Loading...
HomeMy WebLinkAbout2023 ~ ~ in default was dus, then the defaulting Owner must offer'to (and if Operator so elects, sha21) sell, and Operator shall have the right (but not the obligation) to purchase defaulting Owner's acreage (which shall be deemed to include his interest in the Reservoir) at "fair market value". Said offer to sell shall be adrainistered for the benefit of all rer~aining Owners and Ogerator in the same maiiner as provided in Paragraph 11(a) above, and the first date upon which default occurred shall be deemed the date upon which the defaulting Owner offered to sell. ~ (b) "Fair n:arket value" for purposes of this agreement shall be determined by arbitration, or the mean price of three independent agpraisers appointed by Operatorr the method of valuation shall be determined by Operator. Said arbitration or mean price determination shall be held and/or determined in Ft. Pierce, Florida within 60 days of default; arbitration, if held, shall be before and in accordance with the rules then obtaining of the American Arbitration Association. Operator may extend any date hereunder or in the time schedule ' applicable hereunder the procedure described in Paragraph 11(a) up to but not exceeding 30 days in each instance. (c) In addition to the foregoing, and not in Iieu thereof (all rights of Operator hereunder and all other provisions of this agreement shall be cumulative), Operator shail have the right (but not the obligation) to advance for the account of any Owner mor>a.es in default which shall, to- gether with interest and costs incurred (including all caurt ~ costs and rEasonable attorneys' fees expended or incurred by Operator in the enforcement of its rights or any provision of this agreement) constitute a lien as provided in Paragraph 8 hereof . ~ 13. (a) For a period of 15 years from the effective date of this agreement, none of the easements or covenants running with' ! the land, as indicated or provided for on the plat to be annexed ~ hereto or pursuant to this agreement, and no part of the irrigation and drainage systems and roads of the Grove or of the Reservoir, as ; shown or as they naay be engineered and provided for during the initial ~ term, may be changed or modified without the written consent of all s ' then Ow-ners. As to any period following said 15 year term, 75 per cent of the then Owners (measured by blocks) may terminate or modify said easements subject to the provisions of subparagraph (b) i be low . I _ ' ; (b) Should ternaination or modification be ; effected by 75 per cent or more of the then Owners of the Grove = as provided for in subparagraph (a) above, adequate provision ' for water supply and drainage, and road access, shall be allowed or made in_favor of any dissenting Owner. If adequate provision is not made to the satisfaction of a dissenting Owner, ~ then a licensed engineer in the State of Florida with citrus ~ experience in St. L~:cie Co~anty shall, within 30 days of demand therefor by any then Owner, be appointed by a majority of all the then Owners (measured by hlocks)-of the Grove wno shall forthwith, as the sole arbiter, determine the provisions to be made in favor of the dissenting 4w-ner. The cost of any new system, canstruction or change found necessary by such arbiter shall be apgortioned among all then Owners (including a dis- ' senting Owner) in proportion to their respe~tive ownership of - ' acres in the entire Grove. -5- ~o~ 3~z ~E z2 ~ ~ ; t ~~L~ ~ _ ~ ~~~~~~.~r ~ ~ ~ ~ ~ ~ , _ w,. - ~ - ~t'