ADDENDUM TO LAND CONTRACT
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ADDENDUH TO LAND CONTRACT
THIS ADDENDUM TO LAND CONTRACT made and entered into this
.s-th nay of '~'!~:"Y-;l\.D_ ~~7~, hy aTld 'hpbrpPl1 rhe UNITED STATES
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STE~L CORPORATION of the first part, hereinafter called the
~'Vendor', arid CI'rY OF CLEARWATER, FLORIDA, of the second part,
hereinafter called the Purchaser;
WIT N E SSE T H:
That in consideration of the mutual promises and covenants
herein contained, and One Dollar ($1.00) paid by Purchaser to
Vendor, and other valuable considerations passing between the
parties hereto, the parties hereto agree to amend a certain
Land Contract entered into the 18th day of September, A.D. 1972,
between the parties hereto, which said amendments shall super-
sede the covenants therein wherein there is a conflict; otherwise
all covenants in the original Land Contract shall be binding
and shall extend and survive until the closing of Parcel 5 as
set out below, unless otherwise indicated in said Land Contract
to be for -'3. greater period, and the parties further agree as
follows:
1. The Purchaser and Vendor mutually agree that the title
to the. entire property consist:Lng of Tracts A, B, C and Area
E shall be divided into seven (7) separate parcels numbered
Parcels 1, 2, 3, 4 and 5, and Tract C and Area E, according
to the attached survey, marked Addendum Exhibit 1.
2. The parties hereto mutually agree that after applying
the formula contained in Paragraph 2, subsection (a) of the
original Land Contract that the total purchase price of the
acquisition is $6,325,200.00.
3. The parties hereto mutually agree that there shall
be up to five (5) separate closings on Parcels 1 through 5 over
a period of four (4) years with the Purchaser having the option
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to close at any -cime without penalty un all UL a.ny u[ the said
tracts' within the next four (4) years from the date of first
closing, provided that Purchaser may only close upon the parcels
shown on Addendum Exhibit 1 in numerical order commencing with
Parcell, then Parcel 2, Parcel 3, Parcel 4 and ParcelS. The
first closing on Parcell, as described in Addendum Exhibit
J 1, shall be on January 31, 1973, or as agreed upon by the parties
hereto should an extension of time prove necessary, and the
purchase price of $1,340,000.00 is hereby assigned to Parcel
1, which purchase price is due and payable in full at the time
of closing. Parcel 2 shall be closed on or before December
31, 1973, at a purchase price of $1,246,300.00, at which time
interest as provided in Paragraph 7 shall be paid. Parcel 3
shall be closed on or before Decemb~r 31, 1974, at a purchase
price of $1,246,300.00, at which time interest as provided in
Paragraph 7 shall be paid. Parcel 4 shall be closed on or before
December 31, 1975, at a pu~chase price of $1,246,300.00, at
which time interest as provided in Paragraph 7 shall be paid.
ParcelS shall be closed on or before December 31, 1976, at,
a purchase price of $1,246,300.00, at which time interest as
provided in Paragraph 7 shall be paid.
4. The parties hereto mutually agree that at the closing
of Parcel 1 a Quit Claim Deed shall be given to the Purchaser
by the Vendor for Tract C and Area E and that the provisions
concerning Area E with respect to the Purchaser's furnishing
fill shall survive this closing as contained in Paragraph 2
of the original Land Contract. The consideration for Tract
C shall be included in the consideration for Area E.
5. At the time of the closing on each of Parcels 1, 2,
3, 4 and 5, the Vendor shall give a Warranty Deed and title
insurance shall be furnished both reflecting an insurable title,
free and clear of any encumbrances, except as specified in the
original Land Contract, and except for the rights,"if any, in
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t::ne public in tilt: so-calleG. "dry biil-.J" a.:':cu., ~;,:.;cv:..~i.l""'; tc the
attached survey marked Addendum Exhibit 1. The said title insurance
commitment shall be 'delivered as soon as poss~ble before each
closing, but in any event within a reasonable time prior thereto.
6. It is mutually agreed between the parties hereto that
taxes Of any kind levied and/or assessed against Parcels 2,
3, 4 and 5 shall be pro-rated as of the date of the closing
of Parcel I and that the Purchaser shall be liable for any and
all taxes assessed against the property or any other costs from
that date through the next succeeding four (4) year period,
or until all parcels are acquired by Purchaser or the Land Contract
and the Addendum have been otherwise terminated, and shall pay
the same promptly when presented with the tax bills.
