LAND CONTRACT- ORIGINAL
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lARDS. NODINE.
lLKEY. FlTE.
Ii THOP:i'SON. P. A.
WATe". rLoJitDA
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I. STEEL CORPORJ\TION of the first part hen~inafter called the
Vendor, and CITY OF CLEAm~j\'rER of the c:p<':('\T'ln ~rt herei n('lfb">.r
I Calle~,"l,_~:_~",,:_'~:U_T.,:_c_n..~.ase:~.._:t, " t -, J-'.I"~""U;:;.L~ p"'O]I,'.L~""e'.-
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LAND CO:-:r::-?j\C'I'
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THIS AGRP.EMF,N~ mndp.
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and Covenants herein contained, and One Dollar ($1.00) paid
'by Purchaser to Vendor, and other valuable considerations passing
between the parties hereto, the Vendor agrees to sell and the
Purchaser agrees to buy the following described property situate,
lying and being in Pinellas County, Florida, to wit:
Property described as Tract A on Schedule attached hereto
and by reference incorporat\d herein, consisting of thirty~
eight (38) acres, more or less.
property described as Tract C on Schedule attached hereto
and by reference incorporated ~erein, located in the vicinity
of Myrtle Avenue Extension, consisting of nine (9) acres, more
or less.
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The total purchase price of said property shall be
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the sum of Three Million One Sundred Fifty Thousand Dollars
($3,lSO,OOO.00) payable at the times and !n the ~anner following:
Twenty per cent (20%), or Six Hundred Thirty Thousand
Dollars ($630,000.00), to be paid in cash at the time of closing;
Balance to be represented"by a promissory note or ether
obligation of a type to be designated by the City, secured
by a purchase money mortgage covering the'property conveyed
pursuant to this contract. The City shall have the right to
designate the type of obligation given by it hereunder so
that it will not constitute a general obligation of the City
payable from ad valorem taxes and shall not constitute a pledge
of the full faith and credit of the City, but shall De payahle
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from such funds as the City may designate.
Said note or other
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shall bear interest at the rate of 3.2~ per annum
IdUringthe first year, 3.5% per annum during the second year,
, :: .75: it-"'.... o.lUl\.UIl uur l.ng the third year, and 4 % per annum after
II the third yea:t., whi~h interest shall be income tax free to
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Vendor, as evidenced by proper opinion of counsel to he provided
by the Purchaser. 'Said note or other obligation shall provide
for equal annual principal payments .beginning one (1) year
from the date of closing, plus interest in an amount sufficient
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to retire said obligation within not more than five (5) years
from the date of closing. Purchaser shall have the right to
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prepay sai~ obligation without penalty or to pay cash at closing.
The Purchaser shall have the right at its option to delay .the
conveyance of title hereunder for the purpose of protecting
the ability of the Purchaser to participate. in a Federal grant.
In -. such event the Purchaser shall pay to the Vendor the cash
payment of Six Hundred Thirty Thousand Dollars ($630,000.00)
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and shall continue as a contract purchaser hereunder.
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2. As additional consideration for the property to be
conveyed hereunder, the Purchaser c~venants and agrees to
furnish to the Vendor fill dirt to be placed upon remaining
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property owned by the Vendor on Sand Key at the location marked
D on the" map attached hereto. Said fill dirt shall be of
a' quality suitable for filling said property in order to permit
the conventional construction of buildings thereon. The Purchaser
shall furnish a total of six hundred thousand (600,000) cuhic
yards of such fill dirt to said designated location on or before
December 31, 1973. At any time prior to December 31, 1973,
the Vendor shall have the right to remove sand for fill dirt
purposes from the area designated as Area E on the map attached
hereto, which removal shall be at the sole expense of the 'lendor.
Any fill dirt removed by the Vendor at its expense shall be
credited against the total of six hundred thousand (600,000)
Picas OF
cubic yards which the City is obligated to provide hereunder. In
the event that the Purchaser cannot deliver all of the fill dirt
. NODINE.'
Y. FltE.
OMPSO'l. P. A.
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31, 1973,
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. tequired unde: thispa~agrap: :~ or be~::eDP-:embP.r.
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; J~ the parties shall endeavor to agree upon a mutually satisfactory
extension of time for delivery thereof. In the event that the
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parties cannot agree upon such extension, the Purchaser shall
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be obligated to pay to the Vendor an amount equal to One
Dollar ($1..00) for each cubic yard of Ii:: ~;:;....t ..vt 060 deliverE::d.
secured by the purchase money mortgage described in paragraph
1, shall be payable on the same terms as said remaining indebted-
ness and shall be secured by said purchase money mortgage.
