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i 1Z-7-89
PRODUCER THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS
ram CWTm f n"c», NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND,
3M S. .. St. EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW
Mt. Dora, Fl 32757 COMPANIES AFFORDING COVERAGE
CODE SUB -CODE
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COMPANY B
INSURED
LETTER
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GENERAL AGGREGATE $_1
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Edward Welall a��a
LETTER
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COMPANY
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LETTER
Sail', ii 12772
COMPANY
MEDICAL EXPENSE (Any one Person) $ 10_
E
LETTER
THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD
INDICATED, NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS
CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE
AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS,
EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.
C O T R TYPE OF INSURANCE POLICY NUMBER
L T
POLICY EFFECTIVE iPOLICY EXPIRATION! ALL LIMITS IN THOUSANDS
DATE (MM /DD /YY):, DATE (MM /DD /VY)
_. ......... ...
GENERAL LIABILITY
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GENERAL AGGREGATE $_1
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PRObUCTS- COMP /OPS AGGREGATE;, $ 4,i✓\�li/
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CLAIMS MADE A OCCUR. D19)35631
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12^1 9 12:• -1-90 PERSONAL &ADVERTISING INJURY $,. 1,8861
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EACH OCCURRENCE : $ 1!6'
FIRE DAMAGE (Any one fire) $ 50
MEDICAL EXPENSE (Any one Person) $ 10_
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500
ALL OWNED AUTOS
SCHEDULED AUTOS
X tHIRED AUTOS
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EMPLOYERS' LIABILITY
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!OTHER
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SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE
EXPIRATION DATE THEREOF, THE ISSUING COMPANY WILL ENDEAVOR TO
MAIL✓_ DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE
LEFT, BUT FAILURE TO MAIL SUCH NOTICE SHALL IMPOSE NO OBLIGATION OR
LIABILITY OB'ANY KIND UPON THE COMPANY, ITS AGENTS OR REPRESENTATIVES.
a 1 1 0, 01 , CERTIFICATL OF INSURANCE I D- ; ° °'w;
!12 -7 -89
PRODUCER THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS
LAKE CENT INSURORS T INC. NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND,
323 N. Trenau`i St. EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW
Mt. Dora, Fl 32757 COMPANIES AFFORDING COVERAGE
V
A Bankers Standard Insurance
LETTER
L
LETTER
CODE SUB -CODE __ .._...._ ...._. „__. __. . .._,.... _.__.
...,. .. _ _. COMPANY B
INSURED LETTER
John Wallace Schoettelkotte & COMPANY C
Edward Welsh DBA SENIINOLE ISLE LETTER
PROPERTIES COMPANY D
PO BOX 2838 LETTER
Sanford, Fl 32772 COMPANY E
LETTER
yyyyyy.!!yy qqpp
`UYrl1.MT' S k t �. N ry
. ,, p't,k.,,rr,.::,
THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD
INDICATED, NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS
CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS,
EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.
CO TYPE OF INSURANCE POLICY NUMBER POLICY EFFECTIVE POLICY EXPIRATION ALL LIMITS IN THOUSANDS
TR; DATE(MM /DD /YY) DATE(MM /DDIYY)
,_... . _. ._,..._ . _._...._.. _ _ . ......._... . . . .__ ._.. ,,,, _,_.___ _...... _ _.. ._ ...._..
. GENERAL LIABILITY GENERAL AGGREGATE $ 1,
X COMMERCIAL GENERAL LIABILITY ! ! PRODUCTSCOMP /OPS AGGREGATE $ QQQ
_,..... ,
.
k `CLAIMS MADE X :OGGUR j D19735631 = 12 - 1 - 89 1 12 -1 -90 PERSONAL &ADVERTISING INJURY $ 1, 000
_.._,..
OWNER'S & CONTRACTOR'S PROT'. EACH OCCURRENCE 1 T 000
._..._.I _..__.mr ..__... „$
FIRE DAMAGE (Any one fire) $rjQ
u MEDICAL EXPENSE (Any one person) $ 10
AUTOMOBILE LIABILITY COMBINED
SINGLE $ 500
ANY AUTO LIMIT
ALL OWNED AUTOS BODILY
.. :INJURY :$
SCHEDULED AUTOS'. ! (Per person) !.
X HIRED AUTOS RODILV _ .�.
INJURY $
X NON -OWNED AUTOS (Per accident)
GARAGE LIABILITY PROPERTY
'$
DAMAGE
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EXCE SS LIABIITY E ......, _ _., _ ....... .__.. _._.... _ .. ,.,..:1. .
L r EACH AGGREGATOCCURRENCEI
X Umbrella form G1196811 12 -1 -89 12 -1 -90 4,000 $ 4,000
OTHER THAN UMBRELLA FORM
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S TA TUTORY
WORKER'S COMPENSATION - - -- ` =-
! $ j (EACH ACCIDENT)
EA
AND ....._. _.. .. _.. .. _.... ..
$ (DISEASE POLICY LIMIT)
EMPLOYERS'LIABILITY ......, __... ,.__....
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DESCRIPTION OF OPERATIONS /LOCATIONSNEHICLES /RESTRICTIONS /SPECIAL ITEMS
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CIT OF SbRD ,k SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE
PO BOX 1778 EXPIRATION DATE THEREOF, THE ISSUING COMPANY WILL ENDEAVOR TO
MAIL45_ DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE
Sanford, Fl 32772-1778
Attn: Frank Fa1ZOn ;.' LEFT, BUT FAILURE TO MAIL SUCH NOTICE SHALL IMPOSE NO OBLIGATION OR
LIABILITY O ANY KIN UPON THE COMPANY, ITS ENTS OR REPRESENTATIVES.
AUTHORI , D PRESTA
✓�' `-/�,
igS�'i}iD 25 -5 {3 /80 �AC8F3QG6RPOFZAT.ION 7988'
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0
REAFFIRMATION OF SUBORDINATION
The undersigned reaffirms that Subordination of Lease (the
"Subordination ") to Mortgage executed by the City of Sanford,
Florida (the "City ") on February 18, 1983, in favor of Great
Southern Federal Savings and Loan Association, now known as Great
Southern Federal Savings Bank (the "Bank "), a copy of which is
attached to this Reaffirmation and incorporated herein by
reference (the "Subordination "), subordinating the City's right,
title and interest in and to that certain property known as
Holiday Inn, Lake Monroe, which is more particularly described on
Exhibit, .$ to this Reaffirmation, in all respects to the lien of
the Bank against such property evidenced by that certain Mortgage
and Security Agreement dated February 18, 1983, and recorded in
Official Records Book 1439, page 1126, in the current public
records of Seminole County, Florida. The City agrees that the
above - referenced Subordination remains in full force and effect
notwithstanding any changes, additions, modifications,
substitutions or amendments in the documents evidencing the
indebtedness secured by the above - referenced mortgage, including
any modifications represented by the Third Modification and
Extension of Mortgage and Security Agreement and Promissory Note
of even date herewith (the "Third Modification "). The City
further represents and warrants that: (i) the lease agreement
which is the subject of the Subordination (the "Lease ") has not
been modified or amended in any respect since the date of the
Subordination; (ii) the Lease is in full force and effect; (iii)
there have been no defaults under the Lease; and (iv) the term of
the Lease expires on
This Reaffirmation is made to induce the Bank to enter into
the Third Modification and has been duly executed by the City by
and through its Mayor and attested by its City Clerk on this 19t
day of December , 1988.
Signed, sealed and delivered
in the presence of:
CITY OF SANFORD, FLORIDA
V y �
STATE OF FLORDIA
COUNTY OF SFMTNn1,F
The foregoing instrument was acknowledged before me this 14t
day of npnamher 1 1988, by Rpttyp n_ Smith as
Mayor of Sanford, Florida, on behalf of the City of Sanford,
Florida.
tary Public, State of Florida
at Large.
My Commission Expires:
STATE OF FLORIDA
COUNTY OF SEMINOLE
The foregoing instrument was acknowledged before me this 19th
day of December 1 1988, by Henry N- Tamm. Jr. as
City Clerk of Sanford, Florida, on behalf of the City of Sanford,
Florida.
tary Public, State of Florida
at Large.
My Commission Expires: _
Bcndcd :h" 7-,
0208r
la
W
STENSTROM, McINTOSH, JULIAN, COLBERT. WHIGHAM & SDdMONS, P.A.
ATTORNEYS AND COUNSELLORS AT LAW
DOUGLAS STENSTROM
KENNETH W. MCINTOSH
NCO N. JULIAN. JR.
WILLIAM L COLBERT
FRANK C. WHIGHAM
CLAYTON D. SIMMONS
THOMAS E. WHIGHAM
ROBERT K. MCINTOSH
SUN BANK . SUITE 22
200 WEST FIRST STREET
POST OFFICE BOX 1330
SANFORD. FLORIDA 32772 -1330
SANFORO 1305) 322 -2171
ORLANDO 1305) 63a5119
RECEIVED
(N
MAC. (
CITY CO SANFORD
C-
SEMINOLE ISLE PROPERTIES
c/o Mr. Edward F. Welch
Holiday Inn - Lakefront
Sanford, FL 32771
__
Re: Holiday Znn.Lease / Subrogation of Lease to'riiortgage
Dear Mr. Welch:
On Monday, March 7, 1988, the City of Sanford received a notice
of default concerning the loan by Great Southern Federal Savings
Bank to Seminole Isle Properties (copy enclosed),
The City Commission places you on notice that you are in default
of Article VI of your lease which is an express covenant for the
"prompt and timely payment of any and all mortgages or other
obligations incurred which affect the demised premises." This is
your written notice of default.
In the event your default is not cured by payment in full of all
sums owed to great Southern Federal Savings Bank within thirty
(30) days, then all termination rights specified in Article XIV
shall inure to the City and the lease shall be null and void.
PLEASE BE GOVERNED ACCORDINGLY!
