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HomeMy WebLinkAbout1992 Exchange AgreementEXCHANGE AGREEMENT THIS IS AN AGREEMENT by and between the CITY OF SEBASTIAN, FLORIDA, a Florida municipal corporation existing under the laws of the State of Florida (hereinafter "Sebastian ") and BETTINA BOUDROT, 1302 Indian River Drive, Sebastian, Florida 32958 (hereinafter "Boudrot "). IN CONSIDERATION of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. Sebastian owns the real property described on Exhibit "A" attached hereto (hereinafter "Sebastian Parcel ") . Boudrot owns the parcel of land described on Exhibit "B" attached hereto (hereinafter "Boudrot Parcel ") . The parties hereby agree to simultaneously exchange fee simple ownership of said parcels according to the terms and conditions set out below. 2. The parties agree that for purposes of this Agreement, the parcels are of equal value. 3. Sebastian shall convey all its right, title and interest in the Sebastian Parcel to Boudrot by quit -claim deed duly executed by the authorized representatives of Sebastian. Boudrot shall convey all her right, title and interest in the Boudrot Parcel to Sebastian by statutory warranty deed. Except for taxes accruing subsequent to December 31, 1991, the Boudrot Parcel shall be free and clear of all encumbrances whatsoever. 4. At the closing, Boudrot shall cause to be provided to Sebastian a title insurance commitment for owner's title insurance insuring marketable title, free and clear of any and all encumbrances whatsoever, except as permitted in the document of conveyance as described above, which shall provide coverage in the amount of $ 2v1,Y00.0n and shall not contain any of the standard exceptions, except for current year's taxes. The expense for such commitment and the policy issued subsequent thereto shall be borne solely by Boudrot. 5. This transaction shall be closed oni1.t( i0 , 1992. The closing shall take place at Professional Title of Sebastian, which shall be the agent responsible for issuing the title insurance commitment described above. 6. Both parties agree to take title to the respective properties subject to zoning, restrictions, prohibitions and other requirements imposed by governmental authorities; restrictions and matters appearing on the plat or otherwise common to the subdivision. .y . 7. Boudrot agrees to pay all closing costs in connection with the conveyances described herein including, but not limited to, recording fees for all documents, title insurance premiums, state transfer taxes and not including attorney fees of Sebastian. Ad valorem taxes accruing through the date of closing shall be the responsibility of Boudrot. The amount of such taxes or a reasonable estimate thereof shall be paid by Boudrot to Sebastian at closing. Boudrot shall also pay at closing any and all assessments against the Boudrot Parcel. 8. Both parties warrant that they are the only parties entitled to possession of their respective parcels and that there are no leases or contracts for leases affecting their respective parcels. 9. Boudrot agrees to execute at closing customary documents normally ancillary to a warranty deed, including a mechanic's lien affidavit, a non - foreign affidavit and a Florida Department of Revenue Transfer Form DR -219. 10. Boudrot hereby represents and warrants to Sebastian that: (a) She owns the fee simple title to the Boudrot Parcel and no other party has any interest therein and that such Parcel is free and clear of all encumbrances whatsoever other than ad valorem taxes subsequent to December 31, 1991; (b) There are no contracts or agreements currently in effect which affect the title to the Boudrot Parcel; (c) There are no toxic materials located on the Boudrot Parcel and that Boudrot will indemnify and hold Sebastian harmless from any and all liabilities, claims, actions or damages incurred by Sebastian due to the presence of any such toxic materials located on the Parcel at any time before closing; (d) Boudrot is not a party to any litigation and knows of no threatened litigation which would affect the Boudrot Parcel or title thereto; (e) Boudrot knows of no defects in the title which would prevent the issuance of a title insurance policy for marketable title of the Boudrot Parcel; (f) There are no liens, levies or claims against Boudrot, pending or threatened, which could affect Boudrot's ability to convey the Boudrot Parcel free and clear of all encumbrances. 11. In the event of controversy arising out of this writing, the prevailing party shall be entitled to reasonable attorney fees. All warranties made herein shall survive closing. This Agreement 2 shall not be assignable. This Agreement shall be binding upon the heirs, successors and assigns of the parties hereto. There are no other agreements or representations which shall be binding upon Boudrot or Sebastian. IN WITNESS WHEREOF, the pa ties have hereto set their hands and seals this -1) day of(r:/ , 1992. APPROVED A TO FORM AND CONTENT: CHARLES IAN NASH, City Attorney 3 CITY OF SEBASTIAN, a Florida municipal corporation By. _ LONNIE ,R. Attest: (�, KATHR M. 'HALLO N, City Clerk BETTINA BOUDROT EXHIBIT "A" A parcel of land being the north 2.00 feet of the South 23.5 feet of Lot 2, Block 3, of Hardee Subdivision, as recorded in Plat Book 4, Page 74, of the Public Records of St. Lucie (Now Indian River) County, Florida, being more particularly described as follows: Beginning at the intersection of the east right -of -way line of Indian River Drive (66 foot right -of -way) and the north line of the South 23.5 feet of Lot 2, proceed S 870 36' 23" E along said north line a distance of 47.69 feet to a point on the safe upland line (S.U.L.) on the West Bank of the Indian River (S.U.L. Elevation 0.9 N.G.V.D., located on 7/12/88); thence S 110 52' 05" E along the S.U.L. a distance of 2.06 feet to a point being 2.00 feet south of the north line of the south 23.5 feet of Lot 2 when measured perpendicular; thence N 870 36' 23" W along a line 2.00 feet south of and parallel to said north line of the south 23.5 feet of Lot 2 a distance of 48.10 feet to a point on the east right -of -way line of Indian River Drive; thence N 000 26' 42" W along said east right -of -way line a distance of 2.00 feet to the POINT OF BEGINNING. EXHIBIT "B" A parcel of land being the north 2.00 feet of the south 15 feet of Lot 4, Block 3, of Hardee Subdivision, as recorded in Plat Book 4, Page 74, of the Public Records of St. Lucie (now Indian River) County, Florida, being more particularly described as follows: Beginning at the intersection of the east right -of -way line of Indian River Drive (66 foot right -of -way) and the north line of the south 15 feet, of Lot 4, proceed S 870 36' 23" E along said north line a distance of 33.88 feet to a point on the safe upland line (S.U.L., Elev. 0.9 N.G.V.D., located on 7/12/88) of the Indian River; thence S 010 15' 33" E along the S.U.L. a distance of 2.00 feet; thence leaving the S.U.L., N 870 36' 23" W along a line 2.00 feet southerly of (when measured perpendicular) and parallel to the north line of the south 15 feet of Lot 4 a distance of 33.91 feet to a point on aforementioned east right -of -way line of Indian River Drive; thence N 000 26' 42" W along said east right -of -way line a distance of 2.00 feet to the POINT OF BEGINNING.