Loading...
Item N3BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: September 17.2008 Division: Coulity Attorney Office Bulk Item: Yes _ No X Natileene W. Cassel Contact Person/Pholie ff: 292-3470 AGENDA ITEM WORDING: Discussion and direction on whether or not to extend the due diligence clause and Agreement for Sale and Purchase of the Hickory House property upon request of King's Pointe Marina, LLC. ITEM BACKGROUND: In June 20, 2007, the Board approved the bid proposal submitted by King's Pointe Marina LLC (KPM) to purchase the Hickory House. After negotiations, an Agreement proposed by KPM was placed on the agenda in January 2008 and was rejected by the BOCC. On February 20, 2008 the BOCC approved a redrafted the Agreement for Sale and Purchase. The Agreement became effective on February 29, 2008 upon execution by KPM. The approved contract contained a due diligence clause which gave KPM 180 days to determine, in their "sole and absolute discretion", whether the property was suitable for it's intended use and allowing KPM to accept or reject the property prior to the expiration of the 180 day period. There was no earnest money required under the February 2008 Agreement and no consideration to compensate the County for holding the property off the market during the due diligence period. On August 27, 2008, KPM hand delivered a letter giving notice that the property is not acceptable for their intended use and cancelling the contract. In the same letter KP.M requests the County to extend the due diligence period for one year until August 31, 2009. The request stated that the "present real estate investment and financing markets are at best stringent and at worst not conductive at this time to major investments in commercial properties." KPM also discussed road abandonment of Peninsular Avenue but that issue is not a convincing reason for extension since it was well known and discussed during the negotiations on the Agreement PREVIOUS RELEVANT BOCC ACTION: See above. CONTRACT/AGREEMENT CHANGES: KPM is requesting that the County extend the due diligence period and the Agreement until August 31, 2009. If the County agrees to the extension, the County will not be able to put the property back on the market, or build on the property, and will continue to have the responsibility of ownership. KPM offers no consideration of any kind for this concession. STAFF RECOMMENDATIONS: Do not extend the due diligence period or the Agreement, KPM has canceled the contract, as is their choice under the present Agreement. The County is now free to do whatever it wishes with the property. TOTAL COST: unknown BUDGETED: Yes No COST TO COUNTY: unknown SOURCE OF FUNDS: REVENUE PRODUCING: Yes No X AMOUNT PER MONTH Year APPROVED BY: County Atty 0 OMB/PurchasingRisk Management DOCUMENTATION: Included X Not Required DISPOSITION: AGENDA ITEM # Ciienl dA141 lJ Ia�sF ii RECEVED ;w= Mailing address: P. O. Box 97o Key West, FL 33041-0372 August 12 2008 AM 2 TM of loa tom lon: 610 white s1. � � Key West. F1.33040 Mr. Roman Gastesi COUNTYADMDUSTRATOR ' phone: 3051294-1515 Monroe County Administrator Fax: 305t292-1525 1100 Simonton Street E-mail: don@crafgcompany.com Key West, Florida 33040 Subject: Request for Extension Hickory House Agreement for Sale and Purchase Dear Mr. Gastesi: On behalf of my client, King's Pointe Marina, LLC (KPM), I am submitting this letter as a request to extend the due diligence period provided for on page two (2) of the Agreement for Sale and Purchase Hickory House property. This request shall also serve as a request to extend the date of closing consistent with the extended due diligence period. The reason for this request is several fold. First, during the due diligence period so far it has become evident that the purchase and successful use of the property by KPM is dependent on the abandonment of a portion of Peninsular Avenue from the Hickory House to the intersection of Peninsular and Maloney Avenue. KPM has authorized my company to file the application for the road abandonment. The filing of the application with the County attorney's office and the Planning Department is dependent upon the filing of written confirmation of the support of the abandonment by the owners of property also immediately adjacent to the portion of the road to be abandoned. My staff and I have the application ready to submit with the exception of the sign -off from one property owner, that being the home owner's association for the affordable housing project immediately west of the Hickory House property, Tortuga