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R18-038 i 7 1 RESOLUTION NO. R18-038 2 ,.), - 3 A RESOLUTION OF THE CITY OF BOYNTON BEACH, 4 FLORIDA, APPROVING AND AUTHORIZING THE MAJOR TO 5 SIGN THE PURCHASE AND SALE AGREEMENTETWEEN 6 THE CITY OF BOYNTON BEACH AND PABEACH 7 LEISUREVILLE COMMUNIT ASSOCIATIO , INC., TO 8 CONVEY A VACANT PARCEL bF LAND; AND ROVIDING AN •9 EFFECTIVE DATE. 10 11 WHEREAS, the City has received reque from Palm Beach Leisureville 12 Community Association, Inc. to purchase a vacan of adjacent to Palm Beach Leisureville; 13 and 14 WHEREAS, at the February 6, 018 Cit Commission meeting the City 15 Commission directed the City Attorne to draft an A.reement for Purchase and Sale 16 between the City and Palm Beach L- sureville Community A ssociation for a sales price of 17 $24,999; and 18 WHEREAS, staff is r commending to convey title of t t e parcel to Palm Beach 19 Leisureville Community Association, Inc.; and 20 WHEREAS, t City Commission has determined that it is in , e best interests of 21 the residents of the ity to approve and authorize the Mayor to sign a P rchase and Sale 22 Agreement with alm Beach Leisureville Community Association, Inc. to c•, vey a vacant 23 parcel of la adjacent to Palm Beach Lesiureville. 24 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF 25 THE CITY OF BOYNTON BEACH, FLORIDA, THAT: 26 Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as 27 being true and correct and are hereby made a specific part of this Resolution upon adoption 28 hereof. C:\Users\StanzioneT\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.IE5\TQFSZSNC\Purchase_and_Sale_Agreement_with_Leisureville__Reso.doc 29 Section 2. The City Commission does hereby approve and authorize the Mayor 30 to sign a Purchase and Sale Agreement with Palm Beach Leisureville Community 31 Association, Inc. to convey title to a vacant parcel of 1. d adjacent to Palm Beach 32 Leisureville (PCN #08-43-45-29-00-000-1040), a copy o the Agreement is attached hereto 33 as Exhibit"A". 34 Section 3. This Reso r. ion shall beco e effective immediately upon passage. 35 36 PASSED AND ADOPTED this 6th •.y of March, 2018. 37 CITY OF 4 0 '\TON BEACH, FLORIDA 38 YES NO 39 40 Mayor—Steven B. Grant i 41 42 ice Mayor—Justin Katz 43 44 Commissioner—Mack McCray 45 46 Commissioner—Christina L `omelus v 47 48 Commissioner—Joe asello v 49 S � 50 VOTE 51 ATTEST: 52 _ 53 ,---JJ C. 54 Jud jfh A. Pyle, CMC 55 City Clerk 56 57 =.,a;"�`-4; c5 ,} J 58 Ii, 59 (City Seal) ,fAM . C:\Users\StanzioneT\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.IES\TQFSZ5NC\Furchase_and_Sale_Agreement_with_Leisureville_-_Reso.doc AGREEMENT FOR PURCHASE AND SALE THIS AGREEMENT FOR PURCHASE AND SALE ("Agreement") is dated as of the Effective Date (as defined in Section 31) and entered into by the City of Boynton Beach ("Seller"), and Palm Beach Leisureville Community Association, Inc., a F'drida not-for-profit corporation, and/or its assigns ("Buyer"). BACKGROUND: A. Seller is currently the owner of approximately 3.62 a es (+/-) of unimproved land in Boynton Beach, Florida which is located in Palm Beach Conn, , Florida, and which is more particularly described on Exhibit "A" attached hereto and made part hereof("Property"). The legal description of the Property shall be subject to verification b, a survey prior to the expiration of the Investigation Period, as defined in Section 4 herein. B. The Property is being acquired with - primary intent of developing a Park/Recreational Facility on the Property and/or in accordance with any other permitted use consistent with the use of the Property pursuant to the Zo. 'ng Regulations or Code of Ordinances applicable to the City of Boynton Beach, together wit associated amenities, parking and other property features (the"Contemplated Improvements"). C. The parties to this Agreement have .greed to the sale and purchase of the Property on the terms and conditions which are set forth in +s Agreement. AGRE' MENT: 1. Purchase and Sale. Subject t gall of the terms and conditions of this Agreement, Seller will sell to Buyer and Buyer will purchase from Seller the Property, together with all appurtenances, rights and development ,rights of way incident thereto, including, without limitation, all easements, rights of way, privileges, licenses, appurtenances and any other rights, privileges and benefits belonging to the owner of, running with title to, or in any way related to, the Property, if any (collectively, the "Property"): 2. Purchase Price. (a) The total purchase p ice for the Property is Twenty Four Thousand Nine Hundred Ninety Nine and No/100 Dollars $24,999.00) ("Purchase Price"). (b) Deposit. On the thi d business day following the Effective Date (as defined in Section 31), the Buyer shall dep sit with Goren, Cherof, Doody & Ezrol, P.A. ("Escrow Agent") the sum of One Thous nd and 00/100 DOLLARS ($1,000.00) (" Deposit"). (c) Payment of Purchase Price. At the time of Closing, the Buyer will pay to Seller by wire transfer of funds the Purchase Price as adjusted for prorations and adjustments as set forth in this Agreement. (00217662.2 306-9905308) 3. Title and Title Insurance. (a) Within five (5) days of the Effective Date as hereinafter defined, Buyer shall, at its sole cost, cause Buyer's Counsel or such other party designated by the Buyer as agent for a national title insurance company selected by Buyer, to order a standard owner's preliminary title commitment ("Title Commitment") which shall describe the Property, list Buyer, or Buyer's assignee, as the prospective named insured, show as the policy amount the Purchase Price, contain the commitment of the title company to insure Buyer's fee simple interest in the Property upon the Closing, and show that title to the Property is good and marketable and insurable subject to no liens, encumbrances, exceptions or qualifications which would preclude the Buyer, in its sole discretion, from constructing and developing the Contemplated Improvements upon the Property. (b) Buyer shall have ten (10) days from receipt of the Title ommitment in which to examine the condition of title and make its written objections ("Ti,e Objections") to the form or content of the Title Commitment by providing written notice Seller setting forth the Title Objections ("Objection Letter'\)‘ the Buyer fails to provid the Objection Letter to Seller within such time period, then, for a purposes of this Agreem nt, the Buyer shall be deemed to have accepted title in the condition scribed in the Title ommitment. Any title exceptions which are not objected to within such ' e period shall b deemed to be acceptable to Buyer and permitted exceptions ("Permitted Ex eptions"). (c) If the Buyer timely notifies the eller f any Title Objections, then the Seller agrees to use reasonable diligence to cure such Ti•e Objections and otherwise make title good, marketable and insurable, for which purpose the S er shall have a reasonable time but