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EXHIBIT 3.01
EXCHANGE AND
PURCHASE AND SALE AGREEMENT
by and among
THE SOUTH FLORIDA WATER MANAGEMENT DISTRICT;
UNITED STATES SUGAR CORPORATION;
OKEELANTA CORPORATION,
SOUTH FLORIDA INDUSTRIES, INC.
and
FLORIDA CRYSTALS CORPORATION;
SUGAR CANE GROWERS COOPERATIVE OF FLORIDA;
TALISMAN SUGAR CORPORATION
and
THE ST. JOE COMPANY;
THE UNITED STATES DEPARTMENT OF THE INTERIOR;
and
THE NATURE CONSERVANCY.
March 25, 1999
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TABLE OF CONTENTS
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1. Parties..................................................................................................1
2. Recitals.................................................................................................1
3. Definitions..............................................................................................2
3.1. Affiliates......................................................................................2
3.2. Agreement in Concept............................................................................2
3.3. Assignment and Assumption of Reservation........................................................2
3.4. Closing.........................................................................................2
3.5. Co-Op Excluded Property.........................................................................2
3.6. Co-Op Real Property.............................................................................2
3.7. Cooperative Agreement...........................................................................2
3.8. Deferred Closing................................................................................2
3.9. Deferred Parcels................................................................................2
3.10. DEP.............................................................................................2
3.11. Disposal........................................................................................3
3.12. District's Environmental Assessment.............................................................3
3.13. District Representatives........................................................................3
3.14. Effective Date..................................................................................3
3.15. Environmental Claims and Liabilities............................................................3
3.16. Environmental Laws..............................................................................3
3.17. Execution Date..................................................................................3
3.18. Governmental Approvals..........................................................................3
3.19. Governmental Confirmation.......................................................................3
3.20. Groundwater Deferred Parcels....................................................................4
3.21. King Realty Lease...............................................................................4
3.22. King Realty Parcel..............................................................................4
3.23. Knight Agreement................................................................................4
3.24. License and Pump Operating Agreement............................................................4
3.25. Losses..........................................................................................4
3.26. NEPA Lawsuit....................................................................................4
3.27. Notice of Completion............................................................................4
3.28. Okeelanta Excluded Property.....................................................................5
3.29. Okeelanta Real Property.........................................................................5
3.30. Okeelanta-SFI Title Binder......................................................................5
3.31. Option Agreement................................................................................5
3.32. Parker Lands Agreement..........................................................................5
3.33. Pollutant(s)....................................................................................5
3.34. Remediation.....................................................................................5
3.35. Remediation Plan................................................................................5
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3.36. Savannah Agreement..............................................................................5
3.37. Savannah Assignment.............................................................................5
3.38. Seventh Day Baptist Lease.......................................................................5
3.39. SFI Excluded Property...........................................................................6
3.40. SFI Real Property...............................................................................6
3.41. Soil Deferred Parcels...........................................................................6
3.42. STA Land........................................................................................6
3.43. STA Stipulation.................................................................................6
3.44. Talisman Additional Lands.......................................................................6
3.45. Talisman Additional Remediation Parcels.........................................................6
3.46. Talisman Agreement..............................................................................6
3.47. Talisman Deferred Parcels.......................................................................6
3.48. Talisman Environmental Assessment...............................................................6
3.49. Talisman Excluded Property......................................................................7
3.50. Talisman Irrigation System......................................................................7
3.51. Talisman Leased Property........................................................................7
3.52. Talisman Leases.................................................................................7
3.53. Talisman Lower Ranch Deferred Parcels...........................................................7
3.54. Talisman Lower Ranch Irrigation System..........................................................7
3.55. Talisman Lower Ranch Real Property..............................................................7
3.56. Talisman Lower Ranch Real Property Outparcels...................................................7
3.57. Talisman Lower Ranch Reservations...............................................................7
3.58. Talisman Permitted Exceptions...................................................................7
3.59. Talisman Property...............................................................................7
3.60. Talisman Real Property..........................................................................7
3.61. Talisman Real Property Outparcels...............................................................7
3.62. Talisman Title Binder...........................................................................8
3.63. Title Company...................................................................................8
3.64. Transferor......................................................................................8
3.65. Transferor's Additional Remediation Parcels.....................................................8
3.66. Transferor's Deferred Parcels...................................................................8
3.67. Transferor's Environmental Assessment...........................................................8
3.68. Transferor's Excluded Property..................................................................8
3.69. Transferor's Permitted Exceptions...............................................................8
3.70. Transferor's Real Property......................................................................8
3.71. Transferor's Reservations.......................................................................8
3.72. Transferor's Title Binder.......................................................................8
3.73. USSC Excluded Property..........................................................................9
3.74. USSC Real Property..............................................................................9
3.75. USSC Title Binder...............................................................................9
4. Object of Contract/Consideration.........................................................................9
4.1. Object of Contract..............................................................................9
4.1.1 Property Transfers by Talisman.........................................................9
4.1.2 Property Transfers by Okeelanta and SFI................................................9
4.1.3 Property Transfer by USSC..............................................................9
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4.1.4 Property Transfer by Co-Op.............................................................10
4.1.5 Assignment and Sublease of Talisman Leases.............................................10
4.2. Consideration...................................................................................10
4.3. Tax Free Exchange...............................................................................11
5. Representations and Warranties...........................................................................12
5.1. Talisman Representations and Warranties.........................................................12
5.2. District Representations and Warranties.........................................................15
5.3. Transferor Representations and Warranties.......................................................16
5.4. TNC Representations and Warranties..............................................................19
5.5. DOI Representations and Warranties..............................................................21
5.6. Reciprocal Real Estate Brokerage Indemnities....................................................22
