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HomeMy WebLinkAboutCity of Tamarac Resolution R-2018-076Temp. Reso. #13119 May 31, 2018 Page 1 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2018 - A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO EXECUTE THAT CERTAIN SETTLEMENT AGREEMENT BETWEEN PRESTIGE HOMES OF TAMARAC, LLC AND THE CITY OF TAMARAC IN THE MATTERS OF PRESTIGE HOMES OF TAMARAC, INC., A FLORIDA CORPORATION V. CITY OF TAMARAC, CASE NO: 10-45101(03), APPELLATE CASE NO. 4D 17-3281, PENDING IN THE FOURTH DISTRICT COURT OF APPEAL FOR THE STATE OF FLORIDA, AND PRESTIGE HOMES OF TAMRAC, INC. V. CITY OF TAMRAC, CASE NO. 11-12611(14), PENDING IN THE CIRCUIT COURT OF THE SEVENTEENTH JUDICIAL CIRCUIT IN AND FOR BROWARD COUNTY, FLORIDA, WHICH IS ATTACHED HERETO AS EXHIBIT "A"; AND TO AUTHORIZE THE APPROPRIATE CITY OFFICIALS TO EXECUTE THE PURCHASE AND SALE AGREEMENT, ADDENDA, A COPY OF WHICH IS ATTACHED HERETO AS EXHIBIT "B", AND ALL RELATED DOCUMENTS TO FACILITATE THE CLOSING OF THE TRANSACTION BETWEEN THE CITY OF TAMARAC AND PRESTIGE HOMES OF TAMARAC, LLC, AS SELLERS, AND ROCK ISLAND STORAGE PARTNERS, LLC, AS PURCHASER, FOR THE SALE OF REAL PROPERTY LOCATED AT THE NORTHEAST CORNER OF ROCK ISLAND ROAD AND COMMERCIAL BOULEVARD, KNOWN AS TRACT H, SABAL PALM BY PRESTIGE, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 178, PAGE 71 OF THE PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED IN EXHIBIT "B", ATTACHED HERETO AND INCORPORATED HEREIN; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Tamarac, a Florida municipal corporation ("City") and Prestige Homes of Tamarac, Inc. ("Prestige") are currently involved in litigation related (00232442.2 2704-0501640) Temp. Reso. #13119 May 31, 2018 Page 2 to the real property located at the northeast corner of Rock Island Road and Commercial Boulevard, located in the City of Tamarac (the "Property"); and WHEREAS, the pending litigation is comprised of two cases: (1) Prestige Homes of Tamarac, Inc., a Florida corporation, Plaintiff v. City of Tamarac, a municipal corporation, Defendant, Case No. 10-45101(03), in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County, Florida, in which a final judgment has been entered in favor of the City, and, in which Prestige Homes has filed an appeal styled Prestige Homes of Tamarac, Inc., Appellant, v. City of Tamarac, Appellee, Case NO; 4D 17-3281 in the District Court of Appeal of the State of Florida, Fourth District; and (2) Prestige Homes of Tamarac, Inc., Plaintiff v. City of Tamarac, a Florida municipality, defendant, Case No: 11-12611(14) in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County, Florida (the "Litigation"); and WHEREAS, the City and Prestige desire to settle the Litigation subject to the terms and conditions contained in the Settlement Agreement, which is attached hereto as Exhibit "A", and incorporated herein by reference; and WHEREAS, as part of the Settlement Agreement, the City and Prestige agree to enter into a Purchase and Sale Agreement for the sale of the Property to Rock Island Storage Partners, LLC, a copy of which is attached hereto as Exhibit "B", and incorporated herein by reference; and (00232442.2 2704-05016401 Temp. Reso. #13119 May 31, 2018 Page 3 WHEREAS, the sale of the Property, pursuant to the Purchase and Sale Agreement, is subject to all terms and conditions of the Purchase and Sale Agreement, and any addenda attached thereto, as well as all required governmental approvals and public hearing requirements, as may be required by state, county, and municipal law, including, but not limited to, all applicable statutes, ordinances, charter provisions, and regulations; and WHEREAS, the Settlement Agreement and the Purchase and Sale Agreement is mutually beneficial to the parties given that it will provide for the conclusion of the Litigation, provide an opportunity for development of the Property, and return the Property to the tax rolls, and WHEREAS, the City Manager and the Director of Financial Services recommends that the appropriate City Officials execute the Settlement Agreement and the Purchase and Sale Agreement with Prestige and Rock Island Storage, LLC, as well as all related documents to facilitate the closing of the transaction for the sale of the Property; and WHEREAS, the City Commission of the City of Tamarac, Florida, deems it to be in the best interest of the citizens and residents of the City of Tamarac to authorize the execution of the Settlement Agreement with Prestige Homes of Tamarac, Inc., and the Purchase and Sale Agreement between the City, Prestige Homes of Tamarac, LLC, and Rock Island Storage, LLC. {002324422 2704-0501640) Temp. Reso. #13119 May 31, 2018 Page 4 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA- SECTION 1: The foregoing "WHEREAS" clauses are HEREBY ratified and confirmed as being true and correct and are hereby made a specific part of this Resolution upon adoption hereof; all exhibits referenced and attached hereto are incorporated herein and made a specific part of this resolution. SECTION 2: It is hereby found and determined that the authorization to execute the Settlement Agreement, to settle and fully resolve the pending litigation styled as follows: Prestige Homes of Tamarac, Inc., a Florida corporation, Plaintiff v. City of Tamarac, a municipal corporation, Defendant, Case No. 10-45101(03), in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County, Florida, in which a final judgment has been entered in favor of the City, and the related appeal styled Prestige Homes of Tamarac, Inc., Appellant, v. City of Tamarac, Appellee, Case NO; 4D 17-3281 in the District Court of Appeal of the State of Florida, Fourth District; and Prestige Homes of Tamarac, Inc., Plaintiff v. City of Tamarac, a Florida municipality, defendant, Case No: 11-12611(14) is in the best interest of the City of Tamarac. SECTION 3: The appropriate City officials are hereby authorized to execute the Settlement Agreement with Prestige Homes of Tamarac, LLC, a copy of which is attached hereto as Exhibit "A". (00232442.2 2704-0501640) Temp. Reso. #13119 May 31, 2018 Page 5 SECTION 4: It is hereby found and determined that the authorization to execute the Purchase and Sale Agreement between the City of Tamarac and Prestige Homes of Tamarac, LLC, as Sellers, and Rock Island Storage Partners, LLC, as Purchaser, is in the best interest of the City of Tamarac. SECTION 5: The appropriate City officials are hereby authorized to execute the Purchase and Sale Agreement between the City of Tamarac and Prestige Homes of Tamarac, LLC, as Sellers and Rock Island Storage Partners, LLC, as Purchaser, a copy of which is attached hereto as Exhibit "B", as well as all related documents to facilitate the closing of the transaction for the sale of the Property located at the northeast corner of Rock Island Road and Commercial Boulevard, SECTION 6: All Resolutions or parts of Resolutions in conflict herewith are hereby repealed to the extent of such conflict. SECTION-7- If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or application, it shall not affect the validity of the remaining portions or applications of this Resolution. SECTION 8: This Resolution shall become effective immediately upon its passage and adoption. {00232442.2 2704-05016401 PASSED, ADOPTED AND APPROVED f VA Wfo1 4 ATTEST: PATRICIA TEUFEL, CMC CITY CLERK Temp. Reso. #13119 May 31, 2018 Page 6 . n, . 