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HomeMy WebLinkAboutItem #08 Approval of the Performan Surety Escrow Agreement between Village at Wesmere Partners LLLP, Wesmere Townhomes, K. Hovnanian Cambridge, and City of Ocoee for Villages of Wesmere S > >eCenter of Good .tiv. AGENDA ITEM COVER SHEET Meeting Date: September 6, 2011 Item # 8 Reviewed By: Contact Name: David A. Wheeler, P.E. Department Director: .1' Contact Number: 407 - 905 -3100, ext. 1505 City Manager: Subject: Acceptance and Execution of the Performance Surety Escrow Agreement between Village at Wesmere Partners, L.L.L.P., Wesmere Townhomes Association, Inc., K. Hovnanian Cambridge Homes, L.L.0 and the City of Ocoee for the Villages of Wesmere — Phase 1 (District 3 — Commissioner Johson) Background Summary: The Villages of Wesmere was a 366 unit residential townhome subdivision located east of Maguire Road and north of the Cross Creek subdivision. The original developer completed the infrastructure for phase 1 of the development and provided the City with two Letters of Credit as the surety for the two year warranty period. One of the LOCs was for the master development infrastructure and the second LOC was for the phase 1 infrastructure. he development was going into foreclosure and in the process of being purchased by a second developer at the time the two -year warranty period was expiring. The bank chose not to extend the term of the LOCs, so the City called upon those LOCs. The City received the money in December of 2009 and has been holding it as collateral against the repairs to the infrastructure. The damages identified in the two -year warranty inspection have been repaired. K. Hovnanian Homes, Inc. has purchased the remaining undeveloped portion of the project and has proceeded with improvements in phases 2 and 3. They have assumed some of the liability from the original development. That liability is the installation of the final lift of asphalt in phases 2 and 3 and the installation of street lights in phases 2 and 3. During the past year and a half some drainage issues have been discovered in the developed portion of the subdivision. One of the drainage problems has been repaired. The second drainage problem between the existing townhomes has been designed and permitted and is awaiting the execution of the attached Performance Surety Escrow Agreement, which provides funding for the repairs. The Performance Surety Escrow Agreement allows for the return of a large portion of the money secured by the City when it called upon the Letters of Credit to Villages at Wesmere Partners, L.L.L.P., the retention of enough money plus contingency to cover the second drainage repair and payment of outstanding invoices on this matter, and establishes which party will handle the outstanding obligations before final release of the original two -year warranty. issue: Should the City accept the conditions a spelled out in the Performance Surety Escrow Agreement and authorize the execution of the Agreement? Recommendations The Engineering Department recommends the acceptance of the Performance Surety Escrow Agreement between Village at Wesmere Partners, L.L.L.P., Wesmere Townhomes Association, Inc., K. Hovnanian :ambridge Homes, L.L.0 and the City of Ocoee and to authorize the Mayor and City Clerk to execute the 'Agreement. Attachments: Performance Surety Escrow Agreement between Village at Wesmere Partners, L.L.L.P., Wesmere Townhomes Association, Inc., K. Hovnanian Cambridge Homes, L.L.0 and the City of Ocoee Financial Impact: There will be no financial impacts to the City in accepting and executing the Performance Surety Escrow Agreement. That agreement allows the City to use a portion of the funds to pay outstanding invoices for work that the City has encumbered. Type of Item: (please mark with an "x') Public Hearing For Clerk's Dept Use: Ordinance First Reading Consent Agenda Ordinance Second Reading Public Hearing Resolution Regular Agenda Commission Approval Discussion & Direction Original Document/Contract Attached for Execution by City Clerk Original Document/Contract Held by Department