5.7. Breach of Representation and Warranties.........................................................23
5.8. Representations and Warranties Limited..........................................................23
6. Preservation of Real Property............................................................................23
6.1. Risk of Loss....................................................................................23
6.2. Insurance.......................................................................................23
7. Due Diligence............................................................................................23
7.1. Title and Other Information from Transferor.....................................................23
7.2. Transferors' Access to Talisman Property........................................................24
7.3. District Inspection Period......................................................................24
7.4. District's Access to Transferor's Real Property.................................................25
7.5. Title Binders...................................................................................25
7.5.1 Talisman Real Property.................................................................25
7.6. Transferor's Real Property......................................................................25
7.7. Environmental Matters...........................................................................26
7.7.1 Talisman Real Property.................................................................26
7.7.2 Transferor's Real Property.............................................................27
7.8. Indemnification by Talisman and St. Joe.........................................................29
8. Conditions Precedent to Closing..........................................................................31
8.1. Talisman Conditions Precedent...................................................................31
8.2. District, TNC and DOI Conditions Precedent......................................................32
8.3. Transferor Conditions Precedent.................................................................33
8.4. Obligations to Complete Conditions Precedent....................................................34
8.5. Failure of Conditions Precedent.................................................................34
9. Closing Documents........................................................................................34
9.1. Statutory Warranty Deed.........................................................................34
9.2. Transferor's Affidavit..........................................................................34
9.3. Talisman's Affidavit............................................................................34
9.4. Non-Foreign Status Affidavit....................................................................34
9.5. Beneficial Interest and Disclosure Affidavit....................................................34
9.6. Certificate Regarding Representations and Warranties............................................35
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9.7. Talisman's Bill of Sale.........................................................................35
9.8. Assignment/Sublease of Talisman Leases..........................................................35
9.9. Sublease of Seventh Day Baptist Lease...........................................................35
9.10. Amended and Restated King Realty Lease..........................................................35
9.11. Assignment and Assumption of Reservation........................................................35
9.12. Assignment of Savannah Agreement................................................................35
9.13. License and Pump Operating Agreement............................................................35
9.14. Tract 100-102 Option Agreement..................................................................35
9.15. Talisman Lower Ranch Deferred Parcels Option Agreement..........................................35
9.16. Parker Lands Agreement..........................................................................35
9.17. Boundary and License Agreement..................................................................35
9.18. Harvesting Occupancy Agreement..................................................................36
9.19. Amendment Number One to Talisman Lower Ranch Reservation........................................36
9.20. Closing Statement...............................................................................36
9.21. Evidence of Authority...........................................................................36
9.22. Transferor's Title Policy.......................................................................36
9.23. Talisman's Title Policy.........................................................................36
9.24. STA Stipulation.................................................................................36
9.25. NEPA Lawsuit....................................................................................36
9.26. Other Documents.................................................................................37
10. Closing..................................................................................................37
10.1. Closing Date....................................................................................37
10.2. Escrow Agent Deliveries.........................................................................37
10.3. Closing Procedures..............................................................................37
10.4. Deferred Closings...............................................................................37
11. Closing Costs............................................................................................38
11.1. Title Costs.....................................................................................38
11.2. Prorations, Taxes and Assessments...............................................................38
11.3. Talisman Property Operating Expenses............................................................39
11.4. Excise, Transfer, Sales Taxes and Other Costs...................................................39
12. Defaults; Termination; Remedies..........................................................................39
12.1. Failure to Close................................................................................39
12.2. Default.........................................................................................39
12.3. Default Notice..................................................................................39
13. Covenants................................................................................................40
13.1. Covenants in Favor of the District, TNC, and DOI................................................40
13.2. Covenants in Favor of Transferors...............................................................40
13.3. Covenant in Favor of District, DOI and TNC......................................................43
13.3.1 Indemnification by Transferor of Savannah Agreement
Performance............................................................................43
13.4. Limitation on Use of Land Values................................................................43
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14. Miscellaneous............................................................................................43
14.1. Waiver of Relocation Assistance.................................................................43
14.2. Time............................................................................................44
14.3. Notices.........................................................................................44
14.4. Attorney's Fees.................................................................................46
14.5. Entire Agreement and Modification...............................................................46
14.6. Binding Effect..................................................................................47
14.7. Assignment......................................................................................47
14.8. Headings........................................................................................47
14.9. Governing Law...................................................................................47
14.10. Full Execution..................................................................................47
14.11. Radon Disclosure................................................................................47
14.12. Escrow Agent....................................................................................48
14.13. Severability....................................................................................48
14.14. Third Parties...................................................................................48
14.15. Counterparts....................................................................................48
14.16. Waiver..........................................................................................48
14.17. Construction....................................................................................48
14.18. Recordation.....................................................................................48
14.19. Further Assurances; Additional Documents........................................................48
14.20. Jurisdiction and Venue..........................................................................48
14.21. Reservation of Claims, Including Seepage........................................................49
14.22. Survival........................................................................................49
14.23. Obligations of USSC, FCC and St. Joe............................................................49
14.24. Effectiveness of this Agreement.................................................................50
14.25. Relocation of Pumps.............................................................................50
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EXHIBITS
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Exhibit A - 1
Real Property/Talisman...................................................................................7