18. RECORD OF COMMISSION VOTE: MAYOR DRESSLER DIST 1: COMM. BOLTON )4.0 DIST 2: V/M GOMEZ DIST 3: COMM. FISHMAN DIST 4: COMM. PLACKO I HEREBY CERTIFY THAT I HAVE APPROVED THIS RESOLUTION AS TO FORM �y SAMUEL S. GOREN CITY ATTORNEY C (002324421 2704-05016401 SETTLEMENT AGREEMENT Prestige Homes of Tamarac,LLC, previously known as Prestige Homes of Tamarac, Inc. ("Prestige Homes")and the City of Tamarac("City")for and in consideration often dollars($10.00) or other valuable considerations, agree as follows: WHEREAS, Prestige Homes has brought a civil action against the City styled Prestige Homes of Tamarac, Inc., a Florida Corporation, Plaintiff v. City of Tamarac, a municipal corporation, Defendant, Case No: 10-45101(03), in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County,Florida,in which a final judgment has been entered in favor of the City,and Prestige Homes has filed an appeal styled Prestige Homes of Tamarac,Inc.,Appellant v. City of Tamarac,Appellee, Case No:4D 17-3281 in the District Court of Appeal of the State of Florida,Fourth District and, WHEREAS, Prestige Homes has brought a civil action against the City styled Prestige Homes of Tamarac,Inc., Plaintiff v. City of Tamarac, a Florida municipality,Defendant, Case No: 11-12611(14) in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County, Florida,which among other things seeks reliefregarding Tract H of the Sabal Palm by Prestige Plat, recorded in official records book 178 at pages 71-87 of the official records of Broward County, Florida; and WHEREAS, Prestige Homes and the City wish to settle both of the above described civil actions subject to the terms and conditions set forth herein,the parties agree as follows: 1. Following the execution of this Settlement Agreement,Prestige Homes and the City will forthwith jointly request that the Broward County Board of County Commissioners delete the note on the Sabal Palm by Prestige Plat,and approve an amendment to the Declaration of Page 1 of 3 Restrictive Covenants, both of which restrict the use of Tract H to a fire station. If the Broward County Board of County Commissioners rejects the joint request to delete the Plat Note and amend the Declaration of Restrictions restricting such use of Tract H, this Settlement Agreement shall be void and of no further force and effect and any executed release, stipulation for dismissal or satisfaction of judgment which pursuant to the parties'agreement as stated below was to have been held in escrow by the City's counsel,will be of no effect and each will be returned to the entity who executed the document. 2. If the Broward County Board of County Commissioners approves the request to delete the Plat Note restricting the use of Tract H and to amend the Declaration of Restrictions accordingly,the parties agree to jointly sell Tract H to a third party for a sum mutually agreeable to the parties,and the proceeds of the sale will forthwith be distributed evenly(50/50)between Prestige Homes, or its assigns,and the City, as more fully set forth herein. 3. Within ten(10)days following the execution of this Settlement Agreement, Prestige Homes will execute and deliver the attached release and stipulation for dismissal to Michael T. Burke, Esq. at 2455 East Sunrise Blvd., Ste. 1000, Fort Lauderdale, FL 33304. The executed release and stipulation will be held in escrow by Michael T. Burke until the proceeds of the sale of Tract H are distributed in accordance with the provisions of this Settlement Agreement. Upon such distribution of the proceeds from the sale of Tract H, the executed release will be provided to the City and the stipulations will be filed with the court. 4. Within ten(10)ten days following the distribution of the proceeds from the sale of Tract H, counsel for the City will deliver to Prestige Homes the executed satisfaction of judgment attached hereto. Page 2 of 3 5. Prestige Homes.and the City agree to execute such documents as are necessary to convey Tract H to a third party purchaser. At the closing of the sale of Tract H,the sale proceeds after payment of all applicable closing costs will be distributed evenly(50/50)to Prestige Homes, or its assigns, and the City. The City and Prestige agree to each pay half(50%) of the real estate brokerage commission for the sale of Tract H. The City further agrees that from its share of the sale proceeds it will pay to Prestige Homes the sum of$72,398.68 to resolve the dispute concerning the $85,024.92 payment previously made by Prestige Homes to the City to release the claims of lien in code enforcement cases#10-10102474 and case#10-10102471. I Agreed to this /2 day of U ly 2018. PRESTIGE HOME OF TAMARAC, LLC By:Bruce Chait (Print) CITY OF TAMARAC By: (Print) Page 3 of 3 SETTLEMENT AGREEMENT Prestige Homes of Tamarac, LLC, previously known as Prestige Homes of Tamarac, Inc. ("Prestige Homes")and the City of Tamarac("City")for and in consideration often dollars($10.00) or other valuable considerations, agree as follows: WHEREAS, Prestige Homes has brought a civil action against the City styled Prestige Homes of Tamarac, Inc., a Florida Corporation, Plaintiff v. City of Tamarac, a municipal corporation, Defendant, Case No: 10-45101(03), in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County,Florida,in which a final judgment has been entered in favor of the City,and Prestige Homes has filed an appeal styled Prestige Homes of Tamarac,Inc.,Appellant v. City of Tamarac, Appellee, Case No: 4D 17-3281 in the District Court of Appeal of the State of Florida, Fourth District and, WHEREAS, Prestige Homes has brought a civil action against the City styled Prestige Homes of Tamarac,Inc.,Plaintiff v. City of Tamarac, a Florida municipality, Defendant, Case No: 11-12611(14) in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County, Florida,which among other things seeks relief regarding Tract H of the Sabal Palm by Prestige Plat, recorded in official records book 178 at pages 71-87 of the official records of Broward County, Florida; and WHEREAS, Prestige Homes and the City wish to settle both of the above described civil actions subject to the terms and conditions set forth herein, the parties agree as follows: 1. Following the execution of this Settlement Agreement,Prestige Homes and the City will forthwith jointly request that the Broward County Board of County Commissioners Page 1 of 3 delete the note on the Sabal Palm by Prestige Plat,which restricts the use of Tract H to a fire station. If the Broward County Board of County Commissioners rejects the joint request to delete the Plat Note restricting such use of Tract H,this Settlement Agreement shall be void and of no further force and effect and any executed release, stipulation for dismissal or satisfaction of judgment which pursuant to the parties' agreement as stated below was to have been held in escrow by the City's counsel, will be of no effect and each will be returned to the entity who executed the document. 2. If the Broward County Board of County Commissioners approves the request to delete the Plat Note restricting the use of Tract H,the parties agree to jointly sell Tract H to a third party for a sum mutually agreeable to the parties, and the proceeds of the sale will forthwith be distributed evenly(50/50) between Prestige Homes, or its assigns, and the City, as more fully set forth herein. 3. Within ten(10)days following the execution of this Settlement Agreement, Prestige Homes will execute and deliver the attached release and stipulation for dismissal to Michael T. Burke, Esq. at 2455 East Sunrise Blvd., Ste. 1000, Fort Lauderdale, FL 33304. The executed release and stipulation will be held in escrow by Michael T. Burke until the proceeds of the sale of Tract H are distributed in accordance with the provisions of this Settlement Agreement. Upon such distribution of the proceeds from the sale of Tract H, the executed release will be provided to the City and the stipulations will be filed with the court. 