1980-58 Authorizing Mayor & Village Clerk to Enter Option Agreement with Royal American Realty Inc.... ,.
RESOLUTION N0. 58-80
A RESOLUTIOPd OF TILE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PAiM
BEACH, FLJJRTI]S, AUTHORIZING THE MAYOR AND VILLAGE CLERK D0 EXERCISE THAT
CERTAIN OPTION AGREEMENT BETWEEN THE VILLAGE OF NORTH PALM BEACH AND ROYAL
AMERICAN REALTY, INC. DATID JULY 25, 1978, BY ACQUIRING A 10 ACRE TRACT OF
LAND AT THE SOUTHEAST CORNER OF PROSPERITY FARMS ROAD AND GARDEN IAI~ FOR
THE PRICF. OF $225,000.00 TO BE ACQUIRID BY A PURCHASE NI~NEY MORTGAGE NUR
SAID AMOUNT AT 5 PERCENT INTEREST PER ANNOPi PAYABI~ IN FULL ON JULY 25, 1983.
' NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE 00UNCIL OF THE VIIdAGE
OF NORTH PALM BEACH, PALM BFACH COUNTY, FLORLIl4, 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
Fanny 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 determines to purchase the entire
10 acre tract set forth iri said option, and to purchase said property by
borrowing the full amount of the purchase price from the seller-optionee,
ROYAL AMERICAN REALTY, INC., and giving to said seller the promissory note
' of the VILLAGE in the full amount of the purchase price payable with interest
at the rate of 5 percent per annwn with interest being paid semi-annually,
and the entire principal and all unpaid interest due on or before July 25, 1983.
The Village is further authorized to secure said promissory note by a purchase
money mortgage on the property to be acquired. The promissory note and
mortgage shall 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 ADOPTED THIS 13TH DAY OF NOVEMBER, 1980.
,/Gr. /~~~ /h-~
ATTEST;
'
~ ~ .
oPTlorr AGREII•i~rT
TINS AGRF,II•fECIT made and entered into this 25th day of July
__,
19'(fi, by and between ROXAL AI•i}iRICAIr fiEALTY, 7hC., a F1ori.da, corporation, hereinafter
called "Optionor", and T'IIE VILLAGE OF I20RTH PAid4 BE4CH, a municipal corporation,
hereinafter called "Uptionee";
W I T N E S S E T H:
WIH:RFAS, Optionor is the ormer in fee simple of a certain parcel of zeal
estate situate in Palm Beach County, Florida, consisting of ten (10) acres and being
more particularly described as a parcel denominated as C0:•;:~UNITY PARK on a certain
Gee £w 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 r7hich 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 (10)-acre parcel
denominated as COMMUNITY PARK on Exhibit A attached hereto, for the sum of TS•r0
HUNDRED TWENTY-FIVE TIIOUSAND DOLLARS ($225,000.00), payable in the manner set forth
hereafter in this Agreement, and subject to the general terns 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,
arty time from the date hereof up to and including 5:00 o'clock, P. Ai, on the earlier
of the following two events: (a) the 25th day of July , 1933, 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 sv.:?1
lapse and terminate, and neither party hereto shall have arq- 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 33'03, t~:o (2)
copies of a Contract and the general form of Exhibit B attached hereto bearing the
original°signatuY, o£ Optionee's duly authorized representative, together with the
.} I
siE;natures of twos 2) subscribin; rritnesses to the signature of said representative of
.,-~ . `
Optionee'~p~ionee shall have the right to exercise-his option in t:ao stages. i?~e
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..~+° % _.
~;,:t3ino:Lnt of acres to be purchased by Optionee under this Agreement sha71 be determined
,yam
~~+"~~ 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 Or'E T220USA2dD L`JLLA12S
0"1,000.00) per acre times the number of acres set forth in the Exercise of Option
at each exercise thereof by the Optionee. Upon receipt of the two (2) copies of
the Contract and said checks Optionor shall promptly execute one (1) copy of said
Contract and deliver such copy by mail to Optionee. S~thether Optionor executes one
(1) copy of such Contract er 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
binding Contract of Purchase and Sale shall occur in accordance with the termsbof
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 o7ithin the municipal boundaries of the Optionee~ and to make
ell or apart oY the lands included within this Option available to satisi~ 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 Optionbr may sub-
divide the land as shown on the Land Use Plan on Exhibit A to this Options and say
use part of the Option property to satisfy the subdivision requirement of public
park lands. The Option is not contingent upon approval of arty such subdivision or
zoning as may be requested by Optionor.