for Execution Reviewed by City Attorney N/A Reviewed by Finance Dept. N/A Reviewed by 0 N/A 2 PERFORMANCE SURETY ESCROW AGREEMENT THIS PERFORMANCE SURETY ESCROW AGREEMENT (this "Agreement ") is entered into this day of September, 2011 by VILLAGE AT WESMERE PARTNERS, L.L,L.P., a Florida limited liability limited partnership, whose address is PO Box 4961, Orlando, • Florida 32802 (the "VAWP "), the CITY OF OCOEE, a Florida municipal corporation whose address is 150 North Lakeshore Drive, Ocoee, Florida 34761 (the "City "), WESMERE TOWNHOME ASSOCIATION, INC., a Florida not - for - profit corporation, whose address is c/o Leland Management, 6792 Lake Gloria Blvd., Orlando Florida 32809 (the ( "Association "), and K. HOVNANIAN CAMBRIDGE HOMES, L.L.C., a Florida limited liability company, whose address is 4767 New Broad Street, Orlando, Florida 32814 ( "KHOV "). WITNESSETH: WHEREAS, on March 7, 2006, the City approved a Final Subdivision Plan (the "Plan ") for the development commonly known as Villages of Wesmere located in the City of Ocoee as depicted in the plat recorded at Plat Book 70, Page 9, Public Records of Orange County, Florida (the "Subdivision "); and WHEREAS, at the time of platting, the City agreed to allow the developer to develop the Subdivision in two separate phases; and WHEREAS, VAWP acquired from Regions Bank certain loan documents (the "Loan Documents ") evidencing and securing a debt that was owed to Regions Bank by Wesmere Development, LLC, a Florida limited liability company ( "Wesmere Development ") related to the Subdivision; and WHEREAS, included within the Loan Documents, was an Omnibus Assignment under which Regions Bank assigned over to VAWP all of Regions Bank's right, title, and interest in and to the loan documents, including, without limitation, certain rights to letters of credit (the "Letters of Credit ") by and between Regions Bank, the City, and Wesmere Development in the amounts of $227,905.05 and $336,496.92, which secured the completion and maintenance of certain improvements within the Subdivision as specified in the Letters of Credit; and WHEREAS, subsequent to acquiring the Loan Documents, VAWP and Regions Bank obtained a final judgment of foreclosure against Wesmere Development giving VAWP a first lien on all personal and real property owned by Wesmere Development described in the Loan Documents, which included the rights under the Letters of Credit; and WHEREAS, VAWP was the successful bidder at the foreclosure sale that occurred on or around December 14, 2009, and obtained a Certificate of Title with respect to the real and personal property described in the Loan Documents. A copy of the Certificate of Title is attached hereto as Exhibit "A "; and ORLA_1606376.6 August 30, 2011 WHEREAS, on or around December 16, 2009, the City demanded that Regions Bank pay the amounts secured by the Letters of Credit in accordance with the terms of the Letters of Credit due to certain deficiencies identified by the City (the "City Punchlist "); and WHEREAS, in response to the above demand, on or about December 22, 2009, the City received from Regions Bank the sum of $564,401.97 (the "Proceeds ") which are currently held by the City; and • WHEREAS, on December 30, 2010, VAWP conveyed to KHOV the remainder of the Subdivision then owned by VAWP; and WHEREAS, VAWP and /or KHOV have completed all items described on the City Punchlist except to the extent waived by the City; and WHEREAS, the City has advised VAWP that it is also responsible to complete certain Drainage Work (as hereinafter defined); and WHEREAS, the Association has agreed to assume the responsibility and obligation to complete the Drainage Work provided that VAWP establishes an escrow fund with the City for the Drainage Work and VAWP has agreed to establish such an escrow fund from the Proceeds; and WHEREAS, in recognition of the completion of the City Punchlist and VAWP's agreement to establish an escrow fund for the Drainage Work, the City has agreed to return the remaining portion of the Proceeds to VAWP, subject to the terms, conditions and limitations set forth below. NOW