Loading...
HomeMy WebLinkAbout2010 - Purchase Agreement Project: Sebastian Working Waterfront Collaborative Contract#: D9-CT El-D$-F8- W J1 Project#: 08-003-WW1 Property Tax I.D. #: 3039-31-00000-00200-0004.0; Parcel#: Sebastian Harbour,LTD 3139-06-00001-00100-0001.0; 3139-06-00001-00200- 0001.0; 3139-06-00001-00200-0002.0; 3139-06-00001- 00200-0003.0 OPTION AGREEMENT FOR SALE 'AND PURCHASE THIS AGREEMENT is made this 1? day of f-(// ,2009,between SEBASTIAN HARBOUR, LTD., a Florida Limited Partnership and DANCU HOLDING, INC., a Florida Corporation, AS TENANTS IN COMMON with SEBASTIAN HARBOUR,LTD.,a Florida Limited Partnership owning 85.34%and DANCU HOLDING,INC.,a Florida Corporation owning 14.66%,whose address is 16 N.E. 4th Street, #110, Fort Lauderdale, Florida 33301, as ("Seller"), and the FLORIDA COMMUNITIES TRUST,a nonregulatory agency within the Department of Community Affairs,("Acquiring Agency")whose address is 2555 Shumard Oak Boulevard, Tallahassee, Florida 32399, and the CITY OF SEBASTIAN, a municipality within Indian River County,Florida,("Local Government"),whose address is 1225 Main Street, Sebastian, Florida 32958. Acquiring Agency and Local Government will be collectively referred to as ("Purchaser"). 1. GRANT OF OPTION. Seller hereby grants to Purchaser the exclusive option to purchase the real property located in Indian River County,Florida, described in Exhibit"A",together with all improvements, easements and appurtenances("Property"),in accordance with the provisions of this Agreement. This Option Agreement becomes legally binding upon execution by the parties but exercise of the option is subject to approval by Purchaser and is effective only if Acquiring Agency and Local Government give written notice of exercise to Seller. 2. OPTION TERMS. The option payment is$100.00("Option Payment"). The Option Payment,in the form of a state warrant,will be forwarded to Seller upon its receipt by Acquiring Agency from the Comptroller of the State of Florida. The option may be exercised during the period beginning with the Purchaser's approval of this Agreement and the Acquiring Agency's governing body granting project approval in accordance with Rule 9K-9,Florida Administrative Code, and ending on June 30,2010, ("Option Expiration Date"), unless extended by other provisions of this Agreement, In the event Acquiring Agency's Purchase Price (as hereinafter defined in paragraph 3.A) or Local Government's Purchase Price (as hereinafter defined in paragraph 3.A)are not available by the Option Expiration Date the period of exercise of the option may be extended until such funds become available,not to exceed 60 days after the Option Expiration Date,by written notice to Seller. 3.A. TOTAL PURCHASE PRICE. The total purchase price("Total Purchase Price")for the Property is TWO MILLION THREE HUNDRED THOUSAND and no/100 Dollars ($2,300,000.00)which, after reduction by the amount of the Option Payment,will be paid by Acquiring Agency and Local Government at closing. Seller hereby authorizes Acquiring Agency to issue a state warrant directly to an escrow agent who is authorized by law to receive such payment,and who is acceptable to Purchaser,and to require the escrow agent to pay Sellers expenses of sale and real estate taxes. This Total Purchase Price presumes that the Property contains at least 73,916 Square Feet,to be confirmed by the Survey, as provided in paragraph 5. The Total Purchase Price shall be paid to Seller as follows: Acquiring Agency shall pay the lesser of$2,070,000.00 or 90%of the final adjusted Total Purchase Price for the Property as determined in accordance with paragraph 3.B. ("Acquiring Agency's Purchase Price"), which after reduction by Acquiring Agency of the Option Payment, will be paid to Seller by state warrant at closing; and Local Government shall pay the lesser of $230,000.00 or 10%of the final adjusted Total Purchase Price for the Property as determined in accordance March 1, 2010 08-003-WW1 1 with paragraph 3.B.("Local Government's Purchase Price"),will be paid to Seller by Local Government check at closing. The Total Purchase Price is subject to adjustment in accordance with paragraph 3.B. The determination of the final Total Purchase Price can only be made after the completion and approval of the survey required in paragraph 5. This Agreement is contingent upon approval of Total Purchase Price, Acquiring Agency's Purchase Price, and Local Government's Purchase Price by Purchaser and upon confirmation that the Total Purchase Price is not in excess of the final maximum approved purchase price of the Property as determined in accordance with Rule 9K-10.004, Florida Administrative Code ("Maximum Approved Purchase Price"). This Agreement is also contingent upon Local Government's funds for closing being available at closing and upon Local Government giving written notice to Acquiring Agency,prior to the exercise of the option,that these funds are available to close in accordance with this Agreement. If such notification is not accomplished, Acquiring Agency may in its sole discretion declare this Agreement void and of no further force and effect as of that date. Local Government's funds are the sole responsibility of Local Government. Seller shall have no recourse whatsoever, at law or equity, against Acquiring Agency or the Property as a result of any matter arising at any time whether before or after fee simple title is conveyed to Local Government,relating to Local Government's funds,Acquiring Agency shall have no obligation under this Agreement to provide any portion of Local Government's funds. Acquiring Agency's funds necessary to close are the sole responsibility of Acquiring Agency. Seller shall have no recourse whatsoever,at law or equity,against Local Government or the Property as a result of any matter arising at any time,whether before or after fee simple title is conveyed to Local Government,relating to Acquiring Agency's funds. Local Government shall have no obligation under this Agreement to provide any portion of Acquiring Agency's funds. Should Local Government's funds or Acquiring Agency's funds not be available for any reason, Purchaser or Seller may elect