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P05T C��FICE E3pX 474A
c',l f 1�iZ��vn TF R. FLORIDA 3461 q� 17�1n
a��Ano�e October 8, 1993
rY Y
(813) Q62-Q760
Fax(B13)462•6426
Mr. Albert N. Justice
19329 U. S. 19 North, Suite 100
Cl.earwater, Florida 34624-315G
Copy via FAX to 530-4004
(Original not mailed)
Re�
Gentlemen:
Walter J. "Rusty" Mackey, Jr., Esq.
1G01 Forum Place, Suite 805
West Palm Beach, Florida 33401
Copy via FAX to 407-684-9484
(Original not mailed)
Sun Bank/Atrium Building Sale
During last night's Clearwater City Commission meeting, I asked the
Commission to call a special meeting for the purpose of formally
approving the contract before we sign it. A special meeting has
been called for Tuesday, October 12, at 5:00 p.m. This will be a
joint meeting of the City Commission and the CRA, because this will
necessarily be a three-party contract. I would like to have the
final draft contract ready for distribution to the members of the
City Commission/CRA late Monday afternoon at the l�test. I now
understand that this schedule is a problem for the buyer and that
Rusty is sending me a letter to that effect.
The next draft of the contract will include the carrect purchase
price and language providing for the deposit and the credit to be
given at closing for the deposit. I suggest that the outline
become a formal addendum to the contract.
I believe our understanding has been that Emil Pratesi would write
the title insurance policy; however, he does not recall being told
so by the buyers. We need to insert the name of the title
insurance company in the contract. To A1 or Rusty: Would you
please call Emil and give him the go-ahead on th� title i.nsurance?
Sinc�r_e1y,
M.A. Galbraith, Jr.
City Attorney
MAG:jmp
Copies to:
, , .
� u�:,
- ., . :;,,,,:
Mayor and �ity �ommission o�r c� s 1993
Michael Wright, City Manager
Cynthia E. Goudeau, City Clerk � lver ��TY C.'L;E^t� �-
Emil PLatesa., Esquire (by handail�l.' y) ,� �r P�-
.�Er�u�l Cmrloymeii! nnci lltfiiinaliv�! llr�lir,�� E�n��l�,�,ri..
�
,_
,
` R�CEIV'ED
r�� s'si.�,.r 0 C T 1 1 1993
:l�� �I.�f�.§�••��
, ``°� � � ~�`: � ; :� CI�Y CLERO� DEPT.
'4 �` �� � ' . , • �`'
�'L' t '`ti• ^'; 1....
` � � �:
tix':1 � ;,. �.j. �
:,� ���
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. �z , •� ._. . ' � ���.� ��
r'
.d'.if7[;��'f.t �
? jE,`,
OlfiCe O(
Clty Attorney
(813) 462-6760
Fax (813) A62-6.42b
r.����
i
(� T+
� I J L L 1 � W L 1 r1. 1.:J �
POST OFFICE �OX 47dA
CLCAHNJAiER, FLORIDA 3�61E3•474d
October 8, 1993
Mr. Albert N. Justice Walter J. "Rusty" Mackey, Jr., Esq.
19329 U. S. 19 North, Suite 100 1601 Forum Place, Suite 805
Clearwater, Florida 34624-315G West Palm Beach, Florida 33401
Copy via FAX to 530-4004 Copy via FAX to 407-684-9484
(original not mailed) (original not mailed)
Re:
Gentlemen:
Sun Bank/Atrium Building Sale
Emil Pratesi and I have gone over the outline and the contract, and
will be suggesting some additional changes. Rather than faxing you
three more pounds of paper, let me summarize the proposed changes:
IN TfiE �UTLINE (ADDENDUM)
This will be a three-party contract in the form of an addendum to
the contract, the parties being the buyer, the City, and the CRP,,
Emil will be drafting the option on the balance of the garage and
the right of first refusal on the police station, which will become
exhibits to the Addendum.
I� pa�-agraph 1, we will include a provision for a nonrefundable
deposit and credit against the purchase price at closing.
Regarding the access and maintenance agreement, we propose to start
with the existing Ma�.ntenance and Operation Agreement for the Park
Street Garage between the City and Mack Clearwater Limited
Partnership ("Mack"), dated January 8, 1990, and amend it as
appropriate, to the extent necessary. (This agreement recites that
CRA and the City contracted for the City to maintain the CRA's
portion of tlze �r.operty, and the City then contracted with Mack to
provide the same services to Mack.) The amended agreement would
become Extzibit I to the contract.
Note: In addition to tiz� encumk�rance of the first two
floors by the 1986 bonds, there is a lease of the iirst
two f loors f rom the CRA to th� City that wi 11 need to be
dealt with when the option is exercised. When the first
two floors are sold, the outstanding bonds are to be paid
off and the lease may th�n be termi.nated. The bonds are
not callable until October 1., 1994. Suggestion: If the
option is exercised, close after October 1, 1994, and not
before .
�OIs� ..
"Ec�u�.�l Empinyn��n1 t�nci A(lirmalive Action Fmplayer"
'�
�
We need to know how much air space above the fourth floor you have
in mind; this will require a deed from the CRA.
On page 2, regarding the terms for the option purchase of the first
two floors: This will be amended to provide for a 5-year note,
amortized over 20 years but ballooned after five years. The
interest rate will necessarily have to be Wall Street prime or the
applicable f ederal rate� if higher than the prime rate� in order
to resolve an issue identified by our bond counsel2 in connection
with the sale of a project financed by these bond�. The fact that
the City's current interest costs are below prime is not relevant
to that issue.
A related issue with our bond counsel is the provision for renting
iQ0 parking spaces on the first �wo fl.00rs at a rate discounted
below the market rate.
Also, in paragraph 2, "The interest rate shall be adjust annually"
should read, "The interest rate and payment amount shall be adjust
annually."
On pag� 4, paragraph 6(control of garage) and paragraph 7(parking
space dimensions) are redundant and should be deleted. '
In p�ragraph 8, there is no need to refer to payment of property
taxes since the owner will pay the property taxes, if any. This
should be 1imi�ed to saying that the buyer shall pay any sales
taxes on the parking space rentals, if any.
TN TI�iE CONTRACT
Our thinking is to have this continue as a two-party contract, but
add a joinder by the CRA i.nsofar as the contract relates to CRA
property (for example, the additional air space above the fourth
iloor of thE garage) and CRA obligations only.
The purchase price will be corrected and a provision made for the
deposit and credit at closing.
On page 7, we wi11. need to disclose the recent inquiry to the
Attorney General of Flori.da as "pending investigation" which may
'�af�ect the premises." I suggest we attach the opinion request to
the contract as S�hedule 2, without further comment.
On page 8, in ParagrapYZ 8(a) , the sentence shoulc� read: �'All 4�e
�e3�ew-i-�►� costs and expenses arisa.nc� from this transaction shall be
borne and paid by Purchaser, inc].uding but not J.imited to ..."
1See §1274(d), 1.R.C., 1�8G as amended.
20ur band counsel is Bob Reid o� Mil.ler, Bryant and Olive in
Tallahassec. I wou].d not object io your calling him directly if
you wish to do so� at 90�1-222-SGII.
!
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On page 12, in Paragraph 12(b), change the first sentence to read,
"Purchaser acknowledges that Purchaser has had �." '��••� the
opportunity prior to the execution of this contract e�es�� to
inspect the Premises. . .�'
We wi11. add a stat�ment at the end of the contract that the
contract is subject to the additional terms set forth in the
Addendum.
We wi 11 move th� ass ignment of the escrow f or the br idge x�epa ir out
of the bi11 of sale (see page G-3) and make it a separate
assignmei�t instrument.
Something tell.s me this is no� tlle end o� the list of changes, but
x bela,eve we are close to a final product. Stay in touch!
Sinccrely,
� . .,:
M.A. Galbra�.th, Jr.
City Attorney
MAG:jmp .
Copies to:
_ Mayor and City Commission
Michael Wright, City i�7anager
Cynthia E. Gaudeau, City CJ.erk '
Emil Pratesi, Esquire (by hand delivery) _
.
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MEMORANDUM
T0: The Honorable Mayor and Members of the Ci�y Commission
FROM: M. A. Galbraith, Jr., City Attorney
RE: Sun Bank/Atrium Building Sale
` DA�E: October 7, 1993
Enclosed for your information are: �
1. Draf� #7 of the ou�l ine of the memorandum of understanding reg.�rding
the sale of this property; and
2. The first, rough draft of a contract for the sale, which has been
caded �to show changes in the contract by which we bought the building. These
changes were the result of initial negotiations with the buyer. Virtually all
of the changes are subject to change; some may no longer apply while other
changes will be needed to eliminate conflicts with the memorandum of
understanding. Because time is of the essence, I have shipped this rough draft
� to the buyer as a starting point so we can work 5imultaneously towards the final
draf t. There wi 11 be other draf ts as we go al ong � and you wi 11 see a l l of them.
MAG:a
Cnclosures .
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Copies: _ � .
Michael Wright, City Manager
Emi1 Pratesi, �squire _
Rusty Mackey, Esquire
Albert N. Justice _
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OfBce of
City Attorney
(B 13) 462-6760
Fax (813) 462-6426
C 1 ,.1, � � �� 1..� .l i i�I t!. � � !`1 1, ■ •• �
VIA FAX: 407-G84-9484
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POST OFFICE BOX �1748 '
CI.EAF�WATER, FLORIDA 3A610-A7�8
October 7, 1993
Rusty Mackey, Esquire
1601 Forum Place, Suite 805
West Palm Beach, Florida 33401
Dear Rusty: �
Here is the first rough draft of a contract for the Atrium and the
upper half of the parking garage. I am also sending you a hard
copy and a disk containing this draft�by federal express.
The draft contract is coded to show the changes in the contract by
which we bought the building. These changes are the result of the
meetings we had at the beginning of our negotiations. Virtually
all of these changes are subject to change. I have not compared
this draft contract with the memorandum of understanding and some
of tlie changes may no longer apply while others will be needed to
eliminate conflicts with the memorandum of understanding. In other
words, this is "rough around the edges" but time is of the essence
and I want you to have this�as a starting point so we can work
simul.taneously towards the final draft.
Mike Wright has made one small. change to my Draft #7 of the outline
of the memorandum of understanding: In Paragraph 9, describing the
appraisal of the garage when the option is exercised, he changed
"full-sized automobiles" to "vehicles" (see attached), because not
all of the existing spaces are for full-sized automobiles. I am
going to go ahead and make that change before distributing copies
to our City Commission tonight.
Sincerely,
��.
M.A. Galbraith, Jr.
