HomeMy WebLinkAboutCLOSING STATEMENT - Tamarac to ButtersW. CRAIG EAKIN, P.A.
ATTORNEY AT LAW
2900 FAST OAKLAND PARK E30ULEVARD
FORT LAUDERDALE. FLORIDA 33306
TELEPHONE (954) 565-74 1 7
FACSIMILE (954) 565-2392
May 10, 2001
J. Christopher King
Director of Community Development
City of Tamarac
7525 NW 88' Ave.
Tamarac, FL 33321-2401
Re: Tamarac Sale to Butters
Dear Chris:
I am happy to report to you that on May 9, 2001, we closed on the sale of Tarnarac's
excess property in land section seven to Sam Butters/SB Tamarac Commerce Center, LLC and
NB Tamarac Commerce Center LLC. Pursuant to said closing I am enclosing herewith the
following:
1. Stearns Weaver Miller Weissler Alhadef & Sitterson, P.A.'s check number 4060 in the
amount of $20,000.00 made payable to the City of Tamarac.
2. Original Post Closing Agreement Regarding Consultant's Fee
3. Original Post Closing Agreement Regarding Site Work
4. A copy of the Closing Statement and Disbursement Sheet
5. Original of a Release I prepared for the Buyers to sign at the closing regarding a title issue
that had come up and was delaying the closing.
I also have the following comments. The check for $20,000.00 is free and clear to the
City of Tamarac and may be deposited by the City in the appropriate account. The original Post
Closing Agreement regarding Consultant's Fee should be retained by you and is the Agreement
that obligates Mr. Butters to provide consultants for review of his plans for development of the
property and adjacent property up to the time a Certificate of Occupancy has been iQed. I 1
retain a copy of same in my files. The Post Closing Agreement regarding Site Wmk4 also
original of the Agreement and should be retained. This evidences the Buyer's oblijd8XfQto
1�
Page 1 of 2
C7 �,
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perform site work up to the sum of $22,300.00 at the City's property known as McNab Park.
You will note that the Letter of Credit associated with the Post Closing Agreement on the Site
Work is just a copy of the form agreed to. I spoke with the Buyer's attorney and she indicated
that Mr. Butters would be providing the original Letter of Credit to you in the near future. I
instructed Mr. Butters to deliver it to your office. The original Letter of Credit should be in the
exact form as the example attached to the Post Closing Agreement and should contain authorized
signatures on behalf of Bank of America, N.A. The Closing Statement and Disbursement Sheet
should be retained for future reference and may be needed by the City's accountants.
Finally, let me comment on the Release. As you may be aware, there was a problem with
respect to the City of Tamarac's title to a portion of the property we sold to Mr. Butters. This
problem arose because of a defective legal description in a Deed the City received from Jinda
Lwin back in 1997. We were attempting to obtain a Corrective Warranty Deed form Jinda Lwin
and this was taking some time and causing Mr. Butters a delay in his development schedule.
Accordingly, Mr. Butters requested that we go ahead and close the transaction without us having
received and delivered to him a Corrective Warranty Deed from Jinda Lwin. I consented to this
after consultation with Mitch Kraft, Esquire, only upon the Buyers executing a Release relieving
the City of any obligation to deliver said Corrective Warranty Deed in the future. This Release
should be retained by you in your files should there ever be an issue arise regarding this matter in
the future.
Please make sure that appropriate copies of these documents are filed with the City
Clerk's Office. When Tammy Reed -Holguin from your office forwarded the signed documents
to my attention she indicated in her letter that the City Clerk was requesting copies back for her
file.
This should bring my handling of this matter to a conclusion. There will be no billing
from my office to the City of Tamarac as my attorney's fees were paid by the Buyer pursuant to
the Contract entered into between the Buyer and the City of Tamarac.
At this time I have nothing er o offer; however, should you have any questions or
concerns rnleaso,&A froc;to co ct me the office.
Craig Eakin
WCE/wee
Enclosures
cc: Mitch Kraft, Esq. w/enclosure
Page 2 of 2
POST CL SING AGREEMENT
(Consultant's Fees)
This Post Closing Agreement (this "Agreement") is entered into as of I ry 2001, by and
between the CITY OF TAMARAC, a municipal corporation (the "City") and SB TAN ARAC COMMERCE
CENTER, LLC, a Florida limited liability company, as to an undivided one-half interest in the real property
hereinafter described and NB TAMARAC COMMERCE CENTER, LLC, a Florida limited liability
company, as to an undivided one-half interest in the real property hereinafter described (as tenants in
common) (collectively, the "Buyer").
WITNESSETH:
WHEREAS, the City has sold to Buyer an approximately 1.3 acre tract of land (the "Property")
located in the City of Tamarac, Broward County, Florida, pursuant to that certain Contract for Purchase and
Sale of Real Property dated as of February 28, 2001 (as amended, the "Contract");
WHEREAS, the Contract provides that Buyer shall pay for all third party, outside consultant fees
incurred by the City in connection with the City's review of the civil plans submitted by Buyer to the City
for the development of the Property and the property described on Exhibit "A" attached hereto (the "Adjacent
Property") to the extent described herein.
NOW, THEREFORE, in consideration of the foregoing premises and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the City and Buyer covenant and
agree as follows:
1. Reimbursements for Fees. Buyer shall, at its sole cost and expense, reimburse the City for
all third party outside (i.e. non -City employees or agents) consultant fees incurred by the City (the "Fees")
in connection with the City's review of the civil plans submitted by the Buyer to the City for the development
of the Property and the Adjacent Property until such time as certificates of occupancy have been issued by
the City for the initial improvements to be constructed thereon, within thirty (30) days from the date the City
delivers a written invoice to the Buyer describing the Fees then due.
