PROPERTY INFORMATION PACKAGE. FL Waterfront Trustee Ordered Sale, Crystal River 1196 N Stoney Point, Crystal River, FL, 34429

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1 PROPERTY INFORMATION PACKAGE FL Waterfront Trustee Ordered Sale, Crystal River 1196 N Stoney Point, Crystal River, FL, Property #: DG618 Preview: Auction: Call Karen Tringali June 11 AM ET Auction Location: At Property TRANZON.COM Walter J. Driggers, III, Lic. Real Estate Broker, FL Lic# AU707 & AB3145 P: F: soldnow@tranzon.com TRANZON.COM

2 Notice to Bidders The information included is a summary of information available from a number of sources, much of which has not been independently verified. The sources from which the information was gathered are believed to be reliable; however, all information contained within this package is subject to verification by all parties relying on it. No representations or warranties, expressed or implied, as to the accuracy or completeness of the information in this and other advertising materials shall be deemed made, and no legal commitment or obligation shall arise, by reason of this package or its contents. This summary has been provided only for the use of prospective bidders. Buyer must rely on his/her own information, inspection, review of public records and own determination to bid, consulting whatever advisors he/she may feel appropriate. The property described is being sold in "as-is, where is, with all faults" condition. Neither, the Seller, nor their respective agents make any express or implied warranties of any kind. This listing may be withdrawn and/or modified without notice at any time. is acting as agent of the seller. is a member company of Tranzon, L.L.C. and is independently owned and operated. Page 2 of 24

3 Important Dates & Facts Prop#: DG618 Auction Date: Tuesday, Jun 19, 2012 Auction Time: 11 AM ET Auction Location: At Property Preview: Initial Deposit: (Payable to Escrow Agent) Additional Deposit: (Payable to Escrow Agent) Escrow Agent: Closing Date: (on or before) Call Karen Tringali Please be prompt as it only takes minutes to sell a property. There will be an explanation of the bidding process before the auction starts. Registration will open a half hour prior to the auction time. Concerning Conditions: is acting as agent of the seller. The auctioneer s decision is final in the event of a dispute over any matter. The auctioneer reserves the right to: (A) revoke the bidding privileges of any bidder at any time; (B) refuse any bid which is merely a fractional advance over the preceding bid; (C) choice, group, add to, withdraw from, or change the selling order of the property; (D) re-open the bidding in the event of a tie; (E) not accept a highest bid as the successful bid due to Seller s reserve not being met or for any other reason; and (F) waive any previously announced requirements. All announcements made from the auction block supersede any printed material or any other statements made previously. The property is being sold in as is, where is condition subject to all faults. You are urged to thoroughly inspect the property before submitting bids in the auction. The bidder/buyer must rely on his/her own information, inspection of records and determination to bid. Concerning Terms: A 10% buyer s premium will be added to the final bid and will be included in the Full Contract Price. Closing will be on or before the date indicated above. Buyers should have all tests and inspections, including lead-based paint, completed prior to placing bids in the auction. Seller will provide title insurance and deed type specified in the contract. Buyer will be responsible for documentary stamps, recording the deed, and any other disclosed costs associated with the transaction. $5,000 Cashier s Check Balance of 10% at auction by personal or business check Gullett Title Thursday, Jul 19, 2012 How to Bid: In order to place bids in this event you must complete a bidder registration form on-site and present the initial deposit in the amount above made payable to the escrow agent indicated above. Upon declaration that you are the successful bidder, you will immediately surrender your cashiers check and sign the Contract for Purchase and Sale of Real Estate. The balance of your 10% earnest deposit can be made with a personal check or business check at signing. If you are not the high bidder, simply re-deposit your cashiers check back into your bank. Broker Participation: encourages cooperating brokerage participation with licensed real estate brokers. A commission of two percent (2%) of the high bid will be paid at closing by to a cooperating buyer's broker who registers the successful buyer who closes on the property. (No commission will be paid if the buyer fails to close). Broker must register his/her client by mail, or fax with: One NE 1st Avenue, Suite 301 Ocala, FL Fax soldnow@tranzon.com Completed registration must be received prior to auction day. The form must be signed by both the broker and the client. Broker/Sales Associate must attend the auction with the Client. Registration must be on the Broker/Client Registration form provided specifically for this auction property. Brokers acting as principals are not eligible for this commission. There can be NO EXCEPTIONS to this procedure. Page 3 of 24