Sincerely,
- STENSTROM -, MCINTOSH, JUL-IAN,
COLBERT, WHIGHAM & SIMMONS, P.A.
v
William L. Colbert
/trb
cc: Xrank Git!*manager';
W.C. Hutchison, Jr., Esquire
March 11, 1988
AGREEMENT
THIS AGREEMENT, between the City of Sanford (Lessor)
now Seminole Isle Properties, a Partnership
and Monroe Hotels, Inc./ (Lessee), dated this 19th day of
December 1988
WITNESSETH:
WHEREAS, on April 14, 1967 the City of Sanford (Lessor)
now Seminole Isle Properties, a Partnership
and Monroe Hotels, Inc/ (Lessee) entered into a lease of the
premises now occupied by Lessee and operated as a Holiday Inn
motel, and
WHEREAS, on May 1, 1985 Lessor, Lessee and Great
Southern Federal Savings and Loan Association entered into a
Subordination Agreement to enable Lessee to obtain funds to make
improvements to the premises, and
WHEREAS, Lessee wants to extend the terms of its loan
with Great Southern and desires Lessor to execute a modification
of the Subordination Agreement, and
WHEREAS, Lessee is in arrears for rents owed to Lessor
for the months of March, April, May, June, July, August,
September, October, November, December 1988, in the amount of
$87,157.47 and Lessor requires that specific arrangements be made
for the payment of arrearages prior to the execution of a
modified subordination agreement, and
WHEREAS, Lessee has offered to pay the arrearage in six
monthly installments beginning January 10, 1989 and continuing
monthly thereafter until paid in full, and
WHEREAS, Lessor and Lessee desire to reduce their
agreement to writing;
It is, therefore, agreed by Lessor and Lessee as
follows:
1. That representations stated above are true, correct
and incorporated as if fully stated herein.
W
2. That on January 10, 1989 Lessee shall pay 1/6 of
the arrearage ($14,526.25) plus the current month's rent, plus
interest on the unpaid balance.
3. That on February 10, 1988 and each month
thereafter, Lessee will pay to Lessor the current months rent
together with 1 /6th of arrearage plus interest on the unpaid
balance until all arrearage and interest charges are paid in
full.
4. If Buyer defaults in making payments pursuant
hereto, the entire unpaid amounts due hereunder shall immediately
be due and payable without notice.
5. Lessee acknowledges that by not, making timely
payments of rent that it has defaulted in the provisions of its
lease without legal excuse and it covenants to make all future
payments of rent in a timely manner as required by the lease
between the parties.
6. That the parties do not intend that this Agreement
be construed as a modification or novation of the lease existing
between the parties.
7. That this Agreement contains the entire
understanding of the parties' regarding the payment of rent
arrearages and interest.
8. Simultaneously with the execution of this
Agreement, lessee shall furnish to lessor a current schedule of
gross revenues.
IN WITNESS WHEREOF, the parties have executed this
Agreement on the date first above written in several counterparts
- -2 --
with each to be 'considered an original intending to be bound
thereby.
CITY OF SANFORD (Lessor)
By A&
Mayor
Al °1'x.7'1'
ler
--3 --
SEMINOLE ISLE PROPERTIES, a
Partnership
M%1QMXKVMMS4X)=(CX (Lessee)
RESOLUTION NO. 1406
A RESOLUTION OF THE CITY OF SANFORD, FLORIDA,
AUTHORIZING THE SUBORDINATION OF ITS LEASE
DATED APRIL 14, 1967, AS AMENDED, TO A
MORTGAGE TO BE HELD BY GREAT SOUTHERN FEDERAL
SAVINGS AND LOAN ASSOCIATION.
WHEREAS, the City of Sanford, Florida, as lessor,
entered into a lease with Monroe Motels, Inc., dated April 14,
1967, as amended for the purpose of constructing a motel, having
a Holiday Inn franchise; and
WHEREAS, said lease provided for the City of Sanford,
Florida, to subordinate its interest for money utilized for motel
construction; and
WHEREAS, by modification of lease agreement dated
December 13, 1982, the City of Sanfor.8', Florida, agreed to
subordinate its interest to improvements to the property in the
event refinancing occurred, provided such refinancing was spent
on permanent improvements to structures, expansion or capital
outlay for furnishings, fixtures and equipment necessary for the
operation and maintenance of the premises and provided such
construction be according to the plans and specifications as
approved by the City of Sanford, Florida; and
WHEREAS, expansion has occurred according to plans and
specifications approved by the City of Sanford, Florida, and
Seminole Isle Properties, a Florida general partnership, has
represented to the City of Sanford, Florida, that it has spent
the sum of $954,500.00 upon permanent improvements to structures
as provided for in the modification of lease as described above;
and
WHEREAS, Seminole Isle Properties has requested the
City of Sanford, Florida, to execute a subordination of lease to
mortgage (copy attached hereto as Exhibit "A" and incorporated
herein by reference).
la
0
IQ
NOW, THEREFORE, BE IT RESOLVED BY THE PEOPLE OF THE
CITY OF SANFORD, FLORIDA:
SECTION 1: The Mayor of the City of Sanford, Florida,
is authorized and directed to execute on behalf of the City of
Sanford, Florida, a subordination of lease to mortgage in a form
in substantial compliance with Exhibit "A" referred to above.
Deputy
SECTION 2: The /City Clerk of the City of Sanford,
Florida, is authorized and directed to attest to the document and
place the City's seal thereon.
SECTION 3: The City of Sanford, Florida, represents,
declares and warrants that this approval is in compliance with
the provisions of City Charter of the City of Sanford, Florida,
the laws of the State of Florida, and the provisions of the lease
dated April 14, 1967. -
PASSED AND ADOPTED this 1st day of May, A. D. 1985.
ATTEST:
DEPUTYI�CITY CLERK
Page - -2 --
MAYOR
SUBORDINATION OF LEASE TO MORTGAGE
wHERFEAS, the City of Sanford, Florida, as Lessor, entered into a lease
with Monroe Yfotels, Inc., as Lessee, dated April 14, 1967, as amended, said
lease being recorded in official Records Book 611, Page 554, Public Records of
Seminole County, Florida, leasing unto Lessee the follaaing described property
to wit:
Lot 2, Sanford Riverfront Project, according to
plat thereof recorded in plat book 14, page 88,
Public Records of Seminole County, Florida;
for the purposes of constructing thereon a motel having a Holiday Inn fran-
chise; said lease in addition gave unto Lessee the option to lease the follow-
ing additional property, to wit:
Lot 3, Sanford Riverfront Project, according to
plat thereof recorded in plat book 14, page 88,
Public Records of Seminole County, Florida;
and
WHEPEAS, the interest of said Lessee have been transferred and assigned
unto Seminole Isle Properties, a Florida general partnership and the option on
said Lot 3, as above described, exercised by said Seminole Isle Properties;
and
wHERFAS, the City of Sanford, Florida, as Lessor heretofore has subor-
dinated its interest in the property covered by said lease agreement to a
mortgage lien held by Great Southern Federal Savings and Loan Association in
the sum of one Million Six Hundred Thousand Thirty Dollars ($1,630,000.00) ,
said subordination and said mortgage relating only to Lot 2 of Sanford
Riverfront Project, as above described; and
wR1ERFAS, Seminole Isle Properties, as Lessee and Great Southern Federal
Savings and Loan Association have represented unto City of Sanford, Florida,
as Lessor that there has been an additional expenditure of funds in the form
of structural capital improvements and other additions of equipment and
improvements required by Holiday Inns of America, Inc. to both Lots 2 and 3 as
above described in sums in excess of Nine Hundred Fifty Four Thousand Five
Hundred Dollars ($954,500.00), a portion of which have heretofore been funded
by North Carolina National Bank with the interest of Lessor subordinated
thereto; and
WHERFAS, the City of Sanford, Florida, as Lessor has been requested to
subordinate its interest in said Lots 2 and 3 of Sanford Riverfront Project,
according to plat thereof recorded in plat book 14, page 88, Public Records of
Seminole County, Florida to an 'additional loan made by Great Southern Federal
Savings and Loan Association to Seminole Isle Properties in the sum of Nine
Hundred Fifty Four Thousand Five Hundred Dollars ($954,500.00), said loan
being for the purposes of paying off interim construction loans to North
Carolina National Bank and for the payment of the other sums advanced for
inprovanes ts, as aforesaid;
NCW THEREFORE, in consideration of the sum of Ten Dollars ($10.00) and
other good and valuable consideration, as well as the representations con-
tained herein and in consideration of the continued operation of said property
by Seminole Isle Properties and as an inducement., to Great Southern Federal
Savings and Loan Association in making the said additional loan to Seminole
Isle Properties in the sum of Nine Hundred Fifty Four Thousand Five Hundred
Dollars ($954,500.00), the City of Sanford, Florida, does hereby agree that
all its right, title and interest in and to the above described property, as
owner and as Lessor, as aforesaid, shall be and is hereby made inferior and
subordinate to a mortgage lien to Great Southern Federal Savings and Loan
Association against the above described property and recorded in official
Records Book Page Public Records of of Seminole County, Florida
together with a security agreement covering furniture and fixtures of even
date therewith, the said obligations executed by Seminole Isle Properties and
given to secure a promissory note in the sum of Nine Hundred Fifty Four
Thousand Five Hundred Dollars ($954,500.00). The said City of Sanford,
Florida acknowledges that this subordination agreement fully subordinates any
and all interest to the City of Sanford in and to the rights and claims of
Great Southern Federal Savings and Loan Association, its successors or assigns
as a result of the aforesaid mortgage lien and security lien. This subordina-
tion is conditioned upon the following representations of Seminole Isle
Properties and Great Southern Federal Savings and Loan Association:
1. Great Southern Federal Savings and Loan Association by accep-
tance of this subordination, agrees that it will give the City of Sanford
2
la
written notice of any default under said note and mortgage, and the City may
cure such default and thereafter perform under said note and mortgage as
written without acceleration. Said mortgagee does further covenant and agree
that notwithstanding other provisions of the note and mortgage the City of
Sanford shall have thirty (30) days after written notice in which to cure such
defaults before acceleration can occur.
