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TIMES PUBLISHING COMPANY (2)CONTRACT FOR PURCHASE OF REAL PROPERTY BY THE CITY OF CLEARWATER, FLORIDA PARTIES: The TIMES PUBLISHING COMPANY, a Florida corporation, having its principal place of business at 490 First Avenue South, St. Petersburg, Florida 33701 (herein "Seller' or "Times"), and the CITY OF CLEARWATER, FLORIDA, a Florida municipality, 112 South Osceola Avenue, Clearwater, Florida 33756 (herein "Buyer" or "City"), (collectively "Parties") hereby agree that the Seller shall sell and Buyer shall buy the following real property, including all improvements thereon and fixtures attached thereto ("Property"), upon the following terms and conditions. 1. PROPERTY DESCRIPTION Pinellas County Parcel I. D. 15-29-15-54450-011-0030, 15-29-15-54450-008-0040 and 0060 LEGAL DESCRIPTION: Part of Lot 3 lying East of Railroad, all of Lots 4, 5, 6 and 7, PLUS the East 27 feet of Lots 3 and 8, Block 11, MAGNOLIA PARK SUBDIVISION; together with Lot 3 LESS the West 4 feet, all of Lots 5, 6, 7 and Lot 8 less the west 4 feet, Block 8, MAGNOLIA PARK SUBDIVISION, according to the plat thereof as recorded in Plat Book 1, Page 70, Public Records of Pinellas County, Florida. 2. FULL PURCHASE PRICE ........................................... .... $ 2,200,000.00 3. MANNER OF PAYMENT: Wire transfer in U. S. finds at time of closing ................................................ $ 2,200,000.00 4. PURCHASE PRICE The Full Purchase Price as established herein has been reached through City executive representative discussions and negotiations with Seller executive representative, upon and following due consideration of that certain real estate appraisal dated November 24, 2010 as developed for the City by James M. Millspaugh, MAI; that valued the Property at $1,850,000; and that certain real estate appraisal dated November 24, 2010 as developed for the City by Valuation Services, Inc., that valued the Property at $2,400,000. 5. TIME FOR ACCEPTANCE Following execution of this Contract by Seller, the price, terms and conditions as contained herein shall remain unchanged and be held unconditionally open for a period of 60 days following delivery in duplicate original to the City for acceptance and approval, or rejection, by action of the Clearwater City Council. If this Contract is accepted and approved by the Council, it will be executed by duly authorized City officials (the "Effective Date") and delivered to Seller within 10 business days thereafter. If the Council rejects this contract upon initial presentation, this contract shall be null and void in all respects and the Seller shall be so informed in writing within 5 business days thereafter. A 1 facsimile or electronically transmitted copy of this Contract and any signatures hereon shall be considered for all purposes as an original. 6. TITLE Seller warrants legal capacity to and shall convey marketable title to the Property by Statutory Warranty Deed, subject only to matters contained in Paragraph 7 acceptable to Buyer. Otherwise title shall be free of liens, easements and encumbrances of record or known to Seller, but subject to property taxes for the year of closing; covenants, restrictions and public utility easements of record; and no others provided there exists at closing no violation of the foregoing and none of them prevents Buyer's intended use of the Property. Seller warrants and represents that there is ingress and egress to the Property. 7. TITLE EVIDENCE Seller shall, at Seller expense and within 21 days following the Effective Date obtain and deliver to the City a title insurance commitment issued by a licensed Florida title insurance agent agreeing to insure title in and to the Property, subject to existing covenants, conditions, restrictions and easements of record, which are reasonably acceptable to Buyer, and to agree to discharge liens, encumbrances, exceptions or qualifications set forth in this Contract, and those which shall be discharged by Seller at or before closing. Seller shall convey a marketable title subject only to exceptions or qualifications set forth in this Contract. Marketable title shall be determined according to applicable Title Standards adopted by The Florida Bar and in accordance with law. Buyer shall have 5 days from receiving evidence of title to examine it. If title is found defective, Buyer shall, within 3 days thereafter, notify Seller in writing specifying defect(s). If the defect(s) render title unmarketable, Seller will have 120 days from receipt of notice within which to remove the defect(s), failing which Buyer shall have the option of either accepting the title as it then is or withdrawing from this Contract. Seller will, if title is found unmarketable, make diligent effort to correct defect(s) in title within the time provided therefor, shall not be required to institute legal proceedings, nor expend more than $25,000.00 to correct or cure any defects making title unmarketable. 