Exhibit 10.6
TRI-PARTY DEVELOPER'S AGREEMENT
THIS AGREEMENT, is made as of the last date of the last signatory party
executing the same, by and among the CITY OF LAUDERDALE LAKES, a Florida
municipal corporation ("CITY"), AGU Entertainment Corp. ("AGU"), and Tarragon
South Development Corp. ("TARRAGON"),
W I T N E S S E T H
WHEREAS, AGU owns certain real property described upon Exhibit A
("Property") generally located on the southwest corner of West Oakland Park
Boulevard and Northwest 31st Avenue, and
WHEREAS, the Property is improved by a metal building, paved parking
lot and associated features ("Improvements") provided that the term
Improvements, for purposes of any demolition described herein, shall not include
any existing perimeter fence in good condition, and
WHEREAS, TARRAGON is the contract purchaser of the Property pursuant to
a contract with AGU ("Contract"), and
WHEREAS, the Contract is scheduled to close on or about December 15,
2005, and
WHEREAS, TARRAGON is prepared to advance certain sums to AGU in
anticipation of the closing and in consideration of a mortgage against the
Property securing a promissory note with respect to such advancement
("Advance"), and
WHEREAS, the Property has been allowed to fall into disrepair, and CITY
has issued various notices of violation, as described upon Exhibit B, attached
hereto and made a part hereof, with respect to certain items of non-compliance
regarding various regulations which apply to the Property ("Notices of
Violation"), and
WHEREAS, as a precondition to making the Advance, TARRAGON requires
that the CITY subordinate its Notices of Violation in order that TARRAGON can
make the Advance contemplated herein and subsequently take title to the Property
without the encumbrance thereof, and
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WHEREAS, CITY is prepared to subordinate such Notices of Violation and
its inchoate lien upon certain assurances, and
WHEREAS, after the issuance of the Notices of Violation, AGU has
expended monies to bring certain items of non-compliance into compliance, but
has requested consideration on other items that still require repair including,
but not limited to the painting of the building and parking lot repairs
("Repairs") which will be resolved by the subsequent demolition of the
Improvements, making the Repairs unnecessary, and
WHEREAS, CITY wants certain assurances that either (i) the Repairs will
be made in a timely manner and fashion or (ii) upon demolition, the Property
will not be allowed to subsequently become a nuisance to the community, and
WHEREAS, TARRAGON has given certain assurances with respect to the
concerns expressed by the CITY, and
WHEREAS, contemporaneously with the execution of this Agreement, AGU
and TARRAGON will cause the Advance to be made in part from the sums
constituting the Contract Deposit, holding back from the sum to be advanced an
amount of Three Hundred Fifty Thousand ($350,000.00) Dollars, in which CITY
shall have a secured interest,
NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the legal sufficiency of which is hereby acknowledged, the parties
agree as follows:
RATIFICATION OF REPRESENTATIONS: The representations set forth in the
preamble paragraphs hereof are hereby restated as true and correct, and the same
are incorporated herein as if set forth in verbatim.
1. SUBORDINATION OF NOTICES OF VIOLATION: Upon the satisfaction of the
conditions precedent set forth in Paragraph 2 hereof, CITY'S interests and
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inchoate lien(s) under the Notices of Violation described upon Exhibit B, which
constitute all of the Notices of Violation presently issued with respect to the
Property, shall be deemed subordinate to the lien of such Advance, and the
mortgage and security interests in TARRAGON therefor arising from or on the
account of such Notices of Violation. In furtherance thereof, TARRAGON'S
Advance, upon recordation of evidence thereof in the Public Records of Broward
County, Florida, shall have priority over and be superior to the above described
Notices of Violation, inchoate lien(s) or any lien arising therefrom.
2. CONDITION PRECEDENT: The following shall constitute conditions
precedent to the CITY'S obligations as set forth in Paragraph 1 hereof:
A. TARRAGON shall release to AGU 1.5 million dollars (and such other
monies as they may agree) constituting in part the deposit(s) under the
Contract, as the Advance, provided that TARRAGON shall hold back the
sum of Three Hundred Fifty Thousand ($350,000.00) Dollars at the
closing of the initial Advance for the purpose of assuring pursuant to
Section 3 hereof that either (i) the Repairs are completed no later
than February 15, 2006, or (ii) the Improvements are completely
demolished and grounds completely planted no later than March 15, 2006.