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Said additional obligation shall be added to the indehtedness
This covenant shall survive the closing of this transaction.
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3. In addition to the property described as Tract A,
consisting of thirty-eight '(38) acres, the Purchaser shall
have the option of purchasing from the Vendor that additional
tract described as Tract B on the Schedule attached hereto
and by reference incorporated herein, consisting of twenty-
two (22) acres, more or less, upon the foll~ing terms and
conditions:
(a) I The purchase price for said Tract B shall be
computed at the rate of Two Dollars and Thirteen Cents ($2.13)
an amount equal to one-half (1/2) of the difference between
per square foot of property included in said Tract B, plus
said $2.13 figure and the average sales prices of all cont~acts
with other purchasers or bona ~ide offers fram other prospective
purchasers for portions of Tract B which have been received
by Vendor prior to November 10, 1972. By wap of illustration,
if the average sales price of all contracts ar bona fide offers
received by the Vendor from other persons for sales within
said Tract B is $4.13 per square foot, then tlhe option price
of said Tract B to the Purchaser herein shall be $3.13 per
square foot.
(b) If the Purchaser desires to ex~cise its option
to purchase Tract B, then it shall notify the Vendor to that
w OP'nCES 0"
MOS. NODINE. effect at some time beb'leen ?1ovember 10, 1972" and Nover.1ber
ILIC(Y. Flu.
6 THOMPSON. P. A. -3-
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HARDS. NODINE.
GilKEY. FITE.
!It THOMPSON. P. A.
lItWATIE.". "LOAIOA
1972.
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(c)
If the Purchaser exercises its option to purchase
Tract B, then the terms and conditions of the sale of the same
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shall be identical to those set forth in this Contract with
respect to Tract A, that is to say, there shall be a down payment
I made at the tiILi6 of closing of twenty per cent (20%J of the
purchase price of said Tract B, and the balance shall be represente
by a'promissory note or other evidence of indebtedness and
secured by a purchase money'mortgage, subject to all of the
terms and conditions set forth herein with respect to said
Tract A.
4. This Contract is being entered into as the result
of extensive negotiations between the Vendor and the Purchaser,
constituting the governmental body most directly involved with
this property and primarily responsible for supervising its
use or development. In the event that any litigation should
be instituted or joined in by the Trustees of the Internal
Improvement Fund of the State of Florida, or any other govern-
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mental body or official or public agency seeking to condemn
any portion of the Sand Key property owned by the Vendor or
claiming any public interest or ownership in, or restriction
upon use' of, the entire Sand Key property owned hy the Vendor,
at any time prior to the closing of this transaction, the Vendor
shall have the right to cancei this Contract at any time prior
to closing and be relieved of all further liability hereunder.
5. In consideration of this contract, Purchaser covenants
and agrees, for a period of ten (10) years from the date of
the closing of this transaction, not to institute or join in
any action for the condemnation or taking by eminent domain
of any of the additional property owned by the Vendor on Sand
Key at that time. This covenant shall survive the closing
of this transaction.
6. The property to be conveyed hereunder shall be conveyed
subj ect to the rights, if any, of the plainti ffs #;.n that certain
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I.'\.r;:.y, ..Lnc.
ClgCl.J.USl:. 't:.ne. venaor,
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i'~o. 373!:4 in
the Circuit Court of the sixth
JUdicihl Circuit in and for pinellas County, Florida, which
buit. ~s now under 'appeal in the Court of Appeal for the Second
District of the State of Florida. The property shall also
be conveyed subject to the follm~ing restrictions on its use,
which restrictions shall be incorporated in the deed given
by the Vendor to the Purchaser, to wit:
a. For a period of twenty-five (25) years from the
date of the closing of this transaction, the Purchaser shall
not resell any of the property acquired hereunder to any person
or organization except the County of , pinel las, state of Florida
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or the United States of ~m~:ica.
b. In the event that the Purchaser does not execute
its option to purchase Tract B, it agrees that the follo\'ling
restrictions will be observed with respect to Tract A:
(1) No buildings will be constructed thereon
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except for public purposes.
(2) No building shall be constructed west of
Gulf Boul~vard more than one (1) story in height.
(3) No building shall be constructed east of
Gulf Boulevard more than two stories in height.
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. (4) The Purchaser will establish roads and parking
lots only at the locations shown on the map attached hereto
and will landscape all parking lots and provide pedestrian
ingress and egress across the same for the ben'efi t of the general
public including the owner~ and users of Tract B. The Purchaser
will also provide vehicular access on the east side of Tract
the city road to be constructed adjacent thereto.
