HomeMy WebLinkAbout2006-192 FIRST AMENDMENT
TO OPTION AGREEMENT FOR SALE AND PURCHASE
This First Amendment to Option Agreement for Sale and Purchase ( "Amendment")
is entered into this 15th day of August, 2006 ,, by and between Indian River County, a
political subdivision of the State of Florida and Shadowbrook Estates , Inc . ("Seller") .
Background Recitals :
A. On March 30 , 2006, Seller entered into an Option Agreement for Sale and Purchase
with Indian River County ("Option Agreement") .
B . Pursuant to applicable Florida law, the Option Agreement was approved by the
Indian River County Board of County Commissioners at a duly advertised public hearing
held on June 6 , 2006 .
C . The Option Agreement grants an option to Indian River County to purchase the
Property as more specifically described in Exhibit A of the Option Agreement .
D . Pursuant to the terms of the Option Agreement , Indian River County has elected to
obtain a Phase II Environmental Assessment of the Property ("Phase II ") .
E . Indian River County and Seller have agreed that it is in their respective best
interests to amend the Option Agreement to extend the Option Expiration Date and the
closing date , pursuant to the terms of the Option Agreement.
NOW THEREFORE , for good and valuable consideration , the receipt and
sufficiency of which is hereby acknowledged , the parties hereto , intending to be legally
bound , agree to amend the Option Agreement as follows :
1 . From and after the effective date of this First Amendment , the second sentence of
paragraph 2 of the Option Agreement is amended in its entirety to read as follows :
The option may be exercised on or before October 31 , 2006
("Option Expiration Date") , with closing , if the Option is exercised ,
on or before November 15 , 2006 .
2 . From and after the effective date of this First Amendment , the second sentence of
paragraph 4 B of the Option Agreement is deleted in its entirety .
3 . From and after the effective date of this First Amendment , the first sentence of
paragraph 13 is amended in its entirety to read as follows :
The closing , if the option is exercised , shall be on or before
November 15 , 2006 .
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4 . All terms and provisions of the Option Agreement not amended by this First
Amendment shall be and remain in full force and effect .
5. All defined terms not otherwise defined herein shall have the same meaning as set
forth in the Option Agreement.
6 . This First Amendment may be executed in one or more counterparts , each of which
shall be deemed to be an original copy and all of which shall constitute but one and the
same instrument.
7 . The background recitals are true and correct in form and material part of this First
Amendment .
IN WITNESS WHEREOF , the parties have caused this First Amendment to be
executed as of the day and year first above stated .
SELLER :
SHADOWBROOK ESTATES , INC . ,
{ / a Florida corp tion
Witness : // � �/ ,/"� IL
Printed Name : �14 /X, s. 1&1i 1/rr
Pierre Paquett esident
Witness :
Print Name:
INDIAN RIVER COUNTY
By its Board of County Commissioners
e - By ------ -----
Joseph A. Baird , County Administrator
under authority of Resolution 2006-089
Approved as to form and legal sufficiency:
ti
P� By — -------
01 Marian E . Fell , Assistant
County Attorney
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4 . All terms and provisions of the Option Agreement not amended by this First
Amendment shall be and remain in full force and effect.
5 . All defined terms not otherwise defined herein shall have the same meaning as set
forth in the Option Agreement.
6 . This First Amendment may be executed in one or more counterparts , each of which
shall be deemed to be an original copy and all of which shall constitute but one and the
same instrument.
7 . The background recitals are true and correct in form and material part of this First
Amendment.
IN WITNESS WHEREOF , the parties have caused this First Amendment to be
executed as of the day and year first above stated .
SELLER :
SHADOWBROOK ESTATES , INC . ,
Witness : a Florida corporation
Printed Name :
BY:
Witness : Pierre Paquette , President
Print Name :
INDIAN RIVER COUNTY
By its Board of County Commissioners
B
o eph A. Baird , ounty Administrator
and authority of Resolution 2006-089
pproved as to form and legal sufficiency:
By
i—A
Marian elssistant
County Attorney
2
� g1VE�+ � Office of
z INDIAN RIVER COUNTY
Y
#F�ORI OPir ATTORNEY
William G . Collins II , County Attorney
Marian E . Fell , Assistant County Attorney
William K. DeBraal , Assistant County Attorney
MEMORANDUM
TO : Clerk to the Board of County Commissioners
FROM : WE . Fell , Assistant County Attorney
DATE : August 18 , 2006
RE : First Amendment to Shadowbrook Estates
Option Agreement for Sale and Purchase
On June 6 , 2006 , under Agenda Item 9-A-3, the Indian River County Board of County
Commissioners held a public hearing to approve purchase of the South Prong Slough Land
from Shadowbrook Estates under the County's environmental lands acquisition program . The
First Amendment to Option Agreement for Sale and Purchase is to be filed with Agenda Item 9-
A-3 of the June 6 , 2006 , agenda .
Thank you .