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07/19/1988 LEASE AND PURCHASE AGREEMENT THIS AGREEMENT made this }f-kj, day of J,. )~ 1988, by and between MONROE COUNTY, a political subdivision of the State of Florida, hereinafter called LESSOR/SELLER and B. G. CARTER, hereinafter called LESSEE/BUYER, WIT N E SSE T H: 1. That for and in consideration of the sum of Ten ($10.00) Dollars and other considerations as set forth hereinaf- ter the LESSOR/SELLER does lease to the LESSEE/BUYER the follow- ing described real estate, described in Exhibit "A" attached hereto land by reference thereto made a part hereof upon the terms and conditions as hereinafter set forth. 2. The LESSOR/SELLER is the sole owner of the premises describted below. 3. The term of the Lease shall be for a period of thirty (30) mtonths commencing with the completion of renovations. Rental payments of Three Thousand ($3 ,000) Dollars per month shall Ct:>mmence on the first day of each and every month and shall be considered delinquent after a grace period of ten (10) days has elclpsed. The LESSEE/BUYER shall be given access to the premises for the purpose of effecting renovations prior to the commenCtement of the term of the Lease. 4. The rental payments shall commence following the complet:ion of renovations to the said property by the LES- SEE/BUYJER or thirty (30) days after the issuance of a Certificate of Occu.pancy by the City of Key West, whichever occurs first. The LE~;SEE/BUYER shall promptly connnence renovations upon the said p:roperty following the execution of the Lease and shall continucJusly pursue said renovations until their completion. Any abandomnent or stoppage of the work which last for more than ten (10) days shall accelerate and cause to become due the first such rental ];>ayment called for herein. 5. All costs of renovations shall be borne by the LES- SEE/BUY]~R, who shall have the right to sublet all or any part of the bllilding after the commencement of the rental payments herein described. Risk of loss of renovations shall be on LESSEE/'BUYER and LESSOR/SELLER shall not be liable to LES- SEE/BUY'ER for cost of renovations in any event. 6. The LESSEE/BUYER agrees to purchase and the LES- SOR/SEL'LER agrees to sell the subj ect property for the total sum of Thre~e Hundred and Three Thousand Five Hundred ($303,500.00) Dollars, which sum shall be payable thirty (30) months after the commencement of the rental payments hereunder. All payments made by the LESSEE/BUYER as rental hereunder shall be applied against the purchase price. 7 . The conveyance of the premises shall be by statutory warrant'y deed and LESSEE/BUYER shall be responsible for the payment of all documentary stamps in connection therewith. This propert'y is being sold in "as is" conditions and no warranty, expressed or implied, with respect to the condition of the property shall exist. 8. No abstract nor title insurance commitment shall be issued by the County in connection with this transaction. The LESSEE/BUYER shall have a period of thirty (30) days from the execution of this Agreement to satisfy himself as to the mar- ketability of the title to the property. Any objections concern- ing tit:le irregularities, defects in survey, or other matters going to the merchantability of the property shall be waived if not tendered to the County in writing within thirty (30) days of the date of this Agreement. 9. All taxes, charges, and other costs or assessments which shall be imposed against the property shall be paid by the LESSEE/'BUYER. 10. The LESSEE/BUYER shall at all times during this Lease and at his own cost and expense repair, replace, and maintain in a good" safe, and substantial condition the building and all improve1ments, additionals, and alterations thereto on the demised premises and shall use all reasonable precaution to prevent waste, ,damage, or injury to the demised premises. 2 11. All utilities and deposits required in connection therewi'th shall be paid by the LESSEE/BUYER. 