8th Amendment 03/20/2002
EIGHTH AMENDMENT TO AGREEMENT
(Assianment: First State Bank to TIB)
H n(.~,j THIS ADDENDUM to agreement is made and entered into this zt;tRday of
j~002, between the Monroe County Board of County Commissioners, The
Legendary Key Largo Chamber of Commerce, First State Bank and TIB Bank.
WHEREAS, there was a contract entered into on May 22, 1996, as amended
July 16, 1997; May 12, 1999 ; October 13, 1999, May 18, 2000, August 16, 2001,
December 20,2001 and February 14, 2002 between Monroe County Board of County
Commissioners and The Legendary Key Largo Chamber of Commerce for the
preparation of the surplus Navy ship Spiegel Grove as an artificial reef and transporting
the Spiegel Grove to a site off Key Largo, Florida, where the ship will be scuttled and
turned into an artificial reef, and
WHEREAS, the Tourist Development Council has recommended the same
action; and
WHEREAS the fifth Amendment to the original contract was an acceptance of
the Chamber's assignment to First State Bank of the Florida Keys of monies previously
contracted by the County for payment upon the completion of the project and
placement on the ocean bottom; and
WHEREAS, the seventh amendment provided an additional $300,000 for said
placement of the Spiegel Grove for establishment of an artificial reef but those
additional monies were not subject to the prior assignment: and
WHEREAS, First State Bank has proposed assignment to TIB Bank of the
Chambers assigned right to receive $268,000:
NOW THEREFORE, the parties agree as follows:
1. This amendment to agreement is by and between the Legendary Key Largo
Chamber of Commerce, First State Bank, TIB Bank and the Board of County
Commissioners of Monroe County.
Eighth Amendment to Agreement for Spiegel Grove
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2. The Chamber assignment of the right to receive $268,000 upon placement of the
Spiegel Grove on the ocean bottom, to First State Bank accepted by the County on
August 16, 2001, is hereby assigned to TIB Bank.
3. All other provisions of the agreement dated May 22, 1996, as previously amended,
and not inconsistent herewith shall remain in full force and effect.
______LN WITNESS WHEREOF, the parties have set their hands and seal on the day
,c,*m~~~ above written.
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'\<,\j1ry~~~NY L. KOLHAGE, CLERK
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BOARD OF COUNTY
COMMISSIONERS OF
MONROE COUNTY, FLORIDA
11
MaYOr/C~man
APPROVED AS TO FORM
ANrp.e:GAL SUFFICIE
ssed above is hereby approved b~
President: TIB Bank
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Eighth Amendment to Agreement for Spiegel Grove
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