7. It is mutually agreed between the parties hereto that
as far as the payment of the balance of the total purchase price
is concernp.d the Purchaser shall be considered to be a contract
purchaser in possession and the Purchaser shall pay to the Vendor,
based upon the unpaid balance of the total purchase price of
the acquisition, as indicated in Paragraph 2 hereof, sums of
interest as indicated herein. If, prior to December 31, 1973,
the Purchaser can secure a ruling acceptable to the Vendor from
the Internal Revenue Service that the interest is tax free,
then interest is calculated and paid on the tax free schedule
shown below; otherwise the interest is calculated and paid on
the taxable schedule shown below. In the event that interest
as provided for herein shall not be paid when due or any of
said parcels shall not have been closed in accordance with the
schedule set out in Paragraph 3 hereof, unless an extension
shall have been agreed upon, the Land Contract and Addendum
thereto shall terminate and the license granted to the Purchaser,
as set out in Paragraph 8 hereof, shall expire and Vendor shall
be entitled to immediate and exclusive possession of the remaining
unconveyed parcels.
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Interest Schedule
Nontaxable
Schedule
Taxable
Schedule
Interest to be paid to
Vendor by Purchaser on
or before December 31,
1973
3.2%
6.154%
Interest to be paid to
Vendor by Purchaser on
or before December 31,
1974
3.5%
6.731%
Interest to be paid to
Vendor by Purchaser on
or before December 31,
1975
3.75%
7.212%
Interest to be paid to
Vendor by Purchaser on
or before December 31, ~_
1976 and-=l:~"Nuf~respec-Y3_~~j
t4-vely, and thereafter ,.-> ,
if necessary
4.00%
7.692%
8. The parties hereto mutually agree that upon closing
of Parcell, the Purchaser shall have a license for right to
exclusive use and control of the land' described in the remain-
ing unconveyed parcels. The Purchaser, in return for such license,
agrees to assume all risks, costs and liabilities of whatever
kind in connection with said parcels and to hold Vendor harmless
from all such risks, 'costs and .liabili ties. It is further agreed
that any improvements placed on the remaining unconveyed parcels
during theterrn of the licensed use thereof shall be subject
to the prior approval of the Vendor, which approval shall not
be unreasonably withheld, and shall be placed on the property
at the Purchaser1s risk and that should the purchase arrangements
and closings thereon be not completed in accordance with the
terms of the Land Contract and Addendum thereto, that any such
im9rovement~ ~laced thpreon shall become and remain the property
of the Vendor. This covenant shall survive the closing of Parcel
1.
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IN WITNESS WHEPEOF, the parties hereto have cdused these
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presents to be executed the day and year first above written.
Attest:
~::>y te "M... ~.~)
Assistant Secreta~y, United
states Steel Corporation
DPT:cao
UNITED STATES STEEL CORPORATION
By J.ff;t~7?1-((.~).~k
AsvPresident of USS/Realty
Development Division
VENDOR
::71J;;;rJl' FLORIDA
'Ci ty Hanager '
PURCHASER
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PARCEL 2B
Beginning at the South,ve~t corner of SertioT' 1.7, Township 29 'South,
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Range 15 East
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run N 890 10' 3111 E 834.47 feet,
r-un N 420 13' 3111 E 1831..07 feet,
Thence run S 470 46' 29" w 50.00 feet to the Point of Beginning.
Thence run N 420 13' 3111 E 152.18 feet.
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Thence run along an arc 0:0\ a curve to the left having a radius of
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1959.86 feet, a chord bearing of
N 390 50' 23" E and a chord
length of
162. 96 feet,
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'Thence run
S 470 46' 29" W to the Mean High Water Line of
Clearwater Harbor.
Thence rUl\ along said High Water Liiie to a Point, said Point being
the intersection of said Mean High Water Line and a line having
a Bearing of S 470 46' 29" E
from the Point of Beginning.
Thence run
N 470 46' 29" W
62.00 feet plus or minus
to the Point of Beginning.
Containing
.41 Acres More or Less.
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-,' PARCEL
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Beginning at the Southwest corner of Section 17, Township 29 South,
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Rang e 15 E ..
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run N 890 10' 31" E 843.47 feet.
Thence run N 420 13' 31" E 1, 831.07 feet.
Thence r.un N 470 46' 29" W 50.00 feet to the Point of BeginnIng,
Thence run N 420 131 31" E 152. 18 feet
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Thence run along an arc of a curve to the left having a radius of
1859.86 feet, a chord bearing of N 390 42"51" E and a chord length
of 162. 98 feet.
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. Thence run
N 470 46' 29" W
1310.00 feet plus or minus to the
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Mean High Water Line of theG'llf of Mexico.
Thence l'un along said Mean High "'ater Line to a ~oint, said Point
being the intersection of the Mean High Water Line and a line having
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a Bearing of N 470 46' 29" W from the Point of Beginning.
Thence run
S 470 46' 29" E
1265 feet plus or minus to the
Point of Beginning.