4. Within ten(10)ten days following the distribution of the proceeds from the sale of Tract H, counsel for the City will deliver to Prestige Homes the executed satisfaction of judgment attached hereto. Page 2 of 3 5. Prestige Homes and the City agree to execute such documents as are necessary to convey Tract H to a third party purchaser. At the closing of the sale of Tract H,the sale proceeds after payment of all applicable closing costs will be distributed evenly(50/50) to Prestige Homes, or its assigns, and the City. The City and Prestige agree to each pay half(50%) of the real estate brokerage commission for the sale of Tract H. The City further agrees that from its share of the sale proceeds it will pay to Prestige Homes the sum of$72,398.68 to resolve the dispute concerning the $85,024.92 payment previously made by Prestige Homes to the City to release the claims of lien in code enforcement cases#10-10102474 and case#10-10102471. Agreed to this, day of , 2018. PRESTIGE HOME OF TAMARAC, LLC By: Bruce Chait (Print CITY OF TATM. A�RAC By: AA-vme( (Print) APP 0 D AS TO t_ AL FORM OF E OF HE CITY TTORNEY DATED: 6lZFAA Page 3 of 3 Vacant Land Contract 1• 1. Sale and Purchase: City of Tamarac,Florida and Presti a Homes of Tamarac,LLC, Florida limited 1141f8! �1' 2• and Rock Island Storage Partners l,l.C;,a('lori a_imiteriac;itty corn art T M('Buy toil 3 (the'parties")agree to sell and buy on the terms and conditions specified below the property("Property) ,/ 4 described as: �,r(it 5• Address: Northeast corner of Rock Island Road and Commercial Blvd. I 'T` 6- Legal Description: _ _. 7 TrRr t CARdt PdJ AA RY PRFCTir ri di Wien in PL',Appk 17R, Page 71 nf a the enhlie flarnrda nf Rn'aarnni(orart ,,,Fkvida .__ __. ____ 9 11' SEC /WP 1 tRNG of County, Florida. Real Property ID No.: 4941-13-27-2380 12- including all improvements existing on the Property and the following additional property: 13 14' 2. Purchase Price: (U.S.currency) $ 1,750,000.00 15 All deposits will be made payable to"Escrow Agent"named below-and held in escrow by: 16` Escrow Agent's Name: Lloyd Granet,PA. 17• Escrow Agent's Contact Person: Lloyd Ore t,Esq. _..__._.- 18' Escrow Agent's Address: 2295 NW Corporate Blvd,Suite 235,Boca Raton,FL 33431 19• Escrow Agent's Phone: (561)999-9300 -� 20• Escrow Agent's Email: igranetekirenetlaw,corn 21 (a) Initial deposit(SO if left blank)(Check if applicable) 22' J accompanies offer ea. X will be delivered to Escrow Agent within days(3 days if left blank) 24' after Effective Date S 25,000.00 25 (b) Additional deposit will be delivered to Escrow Agent(Check if applicable) 26• t-.3 within days(10 days if left blank)after Effective Date 27' X within days(3 days if left blank)after expiration of Feasibility Study Period S 50.000.00 28< (c) Total Financing(see Paragraph 5)(express as a dollar amount or percentage) S ___.__-... 29. (d) Other: 5 30 (e) Balance to close(not including Buyer's dosing costs,prepaid items,and prorations) 31• to be paid at closing by wire transfer or other Collected funds $ 1,675,000.00 32• (f) J(Complete only if purchase price will be determined•based on a per unit cost instead of a fixed price.)The 33' unit used to determine the purchase price is :J lot J acre J square foot J other(specify): _.. .._. ____� 34' prorating areas of less than a full unit.The purchase price will be S .per unit based on a 35 calculation of total area of the Property as certified to Seller and Buyer by a Florida licensed surveyor in 36 accordance with Paragraph 7(c).The following rights of way and other areas will be excluded from the 37' calculation: 38 3. Time for Acceptance; Effective Date: Unless this offer is signed by Seller and Buyer and an executed copy 39• delivered to all parties on or before ,this offer will be withdrawn and Buyer's deposit. if 40 any,will be returned,The time for acceptance of any counter offer will be 3 days after the date the counter offer is 41 delivered.The"Effective Date"of this contract is the date on which the last one of the Seller and Buyer 42 has signed or initialed and delivered this offer or the final counter offer. 43• 4. Closing Date: This transaction will close on See Additional Terms ("Closing Date"),unless specifically 44 extended by other provisions of this contract.The Closing Date will prevail over all other time periods including, 45 but not limited to, Financing and Feasibility Study periods.However,if the Closing Date occurs on.a Saturday. 46 Sunday,or national legal holiday,it will extend to 5:00 p.m.(where the Property is located)of the next business 47 day.In the event insurance underwriting is suspended on Closing Date and Buyer is unable to obtain property 48 insurance,Buyer may postpone closing for up to 5 days after the insurance underwriting suspension is lifted. If 49 this transaction does not close for any reason,Buyer will immediately return all Seller provided documents and so other items. Buyer ( 1(and Seller _ vAC_t l tt1 )acknowledge receipt pf of a cagy of this page,which is 1 of 7 pages. Liceneed to Alta Star Software and ID U.5e.3t44j6G M'JJ I 42'2 Fsprt;>,32etnH;n;<+; Software and added formatting 0 2018 Alta Star Software,ail rights reserved.•www.aitastar.com•(877)279-8898 Si 5. Financing; (Check as applicable) 62. (a) IX Buyer will pay cash for the Property with no financing contingency. 53' (b) 0 This contract is contingent on Buyer qualifying for and obtaining the commitments)or approval(s) 54• specified below("Financing")within days after Effective Date(Closing Date or 30 days after Effective . 55"= Date,whichever occurs first,if left blank)("Financing Period").Buyer will apply for Financing within 5e days after Effective Date(5 days if left blank)and will timely provide any and all credit,employment,financial, 57 . and other information required by the lender. If Buyer,after using diligence and good faith,cannot obtain the 58• Financing within the Financing Period,either party may terminate this contract and Buyer's deposit(s)will be 59 returned. 60• (1) O New Financing: Buyer will secure a commitment for new third party financing for$ 61. or %of the purchase price at(Check one) © a fixed rate not exceeding %❑ an 52' adjustable interest rate not exceeding %at origination(a fixed rate at the prevailing interest rate 63 based on Buyer's creditworthiness if neither choice is selected).Buyer will keep Seller and Broker fully 64 informed of the loan application status and progress and authorizes the lender or mortgage broker to 65 disclose all such information to Seller and Broker. 66• (2) 0 Seller Financing: Buyer will execute a 0 first D second purchase money note and mortgage to 87- Seller in the amount of$ ,bearing annual interest at %and payable as 68' follows: es The mortgage,note,and any security agreement will be in a form acceptable to Seiler and will follow 70 forms generally accepted in the county where the Property is located;will provide for a late payment fee 71 and acceleration at the mortgagee's option if Buyer defaults;will give Buyer the right to prepay without 72 penalty all or part of the principal at any time(s)with interest only to date of payment;will be due on 73 conveyance or sale;will provide for release of contiguous parcels,if applicable;and will require Buyer to 74 keep liability insurance on the Property,with Seller as additional named insured. Buyer authorizes Seller 75 to obtain credit,employment,and other necessary information to determine creditworthiness for the 76 financing.Seller will,within 10 days after Effective Date,give Buyer written notice of whether or not rr Seller will make the loan. 78• (3) 0 Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to 79- 80• LN# in the approximate amount of$ currently payable at 81• $ per month,including principal,interest, 0 taxes and insurance,and having a 82• O fixed© other(describe) 83• interest rate of %which O will O will not escalate upon assumption.Any variance in the 84 mortgage will be adjusted in the balance due at closing with no adjustment to purchase price.Buyer will 85• purchase Seller's escrow account dollar for dollar. If the interest rate upon transfer exceeds %or 86• the assumption/transfer fee exceeds$ ,either party may elect to pay the excess, 87 failing which this contract will terminate;and Buyer's deposit(s)will be returned. if the lender disapproves 88 Buyer,this contract will terminate;and Buyer's deposit(s)will be returned. 