THEREFORE, in consideration of the premises and other good and valuable considerations exchanged between the parties hereto, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows; SECTION 1. Recitals. The above recitals are true and correct and are incorporated herein by this reference. SECTION 2. Establishment of Escrow Fund. A. VAWP does hereby establish an escrow fund (the "Escrow Fund ") with the City in the amount of FORTY THOUSAND NO /100 DOLLARS ($40,000,00) which may be utilized by the City to satisfy the Drainage Work and all legal fees and costs and Review Costs currently or hereafter owed to the City related to the Subdivision, including, but not limited to, fees and costs related to this Agreement. The Escrow Fund shall be funded out of the Proceeds held by the City. B. The Escrow Fund shall be placed by the City in an account at a local financial institution and shall be utilized and disbursed only in accordance with the terms of this 2 ORLA_1606376.8 Agreement. The Escrow Fund may be commingled with the other funds of the City but shall be accounted for under a separate ledger and segregated for use only in accordance with this Agreement. C. The Escrow Fund shall serve as collateral to secure the completion of the Drainage Work to be performed by the Association and all other obligations under this Agreement. In no event shall VAWP's liability under this Agreement or otherwise exceed the Escrow Fund. D. The City may withdraw from the Escrow Funds any amounts previously paid by the City for legal fees and costs and Review Costs related to the Subdivision, including fees and costs related to the negotiation and preparation of this Agreement. SECTION 3. Return of Portion of Proceeds. Within twenty (20) days of the Effective Date as hereinafter defined, the City shall return to VAWP from the Proceeds an amount equal to the amount of the Proceeds less the amount used to establish the Escrow Fund. SECTION 4. OUTSTANDING OBLIGATIONS. A. Street Lighting. City acknowledges that the street lighting within Phase 1 and Phase 2 of the Subdivision has previously been completed. KHOV shall complete the street lighting for Phase 3 (the "Phase 3 Lighting Work ") prior to the issuance of a Certificate of Occupancy for the first building within Phase 3. No Certificate of Occupancy shall be issued for any building within Phase 3 unless the applicable street lighting has been completed for such phase; provided, however, that Certificates of Occupancy will be issued if KHOV provides the City with proof of payment and evidence that the delay has been caused by Progress Energy. If KHOV fails or refuses to complete the Phase 3 Lighting Work following the issuance of a building permit for the first building within Phase 3, then in order to complete the Phase 3 Lighting Work, the City shall be entitled to draw on any funds, bonds or letters of credit which may now or hereafter be provided to the City by KHOV in connection with the Subdivision. The City, KHOV and the Association expressly acknowledge and agree that VAWP has no obligation with respect to the Phase 3 Lighting Work, B. Drainage Issues, (1) The Association has submitted plans for review and approval of the City for the correction of drainage problems identified within the Subdivision (the "Drainage Plans "). Within thirty (30) days of receipt of written approval by the City for the Drainage Plans (the "Drainage Completion Date "), the Association shall construct and implement all drainage improvements identified in the Drainage Plans to the satisfaction of the City (the "Drainage Work "), The Association shall be required to obtain any easements required to implement the Drainage Work. If the Association fails or refuses to complete the Drainage Work by the 3 ORLA 1606376.8 Drainage Completion Date, then the City shall be entitled to draw on the Escrow Fund to complete the Drainage Work as described in Section 6. (2) The Association shall be entitled to reimbursement from the Escrow Funds for all costs and expenses incurred by the Association in completing the Drainage Work, The Association shall submit to the