to terminate this Agreement by written notice to the parties without liability to any party. Acquiring Agency and Local Government agree that the Local Government shall take fee simple title to all of the Property at the closing notwithstanding that Acquiring Agency and Local Government are required to pay all of the Total Purchase Price in the manner set forth in this Agreement. Conveyance of the Property in fee simple from Seller to Local Government will take place at the closing, in exchange for the payments to be made by Acquiring Agency and Local Government to Seller at closing as set forth above in this paragraph 3.A. 3.B. ADJUSTMENT OF TOTAL PURCHASE PRICE. If,prior to closing,Acquiring Agency determines that the Total Purchase Price stated in paragraph 3.A.exceeds the final Maximum Approved Purchase Price of the Property,the Total Purchase Price will be reduced to the final Maximum Approved Purchase Price of the Property. If the final adjusted Total Purchase Price is less than 95% of the Total Purchase Price stated in paragraph 3.A.because of a reduction in the Maximum Approved Purchase Price of the Property,Seller shall, in his sole discretion, have the right to terminate this Agreement and neither party shall have any further obligations under this Agreement. If Seller elects to terminate this Agreement, Seller shall provide written notice to Acquiring Agency and Local Government of his election to terminate this Agreement within 10 days after Seller's receipt of written notice from Acquiring Agency of the final adjusted Total Purchase Price. In the event Seller fails to give Acquiring Agency and Local Government a written notice of termination within the aforesaid time period from receipt of Acquiring Agency's written notice,then Seller shall be deemed to have waived any right to terminate this Agreement based upon a reduction in the Total Purchase Price stated in paragraph 3.A. 4.A. ENVIRONMENTAL SITE ASSESSMENT. Seller shall,at Seller's sole cost and expense and at least 30 days prior to the Option Expiration Date, furnish to Local Government and Acquiring Agency an environmental site assessment of the Property which meets the standard of practice of the American Society of Testing Materials ("ASTM"). Seller shall use the services of competent, professional consultants with October 8, 2009 08-003-WW1 2 l expertise in the environmental site assessing process to determine the existence and extent, if any, of Hazardous Materials on the Property. For purposes of this Agreement"Hazardous Materials"shall mean any hazardous or toxic substance,material or waste of any kind or any other substance which is regulated by any Environmental Law (as hereinafter defined in paragraph 4.B.). The examination of hazardous materials contamination shall be performed to the standard of practice of the ASTM. For Phase I environmental site assessment, such standard of practice shall be the ASTM Practice E 1527. If the Findings and Conclusions section of the assessment reports evidence of recognized environmental conditions, then a Phase II Environmental Site Assessment shall be performed to address any suspicions raised in the Phase I environmental site assessment and to confirm the presence of contaminants on site. The environmental site assessment shall be certified to Purchaser and Seller and the date of certification shall be within 90 days before the date of closing. Acquiring Agency shall reimburse Seller for the Acquiring Agency approved cost of the environmental site assessment, not to exceed $5,000.00 upon Seller's submission of the necessary documentation to Acquiring Agency which evidences payment in full of the environmental site assessment costs by Seller. This reimbursement is contingent upon a sale of the Property to Purchaser. 4.B. HAZARDOUS MATERIALS. In the event that the environmental site assessment provided for in paragraph 4.A. confirms the presence of Hazardous Materials on the Property,Purchaser, at its sole option, may elect to terminate this Agreement and neither party shall have any further obligations under this Agreement. Should Purchaser elect not to terminate this Agreement,Seller shall,at his sole cost and expense and prior to the exercise of the option and closing,promptly commence and diligently pursue any assessment, clean up and monitoring of the Property necessary to bring the Property into full compliance with any and all applicable federal,state or local laws,statutes,ordinances,rules,regulations or other governmental restrictions regulating, relating to, or imposing liability or standards of conduct concerning Hazardous Materials ("Environmental Law"). However,should the estimated cost of clean up of Hazardous Materials exceed a sum which is equal to 2%of the Total Purchase Price as stated in paragraph 3.A.,Seller may elect to terminate this Agreement and no party shall have any further obligations under this Agreement. 5. SURVEY. Seller shall,at Seller's sole cost and expense and not less than 35 days prior to the Option Expiration Date, deliver to Local Government and Acquiring Agency a current boundary survey of the Property prepared by a professional land surveyor licensed by the State of Florida which meets the standards and requirements of Acquiring Agency ("Survey"). It is Seller's responsibility to ensure that the surveyor contacts the Acquiring Agency regarding these standards and requirements and the cost of the Survey prior to the commencement of the Survey. The Survey shall be certified to Purchaser and the title insurer and the date of certification shall be within 90 days before the date of closing,unless this 90 day time period is waived by Purchaser and by the title insurer for purposes of deleting the standard exceptions for survey matters and easements or claims of easements not shown by the public records from the owner's title policy. If the Survey shows any encroachment on the Property or that improvements intended to-be located on the Property encroach on the land of others,the same shall be treated as a title defect. Acquiring Agency shall reimburse Seller for the Acquiring Agency approved cost of Survey,not to exceed$15,000.00, upon Seller's submission of the necessary documentation to Acquiring Agency which evidences payment in full of the Survey costs by Seller. This reimbursement is contingent upon a sale of the Property to Purchaser. 