HomeMy WebLinkAboutR-10-37RESOLUTION NO. R- 10-37
A RESOLUTION OF THE CITY OF SEBASTIAN, FLORIDA,
APPROVING PARTICIPATION IN THE PARKING IN LIEU OF
PROGRAM, LIEN AGREEMENT AND COVENANT RUNNING WITH
THE LAND, FOR MULLIGAN'S BAR AND GRILL LOCATED AT 806
INDIAN RIVER DRIVE, SEBASTIAN, FLORIDA; PROVIDING FOR
TERMINATION; PROVIDING FOR CONFLICTS; AND PROVIDING FOR
AN EFFECTIVE DATE.
2092120
THIS DOCUMENT HAS BEEN
RECORDED IN THE PUBIC RECORDS
OF INDIAN RIVER COUNTY FL
BK: 2446 PG:1762, Panel of 10
09/2:3/2010 at 12:12 PM, D DOCT.4X PD
$0 70
JEFFREY K BARTON, CL ERK OF COURT
WHEREAS, with the adoption of Ordinance 0- 10 -05, the City Council of the City
of Sebastian has determined that it is in the public interest to allow businesses within
the Riverfront area the opportunity to utilize public parking to meet their parking needs;
and
WHEREAS, the marina and restaurant known as Mulligan's Bar and Grill wishes
to participate in the Parking In Lieu of program established in Ordinance 0 -10 -05 and
purchase thirty (30) parking spaces of public parking,
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
SEBASTIAN, as follows:
Section 1. The City Council approves the Parking In Lieu Of Program
Agreement, Lien Agreement and Covenant Running with the Land attached hereto as
Attachment A, and authorizes the City Manager to execute and record the same.
Section 2. CONFLICTS. All resolutions or parts of resolutions in conflict
herewith are hereby repealed.
Section 3. EFFECTIVE DATE. This resolution shall take effect immediately
upon its adoption.
The foregoing Resolution was moved for adoption by coy
The motion was seconded by Hill and, upon being put to a
vote, the vote was as follows:
Mayor Richard H. Gillmor aye
Vice -Mayor Jim Hill aye
Council Member Andrea Coy aye
Council Member Don Wright aye
Council Member Eugene Wolff aye
The Mayor thereupon declared this Resolution duly passed and adopted this 22 day of
September, 2010.
CITY OF SEBASTIAN, FLORIDA
Mayor ichard H. Gillmor
Approved as to form and legality for reliance by the
City of Sebastian only:
Robert A. Ginsburg, City Attorney
PARKING IN LIEU OF PROGRAM AGREEMENT
LIEN AGREEMENT
COVENANT RUNNING WITH THE LAND
(hereinafter collectively referred to as "Agreement
ATTACHMENT A
THIS AGREEMENT is between the City of Sebastian, a Florida municipal
corporation, as "City Shore Restaurants of Sebastian, LLC, which is in the process of
becoming the operator at 806 Indian River Drive, as "Operator" and Oculina Bank as
"Owner" and Mortgagee of the property.
WHEREAS, the City Council of the City of Sebastian finds that providing public
parking to assist private businesses meet their parking needs is an economic benefit to the
entire community; and
WHEREAS, the requirements for parking are outlined in Sec. 54 -3 -15 of the
City's Land Development Code; and
WHEREAS, the requirements for parking were recently amended to include the
creation of an In Lieu of Parking program allowing businesses to participate in public
parking to meet their parking requirements; and
WHEREAS, for the Operator to operate a 3,456 square foot restaurant with bar,
utilize 36 slips for marina rentals, 11 slips to be utilized by restaurant patrons, and to
utilize the second floor as dock master quarters, the site requires a total of seventy (72)
parking spaces; and
WHEREAS, the property at 806 Indian River Drive has a parking capacity on
site of forty -two (42) spaces; and
WHEREAS, the Operator has decided to participate in the Parking In Lieu of
program and purchase thirty (30) spaces from the City,
NOW THEREFORE, in consideration of the mutual promises and obligations stated
herein, the City, Operator and Owner do hereby incorporate all terms and conditions in
this Agreement and mutually agree as follows:
1. PURPOSE. The purpose of this agreement is to provide Operator with the non-
exclusive use of thirty (30) public parking spaces for the benefit of the development of
806 Indian River Drive.
2. FEE. The fee for 30 parking spaces at $3,200 per space totals ninety -six thousand
dollars ($96,000).
