165-Lake Monroe Industrial Park S, JOSEPH PIAZZA, LLM, TELEPHONE (305) 425-1812
S're'~NLSARCUS March 20~ 1987
Frank Faison, City Manager William Colbert,-County
City of Sanford Post Office Box 1330
Post Office Box 1778 Sanford, Florida 32771
Sanford, Florida 32771
Dear Messrs. Faison and Colbert:
This firm represents J.W. Hickman. Dr. Hickman owns a
portion of the real estate located within the city limits of
Sanford, which real estate was originally transferred by the City
to South Shore Club, Inc. subject to a Right of Reverter.
Thereafter, by an Extension Agreement dated March 25, 1983, the
City released its Right of Reverter for the payment of $54,500.00
and $10,000.00 per year until such time as a Certificate of
Occupancy was issued by the City for at least 240 dwelling units
and 60 beds of a proposed life-care facility. The apparent
purpose of the $10,000.00annual payment was to compensate the
City for lost tax revenue during any period in which there was not
full development of the property. As you may know, there have
been a number of events subsequent to the City's transfer of the
property to South Shore Club, Inc. which radically change the
potential utilization of the property and, thereby, make the
former agreements between South Shore Club, Inc. and the City
unworkable from a realistic development prospective. Without
getting into unnecessary detail, it suffices to say that the
property is currently owned as follows:
Candace Berry 10.0%
Robert Feather 12.5%
South Shore Club, Inc. 77.5%
The property cannot be currently economically developed in
accordance with the intentions of South Shore Club, Inc. when it
acquired the property and the City's desire for development.
Specifically, the property consists of a site formerly used by the
Page 2
City Manager of Sanford and Atty. Colbert
March 20, 1987
City for refuse disposal. As a result, the site consists of
various layers of refuse and fill. The soil base is unsuitable
for development without the use of pilings, the cost of which are
virtually prohibitive. Neither South Shore Club, Inc. nor the
City anticipated this problem at the outset of the agreements.
It is obviously the desire of our client to develop the
property to its fullest extent or transfer the property to a
developer for that purpose. Equally obvious is the City's desire
to see the property developed so that adequate tax revenue can be
generated by its development. Neither of these desires can be
met, however, under the existing arrangement. First, because of
the expense of development it does not seem possible that 240
units can be constructed on the site. Second, subsequent to the
transfer of the property, the "Certificate of Need" for the life-
care facility has expired and, accordingly, such facility cannot
be constructed.
We request a meeting with the appropriate officials of the
City of Sanford for the purposes of discussing, in detail, the
foregoing and reaching an amicable resolution to the satisfaction
of all parties. We believe that the resolution will require the
City to agree to forego the $10,000.00 annual payments pending
development of the property and further agree to modifications for
the use of the property.
In the interim, to show good faith, our client has delivered
to us its check for $10,000.00 payable to the City of Sanford. A
copy of that check is enclosed. We would like to meet with the
appropriate officials as soon as possible and look forward to
discussing the resolution of this matter with you at your earliest
convenience.
If you have any questions or require any additional
information, please feel free to contact me. If not, please
contact me to schedule a mutually convenient time for a meeting.
Sinc tel
SJP/ldl
cc: client
cc: Honorable Bette Smith
TRANSMITTALMEMORANDUM
TO: Mr. Pete Knowles, City Manager Date: July 5, 1983
P.O. Box 1778
~j Sanford, FL 32771
Re:
File No.
Your No.
DOCUMENTS OR PAPERS LISTED BELOW ARE ENCLOSED:
Enclosed is the 6riginal Agreement to the City from Bud Feather
and a copy of the deed from the City to Feather.
If you have questions, please advise.
PLEASE TAKE THE FOLLOWING ACTION:
THANK YOU.
STENSTROM, MclNTOSH, JULIAN, COLBERT & WHIGHAM, P.A.
Attorneys at Law
Suite 22, Flagship Bank
Post Office Box 1330
Sanford, Florida 32771
Telephone: (305) 322-2171 ~~BER~T~
Orlando Exchange 834-5119
WILLI
AGREEMENT
THIS AGREEMENT entered into the 27 day of June, A.D.,
1983, by ROBERT G. FEATHER (hereinafter "OWNER"), and the CITY
OF SANFORD, FLORIDA (hereinafter "CITY").
WHEREAS, ROBERT G. FEATHER is the owner of certain real
property located in the City of Sanford, Florida, as more par-
ticularly described in Exhibit "A" attached hereto (hereinafter
"the PROPERTY"); and
WHEREAS, the OWNER plans to construct a life care center
with up to 400 dwelling units and a 120 bed nursing facility, and a
2 acre office/commercial park on the property (hereinafter "the
PROJECT"); and
WHEREAS,the CITY has authorized the issuance of tax
exempt industrial revenue bonds to finance the PROJECT; and
WHEREAS, the CITY received certain rights of reverter
by instruments described as follows:
Reverter I dated 12/9/81 and recorded in OR Book
1370, Page 0042, Public Records of Seminole County,
Florida;
Reverter II dated 12/9/81, unrecorded;
Agreement to Release dated 12/22/81, unrecorded;
Agreement and Reverter dated 6/28/82, recorded in
OR Book 1401, Page 1175, Public Records of Seminole
County, Florida; and
Extension Agreement dated 3/25/83, unrecorded.