City such documentation as may be required by the City in order to verify the reimbursement amounts. The decision of the City as to the verified reimbursements amounts shall be binding on all the parties to the Agreement. In the event the Escrow Funds are insufficient for this purpose, then any deficiency in funds shall be borne solely by the Association and VAWP shall have no obligation to provide any further funding. Disbursements due to the Association hereunder shall be governed by the Florida Prompt Payment Act. SECTION 5. City's Right to Draw on Escrow Fund, A. Upon the failure or refusal of the Association to complete the Drainage Work by the Drainage Completion Date, the City may, but shall not be obligated to, complete the Drainage Work in accordance with the Drainage Plans, Any cost incurred by the City for completing the Drainage Work plus an administration and oversight fee to be determined by the City, in its discretion, in an amount not to exceed ten percent (10 %) of the amount paid to complete the Drainage Work (the "Oversight Fee ") shall be paid for out of the Escrow Fund without notice to the VAWP or the Association. B. Additionally, the City may pay all outstanding legal fees and costs and all outstanding Review Costs owed to the City related to the Subdivision or this Agreement that are more than thirty (30) days past due out of the Escrow Fund without notice to the VAWP. SECTION 6, Terms and Conditions for Return of Escrow Fund. Within sixty (60) days from the date on which the Drainage Work is cotnpleted and accepted by the City, the balance of the Escrow Fund remaining shall be returned to the VAWP less (i) all bank charges with respect to the maintenance of the escrow fund; (ii) an expense reimbursement fee paid to the City equal to ail outstanding legal fees and costs and all outstanding Review Costs owed to the City and related to the Subdivision, including fees incurred related to this Agreement which fees and costs shall be retained and by City; and (iii) any unpaid Oversight Fees due to the City. SECTION 7. Indemnification by VAWP. VAWP hereby agrees to indemnify, defend and hold the City harmless from and against any and all claims which may be asserted by third parties, including but not limited to Wesinere Development and Regions Bank, arising from the draw of the Proceeds under the Letters of Credit, the fimding of the Escrow Fund from the Proceeds and the disbursement of the Proceeds or any portion thereof to VAWP as described herein, 4 ORLA_160B378.8 1 C6\ oc see,..4Aorn c:10. n.o+ r.e.ta...S‹. \I A\r1P ajr cv,y t ;0.101 1 l 40 y. No V „A /or +k e A s s o e i o. 4 ∎4>v) t 1 wsci � x i 5 � 0.5 r vc .24 k 1 G v1 N e n c- e c� � e r e. w °►; c •ar r o 4 t' e s J Ld 1 �!'t s \ ©►'� o .1 2rO10 .firrav, \I A Y, — 1 -. ra— „ l. 40/ ■1.;9 SECTION 8, Release Among Parties The City, the Association, and K[-IOV in consideration of VAWP's contribution of the Escrow Fund, for itself and its successors and assigns, hereby fully and forever releases, relieves, and discharges VAWP, and each of its successors assigns, partners, or affiliates, representatives, agents, servants, employees, and each of them (collectively, the "Released Parties ") from any and all liability for, from, and with respect to any and all claims, demands, damages, debts, liabilities, actions, suits, and causes of action of every kind and nature whatsoever, that the City, the Association and /or KHOV ever had, now has, or may hereafter have, against the Released Parties, by reason of, arising out of, or based upon (i) failure of the Association to complete the Drainage Work or complete the Drainage Work in accordance with the Drainage Plans; (ii) the construction and /or development of the Subdivision; and (iii) future payments or contributions toward additional costs and expenses associated with completion of the Drainage Work. SECTION 9. Applicable Law. • This Agreement and the provisions contained herein shall be construed, controlled, and interpreted according to the laws of the State of Florida. SECTION 10. Venue. In the event of any litigation arising out of this