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TRUSTSBS OF THE INTERNJ~IL IMPROVSM~3"T FUND
STAT$ OF FLORIDri
. QUITCLAIM DB$D
!
NO. 21592-"B"
KNOW ALL M8N BY TF~SS PRESBNTS: That
WHBR$AS, the Trusteee of the 2nternal Improvement Fund
of the State of Florida conveyed to the Fort Pierce Port and ,
Tern?inal Company by Trustees' Deec~ No. 22592, dated July 15, 1957,
and Correctfve Deed No. 21592-"A", dated September 24, 1957, the
parcel of submerged land located in the City of Fort Pierce, Florida,
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as hereinafter described, for the nominal consideration of Fifty
Dollars ($50.00) per acre; and
WHSREAS, the Trustees, as a part of this transaction,
entered into a"Deposit Agreement" with the Fort Pierce Port and
Terminal Company which instrument is dated July 12, 1957, and a
Supplemental Agreement, dated September 24, 1957, the terms of
which required the Fort Pierce Port and Terminal Company to deposit
with the Trusteea a perfonaance bond conditioned upon the payment
of Fifty Thousand and 00/100 Dollars ($50,000.00) to the Trustees f
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which bond shall be held by the Trustees upon the following condi-
tions:
(a) Upon completion of Phase One of the Plan of
Port Development of said submerged lands ~
; conveyed in the Trustees' Deed above referred ~
to within three years from the date of the '
; Agreement, which p2ans were prepared by Alton
I A. Regiater and Asaociatee, Enqineers of Fort
Pierce, Florida, dated March 13, 1957, said
bond shall be cancelled and the surety thereon y
k ~ releaseds
( IIItt~1U11~! •
l M~ (b~ Upon failure to complete Phase One of the Plan
; ~Y~ o; of Port Development within a period of three
J~ t~~ ~ years from the date of the Aqreement the Fifty
J~ ~ Thoueand and 00/100 Dollars ($50,000.00) pro-
:
; 1~;;~~~ , ceeds of eaid performance bond shall be paid to t
~ ti°°~ ` the Trustees whereupon the Trustees are required
o Q.o' i~
~,1J~~~~~ W to execute and deliver to the Company or its
~ ~U e successors or aesignees a quitclaim deed re-
o o ~ lea8in q the restrictive covenant contained in
:Aolln~~mii~a the last paragraph of eaid deed t and
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