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HomeMy WebLinkAbout2001 08 27 Regular F Parker Property Purchase and Sales Agreement Add On Agenda E August 2, 202001 Page 1 of 1 COMMISSION AGENDA ADD-ON ITEM F CONSENT INFORMATIONAL PUBLIC HEARING REGULAR X 08/27/01 Meeting MGR. ~ /DEPT Authoriz"'ition REQUEST: City Manager requesting the City Commission to approve the Purchase and Sale Agreement for the acquisition of the Parker Property and to authorize the City Manager to execute the agreement on behalf of the Commission. PURPOSE: This agenda item is needed for the Commission to approve the Purchase and Sales Agreement and to authorize the City Manager to sign the agreement. CONSIDERATION: On June 25, 2001 the City Commission authorized the acquisition of the Parker tract subject to a referendum to be held on September 4, 200 I and authorized the City Manager and City Attorney to develop a Purchase and Sale Agreement for Commission approval. This agenda item is provided pursuant to that authority. FUNDING: Funding will be secured by a long-term bond issue secured by a pledge of not more than 0.25 mills. RECOMMENDATION: It is recommended that the Commission review the proposed Purchase and Sale Agreement, approve the agreement with any changes it deems appropriate, and authorize the City Manager to execute the agreement on behalf of the Commission. ATTACHMENTS: Purchase and Sale Agreement COMMISSION ACTION: BROWN, WARD, SALZMAN & WEISS, P.A. ATTORNEYS AT LAW Usher L. Brown + John H. Ward + Gary S. Salzmano Jeffrey S, Weiss Suzanne D' Agresta Anthony A. GarganeseO Scott D. Danahy Alfred Truesdell Arthur R. "Randy" Brown, Jr. + Brett A. Marlowe Jeffrey p, Buak Kristine R. Kutz Joseph G. Colombo Debra S, Babb Two Landmark Center 225 East Robinson Street, Suite 660 Post Office Box 2873 Orlando, FL 32802-2873 (407) 425-9566 (407) 425-9596 FAX Email: agarganese@orlandolaw.net Website: www.orlandolaw.net Cocoa: 866-425-9566 + Board Certified Civil Trial Lawyer o Board Certified Business Litigation Lawyer o Board Certified City, County & Local Government Law + Board Certified Labor & Employment Law August 13,2001 Mr. Ronald W. McLemore, City Manager City of Winter Springs 1126 East State Road 434 Winter Springs, FL 32708 Re: Parker Property Our File No. 1193 Dear Ron: Enclosed for your information is a copy of the latest draft of the Purchase and Sale Agreement for the Parker property from the Parker's attorney, Stephen Price. We need to discuss placing this on the August 27,2001 City Commission agenda. Anthony A. Garganese City Attorney AAG:kj Enclosure F: IDOCSICity of Winter Springs\Parker PropertylCorrespondencelMcLemoreOOI.lI'pd AUG.094-a01 01:47 4078436300 4078436300 -> BROWN.WARD.SALZMAN&WEISS.PA; Page 2 #0152 P.OO2/017 cfq/o'/ Re~eived: 8/ 9/01 1 :50PM; <# PURCHASE AND SALE AGREEMENT TIDS PURCHASE AND SALE AGREEMENT (hereinafier "Agreement") is entered into by and between CITY OF WINTER SPRINGS, a Florida municipal corporation, whose address is 1126 North State Road 434, Winter Springs, Ft 32708, (hereinafter "Buyer"), and RICHARD H. I~ARKER; RICHARD H. PARKEU and BETENA L. PARKER, Tnlstees or their successors in Trust under the. "Richard ll. Parker Livine Trust dat~!J November 29. 1995amd GLORIA PARKER and PATRICIA J. PARKER as Co-Trustees of the Pal'ker Familv Tnlst created under Ai!reement effective March 1. 1992: GLORIA .JEANNE P A RK~R and PATRICIA J. PARKER. as Co-Trustees of the Gloria Jeanne Parker Revocable Tn.st created under agreement dated October 19.1990: and .;.husband,and.wife;-.and.ro:OW ARD II. PARKER and SUE S. PARKER, Co-Trustees under that um'ecordedJ_t~yocableIrust.Af!reement entitled Edward H. Parker llevocablc Tn.st dated January 27. 1988 AN))...JEA.NNE PARKER, lil:J3eanB Bad wife; whose address is c/o Stephen II. Price, Esq., 1420 Edgewater Drive. Orlando, FL 32804, (hereinafter "Seller"). WITNESSETH: WHEREAS, Seller is the owner of an approximate 27.3 acre parcel of real property adjacent to Central Winds Park (hereinafter "Property") situate and being in the City of Winter Springs, Seminole County, Florida, and legally described as follows: SEE EXHIBIT "A" ATTACIIED HERETO WHEREAS, Buyer desires to purchase the Property fi'om Seller provided the purchase is approved by a majority of the registered voters of the City of Winter Splings at the referendum election scheduled on September 4.2001; and WHJ;;R:g,A.S.~..S~H~L1!o.d..Jluy~.r...~gt~.~Jbat..th~.,F..~'r.JY.r.~l.k~1.Y..~J~.!;...Qf.th.~..r.r.9.p~n:xj~ F.Qy.r.MiJ!jon Dollars and No/lOO b.a$.~4..Y.nQ!t!"at certain aopraisal fl:QmJ:!M~jngs and Spivey dated ___~_.u .. .. .. ~tlERE..a.s.._S.~.u.~r..h3.~..~gr~.~d..~J) ..?-.~~~l?t.~..~_~.b..~Jtm..1b~tjsJ~~$..lhAAn..~h~. .t:!!:!f...~:tl!r.k~t Y~.!!J~"..~m~t~ted herein. with the express Ynger~.t.~DJH!}g..1hat the difference in lhe_.~~~~.,~.Y.m paid by. the ~~r.J!:o.dJh~..~urchase Price stated herein sh~lLb.~..d.e.e.m.~.9_ a 81 n and otherwise tL~!t.HtQn~.$._l!_gh.~ri.t!\b.!.e.,~.9,tl.tr.!QYlj.Qn..i.D.JK~.Q.r.QMJ;.~Y.ijJ.bJe.d..~.ra.l.!.a~,~D.Q..~L~p.p..ti~~b.l~JJ1t~.m.!l1 R~y.~nMe...S~mg~.p..f.QYt~j.91l~-" NOW, THEREFORE, in consideration of the muttlal covenants, representations, warranties and agreements herein contained, and in consideration of the sums to bedcposiled Poge 1 (If 1~.l9.. Received: 8/ 9/01 1 :50PM; 4078436300 -> BROWN.WARD.SALZMAN&WEISS.PA; Page 3 AUG.09.