Exhibit A - 1.1
Real Property/Talisman -Talisman Lower Ranch Real Property...............................................7
Exhibit A - 2
Real Property/Talisman -Additional Talisman Lands........................................................6
Exhibit A - 3
Real Property/Talisman -Additional Talisman Remediation Parcels......................................6, 26
Exhibit A - 4
Real Property/Talisman -Talisman Leases..............................................................7, 12
Exhibit A - 5
Real Property/Okeelanta..................................................................................5
Exhibit A - 5.2
Real Property/Okeelanta -King Realty Parcel..............................................................4
Exhibit A - 6
Real Property/SFI........................................................................................6
Exhibit A - 7
Real Property/USSC.......................................................................................9
Exhibit A - 8
Real Property/Deferred Parcels...........................................................................2
Exhibit A - 8.1
Real Property/Deferred Parcels -Talisman................................................................26
Exhibit A - 8.1.1
Real Property/Deferred Parcels -Soil Deferred Parcels....................................................6
Exhibit A - 8.1.2
Real Property/Deferred Parcels -Groundwater Deferred Parcels.............................................4
Exhibit A - 8.1.3
Real Property/Deferred Parcels -Talisman Lower Ranch Deferred Parcels....................................7
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Exhibit A - 8.2
Real Property/Deferred Parcels -Transferors..........................................................8, 27
Exhibit A - 9
Real Property/Talisman -Talisman Real Property Outparcels................................................7
Exhibit A - 9.1
Real Property/Talisman -Talisman Lower Ranch Real Property Outparcels....................................7
Exhibit A -10
Real Property/Co-Op......................................................................................2
Exhibit B
Schedule of Deeds; Assignment of Reservations....................................9, 10, 11, 34, 35, 36, 37
Assignment of Talisman Leases...................................................................10, 11, 35
Exhibit C
Designated Persons......................................................................................23
Exhibit D-1
Title Binder -Talisman...................................................................................8
Exhibit D-2
Title Binders -Okeelanta-SFI.............................................................................5
Exhibit D-3
Title Binder -USSC.......................................................................................9
Exhibit E-1
Reservations -Talisman Lower Ranch Reservations..........................................................7
Exhibit E-2
Reservations -Okeelanta..................................................................................8
Exhibit E-3
Reservations -SFI (STA 1E -Exchange Parcel)..............................................................8
Exhibit E-4
Reservations -USSC.......................................................................................8
Exhibit E-5
Reservations -Co-Op......................................................................................8
Exhibit E-6
Reservations -STA Reservations...........................................................................8
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Exhibit E-6.1
Reservations -Talisman Lower Ranch (STA 3/4).............................................................8
Exhibit E-6.2
Reservations -Okeelanta Corporation (STA 3/4)............................................................8
Exhibit E-6.3
Reservations -SFI (STA 1E -Sale Parcel)..................................................................8
Exhibit E-6.4
Reservations -USSC (STA 6)...............................................................................8
Exhibit E-7
Reservations -Assignment and Assumption of Reservation...............................................2, 35
Exhibit E-8
Reservations - Amendment Number One to Talisman Lower Ranch Reservation.............................36, 38
Exhibit F
Stipulation regarding NEPA Lawsuit..........................................................32, 33, 36, 50
Exhibit G
Okeelanta -Stipulation regarding STAs....................................................................6
Exhibit H
Notice of Termination of Savannah Agreement.............................................................33
Exhibit I
Beneficial Interest and Disclosure Affidavit............................................................34
Exhibit J-1
Assignments/Subleases -Assignment by Talisman...........................................................35
Exhibit J-2
Assignments/Subleases -Sublease by Talisman to TNC (Seventh Day Baptist)................................35
Exhibit J-3
Assignments/Subleases -Sublease by TNC to Transferors (Seventh Day Baptist).............................35
Exhibit K
Amended and Restated Lease..............................................................................35
Exhibit L
Assignment of Savannah Agreement.....................................................................5, 35
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Exhibit M
Transfer of Permits/Notification of Transfer of Interest in Real Property...............................42
Exhibit N
License Agreement and Pump Operating Agreement.......................................................4, 35
Exhibit O
Option Agreement.....................................................................................5, 35
Exhibit P
Talisman Lower Ranch Deferred Parcels Option Agreement..............................................35, 38
Exhibit Q
Parker Lands Agreement...............................................................................5, 35
Exhibit R
Boundary and License Agreement..........................................................................35
Exhibit S
Harvesting Occupancy Agreement..........................................................................36
Exhibit T
Diversion Project Parcel Summary........................................................................50
Exhibit U
Talisman Agreement.......................................................................................6
Exhibit V
King Realty Lease........................................................................................4
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EXCHANGE AND PURCHASE AND SALE AGREEMENT
THIS EXCHANGE AND PURCHASE AND SALE AGREEMENT ("Agreement") is made as
of the Execution Date (as defined below), by and among the Parties identified
below.
1. PARTIES.
THE SOUTH FLORIDA WATER MANAGEMENT DISTRICT, a public corporation of
the State of Florida ("District");
UNITED STATES SUGAR CORPORATION, a Delaware corporation ("USSC");
OKEELANTA CORPORATION, a Delaware corporation ("Okeelanta"), SOUTH
FLORIDA INDUSTRIES, INC., a Florida corporation ("SFI") and their
parent FLORIDA CRYSTALS CORPORATION, a Delaware corporation ("FCC");
SUGAR CANE GROWERS COOPERATIVE OF FLORIDA, a Florida agricultural
cooperative formed pursuant to Chapter 618, Florida Statutes
("Co-Op");
TALISMAN SUGAR CORPORATION, a Florida corporation ("Talisman") and its
parent THE ST. JOE COMPANY, a Florida corporation, ("St. Joe");
THE UNITED STATES DEPARTMENT OF THE INTERIOR ("DOI"); and
THE NATURE CONSERVANCY, a District of Columbia non-profit corporation
or such of its Affiliates as it may determine ("TNC")
(the foregoing entities hereinafter sometimes referred individually as the
"Party" or collectively as the "Parties").
2. RECITALS.
2.1 The purpose of this Agreement is to effect
transactions pursuant to which landowners in the Everglades Agricultural Area
will sell lands to, or exchange lands with, other such landowners and the
District so that the District will own contiguous parcels of land in the
southern portion of the Everglades Agricultural Area for purposes of Everglades
restoration.
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2.2 Pursuant to the Cooperative Agreement, DOI and TNC
have entered into the Talisman Agreement and, with the District, have also
entered into the Agreement in Concept.
2.3. The Parties desire to implement the Agreement in
Concept by execution of this Agreement.
3. DEFINITIONS.
3.1. AFFILIATES means any entity that directly or
indirectly through one or more intermediaries, controls, is controlled by, or
is under common control with one or more Transferors. For the purpose of this
definition, the term "control" means the power, direct or indirect, to direct
or cause the direction of the management and policies of an entity through
voting securities, contract or otherwise.
3.2. AGREEMENT IN CONCEPT means that certain Agreement in
Concept for Trades and Acquisition of Talisman Sugar Corporation Property and
Certain Other Property for Restoration of the Florida Everglades by and between
DOI, TNC, the District, the State of Florida, and other parties dated January
8, 1999.
3.3. ASSIGNMENT AND ASSUMPTION OF RESERVATION means that
certain form of Assignment set forth in EXHIBIT E-7.
3.4. CLOSING means March 26, 1999.
3.5. CO-OP EXCLUDED PROPERTY means all crops, cane stubble,
accessory buildings, personal property (including, without limitation,
equipment and vehicles), and the irrigation and drainage systems (including,
without limitation, the pumps, pump motors, pump houses, and piping) located on
the Co-Op Real Property.
3.6. CO-OP REAL PROPERTY means the real property more
particularly described on Exhibit A-10, together with all and singular the
rights, tenements, hereditaments and appurtenances thereto belonging or in
anywise appertaining, but specifically excluding the Co-Op Excluded Property.
3.7. COOPERATIVE AGREEMENT means that certain Cooperative
Agreement, dated July 24, 1998, as amended by those certain Amendments to
Cooperative Agreement, dated March 11, 1999 and March 12, 1999, entered into by
and among TNC, the District and DOI.
3.8. DEFERRED CLOSING means, with respect to a Deferred
Parcel, the date when title to the Deferred Parcel is conveyed to the District
or a Transferor or its designee, as the case may be.
