Agreement 3/254/1981
CONTRACT FOR SALE AND PURCHASE
THIS CONTRACT, made and entered into this
~ tfTI!t day
of
(J1 frle (~.. AI
, 1981, by and between CITY NATIONAL
BANK OF MIAMI, as Trustee under Land Trust No. 5003918, herein-
after referred to as "Seller," and THE CITY OF MIAMI BEACH,
hereinafter referred to as "Purchaser," hereby agree that the
Seller shall sell and the Purchaser shall buy the following
property upon the terms and conditions hereinafter set forth,
to-wit:
Tract B, PARKVIEW POINT, according to the
Plat thereof as recorded in Plat Book 77,
at Page 12 of the Public Records of Dade
County, Florida.
Purchase Price: FOUR HUNDRED 'IWENTY 'IHREE HOUSAND FIVE HUNDRED OOlJ.ARS $423,500.00
Payment at
Closing: FOUR HUNDRED 'IWENTY 'IHREE THOUSAND FIVE HUNDRED DOlJ.ARS
(less tax proration and documenta:ry stamps)
$423,500.00
Terms and Conditions
without warranty
The property shall be conveyed by Trustee's Deed/free
from all liens and encumbrances except any special assessment lien
for improvements not completed as of the date of acceptance of this
offer. The Seller shall provide the statutory form trustee's deed,
and shall pay for cost of preparation of same and documentary
stamps to be affixed thereto. The conveyance shall be subject
to all applicable zoning ordinances, building and use restrictions,
restrictions of record common to the subdivision, and existing
public utility or drainage easement, and taxes for the current
year. Taxes, rents and other revenue of the property shall be
prorated as of date of closing or delivery of occupancy, which-
ever first occurs. Encumbrances to be discharged by Seller may
by paid at his option out of the purchase money at closing.
Within ten (10) days from the date of the acceptance of
this offer, the Seller will pay for and deliver to the Purchaser
evidence of title in the form of:
An abstract of title prepared by a reliable abstract
company certified to a date subsequent to the
acceptance hereof.
OFFICE OF THE CITY ATTORNEY, 1700 CONVENTION CENTER DRIVE. MIAMI BEACH, FLORIDA 33139
The evidence of title submitted shall indicate that
as of a date subsequent to the date of acceptance hereof mar-
ketable or insurable fee simple title to the above described
land is vested in Seller, subject only to the standard conditions,
easements, and restrictions common to the neighborhood. Purchaser
shall have twenty (20) days after the delivery of the abstract of
title within which to examine the same and to notify the Seller,
in writing, of any defects therein which render the title not
marketable or insurable. Should the Purchaser fail to notify the
Seller of such defects within such period of time, then the title
shall be deemed accepted. If Seller's title is not marketable
or insurable and cannot be made so within a reasonable time after
delivery by the Purchaser of the written notice specifying the
defects, then, at the option of the Purchaser, both parties shall
be relieved from all obligations hereunder, or the defects may
be waived and the title taken in its existing condition.
The transaction shall be closed, all necessary deeds
and other documents delivered, and the purchase price paid in
cash, cashier's check or City check on the 4th day of May, 1981,
or earlier if agreeable to both partiesi provided that, the date
of closing shall be extended for such reasonable period of time
as may be necessary to cure any defects in the title, as above
provided.
The deed shall be recorded and evidence of title con-
tinued to show title in Purchaser, without any encumbrances or
change from the date of the last evidence which would render
Seller's title unmarketable, and the cash proceeds of sale
shall be held in escrow by Seller's attorney or by such other
escrow agent as may be mutually agreed upon for a period of
not longer than five (5) days. If Seller's title is rendered
unmarketable, Purchaser's agent or attorney shall within said
five (5) day period, notify Seller's attorney in writing of the
defect and Seller shall have thirty (30) days from date of receipt
of such notification to cure said defect. In the event Purchaser
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OFFICE OF THE CITY ATTORNEY. 1700 CONVENTION CENTER DRIVE. MIAMI BEACH, FLORIDA 33139
fails to make timely demand for refund, he shall take title as is,
waiving all rights against Seller as to such intervening defect
except as may be available to Purchaser by virtue of warranties,
if any, contained in deed.
The Purchaser, within time allowed for delivery of
evidence of title and examination thereof, may have the property
surveyed at his expense.
If the survey, certified by a registered
Florida surveyor, shows any encroachment on said property or that
improvements intended to be located on the subject property in
fact encroach on lands of another, or violate any of the Contract
covenants, the same shall be treated as a title defect. Any
survey prepared in connection with or as a consequence of this
transaction may include a description of the property under the
Florida Coordinate System as defined in Chapter 177, Florida
Statutes.
The Seller hereby agrees to dismiss with prejudice
the case of City National Bank of Miami vs. City of Miami Beach,
case No. 80-12529, within five (5) days after the closing of
this transaction.
This instrument is executed by the CITY NATIONAL BANK
OF MIAMI, Miami, Florida, not personally, but as Trustee, as
aforesaid, in the exercise of the power and authority conferred
upon and vested in it as such Trustee (and City National Bank of
Miami, Miami, Florida, hereby warrants that it possesses full power
and authority to execute this instrument), and it is expressly
understood and agreed that nothing herein contained shall be con-
strued as creating any liability on City National Bank of Miami
to perform any covenant either express or implied herein contained,
all such liability, if any, being expressly waived by THE CITY OF
MIAMI BEACH and by every person now or hereafter claiming any right
hereunder, and that, so far as the City National Bank of Miami
personally is concerned, THE CITY OF MIAMI BEACH shall look solely
to the above-described property in the manner herein provided or
by action to enforce the personal liability of the guarantor, if any.
CITY OF MIAMI BEACH ("PURCHASER")
"
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.~-4L/M./ G/~ tbtAd/vv"-'~
Ci ty Clerk \,
(SIGNATURES CONTINUED ON PAGE FOUR)
three of four
OFFICE OF THE CITY ATTORNEY. 1700 CONVENTION CENTER DRIVE. MIAMI BEACH, FLORIDA 33139
WITNESSES:
~.uf'-i' (-!,I. ~~:;.
~~.
CITY NATIONAL BANK OF MIAMI,
AS TRUSTEE UNDER LAND TRUST
NO. 5003918, ("SELLER")
By:
Page Four of Four.
OFFICE OF THE CITY ATTORNEY. 1700 CONVENTION CENTER DRIVE, MIAMI BEACH, FLORIDA 33139