TARRAGON shall be deemed a fiduciary of the CITY with respect to such
Three Hundred Fifty Thousand ($350,000.00) Dollars, and shall hold the
same for the CITY under a duty to the CITY as a beneficiary thereof to
disburse such sums to the CITY upon the CITY'S presentation of a
certified copy of a resolution of the City Commission of the CITY
demanding the same; provided, however, TARRAGON shall have no duty to
question the authenticity or due adoption of such resolution.
B. There shall be no foreclosure action pending pertaining to the first
mortgage in favor of Xxxxxxx Xxxxxx in her capacity as Trustee of Lakes
Holding Trust, U/A, dated July 26, 2001 ("First Mortgagee"), dated
December 20, 2004, recorded December 27, 2004, in Official Records Book
38764, Page 1973, of the Public Records of Broward County, Florida, in
the original principal amount of Seven Million Dollars, or the second
mortgage in favor of Xxxxxxxx Entertainment Company ("Second
Mortgagee"), dated December 20, 2004, in the original principal amount
of Three Million Dollars, recorded December 27, 2004, in Official
Records Book 38765, Page 127, of the Public Records of Broward County,
Florida.
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3. DEMOLITION OF IMPROVEMENTS AND MAINTENANCE: If AGU shall have
conveyed to TARRAGON fee-simple title to the Property, and the instrument of
transfer shall have been recorded in the Public Records of Broward County,
Florida and, then no later than March 15, 2006, TARRAGON shall cause the
Improvements to have been completely demolished, the cleared land leveled and
planted with Bahia Grass, and the Property properly fenced and gated so as to
secure the same with locked gates, with the duplicate keys thereto to be
delivered to the City Manager and the Chief of Police. In the event AGU does not
convey title to TARRAGON, then AGU shall either (i) cause the Repairs to be
completed no later than February 15, 2006, or (ii) cause the Improvements to be
completely demolished, the cleared land leveled and planted with Bahia Grass and
the Property properly fenced and gated so as to secure the same with locked
gates, with duplicate keys thereto delivered to the City Manager and the Chief
of Police. In either of such events, the CITY shall cause the Notices of
Violation to be discharged and the CITY'S interest in the Three Hundred Fifty
Thousand ($350,000.00) Dollars to be released, whereupon TARRAGON will pay AGU
the sum of Three Hundred Fifty Thousand ($350,000.00) Dollars within one (1)
business days from the satisfaction of either of such requirements.
4. DEMOLITION RELIEF: In the event that AGU or TARRAGON, as their
interests may appear, shall fail to cause the Repairs to be made or the complete
demolition of the Improvements, as and within the times provided herein to be
accomplished, then the CITY shall have the right, but not the obligation, to
demand the disbursement of the Three Hundred Fifty Thousand ($350,000.00)
Dollars held by TARRAGON, for the CITY'S benefit, as contemplated in Paragraph 2
hereof, in full, and to use all or a portion of the proceeds thereof to cause
such Improvements to be demolished, retaining any remaining proceeds thereof as
and for liquidated damages, the parties having concluded that the damage which
may be suffered by the CITY, by virtue of the failure to perform the Repairs or
demolish the Improvements is not susceptible to specific calculation, there
being significant intangible negative impacts to the CITY and to the community,
as a whole, by the continued existence of the Improvements. The CITY, through
its agents and employees, shall have a right to access and enter upon the
Property and to do all things necessary and appropriate to accomplish the
demolition, without liability of any kind whatsoever to AGU or TARRAGON.
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In addition, as an alternative or cumulative remedy, at the
CITY'S discretion, the CITY shall have the right to seek injunctive relief,
mandatory and prohibitory, to cause the discontinuance of the use of the
Property and to cause the demolition of the Improvements. AGU and TARRAGON
acknowledge that the continued use and existence of the Improvements creates
irreparable harm to the CITY and the community as a whole for which there is no
adequate remedy at law and that the demolition of the Improvements is in the
best interest of the community.
