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Home My WebLink AboutAgreement to Future Construction of Unit 16 & 17AGREEMENT AS TO FUTURE CONSTRUCTION OF UNITS 16 AND 17 THIS AGREEMENT is made and entered into this D-7 day of March, 1992, by and between the CITY OF SEBASTIAN, a municipal corporation organized under the laws of the State of Florida ("City") and GENERAL DEVELOPMENT CORPORATION, a Delaware corporation, as debtor-in-possession under U.S. Bankruptcy Court Case No. 90-12231-BKC-AJC ("GDC"). W I T N E S S E T H: WHEREAS, the parties hereto are entering into this Agreement as part of the Settlement Agreement entered into on January 16, 1992 for the purpose of setting forth certain rights granted to GDC in said Settlement Agreement. NOW, THEREFORE, in consideration of the mutual covenants contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. The City hereby agrees that GDC and its successors and/or assigns, at any time whatsoever in the future, shall have the absolute right to develop the remaining unconstructed portion of the Plats of Unit 16 and Unit 17 in accordance with the subdivision standards in effect at the time that Unit 16 and Unit 17, as applicable, were platted, and the requirements of that certain Agreement dated as of August 15, 1979, between the City and GDC (the 1179 Agreement"), and in no event shall any higher or different standards or requirements ever be imposed by the City in connection with, or as a condition to, the development of said Unit 16 or Unit 17 (even if said Unit 16 or Unit 17, or any portion(s) thereof, are replatted, no higher or different standards or requirements shall be imposed. 2. Notwithstanding anything to the contrary contained in the foregoing paragraph, if any portion of Units 16 or 17 are replatted, and the purpose of replatting is other than to relocate or widen roads, or to locate or relocate stormwater drainage, the right of way and road and drainage requirements and standards in effect at the time that Unit 16 and Unit 17, as applicable, were platted, and the requirements of the 79 Agreement, as afore - described, shall be applicable, but the developer of said property (whether GDC or a successor thereof) shall otherwise be obligated to conform to all other applicable current standards or requirements). 3. without limiting the foregoing, the City acknowledges and agrees that the City shall never require any further dedication, conveyance or designation of land for parks, recreational or other public use to Unit 16, Unit 17 or any other plat already accepted by the City (a "Prior Plat") which is not already set forth in the applicable plat; provided, however, if in connection with the development of any Prior Plat, the appropriate government agency requires that any parcel of land within the Prior Plat be used for drainage purposes and such parcel has not already been designated for such purposes, GDC will convey such parcel to the City upon the condition that the City will assume maintenance and operation with respect to such parcel upon such conveyance. 4. This Agreement shall be binding upon the successors and assigns of the parties hereto. The parties agree to execute whatever further documents are reasonably necessary to effect the intent and purpose of this Agreement. • u IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and year first above written. Signed, sealed and delivered in the presence of: Printed Witness Printed Name• 9c1cIf,C Witness GENERAL DEVELOPMENT CORPORATION, a Delaware corporation, as debtor-in-possession under Bankruptcy Court Case 90-12231-BKC-AJC By: to 11 v PFERSICH, V ce President F61 Bayshore Drive iami, FL 33133 CITY OF SEBASTIAN, a Florida municipal corporation By: _ e Giac �M/ayor Attest S-- .KATHR'�M. O'HALLOREN, City Clerk 1225 Main Street Sebastian, FL 32958 STATE OF FLORIDA ) COUNTY OF DADE ) �L The foregoing instrument was acknowled d beJj me this 27 day of March, 1992, by GORDON J. PFERSICH, as �fw Vice President of GENERAL DEVELOPMENT CORPORATION, a Delaware corporation, as debtor-in-possession under U.S. Bankruptcy Court Case No. 90- 12231-BKC-AJC, on behalf of saidcor tion. He is personally known to me or has produced 5 tko�Vs identification and did not take an oath. My Commission Expires: p t I vt Lti4 ( 4.) Pl'CLIC STATF CF FLORTCA otary P . "r Ctl"�?'ISSIU'a E1P• r�,� 12}}Jp� I41'. U1,11.State o lorida at Large p Tf;P,I) GF.t'E.RAL STATE OF FL6h" ) COUNTY OF BREVARD) The foregoing inst- ""JNwow1 $A%j h edged before me thisday of March, 1992, byd KATHRYN M. O'HALLOREN, as Vice Mayor and City Clerk, respectively, of CITY OF SEBASTIAN, a FJcrida municipal corporation, on behalf of said corporation.. r ey_.�rk ersonally known to me or have produced _ as 1 entification and did not take an on . My Commission Expires: Printe Name • __ i� Notary Public State of Florida at Large 2 0 RELEASE 0 KNOW ALL MEN BY THESE PRESENTS: That CITY OF SEBASTIAN, a Florida municipal corporation (the "City") for and in consideration of the sum of Ten and 00/100 Dollars ($10.00), and other good and valuable consideration, received from or on behalf of GENERAL DEVELOPMENT CORPORATION, a Delaware corporation, as Debtor -in -Possession under U.S. Bankruptcy Court Case No. 90-12231-BKC-AJC ("GDC"), the receipt whereof is hereby acknowledged, hereby remises, releases, acquits, satisfies and forever discharges GDC, of and from any and all actions, causes of action, suits, debts, dues, sums of money, covenants, contracts, controversies, agreements, promises, damages, claims and demands whatsoever, in law or in equity, which the City, or any successor and/or assign of the City, ever had, now has, hereafter can, shall or may have, against GDC, for, relating to, connected with or arising out of the obligations set forth in Exhibit "A" attached hereto and by this reference made a part hereof (the "GDC Obligations"), including, without limitation, all bonds posted by GDC with the City in connection with the GDC Obligations, all of which shall be simultaneously herewith returned by the City to GDC. IN WITNESS WHEREOF, the undersigned has hereunto set its hands and seals this day of March, 1992. Signed, Sealed and Delivered CITY OF SEBASTIAN, a Florida in the presence of: municipal corporation $y _,,F K J. OB RBECK, Vice Mayor Attest: �� /J KATHRY M. O'HA"L,LOREN, City Clerk 0 0 STATE OF FLORIDA ) )SS COUNTY OF INDIAN RIVER) The foregoing instrument was acknowledged before me this day of March, 1992, by FRANK J. OBERBECK, Vice Mayor, and KATHRYN M. O'HALLOREN, City Clerk, of the CITY OF SEBASTIAN, a Florida municipal corporation, on behalf of said corporation. FRANK J. OBERBECK and KATHRYN M. O'HALLOREN are personally known to me and did not take an oath. WITNESS my hand and official seal of office this 3"—day of March, 1992. i My Commission Expires: Printed ame: 9 ` Notary Public State of Florida at Large I�I�II�t 0 EXHIBIT "A" (1) All obligations of GDC to construct, maintain and operate all streets and drainage facilities located in the City of Sebastian, including, without limitation, all obligations of GDC under that certain Agreement dated August 15, 1979 between GDC and the City, except that the foregoing shall not include GDC's obligations with respect to Plat Units 16 and 17, which are postponed pursuant to paragraph 5 of the Settlement Agreement between GDC and the City dated January 16, 1992. (2) Any liability of obligation (i) related in any manner to the matters set forth in item (1) above and/or (ii) set forth in the Proof of Claim filed by the City or related to the matters described therein.