7. The parties hereto have jointly sponsored a jetty
study being performed by the University of Florida under the
direction of Dr. Dean. When these studies are completed and
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construction of the jettY,has been approved by all necessary
governmental bodies with sufficient data at hand to establish
HARDS. NODINE.
(iILKEY. FITE.
R a THOMPSON, P. A.
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,lRW-..Tf'A. "'LORID'"
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o\'lned property' of the Vendor justifies. This covenant shall sur-
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-v"'iVi:: the' closing of' this transaction.
8. IN CONSIDERATION \iHEREOF the Vendor promises and agrees
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to convey to the Purchaser by good and sufficient warranty
deed containing full covenants of warranty-a fee simple insurable
title to the real estate above described, free and clear of
all encumbrances except as herein otherwise provided and except
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as follows: all easements and rights-of-way; any and all rights
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of the County of Pinellas, State of Florida, and the Federal
Government. in, to or on any land below tpe mean high \'later.
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mark of the property covered by this Contract, and all waters
surrounding the said property or any bulk head lines or navigationa
9. The Vendor agrees to deliver to the Purchaser, as.
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rights in said waters.
soon as the same can be obtained with r~asonable diligence,
a written commitment issued by some recognized title insurance
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company doing business in the state of Florida binding that
company to insure the title in the Purchaser upon the consum-
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ma.tion of this agreement.' Said title insurance company shall
agree to eliminate the survey exception, provided the Purchaser
furnishes a current survey the cost of which is to be borne
equally by ~e Purchaser and the Vendor. In the event that
the title of the Vendor is not insurable, the Vendor shall
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have a reasonable time thereafter to perfect the title and
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will in good faith exercise due dili.gence to do so; and if
the defects are not cured within a reasonable time, then the
Purc~aser may demand a return of all earnest moneys paid by
him and cancel this contract, or waive the defects and accept
the property without deduction on account of said defects.
10. Parties agree to prorate real estate taxes as of the
date of closing.
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S. NODINE,
EY. FlTE.
HO"'PSO~. P. A.
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1/ ~_ ~~.~ <hiS sal.e sna.ll be closed as soon as title insurance
. COllUll~tlllelJc. has been issued, Clnc. Vendor's title found to be
as herein representedj and in any event the sale shall be
closed notlater than January 31, 1973. The time of closing
shall be'of the essence hereof.
12. The Purchaser shall be permitted'to go into possession
of the property covered by this contract on closing.
13. Required documentary stamps shall be placed on the
deed by the Vendor. In the event that a purchase money mort-
gage is taken by the Vendor as a part of the purchase price,
the intangible tax thereon shall be paid by the Vendor, and
required documentary stamps on the note secured thereby shall
be paid for by the Purchaser.
14. In the event that it becomes necessary for either
party to enforce this contract by legal proceedings, then all
costs of such proceedings, including a reasonable attorney's
fee, shall be paid by the defaulting party.
15. The Purchaser shall have the right to assign its inter-
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est under this Contract only to the County of Pinellas, State
of Florida or the United States of America.
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IN WITNESS "~EFF.OF, the parties have caused these presents
to be executed the day and year first above written.
UNITED STATES STEEL CORPORATION
By . ~e-'rvb-(k:
presi ent, USS Realty Development
Division
ATT;;~ cL r- J
Assistantlsecretary
Approved as to form & correctness:
--(~~Jh? ~~
City Attorney CITY
VENDOR
0""'<:<<.0,.
ATTES~4/~
Wtfz:;\D-~
OS. NODINE.
~EY. FITE.
THO"'P~ON. P. ....
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LEGAL DESCRIPTION OF PROPERTY
Begin at a point on the West line of Section 22,
,'Township 29 South, Range 15 East, 140 feet
'North of the Southwest corner of the Northwest ~
of said Section 22; run thence Northerly along th~
",Section line 260 feet; thence East 660 feet;
then"ce Southerly 260 feet 'to a point 660, feet
East of the point of beginning; thence West 660
feet to the point of beginning. .
Begin at a point on the East line of Section 21,
Township 29 South, Range 15 East, 140 feet North
of the Southeast corner of the Northeast ~ of
said Se~tion 21, run thence Northerly along
the Section line 260 feet more or less to the
Easterly extension of the' South line of Lake
Belleview Addition according to Plat Book 9,
Page 141, Pinellas County, Florida, records;
thence Westerly along the Southerly subdivi-
'sion line and its extension to the Easterly
: right of way line of the Atlantic Coastline
Railroad; thence' Southeast~rly along said
right of way line to a point 140 feet Norther-
ly of the Southerly line of the Northeast ~
of Section 21; thence Easterly to the point
"'of beginning.
