10/21/1980 Agreement 822n 1M9
22'70 ;1
AGREEMENT OF OPTION
TO PURCHASE
THIS OPTION AGREEMENT given this 21st day of
OCTOBER , 1980, by SUMMERLAND KEY PROPERTIES,
INC. a corporation existing under the laws of the State of
Florida, hereinafter called the OPTIONOR to MONROE COUNTY,
FLORIDA, a county of the State of Florida, hereinafter called
the OPTIONEE.
ARTICLE ONE
GRANT OF OPTION
In consideration of the sum of ONE DOLLAR ($1.00) and
other valuable consideration paid by Optionee to the Optionor,
receipt whereof is hereby acknowledged, the Optionor hereby
grants to the Optionee the exclusive option to purchase upon
the following terms and conditions, the real property described
as follows: hereinafter referred to as PARK SITE)
Situated on Summerland Key in the County of
Monroe and State of Florida and known as being
a part of Government Lot 6, Section 26, Township
66 South, Range 28 East and bounded and described
as follows: Commencing at the intersection of
the centerlines of Cross Street and Center Road
as shown by the plat of Niles Channel Subdivision ^-
recorded in Plat Book 5, Page 9 of Monroe County 7.
Public Records, said centerline of Center Road
being also the easterly line of Section 26, 1
Township 66 South, Range 28 East; thence bear -
South along the said centerline of Center road, - c
325.00 feet to its intersection with the
Southerly line of Government Lot 6, Section 26,
Township 66 South, Range 28 East, thence bear
West along the said southerly line of Government
Lot 6, 425.00 feet to the POINT OF BEGINNING of
the tract of land herein intended to be described;
thence continue bearing West along the said southerly
line of Government Lot 6, 2322.51 feet; thence bear
North 229.98 feet; thence bear North 68 degrees, 44
minutes 44 seconds East 985.55 feet; thence bear
East 408.00 feet; thence bear South 73 degrees,
12 minutes, 25 seconds East 1040.37 feet; thence
bear South 286.67 feet back to the Point of Begin-
ning and containing 24.1074 Acres, and the right
of ingress and egress therefrom.
Page 1 of 6 Pages
E 822Pc 1030
ARTICLE TWO
DATE OF OPTION
Optionor grants to Optionee the right to purchase
Park Site on the following date; hereinafter referred to
as Purchase Date: Said Purchase Date shall be the First
day 15 years subsequent to the date established in
Article Four of this Agreement of Option to Purchase.
That is to say Article Four of this Agreement of Option
to purchase shall establish a date certain and 15 years
following said established date certain, Optionee shall
have the right to effect said Option in accordance with
the terms herein stated. This Option to Purchase cannot
be effected prior to said date and any attempt to do so
will cause this Agreement to become null and void. The
right to exercise said Option to Purchase shall commence
on said First day 15 years subsequent to the date estab-
lished in Article Four of this Agreement of Option to
Purchase, and shall continue until released in writing by
Optionee.
ARTICLE THREE
PAYMENT PRICE
The Purchase Price for said Park Site shall be ONE
DOLLAR ($1.00). It is understood and agreed that said
Purchase Price is a token and provided to effectuate this
Agreement.
ARTICLE FOUR
EFFECTIVE DATE OF THIS OPTION
The effective date of this Option shall be the date
upon which the Optionor has final Governmental approval and
attainment of all necessary permits to enable Optionor
to fully carry out and perform all activities and pursuits
for using the area as a quarry or dredge site. Failure
of approval and attainment renders agreement null and void.
Page 2 of 6 Pages
• .mot 8 22Pc1031
ARTICLE FIVE
ASSIGNMENT
This Option and all rights hereunder may not be
assigned by Optionee without Optionor's written approval.