3. PAYMENT AND INTEREST. Operator agrees to make monthly payments to the
City of $1,147.97 for ninety -six (96) months, including interest at the rate of three and
one half percent (3.5 per annum, in accordance with the loan summary and
amortization schedule in Exhibit A, attached hereto and incorporated herein by this
reference, for a total of $110,205.45. Payment is due to the City the first of every month,
starting November 1, 2010.
4. ESTABLISHMENT OF LIEN. This Agreement, and the obligations created
hereunder, is secured by a lien upon the property described in Exhibit B, attached hereto
and incorporated herein by this reference. Such lien shall be of equal dignity with the lien
for taxes and shall be enforceable in the same manner as provided by law, and may be
satisfied at any time by payment thereof, including accrued interest. Upon such payment,
the City shall, by appropriate means, evidence the satisfaction and cancellation of such
lien upon the record thereof. Notice of such lien may be filed in the office of the clerk of
the circuit court and recorded among the public records of Indian River County.
5. COVENANT RUNNING WITH THE LAND. This Agreement shall constitute a
covenant running with the land and shall be binding upon the heirs, successors and
assigns of the parties.
6. NON EXCLUSIVE USE AND OWNERSHIP The parking spaces are for the non-
exclusive use by Operator and the City shall retain fee ownership of the public parking
spaces.
7. LIMITS OF USE. This Agreement confers no rights upon the Owner or Operator to
place any advertisement, notices or signage. The City expressly retains all such rights.
The Owner and Operator shall make no use of the parking spaces except as specifically
authorized in this Agreement.
8. SUCCESSORS AND ASSIGNS. This Agreement and each of its terms and
conditions shall be binding upon the parties and their respective successors and assigns.
Except for a conveyance between Owner and Operator, there shall be no assignment of
this Agreement or any of the rights or obligations herein, without the advance written
consent of the City.
9. NOTICES. All notices required by this agreement shall be in writing and delivered
either by registered or certified mail to the other party at the address given below:
"City
"Operator
City Manager
1225 Main Street
Sebastian, FL 32958
Shore Restaurants of Sebastian, LLC
Attn: George Hart
300 Colorado Ave, #205
Stuart, FL 34994
"Owner
Oculina Bank
Attn:
780 US Highway 1
Vero Beach, FL 32962
Any party may change address or designee by giving written notice of such change to the
other parties.
10. REMEDIES. This Agreement provides the Owner and Operator with the necessary
parking spaces required by the Code of the City of Sebastian only during such time as the
Owner and Operator are current with respect to their financial obligations described herein.
If any party shall fail to perform any term or condition hereof, and continue such
nonperformance for a period of ninety days after receiving a notice of default, it shall be
subject to such administrative, contractual, and legal remedies as provided by this
Agreement, the Code of Ordinances of the City of Sebastian, and the laws of the State of
Florida. Jurisdiction for any court action filed regarding this Agreement shall be in a court
of competent jurisdiction in Indian River County, Florida.
11. GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of Florida.
12. RECORDING. The City shall be responsible for recording this Agreement in the
Official Records of Indian River County and the Operator shall pay all recording fees. A
copy of the recorded Agreement shall be provided to the Owner and the Operator by the
City within fifteen (15) business days after recording.
13. EFFECTIVE DATE. This Agreement shall be effective upon the execution of the
last party to sign.
CITY
ASTIAN, FLORIDA
er, City Manager
Date: Zt Oaf It)
Approved as to form and legality for
Reliance by the City of Sebastian
only:
Robert A. Ginsburg, City Attorney
ATTEST:
Wyss
Amortizing Loan Calc
Amortizing Loan Caic
Your payment is $1,147.97 for a $96,000 loan.