5. COST RECOVERY: AGU shall immediately establish a cost-recovery
account with the CITY in a minimum amount of Five Thousand ($5,000.00) Dollars
in accordance with the applicable provisions of the Developmental Code of the
CITY, conditioned to reimburse the CITY for all costs suffered or to be suffered
by the CITY in connection herewith, including costs and fees incurred prior to
the execution hereof, but in connection with the matters contemplated herein.
6. ENCUMBRANCES: As of the making of this Agreement, the Property is
subject to the encumbrances set forth upon Exhibit C.
7. ATTORNEY'S FEES: Should any dispute arise hereunder, prevailing
party shall be entitled to recover against other party all costs, expenses and
attorney's fees incurred by prevailing party in such dispute, whether or not
suit be brought, and such right shall include all of such costs, expenses and
attorney's fees through all appeals or other actions.
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8. WAIVER OF JURY TRIAL: Each of the parties, as its interest may
appear, hereby waives trial by jury on all issues otherwise triable by jury.
9. WAIVER: No waiver by any party of any provision of this Agreement
shall be deemed to be a waiver of any other provisions hereof or of any
subsequent breach by any other party of the same, or any other provision or the
enforcement thereof. A party's consent to or approval of any act by any other
party requiring the other party's consent or approval shall not be deemed to
render unnecessary the obtaining of such party's or any other party's consent to
or approval of any subsequent consent or approval of any party, whether or not
similar to the act so consented to or approved.
10. NON-ASSIGNABILITY: This Agreement or any portion hereof shall not
be assigned or transferred by either party without the written consent of the
other party; provided, however, that Tarragon shall be permitted to transfer its
interest to an entity which is wholly affiliated with Tarragon.
11. NOTICE: The delivery of any items and the giving of notice in
compliance with the terms of this Agreement shall be accomplished by making
same, in writing, and by the delivery thereof to the party intended to receive
it or by mailing the same to the address of such party as hereinafter set forth.
In the event such notice is made by mail, the same shall be given via U.S. mail,
Return Receipt Requested and, unless otherwise provided herein, notice or
delivery by mail shall be effective when mailed to:
City Manager
City Of Lauderdale Lakes
0000 X. X. 00xx Xxxxxx
Xxxxxxxxxx Xxxxx, Xxxxxxx 00000
cc: Xxxxx X. Xxxxx, Esq., City Attorney
000 Xxxxxxxxx 0xx Xxxxxx
Xxxx Xxxxxxxxxx, Xxxxxxx 00000
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Tarragon South Development Corp.
000 X. Xxx Xxxx Xxxxxxxxx - Xxxxx 0000
Xxxx Xxxxxxxxxx, Xxxxxxx 00000
Attn: Xxxxx X. Xxxxxxxxx, Esq.
AGU Entertainment Corp.
0000 Xxxx Xxxxxxx Xxxx Xxxxxxxxx
Xxxxxxxxxx Xxxxx, Xxxxxxx 00000
12. BINDING EFFECT: All of the terms and provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto, their
respective assigns, successors, legal representatives, heirs and beneficiaries,
as applicable.
13. CONSTRUCTION: This Agreement and the terms hereof shall be
construed in accordance with the laws of the State of Florida and venue for all
actions in a court of competent jurisdiction shall lie in Broward County,
Florida.
14. SEVERABILITY: Should any word, phrase or provision hereof be
declared illegal or invalid by a court of competent jurisdiction, such
declaration of illegality and/or invalidity shall not affect the remainder
hereof.
15. ENTIRE AGREEMENT; MODIFICATION: No statements, representations,
warranties, either written or oral, from whatever source arising, except as
expressly stated in this Agreement, shall have any legal validity between the
parties or be binding upon any of them. The parties acknowledge that this
Agreement contains the entire understanding and agreement of the parties. No
modifications hereof shall be effective unless made in writing and executed by
the parties hereto with the same formalities as this Agreement is executed.
16. CAPTIONS AND PARAGRAPH HEADINGS: Captions and paragraph headings
contained in this Agreement are for convenience and reference only and in no way
define, describe, extend or limit the scope and intent of this Agreement, nor
the intent of any provisions hereof.
