1
EXHIBIT 10.2
BUYER(S)/BORROWER(S) CLOSING STATEMENT
Prepared by
GUARDIAN TITLE
9311 COLLEGE PKWY. STE 2
FORT MYERS, FLORIDA 33919
PH:(941) 282-1600
SELLER(S): .................... Florida Income Fund, L.P.
PURCHASER(S): ................. South Seas Properties Company Limited Partnership
PROPERTY: ..................... Seaside Inn, Sanibel, Fl.
FILE NO.#: .................... F70524G SETTLEMENT DATE: 01/10/97 PRORATION DATE: 01/01/97
Disbursement Date: 01/06/97
CHARGES CREDITS
Sales Price: ............................... 6,485,000.00
Deposit: ................................... 100,000.00
Assessment: 01/01 - 09/30: ................. 496.64
Mortgage Policy Amount: .................... 150.00
Attorneys Fees: ............................ 1,570.00
Disbursements: ............................. 85.00
Flood Certification: ....................... 18.00
FF9 and Var Rate End: ...................... 2,180.50
UCC Filing & Search: ....................... 31.24
Record UCC-1: .............................. 24.00
Additional Int. to 1/6/97: ................. 5,372.61 **
Current Assets: ............................ 81,750.00
Renovation Advance: ........................ 335,000.00
Current Liabilities: ....................... 178,579.00
Record Deed: ............................... 15.00
Sec. of State Filing Fee: .................. 34.00
Record Assumption Inst.-01: ................ 33.00
Mortgage Doc Stamps Asmp-1: ................ 8,767.50
Assumed Mtg(s) ............................. 2,504,946.71
CASH DUE FROM PURCHASERS: .................. 3,467,001.78
============ ============
TOTALS: 6,685,527.49 6,585,527.49
SOUTH SEAS PROPERTIES COMPANY LIMITED
PARTNERSHIP, an Ohio Limited Partnership
By: T&T RESORTS, L.C., a Florida Limited
Liability Company, as General Partner
By: /s/ Robert M. Taylor
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Robert M. Taylor, Manager
** Additional Interest computed as follows:
Barnett Bank of Lee County $4,070.58
Gallery Mortgage Joint Venture 1,300.00
NationsBank (Plymouth Voyager) 2.03
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$5,372.61
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SELLER(S) CLOSING STATEMENT
Prepared by
GUARDIAN TITLE
9311 COLLEGE PKWY. STE 2
FORT MYERS, FLORIDA 33919
PH:(941) 282-1600
SELLER(S): .................... Florida Income Fund, L.P.
PURCHASER(S): ................. South Seas Properties Company Limited Partnership
PROPERTY: ..................... Seaside Inn, Sanibel, Fl.
FILE NO.#: .................... F70524G SETTLEMENT DATE: 01/10/97 PRORATION DATE: 01/01/97
Disbursement Date: 01/06/97
CHARGERS CREDITS
Sales Price: ............................... 6,485,000.00
Deposit: ................................... 1,000,000.00
Assessment: 01/01 - 09/30: ................. 496.64
Settlement Fee: ............................ 200.00
Abstract Fee: .............................. 200.00
Title Examination: ......................... 200.00
Owner's Policy Amount:...................... 21,530.00
Legal Fee & Disb.: ......................... 5,303.77
Wire Transfer .............................. 40.00
Current Assets: ............................ 81,750.00
Payoff Ply. Voyager/Nationsbank: ........... 1,662.50
Renovation Advance: ........................ 335,000.00
Current Liabilities: ....................... 178,579.00
Lee County Garbage Payment: ................ 664.01
Doc Stamps on Deed: ........................ 45,395.00
Mortgage Payoff: ........................... 650,000.00
Release(s): ................................ 10.50
Assumed Mtg(s): ............................ 2,504,946.71
CASH DUE TO SELLERS: ....................... 2,723,515.15
============ ============
TOTALS: 6,567,246.64 6,567,246.64
FLORIDA, INCOME FUND, L.P. an Iowa Limited
Partnership, also known as FLORIDA INCOME FUND,
an Iowa Limited Partnership
By: MARINER CAPITAL MANAGEMENT, Inc., a
Florida Corporation, its Managing General Partner
By: /s/ Lawrence A. Raimondi
----------------------------------------
Lawrence A. Raimondi, President
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A. SETTLEMENT STATEMENT U.S. Department of Housing
and Urban Development
OMB No. 2502-0265
B. Type of Loan
1. FHA 2. FmHA 3. Conv. Unhs. 6. File Number 7. Loan Number 8. Mortgage Insurance Case No.#
-- -- --
4. VA 3. Conv. Ins F70524G 063292B3623-3
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C. NOTE: This form is furnished to give you a statement of actual settlement costs. Amounts paid by the Settlement agent
are shown. Items marked (P.O.C.) were paid outside the closing; they are shown here for information purposes and
are not included in the totals.
