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    • 19725 GULF BLVD #405, INDIAN SHORES, FL 33785
    • 15722 Gardenside Ln, Tampa, FL 33624
    • 11814 Holly Creek Dr, Riverview, FL 33569
    • 111 Villa Dr, Osprey, FL 34229
    • 10608 N 52nd St, Temple Terrace, FL 33617
    • 11746 Holly Creek Dr, Riverview, FL 33569
    • 6553 Hidden Beach Cir, Orlando, FL 32819
    • 15414 Peach Stone Pl, Ruskin, FL 33573
    • 116 W Sligh Ave, Tampa, FL 33604
    • 4422 Meager Cir, Port Charlotte, FL 33948
    • 11735 Knights Griffin Road, Thonotosassa, FL 33592
    • 18400 Gulf Blvd, #1206, Indian Shores, FL 33785
    • 7524 Lindenhurst Dr., Orlando, FL 32836
    • 6414 Windwood Ct, Tampa, FL 33634
    • 14157 Fennsbury Dr, Tampa, FL 33624
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    • 4005 W CLEVELAND ST, TAMPA, FL 33609
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    • 24288 RIVERFRONT DR, PORT CHARLOTTE, FL 33980
    • 7964 PUTNAM CIR, NEW PORT RICHEY, FL 34655
    • 3525 MEXICALI ST, NEW PORT RICHEY, FL 34655
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    • 7537 TAMARIND AVE, TAMPA, FL 33625
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    • 3701 45TH TER W, #108, BRADENTON, FL 34210
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    • 2124 Rivers Edge Ct, Clearwater, FL 33763
    • 1438 Watermill Cir, Tarpon Springs, FL 34689
    • 3011 W Harbor View Ave, Tampa, FL 33611
    • 14700 Gulf Blvd APT 302, Madeira Beach, FL 33708
    • 4431 Clubhouse Rd, Lakeland, FL 33812
    • 18400 Gulf Blvd, # 1206, Indian Shores, FL 33785
    • 6312 Chauncy St. Tampa, FL 33647
    • 14675 Pine Glen Cir, Lutz, FL 33559
    • 14700 Gulf Blvd APT 103, Madeira Beach, FL 33708
    • 14700 Gulf Blvd APT 504, Madeira Beach, FL 33708
    • 14700 GULF BLVD #501, MADEIRA BEACH, FL 33708
    • 14331 Italia Dr. Wimauma, FL 33598
    • 14700 Gulf Blvd #102, Madeira Beach, FL 33708
    • 14700 Gulf Blvd #505, Madeira Beach, FL 33708
    • 14700 Gulf Blvd #303, Madeira Beach, FL 33708
    • 4005 W Coachman Ave, Tampa, FL 33611
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    • 9107 Whispering Willow Way, Tampa, FL
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    • 313 Oak Rose Ln. #202 Tampa, FL 33612
    • 8415 Canterbury Lake Blvd, Tampa, FL 33619
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    • 1500 LAKE ARIANA BLVD, AUBURNDALE
    • 833 Vino Verde Cir, Brandon
    • 6213 CRANE DR, LAKELAND
    • 3550 FISHER RD. PALM HARBOR
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    • 12910 N 53RD ST, TEMPLE TERRACE
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The 4 Basics of House Flipping

6/21/2020

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Interested in house flipping? I get asked about that a lot. Here are the basics of what and who you’ll need:

1) Hard Money Lender. Unlike the late-night infomercials promising you riches, you will need money to acquire properties. No, not the entire amount of the list price on a property, but you’ll still need a down payment and that’s 20% for a conventional lender. Their interest rates are low, but they have more stringent requirements to qualify. Hard money lenders lend at higher rates, but they’re private individuals or a group of individuals without the governmental requirements needed to lend you money fast. They’ll lend you the money for the purchase of the property AND repairs, but you must also put some form of down payment as well, so you have “skin in the game” and they’re not left having to do the work if you skip out.

2) Construction Crew. To be a house flipper in WA state, you need a general contractor’s license if you’ll be hiring subcontractors OR hire a GC to hire subcontractors. This area of the U.S. does NOT have the great number of blue collar trades that other states do such as Southern CA or AZ. Our contractors have an abundance of work and can take their pick of jobs, so expect to pay good money for labor.