in no event less than Ten (10) days prior to the Closing D e. Unless otherwise agreed to, in no event shall Seller be obligated to prosecute lega}/action to ure any title defects or expend more than $5,000.00 in curing such defects. After/easonable di ' ence on the part of the Seller, if the Title Objections are not cured (as determined by Buyer), en at the end of such Ten (10) day period Buyer may elect to (i) terminate/this Agreement and t e Deposit shall be returned to Buyer, and all parties hereto shall be leased from any and a obligations and liabilities hereunder or (ii) waive any Title Obje tions, by written notice tot Seller, in which event such Title Objections shall be deemed�Permitted Exceptions and the C sing shall take place pursuant to this Agreement without any abatement in the Purchase Price. If Buyer fails to notify Seller of either election under the preceding sentence within such Ten 0) day period, then Buyer shall be deemed to have waived any such Title Objections. If Buyer ti ely delivers a Title Objection Notice, then within five (5) days after receipt thereof, Seller sh 1 give to Buyer a written notice (the " itle Cure Notice") that identifies which, if any, title defects objected to (i) Seller agrees $ cure on or before the Closing Date, and (ii) Seller does not agree to, or cannot, cure; it being/understood and agreed that Seller shall not be obligated to cure any defects, accept as provide'd herein. If Seller gives Buyer notice that Seller will not, or cannot, remove one or more title objections, then Buyer shall have the right, at its option, either to (x) terminate this Agreement by notice to Seller given within five (5) days after receipt of the Title Cure Notice, which.'event the Escrow Agent, within three (3) Business Days of receiving such notice, shall return the Deposit and all interest earned thereon (if any) to Buyer, whereupon both parties shall be released from all further obligations under this Agreement, or (y) proceed to close the transaction contemplated by this Agreement, in which event Buyer shall waive {00217662.2 306-9905308) 2 Buyer's objections. Seller shall satisfy all "requirements" imposed on Seller as set forth in Schedule B-I of the Title Commitment prior to the Closing Date (as defined in Section 7). Notwithstanding anything to the foregoing herein, Seller shall be required to satisfy, discharge or bond over liens, encumbrances or other monetary items which can be satisfied by the payment of an ascertainable sum. (d) In the event that any matter shall be recorded against the Property between the date of the Title Commitment and the Closing Date, which is not contained in the Title Commitment("New Matter"),then each such New Matter shall be deemed to be objectionable to Buyer and shall be removed by Seller promptly upon Buyer's request, but in all events, prior to the Closing Date. 4. Investigation Period. (a) Within fifteen (15� lendar days after the Effective D e, Seller shall provide Buyer with any and all relevant in`f rmation relating to the Pro erty which is in Seller's possession, custody or control, includin\ but not limited to all sur ys, topographical maps, soil borings reports, traffic studies, agreeme s, environmental r orts, appraisals, site planning concepts, permits, leases, contracts, project a royals, prope tax bills, regulations and or other governmental or quasi-governmental matters fecting t Property. In addition, Seller shall deliver to Buyer any additional information with\--spec o the Property within ten (10) calendar days of the Seller's receipt thereof. Commencing • e Effective Date and expiring Forty Five (45) days thereafter (the "Investigation Period"), u er shall determine whether the Property is acceptable to Buyer and can be developed wit he C• templated Improvements pursuant to a plan satisfactory to the Buyer, in its sole and ah olute disc etion. Among other things, the Buyer may verify that (a) adequate utility services are or will be ade available to a boundary of the Property; (b) there are no unusual soil cor 'itions which woul• •rohibit the standard construction practice for Buyer's Contemplated Improvements; (c) there an o wetlands or environmental concerns. During the term of this/Agreement, Buyer and Buy: 's contractors, consultants, employees, and other representatiyes shall have the right to cond t, at their own expense, inspections of the Property in orddr to determine if the Property is accep .ble to Buyer in its sole discretion. Seller hereby grants to Buyer and its agents, servants, emplo ees, contractors and representatives, a right of entry upon every portion of the Property, and a r :ht to examine all records, documents, data of information of any kind or nature relating to or oncerning the Property in the possessidn or under the control of Seller or other matters pert..'ning to the Property (and Seller hereby agrees to make any and all records, documents, data or i• ormation of any kind or nature relating to or concerning the Property in the possession or under the control of Seller available t Buyer) from time to time at all reasonable times for the pure. e of inspecting the Prop rty. Such inspections shall include, but not be limited to, surve 'ng, environmental studi `s, soil borings, wetlands assessments, and utilities and site planning studies. Seller confirms and acknowledges that such inspections and testing will be a necessary part of the due diligence to be performed by the Buyer. During the Investigation Period the Buyer will prepare and submit to Seller's staff a more detailed site plan for the Contemplated Improvements and will work with Seller's staff to refine the proposed site plan. After working with Seller's staff, Buyer shall submit its proposed site plan to the City Commission of Boynton Beach for its review and comment. (00217662.2 306-9905308) (b) The Buyer hereby indemnifies and holds the Seller harmless from any loss, cost or expense including, but not limited to reasonable attorney's fees and out-of-pocket costs actually incurred by the Seller as a result of the negligence or misconduct of any of Buyer's agents who enter the Property. The indemnification provided herein shall survive any termination or closing under this Agreement. Buyer shall have no indemnification obligation or other liability for, or in connection with any claims arising from pre-existing conditions on or under the Property, or those arising from the presence, discovery, or disturbance of"Hazardous Substances" as such term is defined in the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.'9601 et seq. and the regulations promulgated thereunder (as amended from time to time) and shall include oil and oil waste as those terms are defined in the Clean Water Act, 33 U.S.C. '1251 et seq. and the regulations promulgated thereunder (as amended from time to time), the Resource, Conse ation and Recovery Act, 42 U.S.C. '6901 et seq., and the Florida Re- urce Recovery