4 Property Summary DG N Stoney Point Crystal River, FL FL Waterfront Trustee Ordered Sale, Crystal River To Be Sold Regardless of Price King s Bay Crystal River Waterfront 2.5± AC Peninsula Auction: Location: Preview: 6/19/2012 at 11 AM ET At Property Call Karen Tringali Property Description Incredible opportunity to own a peninsula on King s Bay in beautiful Crystal River, Florida. Watch the sunrise on one side and the sunset on the other plus stunning views of the entire bay. This offering consists of two parcels totaling over 2.5± acres including some wetlands. Land Size 2.5± AC Frontage King s Bay Zoning CL Land Use Residential County Citrus Tax $3,593.03± 2011 Tax ID & Building Size N/A BR/BA/GAR N/A Year Built N/A Assn None Assoc. Fee N/A Water Central - Available Sewer Septic - Required Terms of Sale: Buyer s Premium: Initial Deposit: Additional Deposit: 10% buyer s premium will be added to the high bid to determine the contract price. $5,000 Cashier s Check Balance of 10% at auction by personal or business check Title/Escrow Agent: Gullett Title Closing Date: On or before Thursday, Jul 19, 2012 You are urged to thoroughly inspect the property before the auction! The information contained in this property overview is subject to inspection and verification by all parties relying on it. The Seller and their agents assume no liability for the accuracy, error or omissions. This listing may be withdrawn or modified without notice at any time. All square footage, lot size measurements and dimensions in this information are approximate. No warranties or guarantees are expressed or implied. The purchaser must rely on his/her own information, inspection, records and determination to bid. The property is being sold as is, where is with all faults. For additional information please call: Karen Tringali or , Walter J Driggers, Lic. Real Estate Broker, agent for the seller #AU707 & AB3145 Independently owned and operated a member company of Tranzon LLC Page 4 of 24

5 1196 N stoney point crystal river - Google Maps 5/15/12 6:42 PM Address 1196 N Stoney Point Crystal River, FL DG618 pn= , &t=m&z=11&ei=7tmyt_tga5-oywtyv6w1ca&pw=2 Page 5 of 24 Page 1 of 1

6 1196 N stoney point crystal river - Google Maps 5/15/12 6:41 PM Address 1196 N Stoney Point Crystal River, FL DG618 pn= , &t=m&z=15&ei=7tmyt_tga5-oywtyv6w1ca&pw=2 Page 6 of 24 Page 1 of 1

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9 Citrus County Property Appraiser - ParcelDetail Situs 4/23/12 9:55 AM Home Search Download Exemptions Agriculture Maps Tangible Links Contact Home Search Choices Search By Site Address ParcelDetailSitus Citrus County Property Appraiser - Current Taxroll In Work As Of: 13-APR-12 Owner & Property Information Altkey Print Property Card (Pdf) Owner Name STONEY JOHN G TRUST ATTN TOMMY PERMENTER GIS Map Viewer Mailing Address 2201 SE 30TH AVE STE TRIM (Original as mailed) OCALA FL Tax Estimator Site Address N STONEY PT CRYSTAL RIVER Download Section Map (pdf) Oblique View (Pictometry) click photo to enlarge: Parcel Identification Neighborhood Code PC Code / Desc. Millage Code / Desc. Map Sec Map Twp Map Rng 17E18S (00) VACANT SINGLE FAMILY RESIDENCE (0000) Tax History Year Pc Code Market / Just Assessed Exemptions Taxable Tax Levy Land Value Improvements Cost Direct Sales Est $224,000 $224,000 $0 $224,000 $3, $280,000 $0 $280,000 $ $259,200 $259,200 $0 $259,200 $4, $320,000 $0 $320,000 $ $259,200 $259,200 $0 $259,200 $4, $320,000 $0 $320,000 $ $259,200 $259,200 $0 $259,200 $4, $320,000 $0 $320,000 $ $324,000 $324,000 $0 $324,000 $5, $400,000 $0 $400,000 $ $332,000 $332,000 $0 $332,000 $5, $400,000 $0 $400,000 $ $340,000 $340,000 $0 $340,000 $6, $400,000 $0 $400,000 $ $29,700 $29,700 $0 $29,700 $ $35,000 $0 $35,000 $0 Sales and Transfer History Book Page Month Year Instr. Code Transfer Code Vac. / Imp. Sale Price CORRECTIVE/QC/TD/COT NONE V $100 Full Legal Description BULKHEAD LINE FOR ISLAND 21 IN SEC PB 4 PG 33 GOVT LOT 21 DESCR IN OR BK 46 PG 366 & OR BK 1547 PG 26 Land Value Summary Land Line Land Use Zoning Front Actual/Std/Eff Depth Actual/Std Unit Type / Description Units 001 RIVER FRT-RES VACANT CL 0/0/0 0/0 UB UNITS BUILDABLE 1 Page 9 of 24 Page 1 of 1

