Res 10-94 RESOLUTION NO. 10-94
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DELRAY
BEACH, FLORIDA, AUTHORIZING THE CITY TO PURCHASE FROM
SELLER CERTAIN REAL PROPERTY IN PALM BEACH COUNTY,
FLORIDA, AS DESCRIBED HEREIN, HEREBY INCORPORATING AND
ACCEPTING THE CONTRACT STATING THE TERMS AND CONDITIONS
FOR THE SALE AND PURCHASE BETWEEN THE SELLERS AND THE
CITY OF DELRAY BEACH, FLORIDA.
WHEREAS, the City of Delray Beach, Florida, wishes to acquire
certain property located south of the intersection of Germantown Road and
Linton Boulevard for the purpose of providing a municipal park; and
WHEREAS, the Sellers hereinafter named desire to sell the
property hereinafter described to the City of Delray Beach, Florida; and
WHEREAS, it is in the best interest of the City of Delray Beach,
Florida, to purchase said property for the purpose described above.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. That the City Commission of the City of Delray
Beach, Florida, as Buyer, hereby agrees to purchase from Norman W. Blood,
Jr. and Carolyn Blood, as Sellers, land for use as a municipal park for
the purchase price of Six Hundred Twenty-Two Thousand Six Hundred Fifty
and 00/Dollars ($622,650.00), and other good and valuable consideration;
said parcel being more particularly described as follows:
Approximately 5.93 acres of the Northwest quadrant of
property commonly known as Blood's Grove for a park site,
more specifically described as that part of Section 25,
Township 46 South, Range 42 East, Palm Beach County,
Florida, commencing at the Northwest corner of the Plat
of Foxe Chase, according to the plat thereof recorded in
Plat Book 38, Pages 1 and 2, of the Public Records of
Palm Beach County, Florida; thence South 1 degree 07'33"
East, along the west line of said Plat of Foxe Chase,
272.79 feet to the Point of Beginning; thence continue
South 1 degree 07'33" East, along said west line, 435.00
feet; thence South 88 degrees 52'27" West, 500.00 feet;
thence North 1 degree 07'33" West, 360.00 feet; thence
North 43 degrees 52'27" East, 212.13 feet; thence North 1
degree 07'33" West, 197.79 feet; thence North 88 degrees
52'27" East, 150.00 feet; thence South 1 degree 07'33"
East, 272.79 feet; thence North 88 degrees 52'27" East,
200.00 feet to the said Point of Beginning.
Section 2. That the costs of closing and transactions, title
insurance, doc~ent preparation and attorney's fees shall be borne by the
City of Delray Beach, Florida.
Section 3. That the terms and conditions contained in the
Contract for Sale and Purchase of Real Property, and addenda thereto,
between the City of Delray Beach, Florida, and the Sellers as
hereinabove named are incorporated herein.
PASSED MD ADOPTED in regular session on this the 22nd day of
February, 1994.
ATTEST:
- City Cie~k' !
- 2 - Res. No. 10-94
[ITY OF i]ELIIIIY BEII[H
100 N W. 1st AVENUE · DELRAY i:3EACH, FLORIDA 33444 · 407'243-7000
: David T. Harden, City Manager
1993
FROM: ~bert A. Barcinski, Assistant City Manager
SUBJECT: Agenda Item # ?~ City Commission Meeting 2/22/94
Approval for Resolution #10-94 and Purchase Contract
for S.W. Park Site
DATE: February 14, 1994
ACTION
City Commission is requested to approve Resolution No. #10-94
and the Contract For Sale and Purchase of Real Property from
Norman and Carolyn Blood for an approximate 5.93 acre site, to
be utilized as a City park in conjunction with School Site "S."
The contract price is $105,000 per acre (total $622,650) and is
to be funded from Recreation Impact Fees.
