ALEX B PENNIE
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ilEAL ESTATE CONTRACT
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THIS AGB.EEMENT, made and entered into this ,,-I- day of
, 19~ 62, between CITY OF CLEARWATER,
FLORIDA, a municipal corporation, hereinafter called "Selleru, and
ALEX B. PENNIE, or his nominee,
hereinafter called "Purchaser";
WIT N E SSE T H:
That in consideration of the mutual promises and coven-
ants herein contained, and other valuable considerations passing
between the parties hereto, the Seller agrees to sell and the Pur-
chaser agrees to buy the following described property situate,
lying and being in Pinellas County, Florida:
West 215 feet of Lot 20
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CLEARWATER. INDUSTRIAL PARK, accord-
ing to the map or plat thereof as
recorded in Plat Book 44, Page 46,
Public Records of PinellasCounty,
Florida, containing 1. 875 acres,
upon the following terms and conditions~
(1) The total purchase price of said property shall be the
sum of $5,906.25
ner following:
, payable at the times and in the man-
(A )$500.00 . tQ be paid on the signing of
this contract as earnest money deposit9 re-
ceipt of which is hereby acknowledged by
Seller.
(B) Balance upon receipt of Deed on or before two (2)
years 'from date hereof.
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(2) The property shall be conveyed by Warranty Deed and
shall be free and clear of all encumbrances whatsoever, except as
otherwise provided herein.
(3) It is understood that this prope~ty is subject to the
restrictions and protective covenants of the Clearwater Industrial
Park dated June 10, 1957, and recorded in Official de~ord Book 115,
supplemented by amendment dated $ept. 9, 1957, recorded OR Book l69,pg. 51+2,
at Page 347,jPinellas County records.
(4) It is understood that this property is to be improved
and developed as a subdivision for use as an industrial park by
Seller; that it is ~oned for use by light industries; and that streets
will be improved and completed and drainage will be installed in said
Sl bdivision by Seller in accordance with requirements of the Board of
County Commissioners of Pinellas County, Florida, regulating develop-
ment of subdivisions. It is further understood that in the event
that this transaction shall be closed prior to the completion of said
improvements that the responsibility of Seller in connection therewith
shall continue until the same have been completed.
(5) Seller shall pay all taxes through the year 19___"
Taxes and assessments, if any, for the current year s~all be pro-
rated as of the day of closing.
Seller agrees to place the necessary
Documentary Stamps on the Deed of Conveyance and to pay Intangible
Tax on any Mortgage received as part of the consideration. Purchaser
agrees to place Documentary Stamps on any Promissory Note executed.
(6) Possession will be given on the date of closing which,
subject to the provisions of this agreement, shall be on ~~
or before two (2) years from the date hereof.
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(7) Seller agrees, at its expense, to furnish a Commitment
for Title Insurance from a reputable title company authorizwd to do
business in Florida, within five (5) days after execution of this con-
tract and, thereafter, to pay for an Owner1s Title Policy in the face
amount of the purchase price if the same is issued. In the event said
Commitment for Title Insurance indicates that the title to said pro-
perty is merchantable and free and clear of liens and encumbrances
except as herein otherwise provided., this transaction shall be there-
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upon com-;Jleted a s herein provided. In the event Commitment sllall
indicate otherwise, the Seller shall have a period of sixty (60)
days after notification thereof within which to cure defects in
title, and this Sale shall be closed within ten (10) days after
notice of such curing to the Purchaser or his attorney~ Upon
Seller's failure to correct said defects 1tTithin the tj.me limit,
the earnest money deposit shall be returned to the Purchaser upon
demand and all rights and liabilities arising hereunder shall ter-
minate. In the event Seller shall perform all of his obligations
under this contract and Purchaser shall fail or refuse to make the
balance of the payments, or to pay the balance of the putchase
price as above set forth, the said cash payment made on this date
may be retained by or delivered to the Seller as liquidated dam-
ages by reason of the Purchaser's failure to complete this agreemento
(8) The loss or damage of the premises by fire or other
casualty until the delivery of the deed is assumed by Seller.
(9) Time is of the essence of this agreement 8nd all cover
ants and agreements herein contained shall extend to and be obliga..
tory upon the heirs, personal representatives and assigns of the
respective parties. The words "Seller" and "Purchaser!1 her"o:Ln em:,
ployed shall be construed to include the plural a s well a s the sin....
gular.
IN )'lITNESS WHER.EOF, t:1e parties have hereunto set their
hands and seals in person and by and through the~r personal reDre-
sentatives the day and year hereinabove mentioned,
CITY OF CLEfu1WATER, FLORIDA
A muniCiPal__C~
Manager
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ATTEST:
Signed, sealed and delivered
in the presence of:
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As to Seller
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y~gtnes
II SELLEB.lI
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II P Ud.CHASErt II