Balances for a 596,000 loan
$100,000
$90,000
$80,000
$70,000
$60.000
$50,000
$40,000
$30,000
$20,000
$10,000
$0
1 9 17 25 33 41 49 57 65 73
Payment Number
Loan summary
Monthly payment $1,147.97
Loan amount $96,000
Interest rate 3.500%
Term 96 months
Total of payments $110,205.45
Total interest paid $14,205.45
Payment Schedule
EXHIBIT A
#Payment Principal Interest Loan balance
$96,000
1 $1,147.97 $867.97 $280.00 $95,132.03
2 $1,147,97 $870.50 $277.47 $94,261.53
3 $1,147.97 $873.04 $274.93 $93,388.49
4 $1,147.97 $875.59 $272,38 $92,512.90
5 $1,147.97 $878.14 $269,83 $91,634.76
6 $1,147.97 $880.70 $267.27 $90,754.06
7 $1,147.97 $883.27 $264,70 $89,870.79
8 $1,147:97 $885.85 $262,12 $88,984.94
9 $1,147.97 $888.43 $259.54 $88,096.51
93
Page 1 of 3
Your $96,000 loan has a payment of $1,147.97 per month for 96 months. If you make all of your payments on this loan, and do not
prepay any of the principal, the total interest for this loan is $14,205.45.
Amortizing Loan Calc
10 1:,147.97
11 $1,147.97
1 $1,147.97
13 $1,147.97
14 $1,147.97
15 $1,147.97
16 $1,147.97
11 $1,147.97
18 $1,147.97
19 $1,147.97
20 $1,147.97
21 $1,147.97
22 $1,147.97
2.3 $1,147.97
24 $1,147.97
25 $1,147.97
26 $1,147.97
27 $1,147.97
28 $1,147.97
$1,147.97
3 $1,147.97
1 $1,147.97
2 $1,147.97
3 $1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
42 $1,147.97
43 $1,147.97
44 $1,147.97
45 $1,147.97
46 $1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
59 $1,147,97
60 $1,147.97
61 $1,147.97
62 $1,147.97
63 $1,147.97
0; $1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
1
49
►Q
3Y°
$891.02
$893.62
$896.23
$898.84
$901.46
$904.09
$906.73
$909.37
$912.03
$914.69
$917.35
$920.03
$922.71
$925.40
$928.10
$930.81
$933.52
$936.25
$938.98
$941.72
$944.46
$947.22
$949.98
$952.75
$955.53
$958.32
$961.11
$963.92
$966.73
$969.55
$972.38
$975.21
$978.06
$980.91
$983.77
$986.64
$989.52
$992.40
$995.30
$998.20
$1,001.11
$1,004.03
$1,006.96
$1,009.90
$1,012.84
$1,015.80
$1,018,76
$1,021.73
$1,024.71
$1,027.70
$1,030.70
$1,033.70
$1,036.72
$1,039.74
$1,042,77
$1,045.82
$1,048.87
$1,051.92
$1,054.99
$256.95
$254.35
$251.74
$249.13
$246.51
$243.88
$241.24
$238.60
$235.94
$233.28
$230.62
$227.94
$225.26
$222.57
$219.87
$217.16
$214.45
$211.72
$208.99
$206.25
$203.51
$200.75
$197.99
$195.22
$192.44
$189.65
$186.86
$184.05
$181.24
$178.42
$175.59
$172.76
$169.91
$167.06
$164.20
$161.33
$158.45
$155.57
$152.67
$149.77
$146.86
$143.94
$141.01
$138.07
$135.13
$132.17
$129.21
$126.24
$123.26
$120.27
$117.27
$114.27
$111.25
$108.23
$105.20
$102.15
$99.10
$96.05
$92.98
$87,205.49
$86,311.87
$85,415.64
$84,516.80
$83,615.34
$82,711.25
$81,804.52
$80,895.15
$79,983.12
$79,068.43
$78,151.08
$77,231.05
$76,308.34
$75,382.94
$74,454.84
$73,524.03
$72,590.51
$71,654.26
$70,715.28
$69,773.56
$68,829.10
$67,881.88
$66,931.90
$65,979.15
$65,023.62
$64,065.30
$63,104.19
$62,140.27
$61,173.54
$60,203.99
$59,231.61
$58,256.40
$57,278.34
$56,297.43
$55,313.66
$54,327.02
$53,337.50
$52,345.10
$51,349.80
$50,351.60
$49,350.49
$48,346.46
$47,339.50
$46,329.60
$45,316.76
$44,300.96
$43,282.20
$42,260,47
$41,235.76
$40,208.06
$39,177.36
$38,143.66
$37,106.94
$36,067.20
$35,024.43
$33,978.61
$32,929.74
$31,877.82
$30,822.83
A' Y.
