MEMORANDUM OF UNDERSTANDING RE FULTON APARTMENTS
MEMORANDUM OF UNDERSTANDING
between the
CITY OF CLEARWATER
and the
COMMUNITY SERVICE FOUNDATION, INC.
I. Purpose
The purpose of this Memorandum of Understanding (MOU) is to extend the
closing date on the Contract for Sale of Real Estate of Fulton Apartments
(FULTON) between the City of Clearwater (CITY OF CLEARWATER) and the
Community Service Foundatio~ Inc. (CSF).
II. Background
The Fulton Apartments are owned by CITY OF CLEARWATER. The CITY OF
CLEARWATER is in the process of completing the renovation of the apartment
community that consists of nineteen (19) rental units and one laundry unit. CSF
submitted a bid to purchase FULTON on February 19,2003 and entered into a Contract
for Sale of Real Estate on April 28, 2003 that called for a closing on or before July 28,
2003 and was later extended to August 28,2003. CSF now desires to extend the
Contract for Sale of Real Estate until no later than September 12,2003 in order to have
additional time to lease additional units and to complete any remaining items associated
with the renovation.
ID. Agreement
The CITY OF CLEARWATER and CSF both mutually agree to extend the
Contract for Purchase until September 12,2003. Both the CITY OF
CLEARWATER and CSF fully understand that all rights and privileges under the
Contract for Sale of Real Estate of Fulton Apartments are reserved in full force
and effect.
IV. Authorities
This MOU shall be governed by all of the applicable rules and regulations of the
CITY OF CLEARWATER, the state and federal government and in addition the
following programs:
. HOME Investment Partnership Program (24 CFR Part 92)
. State Housing Initiatives Partnership Program (Florida Statutes - Chapter
420.907 -- .9079
MOU - Ex! Fulton
v. Effective Date
This MOU will become effective upon signature by the City Manager of the CITY
OF CLEARWATER and the authorized representative of CSF and shall remain in
effect until termination by either party, but no later than September 12, 2003.
DATED: ~u9~-r U
Approved as to form:
Witnesses:
MOU - Ext Fulton
, 2003.
ATER, FLORIDA
Attest:
k~/~
~ynthia E. Goude ... ' ,
City Clerk . ..' .
COMMUNITY SERVICE
FOUNDATION, INC.
By: ~~.:
Printed: LeE ~ ~5K I
Its: /RflIK~