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AGENDA
City'Commission Special Meeting
, . TUBsda,y ~ J~ne 1 ,1 993;. East Library
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Consider Krumm off!3r to purc,hase
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}Valter T. Knlmm
VENTURES INCORPORATED
985 Bethel Road'Columbus. Ohio 43214'(614) 457-8000
May 20, 1993
Jerry,Sternstein
City of Clearwater Bid Coordinator
Third Floor
Clearwater, City, Hall
'Re: Atrium at Clearwater Square
(Sun Bank Building)
Dear Mr. Sternstein:
In response to 'your recent invitation to bid on the Atrium Office Building which
the City of Clearwater presently owns, we are prepared to purchase the building
and parking structure for a price of: '
$6,900,000 (Six Million Nine Hundred'Thousand Dollars)
Your- bid did not ask for a cash deposit, but it did include the form of. Purchase
Contract ~hat the City intends to use for the sale. This form of Contract which
anticipates an nall cashlt closing is an lias is" status without representation from the
City as the Seller is acceptable to us as Buyers with only slight modifications.
It All Cash It quick closings are standard operating procedure for us as evidenced by
the enclosed West Palm Beach newspaper article' that refers to our last three office
building acquisitions in Palm Beach County. All of these three closings were "all
cash II , one pursuant to a similar bid procedure with FDIC. (See enclosed Black's
. Guide editorial article and full-page photos of these properties.) We are also
closing a fourth building in Palm Beach between June 1, 1993, and June 22,1993,
making a total cash investment of $35 million.
We look forward to including the Atrium in our June closing schedule. We would
be willing to post a deposit upon mutual execution of a Purchase Contract or
WTK
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May 20t 1993
Page 2 ,
proceed to an' almost immediate closing as soon; ~s the attorneyS: can work out the '
title issues after execution of a Purchase Contract similar to the City's recent
pur.ch~lse structure.,
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We would like to work with the City to help ~evitalize the Clearwater Downtown
Area includ,ing the creation of some green spaces and park areas to soften the
I concrete 'look of the Downtown area and make it more hospitable to pedestrians
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arid' workers alike. 'In addition to our cash closing proceeds, we are also
,co'mmitting $1.5 million of extra 'funding towards future tenant finish work,'
exterior repairs and renovation of the two-story atr~um entryway.
We are anxious to work with the City on this Proper~y and look forward to' a
mu~ally-beneficial relationship should the City elect to work with us on the
Atrium.
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Walter T. Krumm
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Falter T. Kromm
VENTURES INCORPORATED'
985 Bethel Road'Columbus, Ohio 43214'(614) 457-8000
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. ,May 20, 1993
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Jerry Sternstein
City of Clearwater Bid Coordinator
Third Floor
Clearwater City Hall
Re: Atrium at Clearwater Square
(Sun Bank Building)',
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Dear Mr. Sternstein:
Should the City elect to sell the Atrium office building to my' company, I will be using
the Justice Corporation to handle our on-site management. and leasing. Al Justice will.
also' coordinate our efforts to create a park area for a portion of the la'nd between the
office building and the parking garage.
Please handle any communications regarding our offer through Al Justice by phone at
(813) 531-4600 or by mail to:
Albert N. Justice, President
Justice Corporation ,
19329 U.S. 19 North, Suite 100
Clearwater, FL 34624-3156
Thank you for considering our offer of $6,900,000 tendered, in the accompanying letter.
Please be advised ~hat the Buyer is responsible for all brokerage commissions, if any are,
due and payable to the Justice Corporation for this transaction. ,
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. Walter T. Krumm
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PAST AND CURRENT PROJECTS
WALTER T. KRUMI\1 AND RELATED ENTITIES'
Single-FnmiIy Subdivisions
Shaker Square
Worthington Estates
W orthingway
Lakeview Estates
The Gables
Worthington Hills N.
Worthington Hills S,
Devonshire N.
Annehurst Village
Cross Creek Village
Sweetwater Estates
Laurel Green
Subtotal
Linworth, Ohio
Worthington, Ohio
Worthington, Ohio
Columbus, Ohio
Columbus, Ohio'
Worthington, Ohio
Worthington, Ohio
Columbus, Ohio
Westerville, Ohio
Hilliard, Ohio
Hilliard, Ohi~'
Columbus, Ohio
\,
120 lots
650 lots
375 lots
250 lots
150 lots
130 lots
120 lots
120 lots
200 lots
1,025 lots
273 lots,
264 lots
3,677 lots
Residential IIome Construction
Single Family Worthington +
, Columbus, Ohio
over 5,000 homes
Apartment Projects
Moon Glow Apts.
Maple Canyon Apts.
Sharon Green Apts.
Sha~on East Apts.
, Abbey Lane
Brookville
Westbrooke Village
Wilson Woods Apts. ,
, Lakewood Apts.
Pierpont
Bent Tree
Kilbrough
Subtotal
Columbus, Ohio
Columbus, Ohio
Worthington, Ohio
Worthington, Ohio
Columbus) Ohio
Westerville, Ohio
Dayton, Ohio
Columbus, Ohio
Columbus, Ohio
Worthington, Ohio
Columbus, Ohio
Columbus, Ohio '
92 units
134 units
162 units
156 units
324 units
424 units
343 units
362 units
120 units
212 units'
'128 units
156 units
2,613 units
Walter T. Krumm, Projects, 2/1j93
Page 1
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" IV. Commercial
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", Enterprise Building Worthington, 'Ohio ' 30,200 sf
, Executive House Worthington, Ohio 88,000 sf
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.' Corporate Center Worthington, Ohio 20,000 sf
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~~.c . Commerce Center -
, , Busch Industrial Park Columbus, Ohio 79,000 sf
.. Wort~ington Prof. Bldg. Worthington, Ohio 24,000 sf
"
Springs Office Longwood, Florida I. 30,000 sf
Holden Self Storage Orlando, Florida 86,000 sf
Florida National
Bank Branch ., Orlando, Florida 3,800 sf
Sanctuary Centre Boca Raton, Florida 180,000 sf
1400 Centrepark West Palm Beach, Florida 94,000 sf
Centurion Tower West Palm Beach, Florida 145.000 sf
Subtotal 780,000 sf
V. Shopping Centers
Curry Ford East Orlando, Florida 78,000 sf
Westgate Square Orlando, Florida 129,000 sf
Cassel ton Corners Orlando, Florida 29,000 sf
Lake Conway Woods Orlando, Florida 79,000 sf
Union Park Orlando, Florida 50,000 sf
Ocoee Center Orlando, Florida 78,000 sf
Winter Springs Orlando, Florida 78,000 sf
Tavares Center Orlando, Florida 40,000 sf
Lake Mary Center Orlando, Florida 60,000 sf
Po rt 0 range Orange City, Florida 80,000 sf
Port Charlotte Pt. Charlotte, Florida 165,000 sf
Siler Crossing Siler City, N.C. 132,000 sf
Village Marketplace Asheboro, N.C. 87,000 sf
HiIlsborough Common HiIlsborough, N.C. 107,000 sf
Piney Grove Plaza KernersvilIe, N.C. ,50,000 sf
Foothills Market JonesvilIe, N.C. 38,000 sf
Anson Station Wadesboro, N,C. 128,000 sf
Roxboro ' Square Roxboro, N.C. 95,000 sf
Roanoke Landing Williamston, N.C. 213,000 sf
Cro'ssr'oads Center Statesville, N.C. 250,000 sf
,Granville Corners Oxford, N.C. 135,000 sf,
Kinston Point Falling Rock, N.C. 205 ,000 sf
Subtotal 2,306,000 sf
Walter T. Krumm, Projects, 2/1/93 Page 2
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VI. Condominium Projects
Palacio Del Sol Punta Gorta, Florida 44 units
Worthington Woods Worthington, Ohio 420 units
Worthington Park Worthington, Ohio 120 units
Worthington Heights' W o'rthington, Ohio 253 units.