4. Ynis Option is contingent upon Optionee's acceptance of the sum of
$132F,975.50 in fu]l satisfaction of the 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 PAL2Q BEACH LA2CE {;nRltf ES21TE5"~' 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 co^:putation: ~~
-2-
Proposed Plat acreage 46.9!r8 acres
X ~ 5~,er cent (5~)
2.31474 aCTES
Times value acccpt:ed by Optionee "5`( 500.00
Equals $134,975.50
Said contribution of $134,975.50 may be applied torrdrd the purchase price of the
property described herein, but in the event said, contribution is accepted by Optionee
and this Option is property exercised, the property so purchased tirith said contribu-
tion shall not be included in any computation of arty public use dedication rhich might
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 egreeaeat
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 e
$134,975.50, then within thirty (30) days from the date of this Agreement the par'cies
will substitute such different figure for the amount set forth above.
5. In the event application is made to Optionee~fox-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 oP said property be:con~
tributed to Opti.onee, such as the requirement as is included in North-Palm Beach -
Village Code, Chapter 36, or arty 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 $?_2500.06 -'
per acre. -
6. Ir. the event Optionee desires to purchase only a portion of the te_-r'(10)-
acre parcel ctesc.Pibed 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 l hereof, at ar~v given
time, shall not constitute a waiver or abandonment of Optionee's rign~_s to purchase
the re:~aining acreal,e described in Paragraph 1 hereof at aqy time prior to the ez-
piration date set forth in Paragraph 2 hereof.
7. Upon proper signir~ of this Option by Optionee, Optionor shall ca•a e
the parcel .shown as COi•nI(JIdITY PARK on. Exhibit A attached hereto, which p~*cel lies
-3-
on the Northwest corner of the property described in Exhibit C attached hereto, to be
stcrveyea and a copy of said survey to be furnished to Optionce v,-ithin ninety (90)
days from date hereof. Said survey shall reflect that the property described t'~ereon
contains ten (10.0) acres or more, and in the event such survey sho;~is said parcel to
contain more than ten (10) acres, the purchase price of said propertty 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 Agree~:ent.
9. This Option may not be assigned by Optionee ;rithoat the express written
consent of Optionor.
10. Anp. questions or matters az•ising under this F.greement 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 vn•itten 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. 7n the event that Optionee desires to acquire the Option property•priox
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 xate of five per
cent (5°~) per annum, said interest payable semi-annually with the entire principal
due the 25th day of duly , 1983. Optiohee-24ortgagor would have
the right to prepay said promissory note at any time without penalty therefor. The
property would be secured by a Purchase Money kdortgage of even date. The terns of
this Agreement regarding public use requirement dedications as set forth in Paragraphs
!~ and 5 of this Agreement, shall survive arty such closing and will be available to
Optionor in the event the provisions of Paragraphs 4 and 5 of this Agreement cm e
into effect. At such tires, the Optionor-kdortgagee shall credit the Optionee-
k4ortgagor with •the sums set forth in Paragraphs 4 and 5 as payments on the aforesaid
Purchase Money k:ote and t•iortgage.
14. This Agreement shall inure to the benefi~E rsd be binding upon the
several parties hereto and, in the case of a corporate party, its successors ar.:i•.
assigns, and in the case of an individual, his heirs, person^1 representatives end
assi fans.
-k-
IN {IITidESS FTfIEftF,OF~ the parties hereto have hereunto set their hands
o-n;1 seals the d1y and year first above written.
