WELT, not individually but solely as Chapter 7 Trustee ( Seller ) for LAURA LEE STUTLER (the Debtor ), and ( Buyer ), recites and provides: RECITALS The Debtor is the owner of real property located at 39 Whitetail Trail, Brunswick, Georgia the Falls, which real property is described on Exhibit A hereto, together with all improvements thereon and appurtenances thereunto belonging (the Property ). A voluntary petition for relief under Chapter 7, Title 11 of the United States Code (the Bankruptcy Code ) was filed by the Debtor in the United States Bankruptcy Court for the Southern District of Florida (the Bankruptcy Court ) on April 10, Thereafter, Seller was appointed as the Debtor s Chapter 7. The case of the Debtor is pending in the Bankruptcy Court as Case No BKC-JKO (the Bankruptcy Case ). The bankruptcy estate of the Debtor is referred to herein as the Estate. Seller believes that it is in the best interests of the Estate to sell the Property (defined below) to Buyer, and Buyer wishes to purchase the Property from Seller, all subject to the approval of the Bankruptcy Court and as more particularly provided below. AGREEMENT NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows. 1. Court Approval. The parties respective obligations to purchase and sell the Property pursuant to this Agreement are subject to Bankruptcy Court approval after notice and a hearing, subject to higher and better offers, and the provisions, requirements and limitations of the Sale Order (defined below). 2. Sale and Purchase of Property. Subject to the terms and conditions of this Agreement and the Sale Order, and subject in all events to the approval of the Bankruptcy Court, on the Closing Date (defined below), Seller shall sell, assign, transfer, convey and deliver, or cause to be sold, assigned, transferred, conveyed and delivered to Buyer, and Buyer shall purchase and acquire from Seller, Seller s right, title and interest in and to the Property and all personal property located therein, unless specifically excluded herein. 3. Conveyance of Property. Subject to and in accordance with the provisions of this Agreement and the Sale Order, and subject to approval of the Bankruptcy Court, Seller shall execute and deliver to Buyer on the Closing Date the following instruments pursuant to which Seller shall sell, assign, transfer, convey and deliver the Property to Buyer free and clear of all

47 Liens in accordance with sections 363(b) and (f) of the Bankruptcy Code, with such Liens to attach to the proceeds of sale, on an AS-IS, WHERE-IS BASIS, WITHOUT REPRESENTATIONS OR WARRANTIES: 3.1 Trustee s Quitclaim Deed (the Deed ) conveying the Property to Buyer shall occur by Quitclaim Deed which shall be free and clear of any and all encumbrances and restrictions in accordance with section 363(f) of the Bankruptcy Code, except those approved by Buyer. 4. Deposit 4.1 On Within 24 hours of becoming the Successful Bidder, Buyer shall have deposited the sum of 10% of the Successful Bid (which sum will include the $10, escrow deposit, and together shall be referred to hereafter as the Deposit ). The Deposit will be wired to Seller s Counsel, Genovese, Joblove & Battista, P.A., to be held in the escrow account of Genovese, Joblove & Battista, P.A. (the Deposit Agent ). The Deposit shall be held without interest and shall be applied against the Purchase Price at Closing. If the Closing fails to occur because this Agreement is not approved by the Bankruptcy Court, the Deposit shall be returned to Buyer. However, if the closing fails to occur as the result of Buyer s unexcused failure to perform its obligations, then the entire Deposit shall retained by the Seller as liquidated damages. 4.2 If all of the contingencies set forth in Section 9 are satisfied or waived in writing by Buyer, and Seller then fails, after the entry of the Sale Order, to close on the sale of the Property to Buyer as required by this Agreement, Buyer shall be entitled to a refund of the Deposit, as its sole and exclusive remedy and as liquidated damages for Seller s failure to close. 5. Purchase Price. The purchase price for the Property shall be $, which does not include the Buyer s 10% Premium. At the Closing, Buyer shall, as additional consideration, pay to the Seller the closing costs which shall be allocated as set forth in Section 10, as well as the Buyer s Premium, as set forth in Section 16 (the total amount to be paid at closing shall be referred to hereafter as the Purchase Price ). 6. No Due Diligence Period. There shall be no due diligence period following execution of this Agreement. 7. Bankruptcy Court Approval. 7.1 Seller shall use commercially reasonable efforts to obtain Bankruptcy Court approval of the sale of the Property to Buyer pursuant to this Agreement (the Sale Order ), which shall contain the following provisions: (a) a finding that Seller prepared and mailed a motion seeking the Sale Order, and such motion and notice were proper and sufficient as to all parties entitled to same; [ / /1]

