444-Lk Jessup Groves
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FOURTH MODIFICATION TO AGREEMENT
This FOURTH MODIFI~~~ AgREEMENT, entered into on this ZZ"";dayof
~A / -;-2007,b~~n the CITY OF SANFORD (hereafter referred
to as "CITY"), a municipal corporation, and LAKE JESSUP GROVES, INC., a Florida
corporation (hereafter referred to as "LJG") shall modify certain terms of the AGREEMENT
between the parties dated February 25, 1992, as subsequently modified by these
MODIFICATIONS TO AGREEMENT dated August 1, 1998; February 21, 2003 and f
December 22,2003 respectively, as follows:
RECITALS
WHEREAS LJG, pursuant to the terms of its AGREEMENT with CITY as previously
modified, has planted approximately 4100 palm trees of differing varieties on the leased
premises; and
. WHEREAS some of the varieties may require a growing period exceeding the
remaining term of the AGREEMENT between the parties; and
WHEREAS it is in the best interest of both parties to extend the current lease term
in order for said varieties to fully mature so as to maximize the financial return to both
parties; and
WHEREAS LJG has invested substantial sums for the planting and maintaining of
the leased premises and desires to confirm its rights to either renew the lease at its
expiration, (as extended herein) or purchase the property at or before its expiration in order
to encourage the further planting and improvement of the property by LJG it is hereby
COVENANTED AND AGREED
1. Paragraph 3 of the AGREEMENT between the parties dated February 25,
1992 is hereby modified to provide for an initial term of thirty-five (35) years commencing
upon the completion of the planting of Phase 1.
2. Paragraph 6(b) of the AGREEMENT between the parties is hereby modified
to add the following provision:
"As an alternative to the annual certified audit described above, LJG will provide to
CITY copies of all of its bank statements, deposit slips, cancelled checks and tax
returns within ten (10) days of the completion of said tax returns but in no event
later than Apri/15 of each year. The CITY reserves the right, upon review of said
documents, to request an audit as described above."
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3. Paragraph 7 of the AGREEMENT between the parties dated February 25,
1992 is hereby modified in its entirety to provide as follows:
'The CITY grants to LJG upon expiration of the term of this AGREEMENT,
provided LJG is not otherwise in default under the terms of this
AGREEMENT, the first right of refusal to re-lease the Subject Property.
Further, the CITY grants to LJG upon expiration of the terms of this
AGREEMENT, provided LJG is not otherwise in default under the terms of
this AGREEMENT, the first right of refusal to purchase the Subject Property
upon a purchase price for the Fair Market Value and other acceptable terms
to be negotiated between the parties, in good faith, at the time of the
exercise ofthis right of first refusal. LJG agrees to maintain the entire leased
site including the unplanted portions of the subject property. All references
to the City agreeing to pay LJG for the continuing maintenance of the
unplanted portions of the subject property are hereby deleted from all
previous amendments and the original agreement. LJG agrees to properly
maintain the entire subject property to include but not limited to maintaining
satisfactory operation of the micro-jet systems. Maintaining the soil strip
herbicide for the micro-jets and keeping the grass mowed. LJG shall
maintain the surface irrigation system including the micro-sprinklers,
polyethylene lines/tubing. LJG shall be responsible for maintaining the
swales and drainage ditches including, but not limited to mowing and
grading."
Upon termination of the lease between the parties, LJG shall continue to maintain
the caretaking of the palm trees planted on the premises until such time as they reach full
maturity and can then be sold. LJG shall also maintain the caretaking, harvesting and
selling of the various citrus fruit trees located on the premises.
8. LJG shall assume full responsablitiy forthe surface maintenance ofthe Grove site
including the mowing and microjet maintenance of the unplanted portion at no cost to the
City for the remainder of the lease term as consideration for the option to purchase the
property as provide above. The City shall continue to maintain the irrigation system other
than the mircojet and polylines. The City will, upon occasional request from LJG ,clear the
drainage ditches which become over grown in spite of the regular chemical weed control
to be assumed by LJG upon the completion of the City's clearing of said ditches.
[SEE ATTACHED FOR SIGNATURES]
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ALL ELSE REMAINS THE SAME.
Landlord:
CITY OF SANFORD
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Date: LJ....../+..DB
Tenant:
LAKE JESSUP GROVES, INC.
By: ~~~
c;OOrge B. Wallace, President
Date: C/ k v/oY
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