ARTICLE SIX
DELIVERY OF DEED AND POSSESSION
Upon the expiration of fifteen (15) years from the
date as fixed in Article Four, the Optionor shall be required
to notify Optionee, by registered mail, return receipt
requested, that the time in which to exercise the option
has commenced. The option shall remain open and unchanged,
continuing in full force and effect, until the date of
receipt of said notice by the Optionee. The Optionee shall
then have ninety (90) days after receipt of Notice from
Optionor, in which to exercise the option and pay the purchase
price. Should the Optionee elect to exercise said Option, the
Optionor will promptly execute and deliver to the Optionee the
title to the Park Site by Warranty Deed.
ARTICLE SEVEN
FAILURE TO EXERCISE OPTION
Failure by the Optionee to exercise said option within
the ninety (90) days of the receipt of notice shall entitle
the Optionor to demand release of said Option, and Optionee
agrees to execute and deliver said release promptly upon
demand after the time limits have expired.
ARTICLE EIGHT
REVERSIONARY PROVISION
The Optionee covenants and agrees that upon receipt
of possession of Park Site in accordance with the terms of
this Agreement, said Park Site shall be used by said Optionee
for recreational and marine purposes for the benefit of the
County of Monroe, Florida. In the event any part of said
Park Site shall not be used by Optionee for the purpose of
recreational or marine activity, or if any part shall be
Page 3 of 6 Pages
822PG10 32
used for any purpose inconsistent with such purposes,
then all right, title, and interest in and to the Park
Site and to any improvements thereon, shall revert to
and revest in Optionor, their heirs or assigns as fully
and completely as if the rights under this instrument
has not been exercised.
ARTICLE NINE
HOLD HARMLESS
Optionor hereby covenants and agrees to hold harmless
Optionee for activities and pursuits at the Park Site as
a quarry or dredge site.
ARTICLE TEN
ARBITRATION
In the event that there shall ever be controversy with
respect to any of the terms and stipulations of this
Agreement, Optionor shall choose an arbitrator, Optionee
shall choose an arbitrator, and the two (2) so chosen
arbitrators shall select a third (3rd) abritrator. The
selected third (3rd) arbitrator shall then render a decision
as to such controversy and the same shall be binding upon
all parties hereto, absolutely.
ARTICLE ELEVEN
REPRESENTATION
The Optionor warrants and represents that it has the
authority to grant their Option and that it now holds
title to said Park Site free of all encumbrances.
ARTICLE TWELVE
RECORDATION
The parties hereto agree that Optionee may, at it's
own expense, record this Agreement upon the Public Records
of Monroe County, Florida.
Page 5 of 6 Pages
. . 822/)61033
IN WITNESS WHEREOF and in good faith, the Optionor
has signed and acknowledged this Option the date above
written.
SUMMERLAND KEY PROPERTIES, INC.
S. . McKAY ent
Vice
Attest:
1.104/ /G J
ecretar
Signed, sealed, and
delivered in the presence
of us:
9 /tivx6674--
State of Florida )
County of Monroe )
I HEREBY CERTIFY that on this 21st day of October,
1980, before me personally appeared S. J. McKay and Wm. L.
Richards, Jr. Vice President and Secretary respectively of
Summerland Key Properties, Inc., a corporation under the
laws of the State of Florida to me known to be the persons
who signed the foregoing instrument as such officers and
severally acknowledged the execution thereof to be their
free act and deed as such officers for the uses and purposes
therein mentioned and that they affixed thereto the official
seal of said corporation, and that the said instrument is the
act and deed of said corporation.
Page 5 of 6 Pages
8220-
WITNESS my signature and official seal at Big Pine Key,
in the County of Monroe, State of Florida, the day and year
last aforesaid.
My Commission Expires:
Mary f , State of Ronda at /d� — �� dX
my otanis Expires June 2, 1964 Notary Public State o f Florida
aid ihw troy fain lewnnc• Inc.
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COUNTY OF MONR E, STATE OF FLORIDA
By
Chairman of the Board of County
:• Commissioners of Monroe County,
Florida
(SEAL)
Attest:
er
API
RECORDED IN OFFICIAL RECOku L1,-,)41%.
MONROE COUNTY, FLORIDA
RALPH W. WHITE
CLERK OF CIRCUIT COURT
RECORD VERIFIED
Page 6 of 6 Pages