Amortizing Loan Calc
3
69 $1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
r ,4 $1,147.97
�5 $1447.97
6 $1,147.97
77 $1,147.97
78 $1,147.97
79 $1,147.97
80 $1,147.97
81 $1,147.97
,fL $1,147.97
t33 $1,147.97
84. $1,147.97
$1,147.97
$1,147.97
37 $1,147.97
$1,147.97
t $1,147.97
$1,147.97
$1,147.97
$1,147.97
$1,147.97
94 $1,147.97
95. $1,147.97
96 $1,148,30
$1,058.07
$1,061.16
$1,064.25
$1,067.36
$1,070.47
$1,073.59
$1,076.72
$1,079.86
1,083.01
$1,086.17
$1,089.34
$1,092.52
$1,095.70
$1,098.9
$1,102.10
$1,105.32
$1,108.54
$1,111.77
$1,115.02
$1,118.27
$1,121.53
$1,124.80
$1,128.08
$1,131.37
$1,134.67
$1,137.98
$1,141.30
$1,144.96
$89.90
$86.81
$83.72
$80.61
$77.50
$74.38
$71.25
$68.11
$64.96
$61.80
$58.63
$55.45
$52.27
$49.07
$45.87
$42.65
$39.43
$36.20
$32.95
$29.70
$26.44
$23.17
$19.89
$16.60
$13.30
$9.99
$6.67
$3.34
$29,764.76
$28,703.60
$27,639.35
$26,571.99
$25,501.52
$24,427.93
$23,351.21
$22,271.35
$21,188.34
$20,102.17
$19,012.83
$17,920.31
$16,824.61
$15,725.71
$14,623.61
$13,518.29
$12,409.75
$11,297.98
$10,182.96
$9,064.69
$7,943.16
$6,818.36
$5,690.28
$4,558.91
$3,424.24
$2,286.26
$1,144.96
$0.00
Page 3 of 3
Information and interactive calculators are made available to you as self -help tools for your independent use and are not
Intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your
individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek
personalized advice from qualified professionals regarding all personal finance Issues.
A /A IAA LA
Parcel Number One
Parcel Number Two:
EXHIBIT B
From the Southwest corner of that property heretofore conveyed by Paul R. Stevenson and Hazel T.
Stevenson, his wife, to General Development Corporation by Deed dated October 4, 1957, and recorded
on October 10, 1957, in Official Record Book 23, Page 496, Indian River County, Florida, records, from
said point of beginning thence run South 20 °45' East a distance of 125 feet; thence North 70 °45' East a
distance of 20 feet, more or less, to the West bank of the Indian River; thence meandering Northerly
along the West bank of the Indian Rivera distance of 125 feet, more or less, to a point at right angles to
the point of beginning; thence South 70 °45' West a distance of 20 feet, more or less, to the point of
beginning, together with all riparian rights thereunto appertaining; all of said land being in Government
Lot 7, Section 6, Township 31 South, Range 39 East; said land being the 125 feet adjacent to and
contiguous to the land heretofore conveyed to General Development Corporation, as hereinbefore
described.