Signed, seated and delivered
in the presence of:
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OFTIOI~tiOR
ROYAL AMERICAN R1<AI,TX, IA'C.~
a Florida corporation
B. D. Underwood ice Presicent
ATTEST:
n D~C/-,~/~ 2, ~ , , ~
r' E a H. Peterson Assistant Secretary
OPTIONEE
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:(Corporate Seal)-
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THE VILLAGE OF NORTR PALM BEACH
a municipal corporation
tdayor ."._
ATPES ~y
Village Clerk
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(Corporate Seal)
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~; 'CII1$ IS A Lt:G ALLY tstNDING CONTR:ICT, 1F NOT FULLY UNULASTOpA, SEEK CO}1PE'CENT ADVICE
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• DEPOSIT RECEIPT AND CODlTRACT FOR SAL1; AND PURCHASE
._ I(OYAi, AIQEBICAN BEAhTY~_INC.,_a Florida corporationi______________ ____^__'__ __
ot_ 1001_Paxk_AVCriue, -Lake Park-Florida 331f03_-_-_ (Ph.._$1+4_0000 _ __ ) hrreinaher called^thr sdtrr, and
__ VIIS;!4_E ~d P;~RI'E{_~'liX,t•i 151AC~L____-_--
------------------._--_-_. .----------'-'-`-- :.//air,
- of Iforth 1~21m Beachx F_toriCla 31108 ______ __ ___(PL.___________ ) hvtina4er called thr buyer, hereby a;ree
that the scllu shall sell and the Luyrr shall buy the followi qg desc ribcd property VFON 7"f1E TF,R?IS AND COXUF!'IONS ItERE1tiA~TLk
SET FOR"FH, which. shall include the STANDAICD }'Og REAL F.STAT'F, TRANSACTIONS srr forth on rxvene ride of this coneut.
~l. LEGAL D}sCRIF'TIO~i of real relate lowtrd in Palm BCaCh Coun
_______`_______"_.____.._.. _..._..._.____. __.-__._. ty, Florida:
A 10 acre parcel of property denominated as part of 'tCO:!`dUNIl-7( PAItiCt' on
Exhibit A to a certain Option Agreement betl;een Buyer and Seller for the sale and
purchase of said parcel, which property lies in the,Noz-thwest corner of a parcel of
property described in Exhibit C attached hereto. The precise legal desexiption 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: II/A _
Str<et address: N/A
Seller rcpresrnts that the property tan be used !or the following purposes: ~ N~A _ _ ____ _
_ :.~C aEre
2. Purchase price and Method of Payment: Purchase price isT:1'[']Q.7:fI0uI''I~,y~Q1~~.~.yll_,(y~. '~~~s,QO,~DD,}azs-
Deposit tobt held in trust by BU,ye;; ~,~` „):a_t_tQ~17tEvy _____,~______ - f _~.l),,QQO~~___ ___
Ayproaimate principal ba]ance of first mortgage to which conveyance shall be ^A^
subject, ilany. bfortgage holder___________________________
.r
Internt._! ______'j, per annum; Method of yayment .___________
:: Purchase Money Mortgage
_~ other -----"------^_.'_.__-----"--"------------
Cash, certified or total cashier's check on closing and delivery of deed (or such
greater or ;)user amount as may bt necessary to complete payment of purchase
price alts credits, adjustments and proration).
s Balance ^_^ _
f._____O____ ________._
4. CL~S~~ \~~)~ Thisseo~st~~ s~~~~ elosrd and the deed and poucsion shall bt dclivercd on or before t~~,.-_3'fi_mw-a,
_ _ _-~..-.-. TyritGaxassmssaj~vttwrr=prcrosvr.,~g3 :sit. . - ~ ,
. S. PROBATIONS:. Tarn, insurance, interest, rents and other expene and revenue of said property shall bt prorated as of the date of closing.
6. EVIDENCE OF TITLE: (Check C (1) or ~] (2)) Within _~0 _days 6om the dale oI this contract, the seller shall, at hu expense,
deliver to the buyer or his attorney in accordance with Standard A on reverse tide tither. (1) abstract (2) Title guarantee. ;
7. CONVEYANCE: Seller shay convey title to the aforesaid property to the buyer by statutory wamnty deed subject to matter contained
'in Chu eontnct and ,taxes for the yeaz of closing.
