14-2678 Planned Unit Development Agreement with Allegro

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NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. Incorporation. The recitals herein contained are true and correct and are incorporated herein by reference. 2. Ownership. The Developer represents that it has a contractual right to purchase the Subject Property. The current fee simple owner of the Subject Property is SUSAN WOODBERY as Trustee of Land Trust No. 7 dated June 4, 2013, and she has given Developer authority to make this application. 3. Title Opinion/Certification. The Developer will provide to the City, in advance of the City's execution of this Agreement, a title insurance commitment prepared by a national title insurance company authorized to do business in Florida, showing marketable title to the Subject Property to be in the name of Developer's principal and showing all liens, mortgages, and other encumbrances not satisfied or released of record. 4. Subordination/Joinder. Unless otherwise agreed to by the City, all liens, mortgages, and other encumbrances not satisfied or released of record, must be subordinated to the terms of this Agreement or the lienholder join in this Agreement. It shall be the responsibility of the Developer to promptly obtain the said subordination or joinder, in form and substance acceptable to the City Attorney, prior to the City's execution of the Agreement. 5. Conditions of Site Plan Approval and Approval of the Conditional Use. a. Acquisition of Title to the Subject Property. It shall be a condition precedent to the effectiveness of this Agreement and the City approvals contemplated hereby that Developer shall acquire fee simple title to the Subject Property. b. Dedication of Conservation Easement. Prior to the issuance of a permanent Certificate of Occupancy for the improvements set forth on the Approved Site Plan (the "Improvements"), Developer shall execute and record a conservation easement in the form attached hereto as Exhibit B over a portion of the Subject Property more particularly described in said conservation easement. C. Public Works. All public works technical issues must be resolved by the Developer and the City prior to issuance of a building permit for the Improvements. Such public works technical issues include outstanding Development Review Committee comments and resolution of any future site plan revisions that do not comply with the Code or then -established City engineering/public works department utility specifications. d. Tree Bank. Attached hereto as Exhibit C is the preliminary Tree Mitigation Plan for the Senior Project approved by the City. The Developer shall comply with the requirements of Article XIV of the Code with regard to tree protection. Notwithstanding the foregoing, the City agrees and acknowledges that development of the Senior Project reasonably requires removal of trees from the Subject Property. The City agrees to permit such removal upon Developer's application therefor, provided that Developer shall comply with the requirements of Section 3-14.8 of the Code regarding tree replacements and/or use of the tree bank alternative for trees other than undesirable trees or dead trees as defined by the Code. Any Tree Bank payment required pursuant to the Code for the Subject Property must be paid by Developer prior to issuance of a permanent Certificate of Occupancy for the Improvements. Developer's Agreement The Allegro at Casselberry, L.L.C. DA- Page 2 of 10