(Copy attached and incorporated herein by reference. )
WHEREAS, the OWNER has paid to the CITY the sum of
$54,500.00 and the CITY has agreed to release its reverter rights
as provided in paragraph two of the Extension Agreement described
above; and
WHEREAS, the CITY and the OWNER intend to be bound by
the remaining paragraphs of said Extension Agreement; and
OFFICIAL RECORDS
PAGE
1151
SE~I!NOLECO. FL.
WHEREAS, a suit has been commenced by EOGHAN N. KELLEY
against ROBERT G. FEATHER and the CITY OF SANFORD, FLORIDA, in
Case No. 83-525-CA-09-E, Seminole County, Florida, to recover
architectual fees and costs allegedly owed by ROBERT G. FEATHER
from any loss, damage, fee or expense~ of said suit; and
WHEREAS, the CITY desires to assure itself that the
OWNER of the PROPERTY will be obligated to pay the CITY for
municipal services provided for the life of the PROJECT, even if
the PROJECT or PROPERTY should become exempt from ad valorem
property taxes.
NOW, THEREFORE, for and in consideration of the premises
and covenants contained herein, and other good and valuable con-
sideration, the receipt and sufficiency of which are hereby
acknowledged, it is agreed as follows:
1. That the CITY will, simultaneously with the
signing of this Agreement, release by Quit Claim Deed all of its
right, title and interest in the PROPERTY described in Exhibit
"A" attached hereto; in particular its reverter rights known as
Reverter I and Reverter II.
2. That OWNER agrees to pay the CITY $10,000.00
per year, plus all ad valoremreal property taxes from March 1,
1983 until the date a certificate of occupancy is issued by the
CITY for at least 240 dwelling units and 60 beds of the proposed
life care facility. The first payment shall be paid on or before
March 1, 1984, and shall be paid annually thereafter. Payments
shall be prorated for any part of the year when the certificate
of occupancy described above is issued.
3. The parties agree that the obligation to pay
the $10,000.00 described in the preceding paragraph shall run
with the land, and any payments not timely made shall constitute
-2-
a lien against the property and shall be subject to foreclosure
in the same manner as any other lien.
4. OWNER agrees and covenants that the real
property and the improvements to be constructed thereon shall
now and at all times in the future be subject to all City ad
valorem real property taxes, or that equivalent payments in
lieu of taxes will be madeas described in the next paragraph.
5. That in the event the PROJECT should become
exempt from ad valorem property taxes in the CITY, during the
life of the PROJECT, the OWNER of the PROPERTY shall, during
each year of ownership, pay to the CITY an amount equivalent
to the amount that would then be due annually to the CITY if
the PROJECT or PROPERTY was not exempt during such year, such
amount to be paid each year in lieu of ad valorem property taxes,
as reimbursement to the CITY for the proviaion of police and fire
protection~ refuse service~ street and road construction, main-
tenance, and repair~ utility construction, maintenance and repair;
and/or other such services normally provided by the CITY.
6. That OWNER shall indemnify and hold the CITY
harmless, f~l~fh~=~l~fe~=~i=~=~-~M~from any loss,
damage, fee or expense of Case No. 83-525-CA-09-E, filed by EOGHAN
N. KELLY against ROBERT G. FEATHER and the CITY OF SANFORD, FLORIDA.
7. This Agreement shall be placed in the land records
of Seminole County, Florida, and the covenants contained herein shall
run with the land and shall bind, and the benefits shall inure to,
the OWNER, his successors and assigns~ and all subsequent o~mers
of the property or any interest therein, until such time as the
PROJECT is no longer in existence.
8. All prior agreements between the parties and
their predecessors in title are hereby ratified and confirmed
-3-
· - ' ~ 6FFJCtAL RECORDS
1468 115S
SEMINOLE C0. FL,
and shall remain in full force and effect except as modified
herein.
IN WITNESS WHEREOF, the parties have executed this
Agreement as of the 'day and date first above written.
· ?.;?% ~ CITY OF SANFORD, FLORIDA
Deputy City Clerk ~ = ~;~./i~ By
~ Mayor
ROSA M. ROTUNDO~ -.
STATE OF FLORIDA) ,
SE~NOLE
COUNTY OF ~
Sworn to and subscribed before me this J of June,
A.D., 1983, by LEE P. MOOE , ~ Mayor of the
City of Sanford, Florida, and ROSA M. ROTUNDO, as Depty City Clerk
of the City of Sanford, Florida.