~01 01:48 4078436300 #0152 P.003/017 or paid as contemplated by this Agreement, Seller agrees to 5eH and Buyer agrees to buy the Property upon the following terms and conditions: 1. . PROPKRTV .AND APPURTENANCES: The Property, as more particularly described herein above, is vacant, The Property will be sold to Buyer by Seller together with all tenements, hereditaments and appurtenances thereunto belonging, all of which shall be deemed part and parcel of the Property. Prior to closing, Seller shall remove or have removed all personal property located on the Property including, but not limited to, any debris, construction materials, junk, vehicles, trailers, boats, or other items abandoned or not permanently affixed to the ground. To the extent the same exist 011 the Effective Datc and are transferable and without any representation,or warrant.y express or implied, the Property shall be deemed to include aU licenses, permits, orders, authorizations and oLher governmental permissions of all governmental authorities having jurisdiction thereof (whether rederal, stat.e or local) owned or held by Seller which appertain or relate to the 'Property and which arc transferr8bletr.~.n~fe.r.~.p.J~ or assignable. 2. PURCHASE PRICl: AND METHO)) OF PAYMENT: CHARITABLE CONTRIBUTION: The purchase price of the Property (hereinafter "Purchase Price") shall be Two.E,Q.\!!: Million Nine HURdred-Ftfty ThousaAd and Noll 00 ($2, 950iOOO~'()OH$_1..9Jl9...QQQ,.9.91Dol1ars, The Purchase Price shall be payable as tollows: (a) Deposit (hereinafter "Deposit") in the amount ofFiily Thousand and no/100 ($50,000.00) Donars shall be paid upon the execution hcrcofby Buyer, to be held in escrow by BROWN, WARD, SALZMAN & WEISS, ,P.A. (hereinafter "Escrow Agent"); . (b) Cor,ditioned upon the financing being approved as ~et forth in paragraph 3 of this Agreement, the bftltmee.ofthe 'Purchase P-rice..r~!'n.~h~l.~g cash sum ot:.T.'?!.Q Million Ni~e.,"tl~.r!.~red Thousa:o.d..($.7....900.000.00) shall be paid in cash, cashier's check., attorney's trust check drawn on a reputable financial institution, or by wire transfer through the Federal Reserve System, at closing as hereinafter defined. (c) If Seller believesooothat based upon..Seller's flppraisal~f the Pmpe~ 'Purch8se-Priee,.hereiFl is less-than..thtl appropriat-e.fair--ma;-ket Valtle..fOF--the Pr-opeFty;..tl1e..SeUer- ma'l..Feqt:1est-..ulal-.the.-diffeFelle-e-bet weeFl..dlenPur-chase Priee,and..the.appfaised..value The remaining_b!l,I~!1ce oft-he PJ![G,hase Price in t.~,~,,~~Q.Y.m..9.f.Qp.~..M!!n.Q.~..flJJy_I.hQ!.!.!;~.I].g..(~.L.Q,5Jt('-QQ...QQ)..~h~ll be reflected as a charitable contribution to Buyer. Buyer will execute Internal Revenue Page 2 or l61~! Reoeived: 8/ 9/01 1 :50PM; 4078436300 -> BROWN.WARD.SALZMAN&WEISS.PA; Page 4 AUG.09.~01 01:48 4078436300 #0152 P.004/017 Service Form 8283, (Noncash Charitable Contributions) to acknowledge, as donee, the receipt of donatcd propcrty and wiU.,9.~h~~.~~.(;L~xecute and confirm s1,1ch other documents as may be reasonablY,J.~Q~\ir.~.4..~y. Seller to ratifY and ~Q!!jj.[ffi.~b.~_.~!IJ.llit{\Ql~_nl!rnLEt!\!\..p.9Jlj_QJ!_Q.L~b.~..tnm$.a~i.~?n, 3. FINANCING: The balance of the Purchase Price is conditioned upon the citizens of Winter Springs approving, by majority vote, the purchase by referendum at the September 4,2001 special election scheduled in Seminole County, Florida and the subsequent funding of the Limited Ad Valorem Tax Donds as set forth in Resolution No, 2001-30 attached hereto as Exhibit "B" and fully incorporated herein by this reference. If the referendum is not approved, this Agreement shall automatically temUnate and shall be deemed null and void. At that time, Buyer's deposit shall be returncd to Buyer and Buyer and Seller shall have no further obligations and responsibilities under this Agreement. 4. FEASmILTTY Dfi:TERM INA TION PERIOD: Buyer shall have until December 31, 2001 to determine the Jeasibilit y of Buyer's purchase of the Property, ("Feasibility Determination Period"). During the Feasibility DcterminationPcriod, Buyer may undertake, at Buyer's expense, such physical inspections, tests and other investigations as may be deemed neccssary by the Buyer in order for Buyer to evaluate the feasibility of the Buyer's purchase of the Property, Such investigations to include an Environmental Audit up to Level IT if Buyer determines it necessary after having received t.he resulls of a Level 1 Environment Audit. For purposes of undertaking physical inspections, tests or investigations of the Property, Seller hereby grants to Duyer, their agents, and professionals engaged by Buyer, the right to enter upon the Property and any part thereof duri~g the Feasibility Dctcrmination Period. Said tight of emry is conditioned upon (a) t.he Buyer giving Seller rcasonable notice, and (b) such entry being during normal business hours. Thc presence 011 the Property of such personnel shall only be for the purpose of conducting such inspections, tests or investigations, and no other personal activity shall be permiued. Any aLterations or changes to the Property that are a direct