SAPIR INVESTMENT CO INC (2)
SAPIR INVESTMENT CO., INC.
a corporation existing under the laws of r'1assachusetts , and hauing its principal place of
business at 145 California Street, Newtonville,Massachusetts,
hereinafter called the grantor, to
THE CITY OF CLEAm'lATER, Clearwater, Florida, a municipal
corporation,
wllOse postoffice address is
C/O City Manager, City of Clearwater, Clearwater, Florida
hereinafter called tile grantee:
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IFROM CORPORATI'ON' 1)rl;/.
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v.R.4169 PAGE1474
RAMCO FORM 33
This tffarranty 13eed Made and executed the 10 tC. day of
11ay
A. D. 1974 by
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~itnessdh: That the grantor, for and in consideration of the sum of $ 10. 00
(Wherever used herein the terms "grantor" and ~'~ranteet" include all the parti~~ to this instrument and
the hejrs, leRal represe.ntatives and assign5 of individuals,. and the succ'es.~ors Olnd assigns .,of corporations)
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alien, remise, release, convey and confirm unto
County. Florida. viz:
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hereto and Made
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:: S-TATE-OF FLORIDA
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STATE OF FLORIDAI
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with all the tenements, hereditaments and appurtenances thereto belonging or in any-
the same in fee Simple forever.
Bod the grantor herehycovenants with said grnntee that it is lawfully seized of said la,nd in fee
simple; that it has good right and lawful authority to sell and convey said land; that it hereby fully ware
rants the title to said land and will defend the same against the lawful claims of all persons whomsoever;
and that said land is free of all encumbrances, subject only to easements,
restrictions and reservations of record. ,''''' sTATE OF FLORIDA I
s;: "<l' Q.Q_C U M E 1116 R Y ;:~;;-,",',~~;,',~ T A !II P T AX I
;; .,.. j~ . ~3 DEPT. OF REVENUE t,lU~, J,' ~\1 I
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?uO~lY~~E s~~ 'i: In ijfi~n~ss Whert~f the grantor has caused these presents to
'. I' ~. "'.,.- -: he executed m tis name, and lts corporate seal to be hereunto affixed, by its
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".. ~.;",,"'~;'i! prop~r officers thereunto duly authorized, the day and year first above written. <!~ 0
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signeDid de~"...d In .he p~"nce of, ~ ~ ~ A~ ~?"'),"
HEREBY CERTIfY Ihal on Ihi', day, before me, an officer duly authorized in Ihe Sla'e and Counly aforesaid 10 take aCknowl<d,~m<n[s'I~C,I~~ cci~1
personally appeared Daniel S. Shapiro and Rose Shapirol ,JnOii~ 0.""1
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wtll known 10 me 10 be Ihe Presidenl and Clerk respectively of the corpora,ion named as 3r311tor S P I 5 E
in the Coregoin~ deed, and thaI Ihey severa'ily acknowled!!edex<cutil),~ the same in Ihe pr..enceoC Iwo subscribin,~ Wilnesses freely and voluntarily
under au'horit~.,duIY vested in them by, said corpora:ion and thaI the seal affixed thereto is the .rue corporate seal of said corporation.
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lddless '\~/7;:e PrA~ i tr JIy oommission expires Dec. 17. lQ76
, NOTARY PU;..L..G ( ,\
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MUNICI~AL ENGtH.... A" LAND .U~Ra
e31 LAURA .TIIt.n. CUAItWA,..... ~LOI'ItOA ".1.
R. S FLA.
P. E. FLA,
P. E. GA.
Consultants Realty
\5 I TWP. '2.'3 S, RGE. \5 E
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EXHIBIT "A"
LEGAL DESCRIPTTOt\ - ''Montgomery Ward property"
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From the Northeast corner of the NW~ of Section 15, Township 29 South, Range 15
East rUT! S 0003' 52"E along the North and South center-line of said Sect ion I'),
959.20 feet to the Southerly line of Cleveland Street; thence N 89041'48'~ along
the ~outherly line of Cleveland Street, 30.0 feet for Point of Beginning; thence
N 89041'48'~, along the Southerly line of Cleveland Street, 227.45 feet; thence
S 0"02 '49"\,,; along the Westerly line of Lot 20 Clearwater Heights as recorded in
Plat Rook 4, Page 99 of the Public Records of Hillsboroug~ County, Florida of
which Pinellas County was formerly a part, 109.63 feet to the Southwes.terly corner
of said Lot 20; thence N 89028'23"W along the Northerly line of Lot 25 of said
Clearwater Heights, 59.65 feet; thence S 0002'35"E along the Westerly line of
Lots 25, 30, 33 and 38 and Easterly line of Alexander Street, 257.16 feet to the
40 acre line and the Northerly line of Lot 1 of R. H. Padgetts Subdivision as re-
corded ill Plat Hook 5, Page 27 of the Public Records of Hillsborough Count.y, Plorida
of which Pinellas County was formerly a part; thence N 89012~52'~ along the 40 acre
line and the Northerly line of said Lot 'I, 7.56 feet; thence S 0003'52"E along the
Westerly line of the East \ of said Lot I, 330.0 feet to the Northerly line of Lot
4 of R. H. Padgetts Subdivision as recorded in Plat Book 4, Page 32 of the Public
Records of Pinellas County, Florida; thence N 89012'52'~ along said Northerly line,
327.38 feet to the Northwesterly corner of said Lot 4; thence S OOOl'15"E alan?
the westerly line of said Lot 4, 330.0 feet to the Southwesterly corner of said Lot
4; thence S 89cI2'52"E along the Southerly line of said Lot 4, 652.63 feet to the
Easterly line of said Lot 4 and the North and South Qenter-line of said Section 15;
thence N 0003'52'~ along the Easterly line of said Lot 4 and said Lot I and the
North and South center-line of s*id Section 15, 660.0 feet to the Northeasterly
corner of said Lot I and the 40 acre line; thence N 89012'52'~ along said 40 ~cre
line and the Northerly line of said Lot 1, 30.0 feet; thence N 0003'52'~ along
the v,Testerly Right of Way line of Missouri Avenue, 368.98 feet to P.O.B. ',[SS the
Easterly 30.0 feet of said Lot 1 and said Lot 4 for Road Right of Way; AL:;u LESS
the Soulh 20.0 feet of the East ~ of said Lot I for Street Right of Way as conveyed
to the (itv of Clearwater by Special WarraJ1ty Deed. Subject to an Easement over the
North 20.0 feet of the South 40.0 feet of the East ~ of said Lot I for Street and
rtility Easement and over the North 20.0 feet of the South 60.0 feet of th~: f~ast ,~
of said Lot 1 for Underground Utilities as set forth in a Resolution by eit\ of
Clearwater, florida (Resolution No. 61-50). Also subject to Easements and Right of
,~avs of Record.
....pril 24, 1974
LEO M. BUTLER & ASSlXIAT!S
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R. N. KING, P.E.
Reg, Surveyor No. 875
NOT VALID UNLESS SEALED
WITH MY EMBOSSED SURVEYOR'S SEAL
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AMERICAN LAND TITLE ASSOCIATION
OWNER'S POLICY FORM A-1970
(Amended 10-17-70)
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10 071 01 00380
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SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTAINED IN
SCHEDULE B AND THE PROVISIONS OF THE CONDITIONS AND STIPULATIONS HEREOF,
CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, herein called the Company,
insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the amount
of insurance stated in Schedule A, and costs, attorneys' fees and expenses which the Company may
become obligated to pay hereunder, sustained or incurred by the insured by reason of:
1. Title to the estate or interest described in Schedule A being vested otherwise than as stated
therein;
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2. Any defect in or lien or encumbrance on such title; or
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3. Lack of a right of access to and from the land.
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In Witness Whereof, CHICAGO TITLE INSURANCE COMPANY has caused this policy to be signed
and sealed as of the date of policy shown in Schedule A, the policy to become valid when countersigned
by an authorized signatory.
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CHICAGO TITLE INSURANCE COMPANY
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COASTAL BONDED TITLE CO.
OF CLEARWATER
Phone 442-9671
318 South Missouri Avenue
CLEARWATER, FLORIDA 33516
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IMPORTANT Af1p
This policy necessarily relates solely to the title as of the date of the policy. In order that a purchaser
of the real estate described herein may be insured against defects, liens or encumbrances, this policy
should be reissued in the name of such purchaser.
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i(n.:~!,;m'.iii!> -'i'i':h:;;;j:I;',;iW ,!i!:;;':~;jJf.;ifi:: :ii!i,;':;~_;:'.;iW ,i\!i..'.:,!,;;;::',;iW 'in:;;'~;;j!:'.;ii!i, ,!ni;:~;:;,;,:~;i!!
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Copyright 1969 American Land Title Association
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy:
1. Any law, ordinance or governmental regulation (including but not limited to building and zoning
ordinances) restricting or regulating or prohibiting the occupancy, use or enjoyment of the land,
or regulating the character, dimensions or location of any improvement now or hereafter erected
on the land, or prohibiting a separation in ownership or a reduction in the dimensions or area of the
land, or the effect of any violation of any such law, ordinance or governmental regulation.
2. Rights of eminent domain or "governmental rights of police power unless notice of the exercise of
such rights appears in the public records at Date of Policy.
3. Defects, liens, encumbrances, adversendaims, or other matters (a) created, suffered, assumed or
agreed to by the insured claimant; (b) not known to the Company and not shown by the public
records but known to the insured claimant either at Date of Policy or at the date such claimant
acquired an estate or interest insured by this policy and not disclosed in writing by the insured
claimant to the Company prior to the date such insured claimant became an insured hereunder; (c)
resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date
of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured
claimant had paid value for the estate or interest insured by this policy.
4. The refusal of any person to purchase, lease or lend money on the estate or interest covered hereby
in the land described in Schedule A.
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SCHEDULE A
Number Date of Policy
10 071 01 00380
7-10-74
Amount of Insurance
$1,150,000.00
1. Name of Insured:
CITY OF CLEARWATER
2. The estate or interest in the land described herein and which is covered by this policy is:
Fee simple
3. The estate or interest referred to herein is at Date of Policy vested in the insured.
4. The land herein described is encumbered by the following mortgage or trust deed, and assignments:
Mortgage Deed from City of Clearwater to Sapir Investment Co., Inc., dated
5..3-74 and filed for record 5-9-74 at 4:22 PM as Clerk's Instrument No.
74064294 and recor~ed in O.R. Book 4169, page 1476 of the Public Records
of Pine11as County, Florida, given to secure its promissory note in the
principal amount of $1,000,000.00.
and the mortgages or trust deeds, if any, shown in Schedule B hereof.
5. The land referred to in this policy is described as follows:
SEE EXHIBIT "A" ATTACHED
This policy valid only if Schedule 8 is attached.
, ADDED ~,
.'
1%-12-64
(Schedule A continued)
Policy Number
10 071 01 00380
Owners
Policy Number
EXH IB IT 11[.\ II
Loan
LEGAL DESCRIPTION:
From the Northeast corner of the Northwest 1/4 of Section 15, Township 29 South,
I<ange 15 East, run South 0003'5211 East along the North and South center-line of
said Section 15, 959.20 feet to the Southerly line of Cleveland Street; thence
North 89041 '4811 West along the Southerly line of Cleveland Street, 30.0 feet
for Point of Beginning; thence North 89041'4811 West along the Southerly line of
Cleveland Street, 227.45 feet; thence South 0002'4911 ~'jest along the Westerly 1 ine
of Lot 20 of Clearwater Heights as recorded in Plat Book 4, page 99 of the
Public Records of Hillsborough County, Florida of Which Pinellas County was
formerly a part, 109.63 feet to the Southwesterly corner of said Lot 20; thence
North 8902812311 ;'Jest along the Northerly line of Lot 25 of said Clearwater
Heights, 59.65 feet; thence South 000213511 East along the Westerly line of
Lots 25,30,33 and 38 and Easterly line of Alexander Street, 257.16 feet to the
40 acre line and the Northerly line of Lot 1 of R.H. Padgetts Subdivision as
recorded in Plat Book 5, page 27 of the Public Records of Hillsborough County,
Florida of \'tIich Pinellas County was fonnerlya part; thence North 8901215211
West along the 40 acre line and the Northerly line of said Lot 1, 7.56 feet;
thence South 000315211 East along the Westerly line of the East 1/2 of said Lot 1,
330.0 feet to the Northerly line of Lot 4 of R.H. Padgetts Subdivision as
recorded in Plat Book 4, page 32 of the Publ ic Records of Pinellas County, Flor'ida;
thence North 89012'5211 ~Jest along Said Northerly line, 327.38 feet to the Northwesterly
corner of said Lot 4; thence South 0001'1511 East along the Westerly line of
said Lot 4, 330.0 feet to the Southwesterly corner of said Lot 4; thence
South 89012'5211 East along the Southerly line of said Lot 4, 652.G3 feet to
the Easterly line of said Lot 4 and the North and South center-line of said
Section 15; thence North 0003'5211 ~\jest along the Easterly line of said Lot 4
and said Lot 1 and the North and South center-line of said Section 15, 660.0 feet
to the Northeasterly corner of sa id Lot 1 and the 40 acre 1 ine; thence North
89012'5211 West along said 40 acre line and the Northerly line of said Lot 1,
30.0 feet; thence North 0003'5211 ~Jest along the Westerly Right of Way line of
Missouri Avenue, 368.98 feet to the Point of Beginning, LESS the Easterly 30.0
feet of said Lot 1 and said Lot 4 for Road Right of Way; ALSO LESS the South
20.U feet of the East 1/2 of said Lot 1 for Street Right of Way as conveyed to
the City of Clearwater by Special Warranty Deed. Subject to an Easement over the
North 20.0 feet of the South 40.0 feet of the East 1/2 of said Lot 1 for Street
and Utility Easement and over the North 20.0 feet of the South 60.0 feet of the
East 1/2 of said Lot 1 for Underground Utilities as set forth in a Resolution
by City of Clearwater, Florida (Resolution No. 61-50). Also subject to Easements
and Right of Ways of record.
SCHEDULE B
.'
Policy Nu",ber
10 071 01 00380
Owners
This policy does not insure against loss or damage by reason of the following exceptions:
General Exceptions:
(1) Rights or claims of parties in possession not shown by the public records.
(2) Encroachments, overlaps, boundary line disputes, and any other matters which would be disclosed by an
accurate survey and inspection of the premises.
(3) Easements or claims of easements not shown by the public records.
(4) Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed
by law and not shown by the public records.
(5) Taxes or special assessments which are not shown as existing liens by the public records.
Special Exceptions: The mortgage, if any, referred to in Item 4 of Schedule A.
6. The general taxes for the year 1974 and thereafter.
7. Easement from Sapir Investment Co. Inc. to the City of Clearwater, Fla.,
dated 5-29-61 and filed for record 6-1-61 at 4:55 PM as Clerk's Instrument
No. 837222A and recorded in O.R. Book 1182, page 436 of the Public Records
of Pinellas County, Florida, grants easement for underground util ities.
(see attached copy)
8. Easement from Sapir Investment Co. Inc., to the City of Clearwater, Fla.,
dated 5-29-61 and filed for record 6-1-61 at 4:55 PM as Clerk's Instrument
No. 837223A and recorded in O.R. Book 1182, page 438 of the Public Records
of Pine11as County, Florida, grants easement for Road Right of Way and
Utility purposes. (see attached copy)
9. Easement from Sapir Investment Co. Inc., Montgomery Ward & Co. Incorporated to
Florida Power Corporation, dated 11-2-61 and filed for record 11-24-61 at 2:25 PM
as Clerk's Instrument No. 891461A and recorded in O.R. Book 1299, page 489 of the
Public Records of Pinellas County, Florida, grants facilities easement over lot 30,
Clearwater Heights, According to the map or plat thereof as recorded in
Hi11sborough Plat Book 4, page 99 of the Public Records of Hi11sborough County,
Florida, of which Pine11as County was fonnerly a part.
10. Resolution by City Conunission of City of Clearwater, dated 5-22-61 and filed
for record 5-24-61 at 4:44 PM as Clerk's Instrument No. 834841A and recorded in
O.R. Book 1177, page 334 of the Public Records of Pinel1as County, Florida, covering
the Southerly 20 feet of the East 1/2 of Lot 1 of R.H. Padgett's Subdivision.
(see attached copy)
COASTAL BONDED TITLE CO. OF CLEARWATER
Schedule B of this Policy consists of 1. pages.