3.9. DEFERRED PARCELS means those parcels of real property
described on EXHIBIT A-8.
3.10. DEP means Florida Department of Environmental
Protection.
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3.11. DISPOSAL means the release, treatment, storage, use,
handling, discharge, or disposal of Pollutants, as defined under applicable
Environmental Laws.
3.12. DISTRICT'S ENVIRONMENTAL ASSESSMENT means that certain
report of Phase II Environmental site assessment(s) and Laboratory analysis of
a Transferor's Property to be prepared by Dames & Moore for the District on or
prior to April 7, 1999.
3.13. DISTRICT REPRESENTATIVES means any and all officers,
employees, contractors and agents of the District.
3.14. EFFECTIVE DATE means January 15, 1999.
3.15. ENVIRONMENTAL CLAIMS AND LIABILITIES means any notices
of investigation (other than routine inspections) or potential liability,
demands for payment, lawsuits for damages, penalties or injunctive relief, or
any other claims of any sort whatsoever of any nature, kind, or description,
which in any way arise out of, are connected with, pertain to, refer to, or
relate to either directly or indirectly or which may result in whole or in part
from the presence or Disposal of Pollutants in violation of any Environmental
Laws on or under or emanating from property to be conveyed hereunder or any
Talisman Leased Property.
3.16. ENVIRONMENTAL LAWS mean any federal, state, regional,
or local laws, statutes, ordinances, rules, regulations or judicial or
administrative orders now or hereinafter enacted regulating or governing the
use, handling, storage, disposal, presence, acceptable concentrations, impact
assessment, or Remediation of Pollutants including, but not limited to, the
Comprehensive Environmental Response, Compensation & Liability Act, 42 USC ss.
9601 et seq. ("CERCLA"), the Resource Conservation & Recovery Act, 42 USC ss.
6901 et seq. ("RCRA"), the Federal Water Pollution Control Act, 33 USC ss. 1251
et seq., the Toxic Substances Control Act, 15 USC ss. 2601 et seq., the
Emergency Planning and Community Right to Know Act of 1986, 42 USC ss. 11001 et
seq., the Clean Air Act, 42 USC ss. 7401 et seq., the Endangered Species Act,
16 USC ss. 1521 et seq., the Occupational Safety and Health Act, 29 USC ss. 651
et seq., the Safe Drinking Water Act, 42 USC ss. 300(f) et seq., the Hazardous
Materials Transportation Act, 40 USC ss. 1801 et seq., the Pollution Prevention
Act of 1990, 42 USC ss. 13101 et seq., Federal Insecticide, Fungicide and
Rodenticide Act, and Chapters 376 and 403, Florida Statutes, including the
rules promulgated thereunder, as all of the foregoing statutes have been and
hereafter may be amended.
3.17. EXECUTION DATE means March 25, 1999.
3.18. GOVERNMENTAL APPROVALS means all licenses, variances,
waivers, permits (including, without limitation, District permits),
authorizations and approvals required by law or otherwise issued by
governmental or private authority having jurisdiction over any property to be
conveyed hereunder or any Talisman Leased Property.
3.19. GOVERNMENTAL CONFIRMATION means a written confirmation
from the DEP and any state or local governmental agency with regulatory
jurisdiction and, if applicable, any Federal regulatory authority, stating that
the environmental condition of a Party's real
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property to be conveyed hereunder or Talisman Leased Property requires no
further action by such agency or agencies based upon their review of the
following applicable plans and actions pertaining to such real property: (i)
the Talisman Environmental Assessment, Talisman's Remediation Plans and
Remediation actions; (ii) District's Environmental Assessment; (iii)
Transferor's Remediation Plans and Remediation actions; and (iv) Transferor's
Environmental Assessment.
3.20. GROUNDWATER DEFERRED PARCELS means those certain
parcels of real property described on EXHIBIT A-8.1.2 as "Groundwater Deferred
Parcels."
3.21. KING REALTY LEASE means that certain Lease Agreement
dated August 2, 1974, recorded in O.R. Book 2367, Page 1785 of the Public
Records of Palm Beach County, Florida, modified by that certain Addendum to
Lease Agreement dated February 13, 1980, recorded in O.R. Book 3263, Page 677
of the Public Records of Palm Beach County, Florida, by and between King Realty
Company, Inc., an Illinois corporation ("King Realty"), as successor in
interest to W.P.M. Incorporated, a Florida corporation, as "Lessor," and
Okeelanta, successor in interest to Gulf & Western Food Products Company, a
division of Gulf & Western Industries, Inc., a Delaware corporation, as
"Lessee," as amended and renewed by that certain unrecorded letter agreement
executed by Okeelanta on April 1, 1997 and executed by King Realty on April 8,
1997 pertaining to the King Realty Parcel attached as EXHIBIT V.
3.22. KING REALTY PARCEL means the real property more
particularly described on Exhibit A-5.2 as "King Realty Parcel", together with
all and singular the rights, tenements, hereditaments and appurtenances thereto
belonging or in anywise appertaining.
3.23. KNIGHT AGREEMENT means that certain Agreement For
Exchange of Real Property, dated November 12, 1998, by and among Knight
Holdings, Ltd., a Florida Limited Partnership, as Trustee, pursuant to that
certain Trust Agreement, dated January 9, 1997, Triple S. Holdings, Ltd., a
Florida Limited Partnership, and the District, as amended.
3.24. LICENSE AND PUMP OPERATING AGREEMENT means those
certain agreements entered into between one or more of the Parties transferring
real property hereunder and one or more of the Parties receiving such transfers
in the forms of EXHIBIT N.
3.25. LOSSES means any and all liabilities, damages,
settlements, compromises, deficiencies, fines, assessments, losses, taxes,
penalties, interest, costs and expenses, including, without limitation, court
costs and reasonable fees and disbursements of counsel through all levels of
appeal, and expert consultant and witness fees and expenses.
3.26. NEPA LAWSUIT means that certain civil action filed in
the United States District Court for the District of Columbia, under Case No.
1:98-CV02708 (TFH), styled The City of Belle Glade, Florida, et al. v. Hon.
Bruce Babbitt, et al.
3.27. NOTICE OF COMPLETION means written notice of a Party's
completion of its Remediation obligations with respect to a Deferred Parcel, a
Talisman Additional Remediation Parcel, or a Transferor's Additional
Remediation Parcel.