Notary P~lic - Stat~ ~f ~lorida
STATE OF FLORIDA)
SEMINOLE)
COUNTY OF M)
Sworn to and subscribed before me this j day of June,
A.D., 1983 by ROBERT G. FEATHER.~+~
-4-
} G8 1155
EXTENSION AGREEMENT
SEMINOLEC0. FL
THZS.AGI~EE~d~NT. ma~e a~ e~ecQted th~s~5' da~ of ~arc~,
1983, ~et~een ~O~ERT G. FEATHER and THECIT3f O~ SAN~ORD~ ~O~IDA.
HHEREAS, the C~t~ of Sacford, ~lorlda sold ~ro~ert~ to
South Shore CIQ~, Inc., for the ~rpose of constrQctincj
a~artment com~le~ ~h~ch ~o~ld ~e a soarce of taz reve~e for the
C~t~ a~d a6d~t~O~al d~e~l~n~ Q~ts for ~ts c~t~ens~ a~d
HHE~AS, the sale ~as sQ~ject to a R~t of Re~erter
· ~ro~d~ t~t ~ t~e e~ent Soath Shore Cl~ Z~c. d~d not
comme~ce const~ct~onof ~m~ro~ements ~th~n 180~a~s that the
C~t~ could reacq~re the ~ro~ert~ ~or the su~u of $117,000o00; a~d
co~ence~ ~h~n ~he ~e~u~=ed ~80 6a~ ~e ~e~od, and ~he C~
HH~S, sa~d ~=o~e=~ Has ~=c~ased'~
HH~S, ~ ~g~ee~en~ and ~e~e=te= da~e~ ~he 28~h
o~ ~e, ~982, ~he C~ ~ee~ to ez~e~d ~he~e ~o c0~e~ce
const=~c~o~ ~ 270 da~s; and
days as ~e~ed ~y the sa~d ~g~ee~e~ and ~e~e~e=;
~he=e~o ~as ~e~aes~ed a ~a~ve~ o~ ~he C~'s ~e~e~e= ~9~s so
as ~o ~ac~Z~te co~s~Qc~on.o~ a ~o~osed ~e ca~e center,
consisting o~ ~ ~O ~00 d~eZZ~n~ ~ a~ a ~20 bed ~s~g
HH~S~ ~he C~' Co~ss~onhas 6e~e=~ned
HH~S, t~e C~ ~as aa~o=~e~ the ~ss~a~ce oE ta~
NOW~ THEREFORE, FOR VALUE RECEIVED, ROBERT G. FEATHER
AND THE CITY OF SANFORD, FLORIDA, AGREE AS FOLLOWS:
1. Anextension oftime is granted to Robert G. Feather
by the City of Sanf0rd, and said extension of time shall commence
on March 1, 1983, and terminate 90 days thereafter. The City of
Sanford agrees notto exercise its rights of reverter within said
90 day extension. ~
2. The City agrees to accept the sum of $54,~00.00
if tendered by Robert G. Feather within said 90 day extension and
upon receipt of said funds, the City of Sanford agrees to execute
the necessary documents to release all reverter rights it has in
and to the said property.
3. In consideration of said extension of~'time and
offer to release rights of reverter given by the City of Sanford,
RobertG. Feather agrees to pay the City of Sanford $10,000.00
per year, plus all ad valorem real property taxes from the date
of said extension until the date a certificate of occupancy is
issued by the City of Sanford for at least 240 dwelling units and
60 beds of the proposed life care facility. The first payment
shall be paid on or before.! March 1~ .19.84, and shall be paid
annually thereafte~o Payments shall be prorated for any part of
the year when the certificate of occupancy described above is ~
issued. ~ cD
4. The parties agree ~ha~ the obligation ~o pay the ~
$10,000.00, described in paragraph. ~hree above, shall run with p
the land, and any payments not timely made shall constitute a
lien against the property and shall be subject to foreclosure
in the same manner as- any other l~en.
5. Robert G. Feather agrees and covenants that the
real proper~y and the improvements to be constructed theEeon shall
now and at all times in the future be subject to all City' ad valorem
real property taxes.
6. At the time the City of Sanford executes releases
its rights of reverter, Robert G. Feather shall execute such '.
documents. as are necessaryto effect the provisions of paragraphs
3, 4, and 5 above.
7. All parties to this agreement agree 'that its te~ms
and conditions shall survive the 'closing, De binding on all heirs,
successors or assigns of the parties, and sha~ll attach. to .and run
with the land described herein.
8. All prior agreements between the parties and their
predecessors in title. are hereby ratified and confirmed and s~all
9. Time is of the essence of eem~
' ~ RO ER
A~ST~~:-~:}: ~
LEE P. MOO~, ~YOR
STATE OF FLORIDA ) (CORPO~TE SEAL)
COUNTY 0F SEMINOLE )
__ SWORN to and subscribed before me by ROBERT G. ~:~ATHER, ~'
this ~ day of March, 1983. - ~
COUNTY OF SEMINOLE. )
I HE~BY CERTIFY tha't on this day, before me,' an~0fficer
duly authorized in the State and County aforesaid to tak~
acknowledgemen~s, personally apppeared LEE P. MO0~-and HENRY N.