BACKGROUND
At your meeting on 11/9/93, City Commission delayed action on
this item pending final action by the School Board on the
purchase price for School Site "S." In addition, Commission
requested information analyzing value given by the City for
improvements which would benefit the Blood's property versus
value received for easements received by the City. A revised
contract with a cost benefit analysis was then presented to
Commission on 1/25/94. Commission rejected the proposal for
purchase at $110,000 per acre, indicating they still felt the
price was too high.. Also questioned was the cost benefit
analysis. Staff was requested to revise the analysis in view of
discussions and to try to obtain an agreement for a lower
purchase price.
Staff reviewed and prepared a new cost/benefit analysis under
two different assumptions:
1) No consideration for future development on the balance
of the property - minimum needs for school.
2) Minimum improvements considering future development.
The previous analysis contained cost/benefit information for the
Germantown Road realignment and lift station and force main, as
well as, gravity sewer line easements.
Pr/ntedonRecycledPper THE EFFORT ALWAYS MATTERS
Agenda Item #
Resolution #10-94
Page 2
The argument has been made that the Germantown Road realignment
could possibly be shifted east. Thus eliminating benefit to the
Bloods. It is also noted that the road realignment was proposed
by staff for better traffic flow and was not needed by the
Bloods. These arguments, in my view, are both valid, thus, road
realignment value has been removed from the evaluation.
Also, it is noted that the contract is now written so that
future developers will reimburse the City their share of the
cost for the lift station. Although the City up fronts the
design and construction costs, we will be reimbursed for our
costs later. Thus, there is no dollar value passed on to the
Bloods for the lift station, only the value of having the lift
station in place prior to development.
In reviewing both options, staff feels that assumption #2, from
an overall planning perspective, is the best scenario to
pursue. Under this scenario, at values indicated, the City
benefits at a value of approximately $23,000.
The School Board agreed to an amended purchase contract at
$107,500 per acre and have begun to work on a site plan with our
staff. The School Board and the City have already completed
topographical surveys, tree surveys, and a flora and fauna
study. The tentative closing date is set for mid April - the
School Board is proposing to be under construction by mid
August, 1994.
Per our agreement with the School Board, we still need to
process the annexation, zoning and conditional use applications
for both properties. In addition, we will need to complete
water, sewer and road design work so that construction can take
place simultaneously with the construction of the school.
RECOMMENDATION
In view of the appraisals completed for the School Board and
City (average of $105,750), the revised cost benefit analysis
and the need to move forward, recommend approval of resolution
#10-94 and the proposed purchase agreement.
RAB:kwg
BLOOD'S PROPERTY
Cost Benefit Analysis
ASSUMPTION #1 - No Consideration Future Development Balance of
Property
Assuming that we did not consider the balance of the Blood's
property, we would still be required to provide water and sewer
service to the school and park site. The water line would need
to be of sufficient size to provide service and fire protection
to the school, which would require looping. This theoretically
could be done on City and school property, and would not service
any other site. In order to provide the school site with sewer
serVice a lift station and force main would also need to be
constructed due to the distance and depth of the nearest sewer
line. This also theoretically could be constructed entirely on
our site and would only service the school and park sites. As
the balance of the property is developed, the developer would
have to provide easements, ROW and install all improvements.
Advantages
1. Lower construction costs for the City
Disadvantages
1. Higher maintenance and electric costs due to the need for
additional lift stations as property develops.
2. Redundant looping of water line adds construction costs that
serve no other facility but the school.
Value
Under this assumption all value comes to the City, i.e., none of
our construction (physical improvements) benefits the balance of
the Blood's property.
Value
Closing Costs $ 75,000
Germantown Road Easement (Fire Station) $ 63~000
Total $138,000
Easement values figured on $105,000 per acre.