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3.28. OKEELANTA EXCLUDED PROPERTY means all crops, cane
stubble, accessory buildings, personal property (including, without limitation,
equipment and vehicles), and the irrigation and drainage systems (including,
without limitation, the pumps, pump motors, pump houses, and piping) located on
the Okeelanta Real Property.
3.29. OKEELANTA REAL PROPERTY means the real property more
particularly described on EXHIBIT A-5, together with all and singular the
rights, tenements, hereditaments and appurtenances thereto belonging or in
anywise appertaining, but specifically excluding the Okeelanta Excluded
Property.
3.30. OKEELANTA-SFI TITLE BINDER means Chicago Title
Insurance Company Title Commitment No. 10 0498 10 000161, attached hereto as
EXHIBIT D-2.
3.31. OPTION AGREEMENT means that certain form of agreement
attached hereto as EXHIBIT O.
3.32. PARKER LANDS AGREEMENT means that certain form of
agreement attached hereto as EXHIBIT Q.
3.33. POLLUTANT(S) means any hazardous or toxic substance;
solid waste, or waste of any kind; or any material, contaminant, petroleum,
petroleum product or petroleum by-product as defined or regulated by
Environmental Laws.
3.34. REMEDIATION means, with respect to a parcel of real
property, the environmental assessments, clean-up, remediation and monitoring
of Pollutants and the taking of all actions required to cause the parcel of
real property to be in compliance with all applicable Environmental Laws.
3.35. REMEDIATION PLAN means a written plan to complete
Remediation of a Deferred Parcel, a Talisman Additional Remediation Parcel or a
Transferor's Additional Remediation Parcel, including an estimate of the cost
of such Remediation.
3.36. SAVANNAH AGREEMENT means that certain Raw Sugar
Contract by and between Talisman and Savannah Foods & Industries, Inc., dated
February 11, 1986, as amended by letter dated March 5, 1990, as further amended
by an Addendum dated August 20, 1993, and as further amended by an Amendment to
Raw Sugar Contract, dated March 13, 1997.
3.37. SAVANNAH ASSIGNMENT means that certain assignment in
the form attached hereto as EXHIBIT L.
3.38. SEVENTH DAY BAPTIST LEASE means that certain Lease,
dated May 31, 1963, between Dr. Bessie S. French, as Lessor, and Sunshine Lands
Corp., a Florida corporation, as Lessee, recorded in O.R. Book 895, Page 677 of
the Public Records of Palm Beach County, Florida, and which lease has been
assigned and amended as follows: assigned by Sunshine Lands Corp. to Billdee
Land Corp., a Florida corporation, dated January 10, 1964, recorded in O.R.
Book 1002, Page 259; amended by Board of Trustees of the Seventh Day Baptist
Memorial Fund, as Lessor, and by Billdee Land Corp., as Lessee, dated April 9,
1964, recorded in O.R.
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Book 1030, Page 402; and assigned by Billdee Land Corp. to Talisman, dated July
27, 1964, recorded in O.R. Book 1064, Page 155, all in the Public Records of
Palm Beach County, Florida.
3.39. SFI EXCLUDED PROPERTY means all crops, cane stubble,
accessory buildings, personal property (including, without limitation,
equipment and vehicles), and the irrigation and drainage systems (including,
without limitation, the pumps, pump motors, pump houses, and piping) located on
the SFI Real Property.
3.40. SFI REAL PROPERTY means the real property more
particularly described on EXHIBIT A-6, together with all and singular the
rights, tenements, hereditaments, and appurtenances thereto belonging or in
anywise appertaining, but specifically excluding the SFI Excluded Property.
3.41. SOIL DEFERRED PARCELS means the real property
described on EXHIBIT A-8.1.1 as "Soil Deferred Parcels".
3.42. STA LAND means the real property within the boundaries
designated as stormwater treatment areas under Chapter 373.4592, Florida
Statutes.
3.43. STA STIPULATION means that certain Stipulated Final
Judgment attached hereto as EXHIBIT G, regarding Case No. CL 96-001193 AN,
styled South Florida Water Management District, a public corporation of the
State of Florida vs. Flor-Ag Corporation, et al., filed with the Circuit Court
of the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida.
3.44. TALISMAN ADDITIONAL LANDS means the real property
owned by Talisman which is more particularly described on EXHIBIT A-2, together
with all and singular the rights, tenements, hereditaments, and appurtenances
thereto belonging or in anywise appertaining, as well as, the crops, cane
stubble, irrigation and drainage systems, including all pumps, pump motors,
pump houses, and piping located on such real property.
3.45. TALISMAN ADDITIONAL REMEDIATION PARCELS means those
parcels of Talisman Real Property described on EXHIBIT A-3.
3.46. TALISMAN AGREEMENT means that certain Purchase and
Sale Agreement, dated July 2, 1998, as amended by that certain Amendment to
Purchase and Sale Agreement, dated November 30, 1998, that certain Second
Amendment to Purchase and Sale Agreement, dated December 3, 1998 and that
certain Third Amendment to Purchase and Sale Agreement, dated as of the
Execution Date, a copy of which is attached hereto as EXHIBIT U.
3.47. TALISMAN DEFERRED PARCELS means the Groundwater
Deferred Parcels and the Soil Deferred Parcels.
3.48. TALISMAN ENVIRONMENTAL ASSESSMENT means the Report
of Phase II Environmental Site Assessment, Talisman Sugar Corporation, dated
November 1998, Volume I, Acquisition Parcels; Volume II, Donation Parcels; and
Volume III, Laboratory Analysis, prepared by Dames & Moore.
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3.49. TALISMAN EXCLUDED PROPERTY means the mill structure,
accessory buildings, equipment, vehicles and all other structures and personal
property located on the Talisman Real Property or Talisman Leased Property, but
specifically excluding the Talisman Irrigation System.
3.50. TALISMAN IRRIGATION SYSTEM means the irrigation and
drainage systems, including all pumps, pump motors, pump houses, and piping
located on the Talisman Real Property or the Talisman Leased Property.
3.51. TALISMAN LEASED PROPERTY means the real property which
is the subject of the Talisman Leases.
3.52. TALISMAN LEASES means the leases identified in EXHIBIT
A-4.
3.53. TALISMAN LOWER RANCH DEFERRED PARCELS means those
certain parcels of Talisman Real Property commonly known as the Sugar Mill
Parcel, labor camp parcel, and borrow pit parcel, as more particularly
described in EXHIBIT A-8.1.3 attached hereto.