89' 6. Assignability: (Check one)Buyer O may assign and thereby be released from any further liability under this 90' contract,I$ may assign but not be released from liability under this contract,or O may not assign this contract. 91• 7. Title: Seller has the legal capacity to and will convey marketable title to the Property by❑ statutory warranty 92• deed ISt special warranty deed ❑other(specify) ,free of liens,easements, 93 and encumbrances of record or known to Seller,but subject to property taxes for the year of closing;covenants, 94 restrictions,and public utility easements of record;existing zoning and governmental regulations;and(list any e5• other matters to which title will be subject) 9s provided there exists at dosing no violation of the foregoing. 97 (a) Title Evidence: The party who pays for the owner's title insurance policy will select the closing agent and 98 pay for the title search,Including tax and lien search if performed,and all other fees charged by closing agent. 99 Seller will deliver to Buyer,at too- (Check one) a Seller's CI Buyer's expense and tot• (Check one) IX within 20 days after Effective Date D at least days before Closing Date, 102 (Check one) 103' (1) 154 a title insurance commitment by a Florida licensed title insurer setting forth those matters to be 104 discharged by Seller at or before dosing and,upon Buyer recording the deed,an owner's policy in the 105 amount of the purchase price for fee simple title subject only to the exceptions stated above.If Buyer is 108 paying for the owner's title insurance policy and Seller has an owner's policy,Seller will deliver a copy to 107 Buyer within 15 days after Effective Date. Buyer and Beier( )(Y ' )advwwiedge receipt of a copy of this page,which is 2 of 7 pages. VAC-11 8117 0 Ronda Realtors® Licensed to Ada Star Software and ID.4563644889.NFJJ.124272 Software and added formatting®2018 Aka Star Software,all rights reserved.•www.altastar.com•(877)279-8898 108' (2) C]an abstract of title,prepared or brought current by an existing abstract firm or certified as correct by an 109 existing firm.However,if such an abstract is not available to Seller,then a prior owner's title policy 110 acceptable to the proposed insurer as a base for reissuance of coverage may be used.The prior policy 111 will include copies of all policy exceptions and an update in a format acceptable to Buyer from the policy 112 effective date and certified to Buyer or Buyer's closing agent together with copies of all documents 113 recited in the prior policy and in the update. If such an abstract or prior policy is not available to Seller, 114 then(1)above will be the title evidence. 115. (b) Title Examination: After receipt of the title evidence,Buyer will,within days(10 days if left blank) 116 but no later than posing Date,deliver written notice to Seller of title defects.Title will be deemed acceptable 117 to Buyer if(I)Buyer fails to deliver proper notice of defects or(ii)Buyer delivers proper written notice and 118• Seller cures the defects within days(30 days if left blank)("Cure Period")after receipt of the notice. if 119 the defects are cured within the Cure Period,closing will occur within 10 days after receipt by Buyer of notice 120 of such cure.Seller may elect not to cure defects if Seller reasonably believes any defect cannot be cured 121 within the Cure Period. If the defects are not cured within the Cure Period,Buyer will have 10 days after 122 receipt of notice of Seller's inability to cure the defects to elect whether to terminate this contract or accept 123 title subject to existing defects and close the transaction without reduction in purchase price. 124 (C) Survey: Buyer may,at Buyer's expense, have the Property surveyed and must deliver written notice to 125 Seller,within 5 days after receiving survey but not later than 5 days before Closing Date,of any 126 encroachments on the Property,encroachments by the Property's improvements on other lands,or deed 127 restriction or zoning violations.Any such encroachment or violation will be treated in the same manner as a 128 title defect and Seller's and Buyer's obligations will be determined in accordance with Paragraph 7(b). 129 (d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress. 130 8. Property Condition: Seller will deliver the Property to Buyer at dosing in its present"as is"condition,with 131 conditions resulting from Buyer's Inspections and casualty damage,if any,excepted.Seller will not engage in or 132 permit any activity that would materially alter the Property's condition without the Buyer's prior written consent. 133 (a) Inspections: (Check(1)or(2)) 134• (1) Feasibility Study: Buyer will,at Buyer's expense and within 60 days(30 days if left blank) 135 ("Feasibility Study Period")after Effective Date and in Buyer's sole and absolute discretion,determine 136 whether the Property is suitable for Buyer's intended use. During the Feasibility Study Period, Buyer 137 may conduct a Phase 1 environmental assessment and any other tests,analyses,surveys,and 138 investigations('Inspections")that Buyer deems necessary to determine to Buyer's satisfaction the 139 Property's engineering,architectural,and environmental properties;zoning and zoning restrictions; 140 subdivision statutes;soil and grade;availability of access to public roads,water,and other utilities; 141 consistency with local, state,and regional growth management plans;availability of permits,government 142 approvals,and licenses;and other Inspections that Buyer deems appropriate. If the Property must be 143 rezoned,Buyer will obtain the rezoning from the appropriate government agencies.Seller will sign all 144 documents Buyer is required to file in connection with development or rezoning approvals.Seller gives 145 Buyer,Its agents,contractors,and assigns,the right to enter the Property at any time during the 146 Feasibility Study Period for the purpose of conducting Inspections,provided,however,that Buyer,its 147 agents,contractors,and assigns enter the Property and conduct inspections at their own risk.Buyer will 148 indemnify and hold Seller harmless from losses, damages,costs,claims,and expenses of any nature, 149 including attorneys'fees,expenses,and liability incurred in application for rezoning or related 15t1 proceedings,and from liability to any person,arising from the conduct of any and all Inspections or any 151 work authorized by Buyer.Buyer will not engage in any activity that could result in a construction lien 152 being filed against the Property without Seller's prior written consent. if this transaction does not close, 153 Buyer will, at Buyer's expense,(i)repair all damages to the Property resulting from the inspections and 154 return the Property to the condition it was in before conducting the Inspections and(ii)release to Seller 155 all reports and other work generated as a result of the Inspections. 156 Before expiration of the Feasibility Study Period,Buyer must deliver written notice to Seller of Buyer's 157 determination of whether or not the Property is acceptable.Buyer's failure to comply with this notice 158 requirement will constitute acceptance of the Property as suitable for Buyer's intended use in its"as is" 159 condition,tf the Property is unacceptable to Buyer and written notice of this fact is timely delivered to 160 Seller,this contract will be deemed terminated,and Buyer's deposit(s)will be returned. 