Blood's Property - Cost Benefit Analysis
Page 2
ASSUMPTION #2 - Minimum Improvements - Consideration Future
Develo~nent
Assuming we would plan our improvements taking into account
future development needs, the scenario would be different. The
water line would be constructed north to south through the
property (10"-12") line and tie in with the dead end system in
Delaire. This proposal would properly service the school site
and provide fire protection, would provide a backbone for future
development, and would improve flow and fire protection in
Delaire. Easements would be needed on the balance of the
Blood's property and in Delaire. A conservative assumption for
easement needs would be that part of the line is constructed on
City and School Board property - (no easement needed) and the
balance on the Blood's and Delaire properties (easements needed).
The lift station and force main would be constructed and sized
to provide service not only to the school and park but also for
the balance of Blood's property, Taheri's property, and Foxe
Chase in the event of possible future annexation scenario.
At the time of the school development, we would need a lift
station site and easements for a force main with construction to
be completed at the same time the school is built. Other sewer
line easements to service the balance of Blood's property,
Taheri's property and Foxe Chase would be provided by the
developer at the time of development. The proposed contract
with the Blood's is written so that developers would pay, in the
future, their fair share of the lift station and force main
costs. Thus value given by City for lift station and force main
will be recouped in the future.
Advantages
1. Proper planning for future development which reduces future
operating costs, i.e., one lift station versus 4 or 5.
2. Strengthens fire flow for entire system.
Disadvantages
1. Higher up front construction costs.
Value Calculations
Value Given to City (Seller)
A. Closing Costs $ 75,000
B. Germantown Road Easement (Fire Sra.)(.6 acres) 63,000
C. Water Line Easement (.62 acres) . 65~100
$203,100
(NO value received for lift station site and force main
easement due to requirement to provide by developers' in the
the future)
Blood's Property - Cost Benefit Analysis
Page 3
Value Given By City (Buyer)
A. Water Line Costs $180,000
(No value given lift station force main construction due
to future off-set from developer)
Value + for City $23,100
Easement Calculations
Water Line
Balance Blood's property 1800 L.F. x/5' = 27,000 sq. ft.
.62 acres x $105,000 = $65,100
Germantown Road
.6 acres x $105,000 = $63,000
CONTRACT FOR SALE AND PURCHASE OF REAL PROPERTY
COME NOW, the parties NORMAN W. BLOOD, JR. and CAROLYN
BLOOD of Palm Beach County, Florida (hereinafter referred to as
the "SELLER") and the CITY OF DELRAY BEACH, FLORIDA, a munici-
pality of the State of Florida located in Palm Beach County
(hereinafter referred to as "BUYER") and hereby agree that the
SELLER shall sell and the BUYER shall buy the following
interest in real property upon the following terms and
conditions which are as follows:
1. SELLER agrees to convey in fee simple title to real
property located in Palm Beach County, Florida, (hereinafter
referred to as "Property") being described as follows:
See Exhibit A "Legal Description" attached hereto.
2. SELLER further agrees to grant, upon demand by BUYER,
a deed with the right of reverter for a certain portion of its
property as depicted in Exhibit "B" for road right-of-way
purposes. The property shall revert to the SELLER, their heirs
or assigns upon abandonment of the road right-of-way. The deed
of conveyance shall include this reverter right. This para-
graph is intended to and shall survive the closing.
3. SELLER agrees to convey, upon demand by BUYER, for
public road right-of-way purposes the property depicted on
Exhibit "C". This conveyance is considered a donation as the
SELLERS are not being compensated for this parcel. This
paragraph is intended to and shall survive the closing.
4. PURCHASE PRICE: BUYER shall pay $6~ for the
property as described in Exhibits "A" and "B".
5. DEPOSIT: A refundable deposit of $10,000.00 shall be
placed in an 'interest bearing trust account of SELLER'S
attorney. A credit for the interest earned shall be applied to
the purchase price by the SELLER at closing. The remaining
portion of the purchase price shall be due and payable at the
time of closing.
