W C & MARY OVERCASH
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OPTION
THIS AGREEMENT, made this
IOVVday of4~~ , A.D.
1970, by and between W. C. OVERCASH and MARY L. OVERCASH, his wife,
hereinafter referred to as "Seller II, and the CITY OF CLEARWATER,
FLORIDA, a municipal corporation, hereinafter referred to as "Purchaser";
WITNESSETH:
WHEREAS, Seller is the owner of certain real estate situated in
Pinellas County, Florida, described as follows:
Tract 1
The Northwest 1/2 of the Northeast 1/4 of the Northwest
1/4 of Section 28, Township 28 South, Range 16 East and
East 1/2 of Southwest 1/4 and West 1/2 of Southeast 1/4
of Section 21, Township 28 South, Range 16 East, less
rights of way; subject to survey, containing 180 acres M.O.L.
Tract 2
West 1/2 of Southwest 1/4 of Section 21, Township 28 South,
Range 16 East and Northwest 1/4 of Northwest 1/4 of Section
28, Township 28 South, Range 16 East and Northwest 1/2 of
Southwest 1/4 of Northwest 1/4 of Section 28, Township 28
South, Range 16 East, lying North of State Road 580, less
rights of way; subject to survey, containing 140 acres M. O. L. ;
and
WHEREAS, the Purchaser desires an option to purchase said real
estate;
NOW, THEREFORE, Seller, for and in consideration of the sum of
Six Thousand Dollars ($6,000.00) duly paid by the Purchaser, receipt of
which is hereby acknowledged by Sel1er~ does hereby grant to the Purchaser,
its successors and assigns, at the Purchaser's option, for and during the
period of one hundred eighty (180) days from date hereof, the right and
privilege to purchase the above described parcels of real estate for the price
of Twenty-five Hundred Dollars ($2500. 00) per acre, good and lawful money
of the United States of America, payable as follows:
20% of purchase price at the time of closing with credit
being given for the $6,000 deposit paid for this option.
Balance secured by a purchase money mortgage to be paid
in equal installments over a ten year period with interest
at 7-1/2% per annum.
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This option is necessary to permit test borings to be made under
supervision of U. S. Geodetic Survey. In the event option is not exercised
by the Purchaser, then the findings of borings will be turned over to the
Seller for his use.
The exercise of this option by the Purchaser to purchase the afore-
mentioned property shall be by written notice to the Seller, said notice
shall be sent to said Seller at Highway 580, Dunedin, Florida, on or before
the expiration date of this option agreement. In case said notice is given by
mailing, the time of deposit of the same in a prepaid sealed envelope in a
depository for the receipt of the United States mail shall not only constitute
sufficient notice to the Seller of such action, but the time of such notice of
acceptance shall be, in such case, the time of delivery of the same in a
United States Post Office.
In the event the Purchaser exercises this option, the Seller shall,
within ten (lO) days of such notice, furnish to the Purchaser a duly certified
abstract of title or a title insurance commitment, showing good and clear
merchantable title of record to said property in the Seller, free and clear
of liens, encumbrances, rights, title or interests in others. In the event
said commitment or abstract shows defects, liens, encumbrances, rights,
title or interests not hereinbefore noted, the Seller shall use diligent
effort to perfect the title, and the Seller shall have a reasonable time
therefor, not to exceed thirty (3D) days.
Within thirty (30) days after delivery of such title insurance commitment
or abstract of title to the Purchaser, the closing shall be consummated.
Conveyance shall be made by Seller by a good and sufficient Warranty Deed.
Seller shall affix the proper documentary stamps on the Deed and Purchaser
shall record the same. Real estate taxes for the year 1971 shall be pro-rated
at the time of closing. Provided, hOlVever, should a defect in the title be found,
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then closing shall take place ten (10) days after the defect has been corrected.
The closing shall take place in the office of the City Attorney, City Hall,
112 S. Osceola Avenue, Clearwater, Florida. If Seller does not perfect
title or otherwise fails to perform their obligation thereunder, they shall
promptly refund to Purchaser the $6,000 paid for this option.
It is agreed and understood that if the said Purchaser, or its
success ors and assigns, shall fail to exercise this option within the time
above mentioned, said Purchaser, its successors and assigns, shall forfeit
the said sum of $6,000 paid to Seller for this option as hereinbefore
acknowledged, and all obligations of both parties shall be fully discharged.
IN WITNESS WHEREOF. the parties hereto have hereunto set their
hands and seals to be affixed hereto on the date first above written.
Witnesses:
c{l/ c... (~ t.#.~~e
W. C. Overcash
(SEAL)
:Z::A~.A' // L/
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~ary . Overcash
::~. FLORlDA
I City ~anager
(SEAL)
As
Attest: ?f!!~
Approved as to orm &
7!r~~~
ity Attorney
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