Hilliard' H~ights - 1 ' Hilliard, 'Ohio 180 units
Hilliard Heights - 2 Hilliard, Ohi~ 200 units
" Bethel Vi,llage - Phase I Columbus, Ohio \, 484 units
Subtotal 1,701 units ."
VII. Reca pitu lation
Single-Family Subdivisions 3,677 'lots
Single-Family :aomes 5,000 +, homes . '
Apartment, Prpjects 2,613 ,units
Commercial 780,000 sf
Shopping Centers '-2t306,OOO ',sf
Condol)finium Projects' " J'701'units
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M E M 0 RAN 0 U M
" TO:
FROM:
RE:
DATE:
The Honorable Mayor and Members of the City Commission
M. A. Galbraith, Jr., CitY,Attorney~~
Atrium/Sun Bank Sale-Purchase Agreement
May 27, 1993
The Sale-Purchase Agreement has been prepared and will be on your agenda for next
Tuesday. The agreement is nearly identical to the agreement by which we bought
the building. The differences are explained in memoranda from me to Mr. Wright,
which will be in your agenda package. '
The buyer has not had time to review this agreement. His local agent will see
the agreement this afternoon, and his lawyer in Boca Raton will receive it
tomorrow.by express mail. I would fax it today, but he is elsewhere buying
another building today.
We will be asking for your adoption of a resolution approving the agreement in'
substantially the same form as what you are seeing, allowing minor amendments
'before closing if the amendments are not adverse to the City. This will enable
us to proceed exped it i ous 1 Y to C 1.os i ng.
Two of the 'exhibits and one of the schedules may be revised and updated before
closing, namely: Exhibit C, the list of permitted encumbrances; Exhibit D, the
rent roll; and Schedule I, a list of contracts.
Some of the exhibits have exhibits of their own, ,but they are not included at
this time. For example, Exhibit E, the assignment and' assumption of leases,
tenancies, and security deposits, has four exhibits. Those exhibits--listings
of leases, security depos its, and other detail s--wi 11 be updated from the
exhibits in our file and furnished before closing.
MAG:a
Copies:
Michael Wright, City Manager
Cynthia Goudeau, City Clerk
Emil Pratesi, Esquire
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CITY OF CLEARWATER
Interdepartmental Correspondence Sheet
FROM:
RE:
DATE:
Michael Wright, City Manager
M. A. Galbraith, Jr., City Attorney ~
Contract for Sale and Purchase of t1Atrium at Clearwater Square II
TO:', ~>
May 26, 1993
Here is a proposed contract for this transaction, patterned very closely to the
contract by which the City purchased the property. The contracts are essentially
identical except for the following necessary changes (page references are to the
enclosed contract):
--The names of the parties and their, description as a Florida municipal
corporation (seller) or as an Ohio corporation (purchaser) were adjusted wherever'
they'appeared.
--On page I, in the first whereas clause, I added uSun Bank Building" as
an alternative common name for the property, since we have been referring to the
building by that name. '
--On page 2, the purchase price was inserted.
--In Section 4, a blank has be~n left to insert the place of closing.
--In Section 7(a)(vii) J lithe articles of incorporatio:1 or by-laws of
Seller" was changed to lithe city charter or ordinances of Seller. II
--Also in Section 7(a')(vii}, in the phrase, "David Simon and Joseph
McCarthy, the actual officer(s) or agent(s) of Seller charged with the management
responsibility for the Premises,1I I substituted your name in place of Simon and
McCarthy.
--In Section 8, the seller's closing expenses under the contract by which
the City purchased the property (doc stamps and title insurance) are now included
with the purchaser's expenses.
--In Section 9(g)(i), uboard of directors of Sellerll 'was changed to IIcity
commission of Seller,lI and Usecretary or assistant secretary" became HCity Clerk
or Assistant City Clerk.ll
--The definition of IISellerls Affiliates,ll in Section 16(e), was deleted.
The definition was, lltrustee, shareholder, partner, principal, parent, subsidiary
or other affiliate of Seller, including, without limitations, Citicorp, Citibank,
N.A., Citicorp Real Estate, Inc. or Aspiration, Inc. (collectively, IISeller1s
Affiliatesll). Also, the reference to a definition of "Seller's,Affiliatestl was
deleted from page'(v).
-- The phrase uSeller's Affil iat'es" was eith~r deleted or changed to
IISeller1s officers and employeesll in Sections;i12(b) and 16(e). '
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~:"In Section 12(c),' the option to assign to Purchaser all . insurance
proceeds payable to Seller as a result of the damage to' the walkway canopy
between the building and the parking garage has been deleted. This paragraph has
~~en: redrafted to provide, in effect, that we will assign to the purchaser the
amount' placed in escrow., which was the second option under our contr~ct. '
': . ~-Because no broker was' involved, Section 13 has been revis~d to say (in
effect) th~tneither' party dealt with a broker, but if any b'roker 'establishes a
right to a ~ommission, the purc~aser will pay the commissiori~ ' ' ' ,
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MAG:a
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Enclosure
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Copy:
Emil Pratesi, Esquire
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CITY OF CLEARWATER
Interdepar~ment~l Cbrrespondeh~e Shee~
Mich~el Wright~, City Manager ,
M. A. Galbraith, Jr., City Attorney ~>"
Contract for Sale ana Purchase of "Atriumat
I
Clearwater Square"
TO:
FROM:
RE:
DATE:
May 27, 1993
,Emil Pratesi 'has suggested these changes:
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" --On page 2, IIfor' early 'paymentll inserted after IIdiscount" to make the '..,
~hrase read, "~t the greatest discount for early payment available". This i~~ '
clarifying amendment. " ' ,
, ,'--On'page 5,' the name of the title insurance company was dele~ed and a,
'blank inserted. , Sinc'e the buyer will be paying for the title insurance, the
buyer may want tb select his own title insurance c~mpany.' '
,I have mad~ these cha~~es(copy of re~ised pages enclosed).,
, MAG: a
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Enclosure
Copy: '
'Emil Pratesi, Esquire (via fa~)
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5uppllen f11H1 other orticlor. o( pOl"f1UlHll J:)j~uf?eJ:ty nttached or
appurtenant to the J.land OJ~ the Bulldl.ngs, or used in connection
therewith (collectively, the "Personal Propel:ty") t (vi) all oil,
gas and mineral rights of Seller, if any, in nnd to the Land,
(vii) all right, tiLle and interest of Seller, if any, in and to
the trade names of the Build.i.ngs, ilnd (viii) nIl right, title and
interest of Seller, if any, in and to all strips and gores, all
alleys adjoining the Land, and the lnnd lying in the bed of any
street, road o~ avenue, operted or proposed, in front of or
adjoining the Land to the centerline thereof, and all right,
title and interest of Seller, if any, in and to any award made or
to be made in lieu thereof nnd in nnd to any unpaid award for any'
taking by condemnation or ony dal1ll.lgeB to the J.JnJH.I oJ.- the
nuildinge by reaeon of n chongn of gr.nde of: nny fltreet, road or
avenue (the Land, together with all of: the foregolng items listed
in clauses (i) through (vliJ) above being hel~einafl:er sometimes
collectively referred to (,)B the "PJ~emJAcB i" l:he l.Dlld llnd Air
Space are sometimes collectively:' re[erl~ed to hereJn os the "Heal
property" ) .
