Resolution 065-1981
RESOLUTION NO. 65- 1981
RESOLUTION AUTHORIZING THE CHAIRMAN OF THE BOARD OF
COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, TO
EXECUTE A CONTRACT FOR SALE AND PURCHASE ON BASIS OF
LEASE-PURCHASE AGREEMENT BY AND BETWEEN THE SCHOOL
BOARD OF MONROE COUNTY, FLORIDA, AND THE COUNTY OF
MONROE, STATE OF FLORIDA, FOR THE PURPOSE OF PURCHAS-
ING THE SCHOOL BOARD OF MONROE COUNTY, FLORIDA'S
BUILDING LOCATED AT 310 FLEMING STREET, KEY WEST,
FLORIDA.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, as follows:
That the Chairman of the Board of County Commissioners of
Monroe County, Florida, is hereby authorized to execute a Contract
for Sale and Purchase on Basis of a Lease-Purchase Agreement by and
between the School Board of Monroe County, Florida, and the County
of Monroe, State of Florida, a copy of same being attached hereto,
for the purpose of purchasing the School Board of Monroe County,
Florida's building located at 310 Fleming Street, Key West,
Florida.
Passed and adopted by the Board of County Commissioners of
Monroe County, Florida, at a regular meeting of said Board held
on the 10th day of March, A.D. 1981.
BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA
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i~PPROVEDAS rOFORM
AND LEGAL $tMCtE1CY.
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Art(M
CONTRACT FOR SALE AND PURCHAS<E
nN BASIS Or: LEASE-PURCHASE AGREEMENT
PARTIES: TilE SCHOOL BOARD OF MONROE COUNTY, FLORIDA, as "SELLER",
of Monroe County, Florida, and the COUNTY OF MONROE, STATE OF
FLORIDA, as "BUYER", of Monroe County, Florida, hereby agree that
the Seller shall sell and the Buyer shall buy the following property
upon the terms and conditions hereinafter set forth, to-wit:
WHEREAS, the real property whicll is the subject of this contract was
granted by MONROE COUNTY, FLORIDA to "THE BOARD OF PUBLIC INSTRUC-
TION, MONROE COUNTY, FLORIDA", now THE SCHOOL BOARD OF MONROE COUNTY,
FLORIDA, by deed on April 17, 1953, for the then moderate considera-
tion of $3,676.60, and at the time of said grant, the said land was,
and is still surrounded by other publicly owned and utilized lands
and buildings, and
WHEREAS, the lands described herein and which are the subject of
this contract are no longer required by THE SCHOOL BOARD OF MONROE
COUNTY, FLORIDA [or school purposes, now, therefore, This Agreement
WITNESSETH:
1. (a) Legal Description of real estate located in Monroe
County, Florida, to-wit: Per Attachment "A" hereto.
(b) Street address, if any, of property being conveyed
is 310 Fleming Street, Key West, Florida.
(c) Personal Property included: NONE
(d) All costs relating to this contract, including
abstracting, insurance, taxes, assessments,
documentary stamps, etc. shall be borne by
"BUYER".
2.
PURCHASE PRICE: The parties agree that the
purchase price shall be
$ 400,000.00
(a) Down payment to be made to Seller, and
applied upon purchase price, or as rental
in the event of default by Buyer under
the terms hereof
$ 10,000.00
(b)
Promissory Note of Buyer accompanied by
a Lease-Purchase Agreement on described
real property providing for equal quarterly
principal payments, plus interest quarterly
at the rate of 8-1/2% per annum, payable
in 4 years
$ 200,000.00
$ 190,000,00
(c)
Balance at closing on December 1, 1981
3. Parties further agree that if the County is unable to complete
the closing of the proposed bond issue which is presently pending
in the Sixteenth Judicial Circuit in and for Monroe County, Florida,
Case No. 81-155-CA-17(L) on or before December 1, 1981, then the
payment of the purchase price of $400,000.00 shall be as follows:
(a) Lease-Purchase Agreement note bearing
interest at 3-1/2% amortized over a
4-year period in the principal amount
of
(with principal and interest payments
to be made quarterly on the unpaid
balance) ;
$ 300,000.00
(b) Balance to close on December 1, 1981
$ 90,000.00
_ 7 _
it specifically being noted tllat the original $10,000.00 deposit made
as set forth in ftem "2" above shall be part of the purchase price
described herein.