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17. JOINT PREPARATION: The preparation of this Agreement has been a
joint effort of the parties, and the resulting document shall not, solely as a
matter of judicial construction, be construed more severely against one of the
parties than the other. It is the parties' further intention that this Agreement
be construed liberally to achieve its intent.
18. COUNTERPARTS: This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
shall constitute one and the same agreement.
19. EXHIBITS ARE INCLUSIONARY: All exhibits attached hereto or
mentioned herein which contain additional terms shall be deemed incorporated
herein by reference. Typewritten or handwritten provisions inserted in this form
or attached hereto shall control all printed provisions in conflict therewith.
20. SENIOR MORTGAGEES: The parties hereto acknowledge and agree that
(a) First Mortgagee and Second Mortgagee have or shall execute those certain
Consents attached hereto and made a part hereof ("Consents"), (b) First
Mortgagee and Second Mortgagee are not parties to this Agreement, and have no
obligations hereunder, but may be deemed to be third party beneficiaries to this
Agreement, and (c) in the event any party hereto shall perform the demolition or
the Repairs as contemplated herein, such party shall (i) perform such demolition
or Repairs in accordance with this Agreement and the Consents, and (ii) cause
its contractor to produce (prior to any entry on the land) liability insurance
satisfactory to it, the First Mortgagee and the Second Mortgagee (and naming the
first and second mortgagees as additional insureds thereunder)
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals
the day and year set forth below their respective signatures.
WITNESSES:CITY OF LAUDERDALE LAKES
-------------------
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CITY MANAGER
___________________
CITY ATTORNEY, as to Form
_______________________
Xxxxx X. Xxxxx, Esquire
TARRAGON SOUTH DEVELOPMENT CORP
WITNESSES:
_______________ By_____________________
President
Date:_____________
---------------
AGU Entertainment Corp.
_______________By_______________________
President
Date: _____________
_______________
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CONSENT OF SECOND MORTGAGEE
At the request of the CITY, AGU and/or Tarragon, THE UNDERSIGNED, being
the holder of the second mortgage described in that certain Tri-Party Developer
Agreement ("Agreement") to which this Consent is attached, hereby consents to
any exercise by the CITY of the CITY's right under the Agreement to enter upon
the Property for the purpose of completely demolishing the Improvements as
defined in the Agreement and as referenced in the Notices of Violation defined
in the Agreement, including all buildings, foundations, parking lots, drive
aisles, accessory facilities, and landscaping, as the CITY reasonably may
determine necessary and appropriate, and the removal thereof from the Property;
provided, however, (1) any such demolition and removal , are performed in
accordance with all laws and safe and prudent practices, (2) any such demolition
and removal are performed at no expense or liability to the undersigned, and are
not commenced unless and until the $350,000 holdback or other segregated funds
sufficient for such purpose are expressly set aside and delivered to CITY or an
independent third party escrow agent (such as a national title insurance
company) for such demolition and removal, and (3) this consent shall not give
rise to any obligation of the undersigned with respect to any matter
contemplated in the Agreement or otherwise, and (4) this consent shall in no
wise constitute a waiver, release or other defense to any right or remedy of the
undersigned against AGU or Tarragon arising out of any agreements between or
among them. Notwithstanding the foregoing, (i) if the second mortgage is
satisfied and discharged prior to any Repairs or demolition, the undersigned
shall have no rights or benefits set forth in the Agreement or this Consent, and
(ii) if neither AGU nor Tarragon perform their obligations as set forth in
Section 3 of the Agreement, and the CITY receives the $350,000 for demolition as
contemplated in Section 4 of the Agreement, then Tarragon shall have no further
obligations to the undersigned with respect to the Agreement or this Consent.