City Attorney
. Copies:
Mayor and City Commi.ssion (t�and delivery tonight)
Miclzael Wright, City Manager (hand delivery tonight)
Emil Pratesi, Esquire (hand delivery an October 8)
���
„{=r���sil Fin��It�V�i���n1 ��i►�I AI(irri��ativ« Ar,lian Emplayer"
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Draft #7
October 6, 1993
OUTLINE OF MEMORANDUM OF UNDERSTANDING
1. SUN B.ANK/ATRIUM BUTLDING : The Buyerl will purchase from
the Seller2 the building and the top two floors of the parking
garage and �ir space above3 for $6 , 450 , 000 �8-�{�, "as is, " cash
at closing, all closing costs to be paid by Buyer. This conveyance
will include the right to construct on top o£ or to cover the
�ourth floor, the right to construct a security gate at the
beginning of the access ramp leadinq from the second f loor to the
third floor, the right to construct a security entry or gate at the
e,ntry or elevator to the elevated pedestrian walkway over Park
Str�et, an easement to permit the continued maintenance of the
walkway over Park Street, and an assignment of the amount held in
escrow by Maria Real Fstate for the r�pair of the pedestrian
walkway. A joint use easement agreement will be prepared for the
Buyer's and Seller's joint use, maintenance and operation of the
garage which shall expire when and if Buyer purchases the remainder
of the garage.
[Paragraph 2, relating to parking on the
Bilgore tract or a substitute parcel or
parcels, to be sol.d or leased to Buyer, has
been deleted in its entirety and subsequent
pa=agraphs have been renumbered.]
2. P.ARKING GAR.A.GE . Buyer wi 11 buy an option to purchase the
parking garage ( the f irst two f loors, the ground below, and the air
above). The option consideration will b� $50,000.00. The Seller
shall give a credit to Buyer in the amount of $50,000.00 against
the purchase price at closing if the option is exercised and Buyer
completes the acquisition. The option consideration shall be
nonrefundable and may be used by the Seller as Seller sees fit.
The term of the option will be two -�.� years �rom the date of
closing on the Sun Bank/Atrium building. The purchase price of the
1"Buyer" means Atrium at Clearwater, Limited, a Florida
limited partnership, of which Atrium at Clearwater, Inc., a Florida
corporation, will be the general partner, or an assignee of Atrium
at Clearwater, Limited, which sha11 be a Walter T. Krumm enterprise
and not an entity which may claim tax-exempt status for the
property.
2"Seller" means the City of Clearwater, Florida (the "City"),
with reference to the Sun Bank/Atrium building, the top 2 floors of
the parking garage, and the police station.
3Conveyance of any part ot the air space above the air space
containing the top two f loors oi the garage requires a deed from
the Community Redevelopment Agency of the City of Clearwater,
Florida (the "CRA").
�
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parking garage will be the current apprais�d val.ue to be determined
prior to closing, but not more than 6 months prior to closing, with
the appraisal to be obtained by Buyer from the City's list of
approved appraisers attached hereto as Exhibit A. Closinq shall
be obtained within 90 davs following the exercise of the option.
The terms of the purchase shall be as iollows : The
$5Q,000.00 credit shall constitute part of th� down payment at time
oi closing with 20 percent of i:he total purchase price being due at
closing as the down payment (including the $50,000), with the
balance to be paid in equal monthly insiallments over_ a 5-year term
at an interest rate of "prime" "_ " or
�; ^*� _,^r�- �'��^ the New York prime rate as published in the Wall
Street Journal on the date the option is exercised, per annum,
secured by a first mortgage on the property. In the event a range
of prime rates is published in the Wall Street Journal, the
midpoint of such range shall be used. The interest rate shall be
adjusted annually as of each anniversary oi the date of exercise of
the option, based upon increases or decreases in the prime rate.
During the term of the option and prior to closing, Buyer sha11
have the right of f irst refusa•l on the rental of 100 parking spaces
on the first two floors for the balance of the term of the option
with rent prepaid annually, at the discounted rate ot $25.00 per
space, plus a 5 percent increase per year beginning January 1,
1996.
3. POLICE STA�r70N . The Buy�r wil l have a right of f irst
refusal, as distinguished from an option, on the police s cation,
giving to Buyer the right to rnatch the highest competitive bid
above the appraised value of the property.4 If the Cit�r receives
a bid which the Buyer is unwilling to match, this right shall
expire upon the closing of the other bidder,'s offer, The right of
first re�usal. will have an inde.finite term commencing from the date
of closing on the Sun Bank/Atrium building but expiring upon the
sale of the Sun Bank/Atrium building by the Buyer. Tf the City
abandons the use of the police station as a police station or other
public use, then Buyer may request the City to advertise the police
station for sale ( as "surplus" ), with anv such purchase of.fer to be
ecrual to or. qreater than the fair market value of the police
station propertv accordinct to an appraisal to be performed bv one
of the appraisers on the list �f Approved Appraisers .«---jNot new,
4Because the police station is Cit� property and not CRA
property, the sale of the police station is subject to the City
Charter requir_ements to declare the property surplus and to sell to
the party submitting the highest competitiv� bid above the
appraised value. See Section 2.01(d)(4), City Charter. A right of
first refusal. will permit Buyer to match the high bid, or waive
that right, at his election.
2
just a clarification]
4. SPACES AROUND GAR.AGE. The land occupied by the ground-
level parking spaces on the east and south sides of the garage is
part of the real property on which the garage is located and is
subject ta and part of the Buyer's option to purchase the garage.
The number of parking spac�s shall be determined by reference to
the survey of the property.
(1) If the option to purchase the garage is not exercised,
the property will remain CRA property and the City will continue to
have the right to use the spaces for parking for City purposes
without charge.
( 2) Ii the option to purchase the garage is exercised, and if
the police station has not been rel.ocated as of �he closing on the
purchase of the garage:
-�a-�- The Seller shall retain an easement to permit
access to, maintenance, and use o� the spaces ior parking
for City purposes without rent for a term of 2 years
after closing on the garage or until such time as the
police department is relocated, whichever occurs earlier.
( The Seller does not represent that the police depa.rtment
wil.l be relocated. � This same easement shall provide for
access to these spaces over the police station property,
which easement shall benefit Buyer and its invitees after
thE 2-year term or whenever use of these spaces is
granted to Buyer. Thus, there shall be an easement
created as a recorded encumbrance on the police station
property.
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( 3) If the option to purchase the garage is exercised, and if
the police station has been rel.ocated at such time, the spaces
�hall be i�nmediately available to Buyer for Buyer's uses (with the
easement over the police station property) ,—a��' �^��.-�z�.�-���'��
�}3oL+�i� �%_ �l%'� 1'i e� 1.� �._^,r"+� =i�-�r' r r� �✓- � r� � r i- t f� .
- - .[ r' a c--r- -1
5. SPACES SOUTH OF ATRIUM BUILDSNG. The six parking space5,
more or less, immediately south of the Atrium Building, will be
"reconfigured" to permit landscaping, provided that the access to
the East-West alleyway is preserved and maintained in its present
location or in a substitute location if adjoining property owners
consent.
3
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6. CONTROL OF GARAGE. Whenev�r the Buyer acquires or
contracts to acquire 100 percent of the parkin� spaces within the
garage, Buyer may control the access, security, or personnel used
to operate, secure or maintain the garage.
• . . . .
- • -- - - -- - -- - -�-
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7. PARKING SP�CE DIMENSICINS. A11 referenc�s to parking lot
spaces shall be deemed to be for ful.l-sized (not compact)
automobiles with minimum dimensions for each space of 9 or 10 feet
by 20 feet.
8. TAX E S. W i t h r e s p� c t t o �-�-e—�3-�1-� � Yo�—�-�a-E�
�e�a-s{.�-�- the option to purchase the parking garage, the lease of
parking spaces within the parking garage, and the right of first
refusal on the police station, th� Seller shall pay any ad valorem
property taxes thereon, if any, and the Buyer shall pay any sales
taxes on the parking space rentals� if anv.'
9. APPRAISALS , zn appraising the value of the garage for the
purpose of determinina the purchase price_, the value of the
"footprint" under the qarage sha11 be valued as improved and in use
as a parkinq ctaraq,e, incl.udinq the value of the improvernents,
reduced bv the proportion that the number of parkinQ spaces then
owned by Buyer �the spaces on the third and fourth floors and the
s�aces on th� ramp leadinQ from the second floor to the third
floor� bears to the total numb�r of parking spaces in the qaraQe,
countinq all lawful spaces for vehicles in existence on the date of
closing on the purchase of the Atrium Buildinc� �-°°� '°^� ^",, ,�^^+
�^�a�-3�e� 1--�e
-�� The value of the portion of the property east and south of the
garaQe, improved bv �-5- parking spaces *-^ *-'�^ ^� �-+ °�^�' ^^•��-'� ^����
��� and driveways or �ortions thereof, to the eastern and
southern boundaries of th� cLaraqe propertv shall be determined
-��-�-��� sepazately and included in the purchase price toQether with
the value of the qaraqe "footprint" and improvements thereon as
de s c ri b ed abovczT—��—�-�-�a-s-�—�i-� ^ �'� °'' ���e �e—�Y�e ��a��re—e�
�#�-��-� ���xe r-1-���--e�
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5The state sales tax on the lease or rental oi real propert�y
or on the lease or rental of �arkinct spaces in qaraqes may apply;
see Sections 212.03�6L or 212.031, F.S.
4
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' . DRAFT
;. .� 10-7-93
SALE-PURCHASE AGREEMENT
between ' , . ,=
� CITY OF CLEARWATER, FLORIDA (SELLER), ,
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and
� ° ATRIUM AT CLEARWATER, LTD.,
A FLORTDA LIMITED PARTNE�2SHIP (PURCHASER) -
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Dated as of , 1993 - ;
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TABLE OF CONTENTS
z5
PaQe
1. Sale of Premises 1
2. Purchase Price 2. �
3. Agportionments 2
4. Closing Date 5.
5. Permitted Encumbrances 5
6. Violations � 6
7. Representations and Warranties 6
8. Closing Expenses � g
. 9. Documents to be Delivered by Seller at Closing 8
10. Documents to be Delivered by Purchaser at Closing 10
' 11. Tax Proceedings �,1 .
12. As--Is 12 .
13. Broker 14 .
14. Access to Records �14
15. Notices 14
16. Miscellaneous � , 15
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EXHIBIT A -
EXHIBIT B -
EXHI�IT C -
EXHTBIT D -
EXHTBIT E -
EXHIBIT F -
EXHIBIT G -
EXHIBIT H -
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TABLE OF EXHIBITS AND SCHEDULES
Legal Description of the Land
Legal Description of the Air Space
Permitted Encumbrances
Rent Roll
Form of Assignment and Assurnption
of Leases and Security Deposits
Assignment and Assumption of Contracts
and Licenses
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Blanket Conveyance, Bill of Sale and Assignment
Form of Notice ta Tenants
EXHZBIT I_ Agreement for Access, Control, and Maintenance of
Parkinct Garaqe and Walkwav
SCHEDULE 1 - Contracts
SCHEDULE 2 -. Pending Actions
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TABLE OF DEFINED TERMS
!
The following capitalized terms are defined in the
respective sections of the agreement identified below:
"Actions" - as such term is defined in Section 7(a)(v) of
the Agreement.
"Additional Rents" - as such term is defined in Section 3(c)
of the Agreement.
"Agreement" - as such t�rm is defined at the outset of the
Agreement.
"Air Space" - as such term is defined in Section 1 of the
Agreement.
