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AGREEMENT OF PURCHASE AND SALE OF EASEMENT <br /> THIS AGREEMENT OF PURCHASE AND SALE ("Agreement") is made and entered <br /> into this 2f day of JrI , 2019 by and between WINSTON TOWERS 600 <br /> CONDOMINIUM ASSOCIATION, INC., a Florida not for profit corporation ("Seller") and <br /> THE CITY OF SUNNY ISLES BEACH, FLORIDA, a municipal corporation organized under <br /> the laws of the State of Florida ("Purchaser"). Collectively, Seller and Purchaser are sometimes <br /> hereinafter referred to as the "Parties". <br /> WITNESSETH: <br /> WHEREAS, Seller is the association for the condominium development called <br /> Winston Towers 600 Condominium and is the fee simple owner of the Property as legally <br /> described in Exhibit"A" ("Property"); and <br /> WHEREAS, Purchaser seeks to acquire a permanent easement ("Easement") on the <br /> Property for its Pedestrian Overpass Bridge on 174`h Street to connect the west and east sides <br /> of Collins Avenue ("Pedestrian Bridge") as described in Exhibit "A" attached hereto and made <br /> a part hereof; <br /> WHEREAS, Purchaser, by adoption of Resolution No.t Z12R S-077-1 has <br /> authorized the City Manager and City Attorney to negotiate a purchase of the Easement; <br /> r regarding <br /> WHEREAS, Purchaser has performed research and investigation g the <br /> Pedestrian Bridge and believes the Property is the most appropriate location for the Pedestrian <br /> Bridge; <br /> WHEREAS, Purchaser has made clear to Seller that it will exercise its right to eminent <br /> domain and initiate a condemnationP roceeding against Seller if Seller refuses to grant the <br /> Easement in favor of Purchaser; <br /> WHEREAS,Purchaser believes that if an eminent domain proceeding is brought against <br /> Seller, Purchaser will establish that the taking of the Property for the purpose of building the <br /> Pedestrian Bridge is rationally related to a public purpose; <br /> WHEREAS,the Parties believe that the purchase price of the Easement, as described in <br /> this Agreement, is adequate compensation and in fact, exceeds the t s g � q pappraised value of the <br /> Property; <br /> WHEREAS, Seller, in lieu of defending an eminent domain proceeding as to the <br /> Property, desires to grant the Easement in favor of Purchaser, and Purchaser, in lieu of <br /> initiating an eminent domain proceeding against Seller as to the Property, desires to purchase <br /> the Easement from Seller in accordance with and subject to the terms and conditions <br /> hereinafter set forth. <br /> Page 1 of 8 <br />