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WITNESSES:
XXXXXXXX ENTERTAINMENT COMPANY, a Delaware corporation, authorized to do
business in the State of Florida
_______________________________________________
By: President
Date:___________________
____________________
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CONSENT OF FIRST MORTGAGEE
At the request of the CITY, AGU and/or Tarragon, THE UNDERSIGNED, being
the holder of the first mortgage described in that certain Tri-Party Developer
Agreement ("Agreement") to which this Consent is attached, hereby consents to
any exercise by the CITY of the CITY's right under the Agreement to enter upon
the Property for the purpose of completely demolishing the Improvements as
defined in the Agreement and as referenced in the Notices of Violation defined
in the Agreement, including all buildings, foundations, parking lots, drive
aisles, accessory facilities, and landscaping, as the CITY reasonably may
determine necessary and appropriate, and the removal thereof from the Property;
provided, however, (1) any such demolition and removal are performed in
accordance with all laws and safe and prudent practices, (2) any such demolition
and removal are performed at no expense or liability to the undersigned, and are
not commenced unless and until the $350,000 holdback or other segregated funds
sufficient for such purpose are expressly set aside and delivered to CITY or an
independent third party escrow agent (such as a national title insurance
company) for such demolition and removal, and (3) this consent shall not give
rise to any obligation of the undersigned with respect to any matter
contemplated in the Agreement or otherwise, and (4) this consent shall in no
wise constitute a waiver, release or other defense to any right or remedy of the
undersigned against AGU or Tarragon arising out of any agreements between or
among them. Notwithstanding the foregoing, (i) if the first mortgage is
satisfied and discharged prior to any Repairs or demolition, the undersigned
shall have no rights or benefits set forth in the Agreement or this Consent, and
(ii) if neither AGU nor Tarragon perform their obligations as set forth in
Section 3 of the Agreement, and the CITY receives the $350,000 for demolition as
contemplated in Section 4 of the Agreement, then Tarragon shall have no further
obligations to the undersigned with respect to the Agreement or this Consent.
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WITNESSES:
XXXXXXX XXXXXX, as Trustee of Lakes Holding Trust, U/A, dated July 26, 2001
_______________________________________________
XXXXXXX XXXXXX, Trustee
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EXHIBIT A
LEGAL DESCRIPTION
PARCELS A AND B OF TRICITY PLAT, ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT
BOOK 90, AT PAGE 49, PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA, LESS THE
RIGHT-OF-WAY FOR NORTHWEST 31ST AVENUE, TOGETHER WITH PARCELS B AND C OF THE
PLAT OF SOMERSET PLAZA, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK
111, PAGE 19, OF THE PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA.
LESS THE FOLLOWING DESCRIBED PARCEL:
LANDS CONVEYED TO BROWARD COUNTY BY THAT WARRANTY DEED RECORDED IN OFFICIAL
RECORDS BOOK 8986, PAGE 665, BEING A PORTION OF PARCEL A, TRICITY PLAT,
ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 90, PAGE 49, OF THE
PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA, DESCRIBED AS FOLLOWS:
THE EAST 4.00 FEET OF PARCEL A OF TRICITY PLAT, AS RECORDED IN PLAT BOOK 90,
PAGE 49, PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA, LESS THE FOLLOWING DESCRIBED
PARCEL:
BEGINNING AT THE NORTHEAST CORNER OF SAID PARCEL A, THENCE ON AN ASSUMED BEARING
OF SOUTH 89 (0)35'59" WEST ALONG THE NORTH LINE OF SAID PARCEL A, A DISTANCE OF
7.00 FEET TO A POINT OF INTERSECTION WITH THE WEST LINE OF THAT CERTAIN SEVEN
(7) FOOT ROAD AND UTILITY EASEMENT SHOWN ON SAID TRICITY PLAT; THENCE SOUTH
01(0)03'31" EAST ALONG THE WEST LINE OF SAID EASEMENT, A DISTANCE OF 156.59
FEET; THENCE SOUTH 02(0)29'27" EAST ALONG THE WESTERLY LINE OF SAID EASEMENT, A
DISTANCE OF 120.03 FEET TO A POINT OF INTERSECTION WITH A LINE OF 4.00 FEET WEST
OF AND PARALLEL WITH THE EAST LINE OF SAID PARCEL A; THENCE NORTH 89(0)56'29"
EAST, A DISTANCE OF 4.00 FEET TO A POINT ON THE EAST LINE OF SAID PARCEL A,
THENCE NORTH 01(0)03'31" WEST ALONG THE EAST LINE OF SAID PARCEL A, A DISTANCE
OF 276.50 FEET TO THE NORTH LINE OF SAID PARCEL A AND THE POINT OF BEGINNING.