2. That all of the aforesaid sum of Nine Hundred Fifty Four Thou-
sand Five Hundred Dollars ($954,500.00) has been applied to improvements upon
the land described in said mortgage lien as defined heretofore in do=cents
between City of Sanford, Florida and Seminole Isle Properties, Inc.. This
subordination shall not be effective as to any of the aforesaid sums which by
in ad v ertence or otherwise shall not ha been spent or applied as impro
to these structures located on the said above described property or as im-
provements as required by the franchisor Holiday Inns of America, Inc..
The City of Sanford, Florida by execution hereof does hereby represent
and warrant that this subordination has been approved and adopted by appropri-
ate resolution in accordance with the provisions of the City of Charter of the
City of Sanford, Florida and the execution hereof by the Mayor and attestation
Deputy
by the /City Clerk does conclusively evidence the binding act of the City.
IN WITNESS WHEREOF this subordination has been duly executed by the City
h and b its Mayor and attested its/ City g y y by its /Cp
of Sanford Florida through Clerk
this 1st day of May , 1985.
Witnesses:
City of Sanford, Florida
BY:
Bettye ? JV. Ma y
((�� smith, Mao // r
Attest: 0,- -" �" , I�O�
Rosa M. Rotundo, Deputy City Clerk
3
STATE OF FLORIDA )
COUNTY OF SEMINOLE )
I HEREBY CERTIFY that on this day personally appeared before me
BETTYE D. Sl.= and Rosa M.Rotundo, Mayor and Deputy City Clerk, respectively,
of City of Sanford, Florida, a municipal corporation, to me known to be the
persons who executed the foregoing instrument as such officers and they
severally acknowledged the execution thereof to be their free acts and deeds
as such officers, for the uses and purposes therein mentioned, and that they
affixed thereto the official seal of said corporation, and that the said
instrument is the act and deed of said corporation.
wITNESS my hand and official seal at Sanford, Seminole County, Florida,
this day of /11 1985.
Notary Public, State of Florida at Large
My Cannission Expires:
Rotary Public, State of fforida
u'y Commission Expires May 13, 1989
bor.Gei IDm Tmy 411 • Insunnn, Inc
4
ka
SUBORDINATION OF LEASE TO MORTGAGE
WHEREAS, the City of Sanford, Florida, as Lessor entered into a lease
with Monroe Motels, Inc., as Lessee, dated April 14, 1967, as amended, said
lease agreement being
recorded
at Official Records
Book 611, page 554,
Public
Records of Seminole
County,
Florida, regarding
certain property known
as
Holiday Inn, Lake Monroe, said property being more particularly described on
Exhibit "A" attached hereto and made a part hereof (hereinafter the "Proper -
{ S "
WHEREAS, the interest of said Lessee has been subsequently transferred
and assigned to Seminole Isle Properties, a Florida general partnership; and
WHEREAS, the City of Sanford, Florida, as Lessor, has been requested
to subordinate its interests as owner in the property and under the lease
agreement to NCNB National Bank as an inducement for said bank to make a
construction loan to Seminole Isle Properties, and NCNB National Bank demands
that its lien against said property be a first and superior lien as to any and
all other liens and interests, including the interest of the City of Sanford,
Florida as the fee simple owner of said property and as Lessor under the lease
agreement;
rr
: NOW, THEREFORE, for and in consideration of the sum of Ten Dollars,
w
the aforesaid premises and of the continued operation of the property by
ti
Seminole Isle Properties, and as an inducement for NCNB National Bank making a
U) loan to Seminole Isle Properties to be secured by said property, the City of
P Sanford, Florida does hereby agree that all of its right, title and interest
x
ci in and to the property as owner and as Lessor as aforesaid shall be, and is
hereby made, and shall remain inferior and subordinate in all respects to the
R lien of NCNB National Bank against the property evidenced by that certain
mortgage and security agreement dated the day of 19
P executed by Seminole Isle Properties given to secure a promissory note in the
amount of $350,000.00, that certain Collateral Assignment of Rents, Profits,
Leases and Agreements, that certain financing statement and such other collat-
e eral documents as executed by Seminole Isle Properties in favor of NCNB
N
V National Bank, so that the mortgage of NCNB National Bank shall vest in NCNB
National Bank as full and ccnplete interest in and to the property as if
Seminole Isle Properties, as Lessee, had executed said mortgage as fee simple
owner of the property, and so that a foreclosure under said mortgage shall
operate to vest fee simple title in said property in the purchaser at such
foreclosure sale, whether said purchaser is NCNB National Bank or any other
party, and such sale shall be made free and clear of any interest in the
aforesaid lease. Provided, however, NCNB National Bank, by acceptance of this
Subordination, agrees that it will give the City of Sanford written notice of
any default under said note and mortgage, and the City may cure such default
and thereafter perform under said note and mortgage as written without accel-
eration. Mortgagee does further covenant and agree that notwithstanding other
provisions of the note and mortgage the City of Sanford shall have thirty days
after written notice in which to cure such defaults before acceleration can
The City of Sanford, Florida, by execution hereof, does hereby repre-
sent and warrant that this subordination has been approved and adopted by
appropriate resolution in accordance with the provisions of the city charter
and that the execution hereof by the Mayor and attestation by the City Clerk
does conclusively evidence the binding act of the City.
IN WITNESS WHEREOF, this subordination has been duly executed by the
City of Sanford, Florida, by and through its Mayor, and attested by its City
Clerk, this /_ day of 1984.
Witnesses: ® - CITY , FLORIDA
°`J dw'e PI JJ (A/p�/J� BY
Mayor
I(\ Attest
C erk -
STATE OF FLORIDA )
COUNTY OF SEMINOLE )
The foregoing instr t w� acknowledged before me this /a day of
1984, by l9' - tsh a_aj� as Mayor, and
)a-. � , as City Clerk, of CITY OF SANFOPD,
FLORIDA, on its behalf.
Notary Public - State of Florida at Large
-My cannission expires: — �6-
2
00
CONFIRMATION OF LEASE
1) The City of Sanford, Florida, entered into a Lease with
Monroe Motels, Inc. on April 14, 1967. A copy of said Lease is recorded in
Official Records Book 611, pages 554 through 565, Public Records of
Seminole County, Florida.
2) Article XII of said Lease granted to Lessee an option to
lease Lot 3 of Sanford Riverfront Project, according to plat thereof
recorded in Plat Book 14, page 88, Public Records of Seminole County, Florida.
3) At the regular City Camii.ssion meeting held on June 13, 1983,
the City Commission of the City of Sanford, Florida, approved the exercise
of the option by lessee.
4) The Lease dated April 14, 1967, and the option exercised on
Jame 13, 1983, are in full force and effect on this date.
DATED this Tent day of September,
(SEAL)
MAYOR
ATT'rST:
M
a Y
SUBORDINATION OF LEASE TO MORTGAGE
WHEREAS, the City of Sanford, Florida, as.Lessor entered
into a lease with Monroe !.otels, Inc., as Lessee, dated April 14.
1957, as amended, said lease agreement being recorded at OR Rook
611, page 554, Public Records of Seminole County, Florida,
regarding certain property known as I';oliday Inn, Lake Monroe,
said property being more particularly described on Exhibit "A "
attache6 . np k: eto and na ^.de i:i part hereof(hereina.f ter the
"Property ") ; and
WHEREAS, the interests of said Lessee has been subsequently
transferred and assigned to Seminole Isle Properties, a Florida
General Partnership; and
WHEREAS, the City of Sanford, Florida, as Lessor has been
requested to subordinate its interests in the property and under
the lease agreement and as owner to Great Southern Federal
Savings and Loan Association as an inducement for Great Southern
Federal Savings and Loan Association to make a loan to Seminole
Isle Properties and Great Southern Federal Savings and Loan
Association "demands that its lien against said property be a
first and superior lien as to any and all other liens and
interests including the interest of the City of Sanford, Florida
as the fee simple owner of said property and as Lessor under the
lease agreement;
NOW THEREFORE, in and for Ten ($10.00) Dollars, the
aforesaid premises, and in consideration of the continued
operation of the property by Seminole Isle Properties and as an
inducement to Great Southern Federal Savings and Loan
Association's making a loan to Seminole Isle Properties to be
secured by said property, the City of Sanford, Florida, does
hereby agre, that ail of i::s night, title and interest in and to
the property as owner and as Lessor as ,aforesaid shall be and is
hereby made and shall remain inferior and subordinate in all
respects to the lien of Great Southern Federal Savings and Loan
Association against the property evidenced by that certain
Mortgage and Security Agreement dated ,
executed by Seminole Isle Properties given to secure a promissory
'note in the amount of $1,630,000.00, that certain Collateral
v Assignment of Rents, Profits, Leases and Agreements, that certain
financing statement and such other collateral documents as
executed by Seminole Isle Properties in favor of Great Southern
Federal Savings and Loan Association, so that the mortgage of
Great Southern Federal Savings and Loan Association shall vest in
Great Southern Federal Savings and Loan Association as full and
complete interest in and to the property as if Seminole Isle
Properties as Lessee, had executed said mortgage as fee simple
owner of the property, and so that a foreclosure under said
mortgage shall operate to vest fee simple title in said property
in the purchaser at such foreclosure sale, whether said purchaser
is Great Southern Federal Savings and Loan Association or any
other party, and such sale shall be made free and clear of any
interest in the aforesaid lease.
The City of Sanford, Florida by execution hereof does hereby
represent and warrant that this subordination has been approved
and adopted by appropriate resolution in accordance with the
provisions of the City Charter and the execution_ hereof the
Mayor and attestation by the City Clerk ,.does conclusively
evidence the binding act of the City.
IN WITTIESS WHEREOF this subordination has been duly executed
by the City of Sanford, Florida by and through its Mayor and
attested by its City Clerk this Jfkni day of February, 1983.
Witnesses:
City o a ford, F a
By Ed ie Keith, Wcting Aayor
_ Attest •
H. mm, Jr. ity C rk
* Provided, however, Great Southern Federal Savings and Loan Association,
by acceptance of this Subordination, agrees that it will give the City
of Sanford written notice of any default under said note and mortgage,
and the City may cure such default and thereafter perform under said
note and mortgage as written without acceleration. Mortgagee does
further covenant and agree that notwithstanding other provisions of
the note and mortgage The City of Sanford shall have thirty (30) days
after written notice in which to cure such defaults before acceleration
can occur.
