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THIS AGREEMENT mode 1his day of
J ~a3, by and between the CITY OF CLEARWATER, FLORIDA, a Florida municipal
corporation, hereinafter coJfed "the City", the CLEARWATER REDEVELOPMENT
AGENCY, 0 body politic and corporate under the laws of the State of Florida,
hereinafter called "the Agencyll and J. K. FINANCIAL CORPORA nON, a Florida
corporation, hereinafter called "J. K. Financial".
WITNESSETH:
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AY
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WHEREAS, the City-is the owner of two porcels'of real property, "more
porticularly described on Exhibit UN' ottached hereto and made 0 part hereof,
hereinafter referred to as "Parcel A" and on Exhibit "8r1 ottached hereto and made 0
port hereof, hereinafter referred to as uParcel BlI, such real property being located in
the City of Clearwater, Pinellas County, Florida; and
WHEREAS, Parcels A and B are located within the Downtown Development
District of the City cnd ore under the development jurisdiction of the Agency; and
WHEREAS, J. K. Financial is desirou~ of constructing 0 ten story office"
building to be located on Porcels UN' and the "JannelJi Parcel" described on Exhibit
"C" attached hereto and made a part hereof, together with 0 parking facility to be
located on Parcel B; and
WHEREAS, the acquisition of the JanneJJi Parcel is essential for the
development of the proposed office building and perking fac;i/ity os contemplated by
J. K. Financial; and
WHEREAS, the City and the Agency consider that development of the real
property described as Parcels A, B and the JannelJi Parcel as contemplated by
J. K. Financial is in the public interest; and
WHEREAS, the City, the Agency and J. K. Financial, subject to 011
applicable provisions of Part III of Chapter 163, Florida Statutes, and in particulor
Section 163.380(3), Florida Statutes, desire to enter into on Agreement establishing
the duties and obligations of the parties hereto for the acquisition and deveiopment of
the real property described as Parcels A, B and the Jonnelli Parcel in the manner
contemplated by J. K. Financial on the terms and conditions set forth herein.
NOW THEREFORE, in consideration of the foregoing recitals, the mutual
covenants and conditions contained herein and other good and valuable considerations,
the receipt of which is hereby acknowledged, the City, the Agency and J. K. Financial
hereby agree as follows:
1. Redtals. The above recit~ls are true and correct and are
incorporated herein by reference.
2. Definitions. As used in this Agreement the following terms shall
have the following meanings:
-1-
3/17/83
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binder shall be in an amount equal to the amount of the purchase price of all of the
real property to be conveyed hereunder C1nd the resulting policy shall be in on amount
of the total purchase price therefore. All costs of the binder and subsequent title
policy shall be paid by the Agency. The policy and binder sholl be In 0 current AL TA
stClndard form 8. The binder shall be delivered to J. K. Financial's attorney, unless
otherwise directed. J. K. Financial's attorney sholl have ten (10) days to give written
notice to 1he Agency of any objections by J. K. Financial to the title. Failure of J. K.
Financial's attorney to deliver such written notice of disapproval to the Agency within
the said time period shall be conclusive evidence that the Buyer has approved each and
every matter contained in said preliminary title report, and that J. K. Financial wiJl
accept title in that condition subject to the other terms hereof relating to the status
of such title at closing. After due notice, the Agency shall have a reasonable time,
not to exceed thirty (30) days,to cure any title defect (and, If necessary, 'the closing
shall be delayed for that period). If the Agency fails to cure any tit Ie defect os to
which due notice is given, J. K. Financial shall hove the option to terminate this
Agreement, and to notify the Agency that J. K. Financial will not proceed with the
purchase, whereupon this Agreement shall terminate and J. K. Financial sholl be
entitled os its sole remedy to the return of all earnest money heretofore paid. In the
alternative, J. K. Financial sholl have the right to accept the title in its then existing
condition and proceed to closing as otherwise provided herein. The Agency agrees to
use its best efforts i~ good faith to cure all title defects.
7.02 Affidavits., At closing the Agency sholl provide Buyer wrth on
affidavit of no lien, which affidavit sholl run to the benefit of J. K. Financial and said
title company, providing anly that the Agency has not caused or created any lien or
encumbrance on the real praperty described in Exhibit '.'A" and the Jannelli Parcel (if
sold hereunder by the Agency).
8. Surveys. The Agency sholl furnish J. K. Financfal a current survey
of the real property described as Parcel A and the Jonnelli Parcel. The surv~ys must
be acceptable and certified to J. K. Financial ond to the title insurance company
insuring the property so that the survey exception con be removed from the title
policy and must be prepared in accordance with the minimum requirements adopted by
the F.S.P.L.S. and the F.L.T.A., and such fact stated on the survey. Upon acceptance
of such surveys, the legal description therein 'shall be substituted for the description of
the property contained in Exhibits "An, liB" and lie" attached hereto and incorporated
. herein by reference. The surveys shall locate all easements, streets, improvements
and other manmode objects, both existing and planned. The survey for 'parcel B shall
contain topographic data indicating existing elevations above mean sea level. If the
survey discloses an encroachment ar setback violation, this shall be deemed a defect in
title and Article VI sholl apply. The surveys shall be dated ond signed by a registered
and/or licensed land surveyor in Florida. The surveyorts seal sholl be affixed to the
surveys. The surveyor's registration cnd/or license number shall be Indicated thereon,
and the legol description of the real property sholl be set forth on the su~veys. Any
other survey requirements in the tit Ie insurance commitm~nt shall 0150 be complied
with, including a surveyor's certificate in a form acceptable to the title company and
counsel for J. K. Financial.
-5-
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, 19.06 HeadlnQs. Headings used herein are for convenience only and
do not constitute a substitute of part or this Agreement.
19.09
'This Agreement shall be governed by Florida low.
IN WITNESS WHEREOF, the parties hereto hove set their hands and seals
on the day and year first written above. ,
Countersigned by:
CITY OF CLEARWATER, a Florida
municipal corporation
Mayor-Commissioner
By:
City Manager
t
Approved as to form and
correctness:
Attest:
:
City Attorney
City Clerk
Witnesses:
CLEARWATER REDEVELOPMENT AGENCY,
a body politic and corporate under the
laws of the State of Florida
By:
~~n.~
____ ~_ ~W '.... ~-~
J. K. FINANCIAL CORPORA nON, a
Florida corporation
~/'
By 6~.-rt
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