West Townhomes. Representatives from the homeowner's association for Tortuga West have met with me and my staff on several occasions during which I explained the process for abandonment, and illustrated for them the location of that portion of Peninsular Avenue, which would become the property of the homeowner's association. After these protracted discussion, it appears that the homeowner's association will provide an approval with probable conditions such that KPM improve the entirety of the abandoned portions for the benefit of the association as parking fro the homeowners. While we expect the support of Tortuga West shortly, that support will -lot come in time for the road abandonment to be completed prior to the expiration of the Purchase Agreement's due diligence period. If the road abandonment is not completed it will not be possible to move ahead with the redevelopment of the Hickory House property enabled by the appropriate applications for major conditional use which blends this property into the development at King's Pointe Marina. Again these applications, which require considerable amount of time to complete and run through the public review process, are dependent on the IeL— ulomt . P—L- Wn© Page 2 of 2 successful road abandonment as depicted on the preliminary site plan attached to the Agreement for sale or some form of abandonment, which provides the parking for the redeveloped 11ickory House site. Second, the present real estate investment and financing markets are at best stringent and at worst not conducive at this time to major investments in commercial properties. The market fro purchase affordable housing is very slow as evidenced by the many units now being rented, which were formerly for sale. However, this climate will change with time. Therefore KPM is committed to continue to pursue the purchase if the County is willing to provide a sufficient amount of additional time to complete the abandonment proceedings and the applications for redevelopment approval. KPM suggests that the County grant a one-year extension to the due diligence period to an effective termination date of this period of August 31, 2009. In the event the date of expiration of the due diligence period expires before this request is approved or the due diligence period is otherwise extended, this letter shall serve as notice that the property is not aide to be used by purchaser for its intended use and the contract is being cancelled. Please contact my office regarding this letter and request and please schedule this request before the Board of County commissioners at the earliest possible date. Craig, A1CP cc: Everett Atwell and Timothy Koenig Ilcu I�SIe.F . Cirm+lrmwrirFno Project : Hickory douse Parcel Identification Numbers #00126210-000000, #00126220-000000,#00126230-000000 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made thi �y of , 2008, between MONROE COUNTY, FLORIDA, a political subdivision of theL=4to of Florida, as " SeIler", clo County Administrator, 1100 Simonton Street, Room 2-205, Key West, Florida 33040, and King Pointe Marina, LLC, a Florida limited liability company, as "Purchaser whose address is 1115 Marbella Drive, Tampa, Florida, 33619. In consideration of the mutual promises contained herein, Seller hereby agrees to sell and Purchaser agrees to buy the real property ("Subject Property") located in Monroe County, Florida, described below, together with all improvements, easements, rights and appurtenances, in accordance with the provisions of this Agreement. I. DESCRIPTION OF PROPERTY. The property which the Seller agrees to sell and the Purchaser agrees to buy pursuant to the terms of this Agreement is that property situated on Stock Island, Monroe County, Florida, and more particularly described as: 5948 Peninsular Avenue, Stock Island, Key West, Fl. 33040 aka 5948 Maloney Avenue, Stock Island, Key West, Fl. 33040 The Legal Description is: Lots 30, 31 and the West 112 of Lot 32, in Square 46, according to Maloney's Subdivision of a part of Stock island, Monroe County, Florida, as recorded in Plat Book 1, Page 55, of the Public Records of Monroe County, Florida. 