681-PRA-Addendum 1 FIRST ADDENDUM TO MEMORANDUM OF AGREE1VIENT
THIS AGREEMENT is the First Addendum to that certain Memorandum of Agreement dated
, el. November 21, 1997, by and between the CITY OF SANFORD, the first party, hereinafter referred
~ to as the "CITY", whose address is 300 North Park Avenue, Sanford, Florida 32771 and PRA
~ DEVELOPMENT AND MANAGEMENT, INC., the second party, hereinafter referred to as
~,~ ' "PRA", and whose address is c/o George B. Wallace, Esq., 413 West First Street, Sanford, Florida
32771.
1. This Agreement concerns a portion of the following described real property:
All of Blocks 1, 2, 11, 12, 13, 14, 22 and unlotted Block East of
Block 13 and North of Block 22, all lying North of FtRST STREET
CHAPMAN AND TUCKER'S ADDITION TO SANFORD recorded
in Plat Book 1, Page 24 and Plat Book 3, Page 55; All of Blocks A,
B, C and D, FIRST STREET EXTENSION, according to the map or
plat thereof as recorded in Plat Book 3, Page 76; Lots 48, 49, 50, 51,
52, 53 and 54, LAKE VIEW PARK, according to the map or plat
thereof as recorded in Plat Book 3, Page 41 of the Public Records of
Seminole County, Florida.
A map of the above-described real property is attached to the Memorandum of Agreement as Exhibit
2. Paragraph 3 of the Memorandum of Agreement is hereby amended to read as
follows:
"3. PRA hereby agrees that the time period below shall begin 10 days after a
favorable election result is obtained on a City sponsored referendum on the
development of Ft. Mellon Park. If the City Commission does not present the
issue to the voters, PRA hereby agrees that the time period referenced below shall
begin to run 10 days from written notice from the City to PRA stating that the
matter will not be presented to the voters. PRA agrees to perform the following
tasks adhering to the schedule set forth as closely as possible (subject to the
extensions as set forth below):
a. Feasibility Study and Appraisal 3 months
b. Conceptual Design Phase 6 months
c. Development approvals, including all applicable site
plan review and permits 9 months
d. Long Term Lease Agreement with CITY, i.e. 99 year
lease 12 months
e. Securing sukable financing, construction to commence
in stages after financing is obtained 18 months
Notwithstanding the foregoing estimated schedule, the time frame for each
task shall be automatically extended for an additional three (3) month period upon the
written request of PRA to the City, provided PRA is proceeding with due diligence.
If such extension is necessary, then the completion date for all of the future tasks shall
be extended accordingly."
3. In all other respects, the Memorandum of Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the said first party has signed and sealed these presents the day
and year first above written.
First Addenclum to Memorandttm of Agreement
City of Sanford/PRA Development and Management, Inc.
Page 2
· guI 'lu~tuo~,uuI~ ptre lu~uldol~Ao(i V-dd]p,~ojxmS ~o
luomoo.~2V $o mnpu'u.xouxoIA! ol umpuoppV ls~!A