T~, well known to me to be the Mayor and City Clerk respectively
of the City of Sanford, and that they severally- acknowledged
executing the same freely and volUn~rily under authorit~.~u~y..
vested in them by said corporation and that the seal afford ~o
is the true corporate seal of said corporation.
WITNESS' my hand and seal in the County a~d:Si~ la~"'~%
aforesaid this 30~ay of March, 1983. =~':= ~,' J
EXTENSION" 'AGREEMENT
THIS AGREEMENT..made and executed this~ day of March,
1983, between ROBERT G. FEATHER and THE.CITY OF SANFORD, FLORIDA.
WHEREAS, the City of Sanford, Florida sold property to
South Shore Club, Inc., for the purpose of constructing an
apartment comple~ which would be a source of tax revenue for the
City and additional dwelling units for its citizens~ and
WHEREAS, the sale was subject to a Right ofiReverter
providing that in the event South Shore Club, Inc. did not
commence construction'of improvements within 180.days that the
City could reacquire the property for the sum of $117,000.00; and
WHEREAS, the construction of improvements was not
commenced Within the required 180 day time period, and the City
was asked to delay implementation of the ReVerter provisions; and
WHEREAS, said property was purchased' by Robert G.
Feather'from South Shore Club, Inc.'; and
WHEREAS; by Agreement and Reverter dated the 28th day
.of June, 1982, the City agreed to extend the'time to commence
construction by 270 days; and
WHEREAS, improvements were hot commenced within 270
days as required by the said Agreement and Reverter; and
WHEREAS, Robert G. Feather has requested an additional
extension of time to commence construction and in addition
thereto has requested a waiver of the City's reverter rights so
as to facilitate construction of a proposed life care center,
consisting of up to 400 dwelling unit~ and a 120 bed nursing
facility, and a proposed 2 acre office/comercial'park; and
WHEREAS, the City' Commission has determined it in the
public interest to encourage the construction of a life care
center with up to 400 dwelling units and a 120 bed nursing
facility, and a 2 acre office/commercial park, while requiring
the property and the improvements thereon to be subject to all
City ad valorem real property taxes; and
WHEREAS, the City has authorized the issuance of tax
exempt industrial revenue bonds to finance said improvements.
NOW, THEREFORE, FOR VALUE RECEIVED, ROBERT G. FEATHER
THE CITY OF SANFORD, FLORIDA, AGREE AS FOLLOWS:
!. An extension of time is granted to Robert G. Feather
by the City of Sanford, and said extension of time shall commence
on March 1, 1983, and terminate 90 days thereafter. The City Of
Sanford agrees not to exercise its rights of reverter within said
90 day extension. ~
2. The City agrees to accept the sum of $54,~00.00
if tendered by Robert G. Feather within said 90 day extension and
upon receipt of said funds, the City of Sanford agrees to execute
the necessary documents to release all reverter rights it has in
and to the said property.
3. In consideration cf said extenslcn of"time and
cffcr to re!case rights of rcverter given by the City of Sanford,
l~(:rt G. Feather agrees to pay the Cit~' of Sanford $10,000.00
T..c:r '.i,;,- ~us all ad va!orc~ real property taxes _.c._ date
c:! [..':l~ c:xtcnDion until the c~atc a Cer~__ c _ c- cccupanc3' is
ic.==',=~.cl bD' the City of Sanfcr~ fcr at least 2-~? d'~e!lin-7 unit5 and
~0 beds of the'proposed life care facility. The first payment
shall be paid on or before. March 1~ 19.84, and shall be paid
annually thereafter. Payments shall be prorated for any part of
the year when the certificate of o'ccupancy described above is
issued.
4. The parties agree ~hat..~he obligation to pay the
$10,000.00, describedin paragraph three above, s~a'll run with
the land, and any payments not timely made shall constYtute a
lien against the property and shall be subject tO foreclosure
in the same manner as' any other lien.
5. Robert G. Feather agrees and covenants that the
real property and the' improvements to be constructed thereon shall
now and at all times in the future be subject to all City ad valorem
real property taxes.
6. At the time the City of Sanford executes releases to
its rights. of reverter, Robert G. Feather shall execute such
documents as' are. necessary to effect 'the' provisions of paragraphs
3, 4, and 5 above.
7. All parties to thils agreement.agree 'that its terms
and conditions she'll survive th~ 'closing, be binding on all heirs,
successors or assigns of th~ parties, and shall attach to.and run
with the land described he'rein.
S. All prior agreements between the parties and the'it
predecessors in title are hereby ratified and confirmed and shall
effect except as modified h 're'n.