10 Citrus County Property Appraiser - ParcelDetail Name 5/7/12 4:48 PM Home Search Download Exemptions Agriculture Maps Tangible Links Contact Home Search Choices Search By Name Parcel Details Citrus County Property Appraiser - Current Taxroll In Work As Of: 04-MAY-12 Owner & Property Information Altkey Print Property Card (Pdf) Owner Name STONEY JOHN G TRUST ATTN TOMMY PERMENTER GIS Map Viewer Mailing Address 2201 SE 30TH AVE STE TRIM (Original as mailed) OCALA FL Tax Estimator Site Address N STONEY PT CRYSTAL RIVER Download Section Map (pdf) Oblique View (Pictometry) click photo to enlarge: Parcel Identification Neighborhood Code PC Code / Desc. Millage Code / Desc. Map Sec Map Twp Map Rng 17E18S (96) WASTELANDS (0000) Tax History Year Pc Code Market / Just Assessed Exemptions Taxable Tax Levy Land Value Improvements Cost Direct Sales Est $489 $489 $0 $489 $7.74 $575 $0 $575 $ $489 $489 $0 $489 $7.55 $575 $0 $575 $ $489 $489 $0 $489 $7.92 $575 $0 $575 $ $510 $510 $0 $510 $8.21 $600 $0 $600 $ $500 $500 $0 $500 $7.83 $600 $0 $600 $ $500 $500 $0 $500 $8.14 $600 $0 $600 $ $500 $500 $0 $500 $8.99 $600 $0 $600 $ $500 $500 $0 $500 $9.38 $600 $0 $600 $0 Sales and Transfer History Book Page Month Year Instr. Code Transfer Code Vac. / Imp. Sale Price CORRECTIVE/QC/TD/COT NONE V $100 Full Legal Description A PARCEL OF SUBMERGED LAND IN THE CRYSTAL RIVER IN SEC 29, MORE PARTICULARLY DESCR AS FOLLOWS, COM AT THE AUXILIARY ME ANDER COR SET FOR ISLAND LOT 21 OF SAID SEC 29 AS ESTABLISH ED BY THE UNITED STATES BUREAU OF LAND MANAGEMENT IN JAN 19 28, THENCE S 82 DEG 30 MIN 00 SEC W A DISTANCE OF FT, THENCE N 62 DEG 30 MIN 30 SEC W A DISTANCE OF FT TO THE POB, THENCE N 34 DEG 47 MIN 42 SEC E A DISTANCE OF FT, THENCE S 60 DEG 18 MIN 51 SEC E A DISTANCE OF FT, THENCE S 18 DEG 52 MIN 30 SEC W A DISTANCE OF FT, THENCE N 62 DEG 30 MIN 00 SEC W A DISTANCE OF FT, THENCE S 27 DEG 30 MIN 00 SEC W A DISTANCE OF 50 FT TO A POINT IN THE GOVT MEANDER LINE OF GOVT LOT 3 OF SAID SEC 29, THENCE N 62 DEG 30 MIN 00 SEC W ALONG SAID GOVT MEANDER L INE, A DISTANCE OF FT, THENCE N 34 DEG 47 MIN 42 SEC E A DISTANCE OF FT TO THE POB, EXCEPTING ISLAND LOT 21, SEC 29 DESCR IN OR BK 304 PG 07 & OR BK 1547 PG 23---&---SURVEY IN PB 4 PG 33 FOR NEW BULKHEAD LINE FOR ISLAND 21 Land Value Summary Land Line Land Use Zoning Front Actual/Std/Eff Depth Actual/Std Unit Type / Description Units 001 WASTELAND/RIVER CL 0/0/0 0/0 AC ACRE Page 10 of 24 Page 1 of 1