3) Wholesalers. You know those little signs you see on the side of the road, on poles, etc. that read “We buy ugly houses,” or “We buy houses, any condition”? They don’t actually buy houses. Haha! They put your house under contract then sell the contract to a house flipper. They make money and the house flipper gets a house at well below market value.  That’s how they can flip the house and make a profit – because it was done off market (that is, NOT on the MLS). And that’s also why putting your home on the open market (that is, the MLS) is the best way YOU can make the most money from selling your house. When it’s on the MLS, your property gets exposed to the greatest number of potential buyers, including investors. As supply is perpetually low in the Pacific Northwest, investors DO look on the MLS for fixers. Don’t expect to get paid the same as a house in good condition, of course, but certainly better than a wholesaler will offer you.  Back to being a house flipper. You want to know a few wholesalers who can bring you good deals to buy.
​

4) Join a local REIA – Real Estate Investors Association. Every major city has at least one. This is a great place to learn about real estate investing from people who are actually doing it. It’s also a great place to connect with wholesalers and hard money lenders. Contractors don’t attend much for the aforementioned reasons; they just don’t need a local REIA to get business.  
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Mortgage Rates Again Hit New Record Low – 3.13%

6/19/2020

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Last week, the average 30-year mortgage rate was 3.21%. The latest weekly FRM rate of 3.13% is the lowest recorded since Freddie Mac started tracking them in 1971.
WASHINGTON (AP) – Long-term U.S. mortgage rates fell this week as the benchmark 30-year home loan reached a new all-time low.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the key 30-year loan declined to 3.13% from 3.21% last week. It was the lowest level since Freddie began tracking average rates in 1971. A year ago, the rate stood at 3.84%.
The average rate on the 15-year fixed-rate mortgage eased to 2.58% from 2.62%.
In recent weeks, signs have pointed to the economy appearing to be slowly recovering from the devastation of the coronavirus pandemic, with more businesses partially reopening. The housing market has shown strength and robust homebuying demand, but it may be difficult to sustain because of the tight supply of homes available for sale, said Freddie Mac chief economist Sam Khater.
The outlook for the economy and housing will be affected by prospects for a vaccine for the virus and government relief measures and policies, Khater noted.
The government reported Thursday that about 1.5 million laid-off workers applied for U.S. unemployment benefits last week, a historically high number, even as the economy increasingly reopens and employers bring some people back to work. The latest figure marked the 11th straight weekly decline in applications since they peaked at nearly 7 million in March.
Copyright © 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
https://www.floridarealtors.org/news-media/news-articles/2020/06/mortgage-rates-again-hit-new-record-low-313

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First-Time Homebuyers face less competition for starter homes!

5/28/2020

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As Skittish Investors Back Off, First-Time Buyers Step InRE investors base a purchase price on future expectations, but the pandemic created market confusion. As a result, first-timers face less competition for starter homes.CHICAGO – The mix of homebuyers has been shifting since the pandemic began: Investor numbers are shrinking, as the number of first-time homebuyers is on the rise. First-timers don’t have to sell one home before purchasing another, and many have a newly boosted appreciation for homeownership after weeks of isolation.
In April 2020, the share of first-time buyers rose to 36%, a year-to-year increase from 32%, according to the National Association of Realtors®’ April 2020 Realtors Confidence Index Survey.
“Homebuyers are facing less competition from investors, and they are also benefiting from low mortgage rates,” says Scholastica “Gay” Cororaton, a, NAR researcher on the Economists’ Outlook blog. With fewer investors, cash sales dropped to 15% of existing-home sales in April, down from 20% a year earlier.
Record low mortgage rates also entice some first-time buyers. The estimated monthly mortgage payment on a home purchased at the median price of $286,800 with a 10% down payment on a 30-year fixed-rate mortgage was $1,131 – $90 less than the median rent of $1,041 in the first quarter of 2020.
Meanwhile, as first-time buyers increase in the marketplace, investors retreat. Those who plan to rent out a home to fix up and rent may perceive greater financial risk associated with renters due to the COVID-19 pandemic. Cororaton thinks investors are unlikely to purchase single-family properties at the rate they did during the Great Recession, which had sparked a wave of discounted foreclosures.
“In the current health and economic crisis, properties are not being foreclosed,” Cororaton notes. Also, so far, home prices are standing firm.
Source: “5 Housing Market Trends as Of April 2020,” National Association of REALTORS® Economists’ Outlook blog (May 22, 2020)
© Copyright 2020 INFORMATION INC., Bethesda, MD (301) 215-4688
https://www.floridarealtors.org/news-media/news-articles/2020/05/skittish-investors-back-first-time-buyers-step

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The Latest Information on Coronavirus for Realtors in Florida

4/1/2020

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Florida Realtors is monitoring everything regarding how the COVID-19 pandemic is affecting the real estate industry and Realtors and sharing it here.