9. Time is of the essence .
-. '. :"..", ....
ATTEST: ·
STATE OF FLORIDA ) (CORPORATE SEAL)
COUNTY OF SEMINOLE )
SWORN to and subscribed before me by ROBERT G. FEATHER,
this JF day of March, 1983. ~ - q~
NOTARY " '
My Co~issi'on Expires:
COUNTY OF SEMINOLE 1
I HEEBY CERTIFY that on this day, before me,' an officer
duly authorized in the State and County aforesaid to take
acknowledgements, personally apppeared LEE P. MOOE-and HENRY N.
TM~, well known to me to be the Mayor and City Clerk respectively
of the City of Sanford, and that they severally acknowledged
executing the same freely and voluntarily under authority duly
vested h them by said corporation and that the seal affixed hereto
is the true corporate seal of said corporation.
WITNESS my hand and seal in the County a~d State last
aforesaid this ~ay of March, 1983.
AGREEMENT TO RELEASE
FOR VALUE RECEIVED, the CITY OF SANFORD, FLORIDA, (CITY)
covenants and agrees unto SOUTH SHORE CLUB, INC. (OWNER) that
in the event City does not accept either deed or reconveyance
as procided for under Reverter I and II attached hereto within
sixty (60) days from the date tendered by Owner, said Reverters
shall be null and void'and City shall execute and record in
the Public Records of Seminole County, Florida, a release of
said Reverters.
CITY OF SANFORD, FLORIDA
A
STATE OF FLORIDA
COUNTY OF SEMINOLE
SWORN TO AND AUBSCRIBED before me this ~ ~'~'~'day of
December, A.D., 1981.
NOTARY PUBLIC
State of Florida
My Commission Expires:
~K Commlssi;~ Expires April 16,
~.__~ ....... _
REVERTER I
THIS REVERTER made and cxecuted this 30th day of November,
A~ D., 1981, by SOUTH SHORL CLUB, INC., a Florida corporation
existing under the laws of Florida.
FOR VALUE RECEIVED, SOUTH SHORE CLUB, INC., (OWNER) hereby
agrees toconvey title to the following described property, to-wit:
Lots 5, 6, 7, (Less the Westerly 84.06 feet of
said Lot 7) and 11, LAKE MONROE INDUSTRIAL PARK,
according to the Plat thereof as recorded in Plat
Book 14, Page 20, Public Records of Seminole
County, Florida; Lots 3, 4, and 8 (Less the
Westerly 209.06 feet of said Lot 8), LAKE MONROE
INDUSTRIAL PARK, amended replat according to Plat
Book 14~ Page 78 of the Public Records of Seminole
County, Florida; and also that abandoned portion
of MAPLE CONCOURSE as set forth in Official Records
Book 977, Page 418, Public Records of Seminole
County, Florida,
to the CITY OF SANFORD~ FLORIDA, (CITY) in the event Owner does
not commence construction of contemplated improvements no later
than one hundred eighty (180) days from November 30, 1981, and
in consideration of such reconveyance, there shall be immediately
due and payable to OWner by City, in exchange for the deed, the
sum of One Hundred Seventeen Thousand Dollars ($117,000.00) in
U. S. funds.
SOUTH SHORE ?LUB, I,NC-
Witness As Its President
'STATE' OF FLORIDA
COUNTY OF ORANGE
SWORN TO AND SUBSCRIBED before me this 9th day of
December, A. D., 1981.
~b~ ~y Publib, State of Florida
lsslon Explr
REVERTER II
THIS REVERTER made and executed this 30th day of November,
A. D., 1981, by SOUTH SHORE CLUB, INC., a Florida corporation
existing under the laws of Florida.
FOR VALUE RECEIVED, SOUTH SHORE CLUB, INC., (OWNER)
hereby agrees to convey the following described property, to-wit:
Lots 5, 6, 7 (Less the Westerly 84.06 feet of said
Lot 7 and 11, LAKE MONROE INDUSTRIAL PARK, according
to the Plat thereof as recorded in Plat Book 14,
Page 20, Public Records of Seminole County, Florida;
Lots 3, 4, and 8 (Less the Westerly 209.06 feet of
said Lot 8), LAKE MONROE INDUSTRIAL PARK, amended
replat according to Plat Book 14, Page 78, of the
Public Records of Seminole County, Florida; and
also that abandoned portion of MAPLE CONCOURSE as
set forth in Official Records Book 977, Page 418,
Public Records of Seminole County, Florida,
to the CITY OF SANFORD, FLORIDA (CITY) in the event Owner fails
to proceed with construction in accordance with usual standards
of development and'Without unreasonable delay to completion of
said improvements on the above described real property once
construction has cemmenced, and in consideration of said re-
conveyance, there ~hall be immediately due and payable to
Owner by City, in exchange for the deed, the sum of One
Hundred Seventeen Thousand Dollars ($117,000.00) in U. S. funds.