ALSO LESS THE FOLLOWING DESCRIBED PARCEL:
LANDS CONVEYED TO THE STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION BY WARRANTY
DEED RECORDED JUNE 12, 1997 IN OFFICIAL RECORDS BOOK 26563, AT PAGE 69 (A/K/A
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PARCEL 100) BEING A PARCEL OF LAND LYING IN PARCEL C SOMERSET PLAZA, ACCORDING
TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 111, PAGE 19, OF THE PUBLIC
RECORDS OF BROWARD COUNTY, FLORIDA, LYING IN SECTION 30, TOWNSHIP 49 SOUTH,
RANGE 42 EAST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID PARCEL C; THENCE NORTH 01(0)05'11'
WEST ALONG THE EAST LINE OF SAID PARCEL C, A DISTANCE OF 1231.09 FEET TO A POINT
ON A LINE THAT IS 60.00 FEET SOUTH OF, AS MEASURED AT RIGHT ANGLES TO AND
PARALLEL WITH THE NORTH LINE OF SAID SECTION 30, SAID POINT BEING THE POINT OF
BEGINNING; THENCE SOUTH 89(0)34'26" WEST ALONG SAID SOUTH RIGHT-OF-WAY LINE, A
DISTANCE OF 157.74 FEET; THENCE SOUTH 89(0)17'07" EAST DEPARTING FROM SAID LINE,
A DISTANCE OF 9.04 FEET; THENCE SOUTH 78(0)01'06" EAST, A DISTANCE OF 51.29
FEET; THENCE NORTH 89(0) 34'26" EAST, A DISTANCE OF 98.74 FEET TO THE EAST LINE
OF SAID PLAT; THENCE NORTH 01(0)05'11" WEST ALONG SAID EAST LINE, A DISTANCE OF
11.22 FEET TO THE POINT OF BEGINNING. SAID LANDS SITUATE, LYING AND BEING IN
BROWARD COUNTY, FLORIDA.
ALSO LESS THE FOLLOWING DESCRIBED PARCEL:
LANDS CONVEYED TO BROWARD COUNTY IN THAT WARRANTY DEED RECORDED IN OFFICIAL
RECORDS BOOK 14581, PAGE 807, BEING A PORTION OF PARCEL A, TRICITY PLAT,
ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 90, PAGE 49, OF THE PUBLIC
RECORDS OF BROWARD COUNTY, FLORIDA, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF SAID PARCEL A; THENCE NORTH 89 (0)21'47"
EAST, ALONG THE SOUTH LINE OF SAID PARCEL A, 251.22 FEET ; THENCE NORTH
44(0)09'21" EAST, CONTINUING ALONG SAID SOUTH LINE 29.85 FEET TO AN INTERSECTION
WITH THE WEST RIGHT-OF-WAY LINE OF NORTHWEST 31ST AVENUE, AS RECORDED IN
OFFICIAL RECORDS BOOK 8986, PAGE 665, OF THE PUBLIC RECORDS OF BROWARD COUNTY,
FLORIDA, THENCE NORTH 01(0)03'05" WEST, ALONG SAID WEST RIGHT-OF-WAY 316.33 FEET
TO THE POINT OF BEGINNING, THENCE SOUTH 88(0)56'55" WEST, 12.00 FEET, THENCE
NORTH 01(0)03'05" WEST ALONG A LINE 12.00 FEET WEST OF AND PARALLEL WITH SAID
WEST RIGHT-OF-WAY LINE, 237.16 FEET; THENCE NORTH 05(0)47'29" EAST 100.72 FEET
TO AN INTERSECTION WITH SAID WEST RIGHT-OF-WAY LINE, THENCE SOUTH 01(0)03'05"
EAST, ALONG SAID WEST RIGHT-OF-WAY LINE, 337.16 FEET TO THE POINT OF BEGINNING,
SAID LANDS LYING IN THE CITY OF LAUDERDALE LAKES, BROWARD COUNTY, FLORIDA.