STATE OF FLORIDA )
COUNTY OF SEMINOLE )
I HEREBY CERTIFY that on this day personally appeared .
before me Eddie Keith and H.N. Tamm, Jr., Acting Mayor and
City Clerk, respectively, of City of Sanford, Florida, a
municipal corporation, to me known to be the persons who
executed the foregoing instrument as such officers and they
severally acknowledged the execution thereof to be.their free
acts and deeds as such officers., for the uses and purpo -sec
therein mentioned, and that they affixed thereto the official
seal of said corporation, and that the said instrument is the
act and deed of said corporation.
WITNESS my hand and official seal at Sanford, Seminole
County, Florida, this /�?`� day of February, 1983.
��otary�bl - St e of Florida at arge
Notary public, State of Florida
My comtit_ission expires: GaromiW00F.WreS May 13,198S
Bond Ihm Troy fain !nsurmn, Iqc.
CONSENT TO ASSIGNMENT
WHEREAS, CITY OF SANFORD, FLORIDA, as Lessor, heretofore
consented to the assignment of the lease dated April 14, 1967
from City of Sanford, Florida to Monroe Motels, Inc. to Seminole
Resorts, Inc., which said assignment occurred; and
WHEREAS, the principals of Seminole Resorts, Inc. have
determined that it is necessary to convert the ownership of said
lease into a Florida general partnership which will consist of
the same , principals as contained in Seminole Resorts, Inc.; and
WHEREAS, City of Sanford, Florida has been requested to
consent to the transfer of said lease from Seminole Resorts, Inc.
to Seminole Isle Properties, a Florida general partnership;
NOW, THEREFORE, in consideration of the premises City of
Sanford, Florida, as Lessor, by these presents does consent to
the assignment of the aforementioned lease from Seminole Resorts,
Inc. to Seminole Isle Properties, a Florida general partnership.
IN WITNESS WHEREOF, City of Sanford, Florida has caused
this consent to be executed by its Mayor and attested by its
Clerk this 13th day of December, 1982.
Witn sses; CITY F FORD, FLORIDA
o BY
Lee P. Moore, Mayor
Attest
T mrr�Jr., C y Cler<
STATE OF FLORIDA )
COUNTY OF SEMINOLE )
I HEREBY CERTIFY that on this day personally appeared before
me Lee P. Moore and H.N. Tamm, Jr., Mayor and City Clerk, respec-
tively, of CITY OF SANFORD, FLORIDA, a municipal corporation, to me
known to be the persons who executed the foregoing instrument as
such officers and they severally acknowledged the execution thereof
to be their free acts and deeds as such officers, for the uses and
purposes therein mentioned, and that they affixed thereto the official
seal of said corporation, and that the said instrument is the act and
deed of said corporation.
WITNF�SS my hand and official seal at Sanford, Seminole County,
F'Lorida,- Ais 13th day of December, 1982.
Notary- .PuLmlLi - State Ot rlorida at Large
My commission expires : Notary Public. State of 13 . 1 985
My Cammicsian ExpicesJAay,3:—
sand.d Tnm Tor rem• lmu.aw., rac.
CONSENT
so
WHEREAS, SEMINOLE ISLE PROPERTIES, a Florida general
partnership, Lessee of the Holiday Inn motel properties
pursuant to lease with the City of Sanford, Florida dated
April 14, 1967 as amended, has requested City of Sanford,
Florida, as Lessor, pursuant to the provisions of Article VI
of said lease, as amended, to subordinate its interest to
permanent refinancing as hereinafter specified upon the
premises demised pursuant to said lease; and
WHEREAS, Seminole Isle Properties, a Florida general
partnership, as Lessee, has represented unto City of Sanford,
Florida, as Lessor, that the proceeds from said refinancing
will be used solely for the satisfaction of existing mortgage
financing upon the said demised premises, a part of which is
short term resulting from the transfer of the demised premises
to Lessee, and for capital outlay items necessary for the con-
tinued operation and maintenance of the demised premises pursuant
to the criteria set forth by Holiday Inns of America, Inc.;
NOW; THEREFORE, in consideration of the premises and in
consideration of the continued operation of the demised premises
by Lessee, Lessor by these presents does consent to refinancing
of the demised premises in a sum not to exceed One Million Six
Hundred Thirty Thousand Dollars with either Greyhound Leasing
and Financial Corporation or Great Southern Federal of Savannah,
Georgia, both being institutional lenders, or another recognized
institutional lender.
IN WITNESS WHEREOF, this consent has been executed by City
of Sanford, Florida, through its Mayor and attested by its City
Clerk, this 13th day of December, 1982.
Witne�ises: CITY 0 i / �RD, FLORIDA
- T" =
mil By
Lee P. Moore, Mayor
Attes , - -�� _
amni — T r. , C y Jerk
a
STATE OF FLORIDA )
COUNTY OF SEMINOLE )
I HEREBY CERTIFY that on this day personally appeared before
me Lee P. Moore and H.N. Tamm, Jr., Mayor and City Clerk, respec-
tively, of CITY OF SANFORD, FLORIDA, a municipal corporation, to me
known to be the persons who executed the foregoing instrument as
such officers and they severally acknowledged the execution thereof
to be their free acts and deeds as such officers, for the uses and
purposes therein mentioned, and that they affixed thereto the official
seal of said corporation, and that the said instrument is the act and
deed of said corporation.
WITNESS my hand and official seal at Sanford, Seminole County,
Florida, this 13th day of December, 1982.
Notary Public State ot Florida at Large
My commission expires:
Notary Publ'K, State of Florida
jAy c ams.. _ �ee�xpae =�6aY 13. 1985
aoudad ThIY Troy f0u91 IpAYROYq I6b
- 2 -
1-,
MODIFICATION OF LEASE
110**11,
THIS INDENTURE, made and entered into this 13th day of
December, 1982, by and between CITY OF SANFORD, FLORIDA, a
municipal corporation, hereinafter called "Lessor ", and
SEMINOLE ISLE PROPERTIES, a Florida general partnership, herein-
after called "Lessee ",
W I T N E S S E T H
WHEREAS, on April 14, 1967, Lessor entered into a lease
agreement with Monroe Motels, Inc., as lessee, which said lease
required lessee to build upon the real property described in
said lease a Holiday Inn motel and restaurant facilities con-
sisting of not less than sixty -four units, said lease subsequently
assigned to Lessee; and
WHEREAS, said motel was constructed pursuant to the
requirements of said lease and was and is franchised by Holiday
Ins of A,aerica, Inc. pursuant to which operational, construction
and maintenance criteria are established and which must be per -
formed by Lessee; and
WHEREAS, the parties hereto recognize the substantial
difference in cost of construction, cost of equipment, expense
of operation and other economic factors existing now as compared
to the date of execution of said lease necessitating a change in
the financing provisions as contained in Article VI of said lease;
and
WHEREAS, Lessee has requested Lessor to modify said pro-
visions of Article V1 as are hereinaf'er specified because of
said substantial change in economic conditions and Lessee's
necessity to refinance the said motel project;
NOW, THEREFORE, in consideration of the premises, the Burn
of Ten Dollars and tither good and valuable consideration, as
well as the covenants and conditions hereinafter contained, the
parties agree that the provisions of Article VI of said lease are
amended to read as follows:.
"ARTICLE VI.
FINANCING.
Lessee shall obtain at its expense all necessary financing,
both construction and permanent which may be required for additional
construction, improvements and capital outlays required for equip-
ment in connection with the continued operation and expansion of
the motel project. In connection therewith, Lessor will subordinate
its interest in the demised premises pertaining to the aforementioned
by executing any and all documents required of it to be executed by
the lending institution or institutions making said Loans for
construction, improvements, expansion and capital outlays for
equipment. In the event refinancing occurs, such subordination
agreement will be applicable so long as any increased sum produced
by such refinancing is spent upon permanent improvements to
structures, expansion or capital outlay for furnishings, fixtures
and equipment necessary for the operation and maintenance of the
demised premises. Any construction of additional improvements or
expansion shall be according to the plans and specifications
approved by Lessor. Lessor shall be liable on any such mortgages
only to the extent of its interest in the demised premises, and
any and all mortgages shall contain therein a specific provision,
in the event of default, that Lessor may cure such default and
thereafter perform under said mortgages as written without
acceleration. Such mortgages shall contain the requirement
that the Lessor be notified in the event of default and shall
have 'thirty days in which to cure such default before acceleration
can occur.
An express covenant of this lease on the part of Lessee to
be performed is the prompt and timely payment of any and all
mortgages or other obligations incurred which affect the demised
premises."
- 2 -
IN WITNESS WHEREOF, this instrument has been executed by
the duly authorized persons of the respective parties hereto
on the day and year first Pbove written.
Witne es•
Flo
r0
ES,
Iership
ce bcftoette
By
Fred Salgado
By
taward F. Welch
STATE OF FLORIDA )
COUNTY OF SEMINOLE )
I HEREBY CERTIFY that on this day personally appeared before
me Lee P. Moore and H.N. Tamm, Jr., Mayor and City Clerk, respec-
tively, of CITY OF SANFORD, FLORIDA, a municipal corporation, to
known to be the persons who executed the foregoing instrument as
such officers and they severally acknowledged the execution thereof
to be their free acts and deeds as such officers, for the uses and
purposes therein mentioned, and that they affixed thereto the official
seal of said corporation, and that the said instrument is the act and
deed of said corporation.
WITNESS my hand and official seal at Sanford, Seminole County,
Florida, this 13th day of December, 1982.
Notary Pu 1ic - State olori a at Large
Notary Public, State of Florida
My commission ion expires : a"mmibsion Expires May 13, 1985
- banded. Thry UoY Fain; imumnaa, iRQ -
STATE OF FLORIDA )
COUNTY OF SEMIrIUi E )
I HEREBY CERTIFY that on this day personally appeared before
me J. Wallace: Schoettel.kotte, Fred Salgado and Edward F. Welch,
partners in SEMINOLE ISLE. PROPERTIES, a Florida general partnership,
to me known to be the persons who executed the foregoing instrument
and they severally acknowledged the execution thereof to be their
free acts and deeds, for the uses and purposes therein mentioned.