Witness As Its President
TRANSMITTAL MEMORANDUM
TO: HENRY TAMM Date: 12-23-81
Re: Sanford/Rucker
File No.
Your No.
DOCUMENTS OR PAPERS LISTED BELOW ARE ENCLOSED:
Original Warranty, Deed and Reverter I which was recorded
PLEASE TAKE THE FOLLOWING ACTION:
THANK YOU.
STENSTROM, McINTOSH, JULIAN, COLBERT & WHIGHAM, P.A.
Attemeys at Law
Suite 22, Flagship Bank
Post Office Box 1330
Sanford, Florida 32771
Telephone: (305) 322-2171
Orlando Exchange 834-5119
WILLIAM L. COLBERT
'~P!j~oI~ 'X~unoD
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13TO OOr+2
SE~=9~OLE CO. FL.
REVERTER I
THIS REVERTER made and executed this 30th day of November,
A. D., 1981, by SOUTH SHORE CLUB, INC., a Florida corporation
existing under the laws of Florida.
FOR VALUE RECEIVED, SOUTH SHORE CLUB, INC., (OWNER) hereby
agrees to convey title to the following described property, to-wit:
Lots 5, 6, 7, (Less the Westerly 84.06 feet of
said Lot 7) and llt LAKE MONROE INDUSTRIAL PARK,
according to the Plat thereof as recorded in Plat
Book 14, Page 20, Public Records of Seminole
County, Florida; Lots 3, 4, and 8 (Less the
Westerly 209.06 feet of said Lot 8), LAKE MONROE
INDUSTRIAL PARK, amended replat according to Plat
Book 14, Page 78 of the Public Records of Seminole
County, Florida; and also that abandoned portion
of MAPLE CONCOURSE as set forth in Official Records
Book 977, Page 418, Public Records of Seminole
County, Florida,
to the CITY OF SANFORD, FLORIDA, (CITY) in the event Owner does
not commence construction of contemplated improvements no later
than one hundred eighty (180) days from November 30, 1981, and
in consideration of such reconveyance, there shall be immediately
due and payable to Owner by City, in exchange for the deed, the
sum of One Hundred Seventeen Thousand Dollars ($117,000.00) in
U. S. funds.
SOUTH SHORE CLUB, INC.
Witness As Its President
iSTATE OF FLORIDA
December, A.D., 1981.
Sanford, Florida
32771
Commi~iou-rfianaqer Plan
October 1, 1981 305/322,.3161
e. O, BOX 1778
3~ NORTH pARK AVENUE
WARREN E. KNOWLES
CiTY MANAGER
~r. Tb~es F o Nncker
5~ San Sebastian prado
Altamonte Springs, Florid1 32701
Re: Labgfront p~operty
Cit of Sanford receiving.
e biuder for a sixty (
is ' chsse the previously agreed 19kefront
property, west of
T~e City Cczmission approved t, bis si~t~/(60) d~y time
extension at ~heir Sep~enber 28, 1981 meetinto You shoul~
plan to close on ~he purchase prior ~o Novetx~ ~9, !981
if you s~e ~o ret, ain the ProPertY° ~e~/truly yours,
City Manager
Senford City C~i°n
~ Attorney ~
CiTY OF SANFORD, FLORIDA No. 04'61
9m- Oct. 2, ~1
~ece~v~ Of THOMAS RUCER $ ] O, 000, O0
Ten Thousand Dollar~ Ooll~
p~nb~se l~ke frnnt prnp~rty by R
.- coEision 9/28/81. ~
Sanford
'~UJ Commission-l'~aaager Plan
~ ~; JUly 1, 1981
WARREN E. KNOWLES 305/322-3161
CITY MANAGER P.O. BOX 1778
300 NORTH PARK AVENUE
Mr. Thomas F. Rucker
527 San Sebastian Prado
Altamonte Springs, Florida 32701
Re: lakefront property
This is to acknowledge receipt of your check in the amount of
$10,000.00 and your request for a time extension of three months for
the actual closj/~g date of the sale to be October 1, 1981. The
$10,000.00 is in addition to the $13,000.00 previous paid to the
City as non-returnable deposit and part of the purchase price.
It is understood that the delay for your request is due to
complete revision of the planned construct/on into a project of
three times greeter than previously conceived and that the revision
is possible now due to you receiving the backing through the Aspen
DeveloFment end Management Corporation.
I am reoa~Lendjng acceptance of the $10,000.00 as an additions]
good faith binder for the three month extension of the closing date
and this will be suhnitted to the Sanford City C~m~ission at their
JUly 13, 1981 meeting.
