HomeMy WebLinkAbout0583 ,
5. At closing Connecticut will pay to Blue Three a
sum equal to twenty five percent (25~;) of the original cost
of the land, citrus trees and .improvements or twenty five
percent (25~) of Two Million Six Hundred Fifty Thousand
Dollars ($2,650,000.00), the same being Six Hundred Sixty
Two Thousand Five Hundred Dollars ($662,500.00), plus twenty
five percent (25$)~of any additional expenditures for capital
improvements made to the property subsequent to the acquisition
of the same by Blue Three, which capital improvements are
approved by Connecticut.
6. At closing Blue Three shall convey the undivided
25$ interest in the option land subject only to taxes for
the current year and such easements and restrictions as may
have been approved at the time that Connecticut placed its
loan of record or may be subsequently necessary for the
effective administration and development of the property,
but which do not in the judgment of Connecticut impair the
viability of its purchase of an undivided twenty five percent
(25$) interest. If any encumbrances have been placed of
record or created by Blue Three, which in the sole judgment
of Connecticut impair the quality of title which Connecticut
would acquire pursuant to this Option Agreement, then and in
that event, Connecticut may demand and Blue Three shall
terminate or eliminate such encumbrances. Connecticut shall
upon payment by Blue Three of an amount equal to 25$ of the
then unpaid principal balance of the Connecticut loan release
an undivided 25$ of the lien of the Connecticut mortgage against
the encumbered property.
7. All sums of money to be paid pursuant to the
exercise of this option shall be paid in cash at the time of
delivery of the deed or such other instrument as may be
reasonably required by counsel for Connecticut to evidence
the transfer of an undivided twenty five percent (25%)
.interest of Connecticut in the option land. Said deed shall
be delivered without merger of interest or title notwithstand-
ing the fact that the Connec*iCut loan will remain of record.
8. This Option shall be fully assignable by Connecticut
to any subsidiary of Connecticut without the prior consent
~ or approval of Blue Three.
~ 9. Nothing herein shall be construed to make Connecticut
a partner, joint venturer, or other participant with Blue
Three and to the extent Connecticut elects to acquire an
interest in the subject property, it shall do so as a
tenant-in-common with the partnership, Blue Three.
~ 10. Time is of the essence of this Agreement.
~ 11. The parties hereto agree that this Agreement shall
be binding upon their heirs, successors and/or assigns and
shall inure to the benefit of the same.
IN WITNESS WHEREOF the parties hereto affix their hand
and seal in manner and form sufficient to bind them on the
day and year first above written.
s
3
BLUE E GROVES LIMITED
z
y By:
-
-2- B~~K•,~~ PAGf cJ02