749-Revisionary Interest Agree REVERSIONARY INTEREST AGREEMENT '*
This Agreement is entered into this 24t:h day of Feb~:uar:~ 1999,
between Lois M. Paulucci and Jeno F. Paulucci, who reside at 2020 Washington
Avenue, Sanford, Florida 32771 (hereinafter, the "DONORS"), and Tony
VanDerworp, in his capacity as City Manager for the City of Sanford, Florida, a
Municipal Corporation, who is specifically authorized to act on behalf of the City
of Sanford, Florida (hereinafter, "CITY").
WHEREAS, DONORS are currently the owners of a (circa 1967) replica of
a 1932 "Model A Ford" automobile (hereinafter, the "AUTO") having a State of
Florida Vehicle Title Number of 7546404, and wish to convey the AUTO to a
worthy charitable or civic cause; and
WHEREAS, the CITY is in need of an antique automobile to promote its
Drug Abuse Resistance Education ("D.A.R.E.") Program, and wishes to use the
AUTO to heighten the visibility of the D.A.R.E. Program in the four Sanford
elementary Schools;
NOW, THEREFORE, in consideration of the covenants herein contained,
and other good and valuable consideration, the parties agree as follows:
1. DONORS hereby donate and convey all right, title and interest in
the AUTO to the CITY, provided that the CITY agrees to maintain
the AUTO in its present mechanical condition;
2. The CITY agrees that the AUTO will be used to promote the
D.A.R.E. program, and agrees to reconvey the AUTO back to the
DONORS in the event that the D.A.R.E Program should terminate
and the CITY can find no other beneficial use for the AUTO;
3. The CITY agrees that the license plate, reading "LMP", currently
attached to the front of the AUTO shall remain attached to the
AUTO in perpetuity and shall be well-maintained by the CITY;
4. The CITY agrees that the only signa9e on the AUTO relating to the
DONORS shall consist solely of the license plate identified above in
clause 3, and that the CITY shall refrain from placing any
commercial advertising on the AUTO except for marks associated
with the D.A.R.E. Program;
5. The CITY agrees that its failure to observe and/or comply with any
of the above provisions shall result in a!l right, title and interest in
the AUTO immediately reverting back to DONORS, at no expense
to DONORS, and CITY shall upon request of DONORS (or
DONORS' family) immediately return the AUTO to a location in
Seminole County, Florida, designated by DONORS and shall
reconvey title to AUTO back to DONORS at CITY's expense. CITY
expressly agrees that the determination of whether a breach of this
Agreement has occurred shall be at DONORS' sole discretion, or at
the discretion of DONORS' family, and CITY expressly agrees not
to contest such a determination.
6. This Agreement shall be governed by the laws of the State of
Florida;
7. The parties agree that this Agreement represents the entire
understanding of the parties and may only be modified by a writing
signed by both parties. All prior promises, commitments, or
understandings, whether oral or written, are hereby void.
Dated this 2.4th day of February , 1999.
DONOR · Ci of San d, ri a
ITS: Cify MRnRBer
Jeno aulucci