result of the inspccting, testing and investigations will be repaired and replaced by Buyer if a closing does not occur. To the extent.permitted by law, Buyer shall indemnify Seller against any loss or damages to the Property arising out, of or in COlUlcction with, any inspection, testing or investigation of the Property by Buyer, including but not limiled to, nonpayment {)fservices rendered to or for the benefit of Buyer or mechanics' licns or liability tor damage to persons or property arising from any activity pennitted hereunder or any change in the existing condition of the Property by Buyer or its agents, servants, employees, contractors or representatives, This indemnification and agreement to hold harmless shall survive Closing or termination of this Contract. Without limiting the generality of the foregoing, but in addition thereto, in the evcnt tlllS Contract is terminated under circumstances which entitle BUYClr to return of its Deposit (or any portion thereof or any other monies delivered by Buyer to Seller) prior to return of such Deposit (or any portion thereof or any other monics delivered by Buyer to Seller), Buyer shall ihrnish proof reasonably acceptable to Seller (in the form ofaffidavit.s, lien Page 3 of Hilfl , Received: 8/ 9/01 1: 51 PM; 4078436300 _>BROWN.WARD,SALZMAN&WEISS,PA; Page 5 AUG.09.~01 01:48 4078436300 #0152 p.005/017 waivers or releases, paid invoices and the like) that the Property has been returned to the condition in which they were prior to Buyer's inspections and that all Buyer's agents, 5elV8nts, employees, contractors and representatives who have entered upon the Property for the purpose of inspection, tests or otherwise have been paid in full so that a lien could not be validly filed against the Property, The foregoing is not intended to apply to matters created by or resulting from -acts by Seller or Lheir agents, servants, employees, contractors and representatives. The provisions oftbls subpar-agrapn.-efnumbered paragraph l'1.shall sUlvive any tennination of tius Contract. The Buyer's indemlufication of lhe Seller willllot include any loss or damage due to pre-existing conditions, problems or deficiencies of the Properly that are discovered through the inspection, te~1ing and investigation authorized herein. +fle-decision..as.to whether it is fessible.to,pl:lr(;t.lase the Propei'ty-ShaIJ.be'-aHhe sole discretioR of the Buyer. 1f..Jlfl~r...r.~yi~w:ip'g,Jh~..L~guJ~_QLn~p'.Q.r.t.$...frQmoo~!:Iy'_QfJh~.J.~$.t.~u:;!r inl)p~c~j.Q!}~..9.~~~r.ibed in this paragraph the Buyer dctcrmines. in its sole discr.~~j.Q!}.. that it is not feasible to purchase the Property, then Buyer may terminate this Agreement and obtain a refund of the Deposit (logether with any interest carned thereon), the total of which shall forthwith be paid to Buyer and the parties shall have no furlher liability hereunder, This provision shall not affect any other righls of the Buyer under this Agreement including, but not limited to the right to inspect the title of the Property. If13uY~Lf.aH.$..lO notify Seller in ~.~ltDg..Q[:a.lJY~[.S_~t~~tt9.n...t9.,.,~,~D!lj!!.~t~J.b.!~.oo^-,gr.~J~.m~Qt,.9.~oo9.I..QS;fQ1.~_1bJL~~P.ir.~t.i0.I'!.,9..fJhs; f..~l~J.Qm.ty.r..~riQrl~..B.J.,Iy.~f...~h~U...QS;_.g~.9.IDJt~...t9...b.~y.~..~l~ct.~.goo~Q..$!!;:_~~QU.h.~..P.r.9.p.~.rty. j~ .il~J_b.~!! ~~~~li(lg condition and will hay'~, ~.~j'y,~.g_.~l other contingenci,~s in H~.i.~ooAgreement with the sple ~c.~p.~i9.n of Paragraph 5. Buyer hereby unconditionally, irrevocably and absolulely assigns to Seller all of Buyer's rights with respect to any governmental pemuts or approvals related to the Property, which assignment shall become null and void and of no further force or effect upon closing, but shall otherwise remain effective and survive any termination of this Contract. .In the event closing fails to occur for any reason whatsoever, Buyer agrees, promptly on request, to tum over to Seller copies of an investigations performed in connection with the Property by or on behalf of Buyer. including an:oJ.U:Y~Y(s) as set forth inPal'agnmn..7, and to return to Seller all materials and infonnation furnished by Seller to Buyer in connection with the transaction contemplated by this Contract, all without charge, cost or expense (t) Seller, and the provisions of this paragraph shaH sllrvi ve any termination of this Contract. 5. TITLE EVIDENCE: At least thirty (30) days before expiration of the Feasibility Detennination Period, Seller, at Seller's expense, shall obtain a Title Insurance Commitment (hereinafter "Commitment") issued by AU~.?rn.~y'.'.:>..Title 1 !1,~J.mm~.~f..y'ij'y~ (hereinafier "Company") Feas0t1sblyooaeeeptable.t-e..suYCF-il.tld/0fooBtlyer's,COIJAsel. with the fee owners title insurance policy premium to be paid by Seller. The Commitment shall commit the Company to issue to Buyer, upon recording of the deed conveying title to the Prope:1y to Buyer, a fee owner's policy oftitIe insurance, (AL T ^ OWner's Policy 10-17-92, Florida: Modified), in the amount of the Purchase Price of the Property, subject only to those exceptions reasonably Page 4 of ~(,.1.6 Received: 8/ 9/01 1 :S1PM; 4078436300 -> BROWN,WARD,SALZMAN&WEISS,PA; Page 6 AOG.09.