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'I CONDITIONS AND STIPULATIONS I
(e) In all cases where this policy permits or requ~es' theCotnpany
to prosecute or provide for the defense of any action or proceeding,
the insured hereunder shall secure to the Company the right to so
prosecute or provide defense in such action or proceeding, and all
appeals therein, and permit the Company to use, at its option, the name
of such insured for such purpose. Whenever requested by the Com-
pany, such insured shall give the Company all reasonable aid in any
such action or proceeding, in effecting settlement, securing evidence,
obtaining witnesses, or prosecuting or defending such action or pro-
damage here- ceeding, and the Company shall reimburse such insured for any
expense so incurred.
.
, .
1. hfinltlon of Terms
The following terms when used in this policy mean:
(a) "insured": the insured named in Schedule A, and, subject to
any rights or defenses the Company may have had against the named
insured, those who succeed to the interest of such insured by operation
of law as distinguished from purchase including, but not limited to,
heirs, distributees, devisees, survivors, personal representatives, next of
kin, or corporate or fiduciary successors.
(b) "insured claimant": an insured claiming loss or
under.
(c) "knowledge": actual knowledge, not constructive knowledge or
notice which may be imputed to an insured by reason of any public
records.
(d) "land": the land described, specifically or by reference in Sched-
ule A, and improvements affixed thereto which by law constitute real
property; provided, however, the term "land" does not include any
property beyond the lines of the area specifically described or referred
to in Schedule A, nor any right, title, interest, estate or easement in
abutting streets, roads, avenues, alleys, lanes, ways or waterways, but
nothing herein shall modify or limit the extent to which a right of
access to and from the land is insured by this policy.
(e) "mortgage": mortgage, deed of trust, trust deed, or other security
instrument.
(0 "public records": those records which by law impart constructive
notice of matters relating to said land.
2. Continuation of Insurance after Conveyance of Title
The coverage of this policy shall continue in force as of Date of
Policy in favor of an insured so long as such insured retains an estate
or interest in the land, or holds an indebtedness secured by a purchase
money mortgage given by a purchaser from such insured, or so long
as such insured shall have liability by reason of covenants of warranty
made by such insured in any transfer or conveyance of such estate or
interest; provided, however, this policy shall not continue in force in
favor of any purchaser from such insured of either said estate or
interest or the indebtedness secured by a purchase money mortgage
given to such insured.
3. Defense and Prosecution of Actions-Notice of Claim
to be given by an Insured Claimant
(a) The Company, at its own cost and without undue delay, shall
provide for the defense of an insured in all litigation consisting of
actions or proceedings commenced against such insured to the extent
that such litigation is founded upon an alleged defect, lien, encum-
brance, or other matter insured against by this policy.
(b) The insured shall notify the Company promptly in writing (i)
in case any action or proceeding is begun as set forth in (a) above,
(ii) in case knowledge shall come to an insured hereunder of any claim
of title or interest which is adverse to the title to the estate or interest
as insured, and which might cause loss or damage for which the Com-
pany may be liable by virtue of this policy. If such prompt notice
shall not be given to the Company, then as to such insured all liability
of the Company shall cease and terminate in regard to the matter or
matters for which such prompt notice is required; provided, how-
ever, that failure to notify shall in no case prejudice the rights of any
such insured under this policy unless the Company shall be prejudiced
by such failure and then only to the extent of such prejudice.
(c) The Company shall have the right at its own cost to institute
and without undue delay prosecute any action or proceeding or to do
any other act which in its opinion may be necessary or desirable to
establish the title to the estate or interest as insured, and the Company
may take any appropriate action under the terms of this policy,
whether or not it shall be liable thereunder, and shall not thereby
concede liability or waive any provision of this policy.
(d) Whenever the Company shall have brought any action or inter-
posed a defense as required or permitted by the provisions of this
policy, the Company may pursue any such litigation to final determi-
nation by a court of competent jurisdiction and expressly reserves
the right, in its sole discretion, to appeal from any adverse judgment
or order.
4. Notice of Loss-llmltatlon of Action
In addition to the notices required under paragraph 3(b) of these
Conditions and Stipulations, a statement in writing of any loss or
damage for which it is claimed the Company is liable under this policy
shall be furnished to the Company within 90 days after such loss or
damage shall have been determined and no right of action shall accrue
to an insured claimant until 30 days after such statement shall have
been furnished. Failure to furnish such statement of loss or damage
shall terminate any liability of the Company under this policy as to
such loss or damage.
5. Options to Payor Otherwise Settle Claims
The Company shall have the option to payor otherwise settle for .
or in the name of an insured claimant any claim insured against or
to terminate all liability and obligations of the Company hereunder
by paying or tendering payment of the amount of insurance under
this policy together with any costs, attorneys' fees and expenses in-
curred up to the time of such payment or tender of payment, by the
insured claimant and authorized by the Company.
6. Determination and Payment of Loss
(a) The liability of the Company under this policy shall in no case
exceed the least of:
(i) the actual loss of the insured claimant; or
(ii) the amount of insurance stated in Schedule A.
(b) The Company will pay, in addition to any loss insured against
by this policy, all costs imposed upon an insured in litigation carried
on by the Company for such insured, and all costs, attorneys' fees and
expenses in litigation carried on by such insured with the written
authorization of the Company.
(c) When liability has been definitely fixed in accordance with the
conditions of this policy, the loss or damage shall be payable within
30 days thereafter.
7. Limitation of liability
No claim shall arise or be maintainable under this policy (a) if the
Company, after having received notice of an alleged defect, lien or
encumbrance insured against hereunder, by litigation or otherwise,
removes such defect, lien or encumbrance or establishes the title, as
insured, within a reasonable time after receipt of such notice; (b) in
the event of litigation until there has been a final determination by a
court of competent jurisdiction, and disposition of all appeals there-
from, adverse to the title, as insured, as provided in paragraph 3
hereof; or (c) for liability voluntarily assumed by an insured in settling
any claim or suit without prior written consent of the Company.
8. Reduction of Liability
All payments under this policy, except payments made for costs,
attorneys' fees and expenses, shall reduce the amount of the insurance
pro tanto. No payment shall be made without producing this policy
for endorsement of such payment unless the policy be lost or destroyed,
in which case proof of such loss or destruction shall be furnished to
the satisfaction of the Company.
9. Liability Noncumulative
It is expressly understood that the amount of insurance under this
policy shall be reduced by any amount the Company may pay under
any policy insuring either (a) a mortgage shown or referred to in
Schedule B hereof which is a lien on the estate or interest covered
by this policy, or (b) a mortgage hereafter executed by an insured
which is a charge or lien on the estate or interest described or
referred to in Schedule A, and the amount so paid shall be deemed
CONDITIONS AND STIPULATIONS (Continued on Reverse Side)
CONDITIONS AND STIPULATIONS {Continued}
a payment under this policy. The Company shall have the option to
apply to the payment of any such mortgages any amount that other-
wise would be payable hereunder to the insured owner of the estate
or interest covered by this policy and the amount so paid shall be
deemed a payment under this policy to said insured owner.
10. Apportionment
If the land described in Schedule A consists of two or more parcels
which are not used as a single site, and a loss is established affecting
one or more of said parcels but not all, the loss shall be computed
and settled on a pro rata basis as if the amount of insurance under
this policy was divided pro rata as to the value on Date of Policy of
each separate parcel to the whole, exclusive of any improvements
made subsequent to Date of Policy, unless a liability or value has
otherwise been agreed upon as to each such parcel by the Company
and the insured at the time of the issuance of this policy and shown by
an express statement herein or by an endorsement attached hereto.
11. Subrogation Upon Payment or Settlement
Whenever the Company shall have settled a claim under this policy,
all right of subrogation shall vest in the Company unaffected by any
act of the insured claimant. The Company shall be subrogated to and
be entitled to all rights and remedies which such insured claimant
would have had against any person or property in respect to such
claim had this policy not been issued, and if requested by the Com-
pany, such insured claimant shall transfer to the Company all rights
and remedies against any person or property necessary in order to
perfect such right of subrogation and shall permit the Company to
use the name of such insured claimant in any transaction or litigation
involving such rights or remedies. If the payment does not cover the
loss of such insured claimant, the Company shall be subrogated to
such rights and remedies in the proportion which said payment bears
to the amount of said loss. If loss should result from any act of such
insured claimant, such act shall not void this policy, but the Company,
in that event, shall be required to pay only that part of any losses
insured against hereunder which shall exceed the amount, if any, lost
to the Company by reason of the impairment of the right of subrogation.
12. Liability Limited to This Policy
This instrument together with all endorsements and other instru-
ments, if any, attached hereto by the Company is the entire policy and
contract between the insured and the Company.
Any claim of loss or damage, whether or not based on negligence,
and which arises out of the status of the title to the estate or interest
covered hereby or any action asserting such claim, shall be restricted
to the provisions and conditions and stipulations of this policy.
No amendment of or endorsement to this policy can be made except
by writing endorsed hereon or attached hereto signed by either the
President, a Vice President, the Secretary, an Assistant Secretary, or
validating officer or authorized signatory of the Company.
13. Notices, Where Sent
All notices required to be given the Company and any statement in
writing required to be furnished the Company shall be addressed to its
principal office at III West Washington Street, Chicago" Illinois 60602,
or at any branch office of the Company. '
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DRAFT FIVE
tJRCIIASE AND SALE AGREEMENT I
Agreement made this 22nd day of April, 1974, by and
behleen SAPIR INVESTt4ENT CO., INC., a corporation organi zed
under the laws of the Commonwealth of Massachusetts and having
its principal offices at 145 California Street, Newton, Massachusetts
(hereinafter called the "Seller"), and the CITY OF CLEARW\.TER, FLORIDA,
a municipal corporation (hereinafter called the "Buyer").
WHEREAS, the directors and voting stockholders of Seller,
by unanimous written consent dated April 19, 197~ adopted a plan
of complete liquidation providing for the distribution in complete
liquidation, within 12 months of such date, of all its assets,
less assets to be retained to meet claims;
NOW, THEREFORE, in consideration of the premises
and the covenants and agreements hereinafter contained, it
is agreed by and between the parties hereto as follows:
1. Agreement to Purchase and Sell. Subject to the
terms and conditions herein provided, the Buyer will purchase
from the Seller, and the Seller will sell to the Buyer, the
premises defined in Section 3 below at the purchase price
referred to in Section 4 below.
2. The Closing Time. The Closing Time hereunder
shall be one o'clock in the afternoon, local time, on May 15,
1974 at the place at which deeds are recorded in pinellas
County, Florida, or at such other time and place as shall
be agreed upon in writing by the parties hereto.
3. Properties to be conveyed by the Seller to the
Buyer. The Sell~i ~hall convey to the Buyer at the Closing
Time th~ land of the Seller with the buildings now located
thereon in the city of Clearwater, County of pinellas,
I
,
described in Exhibit A attached hereto (hereinafter called the
"Premises"), which land and buildings are comprised of Parcell
(on which the store formerly occupied by Montgomery Ward & Co.,
Incorporated is located), and Parcel 2 (consisting of a parcel
acquired by Seller from the District School Board of Pinellas
County, Florida by deed dated June 25, 1969).
The Premises are to be conveyed together with all
attendant and attached fixtures, and all other tangible
personal property contained in said buildings owned by the
Seller, in fee simple title, subject only to easements,
restrictions and reservations of record.
4. The Purchase Price to be paid by the Buyer to
the Seller. The purchase price for the Premises is $1,150,000,
payable as follows:
(a) $50,000 deposit upon execution of this agreement,
by delivery to Consultants, Inc., as Escrow Agent; to be held
by it in accordance with the terms of this agreement, of
cas~or certified or bank cashier's check or checks, in such
amount;
(b) $100,000 payable at the Closing by certified or
bank cashier's check or checks payable to the order of Seller;
(c) Execution and delivery by the Buyer to the Seller
at the Closing of a note in the principal amount
-2-
of $1,000,000 in tfe for~ attached l~ereto as lC:Xhibi t Band
.'a mortgage deed of the Premises securing said note in the form
attached hereto as Exhibit C.
The Buyer shall cause to be delivered to the Seller at the
Closing an opinion of counsel satisfactory to the Seller, dated the
Closing Date, to the effect that, (i) under existing Florida law, the
note and mortgage deed so delivered by the Buyer have been duly auth-
orized by all necessary action by, and duly executed and delivered on
behalf of, the Buyer, )iKcX'KR~YI:Jf1iiX~J.}Cfilfj"14ml!j~&~yX'ifw
R:kM-2t*~>>>>ljtmt>XXcmtiM:1XS(XJ~X~ROC~X~~1i:xmc:K~~X~*&~X
X~~X~.~X~, and (ii) under existing statutes the interest
payable on such note is exempt from Federal and State of Florida in-
come taxes.
5. Items for Delivery by the Seller at the Closing Time. (a)
Subject to fulfillment of the conditions to closing referred to in
Section 6 below, at the Closing Tim~lfe!~er shall deliver, duly
executed and acknowledged, a ~x~~arranty deed, in the form at-
tached hereto as Exhibit D, of the Premises, conveying to the Buyer fee
simple title to the Premises, subject only to easements, restrictions
and reservations of record. The Buyer will pay all closing costs in
connection with the sale and transfer herein provided for,
including, without limitation, the Buyer's attorney fees,
title insurance costs and charges, escrow costs and charges
and all Federal, State and local recording charges and
stamp taxes both for the deed (Exhibit D) and the mortgage
deed (Exhibit C), but excepting the Seller's attorney's
fees, costs incurred in providing the survey pursuant to
subsection 5(c) below and broker's commissions and fees
payable to Consultants, Inc. pursuant to Section llbelow.
(b) Possession of the premises shall be delivered
by the Seller to the Buyer at the Closing Time.
- 3 -
,.
I
,
(c) The Seller agrees to deliver to the Buyer at or prior
to the Closing Time an accurate survey of the premises being conveyed.
6. Conditions to Closing. The Seller's obligations hereunder
shall be subject to fulfillment, at or before the ~losing Time, of
each of the following conditions:
(a) receipt by the Seller of the opinion referred to under
Section 4(c) above;
(b) termination
of the lease, dated May 22, 1961 and as here-
tofore amended, between the Seller, as lessor, and Montgomery Ward &
Co., Incorporated, as lessee, of a portion of the Premises on terms
and conditions satisfactory to the Seller;
(c) release of the lien of the mortgag~on the Premises held by
the Mutual Benefit Life Insurance Company and Southeast National B~nk nf
St. Petersburg, on terms and cnnditions satisfactory to the Seller;
(d) receipt by the Seller from tenants of the shopping center
of which the Premises are a part,;in form and substance and on terms
and conditions satisfactory to the Seller, of all consents to the
termination of the Montgomery Ward & Co., Incorporated lease referred
to in (b) above and all releases of interests of such tenants of what-
ever kind in the Premises which are, in the opinion of counsel to the
Seller, necessary or appropriate.
7. Adjustments. Until the Closing Time, all receipts with
respect to the operation of the Premises shall belong to the Seller anc
all expenses in connection with the operation of the Premises shall
be paid by the Seller. As at the Closing Time, water and sewer
charges and other expenses incurred in connection with the operati6n
-4-
I
I
of the Premises are to be adjusted. Provided that Montgomery Ward &
Co., Incorporated and any other leasehold tenants of the Premises
have no right to occupy the Premises after the Closing Time, all
rents collected from such tenants after the Closing Time shall, not-
withstanding the transfer of title to the Premises contemplated
hereby, accrue to and be collected by the Seller. All City of
Clearwater taxes and assessments on the Premises shall cease to
accrue from and after the Closing Time and any such taxes paid in
advance with respect to a period subsequent to the Closing Time
shall be refunded. There shall be no other adjustments.
8. Loss, Damage or Taking Prior to the Closing Time.
Subject to the following provisions of this Section 8, in the event
that all or any portion of the Premises shall, prior to the Closing
Time, be damaged or destroyed by fire or casualty, or shall have
been taken or condemned in part by public authority or by quasi-
public authority, then except as otherwise provided in the next
following paragraph, the happening of such event or events shall
not affect any of the terms or conditions of this agreement, and
notwithstanding the same, this agreement shall remain in full
force and effect.