2. TOTAL PURCHASE PRICE. The total purchase price ("Total Purchase Price") for the Subject Property is THREE MILLION ONE HUNDRED THOUSAND DOLLARS AND NO/CENTS ($3,100,000.00), which will be paid by Purchaser at closing. Seller hereby authorizes Purchaser to issue a certified check directly to an escrow agent who is authorized by law to receive such payment, and who is acceptable to the parties, and to require the escrow agent to pay Seller's expenses of sale and real estate taxes. Purchaser shall use five (5) Rate of Growth Ordinance (ROGO) exemptions or affordable housing allocations as a portion of the consideration for this Agreement and shall build affordable housing units as set forth in paragraph 9 of this Agreement. Purchaser shall as a portion of the consideration provide public access to designated areas of both the Subject Property and the Marina Property, as identified in paragraph 5 below; public access is more specifically described in paragraph 6 and -paragraph 7 of this Agreement, and Planning Commission. Resolutions P20-2007 and Planning Resolution P21-2007. Conveyance of the Subject Property from Seller to Purchaser by a deed, made pursuant to F1. Stat. 125.411, will take place at the closing, in exchange for the payments to be made to Seller at closing. 3. DUE DILIGENCE_ PERIOD, Purchaser will, at Purchaser's expense, and within 180 days from Effective Date (the "Due Diligence Period"), determine whether the Subject Property is suitable, in Purchaser's sole and absolute discretion, for Purchaser's intended use and development of the Subject Property. During the Due Diligence Period, Purchaser may conduct any tests, analyses, surveys and investigations ("Inspections") which Purchaser deems necessary to determine to Purchaser's satisfaction regarding the Subject Property's engineering, architectural, environmental properties; zoning, and other inspections that Purchaser deems appropriate to determine the suitability of the Subject Property for the Purchaser's intended use and development. Purchaser shall deliver written notice to Seller prior to the expiration of the Due Diligence Period of Purchaser's determination of whether or not the Subject Property is acceptable, Purchaser's failure to comply with this notice requirement shall constitute acceptance of the Subject Property in its present "as is" condition. Seller grants to Purchaser, its agents, contractors and assigns, the right to enter the Subject Property at any reasonable time following reasonable notice to Seller during the Due Diligence Period for the purposes of conducting Inspections; provided, however, Purchaser, its agents, contractors and assigns enter the Subject Property and conduct Inspections at their own risk. Purchaser shall indemnify and hold Seller harmless from losses, damages, costs, claims and expenses of any nature, including attorneys' fees at all levies, and from liability to any person arising from the conduct of any and all inspections or any work authorized by Purchaser. Purchaser will not engage in any activity that could result in a mechanic's lien being filed against the Subject Property without Seller's prior written consent. In the event this transaction does not close, (1) Purchaser shall repair all damages to the Subject Property resulting form the inspections and return the Subject Property to the condition it was in prior to conduct of the Inspections, and (2) shall, at Purchaser's expense release to Seller all reports and other work generation as a result of the Inspections. Should Buyer deliver timely notice that the Subject Property is not acceptable, Seller agrees that the Agreement shall be immediately terminated thereby releasing Purchaser and Seller from all further obligations. 4. ENVIRONMENTAL SITE ASSESSMENT Seller purchased the Subject Property in November, 2006, and obtained at that time an update to an existing Report of Environmental Site Assessment: Phase 1, Seller shall, within 10 days of execution of this agreement by both parties, provide to Purchaser a copy of the existing Report of Environmental Site Assessment. Phase 1, a copy of the Environ rental Affidavit dated November 28, 2006, received by Seller when Seller acquired property, and a copy of the Authorization to Rely Upon Environmental Assessment dated November 20, 2006 Purchaser may, at its own expense, obtain an environmental assessment prior to the closing date. Since the purchase, the Subject Property has been closed pending proposed development as a park, and the Seller has provided periodic inspections to insure that no significant damage has been rendered to the property, and has made no improvements to the property. 