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16 WESTCOR LAND TITLE INSURANCE COMPANY ALTA COMMITMENT (WITH FLORIDA MODIFICATIONS) STATE: Florida AGENCY OR BRANCH ID NUMBER/ FILE # G Policy or Policies to be issued: Schedule A EFFECTIVE DATE AND TIME: May 21, 2012 at 5:00 p.m. COUNTY: CITRUS REINSURANCE #:: A. OWNER S: ALTA Owner's Policy (6/17/06). (With Florida Modifications) Amount: NOMINEE B. MORTGAGEE: ALTA Loan Policy (6/17/06). (With Florida Modifications) Amount NONE ISSUED 2. The estate or interest in the land described or referred to in the Commitment and covered herein is Fee Simple and is at the effective date hereof vested in: THE JOHN G. STONEY LIVING TRUST, dated October 30, The land is described as follows: SEE EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF Issued By: 401 St. Johns Avenue Countersigned Authorized Signatory- JJ GULLETT Palatka, Florida (386) NOTE: THIS COMMITMENT IS OF NO FORCE AND EFFECT UNLESS COMMITMENT COVER, SCHEDULES A, B-SECTION 1 AND B-SECTION 2 ARE ATTACHED. CM-8S / ALTA COMMITMENT FOR TITLE INSURANCE (WITH FLORIDA MODIFICATIONS) (WLTIC EDITION 1/26/11) INPUT BY: Page 3 Page 16 of 24 CLOSER: NR

17 WESTCOR LAND TITLE INSURANCE COMPANY ALTA COMMITMENT (WITH FLORIDA MODIFICATIONS) File No.: G41462 Schedule B - Part 1 REQUIREMENTS Commitment No.: G41462 The following are the requirements to be complied with: 1. Instrument(s) creating the estate or interest to be insured must be approved, executed and filed for record to wit: (a) TRUSTEE'S DEED to be executed by TOMMY PERMENTER, as Successor Trustee of THE JOHN G. STONEY LIVING TRUST, dated October 30, 2002, conveying subject property to NOMINEE. 2. Payment of the full consideration to, or for the account of, the grantors or mortgagors. 3. Payment of all taxes, charges, assessments, levied and assessed against subject premises, which are due and payable. 4. Satisfactory evidence should be had that improvements and/or repairs or alterations thereto are completed; that contractor, subcontractors, labor and materialmen are all paid. 5. Exceptions 3 and 4 of Schedule B - Section 2 of this commitment may be amended in or deleted from the policy to be issued if a survey, satisfactory to the Company, is furnished to Company. 6. Recording of Certificate of Trust under Sec , F.S., confirming the name(s) of the Trustee(s), that the property is not the homestead of the Trustee(s), that the Trustee(s) is not also a beneficiary, and that the Trustee(s) has authority to execute the documents to be insured without any requirement for consent or direction by any beneficiary. The certificate should have attached excerpts of the Trust designating the named Trustee(s) and conferring the powers to act in the pending transaction. If any of the confirmatory statements herein cannot be made by the Trustee; if the current transaction is with a Successor Trustee and no supporting documents of successorship are available to attach to the Certificate or if there are liens against the Trustee or a predecessor Trustee, as Trustee or in an individual capacity; then the Trust Agreement must be reviewed and further requirements may be necessary. 7. PROOF that any services provided pursuant to any County Ordinance or by Ch.159, F.S., by any city, town, village or port authority for services by any water systems, sewer systems or gas systems serving the land described herein are current and paid in full together with any fees for waste removal services in favor of any county or municipality. NOTE: THIS COMMITMENT IS OF NO FORCE AND EFFECT UNLESS COMMITMENT COVER, SCHEDULES A, B-SECTION 1 AND B-SECTION 2 ARE ATTACHED. CM-8S / ALTA COMMITMENT FOR TITLE INSURANCE (WITH FLORIDA MODIFICATIONS) (WLTIC EDITION 1/26/11) INPUT BY: Page 4 Page 17 of 24 CLOSER: NR