and nagement Act, Florida Statutes `403.70-403.73, each as amended from ti e to time and s 1 include any other elements or compounds contained in the list of haz dous substan s adopted by the United States Environmental Protection Agency (the "EPA' and the ist of toxic pollutants designated by Congress or the EPA as defined by any other Fe.,eral, St- e or local statute, law, ordinance, code, rule, regulation, order or decree relating to st., da s of conduct concerning any toxic or dangerous waste or substance. (c) Notwithstanding anything to t - cont .ry contained in this Agreement, in the event that Buyer, in its sole and absolute disc etion, is s. isfied with the results of its inspections, Buyer may elect to proceed with the trans.ction describes herein by providing written notice to Seller no later than the expiration of the/nvestigation Peri. ("Acceptance Notice"). If Buyer does not provide Seller with the acceptance Notice on r before the expiration of the Investigation Period, then the Dep.sit shall be automatically returned to Buyer, and this Agreement shall be deemed termi-ated and shall be null and vb d without recourse to either party hereto, except for those o.ligations which expressly sury ' e the termination of this Agreement. In the event Buyevtimely sends the Acceptance Notice o. or before the expiration of the Investigation Period, then Buyer shall be deemed to have elected to proceed with this Agreement and to be satisfied with its inspections. In addition, Buyer s'all have the right, in Buyer's sole and absolute discretion, at any time on or before the expiration .f the Investigation Period, to terminate this/Agreement by sending written notice of such termina '•n to Seller and Escrow Agent, in which event the Deposit shall be returned to Buyer, and this Agreement shall be deemed terminateor and shall be null and void without recourse to either party hereto, except for those obligations l7,ihich expressly survive the termination of this Agreement as specifically provided for herein. 5. Closing Date. If Buyer proceeds with this transaction following the expiration of the Investigation Period, the purchase and sale contemplated by this Agreement ("Closing") shall be closed on the date which is thirty (30) days subsequent to the expiration of the Inspection Period ("Closing Date"). (00217662.2 306-9905308) 4 6. Closing Conditions. The obligations of Buyer to pay the Purchase Price, and to perform Buyer's other obligations at the Closing are and shall be subject to the satisfaction of each of the following conditions on or prior to the Closing Date: (a) Seller shall have delivered Seller's executed closing documents to Escrow Agent. (b) Title to the Property shall be free of all encumbrances other than the Permitted Exceptions and the Property shall be free of violations of record of any applicable law. (c) The title company shall be able to deliver at Closing an ALTA Form B Marketability Owner's Title Insurance Policy ("Title Policy") insuring Buyer's right, title and interest in the Property in the amount of the Purchase Price, excepting no matters other than the Permitted Exceptions. (d) All of the representations and warranties of Seller contained in this Agreement shall have been true and correct when made, and shall be true and correct on the Closing Date with the same effect as if made on and as of such date. (e) Buyer shall be solely responsible for the payment of y and all impact fees in connection with or associated with the Pro oerty. If any of the foregoing conditions be o efiting the B- er have not been satisfied as of the Closing Date, then Buyer may, in Buyer's sole discx-tion: (i) terminate this Agreement by delivering written notice to the Seller, in which evert/he Deposit shall be immediately returned to the Buyer or (ii) waive such condition and ele• to close, notwithstanding the non-satisfaction of such condition. 7. Seller's Closing Documents. Seller sha deliver to the Buyer (and its counsel) at least five (5) days prior to the Closing copies of the ollowing documents, dated as of the Closing Date, the delivery and accuracy of such exe• ted documents which shall be a condition to the Buyer's obligation4 consummate the purely se and sale: (a) Special Warranty Deed. A Special Warranty I-ed in recordable form, duly executed by the Seller, co veying to the Buyer good, marketable :. d insurable fee simple title to the Property subject,only to the Permitted Exceptions, with the le.: description provided in the Title Commitme f. The Special Warranty Deed shall contain a restriction that the Property be used for a trad' conal park. The failure of Buyer to develop the Property for a traditional park within ( months after the Closing Date will result in the City exercising a reversionary interest in the Property as set forth in the Special Warranty Deed attached hereto as Exhibit"B" and made a part hereof. • (b) Affidavit. A "gap", no-lien and exclusive possession affidavit sufficient for the title company to delete any exceptions for parties in possession, mechanic's or materialmen's liens and "gap" from the title policy. The no-lien affidavit shall relate to any activity of the Seller at the Property and the Easement Area within the period that a mechanic's lien can be filed based on such activity prior to the closing. {00217662.2 306-9905308} 5 (c) FIRPTA Affidavit. In order to comply with the requirements of the Foreign Investment Real Property Tax Act of 1980 ("FIRPTA"), Seller will deliver to Buyer at closing Seller's affidavit under penalty of perjury stating the Seller is not a "foreign person," as defined in Section 1445 of the Internal Revenue Code of 1986 and the U.S. Treasury Regulations thereunder, setting forth Seller's taxpayer identification number, and that Seller intends to file a United States income tax return with respect to the transfer. Seller represents and warrants to Buyer that it has not made nor does Seller have any knowledge of any transfer of the Property or any part thereof that is subject to any provisions of FIRPTA that has not been fully complied with by either transferor or transferee. As required by law, if Seller fails to comply with the requirement of this paragraph, Buyer shall withhold 10% of the Purchase Price in lieu of payment thereof to Seller and pay it over instead to the Internal Revenue Service in such form and manner as may be required by law. (d) Seller Authorization. Evidence of Seller's authorization to consummate this transaction, as required by the Title Company. (e) Seller's obligation to close and deliver the Deed to the Buyer is contingent upon Seller's compliance with all applicable sections of the City's Charter. (f) Additional Documents. Such additional documents as ar customarily required of seller's in transactions of this type in Palm Beach County, Florid. or as may be reasonably necessary to consummate the purcla e and sale of the Prope r , together with any other documents, instruments, or agreements all for under this • greement that have not been delivered previously. • 8. Buyer's Deliveries. At the Closing, a- : after the Seller has complied with all of the terms and conditions of this Agreement and • mu Sneously with Seller's delivery of the documents required in Section 7, the Buyer sha}4 pay to th- Seller by wire transfer of funds or local cashier's check, the Purchase Price, a jtisted for the p.c ations, adjustments and other payments provided for in this Agreement. uyer shall prepare a c n ing statement which must be approved by both Buyer and Seller. 