2 a) Review Of Survey And Environmental Site Assessment Report, Purchaser shall review the Report of Environmental Site Assessment: Phase 1, the Environmental Affidavit dated November 28, 2006, and the Authorization to Rely Upon Environmental Assessment dated November 20, 2006 provided by the Seiler under this Agreement. In the event Purchaser objects to any of the conditions shown on the existing survey, as referred to in paragraph 10 below, the title insurance, policy referred to in paragraph 11 below, The Report of Environmental Site Assessment: Phase 1, the Environmental Affidavit dated November 28, 2006, and the Authorization to Rely Upon Environmental Assessment dated November 20, 2006, Purchaser shall provide written notice to Seller of any objections 20 days prior to closing. In the event Purchaser fails to provide written notice during said period, Purchaser agrees that the conditions shown on the existing title policy and survey shall be acceptable and only new conditions not shown on said title documents would be considered title defects subject to the provisions of the Agreement. Additionally, in the event, Purchaser fails to provide written notice during the above - described period of time that Purchaser is obtaining a new site assessment, Purchaser agrees that the Report of Environmental Site Assessment: Phase 1, the Environmental Affidavit dated November 28, 2006, and the Authorization to Rely Upon Environmental Assessment dated November 20, 2006 shall be acceptable. 5. LEGAL DESCRIPTION OF MARINA PROPERTY. The Marina Property, known as King Pointe Marina, and is generally described in W Planning Commission Resolution No, P20-07 and Planning Commission Resolution No. P21-07, which are attached hereto and made a part hereof as COMPOSITE EXHIBIT A. 6. PUBLIC ACCESS/PUBLIC AREAS. Purchaser agrees that from the date of closing members of the general public shall have public access to certain areas described in this Agreement and its attachments of the Subject Property and of the Marina Property for a period of fifty (50) years. Purchaser agrees that the general public will not be charged a fee nor will the general public be required to make a purchase of any kind for ingress or egress to the areas of public access of either the Subject Property or the Marina Property. In order to provide for public access to the general public to both properties the Purchaser agrees to provide any and all documents, including easements, deed restrictions or other documents, necessary to accomplish public access to the Marina Property and the Subject Property. Purchaser further agrees to record those documents at the time of closing in the chain of title to the Marina Property andAw the Subject Property whichever is applicable. a) Marina Property. Public access to the Marina Property shall be provided as set forth in Planning Commission Resolution No. P20-07 and Planning Commission Resolution No. P21-07 (which are attached as Composite Exhibit A to this Agreement) and as described in this Agreement. In addition, Marina Access specifically includes access to the boat ramp on the Marina Property, from one hour before sunrise to one hour after sunset at a cost as set out in paragraph 7. b) Subject Pro ert . Access to the Subject Property is restricted to reasonable business hours and specifically includes access to the water, bathrooms, store, pump out, fueling docks, parking, and includes all waterfront sections of the 3 Subject Property as well as any boardwalk area located on the waterfront that may be developed. Access to the Subject Property specifically excludes access to private docks that currently exist or any private dock structure that will be developed in the future, except that in addition to fuel dock access, Purchaser shall provide pedestrian access and a place to tie up their boats for individuals purchasing fuel for watercraft or supplies on the Subject Property. Nothing contained in this paragraph will act to prohibit public access to any fueling facilities located on the Subject Property, 7. COST TO GENERAL PUBLIC FOR USE OF BOAT RAMP AND COMMERCIAL SERVICES. The Purchaser agrees to hold the cost use of Boat Ramp for the public for the first year of operation at $20.00, and the Sewage holding tank pump out fee for the first year of operation will be $25.00 for the public. The fees may be increased or decreased during the subsequent years according to an annual adjustment based on the Consumer Price Index for all urban consumers Miami -Fort Lauderdale area. 8. STORE AND COMMERCIAL SPACE Purchaser shall provide commercial space to house a store and waterfront related business which will be open to the public on the Subject Property and shall provide items related to the use of the boaters. The store shall have operational hours consistent with this type of use - from before sunrise to after sunset consistent with the public's operation of boats on the water. — The uses contemplated at this new facility are related to use of boats and the enjoyment of the waterfront such as boat sales, marine engine repair, fuel sales, bait and tackle shop, boat rentals, store providing sale of items related to boats and water usage, and snack shop. In addition, Purchaser agrees that fueling docks shall be open to the public at the Subject Property during reasonable business hours. All development of the Subject Property shall comply with permitting and development requirements of the State, Federal and Monroe County statutes and codes. 