"Air Space Irnprovements" - as such term is def ined in
Section 1 of the Agreement.
"Bill of Sale" - as such term is defined in Section 9(f) of
the Agreement.
"Buildings" - as such term is defined in Section 1 of the
Agreement.
"Carterei" - as such term is defined in Section 12(a) of the
Agreement.
"Carteret Lease" - as such,term is defined in Section 12 of
the Agreement.
"Closing" - as such term is defined in Section 4 of the
Agreement.
"Closing Date" - as such term is defined in Section 4 of the
Agreement.
"Closing Statement" - as such term is defined in Section
9(n) of the Agreement.
"Contracts" - as such term is defiried in Section 9(c) of the
Agreement.
"Contract and License Agreement" - as such term�is defined
in Section 9(c) of the Agreement.
(iii)
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"Deed" - as sucri term is deiined in Section 9(a) of the
Agreement.
"Development Agreement" -- as such term is defined in Section
1 of the Agreement,
"FIRPTA Affidavit" - as such terrn is defined in Section 9(k)
of the Agreement.
"Governmental Authority" - as such term is defined in
Section 6 of the Agreement.
"Land" - as such term is detined in Section 1 of the
Agreement.
"Lease Assignment" - as such term is defined in Section 9(b)
of the Agreement. �
"Leases" - as such term is defined in Section 7(a)(iii) of
the Agreement.
"Licenses" - as such term is defined in Secti.on 9(c) of the
Agreement. �
"Permitted Encumbrances" -- as such term is defined in
Section 5(a) of the Agreement.
"Personal Property" - as such term is defined in Section 1
of the Agreement.
"Project Information" - as such term is defined in Section
12(a) of the �greement.
"Purchase Price" - as such term is defined in Section 2 of
the Agreement.
"Purchaser" - as such term is defined at the outset of the �
Agreement.
"Purchaser's Documents" - as such term is defined in Section �
7(b)(ii) of the Agreement.
"Real Property" - as such term is defined in Section l of �
the Agreement.
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"Realtor" - as such term is defined in Section 13 of this
Agreement.
"Rent Roll" - as such term is defined in Section 7(a)(iii)
of the Agreement. �
"Seller" - as such term is de�ined at the outset of the
Agreement.
"Seller's Documents" - as such term is detined in Section
7(a)(ii) of the Agreement.
"Title Commitment" - as such term is defined in Sec�ion
' S(b)(i) of the Agreement. �
"Title Company" - as such term is defined in Section 5(b)(i)
of the Agreement. .
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SALE-PURCHASE AGREEMENT
This SALE-PURCHASE AGREEMENT ("Agreement") is dated as of
the day of , 1993, between the
CITY OF CLEARWATER, FLORIDA (hereinafter the "Seller"), and
ATRIUM AT CLEARWATER, LTD., A FLORIDA LIMITED PARTNERSHIP
(hereinafter the "Purchaser").
W I T N E S S E T H:
WHEREAS, Seller is the c�wner of the Premises (as defined in
Section 1) located at 601 Cleveland Street, Clearwater, Florida,
and commonly known as the "Atrium at Clearwater Square" or as the
"Sun Bank BuildinQ;" and
WHEREAS, Seller and Purchaser desire to enter into an
agreement whereby, subject to the terrns and conditions contained
herein, Seller shall sell the Premises to Purchaser and Purchaser
shall purchase the Premises from Seller.
NOW, THEREFORE, in consideration of Ten Dollars ($10.00} and
the mutual covenants and agreements hereinafter set forth, and
intending to be legally bound hereby, it is hereby agreed as
' follows:
1. Sale of Premises.
Seller agrees to sell and convey to Purchaser, and Purchaser
agrees to purchase from Seller, at the price and upon �he terms
and conditions set forth in this Agreement, all those certain
plots, pieces and parcels of land located in the City of
Clearwater, County of Pinellas and State of Florida, as more
particularly described in Exhibit "A" annexed hereto and made a
part hereof (the "Land"), together with (i) all those volumes of
air space located in the City of Clearwater, County of Pinellas
and State of Florida, described on Exhibit "B" annexed hereto and
made a part hereof (collectively, the "Air Space"), (ii) all
buildings and other improvements situated on the Land �
(collectively, the "Buildings"), (iii) all right, title and
interest of Seller in and to all buildings and other improvements
situated in the Air Space (collectively, the "Air Space
Improvements"), (iv) all right, title and interest of Seller in
and to all easements, rights of way, reservations, privileges,
appur�enances, and other estates pertaining to the Land and the
Buildings including, without limitation, the right, title and
interest of Seller under the Development Agreement dated as of
July 14, 1983, and recorded in Official Records Book 5868, Page
1530, of the public records of Pinellas County, Florida (the
"Development Agreement"), (v) all right, title and interest of
_ Seller, if any, in and to the fixtures, machin�ry, equipment,
supplies and other articles of personal property attached or
appurtenant to the Land or the Buildings, or used in connection
i
the.rewith (collectively, the "Personal Property"), (vi) all oi1,
gas and mineral rights of Seller, if any, in and to the Land,
(vii) all right, title and interest of Seller, if any, in and to
the trade names of the Buildings, and (viii) all right, title and
interest of Seller, if any, in and to all strips and gores, all
alleys adjoining the Land, and the land lying in the bed of any
street, raad or avenue, opened or proposed, in front of or
adjoining the Land to the centerline thereof, and a�l right,
title and interest of Seller, if any, in and to any award made or
to be made in lieu thereof and in and to any unpaid award for any
taking by condemnation or any damages to the Land or the
Buildings by reason of a change of grade of any street, road or
avenue (the Land, together with all of the foregoing items listed
in clauses (i) throuqh —(viii) above being hereinafter sometimes
collectively referred to as the "Premises;" the Land and Air
Space are sometimes collectively referred to herein as the "Real
Property").
2. Purchase Price.
The purchase price to be paid by Purchaser to Seller for the
Premises (the "Purchase Price") is 56,900,000.00 (Six Million
Nine Hundred Thousand Dollars 1�4��8-r8-8��, payable in United
States Dollars at the Closing (plus or minus the prorations and
adjustments specifically provided herein) by wire transfer of
immediately available funds to such bank account in the United
States as Seller shall designate.
3. Apportionments.
(a) The following shall be apportioned between Seller
and Purchaser at the Closing as of midnight of the day preceding
the Closing Date:
(i) prepaid rents and Additional Rents and other
amounts payable by tenants, if, as and when received;
(ii) real estate taxes and wa�ter and sewer charges
(unless metered), if any, on the basis of the fiscal years,
respectively, for which same have been assessed, at the greatest
discount for earlv pavment available, except if the Closing shall
occur before the rate is fixed for the then current fiscal year,
the apportionment shall be based upon the tax rate for the next
preceding fiscal year, the apportionment shall be based upon the
tax rate for the next prec�ding fiscal year, at i:he greatest
discount for early pavment available; .
(iii) charges and payments under the Contracts;
(iv) any prepaid items, including, without
limitation, fees for licenses which are transferred to Purchaser �
at the Closing; � �
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(v) utilities, including, without limitation,
water and sewer (if inetered), telephone, electricity.and gas (if
applicable), on the basis of the most recently issued bills
therefor, subject to adjustment after the Closing when the next
bills are available, or if current meter readings are available,
on the basis of such readings;
(vi) personal property taxes, if any, on the basis
of the fiscal year for which assessed;
. (vii) Seller's share, if any, of all revenues from
the operation of the Premises other than rents and Additional
Rents (including, without limitation, parking charges, and
telephone booth and vending machine revenues), if, as and when
received;
(viii) permitted administrative charges, if any, on
tenants' security deposits;
(ix) sales taxes on rents and other charges
payable by tenants, if, as and when received; and
(x) such other items as are customarily
apportioned between sellers and purchasers of office.buildings
located in the City of Clearwater, Florida.
(b) Any rents received by Purch�ser or Seller from
tenants after the Closing shall be applied to amounts payable by
tenants tor the following periods in the following order of
priority: 1i) rents which were due and_pavable 30 davs or less
than 30 daYS before the ClosinQ occurred shall be prorated
between Seller and Purchaser; and Lii� rents which were due and
pavable more than 30 davs before the ClosinQ occurred shall be
�aid to the Purchaser; provided, however, that if rents are owed
to Seller's predecessor in title bv reason of the covenants and
conditions of the Sale-Purch�se AQreement between Seller and
Seller's predecessor in title, the appropriate surn� less a
proportionate share of anv reasonable attorneys' fees and costs
and expenses of collection thereof, shall be.promptiv paid to the
Se11er's predecessor in title, which obliQation shall survive the
C 1 o s inQ . f���-��o�t��-�-^t��i-� +. �, „ ,,,,,., ,�, ; ,.�,
+�i�i �i--:R-r.z-�sr
�r@–�-�-9�6�: i�--�9�e t� �� r r�� l� a_' =. � 6�228F��---�i���r�—�r` '-' =6� iir�
s.,� t-��e--��e�s�-e��-e�--a-� � r ; �,�
^^^�•~�~�^�' If rents or any portion thereof, received by Seller or
Purchaser after the Closing are payable to the other�part.y by
reason ot this allocation, the appropriate sum, less a
proportionate share of any reasonable attorneys' fees and costs
and expenses of collection thereof, shall be promptly paid to the
other party, which obligation shall survive the Closing.
Delivery oi the Lease Assignment (as def ined in Section 9(b))
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shall. not constitute a waiver by Seller of the right to seek a
personal judqment against an�r tenant for arrearages. Purchaser
agrees to use all reasonable efforts in collecting such past due
amounts after the Closing, provided however, Purchaser shall not
be required to commence any legal action.
(c) If any tenants are required to pay percentage
rent, escalation charges for real estate taxes, parking charges,
operating expenses and maintenance escalation rents or charges,
cost-o£-living increases or other charges of a similar nature
("Additional Rents") and any Additional Rents are collected by
Purchaser after the Closing Date, then Purchaser shall promptly
pay to Se11er out o� the first such sums received the amount of
all Additional Rents which are due and payable by tenants with
respect to any period prior to the Closing Date, less a
proportionate share of any reasonable attorneys' fees and costs
and expenses of collection thereof, which obligation shall
survive the Closing. Delivery of the Lease Assignment shall not
constitute a waiver by Sel.ler of the right to seek a personal
judgment against any tenant for arrearages. Purchaser agrees to
use all reasonable efforts in collecting such past due amounts
after the Closing, provided however, Purchaser shall not be
required to commence any 'legal action.
(d) On the Closing Date, Purchaser shall reimburse
Seller for Seller's cost, incluciing the cost of any taxes, of
inventory of useable supplies currently used in the operation of
the Premises and located at the Premises.
(e) If there is a water meter on the Premises, Seller
shall iurnish a reading to a date not more than two days prior to
the Closing Date, and the unfixed water charges and sewer rent,.
� if any, based thereon for the intervening time shall be
; apportioned on the basis of such last reading.
