HomeMy WebLinkAbout1980-58 Authorizing Mayor & Village Clerk to Enter Option Agreement with Royal American Realty Inc.RESOLUTION NO. 58-80
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, AUTHORIZING THE MAYOR AND VILLAGE CLERK TO EXERCISE THAT
CERTAIN OPTION AGREEMENT BETWEEN THE VILLAGE OF NORTH PALM BEACH AND ROYAL
AMERICAN REALTY, INC. DATED JULY 25, 1978, BY ACQUIRING A 10 ACRE TRACT OF
LAND AT THE SOUTHEAST CORNER OF PROSPERITY FARMS ROAD AND GARDEN LANE FOR
THE PRICE OF $225,000.00 TO BE ACQUIRED BY A PURCHASE MONEY MORTGAGE FOR
SAID AMOUNT AT 5 PERCENT INTEREST PER ANNUM PAYABLE IN FULL ON JULY 25, 1983.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE
OF NORTH PALM BEACH, PALM BEACH COUNTY, FLORIDA, as follows:
Section 1. The Mayor and Village Clerk are hereby authorized and
directed to exercise the option of the Village of North Palm Beach to
purchase a 10 acre parcel of property at the Southeast Corner of Prosperity
Farms Road and Garden Lane in the Village of North Palm Beach in accordance
with the legal description attached hereto as Exhibit "A" and by reference
made a part hereof.
Section 2. The Village hereby detenniries to purchase the entire
10 acre tract set forth in said option, and to purchase said property by
borrowing the full amount of the purchase price from the seller-optionee,
ROYAL AMERICAN
of the VILLAGE
at the rate of
and the entire
The Village is
muey mortgage
mortgage shall
REALTY, INC., and giving to said seller the promissory note
in the full amount of the purchase price payable with interest
5 percent per annum with interest being paid semi-annually,
principal and all unpaid interest due on or before July 25, 1983.
further authorized to secure said plum issory note by a purchase
on the property to be acquired. The promissory note and
include appropriate provisions of paragraphs 4 and 5 of the
Option Agreement referred to above.
Section 3. The property to be acquired by this Option Agreement is
hereby declared to be dedicated for public recreational and park use by the
VILLAGE OF NORTH PALM BEACH.
Section 4. The appropriate Village officials shall attend to the
completion of closing on the real property set forth in said Option Agreement,
with closing to take place prior to December 31, 1980, if possible.
Section 5. This Resolution shall take effect immediately upon passage.
PASSED AND ADOP1ED THIS 13TH DAY OF NOVEMBER, 1980.
A1'1LST:
MAYOR
VILLAGE CLERK
OPTION AGREEM T
THIS AGREEMENT made and entered into this
25th day of July
f
1978, by and between ROYAL AM}iRICAN REALTY, INC., a Florida corporation, hereinafter
called "Optionor", and TILE VILLAGE OF NORTH PALI4 BEACH, a municipal corporation,
hereinafter called "Optionee";
W ITNESSET H:
WHEREAS, Optionor is the owner in fee simple of a certain parcel of real
estate situate in Palm Beach County, Florida, consisting of ten (10) acres and being
more particularly described as a parcel denominated as CO?2lUNITY PARK on a certain
Gee & Jenson drawing #77-119N attached hereto as Exhibit A and made'a part hereof
by reference, and
WHEREAS, Optionee is desirous of obtaining an option to purchase such par-
cel of property for a five (5) year period commencing on the date of the last execu-
tion hereof, and Optionor desires to grant such option on the terms and conditions
hereinafter set forth.
NOW, THEREFORE, in consideration of TEN DOLLARS ($10.00) and other good
and valuable consideration paid by Optionee to Optionor, the receipt of which is
hereby acknowledged, and the mutual covenants and conditions herein contained, it:
is hereby agreed as follows:
1. Optionor does hereby give and grant unto Optionee the sole and ex-
clusive option, right and privilege upon the timely exercise of the option in the
manner hereinafter set forth to purchase all or part of the ten (l0)-acre parcel
denominated as COMMUNITY PARK on Exhibit A attached hereto, for the sum of TWO
HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($225,000.00), payable in the manner set forth
hereafter in this Agreement, and subject to the general terms described in the
Deposit Receipt and Contract for Sale and Purchase attached hereto and made a part
hereof as Exhibit B.
2. The option granted hereby is to be exercised by Optionee, if at all,
any time from the date hereof up to and including 5:00 o'clock, P. M. on the earlier
of the following two events: (a) the 25th day of July
, 1983, or
(b) the thirtieth (30th) day after Optionee's final approval of a plat of the property
described in Exhibit C attached hereto and made a part hereof. At the earlier o_`
such events the Option Period shall expire and all rights hereunder of Optionee
lapse and terminate, and neither party hereto shall have arr claim against the other.
