HomeMy WebLinkAbout2015-149®ATE:
QTEM NO: O.
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ASSIGNMENT OF
CASH DEPOSIT AND ESCROW AGREEMENT
FOR
COMPLIANCE AND RESTORATION
RE: RANCH ROAD LAKE SAND MINE, PHASE 2
SP -MA -05-01-02 (PH2) (2004040371)
THIS ASSIGNMENT OF CASH DEPOSIT AND ESCROW
AGREEMENT FOR COMPLIANCE AND RESTORATION, RE RANCH ROAD
LAKE SAND MINE, PHASE 1 is made this 7i day of J , 2015, by
and between DAVID A. SOSNE, CHAPTER 7 TRUSTEE FOR THE
BANKRUPTCY ESTATE OF RANCH ROAD LAKE, L.L.C., a Florida limited
liability company, whose mailing address is Summers Compton Wells LLC,
8909 Ladue Road, St. Louis, MO 63124 ("Assignor") and " BAYTREE
VENTURES, LLC, a Florida limited liability company, whose mailing address
is 5955 82"d Avenue, Vero Beach, FL 32966 ("Assignee") and INDIAN RIVER
COUNTY, a political subdivision of the State of Florida, having a mailing
address of 1801 27th Street, Vero Beach, FL 32960 ("County"):
WITNESSETH:
WHEREAS, in April, 2010 Ranch Road Lake, L.L.C. executed a
Cash Deposit and Escrow Agreement and posted $60,520.00 cash to insure
compliance ($41,740.00) and restoration ($18,880.00) with the requirements of
the approved mining site plan for Phase 2, known as Ranch Road Lake Sand
Mine; and
WHEREAS, in January, 2014 creditors of Ranch Road Lake, L.L.C.
filed an involuntary petition against it under Chapter 7 of Title 11 of the United
States Code; and
WHEREAS, in April, 2014 David A. Sosne was duly appointed as
the Chapter 7 Trustee in bankruptcy for Ranch Road Lake, L.L.C.; and
WHEREAS on April 17, 2015 an Asset Purchase Agreement was
entered into between Assignor and Assignee whereby, among other things, the
deposits i(referenced above) would transfer to Assignee at closing of the
purchase sof the Ranch Road Lane Sand Mine property; and
WHEREAS, on April 28, 2015 the United States Bankruptcy Court,
Eastern District of Missouri, Eastern Division in Case No. 14-40386-659, issued
an Order Granting Motion for Order Approving the sale of assets of Ranch Road
Lake, L.L.C.; and
WHEREAS, on May 7, 2015 the property known as the Ranch
Road Lake Sand Mine was sold to Assignee; and
Z
WHEREAS, on May 7, 2015, Assignor executed an "Assignment of
Permits, Permit Reclamation Bonds, Approvals, Documents, Intangible Rights
and Other Interests Pertaining to Property" in favor of Assignee whereby the
cash deposits (referenced above) and held in escrow with County, transferred to
Assignee, to the extent they are transferable; and
WHEREAS, the Cash Deposit and Escrow Agreement shall not be
assigned without the express written approval of the County; and additionally,
any amendment, deletion, modification, extension, or revision to the Cash
Deposit and Escrow Agreement shall be in writing, and executed by authorized
representatives of each party,
NOW, THEREFORE, the parties agree as follows:
1. The above recitals are true and accurate.
2. The obligations under the Cash Deposit and Escrow Agreement —
SP -MA -05-01-02 (PH2)(2004040371) Re Ranch Road Lake Sand Mine, Phase 2
is assumed by Assignee in accordance with that certain Notice of Transfer and
Assumption of Site Plan Approvals and Obligations on file with County.
3. i The cash being held in escrow under the terms of the Cash Deposit
and Escrow Agreement — SP -MA -05-01-02 (PH2)(2004040371) Re Ranch Road
Lake Sand Mine, Phase 2 is earmarked for the benefit of Assignee and shall be
returned to Assignee upon compliance and restoration of the phase if Assignee
performs in all respects the obligations of Indian River County Code Chapter 934
with respect to site plan compliance and site restoration, absent any assignment,
bankruptcy or court order.
4. The terms and conditions of the Cash Deposit and Escrow
Agreement — SP -MA -05-01-02 (PH2)(2004040371) Re Ranch Road Lake Sand
Mine, Phase 2 remain unchanged in all other respects.
By: ' I'l
DAVI b A. SOSNE, CHAPTER 7
TRUSTEE FOR THE BANKRUPTCY
ESTATE OF RANCH ROAD LAKE,
L.L.C., a Florida limited liability
company
Assignor
2
ATTEST: Jeffrey R. Smith, Clerk
of C• and C.• • oiler
Bv:
Deput er
OFFICE OF MANAGEMENT
AND BU
By:
Jason Br n
OMB Director
G
T
BAYTREE VENTURES, LLC, a Florida
limited liability company
Assignee
By: BLUE GOOSE CONSTRUCTION LLC,
a FIprida 'mite bility c
By:
By:
Richard M. Carnell, Jr., Manager
BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER
COUNTY, FLORIDA
Coun*6" *
•,.y 5�ti1MISs�.•
esley S. 'avis, Chairma'i�
•
k t l: _ t�
i
BCC approved: August 18, 2o15�61,01 •. ''r'' ••�/
a'yR'ER .alNre''•f
(SEAL)
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
By:
3
an Reingold
County Attorney