HomeMy WebLinkAbout0582 4~'~5.54
OPTION AGREEMENT
THIS OPTION AGREEMENT made and entered in to this
day of December, 1979, by and between BLUE THREE GROVES
LIMITED, a Florida Limited Partnership (hereinafter called
"Blue Three") and CONNECTICUT MUTUAL LIFE INSURANCE COMPANY,
a Connecticut corporation (hereinafter called "Connecticut").
W I T N E S S E T H
WHEREAS, Connecticut has pursuant to that certain Loan
Commitment dated November 30, 1979, agreed to make a loan to
Blue Three in the amount of Two Million Six Hundred Fifty
Thousand Dollars ($2,650,000.00) to enable 81ue Three to
purchase real property hereinafter more particularly described,
and
WHEREAS, pursuant to said Loan Commitment Blue Three
was to grant an option to Connecticut to purchase an undivided
twenty five percent (25$) interest in the mortgaged property,
and
WHEREAS, Blue Three, by acceptance of the said Loan
Commitment did agree to grant the same and the parties
hereto desire to reduce said understanding to writing,
. NOW, THEREFORE, in consideration of the loan from
Connecticut to Blue Three, and other good and valuable
consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:
1. Blue Three 'does by the execution of this Option
Agreement, grant to Connecticut an option to purchase subject
to the terms and conditions hereinafter set forth an undivided
~I twenty five percent (25%) interest in the following described
real property (the option land) including any and all mineral
rights owned and/or reserved:
The West 1/2 of Section 23, EXCEPTING THEREFROM
the right of way of Central & Southern Florida
~ Flood Control District Canal 24, and the West half
of Section 26, EXCEPTING THEREFROM the W. 50 feet
` thereof; all in Township 36 South, Range 38 East,
St. Lucie County, Florida.
2. The option herein granted to Connecticut by Blue
Three shall not mature or be otherwise exercisable by Connect-
icut until December 14 ,1989. Commencing December 14, 1989,
and thereafter until April 11, 1990, Connecticut may exercise
~ the option herein granted by giving notice of its intention
to exercise its rights hereunder in writing to Blue Three.
Connecticut shall have 60 days within which to close the
purchase contemplated hereunder following the giving of
notice of its intention to exercise its rights hereunder.
v 3. Notwithstanding the foregoing, if and in the
" event, the Blue Three property is sold prior.to December 14,
~ 1989, then and in that event, Connecticut shall have the
e right to exercise its option as herein provided at the time
of sale.
4. The closing of the sale shall take place at such
office as Connecticut may designate in either Orange or St.
~ Lucie County, Florida. Documentary stamps, if any, required.
to be affixed to the instrument of conveyance shall be paid
by Blue Three. Cost of recording the deed or other instrument
of conveyance shall be paid by Connecticut.
~ ~rlt,r~
THiS ~~JSTRi;~IENT WFS PnEPABED BY:
Ti_A R • B~rawh
.nnK`~7~ o~rC :ll~~ ~ ~rrA~I;IRE_ V(i~l~titS R v~Fi 1 C