8. RFSTRICTIONS ANU EASEMENTS: The buyer shalt take title subject to: (a) %on)ng arxl Jor restriction and prohibition imposed by
govonmrntal authority, (b) Rntrictions and marten appearing on the plat and/or common to the subdivision, (y Public utility eases rnb of
record, provided said casements are located on the side or rear lines of the property and are not more than sir fc<t in width, (d) Oehcr_____,
NONE _______ _______ _______ _______ ______
.Further provided that none of the foregoing interfere with the use o! the property (or the purposes as stated in this Contract. ^^^
9. DEFAVI.T SY BUYER: If buyer fails to perform any of the eovrnanb of this contract, all money paid pursuant to this eonaact b~y
buyer u aforesaid shall be retained by or for the account of the seller as consideration for the execution of Chu eonhact and as agreed Ipuidxtcd
damage and in full settlcmcnt o! any claims for damage.
70. DEFAULT BY 'SELLER: If the seller !ails to perform any of the Covenants of this eontnct, the aforesaid money paid by the buycr.at
the option of the buyer. shall be returned to the buyer on demand; or the buyer shall hart ordy the right of specific ~pcrformance.
11. TYPEWRITTEN OR HAts'DSVRITTEN PROVISIONS: Typewritten or handwritten provisions inserted in this form shall eootrol all
printed provision in eon6ict therewith.
'1Z. OT'fIER AGREEhIENTS: No agreemenh or representations, unless incorpontcd in this contract shall be binding upon any of the parties.
13. SPECIAL CLAUSES:
NoITE
' i` I ,/
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Excmt<d b' $uytr on ___________________
1 ________
WITH SES: 11'stol!r'\rquLtd) VThLEIGE OF NORTH PAhLI BEACH
t
_ _ _ !~.-~cs±y ~y~/ ,~,r~2-,E/,/ Villa~e Clerk By: ~~ ~!'~.~_ _•rs . /~j ~ .
.._____ 6a rrr
COSt S71ssIOS TO BROKER: The sdlrr hereby rreognizp._-_._ II'J/_ISRQiCER
u thr broArr in this era nsaainn, and agr<ra to pay as commission _ _ rrL ~_ _ _ vp of the grins salrt price, the sum of _ _ _ I1LA _ _ _ _ --_
_ ___N A____ _ ---'
----- ~ - - ---_______.___ __ _Doll:us (5. ..___.____) or onnhal( of the depmit in case same is Lrtieitrd by
the buyv through (ailurc to perform, as eompemation fur srrci<r rcu dercd, provided sarne Jura not escmJ the full amount of the eomvussiun.
WITH ESSF.S: (Two are required)
ROYAL tn(':~k~c~~rsi~'•~f,~,- ~: --------------'
B.y_______ _____________ __ __.rSFat)
___________________________________ _..______.._ _____rSf Jl.)
____
_____ _________
Srll, i
Deposit recuvrd on_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _. _ _ _ to br held wbj ref to this rontneC if ehr<l, subject to dearan«.
By-^----
r 1 rr..rn, s ~ r
t`vr+T~TT A
. _ ~ .
OPTION vESCRIPTIOrr
All that part of the South one-half (S 1~2) of .the P;oxtheast
one-quarter (P7E 1~4) and that part of the North 112,50 feet of
the Southeast one-quarter (SE l~J:) of Section 8, Township ~2
South, Range 43 East Palm Beach County lying East of the East
Right-of-TrJay line of Prosperity Farms Road as now laid out and iu
uses and West of the 4lest Right-of-Way line of the North Pa1m:Beach
Watertaay: 'F
and lots 1~ 2~ 3, ~ and 5, Block 54 of Plat ~{6 of the Village of
North Palm Beach according to the plat thereof as recoxded on
Plat Book 26, Pages 10~ 11 and 12 in the office of the Clerk of
the Circuit Courts in and for Palm Beach County Florida.
EXHIBIT C