2. Modification and Termination. This Agreement shall not be modified, revoked, released,
or terminated, except upon the mutual consent of the City and Buyer given in writing.
3. Binding Effect. This Agreement contains the entire understanding between and among the
parties hereto, and shall be binding upon and inure to the benefit of such parties, and subject to its terms,
their respective successors, heirs, assigns, and legal representatives.
4. Governin Law. This Agreement is being executed and delivered in and shall be governed
by and construed and enforced in accordance with the laws of the State of Florida.
5. Notices. Any notices required or permitted to be given hereunder shall be given either by
a national overnight delivery courier service, by certified or registered mail, return receipt requested, to the
following addresses or to such other single address as either party thereto shall notify the other, or by
facsimile transmission to the numbers set forth below:
CITY OF TAMARAC: City Manager
7525 N.W. 88"' Avenue
Tamarac, Florida 33321-2401
(954) 724-2454
COP : Mitchell S. Kraft, Esq.
City Attorney
7525 N.W. 88"' Avenue
Tamarac, Florida 33321-2401
(954) 724-1370
BUYER: 2005 West Cypress Creek Road
Suite 202
Fort Lauderdale, Florida 33309
(954) 771-9282
Attn: Sam Butters
EXECUTED as of the date first above written:
WITNESSES:
Print Name: biLwAi
P tName: �`4cNG %L Gt1
1m.
Print Name: EWAIAl
Pri ame: ems"
to
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Title: City Attorney
7525 N.W. 88"' Avenue
Tamarac, FL 33321-2401
City:
CITY OF TAMARAC, a Florida municipal
corporation
By:n4siz,-Z�L
Prin ame: J dC- /
Title: Mayor
7525 N.W. 88TH Avenue
Tamarac, FL 33321-2401
By. AIA,
Print Nam - 4. i c c
3'x3 Title: City Manager
7525 N.W. 88th Avenue
K
Tamarac, FL 33321-2401
WITNESSES:
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Print Name: Snow'n
Print Na
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Print Name:' y
Print me:
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Buyer:
SB TAMARAC COMMERCE CENTER, LLC, a
Florida limited liabil c ny
By:
Name: -trs
Title:
NB TAMARAC COMMERCE CENTER, LLC, a
Florida limited liability company
By:
Name: '�
Title:
EXHIBIT "A"
Legal Description
A portion of the West one-half (W 1/2) of Tract 5, all in Section 7, Township 49 South, Range
41 East, of FLORIDA FRUIT LAND COMPANY SUBDIVISION NO. 2, according to the Plat
thereof, as recorded in Plat Book 1, Page 102, of the Public Records of Palm Beach County,
Florida, and being more fully described as follows:
COMMENCING at the Northeast corner of said Section 7; thence South 010 24' 48" East, on
the East line of said Section 7, a distance of 1649.44 feet to a point of intersection with the
Easterly extension of the South line of Parcel "B", S & N PLAT, according to the Plat thereof,
as recorded in `Plat Book 154, page 38, of the Public Records of Broward County, Florida;
thence South 890 24' 52" West on said Easterly extension, a distance of 53.01 feet; thence
South 010 24' 48" East, on a line 53.00 feet West of (as measured at right angles) and
parallel with the said East line of Section 7, a distance of 659.83 feet to a point on the
South line of said North one-half (N 1/2) of Tract 4; thence South 890 21, 33" West, on said
South line, a distance of 1024.33 feet, to a point on the West line of said Tract 4, said point
also being on the East line of said Tract 5; thence South 010 04' 45" East on said East line, a
distance of 315.39 feet to a point on a line 15.00 feet North of and parallel with the South
line of the Northeast one -quarter (NE '/a) of said Section 7; thence South 891, 19' 54" West,
on said parallel line, a distance of 290.45 feet, to a point on the Northeasterly right-of-way
line of Hiatus Road (106 feet of right-of-way) and a point on a curve, a radial line from said
point bears South 550 55' 50" West; thence Northwesterly on said right-of-way line and on
said curve to the left, with a radius of 1008.00 feet, a central angle of 080 20' 03", an arc
distance of 146.22 feet to a point of tangency; thence continuing Northwesterly on said
right-of-way line with a bearing of North 420 24' 13" West, a distance of 230.67 feet to the
POINT OF BEGINNING, said POINT OF BEGINNING being on the East line of said West one-
half (W 1/2); thence continuing North 420 24' 13" West, on said Northeasterly right-of-way
line of Hiatus Road (106 feet of right-of-way) a distance of 387.64 feet to a pint curve;
thence Northeasterly on said right-of-way line and on said curve to the right, with a radius
of 902.00 feet, a central angle of 050 38' 25", an arc distance of 88.79 feet to a point on the
North line of said Tract 5, said point also being on the South line of said Parcel "B", S & N
PLAT; thence North 890 23' 12" East on said North line of Tract 5 and also on said South line
of Parcel "B", a distance of 312.28 feet to the Northeast corner of the said West one-half (W
1/2) of Tract 5; thence South 00" 54' 45" East, on the East line of said West one-half (W 1/2)
of Tract 5, a distance of 358.03 feet to the POINT OF BEGINNING.
Said lands situate, lying and being in the City of Tamarac, Broward County, Florida.
POST CLOSING AGREEMENT
(Site Work)
This Post Closing Agreement (this "Agreement") is entered into as of `� , 2001, by and
between the CITY OF TAMARAC, a municipal corporation (the "City") and SB TAMARAC COMMERCE
CENTER, LLC, a Florida limited liability company, as to an undivided one-half interest in the real property
hereinafter described and NB TAMARAC COMMERCE CENTER, LLC, a Florida limited liability
company, as to an undivided one-half interest in the real property hereinafter described (as tenants in
common) (collectively, the 'Buyer").