8. SURVEY Buyer, at Buyer's option and expense, within time allowed for the Inspection Period as provided in Article 14 hereof, may have Real Property surveyed and certified to the Buyer, Seller, title company and closing agent by a registered Florida land surveyor of Buyer's choice. If survey shows any encroachment on Real Property, or that improvements located on Real Property encroach on setback lines, easements, lands of others, or violate any restrictions, contract covenants or applicable governmental regulation, the Buyer may cancel this Contract, or accept the Property "As Is", it being understood that Buyer's plans are to raze the site and remove all construction, such that Seller shall have no remedial obligations as to matters of survey. The survey shall be performed to minimum technical standards of the Florida Administrative Code and may include a description of the property under the Florida Coordinate System as defined in Chapter 177, Florida Statutes. 9. CLOSING PLACE AND DATE 2 Seller shall designate closing agent and this transaction shall be closed at a mutually agreed time in the offices of the designated closing agent in Pinellas County, Florida, on or before sixty (60) days following the Effective Date as set forth in paragraph 5 above, unless extended by other provisions of this contract. If either party is unable to comply with any provision of this contract within the time allowed, and be prepared to close as set forth above, after making all reasonable and diligent efforts to comply, then upon giving written notice to the other party, time of closing may be extended up to 60 days without effect upon any other term, covenant or condition contained in this contract. Closing agent shall retain $100,000 of purchase proceeds at time of closing in an interest bearing trust account in accordance with terms and provisions of that certain Business Lease Contract as referenced in Article 30 hereof. 10. CLOSING DOCUMENTS Seller shall furnish closing statements for the respective parties, provide and deliver the deed, bill of sale, mechanic's lien affidavit, tenant and mortgage release estoppel letters, if applicable; and corrective instruments as may be applicable. If Seller is a corporation, Seller shall deliver a resolution of its Board of Directors authorizing the sale and delivery of the deed and certification by the corporate Secretary certifying the resolution and setting forth facts showing the conveyance conforms to the requirements of local law. 11. CLOSING EXPENSES Seller, unless this transaction is exempt under Chapter 201.24, Florida Statutes, shall pay documentary stamps on the deed. Seller shall pay the costs of recording any corrective instruments. Buyer shall pay for recordation of the deed. 12. PRORATIONS• CREDITS Any governmental assessments levied of record and accruing against the Property shall be paid by Seller at time of closing. As it is the intent of the parties that the Seller shall Lease back and remain in occupancy of the Property for a period of up to one (1) year following closing, no ad valorem taxes shall be prorated and collected through the day prior to closing. Seller, being a non-exempt entity, as provided in the referenced Lease appended hereto as EXHIBIT "A" and an integral part hereof, shall be fully responsible and obligated for the payment of all intangible and real property taxes assessed and due during its ownership of the Property, as well as during and throughout the full term of the Lease. 13. OCCUPANCY Seller warrants and shall validate and affirm at or prior to closing that the property has no tenancies or others in occupancy other than the Seller. 14. PROPERTY CONDITION Seller shall deliver the property to Buyer at time of closing in its present "as is" condition, subject to Buyer Right of Inspection as provided hereafter, ordinary wear and tear excepted, and shall maintain the landscaping and grounds in a comparable condition as to the date of Seller execution hereof. 3 Buyer may, at Buyer option and expense within 45 days following the Effective Date ("Inspection Period"), conduct inspections, tests, environmental and any other investigations of the Property Buyer deems necessary to determine suitability for Buyer's intended use for future redevelopment. Seller shall grant reasonable access to the Property to Buyer, its employees, agents, contractors and assigns for the purposes of conducting the inspections as provided herein; however, that all such persons entering upon the Property and conducting the inspections and investigations shall do so at their own risk. Seller will, upon reasonable notice, provide utilities services as may be required for Buyer's inspections and investigations. Buyer shall not engage in any activity that could result in mechanics lien being filed against the Property without Seller's prior written consent. Buyer may terminate this contract by written notice to Seller prior to expiration of the Inspection Period if the inspections and/or investigations reveal conditions which are reasonably unsatisfactory to Buyer. If this transaction does not close, Buyer agrees, at Buyer expense, to repair all damages to the Property resulting from the inspections and investigations, and return the Property to Seller in its present condition. 