9. Taxes, Prorations and mpact Fees. All taxes attributable to e year in which the Closing occurs shall be prorated/and adjusted as of the Closing Date as an adjustment at the Closing (regardless of whether such taxes and special assessments are then due and payable or delinquent, and taking into consideration the maximum allowable discount). If the tax statements for the fiscal yea} during which the Closing Date occurs are not finally determined, then the assessed value fg,1 the year of closing and the millage rate for the immediately prior fiscal year will be used for the purposes of prorating taxes on the Closing Date, with a further adjustment to be made after the Closing Date as soon as such tax figures are finalized. All special assessments which may be amortized over a number of years will be prorated as of the Closing Date, with Seller responsible only for the period ending on the day prior to the Closing Date. Notwithstanding the above, BUYER and SELLER shall comply with Section 196.295, Florida Statutes, with respect to the payment of prorated ad valorem taxes for the year of closing into escrow with the Palm Beach County Tax Collector's Office. In the event that, following the Closing, the actual amount of assessed real property tax on the real property for the current year is (002176622306-9905308) 6 higher than any estimate of such tax used for purposes of the Closing, the parties shall re-prorate any amounts paid or credited based on such estimate as if paid in November. The provisions of this Section shall survive the Closing and delivery of the Special Warranty Deed. 10. Title Update. Prior to Closing Date the Title Agent shall update the Title, and Title to the Property shall be free of all encumbrances other than the Permitted Exceptions and the Property shall be free of violations of record of any applicable law. 11. Survey. Within fifteen (15) calendar days from the Effective Date, Seller shall provide to Buyer (and its counsel) a prior survey with respect to the Property, if one exists, ("Existing Survey"), provided Seller has a survey in its possession. During the term of this Agreement, Buyer may, at its option, obtain an update to the Existing Survey, including the Easement Area (such new survey or update to the Existing Survey, as the case may be, the "Survey"). If the Existing Survey discloses that the Property lacks access to a public street, or if it shows any gaps, encroachments, overlaps, or other matters that in Buyer's sole judgment render title unmarketable or that preclude construction of the Contemplated Improvements or Buyer's intended signage in the Easement Area("Unacceptable Survey Matters"), then Buyer will so notify Seller in writing 'thin prior to the end of the Investigation Period. Any such survey defects shall be deemed Tit e Objections, and shall entitle o,-/subject, as the case may be, Buyer and Seller to the rights and ob,igations relating to Title D fects prescribed in the Section above titled "Title and Title Tnsurance' Any matters reflected n the Existing Survey to which Buyer does not expressly object in B er's notice of 0130 tions shall be deemed Permitted Exceptions. In the event Buyer elects obtain a S Key, and such Survey discloses any Unacceptable Survey Matters which were n contain in the Existing Survey, then Buyer will so notify Seller in writing within fifteen (15) s , er receipt of the Survey. Any such survey defects shall be deemed Title Objections, and s 1 entitle or subject, as the case may be, Buyer and Seller to the rights and obligations relay g t Title Objections prescribed in the Section above titled "Title and Title Insurance". ny matter reflected on the Survey to which Buyer does not expressly object in Buyer's notice of objections s 11 be deemed Permitted Exceptions. 12. Seller's Warranties. S 'ler hereby represents a warrants to Buyer as follows: (a) There are no condem ation or eminent domain proce dings pending or to the best of Seller's knowledge contemplated against the Property or any part ereof, and the Seller has received no notice of the desire of any public authority to take or use e Property or any part thereof. / (b) There a /re no pending suits or proceedings against or affecting Seller or any part of the Property whichdo or could affect title to the Property or any part thereof; or (ii) do or could prohibit or take unlawful the consummation of the transaction contemplated by this Agreement, or re der Seller unable to consummate the same. (c) /The Seller has full power and authority, and all necessary governmental actions on behalf of Seller have been taken, to execute and deliver this Agreement and all documents now or hereafter to be delivered by it pursuant to this Agreement, to perform all obligations arising under this Agreement, and to complete the transfer of the Property contemplated by this Agreement. This Agreement has been duly executed and delivered by the Seller and constitutes (002176622306-9905308) 7 a valid, binding and enforceable obligation of the Seller, subject to bankruptcy and other debtor relief laws and principals of equity. (d) Seller is not, and will not be, a person or entity with whom Buyer is restricted from doing business with under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107-56 (commonly known as the "USA Patriot Act") and Executive Order Number 13224 on Terrorism Financing, effective September 24, 2001 and regulations promulgated pursuant thereto (collectively, "Anti-Terrorism Laws"), including without limitation persons and entities named on the Office of Foreign Asset Control Specially Designated Nationals and Blocked Persons List. (e) Seller has no notice or actual knowledge of: (i) any pending improvement liens to be made by any governmental authority with respect to the Property, (ii) any violations of zoning ordinances or other governmental regulations with respect to the Property; (iii) any pending or threatened condemnation proceedings with respect to the Property; or (iv) any suit, action, claim or other proceeding which relates to or affects the Property (f) No person or entity has any agreement, commitment, option, right of first refusal, right of first offer, or any other right, option or agreement, whether oral or written, with respect to the purchase of the Property or any portions thereof, other than Buyer, pursuant to this