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app -94P ; 340 <br />contract assignee. Moorings Square Association, Inc., a non-profit <br />organization, was created solely to purchase this particular <br />property. The agreement calls for Moorings Square Association, <br />Inc. to purchase the contract rights from Sea Mist Partners Limited <br />Partnership. Moorings Square Association, Inc. will then be in a <br />position to close on the contract and then to close on the <br />property. The Association has until mid-March, 1995 to acquire the <br />contract and then has 5 months to actually close on the land with <br />Mr. Hazelwood. There are 2 pending lawsuits in which the County is <br />involved, with oral arguments set for February 24, 1995. He hoped <br />the Board will agree it would be a waste of time and money on all <br />sides to pursue those lawsuits at this time. The parties have <br />agreed to abate, or stay, the proceedings for 60 days from the date <br />the Court issues an Order and continue the argument until the end <br />of that 60 -day period. No one would be giving up any rights during <br />this period as all matters would be held up to give Moorings Square <br />Association, Inc. a chance to complete the transaction. They are <br />requesting that the Board authorize the County Attorney to sign <br />Stipulations for Dismissal in each case, which will effectively end <br />the lawsuits once they are filed with the Court. The parties have <br />agreed to sign the Stipulations at this time and place them in <br />escrow with Mr. FerrinIs attorney, James A. Ballerano, in Delray <br />Beach, pursuant to escrow instructions, copies of which have been <br />provided to the County Attorney. The Stipulations will be filed <br />with the Court when the contract rights have been actually <br />purchased by Moorings Square Association in mid-March. If Moorings <br />Square Association defaults and does not close in mid-March with <br />Sea Mist Partners, through Moorings Square's fault, the <br />stipulations will then be filed with the Court. If failure to <br />close is caused by Mr. Ferrin, the stipulations will be returned to <br />Moorings Square Association for destruction and the lawsuits will <br />proceed. Default by either side is not expected. <br />ON MOTION by Commissioner Bird, SECONDED by <br />Commissioner Adams, the Board unanimously authorized <br />the County Attorney to execute the 2 Joint Motions <br />to Abate and the 2 Stipulations for Dismissal to be <br />held in escrow for 60 days pending Moorings Square <br />Association, Inc. Is closing on the contract with Sea <br />Mist Partners Limited Partnership. <br />FEBRUARY 14, 1995 10 <br />