HomeMy WebLinkAboutOrd 1960-055 Authorizes Mayor & Clerk to Deliver Promissory Note & Mortgage Incident to Purchase Village HallORDINANCE NO. 55
AN ORDINANCE OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA,
AUTHORIZING AND DIRECTING THE MAYOR AND CLERK TO EXECUTE AND
AUTHORIZING. AND DIRECTING THE VILLAGE OFFICERS TO DELIVER ON
BEHALF OF THE VILLAGE, A CERTAIN PROMISSORY NOTE AND MORTGAGE
INCIDENT TO THE PURCHASE BY THE VILLAGE OF THE VILLAGE HALL
PROPERTY.
WHEREAS, by deed dated December 31, 1957, and
recorded in Official Record Book 139, page 639, public records
of Palm Beach County, Florida, the then owner of that certain
land in Palm Beach County, Florida,- and the improvements thereon
(hereafter called Village Hall Property), viz:
Lot 10 in Block 8 in Replate of Block 8,
VILLAGE OF NORTH PALM BEACH, PLAT NO. 1,
accordingm<,o the Plat thereof, on file
in the office of the Clerk of the Circuit
Court, in and for Palm Beach County,
Florida, in Plat Book 25, at page 103,
conveyed the same to the Village "for a term of three years
from December 31, 1957, or so long as the Grantee pays to the
Grantor t•he-sum of $465.00 per month, whichever period be
shorter", and
WHEREAS, said deed also contained a paragraph reading:
"The Grantee shall have to and including
January 2, 1961, at midnight, an exclusive
option to purchase the unencumbered fee
interest of Grantor in and to said property
at a price of $206,213.59, against which price
shall be credited monthly payments made by
the Grantee hereunder and similar payments
made in the year 1957. Such price shall be
payable with 6% interest from the date such
option,is exercised, principal and interest
to be amortized over a twenty-year period."
and
WHEREAS, since the date of said deed, said Village
Hall Property has been utilized by such Village as its Village
Hall; and
WHEREAS, it is essential that the Village continue
to have facilities of a Village Hall for the proper and
orderly carrying on of the government of the Village; and
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WHEREAS, by Resolution #84 of such Village, adopted
June 14, 1960, the Village exercised the option mentionedin
the foregoing deed and.communicated such action to the owner
of the Village Hall Property; and ' -
WHEREAS, in order to consummate such purchase it is
necessary that, as of January 1, 1961, in exchange for a deed
conveying good and marketable title to the Village Hall Property,
the Village deliver its promissory note and purchase money mort-
gage of that date, in the principal amount of not to exceed
$185,900, to bear interest at 6% per annum, such principal and
interest being payable in monthly installments of not exceeding
$1,317.55, to be applied first to interest and the balance to
principal, the first installment to be due February 1, 1961,
and continuing on the first day of`each month thereafter until
January 1, 1981, such purchase money mortgage and note to permit
prepayment of principal at any time without penalty, to contain
provisions for the acceleration of the entire unpaid amount
thereof in case default be made in any of the covenants of such
mortgage and note, such mortgage and note to be otherwise in
the form in general use in Palm Beach County, Florida; and
WHEREAS, at a freeholders' election duly called and
held in such Village on March 15, 1960, at which more than 50%
of the registered freeholders in such Village participated, the
proposition of whether or not such a mortgage and note should
be executed and delivered was voted upon by said freeholders; and
WHEREAS, at such election a majority of the votes cast
were in favor of the execution and delivery of suuh mortgage and
note;
NOW, THEREFORE, BE IT AND IT IS HEREBY ORDAINED BY THE
VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA:
Section 1. The Mayor and Clerk of the Village be and
they are hereby authorized as of January 1, 1961, to execute
on behalf of the Village a purchase money mortgage and note in
the form as attached hereto.
Section 2. Upon the execution of such note and mort-
gage, the officers of the Village are hereby authorized and
directed to deliver such mortgage and note in exchange for a
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deed conveying to the Village good and marketable title to
the Village Hall Property; such marketable title 'to be evidenced
by a'title insurance policy approved by the Village Attorney.
FIRST READING the 12th day of July, 1960.
SECOND, FINAL READING AND PASSAGE the 9th day.of
August, 19,60. •
(SEAL)
ATTEST:
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Village Clerk
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Mayor