HomeMy WebLinkAboutWinter Springs Development Joint Venture Assisgment and Assumption Agreement - 1992 11 25
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Assignment and Assumption Agreement
TijIS ASSIGNMENT AND ASSUMPTION AGREEMENT, dated
N4JevtA /Jcv 2-rS ,1992, by and between Win~er spri.ngs Developmetth
Joint Venture, a Florida general partnershlp ("Asslgnor"), and T1t.~
Haylyn Development Corporation, a Florida corporatio~i
("Assignee"). 2)
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WHEREAS, Assignor and Assignee entered into that certa~
Purchase and Sale Agreement ("Agreement") dated Hevet1/l0fl-f L5 ~
1992 for the sale and purchase of certain "Property", consisting o-f
certain "Property" (as more particularly described in Exhibit Nb:
1) and the outstanding Contracts as said terms are defined in the
Agreement;
WHEREAS, Assignor desires to quitclaim unto Assignee all of
Assignor's right, title and interest in and to eighty (80)
Equivalent Residential Connections (Group I ERC); and
WHEREAS, Assignee desires to assume the duties and obligations
of Assignor with respect to the eighty (80) Group I ERC.
WHEREAS, Assignor has certain rights and obligations under a
Contract with the city of winter springs, Florida, as set forth in
Exhibit "F" to the Agreement (hereinafter "Developer Contract").
NOW, THEREFORE, in accordance with the Agreement and in
consideration of the sum of Ten Dollars ($10.00), the sufficiency
and receipt of which are hereby acknowledged, the parties do hereby
covenant and agree as follows and take the following actions:
1. Assignor does hereby quitclaim unto Assignee all of the
Assignor's right, title and interest in and to the following
property to the extent the same is transferable by Assignor'
(collectively "Eighty (80) Group I ERC" or "Eighty (80) Group I
ERC's"):
The Eighty (80) Group I ERC set forth in Exhibit "A"
hereto.
2. THE EIGHTY (80) GROUP I ERC'S ARE BEING QUITCLAIMED "AS
IS" "WHERE IS", AND "WITH ALL FAULTS" AS OF THE DATE OF THIS
ASSIGNMENT AND ASSUMPTION AGREEMENT, WITHOUT ANY REPRESENTATION OR
WARRANTY WHATSOEVER AS TO ITS CONDITION, FITNESS FOR ANY PARTICULAR
PURPOSE, MERCHANTABILITY OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED.
ASSIGNOR SPECIFICALLY DISCLAIMS ANY WARRANTY, GUARANTY OR
REPRESENTATION, ORAL OR WRITTEN, PAST OR PRESENT, EXPRESS OR
IMPLIED CONCERNING THE EIGHTY (80) GROUP I ERC' S OR ASSIGNOR'S
TITLE THERETO OR RIGHT TO TRANSFER SAID EIGHTY (80) GROUP I ERC'S.
ASSIGNEE IS HEREBY THUS ACQUIRING THE EIGHTY (80) GROUP I ERC'S
BASED SOLELY UPON ASSIGNEE'S OWN INDEPENDENT INVESTIGATIONS AND
INSPECTIONS OF THE EIGHTY (80) GROUP I ERC'S AND NOT IN RELIANCE
UPON ANY INFORMATION PROVIDED BY ASSIGNOR OR ASSIGNOR'S AGENTS OR
CONTRACTORS.
3 .
Eighty
Assignee hereby accepts the foregoing assignment of the
(80) Group I ERC's and hereby assumes all duties and
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obligations of Assignor with respect to (a) the Eighty (80) Group
I ERC's; and (b) all obligations of Assignor under the Developer
Contract with regard to the Eighty (80) Group I ERC being assigned
herein. Assignee shall defend, indemnify and hold harmless
Assignor from and against any and all "Claims" asserted against ~
incurred by Assignor in connection with (a) any acts or omission~~
with respect to the Eighty (80) Group I ERC's; (b) this Assignme~
and Assumption Agreement including any claims which Assignee m~
have against Assignor due to the assignment contemplated hereihl
(d) any claims made by Continental Casualty Company, any other bo~
company referred to in the Developer Contract or the city of wint~
springs with respect to the Eighty (80) Group I ERC' s beill'9
assigned herein against Assignor or Assignee; and (e) ail
obligations of Assignor under the Developer Contract with regard to
the Eighty (80) Group I ERC being assigned herein. "Claims" means
claims, demands, causes of action, losses, damages, liabilities,
judgments, costs and expenses (including attorneys' fees, whether
suit is instituted or not and including any claim due to the
invalidity of any of the assignments referred to herein. The
indemnification provided for in this paragraph 3 shall survive the
reversion of title to the Assignor referred to in paragraph 4
hereof and said indemnification shall continue to be in full force
and effect with regard to those Group I ERC which have reverted
back to the Assignor in accordance with paragraph 4 hereof.
4. In the event that Assignee fails to comply with any
obligations, responsibilities or duties of Assignor under the
Developer Contract with regard to any of the Eighty (80) Group I
ERC's including but not limited to the obligations of Assignor
pursuant to paragraphs 2.1 and 2.2 of the Developer Contract (the
"Obligations") then, at Assignor'S sole option, title to those
Eighty (80) Group I ERC's assigned herein to which Assignee has not
complied with or satisfied its obligations (the "Reconveyed ERC's)
shall revert from Assignee to Assignor without the necessity of any
further documentation or action from either Assignee or Assignor.
