Option Agreement
~f~ 2273 PACE 3
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OPTION AGREEMENT
THIS AGREEMENT, made by and between GREATER MIAMI
HEBREW ACADEMY, a not for profit Florida corporation, herein-
n If
after referred to as the Academy, party of the first part,
and CITY OF MIAMI BEACH, a Florida municipal corporation,
hereinafter referred to as the "City", party of the second
part.
WIT N E SSE T H:
WHEREAS, the City has simultaneously herewith
conveyed to the Academy that certain property situate in the
City of Miami Beach, County of Dade, State of Florida, more
particularly described as follows, to-wit:
From a point on the easterl~ line
of Pine Tree Drive at the
intersection wtth the northerly
line of West 25th Street as shown
on the plat of FLAMINGO TERRACE
EXTENSION, recorded in Plat Book 38
at Page 61 of the Public Records of
Dade County, Florida, run southerly
~lt'illel<".I;'t"'I'fli~""~~'
along the easterly line of Pine Tree
Drive seven hundred thirty-six and
fifty-seven hundredths (736.57) feet
to a point;
Thence run westerly at right angles
to the said easterly line of Pine Tree
Drive one hundred fifty (150) feet to
the point of beginning of the tract of
land herein described;
From said point of beginning continue
westerly along the last course extended
and at right angles to the said easterly
line of Pine Tree Drive two hundred six
and two hundredths (206.02) feet to a
point;,
Thence deflecting to the right sixty-s,even
I
degrees and seventeen minutes (670-17')
run northwesterly three hundred twenty-two
and fifty hundredths (322.50) feet to a
point;
Thence deflecting to the right forty-eight
degrees and fifty-four minutes (480-54')
run northeasterly seventy-one and forty-six
hundredths (71.46) feet to a point;
OFFICES OF
IRVING FIRTEL
420 LINCOLN ROAD
-1-
MIAMI BEACH, FLORIDA
"
~f~ 2273 PACE
4
.
Thence deflecting to the right
sixty-three degrees and forty-nine
minutes (630-49') run easterly
two hundred ninety-nine and
three hundredths (299.03) feet to
a point. said point being one
hundred fifty (150) feet westerly
of the easterly line of Pine Tree
Drive;
Thence deflecting to the right
ninety degrees (900) run southerly
parallel to and one hundred
fifty (150) feet westerly of the
easterly line of Pine Tree Drive
three hundred sixty-one and
sixty-one hundredths (361.61) feet
to the point of beginning,
containing one hundred thousand
(100,000) square feet, more or less.
and
WHEREAS, as part of the consideration for such
conveyance by the ctty to the Academy, the Academy had agreed
and does hereby agree as hereinafter set forth.
NOW. THEREFORE. for $10.00 and other good and
valuable considerations it is hereby agreed by and between the
Academy and City as follows:
1) That the above described property, simultaneously
herewith conveyed by the City to the Academy shall be used
solely and exclusively for the construction, operation and
maintenance of a school by the Academy or its successors and
assigns.
2) That if the above described land shall cease
to be used for school purposes by the Academy, its successors
and assigns. then and in that event. at the option of the City
and upon the payment by the City to the Academy or to its
successors and assigns, of the sum of One Hundred Fifteen
Thousand Dollars ($115.000.00) in cash, all of the right, title
and interest in and to the said land shall revert to and become
otFICES OF
IRVING FIRTEL
.20 LINCOLN ROAD
-2-
MIAMI BEACH, FLORIDA
~{t 2273 PACE 5
the property of the City, and the Academy agrees that in
such event and upon delivery of said sum to be paid by the
City as aforesaid should the property cease to be used for
school purposes, the Academy, its successors and assigns,
shall execute a good and sufficient warranty deed conveying
said land to the City free and clear of all encumbrances
except the lien of a first mortgage construction loan for
the construction of a school building or buildings on said
land, which said mortgage shall be limited to the reasonable
and bona fide construction of said school building or buildings;
(it being within the contemplation of and intent of the
parties that the amount of said mortgage construction loan,
or unpaid balance thereof, if any, shall be equal to the
reasonable and bona fide value of the improvement or improve.
ments existing on said land at the time of the cessation of
use of the land for school,purposes by the Academy, its
successors or assigns, or at the time of the exercise by the
City of the option to repurchase hereby granted by the Academy
to the City).
3) That this option agreement shall be read,
construed and be deemed in pari materia with the warranty deed
conveying the above described property, executed and delivered
by the City to the Academy simultaneously herewith, and this
option agreement shall not be deemed to be merged in said
warranty deed.
IN WITNESS WHEREOF, the GREATER MIAMI HEBREW
ACADEMY has caused these presents to be signed by its proper
-3-
OFFICES OF
IRVING FIRTEL
420 LINCOLN ROAD
IIIAMI BEACH. FLORIDA
,
au 2273 PACE 6
corporate officers, and its corporate seal to be hereunto
affixed, as of the day and year first above written.
delivered
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GREATER MIAMI HEBREW\ ~({~', '\ ....
a not for profit F10rida,_ .....~}......
::rPffP_4-~ ~~j-
-' V President
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STATE OF FLORIDA
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58: .
COUNTY OF DADE
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I HEREBY CERTIFY that on this uI day of
SePtember,~.D. 1960, before me personally appeared
/3.;: II\Cte~ and ffDS"'S J 6="....,..cl......l"~
President and Secretary respectively of GREATER MIAMI HEB W
ACADEMY, a not for profit Florida corporation, to me well
known to be the persons described in and who executed the
foregoing Option Agreement, and severally acknowledged the
execution thereof to be their free act and deed as such
officers, for the uses and purposes therein mentioned, and
that they affixed thereto the official seal of said corporation,
and the said instrument is the act and deed of said
corporation.
WITNESS my signature and official seal at
Miami Bepch in the County of Dade and State of Florida,
this ~ day of September, 1960.
Notary
My Commission
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M cry Public, State of Florid : <> : ':l , Ij t:I ~ .... ~
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Bonded by Arner xPlres Aug. 29, 1964 :7: :: (,;';'::
Ica" Surety Co. of NY: "" ~..r b 0 \\. : .J "
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OFFICES OF
IRVING FIRTEL
Stale. of Florida, County of Dade.
;~~~ mstr~~t was filed for record the,....r...Zday of~
i;;ok.:i~~Z~M. and duly recorded in OFFICI!6.L RECORDS
., .......on Page~..,..... File #600.,/ Z..z ./ ~v
E. B. LEATHERMAN'.......r.'.z..~
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420 L.INCOLN ROAO
MIAMI BEACH. FLORIDA
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