Agreement. Prior to Closing, no portion o the Property or any interest therein shall be alienated, encumbered, conveyed or otherwise tran erred by Seller, nor shall Seller enter into any agreement, commitment, option, right of fir t refusal, or any other ri•hf,option or agreement with respect to the purchase of all or any portio of the Property. (g) Seller has not entered into any leases, options e other occupancy agreements, either written or oral, affecting the Property and S- ler has e , usive possession of the Property. (h) There are no agreements or contracts - t-redinto by Seller affecting the Property that will be binding on Buyer after Closing. (i) Real Property Sold As Is, Whe s, Relea -: SELLER makes and shal make no warranty egarding the title to the Property except as to any warranties which will contained in the inst ents to be delivered by SELLER at Closing in accordance with t ' Agreement, and SELLS makes and shall make no representation or warranty either/pressed or implied (except as ecifically set forth in the Agreement) regarding condition,,operability, safety, fitness for intended purpose, use, governmental requirements, development potential, utility availability, legal access, economic feasibility or any other matters whatsoever vOth respect to the Property. The BUYER specifically acknowledges and agrees that SELLER shalysell and BUYER shall purchase the Property on an "AS IS, WHERE IS, AND WITH ALL FAULTS" basis and that, except for the SELLER'S representations and warranties specifically set forth in this Agreement, BUYER is not relying on any representations or warranties of any kind whatsoever, express or implied, from SELLER its agents, officers, or employees, as to any matters concerning the Property including, without limitation, any matters relating to (1) the quality, nature, adequacy, or physical condition of the Property, (2) the quality nature, adequacy or physical condition of soils, fill, geology, or any groundwater, (3) the existence, (00217662.2 306-9905308) 8 quality, nature, adequacy or physical condition of utilities serving the Property, (4) the development potential, income potential, expenses of the Property, (5) the Property's value, use, habitability, or merchantability, (6) the fitness, suitability, or adequacy of the Property for any particular use or purpose, (7)the zoning or other legal status of the Property, (8)the compliance of the Property or its operation with any applicable codes, laws, rules, regulations, statutes, ordinances, covenants, judgments, orders, directives, decisions, guidelines, conditions, or restrictions of any governmental or quasi-governmental entity or of any other person or entity, including, without limitation, environmental person or entity, including without limitation, environmental laws, (9) the presence of Hazardous Materials (as defined herein) or any other hazardous or toxic matter on, under, or about the Property or adjoining or neighboring property, (10) the freedom of the Property from latent or apparent vices or defects, (11) peaceable possession of the Property, (12) environmental matters of any kind or nature whatsoever relating to the Property, (13) any development order or agreement, or (14) any other matter or matters of any nature or kind whatsoever relating to the Property. As used herein,the term"Hazardous Materials"means (i) those substances included within the definitions of "hazardous substances", "hazardous materials", "toxic substances" or "solid waste" in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. §960 et seq., the Resource Conservation and Recovery Act of 1976, 42 U.S.C. § 6901 et seq., the Hazardous Materials Trans,.ortation Act, 49 U.S. C. §1801 et seq., or the Clean Water Act, 33 U.S.C. §1321 et seq., as . ended, and in the regulations pro ulgated pursuant thereto; (ii) those substances listed in the U 'ted States Department of Trans 0 ortation Table (49 CFR §172.101) or by the Environmental Protection Agency as "hazardous s .stances", "hazardous materials", "toxic substances" or "solid waste' (iii) such other subst. es, materials and wastes which are regulated, or classified as hazardous o toxic,under applic.0 e local, state or federal laws, ordinances or regulations; and any material, w•ste or subst. - which is petroleum, asbestos, polychlorinated,biphenyls, flammable explosives o radioacti - materials. 13. Covenants of Seller. Seller hereby dvenants with the Buyer that between the date of this Agreement and the Closing: (a) Between the date of this Agree ent and th- Closing Date, Seller will not, without the Buyer's prior written consent, create by is consent any : cumbrances on the Property. For purposes of this provision the term "e�i umbrances" shall i ean any liens, claims, options, mortgages or other encumbrances, en6achments, rights-of-wa leases, easements, covenants, conditions or restrictions. Furthernjore, Seller shall not market t' - Property or enter into any contracts, letters of intent, agreerjnents, commitments, options, righ of first refusal, rights of first offer, or any other rights, o frons or agreements to sell the Property .r any portion thereof. (b) Between the ate of this Agreement and the Closing Date, i ler will not file any application for any char of the present zoning classification of the Property nless such change is requested by the Buy r in writing or called for by this Agreement to allow the Property to be developed with the Pr ject. Seller will cooperate fully with the Buyer by executing consents, applications and other such documents reasonably requested by the Buyer in connection with its efforts in developing the Property to a condition such that building may commence. (00217662.2 306.9905308} 9 (c) Upon Seller's receipt of actual knowledge thereof, Seller shall promptly notify Buyer of any material change in any condition with respect to the Property or of any event or circumstance which makes any representation or warranty of Seller under this Agreement materially untrue or of any covenant of Seller under this Agreement which Seller will be incapable of performing. (d) Seller shall not enter into any Contracts or other agreement affecting the Property or any portion thereof or the use thereof which will be binding on Buyer or the Property after Closing, without the prior written consent of the Buyer, which consent may be withheld in Buyer's sole and absolute discretion. (e) In the event that Seller receives or is served, prior to Closing, with any notices from any governmental or quasi-governmental body or agency or from any person or entity with respect thereto, Seller will promptly comply with them at Seller's expense. (f) Seller shall comply with all laws, rules, regulations, and ordinances of all governmental authorities having jurisdiction over the Property. (g) So long as Seller is not required to incur any cost or e, pense with regard thereto (except as is otherwise required pursuant to the terms