Very truly yours,
W. E. "Pete" Knowles
City Manager
WEK/mjh
cc: Sanford City Cu~,~Hssion
"The Friendly City"
,/
.i //f SaNfOrd, ?~OridaNo. O< .; ~
Ten thouse~nd and no 00/000 Dollc~rs
For ~dditional binder and deposit on lake front propertyF
#Acct nmber ~-01-11595-2~ ·
OPTION AND CONTRACT TO PURCHASE
THIS AGREEMENT made and entered into this 28th day
of January , 1980, by and between THE CITY OF SANFORD,
FLORIDA, a Municipal corporation, hereinafter referred to as
"Seller", and THOMAS F. RUCKER, hereinafter referred to as
"Buyer":
WITNESSETH:
WHEREAS, Seller is the owner of certain real property
situated in Sanford, Seminole County, Florida, which Buyer
desires to purchase in accordance with the terms and conditions
hereinafter set forth; and
WHEREAS, it is the understanding and intent of the parties
that the purchase of the property by Buyer is contingent upon
Buyer's ability to arrange for certain development of the
property and is, therefore, conditioned upon Buyer proceeding
with the development of the property in accordance with the
terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the sum of THIRTEEN
THOUSAND AND NO/100 ($13,000.00) DOLLARS, receipt of which is
hereby acknowledged by Seller, Seller hereby grants unto
Buyer the privilege of purchasing within the time stated herein
for the purchase price of ONE HUNDRED THIRTY THOUSAND AND
NO/100 ($130,000.00) DOLLARS, of which the consideration paid
for this contract is a part, the real property situated in Sanford,
Seminole County, Florida and described as follows:
Lots 5, 6, 7 (Less the Westerly 84.06 feet
of said Lot 7) and tl, LAKE MONROE INDUSTRIAL
PARK, according to the Plat thereof as
recorded in Plat Book 14, page 20, Public
Records of Seminole County, Floirda;
Lots 3, 4 and 8 (Less the Westerly 209.06
feet of said Lot 8), LAKE MONROE INDUSTRIAL
PARK, amended reptat according to Plat Book 14,
page 78 of the Public Records of Seminole
County, Florida; and also that abandoned
portion of MAPLE CONCOURSE as set forth
in that certain instrument of record,
recorded in Officail Records Book 977,
page 418, Public Records Of Seminole
County, Florida.
The remaining portion of the purchase price in the sum
of ONE HUNDRED SEVENTTEN THOUSAND AND N0/100 ($117,000.00)
DOLLARS shall be paid to Seller at closing, subject to any
adjustments for proration or closing costs. The terms and
provisions of this contract as as follows:
1. The option to purchase granted herein shall expire
on December 1, 1980. However, if On November 1, 1980, the
prime interest rate generally recognized by the banking industry
is more than ten (10%) percent, Buyer shall have until
June 1 , 1981, to exercise the option to purchase.
2. If Buyer elects to exercise this option to purchase,
notice of such election must be given to Seller in writing
stating the closing date which shall not be later than thirty (30)
days from and after the date such notice is mailed. It is
the specific understanding of the parties that it is essential
that this transaction be closed no later than December 1, 1980
unless there are title problems which cannot be cured by Seller
by that date and unless the prime interes rate generally
recognized by the banking industry is more than ten (10%) percent
on November 1, 1980.
3. Thirty (30) days from and after the execution of this
contract, Seller shall, at its expense, furnish a complete
abstract of title from the earliest public records of Seminole
County, Floirda down to a date subsequent to the date of this
contract. Said abstract of title shall be prepared by a person
or firm acceptable to the Buyer, and the complete abstract
covering all of the property described in this instrument for
the period of time set forth above shall be delivered to Buyer
within said time period. Buyer shall proceed to have title
examined, and if said title examination reveals that title to
the property is free and clear of all liens andsencumbrances,
and title is good, marketable and insurable, then this transaction
shall be closed on a date to be determined by Buyer. If the
evidence of title shall not meet the requirements above specified,
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Seller shall ~ave a reasonable period o± aime to cure the defects,
and will, in good faith, exercise due diligence to do so. If
the defects are not cured within: that time, the Buyer shall
have the right to either:
a. Take any and all necessary action to cure
said defects at the expense of Seller, or
b. Accept title of Seller, notwithstanding said
defects, and to close this transaction in
accordance with its terms and conditions, or
c. Terminate this contract, and if the Buyer
shall elect to terminate, the amount paid
as consideration for this contract and all
extensions thereof shall immediately be
refunded to Buyer, and until refunded, Buyer
shall have alien upon all of the above
described land.
If Seller cures the defects within said reasonable period of
time, and upon doing so, the Buyer shall fail to close this
transaction in accordance with the terms of this contract, then,
and in such event, this agreement shall terminate and the amount
paid as consideration on this contract and all extensions
thereof, shall be forfeited to the Seller as liquidated damages
and all obligations of this agreement as to all parties shall
terminate.
4. If Buyer elects to exercise this option to purchase
and upon receipt of notice of such election Seller shall within
fifteen (15) days from receipt of said notice furnish Buyer
with an update of said abstract referred to in paragraph 3,
said update commencing with the last date certified to be covered
in the aforesaid abstract and bringing said title down through
the date of notice of the exercise. Buyer shall have ten (10)
days within wliich to examine the updated abstract and all pro-
visions as to objections to title and Buyer and Seller's
remedies thereto referred to in paragraph 3 above shall apply.