D. Name and Address of Borrower. E. Name and Address of Seller F. Name and Address of Lender
South Seas Properties Company Florida Income Fund, L.P. Barnett Bank of Lee county,
Limited Partnership N.A.
2000 Main Street, Suite 200
12800 University Drive 12800 University Drive Ft. Myers, Fl. 33902
Ft. Myers, Fl. 33907 Ft. Myers, Fl. 33907
G. Property Location H. Settlement Agent
GUARDIAN TITLE
Seaside Inn
Sanibel, Fl. Place of Settlement I. Settlement
1802 BROADWAY DATE
FORT MYERS, FLORIDA 33901 01/01/97
DD: 01/06/97
J. SUMMARY OF BORROWER'S TRANSACTION:
100. Gross Amount Due From Borrower
101. Contract sales price 6,485,000.00
102. Personal property
103. Settlement charges to borrower (line 1400) 12,908.24
104. Additional Int. to 1/6/97 5,372.61
105. Current Assets 81,750.00
Adjustments for items by seller in advance
106. City/town taxes to
107. County taxes to
108. Assessments 01/01 to 09.30 496.64
109.
110.
111.
112.
120. GROSS AMOUNT DUE FROM BORROWER 6,585,527.49
200. Amount Paid By or in Behalf of Borrower
201. Deposit or earnest money 100,000.00
202. Principal amount of new loan(s)
203. Existing loan(s) taken subject to 2,504,946.71
204.
205.
206.
207. Renovation Advance 335,000.00
208. Current Liabilities 178,579.00
209.
Adjustments for items unpaid by seller
210. City/town taxes to
211. County taxes to
212. Assessments to
213.
214.
215.
216.
217.
218.
219.
220. TOTAL PAID BY/FOR BORROWER 3,118,525.71
300. Cash at Settlement From or To Borrower
301. Gross amount due from borrower (line 120) 6,585,527.49
302. Less amounts paid by/for borrower (line 220) 3,118,525.71
303. CASH FROM BORROWER 3,467,001.78
K. SUMMARY OF SELLER'S TRANSACTION:
400. Gross Amount Due to Seller
401. Contract sales price 6,458,000.00
402. Personal property
403.
404.
405. Current Assets 81,750.00
Adjustments for items paid by seller in advance
406. City/town taxes to
407. County taxes to
408. Assessments 01/01 to 09/30 496.64
409.
410.
411.
412.
420. GROSS AMOUNT DUE TO SELLER 6,567,246.64
500. Reductions in Amount Due to Seller
501. Excess Deposits (see instructions) 100,000.00
502. Settlement charges to seller (line 1400) 72,879.27
503. Existing loan(s) taken subject to 2,504,946.71
504. Payoff of first mortgage loan
505. Payoff of second mortgage loan 650,000.00
Gallery Mortgage Joint Venture
506. Payoff Ply. Voyager/Nationsbank 1,662.50
507. Renovation Advance 335,000.00
508. Current Liabilities 178,579.00
509. Lee County Garbage Payment 664.01
Adjustments for items unpaid by seller
510. City/town taxes to
511. County taxes to
512. Assessments to
513.
514.
515.
516.
517.
518.
519.
520. TOTAL REDUCTION AMOUNT DUE SELLER 3,843,731.49
600. Cash at Settlement to or From Seller
601. Gross amount due to seller (line 420) 6,567,246.64
602. Less reduction amount due seller (line 520) 3,843,731.49
603. CASH TO SELLER 2,723,515.15
Your are required by law to provide the Settlement Agent with your taxpayer
identifications number. If you do not provide GUARDIAN TITLE with your correct
taxpayer indentification number, you may be subject to civil or criminal
penalties imposed by law.
CERTIFICATION: Under penalties of perjury, I certify that the number shown on
this statement is correct taxpayer identification number.
Florida Income Fund, L.P.
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South Seas Properties Company Limited Partnership Buyer/Borrower Lawrence A. Raimondi, General Partner Seller
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Buyer/Borrower Seller
Tax ID Number Tax ID Number
SELLER INSTRUCTIONS: If this real estate was your principal residence, file Form 2119, Sale or Exchange of Principal Residence,
for any gain, with your income tax return; for other transactions, complete the applicable parts of Form 4794, Form 6252 and/or
Schedule D (Form 1040).
SUBSTITUTE 1099: The information contained in Blocks E, G, H, I and on line 401 (or, if Form 401 is asterisked, lines 403 and
404) is important tax information and is being furnished to the Internal Revenue Service. If you are required to file a return, a
negligence penalty or other sanction will be imposed on you ??????????????????????? reported and the IRS determines that it has
not been reported.
