TEN (10) YEAR LEASE
CASLER. DOUGLAS
BAXTER & THOMPSON
ATTORNEYS AT LAW
co SOUTH FT. HARRISON
P. C. DRAWER 29
CLEARWATER, FLORI'DA
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LEASE
The Lessor, BANK OF CLEARWATER, and the Lessee, CITY OF
CLEARWATER, FLORIDA, each in consideration of the agreements to
be performed by the other, hereby agree:
1. The Lessor hereby leases to the Lessee the real pro-
perty inPinellas County, Florida described as follows:
Lots 1 and 2, Block 8, GOULD AND EWINGS FIRST
ADDITION, according to the map or plat thereof
recorded in Plat Book 1, Page 24 of the Public
Records of Hillsborough County, Florida, of
which Pinellas County was formerly a part.
2. The term of this lease shall be for ten years and shall
be deemed to have commenced on July 1, 1970.
3. The Lessee will pay to the Lessor, as rent for the
leased property during the term~one-half of the parking meter
revenue derived from the meters on said property, after first
deducting from all the sums received as revenue thereon the sum
of $5,725.45. In addition, the Lessee shall either pay directly
or reimburse the Lessor for the annual real estate taxes assessed
against said property and shall pay any sales or use tax applic-
able because of this lease.
4. The rent shall become due and payable on a quarterly
basis commencing July 1, 1970 and at which times the Lessee shall
give to the Lessor accountings of all the revenue received from
the parking meters on the leased property.
5. It is agreed and understood the leased property shall
be used by the Lessee as a metered public parking lot; and in the
event that the Lessee discontinues this use and has not exercised
the option to purchase as set forth below, this lease shall becom
null and void and the Lessor may re-enter and take possession
thereof. In the event, however, that the Lessor and the Lessee
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agree that the parking meters may be removed from the parking lot,
it is then agreed that a payment in lieu of the meter revenue may
be made in amounts monthly as may be agreed upon, giving consider-
ation to the amount of the revenues derived therefrom during the
.
preceding two-year period so long as the leased property shall
remain open to the public for parking purposes.
6. The Lessee shall have an option to renew the lease for
an additional ten year period, provided that the rent for such
period shall be in such amounts then to be agreed upon by the
.
parties, the parties taking into consideration the investment of
the sum of $36,000.00 in the leased property by the Lessor.
7. During the term of this lease or any renewal thereof,
the Lessee shall have an option to purchase the leased property
for the sum of $36,000.00, provided that the sale is approved by
federal and state banking regulatory agencies.
8. In the event that the Lessee exercises its option to
purchase, as Bet out in the preceding paragraph, it is agreed
that Lessor will convey the leased premises by good and sufficient
Warranty Deed free and clear of all encumbrances save and except
taxes for the current year and restrictions and reservations of
record, if any. Lessor shall place the required documentary
stamps on said Warranty Deed and the Lessee will pay for record-
ing the same. The closing of the transaction shall be within
30 days from the date of the Lessee's exercise of option, or
later by mutual agreement of the parties. At least 15 days prior
to the date of closing, the Lessor agrees to deliver to the
Lessee a commitment for title insurance or commitment to guar-
antee title in the amount of the purchase price insuring the
CASLER. DOUGLAS
BAXTEJI & THOMPSON
title of the purchaser to the leased premises, excepting only
ATTORNEYS AT LAW
6 SOUTH FT. HARRIBON
P. O. DFlAWER as
ClEARWATER, flORIDA
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unpaid mechanic's and materialmen's liens, taxes, assessments for
the current year and for the standard conditions and exceptions
as are usually warranted in a policy issued by the title insuror.
The Lessee shall have ten days from the date of receipt of said
commitment to examine same and make an objection thereto. If
no objection is made thereto within said ten-day period, title
will be deemed to be accepted. If such written objection is made
by the Lessee, the Lessor shall have ninety days from the date of
receipt of said written objection by said purchaser in which to
remedy such defect. Should the Lessor remedy such defect, then
this transaction shall thereafter be closed within the time limits
set forth. Should the Lessor fail to remedy such defect, then
the Lessee shall have the option of terminating this agreement or
it may accept title in its then condition and this transaction
shall be closed within the time hereinabove set forth without
rebate in the purchase price. All costs of procurring said
commitment and ultimate title insurance policy shall be borne
by the Lessor.
IN WITNESS WHEREOF, the parties hereto have caused these
presents to be executed the
5th
day of
Februarv
19]~, in Clearwater, Florida.
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Attest:
'to Vice
Signed, sealed a delivered
i~he presence ,Of:
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As to Bank of Clearwater
CASLER. DOUGLAS
BAXTER & THOMPSON
ATTORNEYS AT LAW
II SOUTH FT. HARRISON
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P. o. DRAWER 29
CLEARWATER, FlORI'DA
CASLER. DOUGLAS
BAXTER & THOMPSON
ATTORNEYS AT LAW
'" SOUTH FT. HARRISON
P. O. DRAWER 29
CLEARWATER, RORI'DA
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#~~ness:
eity Attorney
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By
CITY OF CL
ty Manage:r:
Attest: ._' /..
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City Cle:r:k