In the event that all of the Premises shall be so
taken or condemned prior to the Closing Time, this agree-
ment shall terminate upon the date such taking or condemna-
tion is made; but in the event that less than all of the
Premises shall be so taken or condemned or in the event of
any such destruct~onor damage by fire or casualty, and in
- 5 -
I
I
the event that the premises (or what may remain thereof)
shall not have been restored and repaired to their present
condition, the Seller may at its option either terminate
this agreement or extend the Closing Time for up to 180 days
thereafter. In the event that the Seller shall so extend
the Closing Time and in the event that such restoration and
repair shall not have been completed by such extended Closing
Time, this agreement shall terminate. In the event of any
termination of this agreement pursuant to the terms and pro-
visions of this paragraph, all sums paid hereunder by the
Buyer shall be refunded and all other obligations of either
party hereto shall cease and terminate and this agreement
shall be void without recourse to either party. Nothing in
this agreement shall be deemed to require the Seller to so
restore or repair the premises.
The Seller agrees to keep the buildings on the
premises insured until the Closing Time, against loss or
damage by fire and other perils customarily covered by
"extended coverage", so-called, in an amount not less than that
currently carried by the Seller.
The Buyer represents that the Buyer has examined
the premises, and the buildings thereon, both inside and
outside, and agrees, subject to the foregoing provisions
of t~is Section 8, to accept them in their condition as
at the Closing Time and that the Seller has made no repre-
sentation as to the use or physical condition there~f.
- 6 -
9. Inabili l. of Seller to Convey. If rt the Closing Time
.the Seller shall be unable to give title or to make conveyance as
required by Section 3 hereof or if at the Closing Time the conditions
specified in Subsections 6 (b) ,(c) and (d) hereof shall not have been fu1-
filled, then the Closing Time shall automatically be extended to one
o'clock in the afternoon, local time, on the thirtieth (30th) day there-
after, and if at such extended Closing Time the Seller shall not have re-
moved any defect in title necessary to make such title conform to the re-
quirements of Section 3 hereof or the conditions specified in such sub-
sections6(b), (c) and (d) hereof shall not have been fulfilled, all pay-
ments made under this agreement shall be refunded, all obligations of
either party hereto shall cease and terminate and this agreement shall
be void without recourse to either party; provided, however, that the
Buyer may waive any defect in title or other cause of such inability on
the part of the Seller and accept such title to said premises as the
Seller can convey, without diminution of the purchase price, and provided
further, however, that nothing contained in this Section 9 shall relieve
the Buyer from or permit the Buyer to waive Buyer's obligation to deliver
the opinion referred to in the second paragraph of Section 4(c) hereof.
10. Notices. Any notice given hereunder shall be
in writing and shall be deemed duly given when mailed by
registered mail, postage and registration charges prepaid,
addressed in the case of the seller to the Seller at 145
California street, Newton, Massachusetts 02158, with a
copy thereof simultaneously so mailed to David M. Saltie1,
Esquire, Nutter, McClennen & Fish, 75 Federal street, Boston,
Massachusetts 02110, and in the case of the Buyer to the Buyer in care
of the City Manager, City of Clearwater, Clearwater, Florida 33518,
or in either -case at such other address as the party to
. whom notice is giten may have designated by lotice given
to the other in the manner hereinabove provided.
11. Broker. A broker's commission is to be paid by the
Seller to Consultants, Inc., of Clearwater. Florida. suhiect to and
in accordance with a separate aqreement between the Seller and
such broker.
The Buyer represents and warrants that the Buyer has
dealt with no other agent or broker with respect to the
sale hereby contemplated and agrees to indemnify, exonerate
and hold harmless the seller from and against any and all
claims for any other broker's or finder's fees, commissions,
or other fees in connection with such sale arising out of
a breach of the Buyer's aforesaid representation and warranty.
12. Further Assurances. The Buyer will, at any time or from
time to time at or after the Closing Time, execute and deliver any and
all such deeds, contracts, conveyances or other instruments as, and
take whatever action, the Seller may deem necessary or desireab1e to
effect, perfect or confirm of record, or otherwise, in the Seller all
the right, title and interest in the Premises intended to be conveyed
to the Seller by the mortgage deed attached hereto as Exhibit C, in-
eluding, without limitation, a security agreement and a financing state-
ment with respect to any security interest in personal property con-
veyed thereby.
13. Entire Agreement.
All rights and remedies of
the parties shall be cumulative and not alternative, in
addition to and not exclusive of any other right or remedy
to which the parties may be lawfully entitled in case of
any breach or threatened breach of any term or provision
herein: the rights and remedies of the parties shall be
continuing and not exhausted by anyone or more uses thereof,
- 8 -
d b .1 d' I
an may e exerC1se at any t1me or from time to time and
as often as may be expedient; and any option or election
to enforce any such right or remedy may be exercised or
changed at any time or from time to time. This agreement
sets forth the entire agreement by the parties, and no
custom, act, forbearance, or words or silence at any time,
gratuitous or otherwise, shall impose any additional obliga-
tion or liability upon either party or waive or release
either party from any default or the performance or ful-
fillment of any obligation or liability, or operate as
against either party as a supplement, alteration, amendment
or change of any term or provision set forth herein, including
this clause, unless set forth in a written instrument duly
executed by such party expressly stating that it is intended
to impose such an additional obligation or liability or to
constitute such a waiver or release, or that it is intended
to operate as such a supplement, alteration, amendment or
change.
14. Miscellaneotis.
(a) If the Buyer records this agreement, it shall,
at the option of the Seller, become ipso facto null and void
and all payments made hereunder shall be forfeited and
become the property of the Seller as liquidated damages.
9-
I
I
(b) The cost of all title examination, title in-
surance policies and abstracts of title which the Buyer
shall deem it necessary or advisable to obtain shall be
borne by the Buyer and under no circumstances shall the
Seller be required to furnish any of the same to the Buyer
or to reimburse the Buyer for the cost of any thereof.
(c) This agreement shall be binding upon and inure
to the benefit of the respective successors and
assigns of the parties hereto.
(d) If the Buyer shall fail to comply with any of
the terms and conditions herein set forth, at the time or
in the manner herein provided, the Seller shall be released
from all obligations hereunder and all of the Buyer's
rights hereunder, legal and equitable, shall cease, any
monies paid by the Buyer to the Seller upon the execution
of this agreement to be retained by it as liquidated and
agreed d2mages.
(e) If any term or provision of this agreement
or the application thereof to any person, property or cir-
cumstance shall to any extent be invalid or unenforceable,
the remainder of this agreement or the application of such
term or provision to persons, properties and circumstances
other than those as to which it is invalid or unenforceable,
shall not be affected thereby, and each term and provision
- 10-
I
I
of this agreement shall be valid and enforced to the fullest
extent permitted by law.
IN WITNESS WHEREOF the parties hereto have executed
this instrument under seal on the day and year first above
written.
....SE~,
SAPIR INVESTMENT CO., INC.)
BylJ~ f4M !
- ::..--
"..
-
',~ - - .....,
THE
CLEARWATER
SEAL
By
.
Approved as to orm &
cor~~
~ttorneY'
- 11 -
the
Seller
)
) the
) Buyer
)
I
Exhibit B to Purchase and
I Sale Agreement
CITY OF CLEARWATER, FLORIDA
4.5% MORTGAGE NOTE
$1,000,000 May , 1974
THE CITY OF CLEARWATER, an of the
state of Florida (herein called the "City"), for value re-
ceived, hereby promises to pay to the order of SAPIR INVESTMENT
co., INC., a Massachusetts corporation, at its office at 145
California Street, Newton, Massachusetts 02158, or such other
location or locations as the holder hereof shall at any time or
from time to time designate in writing, the principal sum of one
million dollars ($1,000,000), together with interest from the
date hereof at the rate of 4.5% per annum on the principal balance
remaining from time to time unpaid, said payments to be made at
the times, in the amount and in the manner following, to wit: the
sum of fifty-six thousand one hundred fifteen dollars and thirty-two
cents ($56,115.32) on the _th* day of August, 1974, and a like sum
on the _th day of each succeeding November, February, and Hay,
until the _th day of February, 1979, and a final payment of the
sum of fifty-six thousand one hundred fifteen dollars and ten cents
($56,115.10) on the
th day of Hay, 1979.
All payments made on this Note shall be credited first
to interest on this Note, and secondly as a direct reduction
of the principal thereof, in accordance with the principal and
interest amortization schedule attached hereto as Exhibit I.
This Note may be prepaid in whole, but not in part, at any
"
time without penalty or premium.
*90 days after date of note.
I 'h' t .
payment of this Note in accordance W1t 1tS erms 1S
secured by a mortgage deed (hereinafter called the "Mortgage")
of even date herewith from the City to the payee hereunder
of certain premises in the City of Clearwater, pinellas
County, Florida, conveyed by the payee hereunder to the City
on the date hereof.
Upon the failure to make any payment hereunder within 15 days
of its due date or the occurrence of any other default specified in
the Mortgage, the principal hereof and the interest accrued and un-
paid hereon may at the option of the holder hereof be declared to be
forthwith due and payable, as provided in the Hortgage.
Upon surrender for exchange of this Note, or any Note
issued in exchange herefor pursuant hereto, to the City
at its principal office, the City at its expense will issue
in exchange therefor a new Note or Notes in such denomination
or denominations ($1,000 and multiples t~ereof) as may be re-
quested by the holder of the Note surrendered, but otherwise of like
tenor, dated the date to which interest has been paid on the surrender-
ed Note or Notes, and in aggregate principal amount equal to the un-
paid principal amount of the surrendered Note or Notes.
Upon receipt of evidence reasonably satisfactory to
the City of the loss, theft, destruction or mutilation of
this Note or any Note issued in exchange pursuant to the pre-
ceding paragraph, or, in the case of any such mutilation,
upon surrender and cancellation of such Note, the City at
its expense will execute and deliver, in lieu thereof, a
- 2 -
I
,
new Note of the same class and of like tenor, dated the date
to which interest has been paid on such lost, stolen, destroyed
or mutilated Note, and in principal amount equal to the unpaid
principal amount of such lost, stolen, destroyed or mutilated
Note.
No delay or omission on the part of the holder of
this Note in exercising any right hereunder shall operate as
a waiver of such right or of any other right under this Note.
No waiver of any such right shall be effective unless in
writing and signed by the holder of this Note, nor shall a
waiver on one occasion be construed as a bar to or waiver
of any such right on any future occasion. The city waives
presentment, demand, notice, protest, and all other demands
and notices in connection with the delivery, acceptance, per-
formance, default or enforcement of this Note.
Should the holder attempt to collect the indebtedness repre-
sented by this Note or any part thereof by proceedings at law or in
equity, or in bankruptcy, insolvency, receivership or other court pro-
ceedings, or should this Note be placed in the hands of attorneys for
collection after default, the City agrees to pay, in addition to
the principal, interest and premium, if any, due and payable
thereon, all costs of collecting or attempting to collect this
Note including a reasonable attorney's fee.
This Note is governed by the laws of the state of
Florida.
IN WITNESS WHEREOF, the City has caused this 4.5%
- 3-
,
,
Mortgage Note to be duly executed and its official seal
to be affixed hereto.
CITY OF CLEARWATER
By
(SEAL)
- 4 -
SChedule of Direct Reduction Loan
ANNUAL % RATE
4.50
PAYMENT $
56,115.32
I
LOAN $
1000,000.00
Prepared by Financial Publishing Company, Boston
~) A YMENT PAYMENT ON BALANCE
NUMBER INTEREST PRINCIPAL OF LOAN
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
11,250.00
10,745.27
10,234.85
9,718.70
9,196.73
8,668.90
8,135..13
7,595..35
7,049.50
6,497.51
5,939.31
5,374.83
4,804.00
4,226.75
3,643.00
3,052.69
2,455.73
1,852.06
1,241.60
624.27
44,865.32
45,370.05
45,880.47
46,396.62
46,918.59
47,446.42
47,980.19
48,519.97
49,065.82
49,617.81
50,176.01
50,740.49
51,311.32
51,888.57
52,472.32
53,062.63
53,659.59
54,263.26
54,873.72
55,490.83
955,134.69
909,76/h63'
863,884.16
817,487.54
710,568.95
723,122.53
675,142.34
626 , 622 . 3 -/
577,556.55
527,93B.74
477,162.73
427,022.24
375,710.92
323,822.35
271,350.03
218,287.40
164,627.81
110,364.55
55,490.83
56,115.10*
The fiTlal paymellt is u.mally .~()mcwh(l/ different from the regulur
iJuymCTI/, and i8ShO(l)T1 s/arrc1 OTl the'llus/IiTle.
1?;'306.1B
I
TERM: YEARS
5
EXHIBIT I
MONTI-IS
PAYMENT PAYMENT ON I
NUMBER INTEREST PRINCIPAL
PERIODS
20
BALANCE
OF LOAN
1007166115 100000000
I
Exhibit C to Purchase and
Sale Agreement
I
MORTGAGE DEED
THIS MORTGAGE DEED, Executed the day of May,
A.D. 1974, by THE CITY OF CLEAIDvATER, CLEARWATER, FLORIDA,
a duly organized and existing under the laws
of Florida, hereinafter called the "Mortgagor", which term
shall include singular or plural, and shall include the
successors and assigns of the Mortgagor, to SAPIR INVESTMENT
CO., INC., a corporation organized under the laws of the
Commonwealth of Massachusetts and having its principal office
at 145 California Street, Newton, Massachusetts 02158, herein-
after called the "Mortgagee", which term shall include the
successors and assigns of the Mortgagee.
WITNESSETH THAT, WHEREAS, the Hortgagor is justly indebted
to the Mortgagee in the principal sum of one million dollars
($1,000,000), whi('!h i"n~hi"~dness is hereby acknowledged and
is evidenced by a certain 4.5% mortqage note payable to the
Mortgagee executed by the Mortgagor bearing even date here-
within the principal amount of $1,000,000 payable in 20
quar~erly installments.
NOW THIS MORTGAGE DEED, WITNESSETH, that the Mortgagor
for the better securing of the several sums of money mentioned
in the said note does hereby grant, bargain, sell, alien,
remise, release, convey and confirm unto the Mortgagee in
fee simple forever, all the following tract of land, of which
the Mortgagor is now seized and possessed, situate, lying
and being in pinellas County, State of Florida, and more
particularly described as follows:
[Legal description set forth on
Exhibit A to Purchase and Sale
Agreement to be inserted here]
TOGETHER WITH ALL AND SINGULAR THE TENEMENTS, HEREDITAMENTS,
APPURTENANCES, EASEMENTS, RIPARIAN and other rights, and all
structures and improvements now and hereafter on said land
and the fixtures attached thereto, and all rents, issues and
profits accruing from said premises, also all gas, steam,
electric, water heating, air conditioning, cooking, refriger-
ating, lighting, plumbing, ventilating, irrigating and power
systems, machines, appliance~ and all shrubbery, plants and
trees now growing or that may hereafter be planted or grown
thereon: and fixtures and appurtenances, which now are or
may be in or on said premises even though they be detached
or detachable.
TO HAVE AND TO HOLD the above granted premises, with
the appurtenances, unto the Mortgagee in fee simple forever.
I
I
The Mortgagor hereby covenants and agrees with the
Mortgagee as follows:
FIRST: That the Mortgagor is lawfully seized of
the above described premises in fee simple and has good right
to sell and convey the same to the Mortgagee: that the said
premises are free and discharged of and from all taxes, tax
titles or certificates, judgments, mechanic's liens and en-
cumbrances of any nature or kind whatsoever and that the
Mortgagor will fully warrant and defend the same to the
Mortgagee, against the lawful claims and demands of all per-
sons whomsoever, and will make such further assurances to
perfect fee simple title to said land, in the Mortgagee, as
may reasonably be required, and will pay the several sums of
money agreed in the said note to be paid and all install-
ments of principal and interest thereon promptly when due,
and according to the true tenor and effect of the said note.
SECOND: That the Mortgagor will pay all and singular
the taxes, assessments, levies and encumbrances of61ery
nature on the above described property and upon this mortgage
and note, or the money secured hereby, before delinquency
thereof, and promptly deliver the official receipts to the
office of the Mortgagee, and if the same be not promptly paid
when due, the Mortgagee may (without obligation to do so)
pay the same without waiving or affecting any right contained
in this mortgage or the said note and charge such sums so
paid, together with a service fee of 10% of the amount thereof
to the Mortgagor, and such sums of money shall bear interest
from the date of payment at the rate of eight per centum
per annum. If said receipts are not delivered by the Mort-
gagor to the Mortgagee's office by the date the said taxes,
assessments or levies become delinquent, then the Mortgagee
may order a tax search of the public records to determine the
true status of said taxes, assessments or levies and charge
the cost of such search to the account of the Mortgagor and
such charge shall be secured by this mortgage. All such ad-
vances shall bear interest at the rate of eight per centum
per annum.