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RESPA, HB 4305.2 -- REV. HUD-1 (3/86)
4
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
SETTLEMENT STATEMENT
Page 2
L. SETTLEMENT CHARGES: FILE NO.#: F70524G PAID FROM PAID FROM
700. TOTAL SALES/BROKER'S COMMISSION based on price $ @ BORROWER'S SELLER'S
Division of commission (line 700) as follows: FUNDS AT FUNDS AT
701. $ to SETTLEMENT SETTLEMENT
702. $ to
703. Commission paid at Settlement
704.
800. ITEMS PAYABLE IN CONNECTION WITH LOAN
801. Loan Origination Fee %
802. Loan Discount %
803. Appraisal Fee to
804. Credit Report to
805. Lender's Inspection Fee to
806. Mfg. Ins. Application Fee to
807. Assumption Fee to
808. Attorneys Fees Coll Davidson Carter et al 1,570.00
809. Disbursements Coll Davidson Carter et al 85.00
810. Flood Certification Barnett Bank of Lee County NA 18.00
811.
900. ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE
901. Interest from to @$ /day
902. Mortgage Insurance Premiums for to
903. Hazard Insurance Premiums for yrs to
904.
905.
1000. RESERVES DEPOSITED WITH LENDER FOR
1001. Hazard Insurance mo.@$ /mo.
1002. Mortgage insurance mo.@$ /mo.
1003. City Property Taxes mo.@$ /mo.
1004. County Property Taxes mo.@$ /mo.
1005. Annual Assessments mo.@$ /mo.
1006. mo.@$ /mo.
1007. mo.@$ /mo.
1008. mo.@$ /mo.
1100. TITLE CHARGES
1101. Settlement or closing fee to Guardian Title 200.00
1102. Abstract or title search to Guardian Title 200.00
1103. Title examination to Guardian Title 200.00
1104. Title insurance binder to
1105. Document Preparation to
1106. Notary Fees to
1107. Attorney's fees to
(includes above items No: )
1108. Title Insurance to Guardian Title 150.00 21,530.00
(includes above items No: )
1109. Lenders's coverage $ 2,508,000.00 --- 150.0
1110. Owner's coverage $ 6,485,000,00 --- 21530.00
1111. FF9 and Var Rate End Guardian Title 2,180.50
1112. Legal Fee & Disb. Norman A. Harman, Esq. 5,303.77
1113.
1200. GOVERNMENT RECORDING AND TRANSFER CHARGES
1201. Recording Fee: Deed $15.00; Mortgage $33.00;
Releases $10.50 48.00 10.50
1202. City/county tax/stamps: Deed $ ; Mortgage $
1203. State Tas/stamps: Deed $ 45,395.00;
Mortgage $8,767.50 8,767.50 45,395.00
1204.
1205. Sec of State Filing Fee 34.00
1300. ADDITIONAL SETTLEMENT CHARGES
1301. Survey to
1302. Pest Inspection to
1301. UCC Filing & Search Guardian Title 31.24
1304. Wire Transfer Guardian Title 40.00
1305. Record Ucc-1 Clerk of Circuit Court 24.00
1400. TOTAL SETTLEMENT CHARGES (enter on lines 103 and
502, Sections J and K) 12,908.24 72,879.27
I have carefully reviewed the HUD-1 Settlement Statement and to the best of my
knowledge and belief, it is a true and accurate statement of all receipts
and disbursements made on my account of by me in this transaction. I further
certify that I have received a copy of the HUD-1 Settlement Statement.
Florida Income Fund, L.P.
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South Seas Properties Company Limited Partnership Buyer/Borrower Lawrence A. Raimondi, General Partner Seller
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Buyer/Borrower Seller
Tax ID Number Tax ID Number
The HUD-1 Settlement Statement which I have prepared is a true accurate account of this transaction. I have caused the funds
to be disbursed in accordance with this statement.
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GUARDIAN TITLE Settlement Agent Date
WARNING: It is a crime to knowingly make false statements to the United States on this or any other similar form. Penalties
upon conviction can include a fine or imprisonment. For details see: Title 18 U.S. Code Section 1001 and Section 1010.
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RESPA, HB 4305.2 -- REV. HUD-1 (3/86)
5
SOUTH SEA PROPERTIES COMPANY LIMITED
PARTNERSHIP, an Ohio Limited Partnership
By: T&T RESORTS, L.C., a Florida Limited
Liability Company, as General Partner
By: /s/ Robert M. Taylor
-------------------------
Rober M. Taylor, Manager
FLORIDA INCOME FUND, L.P., and Iowa Limited
Partnership, also known as FLORIDA INCOME FUND,
an Iowa Limited Partnership
By: MARINER CAPITAL MANAGEMENT, Inc., a
Florida Corporation, its Managing General Partner
By: /s/ Lawrence A. Raimondi
--------------------------
Lawrence A. Raimondi, President