Item F5 BOARD OF COUNTY COMNIISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: 1/31/2014 Division: County Administration
Bulk Item: Yes X No _ Staff Contact: Natileene Cassel/292-3470
AGENDA ITEM WORDING: Approval of instrument entitled"Termination of Recording of
Agreement for Sale and Purchase" and authorization for Mayer to execute. This document is the third
of three instruments necessary to complete the closing for the purchase of Rowell's property set for the
afternoon of January 31, 2014.
ITEM BACKGROUND: As part of the purchase of the Rowell's property the County recorded a
copy of the purchase and sale agreement in the public records. Approval and execution of this
"Termination of Recording of Agreement for Sale and Purchase" avoids a potential title issue in the
future and the Seller has made it a condition for closing.
PREVIOUS RELEVANT BOCC ACTION: On April 17, 2013, the BOCC authorized the County
Administrator to obtain two appraisals of Tracts 1 and 2, Highland Shores Subdivision and adjoining
Parcels "A" and `B" (formerly Rowell's Marina) to determine the feasibility and value of the property.
At the October 2013, BOCC meeting, the BOCC approved a Sale and Purchase agreement, which
passed the BOCC with the stipulation that the Sale and Purchase include a business plan. On
November 20, 2013 the BOCC gave final approval for the purchase, closing date set for January 31,
2014.
CONTRACT/AGREEMENT CHANGES: NIA
STAFF RECOMMENDATIONS: Approval
TOTAL COST: N/A INDIRECT COST: N/A BUDGETED: Yes X No
COST TO COUNTY: part of the purchase SOURCE OF FUNDS: —N/A
REVENUE PRODUCING: Yes_ No X AMOUNT PER YEAR: N/a
APPROVED BY: County Atty OMB/Purchasing Risk Management N/A
DOCUMENTATION: Included X Not Required
DISPOSITION: AGENDA ITEM#
Revised 11/06
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PREPARED BY:
Theodore R. Stotzer, Esq.
c/o Stratus Investments, LLC
550 S.W. 12`h Avenue, Suite 550
Deerfield Beach, Florida 33442
RECORD AND RETURN TO:
True Title Agency, Inc.
PO Box 420321
Summerland Key, FL 33042
TERMINATION OF RECORDING OF
AGREEMENT FOR SALE AND PURCHASE (THIS "TERMINATION")
THIS TERMINATION is made and entered into as of the I I day of D=6r,2013 ,
by and between MONROE COUNTY, FLORIDA, a political subdivision of the State of Florida
("Purchaser"), and LARGO SUN VISTA ACQUISITION CO.,LLC, a Florida limited liability
company ("Seller").
RECITALS:
WITNESSETH,Purchaser and Seller made and entered into that certain Agreement for Sale
and Purchase(the"Agreement")with Effective Date of October 16,2013, as amended,for the sale
and purchase of the"property"and"additional property"described in Exhibit"A"thereto(together,
the"Property")which Agreement was recorded on October 22,2013,in Official Records Book 2655,
Page 529, of the Public Records of Monroe County, Florida; and
WHEREAS, the Purchaser and Seller desire to terminate of record the recording of the
Agreement and to release and relieve the property described in Exhibit"A"thereto from all lien and
effect of the recorded Agreement.
NOW, THEREFOR, for good and valuable considerations each to the other delivered and
received, the Purchaser and Seller hereby agree as follows:
I. The above recitals are true and correct in all material respects.
2. The recording of the Agreement is hereby terminated upon the recording hereof in the
Public Records of Monroe County, Florida, and the property described in Exhibit "A" to the
Agreement upon the recording hereof is released and relieved from all lien and effect of the recorded
Agreement,but in all other respects the Agreement remains in full force and effect.
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IN WITNESS WHEREOF,the undersigned have hereunto set their hands as of the date first
above written.
PURCHASER/COUNTY: PURCHASER:
Amy Heavilin, Clerk MONROE COUNTY, FLORIDA, a
political subdivision of the State of Florida
Deputy Clerk Its Mayor
MONROE COUNTY ATTORNEY:
APPROVED AS TO FORM
By
_ Natileene W. Cassel
Assistant County Attorney
Date:
SELLER:
LARGO SUN VISTA ACQUISITION CO., LLC
By: SVMG KEYS ACQUISITION CO., LLC,
sole member
By:
rk A. Pa a , Pr , ident
ONROE CO NTY TTORNEY
AP ROVED FORM:
STATE OF I�1!L' 't NATILEENE W. CASSEL
ASSISTANT COUNTY ATTORNEY
COUNTY OF ' , � ) Date .L„-!.�, r,,k
The foregoing instrument was sworn to and subscribed and acknowledged before me this
t -► day of k2013; by MARK A. PAPAK, President of SVMG KEYS
ACQUISITION CO., LLC, sole member of LARGO SUN VISTA ACQUISITION CO., LLC, on
behalf of said limited liability company. He is personally known to me or has produced
as identification.
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