WITNESSETH:
WHEREAS, the City has sold to Buyer an approximately 1.3 acre tract of land (the "Property")
located in the City of Tamarac, Broward County, Florida, pursuant to that certain Contract for Purchase and
Sale of Real Property dated as of February 28, 2001 (as amended, the "Contract");
WHEREAS, the Contract provides that Buyer shall perform certain clearing work, as set forth in
Paragraph 10.1.2 of the Contract, for the property described on Exhibit "A" attached hereto (the "McNab
Park"); and
WHEREAS, the City and Buyer hereby agree that a letter of credit (the "Letter of Credit") in the form
attached hereto as Exhibit "B" shall be deposited by Buyer in escrow with the City to be disbursed in
accordance with this Agreement.
NOW, TIIEREFORE, in consideration of the foregoing premises and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the City and Buyer covenant and
agree as follows:
1.. Receil2t of Letter of Credit. The City hereby acknowledges receipt of the Letter of Credit
and agrees to hold and disburse the same in strict accordance with the provisions of this Agreement.
2. Performance of Site Work. Buyer shall, at its sole cost and expense, to the extent provided
for herein, clear, or cause others to clear, approximately eight (8) acres of bush and trees (the "Site Work")
located within McNab Park. Notwithstanding the foregoing, or anything contained herein to the contrary,
the Buyer's obligation to perform the Site Work shall be limited as follows:
(1) In no event shall the Buyer be required to incur any fees, costs, or expenses or expend any
sums in excess of $22,300.00 in connection with the Site Work;
(2) Buyer's obligation to perform the Site Work shall terminate on the earlier to occur of (a) the
date that is twelve (12) months from the date hereof and (b) the time Buyer and Seller have
reasonably agreed that Buyer has incurred or expended $22,300.00 in fees, costs and
expense in connection with the Site Work; and
(3) The City shall be responsible for obtaining and providing the Buyer with all approvals and
permits from all applicable governmental authorities which are required to perform the Site
Work.
3. Remedy. hl the event the Buyer fails to commence performance of the Site Work within
thirty (30) calendar days after (i) its receipt of a written request from the City to perform the Site Work and
(ii) its receipt of all applicable governmental approvals and permits relating to the Site Work, then the City
may, at any time after the passage of ten (10) calendar days following written notice to the Buyer of its
election to perform such work, commence and proceed to complete such work and then draw on the Letter
of Credit from time -to -time to pay for direct, out-of-pocket expenses incurred by the City in completing such
work. Notwithstanding the foregoing, in the event Buyer is delayed in the fulfillment of any obligation set
forth in this Agreement, by Force Majeure (as hereinafter defined), then the period of time for Buyer to fulfill
its obligation shall be extended by the period of time during which Buyer was delayed by Force Majeure.
"Force Majeure", as used herein, shall mean any delay arising from or as a result of strike or lockout,
explosion, sabotage, accident, riot or civil commotion, act of war, fire, or other catastrophe, or any other
cause beyond the reasonable control of Buyer.
4. modification and Termination. This Agreement shall not be modified, revoked, released,
or terminated, except upon the mutual consent of the City and Buyer given in writing.
5. Bindirtg Effect. This Agreement contains the entire understanding between and arnong the
parties hereto, and shall be binding upon and inure to the benefit of such parties, and subject to its terms,
their respective successors, heirs, assigns, and legal representatives.
6. G erni Law. This Agreement is being executed and delivered in and shall be governed
by and construed and enforced in accordance with the laws of the State of Florida.
7. Noti . Any notices required or permitted to be given hereunder shall be given either by
a national overnight delivery courier service, by certified or registered mail, return receipt requested, to the
following addresses or to such other single address as either party thereto shall notify the other, or by
facsimile transmission to the numbers set forth below:
CITY OF TAMARAC: City Manager
7525 N.W. 88"' Avenue
Tamarac, Florida 33321-2401
(954) 724-2454
COPY TO: Mitchell S. Kraft, Esq.
City Attorney
7525 N.W. 88"' AvellUe
Tamarac, Florida 33321-2401
(954) 724-1370
B J[ YER: 2005 West Cypress Creek Road
Suite 202
Fort Lauderdale, Florida 33309
(954) 771-9282
Attn: Sam Butters
2
EXECUTED as of the date first above written:
WITNESSES:
Print Name: I)dz-e>f) 64__�Esr����u�����
Pr' t Narne: clN 4J
ivaz��'fl Jj'
Print Name: AQIL;Al /.r'�r>i�;•(��Ls.�,
Pro Narne: J lk-4-117W-
I
f MitcMI S. Kraft, Wq
Title: City Attorney
7525 N.W. 88`It Avenue
Tamarac, FL 33321-2401
Print Narne:
Print Name:
Print Narne:
Print Name:
I:\W-SB\33584\062\postclosingagreemcnt I
City:
CITY OF TAMARAC, a Florida municipal
corporation
By:
P r i n aill e:
Title: Mayor
7525 N.W. 88TH Avenue
Tamarac, Fl, 33321-2401
By: 4
14, Print Nam :� L�!�
Title: City Manager
7525 N.W. 88th Avenue
Tamarac, FL 33321-2401
B_ uver:
SB TAMARAC COMMERCE CENTER, LLC, a
Florida limited liability company
By:_
Name:
Title:
NB TAMARAC COMMERCE CENTER, LLC, a
Florida limited liability company
By:_
Name:
Title:
3
EXECUTED as of the date first above written:
WITNESSES:
Print Name:
Print Name:
Print Name:
Print Name:
Approved as to Form:
By:
Mitchell S. Kraft, Esquire
Title: City Attorney
7525 N.W. 88th Avenue
Tamarac, FL 33321-2401
WITNESSES:
Print Name: hQ, w, nL
ame:
Print Name: �� ha wn & Irk
1�
Print me
TAW-SR\33584\062\postclosingagreement I
City:
CITY OF TAMARAC, a Florida municipal
corporation
rAV-1
Print Name:
Title: Mayor
7525 N.W. 88TH Avenue
Tamarac, FL 33321-2401
By:
Print Name:
Title: City Manager
7525 N.W. 88th Avenue
Tamarac, FL 33321-2401
Buyer:
SB TAMARAC COMMERCE CENTER, LLC, a
Florida limited li&'ity
c pany
By:
Name:
Title:„. 6 +r
NB TAMARAC COMMERCE CENTER, LLC, a
Florida limited liability company
By: fill kA
Name: -M,
Title: .ter..