6. TIME FOR ACCEPTANCE; EFFECTIVE DATE: If this
contract is not executed by and delivered to all parties or
fact of executimn communicated in writing between the parties
on or before ~ 15, 1994, the offer will be withdrawn
unless extended by mutual agreement. The date of this contract
("Effective Date") will be the date when the last one of the
BUYER and the SELLER has signed this contract.
7. TITLE EVIDENCE: At least seven (7) days before
closing, SELLER shall, at SELLER'S expense, deliver to BUYER's
attorney a title insurance commitment in accordance with Item A
of Standards for Real Estate Transactions.
8. CLOSING DATE: This transaction shall be closed and
the deed and other closing papers delivered on or before April
10, 1994 unless extended by other provisions of the contract,
and shall be simultaneous with the closing of the School Board
purchase of the adjacent property.
9. CONVEYANCE: SELLER shall convey title to Property by
Warranty Deed subject to matters contained in this contract and
taxes for the year of closing.
10. RESTRICTIONS; EASEMENTS; LIMITATIONS: BUYER shall
take title to the property subject to zoning restrictions,
prohibitions and other requirements imposed by governmental
authority; restrictions and matters appearing on the plat or
otherwise common to the subdivision; public utility easements
of record, taxes for year of closing and subsequent years
provided that there are no non-governmentally imposed restric-
tions on the property which would prevent the property from
being used as a park and that there are no violations or
restrictions of any of the foregoing which would prevent the
location of utility lines running to the Property.
11. OCCUPANCY: SELLER warrants that there are no parties
in occupancy other than the SELLER, and Blood's Hammock Groves,
Inc.
12. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten
or handwritten provisions shall control all printed provisions
of the contract in conflict with them.
13. REAL ESTATE COMMISSIONS: SELLER agrees to pay
Clemmer Mayhew a commission pursuant to their agreement. Each
party agrees to indemnify and hold the other harmless from any
claims and demands of any real estate broker, salesperson, or
other person claiming entitlement to a fee or commission,
including costs and attorney's fees in resisting such claims,
and in the event of litigation at trial and on appeal. The
provisions of this paragraphs are intended to and shall survive
the closing.
14. LICENSE TO HARVEST: BUYER grants to SELLER a license
to cultivate and harvest crops from the fruit trees existing on
the Property until such time as BUYER begins site clearing
and/or construction on the property. BUYER shall notify SELLER
of its intent to begin site clearing and/or construction on the
Property at least thirty (30) days prior to beginning the work.
15. ANNEXATION: SELLER authorizes BUYER to begin annexa-
tion of the Property into the City of Delra¥ Beach with the
Property being rezoned to Community Facilities District. Final
action on the annexation and rezonings may take place prior to
the date of closing. Ail costs associated with the annexation
and rezoning shall be borne by the BUYER. In the event the
parties fail to close on the property, the property, if
annexed, shall be de-annexed and the zoning ordinance shall be
null and void.
16. WARRANTIES: SELLER warrants that there are no facts
known to SELLER materially affecting the value of the Property
which are not readily observable by BUYER or which have not
been disclosed to BUYER.
17. SPECIAL CLAUSES: (1) Subject to approval of this
contract by the City Commission of the City of Delray Beach;
(2) Contingent on Palm Beach County School Board acquiring 10
acre parcel adjacent to subject property; (3) Contingent on the
property, as.described, being free of wetlands and environmen-
tally sensitive flora and fauna so that in the BUYER'S opinion
the entire site can be developed for use as a park facility;
(4) Contingent on an environmental prepurchase audit (obtained
by BUYER at is own expense) acceptable to the BUYER and any
other audits (obtained by BUYER at its own expense) deemed
necessary by the BUYER evidencing that there is no hazardous or
toxic waste or any other contaminants on or near the property
which would violate any and all environmental laws, rules,
codes, regulation or ordinances whether federal, state, or
local, including, but not limited to the Comprehensive Environ-
mental Response Compensation and Liability Act ("CERCLA"), 42
U.S.C. §9601-57, the Resource Conservation and Recovery Act
("RCRA"), 42 U.S.C. §6901-91i, the Clear Water Act ("CWA") 33
U.S.C. §1251-1376, the Safe Drinking Water Act ("SDWA"), 42
U.S.C. §300F-300J-10, the Toxic Substances Control Act
("TSCA"), 15 U.S.C. §2601-29, the Hazardous Materials Transpor-
tation Act ("HMTA") 49 U.S.C. 1801-1907, Florida Statutes
· Chapter 403.01 et. seq., Florida Statutes Chapter 376.01 et.