In order to exercise this option, Optionee shall execute and deliver to Optionor at
Optionor's offices located at 1001 Park Avenue, Lake Park, Florida 33403, two (2)
copies of a Contract and the general form of Exhibit B attached hereto bearing the
original'signatu'rtlof Optionee's duly authorized representative, together with the
signatures of two;
2
subscribing witnesses to the signature of said representative of
Optionee:y3 ptionee shall have the right to exercise his option in two stages. The
•
,,,:Amount of acres to be purchased by Optionee under this Agreement shall be determined
e+°y by Optionee. Copies of the Contract(s) shall be accompanied by a good check of
Optionee payable as set forth on Exhibit B in the total amount of ONE THOUSAND DOLLARS
($1,000.00) per acre times the number of acres set forth in the Exercise of Option
at each exercise thereof by the 0ptionee. Upon receipt of the two (2) copies of
the Contract and said check, Optionor shall promptly execute one (i) copy of said
Contract and deliver such copy by mail to Optionee. Whether Optionor executes one
(1) copy of such Contract or not, the delivery of the proposed Contract by Optionee
as set forth above shall be a total exercise of the option by Optionee, and a valid,
b
binding Contract of Purchase and Sale shall occur in accordance with the terns of
this Agreement and Exhibit B attached hereto. In the event Optionor does not receive
the Contract executed in the manner herein described and the check hereinbefore de-
scribed on or before the time specified in this Paragraph, the Option(s) granted .
hereby shall expire.
3. It is understood between the parties hereto that the Optionor is seeking
to plat various lands within the municipal boundaries of the Optionee, and to make
all or a part of the lands included within this Option available to satisfy the dedica-
tion of park and recreation areas required to be done by persons who subdivide land
within the corporate limits of the Optionee. Notwithstanding that, Optionor may sub-
divide the land as shown on the Land Use Plan on Exhibit A to this Option, and may
use part of the Option property to satisfy the subdivision requirement of public
park lands. The Option is not contingent upon approval of any such subdivision or
zoning
as may be requested by Optionor.
4. This Option is contingent
$134E,975.50 in full satisfaction of the
upon Optionee's acceptance of the sum of
Dedication for Public Use Requirement set
forth in the North Palm Beach Village Code, Chapter 36, in connection with Optionee's
approval of the Replat of said "Abandoned Plat of PALM BEACH LAKE MIRTH ESTATES",'said
contribution being calculated as follows, which may be adjusted only in the event said
proposed Plat contains more or less acreage than used for this computation:
-2-
Proposed Plat acreage 46.948 acres
X 5 per cent (5%)
2.31474 acres
Times value accepted by Optionee *57,500.00
Equals $134,975.50
Said contribution of $134,975.50 may be applied toward the purchase price of the
property described herein, but in the event said, contribution is accepted by Optionee
and this Option is properly exercised, the property so purchased with said contribu-
tion shall not be included in any computation of any public use dedication which night
be required by Optionee in connection with the platting or approval of a planned unit
development of the property described in Exhibit C attached hereto. The acceptance
of the sum of $134,975.50 described in this Paragraph is subject to final agreement
between Appraiser for the Optionor, Callaway and Price, and Appraiser for the Optionee,
Nat Orr, as to the total value of the property described above. In the event that the.
two Appraisers do not agree on the price, or that they agree the price is other than
$134,975.50, then within thirty (30) days from the date of this Agreement the parties
will substitute such different figure for the amount set forth above.
5. In the event application is made to Optionee for -the approval of a plat
or a planned unit development for the property described in Exhibit C attached hereto,
and Optionee imposes a requirement that a certain portion of said property be con- .
tributed to Optionee, such as the requirement as is included in North Palm Beach
Village Code, Chapter 36, or any other similar requirement, and Optionee approves
said plat or planned unit development subject to such contribution, then Optionee
shall be entitled to a credit against the purchase price set forth herein equal to' '
the number of acres required to be contributed or dedicated times the:agreed value
of said property upon rezoning, as described in Paragraph 3 hereof, of $22;500.00
per acre. -
6. In the event Optionee desires to purchase only a portion of the ten (10)-
acre parcel described in Paragraph 1.hereof, the purchase price shall be reduced on
the basis of $22,500.00 per acre. The fact that Optionee desires to purchase only
a portion of the ten (10)-acre parcel described in Paragraph 1 hereof, at any given
time, shall not constitute a waiver or abandonment of Optionee's rignts to purchase
the remaining acreage described in Paragraph 1 hereof at any tine prior to the ex-
piration date set forth in Paragraph 2 hereof.