3
EXHIBIT "A"
(Parcel A)
A Portion of that parcel of land recorded in OR Book 12202, Page 947, Public Records of
Broward County, Florida, being more particularly described as follows:
A parcel of land lying in Tracts 14, 15 and 16 in Section 7, Township 49 South, Range 41
East in the FLORIDA FRUITLANDS COMPANY'S SUBDIVISION NO. 2, as recorded
in Plat Book 1, Page 102, of the Public Records of Palm Beach County, Florida, being
more particularly described as follows:
Commence at the Northwest corner of Section 7 said point having a Florida State Plane
Coordinate ofN691838.31 and E730240.57 (East Zone); thence on a grid bearing of
North 89033'15" East along the North line of said Section 7, a distance of 15.00 feet to a
line 15.00 East of and parallel with the West line of Section 7; thence South 00005'06"
East along said parallel line a distance of 15.00 feet to a line 15.00 feet South of and
parallel with the said North line of Section 7; thence North 89°33'15" East along said
parallel line a distance of 1048.99 feet, said point being the POINT OF BEGINNING;
thence South 00°24'54" East a distance of 979.25 feet; thence South 89°28'12" West a
distance of 350.00 feet; thence South 00°24'54" East a distance of 994.76 feet to the
South line of said Tract 14; thence South 89023112" West a distance of 172.92 feet;
thence North 05 033'43" West a distance of 249.79 feet to a point of curvature of a non -
tangent curve concave to the East; thence Northerly along the arc of said curve to the
right, having a central angle of 04' 11'56" and a radius of 11,309.16 feet for an arc
distance of 828.79 feet to a Point of Tangency; thence North 00013'25" West along a line
tangent to the last described curve a distance of 898.07 feet; thence North 89°33'15" East
a distance of 569.91 feet to the POINT OF BEGINNING.
LESS:
(Parcel B)
That portion of Tracts 14 and 15 of FLORIDA FRUITLANDS COMPANY'S
SUBDIVISION NO. 2, of Section 7, Township 49 South, Range 41, East, as recorded in
Plat Book 1, Page 102, of the Public Records of Palm Beach County, Florida, that lies
East of the Sawgrass Expressway right-of-way and lies West of the "GOULD SOUTH"
Plat.
Said Parcel of land lying and being in the City of Tamarac, Broward County, Florida.
EXHIBIT "B"
DATE: MARCH 22, 2001
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3035851
BENEFICIARY
CITY OF TAMARAC
7525 N.W. S8xe AVENUE
TAMARAC, FLORIDA 33321-2401
APPLICANT
SAMUEL AND NATHAN BUTTERS
2005 W. CYPRESS CREEK ROAD
SUITE 202
FORT LAUDERDALE, FL 33309--1857
AMOUNT
USD 22,300.00
TWENTY TWO THOUSAND THREE
HUNDRED AND 00/100'S US
DOLLARS
EXPIRATION;
MARCH 22, 2002 �T OUR COUNTERS
WE HEREBY AUTHORIZE YOU TO DRAW ON BANK or AMERICA, N.A., 333 SOUTH
ar.At rty AVENUE, 19TH 8'Y,O03k, LOS ANC;IAL146 , CA 90017 , MAIL, CODE!
CA9-703--19T23, BY ORDER OF SAMUEL AND NATHAN BUTTERS AND FOR THE
ACCOUNT OF SAMUEL AND NATHAN BUTTERS UP TO AN AGGREGATE: AMOUNT, IN
UNITED STATES FUNDS, OF TWENTY TWO THOUSAND THREE HUNDRED AND 00/1001S
US DOLLARS ($22,300.00 US DOLLARS), AVAILABLE BY YOUR DRAFTS AT SIGHT,
ACCO"ANIED BY:
Q
A SIGNED STATEMENT FROM THE CITY MAMA R OF THE CITY OF TAMARAC,
OR AN AUTHORIZED REPRESENTATIVE, THAT "THE DRAWING IS DUE TO DEFAULT
IN PERFORMANCE OF CERTAIN OBLIGAT17;-SH TAMARAC LLC, AIFLORIDA LIMITED
LIABILITY COMPANY AND NS TAMARAC LLC, A FLORIDA LIMITED LIABILITY
COMPANY REQUIRED BY THAT CERTAIN POST CLOSING AGREEMENT. (SITE WORK)
DATED , 2001 atTWEEN SB TAMARAC LLC, A FLORIDA LIMITED LIABILITY
COMPANY AND NB TAMARAC LLC, A FLORIDA LIMITED LIABILITY COMPANY AND
THE CITY OF TARAMAC. ►►
DRAFT MUST HE DRAWN AND PRESENTED NOT LATER THAN MARCH 22, 2002.
DRAFTS MUST BEAR THE CLAUSE: "DRAWN UNDER LETTER OF CnODIT NO. 3035851
OF BANK OF AMERICA, N.A_, DATED MARCH _, 2001."