6. TITLE INSURANCE. Seller shall,at Seller's sole cost and expense and at least 35 days prior to the Option Expiration Date,furnish to Purchaser a marketable title insurance commitment,to be followed by an owner's marketable title insurance policy (ALTA Form "B") from a title insurance company, approved by Acquiring Agency,insuring marketable title to the Property in the amount of the Purchase Price. Seller shall require that the title insurer delete the standard exceptions of such policy referring to: (a) all taxes, (b) unrecorded rights or claims of parties in possession,(c)survey matters,(d)unrecorded easements or claims of easements, and (e) unrecorded mechanics' liens. Purchaser shall reimburse Seller for Seller's cost for the October 8, 2009 08-003-WW1 3 owner's title insurance policy required hereunder. Purchaser's reimbursement shall not exceed an amount which is equal to the minimum promulgated rate permitted by the Florida Insurance Commissioner's rules and regulations. Purchaser shall not be required to reimburse Seller until Seller has submitted the necessary documentation to Acquiring Agency which evidences payment in full of the title insurance cost by Seller and until the final owner's title insurance policy has been received and approved by Acquiring Agency. This reimbursement is contingent upon a sale of the Property to Purchaser.. .-- 7. DEFECTS IN TITLE. If the title insurance commitment or survey furnished to Purchaser pursuant to this Agreement discloses any defects in title which are not acceptable to Purchaser, Seller shall, within 90 days after notice from Purchaser,remove said defects in title. Seller agrees to use diligent effort to correct the defects in title within the time provided therefore,including the bringing of necessary suits. If Seller is unsuccessful in removing the title defects within said time or if Seller fails to make a diligent effort to correct the title defects,Purchaser shall have the option to either: (a)accept the title as it then is with a reduction in the Total Purchase Price by an amount determined by Acquiring Agency and acceptable to Seller, (b)accept the title as it then is with no reduction in the Total Purchase Price,(c) extend the amount of time that Seller has to cure the defects in title, or(d)terminate this Agreement, thereupon releasing Purchaser and Seller from all further obligations under this Agreement. Notwithstanding the above,Purchaser acknowledges that the existing dock constructed on the Seller's submerged Property encroaches onto State owned lands. Seller will describe the dock encroachment on the survey as required in Paragraph 5. Purchaser will not consider or treat the dock encroachment onto state owned lands a title defect in this purchase. 8. INTEREST CONVEYED. At closing, Seller shall execute and deliver to Local Government a statutory warranty deed in accordance with Section 689.02,Florida Statutes,conveying marketable title to the Property in fee simple free and clear of all liens,reservations,restrictions, easements, leases, tenancies and other encumbrances,except for those that are acceptable encumbrances in the opinion of Purchaser and do not impair the marketability of the title to the Property. The grantee in.Seller's Warranty Deed.shall be the CITY OF SEBASTIAN. 9. PREPARATION OF CLOSING DOCUMENTS. Upon execution of this Agreement, Seller shall submit to Purchaser a properly completed and executed beneficial interest affidavit and disclosure statement as required by Sections 286.23, and 380.08(2), Florida Statutes. Seller shall prepare the deed described in paragraph 8. of this Agreement, Seller's closing statement,the title,possession and lien affidavit certified to Purchaser and title insurer in accordance with Section 627.7842, Florida Statutes, and an environmental affidavit. The deed, title, possession and lien affidavit and environmental affidavit shall be prepared on Acquiring Agency forms which will be provided by Acquiring Agency. Acquiring Agency shall prepare Purchaser's closing statement.All prepared documents shall be submitted to Local Government and Acquiring Agency for review and approval at least 30 days prior to the Option Expiration Date. 10. PURCHASER REVIEW FOR CLOSING. Purchaser will approve or reject each item required to be provided by Seller under this Agreement within 30 days after receipt by Purchaser of all of the required items. Seller will have 30 days thereafter to cure and resubmit any rejected item to Purchaser. In the event Seller fails to timely deliver any item, or Purchaser rejects any item after delivery,Purchaser may in its discretion extend the Option Expiration Date. 11. EXPENSES. Seller will pay the documentary revenue stamp tax and all other taxes or costs associated with the conveyance,including the cost of recording the deed described in paragraph 8.of this Agreement and any other recordable instruments which Purchaser deems necessaryto-assure good and marketable title to the Property. October 8, 2009 08-003-WW1 4 12. TAXES AND ASSESSMENTS. All real estate taxes and assessments which are or which may become a lien against the Property shall be satisfied of record by Seller at closing. In the event the Local Government acquires fee title to the Property between January 1 and November 1, Seller shall,in accordance with Section 196.295,Florida Statutes,place in escrow with the county tax collector an amount equal to the current taxes prorated to the date of transfer, based upon the current assessment and millage rates on the Property. In the event the Local Government acquires fee title to the Property on or after November 1,Seller shall pay to the county tax collector an amount equal to the taxes that are determined to be legally due and payable by the county tax collector. 