That certain tract of land In the City of Sebastian, Indian River County, Florida, tying and being in Section
6, Township 31 South, Range 39 East and more particularly described as follows:
From the Southwest corner of the SW 1/4 of .the SE 1/4 of said Section 6, run East along the Section line
a distance of 1377.44 feet to the centerline of U.S, Highway 1; thence run Northwesterly along the
centerline of sald U.S. Highway 1 a distance of 1286.30 feet to the Intersection with the South R/W line
of Cleveland Street In said City of Sebastian; thence run Northeasterly along the said South R/W of
Cleveland Street a distance of 775.84 feet to the East R/W of the Old Dixie Highway; thence run South
20 °45' East along the said East R/W of Old Dixie Highway a distance of 275.00 feet to a point; thence run
North 70 °45' East a distance of 20 feet, more or less, to the mean high water mark of the Indian River for
a P.O.B.; thence continue North 70 °45' East, a distance of 190,0 feet to a point; thence run Northwesterly
along the mean high water line of the Indian River 125 feet to a point; thence run South 70 °45' West a
distance of 190.0 feet to the mean high water mark of the Indian River; thence meander Southeasterly
along said mean high water mark of the Indian River a distance of 125.0 feet to the P.O.B.
ATTACHMENT A
PARKING IN LIEU OF PROGRAM AGREEMENT
LIEN AGREEMENT
COVENANT RUNNING WITH THE LAND
(hereinafter collectively referred to as "Agreement ")
THIS AGREEMENT is between the City of Sebastian, a Florida municipal
corporation, as "City ", Shore Restaurants of Sebastian, LLC, which is in the process of
becoming the operator at 806 Indian River Drive, as "Operator" and Oculina Bank as
"Owner" and Mortgagee of the property.
WHEREAS, the City Council of the City of Sebastian finds that providing public
parking to assist private businesses meet their parking needs is an economic benefit to the
entire community; and
WHEREAS, the requirements for parking are outlined in Sec. 54 -3 -15 of the
City's Land Development Code; and
WHEREAS, the requirements for parking were recently amended to include the
creation of an In Lieu of Parking program allowing businesses to participate in public
parking to meet their parking requirements; and
WHEREAS, for the Operator to operate a 3,456 square foot restaurant with bar,
utilize 36 slips for marina rentals, 11 slips to be utilized by restaurant patrons, and to
utilize the second floor as dock master quarters, the site requires a total of seventy (72)
parking spaces; and
WHEREAS, the property at 806 Indian River Drive has a parking capacity on
site of forty -two (42) spaces; and
WHEREAS, the Operator has decided to participate in the Parking In Lieu of
program and purchase thirty (30) spaces from the City,
NOW THEREFORE, in consideration of the mutual promises and obligations stated
herein, the City, Operator and Owner do hereby incorporate all terms and conditions in
this Agreement and mutually agree as follows:
1. PURPOSE. The purpose of this agreement is to provide Operator with the non-
exclusive use of thirty (30) public parking spaces for the benefit of the development of
806 Indian River Drive.
2. FEE. The fee for 30 parking spaces at $3,200 per space totals ninety -six thousand
dollars ($96,000).
3. PAYMENT AND INTEREST. Operator agrees to make monthly payments to the
City of $1,147.97 for ninety -six (96) months, including interest at the rate of three and
one half percent (3.5 %) per annum, in accordance with the loan summary and
amortization schedule in Exhibit A, attached hereto and incorporated herein by this
reference, for a total of $110,205.45. Payment is due to the City the first of every month,
starting November 1, 2010.
4. ESTABLISHMENT OF LIEN. This Agreement, and the obligations created
hereunder, is secured by a lien upon the property described in Exhibit B, attached hereto
and incorporated herein by this reference. Such lien shall be of equal dignity with the lien
for taxes and shall be enforceable in the same manner as provided by law, and may be
satisfied at any time by payment thereof, including accrued interest. Upon such payment,
the City shall, by appropriate means, evidence the satisfaction and cancellation of such
lien upon the record thereof. Notice of such lien may be filed in the office of the clerk of
the circuit court and recorded among the public records of Indian River County.