2. Purchase Price.
The purchase price'to be paid by Purchaser to Seller for the
Premises (the IIpurchase Price") is $6,900,000.00 (Six Hillion
Nine Hundred Thousand Dollars), 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 es~ate taxes and water and sewer charges
(unless mete'red), if any, on the basis of the fiscal years, ,
respectively, for which same tlave been assessed, at the greatest
discount for early paV1nent available, except if the Closing shall v'
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, at the greatest discount for early paYment V
available; --
(iil)
charges, and puyments 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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ClosirHl Date.
'rhe deli very of the Deed (n s de fined in Section 9 (a)) and
the consummation of t.he transactions contempln tad by this
Agreement (the "Closing") shall tnke ploce a~
on the date hereof (the
"Closing Date") simultaneously with the execution hereof.
5. Perm! tOted 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 llIade a part hereof (collectively,
the "Permitted Encumbrances").
(b) If on the Closing Date there exist any liens or
encumbrances which Seller must payor clJschal:ge in order to
convey to Purchaser such title DS is hereln provided to be
cor.veyed, Seller may use any portion of the Purchase, Price to
satisfy the same, provided:
(i) Seller shall deliver to PlIrchaser or the
'1'i tIe C~mpany, a t the Closing, 'ins trumen ts 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) 'rhe '1'1 tIe 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 'IIritle Commitment II ) issued by I . 1 h .v
(t 1e "'l'~t e Compnny"). '1' e
existence of any, such liens or encumbrances shall not be de~med
objections to title if Seller shall comply with the foregoing
requirements. Similarly, at Seller's electiorl, 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
pen~lties 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, wa ter and sewer charges and '
'assessments contained herein.
(c) Any franchise or corporate taR open, levied or
imposed against Seller or other owners in the chain of title that
may be a lien against the Real Property on the Closing Date,
shall not be an objection to ti tIe if the rl~i tIe Company deletes
same from the title policy issued pursuant to the 'ritIe '
Commitment.
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RESOLUTION NO. 93-36
A RESOLUTION. OF THE CITY. OF CLEARWATER, FLORIDA"
AUTHORIZING THE SALE OF THE PROPERTY COMMONLY KNOWN AS
THE "ATRIUM AT CLEARWATER SQUARE" OR THE l1SUN BANK
BUILDING'; II APPROVING THE FORM OF A SALE-PURCHASE
AGREEMENT BETWEEN THE CITY AND WALTER T. KRUMM VENTURES
INCORPORATED, FOR ,SUCH SALE, AND AUTHORIZING THE
EXECUTION, DELIVERY AND PERFORMANCE OF SAID AGREEMENT
AND THE CONSUMMATION OF ANY TRANSACTIONS CONTEMPLATED
THEREBY; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Clearwater desires to sell the
property, commonly known as the lIAtrium at Clearwater Square',' or the' lISun Bank
Building; II pursuant to a Sale-Purchase Agreement between the City and Walter T. '
Krum~ Ventures Incorporated; and to consummate any transactions contemplated by
, said agreement; now therefore, ,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA:
, Sect ion 1. The sale of the property commonly known as the IIAtrium at
Clearwater'Square" or the, IISun Bank Building" pursuant to a Sale-Purchase
Agreement between the City and Walter T. Krumm Ventures Incorporated, the form
of' wh.ich is attached hereto as Exhibit A, and the consummation' of ,any
transactions contemplated thereby, are hereby approved. The Mayor and City
Manager are hereby authorized and directed' to execute such agreement in
substantially the form attached as Exhibit A, with such changes therein 'as do not
change the substance thereof.
Section 2. ' This resolution shall take effect immediately upon adoption.
,PASSED AND ADOPTED this
Attest:
day of June, 1993.
Cynthia E. Goudeau
City Clerk
Rita Garvey
Mayor-Cammi ss i oner '
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,SALE-PURCHASE 'AGREEMENT
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CITY' OF CLEARW~TER, FLORIDA (SELLER)
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'WALTER T~
,KRUMM,VENTURES INCORPORATED
(PURCHASER)
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Dated as ot'
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1993
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TABLE 'OF 'CONTENTS
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',:'Sale', of 'Premises
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Violations
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R~present~tions and Warranties
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~losing Exp~nses
Documents to be Delivered by Seller at'Closi~g
Documents to be Delivered by: Purchaser 'at Closing
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Tax Proceedings
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As-Is
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Acce~s to Records
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Assignment ,and Assumption of Contracts
and Licenses
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TABLE OF EXHIBI'l'S AND SCHEDUT.JES
EXHIBIT A-
L'egal, 'Description, of the Land
Legal DescrIption of the Air Space
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EXHIBIT B
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Pennitted Encumbrances
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Rent Roll
EXHIBIT E'
Form of Assignment and Assumption
of Leases and Security'Deposits
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Blanket Conveyance" Bill of
Sale
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Form of Notice to,Tenant~
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SCHEDULE '.1
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, TABLE OF DEFINED TERMS
,Th~following capitalized terms are defined in the
respective sections of the agree~ent,identified below: '
, 11 Actions" - as such, term is defined in Section 7 (a) (v) of
the Agreement.
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l~Addi tiona'l Rents" - as such term is defined in Section 3 (c)
of the Agreement.
, II Ag~eemen t " as ,such term is defined at the outset of the
Agreement.
t1Air,SpacelO as such term is defined in Section 1 of the
Agreement. ,
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Section 1 of the Agreement.
"Bill of Sale" - as such term is defined in Section 9(f) of
the Agre'emen t .
, IIBuildings" - as ,such term is defined in Section 1 of the
Agreement.
"Carteret"
Agreement.
as. such term is defined in Section 12(a) of the
"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.
IIClosing Statement" - as such term is defined in, Section
9(n) of the Agreement.
IlContracts" - as such term is defined in Section 9(c) of the
Agreement,
IlContract and License Agreementll - as such term is defined
in Section g(e) of the Agreement.
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1 of, the Agreement.
"FIRPTA Affidavit" - as such term is defined in Section 9(k}
of the Agreement.
"Governmental Authority" - as such term is defined in,
Secti9n 6 of the Agreement.
as such term is defined in Section 1 of the
IILeases 11 - as such term is defined in Section 7 (a)( iii) of
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Agreement.
"Permitted Encumbrancesll 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,
liproject Information", - as such term is defined, in Section'
12(a) of th~,Agreernent.