Containing
9. 35 Acres More or Less~
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PARCEL
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Starting at the Southwest corner of Section 17. Township 29 South,
tei the Mean Riga Water Line of the Gulf of Mexico.
Thence run along said Mean High Water Line to a Point, said
Point being the intersection oC the Mean High Water Line and a
line having the Bearing of N 470 46' 29" W
from the
Point of Beginning.
Thence run
5 470 46' 29" E
1175 feet plus or minus
to the Point of Beginning. Containing 9. 35 Acres more or less.
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.PARCEL
3 B
Starting at the Southwest corner of Sect:.;;..
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Townshi~ 29 South,'
, .Range. 15 East Run 843.47 feet.
. Thence run N 420 131 31" E 1516.07 feet.
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Thence run S 47. 461 '29" E 50. 00 feet to the Point
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of Beginning. .. -:.~' .
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Thence , ~ N 420 13' 31" E 315.00
run feet.
Thence run S 470 46' 29" E 62.00 ft. to the Mean
High Water Line of Clearwater Harbor.
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Thence run along said Mean High Water Line to a Point, said
Point bei~g the intersection of the Mean High Water Line and a 'line
having the Bearing of
S 47. 46' 29"
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from., Point of Beginning.
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. Thence run
N 470 46' 29" W
115.00 feet plus or minus
to the Point of Beginning.
Containing
.64 Acres More or Less.
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PARCEL
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Starting at the Southwest corner of the Southwest corner of
Section 17, Township 29 South, Range 15 East run 843.47 feet,
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Thence run N 42. 13' 31" E 1201. 07 feet,
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Thence run N 47. 461 29" W SO. 00 feet to the
Point. of Beginning. 0',
Thence run N 42. 13' 31" E 35.00 feet
. Thence run N 47. 46' 29" W. 50. 00 feet.
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Thence run N 4~ ) 131 31" E . 280. 00 feet.
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Thence run N 47. 46' 29" W 1175. 00 feet plus or minus
to the Mean High Water Line of the Gulf of Mexico.
Thence run South easternly along said Mean High Water Line
to a Point, said Point. being the intersection of the Mean High
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Water Line and a Line having the Bearing of . N 470 46' 29" w
from the Point of Beginning.
Thence run
S 470 46' 29" E
1125.00 feet plus or minus
to the Point of Beginning containing
8.07 Acres More or Less.
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Starting at the Southwest corner of Section 17. 'Township 29 South,
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. , R~nge 15 East, run 843.47 feet.
Thence run N 4;20 13' 31" E 1201. 07 feet.
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. 50. 00' feet
Thence run 8.470 461 291i E to the P. O. B.
Thence run N420 13' 31" E. 315. 00 feet.
-Thence run 5"47 0 46' 2911 E 115~00 feet plus or minus to
the Mean High Water Line of ClearwCl;tet; Harbor.
Thence run along said Mean High Water Line to a Point, said Point
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being the intersection of the Mean High Water Line and a Line having
a Bearing of S 470 46' 29" E from the Point of Beginning.
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Thence run
N 47046' 2911,W
280.00 feet plus or minus
.to the Point of Beginning.
Contail1ing
1.45 Acres More or Less.
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'. . Starting at the Southwest corner of Section 17," Township 29 South,
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run N 470 461 29" W .50.00 feet to the P. O. B.
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Thence run N 420 13' 31" E 315,00 feet "
Thence run .N 470 461 29" W 1125.00 feet plus or D1.inus
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to the Mean High Water Line of the' Gulf of Mexico,
.' 'The~ce run Southwesterly along sai'd High Water Line to a Point
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Said Point being the intersection ,of the High Water Line and a
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,Line having the Bearing
of N 470 46' 2911 W
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from the Point
.' of Beginning.
Thence" r6n
,5 470 46' 29" E
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990.75 feet plus or minus
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to tl;1e Point of Beginning.
Containing
."7.87 Acres more or less.
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Starting at the Southwest corner of Section 17. Township 29 South,
.J:~ange 15 East,
. run
Thence run
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Beginning.
. Thence run
Thence run
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N 890 10' 31" E
843.47 feet,
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N 42013'.3111 E.
. 886. 07 fcet,
". 5 470 46' 2911 E
50. 00 feet to Point of
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N 420 134 3111 E . . .315.00 feet,
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5 470 ,40' 2911 E 290.00 feet to the Mean
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High Water Line of Clearwater Harbor.
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Thence run Southwcsterly along said Mean High Water Line to a
Point, said Point being' the intersection of the Mean High Water Line
. and a line having thc Bearing of S 470 46' 29" E,
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Thence run
,~l'-l 470 46' 2,9" w
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237. 00 feet plus or minus
to the Point of Beginning.
Containing
~""~O Acres More or Less.
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