THIS LETTER OF CREDIT SHALL BE RENEWED FOR SUCCESSIVE PERIODS OF ONE
(1) YEAR EACH UNLESS WE PROVIDE THE CITY or TAMARAC MM THE CITY
MANAGER OF THE CITY OF TAMARAC WITH WRITTEN NOTICE OF OUR INTENT
TO TERMINATE THE CREDIT HEREIN EXTENDED, WHICH NOTICE MUST BE
PROVIDED AT LEAST THIRTY (30) DAYS PRIOR TO THE E}GPIR.ATION DATE
OF THE ORIGINAL TERM HEREOF OR ANY RENEWED ONE (1)YEAR TERM.
NOTICE TO THE CITY OF TARAMAC THAT THIS LETTER OF CREDIT WILL
EXPIRE PRIOR TO PERFORMANCE OF THE DEVELOPER'S OBLIGATIONS SHALL
BE DEEMED A DEFAULT.
PAGE = 2
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 3035851
THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OOR UNDERTAKING,
AND SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, Al-MMED OR
AMPLIFIED aY REFERENCE TO ANY DOCUMNTS, INSTRUMENT, OR AGREEMENT
REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS REFERRED TO OR
THIS LETTER OF CPXbIT RELATES, AND ANY SUCH REFERENCE SMALL NOT BE
DEEMED TO INCORPORATE HEREIN BY REFERENCE ANY DOCUMENT, INSTRUMENT, OR
AGREEMENT.
WE HEREBY AGREE WITH THE DRAWERS, ENDORSERS, AND SONAF7'DE HOLDERS OF
ALL DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS'OF THIS
CREDIT, THAT SUCH DRAFTS WILL BE DULY HONORED UPON PRESENTATION TO
THE DRAWEE.
THIS CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS' (REVISED JANUARY 1, 1994), INTERNATIONAL CHAMBER
OF COMMERCE PUBLICATION NO. 500 AND TO THE PROVISIONS Off' FLORIDA LAW.
IF A CONFLICT BETWEEN THE UNIFORM CUSTOMS AND PRACTICE 'FOR DOCUMENTARY
CREDITS AND FLORIDA LAW SHOULD ARISE, FLORIDA LAW SHALT. PREVAIL. IF A
CONFLICT BETWEEN THE LAW OF ANOTHER STATE OR COUNTRY AND FLORIDA LAW
SHQULD ARISE, FLORIDA LAW SHALL PREVAIL.
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS
AMENDMENT, PLEASE CALL 213-345-^5304.
SANK OF AMERICA, N.A_
AUTHORIZED SIGNATURE
AUTHORIZED SIGNATURE
CLOSING STATEMENT AND DISBURSEMENT SHEET
SELLER: CITY OF TAMARAC
BUYER: $B TAMARAC COMMERCE CENTER, LLC a Florida limited liability company and
NB TAMARAC COMMERCE CENTER, LLC, a Florida limited liability company, as tenants in common
TITLE AGENT: STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A.
PROPERTY: See Exhibit "A" attached hereto and made a part hereof
PRICE: $90,000,00
CLOSING DATE: March q , 2001
FILE NO: 33584.062
CREDIT SELLER CREDIT BUYER
PURCHASE PRICE $90,000.00
Deposit held in escrow 5,000.00
Credit for Land Previously Conveyed by an
Affiliate of Buyer to Seller 47,700.00
Credit for Site Work Preparation for McNab Park 22,300.00
ADJUSTED PURCHASE PRICE $" 5.0 00•QO
Documentary Stamps on Deed
$630.00
Record Deed Op.)
15.00
Seller's Legal Fees re: Contract, Real Estate Closing
2,000.00
and Miscellaneous Expenses (courier charges,
facsimiles, photocopies, long distance, etc.)
Buyer's Legal Fees
$12,000.00
Owner's Title Policy
517.50
Title Search
$365.00
A-1 Lien Search
$315.00
McLaughlin Engineering
$700.00
TOTAL EXPENSES $16,
UCAPITULAN:
SELLER:
Adjusted Purchase Price $15,000.00
Plus Deposit held in escrow 5,000.00
NET CASH DUE SELLER $20.000.00
Adjusted Purchase Price $15,000.00
Plus: Expenses 16,542.50
TOTAL CASH DUE FROM BUYER $31.542.50
RECEIPTS
From Buyer:
Deposit held in Escrow $5,000.00
Wire from Buyer 31,542.50
TOTAL RECEIPTS 36 542.5
_I-
City of Tamarac
Board of County Commissioners
McLaughlin Engineering Company
A-1 Title Support Services
Lawyers Title Insurance Corporation
W. Craig Eakin, P.A.
Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A.
TOTAL DISBURSEMENTS
$20,000.00
645.00
700.00
315.00
882.50
2,000.00
12,000.00
$36, __42 , Q
Buyer and Seller acknowledge that each has reviewed all of the entries on this Closing Statement and each confirms that all of the entries thereon
are true and correct. Buyer and Seller authorize STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A., to distribute
the closing funds in accordance with the Closing Statement.
Buyer and Seller agree to cooperate with STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. in order to adjust
for any clerical errors in any of the documents executed in connection with the closing of the Property, including, but not limited to,
typographical errors concerning the names of the parties or the legal description of the Property, typographical errors concerning dates of
documents, and typographical errors or miscalculations concerning the Closing Statement. Buyer and Seller agree to comply with requests
within 30 days from the date of the mailing of any request.
STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. has not adjusted for and assumes no responsibility for charges
for water, sewer, gas, electricity, telephone, taxes on personal property, hazard, flood or homeowner's insurance, garbage taxes, licenses, nor
any assessment, special assessment, charge or amount due, (whether by municipality or otherwise) not recorded in Official Records Books of
Broward County, Florida. Buyer and Seller agree that STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. shall
have no responsibility in connection therewith and is hereby released and held harmless by both parties as to the consequences regarding any
such adjustments.