Message from 2020 Florida Realtors president"In times of stress and uncertainty, our Florida Realtors’ family stands strong together, ready to support each other and their communities. As coronavirus continues to be a developing concern in Florida and across the globe, know that your Florida Realtors Leadership Team has been in constant contact with local associations and the National Association of Realtors® (NAR) to safeguard the continuity of service." — Barry Grooms


Latest newsOur news team is keeping up with developments that affect Realtors and the real estate industry. Please make sure you're subscribed to our Daily News newsletter for the latest information right in your inbox (Login required.). You can also click here to see all our top news articles.
  • Florida stay-at-home order:  Gov. Ron DeSantis issued an executive order calling for all Floridians to stay home except to obtain essential services. This order is effective at midnight April 2 and lasts 30 days. Per the order, residential and commercial real estate, including settlement services, are considered essential. Although members may continue to operate, they are not required to do so. 
  • Paycheck Protection Program: The U.S. Small Business Administration is now offering a Paycheck Protection Program, designed to help businesses retain workers, maintain payroll or make mortgage lease or utility payments. The SBA still needs to create the rules for the program and relay that information to banks. Here’s a look at how the program will work and how you can apply.
  • Suspension of vacation rentals: In an effort to discourage visitors to the state who may be carrying the coronavirus, Gov. Ron DeSantis announced a two-week suspension of new vacation rentals (30 days or 1 calendar month, whichever is less). The order does not apply to current occupants of vacation rentals. The Executive Order can be found here.

    Transactions & keeping your business going
  • COVID-19 extension addendum to contract: Florida Realtors released a new contract extension addendum that allows for time periods and dates to be extended as a result of the COVID-19 pandemic.
  • COVID-19 and contract performance: The COVID-19 pandemic is certainly unprecedented, but is it considered, legally speaking, an "act of God"? Here's a look at how a court may rule on real estate disputes that arise from transactions during this time. The whitepaper can also be downloaded as a PDF here.
  • Remote notaries: On Jan. 1, authorization for remote notarizations became law, meaning buyers and sellers no longer have to be in the same room. Here’s what you need to know.
  • Open houses: All Realtors are encouraged to follow NAR’s guidance regarding Open Houses found here. 
  • CDC business safety strategies: The Centers for Disease Control and Prevention has released guidance for businesses and employers here.
  • NAR guides for Realtors and Realtor Associations: The National Association of Realtors has posted a guide for Realtors in relation to COVID-19 and a guide for Realtor Associations in relation to COVID-19.
  • Travel guidance: Here is specific information from the CDC regarding travel.

Financial assistance, loans & federal stimulus package  
  • Florida bridge loans: Gov. Ron DeSantis has activated the Florida Small Business Emergency Bridge Loan Program to support small businesses impacted by COVID-19. 
  • Federal stimulus: The passage of the $2 trillion COVID-19 relief package provides significant resources in the form of unemployment compensation and emergency loans for small businesses. Details on relevant programs and how they affect Realtors will be available soon. 
  • Paycheck Protection Program: The U.S. Small Business Administration is now offering a Paycheck Protection Program, designed to help businesses retain workers, maintain payroll or make mortgage lease or utility payments. The SBA still needs to create the rules for the program and relay that information to banks. Here’s a look at how the program will work and how you can apply.
  • Federal family and sick leave changes: Congress passed the Families First Coronavirus Response Act, H.R. 6201. Here are the major provisions affecting Realtors, brokers and real estate associations/boards.
  • Federal loan eligibility: The U.S. Chamber of Commerce has also put together this useful Small Business Guide and Checklist that can help Realtors determine if they are eligible for the loans and what to do to prepare.
County-by-county actions
  • The Florida League of Cities offers a comprehensive list of  COVID-19 resources.  
  • County-by-county list of local COVID-19 orders and policies.
  • Summarized information for county COVID-19 actions can be found on this dashboard.
Real estate licensingThe March 31, 2020, renewal deadline for real estate licensees has been extended to April 30, 2020. No late fee will be assessed on an eligible license renewal during this period. If you need CE classes, please take a look at Florida Realtors’ online class options here.
Florida Realtors updatesAll in-person meetings held at the state association's Orlando headquarters and the Tallahassee office are canceled until at least April 15, 2020. Committee meetings and all other association business will be conducted electronically. 
At this time, we plan to hold the Women In Real Estate Conference (June 26), AE Workshop (July 22-24), the Florida Realtors Annual Convention & Trade Expo (Aug.. 26-27) and the Governance Meetings (Aug. 28-30). Convention registration will open soon.
Please check with your local association on whether Florida Realtors professional development classes will still be held at their location.
Health: state & CDC guidelines
  • Visit the Florida Department of Health's website, like them on Facebook, or follow them on Twitter for the latest information about the virus.
  • You can also visit the Centers for Disease Control and Prevention, like them on Facebook or follow them on Twitter for more information about the virus.