Agreement or the performance thereof, venue shall be Orange County, Florida. SECTION 11. Time of the Essence. Time is hereby declared of the essence to the lawful performance of the duties and obligations contained in this Agreement. SECTION 12. Agreement; Amendment. This Agreement constitutes the entire agreement between the parties, and supersedes all previous discussions, understandings and agreements, with respect to the subject master hereof. Amendments to and waivers of the provisions of this Agreement shall be made by the parties only in writing by formal amendment. SECTION 13. Further Documentation. The parties agree that at any time following a request therefor by another party, that they shall execute and deliver to the other party such further documents and instruments, in form and substance reasonably necessary to confirm and /or effectuate the obligations of the parties hereunder. 5 oRLA_16o6376.8 SECTION 19. Specific Performance, Then parties hereto shall have the right to enforce the terms and conditions of this Agreement by an action for specific performance, SECTION 15. Attorneys' Fees. In the event that any party finds it necessary to commence an action against another party to enforce any provision of this Agreement or because of a breach by another party of any terms hereof, the prevailing party shall be entitled to recover from the non - prevailing party(ies) its reasonable attorneys' fees, legal assistants' fees and costs incurred in connection therewith, at both trial and appellate levels, including bankruptcy proceedings. SECTION 16, Counterparts. This Agreement and any amendments hereto may be executed in any number of counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. SECTION 17. Captions. Captions of the Sections and Subsections of this Agreement are for convenience and reference only, and the words contained therein shall in no way be held to explain, modify, amplify or aid in the interpretation, construction, or meaning of the provisions of this Agreement. SECTION 18. Severabillty. If any sentence, phrase, paragraph, provision, or portion of this Agreement is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct, and independent provision and such holding shall not affect the validity of the remaining portion hereof. SECTION 19. Effective Date. This Agreement shall first be executed by the VAWP, the Association and KHOV and submitted to the City for approval by the Ocoee City Commission. This Agreement shall become effective on the date of execution by the City and such date shall be inserted in page I hereof. 6 ORIA_1606376.8 IN WITNESS WHEREOF, the parties hereto have caused these presents to be signed as of the date and year first above written. VAWP: VILLAGE AT WESMERE PARTNERS, L.L,L.P, a Florida limited liability limited partnership By: Village at Wesinere Group Managers, L.L.C,, its general partner By: Tricia Doody, its Manager CITY: ATTEST: CITY OF OCOEE, FLORIDA, a Florida municipal corporation By: By: Beth Eikenberry, City Clerk S. Scott Vandergrift, Mayor (SEAL) FOR THE USE AND RELIANCE BY THE APPROVED BY THE OCOEE CITY CITY OF OCOEE ONLY. APPROVED COMMISSION AT A MEETING AS TO FORM AND LEGALITY HELD ON , 2011 this day of UNDER AGENDA ITEM NO. , 2011 FOLEY & LARDNER LLP By: City Attorney 7 ORtA_1606376.8 WESMERE TOWNHOME ASSOCIATION, INC., a Florida not for profit corporation By: u.-- . Name: Voestle, VLr'GW.& Title: R ctic,rd Press. ** ct.av-i K. HOVNANIAN CAMBRIDGE HOMES, L.L.C., a Florida limited liability company By: Name: Title: vt s •% 1�'' r4 s% -v I 8 ORLA_1606376.8 EXHIBIT "A" (Certificate of Title) 9 ORLA_1606376.8 1 1111/2010.32:30 PI4 FILED IN OFFICE LYDIA GARDNER CLERK.CIRCUIT COURT QRANGE CO. FL Rabe 1 : • • • • • : • .. IN-THE CIRCUIT COURT •THE- • ' - - NINTH JUDICIAL CIRCUIT IN • - AND FOR ORANGE COUNTY, . • : FLORIDA . • . .. • •.: REGIONS: BANK AMVMSOUTH . • ... • • BANK, zn •Alabama banldng • ' ' : ' : . . - Corporation;. and. VILLAGE AT • • • . WESMERE,FARTNERS,.L.L.L,P. .,. - CASE Q. 48- 2008 -CA,- 025357 -0 . a•Florida :limited liability limited • Cempie B iness Litigation .