Buyer and Seller both warrant to STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. that no broker was involved
in this transaction except as set forth herein. The Buyer and Seller both hereby agree to and shall at such party's own expense, protect,
indemnify, defend and hold STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. harmless from and against any
and all liability, loss, expense or damage that may arise by reason of any claim by any party with regard to any brokerage fees in connection
with the subject transaction not set forth herein. This indemnification shall survive the full payment and performance of any loan involved in
the subject transaction.
Under IRS Regulation 1.6045-4(e)(5), STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A., whose address is 200
East Broward Boulevard, Suite 1900, Fort Lauderdale, Florida 33301, is the person designated as the "1099" reporting person with respect to
this transaction.
The Seller's address is 7525 N.W. 88" Avenue, Tamarac, Florida 33321.
The Buyer's address is 2005 West Cypress Creek Road, Suite 202, Ft. Lauderdale, Florida 33309.
The address of the Property is not available - the Property is vacant land. A copy of the legal description is attached as Exhibit "A".
The Seller, Buyer and designated reporting person agree to retain a copy of the Closing Statement for this transaction for four years
following the close of this calendar year.
The provisions of this Closing Statement shall survive the Closing. In connection with any litigation arising out of this Closing Statement, the
prevailing party shall be entitled to recover reasonable attorneys' fees and costs.
This Closing Statement may be executed in counterparts, each of which shall constitute an original but all of which together shall constitute
one and the same instrument. Facsimile copies of this Closing Statement shall be deemed originals for all purposes.
"SELLER"
CITY OF TAMARAC, a Florida municipal
corporation
By:
Print Name:
Title: Mayor
7525 N.W.88th Avenue
Tamarac, FL 33321-2401
By:
Print Name:
Title: City Manager
7525 N.W.88th Avenue
Tamarac, FL 33321-2401
Approved as to Form:
By:
Mitchell S. Kraft, Esquire
Title: City Attorney
7525 N.W. 88" Avenue
Tamarac, FL 33321-2401
"BUYER"
SB TAMARAC COMMERCE CENTER, LLC,
a Florida limited liabil" comp y
r
By:
Name: 8 Yd nicj
Title:,..
NB TAMARAC COMMERCE CENTER, LLC,
a Florida limited liability company
By:
Name: A1070,s
Title:
-2-
DISBURSEMENTS:
City of Tamarac
Board of County Commissioners
McLaughlin Engineering Company
A-1 Title Support Services
Lawyers Title Insurance Corporation
W. Craig Eakin, P.A.
Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A.
TOTAL DISBURSEMENTS
$20,000,00
645.00
250.00
210.00
882.50
2,000.00
12,000.00
............. .
Buyer and Seller acknowledge that each has reviewed all of the entries on this Closing Statement and each confirms that all of the entries thereon
are true and correct. Buyer and Seller authorize STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A., to distribute
the closing funds in accordance with the Closing Statement.
Buyer and Seller agree to cooperate with STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. in order to adjust
for any clerical errors in any of the documents executed in connection with the closing of the Property, including, but not limited to,
typographical errors concerning the names of the parties or the legal description of the Property, typographical errors concerning dates of
documents, and typographical errors or miscalculations concerning the Closing Statement. Buyer and Seller agree to comply with requests
within 30 days from the date of the mailing of any request.
STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. has not adjusted for and assumes no responsibility for charges
for water, sewer, gas, electricity, telephone, taxes on personal property, hazard, flood or homeowner's insurance, garbage taxes, licenses, nor
any assessment, special assessment, charge or amount due, (whether by municipality or otherwise) not recorded in Official Records Books of
Broward County, Florida. Buyer and Seller agree that STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. shall
have no responsibility in connection therewith and is hereby released and held harmless by both parties as to the consequences regarding any
such adjustments.
Buyer and Seller both warrant to STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. that no broker was involved
in this transaction except as set forth herein. The Buyer and Seller both hereby agree to and shall at such party's own expense, protect,
indemnify, defend and hold STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. harmless from and against any
and all liability, loss, expense or damage that may arise by reason of any claim by any party with regard to any brokerage fees in connection
with the subject transaction not set forth herein. This indemnification shall survive the full payment and performance of any loan involved in
the subject transaction.
Under IRS Regulation 1.6045-4(e)(5), STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A., whose address is 200
East Broward Boulevard, Suite 1900, Fort Lauderdale, Florida 33301, is the person designated as the "1.099" reporting person with respect to
this transaction.
The Seller's address is 7525 N.W. 88" Avenue, Tamarac, Florida 33321.
The Buyer's address is 2005 West Cypress Creek Road, Suite 202, Ft. Lauderdale, Florida 33309.
The address of the Property is not available - the Property is vacant land. A copy of the legal description is attached as Exhibit "A".
The Seller, Buyer and designated reporting person agree to retain a copy of the Closing Statement for this transaction for four years
following the close of this calendar year.
The provisions of this Closing Statement shall survive the Closing. In connection with any litigation arising out of this Closing Statement, the
prevailing party shall be entitled to recover reasonable attorneys' fees and costs.
This Closing Statement may be executed in counterparts, each of which shall constitute an original but all of which together shall constitute
one and the same instrument. Facsimile copies of this Closing Statement shall be deemed originals for all purposes.
"SELLER"
CITY OF TAMARAC, a .Florida municipal
corporation
By: eu-sz... r - -..
Printu ame: ' t z.