3.54. TALISMAN LOWER RANCH IRRIGATION SYSTEM means that
portion of the Talisman Irrigation System located on the Talisman Lower Ranch
Real Property.
3.55. TALISMAN LOWER RANCH REAL PROPERTY means that portion
of the Talisman Real Property which is more particularly described on EXHIBIT
A-1.1.
3.56. TALISMAN LOWER RANCH REAL PROPERTY OUTPARCELS means
that portion of the Talisman Real Property Outparcels more particularly
described on EXHIBIT A-9.1.
3.57. TALISMAN LOWER RANCH RESERVATIONS means the
reservation contained in that certain form set forth in EXHIBIT E-1.
3.58. TALISMAN PERMITTED EXCEPTIONS means those certain
matters set forth on SCHEDULE B, SECTION 2 of the Talisman Title Binder, less
and except the mechanics' lien, "gap" and parties in possession exceptions.
3.59. TALISMAN PROPERTY means the Talisman Real Property,
the Talisman Irrigation System and the Talisman Leased Property.
3.60. TALISMAN REAL PROPERTY means the real property which
is described in EXHIBIT A-1, together with all and singular, the rights,
tenements, hereditaments and appurtenances thereto belonging or in anywise
appertaining, but specifically excluding the Talisman Excluded Property, and
the crops, cane stubble and Talisman Irrigation System located on the Talisman
Lower Ranch Real Property.
3.61. TALISMAN REAL PROPERTY OUTPARCELS means the real
property identified under the heading "Real Property Outparcels" on EXHIBIT
A-9.
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3.62. TALISMAN TITLE BINDER means Chicago Title Insurance
Company Title Commitment No. T0003.1.97, attached hereto as EXHIBIT D-1.
3.63. TITLE COMPANY means Chicago Title Insurance Company.
3.64. TRANSFEROR means USSC, Okeelanta, SFI and the Co-Op,
as the case may be.
3.65. TRANSFEROR'S ADDITIONAL REMEDIATION PARCELS means
those parcels of a Transferor's Real Property (in addition to Transferor's
Deferred Parcels) which may be designated by the District, upon completion of
District's Environmental Assessment, as requiring Remediation by such
Transferor.
3.66. TRANSFEROR'S DEFERRED PARCELS means those certain
parcels of real property described on EXHIBIT A-8.2.
3.67. TRANSFEROR'S ENVIRONMENTAL ASSESSMENT means those
certain Reports of Environmental Site Assessment(s) of the Talisman Real
Property prepared as of the Execution Date by each of Odin Consultants for USSC
and TASK Environmental, Inc. for Okeelanta and SFI.
3.68. TRANSFEROR'S EXCLUDED PROPERTY means the Co-Op
Excluded Property, the Okeelanta Excluded Property, the SFI Excluded Property
and the USSC Excluded Property, as the case may be.
3.69. TRANSFEROR'S PERMITTED EXCEPTIONS means those matters
set forth on SCHEDULE B, SECTION 2 of Transferor's Title Binder, less and
except the mechanics' lien, "gap" and parties in possession exceptions.
3.70. TRANSFEROR'S REAL PROPERTY means collectively the
Co-Op Real Property, the USSC Real Property, the Okeelanta Real Property and
the SFI Real Property.
3.71. TRANSFEROR'S RESERVATIONS means, as to Okeelanta, the
reservations contained in the Warranty Deed to be delivered by Okeelanta in
favor of the District pursuant to SECTION 9.1(I), as more fully described in
that certain form set forth in EXHIBIT E-2, as to SFI, the reservations
contained in the Warranty Deed to be delivered by SFI in favor of the District
pursuant to SECTION 9.1(I), as more fully described in that certain form set
forth in EXHIBIT E-3, as to USSC, the reservations contained in the Warranty
Deed to be delivered by USSC in favor of the District pursuant to SECTION
9.1(I), as more fully described in that certain form set forth in EXHIBIT E-4,
as to the Co-Op, the reservations contained in the Warranty Deed which the
Co-Op will cause to be delivered in favor of the District pursuant to SECTION
9.1(I), as more fully described in that certain form set forth in EXHIBIT E-5;
provided, however, with respect to that portion of a Transferor's Real Property
which is STA Land, the reservations shall be in the form set forth in EXHIBIT
E-6.
3.72. TRANSFEROR'S TITLE BINDER means the Okeelanta-SFI
Title Binder and the USSC Title Binder, as the case may be.
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3.73. USSC EXCLUDED PROPERTY means all crops, cane stubble,
accessory buildings, personal property (including without limitation equipment
and vehicles), and the irrigation and drainage systems (including without
limitation the pumps, pump motors, pump houses, and piping) located on the USSC
Real Property.
3.74. USSC REAL PROPERTY means the real property more
particularly described on EXHIBIT A-7, together with all and singular the
rights, tenements, hereditaments and appurtenances thereto belonging or in
anywise appertaining, but specifically excluding the USSC Excluded Property.
3.75. USSC TITLE BINDER means Chicago Title Insurance
Company Title Commitment No. 309900252-A, attached hereto as EXHIBIT D-3.
4. OBJECT OF CONTRACT/CONSIDERATION.
4.1. OBJECT OF CONTRACT. As a result of the transactions
contemplated by this Agreement, and subject to the terms and conditions of this
Agreement, among other things, the following will occur:
4.1.1 PROPERTY TRANSFERS BY TALISMAN. DOI and the
District shall direct TNC and TNC shall direct Talisman to and Talisman shall:
(a) transfer the Talisman Real Property (excluding the Talisman Lower Ranch
Real Property), the Talisman Real Property Outparcels (excluding the Talisman
Lower Ranch Real Property Outparcels), the Talisman Additional Lands and the
Talisman Irrigation System (excluding the Talisman Lower Ranch Irrigation
System) to the Transferors, or their designees, as the Transferors shall
designate on the Schedule of: Deeds; Assignment of Reservation; and Assignment
of Leases attached hereto as EXHIBIT B, (b) assign portions of the Talisman
Lower Ranch Reservations to each of the Transferors as the Transferors shall
designate on EXHIBIT B, and (c) pursuant to the Talisman Agreement, transfer to
the District the Talisman Lower Ranch Real Property and the Talisman Lower
Ranch Irrigation System (all of which are subject to the Talisman Lower Ranch
Reservations or, in the case of the Talisman Lower Ranch Deferred Parcels,
subject to the Talisman Lower Ranch Deferred Parcels Option Agreement) and the
Talisman Lower Ranch Real Property Outparcels.