5. COVENANT RUNNING WITH THE LAND. This Agreement shall constitute a
covenant running with the land and shall be binding upon the heirs, successors and
assigns of the parties.
6. NON EXCLUSIVE USE AND OWNERSHIP. The parking spaces are for the non-
exclusive use by Operator and the City shall retain fee ownership of the public parking
spaces.
7. LIMITS OF USE. This Agreement confers no rights upon the Owner or Operator to
place any advertisement, notices or signage. The City expressly retains all such rights.
The Owner and Operator shall make no use of the parking spaces except as specifically
authorized in this Agreement.
8. SUCCESSORS AND ASSIGNS. This Agreement and each of its terms and
conditions shall be binding upon the parties and their respective successors and assigns.
Except for a conveyance between Owner and Operator, there shall be no assignment of
this Agreement or any of the rights or obligations herein, without the advance written
consent of the City.
9. NOTICES. All notices required by this agreement shall be in writing and delivered
either by registered or certified mail to the other party at the address given below:
"City": City Manager
1225 Main Street
Sebastian, FL 32958
"Operator ": Shore Restaurants of Sebastian, LLC
Attn: George Hart
300 Colorado Ave, #205
Stuart, FL 34994
"Owner ": Oculina Bank
Attn:
780 US Highway 1
Vero Beach, FL 32962
Any party may change address or designee by giving written notice of such change to the
other parties.
10. REMEDIES. This Agreement provides the Owner and Operator with the necessary
parking spaces required by the Code of the City of Sebastian only during such time as the
Owner and Operator are current with respect to their financial obligations described herein.
If any parry shall fail to perform any term or condition hereof, and continue such
nonperformance for a period of ninety days after receiving a notice of default, it shall be
subject to such administrative, contractual, and legal remedies as provided by this
Agreement, the Code of Ordinances of the City of Sebastian, and the laws of the State of
Florida. Jurisdiction for any court action filed regarding this Agreement shall be in a court
of competent jurisdiction in Indian River County, Florida.
11. GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of Florida.
12. RECORDING. The City shall be responsible for recording this Agreement in the
Official Records of Indian River County and the Operator shall pay all recording fees. A
copy of the recorded Agreement shall be provided to the Owner and the Operator by the
City within fifteen (15) business days after recording.
13. EFFECTIVE DATE. This Agreement shall be effective upon the execution of the
last party to sign.
CITY/OF ABASTIAN, FLORIDA
B 0 K.. 1 44�„ —
NXaer, City Manager
Date: AZ M 16
Approved as to form and legality for
Reliance by the City of Sebastian
only:
Robert A. Ginsburg, City Attorney
0
I/
i �
dfq LLC
Amorfizing Loan Calc Page 1 of 3-
Amortizing Loan Cale EXHIBIT A
Your payment is $1,147.97 for a $96,000 loan.
Afr!,1-m-
$100,000
$90,000
$80,000
$70,000
=I=
ssoma
$40,000
$30,000
$20,000
$10'aw
$0
Balances for a $96,000 loan
1 9 17 25 33 41 49 57 65 73 61 93
P%ment Number
Your $96,000 loan has a payment of $1,147.97 per month for 96 months. onths. If you make all of your payments on this loan, and do not
prepay any of the principal, the total Interest for this loan Is $14,205.45.