~01 01:49 4078436300 #0152 P.006/017 acceptable to Buyer's Counsel and the so called standard exceptions contained in the standard AL TA Form of owners title insurance commitment. The Commitment. shall provide that the applicable standard exceptions will be deleted by the Company upon the furnishing of an ownership. and lien affidavit in form required by Company (and Setter agrees to furnish such Affidavit as part of the Closing). Buyer shall have fifteen (15) days from the date of their receipt of the Commitment to examine the same and to notify Seller in writing specifYing any defects or reasonable objections to Seller's title. Seller shall reply within ten (10) days aft.er actual receipt ofDuycr's written title objections, if any, stating which objections Seller will cure at or prior to Closing and those which Seller will not cure:...-In-tne event days.to give SeJleF-ttme-within..whj.Gh..t-e-attempHo, cure... In t.he event Seller elects to attempt t.o cure the defect, Seller shall have no liability or obligation in the event Seller is unsuccessful in curing same. Moreover, Seller shall in no evelll be required to expend any money or institut.e any legal proceedings in connection with the curing of any tille defects, In the event Seller does not cure the defect or Seller notifies Buyer ill writing that the defect will not be cured, Buyer may, within fifteen (15) days after the receipt of such notice from Seller: (1) accept title in its then existing condition without reduction of the Purchase Price or cash to close or (2) terminate this Contract and receive rctuJ'n of its Deposit If Buyer fails to notify SeHer of Buyer's election within said fifteen (15) day time period, Buyer shall be deemed to have elected to accept Lille in its then existing condition without reduction of the Purchase Price or cash to close as provided in this paragraph, 6. RESTRICTIONS. EASEM I~NTS. AND LIM ITA TIONS: The Buyer shall take title subject to: zoning, restrictions, prohibitions and other requirements imposed by governmental authority, restrictions and matters appearing on the plat or otherwise common to the subdivision, public utility easements of record, taxes for the year of closing and subsequent years. 7. SURVEY: Buyer, at Buyer's expense, within the Feasibility Determination Period, may have the Property surveyed and certified by a registered Florida surveyor. If survey shows encroachment on the Property or that improvements located on the Property encroach on set back lines, easements, lands or others or violate any restrictions, covenants or applicable government regulaLion, the same shall con~titute a title defect. Buyer shall address such title defect, if any. in the same manner as other title dc1ects as set forth in paragraph 4 above. The parties agree that Buyer may subslitute the surveyed legal descriplion of the Property for the legal description contained on Exhibit "A" for closing purposes, 8. A PPRAISAL: Buyer, at J3uyer' s expensc, within the Feasibility Determination Period, may have the Property appraised by a certiticd registered Florida appraiser. If said appraisal does not value the Property for at least the .~.~~ltjtQOi9.n,.Qf..!!l~LPurchase 'Price (~~..2~9...QQ~tQQ), then Buyer may tenninate this Agreement by notifying Seller in writing on or betore the expiration of the Feasibility Dctennination Period and, as long as Buyer does so, obtain a refund of the Deposit (together with any interest earncd thereon), the total of which shall be fOl1hwith paid to Buyer and the parties shall have no further liability hereunder. Page 5 of ,161(; , Received: 8/ 9/01 1: 51 PM; 4078436300 -> BROWN,WARD,SALZMAN&WEISS,PA; Page 7 AUG.09:Z001 01:49 4078436300 #0152 P.007/017 9. SELLER REPRESENT A nONS: Seller hereby represents to Buyer based on Seller's actual knowledge, without investigation: (a) That Seller has good, marketable, and indefeasible title to, and is in possession of. the Property, free and clear 'of all liens, secur~ty illlerest~ and encumbrances, excluding only those (i) which may be saLisfied or released at Closing, (ii) to which the Buyers title shall be subject as otherwise provided in this Agreement, (Hi) liens for taxes not yet due and payable, and (iv) ~1atutory liens not yet delinquent. (b) That there is no condemnation, eminent domain, zoning, or other land use proceeding instituted, or pending on the Property. (c) That there is ingress and egress to the Property sutlicient for its Cllrrent use. (d) That there is no litigation or proceeding pending or threatened against or relating to the Property arising by, through or under Seller, and Seller does not know of any basis for such action nor are there any special assessments of any nature with respect to the Property or any portion thereof, nor has Seller received any notice of any special assessment being ,contemplated. (e) That Seller has full power and authority to enter into and perform this Agreement in accordance with its terms, and the completion of this transaction will not violate any law, regulation or agreement affecting Seller. (f) That there are no: (i) pending litigation or disputes involving the location of the boundaries of any part of the Property; and/oT (ii) physical interruptions or obstructions to physical access to any part of the Property. (g) That there is no hazardous waste located on or buried beneath the Property. The term "hazardous waste" shall have the meaning ascribed by Florida and Federal law. Paragraph 9 shall survive the closing. 