9. CONSTRUCTION OF AFFORDABLE HOUSING. Purchaser shall build on the Subject Property affordable housing units using five (5) ROGO allocations or exemptions obtained from a source other than the Seller. The affordable housing shall consist of one and two bedroom second story units and shall be deed restricted for that use. Purchaser agrees that it shall obtain all necessary approvals from Monroe County for the transfer of the ROGO exemptions or allocations. Purchaser further agrees that it shall not be able to obtain the Certificate of Occupancy for the commercial space until a Certificate of Occupancy for all affordable Housing has been obtained; however the Certificate of Occupancy for the affordable housing may be obtained simultaneously or prior to the Certificate of Occupancy for the commercial space. 10. SURVEY. Seller shall within 10 days of execution of this agreement by both parties deliver to Purchaser a boundary survey of the Subject Property prepared by a professional land surveyor licensed by the State of Florida for the November, 2006 closing on the purchase of the Subject Property. 4 11. TITLE INSURANCE. Seller shall, within 10 days of execution of this agreement by both parties deliver to Purchaser a copy of the Owner's Title Insurance Policy Schedule A and B effective date November 30, 2006 on the Subject Property. Purchaser, at its own expense, shall obtain an updated title insurance policy. 12. DEFECTS 1N TITLE. If the title insurance documents described in paragraph I I or survey described in paragraph 10 furnished to Purchaser, disclose any defects in title which are not acceptable to Purchaser, Purchaser shall give notice of defects to Seller 20 days prior to closing; the Purchaser agrees that in this event the closing date shall be extended for a reasonable time. Seller agrees to use diligent effort to correct the defects in title within a reasonable time. If Seller is unsuccessful in removing the title defects within that time, Purchaser shall have the option to: (a) accept the title as it then is with a reduction in the Total Purchase Price as agreed to by Purchaser and by Seller, (b) accept the title as it then is with no reduction in the Total Purchase Price, (c) extend the amount of time that Seller has to cure the defects in title if agreed to by Seller, or (d) terminate this Agreement, thereupon releasing Purchaser and Seller from all further obligations under this Agreement. 13. INTEREST CONVEYED. At closing, Seller shall execute and deliver to Purchaser a deed, pursuant to Ff. Stat. 125.411, conveying all interest in the property owned by the County to the Property. 14. ROAD ABANDONMENT. Purchaser and Seller agree that nothing in this Agreement shall be interpreted in any manner as prior consent on the part of the Seller to abandonment of any portion of the road known. as Peninsula Avenue; nor shall this agreement be interpreted to preclude the Purchaser from petitioning for abandonment of any portion of Peninsula Avenue. 15, PREPARATION OF CLOSING DOCUMENTS. Seller shall prepare the deed described in paragraph 13 of this Agreement, Seller's closing statement, no lien affidavit certified to Purchaser in accordance with Section 627.7842, Florida Statutes. The documents shall be submitted to Purchaser for review and approval at least 10 days prior to closing. 16. PURCHASER REVIEW FOR CLOSING Purchaser will approve or reject each item required to be provided by Seller under paragraph 15 of this Agreement within 3 days after receipt by Purchaser of the required items. Seller will have 3 days thereafter to cure and resubmit any rejected item to Purchaser. In the event Seller fails to timely deliver any item, or Purchaser rejects any item after delivery, Purchaser or Seller may extend the Closing Date for a reasonable time, not to exceed 14 working days. I7. EXPENSES. Florida law prevents governmental entities from paying documentary stamps. Seller shall pay the cost of recording the deed. 18. TAXES AND ASSESSMENTS In the event the Purchaser acquires fee title to the Property between January l and November 1, 2008, Seller, being exempt from 5 taxation., shall have no obligation in accordance with Section 196.295, Florida Statutes, to place in escrow with the county tax collector an amount equal to the current taxes prorated to the date of transfer, based upon the current assessment and millage rates on the Property. 