13. CLOSING PLACE AND DATE. The closing shall be on or before 15 days after Purchaser exercises the option;provided, however, that if a defect exists in the title to the Property, title commitment, Survey, environmental site assessment,or any other documents required to be provided or completed and executed by Seller, the closing shall occur either on the original closing date or within 60 days after receipt of documentation curing the defects, whichever is later. The date, time and place of closing shall be set by Purchaser. 14. RISK OF LOSS AND CONDITION OF REAL PROPERTY. Seller assumes all risk of loss or damage to the Property prior to the date of closing and warrants that the Property shall be transferred and conveyed to the Local Government in the same or essentially the same condition as of the date of Seller's execution of this Agreement, ordinary wear and tear excepted. However, in the event the condition of the Property is altered by an act of God or other natural force beyond the control of Seller,Purchaser may elect,at its sole option, to terminate this Agreement and neither party shall have any further obligations under this Agreement. Seller represents and warrants that there are no parties other than Seller in occupancy or possession of any part of the Property. 15. RIGHT TO ENTER PROPERTY AND POSSESSION. Seller agrees that from the date this Agreement is executed by Seller,Purchaser and its agents,upon reasonable notice,shall have the right to enter the Property for all lawful purposes in connection with the this Agreement. Seller shall deliver possession of the Property to the Local Government at closing. 16. ACCESS. Seller warrants that there is legal ingress and egress for the Property over public roads or valid,recorded easements that benefit the Property. 17. DEFAULT. If Seller defaults under this Agreement,Purchaser may waive the default and proceed to closing, seek specific performance,or refuse to close and elect to receive the return of any money paid,each without waiving any action for damages, or any other remedy permitted by law or in equity resulting from Seller's default. In connection with any dispute arising out of this.Agreement, including.without limitation litigation and appeals,Purchaser will be entitled to recover reasonable attorney's fees and costs. 18. BROKERS. Seller warrants that no persons,firms,corporations or other entities are entitled to a real estate commission or other fees as a result of this Agreement or subsequent closing, except as accurately disclosed on the disclosure statement required in paragraph 9. Seller shall indemnify and hold Purchaser harmless from any and all such claims,whether disclosed or undisclosed. 19. RECORDING. This Agreement, or notice of it, may be recorded by Purchaser in the appropriate county or counties with the prior written approval of all parties. October 8, 2009 08-003-WW1 5 20. ASSIGNMENT. This Agreement may be assigned by Purchaser, in which event Purchaser will provide written notice of assignment to Seller. This Agreement may not be assigned by Seller without the prior written consent of Purchaser. 21. TIME. Time is of essence with regard to all dates or times set forth in this Agreement. 22. SEVERABILITY. In the event any of the provisions of this Agreement are deemed to be unenforceable,the enforceability of the remaining provisions of this Agreement shall not be affected. 23. SUCCESSORS IN INTEREST. Upon Seller's execution of this Agreement, Seller's heirs, legal representatives,successors and assigns will be bound by it. Upon Purchaser's approval of this Agreement and Purchaser's exercise of the option, Purchaser and Purchaser's successors and assigns will be bound by it. Whenever used,the singular shall include the plural and one gender shall include all genders. 24. ENTIRE AGREEMENT. This Agreement contains the entire agreement between the parties pertaining to the subject matter contained in it and supersedes all prior and contemporaneous agreements, representations and understandings of the parties. No supplement, modification or amendment to this Agreement shall be binding unless executed in writing by the parties. 25. WAIVER. Failure of Purchaser to insist upon strict performance of any covenant or condition of this Agreement,or to exercise any right herein contained,shall not be construed as a waiver or relinquishment for the future of any such covenant,condition or right;but the same shall remain in full force and effect. 26. AGREEMENT EFFECTIVE. This Agreement or any modification,amendment or alteration thereto, shall not be effective or binding upon any of the parties hereto until it has been executed by all of the parties hereto. 27. ADDENDUM. Any addendum attached hereto that is signed by-the parties shall be deemed a part of this Agreement. 28. NOTICE. Whenever either party desires or is required to give notice unto the other,it must be given by written notice, and either delivered personally or mailed to the appropriate address indicated on the first page of this Agreement,or such other address as is designated in writing by a party to this Agreement. 29. SURVIVAL. The covenants,warranties,representations,indemnities and undertakings of Seller set forth in this Agreement shall survive the closing,the delivery and recording of the deed described in paragraph 8.of this Agreement and Local Government's possession of the Property. THIS AGREEMENT IS INITIALLY TRANSMITTED TO THE SELLER AS AN OFFER. IF THIS AGREEMENT IS NOT EXECUTED BY THE SELLER ON OR BEFORE OCTOBER 22, 2009, THIS OFFER WILL BE VOID UNLESS THE PURCHASER,AT ITS SOLE OPTION, ELECTS TO ACCEPT THIS OFFER. THE EXERCISE OF THIS OPTION IS SUBJECT TO: (1) APPROVAL OF THIS AGREEMENT BY PURCHASER, (2) ACQUIRING AGENCY'S GOVERNING BODY GRANTING APPROVAL IN ACCORDANCE WITH RULE 9K-9, FLORIDA ADMINISTRATIVE CODE, (3) CONFIRMATION THAT THE TOTAL PURCHASE PRICE IS NOT IN EXCESS OF THE FINAL MAXIMUM APPROVED PURCHASE PRICE OF THE PROPERTY,AND(4)LOCAL GOVERNMENT AND ACQUIRING AGENCY APPROVAL OF ALL DOCUMENTS TO BE FURNISHED HEREUNDER BY SELLER. THE ACQUIRING AGENCY'S PERFORMANCE AND OBLIGATION TO PAY UNDER THIS CONTRACT IS CONTINGENT UPON AN ANNUAL APPROPRIATION BY THE LEGISLATURE. October 8, 2009 08-003-WW1 6 THIS IS TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. SELLER SEBASTIAN HARBOUR,LTD.,a Florida Limited Partnership and DANCU HOLDING,INC.,a Florida Corporation,AS TENANTS IN COMMON SEBASTIAN HARBOUR,LTD., a Florida Limited Parffiership to ept w. " .