18 WESTCOR LAND TITLE INSURANCE COMPANY ALTA COMMITMENT (WITH FLORIDA MODIFICATIONS) File No.: G41462 Schedule B - Part 2 EXCEPTIONS Commitment No.: G41462 Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company. 1. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. 2. Rights or claims of parties in possession not shown by the Public Records. 3. Encroachments, overlaps, boundary lines disputes, and other matters which would be disclosed by an accurate survey and inspection of the premises. 4. Easements or claims of easements not shown by the Public Records. 5. Taxes or special assessments which are not shown as existing liens by the public records. 6. Taxes and assessments for the year 2012 and subsequent years. 7. NOTE: TAXES for the year 2011 are PAID in the amount of $3, Paid November 6, 2011, Receipt Number: , Exemptions Claimed: NONE, Parcel Account Number (1196 N. Stoney Point). 8. NOTE: TAXES for the year 2011 are PAID in the amount of $7.43. Paid November 6, 2011, Receipt Number: , Exemptions Claimed: NONE, Parcel Account Number (Submerged land). 9. Any Lien, or Right to a Lien, in favor of any City, Town, Village or Port Authority, for unpaid service charges for services by any water system, sewer system or gas system servicing captioned lands, pursuant to Chapter , Florida Statutes. 10. Subject to any Public Utility Easements for Electric, Telephone, Water and Sewer Systems, Drainage, Gas, Fuel and similar Utilities and Community or Cablevision Systems. 11. Covenants, Easement(s), Setback(s) and Restrictions, if any, (deleting therefrom any restrictions indicating any preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin) as may be shown on the Plat recorded in Plat Book 4, Page(s) 33, of the Public Records of CITRUS County, Florida. 12. Reservations to the Trustees of the Internal Improvement Fund of the State of Florida as contained in that certain instrument recorded in Official Records Book 304, at Page 7, of the Public Records of Citrus County, Florida. (Note: The right of entry has been released pursuant to Florida Statutes ). (as to Parcel 2) 13. Riparian rights and littoral rights, if any, incident to the land. 14. Any and all rights of the United States of America in and to navigable waters or filled-in land formerly within navigable waters and any conditions contained in any permits authorizing the filling in of such land. 15. Any adverse ownership claim by the State of Florida by right of sovereignty to any portion of the lands insured hereunder, including submerged, filled, and artificially exposed lands and lands accreted to such lands. 16. The inalienable rights of the public to use the navigable waters covering lands described herein. 17. Any Submerged Lands described in Schedule A are not insured herein. NOTE: THIS COMMITMENT IS OF NO FORCE AND EFFECT UNLESS COMMITMENT COVER, SCHEDULES A, B-SECTION 1 AND B-SECTION 2 ARE ATTACHED. CM-8S / ALTA COMMITMENT FOR TITLE INSURANCE (WITH FLORIDA MODIFICATIONS) (WLTIC EDITION 1/26/11) INPUT BY: Page 5 Page 18 of 24 CLOSER: NR

19 WESTCOR LAND TITLE INSURANCE COMPANY ALTA COMMITMENT (WITH FLORIDA MODIFICATIONS) EXHIBIT A LEGAL DESCRIPTION Parcel 1: Island Lot 21, as shown on the Plat of Bulkhead Line For Island Lot No. 21, Plat Book 4, Page 33, Citrus County, Florida. Parcel 2: A parcel of submerged land in the Crystal River in Section 29, Township 19 South, Range 17 East, Citrus County, Florida, more particularly described as follows: Commence at the Auxiliary Meander Corner set for Island Lot 21 of said Section 29, as established by the United States Bureau of Land Management in January 1920, thence South 82 degrees 30 minutes 00 seconds West, a distance of feet; thence North 62 degrees 30 minutes 00 seconds West, a distance of feet to the Point of Beginning; thence North 34 degrees 47 minutes 42 seconds East a distance of feet; thence South 60 degrees 18 minutes 51 seconds East, a distance of feet, thence South 18 degrees 52 minutes 03 seconds West, a distance of feet, thence North 62 degrees 30 minutes 00 seconds West, a distance of feet thence South 27 degrees 30 minutes 00 seconds West, a distance of 50 feet to a point in the Government Meander Line of Government Lot 3 of said Section 29; thence North 62 degrees 30 minutes 00 seconds West, along said Government Meander Line, a distance of feet, thence North 34 degrees 47 minutes 42 seconds East, a distance of feet to the Point of Beginning, EXCEPTING Island Lot 21, Section 29, Township 18 South, Range 17 East, as per the Public Records of Citrus County, Florida. NOTE: THIS COMMITMENT IS OF NO FORCE AND EFFECT UNLESS COMMITMENT COVER, SCHEDULES A, B-SECTION 1 AND B-SECTION 2 ARE ATTACHED. CM-8S / ALTA COMMITMENT FOR TITLE INSURANCE (WITH FLORIDA MODIFICATIONS) (WLTIC EDITION 1/26/11) INPUT BY: Page 6 Page 19 of 24 CLOSER: NR