19. CLOSING DATE. The closing shall be within 14 working days of satisfaction of the requirements set out in paragraphs 2, Paragraph 3, Paragraph 10, Paragraph 11, and Paragraph 15, and Paragraph 16 of this agreement; provided, however, that if a defect exists in the title to the Property, or in any other documents required to be provided or completed and executed by Seller, the closing shall occur either on the original closing date or within 14 days after receipt of documentation curing the defects, whichever is later. The parties may conduct the closing at an earlier date if they are satisfied that all conditions have been met prior to the date set herein. The determination that the conditions have been met prior to the closing date set herein shall require the County Administrator and County Attorney to sign approval of an earlier closing date and the contract need not go back before the Seller's governing body to reform the contract to provide the earlier closing date. 20. RISK OF LOSS AND CONDITION OF REAL PROPERTY. Seller assumes all T- risk of loss or damage to the Property prior to the date of closing. Subject Property shall be transferred and conveyed to the Purchaser in the same, or essentially the same condition as of the date of Seller's execution of this Agreement, ordinary wear and tear excepted. However, in the event the condition of the Property or other improvements thereon is altered by an act of God or other natural force beyond the control of Seller, Purchaser may elect, at its sole option, to terminate this Agreement. Seller represents that there are no parties other than Seller in occupancy or possession of any part of the Property. 21. RIGHT TO ENTER PROPERTY AND POSSESSION. Seller agrees that from the date this Agreement is executed by the parties until the date of Closing, Purchaser and its agents, upon reasonable notice, shall have the right to enter the Property accompanied by a designee of the Seller for all lawful purposes in connection with the this Agreement, Seller shall deliver possession of the Property to the Purchaser at closing. 22. _ACCESS. Seller warrants that there is legal ingress and egress for the Subject Property over public roads or valid, recorded easements that benefit the Subject Property. 23. DEFAULT. If Purchaser defaults under this Agreement, Seller may waive the default and proceed to closing, seek specific performance, or refuse to close and elect to receive the return of any money paid, each without waiving any action for damages, or any other remedy permitted by law or in equity resulting from Purchaser's default. In connection with any dispute arising out of this Agreement, including without limitation Iitigation and appeals, the prevailing party will be entitled to recover reasonable attorney's fees and costs. 6 24. ASSIGNMEI\IT, This Agreement may not be assigned by either Party without the prior written consent of the other Marty. 25. TIME. Time is of essence with regard to all dates or times set forth in this Agreement. 26. SEVERABILITY. In the event any of the provisions of this Agreement are deemed to be unenforceable, the enforceability of the remaining provisions of this Agreement shall not be affected. 27. SUCCESSORS IN INTEREST. Upon execution of this Agreement by the parties, Seller's and the Purchaser's heirs, legal representatives, successors and assigns shall be bound by it. 28. LANGUAGE INTERPRETATION Whenever used, the singular shall include the plural and one gender shall include all genders. 29. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between the parties. No supplement, modification or amendment to this Agreement shall be binding unless executed in writing by the parties. 30. WAIVER. Failure of Purchaser or Seller to insist upon strict performance of any covenant or condition of this Agreement, or to exercise any right herein contained, shall not be construed as a waiver or relinquishment for the future of any such covenant, condition or right; but the same shall remain in full force and effect. 