THIRD: To keep the buildings which are now, or which
may hereafter be erected on the land herein described,
insured against all such risks and in such amounts as is
customarily carried on commercial properties of like character
to the above described premises in Clearwater, Florida, but
in any event against all risk by fire in a sum not less than
$1,000,000, at the expense of the Mortgagor, in a good and
responsible insurance company or companies, licensed to do
- 2 -
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business in the state of Florida, and acceptable to the
Mortgagee, for the benefit of the Mortgagee (but the Mort-
gagee shall not be liable for the insolvency or irrespon-
sibility of any such companies), and said policy or policies
and all renewals thereof shall be deposited with and held by
the Mortgagee, and said policy or policies and all renewals
thereof shall contain a "Loss Payable" or "Standard Mortgagee"
clause, at the option of the Mortgagee, payable to the
Mortgagee as its interest may appear. Upon any default
thereof, the Mortgagee may (but without obligation on its
part so to do) place insurance on such building, pay the
premium and charge such sums so paid, together with a ser-
vice fee of 10% of the amount thereof, to the Mortgagor,
and such sums of money so paid shall bear interest from the
date of payment at the rate of eight per centum per annum.
In the event of a loss by fire or other casualty the Mortgagor
will give immediate notice by mail to the Mortgagee.
FOURTH: To keep the buildings which are now or may
hereafter be erected on the land herein described, insured
against loss by windstorm, cyclone or tornado, in a sum not
less than ~ne hundred per centum of their fair cash value, at the
expense of the Mortgagor, at the option of the Mortgagee,
under all the terms and conditions with respect to said in-
surance as set forth in Paragraph Third of this Mortgage with
respect to fire insurance.
FIFTH: That all sums of money secured, paid or
caused to be paid by the Mortgagee under the terms of this
mortgage and herein specifically provided for, and including
any expenses incurred by the Mortgagee in collection of the
sums secured by this mortgage, shall be covered by the lien
of this mortgage, the same as the sums of money represented
by the note hereby securedo
SIXTH: To permit, commit or suffer no waste, impair-
ment or deterioration of said property, or any part thereof,
and upon the failure of the Mortgagor to keep the buildings
on said property in good condition of repair, the Mortgagee
may make demand for the immediate repair of said buildings,
or an increase in the amount of security, or the immediate
repayment of the debt hereby secured, and the failure of the
Mortgagor to comply with said demand of the Mortgagee for a
period of 15 days shall constitute a breach of this mortgage,
and, at the option of the Mortgagee, immediately mature the
entire unpaid principal and interest hereby secured, and
the Mortgagee may, without notice, institute proceedings
to foreclose this mortgage as hereinafter providedo
- 3 -
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SEVENTH: That the Mortgagor hereby promises, coven-
ants and agrees to pay the sums of money and interest as
mentioned in said promissory note, together with any and all
other sums justly due and owing the Mortgagee by the terms
hereof, and secured to be paid as aforesaid, promptly when
due. And if default shall be made in the payment of the said
sums of money or any part thereof as provided in the said
note or this mortgage, and said default shall continue for
a period of fifteen days, or should the Mortgagor breach or
fail to comply with any other covenant or agreement on the
part of the Mortgagor to be complied with (in those cases
in which the option of the Mortgagee of acceleration is
not otherwise expressly provided herein) and such breach or
non-compliance continue in existence for a space of fifteen
days, then and from thenceforth, at the option of the Mort-
gagee and without notice to the Mortgagor, the whole of said
principal sum expressed in said note, together with all other
sums therein provided for, shall become immediately due and
payable, without notice to the said Mortgagor.
EIGHTH: That in case it should become necessary to
place this mortgage deed and the note secured hereby or either
of them, in the hands of an attorney for collection, the said
Mortgagor covenants and agrees with the Mortgagee, to pay
all costs, charges and expenses of such collection, including
reasonable attorney's fees whether collected by foreclosure
or otherwiseo
NINTH: The Mortgagor hereby waives all right of home-
stead and exemption granted by the Constitution and laws of
Florida. It is specifically agreed that time is of the
essence of this contract and that no waiver by the Mortgagee
of any obligation secured hereby shall at any time there-
after be held to be a waiver of the terms hereof or of the
obligation secured hereby.
TENTH: That if conveyance should be made by the
Mortgagor of the premises herein described or any part
thereof, without the written consent of the Mortgagee and
without assumption in regular form of law by the grantee of
the obligation to the Mortgagee created hereunder, then
and in that event and at the option of the Mortgagee and
without notice to the Mortgagor, all sums of money secured
hereby shall immediately and concurrently with such con-
veyance become due and payable and in default whether the
same are so due and payable and in default by the specific
terms hereof or not.
- 4 -
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ELEVENTH: That in the event the ownership of said
property or any part thereof becomes vested in a person
other than the Mortgagor, the Mortgagee may, without notice
to the Mortgagor, deal with such successor or successors in
interest with reference to this mortgage and the debt hereby
secured in the same manner as with the Mortgagor, and may
forbear to sue or may extend time for payment of the debt
secured t~ereby, without discharging or in any way affecting
the liability of the Mortgagor hereunder or upon the debt
hereby secured.
TWELFTH: If foreclosure proceedings of any second
mortgage or second trust deed or any junior lien of any kind
should be instituted, the Mortgagee may, at its option,
immediately or thereafter declare this mortgage and the in-
debtedness secured hereby due and payable.
THIRTEENTH: That in the event the premises hereby
mortgaged, or any part thereof, shall be condemned and taken
for public use under the power of eminent domain, the Mort-
gagee shall have the right to demand that all damages awarded
for the taking of or damages to said premises shall be paid
to the Mortgagee, up to the amount then unpaid on this mort-
gage and the obligation secured hereby and may be applied
upon the payments last payable under this mortgage and the
obligation secured hereby.
FOURTEENTH: Said note provides that, upon its surrender, or
the surrender of any note issued in exchanqe therefor, to the Mort-
gagor at its principal office, the Mortgagor at its expense will issue
in exchange therefor a new' note or notes in such denomination or
denominations ($1,000 and multiples thereof) as may be requested
by the holder of the note surrendered, but otherwise of like tenor,
dated the date to which interest has been paid on the surrendered
note or notes, and in aggregate principal amount equal to the
unpaid principal amount of the surrendered note or notes. The
Mortgagor hereby covenants and agrees that, upon surrender of
said note for exchange in accordance with the above described
proviso, the Mortgagor will do, execute, acknowledge and deliver,
or cause to be done, executed, acknowledged and delivered, any and
all such acts, deeds, consents, grants, conveyances, warranties,
mortgages, pledges, assignments, transfers and assurances as the
holder of said note may require in order to perfect the assignment
of the Mortgagee's interest hereunder in the above granted premises
to a trustee or trustees designated by said holder, said premises
to be held by said trustee or trustees as a continuing lien and
security interest to secure equally and ratably the payment in full
of the principal of and interest on all notes issued in exchange
for notes pursuant to the above described proviso.
- 5 -
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PROVIDED ALWAYS HOWEVER, that if the Mortgagor shall
pay unto the said Mortgagee the moneys provided for in and
by said note and this mortgage and shall well and truly keep,
observe and perform, comply with and abide by each and every
the stipulations, agreements, conditions and covenants
thereof as and when required thereby, then this Deed and
the estate hereby created shall cease and be null and void,
otherwise the same shall remain of binding force and effect.
IN WITNESS WHEREOF, the said Mortgagor has caused
these premises to be executed in its name by its ,
and the corporate seal to be affixed, duly attested by its
on the day and year first above written.
THE CITY OF CLEARWATER
ATTEST:
[Seal]
By
Signed, sealed and delivered
in the presence of:
- 6 -
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STATE OF FLORIDA )'
COUNTY OF PINELLAS )
Before me, the undersigned authority, this day
personally appeared and
, respectively, as and
of THE CITY OF CLEARWATER, FLORIDA,
a municipal corporation duly organized and existing under
the laws of Florida, and each to me well known and known to
be such officers of said city of Clearwater, and they
severally acknowledged before me that they executed the fore-
going mortgage deed in the presence of two subscribing wit-
nesses, freely and voluntarily, for and on behalf of said
city of Clearwater, for the uses and purposes therein men-
tioned and intended, and with full and specific authority of
the city of Clearwater in that behalf, and that the seal of
affixed thereto is the true corporate seal of said corporation.
WITNESS my hand and official seal this
May, 1974.
day of
Notary Public, State o~ Florida at Large
My commission expires:
- 7 -
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'1 .
JXHIBIT D to Purchase and
Sale Agreement
WARRANTY DEED
(FROM CORPORATION'
RAMeo FORM 33
This lGfarranty Jeed Made ami ()xecuted the
day of
A. D. 1974 by
SAPIR INVESTMENT CO., INC.
a corporation existing under the laws of Massachusetts . and haping its principal place of
business at 145 California Street, Newtonville, Massachusetts,
hereinafter called tlte gran/or, to
THE CITY OF CLEARWATER, clearwater, Florida, a municipal
corporation,
wflOse pos/office addr(>ss is
c/o City Manager, city of Clearwater, Clearwater, Florida
ltereinafter called tfte grantee: . .
('\'hrr~\!er u\ed herdn the tf'TmS "!itrantor.' and "llrantee" include all the parties to this instrum~nt a.nd
the heirs, I~~al representatives and assign~ of individuals, and the successors and assigns of corporations)
lfrfitnessdh: TflUt tfl<' grantor. for and in consideration of tfl(> sum of $ 10. 00
valuahle considerations, receipt whereof is Iwrehy acknowledged, by tftese presents does grant,
alien, remise, release. convey and confirm unto tlle grantee. all that cer/ain land situate in
County, Florida, vi=:
and other
hm'gain, sell.
[Legal description set forth on Exhibit A
to Purchase and Sale Agreement to be
inserted here]
logdher
wise appertaining.
10 liaue and to
with all tfle tenements. hereditaments and appurtenances thereto belongino or in any-
liold, the same in fee simple forever.
flnd the grantor hereby covenants with said grantee that it is lawfully seized of said lqnd in fee
simple; that it has good right and lawful authority to sell and convey said land; that it hereby fully war-
rants the title to said lar.d and will defend the same against tf1<' lawful claims of all persons whomsoever;
and that said land is free of all encumbrances, subj ect only to easements,
restrictions and reservations of record.
(CORPORATE SEAL)
In ~Unrss ~hereof the grantor flUS caused these presents to
be executed in its name, and its corporate seal to, be hereunto affixed.liy its
proper officers thereunto duly autllOri=ecl, tll(> day and year first al)()/Jewrittc!/l.
ATIES'r: .._.... on..._______.......... ._....-...... _...... _........ .............
Clerk ~
Signed. sealed and delivered in tflC presence of:
SAPIR INVESTMENT CO., INC.
By..__.....___. _..
Dan iel"'S-~""Shapiro;....t.t.s'- p;'~~'i;i;;;~"-"
STATE OF MASSACHUSE'l"l'S
COUNTY OF NOHFOLK
}
] JlEREUY CERTIFY tltat on thi~ day. hrfore mt', an orrict"r duly aUlhori,t"d in the Slate and County a(orrsaid to' tak~ a('.knowlt'd~rncnt:\.
p",ol13l1y .pp~md Daniel S. Shapiro and Rose Shapiro
wdl known 10 me' to bt'! thr
PU'sidcnt and
Clerk
rt"S[lf'ctlvely of' the corpor~tlon naJ11f'd 8!1, grantor
in the forr~l)in!it drt'cI. and that thf'Y ..r',t"ully ;u'kllowlrd~...(J r'f'('uti,:,,< th~ unar in tht' pl.t~rncr of two auhscrihin,'( witn~'sr! frr('ly and voluntarily
under .Authority duly ,"'('scrd in them by said corporation and that. thr- 8('.11 affi...ed Ih~rrlo i.\ the true c,ofJJOI"atC" 3("al ul said cnrpnratiun.
WIT~ESS my t&and ami oUicial J('al in thr C()lIl1ty :-nd Sfatf' la~ t arorr~ai(f lhi~
day (If
,A. D. 1'174
rhi, l/J.llmlllt'JJll/f'tpilmll~y:
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MIIJN1CI~AL,ItNOtNU- AND "-AND 8UltYln'0M
.' .3' l.AU"A ."',,11:"', C"'IAIIIWA.tII. ~ a..'.
;C' E FLA, NO 3303
p,~. GA. NO,3358
) ('8 ,",'0,'
"5974
___I .;
R, S FLA n:) 875
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C1S.l1'_HP[": j;,.alty
F ;:~
SEe \5 ,TWP. '2~ ' $, RGE. \5 E
SC: ALE
LE(;AL DESCRIPTION - ''Montgomery Ward property"
" I I
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lrom theNortheastcornelr of th~:iWW~"ot: Section 15. Township 29 South, Range, l':>
East, runS 0"'03' 52nEa1otngthe~*t't~)a*~: SOu~h center-line of said Section 1),
,959.}O feet t II the .south:edy~i#~ (l:~ICl~veblnd Street; thence N 89041'481r~ a l Dill?
t.:H'>outberly line of Gliflvela~A':il'tr,ett30.0f.etfor Point of Beginning; thenuo
X 8';,041 '48"1" along~h~ slouthet'i~M!i'l~e (ltCleve~and Stree~. 227.45 feet; thence
S 0 012 '49"1"'; along theWelster1yU~e1()f ]i.ot 20 C1eat'WaterHeight 5 as recorded in
!,~:l~t, l~o~k 4,: Page 9~:of ;the, p~qffiH~ec~td$,of Hillsboro48h Count~. Florida of
f~llC;:(\ f'wellas COt)I?n:wa!S fOl'nle~~Yl:par~, 109:.63 feet to the SO\lthwesterlv (orner
"pf saidll~t20; tqence Ni 89?~,8t~3~1W':a.lomgthe ~orther1ylin~ of Lo.t25 of said
:{~;l~arwater li~jghts,'59 .6i5 ,feet~!!I~llelhce: $ 009,21~5''E along the Westerly line of
"liots 25,30,33 and' 38 ~nd ~jlS~.~~~Y"i:,).i~.ofAl~xander Street, 257.16fet:t to tlH:'
:~p ,ac:re line andth~ Noxjther[y[:m;~p~i!l:cif:Lot 1 of R. H. Padgetts Subdivision as rto-
corcl,e!tf in Plflt Book 5,. Bage:~7;~~~!~!~~Bli1blic R~cords of Hillsborough Count\" dorida
,bJwh,ich Pinellas q{)untM was: f~~~r,~Y,.a:!.p~~t; thence N 89"12'52''Walong the ~O acre
..~.;ine~U1d the, North~r1Y ~.f.l\le o~i~,.~dfi!t;ot 1,7.56 feet; thence S 0003'52"E allln~ the
:~ef;terly lil1~ of th~Jl:a~t\. of"f,#~~~li'~ot,1; 330'.0 feet to the Northerly line of lot
F of:R.H" P:~dgett~'Subqivisiq~!!I,s;~~c~rf;l,ecl in! Plat Book 4, Page '32 of the Puhlic
~ecoq:ls ot; ~ine lla~(;!outity, F~~~~~~f~;jt~~pceN 69012' 52''W along sa:i;d Northerh ! 'j ne,
'.:Pi2L:},.R f~e. tto . the:NortlJWesl:~x;t~tl: ~,d~~epof :~at~ Lot, 4 ; thence S 0"'01 '15 "E a l \Ii,:
t~1~2"i~$terly! hne ~sa1d LO~4.i~:~i! ~~~:~O J~ettQftheSouthwesterly., corner of ';H 1.1 Lot
~il;h!~Jn<;~!S :89"'12f52"~~lbng: tli~: ~o~~h~t~'! Un~ of said~ot 4,: 652.63 feet tn tbe
: :F-a st,',',~',::r,l" Y,'. Jin,' I,e,' of'S, a,'"i. ,d L,CJ, t ,4 ',an,d, '..., '.,:it, jae,:I:,"',N,'. bP, ',t, '~. ", ~n,d, '~, o,U, th. ,den, ter-l ine Of"" sa,i, d s,'.,e l ~ j on 1 ~ ;
t.nenq~~' NOD03' 52'\4!!alon~ the ~:~~~rr~Y H~~ .of ,said Lot 4 and. said Lot 1 a[1(; the
~ortH! .and Sl~~th_ ceIilt'er-l!.tne O~!!i~~~d!ll$e~tlC)n15:,660.0 feet to theNo:r~heas I er 1/
!COr\l(~:T of S~"Ld Lot ,land the!'~!~:"il-J.~r:~, Une i tnel1ceN 89012 f 52'\4 aJ~ng$a Id4lJ aCrE'
'line 'andJhe \iort1)~JrlY'~i~e1 :o:f,:j"id!::l.ot'lt~O.O feet; thence N Ori03'S2'\.: dJO'lg
'the ~,:!ested)1 Right ,of w~y.:l~:~~ii!i,~[. l1m,~spU~iAv~ue, 368.'8 feet to p.O. i3. lb~, tI,e
f:ast""rty30.:U feetpfsC\M.~iq~:j'lffi[l!an!~.s~~~~;Lot 4 for Road Right of\ll~i; AL~\) ,ES~)
!thES,)ut~ ?D.O ~e~t;.of ~h~}[~:~~iffi~'.~~'i s~~dLot} for Stre,et Right of ~Way as (,.)J1\'eved
'lJd the,tt v.Jf (le~it"I'at~t: b:V,,~~I\l,Ir)~i~,:w~rra,nty Deed; Subject to an F~asemen1 ,.lVe,r the
~orth :?O.OfieetqftMe~!)~th40'.O f'E!;et!;()~.t1~e~a8t ~,of:.aid Lot:1 for StueL dnd
pt i U;t,Y ,Eas~mentafld;.ov~r'" tKe~~f':tn!20:.Pi J.~ift :1of the So~th 60. o feetJ of the ~a.; l .~
:!df sa,id'J,otl for yr?er~;r~;n.i~d~~:iilt~:le~!,'~J!set:fQrth in a Resolut ton by Ci,r\ (l f
'\H~eaD4att\ri iFlorid~ (J.'e'lf)lliti~~,:rp~I:61~$Oh :'~~BO: ,subject to Easement,s and Ri.ght vf
:,L!..''Y' <' ")f R<, e'\l''''d " : '"I"'" ' . "I'
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LEO,M. BUTLER & ASS(11 TArts
.,,;.~_~~i~'~~:~JJ~
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R. N. KtNG",P :E. , .....,...~...-'.........."" "
Reg. SUrveyor No. 875 .. ~._!" ;: ~,\."::. oJ!