20 REAL PROPERTY SALES DISCLOSURE To:, BUYER of that certain parcel described as follows, to wit: Property: DG618 SELLER: At such time as the above-referenced transaction is closed, additional sums may be demanded from you as Buyer, in the form of closing costs. Listed below are the major closing cost items ordinarily found in a transaction and checked are those items which may be payable pursuant to the contract which you are about to sign. Dollars amounts, if shown, are approximate. Final figures will be compiled by the closing agent. (x) 1. Documentary Stamps on Deed $7.00/$1,000 (x) 2. Documentary Stamps on New Note (x) 3. Intangible Tax on New Note (x) 4. Proration of Taxes & HOA/COA Fees (if applicable) as of closing date (x) 5. Recording Deed $10 per page (x) 6. Title Insurance/Closing Services (x) 7. Recording of Mortgage and Note (x) 8. Settlement Fee $ ( ) 9 John G. Stoney Living Trust HOA/COA Estoppel Fee/Transfer Fee/Mobile Home Title Transfer Fee (if applicable) Buyer acknowledges that this instrument has been read and signed before any Contract for Purchase and Sale of Real Estate referred to herein has been signed. Buyer understands the real estate broker, Tranzon DRIGGERS is working as agent for the seller named above and will receive a commission from the seller on this sale. RADON GAS: Radon is naturally occurring radioactive gas that, when it has accumulated in 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 have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit. If this purchase regards a single family home: ENERGY EFFICIENCY RATING: Pursuant to Florida Statutes section , Buyer may at his/her discretion have the energy efficiency rating of building being purchased determined. Any inspection rating determined shall be at Buyer s expense. This purchase is NOT contingent upon the Buyer s approval of the rating. Rating, if determined, shall be for Buyer s information. Buyer acknowledges that this notice, was signed and a Department of Community Affairs brochure on the Florida Building Energy Efficiency Rating System, was received at the time of, or prior to, buyer signing the sales contract referenced above. Dated this 19th day of June, 2012 SAMPLE Signed in the presence of: BUYER(S): AGENT: Tranzon DRIGGERS, Licensed Real Estate Broker RATES: Deed Doc. Stamps=$7.00/1000; Mortgage Doc. Stamps = $3.5/1000; Intangible Tax $2/1000; Page 20 of 24 Recording $10 1st page, $8.50 each additional page. Rev:

21 DG618 CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE TRANZON DRIGGERS, as Agent for John G. Stoney Living Trust, hereinafter called the Seller, hereby acknowledges the successful bidder, hereinafter called the Buyer, to be: Name: Address: Phone: SAMPLE for the purchase of the property identified as Auction Property DG618, legally described on Exhibit A, attached and made a part hereof, together with all improvements thereon, hereinafter called Property, upon the conditions and terms as follows: Purchase price calculated as: High Bid: $ Buyer s Premium: $ Full Purchase Price: $ Deposit: $ received from the Buyer which shall apply as part of the purchase price and shall be held in escrow by Gullett Title, Escrow Agent pending closing of this transaction. Escrow Agent address and contact information: 401 St. Johns Avenue, Palatka, FL Contact: Nancy Reiland Phone number: & nancy@gulletttitle.com 1. Prior to the closing of this transaction, the Seller shall have issued, by a reputable Title Insurance Company, a commitment for title insurance agreeing to insure marketable title to Property and upon closing the Seller shall purchase and deliver to the Buyer a title insurance policy on the real property covered hereunder in the amount of the Full Purchase price, after all necessary instruments, are filed of record. In the event the title shall be proven to be unmarketable, the Seller shall have a period of 45 days after notification thereof within which to cure defects in title ( Curative Period ), and this sale shall be closed within 10 days after notice that the title defects are cured. Upon Seller's failure to correct unmarketability within the time specified after exercising reasonable diligence, at Buyer s option, the earnest money deposit shall be returned to the Buyer and neither party shall have any further obligations to the other hereunder or Buyer may waive Buyer s objection to the title and close with the title As Is. Buyer shall make the election in writing within five (5) days from the expiration of the Curative Period, failing which the earnest money deposit shall be returned to the Buyer and neither party shall have any further obligations to the other hereunder. 2. Subject to the aforesaid Curative Period, this sale shall be closed on or before July 19, 2012, time being of the essence. 3. Seller agrees to convey title to the Property to the Buyer at closing by Trustee s Deed, free and clear of all encumbrances, assessments or liens except: 2012 and subsequent years property taxes, easements and reservations of record, and covenants and restrictions of record. 4. DISCLOSURES: (a) RADON GAS: Radon is a naturally occurring radioactive gas that, when it is 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 have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county health department. (b) MOLD: Mold is naturally occurring and may cause health risks or damage to property. If Buyer is concerned or desires additional information regarding mold, Buyer should contact an appropriate professional. (c) ENERGY BROCHURE: Buyer acknowledges receipt of Florida Energy-Efficiency Rating Information Brochure required by Section , F.S. (d) LEAD-BASED PAINT: If Property includes pre-1978 residential housing, a lead-based paint rider is mandatory. Seller s Initials Buyer s Page Initials 21 of 24

22 Contract for Purchase and Sale of Real Estate, page 2 of 4 DG618 (e) HOMEOWNERS ASSOCIATION/COMMUNITY DISCLOSURE: BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS ASSOCIATION/ COMMUNITY DISCLOSURE, IF APPLICABLE. (f) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHALL NOT RELY ON THE SELLER S CURRENT PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER S OFFICE FOR INFORMATION. (g) TAX WITHHOLDING: If Seller is a Foreign Person as defined by the Foreign Investment in Real Property Tax Act ( FIRPTA ), Buyer and Seller will comply with FIRPTA, which may require Seller to provide additional cash at Closing. 5. The Buyer shall be responsible for required documentary stamps and transfer fees/taxes as well as expense of recording the deed. Taxes and other assessments and adjustments shall be prorated as of date of closing. 6. The Seller agrees to pay said Agent according to the terms of the Exclusive Real Estate Auction Agreement existing between them, at the time of closing this transaction. Broker may claim a lien against the net proceeds due Seller for its brokerage commission in accordance with the Florida Commercial Real Estate Sales Commission Lien Act. If the Buyer fails to perform this contract within the time herein specified, time being of the essence in this agreement, the deposit made by the Buyer shall be forfeited, and the amount of such deposit shall be divided equally between the Agent and the Seller, after paying out of such deposit any expense of the transaction incurred by either; provided, however, that the amount received or retained by the Agent shall not exceed the full amount of said commission, and any excess shall be paid to the Seller. If the transaction shall not be closed because of the refusal or inability of the Seller to perform, then the Seller shall pay said commission to the Agent on demand. Failure or refusal of a spouse of Seller or Buyer to execute deed or mortgage required hereunder shall be deemed default on the part of such Seller or Buyer. 7. If the improvements are damaged by fire or other casualty before the closing hereunder and can be restored to substantially the same condition as now exists through the use of applicable insurance coverage, if any, within a period of 90 days thereafter, the Seller shall so restore the improvements and the closing date herein above set shall be extended accordingly, but if not covered by insurance or such restoration is not completed after exercise of reasonable diligence within that time this contract may be cancelled by either party and neither shall have any further obligations to the other hereunder. 8. The Words Agent, Buyer, and Seller herein employed shall include their heirs, administrators, executors and successors, and said words, and any pronouns relative thereto, shall include the masculine, feminine and neuter gender, and the singular and plural number, wherever the context so admits or requires. 9. This instrument shall become effective as a contract when signed by the Agent, Buyer and Seller. If not signed by all parties on or before June 19, 2012, any monies deposited by the Buyer shall be refunded and neither party shall have any further obligations to the other hereunder. 10. The Buyer may, prior to closing date, have the property surveyed at his expense. 11. Buyer acknowledges he has not relied upon Broker s or Seller s estimate of square footage of property. Square footage is approximate and may have been provided by third party sources. If square footage is of concern to the Buyer, the Buyer is advised to personally measure the property. 12. Buyer is advised to verify schools zones and possible school and grade level caps through the local school board. 13. Due to the unpredictable and constantly changing status of the municipal, county and state regulations of property development, the Seller and Agent involved in this transaction have found it necessary to clarify their duties and obligations with regard to the sale or lease of the property. The Buyer recognizes that the City and/or County where the property is located has a Comprehensive Land Use Plan. It is the Buyer s obligation to contact the appropriate local government department(s) to determine how the subject property may be affected by the Comprehensive Plan and take any necessary action to ensure compliance with the plan. Additionally, the subject property may be affected by restrictive covenants, zoning, and/or other land use restrictions. If so, it shall be the Buyer s responsibility to inquire about them in no less a degree than as hereinafter provided. Buyer is hereby advised that it is the Buyer s responsibility to determine whether or not the subject property lies within the City or only the County. Both may have separate zoning and/or land use regulations, which would affect the subject property. It shall also be the Buyer s sole responsibility to inquire about any state and local governmental zoning and land use regulations and restrictive covenants to determine whether the subject property is in compliance with all state and local government laws, codes and ordinances, and restrictive covenants. The Buyer SAMPLE REV. Tranzon Driggers Seller s Initials Buyer s Page Initials 22 of 24