Title: Mayor T
7525 N.W.88th Avenue
Tamarac, FL 33321-2401 , r
,\Print Name: ✓ ,- ec,
.,, gale: City Manager
7525 N.W.88th Avenue
Tamar , FL 33321-2401
A rave i to F
it ell S. Kraft, Esquire
Title: City Attorney
7525 N.W. 88`h Avenue
Tamarac, FL 33321-2401
"BUYER"
SB TAMARAC COMMERCE CENTER, LLC,
a Florida limited liability company
By:_
Name:
Title:
T A T, .f A 1"+ A C /'`; 1T AA �ii'...iivE �i TTC7i 7 i /-'
V .4J 4Ci. Ari! I1 Al .-��_ IMN Nr . ER, L C,
a Florida limited liability company
By:,_.._
Name:
Title:
-2-
EXHIBIT "A"
Legal Description
A portion of the West one-half (W 1/2) of Tract 5, all in Section 7, Township 49 South, Range
41 East, of FLORIDA FRUIT LAND COMPANY SUBDIVISION NO. 2, according to the Plat
thereof, as recorded in Plat Book 1, Page 102, of the Public Records of Palm Beach County,
Florida, and being more fully described as follows:
COMMENCING at the Northeast corner of said Section 7; thence South 010 24' 48" East, on
the East line of said Section 7, a distance of 1649.44 feet to a point of intersection with the
Easterly extension of the South line of Parcel "B", S & N PLAT, according to the Plat thereof,
as recorded in Plat Book 154, page 38, of the Public Records of Broward County, Florida;
thence South 890 24' 52" West on said Easterly extension, a distance of 53.01 feet; thence
South 010 24' 48" East, on a line 53.00 feet West of (as measured at right angles) and
parallel with the said East line of Section 7, a distance of 659.83 feet to a point on the
South line of said North one-half (N 1/2) of Tract 4; thence South 890 21' 33" West, on said
South line, a distance of 1024.33 feet, to a point on the West line of said Tract 4, said point
also being on the East line of said Tract 5; thence South 010 04' 45" East on said East line, a
distance of 315.39 feet to a point on a line 15.00 feet North of and parallel with the South
line of the Northeast one -quarter (NE 1/4) of said Section 7; thence South 890 19' 54" West,
on said parallel line, a distance of 290.45 feet, to a point on the Northeasterly right-of-way
line of Hiatus Road (106 feet of right--of-way) and a point on a curve, a radial line from said
point bears South 550 55' 50" West; thence Northwesterly on said right-of-way line and on
said curve to the left, with a radius of 1008.00 feet, a central angle of 080 20' 03", an arc
distance of 146.22 feet to a point of tangency; thence continuing Northwesterly on said
right-of-way line with a bearing of Worth 420 24' 13" West; a distance of 230.67 feet to the
POINT OF BEGINNING, said POINT OF BEGINNING being on the East line of said West one-
half (W 1/z); thence continuing North 420 24' 13" West, on said Northeasterly right-of-way
line of Hiatus Road (106 feet of right-of-way) a distance of 387.64 feet to a pint curve;
thence Northeasterly on said right-of-way line and on said curve to the right, with a radius
of 902.00 feet, a central angle of 050 38' 25", an arc distance of 88.79 feet to a point on the
North line of said Tract 5, said point also being on the South line of said Parcel "B", S & N
PLAT; thence North 890 23' 12" East on said North line of Tract 5 and also on said South line
of Parcel "B", a distance of 312.28 feet to the Northeast corner of the said West one-half (W
1/2) of Tract 5; thence South 000 54' 45" East, on the East line of said West one-half (W 1/2)
of Tract 5, a distance of 358.03 feet to the POINT OF BEGINNING.
Said lands situate, lying and being in the City of Tamarac, Broward County, Florida.
MAY-09-2001 WED 10:53 AM STEARNS WEAVER
MAY, -08' 01 ITl1E) 17:30 EAKIN & MOODY
RELEA
XNOW ALL MEN BY Tl4i[ U ]PRRUNTSs
FAX NO. P. 02
TEL+954565239; PIO03
That ft TA 4ARAC CObMMX UNTBR, LLC, a Triarldo limited liabitity company,
4Ad XB TA,MABAC COMMERCII; CENTRR, LLC, a Plorlds llmltrtd Hammy company,
first party, for and itt consiftation of the sum of Tea lad No/100 Dollars, of otltar valuable
aos♦sldcrstioas, reoelved It= or as behalf of THE CITY OF TAMARAC, a Rids
manicipal conmrstlan, aaCand party, *a receipt whemarls hereby $wMOwlodPd,
(whower used harain the terms "il yt p4W, and "second party" andl include Wagitlar
40 plural, ha", I08A1 roparteentlltirea, land tassigtls of bullvlduals. =4 the succOgsos and
assigtu of corpors uo"s wherever the aontaxt sa adnrlts or rsgwres.)
HEREBY remises, relowses, moults, satisftsm, and % Nver discharsa flu gaud seacnd
party, or No from All, end all manner at400an lard notions, aeuaa and oauwes of action. suits.
debts, duos, amps of nionsy, saaounts, reWwW ags, bonds, bills. epeaialties, coveawnts, contmcl,
OwtrOvOnimit aVwwAts, proaaiaeg, vpWam6 tmilpasgos, 44maga, judgments, examalons,
claims and demo ads wbatwom, in law or tat equity, Whiah geld Ors; party ever Md, ndw hos, or
whiola any p■rsonat rsprowtatWve. Porn wsor, heir or amt8n of geld fWt party, hwaftr can,
shall or may have, &plait sold ownd party, tbr. upon or by rcuou of the Who of the snood
party to de1�V4r to alto first patsy a Corrective WArrattty pond from Jinde LWj4 as rquimd by
Schedule B-1 of abet certain Title CommiMat issued by Lawyers Tltlo hmMad Carpamda t
and d+atod Nwnber 20,200A aasd revised lsauary 22, 2001 wW from stay And all 4billty that
might arise under an interprati Mm of tbwt attain Clausal Fw Purohme and Salo of Beal
Property dated February 26, 2001 that maid aecatrd party wag abliSawd to obtain and deliver to
said I'litst PA* a Corrective Wwrnoty Dm d from rinds Lwin.