7. Upon proper signing of this Option by Optionee, Optionor shall cause
the parcel shown as CO1•tWJNITY PARK on Exhibit A attached hereto, which parcel lies
-3-
on the Northwest corner of the property described in Exhibit C attached hereto, to be
surveyed and a copy of said survey to be furnished to Optionee within ninety (90)
days from date hereof. Said survey shall reflect that the property described thereon
contains ten (10.0) acres or more, and in the event such survey shows said parcel to
contain more than ten (10) acres, the purchase price of said property shall be in-
creased on a pro rata basis.
8. Time of performance by both parties of each and every provision or
covenant herein contained is of the essence of this Agreement.
9. This Option may not be assigned by Optionee without the express written
consent of Optionor.
10. Any questions or matters arising under this Agreement as to validity,
construction, performance or otherwise, shall be determined in accordance with the
laws of the State of Florida.
11. This Agreement shall not be amended except by written instrument ex-.
ecuted by the parties hereto.
12. Upon receipt of the survey required under Paragraph 7 hereof, said
survey shall be attached to this Agreement and may be recorded in the public records
of Palm Beach County, Florida.
13. In the event that Optionee desires to acquire the Option property prior
to the expiration of this Agreement, Optionor agrees to loan to Optionee the full
amount of the purchase price, together with interest thereon at the rate of five per
cent (5%) per annum, said interest payable semi-annually with the entire principal
due the 25th day of July , 1983. Optionee-Mortgagor would have
the right to prepay said promissory note at any time without penalty therefor. The
property would be secured by a Purchase Money Mortgage of even date. The terms of
this Agreement regarding public use requirement dedications as set forth in Paragraphs
4 and 5 of this Agreement, shall survive any such closing and will be available to
Optionor in the event the provisions of Paragraphs 4 and 5 of this Agreement comae
into effect. At such times, the Optionor-Mortgagee shall credit the Optionee-
Mortgagor with the sums set forth in Paragraphs 4 and 5 as payments on the aforesaid
Purchase Money Vote and Mortgage.
14. This Agreement shall inure to the benefit and be binding upon the
several parties hereto and, in the case of a corporate party, its successors and%
assigns, and in the case of an individual, his heirs, personal representatives and
assigns.
IN WITNESS WI[ERDDF, the parties hereto have hereunto set their hands
and seals the day and year first above written.
Signed, sealed and delivered
in the presence of:
_�' /
�.id. �,gijl
3
•
-5-
OPTIONOR
ROYAL AMERICAN REALTY, INC.,
a Florida corporation
BY:
B. D. Underwood Vice President
A'i thST:
4)_e_e_tYdOityccpyji:.'
H. Person Assistant Secretary
OPTIONEE
:(Corporate Seal)-
`�
THE VILLAGE OF NORTH PALM BEACH,
a municipal corporation
By: C \ 4
Mayor.
Village Clerk
(Corporate Seal)
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'Tilts IS A LEGALLY BINDING CONTRACT, IF NOT FULLY UNULASTOOD, SEEK COMPETENT ADVICE
DEPOSIT RECEIPT AND CONTRACT FOR SALE AND PURCHASE
ROYAL AMERICAN REALTY., INC., a Florida corporations -
of 1001 Park Avenue, Lake Park1 Florida 33403 8)(4-0000
.(Ph. _•___) hereinafter called the seller, and
greater or ;lesser amount as may be necessary to complete payment of purchase
price after credits, adjustments and proration.). $
:a. auun rsar. :.i.. l..l. -- _.._ L; i. :::'. ...rr! s y.,-.-
_ _ V1IS;! GE nd _NO,RT'E{_i'ALM BEAM.
.... •'`_.._ '-----:.✓.✓ale,
or North Palm Beach, Florida 33408 (Fh,
.) hereinafter called the buleq hereby agree
that the seller shall sell and the buyer shall buy the following described property UPON THE TERMS AND CONDITIONS HEREIN'.➢TLR
SET FORTH, which shall include the STANDARD FOR REAL ESTATE TRANSACTIONS set forth on reserse side of this contact.
.l. LEGAL DESCRIPTION of real estate located in Palm Beach
._.. _..._..._.____. _County, Florida:
A 10 acre parcel of property denominated as part of "COMMUNITY PARK" on
Exhibit A to a certain Option Agreement between Buyer and Seller for the sale and
purchase of said parcel, which property lies in the, Northwest corner of a parcel of
properly described in Exhibit C attached hereto. The precise legal description of said •
property shall be shown on a survey provided by Seller within twenty (20) days after the
execution of this contract by Buyer.