seq. Further, SELLER warrants, represents and covenants that
the property is free and clear of all hazardous or toxic waste
or other such contaminants. This provision shall survive the
closing herein and there shall be no merger of Deed and
Contract; (5) Contingent on BUYER being able to obtain all
necessary permits; (6) Contingent on obtaining concurrency
prior to closing; (7) Contingent on soil evaluation indicating
soil conditions acceptable at BUYER'S expense. All Clauses in
this paragraph shall be completed at BUYER'S expense. Clauses
1, 3, 4, and 7 shall be satisfied no later than sixty (60) days
after the effective date of the contract.
18. MASTER LIFT STATION: SELLER agrees to provide a
Warranty Deed to the BUYER for the placement of a Master Lift
Station which, at a minimum, will be of sufficient size to
service the School and Park Site, the balance of the SELLER'S
property, and other service areas. The BUYER agrees to build
said Lift Station to coincide with the construction of the
School Site. SELLER will be responsible for payment of excess
capacity of the Lift Station for the balance of SELLER'S
property at time of development. Location of Lift Station to
be agreed upon jointly by the BUYER and SELLER, but located in
such a manner as not to increase BUYER'S construction costs
significantly. This paragraph shall survive the closing.
19. WATER AND SEWER LINES: SELLER agrees to provide
BUYER with water line easements and sewer line easements
sufficient to service the Master Lift Station, School Site,
Park Site, and other lift station service areas. BUYER agrees
to construct a water line of sufficient size to service the
School and Parks sites, provide adequate fire protection and
serve as a backbone to service the balance of the property.
Location of water and sewer lines to be agreed upon jointly by
BUYER and SELLER but located in such a manner as not to
significantly increase BUYER'S construction costs. This
paragraph shall survive closing.
20. ROAD ACCESS: BUYER agrees to construct access to the
Park Site, Elementary School Site, and Blood's Hammock Groves.
The location of the road will be agreed on by the parties. The
conceptual location for the road access is indicated in Exhibit
"B". BUYER will (endeavor to) start road construction on or
about May 1, 1994 and complete construction no later than
October 1, 1994.
21. FENCING: BUYER agrees to provide fencing between
Park Site and remainder of SELLER's property.
22. REALIGNMENT OF GERMANTOWN ROAD: The parties agree to
the conceptual realignment of Germantown Road from its present
location to an intersection with Palm Forest Way. Should the
realignment occur, the City shall abandon the property as
described in Exhibit "B" The provisions of this paragraph are
intended to and shall survive the closing.
23. ACCESS: SELLER shall give BUYER and his representa-
tives and agents full access, during normal business hours,
from the date hereof through the Closing, to the property so
that BUYER may conduct such tests and examinations with respect
to the property as shall be necessary to effect the purpose of
this Contract. Nothing contained herein, however, will permit
BUYER to interfere or interrupt the business of any tenant of
the property.
24. ASSIGNMENT: BUYER'S and SELLER'S rights,
obligations, liabilities, powers, duties, covenants, and all
similar matters under this Contract may not be assigned by
either Party except upon prior written consent of the non-
assigning party, such consent shall not be unreasonably
withheld. Subject to the foregoing limitations, this Contract
shall be binding upon and inure to the benefit of the parties
hereto and their respective heirs, successors and assigns.
25. ENTIRE CONTRACT: This Contract constitutes a full
and complete understanding between the parties hereto and all
4
instruments or other communications are hereby superseded upon
the execution of this Contract. BUYER and SELLER may, by
written notice to the other: (i) extend the time for
performance of any of the obligations or actions of the other,
(ii) waive any inaccuracies in the representations or
warranties of the other contained in this Contract, (iii) waive
compliance with any of the covenants of the other contained in
this Contract, and (iv) waive performance of any of the obliga-
tions of the other. Except as provided in the preceding
sentence, no action taken shall be deemed to constitute a
wavier by the party taking such action of compliance with
respect to any representations, warranties, covenants or
agreements contained herein. The waiver by either party hereto
of a breach of any provision of this Contract shall not operate
or be construed as a waiver of any subsequent breach. Any
amendment or modification to be effective must be by an
instrument in writing signed by the parties. Any waiver to be
effective must be by an instrument in writing signed by the
party giving the waiver.
STANDARDS OF REAL ESTATE TRANSACTIONS
A. EVIDENCE OF TITLE: A title insurance commitment
issued by a Florida licensed title insurer agreeing to issue to
BUYER, upon recording of the deed to BUYER, an owner's policy
of title insurance in the amount of the purchase price,
insuring BUYER's title to Property, subject only to liens,
encumbrances, exceptions or qualifications set forth in this
Contract and those which shall be discharged by SELLER at or
before closing. SELLER shall convey a marketable title subject
only to liens, encumbrances, exceptions or qualifications set
forth in Contract. Marketable title shall be determined
according to applicable Title Standards adopted by authorSty of
The Florida Bar and in accordance with law. BUYER shall have
forty-five (45) days from date of receiving evidence of title
to examine it. If title is found defective, BUYER shall,
within seven (7) days, notify SELLER in writing specifying
defect(s). If the defect(s) render title unmarketable, SELLER
will have 120 days from receipt of notice within which to
remove the defect(s), failing which BUYER shall have the option
of either accepting the title as it then is or demanding a
refund of deposit(s) paid which shall immediately be returned
to BUYER; thereupon buyer and SELLER shall release one another
of all further obligations under the Contract. SELLER will, if
title is found unmarketable, use diligent effort to correct
defect(s) in title within the time provided therefore,
including the bringing of necessary suits.
B. EXISTING MORTGAGES: The SELLER shall provide
estoppel letters (not necessarily in affidavit form) setting
forth the principal balance, method of payment, and whether the
mortgage is in good standing. Ail mortgages are required to be
paid off in full at the closing so as to insure that BUYER
obtains the land free and clear of all liens, mortgages and
other encumbrances.
C. SURVEY: BUYER, at SELLER'S expense, within time
allowed to deliver evidence of title and to examine same, may
have Property surveyed and certified by a registered Florida
surveyor. If survey shows encroachment on Property or that
improvements located on Property encroach on setback lines,
easements, lands of others, or violate any restrictions,
Contract covenants or applicable governmental regulation, the
same shall be treated as a title defect.
D. LIENS: SELLER shall furnish to BUYER at time of
closing an affidavit attesting to the absence, unless otherwise
provided for herein, of any financing statements, claims of
lien or potential lienors known to SELLER and further attesting
that there have been no improvements or repairs to Property for
90 days immediately preceding date of closing. If Property has
been improved, or repaired within that time, SELLER shall
deliver releases or waivers of mechanics' liens executed by all
general contractors, subcontractors, suppliers, and materialmen
in addition to SELLER's lien affidavit setting forth the names
of all such general contractors, subcontractors, suppliers and
materialmen and further affirming that all charges for improve-
ments or repairs which could serve as a basis for a mechanic's
lien or a claim for damages have been paid or will be paid at
closing.
E. PLACE OF CLOSING: Closing shall be held at the
office of the SELLER'S attorney or as otherwise agreed upon.
F. TIME: Time is of the essence of this Contract. Time
periods herein of less than 6 days shall in the computation
exclude Saturdays, Sundays and state or national legal
holidays, and any time period provided for herein which shall
end on Saturday, Sunday or legal holiday shall extend to 5:00
p.m. of the next business day.
G. DOCUMENTS FOR CLOSING: SELLER'S attorney shall
prepare a mechanic's lien affidavit, assignments of leases,
tenant and mortgagee estoppel letters, and corrective
instruments as necessary. SELLER shall furnish closing state-
ment and deeds.
H. EXPENSES: All expenses shall be paid for by the
SELLER. BUYER shall be responsible for those expenses for the
items required in Paragraph 17.
I. PRORATIONS; CREDITS: Taxes, assessments, rent,
interest, insurance and other expenses and revenue of Property
shall be prorated through day before closing. Taxes shall be
prorated based on the current year's tax with due allowance
made for maximum allowable discount, homestead and other
exemptions. If closing occurs at a date when the current
year's millage is not fixed, and current year's assessment is
available, taxes will be prorated based upon such assessment
and the prior year's millage. If current year's assessment is
not available, then taxes will be prorated on the prior year's
tax. If there are completed improvements on Property by
January 1st of year of closing which improvements were not in
existence on January 1st of the prior year then taxes shall be
prorated based upon the prior year's millage and at an equit-
able assessment to be agreed upon between the parties, failing
which, request will be made to the County Property Appraiser
for an informal assessment taking into consideration available
exemptions. Any tax proration based on an estimate may, at
request of either BUYER or SELLER, be subsequently readjusted
upon receipt of tax bill on condition that a statement to that
effect is in the closing statement.
J. SPECIAL ASSESSMENT LIENS: Certified, confirmed and
ratified special assessment liens as of date of closing (and
not as of Effective Date) are to be paid by SELLER. Pending
liens as of date of closing shall be assumed by BUYER. If the
improvement has been substantially completed as of Effective
Date, such pending lien shall be considered as certified,
confirmed or ratified and SELLER shall, at closing, be charged
an amount equal to the last estimates of assessment for the
improvement by the public body.
K. PROCEEDS OF SALE: The Deed shall be recorded and the
evidence of title continued, at SELLER'S expense, to show title
in the BUYER, without any encumbrances or change from the date
of the last evidence rendering SELLER'S title unmarketable, and
the cash proceeds of such sale shall be held in escrow by the
SELLER'S attorney or by such other mutually agreed upon Escrow
Agent for a period of not longer than five (5) days, exclusive
of Saturdays, Sundays and holiday. If the SELLER'S title is so
rendered unmarketable, the BUYER'S attorney shall, within the
said five (5) day period, notify SELLER'S attorney in writing
of the defect and the SELLER shall have thirty (30) days from
the date of receipt of such notification to cure the defect.
In th event SELLER fails to timely cure said defect, all monies
paid hereunder shall, upon written demand therefor, within five
(5) days thereafter, be immediately returned to BUYER, and
simultaneously with such repayment, BUYER shall vacate the
premises and reconvey by Special Warranty Deed. In the event
of the failure of the BUYER to make timely demand for refund,
he shall take title as is, waiving all rights against the
SELLER as to the intervening defect.
L. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE:
Neither this Contract nor any notice of it shall be recorded in
any public records. This Contract shall bind and inure to the
benefit of the parties and their successors in interest.
Whenever the context permits, singular shall include plural and
one gender shall include all. Notice given by or to the
attorney for any party shall be as effective as if given by or
to that party.
DATE EXECUTED BY
WITNESSES: (Two are required) SELLER
BY:
NORMAN W. BLOOD, JR.
(type or print name)
BY:
CAROLYN BLOOD
(type or print name)
DATE EXECUTED BY
BUYER
BY:
Thomas E. Lynch, Mayor
ATTEST:
City Clerk
Approved as to Form and
Legal Sufficiency:
City Attorney
blood- s.
01/20/94 rev.