48 (b) the sale and transfer of the Property to the Buyer is approved pursuant to Section 363(b), (f) and (m) of the Bankruptcy Code; (c) the sale of the Property to Buyer pursuant to this Agreement will be free and clear of all Liens pursuant to Section 363(f) of the Bankruptcy Code, with such Liens, attaching to the sale proceeds. 8. Conditions to Obligations of Buyer. The obligations of Buyer to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment at or before Closing of each and every one of the following conditions, which may be waived in whole or in part by Buyer: 8.1 the Sale Order shall have been entered by the Bankruptcy Court, and the Sale Order shall contain findings set forth in Section 7 above; and 8.2 the representations and warranties of Seller shall be true in all material respects on and as of the Closing Date, with the same effect as though made on and as of such date, and Seller shall not be in default in any material respect under the provisions of this Agreement. 8.3 If any of the foregoing conditions is not satisfied by Seller or waived by Buyer before or at the Closing, Buyer may terminate this Agreement and Seller shall forthwith return the Deposit to the Buyer, and neither Party shall have any further obligations to the other. 9. Conditions to Obligations of Seller. The obligations of Seller to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment at or before the Closing of the following conditions, which may be waived in whole or in part, by Seller: 9.1 the Sale Order shall have been entered by the Bankruptcy Court; 9.2 the representations and warranties of Buyer shall be true in all material respects on and as of the Closing Date, with the same effect as though made on and as of such date, and Buyer shall not be in default in any material respect under the provisions of this Agreement; and 9.3 Buyer shall have paid to Seller the Purchase Price. 10. Closing Unless otherwise agreed to by the Seller and Buyer in writing, the closing of the transactions contemplated by this Agreement (the Closing ) shall take place within twenty (20) calendar days of entry of the Sale Order, or when the Sale Order becomes final, whichever is later (the Closing Date ). Notwithstanding anything herein to the contrary, if the Sale Order has been stayed by an order of a court of competent jurisdiction, then the Closing Date shall be postponed until not more than five (5) business days after the stay has been finally dissolved. If such postponement is longer than 120 days, Buyer and Seller shall each have the

49 right to terminate this Agreement by giving written termination notice to the other, in which case neither Party shall have any further obligations under this Agreement except those that expressly survive the termination of this Agreement Closing shall be conducted through an escrow arrangement by the title insurance agent through which Buyer is purchasing title insurance for the Property (the Closing Agent ), provided such Closing Agent is reasonably satisfactory to Seller. Each Party shall deliver written closing instructions to the Closing Agent consistent with the provisions of this Agreement At the Closing, Seller shall deliver to Buyer the transfer instruments provided for in Section At the Closing, Buyer shall deliver to Seller the Purchase Price as provided in Section The cost of providing title evidence covering the period prior to closing, state documentary stamps which are required to be affixed to the instrument of conveyance, and the cost of recording any corrective documents shall be paid by Buyer. The cost of recording the deed and the cost of the issuance of any title insurance policy shall be paid by Buyer. Each party shall pay its own attorneys and accounting fees Buyer shall pay, on the Closing Date, the cost of recording the deed and the cost of the issuance of the title insurance policy premium for any owner s title insurance policy (and any loan policy) obtained by Buyer, the cost of all title updates, title examination, and lien searches, and the cost of any inspections and/or surveys, any settlement fees charged by the Person conducting the Closing, and all other costs and charges of Closing. 11. Prorations. Real property taxes and assessments for the tax year in which the Closing occurs, and all utility bills shall be apportioned between Buyer and Seller as of the Closing Date. The provisions of this Section 11 shall survive the Closing. 12. Representations and Warranties of Seller. Seller represents and warrants to Buyer that Seller was duly appointed as Chapter 7 for the Debtor, and that, subject to the entry of the Sale Order without any stay being obtained by any party in interest within the requisite period, Seller has the power to convey the Property to Buyer pursuant to this Agreement and subject to and in accordance with the provisions of the Sale Order. 13. Representations and Warranties of Buyer. Buyer hereby represents and warrants to Seller, which representations and warranties shall survive Closing, as follows: 13.1 The execution, delivery and performance by Buyer of this Agreement and the other documents and instruments contemplated hereby are within the power of Buyer and have been duly authorized by all necessary action by Buyer. This Agreement is, and the other documents and instruments contemplated hereby will be, when executed and delivered by Buyer, the valid and binding obligations of Buyer, enforceable against Buyer in accordance with their respective terms. [ / /1]

