444-Lake Jessup Groves 3 modifi THIRD MODIFICATION TO AGREEMENT
This THIRD MODIFICATION TO AGREEMENT, entered into on this~.~---~day of
,2003, between the CITY OF SANFORD, (hereinafter re%~ed to as
"CI~"), a municipal ~rpomtion, and ~KE JESSUP GROVES, INC., (hereinafter mfe~ed
to as "LJG"), (~llectively the pa~ies) shall modi~ the AGREEMENT be~een the padies
dat~ Februa~ 25, 1992, as modified by that ~ain MODIFICATION TO AGREEMENT
dated August 1, 1998 and SECOND MODIFICATION TO AGREEMENT dat~ Feb~a~
21, 2003 as fellows:
RECITALS
WHEREAS pursuant to that certain Agreement the parties hereby agree that LJG
can enter into sub-leasing contracts with vadous entities for the sub-leasing of the
unplanted acres of the groves; and
WHEREAS the parties agree to the planting of approximately 15 acres of vadous
palm tree varieties for future resale; and
WHEREAS LJG, in conjunction with others, by separate agreements, intend to plant
approximately 2,000 Palm Trees, it is therefore;
COVENANTED AND AGREED pursuant to the arrangement between the parties for
the citrus grove, after the recovery, by LJG, of the cost of the purchase, planting,
maintenance and harvesting of said palm trees, fifteen percent (15%) of the remaining net
revenue will be paid to the CITY as rent, as and when collected.
Upon completion of the planting by LJG of the proposed palm tree area, the
maintenance fee paid each year by the City (as set forth in paragraph (2) of the Modification
to Agreement dated August 1, 1998) would be reduced by $1,050.00 per year.
All other terms and conditions of the AGREEMENT and the previous
MODIFICATIONS TO AGREEMENT not in conflict herewith shall remain in full force and
Landlord:
Tenant:
CITY OF SANFORD
Brady Lessard, Mayor
D ate: ~/L~ (~,~'/2~-~, ~(-~
Attest:
LAKE JESSUP GROVES, INC,
George B. Wallace, President
Date:
~Print Name:
City Clerk -