4.1.2 PROPERTY TRANSFERS BY OKEELANTA AND SFI.
Okeelanta and SFI will transfer to the District the Okeelanta Real Property and
the SFI Real Property, subject to the Transferor's Reservations applicable to
each such property, provided that the King Realty Parcel will not be
transferred subject to Transferor's Reservations but will be transferred
subject to the King Realty Lease. The portion of the Okeelanta Real Property
and the SFI Real Property which is STA Land is being transferred to the
District under threat of condemnation.
4.1.3 PROPERTY TRANSFER BY USSC. USSC will
transfer to the District the USSC Real Property, subject to the Transferor's
Reservations applicable to such property. The portion of the USSC Real Property
which is STA Land is being transferred to the District under threat of
condemnation.
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4.1.4 PROPERTY TRANSFER BY CO-OP. The Co-Op will
cause the Co-Op Real Property to be transferred to the District, subject to the
Transferor's Reservations applicable to such property. The Co-Op Real Property
is STA Land and is being transferred to the District under threat of
condemnation.
4.1.5 ASSIGNMENT AND SUBLEASE OF TALISMAN LEASES.
DOI and the District will direct TNC and TNC shall direct Talisman to and
Talisman shall (a) pursuant to the Talisman Agreement, sublease the property
described in the Seventh Day Baptist Lease to TNC, and (b) assign the Talisman
Leases, other than the Seventh Day Baptist Lease, to the Transferors or their
designees as the Transferors shall designate on Exhibit B. TNC will sublease
the property described in the Seventh Day Baptist Lease to the Transferors or
their designees as the Transferors shall designate on EXHIBIT B.
4.2. CONSIDERATION. In addition to the other consideration
exchanged pursuant to this Agreement, the receipt and sufficiency of which is
hereby acknowledged by the Parties, the consideration for the transfers
described in SECTION 4.1 is as follows:
(a) In consideration of the transfer of
the Talisman Real Property, the Talisman Irrigation System and the Talisman
Additional Lands, subject to the Talisman reservations, and the quit-claim by
Talisman of its interest, if any, in the Talisman Real Property Outparcels, as
provided in the Talisman Agreement and this Agreement, DOI and the District
shall direct TNC and TNC shall direct the Escrow Agent to disburse the Purchase
Price (as defined in the Talisman Agreement) to Talisman, less applicable
credits, prorations, adjustments, and amounts to be held in escrow for the
Deferred Parcels Escrow Fund (as defined in the Talisman Agreement).
(b) In consideration of the conveyance of
all of the Talisman Real Property, except the Talisman Lower Ranch Real
Property, free and clear of reservations by Talisman, the District shall pay
$8.5 million to Talisman.
(c) In consideration of DOI and the
District directing TNC and TNC directing Talisman and Talisman assigning the
Talisman Lower Ranch Reservations to the Transferors or their designees, the
Transferors or their designees shall collectively pay $10.5 million to
Talisman.
(d) In consideration of DOI and the
District directing TNC and TNC directing Talisman and Talisman transferring to
USSC the portion of the Talisman Real Property, the Talisman Additional Lands,
and the Talisman Irrigation System (and quit-claiming Talisman's interest, if
any, in corresponding Talisman Real Property Outparcels, if any) described on
EXHIBIT B, USSC shall transfer the USSC Real Property to the District, subject
to the Transferor's Reservations as to such property.
(e) In consideration of DOI and the
District directing TNC, and TNC directing Talisman, and Talisman transferring
to Okeelanta, or its designees, the portion of the Talisman Real Property, the
Talisman Additional Lands, and the Talisman Irrigation System (and
quit-claiming Talisman's interest, if any, in corresponding Talisman Real
Property
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Outparcels, if any) described on EXHIBIT B and assigning to Okeelanta the
Talisman Leases listed on EXHIBIT B, Okeelanta shall transfer the Okeelanta
Real Property to the District, subject to the Transferor's Reservations as to
such property, and shall settle, or cause to be settled, the amount of
compensation owed by the District solely for the value of land acquired by the
District in the eminent domain action described in the STA Stipulation.
(f) In consideration of DOI and the
District directing TNC, and TNC directing Talisman, and Talisman transferring
to SFI the portion of the Talisman Real Property and the Talisman Irrigation
System (and quit-claiming Talisman's interest, if any, in corresponding
Talisman Real Property Outparcels, if any) listed on EXHIBIT B, SFI shall
transfer the SFI Real Property to the District, subject to the Transferor's
Reservations as to such property.
(g) In consideration of DOI and the
District directing TNC, and TNC directing Talisman, and Talisman transferring
to the Co-Op the portion of the Talisman Real Property and the Talisman
Irrigation System (and quit-claiming Talisman's interest, if any, in
corresponding Talisman Real Property Outparcels, if any) listed on EXHIBIT B,
the Co-Op shall cause the Co-Op Real Property to be transferred to the
District, subject to Transferor's Reservations as to such property.
(h) In consideration of DOI and the
District directing TNC, and TNC directing Talisman, and Talisman assigning the
Talisman Leases, other than the Seventh Day Baptist Lease and the lease
assigned pursuant to SECTION 4.2(E), to the Transferors or their designees as
specified in EXHIBIT B, and of TNC subleasing the Seventh Day Baptist Lease to
the Transferors or their designees as specified on EXHIBIT B, the Transferors
or their designees will (i) assume the obligations of Talisman under such
Talisman Leases, other than the Seventh Day Baptist Lease, and (ii) sublease
the Seventh Day Baptist Lease from TNC.
4.3. TAX FREE EXCHANGE. The District and Transferors hereby
acknowledge that it is the intention of Transferors that the transaction
contemplated by this Agreement qualify as a tax-free exchange within the
meaning of SECTION 1031 of the Internal Revenue Code of 1986, as amended from
time to time. The conveyances by Talisman of the Talisman Real Property
(excluding the Talisman Lower Ranch Real Property), the Talisman Additional
Lands, the Talisman Irrigation System (excluding the Talisman Lower Ranch
Irrigation System), the Talisman Leases assigned pursuant to SECTION 4.2(E),
and the quit-claiming of Talisman's interest, if any, in the Talisman Real
Property Outparcels (excluding the Talisman Lower Ranch Real Property
Outparcels), as provided in SECTION 4.1 for the consideration as provided in
SECTION 4.2 is intended to constitute such exchange. The District agrees to
take any further action reasonably appropriate to assist and cooperate with
each Transferor in effectuating such tax-free exchange, provided, however,
Transferors hereby agree that (a) Transferors shall pay directly for any
additional expense caused to the District as a result of any actions taken by
the District for the purpose of facilitating such exchange (not including the
expenses of the District relating to other provisions hereof), and (b) the
District's agreement to facilitate such exchange will not require it to take
legal title to any real property other than the Talisman Lower Ranch Real
Property, the Talisman Lower Ranch Real Property Outparcels, and the
Transferor's Real Property.