15. WALK-THROUGH INSPECTION At a time mutually agreeable between the parties, but not later than the day prior to closing, Buyer may conduct a final "walk-through" inspection of the Property to determine compliance with any Seller obligations under Paragraph 14 hereof. No new issues may be raised as a result of the walk-through. 16. RISK OF LOSS If the property is damaged by fire or other casualty before closing, and the cost of restoration does not exceed 10% of the purchase price, cost of restoration shall be an obligation of the Seller and closing shall proceed pursuant to the terms of this contract with restoration costs credited to Buyer at closing. If the cost of restoration exceeds 10% of the appraised valuation of the improvements so damaged, Buyer shall have the option of either taking the Property "as is"; together with the insurance proceeds payable by virtue of such loss or damage, or of cancelling this contract. If the Buyer takes title to the Property "as is" and the Property is damaged to the extent it cannot be legally occupied following closing, the intended Lease back to Seller following closing shall be null and void in all respects and Seller shall remove all the personal property not later than 30 days following closing without penalty to either party. 17. INTENTIONALLY DELETED, 18. DEFAULT If this transaction is not closed due to any default or failure on the part of the Seller, other than to make the title marketable after diligent effort, Buyer may seek specific performance or unilaterally cancel this agreement upon giving written notice to Seller. If this transaction is not closed due to any default or failure on the part of the Buyer, Seller may seek specific performance or at its option recover damages sustained. 19. SELLER WARRANTIES 4 To the best of Seller's knowledge, and without any independent investigations having been made, Seller warrants that there are no latent defects actually known to Seller that would materially effect the value of the Property, or which would be detrimental to the Property, or which would effect Buyer's desire to purchase the property except as follows: (Specify known defects. If none are known, write "NONE'". If no entry, it will be deemed that Seller„ has entered "NONE") Buyer shall have forty-five (45) days following the Effective Date to investigate said matters as disclosed by the Seller, and shall notify Seller in writing whether Buyer will close on this contract notwithstanding said matters, or whether Buyer shall elect to cancel this contract. If Buyer fails to so notify Seller within said time period, Buyer shall be deemed to have waived any objection to the disclosed matters and shall have the obligation to close on the contract. 20. RADON GAS NOTIFICATION In accordance with provisions of Section 404.056(8), Florida Statutes (1989), as amended, Buyer is hereby informed as follows: RADON GAS: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your County public health unit. 21. CONTRACT NOT RECORDABLE; PERSONS BOUND Neither this contract nor any notice of it shall be recorded in any public records. This contract shall bind and inure to the benefit of the parties and their successors in interest. Whenever the context permits, singular shall include plural and one gender shall include all. 22. NOTICE All notices provided for herein shall be deemed to have been duly given if and when deposited in the United States Mail, properly stamped and addressed to the respective party to be notified, including the parties to this contact, the parties attorneys, escrow agent, inspectors, contractors and all others who will in any way act at the behest of the parties to satisfy all terms and conditions of this contract, or notices may be provided by e-mail or facsimile transmission as follows: TO SELLER: JANA L. JONES, Vice Pres/CFO TIMES PUBLISHING COMPANY Post Office Box 1121 St. Petersburg, FL 33731-1121 Facsimile: (727) 893-8366 E-mail: JlJones _ sptimes.com 5 WITH A COPY TO: TO BUYER: WITH A COPY TO: 23. ASSIGNABILITY; PERSONS BOUND HARRY S. CLINE, ESQ. Macfarlane Ferguson & McMullen 625 Court Street, Suite 200 Clearwater, FL 33756 Facsimile: (727) 442-8470 E-mail: hsc _ macfar.com ROD IRWIN, Asst City Manager Economic Development City of Clearwater 112 S. Osceola Avenue Clearwater, FL 33756 (727) 562-4052 E-mail: rod.irwin@myclearwater.com PAM AKIN, ESQ., City Attorney City of Clearwater 112 S. Osceola Avenue Clearwater, FL 33756 (727) 562-4021 E-mail: pa_m.akin@myclearwater.com This contract is not assignable. The terms "Buyer", "Seller', and "Broker' (if any) may be singular or plural. This Contract is binding upon Buyer, Seller, and their heirs, personal representatives, successors and assigns (if assignment is permitted). 