10. POSSF.,sS.lON: Seller shall deliver possession of the Property to Buyer at the time of Closing. 11. CLOSING: (a) Closing Dat~: The closing of this Agreement, and the transfer of title and possession of the Property, shall occur on..Q.Lb~fQf..~'_f.~~I!-!!!'!Y...8.\...2QQ2 P!lge6uf ')'61(j Received: 8/ 9/01 1 :52PM; 4078436300 -> BROWN.WARD,SALZMAN&WEISS.PA; Page 8 AUG.09.~01 01:49 4078436300 #0152 p.008/017 ::::::::::;:::::::::,~.~.,..._....,..,.......,.,........ ......, (hereinaH:er "Closing Date"), unless otherwise extended by the terms herein. Closing shall be held in the county where the Property is located at the office of the attorney or other closing agent designated by .S_~lJ.~Bttyef, At Buyer's discretion, Duyer may extend the Closing up to l~.~..t-hirty...t30).,{lQ) days by providing three (3) days advance written notice to Seller (b) ConXey.ance: Seller shall convey to Buyer marketable title to the Property by Statutory Warranty Deed; and transfer of licenses, permits, orders, authorizations and other governmental permissions by Assignment to the extent transferable without any warranties or represenlations express or implied. (c) Documents FoC-Closi.ng: Seller shall furnish the Closing Documents including, but not limited to, the Deed, Bill of Sale, Assignments, Ownership and Lien Affidavit, Certificate of Non-Foreign Status, satisfaction and release ofliens or mortgages, and Closing Statement. (d) Allocation of Expenses: Seller shall provide al1~Lpay the premium for the owner's AI.. T A Owner's Policy 10-17-92 (Florida Modified) Title Insurance Policy, charges for related title seIvices including but not limited to title or abstract charge, title examination, and !o";ettlement and closillg fee, the cost of recording corrective instruments and Florida Documentary Stamps to be affixed to the Deed. Duycr shall pay documentary stamps and intangible tax on any mortgage, mortgagee title insurance conunitment with related fees, recording of mortgage and any financing statements, Duyer shall pay the co~t of recording the Deed. Each party shall pay their respective attorney's fees ( e) Proratiot1~: Real property taxes, special assessments and ad valorem taxes for the year of closing and any other pro-ratable items shall be prorated as of the Closing Date with due allowance made tor maximum allowable discount. All real property taxes, special asse~smellts and ad valorem taxes for prior years shall be paid by Seller. In'il1e'-event the current 3:5ses5ftlef1f-,and..mileage-ilfe oot-.available,.aIHftx:es..!or. the..yeaF'-0f:GJooit}g-.5haH--be.based"oR-the-pr-evieu~ years.agsessment'ilfld.,mtleage:'''lf.any.,sub5t-anti-al-di-ffereflee:(i-:e:';' ovet:.$SQQ;OO dollars) occurs in-the..acll;lal..tax bills wllea iSStled..f.or-the-.year ofClesing;-the parties Aerato agree to make-adjusl:meflts based OR sueb-tfuf-bills ..N-I:Jen they ~ect}me'avaHable,- (f) FTRPT A Acknowledgment: At Closing, the Seller shall execute and dcliver to Buyer two (2) original counterparts of the Certiiicatic:n of Non-F orcign Status in form reasonably satisfactory to Buyer, In the event (a) Seller does not so execute and deliver to Buyer ~uch Certification ofNon-Fureigll Status, or (b) such Certification or Non-Foreign Status i~..in not fully and properly .P age 7 or .J(j I (j , Received: 8/ 9/01 1 :52PM; AUG.09.~01 01:49 4078436300 4078436300 -> BROWN,WARD,SALZMAN&WEISS,PA; Page 9 #0152 p.009/017 completed and executed as of the Closing Date, or (c) Buyer is not entitled to rely upon such CCI1i1ication, then, in any of such events, Buyer shall withhold ten percent (10%) of the Purchase Price and pay Lhe withheld amount to the Internal Revenue Service pursuant to Internal Revenue Code Section 1445, Any amount thus withheld by Buyers shall be deemed to have been paid by Buyer in cash at Closing as part of Buyer's obligation to pay the Purchase Price hereunder. (g) Ownership and Lien Al11,!lavit: Seller shall furnish to Buyer at the time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any Notices to Owner or Claims of Lien ofpotentiallienors known to Seller and further attesting to the unquestioned ownership by Seller of the Property and further attesling that there have been no improvements to the Property for 90 days immcdiatcly preceding the Closing Date for which payment has not been made in full, or for which payment has not bccn secured or provided for, all in fonn acceptable to Scllcr, Buyer and Company. If Property has been improved or repaired within 90 days at the rcquest of and authorization by Seller immediately preceding the Closing Date, Seller shall deliver releases or waivers of construclion liens executed by all general contractors, subcontractors, suppliers, and materialmetl in addition to Seller's lien affidayit selling forth the names of all such general contractors, subcontractors, suppliers and materialmen and further affirming that all charges for improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been paid or will be paid at closing of this Agreement. (h) Proceeds...QfSalc and Closing Procedur~: Upon clearance offunds, the deed of conveyance and other 'closing documents (hereinafter "Closing Documents"), each duly executed, shall be dclivcred to the authori1;ed agent of Company at closing. Following examination by the agent of the public records of Seminole County, Florida, from the effective date of the Commitment up l() Ch.