SQUARE D COMPANY
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CONTRACT FOR EXCHANGE OF PROPERTY
THIS CONTRACT is made and entered into as of the I D ~ day of ~ 1 €b
1986, by and between the City of Clearwater, a Florida municipality (referred to
herein as the "CITY") and Square D Company, a Michigan corporation authorized to
transact business in the State of Florida (referred to herein as the "COMPANY") for
the purpose of exchanging two parcels of real property located in Pinellas County,
Florida, as described herein.
The parties hereto agree as follows:
1. Exchange of Property.
(a) The COMPANY shall sell and the CITY shall buy the property described in
Exhibit A attached hereto (herein, "Parcel I"), upon the terms and conditions set forth
herein.
(b) The CITY shall sell and the COMPANY shall buy the property described in
Exhibit B attached hereto (herein, "Parcel II), upon the terms and condition set forth
herein.
2. Definitions. In this Contract, "Seller" shall mean the COMPANY with
respect to Parcel I and the CITY with respect to Parcel II. "Purchaser" shall mean the
CITY with respect to Parcel I and the COMPANY with respect to Parcel II.
3. Purchase price. It is mutually agreed that Parcel I and Parcel II are of
equal value, and that the transfer of each parcel by one party to the other shall
constitute the full and sufficient consideration for the transfer of the other parcel.
4. Closing date. This transaction shall be closed and the deeds and other
closing papers delivered no later than forty-five (45) days after approval by the
Clearwater City Commission, unless extended by other provisions of this contract.
5. Title evidence. Each party agrees to purchase, at its expense, a title
insurance policy from a Florida-licensed title insurer, and to deliver to the other
party, not less than ten (10) days prior to closing, a commitment for title insurance in
the amount of $40,000.00, which commitment shall show a marketable, unencumbered
fee simple title to the parcel in the Seller thereof, subject only to liens,
encumbrances, exceptions or qualifications set forth in this contract and those which
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then said title shall be conclusively deemed to be acceptable to the Purchaser. In the
event that the title of the Seller is not good and marketable, the Seller shall have a
reasonable time thereafter, but not more than one hundred twenty (120) days from
receipt of notice from the Purchaser, to make a diligent effort to protect the title;
and if the defects are not cured within such time, the Purchaser may either cancel this
contract or waive the defects and accept the property without deduction on account of
said defects.
6. Survey. Within the time allowed for delivery of the title insurance
commitments, each parcel shall be surveyed by a registered Florida surveyor, and the
costs thereof shall be borne by the COMPANY. If the surveys show any encroachment
on a parcel or that improvements intended to be located on the parcel in fact encroach
on setback lines, easements, lands of others, or violate any restrictions, contract
covenants or applicable governmental regulations, the same shall be treated as a title
defect.
7. Costs. The COMPANY agrees to pay for the documentary stamps to be
placed on each of the warranty deeds and the costs for recording the same. The cost
of recording any corrective instruments that may be required in connection with
perfecting the title to a parcel shall be paid by the Seller of the parcel.
8. Relocation of fence. The existing fence shall be relocated to the common
boundary between the property owned by the CITY and the property owned by the
COMP ANY following this transaction, the cost of which shall be borne by each party
to the extent that the fence encroaches upon the parcel to be acquired by that party.
9. Documents for closing. With respect to each parcel, the Seller thereof shall
furnish the deed, mechanic's lien affidavit and any corrective instruments that may be
required in connection with perfecting the title thereto.
10. Conveyance. As to each parcel, the Seller thereof shall convey title to the
parcel by a statutory warranty deed, subject only to zoning, restrictions, prohibitions
and other requirements imposed by governmental authority, and public utility
easements of record; provided, however, that there exists at closing no violation of the
foregoing.
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12. Occupancy. As to each parcel, the Seller thereof represents to the other that
there are no parties in occupancy other than the Seller, and that the Seller agrees to
deliver occupancy of the parcel at the time of closing.
13. Nonassignability. Neither party may assign this contract or any rights
hereunder.
14. No brokers. Each party affirmatively represents to the other party that no
brokers have been involved in this transaction and that no broker is entitled to
payment of a real estate commission because of this transaction.
15. Other agreements. No prior or present agreements or representations shall
be binding upon either party unless included in this contract. No modification or
change in this contract shall be valid or binding upon the parties unless in writing and
executed by the party or parties to be bound thereby.