161" (2) 0 No Feasibility Study: Buyer is satisfied that the Property is suitable for Buyer's purposes,including 182 being satisfied that either public sewerage and water are available to the Property or the Property will be 1e3 approved for the installation of a well and/or private sewerage disposal system and that existing zoning ijk and Seiler{ )(t )acknowledge receipt of a copy of this page,which is 3 of 7 pages. VAC-1 6/17 ®Fionda Realtors® Ucenae4 Ma Star Software and ID:0-563644669.NFJJ.124272 Software and added formatting*2018 Alta Star Software,all rights reserved.-www.altastar.com•(877)279-8898 164 and other pertinent mutations and restrictions,such as subdivision or deed restrictions,concurrency, 165 growth management,and environmental conditions,are acceptable to Buyer.This contract is not 1es contingent on Buyer conducting any further investigations. 167 (b) Government Regulations: Changes in government regulations and levels of service which affect Buyer's 188 intended use of the Property will not be grounds for terminating this contract if the Feasibility Study Period has tee expired or if Paragraph 8(a)(2)is selected. 170 (c) Flood Zone: Buyer is advised to verify by survey,with the lender,and with appropriate government 171 agencies which flood zone the Property is in,whether flood Insurance is required,and what restrictions apply 172 to improving the Property and rebuilding In the event of casualty. 173 (d) Coastal Construction Control Line("CCCL"): If any part of the Property lies seaward of the CCCL as 174 defined In Section 161.053, Florida Statutes,Seller will provide Buyer with an affidavit or survey as required 175 by law delineating the line's location on the Property,unless Buyer waives this requirement in writing.The 176 Property being purchased may be subject to coastal erosion and to federal,state,or local regulations that in govern coastal property,including delineation of the CCCL,rigid coastal protection structures,beach 178 nourishment,and the protection of marine turtles.Additional information can be obtained from the Florida 179 Department of Environmental Protection,including whether there are significant erosion conditions associated 180 with the shore line of the Property being purchased. 181' 0 Buyer waives the right to receive a CCCL affidavit or survey. 182 9. Closing Procedure;Costs; Closing will take place in the county where the Property is located and may be 183 conducted by mail or electronic means.If title insurance insures Buyer for title defects arising between the title 184 binder effective date and recording of Buyer's deed,closing agent will disburse at dosing the net sale proceeds 185 to Seller(in local cashier's check if Seller requests in writing at least 5 days before dosing)and brokerage fees to 186 Broker as per Paragraph 19.In addition to other expenses provided in this contract,Seller and Buyer will pay the 187 costs indicated below. 188 (a) Seller Costs: 189 Taxes on deed 1so Recording fees for documents needed to cure title 191 Title evidence(if applicable under Paragraph 7) 192• Other: 193 (b) Buyer Costs: 194 Taxes and recording fees on notes and mortgages 195 Recording fees on the deed and financing statements 196 Loan expenses 197 Title evidence(if applicable under Paragraph 7) 198 Lender's title policy at the simultaneous issue rate 199 Inspections 200 Survey 201 Insurance 202' Other 203 (c) Prorations: The following items will be made current and prorated as of the day before Closing Date: real 204 estate taxes(including special benefit tax liens imposed by a COD),interest,bonds,assessments,leases, 205 and other Property expenses and revenues. If taxes and assessments for the current year cannot be 206 determined,the previous year's rates will be used with adjustment for any exemptions. 207 (d) Special Assessment by Public Body: Regarding special assessments Imposed by a public body,Seller 208 will pay(I)the full amount of liens that are certified,confirmed,and ratified before dosing and(ii)the amount 209 of the last estimate of the assessment if an improvement is substantially completed as of Effective Date but 210 has not resulted in a lien before closing:and Buyer will pay all other amounts, if special assessments may be 211• paid in installments,0 Seller 51 Buyer(Buyer if left blank)will pay installments due after dosing. If Seller is 212 checked,Seller will pay the assessment in full before or at the time of closing. Public body does not include a 213 Homeowners'or Condominium Association. 214 (e) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT 215 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO 216 PAY IN THE YEAR SUBSEQUENT TO PURCHASE.A CHANGE OF OWNERSHIP OR PROPERTY 217 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT iN 21B HIGHER PROPERTY TAXES, IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT 219 THE COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION. Buyer and Seiler( )(` )wedge receipt of a copy of this page,which is 4 of 7 pages. VAC-11 BM ®Florida Reattorse LPoansed to Arta Star Software one ID:0-583644669.NFJJ.124272 Software and added formatting*201 8 Aka Star Software,all rights reserved.•www.altastar.corn•(877)279-8898 220 (f) Foreign Investment in Real Property Tax Act("FIRPTA"): If Seller is a"foreign person"as defined by 221 FIRPTA.Seller and Buyer will comply with FIRPTA,which may require Seller to provide additional cash at 222 dosing. 223 (g) 1031 Exchange: If either Seller or Buyer wish to enter into a like-kind exchange(either simultaneously with 224 dosing or after)under Section 1031 of the Internal Revenue Code("Exchange"),the other party will 225 cooperate in all reasonable respects to effectuate the Exchange including executing documents, provided, 226 howsver,that the cooperating party will incur no liability or cost related to the Exchange and that the closing 227 will not be contingent upon,extended,or delayed by the Exchange. 228 10. Computation of Time: Calendar days will be used when computing time periods,except time periods of 5 days 229 or less.Time periods of 5 days or less will be computed without including Saturday,Sunday,or national legal 230 holidays specified in 5 t1.S.C.6103(a).Any time period ending on a Saturday,Sunday,or national legal holiday 231 Will extend until 5:00 p.m,(where the Property is located)of the next business day.Time Is of the essence in 232 this contract. 233 11. Risk of Loss;Eminent Domain: If any portion of the Property is materially damaged by casualty before closing 234 or Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain 235 proceedings or an eminent domain proceeding is initiated,Seller will promptly inform Buyer. Either party may 236 terminate this contract by written notice to the other within 10 days after Buyer's receipt of Seller's notification, 237 and Buyer's deposit(s)will be returned,failing which Buyer will close in accordance with this contract and 238 receive all payments made by the governmental authority or insurance company,if any. 238 12. Force Majeure: Seller or Buyer will not be required to perform any obligation under this contract or be liable to 240 each other for damages so tong as the performance or non-performance of the obligation Is delayed,caused,or 241 prevented by an act of God or force majeure.An"act of God or"force majeure"is defined as hurricanes, 242 earthquakes,floods,fire,unusual transportation delays,wars,insurrections,and any other cause not reasonably 243 within the control of Seller or Buyer and which by the exercise of due diligence the non-performing party is 244 unable In whole or in part to prevent or overcome.Ail time periods,including Closing Date,will be extended for 245 the period that the act of God or force majeure is in place.However,in the event that such act of God or force 246 majeure event continues beyond 30 days,either party may terminate this contract by delivering written notice to 247 the other;and Buyer's deposit(s)will be returned. 