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uPurchaser~ - as such term is defined at the outset of the
Agreement.
llPurchaser's Documents II - 'as such term is defined in Section
7(b}(ii) of t~e Agreement.
uReal"Property~ - as such term is defined in Section '1 of
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as such term is defined in Section
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SALE-PURCHASE AGREEMENT
This SALE-PURCHASEAGREEI1ENT ("Agreement") is dated as of
the day of , 1993, between the
CITY OF CLEARWATER, FLORIDA (hereinafter the "Seller" hand
WALTER T. KRUMM VENTURES INCORPORATED (hereinafter the
II,Purchaserll) .
W 'I T N E SSE T H:
WHEREAS, Seller is the owner of the Premises '(as defined in
Section 1) located at 601 Cleveland Street, Clearwater, Florida,
and commonly known as the' nAtrium at Clearwater Squarell or as 'the
"Sun Bank Building; II and '
WHEREAS, Seller and Purchaser desire to enter, into an
agreement whereby, subject to the'terms 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.
Sell~r agrees to sell and convey to Purchaser, ,and Purchaser
agrees to purchase from Seller, at the price and upon the 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 IILand"), 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,
appurtenances, 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, machinery, equipment,
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supplies and other articles of personal,property attached or
appurtenant to the Land Dr the Buildings, or used in 'connectiDn
therewith (collectively, the "PersonalPropertyll), (vi) all oil,
gas and mineral rights ,of Seller, if any, in and to the Land,
(vii) all right, title and interest Df 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, road Dr avenue, opened or proposed, in frDnt of or
adjoining the Land to the centerline thereof, and all 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) through (viii) above being hereinafter sometimes,
collectively referred to as the "premises;" the Land and Air
Space are sometimes collectively referred to herein as the OIReal
Property II ) .
2. Purchase Price.
, The purchase price to be paid by Purchaser to Seller for the
Premises (the IIpurchase PriceU) is $6,900,000.00 (Six Million
Nine Hundred Thousand Dollars), payable in ,United Stat,es Dollars
at the Closing (plus or minus the prorations and adju~tments
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;
.r-
(il) real estate taxes and water 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 ear~y payment 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, at the greatest discount for early payment
available;
(iii)
charges and payments under the Contracts;
(iv) any prepaid items, in~luding, 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 metered), 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 Purchaser or Seller from
tenants after the Closing shall be applied to amounts payable by
tenants for the following periods in the following order of
priority: (i) first, to the month preceding the month in which
the Closing occurred, (ii) second, to the month in which the
Closing occurred, (iii) third, to the period after the month in
which the Closing occurred, and (iv) fourth, to any period
preceding the month which precedes the month in which the Closing
occurred. If rents or any portion thereof, received by Seller or
purchaser after the Closing ,are payable to the other party by
reason of 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
o~her party, which obligation shall survive the Closing.
Delivery of the Lease Assignment (as defined in Section 9(b))
shall not constitute a waiver by Seller 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 l~gal 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-of-living increases or other charges of a similar nature
( II Addi tional Rents II) and any, Addi ~ional Rents are collected b}'
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Purchaser after the Closing Date, then Purchaser shall promptly
pay to Seller out of 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 Seller 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, ~urchaser shall not be
required to commence any legal action.
(d) On the, Closing 'Date, Purchaser shall reimburse
Seller for Seller's cost, including 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 furnish 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 foregoing provisions of this Section 3 cannot be apportioned
at the Closing because of the unavailab~lity of the information
necessary to compute such apportionment, or if any errors or
omissions in computing apportionments at the Closing are
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 installments
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 installments of any such assessment which 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.
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4. ClosiriQ 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") simultaneously 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 "e" annexed hereto and made a part hereof ,(collectively,
the "Permitted Encumbrances").
(b) If on the Closing Date there exist any liens. or
encumbrances which Seller must payor discharge in order to,
convey to purchaser such title as is herein provided to be
conveyed, Seller may use any porti~n of the Purchase price to
satisfy the same, provided:
(i) Seller shall deliver to Purchaser or the
T~~le 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
unc6nditionally 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.
(c) Any franchise or corporate tax open, levied or
imposed against Seller or other owners in the chain of 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 deletes
same from the title policy issued pursuant to the Title
Commitment.
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6. violat.i.ons.
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, which with the passage of time or ,the giving
of notice or both, would constitute such a violation)
("Violations") or (b) any notes or notices of Violations noted or
issued by any Governmental Authority whether or not such
condition, note or notice arose, prior to or subsequent to the
date of this Agreement.
7. Representations and Warranties.
(a) Seller represents and warrants to Purchaser as
follows:
(i) Seller is a duly formed and validly existing
municipal corporation organized under the laws of the State of
Florida, and has full power and authority to own the Premises and
to conduct its business thereon, as it is being conducted, and is
qualified under the laws of the State of Florida to conduct
business therein;
(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 consummate the
transaction contemplated hereby, and to form its obligations
under the Seller's Documents;
(iii) to Seller's knowledge, there are no leases,
licenses or other occupancy agreements affecting any portion of
the Premises (collectively, the "Leases"), except for the Leases
described on the rent roll attached hereto as Exhibit "0" hereof
(the "Rent Roll"). Purchaser acknowledges that Seller has,
limited knowledge of the status of the tenancies 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 solely upon its own inquiries, as
heretofore and hereafter conducted by Purchaser, to determine the
terms, conditions and status of all tenancies affecting the
Premises and of the operations of the Premises generally;
(iv) to Seller's knowledge, there are no Contracts
affecting the premises except as set forth on Schedule 1 annexed
hereto and made a part hereof;
(v) to Seller'S knowledge, there are no pending
actions, suits, proceedings or investigations to which Seller is
a party or otherwise affecting the Premises before any court,
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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) to Seller's knowledge, there are no oral
leases or other oral occupancy arrangements affecting any portion
of the Premises; and
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(vii) this Agreement does not contravene any
provision of the city charter or ordinances 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 default or event of default by
Seller under any agreement to which Seller or any of its assets
are subject or bound and will 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 similar
import shall be limited to the actual (as distinguished from
implied, imputed or constructive) knowledge of Michael Wright,
the actual officer of Seller charged with the management
responsibility for the premises, without inquiry or
investigation.
(b) Purchaser represents and warrants to Seller, as
follows:
(i) Purchaser is a duly formed and validly
existing corporation organized under the laws of the State of
Ohio, 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 Florida to conduct
business therein on the 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 Document~ will constitute, the
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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 Purchriser'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 party before any court, Governmental Authority or otherwise
which may have an adverse impact on the transactions contemplated
hereby.
(c) The representations and warranties set 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.
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(d) Notwithstanding anything contained herein to the .
contrary, the aggregate 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.' Closina 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 Cammi tment; (iii) all
recording costs for the Deed and Lease Assignment; and (iv) all
costs of inspections of the Premises, new or updated surveys of
the Premises, environmental audits and other reports ordered by
or on behalf of Purchaser relating to the Premises,
(b) Purchaser and Seller shall be responsible for
their own attorneys', fees and other closing costs wh.Lch are not
expressly enumerated herein.
9. Documents to be Delivered Bv Seller at Closinq. At the'
,Closing, Seller shall execute, acknowledge and/or deliver, as
applicable, the following to Purchaser or the Title Company:
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(a) A Special Warranty Deed (the "Deed"),conveying,title to
,the Premises.