-LVt By: C• Wi ess as to eller Name:PAM! r Its: "sex•= el Q QT , S / `i rL 2C%� 7 -. zs O 7e0 Wi -ss as to I F. E. I. D.N 2©0 Date signed by Seller STATE OF FLO A) COUNTY O 1774a4! The for goi g ipstrument was aclrnowA ged efo me this g day of d�f ���,2009,by /77c2 F�1 f/-C2 as ' -( 9 , of SEBASTIAN HARBOUR, LTD.,a Florida Limited Partnership,who is perso r,'y known to me or who has produced a driver license zip issued within the last five years as identification. ., �� z��� !� ,�eeti lr � (NOTARY PUBLIC) i .d)"SEAL No . Publi 'rinted, yped or Stamped Name of Notary Public) Commission No.: My Co Fk4?fl ••y p.�.o•WN =.: r", .,r MY COMMISSION#DD 739934 z -" . EXPIRES:February 8,2012 Bonded mm Nota p ry WKc Underwriters October 8, 2009 08-003-WW1 7 DANCU HOLDING,INC., a Florida Corporation By:, ..... / .. Wi• ess as t• .eller Name/ ' Its: r Witn;ss as . -ller F. E.I.D. gi) Re- e zoo ? Date signed by Seller STATE OF FLO'.3 A) COUNTY O` The for oin instrument was ackn)I91 ged of rem this day of�� , 2009,by !✓62 7 "�i'1>7-G�- as �de of DANCU HOLDING,INC.,a Florida Corporation,who is personally lrnown to me or who has produced a driver license issued within the last five years as identification. (NOTARY PUBLIC) JL � ...._ . SEAL Not. 'ublic ; 'rinted,Typed or Stamped Name of Notary Public) Commission No.: My Commission Expires: DANIEL P O -.. CONNR M DANI COMMISSION#DD 739934 EXPIRES:Februa Bonded Thru rY 3,2012 No.ery Public Underwriters October 8, 2009 08-003-WW1 8 PURCHASER LOCAL GOVERNMENT CITY OF SEBASTIAN • – „, Ai ' / l (.Ju.c.X.t(.t uvr/.lam By: IPil 1 4 itness as to Local Government Name: 1R, 44/1 rd •i Mae— Its: I12A Witness as to Loca overnment Attest: )11 (Clerk or D uty Clerk) ( FICIAL SEAL) Approved as to Form and Legality - 1 o b"Jb Date signed by Local Government By: / / Date: /G-16'09 STATE OF FLORIDA) COUNTY OF INDIAN RIVER ) The foregoing instrument was acknowledged before me this I b day of p c roBe . ,2009,by &(L-LMT as MAY dL of the CITY OF SEBASTIAN,Florida on behalf of the Local Government. They are personally known to me. (NOTARY PUBLIC) ,� SEAL •i•: 1,11 .(C!.,, Notary Pula• DOROTHY M.BOSWORTH i›Diat)' I M- �SW6�14�r P Comm#DD0771461 (Printed,Typed or Stamped Name of a •I Expires 8/28/2012 Notary Public) 11t Fbrida"8/11 Man" Commission No.: t 1 os171 4(0( My Commission Expires: zco../E a4'i aal D October 8, 2009 08-003-WW1 9 PURCHASER ACQUIRING AGENCY FLORIDA COMMUNITIES TRUST 40- . I' • ' At. By: Vale‘.., itness .1 to Acquiring Agency KEN REECY ----7- �/ Community-Program Manager ( 7 Wi s as to Acquir• Agency Date signed by Acquiring Agency Approved as to Form and Legality By: Trust Counsel \\'' Date: $tA ? v`C�a STATE OF FLORIDA ) ) COUNTY OF LEON ) 20 F foregoing instrument was acknowledged before me this / 1 day of A , y KEN REECY, Community Program Manager,Florida Communities Tru , on behalf of the Ac ing Agency.He is personally known to me. (NOTARY PUBLIC) OP I / 97.SEAL No ary Public/ \\\\\0∎Elf l�ll�������� (Printed,Typed or Stand Nafn 6 2•fq.A% Notary Public) _*• o o m _ N Commission No.: -z•, • ° ` #flDp 5e My Commission Expie�• d g4495 • cafmvu .o "'once 800-3i • Q&liSATE 0 X111111 ` October 8, 2009 08-003-WW1 10 EXHIBIT "A" LEGAL DESCRIPTION FROM A POW OP BEGINNINGS AT THE INTERSECITON OF THE'SOUTH LINE OF GOVERNMENT tiw OF SECTION 31 TOWNSHIP 30 SOUTH,RANGE 39 EAST,INDIAN RIVER COUNTY,I=I.ORIDA,AN€?THE MEAN HIGH WATER MARK OF THE WES'I'-BANK OF INDIAN RIVER,RUN WEST ALONG SAID SOMIALINE OF GOVERNMENTAL LOT 2 A DISTANCE OF 80.05 FEET,MORE OR LESS,TO THE EAST RIGHT-OF-WAY OF OLD U.S.HIGHWAY NO 1,SAID RIGHT-OF-WAY BEING 66 FEET THENCE RUN NORTH 25°22"WEST ALONG SAID.EAST RIGHT-OF-WAY LINE A DISTANCE OF 71.45 FEET;THENCE RUN EAST,PARALLEL.TO THE SOUTH LINE OF SAID GOVERNMENTAL LOT 2,A DISTANCE OF 94,89 FEET;THENCE RUN NORTH 70°45'EAST A DISTANCE OF 132.03 FEET TO THE ESTABLISHED BULKHEAD LINE;THENCE RUSE SOUTH 25°22'EAST ALONG SAID BULKHEAD LINE A DISTANCE OF 66.43 FEET;THENCE RUN SOUTH 70°45 WEST A DISTANCE OF 145 50:FEET TO THE POINT BEGINNING ON THE MEAN'HIGH WATER LINE OF INDIAN RIVER AND ON THE SOUTH LINE OF SAID GOVERNMENTAL LOT 2; AND LOT 1,BLOCK 2,MIDDLETON'S SUBDIVISION,RECORDED IN PLAT BOOK 2,PAGE 56,PUBLIC RECORDS OF ST.LUCIE'COUNTY,FLORIDA,AND SAID LAND NOW LYING IN INDIAN RIVER COUNTY, FLORIDA. AND ALSO ALL OF LOT 1,BLOCK 2,MIDDLETON'S SUBDIVISION,ACCORDING TO-PLAT THEREOF RECORDED IN PLAT BOOK 2,PAGE 56,PUBLIC RECORDS OF INDIAN RIVER COUNTY,Y,FLORIDA LYING EAST OF INDIAN RIVER DRIVE(OLD U.S.HWY#1)AND DESC.IBED AS FOLLOWS: FROM A POINT BEGINNING AT THE MEAN HIGH WATER LINE OF THE WEST SHORE OF THE INDIAN RIVER ON THE TOWNSHIP LINE BETWEEN TOWNSHIP 30.SOUTH ANO"TOWNSHIP 31 SOUTH,RUN WEST ALONG SAID TOWNSHIP LINE(SAME BEING THE NORTH LINE OF SAID LOT 1,BLOCK 1, MIDDLETON'S SUBDIVISION)A DISTANCE OF 80.05 FEET MORE OR LESS,TO THE EAST RIGHT-OF- WAY OF INDIAN RIVER DRIVE(OLD U.S.HIGHWAY NO.1)SAID RIGHT-OF WAY BEING 66 FEET IN WIDTH;THENCE RUN SOUTH 25°22 EAST ALONG SAID EAST RIGHT-OF-WAY A DISTANCE OF 90 FEET; THENCE RUN NORTH 80°0000"EAST A DISTANCE OF 113 FEET MORE OR LESS TO THE MEAN HIGH WATER LINE OF THE INDIAN RIVER;THENCE MEANDER THE MEAN HIGH WATER LINE IN A NORTHWESTERLY DIRECTION TO THE POINT OF BEGINNING. AND WEST SIDE OF INDIAN RIVER DRIVE: LOTS 2,3 BLOCK 2,MIDDLETON'S SUBDIVISION,RECORDED IN"PLAT BOOK 2,PAGE 56, PUBLIC RECORDS OF ST.LUCIE COUNTY,FLORIDA,AND SAID LAND NOW LYING IN INDIAN=RIVER COUNTY,FLORIDA. FINAL LEGAL DESCRIPTION WILL BE DETERMINED UPON RECEIPT AND APPROVAL OF FINAL SURVEY AS REQUIRED IN PARAGRAPH 5. October 8, 2009 08-003-WW1 11 1 ADDENDUM BENEFICIAL INTEREST AND DISCLOSURE AFFIDAVIT (OTHER) STATE OF RV�� N ) COUNTY OF /44-1,)Ce-''✓— ) Before me, rer kye th e undersigned authority,personally appeared � ,this L day of ,2009,who,first being duly sworn,deposes and says: A 1)That SEBASTIAN HARBOUR, LTD.,a Florida Limited Partnership Company,whose address is16 N.E. 4th Street,#110,Fort Lauderdale,Florida 32301,is the record owner of the Property. The following is a list of every"person" (as defined in Section 1.01(3), Florida Statutes)holding 5%or more of the beneficial interest in the Property: (if more space is needed, attach separate sheet) Name Address Interest ci.Q._L._ i it • /06_, 2) That to the best of the affiant's knowledge, all persons who have a financial interest in this real estate transaction or who have received or will receive real estate commissions,attorney's or consultant's fees or any other fees or other benefits incident to the sale of the Property are: Name Address Reason for Payment Amount ....... .. ....... 