of this • .reement, including, without limitation the requirements of Paragraph hereof), Seller : all cooperate with Buyer in performing its due diligence with respect to '1 e Property a'a in seeking any and all consents, permits or approvals regarding the Property as yer ma equest, and Seller shall promptly join in all applications for building permits, certificat-, or ether agreements, and permits for sewer, water, or other utility services, other instruments or Other permits or approvals, the granting of or entry into which, by any governmental or quasi .ove. ental authority having jurisdiction over the Property, is, in Buyer's reasonable o+mion, . ecessary to permit the development, construction, use or occupancy of the Property for the Contemplated Improvements without violating applicable law. 14. Purchaser's Represent ions.PURCHASER hereby represents an warrants to the best of PUR • SER'S knowledge that all of the following are true and corre : (a) PURCHASER h1�s full power and authority to enter into •'s Agreement and to assume and perform all of its dbligations hereunder. (b) The execut'bn and delivery of this Agreement and the co summation 'of the transaction contemplated l reunder on the part of the PURCHASER do not and will not violate the corporate or organizational documents of PURCHASER and will not conflict with or result in the breach of any condition or provision, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the terms of any contract, mortgage, lien, lease, agreement, indenture, instrument or judgment to which the PURCHASER is a party. (c) No action by any federal, state, municipal or other governmental department, CRA, board, bureau or instrumentality is necessary to make this Agreement a valid instrument binding upon PURCHASER in accordance with its terms and conditions. (002176622306-9905308) 10 All of the representations, warranties and covenants of PURCHASER contained in this Agreement or in any other document, delivered to SELLER in connection with the transaction contemplated herein shall be true and correct in all material respects and not in default at the time of Closing,just as though they were made at such time. 15. Closing Costs,Taxes and Prorations. 15.1 Ad Valorem Taxes. PURCHASER and SELLER shall comply with Section 196.295, Florida Statutes, with respect to the payment of prorated ad valorem taxes for the year of closing into escrow with the Palm Beach County Tax Collector's Office. In the event that, following the Closing, the actual amount of assessed real property tax on the Property for the current year is higher than any estimate of such tax used for purposes of the Closing, the parties shall re-prorate any amounts paid or credited based on such estimate as if paid in November. This shall survive the Closing. 15.2 Seller's Closing Costs. SELLER shall pay for the following items prior to or at the time of closing: a) Cost and expense related to updating the title and providing marketable title as provided herein. 15.3 Purchaser's Closing Cost . PURCHASER shall p•' for the following items prior to or at the time of Closing: a) Costs associated to app .isals, survey, envir ental reports (phase I and phase II); b) Recording fees of the W. anty De- , Mortgage, if any, and any other instrument as required to be recorded in the Public Re.ords• c) Documentary Stamps on the I -d as provided under Chapter 201, Florida Statutes. d) Owner's title insurance p lIcy. 16. Real Estate Commissions. B - er and Seller .resent and warrant to each other that each has not dealt with any broker agent or similar Gerson in connection with this transaction. The Buyer is solely responsi e for paying any and al e okerage commission which shall be fully disclosed on the Closin Statement. The Buyer and S- er do mutually agree to indemnify and hold harmless the otp r party from and against and any .11 liability, loss, cost, damage and expense, including but of limited to attorneys' fees and costs .f litigation both prior to and on appeal, which either Brnr or Seller shall ever suffer or incur because of any claim by any agent, broker or finder engaged by either party whether or not meritorious, for any fee, commission or other compensation with respect to this Agreement or to the sale and purchase of t the Property contempladherein. 17. Condenation. In the event of the institution against the record owner of the Property of any proceedings,judicial, administrative or otherwise, relating to the taking, or to a proposed taking of any portion of the Property by eminent domain, condemnation or otherwise or if Seller shall receive any notice or knowledge that any agency or entity having the power of eminent domain is contemplating or is seeking the taking or condemnation of the Property, or (00217662.2306-9905308) 11 any part thereof, or any interest therein (which in Buyer's sole opinion materially impairs the proposed development of the Property), prior to Closing, or in the event of the taking of any portion of the by eminent domain, condemnation or otherwise, prior to Closing, then the Seller shall notify the Buyer promptly and the Buyer shall have the option, in its sole and absolute discretion of either (a) terminating this Agreement and obtaining a full refund of the Deposit and interest thereon in escrow; or (b) closing in accordance with the terms of this Agreement, but at Closing the Seller shall assign to the Buyer all of its right, title and interest in and to any net awards that have been or may be made with respect to such eminent domain proceeding or condemnation. Such election must be made by the Buyer within thirty (30) days of the notice furnished by Seller. If Buyer fails to make an election in writing, it shall be deemed to have elected alternative (a). 18. Default. (a) If Buyer fails to materially perform or observe any of the covenants, restrictions, requirements and/or stipulations to be performed and/or observed by Buyer hereunder and such failure to perform or observe is not cured within thirty (30)-days-after-written no' ce thereof from Seller to Buyer (or in the case of a default which cannot be cured in thirty I) days, Buyer has failed to commence curing the default with such thirty (30) day period , then, as Seller's sole remedy, any deposits placed under this Agre ent shall be delivered b the Escrow Agent to the Seller as liquidated and agreed upon damages. (b) If Seller fails to materially perfo or observ- any of the covenants, restrictions, requirements and/or stipulations to be performe and/or o e erved by Seller hereunder, and such failure to perform or observe is not cured within t 'rty I) days after written notice thereof from Buyer to Seller, then at the option of the Buyer, a a eposit placed under this Agreement shall be promptly returned by the Escrow Agent to the B er, together with all interest earned thereon or, alternatively, Buyer may seek specific perfor .nc. of Seller's obligations hereunder. 