027 MayfairTax Proration Agmt TAX PRORATION AGREEMENT
Between
SEMINOLE CLUB,INC.,and CITY OF SANFORD
In connection with the Closing of the Termination of Lease Agreements and Related Agreements and
Mutual Release("Release Agreement")between Seminole Club,Inc.,("Seminole Club"),and the
City of Sanford(the"City"),the parties enter this Tax Proration Agreement,and agree as follows:
1. The parties agree to prorate the ad valorem taxes that will be due on the Mayfair Country
Club property(the"Premises") for the 2007 tax year,
2. The amount of the proration is based upon the amount of the 2006 taxes on the Premises,
to wit,$3,668.50,and assumes a Closing on the Release Agreement on or around
September 28,2007.
3. Seminole Club's portion of the prorated taxes is equal to 83,057.17,and a reduction equal
to this amount is reflected in the consideration to be paid by the City to Seminole Club
pursuant to the Release Agreement.
4. It is understood by the City and Seminole Club that when current year's tax bills are
received,the parties may make such further adjustment as might be indicated by such
figures between.
5. Excluding any adjustment pursuant to paragraph 4,above,Seminole CIub shall not be
responsible for the payment of any ad valorem taxes on the Premises for the 2007 tax year,
or any subsequent tax year.
SEMINOLE CLUB,INC. CITY OF SANFORD
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By: u�te . 06A44,t_e.n..J By:; �e� 3•
Alice Daniels,
President 4k/g&-'
DATED: September iqO ,2007 DATED: September '� ,2007
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