AGREEMENT (2)
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AGRBBMENT
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THIS AGRBBMBNT entered into this~day of June, 1972,
between CLBARWATIR 23S. INC., a Plorida non-profit corporation
with its principal office in the City of Clearwater, Pinellas
County, Florida, hereinafter called "235",
and
THE CITY O,P CtlARtfATBR, Florida, hereinafter called
the nCity"
WITKBSSBIH:
WHBRBAS. Z3S pr..ently plana to move and rehabilitate
certain dwellings so that th.ey qualify for insurance by the FHA
under Section 235-j of the National Housing Act and the Regula-
tions thereunder DOW in .ffect. upon certain land now owned by
the City, and
WHERP~S, the City has 8greed to transfer title to the
land to 235, free and: ct..r of. all encumbrances and subject only
to current taxes and,l'estrietioll.' of record, if any, and
WHEREAS, t.b:eCity has advanced certain sums to or for
the benefit of 235, for the in.itial costs of FHA applications.
movins and contractor's expen..s. and
WHBRlASt 335 intends to repay the City fOT the sums it
has advanced.
NOW, THSQIORB, in eon.lderation of ,the present trans-
ferr of the land. a ".sc1"iption of which is attached hereto,
marked Exhibit A.> ~ b.reby incol"po-rated.,hel'eln by reference,
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Irma the City to235,ZII' ag1,7,o.. as follows:
1. IlIIIedi_tely upon receipt of the deed for the land
from the City to apply fo,l' and diligently pursue the sec:urini of
an interia con.tr~ctlon.o~~gage fro. a lending lnstitut,lon, and
upon the securinsof .aid lIort,.,.. to apply for and secure in
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its application for the initial draw under such aortgage, suffi.
cient sums to repay.tbe City such sums as it has advanced to or
for the benefit of Z3S. except for the purchase price of the land.
Said sums shall be repaid to the City by Z35 or on its account as
soon as such sWIlS are received froll the lending institution.
2. Upon the satisfaction of the interim construction
mortgage, coapletion oithe project and FHA approval, to reim-
burse the City in the ..aunt of $27,830.00, representing 23S's
pro rata share of the purchase price of the land, and concurrently
therewith to cODvey to the City for park purposes the following
described parcel of land. subject only to such encumbrances and
restrictions a. were pre.ent upon its conveyance by the City to
235, to.wit:
That part of the B 1/2 of the NW 1/4 of the
NW 1/4 of Section 16, Township 29 South,
Range 16 Bast Pinellas County, Florida,
desc1."lbed .s ;0110wl: Be,in at the S. B corner
of the NW 1/4 of the NW 1 4 and run thence
N O. 31' 03" B aloRg the 40 acre line, 730.35
feet fol' P..O.I.; thence continue N 0037'03" E,
95.0 f.eta t:h.,~e N 89.27'S6"W, 669:.05 feet;
thence S O.S7'03"W, 495.21 feet; thence
S 89027'56"E.469.05 feet; thence N 0037'03HE,
400.21 feet; thence S 89021'S6"B, 200.0 feet to
P.O.I., 1..1 road right-oi-way.
IN WITNBSS.WHliRBOP This Agreement has been duly executed
the day and year first above written.
ATTBST:
CLEARWATBR 235, INC.
(Ctlrporate Seal)
FLORIDA
Approve/d as to form G.orr.ectness:
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v/lv/. /7/ /~~
yfty Attorney
Witnes ses:
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s to Clearwater 235, Inc.
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SCRBDULB A
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The N 1/2 of the N 1/2 of the SW 1/4 of the NW 1/4 of
the NW 1/4 and the S 112 of the S 11Z~of the NW 1/4
of the NW 1/4 of the NW 1/4 of Section 16, Township 29
South, RaDle 16 Bast. Pinellas County. Florida, and
that part of theB 1/2 of the NW 1/4 of the NW 1/4
of Section 16. Township 29 South, Range 16 Bast,
Pinellas County. Plorldat described a. follows:
Beg1n at the SB corner Of the NW 1/4 of the NW 1/4
and nn thenceN O.31',03"E alan, the 40 acre line,
730.35 feet fa'tP.O.).. thence continue N O.37'03"E,
95.0 feet, th.... N 89-21'S6"W, 669.05 feet; thence
S 0-31'03""', .95.2:1. f..t; thence S 89.21'S6"E, 469.05
feet' thence N 0-37'03u2, 400.21 feet; thence
S 89:J1'56t1E, 200.0 f..t to P.O.B., leiS road right-
of-way.
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