Resolution 5506 RESOLUTION NO. 5506
WHEREAS, the offer of Miami Beach Hospital, Inc.
to sell to the City of Miami Beach the property located in
said City, known as Miami Beach Clinic, has been accepted
by said City, and
WHEREAS, by the terms of said offer and of said
acceptance, Miami Beach Hospital, Inc. is to sell and the
City of Miami Beach is to buy, the following described prop-
erty:
"Lots 23, 24 and 25, Block 2, of
Fleetwood subdivision, as per plat
recorded in Plat Book 28, Page 34,
Public Records of Dade County, Florida;
together with the hospital building
thereon, known as the Miami Beach
Hospital; and together with the furniture,
furnishings and equipment, shown on in-
ventory which is attached to the offer
made by Miami Beach Hospital, Inc. , as
aforesaid. "
AND WHEREAS, the said offer made and accepted, as
aforesaid, contains the following :
"We agree to sell the above described prop-
erty for the sum of $100,000. You may pay any por-
tion of the purchase price you see fit in cash, and
the balance shall be evidenced by a purchase money
mortgage from you to us , payable one-tenth of said
balance one year after date, and the remaining nine-
tenths of said balance in six equal installments two,
three, four, five, six and seven years after date.
Said purchase money mortgage shall -- secure --
promissory notes bearing interest from date of closing
at 4% per annum, payable semi-annually.
It is an express and specific condition
of this deal, however, that simultaneously with the
closing some purchaser or purchasers shall be found
who will buy said purchase money mortgage and the notes
secured thereby at par, and that we will assign the
mortgage to said purchaser or purchasers without re-
course on us, and will endorse said promissory notes
to said purchaser or purchasers without recourse on
us; that is to say, while the City will not be re-
quired to pay the purchase price in cash, we will
actually receive the purchase price in cash at the
time of the closing. "
AND WHEREAS, the following written proposal
has been made by Atwill and Company and Leedy, Wheeler & Co. :
"March 31, 1942
Honorable City Council
Miami Beach, Florida
Gentlemen:
In connection with financing the purchase
of the Miami Beach Clinic for use as a Municipal
Hospital, we hereby offer to buy $100,000 Purchase
Money First Mortgage Notes of the City of Miami
Beach, Florida, at an interest cost to the City
of 4%, the notes to mature without option of prior
payment as follows:
$10,000 one year from date of issue,
15,000 in two years, $15,000 in three years,
15,000 in four years, 415,000 in five years,
15,000 in six years, and 015,000 in seven years.
This purchase is subject to the approval
of our attorneys .
Respectfully submitted,
ATWILL AND COMPANY
BY: By WM. ATWILL, JR.
LEEDY, WHEELER & CO.
BY:
RAY STERLING."
NOW, THEREFORE, BE IT RESOLVED by the City
Council of the City of Miami Beach, Florida that the said
offer of ATWILL AND COMPANY and LFRT)Y, WHi+.'R,LER & CO. be
and the same is hereby accepted and the City Manager be and
he is hereby authorized and directed, if, as and when such
City Manager is notified in writing by ATWILL AND COMPANY
and LEEDY, WHEELER & CO. , that their attorney has approved
the transaction, to notify Miami Beach Hospital, Inc. that
the City has found and produces said ATWILL AND COMPANY and
LEEDY, WHEELER & CO. es purchasers, who will buy said purchase
money mortgage and the notes secured thereby at par, paying
the purchase price in cash at the time the sale from Miami
Beach Hospital, Inc. to the City of Miami Beach is consummated
and closed.
PASSED AND ADOPTED this 1st day of April,
A.L . , 1.942.
2, ; 7 L?7
'MAYOR
AT
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