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1978-08 , '. ~ 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 f)J. IE day of <r~ ' 1978. 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 exclusive option to purchase the above-described property upon the following conditions: The price of the Option to Purchase is ONE THOUSAND 1. Consideration. AND NO/lOO DOLLARS ($1,000.00), 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 60 days, commencing on the ~~~ay of~~ , 1978. \ III. Purchase Price. The full purchase price is ONE HUNDRED THOUSAND AND NO/lOO DOLLARS ($100,000.00), payable in ten (10) equal annual installments plus interest at the rate of five per cent (5%) per annum. Prepayment may be made without penalty. IV. Exercise of Option. The City may exercise this option by giving written notice to the other party before the termination of this Option. v. Proof of Title. The Bank shall deliver to City a title insurance binder in the amount of ONE HUNDRED THOUSAND AND NO/lOO DOLLARS ($100,000.00) 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 1978. 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. ~he City shall have fifteen (15) days in which to examine the title insurance ~inder, or abstract of title, whereupon this transaction will be closed within fifteen (15) days. HOVIS AND BAIRD, ATTORNEYS AT LAW, P.O. DRAWER 848, CLERMONT, FLORIDA 32711 " 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 conveyiog ~the property, 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 pro-rated as of the date of closing. 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 construction, 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. Binding Effect. This Option shall be binding upon and shall inure to the benefit of the parties hereto and to their respective heirs, successors and assigns. Attest: ~aAJA) ~l ~&,lt Do ores W. Carro 1, City Clerk CITY OF CLE~ By: {jf Claude E. Smoak, Jr., Mayor THE EXCHANGE NATIONAL BANK "OF - , ~J~ By: " . STATE OF FLORIDA COUNTY OF LAKE , ~ \. \ -. ' The foregoing instrument was acknowledged before me this L ~ d~y (')~..,. .:t~. ,1978, by CLAUDE E. SMOAK, JR. and DOLORES W. CARROLL, Mayor.'anci" City Clerk of the CITY OF CLERMONT resp~ _ a ,._ . ~ . ~: , _' Notary Public H. NOTARY PU:ttt:TE OF'FlOIUDA~r IARrie My Commission Expires: MY COMMISSION EXPIRES AUGUST' 12, 1979 ~ONDED II:\RU GENERAL INSURANCE UNDERWRIJ:ER$. ~TATE OF FLORIDA ~OUNTY OF LAKE ,. " .. ~ \0 The foregoing instrument was ac~rtqwr~age'lbefore~ this ,~ ~' 1978, by ~. 't. .~t~~~"ns.. ~"r ~.s . NAT BANK OF LAKE COUNTY. ' ,,) ;l~ day of of THE EXCHANGE n Expi {io~a' Ie, State of Florida at large My Commission Expires June 15, 1979 Bonded by American Fire & Casualty Co. HOVIS AND BAIRD, ATTORNEYS AT LAW, P.O. DRAWER 848, CLERMONT, FLORIDA 32711 , " : No tary ~Pu "'. 'iiy.. Commis ' . ~ . l'. 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 reet; and the East 31 feet of the North 10 feet a Lot B; all in Block 77, according to the Official Map of the City of Clermont, Florida, recorded in Plat Book 8, pages 17 to 23 inclusive, public Ecords of Lake County, Florida.