14-2659 Casto Casselberry Acquisition Agreement and Option to Purchase

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Prepared by and return to: Thomas E. Francis, Esq. Lowndes, Drosdick, Doster, Kantor & Reed, P.A. 215 North Eola Drive Post Office Box 2809 Orlando, FL 32802-2809 (407)843-4600 CITY OF CASSELBERRY ACQUISITION AGREEMENT AND OPTION TO PURCHASE THIS ACQUISITION AGRYRy NT AND OPTION TO PURCHASE (the "Agreement") is entered into as of the of 610.E 6 - 014 (the "Effective Date"), by and between CASTO CASSELBERRY LLC, a Florida limited liability company ("Casto" or "Buyer"), and the CITY OF CASSELBERRY, a Florida municipal corporation ("City") (with Casto and the City being together referred to as the "Parties" and sometimes referred to individually as a "Party"). RECITALS WHEREAS, the City and Casto Southeast Realty Services LLC, a Florida limited liability company (an affiliate of Casto Casselberry LLC), and Integra Lakes, LLC, a Florida limited liability company ("Integra"), entered into that certain Amended and Restated Acquisition Agreement and Option to Purchase dated February 10, 2014 and recorded on February 18, 2014, in O.R. Book 8213, Page 98 of the Public Records of Seminole County, Florida (the "Existing Agreement"), and the Parties desire to terminate and replace the Existing Agreement to modify certain terms and conditions and to better reflect the Parties' needs; and WHEREAS, simultaneously herewith, the City, Casto Southeast Realty Services LLC and Integra have executed a termination of the Existing Agreement such that the Existing Agreement is terminated and is of no further force and effect whatsoever, and this Agreement replaces and supersedes the Existing Agreement with respect to the Parties; and WHEREAS, the City owns the property generally located at the intersection of U.S. Highway 17-92 and Triplet Lake Drive containing approximately 20 acres and described in Exhibit "A" (the "City Center Property"); and WHEREAS, for purposes of this Agreement, a portion of the City Center Property is designated as the "South Village Commercial Parcel" (containing approximately 3.1 acres), a portion of the City Center Property is designated as the "North Village" (containing approximately 2.6 acres), a portion of the City Center Property is designated as the "West Parcel" (containing approximately 0.9 acres), a portion of the City Center Property is designated as the "Residential Parcel" (containing approximately 9.2 acres), and a portion of the City Center Property is designated as the "City Property" (containing approximately 3.3 acres), all as depicted on Exhibit "B"; and 0215045\157453\1626977v8