(f) If any of the items subject to apportionment under
the �oregoing provisions of this Section 3 cannot be apportioned
at the Closing because of the unavailability of the information
necessary to compute such apportionment, or if any errors or
omissions in computing apportionments at the Closing axe
discovered subsequent thereto, then such items shall be
reapportioned and such errors and omissions corrected as soon as�
practicable after the Closing Date and the proper party
reimbursed, which obligation shall survive the Closing. The
foregoing notwithstanding, there shall be no readjustment for
real or personal property taxes following the Closing.
(g) If, on.the date of this Agreement, the Premises or
any part thereof shall be affected by any assessment or
assessments which are or may become payable in installments, of
which the first installment is now a charge or lien, or has been
paid, then (i) Seller shall be obligated to pay all installmen�ts.
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of any such assessment which are due and payable prior to the
Closing Date, and (ii) for the purposes of this Agreement, all
the unpaid instal.lments of any such assessment �vhich �are to
become due and payable on or after the Closing Date shall not be
deemed to be liens upon the Premises and the payment thereof
shall be assumed by Purchaser without abatement of the Purchase
Price.
4. Closing Date.
The delivery of the Deed (as defined in Section 9(a)) and
the consummation of the transactions contemplated by this
Agreement (the "Closing") shall take place at
on the date hereof (the
"Closing Date") simul.taneously with the execution hereof.
5. Permitted Encumbrances.
(a) Seller shall convey and Purchaser shall accept
title to the Premises subject only to those matters set forth on
Exhibit "C" annexed hereto and rr�ade a part hereof (collectively,
the "Permitted Encumbrances").
(b) If on the Closing Date there exist any liens or
encumbrances which Seller must pay or discharge in order to
convey to Purchaser such title as is herein provided to be
conveyed, Selle.r may use any portion of the Purchase Price to
sati�sfy the same, provided:
(i) Sell�r shall deliver to Purchaser or the
Title Company, at the Closing, instruments in recordable form and
sufficient to satisfy or release such liens and encumbrances of
record together with the cost of recording or filing said
instruments; or (ii) The Title Company shall agree to
unconditionally delete any such liens or encumbrances from the
commitment for an owner's fee title insurance policy in the
amount of the Purchase Price with respect to the Real Property
(the "Title Commitment") issued by
(the "Title Company"). The
existence of any such liens or encumbrances shall not be deemed
objections to title if Seller shall comply with the foregoing
requirements. Similarly, at Seller's election, unpaid liens for
taxes, water and sewer charges and assessments, which are the
obligation of Seller to satisfy and discharge shall not be
objections to title, but the amount thereof, plus interest and
penalties thereon, if any, computed to the third (3d) business
day after the Closing Date, shall be deducted from the Purchase
Price payable pursuant to Section 2, subject to the provisions
for apportionment of taxes, water and sewer charges and
assessments contained herein.
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(c) Any franchise or corporate tax open, levied or
i.mposed against Seller or other owners in the �ha.in oi title that
may be a lien against the Real Property on the Closing Date,
shall not be an objection to title if the Title Company d�letes
eame from the title policy� issued pursuant to the Tit1e
Commitment.
6. Vialations.
Seller shall have no obligation to comply with, discharge or
remove (a) any conditions constituting violations of laws,
ordinances, orders or requirEments issued by any governmental
authority ("Governmental Authority") having jurisdiction over the
Real Property (or, wha.ch with the passage of time or the giving
of natice or both, would constitute such a violation)
("V3.alations") or (b) any notes or notices of Violations noted vr
issued by any Governmental Authority whether or not such
condition, note or notice arose prior to or subsequent to the
date af this AgreEment.
7. Representations and Warranties.
(a) Seller represents and warrants to Purchaser as
£ollows:
(i) Seller is a
municiAal corporation organized
Florida, and has full power and
to conduct its business thereon,
qualified under the laws ot the
business therein;
duly formed and validly existing
under the laws of the State of
authority to own the Premises and
as it is being conducted, and is
State of Florida to conduct
(ii) Seller has the full legal right, power and
authority to execute and deliver this Agreement and all documents
now or hereafter to be executed by Seller pursuant to this
Agreement (collectively, "Seller's Documents"), to consurnmate the
transaction contemplated hereby, and to perform its obligations
under the Seller's Documents;
(iii) to Seller's knowledge, there are no leases,
licenses or other occupancy agreements affecting any portion ot
the Premises (collectively, �che "Leases"), except for the Leases
described on the rent roll attached hereto as Exhibit "D" hereof
(the "Rent Roll"). Seller represents to Purchaser that Seller
has aqreed to no material chanctes to the Leases except as mav be
described in Exhibit "D" hereof. Purchaser acknowledges that
Seller has limi�ed knowledge of the status of the tenanci.es
affecting the Premises and of the operations of the Premises, and
that except for the limited representations contained in this
Section '7(a)(iii), Purchaser is relying solsly upon its own
inquiries, as heretofore and hereafter conducted by Purchaser, to
determine �he �orms, conditions and status of all tenancies
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affecting the Premises and of the operations of the Premises
generally;
(iv) to Seller's knowledge, there are no Contracts
affecting thP premises except as set forth on Schedule 1 annexed.
hereto and made a part hereof;
(v) to Seller's knowledge, there axe no pending
actions, suits, proceedings or investigations to which Seller is
a party or otherwise affecting the Premises before any court,
Governmental Authority or otherwise with respect to the Premises,
and to Seller's knowledge, Seller has received no written notice
from any Governmental Authority of any pending or threatened
condemnation of the Premises or zoning, building, fire or health
code violations or violations of other governmental requirements
or regulations with respect to the Premises, nor to Seller's
knowledge has Seller received any written notices from insurers
of defects in the Premises which have not been corrected
(collectively, "Actions") except as set forth on Schedule 2
annexed hereto and made a part hereof;
(vi)
leases or other
of the Premises;
to Seller's knowledge, there are no oral
oral occupancy arrangements affecting any portion
and
(vii) this�Agreement does not contravene any
provision of the city charter or ordinances ��.i-�� ^s�-�
of Seller, any judgment, order, decree,
writ or injunction issued against Seller, or any provision of any
existing law or regulation. The consummation of the transactions
contemplated hereby will not result in a breach or constitute a
d�fault or event of default by Seller under any agreement to
which Seller or any of its assets are subject or bound and wi11
not result in a violation of any applicable law, order, rule or
regulation of any Governmental Authority.
Any references to "Seller's knowledge" or words of sirnilar
import shall be 1.imited to the actual (as distinguished from
implied, imputed or constructive) knowledge of Michael tn7ric�ht,
the actual off icer
of Seller charged with the management
responsibility for the Premises, without inquiry or
investigation.
(b) Purchaser represents and warrants �o Seller as
follows:
(i) Purchaser is a duly formed and validly
existing limited partnership organized under the laws of the
State of Florida and has full power and authority to own its
property and assets and to conduct its business, as it is being
conducted, and is qualified under the laws of the State of
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Florida to conduct business therein on t�ie date of this
Agreement;
(ii) Purchaser has the full legal right, power, .
authority and financial ability to execute and deliver this
Agreement and all documents now or hereafter to be executed by it
pursuant to this Agreement (collectively, the "Purchaser's
Documents"), to consummate the transactions contemplated hereby,
and to perform its obligations under the Purchaser's Documents.
This Agreement constitutes, and upon their execution�and
delivery, the other Purchaser's Documents will constitute, the
legal, valid and binding obligations of Purchaser and, subject to
bankruptcy, insolvency, reorganization, moratorium and other
similar laws now or hereafter in effect relating to creditors'
rights generally, this Agreement is, and the other Purchaser's
Documents will be, enforceable against Purchaser in accordance
with their respective terms; and
(iii) on the date hereof, there are no pending
actions, suits, proceedings or investigations to which Purchaser
is a part�r before any court, Governmental Authority or otherwise
which may have an adverse impact on the transactions contemplated
hereby.
(c) The representations and warranties �et forth in or
made pursuant to this Agreement shall remain operative and shall
survive the Closing and the execution and delivery of the Deed
for a period of six months following the Closing Date, and no
action based thereon shall be commenced after such period.
(d) Notwithstanding anything contained herein to the
contrary, the aggrega�te liability of Seller arising pursuant to �
or in connection with the representations and warranties of
Seller and/or the agreements or certificates or affidavits of
Seller set forth in or delivered pursuant to this Agreement
and/or Seller's Documents, shall not exceed $350,000.
8 . Clc�sinct Expenses . �
(a) The following costs and expenses shall be borne
and paid by Purchaser: (i) the state documentary stamps required
to be affixed to the Deed; (ii) the owner's title insurance �,
policy issued pursuant to the Title Commitment; ,(iii) all
recordinQ costs for the Deed and Lease Assictnment; and (iv) all
costs of inspections of the Premises, new or updated survevs of
the Premises, environmental audits and other reports ordered bv
or on behalf of Purchaser relatinQ to the Premises_. •
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(b) Purchaser and Se11er shall be responsible for
their own attorneys' fees and other closing costs which are not
expressly enumerated herein.
9. Documents to be Delivered Bv Seller at Closinqr. At the
Closing, Seller shall execute, acknowledge and/or deliver, as
applicable, the following to Purchaser or the Title Company:
(a) A Special Warranty Deed (the "Deed") conveying
title to the Premises.
(b) The Assignment and Assumption oi Leases and
Security Deposits in the form of Exhibit "E" annexed hereto and
made a part hereof, assigning without warranty or representation,
except as expressly set forth therein, all of Seller's right,
title and interest, if any, in and to the Leases, all guarantees
thereof and the security deposits thereunder, if any (the "Lease
Assignment"}.
(c) The Assignment and Assumption of Contracts and
Licenses in the form of Exhibit "F" annexed hereto and made a
part hereof (the "Contract and License Assignment"), assigning,
to the extent same are assignable, without warranty or
representation, except as expressly set forth therein, all of
Seller's right, title and interest, if any, in and to (i) all of
the licenses, permits, certificates, approvals, authorizations
and variances issued for or with respect to the Premises by any
Governmental Authority (collectively, the "Licenses"); and (ii)
all purchase orders, equipment leases, advertising agreements,
franchise agreements, license agreements, management agreements
and service contracts relating to the operation of the Premises
(collectively, the "Contracts"). Notwithstanding the foregoinQ,
Purchaser assumes no actreements and no rights or obliQations
under anv aQreement between Seller and Faison Associates.
{d) To the extent in Seller's possession, executed
�counterparts of all Leases and any amendments, guarantees and
oth�r do�uments relating thereto, together with a schedule of all
security deposits paid by the tenants thereunder and the accrued
interest on each of such security deposits, if any, and a
separate official bank check payable to the order of the
Purchaser, or a credit to the Purchaser against the Purchase
"r Price, in the aggregate amount of the security deposits under the
Leases and the interest thereon, if any. In the event any cash
security deposits and the interest thereon are held by a bank,
savings bank, trust company or savings and loan association, at
_ Seller's option, Seller shall deliver to Purchaser, in lieu of
such checks or credit, an assignment to Purchaser of such
' deposits and interest and written instructions to the holder
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thereof to transfer such deposits and interest to Purchaser.