248 13. Notices: All notices will be in writing and delivered to the parties and Broker by mail,personal delivery,or 249 electronic means.Buyer's failure to timely deliver written notice to Seller,when such notice is required by 250 this contract,regarding any contingency will render that contingency null and void,and this contract will 251 be construed as if the contingency did not exist.Any notice,document,or item delivered to or received 252 by en attorney or licensee(including a transactions broker)representing a party will be as effective as if 253 delivered to or received by that party. 254 14. Complete Agreement;Persons Bound: This contract is the entire agreement between Seller and Buyer. 256 Except for brokerage agreements,no prior or present agreements will bind Seller,Buyer,or Broker 256 unless incorporated into this contract.Modifications of this contract will not be binding unless in wilting,signed 257 or initialed,and delivered by the party to be bound.Electronic signatures will be acceptable and binding.This 258 contract,signatures,initials,documents referenced in this contract,counterparts,and written modifications 259 communicated electronically or on paper will be acceptable for all purposes,including delivery,and will be 260 binding.Handwritten or typewritten terms inserted in or attached to this contract prevail over preprinted terms.if 261 any provision of this contract is or becomes invalid or unenforceable,all remaining provisions will continue to be 262 fully effective.Seller and Buyer will use diligence and good faith in performing all obligations under this contract. 263 This contract will not be recorded in any public record.The terms"Seiler,""Buyer,"and"Broker"may be singular 264 or plural.This contract is binding on the heirs,administrators,executors,personal representatives,and assigns, if 285 permitted,of Seller,Buyer,and Broker. 266 15. Default and Dispute Resolution: This contract will be construed under Honda law.This Paragraph will survive 267 closing or termination of this contract. 268 (a) Seller Default: If Seller fails,neglects,or refuses to perform Seller's obligations under this contract,Buyer 269 may elect to receive a return of Buyer's deposit(s)without thereby waiving any action for damages resulting 270 from Seller's breach and may seek to recover such damages or seek specific performance.Seller will also 271 be liable for the full amount of the brokerage fee. Buyer, and Seller(_ )(B r )'acknowledge receipt of a copy of this page,which is 5 of 7 pages. VAC•il tram' c Florida ReaUorse Licensed • +.Star Software and 1O:O.5e3644es9.NFJJ.124272 Software and added formatting @ 2018 Alta Star Software,ail rights reserved.-www_altastar.com•(877)279-8898 272 (b) Buyer Default: If Buyer fails,neglects, or refuses to perform Buyer's obligations under this contract, 273 including payment of deposit(s),within the time(s)specified,Seller may elect to recover and retain the 274 deposIt(s),paid and agreed to be paid,for the account of Seller as agreed upon liquidated damages, 275 consideration for execution of this contract,and in full settlement of any claims,whereupon Seller and Buyer 276 will be relieved from all further obligations under this contract;or Seller,at Seller's option, may proceed in 277 equity to enforce Seller's rights under this contract, 278 16. Attorneys Fees;Costs:In any litigation permitted by this Contract,the prevailing party shall be entitled to 279 recover from the non-prevailing party costs and fees,including reasonable attomey's fees,incurred in conducting 280 the litigation.This Paragraph 16 shall survive Closing or termination of this Contract 281 17. Escrow Agent;Closing Agent Seller and Buyer authorize Escrow Agent and closing agent(collectively 282 "Agent")to receive,deposit,and hold funds and other items in escrow and,subject to Collection,disburse them 283 upon proper authorization and in accordance with Florida law and the terms of this contract,including disbursing 284 brokerage fees,"Collection"or"Collected"means any checks tendered or received have become actually and 285 finally collected and deposited in the account of Agent.The parties agree that Agent will not be liable to any 288 person for misdelivery of escrowed Items to Seller or Buyer, unless the misdelivery is due to Agent's willful 287 breach of this contract or gross negligence. if Agent interpleads the subject matter of the escrow,Agent will pay 288 the filing fees and costs from the deposit and will recover reasonable attorneys'fees and costs to be paid from the 289 escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. 290 18. Professional Advice;Broker Liability: Broker advises Seller and Buyer to verify all facts and representations 291 that are important to them and to consult an appropriate professional for legal advice(for example,interpreting 292 this contract,determining the effect of laws on the Property and this transaction,status of title,foreign investor 293 reporting requirements,the effect of property lying partially or totally seaward of the CCCL,etc.)and for tax, 294 property condition,environmental, and other specialized advice.Buyer acknowledges that Broker does not reside 295 in the Property and that all representations(oral,written,or otherwise)by Broker are based on Seller 29s representations or public records.Buyer agrees to rely solely on Seller,professional inspectors,and 297 government agencies for verification of the Property condition and facts that materially affect Property 298 value.Seller and Buyer respectively will pay all costs and expenses,including reasonable attorneys'tool at all 299 levels,incurred by Broker and Broker's officers,directors,agents,and employees in connection with or arising 300 frail Seller's or Buyer's misstatement or failure to perform contractual obligations.Seller and Buyer hold 301 harmless and release Broker and Broker's officers,directors,agents,and employees from all liability for loss or 302 damage based on(i)Seller's or Buyer's misstatement or failure to perform contractual obligations;(ii)the use or 303 display of listing data by third parties,including,but not limited to,photographs,images,graphics,video 304 recordings,virtual tours,drawings,written descriptions,and remarks related to the Property;(iii)Broker's 305 performance,at Seller's or Buyer's request,of any task beyond the scope of services regulated by Chapter 475, 306 Florida Statutes,as amended,including Broker's referral,recommendation,or retention of any vendor;(iv) 307 products or services provided by any vendor,and(v)expenses incurred by any vendor.Seller and Buyer each 308 assume full responsibility for selecting and compensating their respective vendors.This Paragraph will not relieve 309 Broker of statutory obligations. For purposes of this Paragraph,Broker will be treated as a party to this contract. 310 This Paragraph will survive dosing. 311 19. Commercial Real Estate Sales Commission Lien Act: If the Property is commercial real estate as defined by 312 Section 475,701, Florida Statutes,the following disclosure will apply: The Florida Commercial Real Estate Sales 313 Commission Lien Act provides that when a broker has earned a commission by performing licensed services 314 under a brokerage agreement with you,the broker may claim a lien against your net sales proceeds for the 315 broker's commission.The broker's lien rights under the act cannot be waived before the commission is earned. 316 20. Brokers: The brokers named below are collectively referred to as"Broker." Instruction to closing agent: 317 Seller and Buyer direct dosing agent to disburse at closing the full amount of the brokerage fees as specified in 318 separate brokerage agreements with the parties and cooperative agreements between the Brokers,except to the 319 extent Broker has retained such fees from the escrowed funds.This Paragraph will not be used to modify any 320 MLS or other offer of compensation made by Seller or Seller's Broker to Buyer's Broker. 