1980-02
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AGREEI'1ENT t!80-2
B~oa~ 703 PAGE1752
OPTION AGREEMENT
THIS AGREEMENT, by and between the CITY OF CLERMONT, a municipal corporation
organized and existing under the laws of the State of Florida, hereinafter referred
to as "City", and THE EXCHANGE NATIONAL BANK OF LAKE COUNTY, hereinafter referred
to as "Bank" entered into this IS ~ day of oTA tV \i' ~'1 ' 19800
WHEREAS, the Bank is the owner of the following-described real property,
hereinafter referred to as Parcel "A" (see Appendix "A").
In consideration of the premises, Bank grants unto the City an exlusive option
to purchase the above-described property upon the following conditions:
I. Consideration. The price of the Option To Purchase is FIVE HUNDRED AND NO/lOO
DOLLARS ($500.00), which amount shall be credited towards the purchase price if the Option
is exercised. If the Option is not exercised, the Option monies remain the property of
the Bank.
II. Option Period. The term of this Option shall be ninety (90) days, commencing
on the tS~ day of J~~"..~ , 1980.
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III. Purchase Price. The full purchase price is NINETY-TWO THOUSAND FIVE HUNDRED
AND NO/lOO DOLLARS ($92,500.00) cash at closing.
IV. FinancinR A~reement. Bank agrees to loan City the sum of ONE HUNDRED SIX
THOUSAND AND NO/lOO DOLLARS ($106,000.00) at closing on the following terms:
1. Interest at the rate of five and one-half percent (5 1/2%) per annum.
2. Accrued interest shall be payable at the end of first (1st) year.
3. At the end of ,the first (1st) year, the loan will then be amortized
over a twenty-four (24) year period with equal annual payments plus
accrued interest with the first (1st) payment due two (2) years
from date.
V. Proof of Title. The Bank shall deliver to City a title insurance binder
in the amount of NINETY-TWO THOUSAND FIVE HUNDRED AND NO/lOO DOLLARS ($92,500.00)
insuring the title to the property to be free and clear of all defects and encumbrances
except the lien for ad valorem taxes for the year 1979. In the alternative, at
City's option, an abstract of title certified to date may be submitted evidencing the
title to the property to be free and clear of all defects and encumbrances. The City
shall have fifteen (15) days in which to examine the title insurance binder, or abstract
of title, whereupon this transaction will be closed within fifteen (15) days.
VI. Conveyance of Title. Conveyance of title shall be by Warranty Deed free
and clear of all encumbrances and liens except as herein provided.
VII. Expenses. Bank shall pay the expenses connected with conveying the property,
HOVIS AND BAIRD, ATTORNEVS AT lAW, P.O. DRAWER 848, CLERMONT, flORIDA 32711
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8UO'D~ 703 PAGE1753
including, but not limited to the cost of title insurance, or abstracts, State Stamps
on Warranty Deed, Surtax on Warranty Deed, and any expenses related to clearing the
title. Ad valorem taxes shall be prorated as of the date of closing.
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VIII. Inspection of the premises. City shall be entitled to enter the property
upon exercise of the Option for purposes of inspection, survey, and determining the
condition of the construc,tion, which shall not constitute a waiver of any warranties
of construction.
IX. Insurance. Bank shall continue to keep in force adequate insurance for
fire, casualty and liability during the option period. Bank agrees to hold the City
harmless for any damages or causes of action unless the City is found to be negligent
and liable therefor.
X. BindinR Effect. This Option shall be binding upon and shall inure to the
benefit of the parties hereto and to their respective heirs, successor and assigns.
CITY OF CLERMONT
BY: Cz~
CLAUDE E. SMOAK, JR., Mayor
ATTEST:
M/,hlA W ~.
DO S W. C OLL, City Clerk
)II~ /1 bJ,jt7
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THE EXCHAN}J1 NATIONAL BANK OF LAKE COUNTY
BY: f/; ~r-~A Q
N..f~1 NT ~
STATE OF FLORIDA )
SSe
COUNTY OF LAKE
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The foregoing instrument was acknowledged before me this 15th day of January
1980, by CLAUDE E. SMOAK, JR., and DOLORES W. CARROLL, Mayor and City Clerk of the
CITY OF CLERMONT, respectively.
;(14L '-I? 1c~0
Notary Public
My Commission Expires:
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HOVIS AND BAIRD, ATTORNEYS AT lAW, P,O. DRAWER 848, CLERMONT, flORIDA 32711
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APPENDIX "A"
Lots 1, 3 and 5, and the East 31 feet of Lot 7;
Lot 2, Less the South 40 feet of the West 31 feet;
Lot 4, less the West 31 feet; Lot 6, Less the
West 31 feet; and the East 31 feet of the North
10 feet of Lot 8; all in Block 77, according to the
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Official Map of the City of Clermont, Florida, recorded
in Plat Book 8, pages 17 to 23 inclusive, public records
of Lake County, Florida.
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HOVIS AND BAIRD, ATTORNEYS AT LAW, P,O. DRAWER 848, CLERMONT, flORIDA 32711
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