• • - • . ' . partnership,.. • • • . . . . . ' . • Plaintiff; • 0 :17/.201104:49: 2010 021 94 B: 9985 P: 7190 2 AM Page t of 5 Oss S�ao ax, 0, ntanplbl Tax: 0 .00 ort agope t 0,00p� : ' : V E ' C rang: Counly ' Co�+pt troller ill mow t wing Hi .... . .. a Florida litnitgd'liab lity :com - Rot To: �LERIs OF ;CURT - CIVIL • nil 'TIT NMI • ' . Defendants. • - • A y0 TI • • • = 'THE - RUGNED: • let of the o certifies that he" or sheexecuted''' : . and filec�'a ' ca of sale u 's : etion on December'4 2009, for the property •describeed herein an at no•obje�ons to the sale have file • • ' ' d wltluzl -the time - allowed for fir g o eotions: .. • • . . - THE F014 O I G'property in Orange County, Florida; :.. . - -. SEEAT EXHIBIT "A " - ..•' - • • 1 20100021984 Page 2 of 5 - *1/11/201012:30 PM FILED IN OFFICE LYDIA GARDNER CLERK CIRCUIT COURT ORANGE CO.FL Page 2 • • was sold to VILLAGE AT WESMBRE PARTNERS, L.L,L,P... • • • . . . LYDIA GA.RDNER; .. • � ! 4 \A coftheCI rc wtCo • B /0 /• rte' erk . "'V /:r% e duty D Clerk • . i -: . ( N,.. ) .. .. . • . . . . . \ . . • . ___: . • . i . . 1 • I 20100021984 Page 3 of 5 1/11/2010 12 :30 PM FILED. IN OFFICE LYDIA GARDNER CI.ERK CIRCUIT COURT ORANGE CO FL Page 3 • :. • - ,. • : • LEGAL DESCIUPTI(ON . -- . . • . . - ' •1 XHIBIT �'A» .... : • - : . . :: A portion of the' Southwest- 1/4- arid -the Northwest Section 29, ToWnshik 22• .. • - . South; Range- 28:East, Orange Itlorida,.- beingmore particularly . as follow§: Commence at the Northwest corner of th Southwest 1/4 of-Sectiors29, Township 22 South, Range 28 East; thence run..No . 9 :East; fora ' - • distance of 50:00 feet to apoint on.:the east right of a line ofMaguire ;load ;. - ' • • - : thence run Southr00..degrees 44'12" Bast gong said" ' `'. '0,11t way line - a :. : :.: • . • . . • distance of 799.96 feet; thence departing said`East ri t`o way line runt ;;South 45... ' ' •- : • degrees 44'12" East along the boundary•of ose•lands dsc ' bedin Official - • - Records.Book 5949, Page 3783 ofthe PR �u jic� t�rds o 9r ge County, 1141.4a .•• • for a distance of 42.43 feet; thencerun Sou) lr .de e 14"..4 "'West along the• ' - • • • boundary of said lands for a distance of 30.00 fee kafor s ud ast right of way . . . line; thence departing the bound -mid' ands•run Sdutli O 'tees 44'12 " East_ ; . 'along said t ofway.`lin • • foa tis�tanc f 70.00•feet; - en departing said'• -: . East right' of way line : run No 8 degree "1 '4 " East.along . e b undary. of • .' - • - : - those ' lands• described in Offiei I. ecords Boo ' 59 9, page'3783 of - e : Public • • Records of Orange County l ori f or a distal .0 30:00 fee the ce run South _ • .. • .. . • ., :44`:degrees 15'48" Westalon e b undary of s al ds fora s ce of 42.43 I- • • feet to aforesaid East right of A • :1iri 1so bean . Point of Beginning; :'thence• - .. • .. departing said.Eastj�g1*of dy.l run o 89 degrees 15'48" Bast for a . distanee..of 875 .66'fee ` a po of c ua k o-of a curve'concave Southwesterly and having'a rad u of 550:0Qfeet; then ttu r outhoasterly along s'aid•curve ' f 9 throu a cen al g1e o0 de • 1 :1'0 �'' for arc.distance`of 865.72 feet to a, . point. of tange 4 thence run So th 0 degre' 33 04" East for a distance -of 575;40 - . ' f- • to a point f c�ivature of •a c e concave N wiesterly and baying a radius -: • .. • • . ..of 200 0 feet; eno run •South ss Ay along said `curve throe r alceritral: angle. • - • • ' - f40- d6grees31! Vlr' for s ce of 1'41:48' feet; rtin Soutii:50 • ' • ... degrees 01'07:' East f •t disiaiice,of 43 :42'feet to a point on the•Nofth line:of'tha . • • _ : South 400.00 fe r fthut3ea 1/4 ofthe Southwest 1/4 ofsaid Section 29 also • - ' being :the No � lin o f those lands in Official Records Book- 4263, Page, ... ' - • . - 1592, and also -b ing the'South line of those lands described Official Records • .Book 4263, Page 15 9 :of said Public Records; thence. run South- 00 degrees 32'57 ". .. E along the jest ine'of Said- lands for a distance of 400.01 feet'to a point on - " . . - •the. S outh line o�'t a Southwest.1 /4 of said Section 29, also being the North line of • • ro Creek_pfOc ee,'as recorded inPlatBook 