5_52sL_ ouffackc . September 9, 2009 08-003-WW1 12 3) That, to the best of the affiant's knowledge, the following is a true history of all financial transactions (including any existing option or purchase agreement in favor of affiant)concerning the Property which have taken place or will take place during the last five years prior to the conveyance of title to the CITY OF SEBASTIAN: Name and Address Type of Amount of • of Parties Involved Date Transaction Transaction cu., ail,. L_ This affidavit is given in compliance with the provisions of Sections 286.23 and 380.08(2),Florida Statutes. AND FURTHER AFFIANT SAYETH NOT. AFFIANT SEBAS/ AN HARBOUR,LTD., a Flori a Limited Partnership SWORN T9 and subscribed bef oe m- this day ofd. 4 , 2009,by J1i'I i-,cy. a• / of SEBASTIAN HARBOUR,LTD., a Florida Limited Partnership who is person ly kno to, e or 10 has produced a drivers license as identification and who did take an oath. ,N /10-4„ we irJ 2. Cat .94A inbc Al,rotary-Public • (Printed,T :red or Stamped Name of Notary) Commission No.: My Commission Expires: FLORIDA COMMUNITIES TRUST APPROVED AS TO FORM AND LEGALITY DANIEL P.J.O'CONNOR By: ,. MY COMMISSION#78,72309931 4 Trust Cou el "-,��'�.::�.' _ Bonded PI�R�ES: � n�'{ers Date:Up "_ �o/() .J((.;� September 9, 2009 08-003-WW1 13 b Schedule of Every Person Who Holds a 5% or more beneficial interest in the property: Name Address Interest Owners of Property: Sebastian Harbor, Ltd. 16 N.E. 4th Street Suite 110 Ft Lauderdale, Florida 33301-3262 85.34%of Property Dancu Holdings, Inc. 16 N.E. 4th Street Suite 110 Ft Lauderdale, Florida 33301-3362 • 14.66% of Property Beneficial Ownership: Nickolai Ladanyi 16 N.E. 4th Street Suite 110 Ft Lauderdale, Florida 33301-3362 (68.04%interest in Dancu Holdings) 9.97%Beneficial Interest in Property Condor Enterprises of Palm Beach, Inc. 16 N.E. 4th Street Suite 110 J Ft Lauderdale, Florida 33301-3362 (8.466%interest in Sebastian Harbor) 7.22%Beneficial Interest in Property Csaba Ladanyi 16 N.E. 4th Street Suite 110 Ft Lauderdale, Florida 33301-3362 (75.596%interest in Sebastian Harbor) 68.12%Beneficial (3.612%Interest in Condor Enterprises) Interest in Property Euro Management 16 N.E. 4th Street Suite 110 Ft Lauderdale, Florida 33301-3 3.62 -- (11.424%interest in Sebastian Harbor) 9.749%Beneficial Interest in Property Norbert Kreyer 16 N.E. 4th Street Suite 110 Ft Lauderdale, Florida 33301-3362 (100.0%interest in Euro Management) 13.361%Beneficial (3.612% Interest in Condor Enterprises) Interest in Property 7 Se(Oashw/ 1'4a r6ors L4cl — y aJJ;}t"on el &►Juts Who 4.ac4 chad /besS 41" S e +403,94. riotcl;ry # me/4- S�Wr��,i W 0` / -- Baca IN r1, 7 0�.+�v /4+1 5 Financial Transactions Concerning the Property in the Last Five ears: Name and Address of Parties Date Type of Amount of Involved Transaction Transaction Sebastian Harbor,Ltd and Dancu Holdings,Seller Sebastian Development Co.,LLC Purchaser 3/31/2006 Sale of Property $3,200,000.00 Sellers took back a First Mortgage in the amount of$2,430,000. Sebastian Harbor,Ltd and Dancu Holdings,Plaintifff Sebastian Development Co.,LLC,et al Defendants 11/17/2008 Court Order Sale of Property to Plaintiffs Pursuant to a Foreclosure Action. 4 Persons who will receive real estate commissions, attorney's or cons .1 t fees or any other fees or other benefits incident to the sale: Name: Address Reason for Payment Amount Bluewater Commercial 1201 US#1 Suite 248 Receivership Fees $4,568.75 Realty,Inc. N.Palm Beach,Fl 33408 • Bluewater Commercial 1201 US#1 Suite 248 R.E.Broker's Commission $30,000.00 Realty,Inc. N.Palm Beach,Fl 33408 Condor Enterprises of 16 N.E.4th Street Suite 110 General Partner Fee $108,000.00 Palm Beach,Inc. Ft Lauderdale 33301 Brinkley,Morgan, 200 East Las O1las Blvd. Attorney Fees To be determined. Solomon,Tatum, 191 Floor .f(!6e Cict/e 1 of ad Stanley&Lunny,LLP Ft Lauderdale,Fl.33301 Sey&';r,e i Ailey bit . _ • s ADDENDUM BENEFICIAL INTEREST AND DISCLOSURE AFFIDAVIT (OTHER) STATE OF gfe✓ '' clti ) COUNTY OF At/-t.,/wS--- ) Before me,the undersigned authority,personally appeared MI V (A''PYeA._ ,this (LN day of,c14.51."----, 2009,who, first being duly sworn, deposes and says: 1)That DANCU HOLDING,INC.,a Florida Corporation, whose address is16 N.E. 4`h Street,#110, Fort Lauderdale,Florida 32301, is the record owner of the Property. The following is a list of every "person"(as defined in Section 1.01(3),Florida Statutes)holding 5%or more of the beneficial interest in the Property: (if more space is needed,attach separate sheet) Name Address Interest • 2) That to the best of the affiant's knowledge, all persons who have a financial interest in this real estate transaction or who have received or will receive real estate commissions,attorney's or consultant's fees or any other fees or other benefits incident to the sale of the Property are: Name Address Reason for Payment Amount ce_Q_ a.,(616%6C_____ September 9, 2009 08-003-WW1 14 3) That, to the best of the affiant's knowledge, the following is a true history of all financial transactions (including any existing option or purchase agreement in favor of affiant)concerning the Property which have taken place or will take place during the last five years prior to the conveyance of title to the CITY OF SEBASTIAN: Name and Address Type of Amount of of Parties Involved Date Transaction Transaction S—sa a ilaCief IL- This affidavit is given in compliance with the provisions of Sections 286.23 and 380.08(2),Florida Statutes. AND FURTHER AFFIANT SAYETH NOT. i 1 AFFIANT DANCU HO 1 ING,INC.,a Florida Corporation SWORN TO subscribed before •- this,day of ,A , 2009,by ,/u -(/^/)/�. as '/VS If DANCU HOLDING,INC.,a Florida Corporation who is per.onally known to me or who .. prod -a . . .ers license as identification and who did take an oath. / a r'ublic (P. ted,Type./sr Stamped Name of Notary) ommission No.: My Commission Expires: FLORIDA COMMUNITIES TRUST - �,Y':'",,.,, DANIEL P.J.O'CANNOFt APPROVED AS TO FORM AND LEGALITY '�-,., MY COMMISSION#DI)739)3.4 � `•-�� EXPIRES:Feoruary 6,20 i2 BY�-1�'S(' . Q Q.