50 13.2 Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will result in a violation by Buyer of any federal, state, local or other law or governmental requirement of any kind, and any rules, regulations, permits, licenses and orders promulgated thereunder BUYER, ON BEHALF OF ITSELF AND ANY AFFILIATES OR RELATED PARTIES, UNDERSTANDS AND AGREES THAT THE PROPERTY IS SOLD, TRANSFERRED AND CONVEYED TO BUYER IN AS IS CONDITION ON A WHERE IS BASIS, WITH NO CONTINGENCIES OF ANY KIND INCLUDING FINANCING OR DUE DILIGENCE AND WITHOUT ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED, EXCEPT AS OTHERWISE EXPRESSLY STATED IN THIS AGREEMENT. 14. Default and Remedies If the Closing fails to occur because of a default, misrepresentation or breach of warranty by Buyer, Seller shall be entitled to retain the Deposit as Seller s sole remedy at law or in equity for Buyer s failure to close on the purchase of the Property. In any such event, Buyer shall continue to be liable under any provisions of this Agreement that expressly survive the termination of this Agreement If the Closing fails to occur solely because of a default by Seller under the provisions of this Agreement, the Sale Order or any other order of the Bankruptcy Court applicable to the sale of the Property hereunder, then Buyer may, as its exclusive remedy, receive a return of its Deposit and terminate this Agreement by notice to Seller. 15. Risk of Loss. Risk of loss to the Real Property or any part thereof from damage or destruction by fire or other casualty or by reason of condemnation shall remain upon Seller until the Closing. 16. Buyer s Payment of Buyer s Premium. As part of the Purchase Price, Buyer shall pay at Closing a Buyer s Premium to Fisher Auction Company (the Auctioneer ) an amount equal to ten (10%) of the Purchase Price (the Buyer s Premium ). In the event Buyer has utilized the services of a duly licensed real estate broker who properly registered Buyer and was the procuring cause of the sale (the Buyer s Broker ), the Auctioneer shall remit 30% of the Buyer s Premium (representing 3% of the Purchase Price) to the Buyer s Broker at Closing, and Buyer s Broker shall have no claim against the proceeds of the sale of the Property or the Debtor s Estate. Buyer shall indemnify and hold the Seller harmless from the claims of any other broker or agent claiming through the Buyer. The provisions of this Section shall survive the Closing and any termination of this Agreement. 17. Further Assurances. Each Party shall cooperate with the other and execute and deliver to the other Party such other instruments and documents and take such other actions as may be reasonably requested from time to time by the other Party as necessary to carry out, evidence, and confirm the intended purposes of this Agreement.

51 18. Deposit Agent Provisions If conflicting demands relating to this Agreement are made upon the Deposit Agent, the parties hereto expressly agree that the Deposit Agent shall have the absolute right to do either or both of the following: (i) withhold and stop all actions in performance of this escrow and await settlement of the controversy by final appropriate legal proceedings or as otherwise mutually directed in writing by Buyer and Seller; or (ii) file suit in declaratory relief or interpleader and obtain an order from the Bankruptcy Court requiring the parties to interplead and litigate in such court their several claims and rights amongst themselves. Upon the filing of any such declaratory relief or interpleader suit and depositing with the Bankruptcy Court all funds deposited by the parties under this Agreement, the Deposit Agent shall thereupon be fully released and discharged from any and all obligations to further perform the duties or obligations imposed upon it by this Agreement In no event shall Deposit Agent be liable for any act or omission under or in respect of this Agreement except where Deposit Agent's acts or omission is the result of its gross negligence or willful misconduct. Accordingly, Deposit Agent shall not incur any liability with respect to (i) any action taken or omitted in good faith, including upon advice of its legal counsel given with respect to any questions relating to the duties and responsibilities of the Deposit Agent under this Agreement, or (ii) any action taken or omitted in reliance on any instrument, not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and accuracy of any information contained therein, which Deposit Agent shall in good faith believe to be genuine, to have been signed or presented by a person or persons having authority to sign or present such instrument, and to conform with the provisions of this Agreement Buyer and Seller reserve the right, at any time and from time to time, by mutual agreement, to substitute a new escrow agent in place of Deposit Agent. In addition, Deposit Agent reserves the right to resign from its role as escrow agent by giving the Seller and the Buyer written notice of such resignation. If Seller and Buyer have jointly designated a successor escrow agent in writing, then Deposit Agent shall deliver any funds held by Deposit Agent under this Agreement to such successor escrow agent. However, if no such successor escrow agent is designated by Seller and Buyer in writing within ten days after any notice of resignation from Deposit Agent, then Deposit Agent may deliver any such funds to the Bankruptcy Court, and interplead Buyer and Seller in connection therewith Seller acknowledges that Deposit Agent also serves as Seller s legal counsel in connection with this Agreement, and both Seller and Buyer consent to Deposit Agent serving in such dual capacity. In the event of any actual dispute or adversity between Seller and Buyer, Deposit Agent shall be entitled to resign as Deposit Agent and to represent Seller in such dispute or adversity, and in such case shall deliver any funds held by Deposit Agent pursuant to this Agreement the Funds either to a successor escrow agent designated by Seller and Buyer as provided above, or to a court of competent jurisdiction as provided for above. [ / /1]