24. NO BROKER REPRESENTATION The parties affirm and covenant each with the other that neither is represented in any way by a real estate Broker in connection with this transaction, and neither is obligated for any fees and/or commissions to any Broker. 25. ATTORNEY FEES; COSTS Each party shall be responsible for its own attorney's fees in connection with this Contract. In any litigation arising out of this contract, the prevailing party shall be entitled to recover reasonable attorney's fees and costs. 6 26. TYPEWRITTEN OR HANDWRITTEN PROVISIONS Typewritten or handwritten provisions shall control all printed provisions of contract in conflict with them. 27. EFFECT OF PARTIAL INVALIDITY The invalidity of any provision of this contract will not and shall not be deemed to affect the validity of any other provision. In the event that any provision of this contract is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. 28. GOVERNING LAW It is agreed by and between the parties hereto that this contract shall be governed by, construed, and enforced in accordance with the laws of the State of Florida. 29. COUNTERPARTS; FACSIMILE COPY This contract may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. A facsimile copy of this contract, including any addendum, attachments and any written modifications hereof, and any initials or signature thereon shall be deemed an original. 30. BUSINESS LEASE CONTRACT ADDENDUM It is agreed by and between the parties that execution, implementation and fulfillment of the terms and provisions of that certain Business Lease Contract respective to the subject Property, an exact copy of which is appended hereto as EXHIBIT "A", is integral, appurtenant to and a part of this Contract. 31. ENTIRE AGREEMENT Upon execution by Seller and Buyer, this contract shall constitute the entire agreement between the parties, shall supersede any and all prior and contemporaneous written and oral promises, representations or conditions in respect thereto. All prior negotiations, agreements, memoranda and writings shall be merged herein. Any changes to be made in this agreement shall only be valid when expressed in writing, acknowledged by the parties and incorporated herein or attached hereto. 32. ESCROW AGENT Escrow Agent is acting as a stakeholder only with respect to the Lease Deposit and shall have no liability except for willful or wanton negligence. If there is any dispute as to whether Escrow Agent is obligated to deliver the Deposit or as to whom the Lease Deposit is to be delivered, Escrow Agent shall refuse to make any delivery, and shall continue to hold the Lease Deposit in escrow until receipt by Escrow Agent of an authorization in writing, signed by Seller and Buyer, directing the delivery of 7 the Lease Deposit. In the absence of such authorization, Escrow Agent shall hold the Lease Deposit until a final determination of the rights of the parties in an appropriate judicial proceeding. If such written authorization is not given, or a proceeding for such determination is not begun, within thirty (30) days of the last day for a Closing, then Escrow Agent may commence a proceeding to deposit the Lease Deposit in a court of competent jurisdiction pending such determination. The party determined not to be entitled to the Lease Deposit shall reimburse Escrow Agent for all costs and expenses of such proceeding, including, without limitation, reasonable attorneys' fees and expenses, incurred by Escrow Agent. Upon delivery of the Lease Deposit in any of the manners herein provided, Escrow Agent shall have no further liability or obligation hereunder. EXECUTED this (o C4 day of a , 2011 by Seller. Signatories: Contract For Purchase of Real Property by City of Clearwater RE : Pinellas County Parcel I. D. 15-29-15-54450-011-0030 and Pinellas County Parcel I. D. 15-29-15-54450-008-0040 and 0060 TIMES PUBLISHING COMPANY By: - (k Print me ;T A Q G, n,, e Title V? # / FO APPROVED BY BUYER & EFFECTIVE this aO day of 0LLA-1, , 2011. CITY OF CLEARWATER, FLORIDA Countersigned: V-A? By: Frank V. Hibbard illiam B. Horne, II Mayor City Manager Approved as to form: Attest: 4.mli - )Juxeniza: Laura Mahony Assistant City Attorney h!\hsc\timespublishing\contract with city 5-5'11 -doc 8