With respect to any lease securities which are other than cash,
Seller shall execute and deliver to Purchaser at the Closing any
appropriate instruments of assignment or transfer.
(e) A bill of sale in the form of Exhibit "G" annexed
hereto and made a part hereof (the "Bill of Sale") conveying,
transferring and selling to Purchaser without warranty or
representation, except as expressly set forth herein, to the
extent assignable, all right, title and interest of Seller in and
to all Personal Property.
( f) Notices to the tenants of the Premises in the form
of Exhibit "H" annexed hereto and made a part hereof advising the
tenants of the sale of the Premises to Purchaser and directing
that rents and other payments thereafter be sent to Purchaser or
as Purchaser may direct.
(g) (i} Copies of resolution of the citv commission
�es ' ���-i^��-���e-�^o��-�--��-�r-s� of Seller authorizing the
execution, delivery and performance of this Agreement and the
consummation o£ the �ransactions contemplated hereby, �ertified
as true and correct by the City Clerk or the Assistant City Clerk
of the Seller; and (ii) an incumbency certificate executed by the
Citv Clerk or the Assistant Citv Clerk
���=�*-��i� with respect to those officers of Seller executing this
Agreement and any documents or instruments executed in connection
with the transactions contemplated herein.
(h) To the extent in Seller's possession and not
already locaied at the Premises, keys to all entrance doors to,
and equipment and utility rooms located in, the Premises.
(i) To the extent in Seller's possession and not
already located at the Premises, all Licenses.
(j) To the extent in Seller's.possession, executed
counterparts of all Contracts and all warranties in connection
therewith which are in effect on the Closing Date and which are
being assigned by Seller.
(k) A"FIRPTA" affidavit s�vorn to by Seller, in
custamary form. Purchaser acknowledges and agrees that upon �
Seller's delivery of such affidavit, Purchaser sha11 not withhold
any portion of the Purchase Price pursuant to Section 1445 of the
Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder. •
folcm.
(1) A"GAP" and "N10-Lien" affidavit, in customary
(m) A closing statement (the "Closing Statement"), in
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customary form, providing for the prorations and adjustments set
forth herein and the other monetary obligations stated herein to
be an obligation of either of the parties hereto.
(n) All other documents Seller is required to deliver
pursuant to the provisions of this Agreement.
10. Documents to Be Delivered by Purchaser at ClosinQ. At
the Closing, Purchaser shall execute, acknowledge and/or deliver,
as applicable, the following to Seller:
(a) The Purchase Price payable at Closing pursuant to
Section 2 hereof, subject to apportionments, credits and .
adjustments as expressly provided in this Agreerr�ent.
(b) (i) Copies of all consents and authorizations of.
Purchaser authorizing all the transactions contemplated by this
Agreement, all certified as true and correct by a duly appointed
representative of Purchaser; and (ii) an incumbency certificate
executed by an appropriate party with respect to the person
executing this Agreement on the part of the Purchaser.
(c) The Lease Assignment.
(d) The Contract and License Assignment.
(e) The Closing Statement.
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(f) An opinion of the attorney for Purchaser to the
effect that (i) a11. necessary consents and authorizations of
Purchaser with respect to the transactions contemplated herein
have been obtained, (ii) this Agreement and the other documents
executed and delivered by Purchaser in connection herewith
constitute the legal, valid and binding obligations of Purchaser
in accordance with their respective terms, and (iii) the person
executing this Agreement and any other documents executed and
delivered in connection herewith is duly authorized to do so. �:
(g) All other documents Purchaser is required to
deliver pursuant to the provisions of this Agreement.
11. Tax Proceedinqs.
With respect to all tax years prior to the Closing,
Seller is hereby authorized to commence, continue and control the
progress of, and to make all decisions with respect thereto, any
proceeding or proceedings, whether or not now pending, fo•r the
r.eduction of the assessed valuation of the Premises, and, in its
sole discretion, to try or settle the same. All net tax refunds
and credits attributable to any tax year prior to the tax year in
which the Closing occurs shall belong to 3nd be the property of
5eller. Purchaser agr�ees to cooperate with Seller, at Seller's
11
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cost and expense, in connection with the prosecution of any such
proceedings and to take all steps, whether before or after the
Closing Date, as may be necessary to carry out the intention of
the foregoing, including, without limitation, the delivery to
Seller, upon demand, of any books and records, including
receipted tax bills and canceled checks used in payment of such
taxes, the execution of any and all consents or other documents,
and the undertaking of any act necessary for the collection of
such refund by Seller. The provisions of this Section 11 shall
survive the Closing.
l2. As-Is.
(a) Purchaser acknowledges and agrees that, as noted.
in Section 7 hereof, Seller has limited knowledge as to the
status of the Leases, Contracts and the general operations at and
physical condition of the Premises, and that Seller has limited
knowledge as to the adequacy, accuracy and completeness of any
materials supplied by Seller to Purchaser with respect to the
Premises (collectively, the "Project Information"). Al1 data,
reports and other information contained in the Project
Information are expressly subject to change, errors and
omissions. While Seller has no actual knowledge of any error or
inaccuracy in any of the Project Information, Seller expressly
disclaims any warranty or representation, express or implied, as
to the accuracy or completeness of the Project Information.
Without limiting any of the other terms, provisions or conditions
of this Agreement, Seller and Purchaser acknowledge that Carteret
Savings Bank, F.A. ("Carteret") has been taken over by the
Resolution Trust Corporation and the Resolution Trust Corporation
may repudiate Seller's lease with Carteret (the "Carteret Lease").
at any time. The repudiation or failure to repudiate the
Carteret Lease shall have no impact or effect upon any of the
terms, provisions or conditions of this Agreement nor shall the
repudiation or failure to repudiate the Carteret Lease change or
affect the Purchase Price. Further, Seller does hereby expressly
disclaim any and all warranties of inerchantability and fitness
with respect to the Fremises or any portion thereof. Purchaser
shall rely solely upon its own investigations, inquiries and due
diligence prior to the Closing in order to determine the status
of the Premises and its suitability for Purchaser's intended
uses.
(b) Purchaser acknowledges that Purchaser will have
the opportunity prior to Closing to inspec�t the Premises and
become ful'ly familiar with the physical condition and state of
repair of the Premises. Purchaser acknowledges and agrees that
at Closing it will be accepting titl� to the Premises on an "as-
is" basis. Purchaser agrees to rely wholly on its own inquiry
and investigation to determine the merits, usefulness and
suitability of the Premises, the financial condition of the
Premises and the quality and extent of construction of the
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Improvements. Unless expressly provided otherwise herein, in no
event sha1.1 Seller have any obligation to make or effect any
repairs or improvements to the Premises or to obtain any zoning
variances, platting, or other governmental approvals relating to
the Premises. This Agreement, as written, contains all the terms
of the agreement entered into between the parties as of the date
hereof, and Purchaser acknowledges that neither Seller nor any of
its agents, employees or representatives, has made any represen-
tations, or held out any inducements to Purchaser, other than
those, if any, herein expressed. Without limiting the generality
of the foregoing, Purchaser has not relied on any representations
or warranties, and Seller and its respective agents,'officers,
emplo�ees or r�epresentatives have not and are not willing to make
any representations or warranties, express or implied, other than
as may be expressly set forth herein, as to any matter,
including, without limitation, (a) the current or future real
estate tax liability, assessment or valuation of the Prernises;
(b) the potential qualification of the Premises �or any and all
benefits conferred by any laws whether for subsidies, special
real estate tax treatment, insurance, mortgages, or any other
benefits, whether similar or dissimilar to those enumerated; (c)
the cornpliance of the Premises in its current or any future
state, with applicable environmen-�al laws and regulations or
zoning ordinances and the ability to obtain a change in the
zoning or a variance in respect to the Premises' non-compliance,
if any, with said zoning ordinances; (d) the availability of any
financing for the purchase, alteration, rehabilitation or
operatioiz of the Premises from any source, any Governmental
Authority or any lender; (c) the current or future use of the
Premises, including, but not limited to, the Premises' use for
commercial, manufacturing or general office purposes; (f) the
present and future condition and vperating state of any Personal
Property and the present or future structural and physical
condition of the Buildings or their suitability for �
rehabilitation or renovation; and (g} Seller's compliance with
any laws issued or promulgated by any Governmental Authority and .
any Violations thereof. Purchaser acknowledges that Seller has
afforded Purchaser the opportunity for full and complete
investigations, examinations and inspections of the Premises.
Seller shall not be liable or bound in any manner by any verbal
or written "setups" or information pertaining to the Premises or
the rents furnished by Seller or Seller's agents, employees,
representatives, any rea]. estate�broker or other person. „
Purchaser's acceptance of the Deed shall be a discharge of all of i
the obligations of the Seller hereunder except such as may be �
expressly required to survive the delivery of the Deed under this ;
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Agreement or which by their terms as described in this Ag�reement �
are to be periormed after the Closing. This Section 12 shall �
survive the Closing. ;
(c) The parties acknowledge that the walkway canopy
between the building and the parking garage has sufiered damage.
13
Seller agrees ,--a-�--��' r^' ^^� �^� , to assiqn to Purchaser all of
the Seller's riqhts to the sum of $50,000 which has been
deposited in escrow with the Miami law firm of Weil, Gotshal &
Manctes for the purpose of tundinq the repair of said damacte to
pre-storm condition, pursuant to and sub-iect to the terms of an
escrow agreement dated March 29, 1.993, bv and between Maria Real
Estate, Inc., and the Citv of Clearwater, Florida. Anv
disbur5em�nts from the escrow will be on terms and conditions set
forth in said Escrow Aqreement, includinct without limitation the
submission bv Purchaser of�estimates and invoices for the repair,
which estimates and invoices shall be subiect to the prior
approval of Maria Real Estate , Tnc . i^�'�-� ���-�� F��� -D�'i �°—''V�
o � n n n n ., t ; +- � ,� � ,,.+- t i +- r, -o, , ,.-., ti, � �- r, -,.. .. ,., ra e „ i i ., �.
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(d� The parties shall enter into a sex�arate aqreement
providinq that Purchaser shall have the riqht of access to and
maintenance of the walkway between the buildina and the parkinct
qaraQe, the riqht to control access to the walkwav, and an
easement to maintain the walkwav over the public street
separatinQ the building and the parkina qarage. The form of such
aQreement is attached hereto as Exhibit �'I,"
13. Broker.
Purchaser shall pav a11 brokeracte commission due and paSrabl_e_
to the Justice Corporation pursuant to a separate actreement
between Purchaser and Justice Corporation, to be paid outside of
closinQ. ^
��herwise, each party represents to the other that it has
dealt with no real estate broker, sales persons or finder in
connection with the transactions described herein, except as
aforesaid. Each party hereto agrees to indemnify, defend and
hold the other harmless from and aqainst anv and all claims,
�causes of action, losses, costs, ex�enses, damaQes or
liabilities, includinq reasonable attornevs' tees and '
disbursements, which the other mav sustain, incur or be �xposed
to, by reason of any claim or claims bv anv brolcer, sales person,
finder or oth�r person, for fees, commissions or other
compensation arisinq out of the transactions contemAlated in this
AcLreement if such claim or claims are based in whole or in part
14
on dealinqs or aQreements with the indemnifyinQ partv.