52 19. Miscellaneous 19.1 This Agreement and any schedules hereto may not be amended except by an instrument in writing signed on behalf of each Party This Agreement, together with any schedules and other agreements referred to in this Agreement, constitute the entire agreement between the Parties pertaining to the subject matter of this Agreement and supersede all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the Parties regarding such subject matter All notices and other communications under this Agreement shall be in writing and shall deemed given if delivered personally or mailed by registered or certified mail, postage prepaid, return receipt requested (such mailed notice to be effective on the date such receipt is acknowledged) or delivered by an recognized overnight delivery system (such overnight notice to be effective on the date of receipt) as follows: If to Buyer, addressed to: With a copy to: If to Seller, addressed to: Kenneth A. Welt, Trustee 8201 Peters Road, Suite 1000 Plantation, Florida With a copy to: Attention: Glenn D. Moses, Esq. Genovese Joblove & Battista, P.A. 100 S.E. 2 nd Street, Suite 4400 Miami, Florida Facsimile: (305) gmoses@gjb-law.com

53 or to such other place and with such other copies as either Party may designate as to itself by written notice to the others This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Facsimile signatures shall be accorded the same enforcement rights as an original. Regardless of whether the transactions contemplated by this Agreement are consummated, each Party shall pay its or their own costs and expenses, including Legal Costs and investment banking, accounting, consulting, and other professional fees, incurred in connection with the negotiation, preparation, investigation and performance by such Party of this Agreement and the transactions contemplated under this Agreement Time is of the essence with respect to each Party s obligations hereunder This Agreement shall not be recorded by Buyer and, if recorded by Buyer, Seller may immediately terminate all of its obligations under this Agreement, and Buyer shall pay Seller s Legal Costs in removing this Agreement of record. The provisions of this Section 19.6 shall survive the Closing If the last day of any time period provided for in this Agreement falls on a Saturday, Sunday or holiday, the last day shall be extended until the next business day that banks operating in Miami, Florida are open for business, but in no case will the extension be for more than three days. For purposes of this Agreement, business day shall mean any day other than a Saturday, a Sunday, or any other day on which banking institutions in Miami, Florida, are closed or are authorized to be closed, including all legal holidays Notwithstanding any other provision of this Agreement, any representation, warranty or covenant of Seller contained in this Agreement that by its terms survives Closing or the termination of this Agreement, shall not survive the closing of the Bankruptcy Case Radon is a naturally occurring radioactive gas that, 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 that exceed federal and state guidelines may have been found in buildings in Georgia. Additional information regarding radon and radon testing may be obtained from county public health units The determination that any covenant, agreement, condition or provision of this Agreement, which is not necessary to the enjoyment by either party of the benefit contemplated herein, is invalid shall not affect the enforceability of the remaining covenants, agreements, conditions or provisions hereof and, in the event of any such determination, this Agreement shall be construed as if such invalid covenant, agreement, condition or provision were not included herein No failure or delay of either Party in the exercise of any right given to such Party hereunder shall constitute a waiver thereof unless the time specified herein for exercise of such right has expired, nor shall any single or partial exercise of any right preclude [ / /1]