NOT VALID UNLESS SEALED
WITH MY EMBO~~p$l.mVEYOFl'S SEAL
::ill*!ri'!!
:~l~ .j ,
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MORTGAGE DEED
i,",'
THIS MORTGAGE DEED, executed the 8th day of May, A. D. 1974,
by the CITY OF CLEARWATER, FLORIDA, a municipal corporation, herein-
after called the "Mortgagor", which term shall include singular or plural,
and shall include the successors and assigns of the Mortgagor, to SAPIR
INVESTMENT CO., INC., a corporation organized under the laws of the
Commonwealth of Massachusetts and having its principal office at 145 California
Street, Newton, Massachusetts 02158, hereinafter called the "Mortgagee",
which term shall include the successors and assigns of the Mortgagee.
WITNESSETH THAT, WHEREAS, the Mortgagor is justly indebted to
the Mortgagee in the principal sum of One Million Dollars ($1,000,000), which
indebtedness is hereby acknowledged and is evidenced by a certain 4.5%
mortgage note payable to the Mortgagee executed by the Mortgagor bearing
even date herewith in the principal amount of $1,000,000 payable in twenty
(20) quarterly installments.
NOW THIS MORTGAGE DEED, WITNESSETH, that the Mortgagor
for the better securing of the several sums of money mentioned in the said
note does hereby grant, bargain, sell, alien, ,remise, release, convey and
confirm unto the Mortgagee in fee simple forever, all the following tract of
land, of which the Mortgagor is now seized and possessed, situate, lying and
being in Pinellas County, State of Florida, and more particularly described
as follows:
From the NE corner of the NW 1/4 of Section IS, Township
29 South, Range IS East run S 0003'52" E along the North and
South centerline of said Section I J), 959. 20 feet to the Southerly
line of Cleveland Street; thence N 89041'48" W along the
Southerly line of Cleveland Street, 30.0 feet for P. O. B. ;
thence N 89041'48" W along the Southerly line of Cleveland
Street, 227.45 feet; thence S 00 02'49'IW along the Westerly
line of Lot 20, Clearwater Heights as recorded in Plat Book
4, page 99 of the Public Records of Hillsborough County,
Florida, of which Pinellas County was formerly a part,
109. 63 feet to the Southwesterly corner of said Lot 20; thence
N 89028'23" W along the Northerly line of Lot 25 of said
Clearwater Heights, 59.65 feet; thence S 0002'35" E along the
Westerly line of Lots 25, 30, 33 and 38 and Easterly line of
Alexander Street, 257. 16 feet to the 40 acre line and the
Northerly line of Lot 1 of R. H. Padgett's Subdivision as
recorded in Plat Book 5, page 27 of the Public Records of
Hillsborough County, Florida, of which Pinellas County was
formerly a part;. thence N 89012'52'1 W along the 40 acre line
and the Northerly line of said Lot 1, 7.56 feet; thence S 0003'
52" E along the Westerly line of the East 1/2 of said Lot 1,
330. 0 feet to the Northerly line of ,Lot 4 of R. H. Padgett's
Subdivision as recorded in Plat Book 4, page 32 of the Public
Records of Pinellas County, Florida; thence N 89012'5211 W
along said Northerly line, 327.38 feet to the Northwesterly
corner of said Lot 4; thence S 0001'15" E along the Westerly
line of said Lot 4, 330. 0 feet to the Southwesterly corner of
said Lot 4; thence S 89012' 52'1 E along the Southerly line of
said Lot 4, 652.63 feet to the Easterly line of said Lot 4 and
the North and South centerline of said Section 15; thence
N 0003' 52" W along the Easterly line of said Lot 4 and said
Lot 1 and the North and South centerline of said Section 15,
660. 0 feet to the Northeasterly corner of said Lot 1 and the 40
acre line; thence N 89012'52" W along said 40 acre line and
the Northerly line of said Lot 1, 30.0 feet; thence N 0003' 52" W
along the Westerly right-of-way line of Missouri Avenue, 368.98
feet to P. O. B. LESS the Easterly 30.0 fect of said Lot 1 and
C;. f? 4/ b9
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said Lot 4 for road right-of-way; ALSO LESS the South
2.0.0 feet of the East 1 / 2. of said Lot 1 for street right-of-way
as conveyed to the City of Clearwater by Special Warranty Deed.
Subject to an Easement over the North 2.0. 0 feet pf the South
40. 0 feet of the East 1 /2. of said Lot 1 for street and utility
easement and over the North 2.0.0 feet of the South 60. 0 feet
of the East 1 / 2. of said Lot 1 for underground utilitie s as set
forth in a Resolution by City of Clea'rwater, Florida (Resolution
No. 61-50). Also subject to Easements and Rights-of-Way of
record.
TOGETHER WITH ALL AND SINGULAR THE TENEMENTS, HEREDITAMENTS,
APPURTENANCES, EASEMENTS, RIPARIAN and other rights, and all structures
and improvements now and hereafter on said land and the fixtures attached
thereto, and all rents, issues and profits accruing from said premises, also
all gas, steam, electric, water heating, air conditioning, cooking, refrigerating,
lighting, plumbing, ventilating, irrigating and power systems, machines,
appliances, and all shrubbery, plants and trees now growing or that may here-
after be planted or grown thereon; and fixtures and appurtenances, which now
are or may be in or on said premises even though they be detached or
detachable.
TO HAVE AND TO HOLD the above granted premises, with the
appurtenances, unto the Mortgagee in fee simple forever.
The Mortgagor hereby covenants and agrees with the Mortgagee as
follows:
FIRST: That the Mortgagor is lawfully seized of the above described
premises in fee simple and has good right to sell and convey the same to the
Mortgagee; that the said premises are free and discharged of and from all
taxes, tax titles or certificates, judgments, mechanic's liens and encumbrances
of any nature or kind whatsoever and that the Mortgagor will fully warrant and
defend the same to the Mortgagee, against the lawful claims and demands of all
persons whomsoever, and will make such further assurances to perfect fee
simple title to said land, in the Mortgagee, as may reasonably be required,
and will pay the several sums of money agreed in the said note to be paid and
all installments of principal and interest thereon promptly when eue, an~
according to the true tenor and effect of the said note. "
SECOND: That the Mortgagor will pay all and singular the taxes,
assessments, levies and encumbrances of every nature on the above described
property and upon this mortgage and note, or the money secured hereby,
before delinquency thereof, and promptly deliver the official receipts to the
office of the Mortgagee, and if the same be not promptly paid when due, the
Mortgagee may (without obligation to do so) pay the same without waiving or
affecting any right contained in this mortgage or the said note and charge such
sums so paid, together with a service fee of 10% of the amount thereof to the
Mortgagor, and such sums of money shall bear intere st from the date of payment
at the r~te of eight per centum.(8%) per annum. If said receipts are not
delivered by the Mortgagor to the Mortgagee's office by the date the said taxes,
assessments or levies become delinquent, then the Mortgagee lnay order a
tax search of the public records to determine the true status of said taxes,
assessn~ents or levies and charge the cost of such search to the account of the
Mortgagor and such charge shall be secured by this mortgage. All such
advances shall bear interest at the rate of eight per centum (8%) per annum.
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THIRD: To keep the buildings which are now, or which may hereafter
be erected on the land herein described, insured against all such risks and in
such amounts as is customarily carried on commercial properties of like
character to the above described premises in Clearwater, Florida, but in any
event against all risk by fire in a sum not les s than $1, 000, 000, at the expense
of the Mortgagor, in a good and responsible insurance company or companies,
licensed to do business in the State of Florida, and acceptable to the Mortgagee,
for the benefit of the Mortgagee (but the Mortgagee shall not be liable for the
insolvency or irresponsibility of any such companies), and said policy or
policies and all renewals thereof shall be deposited with and held by the
Mortgagee, and said policy or policies and all renewals thereof shall contain
a "Loss Payable" or "Standard Mortgagee" clause, at the option of the
Mortgagee, payable to the Mortgagee as its interest may appear. Upon any
default thereof, the Mortgagee may (but without obligation on its part so to do)
place insurance on such building, pay the premium and charge such sums so
paid, together with a service fee of 10% of the amount thereof, to the Mortgagor,
and such sums of money so paid shall bear interest from the date of payment
at the rate of eight per centum (8%) per annum. In the event of a los s by fire
or other casualty the Mortgagor will give immediate notice by mail to the
Mortgagee.
FOUR TH: To keep the buildings which are now or may hereafter be
erected on the land herein described, insured against los s by windstorm,
cyclone or tornado, in a sum not less than one hundred per centum (100%)
of their fair cash value, at the expense of the Mortgagor, at the option of
. the Mortgagee, under all the terms and conditions with respect to said insurance
as set forth in Paragraph Third of this Mortgage with respect to fire insurance.
FIFTH: That all sums of money secured, paid or caused to be paid
by the Mortgagee under the terms of this mortgage and herein specifically
provided for, and including any expenses incurred by- the Mortgagee in collection
of the sums secured by this mortgage, shall be covered by the lien of this
mortgage, the same as the sums of money represented by the note hereby secured.
SIXTH: To permit; 'commit or suffer no waste, impairment or deterior-
ation of said property, or any part thereof, and upon the failure of the Mortgagor
to keep the buildings on said property in good condition of repair, the Mortgagee
may make demand for the immediate repair of said buildings, or an increase
in the amount of security, or the immediate repayment of the debt hereby
secured, and the failure of the Mortgagor to comply with said demand of the
Mortgagee for a period of 15 days shall constitute a breach of this mortgage,
and, at the option of the Mortgagee, immediately mature the entire unpaid
principal and interest hereby secured, and the Mortgagee may, without notice,
institute proceedings to foreclose this mortgage as hereinafter provided.
SEVENTH: That the Mortgagor hereby promises, covenants and agrees
to p2.y the sums of money and int erest as mentioned in said promissory note,
together with any and all other sums justly due and owing the Mortgagee by
the terms hereof, and secured to be paid as aforesaid, promptly when due.
And if default shall be made in the payment of the said sums of money or any
part thereof as provided in the said note or this mortgage, and said default
shall continue for a period of fifteen days, or should the Mortgagor breach or
fail to comply with any other covenant or agreement on the part of the Mortgagor
to be complied with (in those cases in which the option of the Mortgagee of
acceleration is not otherwise expressly provided herein) and such breach or
non-compliance continue in existence for a space of fifteen days, then and from
thenceforth, at the option of the Mortgagee and without notice to the Mortgagor,
the whole of said principal sum expres sed in said note, together with all other
sums therein provided for, shall become immediately due and payable, without
notice to the s.aid Mortgagor.
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EIGHTH: That in case it should become nece,ssary to place this
mortgage deed and the note secured hereby or either of them, in the hands of an
attorney for collection, the said Mortgagor covenants and agrees with the
Mortgagee, to pay all costs, charges and expenses of such collection, including
reasonable attorney's fees whether collected by foreclosure or otherwise.
NINTH: The Mortgagor hereby waives all right of homestead and
exemption granted by the Constitution and laws of Florida. It is specificat'ly
agreed that time is of the essence of this contract and that no waiver by the
Mortgagee of any obligation secured hereby shall at any time thereafter be
held to be a waiver of the terms hereof or of the obligation secured hereby.
TENTH: That if conveyance should be made by the Mortgagor of the
premises herein described or any part thereof, without the written consent
of the Mortgagee and without assumption in regular form of law by the grantee
of the obligation to the Mortgagee created hereunder, then and in that event
and at the option of the Mortgagee and without notice to the Mortgagor, all
sums of money secured hereby shall immediately and concurrently with such
conveyance become due and payable and in default whether the same are so
due and payable and in default by the specific terms hereof or not.
ELEVENTH: That in the event the ownership of said property or any
part thereof becomes vested in a person other than the Mortgagor, the Mortgagee
may, without notice to the Mortgagor, deal with such successor or successors
in interest with reference to this mortgage and the debt hereby secured in the
. same manner as with the Mortgagor, and may forbear to sue or may extend time
for payment of the debt secured thereby, without discharging or in any way
affecting the liability of the Mortgagor hereunder or upon the debt hereby secured.
TWELFTH: If foreclosure proceedings of any second mortgage or second
trust deed or any junior lien of any kind should be instituted, the Mortgagee
may, at its option, immediately or thereafter declare this mortgage and the
indebtedness secured hereby due and payable.
THIR TEENTH: That in the event the premises hereby mortgaged, or
any part thereof, shall be condemned and taken for public use under the power
of eminent domain, the Mortgagee shall have the right to demand that all damages
awarded for the taking of or damages to said premises shall be paid to the
Mortgagee, up to the amount then unpaid on this mortgage and the obligation
secured hereby and may be applied upon the payments last payable under this
mortgage and the obligation secured hereby.
FOUR TEENTH: Said note provides that, upon its surrender, or the
surrender of any note is sued in exchange therefor, to the Mortgagor at its
principal office, the Mqrtgagor at its expense will issue in exchange therefor
a new note or notes in such denomination or denominations ($1, 000 and multiples
thereof) as may be requested by the holder of the note surrendered, but otherwise
of like tenor, dated the date to which interest has been paid on the surrendered
note or notes, and in aggregate principal amount equal to the unpaid principal
amount of the surrendered note or notes. ,The Mortgagor hereby covenants and
agrees that, upon surrender of said note for exchange in accordance with the above
described proviso, the Mortgagor will do, execute, acknowledge and deliver,
or cause to be done, executed, acknowledged and delivered, any and all such
acts, deeds, consents, grants, conveyances, warranties, mortgages, pledges,
assignments, transfers and as surances as the holder of said note may require
in order to perfect the assignment of the Mortgagee's interest hereunder in the
above granted premises to a trustee or trustees designated by said holder,
said premises to be held by said trustee or trustees as a continuing lien and
security interest to secure equally and ratably the payment in full of the principal
of and interest on all notes issued in exchange for notes pursuant to the above
described proviso.
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PROVIDED ALWAYS HOWEVER, that if the Mortgagor shall pay unto
the said Mortgagee the moneys provided for in and by said note and this mortgage
and shall well and truly keep, observe and perform, comply with and abide by
each and every the stipulations, agreements, conditions and covenants thereof
as and when required thereby, then this Deed and the estate hereby created
shall cease and be null and void, otherwise the same shall remain of binding
force and effect.