>sing Date (hercinatler "Gap Period") and delivery to Buyer of the Commilment marked in order to show compliance with all conditions of Closing and marked to insure the Gap Period all of which shall occur on or before closing, the net sales proceeds shall be p'fomptly disbursed to Seller by Company or the authorized agent. of Company at closing, (i) Further Acts. ete,: At the closing and up to thirty (30) days thereal1er, Seller and Buyer agree to execute and deliver such other and further instruments and to take such further aClions as either of them or their counsel may reasonably request of the other in order to 11.1lly implement the terms of this Agreement and the closing thereof al'> long as said requcst is consistent with the respective obligalions afthe parties as set fonl1 in Lhis Agreement. This paragraph shall survive the closing. Pose 8 of .1.616 Received: 81 9/01 1 :52PM; 4078436300 -> BROWN,WARD.SALZMAN&WEISS.PA; Page 10 AUG"09.~01 01:50 4078436300 #0152 P.010/017 12. DEFAID,"S: (a) Notice of Default: No default as to any provision of this Agreement shall be claimed or charged by either party hereto against the other until notice thereof has been given to the defaulting party in writing, and such default remains uncured for a period of five. (5) days aller the defaulting party's receipt of such notice. Notwithstanding the above, the Closing Date shall not be changed, delayed, postponed or extended by this rcquirement fot' notice of default. (b) Default by Buyer: Tf Buyer defaults on its obligations to purchase under this Agreement, without fault on the part of the Seller, Seller maytenninatethis Agreement and as Seller's remedy for default, the Deposit paid to the Escrow Agent, shall be paid over by Escrow Agent to Scllcr and retained by Seller as its liquidated damages in full and final settlcmcnt of all claims Seller may have against Buyer for breach of this Agreement. In the event that Buyer defaults, Buyer shall join with Seller in any written request made by Seller to the Escrow Agent for payment to Seller of the Deposit. (c) Dcfault by Seller: If Seller dcfaults on its obligation to sell under this Agreement, without fault on the part of the nuyer, Buyer may terminate tlus Agreement and retain the Deposit. Furthtr, Seller shall reimburse Buyer for all actual costs and expenses incurred by Buyer in preparing for closing including, but nOl limited to, costs associatcd with the Feasibility Dctcrmination Period, survey costs, title inspection and commitment costs and appraisal fees, as its liquidated damages in full and final settlement of all claims Buyer may have against Seller for breach of this Agreement. In the event that Seller defaults, Seller shall join with Buyer in any written request made by Buyer to the Escrow Agent for paymer.t to Buyer of the Deposit. Alternatively, Buyer may seek specific performance against Seller, (d) Aoolication of O~po~it Upon Default: In the event of a dispute between Buyer and Seller with regard to whether or not a default has occurred by either party, or to whom the Deposit, together with any interest thereon should be transmitted, the Escrow Agent shall have the rights accorded it hereunder, including the right to interplead the Deposit, together with any interest thereon, into the rcgistlY of the Clerk ofthc Circuit Court of Seminole County, Florida. 13. BROKI!:R'S COMMISSION: Each party hereto represents and wan"ants unto the other party hereto that there are no brokers, real estate sales persons or agent involved with respect to the transaction contemplated herein and that there arc no fees, or commissions due as a result of their respective execution Oflhis Agreement or which will be due as a result of the closing as contemplated hereby by virtue of their respective acts, inactions, conduct or otherwise. Each party hereto does hereby agree to indenmily and hold I' U!!e 9 of .1-6J.2 Received: 8/ 9/01 1: 52PM; 4078436300 -> BROWN,WARD,SALZMAN&WEISS,PA; Page l' AUG.09.~01 01:50 4078436300 #0152 P.Oll/017 the other hannless from any breach of their respective representations and warranties as set torth in this Paragraph. The provisions of this Paragraph shall survive the Closing, 14, TIME OF THE 'ESS F-NCE: Time, and timely perfomlance, is of the essence of this Agreement and of the covenants and provisions hereunder, 15. TIME:Time periods herein of less than 6 days shall in, the computation exclude Saturdays, Sundays and state or national legal holidays, and any time period provided tor herein which shall end on Saturday, Sunday or a legal holiday shall cxtend to 5:00 p,m. of the next business day, 16. EFFECTIVE DATE AND TIME le'OR ACCEPTANCF.: The date of this Agreement ("Effcctive Date") shall 'bc that date upon which the last one of the Buyer and Seller has signed this Agreement. 