- 1 ,,,^Q Flooded Thin Notary PubNC Undo ._T ust Cju I /•, /V Date: . _ . September 9, 2009 08-003-WW1 15 Schedule of Every Person Who Holds a 5% or more beneficial interest in e property: Name Address Interest Owners of Property: Sebastian Harbor, Ltd. 16 N.E. 4th Street Suite 110 Ft Lauderdale, Florida 33301-3262 85.34%of Property Dancu Holdings, Inc. 16 N.E. 4th Street Suite 110 Ft Lauderdale, Florida 33301-3362 14.66%of Property Beneficial Ownership: Nickolai Ladanyi 16 N.E. 4th Street Suite 110 Ft Lauderdale, Florida 33301-3362 (68.04%interest in Dancu Holdings) 9.97%Beneficial Interest in Property Condor Enterprises of Palm Beach, Inc. 16 N.E. 4th Street Suite 110 Ft Lauderdale, Florida 33301-3362 (8.466%interest in Sebastian Harbor) 7.22%Beneficial Interest in Property Csaba Ladanyi 16 N.E. 4th Street Suite 110 Ft Lauderdale, Florida 33301-3362 ,1 (75.596%interest in Sebastian Harbor) 68.12%Beneficial (3.612%Interest in Condor Enterprises) Interest in Property Euro Management 16 N.E. 4th Street Suite 110 Ft Lauderdale, Florida 33301-3-362 (11.424%interest in Sebastian Harbor) 9.749%Beneficial Interest in Property Norbert Kreyer 16 N.E. 4th Street Suite 110 Ft Lauderdale, Florida 33301-3362 7 (100.0%interest in Euro Management) 13.361%Beneficial (3.612% Interest in Condor Enterprises) Interest in Property / Se(o6sfi.eAi /4u r64r1 L4cl — o,y Nio .taco owd ,ss �-. tuck vr/ /7. c10. W" Persons who will receive real estate commissions, attorney's or consult• ees or any other fees or other benefits incident to the sale: Name: Address Reason for Payment Amount Bluewater Commercial 1201 US#1 Suite 248 Receivership Fees $4,568.75 Realty,Inc. N.Palm Beach,Fl 33408 Bluewater Commercial 1201 US#1 Suite 248 R.E.Broker's Commission $30,000.00 Realty,Inc. N.Palm Beach,Fl 33408 Condor Enterprises of 16 N.E.4th Street Suite 110 General Partner Fee $108,000.00 Palm Beach,Inc. Ft Lauderdale 33301 Brinkley,Morgan, 200 East Las 011as Blvd. Attorney Fees To be determined. Solomon,Tatum, 19th Floor /0 6e C�o�f 1 of ad Stanley&Lunny,LLP Ft Lauderdale,Fl.33301 Avdy Sey✓�'c� Z Financial Transactions Concerning the Property in the Last Five Years: Name and Address of Parties Date Type of Amount of Involved Transaction Transaction Sebastian Harbor,Ltd and Dancu Holdings,Seller Sebastian Development Co.,LLC Purchaser 3/31/2006 Sale of Property $3,200,000.00 Sellers took back a First Mortgage in the amount of$2,430,000. • Sebastian Harbor,Ltd and Dancu Holdings,Plaintifff Sebastian Development Co.,LLC,et al Defendants 11/17/2008 Court Order Sale of Property to Plaintiffs Pursuant to a Foreclosure Action. ADDENDUM (LIMITED PARTNERSHIP) A. At the same time that Seller submits the closing documents required by paragraph 9. of this Agreement, Seller shall also submit the following to Purchaser: 1. Copies of the written partnership agreement and certificate of limited partnership and all amendments thereto, 2. Certificate of Good Standing from the Secretary of State of the State of Florida, 3. All certificates, affidavits, resolutions or other documents as may be required by Purchaser or the title insurer, which authorize the sale of the Property to Purchaser in accordance with the- terms of this .Agreement and evidence the authority of one or more of the general partners of Seller to execute this Agreement and all other documents required by this Agreement, and 4. Copy of proposed opinion of counsel as required by paragraph B. below. B. As a material inducement to Purchaser entering into this Agreement and to consummate the transaction contemplated herein, Seller covenants, represents and warrants to Purchaser as follows: 1. Seller's execution of this Agreement and the performance by Seller of the various terms and conditions hereof, including, without limitation, the execution of all agreements, notices and other documents hereunder, have been duly authorized by the requisite partnership authority of Seller. 2. Seller is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Florida and is duly qualified to own real property in the State of Florida. 3. This Agreement, when executed and delivered, will be valid and legally binding upon Seller and enforceable in accordance with its terms and neither the execution of this Agreement and the other instruments to be executed hereunder by Seller, nor the performance by -it of the various terms and conditions hereto will violate the terms of the partnership agreement or certificate of limited partnership or any amendment thereto. At the closing, Seller shall deliver to Purchaser an opinion of counsel to the effect that the covenants, representations and warranties contained above in this paragraph B. are true and correct as of the closing date. In rendering the foregoing opinion, such counsel may rely as to factual matters upon certificates of other documents furnished by beneficiaries, partners, officers, officials and other counsel of Seller, and upon such other documents and data as such beneficiaries, partners, officers, officials and counsel may deem appropriate. October 8, 2009 08-003-WW1 16 SELLER PURCHASER SEBASTIAN HARBOUR, LTD., LOCAL GOVERNMENT a Florida Limited Partnership CITY OF SEBASTIAN v , �! B API I_ �ww� I By: Name: .w___ I i o. Is ner P tner Its: ()w60— 1v / ir /05 Date Signed by Seller Date signed by Purchaser FLORIDA COMMUNITIES TRUST LIMPDADD.FCT '/ By: 1161 REV. 07/28/94 KEN REECY, COMattNI PROGRAM MANAGER Date signed by Purchaser September 9, 2009 08-003-WW1 17 ADDENDUM (CORPORATE/FLORIDA) A. At the same time that Seller submits the closing documents required by paragraph 9. of this Agreement, Seller shall also submit the following to Purchaser: 1. Corporate resolution which authorizes the sale of the Property to Purchaser in accordance with the provisions of this Agreement and a certificate of incumbency, 2. Certificate of good standing from the Secretary of State of the State of Florida, and 3. Copy of proposed opinion of counsel as required by paragraph B.below. B. As a material inducement to Purchaser entering into this Agreement and to consummate the transaction contemplated herein, Seller covenants,represents and warrants to Purchaser as follows: 1. The execution of this Agreement and the performance by it of the various terms and conditions hereof, including, without limitation,the execution of all agreements,notices and other documents hereunder,have been duly authorized by the requisite corporate authority of Seller. 