Monthly payment
Loan amount
Interest rate
Term
Total of payments
Total Interest paid
Loan summary
$1,147.97
$96,000
3.500%
96 months
$110,205.45
$14,205,45
Payment Schedule
Principal
Payment
1
$1,147.97
241
$1,147.97
3
$1,147.97
4
$1,147.97
5
$1,147.97
6
$1,147.97
7
$1,147.97
8
$1,147.97
9
$1,147.97
Monthly payment
Loan amount
Interest rate
Term
Total of payments
Total Interest paid
Loan summary
$1,147.97
$96,000
3.500%
96 months
$110,205.45
$14,205,45
Payment Schedule
Principal
Interest
Loan balance
$96,000
$867.97
$280.00
$95,132.03
$870.50
$277.47
$94,261.53
$873.04
$274.93
$93,388.49
$875.59
$272.38
$92,512.90
$878.14
$269.83
$91,634.76
$880.70
$267.27
$90,754.06
$883.27
$264.70
$89,870.79
$885.85
$262.12
$88,984.94
$888.43
$259.54
$88,096.51
AmorUzing Loan Caic
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$85,415.64
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$83,615.34
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$243.88
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$1,147.97
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$241.24
$81,804.52
$1,147.97
$909.37
$238.60
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$1,147.97
$912.03
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$79,983.12
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$914.69
$233.28
$79,068.43
$1,147.97
$917.35
$230.62
$78,151.08
$1,147.97
$920.03
$227.94
$77,231.05
$1,147,97
$922.71
$225.26
$76,308.34
$1,147.97
$925.40
$222.57
$75,382.94
$1,147.97
$928.10
$219.87
$74,454.84
$1,147.97
$930.81
$217.16
$73,524.03
$1,147,97
$933.52
$214.45
$72,590.51
$1,147.97
$936.25
$211.72
$71,654.26
$1,147.97
$938.98
$208.99
$70,715.28
$1,147.97
$941.72
$206.25
$69,773.56
$1,147.97
$944.46
$203.51
$68,829.10
$1,147.97
$947.22
$200.75
$67,881.88
$1,147.97
$949.98
$197.99
$66,931.90
$1,147.97
$952.75
$195.22
$65,979.15
-$1,147.97
$955.53
$192.44
$65,023.62
$1,147.97
$958.32
$189.65
$64,065.30
$1,147.97
$961.11 -= -
$186.86
$63,104.19
$1,147.97
$963.92
$184.05
$62,140.27
$1,147.97
$966.73
$181.24
$61,173.54
$1,147.97
$969.55
$178.42
$60,203.99
$1,147.97
$972.38
$175.59
$59,231.61
$1,147.97
$975.21
$172.76
$58,256.40
$1,147.97
$978.06
$169.91
$57,278.34
$1,147.97
$980.91
$167.06
$56,297.43
$1,147.97
$983.77
$164.20
$55,313.66
$1,147.97
$986.64
$161.33
$54,327.02
$1,147.97
$989.52
$158.45
$53,337.50
$1,147.97
$992.40
$155.57
$52,345.10
$1,147.97
$995.30
$152.67
$51,349.80
$1,147.97
$998.20
$149.77
$50,351.60
$1,147.97
$1,001.11
$49,350.49
$1,147.97
$1,004.03
$143.94
$48,346.46
$1,147.97
$1,006.96
$141.01
$47,339.50
$1,147.97
$1,009.90
$138.07
$46,329.60
$1,147.97
$1,012.84
$135.13
$45,316.76
$1,147.97
$1,015.80
$132.17
$44,300.96
$1,147.97
$1,018.76
$129.21
$43,282.20
$1,147.97
$1,021.73
$126.24
$42,260.47
$1,147.97
$1,024.71
$123.26
$41,235.76
$1,147,97
$1,027.70
$120.27
$40,208.06
$1,147.97
$1,030.70
$117.27
$39,177.36
$1,147.97
$1,033.70
$114.27
$38,143.66
$1,147.97
$.1,036.72
$111.25
$37,106.94
$1,147.97
$1,039.74
$108.23
$36,067.20
$1,147.97
$1,042.77
$105.20
$35,024.43
$1,147.97
$1,045.822
$102.15
$33,978.61
$1,147,97
$1,048.87
$99.10
$32,929.74
$1,147.97
$1,051,92
$96.05
$31,877.82
$1,147.97
$1,054.99
$92.98
$30,822.83
Page 2 of 3
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$1,147.97
$1,058.07
$89.90
$29,764.76
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$1,147.97
$1,061.16
$86.81
$28,703.60
ter"
$1,147.97
$1,064.25
$83.72
$27,639.35
72
$1,147.97
$1,067.36
$80.61
$26,571.99
$1,147.97
$1,070.47
$77.50
$25,501.52
i,4
$1,147.97
$1,073.59
$74.38
$24,427.93
755
$1,147.97
$1,076.72
$71.25
$23,351.21
46
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$68.11
$22,271.35
77
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$1,083.01
$64.96
$21,188.34
78
$1,147.97
$1,086.17
$61.80
$20,102.17
79
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$58.63
$19,012.83
$0
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$55.45
$17,920.31
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$1,095.70
$52.27
$16,824.61
$1,147.97
$1,098.90
$49.07
$15,725.71
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$45.87
$14,623.61
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$1,105.32
$42.65
$13,518.29
:.:
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$1,108.54
$39.43
$12,409. 75
$1,147.97
$1,111.77
$36.20
$11,297.98
$1,147.97
$1,115.02
$32.95
$10,182.96
$1,147.97
$1,118.27
$29.70
$9,064.69
n9.