IN WITNESS WHEREOF, the said Mortgagor has caused these premises
to be executed in its name by its City Manager, City Clerk, countersigned
by its Mayor-Commissioner, and approved as to form and correctness by
its City Attorney, and its corporate seal to be hereunto attached, the day and
year first above written.
CITY OF CLEARWATER, FLORIDA
C ounte r signed:
/ s / H. Everett Hougen
Mayor-Commissioner
By / s / Picot B. Floyd
City Manager
Attest:
Approved as to form & correctness:
, / s / R. G. Whitehead
City Clerk
/s/ Herbert M. Brown
City Attorney
. Signed, sealed and delivered in
the presence of:
/s/ Dorothy L. Shapley
/s/ Betty A. Russell
STATE OF FLORIDA) '.
)
COUNTY OF PINELLAS )
I HEREBY CERTIFY, that on this 8th day of May, A. D. 1974,
before me personally appeared Picot B. Floyd, H. Everett Hougen, Herbert
M. Brown and R. G. Whitehead, respectively City Manager, Mayor-Commissioner,
City Attorney and City Clerk of the City of Clearwater, Florida, a municipal
corporation, to me known to be the individuals and officers described in and
who executed the foregoing Mortgage Deed and severally acknowledged the
execution thereof to be their. free act and deed as such officers thereunto duly
authorized; and that the' official seal of said municipal corporation is duly
affixed thereto, and the said conveyance is the act and deed of said corporation.
WITNESS my signature and official seal at Clearwater in the County of
Pinellas and State of Florida, the day and year last above written.
My Com.mission Expires:
/s/ Betty A. Russell
Notary Public, State of Florida
At Large
Aug. 1, 1974
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CITY'OF CLEARWATER, FLORIDA
4. 5% MORTGAGE NOTE
$1,000,000.
May 8, 1974
CITY OF CLEARWATER, FLORIDA, a municipal corporation,
(herein called the "City"), for value received, hereby promises to pay to the
order of SAPffi INVESTMENT CO., INC., a Massachusetts corporation, at its
office at 145 California Street, Newton, Massachusetts 02158, or such other
location or locations as the holder hereof shall at any time or from time to
time designate in writing, the principal sum of One Million Dollars
($1,000,000.), together with interest from the date hereof at the rate of
4.5% per annum on the principal balance remaining from time to time unpaid,
said paytnents to be made at the times, in the amount and in the manner
following, to wit: The sum of Fifty-six Thousand One Hundred Fifteen Dollars
and Thirty-two Cents ($56, U5. 32) on the 8th day of August, 1974, and a like
sum on the 8th day of each succeeding November, February and May, until
the 8th day of February, 1979, and a final paytnent of the sum of Fifty-six
Thousand One Hundred Fifteen Dollars and Ten Cents ($56, 115. 10) on the
8th day of May, 1979.
All payments made on this Note shall be credited first to interest on
this Note, and secondly as a direct reduction of the principal thereof, in
accordance with the principal and interest amortization schedule attached hereto
as Exhibit 1.
This Note may be prepaid in whole, but not in part, at any time
without penalty or premium.
Payment of this Note in accordance with its terms is secured by a
mortgage deed (hereinafter called the "Mortgage") of even date herewith from
the City to the Payee hereunder of certain premises in the City of Clearwater,
Pinellas County, Florida, conveyed by the Payee hereunder to the City on
the date hereof.
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Upon the failure to make any payment hereunder within fifteen (15) days
of its due date or the occurrence of any other default s~ecified in the Mortgage,
the principal hereof and the interest accrued and unpaid hereon may at the option
of the holder hereof be declared to be forthwith due and payable, as provided
in the Mortgage.
Upon surrender for exchange of this Note, or any Note issued in exchange
herefor pursuant hereto, to the City at its principal office, the City at its
expense will issue in exchange therefor a new Note or Notes in such denomination
or denominations ($1,000 and multiples thereof) as may be requested by the
holder of the Note surrendered, but otherwise of like tenor, dated the date
to which interest has been paid on the surrenc;lered Note or Notes, and in
aggregate principal amount equal to the unpaid principal amount of the
surrendered Note or Notes.
Upon receipt of evidence reasonably satisfactory to the City of the
loss, theft, destruction or mutilation of this Note or any Note issued in exchange
pursuant to the preceding paragraph, or, in the case of any such mutilation,
upon surrender and cancellation of such Note, the City at its expense will
execute and deliver, in lieu thereof, a new Note of the same class and of like
tenor, dated the date to which interest has been paid on such lost, stolen,
destroyed or mutilated Note, and in prin:ipal amount equal to the unpaid
principal amount of such lost, stolen, destroyed or mutilated Note.
No delay or omission on the part of the holder of this Note in exercising
any right hereunder sha.ll operate as a waiver of such right or of any other
right under this Note. No waiver of any such right shall be effective unless in
writing and signed by the holder of this Note, nor shall a waiver on one occasion
be construed as a bar to or waiver of any such right on any future occasion.
The City waives presentn~ent, demand, notice, protest, and all other demands
and notices in connection with the delivery, acceptance, performance, default
or enforcement of this Note.
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Should the holder attempt to collect the indebtedness represented by
this Note or any part thereof by proceedings at law or in equity, or in
bankruptcy, insolvency, receivership or other court proceedings, or should
this Note be placed in the hands of attorneys for collection after default, the
City agrees to pay, in addition to the principal, interest and premium, if any,
due and payable thereon, all costs of collecting or attempting to collect this
Note including a reasonable attorney.s fee.
This Note is governed by the laws of the State of Florida.
IN WITNESS WHEREOF, the City has .caused this 4. 5% Mortgage Note
to be duly executed and its official seal to be affixed hereto.
CITY OF CLEARWATER, FLORIDA
Countersigned:
By / s / Picot B. Floyd
City Manager
I S / H. Everett Hougen
Mayor - C ommis sioner
Attest:
Approved as to form and
correctness:
/s/ R. G. Whitehead
City Clerk
/ s / Herbert M. Brown
City Attorney
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Schcduh' of Dirl'Ct Rcdudion Loall
ANNUAL % RATE
4.50
PA YMENT $
56,115.32
I
LOAN $
1000,000.00
Prepared by Financial Publishing Company, Boston
'A YME.NT PA YMENT ON BALANCE
NUMBER INTEREST PRINCIPAL OF LOA0l
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
11,250.00
10,745.27
10,234.05
9,718.70
9,196.73
8,668.90
8$1135.13
7,.595.35
7,049.50
6,497..51
5,.939.31
5,374.83
4,804.00
4,226.75
3,643.00
3,052.69
2,455.73
1,852.06
1,241.60
624027
44,865.32
45,370.05
45,800.47
46,396.62
46,918.59
47,446.'t2
47,980.19
48,519.CJ7
49,065.82
491'617.01
50,176.01
50,740.49
51,311.32
51,888.57
52,472.32
53,062.63
53,659.59
54,263.26
54,873.72
55,490.83
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TERM: YEARS
5
EXIIIBI'l' I
MONTHS
PEHIODS
20
PA YI'vlENT PA YMENT ON
NUMBER INTEREST PRINCIPAL
BAL:\:\CE
OF LOX\
955,13't.6S
909,764.63'
863,884.16
817,40-'.54
770,568.9S
723,122.53
675,142.34
626,622.3-'
577,556.55
527,938.74
477,762.73
427,022.24
315,710.92
323,822.35
271,350.03
218,287.40
164,627.81
110,364.55
55,490.83
56,115.10"
the filiI/I IJ 1/.11 1111' lit is 1I.llIldl'l .\/I""'II'/lIIt .Iill,'re/ll fr/ll/l /h.. 'l'I!I,[llr
PI/Yl/lellt. I/fIl/ i.~ .\/III11'fI .Itll/ rl't! /In th.. 1..1' /ill".
1 .':' \() (,. I FI
lornl (,{,]\'j lOl)oOon()()
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I CLOSING STATEMENT
I
Clearwater, Florida
May 8, 1974
Seller: Sapir Investment Co., Inc.
Purchaser: City of Clearwater, Florida
Property Description: Property in Sec. 15-29-15 known as IIMontgomery
Ward Propertyll
Credits to Seller:
Sales Price
$1, 150,000.00
Credits to Purchaser:
Earne st money depos it
Purchase Money Mortgage
Cash to close
$ 50,000.00
1,000,000.00
100,000.00
$1, 150,000.00
$1, 150,000.00
Expenses:
Documentar.y Stamps on Deed:
State $3,450.00
Sur-tax 1,265.00
$4,715.00
Documentary Stamps on Note
1,500. 00
Intangible Tax on Mortgage
2,000.00
Recording Deed & Mortgage
26.00
Title Insurance - Coastal
Bonded Title Co.
2,425.00
$10,666.00
Seller's. check for pro-rata portion of taxes $10,451. 20.
Based on last year's taxes - $29,775.50
Multiple of . 351 used for this date.
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O.R. ~ 884. PAGE 1571
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79118700
FLORIDA SATISFACTION OF MORTGAGE
We, Daniel P. Shapiro and Leonard Kaplan, as Executors of
the estate of Alexander Shapiro, and not individually, holders
of a mortgage executed by the City of Clearwater, Florida, a
municipal corporation, to Sapir Investment Co., Inc., dated May 8,
1974, recorded in O.R. Book 4169, Page 1476 with the Public Records
of Pinellas County, Florida, assigned to us by instrument dated
April 10, 1975 and recorded in O.R. Book 4287, Page 1898 in said
Public Records hereby on this /ZHI. day of ..::J'"U.(!J , 1979 acknowledge
the full payment and satisfaction of that mortgage.
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as aforesaid and not individually
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and not individually
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Commonwealth of Massachusetts
County of Suffolk
I hereby certify that on this day before me, an officer duly
authorized in the commonwealth aforesaid and in the County aforesaid
:t.gtc:tl<.~?-c:kIl9wle_dgl!l€!l1ts,_ per~onaJ.ly_apP€!ar:edr.eona:J:A Kaplan to me
known to be the person described in and who executed the foregoing
instrument and acknowledged before me that he executed the same as
executor as aforesaid. .
( (I
This instrument was prepared by
Nutter, McClennen & Fish
Federal Reserve Plaza
600 Atlantic Avenue
Boston, Mass. 02210
RETURN TO:
CITY CLERK
P. O. BOX 4748
CLEARWATER, FLA. 33518
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O.R. ~ 884 PAGE 1 572
Witness my hand and the official seal in the County and
Corrunonweal th last aforesaid this IZ~day of ~ ' 1979., ,
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My corrunission expires:
'/ "'0
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CO ! ~
o ' ,,::>;;;'
tl(~rl f~.,:,~/l
Corrunonwealth of Massachusetts
County of
I hereby certify that on this day before me, an officer duly
authorized in the Corrunonwealth aforesaid and in the County afore-
said to take acknowledgements, personally appeared Daniel P. Shapiro
to me known to be the person described in and who executed the fore-
going instrument and acknowledged before me that he executed the
same as executor as aforesaid.
Witness
Corrunonwealth
my hand and the official seal in the County and
last aforesaid this Ibit, day of J'u I Y ,1979.~ \.;:
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Notary t:fuj/l-ic" - ~ ~ .
My corrunission expires: lj../~~j9D
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cJr Y 0 F C LEA R W ATE R
Interdepertment Corre.pondenee Sheet
TO: ' Clal'k Lowl'.Y. n-C. Dil'ector
J R. Q. Whitehead., City Clerk
FROM: Thoma. A. B.. till, City AttorD.Y
COPIES:
SUBJECT: SapiJ' 1IlY..tlnat CO.. 1M.
DATE: J_-ry 11, 1978
Attached hereto ill 1ettel' rec.l..d la W. offlc. o:a JU1I&ry 9. 1918,
cODcerDln.l a..llmn_' of monp.. wWcb the City of Clearwater bad
pnvlouly ...ended to Dude! P. llaapll'O aad Leo....d Kaplaa. a. Trut....
Alto attacla" I. . copy 01 the A..lpmeat of Morta.,. De. &Ad Note.
Plea. e Dote the chall,e ., addr.. I fot" all payment' and notice..
~A~
TAB.bl' City Attorney
Atta.
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NUTTER, Me CLENNEN & FISH
75 FEOERAL STREET
BOSTON, MASSACHUSETTS 02110
CABLE ADDRESS "DUNTER"
AREA CODE 617 423-7011
January 6, 1978
8-06704-001-3
..,,', "
City of Clearwater
p. O. Box 4748
Clearwater, Florida 33518
W~1J ,~:1:..:I'~~~:~:,~";.'~~~ ~: _.":I"':~';
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Attention: Legal Department
Guy Kennedy, Jr., Esquire
Re: Sapir Investment Co., Tnc.
Gentlemen:
Reference is made to the 4.5% Mortgage Note dated
May 8, 1974 of the City of Clearwater, Florida payable to
the order of Sapir Investment Co., Inc. ("Sapir") in the original
principal amount of $1,000,000.00 (the "Mortgage Note"), secured
by a Mortgage Deed (the "Mortgage Deed") of even date therewith
of certain premises in Clearwater, Florida described therein,
the Mortgage Deed and Mortgage Note having been recorded with
the Offical Records of Pinellas County, Florida on May 9, 1974
at O.R. 4169, Page 1476, et seq, and to the Assignment dated
April 10, 1975 of Mortgage-Deed and Note, recorded on May 12,
1975 with the Official Records of Pinellas County, Florida at
O.R. 4287, Page 1898, transferring and assigning the Mortgage
Note and Mortgage Deed, pursuant to the plan of liquidation and
dissolution of Sapir, from Sapir to Daniel P. Shapiro and Leonard
Kaplan as Executors of the Will of Alexander Shapiro and not
individually.
Please be informed that, pursuant to the provisions of
Article Fourth of the Will of said Alexander Shapiro, the Mortgage
Note and Mortgage Deed was further assigned and transferred on
October 26, 1977 from said Executors to Daniel P. Shapiro and
Leonard Kaplan, as Trustees under the Alexander Shapiro Indenture
of Trust dated June 3, 1969 and not individually. Enclosed is an
executed copy of the Assignment of Mortgage Deed and Note dated
October 26, 1977, a counterpart of which is being transmitted simul-
taneously herewith to the appropriate official of Pinellas County
Florida, for recording.
...
,-,""
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NUTTER, Me CLENNEN & FISH
-2-
January ;6;, 1978
In accordance with the foregoing, please make all future
payments on account of the Mortgage Note to:
Daniel P. Shapiro and Leonard Kaplan
Trustees under Alexander Shapiro Ind. of Trust
dated June 3, 1969
c/o Daniel P. Shapiro
P. O. Box 263
Newtonville, Mass. 02160
In addition, official receipts of taxes, assessments,
levies and encumbrances, as provided in Article SECOND of the
Mortgage Deed, and any and all notices to the Mortgagee of the
Mortgage Deed, should be addressed to the Trustees as aforesaid.
Please also take all steps as may be required to cause any and
all payments on account of losses insured against under insurance
carried pursuant to Articles THIRD and FOURTH of the Mortgage Deed
and any other insurance on the mortgaged premises to be made to the
Trustees, as aforesaid, as their interests may appear.
Please do not hesitate to call Mr. John L. Davenport of
this office if you have any questions in connection with any of
the foregoing.
Would you please acknowledge receipt of this letter by
signing the enclosed copy hereof at the place indicated and
returning it to the undersigned. A stamped return envelope
is enclosed for your convenience in doing so.
Very truly yours,
NUTTER, McCLENNEN & FISH
JLD/thg
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RECEIVED THIS 10 -DAY OF JAN1lARY:;. ..1978
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ASSIGNMENT OF MORTGAGE DEED AND NOTE
Reference is made to the Mortgage Deed (the "Mortgage
Deed") dated May 8, 1974 from the City of Clearwater, Florida, a
municipal corporation, to Sapir Investment Co., Inc., a Massachusetts
corporation now dissolved, securing payment of a certain 4.5% Mort-
gage Note of even date therewith in the original principal amount of
$1,000,000 payable in twenty (20) quarterly installments (the
"Mortgage Note"), said Mortgage Deed having been recorded on May 9,
1974 with the Clerk of the Circuit Court of Pinellas County, Florida
at O.R. 4169 page 1476 (the "Mortgage Deed").