WITNESS my hand and official seal at Sanford, Seminole County,
Florida, this day of December, 1982.
Not
aiW Pu - State o Flo zda- -t Large
y Epp Az, S aa-e$ FlaFida at Larve
My c expi, e= : �� x„ i iy Fes April 25, 1983
' •' 0onced,➢y �e- au FR�fenY
3
CITY � F FLORIDA
E
Y
Lee Moore, Mayor
At s C�Ta:,�C ��Cierk
l
IN WITNESS WHEREOF, this instrument has been executed by
the duly authorized persons of the respective parties hereto
on the day and year first Pbove written.
Witne es•
Flo
r0
ES,
Iership
ce bcftoette
By
Fred Salgado
By
taward F. Welch
STATE OF FLORIDA )
COUNTY OF SEMINOLE )
I HEREBY CERTIFY that on this day personally appeared before
me Lee P. Moore and H.N. Tamm, Jr., Mayor and City Clerk, respec-
tively, of CITY OF SANFORD, FLORIDA, a municipal corporation, to
known to be the persons who executed the foregoing instrument as
such officers and they severally acknowledged the execution thereof
to be their free acts and deeds as such officers, for the uses and
purposes therein mentioned, and that they affixed thereto the official
seal of said corporation, and that the said instrument is the act and
deed of said corporation.
WITNESS my hand and official seal at Sanford, Seminole County,
Florida, this 13th day of December, 1982.
Notary Pu 1ic - State olori a at Large
Notary Public, State of Florida
My commission ion expires : a"mmibsion Expires May 13, 1985
- banded. Thry UoY Fain; imumnaa, iRQ -
STATE OF FLORIDA )
COUNTY OF SEMIrIUi E )
I HEREBY CERTIFY that on this day personally appeared before
me J. Wallace: Schoettel.kotte, Fred Salgado and Edward F. Welch,
partners in SEMINOLE ISLE. PROPERTIES, a Florida general partnership,
to me known to be the persons who executed the foregoing instrument
and they severally acknowledged the execution thereof to be their
free acts and deeds, for the uses and purposes therein mentioned.
WITNESS my hand and official seal at Sanford, Seminole County,
Florida, this day of December, 1982.
Not
aiW Pu - State o Flo zda- -t Large
y Epp Az, S aa-e$ FlaFida at Larve
My c expi, e= : �� x„ i iy Fes April 25, 1983
' •' 0onced,➢y �e- au FR�fenY
3
CITY � F FLORIDA
E
Y
Lee Moore, Mayor
At s C�Ta:,�C ��Cierk
. & MAMELE
ATTORNEYS AND COUNSELORS AT LAW
WILLIAM O HUTCHISON. JR.
RICHARD L MAMELE
STEPHEN H. COOVER
DONALD O WHITMIRE
OF COUNSEL
PARK - FULTON BUILDING 230 NORTH PARK AVENUE
POST OFFICE DRAWER H
SANFORD FLORIOA32771
TELEPHONE 322 -4051
December 29, 1982
HAND DELIVERY
Warren E. Knowles,
City Hall
Sanford, Florida
City Manager
Re: Seminole Isle Properties
Dear Pete:
Enclosed is an executed copy of the Modification
of Lease.
Thanks for your help.
Yours very truly,
A utc is , Jr.
WCHjr /glh
Enclosure
,motA- "'=c0
i
6zV ,41
e2t z 'o zu �i _. co moo•
It: 1�� o Sanford, Fjo
~ v 32771 -0212 K
Commission Plan
December 15, 1982
WARREN E. KNOWLES
CITY MANAGER
Mr. William C. Hutchison, Jr.
Attorney at Law
Post Office Drawer H
Sanford, Florida 32771
Re:
Dear Bill:
Holiday Inn lease
305/3223161
P. O. BOX 1778
300 NORTH PARK AVENUE
I am enclosing the executed documents that modify the
motel lease as agreed at the Monday City Commission meeting.
Enclosed you will find the:
a) Executed copy of the "Consent to Assignment ".
b) Executed copy of the "Consent ".
C) Partially executed two copies of the "Modification
of Lease ". Please have the three individuals
execute and be notarized. Then return one copy
of the fully executed "Modification of Lease" to
me for the City of Sanford files.
Thank you, Bill
Very truly yours,
CITY OF SANFORD
W.E. "Pete" Knowles
City Manager
WEK /mjh
Enclosures/ as
outlined above.
CC:
City Clerk
"The Friend /y_ ity—
LEASE.
THIS INDENTURE, made and entered into at Sanford, Seminole
County, Florida, this � day of April, A.D. 1967, by and between
THE CITY OF SANFORD, FLORIDA, a municipal corporation, hereinafter
called Lessor, and MONROE MOTELS, INC., a Florida corporation, _.
hereinafter called Lessee, which terms shall include successors, legal
representatives and assigns whenever the content hereof so requires or
admits:
W ITNESSETH:
That as a part of a municipally controlled marina and com-
mercial complex to be constructed upon lands owned by the City of
Sanford, the parties hereto for and in consideration of the mutual
covenants herein contained and in consideration of the payments and
undertakings herein mentioned, made and to be made, have respectively
promised unto and covenanted and agreed each with the other as follows:
ARTICLE I.
ITEMISE BY LESSOR.
Upon the terms and conditions hereinafter stated and in con-
sideration of the payment from time to time of the rents herein pro-
vided to be paid, and in consideration of the prompt performance by
the Lessee of the covenants hereinafter contained by the Lessee to be
kept and performed, the performance of each of which is declared to
be an integral part of the consideration to be furnished by the Lessee,
the Lessor does hereby lease and let unto Lessee and Lessee hereby
leases of and from Lessor the following described real property lying
and being In Seminole County, Florida, to -wit:
Lot 2, Sanford Riverfront Project, according to
plat thereof recorded in Plat Book 14, page 88,
Public Records of Seminole County, Florida;
said real property to be used solely by Lessee for the operation of a
Holiday Inn Motel and related facilities such as restaurant and cocktail
lounge.
ARTICLE ii.
DURATION OF TERM.
The term and duration of this lease shall be for a period of
fifty -five (55) years commencing April 14, 1967 and continuing up to
and including April 13, 2022.
ARTICLE III.
RENTAL.
Lessee covenants and agrees to pay to Lessor as rent, the
annual sum, in advance, for and during the first five (5) years hereof,
of One Dollar ($1.00), receipt of the first One Dollar ($1.00) being
acknowledged. Beginning on the sixth (6th) anniversary date hereof
and for and during the next succeeding fifty (50) years, the sum of Five
Thousand Dollars ($5,000.00) per year, payable in pro -rata monthly
installments. Additional rent shall be payable commencing with the
sixth (6th) year of the term hereof computed by taking two and one -half
percent (2 -1/27.) of the gross revenues in excess of Five Thousand
Dollars ($5,000.00) per motel unit, such Five Thousand Dollars
($5, 000.00) per unit gross revenue being computed annually. Beginning
the first day of the twenty-first (21st) year hereof said additional rent
shall increase from two and one -half percent (2 -1/27.) to five percent
(57.). All additional rental shall be payable during the year after its
accrual in pro -rata monthly installments together with the hereinabove
described base rental. As provided herein, gross revenues shall con-
sist of all revenues derived from all sources incident to the operation
of the Holiday Inn and related facilities, including but not limited to
restaurant and cocktail lounge, club fees, room rentals, machine
-2-
concessions or otherwise, exclusive however of all saps and excise
taxes collected and remitted to any governmental authority, and shall
be determined by certified audit, annually. Provided, however, the
books of Lessee shall be open for Inspection and audit by Lessor's
auditor at any time during business hours. Lessor acknowledges
herein that Lessee contemplates leasing the dining room and cocktail
lounge facilities. In such respect the gross .revenue formula herein
shall be applicable either to the rentals received by Lessee or the
gross receipts from such operation, whichever is greater. All rents
shall be paid in current legal tender of the United States of America
and shall be payable at City Ball, Sanford, Florida.
ARTICLE IV.
REQUIRED CONSTRUCTION.
1. Lessor covenants to provide the following facilities at
its expense upon or adjacent to the demised premises hereby leased
unto Lessee.
(a) Lessor warrants that the area herein
leased has been constructed by Lessor according
to plans and specifications heretofore approved by
Lessee.
(b) To provide a paved access road adjacent to
the demised premises from the nearest public street.
(c) To provide public parking adjacent to the
demised premises according to plans and specifications
heretofore approved by Lessee, and In connection there-
with, that such parking shall be available to customers
of the restaurant and cocktail lounge facilities at no
charge.
.5..
(d) To provide water and sewer facilities to the
demised premises but not within the interior thereof,
such interior lines being the responsibility of Lessee.
2. Lessee covenants to construct the following upon the
demised premises:
(a) A Holiday Inn Motel having a minimum of sixty-
four (64) units, together with restaurant facilities and
seating capacity of not less than three hundred (300) for
banquet and convention purposes. Said construction is to
commence promptly after the effective date of this lease.
(b) To construct a swimming p000l, the minimum
size of which shall be adequate for motel purposes.
(c) In connection with the aforesaid required con-
struction, Lessee further agrees as follows:
(1) To contract with a reputable contractor
of its selection for said improvements.
(2) To obtain construction and permanent
financing necessary for said improvements.
(3) To obtain a franchise from Holiday Inns
of America, Inc. for the construction and operation
of said Holiday Inn Motel.
(4) To obtain the approval of architectural
plans and specifications for such motel construction
by Holiday Inns of America, Inc.
(5) To furnish unto Lessor a performance and
completion bond through a reputable and solvent
surety in a sum not less than the contract price for
all of such required construction.
-4-
ARTICLE V.
L'ESSOR'S INTEREST NOT SUBJECT TO MECHANICS' LIENS.