Assignee agrees to execute within five (5) days from the date it is
advised by Assignor of Assignee's failure to comply with the
Obligations any documentation required by Assignor to effectuate
the above stated reversion of title of the Reconveyed ERC's to the
Assignor. In the event Assignee fails to execute the required
documentation, Assignee hereby appoints Assignor or Assignor's
successors or assigns as its attorney-in-fact to execute any and
all required documentation necessary to effectuate the reversion of
title to the Reconveyed ERC's to the Assignor.
5. It is hereby agreed and understood that by the foregoing
assignment Assignor shall not be precluded from entering and shall
have the right to enter into any amendment or modification of the
Developer Contract with the City of winter Springs which the
Assignor deems appropriate in it's sole discretion.
6. This Assignment and Assumption Agreement shall be (a)
binding upon, and inure to the benefit of, the parties to this
Assignment and Assumption Agreement and their respective heirs,
legal representatives, successors and assigns, and (b) construed in
accordance with the laws of the jurisdiction in which the Property
is located, without regard to the application of choice of law
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principles, except to the extent such
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IN WITNESS WHEREOF, this Assignment and Assumption Agreem~bt-~
ha been signed and delivered by the parties as of the date fifst
above written. rq
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7. Assignor and Assignee hereby acknowledge that the
80 Group I ERC's are being transferred at an amount not in
of market value.
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WINTER SPRINGS DEVELOPMENT CO fTH/)
JOINT VENTURE, a Florida
general partnership
By: Home Capital Corporation,
a California corporation
d/b/a Home capital
Development Group,
General Partner
By: ~;)Vt' (vi.. r;~""11"~:~., ,',",
Name: uJ'i /..A, I"J;,. ,;/(-(fiU~..,......, ,., ,.
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ASSIGNOR:
Signed, sealed and delivered
in the presence of:
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By: Hum b 0 I d t Fin a n cia I
Services Corp., General
Partner
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Name: '-' (.,,/ J ,
Title: VI
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Title: AJ..r/JI/\~,'T vfP(-;CC~
ASSIGNEE:
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THE HAYLYN DEVELOPMENT CORPORATION,
a Florida corporati;'.~. "'''''':'''~,(~:,;',''''''
BY~-/ ~~;:~ft:<
Name. H.ayne~ ''A Hlll>~ . o:,)c .' -
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The undersigned hereby consents and agrees to the above
assignment.
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witness:
This Instrument was prepared by:
Lisa Miskinis
WSDJV
1301 Winter Springs Boulevard
Winter Springs, FL 37208
By:
CITY OF
MUNICIP
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EXHIBIT "1"
Legal Description
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EXHIBIT "I"
LEGAL DESCRIPTION UNIT I:
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Plat Book 40, Pages 14-17, as recorded in the:" 0
public records of Seminole County, Florida. :- \...0
LOT #
16,17,21,22,29,30,31,32,33,39,40,41,44,54
LEGAL DESCRIPTION UNIT III:
Plat Book 43, Pages 53-54, as recorded in the
public records of Seminole County, Florida.
149, 150, 151, 152, 153, 154, 155, 156, 157, 158, 159, 160, 161, 162, 169, 174, 175, 177,
179, 185, 186, 188, 189, 190, 192.
LEGAL DESCRIPTION UNIT IV:
Plat Book 43, Pages 55 and 56, as recorded in the
public records in Seminole County, Florida.
202 through 239 (inclusive), 243, 247, 250
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EXHIBIT "A"
The Eighty (80) Group I ERe
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EXHIBIT G-2
GROUP I ERC'S
GLEN EAGLE
LOT WATER SEWER
NUMBERS ERC# ERC#
16 66 66
17 69 67
21 70 68
22 71 69
29 72 70
30 73 71
31 74 72 ",)
32 75 73 :...11 .,I;le;
33 76 74 en ':::)-'1
39 77 75 pOi :'0 (:J~j
40 76 76 0 .C)
41 79 77 ::.:": '""
44 60 76 0 r--
54 61 79 r
149 62 60 P'l :;::J
150 63 61 ("') P.I
151 64 62 0 (::.) ("")
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152 65 63 " 0 ;:>J
153 B6 64 r \.0 .:-;)0
154 67 65 r""lv)
155 B8 B6 W
156 69 67
157 90 66
158 91 69
159 92 90
160 93 91
161 94 92
162 95 93
169 96 94
174 97 95
175 96 96
177 99 97
179 100 96
165 101 99
166 102 100
166 103 101
169 104 102
190 105 103
192 106 104
202 107 105
203 108 106
204 109 107
205 110 106
206 111 109
207 112 110
206 113 111
209 114 112
210 115 113
211 116 114
212 117 115
213 116 116
214 119 117
215 120 116
216 121 119
217 122 120
218 123 121
219 124 122
220 125 123
221 126 124
222 127 125
223 126 126
224 129 127
225 130 126
226 131 129
227 132 130
226 133 131
229 134 132
230 135 133
231 136 134
232 137 135
233 136 136
234 139 137
235 140 136
236 141 139
237 142 140
238 143 141
239 144 142
243 145 143
247 146 144
250 147 145
T olal Lots 60
NOTE: LOTS 30,158, AND 186 ARE UNDER CONTRACT
67