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, (b) The Assignmen~ and Assumption of 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
As s ignment" ) .
(c) The Assignment and Assumption of Contracts arid
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").
(d) To the extent in Seller's possession, executed
counterparts of all Leases and any amendments, guarantees and
other documents 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
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
thereof to transfer such deposits and interest to Purchase~.
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.
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(e) A bill of sale in the form of Exhibit "G" annexed
hereto and made a part here!,f (the "Bill of Salell) 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 Pr.operty.
( f )
of Exhibit UH"
tenants of the
that rents and
Notices to the tenants of the Premises in the form
annexed hereto and made a'part hereof advising the
sale of the Premises to Purchaser and directing
other pa~nents thereafter be sent to Purchaser or
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as Purchaser may direct.
(g) (i) Copies of resolution of the, city commission
of Seller authorizing the,execution, delivery and performance of
this Agreement and the consummation of the transactions
contemplated hereby, certified as true and correct by the City
Clerk or the Assistant City Clerk of the Seller; and '(ii) an
incumbency certificate executed by the City Clerk or the
Assistant City Clerk 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 located 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 ~t 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 sworn t,o by Seller, in,
customary form. Purchaser acknowledges and agrees, that upon ,
Seller's delivery of such affidavit, purchaser shall 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.
(1) A "GAP" and "No-Lien" affidavit, in customary
form.
(m) A closing statement (the "Closing Statement"), in
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 deliv~r
pursuant to the provisions of this Agreement. '
10. Documents ,to Be Delivered bv Purchaser at Closino. At
the Closing, Purchaser shall execute, acknowledge and/or deliver,
as, applicable, the following tri Seller:
(a)' The Purchase Price payable at Closing pursuant to
Section 2 hereof" subject to 'apportionments, credits and
adjustments as expressly provided in this Agreement.
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(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 Pur~haser; and (ii) an incumbency certificate
executed by an appropriate party with respect to the person
executing this Agreement on the part'cf the Purchaser.
'(c) The Lease Assignment.
(d) The Contract and License Assignment.
(e) The Closing Statement.
(f) An opinion of the attorney for Purchaser to the
effect that (i) all 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 i~ .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 conwence, continue and control the
I progress of, and to make all decisions with respect thereto,' any
proceeding or proceedings, whether or not now pending, for the
reduction 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 and be the property of
Seller. Purchaser agrees to cooperate with Seller, at Seller's
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.
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12. 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"). All 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 merchantability and fitness
with respect to the Premises 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 inspect the Premises and
become fully familiar with the physical condition and state of
repair of the Premises. Purchaser acknowledges and agrees that
at Closing it will be accepting title 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
Improvements. Unless expressly provided otherwise herein, in no
event shall 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 ~he agreement entered into betweery 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
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or warranties, and Seller and its
respective agents, officers, employees or representatives 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 Premises; (b) the potential
qualification of the Premises for 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 compliance of
the Premises in its current or, any future state, with applicable
environmental 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 operation 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
operating 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 real estate
broker or other person. Purchaser's acceptance of the Deed shall
be a discharge of all of the obligations of the Seller hereunder
except such as may be expressly required to survive the delivery
of the Deed under this Agreement or which by their tenns as
described in this Agreement are to be performed 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 suffered damage.
Seller agrees to assign to Purchaser all of the Seller's rights
to the sum of $501000 which has been deposited in escrow with the
Miami law firm of Weill Gotshal & Manges for the purpose of
funding the repair of said damage to pre-storm condition,
pursuant to and subject to the terms of an escrow agreement dated
March 29, 1993, by and between Maria Real Estate, Inc., and the
City of Clearwater, Florida. Any disbursements from the escrow
will be on terms and conditions set'forth in said Escrow
Agreement, including without limitation the submission by
purchaser of estimates and invoices for the repair, which
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estimates and invoices shall be subject to the prior approval of
Maria Real Estate, Inc.
13. No Broker.
Purchaser and Seller represent and warrant to each other
that it has dealt with no real estate broker, sales person or
finder in connection with the transactions described herein nor
has Purchaser been introduced to the Premises or to Seller by any
real estate broker, sales person or finder, Each party hereto
agrees to indemnify, defend and hold the other harmless from and
against any and all claims, causes of action, losses, costs,
expenses, damages or liabilities, including reasonable 'attorneys'
fees and disburseme~ts, which the other may sustain, incur or be
exposed to, by, reason of any claim or claims by any broker, sales
person, finder or other person, for fees, commissions or other
compensation arising out of the transactions conte~plated in this
Agreement if such claim or claims are based in whole or in part
on dealings or agreements with the indemnifying party. Provided,
however, that if a broker, sales person, finder or other person
,establishes a right to a fee, commission, or other compensation
arising out of the transactions contemplated in this Agreement,
such fee, .commission, or other compensation shall be paid by the
Purchaser. The obligations and representations contained in this
Paragraph 13 shall survive the termination of this Agreement and
the Closing.
14. Access to Records.
For 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 td Purchaser by Seller at the Closing for tax
and audit 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, b60ks and records.
15. Notices.
All n6tices, elections, consents, approvals, demands,
objections, requests or other communications which Seller or
purchaser may be required or desire to give pursuant to, under or
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;
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,If .to, Seller: Michael Wright, city Manager
City of Clearwater
P.o. Box 4748:.
Clearwater, Florida 34618
M.A.' Galbraith, Jr:; City Attorney
" Ci ty of Clearwa ter
P. O. Box 4748
Clearwater, Florida 34618
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with copy to:
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AND
If topur'chaser:
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Seller or Purchaser may designate another addressee or
change its address for notices and other communications ,hereunder
by'/a notice given to the ot~er' in the rrianne~ provided in, this
Section; A 'notice or other c~mmunication sent in compliance'with
the provisions of this Section shall be deemed ,given and received
on'(i) the iecondbusiness day following the date it i~ deposited
i~ the U. S. m~il,', or (ii) the date it is received by the other
party if sent by express mail, telecopier, courier, or personal
delivery. '
16. Miscellaneous.
(a) Thi~ Agreement shall not be altered, amend~d,
changed, waived, terminated or 'otherwise modified in any respect
'or particular unless the same shall be in writing ,and signed by
or on behalf of the party to be charged.
(b) This Agreement shall be binding upon,and shall
inure to the benefit of, the parties hereto and to the~r
respective heirs, exec~tors, administrators, successors and
assigns. ..
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(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 expresses the agreement between them
in connection with this transaction and which is entered into
after 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 party
drafting this Agreement~
(d) Except as otherwise expressly provided herein, all
of Seller's representations, warranties, covenants and, agreements
herein shall merge in the documents ,and agreements executed at
the Closing and shall not survive ,the Closing. '
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(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 employee of Seller, arising 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 contemplated 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 employee of the Seller with respect to any matters
arising out of or in connection with this Agreement or the
transactions contemplated hereby. Without limiting the
generality of the foregoing provisions of this Section 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 officers and employees,
and hereby unconditionally and irrevocably releases and '
discharges Seller's officers and employees from any and all
liability whatsoever which may now or hereafter accrue in favor
of Purchaser against Seller's officers and employees, in
connection with or arising out of this Agreement or the
transactions contemplated hereby.