I. TDIE !'OR :\CCU'T.\0JCE A:..!D EFFECTIVE DAT[: If this contract is
not executed by both of the parties hereto on or before ~larch 20,
1981, the aforesaid deposit shall be, at the option of the Buyer,
returned to it and this agreement shall thereafter be null and void.
The date of contract shall he the date when the last one of the
Sellers and Buyers have signed this contract.
:1 . C LOS DJ C fM T E : T his t ran sac t ion s hall be c 1 0 sed and the Lea s e -
Purhcase Agreement in approved. form and. other closing papers delivered
on or before December 1, 1981, unless extended by other provisions
of the contract or by the parties in writing. The parties further
agree that if tile Buyer shall have closed the bond issue prior to
December 1, 1981, that the Buyer shall within 10 days of the date of
the sale of the bond issue, close this transaction by execution of
required documents and payment of the monies herein provided.
6. AGREEMENT OF POSSESSION: The parties agree that Buyer shall
be entitled to immediate possession of the real property described
herein from and after the execution of this contract, UPON DELIVERY
OF A CERTIFICATE OF I~SURANCE SATISFACTORY TO SELLER naming Seller as
an insured for the risks of public liability and property damage.
Buyer's said rigllt to possession under this agreement shall terminate
on or before December 1, 1981, and Buyer agrees to vacate the premises
described herein without the necessity of legal action should Buyer
determine that it does not wish to conclude the purchase contemplated
here in, 0 r refutes and de faul t s under the terms hereo f.
7. ATTORNEY'S FEES: The parties hereto agree that in the event
of litigation arising herefrom, the prevailing party shall be entitled
to recover its costs and attorney's fees incurred, including any such
costs and attorney's fees incurred in appellate proceedings,
8. DEFAULT:
time specified,
for the account
the date hereof
If Buyer fails to perform this contract within the
the deposit paid by the Buyer may be retained by or
of Seller as rental for the use of said premises from
to December 1, 1981.
IN WITNESS WHEREOF, the parties hereto have executed this
Contract for Sale and Purchase this day of
1981.
THE SCHOOL BOARD OF MONROE COUNTY,
FLORIDA
By
Chairman
(Seal)
Attest:
Superintendent of Public Instruc-
tion in and for Monroe County,
Florida and ex officio Secretary
of the District School Board of
Monroe County, Florida
COUNTY OF MONROE, STATE OF FLORIDA
By.. , _ '..... ,;;, . /
. aiim'an oft the oard of Count,y' "..,
Commissione~s of Monroe Count1,
Florida
(Seal)
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Attest:
BY
~Budl< G:-CfPa~:~~~b
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THIS DEED, mmle thi s 17th day of April, 1953, by
Monroo';'Couht)", Florida, p~rty of" tho first part, and The Board
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of Publi c' 1ns truc t}- ?n,\ Monroe C?}.lnty,' Florida, party of the
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second part:, .
WITNESSETH that the 3aid party of th8 first part, for
und in' considera.tlon of the sum 01' $3, b76. bCJ to 1 t in hand paid
by tho'party of the second part, roceipt whoroof is horeby Elck-
nowledgod, hus ~rantod, 'bargained and sold to the party of tho
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second'purt" Its holrs, and assigns forever, the following de3-
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crlbod land lying and boi,ng in !'lonroe County, Florida:
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C6mmoncin'g at the intersection of the Southerly
Rl~l line of' Fleming Stroot and tho V/estEtrly R/l,'
lino,lof ~litchead Stroet, thence in a South-
west~rly direcfion 200.7 feot along said R~V lino
of Flemlns Streot to tho ?OIr;-T OP BbGI1{NIKG: thonce
nt & ri@lt anGle in a Southeasterly diroction 132.1
foeti thence at a right angle in a Southw'Jsterly
direction ,16.0, fcet; thence at a riGht [illgle 1n a.
Southcaaterly direction 15.7 feot; thence at n right
angle in a So~thwesterly direction 65.5 feet; thonce
'at a right angle in a Northwesterly dir8ction 147.8
f9ot; thence at a rirJ1t angle in a Hortheasterly
d1 re: c t~ on E.lonc tho Sou the rl y H/W line of FI emi ne
Strtiot: '81.5 feet to tho point cf bee:;inning.
IN ','iI T:~LSS v.'I-I,SnEOF the s ai d part:;' of the fi rs t puI't
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has caused ~hese presents to be executec in its n[wc by its
Board of County Commissioners actinG .by the Chairman cf sald
Board, the day. an~ ~oar aforesaid.
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MONIWE COUNTY, FLOHIDA
By its Board of County Cormnis8i~ .'-..
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