19. Escrow. Any Escrow Age receivint funds is authorized and agrees by acceptance thereof to promptly deposit ana to hold same in escrow and to disburse the same subject to clearance thereof in accordance with terms and conditions of this Agreement. Failure of clearance of funds shall not excuse rformance by the B er. In the event of doubt as to its duties or liabilities under the provisi ns of this Agreement, tho Escrow Agent may, in its sole discretion, continue to hold the n} flies which are the subject • this escrow until the parties mutually agree to the disburseme t(thereof, or until a judgment of a c• of competent jurisdiction shall determine the rights of th i6arties thereto, or it may deposit all the i onies then held pursuant to this Agreement with the perk of the Circuit Court of Palm Beach Co► ty, Florida, and upon notifying all parties concerned of such action, all liability on the part of the Esc •w Agent shall fully terminate, except to the extent of accounting for any monies theretofore delivere•. out of escrow. In the event of any suit beveen Buyer and Seller wherein the Escrow Agent is made a party by virtue of acting as such Escrow Agent hereunder, or in the event of any suit wherein Escrow Agent interpleads the subject matter of this escrow, the Escrow Agent shall be entitled to recover a reasonable attorney's fee and costs incurred, said fees and costs to be charged and assessed as court cost in favor of the prevailing party. All parties agree that the Escrow Agent shall not be liable to any party or person whomsoever for misdelivery to Buyer or Seller of monies subject to this {00217662.2 306-9905308} 12 escrow, unless such misdelivery shall be due to willful breach of this Agreement or gross negligence on the part of the Escrow Agent. Seller acknowledges that Escrow Agent has been retained as counsel for the Buyer in this matter and other transactions and agrees that Escrow Agent may continue to represent Buyer in this matter and any and all present and future transactions. 20. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the transaction contemplated herein, and it supersedes all prior understandings or agreements between the parties. 21. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, devisees, personal representatives, successors and permitted assigns. 22. Waiver; Modification. The failure by the Buyer or Seller o insist upon or enforce any of their rights shall not constitute a waiver thereof, and noth. g shall constitute a waiver of the Buyer's right to insist upon strict compliance with the t- s of this Agreement. Either party may waive the benefit of an provision or conditio for its benefit which is contained in this Agreement. No oral modifi ation of this Agree t shall be binding upon the parties and any modification must be in writinP and signed by th- parties. 23. Governing Law; Venue. This • greement all be governed by and construed under the laws of the State of Florida. The venw of any itigation arising out of this Agreement shall be Palm Beach County, Florida. 24. Headings. The paragraph heapg' as set forth in this Agreement are for convenience or reference only and shall not be •eeme• to vary the content of this Agreement or limit the provisions or scope of any paragrap herein. 25. Enforceability. If any provision in this A. eement shall be held t• be excessively broad, it shall be construed, by limiting and reduci t it, to be enforceable to the :xtent compatible with applicable law. If any provision in this A.reement shall, notwithstanding e preceding sentence, be held illegal or unenforceable, such llegality or unenforceability shall not : fect any other provision of this Agreement. 26. Notices. At y notice, request, demand, instruction or other ommunication to be given to either party, except where required by the terms of this Agreement to be delivered at the Closing, shall be in writing and shall be sent as follows: (00217662.2 306-9905308) 13 If to Buyer: Palm Beach Leisureville Community Association, Inc. 1007 Ocean Drive Boynton Beach, FL 33426 With a copy to: Leigh C. Katzman, Esq. Katzman Chandler 1500 W. Cypress Creek Road, Suite 408 Fort Lauderdale, FL 33309 Telephone: 954-486-7774 Facsimile: 954-486-7782 If to Seller: City of Boynton Beach Attn: Lori LaVerriere, City Manager City of Boynton Beach , 100 E. Boynton Beach Blv•. Boynton Beach, FL 334 With a copy to: Goren, Cherof, Doody&Ezrol,P.A. 099 East Co ercial Blvd, Suite 200 rt Lauder.. e,Florida 33308 Te Ilion-. 954-771-4500 Facsi 4' e: 954-771-4923 Emai . o doody@cityatty.com A : D. ald J.Doody, Esq. Any such notice shall be either (a) sent . overnight de 'very using a nationally recognized overnight courier, in which case notice : all be deemed de 'vered on the date such notice is deposited with such courier, (b) sent .y facsimile, in whic' case notice shall be deemed delivered upon confirmed transmissio► of such notice by facsimile, c) sent by personal delivery, in which case notice shall be deeme delivered upon receipt or refus. of delivery of such notice, or (d) sent by electronic mail ("E ail"), in which case notice shall b- deemed delivered upon confirmed transmission of such yotice by Email. A party's address ma be changed by written notice to the other party; provided, however, that no notice of a Chang: of address shall be effective until actually received by the recipient thereof. Copies of notices . - for informational purposes only, and a failure t'o give or receive copies of any notice shall not be •eemed a failure to give notice. The attorne for a party has the authority to send and receive notice- on behalf of such party. 27. Assi n ent. Neither party shall assign this Agreement without the prior written consent of the other • arty, which may be withheld in such party's sole discretion, except that Buyer may assign its rights under this Agreement with respect to the Property to one or more entities controlled by Buyer or its principals, or affiliated with the Buyer, or to any financial institution which may become a"partner" (which shall include an affiliation through any form of business organization) of the Buyer (or any of their affiliates), provided, however, a copy of the (002176622306-9905308) 14 assignment and assumption agreement shall be delivered to Seller prior to Closing Date, if applicable. 28. Attorneys' Fees. In the event that it becomes necessary for either party to bring suit to enforce the terms of this Agreement, then the prevailing party shall be entitled to recover all costs, including reasonable attorneys' fees, incurred in connection with such litigation (including appellate proceedings) against the non-prevailing party. 