5. The parties hereto specifically acknowledge and agree
that time is of the essence of this contract and that it is
an essential term of this contract that construction of the
contemplated improvements commence no later than thirty (30)
days following closing. The time for closing and commencement
of construction shall only be extended in the event there are
defects in the title of the property which cannot be cleared
within the time frame specified in this contract. In such event,'
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the closing of this transaction and co~nencement of construction
will take place within thirty (30) days of the date title is
cleared. In addition to commencing construction, Buyershall
proceed with construction in accordance with usual standards
of development and without reasonable delay to completion of
said improvements. In the event Buyer does not proceed with the
development of the property as specified herein and title has
been conveyed to Buyer, Buyer agrees to reconvey title to Seller,
and in such event Seller shall return to Buyer all sums of money
paid by Buyer herein save and except the THIRTEEN THOUSAND AND
NO/100 ($13,000.00) DOLLAP~ consideration for this option
agreement which Seller may retain and all parties will release
each other from all liability.
6. In the event this contract is exercised and this
transaction is closed, the property herein described shall be
conveyed to Buyer or his nominee by Warranty Deed ~ith full
covenants of warranty, free and clear of liens and encumbrances
except as outlined herein, and Seller shall, at its expense,
affix to the deed the requisite amount of documentary stamps
and Buyer shall deliver the balance of the ~equired initial
payment.
7. During the first sixty (60) days after the date of
this contract, Buyer, his employees, agents or representatives,
shall have the right and privilege to enter upon the above described
land to make inspection thereof, to make surveys and/or soil
test~, etc., to determine the use~/'to which said property may
be put, so long as the inspection, surveys and/or tests do no
damage to the property or interfere with the ordinary transaction
of business by the Seller. In the event that said survey
indicates encumbrances upon said property which are not referred
to herein, then said encumbrances shall be treated as title
defects pursuant to paragraph 3 above. If the report of soil
tests or other tests s~alldisclose any soil or subterranean
condition which would necessitate any extraordinary cost in
construction of the foundation for Buyer's proposed buildings,
then in that event, BUyer may, at his option, cancel and
terminate this contract by furnishing written notice of such
- 4 -
cancellation and termination to Seller, along with a copy of
the written report of the results of said tests, in which event
the aforesaid consideration for this option agreement and
any extensions hereof shall be promptly refunded to Buyer.
In the event Buyer desires to cancel and terminate this contract
for the reasons stated herein, the written notice of such
cancelation and termination shall be submitted to Seller within
sixty (60) days from the date of this contract.
8. Seller represents and warrants unto Buyer that the
proper~y described herein contains approximately 7.9 acres
and ths. t the property is situated within the City of Sanford,
Seminole County, Florida and that at the time Buyer in~tends to
construct his project as set forth above and of which project
Seller is aware there will be no governmental prohibitions,
restrictions, zoning, or other ordinances which would prohibit
Buyer's intended improvements to the subject property or
materially increase the construction costs or materially change
Buyer's plans of construction of said project.
9o In the event Buyer fails to exercise this option to
purchase, the THIRTEEN THOUSAND AND NO/100 ($13,000.00) DOLLARS
deposit paid herein shall be f6rfeited to Seller.
10. If the Seller fails to perform any of the covenants
of this contract, or if any of Seller's warranties are not complied
with, the aforesaid money paid by the Buyer shall, at the option
of Buyer, be returned to the Buyer on demand and all parties
shall execute a release of the other party of their rights and
obligations under this contract; the Buyer, however, at his option,
may proceed in law or equity to enforce his legal rights under
this contract, all monies paid pursuant to this contract by the
Buyer as aforesaid shall be retained by or for the account of the
Seller as consideration for the execution of this contract and
as agreed and liquidated damages and in full settlement of any
claims for damage.
11. In connection with any litigation arising out of this
contract, the prevailing party shall be entitled to recover any
costs incurred, including reasonable attorneys' fees.
12. Buyer shall have the right to assign his interest in
this contract only upon the written consent of Seller, which
consent shall not be unreasonablywithheld. Buyer shall have the
right to assign his interest to any legal entity, whether a
corporation or partnership, so long as Buyer has a substantial
personal interest in said legal entity.
13. No agreements or representations, unless incorporated
in this contract, shall be binding upon the parties. The
terms and conditions of this contract shall be binding upon and
inure to the benefit of the parties hereto, their heirs and
assigns.
IN WITNESS WHEP~OF, the parties hereto have hereunto set
their hands and seals on the date and year first above written.
Signed, sealed and delivered
in the presence of:
=[~ZZ~ ~. ,J'~2~' The Ci o or , Florida
-- By: ~~
Attest:
Y Clerk
/
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