Personal property included; WA
Street address: N/A
Seller represents that the property tan be used for the following purposes: ._ IVA
.'f E.Cre
2. Purchase price and Method of Payment: Purchase price is Tr.TWQ-TROLi FiliylliTUD D •($ZZ, s00)7DoUtrs.
Deposit to be held in trust by B1leyer, a &_ttQ7£lie3r $.2.0,.000,00
Approximate principal balance of first mortgage to which conveyance shall be
subject, if any. Mortgage holder_ S.
Interest. 1 _'% per annum; Method of payment .
Other: Purchase Money Mortgage $ Balance.
Cash, certified or local cashier's check on closing and delivery of deed (or such ,
4. CLRS G_ T�6): ,seotst%th seal closed and the deed and possession shall be delivered on or before
. F_—_.-.__—.YY,,.� �-. s,rctaJis.�iaTsan'istEu}-�3 .-----__>:c—"---•
. S. PRORATIONS: Taxes, insurance, interest, rents and other expense and revenue of said property shall be prorated as of the date of closing.
6. EVIDENCE OF TITLE: (Check ❑ (I) or It1 (2)) Within _ 0 _days from the date of this contract, the seller shall, at his expense,
deliver to the buyer or his attorney in accordance with Standard A on reverse side either. (1) abstract (2) Title guarantee. ;
7. CONVEYANCE: Seller shall convey title to the aforesaid property to the buyer by statutory warranty deed subject to matterscontained
in this contract and taxes for the year of closing.
8. RESTRICTIONS AND EASEMENTS: The buyer shall take title subject to: (a) Zoning and/or restrictions and prohibitions imposed by
governmental authority, (b) Restrictions and matters appearing on the plat and/or common to the subdivision, (c) Public utility easencnts of
record, provided said casements are located on the side or rear lines of the property and are not more than six feet in width, (d) Other____,_,
NONE •
Further provided that none of the foregoing interferes with the use of the property for the purposes as stated in this contract.
9. DEFAULT BY BUYER: If buyer fails to perform any of the covenants of this contract, all money paid pursuant to this contact by
buyer as aforesaid shall be retained by or for the account of the seller as consideration for the execution of this contract and as agreed liquidated
damages and in full settlement of any claims for damages.
10. DEFAULT BY 'SELLER: If the seller fails to perform any of the covenants of this contract, the aforesaid money paid by the buyer at
the option of the buyer, shall be returned to the buyer on demand; or the buyer shall have ordy the right of specific performance.
11. TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten provisions inserted in this form shall control all
printed provisions in conflict therewith.
12. OTHER AGREEMENTS: No agreements or representations, unless incorporated in this contract shall be binding upon any of the parties.
13. SPECIAL CLAUSES:
NONE
;r l'1
W1TtsfSSES: ((f'aoI!ie\equLtd)
//, e Village Clerk
--
COMMISSION TO BROKER: The seller hereby recognizes_ _-_._ NJ BROKER
Executed b Buyer on
VTLL/(GE OF NORTH PALLI BEACH
Bye!/-C:- ��'-1%'-7:S /eh • %9 -
as the brolrr in this transaction. and agrees to a as commission _ - TRA-
P >'h of the grass sales price the sum of
Buyer
!SEAL)
SEAL/
Ir(A
N/A
-- - - _Dollars (S__ or one-half of the deposit in case same i> belated b;
the bu) er through failure to perform. as compensation for service rendered, pros ided same dues not tasted the full amount of the cernmo.,on.
WITNESSES: (Two are required)
ROYAL rathrsAM,- II,u.
kW: -• _ __.'SF1!)
&St J!.)
Seib r
Deposit reeds ed on
R)
- to be held subject to this contract: if check, subject to clearance.
DVIZTATT
OPTION DESCRIPTION
All that part of the South one-half (S 1/2) of the Northeast
one -quarter (NE 1/4) and that part of the North 112.50 feet of
the Southeast one -quarter (SE 1/4) of Section 8, Township 42
South, Range 43 East, Palm Beach County, lying East of the East
Right -of -Way line of Prosperity Farms Road as now laid out and in
use, and West of the West Right -of -Way line of the North Palm Beach
x
Waterway:
and lots 1, 2, 3, 4 and 5, Block 54 of Plat OD of the Village of
North Palm Beach, according to the plat thereof as recorded on
Plat Book 26, Pages 10, 11 and 12 in the office of the Clerk of
the Circuit Court, in and for Palm Beach County, Florida.
EXHIBIT C