​https://www.floridarealtors.org/news-media/news-articles/2020/03/latest-information-coronavirus-realtors-florida?fbclid=IwAR0iKD713_HjLVUDgeqXoaVkVDnKBG3R1QDmk0W8qA2hPx7exJ-8MxVBmDA
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Prevent the spread of covid-19 in 7 steps

3/20/2020

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How Do You Disinfect a Home Correctly?

3/20/2020

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Disinfectant wipes have become standard tools-of-the-trade for many Realtors as they tour homes or ferry clients around. But is it really effective?

​NEW YORK – Real estate pros take disinfectant wipes to home showings, and they’re using them in their car to clean frequently touched surfaces to help slow the spread of COVID-19. But are they disinfecting correctly?

According to HouseLogic.com, the best cleaners are either a bleach solution or a 70% alcohol solution.

“Follow this bleach recipe: 5 tablespoons (1/3 cup) bleach per gallon of water, or 4 teaspoons of bleach per quart of water,” the site advises, reminding readers to properly ventilate while using bleach. The site also notes that bleach can expire, so check the bottle’s expiration date – and never mix bleach with anything other than water. (But one important note: Bleach still fades fabrics.)

If you don't have bleach, use 70% rubbing alcohol, which is already diluted, HouseLogic says. Disinfecting wipes use an ammonium compound, which could allow viruses to become resistant over time.

“Disinfection isn’t instantaneous,” says Erica Marie Hartman, an environmental microbiologist at Northwestern University in Evanston, Ill. “[For a bleach solution], you want to leave it on the surface for 10 minutes before wiping it off. "

Allow for “dwell time,” agrees an article at Apartment Therapy that features an interview with microbiologists. Disinfecting solutions need to remain on the surface for a certain amount of time to be effective, and that amount of time can vary by product.

For example, Clorox Wipes advises treating a surface “using enough wipes for the treated surface to remain visibly wet for four minutes.” Other disinfectants, including bleach, have their own instructions for proper use. Be sure to check the bottle.

Also, disinfectants don’t provide lasting protection. If a sick person touches the surface right after you clean it, new germs will be left there.

“The reality is that bacteria are complex organisms, and the vast majority of people don’t understand the intricate mechanisms that power them, which leads to them underestimating just how easily they can be reintroduced and quickly multiply on an unprotected surface,” says Morgan Brashear, the scientific communications manager at Proctor & Gamble.

Source: "How to Disinfect Your Home in the Time of Coronavirus," Houselogic.com (March 16, 2020); “3 Things Everyone Gets Wrong About Disinfectants,” Apartment Therapy (March 16, 2020)

© Copyright 2020 INFORMATION INC., Bethesda, MD (301) 215-4688
https://www.floridarealtors.org/news-media/news-articles/2020/03/how-do-you-disinfect-home-correctly

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PREVENT THE SPREAD OF COVID-19 IN 7 STEPS

3/20/2020

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SBA Announces Fla. Disaster Assistance for Small Businesses

3/19/2020

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On Wed., the Small Business Administration announced that Fla.’s small companies can apply for loans up to $2M to offset temporary revenue losses resulting from the pandemic. Loan amounts are based on each applicant’s financial condition with repayment terms up to 30 years.
MIAMI – The U.S. Small Business Administration announced that small businesses in Florida adversely impacted by COVID-19 can now apply for disaster loans.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the coronavirus. 

All 67 Florida counties are included in the disaster declaration for coronavirus.

“I am encouraging all small businesses located in Florida to visit the SBA Disaster Assistance website and submit your application today,” says SBA South Florida District Director Victoria Guerrero. “While there, you will find information on how to contact our customer service team who can answer any disaster-related application questions. You can also reach out to one of our many resource partners for application assistance.”