33; Page30 of said Public 0 ecords thencOlun South 89 degrees19'05" West, along eaid.North line;fora . • • . dis ce.of- 1091.74 feet.to'the.Southeast corner ofthose.lands as in . i 20100021984 Page 4 of 5 1/11/201g 12 :30 PM.F(LED IN OFFICE LYDIA GARDNER CLERK CIRCUIT COURT ORANGE CO FL Page 4 . • . • Official Records-Book 59.49; Page 3779 ofsaid Records; thence r un Nortlr- - . ' 00 degrees 05'22" West along the boundary of.said land fora distanceof 151.93 - feet; thence run North 23 degrees 09'27" West, along the boundary of said lands; . for a distance of 191.05 feet ;•thence run South 88 degrees 54'17" West, along the boundary of said lands, for a distance of 244.15 feet tithe- aforesaid East right of . • way'lirie.of Maguire Road; thence departing the boundary of said lands, run North • • 00 degrees 44'12" West, along said East right of Way line, for a distance•tsf'124.43 .' • • - . • feet; thence run North 89 degrees 54'50:' East, - alon o boundary of those lands as.. . . . described in Official Records Book 5949, Page 377 , fd r a distance of 144.36 feet. ' • thence run North 00-degreea44' 12 the ou West, along ary - of said land; for a. distance of 448.85 Feet ;thence tun South 89 degrees'- '50" West, atong.the • boundary of said-lands, for a distance of 144.36 feet to e. ast right of gay line of :: • said Road; thence ruti North 00 .1eg� es4:'12" West along said East. right' ' . of way line, for a: distance of 774.47 feet to e Po f1 i . g. • (Property now being known as.a p rtion-of Villages o esmere according to Plat .. • - thereof recorded iti Plat Book 7 , Pa ' 9 tin b h 17, inclus'v , o the Public . • Records of Orange•Ceunty, Fl i ' . - . . .- . . • - . rLess .except .Lots 4, 5, 7, 1. 1 , 1 ., 20, 21, 2 ,a3 - 24; 25,157, . • - 1.58,159, 160, 161, 162,;17 l7 1 8; 179,' 18J: 1, 1'82,183, - 184, 185, - 186, 187, 188, 189,1�3Q,19�,191 ;'1931 4,195,196,197,198,199; .. • • • 200, 201, 202, 203, and-2Q44 and T aotssl,�, -C,. F F, L, M. and 1./,' of Villages of • • Wesmere, accord'ito the Pla4.there rec rdetin Plat Book_70, Pages 9"t rough • - 17, inclusive of the Pub,�c R cord of . ring County, Florida. - . • . • . • • • • . _Together with the following ben fic "l•Ease nts. > • • - • • A. Al o Helle Br Groves' ri is d privileges to the extent they apply -to the • ripe under t celtain ag Basement. Agreement dated October • • - - .between Centex Ho es, as grant99 , and I-leller.Bros.. Groves, as grantee,: and . • • - - recorded on Oct tr bbr 5, 998 Offficial Records -Book 5583, Page 1191, as • • . - - - amended by Fist endment thereto dated October 19;1999 and recorded - • October 11., - 199 in fficial• Records Book 5857, Page 4096 and a further . - . amended by Sec d ( Amendment thereto dated October 2, 2000 and recorded . • • • October 3, 2000 ' Q eial Records Book 6099; Page 3765, all of the Public Records of _ e ounty; Florida, 2. A - f eller Bros..Qroves' rights and privileges to the extent they.apply to the -- - -.. - - - - • pt• peril undefthat certain Drainage EasemenrAgreeinent(Pariel RW -8 and RWL . 20100021984 Page 5 of 5 1/11/2010 12 :30 PM FILED IN OFFICE LYDIA GARDNER CLERK CIRCUIT•COURT ORANGE. CO Ft Page.5 1 t 1 1 • 9) dated February 16, 2000 betWeen The City of Ocoee and Heller Bros. Groves', • • as grantee, as recorded on February 25, 2000 in Official Records Book Page.. . • ' •3830,.Public Records of Orange County, Florida. . : Together with all personal property 'owned by.Wesmere Development, LLC, a - Florida limited liability company, more•particula±ty described in that certain Real •• Estate Mortgage, - Assignment of Rents, and`Security greement dated May 12, : • 2005, and recorded on June-7, 2005 in Official Rec fd Book 8004 •Pa e4835- ,g, of the Public Records of Orange County, Florida, incl din , but not limited to, all • . • appurtenances, improvements, tangible property, ren , s candary financing, • - proceeds, existing and future contract rights, names, ado er.intangibles, which . - include, without limitation, all prepaid wat • hand sewer mp : et fee credith and read 'impact fee credits.. . • " . • • • . • - • • • r • • • • • I