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2008-280
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2008-280
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Last modified
4/11/2016 10:44:42 AM
Creation date
10/1/2015 12:35:45 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
09/09/2008
Control Number
2008-280
Agenda Item Number
8.JJ.
Entity Name
Laurel Homes
Subject
Purchase Property Agreement
Area
16th Street
Supplemental fields
SmeadsoftID
7563
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ORIGINAL OSE <br /> AGREEMENT TO PURCHASE AND SELL REAL ESTATE <br /> THIS AGREEMENT TO PURCHASE AND SELL REAL ESTATE ("Agreement") is made <br /> and entered into as of the L5 day of N (aus i , 20089 by and between Indian River <br /> County, a political subdivision of the State of Florida ("County") , and Laurel Homes , Inc . , <br /> ("Sellers") , who agree as follows : <br /> 1 . Agreement to Purchase and Sell . The Seller hereby agrees to sell to the County, and the <br /> County hereby agrees to purchase from Seller, upon the terms and conditions set forth in this <br /> Agreement , that certain parcel of real property located at 16th Street, Vero Beach (see attached <br /> Exhibit "A") County of Indian River, State of Florida and more specifically described on Exhibit <br /> "A" attached hereto and incorporated by this reference containing approximately 23 , 100 square <br /> feet, and all improvements thereon , together with all easements , rights and uses now or <br /> hereafter belonging thereto (collectively, the " Property") . <br /> 2 . Purchase Price , Effective Date . The purchase price (the " Purchase Price ") for the <br /> property , shall be One Hundred Twenty-Seven Thousand Five Hundred Dollars ($ 127 , 500) . <br /> The priced is based upon an appraisal prepared by Boyle & Drake , Inc. , MAI Appraisers , on <br /> June 25 , 2008 . The value of the appraisal for the 0 . 53 acres is $ 100 , 000 , an additional <br /> $25 , 000 . 00 for damages to the site due the property being zone multi-family with the anticipated <br /> loss of 5-buildable units and the appraisal fee of $2 , 500 . The Purchase Price shall be paid on <br /> the Closing Date . The Effective Date of this Agreement shall be the date upon which the County <br /> shall have approved the execution of this Agreement , either by approval by the Indian River <br /> County Board of County Commissioners at a formal meeting of such Board or by .the County <br /> Administrator pursuant to his delegated authority , Surr o r "MA&A 5 µ��� <br /> 3 . Title . Seller shall convey marketable title to the Property by warranty deed free of claims , <br /> liens , easements and encumbrances of record or known to Seller; but subject to property taxes <br /> for the year of Closing and covenants , restrictions and public utility easements of record provided <br /> (a) there exists at Closing no violation of any of the foregoing ; and (b) none of the foregoing <br /> prevents County's intended use and development of the Property (" Permitted Exceptions") , <br /> 3 . 1 County may order an Ownership and Encumbrance Report or Title Insurance <br /> Commitment with respect to the Property . County shall within fifteen ( 15) days following the <br /> Effective Date of this Agreement deliver written notice to Seller of title defects . Title shall be <br /> deemed acceptable to County if (a ) County fails to deliver notice of defects within the time <br /> specified , or (b) County delivers notice and Seller cures the defects within thirty (30) days from <br /> receipt of notice from County of title defects ("Curative Period ") . Seller shall use best efforts to <br /> cure the defects within the Curative Period and if the title defects are not cured within the <br /> Curative Period , County shall have thirty (30) days from the end of the Curative Period to elect, <br /> by written notice to Seller, to : (i) to terminate this Agreement , whereupon shall be of no further <br /> FAEngineering\Louise\l.ouise Gates\16th Street ProjectTaurel Homes, Inc\LAURELHOMEI6THSTPURAGREEMT7.2.08.doc - 1 - <br />
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