17, ASSIGNMENT: prior written consent of Seller, This Agreement may not be assigned except upon the 18. ESCROW AGENT: BROWN, WARD, SALZMAN & WEISS, P.A., (the "Escrow Agent"), the recipient of the Deposit hereunder, is authorizl~d and agrees by acceptance thereof to hold the same in escrow and t(,) disburse it at closing in accordance with the terms and conditions of this Agreement. Tn the event it is in doubt as to its duties or liabilities under the provisions ofth.is Agreement, the Escrow Agent may in its sole discretion, continue to hold the monies which are the subject of the escrow until the palties mutually agree to the disbursement thereof: or until a judgmem of a court of competent jurisdiction shall determine the rights of the parties thereto, or it may deposit all the monies then held pursuant to this contract with the Clerk of the Circuit Coul1 of Seminole, Florida, or such other court having jurisdiction of the dispute, and upon notifying aU parties concerned of such action, allliahility on the part of the Escrow Agent shall fully ce8$C and terminate, exccpt to the extent of accounting for any monies theretofore delivcred out of escrow, In the event of any suit bctwccn Buyer and Seller wherein the Escrow Agcnt is made a ',party by virtue of aCling as such Escrow Agent hereunder, or in the event of any suit wherein Escrow Agent interpleads the subject matter oft.he escrow, the Escrow Agent shall be entit.led to recover a reasonable attorney's fee and costs incurrcd, said fees and costs to be charged and assessed as court costs in favor of the prevailing party. All parties agree that the Escrow Agent shall not be liable to any party or person whomsoever for misdelivery to Buyer or Seller of monies subject to its Escrow, unless such misdelivery be due and willful breach of this conlract or gross negligence on the part of the Escrow Agent. 19. ACC~,S~,;..,nl~yer reaffirms and,rann~.~Jhat previous aCC~!?~.~greement with Sellers_~.$..m9.r~ ~p-ecifically set forth..iD th~ previolls corre~r.H.m,d~.ncc from BUY~I.g~t~d May ~9.....19..2.~...wh,~r.~i.o.Jh~...Bm~.(!LJ,g.r~.~Q.JQ...P'[Q.Y.ig~L.s.~.u.c.r..,VJ.j,~.b...a.g~~~~...tQJh~. p.!:9.p.~nY...LI:uh.c. imm~gi.~1~..y.iGjl1i ty....9.f..!h~...~~.~ting., ,~r.Q~~.i.!I,g...a1..(;.~Dtr.~J..w\,\q~..,P.~r.k..p..emU.n..g..~h~" r~~!;Ip.L9.f f.Qrm,~.L develoDmcnt phm~:....:Nothing herein, ~h~J.Lcollstitute a .waj'y'~r. or rclinqui~h,!!!~!l.1J21 Page 10 or +6 Hi Received: 8/ 9/01 1 :53PM; 4076436300 -> BROWN,WARD,SALZMAN&WEISS,PA; Page ~2 AUG.09.1"001 01:50 4078436300 #0152 P. 012/ 017 s.~n~r....Qf..it~....~~~.~.$.~...~gr.~~.m~nt...~jJb...B.~.Y.~.L.._J:m!h~r!'nQr~.....n.o.~h.i1.1g ,,~~.r.~.!n_.~h~J.LU.mit...9.r. .Qth~!Y.(.i_$.~_r_~$!rict_SeI1er from negotiating ~a~fP.~.t~..!)&g~;is a.~reernents or fi:.om,,~.~uting that certain lit~~tiQ.tL~n~jtled Leffler Company etc....J\LaLy. CSX TransportatioQ,...lJW,.....Case ~.Y_mbJ~c.21..:J 29J.:J;Ad.Q:".E.in.1h~,C..i.r9.y.!t.C..9JtJ:H~.f..S.~minQJ~.C.Qyn.ty ,.f.'.lQri.Q~,J~P.YJ!.L~r.~~.$. !Q..9.Q.QQ.~r.~J.~.fu.u.Y..w.ith.S.~U~r..~~..m~y, q<<;:.[~~~QJ.1_~Q).Y..r!!.~w.ir.~~tlQ..~.~~!J.r.~. ~!t~J:1~~l~J~.~.~!!.~~..P..Qim.~, for ingress and ~gr~ss...fQf.J.b.~..12r.~ I 2CH9. MISCELLANEOUS: (a) Radon Gas: Pursuant to 1'la. Stat. Sec. 404,056(&), Radon is a naturally occurring radioactive gas thaL when it has accumulated in a building in sufticicnt quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and stale guidelines 'have been found in building in Florida. (b) Binding En~~t: Successors and Assigns: This Agreement shall be binding upon and inure to the benefit of Seller, Buyer and their pennitted successors and assigns, if any, (c) Captions: The captions for each paragraph or sub:-paragraph of this Agreement are for convenience and reference only and in no way define, describe, extend, or limit the scope or intent' of this Agrccmcnt, or the intent of any provision hercof (d) Severability: If any provisi()n of this Agreement, the deletion of which would not materially adversely affect the material benefits receivable by any party hereundcr or subSLantially increase the burden of any party hereto, shall be held to be invalid or unenforceable to any extent, the same shall not afi"ecl in any respect whatsoever the validity or enforceability of the remainder of this Agreement. (e) Execution of Documents: Each party hereto covenants and agrees that they will at any Lime and rrom time to time do such acts and execute, acknowlcdge and deliver such documents, including cOITeclive instruments, reasonably rcquesLed by the Company, the parties hereto, or their counsel, necessary to carry out fully and cffcctuate the purchase and sale herein cOluempJated and to convey good, marketable and insurable title to the Property and all parts thereof as long as the request is consistent with the respective obligations of the parties as set forth in this Agreement. (t) Counterparts: This Agreement may be executed in two or more counterparts, each of which shall be, and shall be taken to be, an original, and all collectively deemed one instmment. Page 11 of 1 (,l.