Mechanics' liens pursuant to the provisions of Chapter 84,
Florida Statutes, 1965, shall extend only to the interest of Lessee
herein. The interest of Lessor expressly shall not be subject to any
such liens for improvement and all parties whomsoever by these pre-
sents are notified of such fact.
ARTICLE VI.
FINANCING.
Lessee shall obtain at its expense all necessary construction
and/or permanent financing which may be required for the construction
of the improvements herein contemplated. In connection therewith,
Lessor will subordinate its interest In the demised premises pertaining
to the motel construction by executing any and all documents required
of it to be executed by the lending institution or institutions making the
construction and permanent loans for said Holiday Inn Motel and im-
provements and expansions. In the event re- financing occurs, such
subordination agreement will be applicable so long as the then existing
principal balance of any mortgage is not increased. In the event such
re- financing produces an increase such increased sum must be spent on
permanent improvements to structures on the demised premises according
to plans and specifications previously approved by Lessor. Lessor shall
be liable on any such mortgages only to the extent of its interest in the
demised premises, and any and all mortgages shall contain therein a
specific provision, in the event of default, that Lessor may cure such
default and thereafter perform under said mortgages as written without
acceleration. Such mortgages shall contain the requirement that the
Lessor be notified in the event of default and shall have thirty (30) days
in which to cure such defaults before acceleration can occur.
-5-
An express covenant of this lease on the part of Lessee to be
performed is the prompt and timely payment of any and all mortgages
or other obligations incurred which affect the demised premises.
ARTICLE. VII.
TAXES.
Lessee shall annually pay unto the Lessor its regular and
uniform ad valorem taxes on all building Improvements on the property
together with required tangible personal property tax. In the event for
any reason It should be held by a court of competent jurisdiction that
Lessor does not have the authority to tax such facilities, then such tax
equivalent shall be paid to the Lessor as additional rent. Lessor,
however, agrees during the first three (3) years of the demised term
hereof to place the taxes levied and assessed on the motel as to the
buildings into an advertising fund which shall be used by Lessor in
advertising the City of Sanford including the lakefront as a whole.
Lessor's annual billboard contract shall be considered a part of this
program.
ARTICLE VIII.
INSURANCE.
Lessor will provide public liability and property damage in-
surance naming Lessor as co- insured in a company or companies
Triple A rated in Best's or its equivalent, and in such amounts as
shall from time to time be required by Lessor; provided, however,
such requirements shall not exceed One Million Dollars ($1,000,000.00).
In addition to the aforementioned, Lessee, to the extent of at
least ninety percent (9€7 of insurable value will maintain at its expense
casualty insurance on the facilities constructed on the demised premises,
insuring against vandalism, fire and windstorm, or other usually insured
perils.
-6-
ARTICLE IX.
ASSIGNMENT AND SUB - LETTING.
This lease shall not be assigned nor any portion of the
demised premises sub -let without written consent of Lessor, which
consent shall not be unreasonably withheld. In the event of such sub-
letting, the gross revenue formula applicable to rentals shall be
applied either to the rent received by Lessee from its sub- tenant
or to the gross revenues from all sources derived by the subtenant,
whichever is greatest. Any assignee or sub - tenant shall be bound by
all terms contained in this Lease.
ARTICLE X.
MAINTENANCE.
Lessee at its expense will operate, maintain, repair and
replace all facilities constructed upon the demised premises whether
constructed by Lessor or Lessee. In addition thereto, the area
covered by the option as hereinafter provided shall be landscaped
and maintained by Lessee. In connection therewith, Lessee will be
permitted to use portions of said premises for parking, at its expense
and upon approval by Lessor as to location and type of parking con-
struction. The aforesaid maintenance required by Lessee shall be so
conducted as to keep the demised premises and the structures thereon,
shrubs, landscaping and otherwise, in a state of good condition and
repair, cleanliness, and appearance.
ARTICLE XI.
MISCELLANEOUS PROVISIONS.
(a) Lessor agrees to include the lakefront development areas
as a part of the regular City police security.
(b) Lessor agrees to provide a chain link fence so as to
divide the motel and public area from the marina area making the
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marina, motel, and beach areas inaccessible to each other except by
entrances controlled by Lessee.
(c) Lessor agrees that it will not lease any other portions
of the existing land fill area of which the demised premises is a part
to other persons nor permit the use of same, for the purpose of con-
structing and operating motels, apartments or otherlodging facilities,
restaurants, cocktail lounges, bars or package stores during the term
of this lease. It is acknowledged by Lessee that Lessor contemplates
the future extension of said land fill area and that in connection there-
with it may be desirable to substantially expand the motel, restaurant
and cocktail lounge facilities available. In such event, Lessee will be
offered the right to operate and/or construct such additional facilities,
upon terms satisfactory to Lessor, and in the event of refusal, then
Lessor shall have the right to deal with any other person, firm or
corporation, provided, however in no event will Lessor offer such
additional operation to any other person, firm or corporation upon
terms less than those offered to Lessee without Lessee having first
right to the same upon such terms. Any future contemplated con-
struction shall be in accordance with Lessor's plans and specifications.
(d) All operations by Lessee shall be conducted seven (7)
days a week with sufficient personnel.
(e) No destruction or damage to any building or improve-
ments by fire, windstorm, or other casualty, shall be deemed to
entitle Lessee to surrender possession of the demised premises or
to terminate this lease or to violate any of its provisions or to cause
any rebate in rent then due or thereafter to become due.
ARTICLE XII.
Lessor does by these presents and in consideration thereof
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P
F'
grant unto Lessee during the primary term hereof, the irrevocable option
b ` to lease Lot 3 of Sanford Riverfront Project, according to plat recorded
u a z
, r in Plat Book 14, page 88, Public Records of Seminole County, Florida,
a for the sole purpose of expanding the construction of the Holiday Inn
t� Motel and related facilities. In the event such option is exercised, the
base rental for such additional land shall be the sum of Two Thousand
Five Hundred Dollars ($2,500. 00), payable annually, in advance, with
the same percentage overrides:applicable to additional motel units as
hereinabove specified.
In addition to the foregoing option to secure additional land,
so long as Lessee is not in default of this lease, it is granted by Lessor
an option to renew this lease for an additional term of forty -five (45)
years under the existing terms hereof. Said option must be exercised
by Lessee not more than twelve (12) nor less than six (6) months prior
to the expiration of the original term hereof, by giving of written notice
to Lessor.
ARTICLE X1II.
INSOLVENCY.
Subject to the provisions of Article VI, herein, this lease or
any interest herein is not assignable by operation of law, including
bankruptcy, whether voluntary or involuntary, or any other state or
federal law relating to debtors, and no trustee, sheriff or purchaser
at any judicial sale, or any officer or any court or receiver, except
if appointed by Lessor, as hereinafter provided, shall acquire any
right under this lease or to the possession or use of the premises or
any part thereof without written consent of Lessor.
ARTICLE XIV.
TERMINATION,
Upon default hereof by Lessee, this Lease, at the option of
-9-
Lessor, shall be null and void, and in addition thereto, Lessor shall
have all other rights and remedies afforded to It under the Laws of the
State of Florida, including but not limited to, the right to apply to a
court of competent jurisdiction for the appointment of a receiver, in
which event Lessee by these presents does consent to such appointment.
Any action necessary by Lessor as a result of default by Lessee shall,
In addition to all otherrights and remedies, entitle Lessor to collect
from Lessee all costs thereof including a reasonable attorney's fee.
In the event of such default, in addition to the aforementioned, Lessee
agrees to quit said premises, removing therefrom no equipment or
otherwise. Upon default as hereinbefore provided on the part of Lessee
prior to the expiration of the term hereof, Lessor shall notify Lessee,
in writing, of such default, and Lessee shall have thirty (30) days within
which co cure such default. In the event such default is not cured within
said thirty (30) day period, then all termination rights herein specified
shall inure to Lessor.
ARTICLE XV.
'AR.RANTY.
Lessor warrants to Lessee the title to the demised premises
and Lessor's right to lease the same, and by these presents agrees to
y ' defend the same against the lawful claims of all persons, firms or
as
t+� sovereignties whatsoever.
THIS LEASE shall be binding upon the successors or assigns,
as the case may be, where permitted herein, of the parties hereto.
ARTICLE XVI.
Should the sale of alcoholic beverages upon the demised
premises be or become unlawful, the Lessee shall have the option to
terminate this lease agreement by delivering up the premises unto
Lessor without further liability of Lessor to Lessee or Lessee to
- 10-
Lessor and without removal of any equipment or otherwise from the
premises,
ARTICLE XVII.
Lessee will not lease the boat slips which are to be a part of
the demised premises, in competition with the marina to be located on
other portions of the said hydraulic fill area.
IN WITNESS WHEREOF, this instrument has been executed by
the duly authorized officers of the respective parties hereto on the day
and year first above written.
Signed, Sealed
in tbie►presenc+
Delivered
Ti
Qi
At
Lessor,
STATE OF FLORIDA
COUNTY OF SEMINOLE )
MON OEMOTEL_
G.
Pre4jeent
Attest
sect ry,
Lessee.
I HEREBY CERTIFY that on this day personally appeared before
me, JOE B. BAKER and H. L. 11, Mayor and Clerk, respectively,
of THE CITY OF SANFORD, FLORIDA, a municipal corporation, to me
known to be the persons who executed theforegoing instrument as such
officers and they severally acknowledged the execution thereof to be
their free act and deed as such officers for the uses and purposes therein
-11-
mentioned, and that they affixed thereto the official seal of said cor-
poration, and that the said instrument is the act and deed of said
corporation.
WITNESS my hand and official seal at Sanford, Seminole
County, Florida, on the ��.� day of April, A.D. 1967.
Notary .
PubliV State of Florida
Mj .commission expires:
S'T'ATE OF FLORIDA )
COUNTY OF 3
I HEREBY CERTIFY, that on thiss� day personally appeared before
me, C'� /�i and
President and Secretary, respectively, of MONROE MOTELS, INC,, a
Florida corporation, to me known to be the persons who executed the
foregoing instrument as such officers and they severally acknowledged
the execution thereof to be their free act and deed as such officers for
the uses and purposes therein mentioned and that they affixed thereto
the official seal of said corporation, and that the said instrument is the
act and deed of said corporation.