(f) No failure or delay of either party i~ 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)
16
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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 so 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 on~ 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 ~erein 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
therewith through and including all other legal expenses and the
costs of 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 the plural and vice versa.
(1) All of the Exhibits and Schedules annexed hereto
are incorporated herein by reference and form pa.rt of this
Agreement.
(rn) Use of the words "herein," "hereof," "hereunder"
and any other words of similar import refer to this Agreement as
a whole and not to any particular article, section or rither
17
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paragraph of this Agreement un~ess 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
beneficiaries, the parties' hereto intending by the provisions
hereof to confer no such benefits or status.
(0) Whenever this Agreement calls for or contemplates
a period of time for the performance of any term, p~ovision or
condition of this Agreement, all of the days in such period of
time shall be calculated consecutively without regard to wh~ther
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 I s own cost, will execut,e and deliver any
written further assurances that are necessary, convenient or
desirable to evidence, contemplate, 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 thai 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 HEREBY KNOWINGLY,
VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVE ANY RIGHT ANY
PARTY MAY HAVE TO A JURY TRIAL, IN EVERY JURISDICTION IN ANY
ACTION, 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 OR IN
CONNECTION WITH THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED AND
DELIVERED BY EITHER PARTY IN CONNECTION THEREWITH (INCLUDING,
WITHOUT LIMITATION, ANY ACTION,TO RESCIND OR CANCEL THIS
AGREEMENT, AND ANY CLAIMS OR DEFENSES ASSERTING THAT 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 affect the ~ema~n~ng
provisions of this Agreement and to this end the provisions of
this Agreement are intended to be and shall be severable.
(s) TypewrItten or handwritten provisions inserted in
this Agreement or in the Exhibits annexed hereto (and initialled
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by the parties), shall control all printed provisions in conflict
therewith. '
,(t) Each party hereto acknowledges that all ,parties
hereto have participated equally in the drafting of this
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: '
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Countersigned:
CITY OF CLEARWATER, FLORIDA
Rita Garvey
Mayor-Commissioner,
By:
Michael J. Wright
City Manager
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Approved as to form
and correctness:
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Attest:
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M. A. Galbraith, Jr. ' '
Ci ty Attorney,
Cynthia E. 'Goudeau
City Clerk
, '
PURCHASER:
WALTER T. KRUMM
VENTURES INCORPORATED
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By:
President
Attest:
Secretary
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EXHIBIT "A"
LEGAL DESCRIPTION OF THE LAND
PARCEL III:
Lots 1, '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-af-way, together with that
portion of said Block "1311 which was formerly an alley, running
East and West through said Block "1)", also vacated railroad
right-of-way described as follows: Begin at Southeast corner of
said Lot 2, Block "13", run thence Eastf along the Northerly
right-of-way of Park street, 60.18 feet thence Northerly along
the Easterly right-af-way line of said railroad right-of-way also
the West lines of Lots 7 & 8, Block u20u of said GOULD AND EWINGS
1ST AND 2ND ADDITION, 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 ~long th~ 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 1ST AND 2ND ADDITION, 228~93 feet more or less to the
Point of Beginning. All being in section 16, 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 1ST AND '2ND ADDITION; thence along the Northerly
right-Of-way of Park street (Park Avenue - Plat) (A 60 foot
right-af-way), North 8904515311 West, 110.22 feet to the Southwest
corner of Lot ~, Block i3 of'sa~d GOULD AND EWINGS 1ST AND 2nd,
ADDITION; thence along the Eastern right-Of-way of South Garden
Avenue North 00002'16" East 227.94 feet to the apparent southerly
right-Of-way line of Cleveland street as it now exists; thence
south 89050'01n East 189.03 feet ,to the Easterly line of the
vacated S.C.L.R.C. right-of-way; thence South 04042126" 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 89045'53" West, 60.18 feet to the Point of. Beginning.
A-I
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EXHIBIT "B"
LEGAL DESCRIPTION OF AIR SPACE
All those volumes of air space situate in the City of Clearwater,
Pinellas County, Florida, containing 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:
Commence at the Northeasterly corner of Lot 3, Block u6" 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
89045'53" West, along the Southerly right-af-way of Park street
(Park Avenue - Plat) (A 60 foot ri~ht-of~way) 218.94 feet; thence
South 00014'07" West, 15.00 feet ta a point on the face of a
precast concrete wall, said point being the point of beginning;
~hence continue along the face of said wall South 89045'53" East,
189.21 feet; thence South 00014107" West, 206.42 feet; thence
North 89045'53" West, 94.38 feet to point "A" for convenience;
thence North 89045'53" West, 94.83 feet to the intersection of
,the face of said precast concrete wall and the face of a masonry
wall; thence North 00014'07" 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 the 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:
.
Commence at the aforedescribed point "A" as a point of reference;
thence North 00014107" East, 184.21 feet to the point of
beginning of a 63.00 foot strip being 31.50 feet on each side of
the following described line; thence 'South 00014'07" 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 floors of the parking garage. Tbe 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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MariA Real Estate. Inc.
Atrium .t Cll!:llrMter Square
Tmaat Roster . 3/93
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Uoia1obe Sun Trnel 919 S9.00 56.89 ' 515,89 raxed Sll:p Rut 03/104/96 S2.54O,:17
(I'riplc Net Leuc) S9.54 56,89 516.043 3193l1uu 3194
S10,11 56.89 517,00 3/94l1uu J/95
SIO.72 56,89 517.61 3/951htu 3/96
lUU'D'. Cafe 971 514.11 56.611 A 510.79 Annual CPl. 6% Cap 09115196 SI.600.00
Fane NaliopaJ Bar 2007 ' I 514,08 50,00 B 514,08 raxed Sll:p Rent 07131195 52,333.34 '
S15.08 SO.OO S15,08 S193 thru 7/95
Suo Bank . Lobby 3251 Sl6,45 $4.50 ^ 520,95 A.nrIaaJ CPI aD AmUv. 08131196 SO.CO
Dale, 6 $ Cap
Suo Baa.k . Drive T1uu 1166 S 16.45 S2.50 A 513.95 A.nnua1 CPI 00 Anoiv. 08131196 50,00
Dale; 6'; Cap