$11147.97
$1,121.53
$26.44
$7,943.16
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$1,124.80
$23.17
$6,818.36
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$1,128-.08
$19.89
$5,690.28
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$1,131.37
$16.60
$4,558.91
?3
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$1,1.34.67
$13.30
$3,424.24
94
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$1,137.98
$9.99
$2,286.26
95
$1,147.97
$1,141.30
$6.67
$1,144;96
96
$1,148.30
$1,144.96
$3.34
$0.00
Page 3 of 3
`ormation and Interactive calculators are made available to you as self -help tools for your independent use and are not
anded to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your
individual circumstances. All examples are hypothetical and are for Illustrative purposes. We encourage you to seek
personalized advice from qualified professionals regarding all personal finance Issues.
EXHIBIT B
Parcel Number One:
From the Southwest corner of that property heretofore conveyed by Paul R. Stevenson and Hazel T.
Stevenson, his wife, to General Development Corporation by Deed dated October 4, 1957, and recorded
on October 10, 1957, In Official Record Book 23, Page 496, Indian River County, Florida, records, from
said point of beginning thence run South 20 045' East a distance of 125 feet; thence North 70 045' East a
distance of 20 feet, more or less, to the West bank of the Indian River; thence meandering Northerly
along -the West bank of the Indian River a distance of 125 feet, more or less, to a point at right angles to
the point of beginning; thence South 70°45' West a distance of 20 feet; more or less, to the point of
beginning, together with all riparian rights thereunto appertaining; all of said land being In Government
Lot 7, Section 6, Township 31 South, Range 39 East; said land being the 125 feet adjacent to and
contiguous to the land heretofore conveyed to General Development Corporation, as hereinbefore
described.
Parcel Number Two:
That certain tract of land In the City of Sebastian, Indian River County, Florida, lying and being in Section
6, Township 31 South, Range 39 East and more particularly described as follows:
From the Southwest corner of the SW 1/4 of.the SE 1/4 of said Section 6, run East along the Section line
a distance of 1377.44 feet to the centerline of U.S. Highway # i; thence run Northwesterly along the
centerline of said U.S. Highway # 1 a distance of 1286.30 feet to the Intersection with the South R/W line
of Cleveland Street In said City of Sebastian; thence run Northeasterly along the said South R/W of
Cleveland Street a distance of 775.84 feet to the East R/W of the Old Dixie Highway; thence run South
20 045' East along the said Fast R/W of Old Dixie Highway a distance of 275.00 feet to a point; thence run
North 70 045' East a distance of 20 feet, more or less, to the mean high water mark of the Indian River for
a P.O.B.; thence continue North 70 045' East, a distance of 190.0 feet to a point; thence run Northwesterly
along the mean high water line of the Indian River 125 feet to a point; thence run South 70 045' West a
distance of 190.0 feet to the mean high water mark of the Indian River; thence meander Southeasterly
along said mean high water mark of the Indian River a distance of 125.0 feet to the P.O.B.