54 any other or further exercise thereof or of any other right. The waiver of any breach hereunder shall not be deemed to be a waiver of any other or any subsequent breach hereof The rights and obligations of Buyer hereunder may be assigned to one or more affiliated entities without the consent of Seller, and to any unaffiliated third party with the prior written consent of Seller. No assignment under this provision shall relieve Buyer of liability to Seller for amounts accruing under this Agreement. This Agreement shall be binding upon, and shall inure to the benefit of, the successors and permitted assigns of the parties hereto. The Parties neither intend to confer any benefit hereunder on any Person other than the parties hereto, or shall any such third party have any rights hereunder This Agreement shall be governed by, construed, interpreted and the rights of the Parties determined in accordance with the laws of the State of Florida without reference to its choice or conflicts of laws principles. Each Party: (i) irrevocably submits to the jurisdiction of the Bankruptcy Court; (ii) waives any objection to laying venue in any such action or proceeding in the Bankruptcy Court; (iii) waives any objection that the Bankruptcy Court is an inconvenient forum or does not have jurisdiction over any Party; and (iv) agrees that service of process upon such Party in any such action or proceeding shall be effective if given in accordance with the notice provisions of this Agreement BUYER AND SELLER HEREBY EACH WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS AGREEMENT. [THE REST OF THIS PAGE INTENTIONALLY IS BLANK]

55 WITNESS the following signatures as of the date in the preamble. BUYER: SELLER: Kenneth A. Welt, not individually, but solely as Chapter 7 Trustee of LAURA LEE STUTLER [ / /1]

56 US BANKRUPTCY AUCTION 39 Whitetail Trail, Brunswick, Georgia Real Estate Buyer Broker Participation Registration From Lamar Paul Fisher, AUNR E. Atlantic Blvd., Pompano Beach, Florida

57 REAL ESTATE BUYER BROKER PARTICIPATION REGISTRATION FORM Real Estate Auction By Order of the U.S. Bankruptcy Court Southern District of Florida Fort Lauderdale Division Kenneth A. Welt, Chapter 7 Trustee Laura Lee Stutler Case No BKC-JKO 39 Whitetail Trail, Brunswick, Georgia Tuesday, December 5, 11:00 AM ET NOTICE: THE SELLER / COURT, COLDWELL BANKER PLATINUM PARTNERS AND AUCTIONEER ENCOURAGE BUYERS TO BE REGISTERED BY A LICENSED REAL ESTATE BROKER SO THAT THEY ARE MORE KNOWLEDGEABLE ABOUT THE PROPERTY AND THEREFORE CAN MAKE A MORE INFORMED BUYING DECISION. SHOULD THE BUYER ELECT TO BE REGISTERED BY A LICENSED REAL ESTATE BROKER, THE BUYER ACKNOWLEDGES THAT THEY HAVE CHOSEN THE BELOW LICENSED REAL ESTATE BROKER TO REGISTER AND REPRESENT THEM. BUYER INFORMATION: (Please Type or Print Clearly) NAME: COMPANY: ADDRESS: CITY: STATE ZIP DAY PHONE: FAX: BUYER S SIGNATURE: DATE: REAL ESTATE BROKER INFORMATION: (Please Type or Print Clearly) AGENT NAME: COMPANY: ADDRESS: CITY: STATE ZIP DAY PHONE: FAX: REAL ESTATE BROKER LICENSE #: STATE: TAX ID#: The Licensed Real Estate Broker below acknowledges that it represents the Buyer, not the Seller / Court in the above referenced Auction and agrees to indemnify and hold harmless the Seller / Court, Coldwell Banker Platinum Partners and Auctioneer from any claims, costs and expenses, including attorneys fees, arising out of any acts performed or representations made by them in connection with the participation at the Auction or the purchase and sale of the above referenced Property purchased at the Auction or otherwise. This registration form is to be completed, signed, and dated by all parties to have any force and effect. BROKER S / AGENT S SIGNATURE: DATE: Three Percent (3%) of the Final Bid Price will be paid to a qualified Licensed Real Estate Broker ( Broker ) whose registered Buyer s offer is accepted by the Seller / Court and closes on the Property, provided the Broker is not prohibited by law from being paid such commission. To qualify for a commission, the Broker must first register their prospect on this MANDATORY REAL ESTATE BUYER BROKER PARTICIPATION REGISTRATION form. This form must be received by the office of Auctioneer no later than 5:00 P.M. E.T., Monday, December 4, This registration MUST be sent to Auctioneer, 2112 East Atlantic Boulevard, Pompano Beach, FL Brokers may fax their broker registration(s) to or to info@fisherauction.com. NO LATE REGISTRATIONS WILL BE ACCEPTED. Commissions will be paid only after closing and after Auctioneer and Coldwell Banker Platinum Partners have been paid in full. Brokers are not required to attend the closing. If a Broker has not met all of these requirements, no commission will be paid to the Broker, even if the Broker s prospect purchases the Property. No oral registrations will be accepted. Under no circumstances whatsoever will any commission be paid if the sale does not close for any reason. FOR AUCTIONEER USE ONLY: DATE RECEIVED: TIME: