HomeMy WebLinkAboutR-78-27RESOLUTION
R-7'8-27
WHEREAS, the City of Sebastian, Florida, has entered
into a Lease/Purchase Agreement known as Trust Number X-l13,
dated February 28, 1977, and recorded in Official Record Book
546, pages 859 through 863, of the public records of Indian
River County, Florida, for the purchase of Lots 1 to 25, incl.,
Block 7, EDGEWATER PARK, according to plat recorded in the
Office of the Clerk of the Ci.rcuit Court of Indian River County,
in Plat Book 1, page 23, said land lying and being in the City
of Sebastian, Indian River County, Florida, and
WHEREAS, the City has paid the sum of $10,199.96 consist-
ing of $5,199.96 rental and $5,000.00 option, under said Lease/
Purchase Agreement, and
WHEREAS, the City is desirous of executing its option
to purchase;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF SEBASTIAN,
FLORIDA, as follows:
(i1) The City of Sebastian does hereby ~xecute its
option under the aforesaid Lease/Purchase Agreement of February
28, '1977, to purchase
Lots 1 to 25, inclusive, Block 7, EDGEWATER
PARK, according to plat recorded in the office
of the Clerk of the Circuit Court of Indian
River County, in Plat Book 1, page 23, said
land lying and being in the City of Sebastian,
Indian River County, Florida
for the total purchase price of $77,310.00.
(2) The City of Sebastian hereby authorizes its Mayor
and its City Clerk. to pay the funds due on the exercise of the
option, i.e. 25% of the purchase price of $77,310.00, or
$19,327.50, less credit to the City of the prior payment of
$10,199.96, or a total of $9,127.54 on closing.
(3) The City of Sebastian hereby authorizes its Mayor
and its City Clerk to execute a promissory note of the total
sum of $57,912.50, together with a purchase money mortgage
securing sam~, payable at 7-1/2% interest per annum An ten
annual instaLa~nts, the first payment being due on December
1979, and subsequ~lt payments being due on Deceseber 30 of each
year thereafter until principal and interest are paid in full.
(.4) The City of Seb~stian further authorises its
Mayor aha its City Clerk to represent the City at the closing
of this Purchase Agree~lt, ~td to sign any and all other
documents necessary for closing, to pay such closing costs at
closing which are deter~tned to be borne by the City, and to
do all other acts ne.cesa&ry for the closing of this transaction.
ATTEST~
The foregoing bmolution was duly passed and adopted by
the City Council of tke City of Sebastian, Florida, this //~-------
day of December 197~.