321' (a) Reaction Commercial LLC (Seller's Broker) 322• will be compensated by ril Seller C] Buyer 0 both parties pursuant to 0 a listing agreement]iit other 323• (specify): 5%of Purchase Prioe 324' (b) (Buyer's Broker) 325• will be compensated by U Seller U Buyer U both parties Li Seller's Broker pursuant to U a MLS offer of 328' compensation U other(specify): Buyer and Seller( )( )ackrcandedge receipt of a copy of this page,which is 6 of 7 pages. VAC-1 t 17 e Florida Realtors® Licensed Star Software and ID:D-563644669.NFJJ.124272 Software and added formatting 0 2018 Alta Star Software,all rights reserved.•www.aftastar.com•(877)279-8898 327• 21. Additional Terms: �r 328 329 See A.t.t.rzhed Addendum to Vacatli Land Contract.which i. 'lere•ics. • 330 331 332 333 334 335 336 337 338 339 340 341 342 343 COUNTER-OFFER/REJECTION 344' J Seller counters Buyer's offer(to accept the counter-offer,Buyer must sign or initial the counter-offered terms and 345 deliver a copy of the acceptance to Seller). 346' 7 Seller rejects B . 's offer 347 This is intende. to •e a legally binding contract.If not fully understood,seek the advice of an attorney before 348 signing. Rcic` I ci St-- gc I t ers I:1.0 i Florida tiled liability con:panr JJ 349• Buyer: Date: SI 11. 1 I 350• Print name: Fredric Newman,\-t:na•ger 351 Buyer: Date: 352• Print name: 353 Buyer's address for purpose of notice: 354' Address: CIO Lloyd Granet,PA,2295 NW Cor o, rate Blvd_,Suite 235,Boca Raton,FL 33431 355' Phone: (561 9 0 '. 999-9400 E .- t@granetlaw.com I x`c.7 356. Seale � / � Date: 357' Print nom ,lCtt of Tama c_ .rida / 358• Seller: I/�'I A Date: ' 3/11/ 369' Print name: Prestige Homes of Tamarac.LLC.a Florida limited iiablity comnanv 360 Seller's address for purpose of notice. 361• Address: Attention: City Mar:asor 7523 NY!53:h Ave,Tamarac,FL 33321 with copy to.4100 S Hospital Otivu,Suirc 207.Ftantatia,,,FL 33317 362' Phone: Fax: _Erna4: 363• Effective Date: (The date on which the last party signed or initialed and delivered the 364 final offer or counter offer.) Honda REALTORS cakes no represenuM:on as b clay legal;v ai,dmt t;r tr:etlua+y o;any a,,3,ii1,00 fame in ally ,zin,,i.a -aoti r it v'a t..rtb,:�.d`err`ai n,:ikt n,A be txyed in tcm;?aen 1rOds olk s or w•th,:txt(: ,vt,r4 3.!�,,,, .5t1t.:,t:.+5 T.,s 1,. the user as REALTOR`.REALTOR s>,:rigAt,:?,< a, •... -r r o ASSO'CATIOPI sF P'2_,AL ..ram ert,wea s ba,t e.to es Cto t f:. rt {, , •t' [;5s fern by any noa:s ircaud r-.y fz^.t.•,+tL or compt::-2,:t;forms Buyer It )( )and Setter(_ ..)( 'Y 1K-ArlOwl:ct c e receipt of a cop?of th i-pa e: ,:nicr:is 7 of 7 lxif.(:s VAC-1 I •en&.t`i F - !rense4 a Ails - otware and 0 D•5331.t-1069,,.1..124272 Softwar_ .added formatting)2018 Alta Star Software.all rights reserved.•www,altastar.com•(877)279-8898 ALTA ST/R Addendum to Vacant Land Contract This addendum to that certain Vacant Land Contract dated as of the 7th day of June, 2018, by and between Rock Island Storage Partners LLC, a Florida limited liability company, ("Buyer") and City of Tamarac, Florida and Prestige Homes of Tamarac,LLC,a Florida limited liability company, (collectively"Seller"). The following ADDITIONAL TERMS AND CONDITIONS are attached to and made an integral part of the above stated Vacant Land Contract. To the extent of any conflict between the terms of this Addendum and the contract the terms of this Addendum shall control: 1. Section 4 Closing Date: The Closing Date shall be fifteen (15) business days after the last of the Approvals is obtained or waived. Buyer may specify an earlier Closing Date on five(5)business days' notice to Seller. 2. Section 7 is modified to provide, Seller is responsible for the cost of lien and open permit search. Buyer shall be responsible for the cost of title search,title commitment,the owner's and any lender's title insurance policy. Title shall be issued by Lloyd Granet PA. as agent for a title company specified by Buyer. 3. Section 8(a)(2)is deleted in its entirety and replaced with the following Approvals Requirement: The City shall submit for approval by the City Commission of the City of Tamarac(the"City Approval")of this Contract to,in addition the terms, conditions and provision of that certain "Settlement Agreement" with all attachments, by and between the City as Seller, and Prestige Homes, as Seller, incorporated herein by reference, and made a specific part hereof. The City of Tamarac`...agrees,to the extent permitted by law,that it will expedite the submission of the above to the City Commission,subject to Ch.286,FS public review and consideration by the Commission,for public approval, with a target date for such of June 30,2018(the"Target City Approval Date"). The date of final unappealable City Approval is referred to as the"City Approval Date". The Feasibility Period under Section 8(a)(1)shall expire 60 days after the City Approval Date. If the City Approval Date has not occurred on or before July 31,2018,then either Seller or Buyer may terminate this Contract by five business days' written notice to the other until the City Approval is obtained. Approvals for Buyer's Use: The Buyer's obligation to complete Closing under this Contract is conditioned,which conditions may be waived by Buyer, upon the Buyer obtaining the following approvals from all applicable authorities in a form acceptable to Buyer: A. Rezoning and Land Use Amendment; B. Delegation Request—Plat Note Amendment; C. County Vacation Process(if required); D. Land Use Map Amendment; E. Site Plan Approval (herein defined individually an "Approval" and collectively the "Approvals"). Specifically excluded from Approvals are building permits, construction permits. Buyer shall diligently pursue Approvals and Buyer and Seller agree to act in good faith and cooperate with each other in Buyer's pursuit of Approvals. Buyer may but shall not be required to pursue Approvals until the City Approval is obtained. Seller agrees that the applications for an Approval may be brought in Seller's or Buyer's name as such action may be necessary,at no cost to Seller and Seller will promptly execute any documents reasonably requested by Buyer with respect to Buyer's pursuit of the Approvals and where Approvals are submitted to the Seller in its regulatory capacity, it will use [2018-130/491886/9] Addendum to Vacant Land Contract Rock Island Storage Partners LLC purchase from City of Tamara,Florida and Prestige Homes of Tamarac, LLC Page 1 its good faith efforts to expedite the review and consideration of the requested Approval. While not an Approval or a contingency, Buyer may pursue approval of building and related permits and plans prior to obtaining the Approvals,and Seller shall cooperate as reasonably required; provided same does result in any cost to Seller. The Approvals shall be deemed obtained only if all Approvals are validly issued and received by the Buyer and the time which an appeal may be taken from the issuance thereof shall have expired without any such appeal having been taken(the "Approval Date"). If Buyer does not obtain the Approvals on or before six months after the City Approval Date,as it may be extended as provided for herein(the"Approval Date"),Buyer may in its sole option: A. Waive the Approvals condition and proceed to close as provided for herein; or B. Terminate this Agreement and in such case Buyer shall receive a return of its Deposit and it shall be treated as if Buyer had timely terminated during the Feasibility Study Period; or C. Extend the Approval Date, provided that the parties acting in good faith mutually agree that there is a reasonable expectation that Buyer will obtain the Approvals, extend the Approval Date to a date determined by the parties acting in good faith shall determine the amount of time reasonably required by Buyer acting with diligence to obtain the Approvals. Prior to the expiration of the Approval Date,as it may have been extended,Buyer shall provide to Seller written notice of its election to exercise an extension hereunder. 