06-1651 Sale of Real Estate to Unicorp National Developments, Inc.

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CONTRACT FOR SALE AND PURCHASE hi Contract fpr Sale and Purchase, hereinafter "Contract", executed this :J.1tf.. day of <'2006 by and between City of Casselberrv and the City of Casselberry Community Re elopment Agency, hereinafter collectively referred to as "Seller", and Unicoro National Develooments. Inc., hereinafter referred to as "Buyer". WHEREAS, Seller is the owner of certain real property at the intersection of US Hwv. 17/92 and Triolet Lake Drive being approximately 15.3 acres +/- and known as the property previously owned by Casselberry Investment Properties (CIP) (Property 1) and the Shell Station site (Property 2) located on the southeastern intersection of 17-92 and Triplet Lake Drive; and WHEREAS, Seller is also the owner of certain real property (Property 3) north and south of the Nebel parcel; and WHEREAS, Buyer desires to purchase Seller's property for the purposes of constructing improvements thereon, and Seller desires to sell such property to Buyer. NOW, THEREFORE, for and in consideration of the premises, mutual covenants and promises hereinafter contained and in consideration of the deposit paid simultaneously with the execution of this Contract, Seller agrees to sell and Buyer agrees to buy Properties 1 and 2, those certain parcels of land being 15.3 acres +/- m.o.l., and Property 3 north and south of the Nebel Parcel, and all described in Exhibit "1 ", which is by reference made a part hereof (the "Property"), upon the following terms and conditions. a) Purchase Price and Method of Pavment: 1) The purchase price for Properties 1 and 2 together shall be FOUR MILLION FOUR HUNDRED FORTY-THREE THOUSAND AND 00/100 DOLLARS ($4,443,000); 2) The purchase price for Property 3 North and South of the Nebel parcel shall be FIVE HUNDRED FIFTY-SEVEN THOUSAND DOLLARS ($557,000.00); 3) The total purchase price shall be payable as follows: a. TWENTY-FIVE THOUSAND AND 00/100 DOLLARS ($25.000.001 earnest money deposit to be paid to Jeffrev H. Rosenthal Trust Account, (Escrow Agent) upon the execution hereof by both parties. This deposit shall be released as outlined in Paragraph 13d. This deposit is refundable by Buyer giving notice to Seller on or before Five @ days from date of the non-compliance with the contingencies set forth herein. b. Balance in cash, cashiers check or tellers check on local funds paid to Seller at closing, plus such lesser or greater amounts as may be required as the result of extension payments, prorations and adjustments in accordance with this Contract.