The obligations and representations contained in this
Par_a_qraph 13 shall survive the termination of this Agreement and
the ClosinQ.
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L lrl!TT��L�T�L7'� Sl�s•t ��f�}���r1���f�'w�1�I�s�l����T7�!l1���� �f�1\ }7a���T����s�sf���� �� 1�l��i�
14. Access to Records.
Fox a period of five (5) years subsequent to the Closing
Date, Seller's employees, agents or representatives shall be
entitled to access during business hours to all documents, books
and records given to Purchaser by Seller at the Closing for tax
and audi.t purposes, regulatory compliance, and cooperation with
governmental investigations upon reasonable prior notice to
Purchaser, and shall have the right, at Seller's cost and
expense, to make copies of such documents, books and records. As
used in this ParaQraph 14 only, "Seller" includes the City of
Clearwater and Maria Real Estate, Inc., predecessor in title to
the Citv of Clearwater. The riqhts of Maria Real Estate, Inc.,
and its emplovees, acrents or representatives under this paragraph
shall terminate on March 29, 1998, the fifth anniversarv of the
closinQ date between the Citv of Clearwater and Maria Real
Estate, Inc.
15. Notices.
All notices, elections, consents, approvals, demands,
objections, requests or other communications which Seller or
Purchaser may be required or desire to give pursuant to, under or
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by virtue of this Agreement must be in writing and sent by (a)
first class U. S. certified or registered mail, return receipt
requested, with postage prepaid, (b) telecopier (with receipt
confirmed), (c) reputable express mail or courier (next day
delivery) or (d) personal delivery (receipt acknowledged in
writing), addressed as follows:
If to Seller: Michael Wright, City Manager
City of Clearwater
P. 0. Box 4748
Clearwater, Florida 34618
with copy to: M.A. Galbraith, Jr., City Attorney
City of Clearwater
P. O. Box 4748
, .��
Clearwater, Florida 34618 •
AND -
If to Purchaser:
[old notice address for Maria Real Estate as seller and City as
buyer have been deleted]
Seller or Purchasex may designate another addressee or
change its address for notices and other communications hereunder
by a notice given to the other in the manner provided in this
Section. A notice or other communication sent in compliance with
the provisions of this Section sl�all be deemed given and received
on (i) the second business day following the date it is deposited
in the U. S. mail, or (ii) the date .it is received by the other
party if sent by express mail, telecopier, courier, or personal
delivery. �
16. Miscellaneous. � �
(a) This Agreement sha11 not be altered, amended,
changed, waived, terminated or otherwise rnodified in any respect
or particular unless the same shall be in writing and signed by
or on behalf of the party to be charged.
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(b) This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and to their
respective heirs, executors, administrators, successors and
assigns.
(c) All prior statements, understandings,
representations and agreements between the parties, oral or
written, are superseded by and merged in this Agreement, which
alone fully and completely expr.esses the agreement between them
in connection with this transaction and which is entered into
aiter full investigation, neither party relying upon any
statement, understanding, representation or agreement made by the
other not embodied in this Agreement. This Agreement shall be
given a fair and reasonable construction in accordance with the
intentions of the parties hereto, and without regard to or aid of
canons requiring construction against Seller or the garty
drafting thi.s Agreement.
(d) Except as otherwise expressly provided herein, a11
of Seller's representations, warranties, covenants and agreements
hexein shall merge in the documents and agreements executed at
the Closing and shall not survive the Closing.
(e) Purchaser agrees that it does not have and will
not have any claims or causes of action against any disclosed or
undisclosed officer or em�loyee of Seller �'��= ^TM�^' ^��^^
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r�-�i ee-��-�t-��--�i-�-�--�-��o� _ . ��-L-�-I-�-c�-r-ei
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out of or in connection with this Agreement or the transactions
contemplated hereby. Purchaser agrees to look solely to Seller
and its assets for the satisfaction of any liability or
obligation arising under this Agreement or the transactions
contempl�ted hereby, or for the performance of any of the
covenants, warranties or other agreements contained herein, and
further agrees not to sue or otherwise seek to enforce any
personal obligation against any officer or emplovee of the Se11er
�� c^, ,^�• ^"��; ' i-a-�s- with respect to any matters arising out of.
or in connection with this Agreement or the transactions
contemplated hereby. Without limiting the �enerality of the
foregoing provisions of this Sec�ion 16, Purchaser hereby
unconditionally and irrevocably waives any and all claims and
causes of action of any nature whatsoever it may now or hereafter
have against Seller' s off icers and emplovees °,�-�e�'-s "-�=r��-,
and hereby unconditionally and irrevocably releases and
discharges Seller's officers and emt�loyees s��=s "-_ ��z�*--�
from any and all liability whatsoever which may now or hereafter
accrue in favor of Purchaser against Seller's officers and
employees ���=r ��. -����„��.� in conn.ection with or arising out
of this Agreernent or the transactions contemplated hereby.
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(f) No failure or delay of either party in the
exercise of any right given to such party hereunder or the waiver
by any party of any condition hereunder for its benefit (unless
the time specified herein for exercise of such right has expired)
shall constitute a waiver of any other or further right nor shall
any single or partial exercise of any right preclude other or
further exercise thereof or any other right. No waiver by either
party of any breach hereunder or failure or refusal by the other
party to comply with its obligations shall be deemed a waiver of
any other or subsequent breach, failure or refusal to sa comply.
{g) This Agreement may be executed in one or more
counterparts, each of which so executed and delivered shall be
deemed an original, but all of which taken together shall
constitute but one and the same instrument.
(h) The caption headings in this Agreement are for
convenience only and are not intended to be a part of this
Agreement and shall not be construed to modify, explain or alter
any of the terms, covenants or conditions herein contained.
(i) This Agreement, having been drawn and negotiated
in the State of Florida, shall be interpreted and enforced in
accordance with the laws of the State of Florida, and Seller and
Purchaser hereby agree to submit to personal jurisdiction in the
State of Florida in any action or proceeding arising out of this
Agreement. Seller and Purchaser agree that any such action or
proceeding shall be brought in any federal, state or local court,
as the case may be, located in the County of Pinellas and State
of Florida.
(j) In the event of any litigation arising out of or
connected in any manner with this Agreement, the non-prevailing
party shall pay the costs of the prevailing party, including its
reasonable counsel and paralegal fees incurred in connection
therewitY� through and including�all other legal expenses and the
costs af any appeals and appellate costs relating thereto.
Wherever in this Agreement it is stated that one party shall be
responsible for the attorneys' or counsel fees and expenses of
another party, the same shall automatically be deemed to include
the fees and expenses in connection with all appeals and
appellate proceedings relating or incidental thereto. This
section shall survive the Closing or the termination of this
Agreement.
(k) The use of any gender shall include all other
genders. The singular shall include th� plural and vice versa.
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(1) All of the Exhibits and Schedules annexed hereto �
are incorporated herein by reference and form part of this , �
Agreement. ;
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(m) Use of the words "herein," "hereot," "hereunder"
and any other words of similar import refer to this Agreement as
a whole and not to any particular article, section or other
paragraph of this Agreement unless specifically noted otherwise
in this Agreement.
(n) This Agreement shall not be deemed to confer in
favor of any third parties any rights whatsoever as third-party
beneiiciaries, the parties hereto intending by the provisions
hereof to confer no such benefits or status.
(o) Whenever this Agreement calls for or contemplates
a period of time for the performance of any term, provision or
condition of this Agreement, a11 of the days in such period of
time shall be calculated consecutively without regard to whether
any of the days falling in such period of time shall be a
Saturday, Sunday or other non-business day; provided� however, if
the last day of any such time period shall happen to fall on a
Saturday, Sunday or other non-business day, the last day shall be
extended to the next succeeding business day immediately
thereafter occurring.
(p) From and after the Closing Date, each party, upon
demand and at the party's own cost, will execute and deliver any
written further assurances that are necessary, convenient or ,
desirable to evidence, cantemplate, perfect or in combination
thereof, the transactions contemplated by this Agreement so long
as no further assurance operates to impose any new or additional
liability upon any party. The parties shall perform all other
acts that are necessary, convenient or desirable to any such
purpose, so long as no new or additional liabilities are
incurred. This Section shall survive the Closing.
(q) THE PARTIES HERETO DO HEFLEBY KNOWINGLY,
VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVE ANY RIGHT ANY
PARTY MAY HAVE TO A JURY TRIAL IN EVERY JURISDICTION IN ANY
ACTTON, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE
PARTIES HERETO AGAINST THE OTHER OR THEIR RESPECTIVE SUCCESSORS
OR ASSIGNS IN RESPECT OF ANY MATTER .ARISING OUT OF 0� IN
CONNECTION WITH THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED AND
DELIVERED BY EITHER PARTY IN CONNECTION THEREWITH (INCLUDING,
WITHOUT LIM:ITATION, ANY ACTION TO�RESCIND OR CANCEL THIS
AGREEMENT, AND ANY CLAIMS OR DEFENSES ASSERTING THA.T THIS
AGREEMENT WAS FRAUDULENTLY INDUCED OR OTHERWISE VOID OR
VOIDABLE). THIS WAIVER IS A MATERIAL� INDUCEMENT FOR EACH PARTY
TO ENTER INTO THIS AGREEMENT.
(r) If any provision of this Agreement shall be .
unenforceable or invalid, the same shall not aifect the remaining
provisions of this Agreement and to this end the provisions of
this Agreement are intended to be and shall be severable.
19
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(s) Typewritten or handwritten provisions inserted in
this Agreement or in the Exhibits annexed hereto (and initialled
by the parties) shall control all printed provisions in conflict
therewith.
(t) Each party hereta acknowledges that all parties
hereto have participated equally in the drafting of �his
Agreement and that accordingly no court construing this Agreement
shall construe it more stringently against one party than the
other.
IN WITNESS WHEREOF, this Agreement has been duly executed by
the parties hereto as of the day and year first above written.
SELLER:
Countersigned: CITY OF CLEARWATER, FLORIDA
Rita Garvey
Mayor-Commissioner
Approved as to form
and correctness:
By•
.
Michael J. Wright
City Manager
Attest:
M. A. Galbraith, Jr. Cynthia E. Goudeau
- City Attorney City Clerk
_ PURCHASER: .
ATRIUM AT CLEARWATER, I,TD.
