|
<br />
<br />AGREEMENT OF PURCHASE AND SALE
<br />
<br />THIS AGREEMENT ~ PURCHASE AND SALE ("Agreement") is made and
<br />entered into this 9-U\ day of 1-. ~ ,2009 by and between MALIBU PLAZA ON THE
<br />BAY, L.L.c. ("Seller") and THE CITY OF SUNNY ISLES BEACH, FLORIDA, a body
<br />corporate and politic organized under the laws of the State of Florida ("Purchaser").
<br />
<br />WIT N E SSE T H:
<br />
<br />WHEREAS, Seller is the fee simple owner of the Realty (hereinafter defined); and
<br />
<br />WHEREAS, Seller desires to sell the Property (hereinafter defined) to Purchaser, and
<br />Purchaser desires to purchase the Property from Seller, in accordance with and subject to the
<br />terms and conditions hereinafter set forth.
<br />
<br />NOW, THEREFORE, in consideration of the foregoing, the mutual covenants contained
<br />herein, and the sum of TEN AND NOIIOO DOLLARS ($10.00), and other good and valuable
<br />consideration, the receipt and sufficiency of which is hereby acknowledged, the parties,
<br />intending to be legally bound, do hereby agree as follows:
<br />
<br />1. Purchase and Sale; Realty. Seller agrees to sell to Purchaser, and Purchaser
<br />agrees to purchase from Seller, all that certain parcel of real property consisting of approximately
<br />.67 acres, more or less, situate, lying and being in the County of Miami-Dade ("County"), State
<br />of Florida, and of which the legal description is set forth in Exhibit "A" attached hereto and made
<br />a part hereof ("Realty") in fee simple, together with the following property and rights (the Realty
<br />and such property and rights are referred to herein collectively as, the "Property"):
<br />
<br />(a) All surveys, plans, plats, soil tests, engineering studies, environmental
<br />studies and all other documents, studies, title policies, licenses, permits, authorizations,
<br />approvals, soil and ground water reports and asbestos material surveys, and any other intangible
<br />rights pertaining to the ownership andlor operation of the Realty, if any (collectively, the
<br />"Documents");
<br />
<br />(b) All strips and gores of land lying adjacent to the Realty, together with all
<br />easements, privileges, riparian and other water rights, lands underlying any adjacent streets or
<br />roads, improvements located on the Realty and appurtenances pertaining to or accruing to the
<br />benefit of the Realty; and
<br />
<br />(c) All improvements thereon and all equipment and fixtures affixed to the
<br />property or the improvements to the property.
<br />
<br />2. Deposit. Upon execution of this Agreement, Purchaser shall deliver a deposit of
<br />FOUR HUNDRED AND EIGHTY THOUSAND DOLLARS ($480,000.00) (hereinafter
<br />referred to as the "Deposit") with the Purchaser's Escrow Agent; The Deposit shall be deposited
<br />by Escrow Agent in an interest bearing account, and any interest accrued shall be payable to
<br />
<br />~~~
<br />
|