Businesses can also find local SBA Resource Partners information on SBA’s website.

SBA Economic Injury Disaster Loans offer up to $2 million in economic assistance to help small businesses overcome the temporary loss of revenue resulting from the coronavirus pandemic. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

Interest rates offered are as low as 3.75% for businesses without credit available elsewhere – businesses with credit available elsewhere aren’t eligible. The interest rate for non-profits is 2.75%. 

Loan amounts are set by the SBA and based on each applicant’s financial condition. Repayment terms are up to 30 years. 

For additional information, contact the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 18, 2020.

© 2020 Florida Realtors®
https://www.floridarealtors.org/news-media/news-articles/2020/03/sba-announces-fla-disaster-assistance-small-businesses

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Mortgage Rates Climb Again this Week to 3.65%

3/19/2020

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It’s supply vs. demand: The supply of mortgage money went up but demand from refinancing homeowners went up more. However, that’s generally expected to change.
​

WASHINGTON (AP) – U.S. long-term mortgage rates climbed this week in a whip-sawing market amid deepening anxiety over devastation to the economy from the coronavirus pandemic.
Home loan rates had hit all-time lows two weeks ago. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year loan jumped to 3.65% this week from 3.36% last week.

Freddie Mac said the short-term rise was due to mortgage lenders increasing prices to deal with booming demand for refinancing into loans at historically low rates.

The average rate on the 15-year fixed-rate mortgage rose to 3.06% from 2.77%.

The recent decline trend in mortgage rates has been driven by investors shifting money out of the stock market and into the safety of U.S. Treasurys as the crisis in confidence around the global viral outbreak has worsened. Long-term mortgage rates tend to track the yields on the 10-year Treasury note, so they typically fall in tandem.

Financial markets have shuddered amid a cascade of cancellations and shutdowns across the globe due to the COVID-19 virus. Wide swaths of the U.S. economy have ground closer to a standstill as authorities ask Americans to stay home to slow the spread of the virus.

After weeks of stunning losses, U.S. stock prices see-sawed between gains and losses on Wall Street Thursday. Investors are weighing the growing likelihood of a recession against the massive, emergency efforts by the Trump White House, Congress and other authorities around the world to shore up economies.

The record low mortgage rates have been a boon to potential homebuyers, and they give many homeowners an opening to refinance into lower-rate loans to free up money to spend or save.

But prospective buyers may be reticent to shop for homes amid the coronavirus outbreak, seeking to avoid social contact, experts note. That could slow home sales. And ultra-low mortgage rates aren’t likely to produce a significant rise in home sales this year because the supply of homes for sale remains at historic lows.

Each week, Freddie Mac surveys lenders to compile its national mortgage rate figures. The average doesn't include extra fees, known as points, which most borrowers must pay to obtain the lowest rates.

The average rate for a five-year adjustable-rate mortgage jumped this week to 3.11% from 3.01% last week.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
https://www.floridarealtors.org/news-media/news-articles/2020/03/mortgage-rates-climb-again-week-365

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NEW: Coronavirus (COVID-19) Extension Addendum to Contract

3/19/2020

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Florida Realtors released a new contract extension addendum that allows for time periods and dates to be extended as a result of the COVID-19 pandemic.

ORLANDO, Fla. – A new form from Florida Realtors – the Coronavirus (COVID-19) Extension Addendum to Contract – is now live in Form Simplicity.

This form is available for use in the event the parties would like to extend certain dates or time periods as a result of COVID-19. As stated in the addendum:

“The Coronavirus (COVID-19) pandemic may cause unprecedented impacts to real estate transactions, including but not limited to travel restrictions, self-imposed and/or governmental required isolations, potential closures of offices and institutions required to fund, close and record real estate transactions, and action or inactions of a homeowners’ or condominium association.”
The form includes checkboxes with extension options for:
  • Closing date
  • Financing period
  • Inspection period
  • Title cure period
  • Feasibility study period
  • Due diligence period
  • Homeowners’/condominium association approval
The form also includes a provision for a loan-approved buyer should things change on the lenders’ side as a result of the COVID-19 pandemic.

To view the form, log into Form Simplicity. Realtors who have questions are encouraged to call Florida Realtors Legal Hotline.

© 2020 Florida Realtors®
https://www.floridarealtors.org/news-media/news-articles/2020/03/new-coronavirus-covid-19-extension-addendum-contract


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