29. Radon Disclosure. Pursuant to statute, Seller hereby notifies Buyer as follows: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit. 30. Effective Date. The lc ective Date of this Agreement shall be the date upon which the last party to sign this Agree i ent has executed this Agreement Buyer shall confirm to Seller in writing the date of the Effect ve Date. Buyer recognizes th. though it has negotiated this Agreement with Seller's represen,atives and has signed it eller cannot execute this Agreement until it has fully complied wi the provisions of Se, ion 1 of Seller's Charter. If the City Commission of Seller approves this Agreement in .ccordance with Sectiones '1 of the Charter, then the Effective Date shall be he date upon w. ich Seller executes this Agreement. 31. Time of the Essence. Time i- of the -'sence with respect to each provision of this Agreement. Provided however, if the da'- fo performance is on' a Saturday, Sunday or federal holiday, the date for performance shall be tended to the next business day. 32 . No Third Par Beneficiarie . This A greement is an agreement between Seller and Buyer only and no third parties s , 1 be enti ed to assert any rights as third party beneficiaries hereunder. 33. Counter s art Execuf 2 n. This Agreement , ay be executed in two or more counterparts, all of which togeth: shall constitute but one and the same Agreement. To facilitate the execution and deli ery hereof, the parties may change executed counterparts hereof, or of any amendment h- eto, by facsimile or other similar ectronic transmission, which transmission shall be deemed 'elivery of an original executed counte 1.art by such party. 34. Recordatio 7. At the election of Buyer, and at Buyer's s. e cost, this Agreement or any memorandum, sumary, or other evidence hereof may be recorde• '• any public records prior to the consummat'on of the Closing. 35. Mark ting the Property. Seller hereby agrees that as of the Effective Date and provided that this Agreement has not terminated, the Seller may not continue marketing the Property or the membership interest of the Seller and may not enter into contracts for the sale of the Property or any contracts for the sale of the membership interest of the Seller. (00217662.2 306-9905308) 15 • 36. Survival. Except as otherwise provided herein, the provisions of this Agreement shall not survive the Closing and shall be merged into the conveyance documents executed and delivered at Closing. 37. Successors. This Agreement shall apply to and bind the executors, administrators, successors and assigns of SELLER and PURCHASER. The parties have executed this Agreement as of the day and ear last written below. BUYER: Palm Beach L•'sureville Communi, Association, Inc. By: Name: Title: Date: ,2018 SELLER: CITY I BOYNTO', BEACH, a Florida munici o al corporation By: N. e: tle: ate: 2018 {00217662.2306-9905308} 16 EXHIBIT"A" Legal Description of the Property A parcel of land lying in Section 29, Township 45 South, Range 43 East, Palm Beach County, Florida,being more particularly described as follows: Commencing at the Northeast corner of Lot 41, Block\-'2 the plat "Re 2 at of First Section Palm Beach Leisureville" as recorded in Plat Book 28, at Pages 201, 202, any 203 of the Public Records of Palm Beach County, Florida; thence South 01°12'5 East alo the East line of lots 34-41, Block 2 of said "Replat of First Section Palm Beach Lei.ureville: a distance of 620.34 feet to the Point of Beginning; thence continue South 01°12'55" Eas alone e East line of Lots 22-34 of said Block 2, a distance of 672.12 feet to the Southeast corner of et 22, of said Block 2; thence North 87°69'27" East along the North line of lots 7-12 of said ::ock 2, a distance of 330.70 feet to the Northeast corner of Lot 7 of said Block 2; thence North 0 015'09" West along the West line of lots 4 and 5 of said Block 2, a distance of 170.33 feet to a pI'nt of tersection with the South line of that 25.00 foot wide Right-of-Way for "Jasmine Street" .: shown o, said "Replat of First Section Palm Beach Leisureville"; thence South 08°24'30" Wes) along said s•uth line, a distance of 126.90 feet to a point of intersection with the southerly proje Pion of the West ine of the Plat of"Lake Boynton Estates Plat 4-A" as recorded in Plat Book 1'., at Page 69 of the 'ublic Records of Palm Beach County, Florida; thence North 01035'00" We:t along said projection ine and the West line thereof, a distance of 499.34 feet to the Point of Beg' ing. [Subject to verification by Survey o be obtained by Buyer during ► vestigation Period] (00217662.2 306-9905308} 17 EXHIBIT "B" Prepared by and return to: Donald J.Doody,Esq. Goren, Cherof,Doody&Ezrol,P.A. 3099 E. Commercial Blvd., S-200 Fort Lauderdale,FL 33308 SPECIAL WARRANTY DEED THIS INDENTURE, made and executed this day of , 2018, by City of Boynton Beach Florida, a Florida municipal corporation, whose mailing address is 100 E. Boynton Beach Blvd., Boynton Beach, Florida 334 ("Grantor") to Palm Beach Leisureville Community Association, Inc., a Florida not-for-profit corporation, whose mailing address is 1007 Ocean Drive, Boynton Beach, Florida 33426 ("Gr.ntee"). WIT ESSETH: THAT Grantor, for and in consideratio of the sum o Ten Dollars ($10.00) and other valuable consideration, the receipt and adequ. y of whic is hereby acknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveys confirms unto Grantee, certain real property located in Palm Beach County, Florio ("P operty") which is more particularly described on Exhibit"A" attached hereto and by this e rence made a part hereof. TOGETHER with all the easements, tenem- ts, hereditaments and appurtenances thereto belonging or in anywise appertaining; and The Property shall be used for a tr.1 itional par Grantor shall have a reversionary interest in the Property. The failure of G . tee to develo o the Property for a traditional park within months from the date a' this Special Warr:my Deed, shall allow Grantor to exercise its reversionary rights in the Pr..erty. TO HAVE AND TO HOLD, e same in fee simple forever. AND Grantor hereby cov-nants with Grantee that Grantor will ,arrant and defend the Property against the lawful clajs and demands of all persons claiming b , through, or under Grantor, but against none oth , and that the Property is free of all encumbrances, except taxes accruing subsequent to Dece ber 31, 2018 and except for matters as they appear on Exhibit"B" attached hereto and by thi/reference made a part hereof, provided that this reference shall not serve to reimpose same. [SIGNATURES APPEAR ON FOLLOWING PAGE] {00217662.2 306-9905308) 18 [SIGNATURE PAGE TO SPECIAL WARRANTY DEED] IN WITNESS WHEREOF, the Grantor has caused this Special Warranty Deed to be executed the day and year first above written. WITNESSES: CITY OF BOYNTON BEACH, FLORIDA, a Florida Witness municipal corporation Print Name: By: Witness Title: Print Name: STATE OF FLORIDA COUNTY OF PALM BEACH The foregoing instrument was acknowledgy before me this _ day of 2018, by , as of the ity of Boynton Beach, on behalf of the City. He/she is (j is p; sonally known o me or U produced as identification. NOTARY PUBLIC, .tate of Florida Print Name My Commission expires: Serial No.: (SEAL) (00217662.2 306-9905308} 19