2. Seller is a corporation duly organized,validly existing and in good standing under the laws of the State of Florida and is duly qualified to own real property in the State of Florida. 3. This Agreement,when executed and delivered,will be valid and legally binding upon Seller and enforceable in accordance with its terms and neither the execution of this Agreement and the other instruments to be executed hereunder by Seller,nor the performance by it of the various terms and conditions hereto will violate the Articles of Incorporation or By-Laws of Seller. At the closing, Seller shall deliver to Purchaser an opinion of counsel to the effect that the covenants, representations and warranties contained above in this paragraph B.are true and correct as of the closing date. In rendering the foregoing opinion, such counsel may rely as to factual matters upon certificates of other documents furnished by partners,officers,officials and other counsel of Seller,and upon such other documents and data as such partners, officers, officials and counsel may deem appropriate. SELLER D ANCU HOL I N' INC., a Florida Corporation .�_�../%Le/ By: / r�`�' rtne1 . ,feller Name: (L ll Its: -r€41 'VW- Wi'r ss,t o Seller ," (CORPORATE SEAL) 6s -€61 ea ?P F.E.I.D. No. 209 Date signed by Seller September 9, 2009 08-003-WW1 18 Date signed by Seller PURCHASER CITY OF SEBASTIAN AP d . "fitness as to Local Government Name: N r,0 RIME 0 • _ Its: (yl i yo it- - itness as to Local Government / ), Attest: 1 , //� (Clerk or %eputy Clerk) (OFFICIAL SEAL) Approved as to Form and Legality Date s. ed by Local Government Date: /D-16 -09 ACQUIRING AGENCY FLORIDA COMMUNITIES TRUST VeA"- lie By: I� KEN REECY, Witn:t as to Acquiring Agency Community Program Manager Wimps as to Acquiring Agency Date signed by Acquiring Agency Approved . to F.V and Legality . Date: F NIMMItio October 8, 2009 - - - --- 08-003-WW1 19 ADDENDUM (IMPROVEMENTS PURCHASER) A. Radon Gas. Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit. This notice is being provided in accordance with Section 404.056(8) , Florida Statutes. Local Government may, at its sole cost and expense, have the buildings that will remain on the Property inspected and tested for radon gas or radon progeny by a qualified professional properly certified by the Florida Department of Health and Rehabilitative Services. If radon gas or radon progeny is discovered, Purchaser shall have the option to either: (a) accept the Property as it then is with no reduction in the Purchase Price or (b) terminate this Agreement, thereupon releasing Purchaser and Seller from all further obligations under this Agreement. B. Wood Destroying Organisms Inspection Report. Local Government may, at its sole cost and expense, obtain a Wood Destroying Organisms Inspection Report made by a state licensed pest control firm showing the buildings that are to remain on the Property to be visibly free of infestation or damage by termites or other wood-destroying pests. If the report shows such infestation or damage, Purchaser shall have the option to either: (a) accept the Property as it then is with no reduction in Purchase Price or (b) terminate this Agreement, thereupon releasing Purchaser and-Seller from all further obligations under this Agreement. C. Seller has advised Purchaser that the building has been closed for almost two years; therefore, Seller has secured the Property but has not and will not be performing any maintenance to the Property and does not represent that the systems are in good working order. Purchaser acknowledges it is purchasing the Property in "As Is/Whereis" condition. SELLER PURCHASER SEBASTIAN HARBOUR, LTD., LOCAL GOVERNMENT a Florida Limited artnership mr:C9t Q * Eit.h.prc 2 9 f9 CITY OF SEBASTIAN il4 ! `a �/ �� By: , _ / B. I `�/j�'� Its: /Ar C 1. ' c� , •1 Name: , c4* d 1 , (I1 ni ( z9 q Its: ni 4 y Date signed by Seller to tr Jo7 Date si ed y Purchaser DANCU HOLDING, INC., a Florida C.rporation � �/ FLORIDA COMMUNITIES TRUST By: ��� Name�— Wr " A By: / Its: 1 , — I r, e` KEN REECY, Community rogram Manager ® _ - - er 8 goo? October 8, 2009 08-003-WW1 20 Date Signed by Seller #041464"‘.IMPURADD.FCT signed b Purch er REV. 04/12/01 • October 8, 2009 08-003-WW1 21 STATE OF FLORIDA DEPARTMENT OF COMMUNITY AFFAIRS "Dedicated to making Florida a better place to call home" CHARLIE GRIST THOMAS G. PELHAM Governor Secretary April 23, 2010 Mr. Daniel P. O'Connor Brinkley, Morgan, Solomon,Tatum Stanley,Lunny& Gordon, LLP 200 East Las Olas Blvd., 19th Floor Fort Lauderdale, FL 33301 RE: Sebastian Working Waterfront Collaborative FCT Project Number: 08-003-WW1 Dear Sellers: Enclosed is your original copy of the Option Agreement for Sale and Purchase fully executed by Sebastian Harbour, LTD, Duncan Holding, INC. and FCT. Due to the proximity of the closing date and the amount of paper work it takes to issue your$100 option payment, it will be practically impossible to get the $100 check to you before closing. Therefore,at closing,you will be credited with the full amount of your Purchase Price including the $100 option payment. If you have any questions,please call Ms. Kristen Coons, Trust Counsel, who will be handling the closings for FCT at(850)922-1700. Sincerely, ;_'jig JayLSircy Grant Specialist IV (850)922-1692 /js cc: Rebecca Grohall 2555 SHUMARD OAK BOULEVARD • TALLAHASSEE, FL 32399-2100 850-488-8466 (p) • 850-921-0781 (f) ♦ Website: wwwdca state fl us • COMMUNITY PLANNING 850-488-2356(p) 850-488-3309(f) • • HOUSING AND COMMUNITY DEVELOPMENT 850-488-7956(p) 850-922-5623(f) •