Sua Bank 3931 2 S16.45 S4.50 A 520,95 A.onu.aJ CPI 011 Anaiv. 08131193 50.00
Dltc. 6 ~ Cap
D. Ku,ru &. Auoc. 2500 :1 S7.JI 55.92 A S13.43 T~mp. Reot Rc4uetioll 06130195 ' $0,00
, Micro-Ellie.. tne. 1500 2 57.61 SU9 C 514,50 No lD:reuc. CotTOm! 10f31t9l S'1,OO6.lS
CUmllwy on M-T-M ^"...tlMlll
MPL InlcmationaJ, [ne, 557 2 $12.39 50,00 C 511'.39 No lno:RUC (or Term 10113/93 5615.25
Cancrcl 16091 3 $15.90 4,5 ^ 520.40 FIXed l5 % Step An.c.ual, 01131/94 SO.oo
lUne, S.m &. lkniM 500 .. 513.00 SO,OO B S 13 ,00 No lnc~..cs (or Tenn 10131193 5650,00
Internal'l Tech Tnns 452 5 13.75 0 B 513.75 No Ioo::rcaael for Term 09130/92 5921.10
CUrnndy on M-T-M ^iTCqtlCnl
U.S. Compulcr S.IClI
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S16,50 Faxed nle MnuaJJy
517.00 7194 thru 6/9S
$18.507195 IhN 6196
S19.J0 71961luu 6198.2 yn
06130/98
$5,598,00
T.e. Service FUWlCW
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09130/94
$1,543.48
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~Il Willer Reynold. 11231 7 $17.61 $,4.50 ^ 522.11 'Faud lUte thN 8/96 08131/96 $0,00
Folwer WhIte d .1 8977 It SlU7 U.11 A S \ 1.40 Anr.u&1 CPt 11115194 $0.00
C.nen:l 7115 8 $16.85 S5JO ^ $22.35 Faxed 6 $ Slep Real An. 01131/94 SO.OO
Mldlllad Mortlale 7547 9 S10.50 $6,50 A $17.00 Faxed !tile -Ihru 5/93 05131/96 $0.00
$11.50 56,50 $ U.OO 6193 thtu 5/94
$12.50 56.50 $ 19,00 619.c tluu 5195
$13,50 $6,50 $20.00 6/95 thtu 5196
Meni.tl Lypeh 7575 9 $10.11 $6.~9 A $17.00 Faxt4llUle -lhru 8/95 021211/0 I $0,00
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SI7,807.69Tot.aJ Securiry
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- T. p.y. ucalalion ovcr bUe ojlt:r. COIU, ptcblUcd IDOl1IhIy with rcnl invoice
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',- T. p.ya only bu.o oper, ColU. 110 oye"'l'ca
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EXHIBIT lIEu
FORM OF ASSIGNMENT AND ASSUMPTION
OF LEASES, TENANCIES AND SECURITY DEPOSITS
The CITY OF CLEARWATER, FLORIDA, a Florida municipal
corporation, having an office at 112 South Osceola Avenue,
ClearWater, Florida 34616, ("AssignorU), in consideration of the
sum of Ten Dollars ($10.00) and other good and valuable ,
consideration paid'by WALTER T. KRUMM VENTU~ES INCORPORATED, an
Ohio corporation, having its principal office at 985 Bethel Raod,
Columbus, Ohio 43214, ("Assignee"), does hereby assign,
transfer 'arid set over to Assignee, to the extent assign~ble,' 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 liB" attached hereto and incorporated herein by
reference (collectively, the "Leases"), together w~th all
,security deposits and accrued interest thereon, if any, held by
Assignor with respect t6 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 Leases for the period on and after the date hereof.
, .
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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
h~reby.
,Assignee, by its execution of this Agreement, does hereby
assume al~ obligations and liabilities of the lessor under each
of the Leases arising ~n 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 p~ior to and
on and after the date hereof, and (ii) as otherwise set forth on
Exhibit ~DlI hereof.
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and
IN WITNESS WHEREOF, Assignor and Assignee
delivered this Assignment this
, 1993.
have duly executed
day. of
ASSIGNOR:
, ,'.
Coun ters igned ':
CITY OF CLEARWATER, 'FLORIDA
By:
'Rita Garvey
Mayor-Commissioner'
Michael' J. Wright
City Manager
Attest:
Witnesses:
Cyrithia E. Goudeau, City Clerk
. ~ .'
" '
Approved as to form and correctness:
Print name
M. A. Galbraith; Jr. City Attorney
"
Print name
ASSIGNEE:
Witnesses:
WALTER T. KRUMM VENTURES INCORPORATED
By:
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President
Print Name.
Attest:
Print Name
Secretary
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BEFORE ME personally appeared ~ita Garvey, the Mayor-comm~ssi~ner
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take an oath. .
WITNESS n\y hand and official seal this
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day' of
Print/Type Name:
Notary Public
STATE OF FLORIDA'
COUNTY OF PINELLAS
BEFORE ME personally appeared Michae~ J., Wright; the City Manager
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foregoing instrument. He is personally known to me and did not
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WITNESS my hand and official seal .this
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day of,
Print/Type Name:
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EXHIBIT "FII
ASSIGNMENT AND ASSUMPTION OF LICENSES AND CONTRACTS
The CITY OF CLEARW~TER, FLORIDA, a Florida ,municipal
"co'rporation, having an office at 112 South Osceola Avenue,
Clearwater, Florida 34616 (II Assignorll ), in consideration of the sum
of Ten'Dollars ($10.00) and other good and valuable consideration
paid by WALTER T. KRUMM VENTURES INCORPORATED" an Ohio corporation,
having an office at ,985 Bethel' Road, Columbus, Ohio 43214'
("Assignee~), does hereby assign, transfer and set ,over to
Assignee, to the extent assignable, all of Assignor's right, t~tle
and interest in and to all licenses, permits, certificates,
approvals, authorizations and variances (collectively, the
'''Licenses II) issued for or with respect to, 1;:he construction,
development, management, maintenance and operations of all or any
portion of the real property located in Pinellas County, Florida,
more part~cularly 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, francl1ise agreements,
'license agreements, management agreements and service contracts, if
any, as are described on Exhibit liB" annexed hereto and made a part
hereof (collectively, the IIContractsll).
Assignor represents and warrants to assignee that Assignor has
full legal power and, authority to execute and deliver th~s
Agree~ent and to consummate the transactions contemplated hereby.
Assignee, by, its execution of 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
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WHEREOF, Assignor and Assignee
this Assignment this
, 1993.
haye duly executed
day 'of
ASSIGNOR:
Countersigned:
CITY OF CLEARWATER, FLORIDA
By:
,'"
Rita ,Garvey
Mayor-Commissioner,
Michael J. Wright
City Manager
Attest:
Witnesses:
Cynthia E. Goudeau, City Clerk
Approved as to. form and correctness: '
Print name
M. A. Galbraith, Jr. City Attorney
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Print name
,ASSIGNEE:
Witnesses:
WALTER T. KRUMM VENTURES INCORPORATED
By: '
, Pres iden t
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Print Name
Attest:
Print Name
Secretary
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STATE OF FLORIDA, ) ,
CQUNTY'OF'PINELLAS ,)
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BEFORE ME personally appeared Rita Garvey,' the Mayor-C~mmissioner
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.
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WITNESS ,my hand and official seal this
, 1993.
day of
,"
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 me and did not
take an oath.
