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1 <br />1. The Seller could name the islands from a list of names provided in the <br />agreements, or an alternate name subject to Board of County Commissioner <br />approval. <br />2. The properties be set aside for environmental purposes and not be subject <br />to future development other than nature trails, picnic facilities, etc., with a <br />reverter clause if the islands are ever used for other purposes. <br />Attached for consideration and approval at the May 26, 1998 Commission meeting, <br />is the FCT option contract which has been executed by Lost Tree and the IRC staff, to be <br />submitted to FCT for consideration before May 26, 1998, and the Statndard Florida <br />Association of Realtors/Florida Bar Contract, also executed by Lot Tree and ITC staff. <br />Then, Environmental Planning & Code Enforcement Chief Roland M. DeBlois <br />reviewed his Memorandum of May 20, 1998: <br />TO: Jim Davis, P.E. <br />Public Works Director <br />LID <br />FROM: Roland M. DeBlois, AICP <br />Chief, Environmental Planning <br />DATE: May 20, 1998 <br />SUBJECT: County Negotiations to Purchase the Lost Tree Islands; Florida <br />Communities Trust (FCT) Review of Option Agreement for Sale <br />and Purchase <br />As you know, the FCT Option Agreement for Sale and Purchase signed by Lost Tree Village <br />Corporation was a modification of the standard FCT option document, in that it included provisions <br />insisted upon by Lost Tree during county negotiations. Yesterday, I faxed a copy of the Option to <br />FCT staff for their review and comments. At approximately 4:30 pm yesterday (May 19, 1998), <br />FCT executive director Anne Peery and FCT attorney staff contacted me by phone with their <br />comments. <br />Ms. Peery explained that the Option as modified and executed by Lost Tree is unacceptable to the <br />FCT. Ms. Peery and the FCT attorneys made the following specific points. <br />Section 7, "Interest Conveyed" (Page 4 of the Option) provides for a Special <br />Warranty Deed, which is unacceptable to FCT. FCT requires a statutory warranty <br />deed. <br />Section 7 makes reference to `restrictive covenants," including restrictions on <br />property uses to open space, conservation, and passive recreation. Although those <br />uses are consistent with the acquisition objective and proposed use of the Islands in <br />May 26, 1998 <br />30 <br />to 0 <br />