� � BY: ATRIUM AT CLEARWATER, INC.,
_ A GENER.AL PARTNER
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EXFiIBIT "A"
LEGAL DESCRIPTION OF THE LAND
PARCEL III: ,
Lots l, 2, 3 and 4, Block "13" of GOULD AND EWINGS 1ST AND 2ND
ADDITION TO CLEARWATER - HARBOR, FLORIDA according to a map or
plat thereof recorded in Plat Book 1, Page 52 of the Public
Records of Hillsborough County, Florida of which Pinellas County
was formerly a part, less road right-of-way, together with that
portion of said Block "13" which was formerly an alley, running
East and West through said Block "13", also vacated railroad
right-of-way described as follows: Begin at Southeast corner of
said Lot 2, Block "13'�, run thence East, along the Northerly
right-of-way of Park Street, 60.18 feet thence Northerly along
the Easterly right-of-way line of said railroad right-of-way also
the West lines of Lots 7& 8, Block "20" of said GOULD AND EWINGS
1ST AND 2ND ADDITIQN, 229.0 feet more or less to the Southerly
right-of-way line of Cleveland Street; thence West, along the
said right-of-way line; 60.18 feet thence along the Westerly�
right-of-way line of said railroad right-of-way line also the
Easterly line of Lots 2 and 3, Block "13", of said GOULD AND
EWINGS iST AND 2ND ADDITION, 228.93 feet more or less to the
Point of Beginning. All being in Section l6, Township 29 South,
Range 15 East, Pinellas County, Florida.
ALSO DESCRIBED AS:
Beginning at the Southeast corner of Lot 2, Block 13 of said
GOULD AND EWINGS iST AND 2ND ADDITION; thence along the Northerly
right-of-way of Park Street (Park Avenue - Plat) (A 60 foot
right-of-way), North 89°45'S3" West, 110.22 feet to the Southwest
corner of Lot 1, Block 13 of sasd GOULD AND EWINGS 1ST AND 2nd
ADDI7CION; thence alor�g the Eastern right-of-way of South Garden
Avenue North 00°02'16" East 227.94 feet to the apparent Southerly
right-of-way line of Cleveland Street as it now exists; thence
South 89°50'O1" East 189.03 feet to �he Easterly line of the
vacated S.C.L.R.C. right-of-way; thence �outh 04°42'26" West
228.86 feet (229.00 feet, Deed) to the Northerly right-of-way of
Park Street (Park Avenue - Plat) (A 60 foot right-of-way); thence
North 89°45'53" West, 60.18 feet to the Point of,Beginning.
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�XHIBIT "B"
' LEGAL DESCRIPTIC)N OF AIR SPACE
All those volumes of air space situate in the City of Clearwater,
Pinellas County, Florida, containinq the third and fourth floors
of a parking garage structure and the ramp leading from the
second floor to the third floor thereof, as described in Parcels
I and II as follows:
PARCEL I:
-;,
Commen�ce at the Northeasterly corner of Lot 3, Block "6" MAGNOLIA
PARK SUBDIVISION as recorded in Plat Book 1, Page 70, Public
� Records of Hillsborough County, Florida of which Pinellas County
was formerly a part, as a point of reference; thence North
89°45�53" West, along the Southerly right-of-way of Park Street �
(Park Avenue - Plat) (A 60 foot ric�ht-of-way) 218.94 feet; thence
South 00°14'07" West, 15.0o feet to a point on the face of a
precast concrete wall, said point being the point of beginning; �
thence continue along the face of said wall South 89°45'S3" East,
189.21 feet; thence South 00°14'07" West, 206.42 feet; thence
North 89°45'S3" West, 94.38 feet to point "A" for convenience;
thence North 89°45'S3" West, 94.83 feet to the intersection of
the face of said precast concrete wall and the face of a masonry
wall; thence North 00°14'07" East, 206.42 feet to the point �of :
beginning.
The lowest limits of said air space being the bottom of the
support beams for the third floor of �he parking garage at the
lowest level of said beams, having an elevation of 43.71 feet.
The upper limits of said air space being an elevation of 64.21
feet elevations referenced to National Geodetic Vertical Datum of
1929, Mean Sea Level - 0.00.
PARCEL II:
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Commence at the aforedescribed point "A" as a point of reference; ,
thence North 00°14'07" East, 184.21 feet to the point of
beginning of a 63.0o foot strip being 31.50 feet on each side of
the following described line; thence South 00°14'07" West 162.0
feet to the point of termination.
The lower limits of said air space being an inclined plane along
- the bottom of the support beams for the ramp leading from the
second to third f loors of the parking garage. T�ie lower point of
which is the point of beginning having an elevation of 35.71
feet; the upper point of which is the Southerly boundary thereof
having an elevation of 43.71 feet. '
The upper limits of said air space being the lower limits of
Parcel No. I above described.
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EXHIBIT "C^
�ERMITTED ENCUMBRANCES
1. Rights of parties in possession not shown by the public
records.
2. Taxes for the year 1993 and taxes or special assessments
which are not showr� as existing liens by the public records.
3. Any claim that any portion of the Premises are sovereign
lands of the State of Florida, including submerged, filled
or artif icially exposed lands and lands accredit to such
lands.
4. Encroachments, overlaps, boundary line disputes, and any
other matters which would be disclosed by an accurate survey
and inspection of the premises, provided same do not
materially affect marketability of title..
5. Easements or claims of easements not shown by the public
records.
6. Development Agreement recorded October 30, 1984 in oiiicial
Records Book 5868, Page 1530, and Amendment in oificial
Records Book 5868, Page 1543; Conditional Assignment thereof
recorded December 11, 1984 in Official Records Book 5893,
Page 662 and AssignYnent and Assumption as recorded January
19, 1988 in Official Records Book 6664, Page 823 and Consent
thereof as recorded August 10, 1988 in Official Records Book
6809, Page 250, all of the Public Records of Pinellas
County, Florida.
7. Easement to Florida Power Corporation recorded August 29,
1985 in Official Records �ook 6064, Page 447 of the Public
; Records of Pinellas County, Florida.
8. Easement as Reserved in Warranty Deed recorded in Official
Records Book 6408, Page 1087 of the Public Records of
Pinellas County, Florida.
�
9. Notice as recorded on January 29, 1992 in Official Records
Book 7797, Page 2263, of the Public Records,of Pinellas
: County, Florida.
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EXHIBIT "E"
FORM OF ASSIGNMENT AND ASSUMPTION
OF LEASES, TENANCIES AND SECURITY D�:POSITS
The CITY OF CLEARWATER, FLORIDA, a Florida municipal
corporation, having an office at 112 South Osceola Avenue,
Clearwater, Florida 34616 ("Assignor"), in consideration of the sum
o£ Ten Dollars ($10.00) and other good and valuab�e consideration
paid by ATRIUM AT CLEARWATER, LTD., A FLORIDA LIMITED P.ARTNERSHIP,
having its principal office at
("Assignee") does hereby assign, transfer and set over to Assignee,
to the extent assignable, all of Assignor's right, title and interest
in and to all. leases and tenancies affecting the real property
located in Pinellas County, Florida, more particularly described on
Exhibit "A" hereof, including, without limitation, the leases and
tenancies set forth on Exhibit "B" attached hereto and�incorporated
herein by reference (collectively, the "Leases"), together with all
security deposits and accrued interest thereon, if any, held by
Assignor with respect to such Leases, as described on Exhibit "C"
hereof (collectively, the "Security Deposits"), and also together
with all rents, income and profits which may become due and owing
under the I,eases for the period on and after the date hereof.
Assignor represents and warrants to Assignee that Assignor has
full legal right, power and authority to execute and deliver this
Agreement and to consummate the transactions contemplated hereby.
Assignee, by its execution of this Agreement, does hereby assume
a11 obligations and liabilities of the lessor under each of the
Leases arising on and after the date hereof including, without
limitation, the obligation, if any, to refund to tenants the Security
Deposits and Assignee does hereby further assume all tenant
improvement costs, leasing commissions and cash concessions
respecting the Leases, both (i) arising prior to and on and after the
date hereof, and (ii) as otherwise set forth on Exhibit "D" hereofy
but onlv to the extent that such tenant improvement costs, leasinct
commissions and cash concessions are set forth in the tenant's lease
and/or in an estoppel letter delivered to Purchaser before Closing.
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IN WITNESS WHEREOF, Assignor and Assignee have duly executed and
delivered this Assignment this day of ,
1993.
Countersigned:
Rita Garvey
Mayor-Commissioner
Witnesses:
Print name
Print name
ASSIGNOR:
CITY OF CLEARWATER, FLORIDA �
By•
.
Michael J. Wright
Ci�y Manager
Attest:
Cynthia E. Goudeau, City Clerk
Approved as to form and correctness:
M. A. Galbraith, Jr. City Attorney
ASSIGNEE:
ATRIUM AT CLEARWATER, LTD.
=
. BY: ATRIUM AT CLEARWATER, INC.,
.,
A GENERAL PARTNER �
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STATE OF FLORIDA )
COUNTY OF PINELLAS )
BEFORE ME personally appeared Rita Garvey, th� Mayor-Commissioner of
the above-named city, who acknowledged that she executed the
foregoing instrument. She is personally known to me and did not take
an oath.
WITNESS my hand and official seal this day of
, 1993.
Print/Type Name:
Notary Public
STATE OF FLORIDA )
COUNTY OF PINELLAS )
BEFORE ME personally appeared Michael J. Wright, the City Manager"of
the above-named city who acknowled ed that he executed the fore oin
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instrument. He is personally known to me and did not take an oath.
WITNESS my hand and official seal this day of -
, 1993.
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Print/Type Name:
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STATE OF
COUNTY OF
The foregoing instrument was acknowledged before me this
day of , 1993, by
and , President and Secretary of the
ATRIUM AT CLEARWATER, INC., A GENER.AL PARTNER OF ATRIUM AT
CLEARWATER, LTD., on behalf of the corporation. He/she is personally
known to me or has produced as
identification and did not take an oath.
Notary Public
My Commission Expires: ;
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EXHIBIT "F"
ASSIGNMENT .AND ASSUMPTION OF LICENSES AND CONTRACTS
The CITY OF CLEARWATER, FLORIDA, a Florida municipal
corporation, having an office at 112 South Osceola Avenue,
Clearwater, Florida 34616 ("Assignor"), in consideration
of the sum of Ten Dollars ($10.00) and other good and valuable
consideration paid by ATRIUM AT CLEARWATER, LTD., A FLORIDA LIMITED
PARTNERSHIP, having an office at
("Assignee"), does hereby assign,
transfer and set over to Assignee, to the extent assignable, all of
Assignor's right, title and interest in and to all 1.icenses, permits,
certificates, approvals, authorizations and variances (collectively,
the "Licenses") issued for or with respect to, the construction,
development, management, maintenance and operations of all or any
portion of the real property located in Yinellas County,
Florida, more particularly described on Exhibit A annexed hereto
and made a part hereof, together with all of Assignor's right, title
and interest, to the extent assignable, in and to the purchase
orders, equipment leases, advertising agreements, franchise
agreements, license agreements, management agreements and service
contracts, if any, as are described on Exhibit "B" annexed hereto and
made a pa=t hereof (collectively, the "Contracts").
Assignor represents and warrants to assignee that Assignor has
f 11 le al o d th 't t t d d 1' h'
■
u g p wer an au ori y o execu e an e iver t is Agreement
and to consummate the transactions contemplated hereby.
Assignee, by its execution o� this Agreement, does hereby assume
all obligations or liabilities of Assignor arising on and after the
date hereof under each of the Licenses and Contracts.
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IN WITNESS WHEREOF, Assignor and Assignee have duly executed and
delivered this Assignment this day of �
, 1993.