Said first party does alma 4Gkww1cU8 by rho exen0on hemof that they are raccivins a
oonvaayaace of the rest PMPM legally devarlbed on Fxbibit "A" attached laereto srad
incorrpporm cd herein from said seaont► party witltotat 40y repmsm%dosw or warcalrallos oA to the
His d said property.
IN WTTNUS W1:i13REOV, T have hereunto set my hand(s) and seals) dais —L day of
array, 2wl.
9igr 4 sealed and delivered
is prwsuce of:
81 TAMAitAC COMAd15RCE CENT'13R, U-C, a
Florida llmilad li 111ty mpauY
Byt ,
Print Nettle; ,< % Name' +act f
Title; e
za 39ad QnV Z8Z6TcL str:et TOOZ/ 0/90
MAY-O9T2OO1 WED 10:53 AM STEARNS WEAVER
NRY, - 08' 01(TUF) 17 � 34 EAK I N k MOODY
FAX NO, F. 03
TEL:914HS2392 P, 004
-TAMARAC Wkav B CENIMR, "Q. r
Plcrida llmltad HWIlty p y
prwt Na Narna;
Name;
STATE OF FLQRIDA
COUNTY OF 13ROWARD
The PoralotAi lnstromant Was aaknawlodxed balbra me tbya„ 2 _ dray of Mai►. 2DDJ,
5y A vc +- a o yYel" who $ro
parnonally known to me or wA b-1A-rdapa�k- --
5ward �h%i
,00 41
y
M oo1►Lttfl111ar< axptrce:
tv
S #ACC 713963
�nq,� mKr �,•
60 39Vd aAV 38Z6ZLL Ca :0T TOOZ/60/90
MAY-09-2001 WED 10:54 AM STEARNS WEAVER
MAY. -08, 01 IT1191 17,30 EAKIN & MOODY
Legal Demotion
FAX N0, P. 04
TEL:4545652392 P1005
A partlon of the W69 one-half (W W) of Tract S, all In Slectian 7, Township 49 South, Range
41 East, of FI AIC)A piRUli lANp COMPANY NUBDIVISION NO, 2. occarding to the Plitt
thereof, as recorded In Plat soak 1, Page 102, Of the Publlo Records of PolM Beach County,
Fiords, Vnd being Mom fully dascrlbsd ae !dhows:
CQMMSNC RO at the Northeast corner of held S'ectlon 7; thence South 01, 24.49" ftn an
the !Cast line of sold seagan 7, a 4111411111110111 of 1649.44 feet co a point of Intersection wltir tms
Esatarly extenalon of the South line of parasl "I!", S & N P{.AT► awarding to the Flat thereof,
44 r"Qrded`In'Plet Souk 134, page P Ot the public Retards OP 9raw4r5 County, Florl ar
thence South s9" $4' Sz" Wet Art salt! Easterly extsnalan, a dlitsncA of 53,01 facet; thence
South 01" 24' 40" East, qn a line 63.00 feet West of (so msaSurod at right angles) and
parallel With the said %at Ilea of Spctlon 7, a dlstanos of Ogg,83 rest to a point an the
South line of said North One-half (N h) of Tract 4; thence Soutn ills" 21' 33" W41, an said
South line, a distance of '924.33 feet, to A Point On the Wear line of sai4 Tract 4, said point
WOO being nn th* 4airt line of said Tract 3; thence South GIN 04' 45" eon on sale diet line, a
dletorice of 315.10 faor to a point on a line 15.00 f"t North of and parallel with the South
line of the Northeast ons-quarter (NI 14) of said Sespon 7; thence South ev 19' $4" West,
on said Parallel 'In*' a distance of 290,40 feet, to a Rulnt an the Northeamrly right of•wav
Iina of Nlows Road (too feet of right-of-wey) and a point on a curve, a radial one from sold
Point pears South 58" 55, So" WoK; thence NQrthwm Wriy an said right•af-way Ilne and an
Sold Nerve to tho left, with a radius of 1008.00 f#et, a central angle of 08. ZQ, 03", an arc
dlatbnce of 141i.22 feet to a point of tengefley; thence continuing Northwasterly an sold
right-of-way line we a b4erin0 of North 42. 24' 13" West; a dlsranes or 230-67 rest to the
POINT OF 1594INNIN4, Sold POINT OF AMINNINO being an the twist line of sold West orne-
half (w ft thence ranNneNno North 426 24' 120 was�, an said Northeasterly rlgr!t-af-way
one of Mlatue Road (106 facet of righ!-*-way) a dIxUnce of 3a7.64 fleet to a plat Curve;
thence NoRheasterfy on sold right Ilne and on sale Curve to the fight, with a radluo
Of 902.00 f"t, a central angle of ills. 38' 25", an arc dlatames of 8e,79 hot to a paint on the
North lino of said Tmct s, sold�cJha a(aq both�i S on the aUth 11ne of Sold Parcel "�l', 5 & N
PLAT; thence North $90 23' 12 Net on acid North Ilne of Tract 3 and aloc on sold smith line
of Parcel "e", a distance of 312.29 feet to the Nartheet corner of the, sold West one -heir (W
'A) of Tract 9; theence South 00' 54' 45" lost, on the last line of said west one-half (W A)
of Tract 3, a dlstonas of 354.03 Net to the P0114T OF 1164INNINis.
Sold lands opera!*r lylnit and being In the City of Temarac, Braward Coyney, Flarlda.
V0 39ad aAa ZGZGTLI GV:0T TOOZ/60/90