WITNESS my hand and official seal at said
County and State, this day of April, A.D. 1967.
Notary Public,//State of Florida
Mycommission expires;
-12-
MODIFICATION OF LEASE
THIS INDENTURE, made and entered into at Sanford, Seminole
County, Florida, this 211th day of April, A. O. 1967, by and between THE
CITY OF SANFORD, FLORIDA, a municipal corporation, hereinafter
called Lessor, and MON ROE MOTELS, INC. , a Florida corporation,
hereinafter called Lessee, which terms shall include successors, legal
representatives and asbtgns whenever the content hereof so requires or
admits.
VITNESSETH.
WHEREAS, the parties hereto heretofore on April 14, 1967
entered into a lease agreement, which said agreement was duly recorded
In Official Records Book 611, page 554, Public Records of Seminole
County, Florida; and
W HEREAS, the parties hereto for their mutual benefit desire
to modify Article XV. thereof pertaining to the warranty of Lessor to
Lessee.
NOW, THEREFORE, for and in consideration of the sum of
One Dollar ($1. ) together with other good and valuable consideration
paid by Lessee to Lessor, receipt of which is acknowledged, the parties
hereto agree that Article XV. of the above - described lease shall be
modified to read as follows:
"ARTICLE XV.
Warranty.
Lessor warrants to Lessee the title to the demised premises
and Lessor's right to lease the same, and by these presents agrees to
defend the same against the lawful claims of all persons, firms or
sovereignties whatsoever. Lessor warrants and indemnifies Lessee
against and from all loss or damages occasioned by the abatement or
destruction of the fill included within the demised premises and im-
provements thereon due to or arising out of the exercise of the power
to regulate and control navigation and commerce as is vested in the
United States Government and as reserved in the fill permit issued
by the Corps of Army Engineers pertaining Eo the demised premises.
THIS LEASE shall1be binding upon the successors or assigns,
as the case may be, where permitted herein, of the parties hereto. '°
In all other respects as not specifically herein modified,
said Lease shall remain in full force and virtue as recorded aforesaid.
IN WITNESS NkHEREOF, this instrument has been executed
by the duly authorized officers of the respective parties hereto on the
day and year first above written.
+igaVd Sealed po Delivered
In t presence/ • A THE CITY OF SANFOW, FLORIDA
MAM
Lesser,
MONROE MOTELS, INC.
esit�snE ,
reEa
STATE O F FLORIDA
COUNTY O F SEMIN )
I HEREBY CERTIFY that on this day personally appeared before
me, JOE B. BAKER and H. L. Ve HELCHEL, Mayor and Clerk, respectively,
of The City of Sanford, Florida, a municipal corporation, to me known to
be the persons who executed the foregoing instrument as such officers and
2..
they severally acknowledged the execution thereof to be their free act
and deed as such officers for the uses and purposes therein mentioned,
and that they affixed thereto the official seal of said corporation, and
that the said instrument Is the act and deed of said corporation.
INITNESS my hand and official seal at Sanford, Seminole
County, Florida, on the 20th day of April. A. D. 1967.
otaiy PubliV, Stag 'lo
y,commission expires:
STATE OF FLt7': WA)
COUNTY OF,)
I HEREBY CERTIFY, that on this day personally appeared
before rice, Chester E. Merrill, Jr. and Alvin J. Thomas, Jr. , President
and Secretary, respectively, of Monroe Motels, Inc., a Florida cor-
poration, to me known to be the persons who executed the foregoing
instrument as such officers and they severally acknowledged the
execution thereof iobe their free act and deed as such officers for the
uses and purposes therein mentioned and that they affixed thereto the
official seal of said corporation, and that the said instrument is the
act and deed of said corporation. /
ITNESS my hand and official seal as
said County and State, this 20th day of April, A. D. 1967.
Notary rate of or
M y € ommission expires:
-3-
INDEMNITY AGREEMENT
THIS AGREEMENT, made and entered into this 20th day of
April, A.D. 1967, by and between THE CI'T'Y OF SANFORD, FLORIDA,
a municipal corporation, hereinafter called City, and LAW YERS TITLE
INSURANCE: CORPORATION OF RICHMOND, VIRGINIA, hereinafter
called Insuror,
tR ITNESSETH:
WHEREAS, City has heretofore entered into a lease agreement
with Monroe Motels, Inc., dated April 14, 1967, modified April 20, 1967,
and recorded in Official Records Book 611, page 554, Seminole County
Public Records, wherein City committed to aid in the construction
financing of a Holiday Inn Motel, and in connection therewith completely
warranted the title thereto for financing purposes; and
WHEREAS, City has heretofore determined that the public
convenience and necessity demanded the development of a marina and
commercial complex on Lake Monroe and in the downtown area of the
City as an aid toward discounting the continued threat of urbanization
and the continued downward trend of values of the high tax revenue of
downtown Sanford properties; and
W HEREAS, upon such determination, City has heretofore
validated a One Million Dollar Revenue Certificate Issue and has from
the proceeds thereof completed a hydraulic fill area in Lake Monroe
at an expenditure of approximately Eight Hundred Thousand Dollars
to further the aforesaid public purposes, which said fill area is com-
pleted and ready for occupancy by Monroe Motels, Inc., and
V HEREAS, as a necessary condition to the construction
of the facilities heretofore determined to be necessary in the public
interest for the City of Sanford the title to said land must be insured
through Insuror; and
V4 HEREAS, the fill permit as issued to the Corps of Army
.Engineers pursuant to the rights of navigation and commerce control
vested in the United States Government contains a reservation of
rights to the United States Government as to channel control, re-
location and maintenance, which in the ,judgment of In suror might
jeopardize the facilities to be constructed and the title incidentally
to be insured thereby by Insuror, and in order for said title to be
insured by Insuror it is necessary for City to indemnify Insuror
against such loss as a result of City's construction; and
WHEREAS, City has determined that the expenditures here-
tofore made and the heretofore validated public purpose to be served
necessitate such indemnity In order that the end product necessary
for City may be realized.
NOW, THEREFORE, in consideration of the premises and
as a specific inducement for Insuror to issue a mortgagee title in-
surance policy upon the premises described In the aforesaid lease
in the sum of Six Hundred Thousand Dollars, which said policy is by
these presents declared necessary by City, City does agree to indemnify
Insuror for and against all loss or damage which Insuror might suffer
under the aforesaid policy caused by the abatement or destruction of
the aforesaid fill and improvements thereon due to or arising out of
the exercise of the power to regulate and control navigation and
commerce as vested in the United States Government and as reserved
in the fill permit heretofore issued by the Corps of Army Engineers.
IN WITNESS WHEREOF, this instrument has been duly
-2-
a
executed by the :Mayor and City Cleric of the City of Sanford, Florida,
with full authority as a result of affirmative action of the City Com-
mission of the City of Sanford, Florida, the day and year above
w ritten.
Signed, Sealed 4nd Delivered
In a enc of: THE TY F SANFO , FLORIDA
- - -
BY 1 - 4 le�
I/ g iPy4,
Attest
City C
CERTIFICATE
I H. L. Vv HELCHEL, the duly appointed and acting Clerk
of the City of Sanford, Florida, DO HERESY CERTIFY that the fore-
going agreement was duly authorized by the City Commission of the
City of Sanford, Florida,
IN WITNESS 41 HEREOF, I have hereto set my hand and the
seal of the City of Sanford, Florida, this 20th day of April, A. D. 1967.
. L. Wheichel, City Clerk
-3-
001
AGREEMENT TO LEASE
THIS AGREEMENT, made and entered into this ZA day of
March, A.D. 1966, by and between THE CITY OF SANFORD, FLORIDA,
a municipal corporation, hereinafter called City, and MONROE MOTELS,
INC., hereinafter called Lessee,
WITNESSETH:
WHEREAS, City is entering into a program calling for the
development ofamarina commercial complex on a hydraulic fill area to
be established along the southerly shore of Lake Monroe within the City
of Sanford, County of Seminole, Florida, and
WHEREAS, City is desirous of having a Holiday Inn motel, a
restaurant, banquet and pool facilities constructed and operated on a
portion of said fill area, as more specifically designated on the proposed
plans and specifications for said development; said area consisting of
approximately three (3) acres; and
WHEREAS, City has been approached by Lessee in connection
with the construction and operation of said Holiday Inn, and the parties
hereto have orally agreed to enter into a lease arrangement for said
purposes, which lease will include and be subject to the provisions
hereinafter set forth;
NOW, THEREFORE, in consideration of the mutual covenants
herein contained, City agrees to lease to Lessee said premises herein-
after described, upon the following terms and conditions, to -wit:
1. Description. Motel area. The demised premises as to
the motel area shall consist of a three (3) acre portion of the proposed
hydraulic fill area as more specifically shown on the plans of said fill
area, which are made a part of this agreement by reference.
2. Term. The term of said lease shall be for a period of
a�
001
AGREEMENT TO LEASE
THIS AGREEMENT, made and entered into this ZA day of
March, A.D. 1966, by and between THE CITY OF SANFORD, FLORIDA,
a municipal corporation, hereinafter called City, and MONROE MOTELS,
INC., hereinafter called Lessee,
WITNESSETH:
WHEREAS, City is entering into a program calling for the
development ofamarina commercial complex on a hydraulic fill area to
be established along the southerly shore of Lake Monroe within the City
of Sanford, County of Seminole, Florida, and
WHEREAS, City is desirous of having a Holiday Inn motel, a
restaurant, banquet and pool facilities constructed and operated on a
portion of said fill area, as more specifically designated on the proposed
plans and specifications for said development; said area consisting of
approximately three (3) acres; and
WHEREAS, City has been approached by Lessee in connection
with the construction and operation of said Holiday Inn, and the parties
hereto have orally agreed to enter into a lease arrangement for said
purposes, which lease will include and be subject to the provisions
hereinafter set forth;
NOW, THEREFORE, in consideration of the mutual covenants
herein contained, City agrees to lease to Lessee said premises herein-
after described, upon the following terms and conditions, to -wit:
1. Description. Motel area. The demised premises as to
the motel area shall consist of a three (3) acre portion of the proposed
hydraulic fill area as more specifically shown on the plans of said fill
area, which are made a part of this agreement by reference.