ASSIGNOR:
Countersigned: CITY OF CLEARWATER, FLORIDA
By•
.
Rita Garvey Michael J. Wright
Mayor-Commissioner City Manager
Att�st:
Witnesses:
Cynthia E. Goudeau, City Clerk
Approved as to form and correctness:
Print name �
M. A. Galbraith, Jr. City Attorney
Print name
ASSIGNEE: _ .
ATRIUM AT CLEARWATER, LTD.
�� "� BY: ATRIUM AT CLEARWATER, INC.,
A GENERI�IL PARTNER _
By:
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STATE OF FLORIDA )
COUNTY OF PINELLAS ) ,
BEFORE ME personally appeared Rita Garvey, the Mayor-Commissioner of
the above-named city, who acknowledged that she executed the �
foregoing instrument. She is personally known to me and did not take
an oath.
WITNESS my hand and official seal this day of
, 1993.
Print Type Name: -
Notary Public � �
STATE OF FLORIDA )
COUNTY OF PINELLAS )
BEFORE ME personally appeared Michael J. Wright, the Ci:ty Manager of
the above-named city, who acknowledged that he executed the foregoing �
instrument. He is personally known to me and did not take an oath.
WITNESS my hand and official seal this day of
, 1993. . -
Print/Type Name:
Notary Public
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STATE OF ,- .
COUNTY OF
The foregoing instrument was acknowledged before me this
day of , 1993, by
and , President and Secretary of
ATRIUM AT CLEAR�iATER, INC., A GENERAL PARTNER OF ATRIUM AT
CLEARWATER, LTD., on behal� of the corporation. He/she is personally ,
known to me or has produced as
identification and did not take an oath.
Notary Public
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- EXHIBI T �� G �� . _:
BLANKET CONVEY.ANCE, BILL . ,
,_ �
` OF SALE AND ASSIGNMENT
KNOW ALL MEN BY THESE PRESENTS:
THAT the CITY OF CLEARWATER, FI,ORIDA, a Florida municipal
corporation ("Grantor"), having an office at ll2 South Osceola
Avenue, Clearwater, Florida, for and in consideration of the sum of
Ten Dollars ($10,00} cash and other good and valuable consideration
in hand paid by ATRIUM AT CLEARWATER, LTD., A FLORIDA LIMTTED
PARTNERSHIP, having an office at
("Grantee"), the receipt and
sufficiency of which are hereby acknowledged and confessed, has
GRANTED, SOLD, ASSIGNED, TR.ANSFERRED, CONVEYED and DELIVERED and does
by these presents GR.ANT, SELL, ASSIGN, TRANSFER, CONVEY and DELIVER
unto Grantee, all of Grantor's right, title and interest, to the
extent assignable, and without any representation or warranty
whatsoever as to such assignability, all of the other Conveyed Assets
(as hereinafter defined), if any, located on, affixed to, and used in
connection with the real property located in Pinellas County,
Florida, and more particularly described on Exhibit "A" attached
hereto and incorporated herein by this reference or the improvements
located thereon (all such real property and the improvements located
thereon, are collectively called the "Property"):
,
,■
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1. If any, all ma.chinery, furniture, furnishings, equipment,
fittings, fixtures, electronic busine�s machines, computers, data
processing ma�chinery, and all other office and other equipment and
all other articles of personal property or every kind and nature
whatsoever affixed to, or attached to, or placed upon and used in any
way in connection with the use, enjoyment, occupancy or operation of
the Property, including, but without limiting the generality of the ;�
f�regoing, if any, all heating, lighting, incinerating, landscaping,
loading, unloading, garage and power equipment and supplies, engines,
pipes, pumps, tanks, motors, conduits, switchboards, plumbing,
li.fting cleaning, fire prevention, fire extinguishing, sprinkler
systems, refrigerating, ventilating, and communications apparatus,
air cooling and air conditioning apparatus, elevators, escalators,
. storm doors and windows, partitions, ducts and compressors, shades,
blinds, curtains, draperies, awnings and screen, rugs,
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carpets and other floor coverings, hall and lobby equipment,
vehicles, paintings, pictures, tapestries, wall hangings, decoration,
pottery and all other works of art, all vacuum cleaning systems, all
substitutions, attachments, components, parts, equipment and
accessories relating to all of the foregoing; provided, however, the
foregoing sha11 not include any personal property owned by or leased
by third parties �a any tenant occupying the Property, to the extent
that the same does not become the property of Grantor �nder the lease
with any such tenant or under applicable law (the "Personal
Property") and, provided, further, that the enumeration of specific
categories or items of personal property in this Section 1 for
purposes of defining the term "Personal Property" shall in no way or
manner be construed as a representation or warranty, express or
implied, that any of such categories or items of personal property
are in fact affixed or attached to or have been placed upon and used
in any way in connection with the use, enjoyment, occupancy or
operation of the Property or that Grantor shall have any assignable
interest therein.
2. All names, logos, trademarks, copyrights and designs used
or created in connection with the ownership or operation of the
Property, if any, including, without limitation, the name "The Atrium
at Clearwater Square" together with the goodwill appurtenant to each
,
of such names, logos and designs (the "Trade Names"); �
3. All warranties and guaranties relating to the Property or
any portion thereof or the Personal Property or any portion thereof,
if. any (the "Warranties");
4. All right, title and interest of Grantor, if any, as lessee �
under any equipment leases relating to equipment or property located
upon the Property and used in connection therewith (the "Equipment
Leases");
5. All materials and brochures, ledger cards, maintenance and
operation records, keys and telephone exchange numbers (the "Property
Assets");
6. All plans and specifications for the construction of the
improvements located on the Proper.ty including, without limitation,
all f ixtures and equipment necessary for operation and occupancy of
such improvements including such amendments thereto, if any (the
"Plans"); .
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7. All oil� gas and mineral rights of Seller, if any, in and
to the Property (the "Mineral Rights");
8. If any, all compensation, awards, damages, rights or causes
of action and proceeds arising from any taking by any lawful power or
authority by exercise of the right of condemnatian or eminent domain
with respect to any of the Property (the "Condemnation Proceeds");
9. All �repaid water and sewer charges, capacity and capacity
reservation f�es, utility deposits, hook-up or connection fees,
impact fees or use charges, and all other governmental charges, fees,
deposits and credits respecting the Property for the period on and
after the date hereof (collectively, the "Governmental Credits");
10. The rights of Seller under the Development Agreement dated
as of July 14, 1983, and recorded in Official Records Book 5868, Page
1530, of the public records of Pinellas County, Florida {the
"Development Agreement"); and
11. To the extent not otherwise included, all "proceeds" of the
foregoing as defined in th� UCC which, in any event, shall include,
but not be limited to, (i) any and all proceeds of insurance,
indemnity, warranty or guaranty payable to Grantor from time to time
with respect to any of the Property, (ii) any and all payments in any
=orm whatsoever made or due and payable to Grantor from time to time
in connection with any requisition, confiscation, condemnation,
seizure or forfeiture of all or any part of the Property by any
governmental body, authority, hureau or agency or any other person
(whether or not acting under color of governmental authority) and
(iii) any and all other amounts from time to time paid or payable
under or in connection with the Property or any of the other property
or interests hereby conveyed, sold or assigned by Grantor to Grantee
(the "Proceeds").
12. The ricxhts of Seller under the Escrow Actreement described
in Paraaraph 12(c) of the Sale-Purrhase Aqreement betwe�n Grantor and
Grantee, consistinQ of the sum of 550,000 which has been deposited in
escrow with the Miami law firm of Weil, Gotshal & Manges for the
purpose of fundincx the repair of the walkway canopv between the
buildincx and the parking ctarage to pre-storm condition. The escrow
acxreement is dated March 29, 1993, bv and between Maria l�eal Estate;
Inc., and the City of Clearwater, Florida. This assictnment is
subiect to compliance
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with the terms of said agreement, includincr without limitation the
submission bv Purchaser of estimates and invoices for the rep�ir,
which estimates and invoices shall be subiect to_the prior approval
of Maria Real Estate, Inc.
TO HAVE AND TO HOLD the Per�onal Property, Trade Names,
Warranties, Equipment Leases, Property Assets, Plans, Mineral Rights,
Condemnation Proceeds, Governmental Credits and Development Agreement
(all of the foregoing being hereinafter sometimes collectively
referred to as the "Conveyed Assets") unto Grantee and Grantee's
successors, legal representatives and assigns, forever.
This conveyance is subject to the encumbrances set forth on
Exhibit "B" attached hereto and incorporated herein by reference.
Grantor (for itself and on behalf of Grantor's legal
representatives, successors and assigns) hereby warrants, represents,
covenants and agrees with Grantee that Grantor has full right, power
and authority to make this Blanket Conveyance, Bill of Sale and
Assignment, and to consummate the transactions contemplated hereby,
subject to the terms and conditions }iereof.
Al1 of the covenants, terms and conditions set forth herein
shall be binding upon and inure to the benefit of the parties hereto,
their respective successors, personal and legal representative,
heirs, devisees and assigns.
This Blanket Conveyance, Bill of Sale and Assignment may be
executed in any number of counterparts, each of which shall be deemed
an original but a11 of which together shall constitute on Agreement.
IN WITNESS WHEREOF, Grantor has executed this instrument a�
�s-i-��� this day of July, 1993.
Countersigned:
Rita Garvey
Mayor-Commissioner
GR.ANTOR :
CITY OF CLEARWATER, FLORIDA
By•
.
Michael J. Wright
City Manager
Attest:
G-4
Cynthia E. Goudeau .
City Clerk
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STATE OF FLORIDA )
COUNTY OF PINELLAS )
BEFORE ME personally appeared Rita Garvey, the Mayor-Commissioner of
the above-named city, who acknowledged that she executed the
foregoing instrument. She is personally known to rne and did not take
an oath.
WITNESS my hand and official seal this day of
, 1993.
Print/Type Name:
Notary Public •
STATE OF FL�RIDA )
CQUNTY OF PINELLAS )
BEFORE ME personally appeared Michael J. Wright, the City Manager of
the above-named city, who acknowledged that he executed the foregoing
instrument. He is personally known to rne and did not take an oath.
WITNESS my hand and official seal this day of
, 1993.
Print/Type Name:
Notary Public
Approved as to form and correctness:
M. A. Galbraith, Jr.
City Attorney �
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FORM OF NOTICE TO TENANTS
[LETTERHEAD OF CITY MANAGER, CITY OF CLEARWATER, FLORIDA]
. - �:;;.
TO: A11 Tenants .
The Atrium at Clearwater Square
6O1 Cleveland Street .
Clearwater, Florida
>'r
Re: Sale of The Atrium at Clearwater Sctuare
Gentlemen: �
P1e�se be advised that the CITY OF CLEARWATER, FLORIDA, nas soia� ::��
_: The Atrium at Clearwater Square to ATRIUM AT CLEARWATER, LTD., A '°��'
FLORIDA LIMITED PARTNERSHSP. You are hereby instructed and directed ` a
to make all future rental and other payments under your lease to: -
:
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