5. Paragraph 13. Is supplemented to provide that notice shall be effective upon delivery or tender of delivery. 6. Paragraph 15. Is supplemented to provide that neither party shall be in default hereunder unless there has been notice of such default and failure to cure within five(5)days. 7. Seller hereby makes the representations, warranties and covenants to Buyer as set out on the Exhibit Representations, are as of the date hereof and are based on Seller's knowledge and belief without the obligation to perform any inspection or investigation. Seller shall immediately notify Buyer promptly if Seller becomes aware of any transaction or occurrence prior to the Closing Date which would make any of the representations or warranties of Seller contained in this Section untrue in any material respect. 8. WAIVER OF TRIAL BY JURY. ASSIGNEE AND ASSIGNOR HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW,THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM,WHETHER IN CONTRACT,TORT OR OTHERWISE,RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, OR ANY ACTS OR OMISSIONS OF ASSIGNEE AND ASSIGNOR,THEIR MEMBERS, MANAGERS,OFFICERS,EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH. 9. Good Faith. The parties will act in good faith to effect the intention of the parties herein and cooperate with the reasonable requests of the other. IN WITNESS WHEREOF,the parties hereto have hereunto set their hands and seals the day and year first above written. BUYER SELLER Rock I d Storage Partners LLC, City `;/ o AID a Flor' limited liability company j By: Name/Title: rc a Name/TX c Newman/Mana er FOR IV/ Prestige omes of Tamarac,LLC a Flof mired liabi pang OF CE OF THE CI ATTORNEY Name/Title: Brute.CL. DATED: 24+ [2018-130/491886/9] Addendum to Vacant Land Contract Rock Island Storage Partners LLC purchase from City of Tamara,Florida and Prestige Homes of Tamarac,LLC Page 2 Exhibit Representations A. THIRD PARTY COMMITMENTS. No commitments or agreements have been made to or with any governmental authority, utility company, school board, or to any other entity, or individual relating to the Property which would impose any obligation upon Buyer or its successors or assigns, or any fee simple owner of the Property other than what may be recorded among the Public Records of the County; B. POSSESSION. Except for Seller,there are no persons in possession or occupancy of the Property or any part thereof, nor are there any persons who have possessory rights in respect to the Property or any part thereof under written or oral leases or otherwise; C. SERVICE CONTRACTS. As of Closing,there will be no service, maintenance or other contracts with respect to the Property that will be binding upon or affect the Property or Buyer after the Closing without Buyer's prior written consent;. D. LITIGATION. As of Closing, there are no claims, causes of action or other litigation or proceedings pending or,to the best of Seller=s knowledge,threatened in respect to the Property or any part thereof; E. VIOLATIONS. Seller has not received any notice of and knows of no violations of any health, safety,zoning, environmental, land use or other laws, ordinances,rules or regulations with respect to the Property, or any part thereof; F. HAZARDOUS MATERIALS. Seller has no knowledge of existing or storage of hazardous materials or wastes,pollutants or contaminants upon,under or within the Property or any part thereof that would or could constitute a violation of any environmental law or regulation or require any remedial activities or monitoring (Buyer has been advised that the property formerly constituted part of a golf course which would have used chemicals to treat the golf course); H. GOVERNMENT ACTIONS. There is no existing,pending or,to the best of Seller=s knowledge, contemplated,threatened or anticipated(i)condemnation of any part of the Property,(ii)widening,change of grade or limitation on the use of or access to streets, roads or highways abutting the Property, or (iii) special tax or assessment to be levied against the Property; I. RIGHTS OF ACQUISITION. No other person has any right or option to acquire the Property or any portion thereof or any interest therein; J. AUTHORITY. The Seller has the authority to enter into this contract and perform its obligations under this contract and the individuals signing on behalf of Seller are authorized to do so. [2 0 1 8-1 3 0/49 1 8 8 6/9] Addendum to Vacant Land Contract Rock Island Storage Partners LLC purchase from City of Tamara,Florida and Prestige Homes of Tamarac,LLC Page 3 MUTUAL GENERAL RELEASE KNOW ALL MEN BY THESE PRESENTS: That PRESTIGE HOMES OF TAMARAC,LLC,formerly known as PRESTIGE HOMES OF TAMARAC, INC.,hereinafter referred to as "first party", for and in consideration of the sum of TEN DOLLARS, ($10.00) or other valuable considerations, exchanged by and between THE CITY OF TAMARAC, hereinafter referred to as "second party", the receipt of which is hereby acknowledged by both the first party and second party, (whenever used herein the terms"first party and"second party"shall include singular and plural, heirs, legal representatives and assigns of individuals and the officials, and employees, successors and assigns of corporations,partnerships or trusts, both past and present wherever the context so admits or requires) HEREBY, each mutually remise,release,acquit,satisfy,and forever discharge the other of and from all and all manner of action and actions, cause or causes of action, suits, debts, dues, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages,judgments, executions, claims and demands whatsoever, in law or in equity, which the either party ever had,now has,or which any personal representative,successor,heir or assign of said party, hereafter can,shall or may have,against the other party,for,upon or by reason of any matter, cause or thing whatsoever,from the beginning of the world to the day of these presents including but not limited to any and all claims which were or could have been brought in the matter styled PRESTIGE HOMES OF TAMARAC, INC., a Florida Corporation, Plaintiff v. CITY OF TAMARAC, a municipal corporation, Defendant,in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County,Florida,Case No. 10-45101 (03)and PRESTIGE HOMES OF Page 1 of 3 TAMARAC, INC., k/n/a PRESTIGE HOMES OF TAMARAC, LLC, Plaintiff, v. CITY OF TAMARAC,Defendant,in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County,Florida, Case No. 11-12611 (14). IT IS understood and agreed to by the parties that this mutual release and settlement is a compromise of a claim(s)and that payment is not to be construed as an admission of liability on the part of either party,by whom any liability is expressly denied. PRESTIG HOMES OF TA ARAC, LLC By: Bruce Chait CITY OF TAMARAC By: STATE OF FEORIB W SSt;IGclk ) ss.: COUNTY OF DROWARD ) BEFORE ME,the undersigned authority,person lly appeared c KZ d,l{,tf' who, after first showing the proper identification oi:-Drlvo); Ij C gAz ,or being personally known to me, was duly sworn,deposes and says under penalty of perjury that he/she has read the foregoing and that the same is true and correct to the best of his/her knowledge and belief. SWORN TO AND SUBSCRIBED to before me this j%p day of J c)ly , 2018. My Commission Expires:T--,sc._. 4 Q NOTARY PUOLIC State of FeyiElakuLU Xirk. CHRISTOPHER HEYEN Notary Public-State of New York Page 2 of 3 NO.01HE6198383 Qualified in Suffolk County My Commission Expires Dec 22,2020