2. Term. The term of said lease shall be for a period of
fifty -five (55) years commencing at the date of completion of said land
development by City, as hereinafter specified.
3. Rental, As consideration for said lease, Lessee shall pay
to the City as base rental for the motel area One Dollar ($1.00) per year
for the first five (5) years of the term hereof, payable annually, in advance,
on the anniversary date thereof, and Five Thousand Dollars ($5, 000.00)
per year for the next fifty (50) years of said lease, payable in pro -rata
monthly installments commencing on the first day of the month after
commencement of the term thereof, with pro -rata adjustment for any
fractional part of said month. Additional rental shall be payable com-
mencing with the sixth (6th) year of the term thereof computed by taking
two and one -half percent (2 -112 of the gross revenues over Five Thousand
Dollars ($5,000.00) per motel unit. Said additional rental shall be increased
to five percent (57 of the gross revenues over Five Thousand Dollars
($5, 000.00) per motel unit beginning on the first day of the twenty -first
(21st) year of the term hereof. All additional rental shall be payable
during the year after its accrual in pro -rata monthly installments together
with the base rental. As provided herein, gross revenues shall consist of
all revenue derived from all sources incident to the operation of the Holiday
Inn and related facilities and shall be determined by certified audit, pro-
vided, however, that the books of Lessee shall be open for inspection and
audit by City auditor at any time during business hours.
4. Land Development. City shall develop the demised premises
in accordance with the plans and specifications prepared by City's engineers
and agreed to by the parties hereto and incorporated herein by reference.
It is anticipated that said land development program will be commenced
approximately April 1, 1966, and completed approximately November 1966.
5. Motel. Lessee shall construct a Holiday Inn having a minimum
of sixty -four (64) units together with restaurant facilities and seating
-2-
capacity of three hundred (300) for banquet and convention purposes. Said
construction is to commence immediately after the effective date of the
lease, and in connection with such construction, the parties agree as
follows:
(a) Lessee shall contract with a reputable contractor of
its selection for said improvements.
(b) Lessee shall obtain construction or permanent financing
necessary for said improvements.
(c) Lessee shall obtain a franchise from Holiday Inns of
America, Inc., for the construction and operation of said Holiday Inn.
(d) Architectural plans and specifications for the construction
of the Holiday Inn shall be approved by Holiday Inns of America, Inc.
(e) City shall subordinate its interest in the demises pre-
mises pertaining to the motel construction by executing any and all
documents required of it to be executed by the lending institution or
institutions making the construction and permanent loans for said Holiday
Inn building and improvements; provided, however, City shall only be
liable to the extent of its interest in the demised premises, and provided
further that any and all mortgages shall have provision to protect the
City from acceleration of payments required by said mortgagee.
(f) The lease shall expressly prohibit liability as to
City's interest in the demised premises for mechanics` liens in connection
with the building improvements, which expressed prohibition shall be in
accordance with Section 84.101, Florida Statutes 1963.
(g) A complete performance and completion bond shall
be required on all construction.
6. Taxes. Lessee shall annually pay unto the City its regular
and uniform ad valorem taxes on all building improvements on the property
together with required tangible personal property tax. In the event for any
-3-
reason it should be held by a court of competent jurisdiction that City
does not have the authority to tax such facilities, then such tax equivalent
shall be paid to the City as additional rent. City, however, agrees during
the first three (3) years of the demised term hereof to place the taxes
levied and assessed on the motel as to the buildings into an advertising
fund which shall be used by the City in advertising the City of Sanford
including the lakefront as a whole. The City's annual billboard contract
shall be considered a part of this program.
7. Insurance. Lessee will provide public liability and property
damage insurance naming the City as co- insured in such company and in
such amounts as shall be from time to time required by City.
8. Parking. It is acknowledged that parking areas will be
made available by City during construction. All such areas included
within Lessee's demised areas will be maintained by Lessee, and
those parking areas exclusive of the demised area shall be maintained
by City.
9. Assignment and Subletting. The lease shall not be assigned
nor any portion of the demised premises sublet without written consent
of the City, which consent shall not be unreasonably withheld. Pertaining
to subletting, in the event such subletting is approved, the gross revenue
formula applicable to rentals shall be applied either to the rent received
by Lessee or to the gross revenues from all sources derived by the sub-
tenant, whichever is greatest.
10. Indemnification In the event of breach of this contract
by Lessee said party agrees to indemnify and hold harmless the City
from any losses directly to City as a result of said breach.
11. Motel Franchise. In the event that the Lessee is not
able to obtain a franchise for a Holiday Inn motel, then Lessee shall
have an option to substitute for the Holiday Inn a franchised motel of
zz
an equal or similar type nationally established chain.
12. Option to Renew. So long as Lessee is not in default of
the lease, it shall be granted an option to renew the same for an additional
term of forty -five (45) years under the then existing terms. Said election
must be exercised by Lessee not more than twelve (12) nor less than six
(6) months prior to the expiration of the original term by giving written
notice to City.
13. Miscellaneous In addition to the foregoing, City agrees
as follows:
(a) To include the lakefront development areas as a part
of the regular City Police security.
(b) To provide a chain link fence so as to divide the motel
and public areas from the marina area making the marina, motel and
beach areas inaccessible to each other except by controlled entrances.
(c) City will provide utility connections to the demised
sites but not within the interior of said sites, nor will the City be res-
ponsible for any paving, maintenance, landscaping, or otherwise within
the demised sites.
(d) Lessee agrees to construct a swimming pool on the
demised premises, the minimum size of which shall be adequate for
the motel operation, provided, however, Lessee represents that it is
conducting a feasibility survey, and in the event such survey proves
feasible, then Lessee will construct an Olympic size swimming pool
and make the same available for special events sponsored by the City
so long as such events are within reason and consistent with the
operation of the Holiday Inn motel.
(e) City agrees that it will not lease any other portions
of the proposed fill area to other persons for the purpose of constructing
and operating motels, apartments, or other lodging facilities during
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the term of the lease.
(f) All operations shall be conducted seven (7) days a
week with sufficient personnel.
(g) The demised premises shall be used only for the
purposes contemplated by this contract.
(h) No destruction or damage to any building or improve-
ments by fire, windstorm or other casualty shall be deemed to entitle
Lessee to surrender possession of the demised premises or to terminate
the lease or to violate any of its provisions or to cause any rebate in rent
then due o thereafter to become due.
14. Insolvency. Said lease or any interest therein is not
assignable by operation of law including bankruptcy, whether voluntary
or involuntary, or any other state or federal law relating to debtors,
and no trustee, sheriff, or purchaser at any judicial sale, or any officer
of any court or receiver, except if appointed by City, as hereinafter
provided, shall acquire any right under the lease or to the possession
or use of the premises or any part thereof without the prior written
consent of City.
15. Option to lease additional land. City shall grant unto
Lessee an irrevocable option to lease an additional two (2) acres of
land adjacent to the demised land as shown on the plans and specifications
incorporated herein, for the sole purpose of expanding the construction
of the Holiday Inn motel and related facilities. In the event such option
is exercised, the base rental for such additional land shall be the sum
of Two Thousand Five Hundred Dollars ($2, 500.00) payable annually in
advance, with the same percentage overrides applicable to additional
motel units as hereinabove specified. Until such option is exercised,
City will maintain said two acre area free and clear of all trash, rubbish
and weeds and in keeping with the other common areas maintained by City.
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on
✓N
1 °'
16. T ermination. Upon default thereof by Lessee, the lease
at the option of City shall be null and void, and in addition thereto, the
City shall have all other rights and remedies afforded to it under the laws
of the State of Florida, including but not limited to the right to apply to a
court of competent jurisdiction for the appointment of a receiver, in which
event Lessee by these presents does consent to such appointment. Any
action necessary by the City as a result of default by Lessee shall in
addition to all other rights and remedies entitle City to collect from
Lessee all costs thereof, including a reasonable attorney's fee.
IN WITNESS WHEREOF, the parties hereto have caused these
presents to be executed on the day and year first above written.
Witness:
OWN
STATE OF FLORIDA )
COUNTY OF SEMINOLE )
I HEREBY CERTIFY that on
0
0
MO�N-,RO�gE MOTELS, INC.
By - _P_ 'ZC� r sc Ci
President
Attest. tLa�2 a—
S retary
the day of March, -A.D.
L. Wilson and H. L. Whelchel,
Mayor and Clerk, respectively, of the City of Sanford, Florida, a municipal
corporation, to me known to be the persons who signed the foregoing instru-
ment as such officers, and they severally acknowledged the execution
thereof to be their free act and deed as such officers for the uses and
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1966, personally appeared before me, A.
THE CITY OF SANFORD, FLORIDA
purposes therein mentioned and that they affixed thereto the official seal
of said corporation, and that the said instrument is the act and deed of
said corporation.
WITNESS my hand and official seal at Sanford, Seminole County,
Florida, on the day and year last aforesaid.
\7n
Notary ub ic, State of Florida
My commission expires
Nom Pubik Stm of Florkto 0 fAr&
AW Commission Expires Ape. 17, 1969
STATE OF FLORIDA )
COUNTY OF SEMINOLE )
I HEREBY CERTIFY that on this day, before me, an officer
duly authorized in the State and County aforesaid to take acknowledgments,
personally appeared and
well known to me to be the President and
Secretary, respectively, of the corporation named as Lessee in the fore-
going and that they severally acknowledged the execution thereof to be
their free act and deed as such officers for the uses and purposes therein
mentioned and that they affixed thereto the official seal of said corporation,
, and that 'the said instrument is the act and deed of said corporation.
WITNE }}S //S my hand and official seal at Sanford, Seminole County,
Florida, on the / 6 : day of March, A.D. 1966.
Notary Public, State of Florida
My commission expires: o f f Aw. of W99, as t`,..misston Expires A 17, 8969
i