Reference is also made to the Assignment of Mortgage Deed
and Note dated April 10, 1975 pursuant to which said Sapir Investment
Co., Inc., pursuant to its Plan of Liquidation and Dissolution
dated April 19, 1974, assigned, transferred and set over to the
undersigned, Daniel P. Shapiro and Leonard Kaplan, as Executors
of the Will of Alexander Shapiro, late of Newton, Massachusetts,
and not individually, all of its right, title and interest in and to
the Mortgage Deed and Mortgage Note, said Assignment of Mortgage
Deed and Note having been recorded on May 12, 1975 with the Clerk
of the Circuit Court of Pinellas County, Florida, at O.R. 4287
page 1898.
Pursuant to the provisions of Article Fourth of the will
of the said Alexander Shapiro, the undersigned hereby assign,
transfer and set over all their right, title and interest in and
to the Mortgag~ Deed and Mortgage Note to Daniel P. Shapiro and
Leonard Kaplan, as Trustees under the Alexander Shapiro Indenture
of Trust dated June 3, 1969, as amended, and not individually;
having an address c/o Daniel P. Shapiro, P. O. Box 263, Newtonville,
Massachusetts 02160.
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IN WITNESS WHEREOF the undersigned
have executed these presents this
26th day of October, 1977.
J9~ r~
Danie P. Shaplr
~
Signed, sealed and delivered
in the presence of:
~;~ (~I
COMMONWEALTH OF MASSACHUSETTS)
) ss
COUNTY OF SUFFOLK )
As Executors
of the Estate
of Alexander
Shapiro and
not individ-
ually
I hereby certify that on this day, before me, an officer
duly authorized in the Commonwealth and County aforesaid to take
acknowledgments, personally appeared Daniel P. Shapiro and Leonard
Kaplan well known to be to be the Executors of the Estate of
Alexander Shapiro, and that they severally acknowledged executing
the same in the presence of two subscribing witnesses freely and
voluntarily.
WITNESS my hand and offi~ial seal in the Commonwealth
and County last aforesaid this ~60~ day of October, 1977.
~~~~
Notary PubllC.. -
----,_.- ..- ---,---------,.
11'\10 CG~\sa,CV\ ~,~i"~ ~~ \qa~
TO:
FROM:
COPIES:
SUBJECT:
DATE:
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c. T Y 0 F C LEA R W ATE R
In'erdepartment Correspondence Sheet
Finance Director & City Clerk
Acting City Attorney
Mortgage Payment.. Sapir Investment Co., Inc.
(Montgomery Ward Building - City Hall Annex)
Ma y 19, 1975"
;1,(,3/
Attached hereto is copy of letter received from Nutter, McClennen
& Fish, Attorneys-at-law in Boston, Ma.8achusetts, giving notification
of change in making payments on subject mortgage.
Also attached hereto is copy of Assignment of Mortgage Deed and Note
which has been recorded in the public records of Pinellas County, Florida.
Please change your records to show this new information and send the
next payment due as specified in the letter.
R
Atts.
G. L. K., Jr.
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NUTTER, McCLENNEN & FISH
75 FEDERAL 5TREET
BOSTON, MASSACHUSETTS 02110
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_CA COOE 817 423-7011
May 14, 1975
City of Clearwater
P. O. Box 4748
Clearwater, Florida 33518
Attention: Legal Department
Guy Kennedy, Jr., Esquire
'j;., Re: Sapir Investment Co., Inc.
Gentlemen:
Reference is made to the 4.5% Mortgage Note dated
May 8, 1974 of the City of Clearwater, Florida payable to
the order of Sapir Investment Co., Inc. ("Sapir") in the prin-
cipal amount of $1,000,000.00 (the "Mortgage Note"), secured
by a Mortgage Deed (the "Mortgage Deed") of even date therewith
of certain premises in Clearwater, Florida described therein,
the Mortgage Deed and Mortgage Note having been recorled with
the Official Records of Pinellas County, Florida on MIY 9, 1974
at O.R. 4169, Page 1476, et seg.
Please be informed that, pursuant to a plan of liquida-
tion and dissolution of Sapir, on April 10, 1915 all :he assets
of Sapir (including, but not limited to, the Mortgage Note and
Mortgage Deed) were transferred, subject to its liabilities,
to or for the benefit of Daniel P. Shapiro and Leonard Kaplan,
as Executors of the Will of Alexander Shapiro and not individually
(the "Executors"), in cancellation of all the issued and outstanding
capital stock of Sapir. Confirmatory to said liquidating
distribution, on April 10, 1975 (i) the Mortgage Note was duly
endorsed to the Executors, and (ii) an Assignment of Mortgage
Deed and Note, a copy of which is enclosed, was duly executed
and delivered. Said Assignment of Mortgage Deed and Note
was recorded on May 12, 1975 with the Official Records of
Pinellas County, F'lorida at O.R. 4287, Page 1898.
..
J
,
NUTTER, McCLENNEN 8: FISH
City of Clearwater
May 14, 1975
Page Two
In accordance with the foregoing, please make all future
payments on account of the Mortgage Note to:
Daniel P. Shapiro and Leonard Kaplan,
Executors of the Will of Alexander
Shapiro
8th Floor
75 Federal Street
Boston, Massachusetts 02110
In addition, official receipts of taxes, assessments,
levies and encumbrances, as provided in Article SECOND of the
Mortgage Deed, and any and all notices to the Mortgagee of the
Mortgage Deed, should be addressed to the Executors as aforesaid.
Please also take all steps as may be required to cause any
and all payments on account of losses insured against under
insurance carried pursuant to Articles THIRD and FOURTH of the
Mortgage Deed and any other insurance on the mortgaged premises
to be made to the Executors, as aforesaid, as their ilterests
may appear.
Please do not hesitate to call Mr. John L.Davenpcrt of
this office if you have any questions in connection w~th any
of the foregoing.
Would you please acknowledge receipt of this lett.er by
signing the enclosed copy hereof at the place indicat~d and
returning it to the undersigned. A stamped return envelope
is enclosed for your convenience in doing so.
- ~~:~y:C~~ qtq=ul1
Nutter, McClennen & Fish
JLD/mg
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OF ~ORTGAGE DEED AND NOTE .. . I. (
ASSIGNHENT
Reference is made to the Mortgage Deed (the "l1ortgage'
Deect") 'dated May 8, 1974 from the City of Clearwater, Florida,
a ~unicipa1 corporation, to the undersigned, securing payment
of a certain 4.5% Mortgage Note of even date therewith in'
. .. , ,~
the principal amount of $1,000,000 payable in twenty (20)
quarterly installments (the "Hortgage Not'en), said ~iortgage
Deed having been recorded on May 9, 1974 with the Clerk of .
the Circuit Court of Pine11as County, Florida at o. R. 4169
'page 1476 (the 'Jf10rtgage Deed") .
Reference is also made to the Plan of Liquidation
and Dissolution of the undersigned dated April 19, 1974
.and to the General Instrument of Distribution of the
undersigned dated of even date herewith pursuant to which,
in accordance with the. said Plan of Liquidation, all'of
the assets, subject to the liabilities, of the undersigned
have been transferred to Daniel P. Shapiro and Leonard
Kaplan, as Executors of the Will o.f Alexander Shapiro, late
of Newton, Massachusetts, and not individually, in redemption
and cancellation of all the outstanding capital stock of
tneundersigned.
In accordance with and confirmatary to said General
Instrument a'f Distr,ibution, the undersigned hereby assigns,
transfers and sets over all its right, title and interest in
and to the Mortgage Deed and l'lortgage Note to said Daniel P.
Shapiro and Leonard Kaplan, Executors of the Estate of
.
,
.
A1e~~nder Shapiro.
.'. :' / I '1 ;':,' I I .
~ o....f CORVORATE
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. SAPIR INVESTNENT CO., INC.
By }JeA,v,;J. ~;;\Z' .
Daniel P~ Shapiro, President
,
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IN WITNESS WHEREOF the undersigned has
caused these presents to be executed
in its name, and its corporate seal
to be hereunto affixed, by its proper
officers thereunto duly authorized,
this lOth day of April, 1975
~t~
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~igned, sealed and delivered
in the presence of:
CO~~10m1EALTH OF ~rnsSACHUSETTS
COUNTY OF SUFFOLK
I hereby certify that on this day, before me, an
officer duly authorized in the Commonwealth and County afore-
said to take acknm-lledgrnents, personally appeared Daniel P.
shapiro and Rose Shapiro well known to me to be the President
and Clerk respectively of the corporation named as grantor in
.the foregoing deed,' and that they severally acknowledged exe-
cuting the same in the presence of two subscribing witnesses
freely and voluntarily under authority duly vested in them by
said cOJ::poration and that the seal affixed thereto is the' true
.corporate seal of said corporation.
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WITNESS my hand and official seal in the Co~~onwealth
and County last aforesaid this lOth day of April , A.D.
1975.
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JLD/rl 4/24/74 (1)
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SECURITY AGREEMENT AND FINANCING STATEMENT
(Uniform Commercial Code - Secured Transactions)
This Security Agreement and Financing Statement
is presented to a filing officer for filing pursuant to the
Uniform Commercial Code.
DEBTOR:
ADDRESS:
CITY OF CLEARWATER, FLORIDA,
a municipal corporation
c/o City Manager,
City of Clearwater
Clearwater, Fla. 33518
SECURED PARTY:
ADDRESS:
SAPIR INVESTMENT CO., INC.,
a Massachusetts corporation
145 California Street
Newtonville, Mass. 02158
1. Debtor hereby grants to Secured Party a
security interest in all of the property hereinafter des-
cribed in paragraph 3 in accordance with the Uniform
. "
Commercial Code of the State of Florida as additional
" .
security for the repayment of the indebtedness evidenced
by a 4.5% Mortgage Note dat~~ May i', '1~'74 in the amount
of $1,000,000 from Debtor to Secured Party (as said note
may be exchanged for new notes in smaller denominations
and aggregating said total principal amount). The repay-
ment of the indebtedness evidenced by the said Note is
secured by a Mortgage Deed dated May ~, 1974, and re-
0,1(,
corded on May r ~.1974 in Msrt~aqe Book '-lIt?, Page/f.?"
Lt,';;z. ~ f' n-, .
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-2-
Public Records of Pine lIas County, Florida, from Debtor,
as Mortgagor, to Secured Party, as Mortgagee, covering
certain real property located in Pinellas County, Florida,
being more particularly hereinafter described in paragraph
4 hereof.
2. The said Note and Mortgage Deed are hereby
incorporated by reference and are made a part hereof.
Debtor agrees that in the event of any default in said
Note or Mortgage Deed such default shall constitute a
default under this Security Agreement, entitling Secured
Party to exercise any and all rights and remedies herein
provided, or provided under the Uniform Commercial Code
of the State of Florida, or any other applicable law, in
addition to any other rights and remedies provided in said
Note or Mortgage Deed. All said rights and remedies are
cumulative and may be exercised either concurrently or
independently and in such order as Secured Party shall
determine in its sole and absolute discretion.
3. All of the following property is subject to
the Security Agreement and Financing Statement hereby
created from Debtor to Secured Party: all furniture, fur-
nishings, fixtures and equipment installed in, affixed to,
placed upon or used in connection with the premises des-
cribed in paragraph 4 hereof, including, but not limited
to, the following: machinery, engines, furnaces, boilers,
I
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stokers, pumps, heaters, incinerators, power equipment,
laundry machinery and equipment, tanks, dynamos, motors,
generators, switchboards, conduits, electrical and gas
equipment, heating, cooling, air-conditioning, lighting,
incinerating and plumbing apparatus, compressors, ele-
vators and escalators, venetian blinds, shades, draperies,
drapery and curtain rods, brackets, electrical signs,
bulbs, fire prevention and extinguishing apparatus, plumb-
ing fixtures, vacuum cleaners, vacuum cleaning systems,
floor cleaning, waxing and polishing apparatus, call
systems, ash and fuel conveyors, refrigerating and cooling
apparatus and equipment, ~efrigerators, kitchen ranges,
dishwashers, garbage disposals, automatic washing machines
and clothes dryers, and any and all such property which is
at any time hereafter installed in, affixed to, placed
upon or used in connection with the premises described
in paragraph 4 hereof and all replacements thereof, addi-
tions thereto and substitutions therefor.
4. Certain of the property described in paragraph
3 hereof is or will be affixed to the real estate descr.ibed
in Exhibit A attached hereto and made a part hereof. This
Security Agreement and Financing Statement is to be recorded
in accordance with the Florida Uniform Commercial Code.
5. The name of the record owner of such real
estate is as follows: City of Clearwater, Florida, a
municipal corporation.
~'
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6. Proceeds of the collateral are also covered.
7. Debtor will execute alone or with Secured
Party any additional document and procure at its expense
any subordination agreement, release, termination state-
ment or other document necessary to protect Secured Party's
security interest hereunder against the rights of third
persons.
8. Unless otherwise specifically provided, or
unless the context requires otherwise, all terms used herein
shall have the meanings provided in the applicable Uniform
Commercial Code.
Date of this Security Agreement
and Financing Statement
May';?o, 1974
~EST: Isea1~
,-/11 . ~~
De ty City Clerk
Signed, sealed and delivered
in the presence of: ~
_ .,"_ _ I(~~ c ~
~--~~/-:. LAIt>J~ uJ.I.1.1~
~.
THE
TY OF CLEARWATER, FLORIDA
By ~
'. A'l'T~T ~:.: [Seal] SAPIR INVESTMENT CO., INC.
sl~~2~:!:d' :-::t::: By Si~l ~^lA:A
i~h~~f~ :p=r==-
_~1/4-~~~~ .
Approved as to form and correctness/ ( J. ..;i,/) ~
~~ey
!~
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M::~
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74-4368
I
u: R.4171. PAG~i1t14
W.R._
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,,:;'PARTIAL RELEASE OF 1'10RTGAGE AND NOTE AND 110RTGAGE AHENDl-1EllT
"~~,,,',',"'<"k '.. ....,
'~1':ti,,',PA&'ff"L :~E~~E Og;TGAGE ~~4 ~O~~ ~~~ ;::~~~~~G~E~~~~~";;~E nade
..\:i.St1aA,NCE COMPANY, a corpo~atio~ duly organized and existing under
~~ws of the State of New Jersey, having its principal office at
:.\.,;;,,;),~l,/:p:'Broad Street, Ne\>lark, New Jersey, hereinafter ca.lled "Hutual
,;~:"~#)i;jl?'ci7i~IU}fit II, ar;d ~APIR INVESTr1ENT CO., INC., a corporation duly orgar.-
;""Y;;);;(:;'ii~d a.'"ld e:ust1.ng under the la\-ls of The Commomleal th of Hassachusetts,
'j:;i,{i'iiVii'}J.~ving its principal office at 145 California Avenue, Newton, Hassa-
,'>i .... en,usetts, hereinafter called II Sapir" ,
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rlITNES9SETW
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.j::,1i,,!lfuereas Sapir is nm'l7 the owner in fee simple of the Premises
'j'lnafter described, and
~t~~-,: ,
is the owner and holder of the following
, ,:.-"':.\.~~:::
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i{;~'ir;t' (1:)"-'}\ certain mortgage note made by Sapir to Mutual Bene-
,~~~t;7'(,:fit, dated January 26, 1962, for the payment oione ntillion
',,,.~'!1;five hundred fifty-five thousand nine hundred ninety-three_ .,,';1~
"/anc:l14(lQOdollars ($1,555,9~3.l4'), which .note is herein- ~):~t::~
~<.~ftercal1ed the ."Note" and 1.S secured by the mortgage, . ..' .'. ..... ......fti:1;;
/...~..f,...,.\.....~.t.........:......,...~.......,.........:..........'fow.... i..n...~..rf~.:r a. . ~ai;~~n;~~n It ;~~ 2 c~~~;i~~: ~i ~~ s~~. ;~~~e~~~;.s. s............ra...~..... ~.'. ~...d....., ......=......... ..............:...........................c:.~.~_.. ...............................'...i......'.~J
];>AndMutual Benefit, dated January 26, 1962, and filed for '. .'..gi~
"".,record on January 29" 1962, in l-10rtgage Book 1349, Page'15l '_'.i~\Q
~'('Clerk IS,Instrument No. 9147 27A, Public Records of Pinel1:ls ~<-'..' ~
',"(:ounty, Florida, which 1962 Mortgage and Note are the results.