Print/Type Name:
Notary Public
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STATE OF FLORIDA
COUNTY OF PINELLAS
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WITNESS, my hand and official seal this
, 1993,
day of
Print/Type Name:
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Notary Public
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The foregoing
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above-named
corporatiori.
instrument was acknowledged before me this
, 1993, by
. , President and Secretary of' 1;:he
an Ohio' corP9ration, on bel:1al:f' of the
'personally knoWn to me ,or has produced,
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EXHIBIT "G"
BLANKET CONVEYANCE, BILL
OF SALE AND ASSIGNMENT
KNOW ALL MEN BY THESE PRESENTS:
THAT the CITY OF CLEARWATER, FLORIDA, a Florida municipal
corporation ("Grantor"), having an office at 112 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 WALTER T. KRUMM VENTURES "
INCORPORATED, an Ohio corporation, having an office at 985
Bethel Road, Columbus, Ohio 43214 (uGrantee"), the
receipt and suffi~iency of which are hereby acknowledged and
confessed, has GRANTED', SOLD, ASSIGNED, TRANSFERRED, CONVEYED and
DELIVERED and does by these presents GRANT, 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), i~ 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"):
1. If any, all machinery, furniture, furnishings,
equipment, fittings, fixtures, electronic business machines,
computers, data processing machinery, 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 foregoing, if any, all
heating, lighting, incinerating, landscaping, loading, unloading,
garage and power equipment and supplies, engines, pipes, pumps,
tanks, motors, conduits, switchboards, plumbing, lifting
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 ar~, all vacuum
cleaning systems, all substitutions, attachments, components,
parts, equipment and accessories relating to all of the
foregoing; provided, however, the foregoing shall not include any
personal property owned by or leased by third parties to any
tenant occupying the Property, to the extent that the same does
not become the property of Grantor under 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
liThe Atrium at Clearwater Square It , together with the goodwill
appurtenant to each of such'names, logos and designs (the ItTrade
Names It ) ;
3. All warranties and guaranties relating to the Property
'or any portion thereof or the Personal Property or any portion
thereof, if any (the "Warrantiesl1);
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 Property including, without
limitation, all fixtures 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
condemnation or eminent domain with respect to any of the
Property (the t1Condemnation proceeds");
9. All prepaid water and sewer charges, capacity and
capacity reservation fees, utillty 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 t1Governmental 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 t1Development Agreement"); and
11. To the extent not otherwise included, all "proceedstl of
the foregoing as defined in the 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 form whatsoever made or due and payable'
to Grantor from time to time in connection with any requisition,
confiscation, condemnation, seizure or forfeiture of nIl or any
part of the Property by any governmental body, authority, bureau
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 (theIlProceeds").
TO HAVE AND TO HOLD the Personal 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, ~orever.
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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 hereof.
All 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, ~evisees 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 all of which together shall, constitute on
Agr~ement.
IN WITNESS WHEREOF, Grantor has executed this Blanket
Conveyance, Bill of Sale and Assignment this day of
, 1993.
': .\.
GRANTOR:
Countersigned:
CITY OF CLEARWATER, FLORIDA
By:
Rita Garvey
Mayor-Commissioner
Michael J: Wright
City Manager
Attest:
Cynthia E. Goudeau
City Cl~rk
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STATE OF FLORIDA )
COUNTY OF PINELLAS )
BEFORE ME personally, appeared Rita'Garvey, the M~yor-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
1993.
day of"
Print/Type Name:
Notary Public
STATE O~, FLORIDA ,)
COUNTY OF PINELLAS )
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BEFORE ME personally appeared Michael J. Wright, ,the City Manager
of the above-named city, who acknowled~ed that ,he executed ~h~
foregoing instrument., ' He is personally known to me and did not
take an oath.
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WITNESS my hand and official seal this
,1993.
, . ~
day of
"Print/Type Name:
Notary Public'
Approved as to form and correctness:
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M. A. 'Galbraith, Jr.
Ci,ty Att'orney
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FORM OF NOTICE TO TENANTS
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,:[LETTERHEADOF CITY MANAGER, CITY OF CLEARWATER, FLORIDA]
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TO: ~AIl Ten~nts
The Atrium at Clearwater Square
601 Cleveland Street
Clearwater, Florida '
Re: Sale of The Atrium at Clearwater SQuare
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'Gentlemen:
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, Please be advised that the, CITY, OF CLEARWATER, FLORIDA, has'
sold The Atriurn at Clearwater Square to WALTER, T. 'KRUMM VENTURES
,INCORPORATED. You are hereby instructed,and directe~ to make all,
future rental and other payments under your lease to:
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Very truly'yours,
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Michael wright, ,City Manager
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.. M E M 0 RAN DUM
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, The 'Honorabl~ Mayor a~d Members of the City Co~mission
,M. A. Galbrai~h, 'Jr~, City Attorney ~.
Sun Bank Pu~chase Agreement
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'May2B,1993
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Al Justice, of, Justice Corporation has brought to my attention a serious error in
Section 13, relating to brokers' commissions.
This error is corrected by substituting a new Section 13 (copy enclosed).
When you meet next Tue~day, this substitution will have been ~ade in the original
and a motion to amend the agreement will not be ne~essary~ "
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Copies: '
Michael Wright, City Manager
Cynthia Goudeau, Cjty Clerk
Emil Pratesi, Esquire (via fax) ,
Walter,J. Mackey. 'Jr., Esquire (via'fax)
'Mr. Al Justice (via fax) ,
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13. Broker.
page 14,:Section 13:
Delete Section 13 and substitute the following:
Purchaser shall pay all brokerage commission due and payable
to the Justice Corporation purs~ant to a separate agreement
between Purchaser and Justice Corporation, to be paid outside of
closing'.
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Otherwise, e~ch party represents to the other that it has
dealt,with no 'real estate broker, sales persons or finder in
connection with the transactions d~scribed her~in, except as
, ' ,
aforesaid'. Each party hereto agrees to ,indemnify, defend and
hold. the other harmless from and against any and al~ claims,
causes of ~ction, losses, costs, expenses, damages or
liabilities, including reasonable attorneys' fees and
disbursements, wh~ch the 'other n~y sustain, incur or be exp~sed
to, by reason of any claim or claims by any broker, sales person,
finder or other person, for fees~ commi~sions or other
compensation arising out of the transactions contemplated in this
Agreement if such claim or claims ar~ based in whole or in part
on dealings or agreements with the ,indemnifying party.
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The 'obligations, and repres'enta tions contained in this
Section 13 shall survive the termination of this Agree~ent and
the Closing.
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TO:
FROM:
RE:
, DATE:
The Uonorable Mayor and ~'el11bers of the City Commission
M.' A. Galbraith, Jr. t Ci~y ~ttorney ~
Atriurri/Sun []ank Sa le-Purchase Agrecment
~1ay 28, 1993
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,,'The attorney for the purchaser has relayed a message to me via Mr. Pratesi that
they would prefer that you not vote upon the Sale-Purchase Agreement when you
,meet next T~esday, because they are just now seeing it. They spent all day,
yester,day closing on another building elsewher~ in Florida. They will be looking
at our contract over the weekend, and 1 have glven them my home telephone number
if there' is anything they need to discuss with me before next week, but their
preference is that you ,not vote on th~ tontract on Tuesday morning.
The bid will be on the ag~nda for Tuesday" and you may vote to accept the bid and
authorize the'pre~aration of the cont~act. We will bring the contract back as
soon as we can, probably June 14 (special meeting) or June ~7 (regular meeting).
We are now looking at a probable Closing date in early July. The buyer is
acquiring other properties and we are fitting into his schedule.
'I learned today that the buyer intends to form a limited partnership to hold
title for this building, and that this is his standa~d practice for each of the
buildings he acquires. The bid was in the name of a corporation. The motion to'
accept the bid should authorize sale to the corporation "or its assigns."
I am obtaining from Pinellas County the forms and rules'they use when they sell'
to a partnership, reqlliring disclosure of interested parties. I will recommend
that the City require disclosure as the county does. '
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Copics:
Michael Wright, City Manager
Cynthia Goudeau, City Clerk
Emil Pratesi, Esquire (via fax)
WalterJ. Mackey, Jr., Esquire (via fax)
Mr. A1Ju~tice (via fax)
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