12. During the term of this Lease the LESSEE/BUYER shall obtain and maintain at this expense and for the benefit of the LESSOR/SELLER, the following types and amounts of insurance: a) Fire Insurance. LESSEE/BUYER shall keep all bu'ildings, improvements, and equipment on the demised prlemises, including all alterations, additions and i~provements insured against loss or damage by fire with sttandard extended coverage that may be required for the be1nefit of himself and for the benefit of the LESSOR/SELLER. Insurance shall be in an amount not less than the highest insurable value of the property after renovation. b) Personal Injury and Property Damage Insurance. LESSEE/BUYER shall also carry personal injury and property damage insurance, insurance against liability for bodily injury and property damage and machinery insurance and flood co'verage in an amount not less than Five Hundred Thousand ($500,000.00) Dollars. Said insurance shall carry a clause providing that the LESSOR/SELLER shall be carried on said policies as an additional insured and shall be entitled to receive the purchase price first from any settlement on an:y such coverages. 13. If the LESSEE/BUYER or any of his successors, assigns, or co-tenants shall, while in possession of the premises, file a petiti01n in bankruptcy or insolvency or for reorganization under any ban'kruptcy act or shall take advantage of such act by answer or othE~rwise or shall make an assignment for the benefit of credito:rs; or voluntary proceedings under any bankruptcy law or unsolve1ncy act shall be instituted against LESSEE/BUYER or a receive:r shall be appointed for all or substantially all of his propert:y, such proceedings shall constitute a default of this Lease B.nd LESSOR/SELLER shall be entitled to retain all rental payments made to this point as liquidated damages. 3 14. If LESSEE/BUYER fails to pay the LESSOR/SELLER the rent or additional rent when due within ten (10) days after due date, such act shall constitute a breach of the Lease. 15. The LESSEE/BUYER shall permit no liens to be imposed against the subject property during the renovations or thereafter and during the duration of the leasehold term. Should any liens for imp,rovements of any kind nevertheless be filed against the subject real estate the said LESSEE/BUYER shall, within fifteen (15) da.ys, cause the said claim of lien to be transferred to a bond in. accordance with the requirements of the Florida Mechan- ics' Lien Law. Should the LESSEE/BUYER fail to transfer a lien to a bond, as aforesaid and within the required period, then and in that event this Lease shall terminate and all monies paid by the LE~;SEE/BUYER to the LESSOR/SELLER shall be considered and retained as liquidated damages and the LESSEE/BUYER shall have no further rights hereunder. BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA By & ,--.... / ~~ ~~~/ Ma;<>r an LESSOR ~ (SEAL) Attest :])ANNY L. KOLHAGE, Clerk ~ 1) 4.!f~f~R LESSEE My comm:ission expires: Notary Public, State of Florida at Large My Commission Expires June 1. 1991 Bonded thru Agent's Notary Brokerage me SWORN ~ AND SUBSCRIB this 2...3 .I) day of ~ , 1988. Attornev~s Office 4 LEGAL DESCRIPTION 600 Whitehead Street, Ke~ West Monroe County, Flori a On the Island of Key West, Monroe County, Florida, and known on the map of said City of Key West, delineated in February, A.D., 1829, by William A. Whitehead as Part of Lot Number Two (2), in Square Number Sixty-Three (63), and more particularly described as cODmlencing at the Southerly corner of Southard Street and Whitehe,ad Street, and running thence Southeasterly along the Southwesterly side of Whitehead Fifty (50) feet; thence at right angles in a Southwesterly direction Sixty-two (62) feet; thence at right angles in a Northwesterly direction Fifty (50) feet to the Southeasterly side of Southard Street; thence running Northeasterly along the said Southeasterly side of Southard Street Sixty-two (62) feet to the Place of Beginning. Less; On the Island of Key West, Monroe County, Florida, and known on the map of said City of Key West, delineated in February, A.D., 1829, b:y William A. Whitehead as Part of Lot 2, in Square 63, and more pa'rticularly described as commencing at the Southerly corner of Sou1thard Street and Whitehead Street, and running thence Southeasterly along the Southeasterly side of Whitehead Street 50 feet; t'hence at right angles in a Southwesterly direction 61 feet to the Point of Beginning of the parcel hereinafter described; thence continue Southeasterly one foot; thence at right angles in a Northwesterly direction 50 feet to the Southeasterly side of Southard Street; thence running Northeasterly along the said Southeasterly side of Southard Street one foot; thence at right angles in a Southerly direction 50 feet to the Point of Begin- ning. SUBJECT TO restrictions, reservations, easements, and zoning ordinances of record. EXHIBIT "A"