;t()f the;:preading , extension, combination and consolidation,
';asprovi4t:tdin said Extension and Consolidation Agreement, of
!\'.)a.:ceX'tain mgl:'t<jage. note made by Joseph Gross ..and Rpse G:r;oss-:
.his'wiJe ,toM\,ttual Benefit, da~ed NovemberS, 1954, secured
bya mo'~tqagedeed ma.de by Joseph Gross and Rose" Gross, his
~.i.,fe,.to Mutual Benefit, dated Noyember 8, 1~~4, a.nd filed for
J;ecord on ~ovember 9, 1954, in sa1.d Public Records in Mortgage
~.,,'Book 1045, Page' 169, Clerk I s Instrument No. 164l73A, as
. ;'amendedby Amendments of Mortgage dated July 5, 1961, and
.11 '~}September 7, 1961, and (b) a certain mor~gage note made.by
:"J" :ii~'2;i, Sapi!r to The National Shawmut Bank of Boston. a national bank-
t~f~J,[;i~~i" ~~H~~;o~mn~~~:f~; n~!~~::~~g:m~~;~:~~j: d~~~:~::e:~~eet.
:i!~.lii~fi';jJ:!;, ~:i~ ;~li~i ~~~~~s ff~e~o~~~a~:C~~~k o~2lO. Page 100. Clerk' s Ln
'BC"9'~ 'Instrument No.
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(2) A certain mortgage'deed made by Sapir to Mutual Benefit,
<(~ecurinJ the mortgage notes referred to in 1 (a) and 1 (b)' above
~nd the said Extension and Consolidation Agreement relating
..t.he.reto dated January 26, 1962,) acknowledged August 14, 1964,
~cffiled for record on April 28, 1970, in Hortgage Dook 3317,
Page 79,. Clerk's Instrument No. 7004544, Public Records of
'r'Pi:ne11a~ County, Florida, which mortgage deed is hereinafter
c;.> called the "1969 Hortgage". '
iI,,':.;" NOli, TliEREFORE, in consideration of one (1) dollar to each of
,..,the parties in h:md paid, receipt \'lhereo f is hereby acknowledged,
"P4r~ies hereto mutually ~gree that:
the
1. Mutual Ben~fit h~reby releases from the lien of the 1962
Mortgage and the 1969 Mortgage the real property in pinellas
Cpunty, Florida, described as follows:
[Legal description of portion of Shopping
Center west of Missouri Avenue]
-~ r(l~~--70:---'--___._n__--
COASTAL BONDED TITLE CO.
".OF CLEARWATER
Phone 442-9671
318 South Missouri Avenue
CLEARWATER, F.LORIDA 33516
-tt:o dit. !BUtLL't S' ~~~Oa~L~
MUNICI..AL EN GIN..'" A_ LAND .UIW'INOM
e31 LAURA ST"IEIrT. CLIEARWA"'''. I'LONOA ...,.
... E. FLA. NO. 33G3
P.E; GA..: NO. 33M
'LoS. FLA. NO:: 875
Realty
o. R.4171 rAGf1145
EXHIBIT "A"
''Montgomery War~. property"
..
rom, the Northeast corner of the NWt of Section 15, Township 29 South, Rangt' 1)
:~~st' run S 0003 '52"E along the North and South center-line of said Section 1'>,
Q5'~.20 feet t'o the Southerly line of Cleveland Street; thence N 89041 '48"W along
'i.t~t'southerly line of Cleveland Street, 30.0 feet for Point of Beginning; thence
Dr~:~W4l'''8''h' along the Southerly line of Cleveland Street, 227.45 feet; thence
\'S~:O;~02' 41J"W 'a long the Westerly 1 ine of Lot 20 Clearwater Heights as recorded in
::~la}~(\ok 4, Page 99 of the Public Records of Hillsborough County, Florida of
:td'E'h Yinellas County was fonnerly a part, 109.63 feet to the Southwesterly corner
',-'+i()f.1"aid Lot :?O; thence N 89028'23"W along the Northerly line of Lot 2'5' of said
:..~,~......",.[,:.:.~.)..,..~.."fI".'.'..";I~""'"....;~..........~,....',".....,:;.."...:.i.....:,...".'~'.~'..l'."..'."'.""':'.';""""""":"'"...:,..,.:....:'..~,'1!i~~:~~;i: ;!;:~~e :~~~~:;;i~; !~~~:~;:~~~:? ~~:;::~~]!~i~~ ~~:;~;~!: 1~~~;:~: : ~~; i da
,e:r: '. .1.i'iYhith Finellas County was formerly a part; thence N 89012"52''\.1 along the 40 acre
",)..",.;~i~~:e.~nd tbe Northerly line of said Lot 1,7.56 feet; thence S 0003'52"E along the
~;)~<'~~)j~i~,~\;,~ii:terly:)ine of the East ~ of said Lot I, 330.0 feet to the Northerly Ii ne of Lot
)~.<~tR. ti.' Padgetts Subdivision as recorded in Plat Book 4, Page 32 of the Puhlic
~~:.t'Qr4~ ~,f Pinellas County, Florida; thence N 890l2'52''W along said Northerl\" l~.ne,
127'f:38 feet to the Northwesterly corner of said Lot 4; thence S 0001'15"E alon~
,,,,the}westerlv line of said Lot 4,330.0 feet to the Southwesterly corner of said Lot
l;~;\'b,!;,:"t.hence S 89~e12'52"E along the Southerly line of said Lot 4, 652.63 feet to ):he
. ~;.,~te.rly line oJ said Lot 4 and the North and South oenter-line of said Section 15;
'eh~nc~ N 0003'52'\-1 along the Easterly line of said Lot 4 and said Lot I and the
:;\tiorth and South center-line of said Sect ion 15, 660.0 feet to the Northeast er ly
~!~~'~(}rner of. said LotI arl<1 the 40 acre line; thence N 89012'521\.1 along said '40 acre
';+l':\L~pe and the 'Jortherly line of said Lot 1,30.0 feet; thence N 0"03 '52''\.. along
'::~';E~~WesterlY Right of h'ay line of Nissouri Avenue, 368.98 feet to P.O.B. ..ESS the
Easterly 30.0 feet of said Lcrt: 1 and said Lot 4 for Road Right of Way; AL~() LESS
:i:he; SOliU~ ::.'0.0 feet of the East ~ of said Lot 1 for Street Right of Way as conveyed
'to the l ~t\ of Clearwater by Special Warranty Deed. Subject to an Easement over the
~~i~if~;~fi:: ~ ~o f::;:~:;~:~~~:~~;~:~~: 4~;:~; :I~;~:; ~;:t ~~:~~~ ~~~~ :h:~: ~ ;:~ o~~ s~ ~:: ~::~d ,
.~\~;l">'i,Y..;,<,:.}earwater. Florida (Resolution No. 61-50). Also subject to Easements and Right of
,>;"":~":1"~,:1~~!'~:,wa~ si uf Record.
'j':'
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R. N. KING, P.E.
Reg. Surveyor No. 875
I
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~R~41.'.'.71pAGE1.'. 1. 46
!- "", ,~. '
- 2 -
~thou:t impairing the lien of said 1962 mortgage and 1969 mortgage on
,~.tberpma;n;'i'lgpartof the real property described in said mortgages.
,.. :,':,", Said 1.962 Mortgage and 1.969 Mortgage, as so partially released, is
~~'~~:i'~~i,e:'1'}:'.1'r"!{;;~ereiIW'ter called the "Mortgage", and the premises covered thereby
:y' :"..:}'. ...:~;,.~,.":;:,,t,.,"""""'_ herein-~er called the IlPremises"
-~:','~j ~!5~<~~:~-.::'::,':'.~i.;,::Y~' !,:":;/;:"_~~r:;)lt~,:,'.,~'~" f;1..L ... .
:;, \ ';-::~ :,'\'~It:W-~~::':ti;{ ',.'.' ",:,:-;:r~::::-,!~',l:.;"':~
^:;;<,'~,fN;~ji\ . \>2~ .... . The terms of p~ent of the principal balance of EIGHT HUNDRED
':'~'!::):':"fUID FOUR THOUSAND, SIX HUNDRED THIRTY THREE AND 33/100 DOLLARS ($804,633.33)
"'i);":\,\; !:H,~onand secured by the Note and Mortgage and remaining unpaid as of -the
;;~,~~' ..;:~!date hereof (giving effect to a $50,000 principal repayment made on the date
. ., ,.'f':(li;':,;\I;~;,,;<bereof'), are hereby amended so that said balance, with interest from the date
"';C!,.,~~\!;)~\i<~\;:.'~eof' at the rate of eight per cent (Bi) per annum on the principal amount
"'}:f',.':'<trom time to time outstand:i.ng, sl1a.Ube payable as follows: monthl.y install-
:f;~'/,:'1'}~::i;i'Jr';.Jments of Ten~ousand Eight Hundred- Seventy One and 95/100 Dollars ($10,871.95)
, ~i~"{i>on June 1., 1.974 and on the first day' of each month thereaft.er until and inclu-
'~'!;\/;ding M~ 1.,~975 and monthly installments of Six Thousand Seven Hundred Five
~!i;1 ,. ;;:'J ~/;:, n:uon:\~~~~~~;8lp o~o t~/~~u~ O;h~~~~r~~f ~':~/i;g~
,t~'W,~f\;:.:I:'i"\i';,w1ien the ,entire balance of principal and interest shall be due and payable.
{":'~1::,1~i;;:i~{I:;#r'';Said p~ents shall be applied first to the payment of interest upon said
<~,/~ii:;:'\'<~t;balance or so much thereof as shall fran time to time remain unpaid, at the
'~'\~',;f~:~:~:~'\1 .' ,~te above mentioned, and the rest of each monthly pa;yment to be f!.pp1ied on
'~;lIl;;'~;':i~'i0~~,::f;i/,account of principal (but if any of said constant p~ents of interest and prin-
:i:;tif';~;r:xr~~':;;!,';</;~~ eipal shall not have been received by Mutv.al Benef'it within thirty (30) days of
.i""""',I;i,'1J!iC,
. "'""'' .ii; .', ~. date' of' pqment herein fixed, then Sapir covenants, and agrees that the in-
',.~~>," '",,',"t~ -!!~~,;" tereart incl.uded with said constant payment so overdue shall. be computed at the
.t~:,.:':(',~",;"r&te of ten (1.0) per cent per annum instead' of eight (8) per cent per annum and
',' ,;~~,;'~,"IK~:"~"";*l;c,;~~~L,:the amount of' said monthl.y payment so overdue shall be iilcreased accordingly).
'i"><:::;,;,,,:,;,:':"~,S8iPir shall he;ve the privilege of prepaying all' principal remaining unpaid on
~,~:~,;:::,"':\i,P';:,i,:the first d~ of any month af'ter the date hereof but prior to February 1, 1975,
",:,:;:\,:'~':>',",;)upon p~nt of a consideration equal to two (2) per cent of such principal;
, . ";;"C'i!{:'" lalld on February 1., 1975, or' the first day of any month thereafter upon pa;yment
)0Fr,;0,:ot, a consideration equal to one (1.) per cent of such principal; in each ease
upon thirty (30) days prior written notice, and together in each case with ac-
crued interest; provided, however, that Sapir complies with alJ. the tenns" of the
Note and Mcnrtgage.
Sapir, in consideration of the above release and f1f one (1.) dollar
paid by Mutual Benefit and other valuable consideration, receipt whereof
is hereby aclmow1.edged, does hereby covenant to pay said principal sum end
interest at the times and in the manner above set forth and to ccmplywith
J
all ,tlle other terms of the Note and Mortgage; provided, however, that Sapir
shalJ. ~ot be liab1.e for any deviciency liability arising our of forecl.osure
of the Mortgage securing the Note and sale pursuant to said foreclosure; and
that the remedies of the holder shall not include any action under the Note,
Mortgage, or hereunder, resul.ting in personal judgement ag~st Sapir.
J.i.. Sapir covenants that it now owns the Premises in unencumbered fee
siJDple (except as indicated in the 1962 Mortgage and 1969 Mortgage and by
1.eases of portions of the Premises current1.y in effect). Sapir admits the
validity of the Note and Mortgage and agrees that there are no offsets or
defenses to the Note or Mortgage.
5.' 'The principal and interest hereby agreed to be paid shall. be a 1.ien
on the Premises and be secured by the Note and Mortgage.
"
6. Sapir hereby waives the right of exemption under the constitution
,. and 1.aws of' Florida and also waives demand, protest and notice of maturity,
non-payment and protest and all requirements necessary to hold Sa.pir liable
as maker and party to this agreement. Sapir further agrees to pay all costs
of collection, including a reasonable attorney's fee, in case the principal
of said Note or any payment of principal or interest" thereon is not paid at
the respective maturity thereof, or in case it becomes necessary to protect
the security hereof, whether suit is to be brought or not. It is further
/
"os:.
I
I
~
D. R..4171PAGE1147
- 3 -
agreed that Sapir hereby consents to any extensions or renewals of the Note
or rmy part thereof without notice, and Sapir agrees that it will remain
liable during any extension or renewal thereof until the debt represented
.thereby is fully paid.
7. The Note, being secured by a first mortgage on premises in Pinellas
County, Florida, is to be construed and enforced according to the laws of
the State of Florida.
.'. ,.' If this agreement is executed by a corporation, the relative words herein
~l>eread as if written in the DeUter gender, and the words "Sapir" and "Hutual
;:~r;}:eeri.,At~where used herein shall be construed. to include their successors end assigns.
.'i';..;f....,\...",." ,!,'.'::'*'
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(;'~~;.:,';~,~:':!"'.;;"".
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ii',t, '. IN WITNESS WHEREOF, the parties hereto have mut~ hereunto set their
;." ,".:..,;I~~i,:,'.-.... d.. s. eals. '
~", - L~__ _,.-' . ;...~
-~~~:~',~,_, ':, -~ _.',' ::.~-. .r::,~:. '~~""-"\;;.:c~,;:;:~-,,
This agreement shall bind the heirs, executors, arlmini strators, successors
sof their respective parties.
By
By
'~
SAPmmvESTMENT CO., JllC."_
','
ATTEST:
-&f~ ~
Its Clerk
,
.""
'...,..
-"- -
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~O!_K!- 4171 PAGE1148
;'-~
STATE OF mol JERSEY
)
)
)
Ai~ 3 ' 1974
Then personally aweared before me COBDU Vi. KOPCdAI.~~
to me know, who, being by me d~ sworn, did dispose and sq that
he is the . M~D VICE PREStkitr . "of The Mutual Benefit Life Insurance
Comp~, the corporation described in, and 'Which executed the. above
instrument; that he knows the corporate seal of said corporation;
that the seal affixed to said instrument is such corporate seal;
that it was so affixed by order of the Board of Directors of said
corporation and that he signed his name thereto by such order.
GRAHAM S. McLEAN .
A COMMISS!ONER OF DEEDS FOR THE
..lo...... ~--
STATE OF FLORIDA
RESIDENT IN THE
STATE OF NEW JERSEY :~~..._
MY COMMISSION EXPIRES 2/7/16
.
~if~
My Commission Expires:
THE COMMONWEALTH OF MASSACHUSRl'TS
tu.., ~ ' 1974
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i~J';:"~~~i:'.~i.b.; . '~l
'}~':il?f;~';iJ"<'{~"
':;~\~.'.." "........ ..... ....',..i. -. ...;fIio..'-......... .r.,.~.....
,. '\;'~, -.*:t - ~ t\~ :-.), .., ..p- " ;: n~.'1<'
""':.'" ," ", "'-'; ~,.t\\)~ I'" ,-,
(,~.".'. ~..,. ",.,.. '.... .' ....".:..,'f'., :, '.'.:
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Then personally appeared before me the above-named Daniel P. Sha;piro,
President of Sapir Inves-bnent. Co., Inc., and acknowledged that he signed,
sealed and delivered the foregoing instrument as the free act and deed of
S~ir Investment Co.,'; Inc.
~-};x-l26l ~ 4-l
Notary Public
My Commission Expires:
ft.
DAVID M. SALTIEL
My commls-<;ion expires Dec. 17, 1976
NC'~ j~;; '( t'U;;; L.e
74-4368
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co,QSrj~l BONDED TITLE CO.
m: CLEARWATER
Phone o(,~1.%71
:r~[ 1,;(.uth N.iss,olJri Avenue
t::I.LL>.Rv\'/\TER, r-lOnIDA 33516
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Section 15-29-15 Sapir investment Co. Inc-West Lot 20, Clearwater Heights
Old Montogomrey ward building OR 4169 pg 1474 map of area too large to copy
* *please see file* *