31. AGREEMENT EFFECTIVE. This Agreement or any modification, amendment or alteration thereto, shall not be effective or binding upon any of the parties hereto until it has been executed by all of the parties hereto. 32. ADDENDUM. Any addendum attached hereto that is signed by the parties shall be deemed a part of this Agreement. 33. NOTICE. Whenever either party desires or is required to give notice unto the other, it must be given by written notice, and either delivered personally or mailed to the appropriate address indicated on the first page of this Agreement, or such other address as is designated in writing by a party to this Agreement. 34. SURVIVAL. The covenants, warranties, representations, indemnities and undertakings of Purchaser set forth in this Agreement shall survive the closing. 7 35. DEVELOPMENT RIGHTS. Nothing in this Agreement shall provide more development rights than are provided under the Monroe County Code or other applicable State and Federal requirements. THIS IS TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING { ' SELLERS: Deputy Clerk PURCHASER: Witness: Signature it !f rint Name D. • • . Witness: Sig Lure Print Name RAM ®` Date:_.2,9— A� MONROE COUNTY, FLORIDA By: Mayor Cha s onny" McCoy Date: ©a— Q Q' O l 13 Signature Print Name C� , =� `it.. Print Title C r w; Date: = co :1 W STATE OF FLORIDA) COUNTY OF WWR15fl If L 6 g0 gVU6#.. The Foregoing instrument was acknowledged before me this 21 day of 2001 by He she is personally known to me or produced as identification. (NOTARY PUBLIC) SEAL Notary Public (Printed, Type r tamped Name ofNotary Public) Rotary Putjllc Stata nl Ftfllidb Commission No.: 0 ID S-/ ,go 4, tF' MicheVeJ6umham My Commission Expires ot,.v-,ZO�G1 �ryd Exy pires 0113112010W3068 MONROE COUNTY ATTORNEY PPROVED AS TO RM: NATILEENE W. CASSEL ASSWANT COUNTY ATTORNEY Onto ADDENDUIit 4 . E (IMPROVEMENTS/PURCHASER) A. adon Gas. Radon is a naturally occurring radioactive gas that, when it has accunurlated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time, Levels of radon that exceed Federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public stealth unit. This notice is being provided in accordance with Section 404.056(8), Florida Statutes. Purchaser may, at its sole cost and expense, have the buildings that will remain on the Property inspected and tested for radon gas or radon progeny by a qualified professional properly certified by the Florida Department of Health and Rehabilitative Services. IF radon gas or radon progeny is discovered, Purchaser shall have the option ro either: (a) accept the Property as it then is with no reduction in the Purchase Price or (b) terminate this Agreement, thereupon releasing Purchaser and Seller from all further obligations under this Agreement. B. Wood Destroving Or anisms Inspection Report, Purchaser may, at its sole cost and expense, obtain a Wood Destroying; Organisms Inspection Report made by a state licensed pest control firm showing the buildings that are to rehnain on the Property to be visibly free of infestation or damage by termites or other wood -destroying pests. If the report shows such infestation or damage, Purchaser shall have the option to either: (a) accept the Property as it then is with no reduction in the Purchase Price or (b) terminate this Agreement, thereupon releasing Purchaser and Seller from all further obligations under this Agreement. C. Maintenance of Improvements, Seller shall, if required by Purchaser, maintain the roofs, doors, floors, steps, windows, exterior walls, foundations, all other structural components, major appliances and heating, cooling, electrical and plumbing systems on all improvements that will remain on the Property in good working order and repair up to the date of closing. Purchaser may, at its expense, have inspections made of said items by licensed persons dealing in the repair and maintenance thereof If the inspection reveals that any of the improvements that will remain on the Property are in need of repair, Purchaser shall have the option to either: (a) accept the Property as it then is with no in the Purchase Price or (b) terminate this Agreement, thereupon releasing Purchaser and Seller From all fui#h�ons under this Agreement. SELG96: `I PURCHASER: Witness: Ll =ram l Print Name Date r: Witness: hgnatftune�� _ z v t~ Print Name Date; � • ��-�� MONRUE CO Ty' FLORIDA By: Mayor Charle, o Y. McCoy Date: O ix -- a O -O 1R l��w, httt� Print Name Print Title Date: `7 v MONROE COUNTY ATTORN AP OVED AS TO FO ATIL ENE W. CAS L ASSISMAN'i COUNTY A TORNEY