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EXHIBIT B
NOTICES OF VIOLATIONS
Case No. 0509-0014, 0509-2036 and 0509-2037, 0509-2063, 0509-2062 and 0509-2064
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EXHIBIT C
ENCUMBRANCES
1. All assessments and taxes for the year 2005 and all subsequent years,
which are not yet due and payable.
2. Restrictions (deleting therefrom any restrictions indicating any
preference, limitation or discrimination based on race, color,
religion, sex, handicap, familial status or national origin),
covenants, easement(s), setback(s), if any, as may be shown on the Plat
of "TRICITY PLAT" recorded in Plat Book 90, Page(s) 49, of the Public
Records of Broward County, Florida.
3. Easement in favor of Florida Power and Light Company recorded in
Official Records Book 8878, Page 713, of the Public Records of Broward
County, Florida (within Tricity Plat).
4. Restrictions (deleting therefrom any restrictions indicating any
preference, limitation or discrimination based on race, color,
religion, sex, handicap, familial status or national origin),
covenants, easement(s), setback(s), if any, as may be shown on the Plat
recorded in Plat Book 111, Page(s) 19, of the Public Records of Broward
County, Florida.
5. Easement in favor of Southern Xxxx Telephone and Telegraph Company
recorded in Official Records Book 14518, Page 537, of the Public
Records of Broward County, Florida (within Tricity Plat).
6. Easement granted to Broward County recorded in Official Records Book
16123, Page 506, of the Public Records of Broward County, Florida
(within Somerset Plat).
7. Easement by and between Rausman Venturer, Inc., and Landall Venturer,
Inc. first Party, and Midland at Somerset, Inc. and Landall at
Somerset, Inc. d/b/a Somerset at Lauderdale Lakes, recorded in Official
Records Book 7842, Page 528, of the Public Records of Broward County,
Florida.
8. Access easement as to Parcel B (Somerset Drive) reserved in that
certain Warranty Deed filed under Clerk's File No. 73-30116, recorded
in Official Records Book 5161, Page 325, of the Public Records of
Broward County, Florida; as may be affected by Disclaimer of interest
filed in Official Records Book 7842, Page 545, of the Public Records of
Broward County, Florida.
9. Terms and provisions of that Indemnification Agreement under Clerk's
File No. 89-23332, in Official Records Book 16123, Page 523, of the
Public Records of Broward County, Florida, additionally evidencing
"chain link gates" over utility easement (within Somerset Plat).
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10. Easement recorded in Official Records Book 40246, Page 1631, of the
Public Records of Broward County, Florida (within Somerset Plat).
11. Subject to first mortgage in favor of Xxxxxxx Xxxxxx in her capacity as
Trustee of Lakes Holding Trust U/A dated July 26, 2001, dated December
20, 2004 recorded December 27, 2004 in Official Records Book 38764,
Page 1973 in the amount of $7,000,000.00 and Notice of Limitation of
Future Advances in Official Records Book 38765, Page 1, of the Public
Records of Broward County, Florida (Somerset and Tricity).
12. Assignment of Rents, Leases and Deposits recorded in Official Records
Book 38765, Page 5, of the Public Records of Broward County, Florida
(Somerset and Tricity).
13. Financing Statement recorded in Official Records Book 38765, Page 18,
of the Public Records of Broward County, Florida (Somerset and
Tricity).
14. Subject to second mortgage in favor of Xxxxxxxx Entertainment Corp., a
Delaware Corporation dated December 20, 2004 recorded December 27, 2004
in Official Records Book 38765, Page 127 in the amount of $3,000,000.00
(Somerset and Tricity).
15. Assignment of Rents, Leases and Deposits recorded in Official Records
Book 38765, Page 161, of the Public Records of Broward County, Florida
(Somerset and Tricity).
16. Financing Statement recorded in Official Records Book 38942, Page 1169,
of the Public Records of Broward County, Florida (Somerset and
Tricity).
17. Matters shown on survey dated November 11, 2004, Project No. 120.01-04
prepared by AWN Design and Consulting Group, Inc., disclose the
following: CBS wall located of the property at the Northeast portion of
the property; a concrete wall located partially off the property along
to the South boundary of the property and the sign and part of the
planter are located off the property at the Northwest corner of the
property.
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