10/13/1999 Agreement
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BRANCH OFFICE
3117 OVERSEAS InGHWAY
MARATIlON, FLORIDA 33050
TEL. (305) 289-6027
FAX (305) 289-1745
CLERK OF THE CIRCUIT COURT
MONROE COUNTY
500 WHITEHEAD STREET
KEY WEST, FLORIDA 33040
TEL. (305) 292-3550
FAX (305) 295-3660
BRANCH OFFICE
88820 OVERSEAS InGHWAY
PLANTATION KEY, FLORIDA 33070
TEL. (305) 852-7145
FAX (305) 852-7146
MEMORANDUM
DATE:
March 3, 2000
TO:
James Hendrick
County Attorney
ATTN:
Jan Hotalen
Pamela G. Hanco~
Deputy Clerk 0
FROM:
At the October 13, 1999, Board of County Commissioner's Meeting the Board granted
approval and authorized execution of Collateral Assignment from Monroe County to Key Largo
Chamber of Commerce of salvage rights in the vessel Speigel Grove.
Enclosed are two fully executed duplicate originals for your handling, as well as a certified
copy. Should you have any questions, please do not hesitate to contact this office.
cc: County Administrator w/o document
Finance
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County Attorney
502 Whitehead Street
Third Floor
Key West, FL 33040
(305) 292-3470
Ms. Ginna Drake
Key Largo Chamber of Commerce
105950 Overseas Highway
Key Largo, FL 33037
November 23, 1999
RE: Collateral Assignment - Spiegel Grove
Dear Ms. Drake:
BOARD OF COUNTY COMMISSIONERS
MA VOR, Keith Douglass, District 4
Mayor Pro Tern, JackLondon. District 2
Wilhelmina Harvey, District 1
Shirley Freeman, District 3
Mary Kay Reich, District 5
Enclosed please find an original and three copies of the above referenced, which was
approved at the October 13, 1999 meeting of the Board of County Commissioners.
If this meets with your Board's approval. please have all four copies executed by the
proper authority. In order to expedite matters. would you be kind enough to forward to
the First State Bank for their signatures. All four copies should then be returned to this
office for execution by the Clerk.
After processing by the County, fully executed copies will be returned to the Chamber
and First State Bank.
If you have any questions, please feel free to call.
/jeh
Enclosures
:;=~
SUZANNE A. HUTTON
Assistant County Attorney
cc: Bette Brown-Herlth, 1 st State Bank
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COLLATERAL ASSIGNMENT
WHEREAS, the Board of County Commissioners of Monroe County, Florida ("Assignor")
entered into an Agreement to acquire and convert into an artificial reef the vessel "Spiegel
Grove" ("Vessel"); and
WHEREAS, the Key Largo Chamber of Commerce ("Chamber") has undertaken the
responsibility of obtaining funding for the preparation and placement of Vessel for use as an
artificial reef, including securing a lien in an amount not to exceed $340,000.00 ("the Loan")
from First State Bank ("Lender"); and
WHEREAS, Lender requires Chamber, as a condition of the Loan, to secure the Loan
with an Assignment of Salvage Rights in the Vessel, which rights would be exercisible only in
the event that an unforeseen event renders the Vessel unsuitable for its ultimate intended
use;
NOW, THEREFORE, the Board of County Commissioners of Monroe County, by the
undersigned duly-authorized Mayor of Monroe County, does hereby collaterally ASSIGN to
Key Largo Chamber of Commerce its rights in and to the salvage of the vessel Spiegel
Grove, and consents to the further assignment of such salvage rights to First State Bank, to
secure the above-mentioned loan; the conditions of this assignment being that (a) Vessel
shall have been declared by the United States Coast Guard, The United States
Environmental Protection Agency or the National Oceanic and Atmospheric Administration
to have been rendered unsuitable for use as an artificial reef as contemplated in the
aforesaid Agreement; (b) MONROE COUNTY shall have been relieved of further liability
under the Agreement; and (c) Lender shall have exercised its right to apply the collateral
proceeds to payment of the loan; otherwise, this Assignment to be void and of no further
effect .
IN WITN.ESS,W~~, the parties hereto have set their hands and seals this
day'c;:;f(J)CTCf5/l- 1999.
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L, ATTEST: DANt:;Jy L. KOLHAGE, CLERK
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BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
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