. 2(b) Beginning at the Northeast corner of Southwest ~
of Northwest ~ of Section 22, Township 29 South,
Range 15 East, run thence West 465 feet, thence
South 920 fect, thence West 195 feet, more or
less to Northeast corner of the Belleair Power
House Tract; thence South 260 feet, thence West
950 feet, more or less. (along the South line of
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LEGAL DESCRIPTION OF PROPERTY (Cont': d.)
said Power Hous~ Tract) to East line of right
, of way of A.C.L. Railway. thence 835 feet more
or less in a Southeastern direction along the
'Eastern line of said right of way to the inter-
section of South line of North ~ of Northeast %
of 'Soutj1t~ast ;,. vf Section 21, TvWii.shi.p 29 South,
Range 15 East, thence running Ea~t 1455 feet
more or less along said intersected line and
the South line of North ~ of Northwest ~ of
Southwest ~ to intersection of East line of
said Northwest ~tt Southwest ~ of Section 22,
thence North along said line 2003 feet more
or .less to point of beginning, all lying and
being in Sections 21 and 22, Township 29 South,
Range 15 East, LESS howev~r, the following
described lands conveyed to the City of Clear-
water for Park:
Beginning 40 feet South of' Northeast corner
of the Southwest ~ of the Northwest ~ of
Section 22, Township 29 South, Range 15
East, run West 465 feet, South 880', West
195 feet, South 260 feet, west 660 feet,
. Southl40 feet, East 1320 feet, North 1280
.' feet to point of beginning, and LESS th~
. North ~ of Northwest \ of Southwest ~ of
Section 22, Township 29 South, Range 15
East. '
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-, '. Containing nine (9) Acres M.O .L.
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LEGAL DESCRIPTION OF PROPERTY
1. Begin at a point on the West line of Section 22,
Township 29 South, Range 15 East, 140 feet
North of the Southwest corner of the Northwest ~ ,
of said Section 22; run thence Northerly along the
Section line 260 feet; thence East 660 feet;
thence Southerly 260 feet to a point 660, feet
East of the point of beginning; thence West 660
feet to the point of beginning.
2(a) Begin at a point on the East line of Section 21,
Township 29 South, Range 15 East, 140 feet North
of the Southeast corner of the Northeast ~ of
said Se~tion 21, run thence Northerly along
the Section line 260 feet more or less to the
Easterly extension of the South line of Lake
Belleview Addition according to Plat Book 9,
Page l4l, Pinellas County, Florida, records;
thence Westerly along the Southerly subdivi-
sion line and its extension to the Easterly
right of way line of the Atlantic Coastline
Railroad; thence Southeasterly along said
right of way line to a point 140 feet Norther-
ly of the Southerly line of the Northeast ~
of Section 21; thence Easterly to the point
of beginning.
2(b) Beginning at the Northeast corner of Southwest ~
of Northwest ~ of Section 22, Township 29 South,
Range lS East, run thence West 465 feet, thence
South 920 feet, thence West 195 feet, more or
less to Northeast corner of the Belleair Power
House Tract; ~hence South 260 feet, thence West
- 950 feet, more or less (along the South line of
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LEGAL DESCRIPTION OF PROPERTY (Contld.)
said Power House Tract) to East line of right
of way of A.C.L. Railway, thence 835 feet more
or less in a Southeastern direction along the
Eastern line of said right of way to the inter-
section of South line of North ~ of Northeast ~
of Southeast ~ of Section 21, Township 29 South,
Range IS East, thence running Ea~t 1455 feet
more or less along said intersected line and
the South line of North ~ of Northwest ~ of
Southwest ~ to intersection of East line of
said Northwest ~a Southwest ~ of Section 22,
thence North along said line 2003 feet more
or less to point of beginning, all lying and
being in Sections 21 and 22, Township 29 South,
Range 15 East, LESS however, the following
described lands conveyed to the City of Clear-
water for Park:
Beginning 40 feet South of Northeast corner
of the Southwest ~ of the Northwest ~ of
Section 22, Township 29 South, Range 15
East, run West 465 feet, South 880', West
195 feet, South 260 feet, west 660 feet,
South 140 feet, East 1320 feet, North l280
feet to point of beginning, and LESS the
North ~ of Northwest ~ of Southwest ~ of
Section 22, Township 29 South, Range 15
East.
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Containing nine (9) Acres M.O.L.
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