16. Effective date. The effective date of this contract shall be the date upon
which this contract has been fully executed by both parties, which date shall be set
forth above and referred to herein as the "effective date."
IN WITNESS WHEREOF, the parties hereto have set their hands and seals on the
dates set forth above their respective signatures.
CITY OF CLEAR WATER, FLORIDA
By
Approved as to form
and correctness:
Attest:
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City Attorne
Attest:
SQUARE D COMPANY
Date of Execution: ~ c:2 ~ / ?J?t
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Secret _" ,
~sTsfcrnfSecretary
Title:Vice President, ,seGretary & General Counsel
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DESCRIPTION
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EXHIBIT A
SEcr: I" TN/? 29$., RGE. /5E
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R = 528. 00'
;4 = 95.39'
C= 95.27'
CB= S 04"St?'/O"/V
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R = 52'8.00'
A=- 6/,60'
C = G I. 56 '
CB= S 13"c3'/9"/V
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LOGAN
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SeCT. I
^ parcel of land lying in the West 411.05 feet of the East 974.00 feet of the
North 60.00 feet of the South 100.00 feet of the SW~ of the SE~ of Section 1,
Township 29 South, Range 15 East, Pinellas County, Florida, LESS and EXCEPT
that portion lying Easterly of a line 8.00 feet Easterly of 'and parallel' to the
centerline of the existing Railroad Spur Track being further described as
follows: Beginning a t the SE corner of the SW~ of the SE~ of Sec tion 1, Town- .
ship 29 South, Range 15 East; thence traverse N89032'18" W, 33.00 feet along
South boundary of said Section 1 to the \~esterly right-of-way of Sunshine Drive;
thence NOOoll '40" W, 195.00 feet continuing along said right-of-way line; thence
N89032'18" W, 521.54 feet to a point 8.00 feet East of the centerline of the
Railroad Spur Track and 195.00 feet North of and parallel to the South line of
said Section 1; thence 95,39 feet along an arc of a curve to the right, said
curve having a radius of 528.00 feet and a chord length of 95.27 feet which
bears S04052'10" \~ fora Point of Beginning; thence 61.60 feet along an arc of
a curve to the right, said curve having a radius of 528.00 feet and a chord,
length of 61.56 feet which bears SI~023'19" W;thence N89032'18" \~, 396.59'feet;
thence NOooll'40" H, 60.00 ,feet;.thence S89032'18" E, 411.05 feet to the Point
of Beginning. ...
Containing 0.56 Acres more or less.
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411.05' ~
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396.59'
N 89032'18"111
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EXHIBIT B
$E~ I~ TN/? 2.9.5'..1 RGE. /SE
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S 89D.3E'/B"E '
SC'1.54'
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LOGAN
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A parcel of land lying in the East 522.33 feet of the North 30.00 feet of the
South 195.00 feet of the SW~ of the SE~ of Section I, Township 29 South, Range
15 East, Pinellas County, Florida, LESS and EXCEPT that portion lying Westerly of
aline 8.00 feet Easterly of and parallel to the Centerline of the existing Rail-
road Spur Track, being further described as follows: Commence at the SE corner
of the S\~~ of the SE!.,; of Section 1, Township 29 South, Range 15 East; thence
traverse N89032'1811 W, 33.00 feet along South boundary of said Section 1 to the
\~esterly right-of-way line of Sunshine Drive; thence NOOoll'40" W, 165.00 feet
along said right-of-way line for a point of beginning; thence N89032'1811 H,
522.33 feet; to a point 8.00 feet East of the centerline of the Railroad 'Spur
Track and 165.00 feet North of and parallel to the South line of said Section I,
thence 30.00 feet along an arc of a curve to the left, said curve having a radius
of 528.00 feet and a chord length of 30.00 feet, which bears NOl019'20" E; thence
S89032'1811 E, 521.54 feet to a point on the Westerly right-of-way line of Sun-
shine Drive; thence SQOo11'4011 E, along said right-of-way line 30.00 feet to the
Point of Beginning.
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R=528.00'
A 0: 30.00'
C':: 3000'
CB:: N O/o/.9'20"E
DESCRIPTION
IV 89" 32'/8"J1/
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Containing 0,36 Acres more or less.
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NOT E: This is not 0 Survey,
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06/11/86
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