444-Lake Jessup Groves 2 ModifiCOI)- (4qq
SECOND MODIFICATION TO AGREEMENT
This SECOND MODIFICATION TO AGREEMENT, entered into on this 21 " day of
F640)op, Y , 2003, between the CITY OF SANFORD, (hereinafter referred to as "CITY"),
a municipal corporation, and LAKE JESSUP GROVES, INC., (hereinafter referred to as "LJG"),
(collectively the parties) shall modify the AGREEMENT between the parties dated February 25,
1992, as modified by that certain MODIFICATION TO AGREEMENT dated August 1, 1998 as
follows:
RECITALS
WHEREAS the parties recognize that there has been a substantial deterioration in the
returns and the financial risks in the citrus industry and particularly as to the growers of citrus and;
WHEREAS the original AGREEMENT between the parties contemplated returns from the
sale of citrus by LJG which would be sufficient to fund a phased plant out of the entire 270 acres
of the property leased to LJG pursuant to said AGREEMENT; and
WHEREAS to date LJG has not recovered its initial investment nor realized profits which
would justify the current schedule of further planting as provided for under the AGREEMENT as
previously modified; and
WHEREAS the parties have agreed to allow other uses for the currently unplanted portion
of the leased premises to wit: growing and selling sod therefrom; and
WHEREAS the parties have agreed to a revenue sharing arrangement for said operation
different and distinct from the Rental and Revenue sharing requirements for citrus it is therefor
covenented and agreed that the AGREEMENT between the parties is modified as follows:
1. Paragraph (2)(a) of the AGREEMENT, as modified, shall no longer require a set
time schedule by which LJG shall be required to plant further phases of citrus. LJG
may plant the remaining portion of the leased premises, in phases as previously
agreed, as and when economically feasible to due so in the sole determination of
LJG.
2. LJG shall continue to seek other revenue generating uses for the remaining
unplanted portion of the leased premises, such as the current sod sales, and as for
sod sales shall pay CITY, as rent, % of all proceeds derived therefrom. Said
payments of rent may be paid directly to the CITY by the sod buyers as and when
payments are made.
3. In the event the sod operation results in an increase in real property taxes assessed
on the lease property, each party will be responsible for one-half of any such
increase attributable to said sod or non -citrus area operation.
4. The rental and revenue sharing arrangements previously agreed shall remain in full
force and effect as to any future citrus plantings and sales.
All other terms and conditions of the AGREEMENT and the MODIFICATION TO
AGREEMENT not in conflict herewith shall remain in full force and effect.
Landlord:
CITY OF FORD
By:
Brady Less rd, Mayor
Date:
Attest:
P nt Name: T /j -g7
City Clerk
Tenant:
LAKE JESSUP GROVES, INC.
By:
eorge B. Wallace, President
Date: i