<i Received: 8/ 9/01 1 :53PM; 4076436300 -> BROWN.WARD.SALZMAN&WEISS.PA; Page 13 AUG. 09 .t'ti01 01: 51 4078436300 #0152 P.013/017 (g) Facsimile: Telephonically transmitted facsimile copies of tillS Agreement, and any signatures thereon, shall be considcred for all purposes as originals. (h) Litigation and ~ttorneyls Fees: In the event it sha!1 be necessary for either Party to this Agreement to bring suit to enforce any provision hereof (before or after Closing) or for damages on account of any breach of this Agreemcnt, the prevailing party shall, to the extent permitted by law, be entitled to recover ITom the other, in addition to any damages or other relief granted as a result of such litigation, all costs and expenses of such litigation and reasonable attorney's fees (including attomey's fees and costs of appeals) as fixed by a court of competent jurisdiction. (i) ~ntire Agreement AmeIJ9m.c:nts: This Agreement ,contains the cmire and sole undcrstanding between the pal1ics hereto relative to the purchase and sale of the Property and it may only bc amended or modified by an agreemcnt in writing executed by Buyer and Seller with the same f0n11alities as this Agreement. G) NQ.tices: All notices and correspondence shall be sent ot' delivered by registered or certitied mail to the parties hel'Clo, return receipt requested, with copies forwarded to their respective attomeys, at the addresses set forth below or at such other addresscs as the parties hereto shall designate to each other in writing: (i) if to Scller, to: Richard Parkcr and Gloria J.~MJ:u~Yarkcr..and Edward H. Parker aRd Jearnle-.ParkeF C/o Stephen H.. Price, Esq. 1420 Edgcwaler Drive Orlando, 'FL 32804 Telephone: 407-843-3300 Facsimile: 407-843-6300 (li) if to Buyer, to: Mr. Ronald W. McLemore, City Manager City of Winter Springs 1126 East S. R. 434 Winter Springs. FL 32708 with copies to: Anthony A. Gargancsc, Esq., City Attomey Drown, Ward, Salzman & Wei~s, P,A. POBox 2873 Orlando, FL 32802-2873 'Poge 12 of .Hil,l6. ~ Received: 8/ 9/01 1 :53PM; AUG.09.~01 01:51 4078436300 4078436300 _> BROWN.WARD,SALZMAN&WEISS,PA; Page 14 #0152 p.014/017 Telephone: 407-426-9566 Facsimile: 407-425-9596 Any notice or demand so given, delivered or made by United States Mail shall be deemed so given, delivered or made three (3) days after the same is deposited in the United State mail registered or certified, return receipt requested, addre~sed as above provided, with postage thereon prepaid, Any such notice, demand or document not given, delivered or made by registered or certified mail as 'aforesaid shall be deemed to be given, delivered or made upon receipt of the same by the party to whom the same is to be given, dclivered or made, (k) !ntcruretation: This AgrecmctU has been submittcd to the scrutiny of each party hereto and each party has had opportunity to have it reviewed by legal counsel. This Agreement shall be given fair and reasonable interpretation in accordance with the words used herein without consideration or weight being given to its having been drafted by either party hereto or their respective counsel. (1) Applicable Law: This Agreement. is to be construed according to the laws of the State of Florida. (m) Non-Waiver: No covenant, term, or condition, (or the breach thereof), shall be deemed waived, except by written consent of the party against whom the waiver is claimed. A waiver of any covenant, term, or condition (or breach thereof) shall not 00 deemed to be a waiver of any other covenant, tenn or condition (or breach thereof), (n) Terminologv: Whenever u5ed herein, the terms "Buyer" and "Seller" shall be construed in the singular or plural as the context may require or admit and shall be filrther construed to include the agents of the Buyer and Scller. (0) No Rec()~diT)g: Neither this Agreement, nor any Mtice of it, shall be recorded in any public records. (p) Tyoewritten or a~ndwritten Provisions: Typewritten or handwritten provisions, either as additionallerms and conditions or alterations to existing lerms and conditions, shall control all prhted provisions in conflict with them. 'IN WITNESS WHEIU:OF., the parties hereto have caused this contract to be executed on the dates accompanied by their respective executions. ' Pnge 1 J of ..61(, Recei.ved: 8/ 9/01 1 :54PM; 4078436300 _> BROWN,WARO,SALZMAN&WEISS,PA; Page 15 AUG.09.~01 01:51 4078436300 #0152 P.015/017 [TIDS PORTION INTENTIONALLY LEFT lILANK.] /Sigmltllre." next page.] Page 14 lif .~61Q .,:. A.UG. 0 9 .~ 0 1 01: 51 4078436300 4078436300 -> BROWN.WARD.SALZMAN&WEISS.PA; Page 16 #0152 P.016/017 Received: 81 9/01 1 :54PM; RleHAnn H. PARKER, SELLER Date: r_J'..t.'~""""""" BRT~~NA 1.. PARK~~R, S.KLLE.R 1?~1~.;_. GT,ORTA PARKER, SELLER Date: EDWARD H. PARKER, SEIJ,ER Date: ... -. ...~~... ....,~.. '.'. ...-....-- JEANNE PARKER, SlU,L)~'R Date: . CITY OF WINTER SPRINGS, a Florida municipal corporation, Buyer By: RONALD W. MCLEMORE CiTY MANAGER Date: Page) 5 (lr .H, ).,~ .. . AUG.09.~01 01:51 4078436300 4078436300 -> BROWN,WARD,SALZMAN&WEISS,PA; Page 17 #0152 P.017/017 Received: 8/ 9/01 1 :54PM; "ESCROW AGENT" The undersigned hereby acknowledges the receipt of the sum of$ as the Escrowed Funds referred to in this Agreement and hereby agrees to 'hold and disburse such Escrowed Funds in accordance with the tenns hereof BROWN, WARD, SALZMAN & WEISS, P.A. By:- ............._........uu...~ ...... ..n." Anthony A. Gargnnese, Esq. Page 16 of JG1.Q