23 Contract for Purchase and Sale of Real Estate, page 3 of 4 DG618 understands that the Seller and the Agent make no representations as to whether the subject property is suitable for any particular use and that the Buyer shall be solely obligated to make any and all necessary inquiries with the appropriate governing bodies to determine compliance with all applicable zoning, land use regulations, and restrictive covenants. The Buyer further releases the Seller and the Agent for any statements or comments made in relation to the potential use of the subject property. 14. The Buyer may be responsible for the maintenance of roads and related drainage, if any, serving this property, and unless there is an ownership interest in such roads and related drainage by governmental authorities, said governmental authority shall have no responsibility for such maintenance. 15. The Buyer has personally inspected this property and acknowledges that by entering into this contract Buyer is agreeing to accept the property in its "as is" condition, WITH ALL FAULTS and releases Seller and Agent from any and all liability relating to any defect or deficiency affecting said Property, said release shall survive the closing of this transaction. 16. This agreement is not contingent upon the Buyer obtaining financing. 17. This agreement may not be assigned without the written consent of the Seller. 18. TRANZON DRIGGERS conducts business in accordance with the Fair Housing Act and does not discriminate against any person or entity on the basis of race, color, religion, sex, familial status, or national origin. 19. No agreements, unless incorporated in this agreement shall be binding upon the Agent, Buyer, or Seller. 20. In connection with any litigation arising out of this agreement including Agent's rights hereunder, the prevailing party shall be entitled to court costs and reasonable attorney fees. The parties specifically waive trial by jury. Venue shall be in Marion County, Florida. 21. This agreement may be executed in a number of identical counterparts. If so executed, each of such counterparts is to be deemed an original for all purposes. A facsimile copy of the contract shall be deemed an original for all purposes. 22. Addendum attached and made a part hereof or no addendum attached X. DATE DATE THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. RECEIPT OF DEPOSIT AS HEREIN STATED IS ACKNOWLEDGED By Agent ABOVE OFFER HEREBY CONFIRMED AND AGREED TO BY THE UNDERSIGNED authorized signer for John G. Stoney Living Trust SAMPLE BUYER BUYER SELLER SELLER REV. Tranzon Driggers Seller s Initials Buyer s Page Initials 23 of 24

24 Contract for Purchase and Sale of Real Estate, page 4 of 4 DG618 EXHIBIT A SAMPLE REV. Tranzon Driggers Seller s Initials Buyer s Page Initials 24 of 24