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5. REPRESENTATIONS AND WARRANTIES.
5.1. TALISMAN REPRESENTATIONS AND WARRANTIES. As a material
inducement to each Transferor entering into this Agreement, Talisman represents
and warrants to each Transferor that the following matters are true as of the
Effective Date and that they will also be true as of Closing and any Deferred
Closing, as applicable:
(a) The Talisman Agreement and this
Agreement represent the entire agreement between the parties thereto and hereto
with respect to the Talisman Property. The Talisman Agreement is in full force
and effect, no defaults by Talisman have occurred, no acts have occurred which,
with the passage of time or giving of notice, may become defaults by Talisman,
and to Talisman's knowledge, no defaults by the other parties thereto have
occurred, and no acts have occurred which, with the passage of time or giving
of notice, may become defaults by such other parties; and Talisman has not
assigned, pledged or otherwise encumbered its interest in the Talisman
Agreement or the property described therein.
(b) Talisman is the legal fee simple title
holder of, and has good and marketable title to, the Talisman Real Property and
the Talisman Irrigation System, free and clear of all liens, encumbrances,
mortgages, leases and security interests, except those which shall be
discharged prior to Closing and the Talisman Permitted Exceptions. There shall
be no change in the ownership, operation or control of any party constituting
Talisman from the Effective Date through the date of Closing.
(c) Talisman is the lessee under the
Talisman Leases and such leases represent the entire agreement between the
parties with respect to the property described therein. The Talisman Leases are
in full force and effect, no defaults by Talisman have occurred and no acts
have occurred, which, with the passage of time or the giving of notice, may
become defaults by Talisman, and to Talisman's knowledge, no defaults by the
lessors thereof have occurred, and no acts have occurred which, with the
passage of time or the giving of notice may become defaults by such lessors;
Talisman has not assigned, pledged or otherwise encumbered its interest in the
Talisman Leases or the property described therein (except for that portion
which is currently subleased to Okeelanta); the terms of the Talisman Leases
(including the term and rent payable) are as set forth in EXHIBIT A-4; and
Talisman has full power and authority to assign or sublease the Talisman Leases
in accordance with this Agreement without obtaining a consent or approval of
any party and has taken all action necessary to assign or sublease the Talisman
Leases.
(d) At Closing, Talisman shall not be in
default, nor shall any circumstances exist which would give rise to a default
under any of the documents, recorded or unrecorded, referred to in the Talisman
Title Binder.
(e) Except as set forth in the Talisman
Environmental Assessment and Transferor's Environmental Assessment, the
Talisman Real Property (other than that portion which is currently subleased to
Okeelanta) and the Talisman Leased Property (other than that portion which is
currently subleased to Okeelanta), and the occupancy, use and operation
thereof, are in material compliance with all (1) Environmental Laws and (2)
other
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applicable federal, state and local governmental laws, ordinances, regulations,
licenses, permits, and authorizations, including, without limitation,
applicable zoning laws and regulations and Governmental Approvals, and Talisman
has no knowledge of any violations.
(f) Except for the NEPA Lawsuit, there is
no pending, or to Talisman's knowledge, threatened federal, state or local
judicial, county or administrative proceedings affecting the Talisman Property
or in which Talisman is or will be party by reason of either Talisman's
ownership of the Talisman Real Property or any portion thereof, or Talisman's
interest in the Talisman Leased Property or any portion thereof including,
without limitation, proceedings for or involving zoning violations, or personal
injuries or property damage alleged to have occurred on the Talisman Real
Property or Talisman Leased Property or by reason of the condition or use of
the Talisman Real Property or the Talisman Leased Property. No attachments,
execution proceedings, assignments for the benefit of creditors, insolvency,
bankruptcy, reorganization or other proceedings are pending or, to Talisman's
knowledge, threatened against Talisman. In the event any proceeding of the
character described in this subparagraph is initiated prior to Closing,
Talisman shall promptly advise the Transferor in writing.
(g) The execution and delivery of this
Agreement by the signatories hereto, and all the documents to be delivered by
Talisman to the Transferors at Closing by the signatories hereto, on behalf of
Talisman, and the performance of this Agreement and the Talisman Agreement by
Talisman have been duly authorized by Talisman and Talisman's shareholder, St.
Joe, and this Agreement and the Talisman Agreement are binding on Talisman and
St. Joe and enforceable against Talisman and St. Joe by the parties thereto in
accordance with their terms, conditions and provisions. Except as may be
required as a result of the NEPA Lawsuit, no consent to such execution,
delivery and performance is required from any person, beneficiary, partner,
limited partner, shareholder, creditor, investor, judicial or administrative
body, governmental authority or other party other than any such consent which
already has been unconditionally given. Neither the execution of this
Agreement, the Talisman Agreement, nor the consummation of the transactions
contemplated hereby or thereby will violate any restriction, court order,
governmental law, ordinance, statute, rule, regulation, or agreement to which
Talisman, St. Joe or the Talisman Property is subject.
(h) As to the condition of the Talisman
Property, except as set forth in the Talisman Environmental Assessment or
Transferor's Environmental Assessment:
(1) Talisman has obtained and is
in material compliance with any and all permits regarding the Disposal of
Pollutants on, or their removal or Disposal from, the Talisman Real Property
and the Talisman Leased Property.
(2) Talisman is not aware nor
does it have any actual notice of any past or present conditions, activities or
practices, or unrecorded instruments which: (i) may give rise to any
Environmental Claims and Liabilities in connection with the Talisman Real
Property or the Talisman Leased Property; or (ii) otherwise materially impairs
the use or operation of the Talisman Real Property or the Talisman Leased
Property for agricultural purposes.
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(3) There is no civil, criminal
or administrative action, suit, claim, demand, investigation, or notice of
violation pending or, to Talisman's knowledge, threatened against Talisman
relating in any way to the Disposal of Pollutants on the Talisman Real Property
or the Talisman Leased Property which has not been disclosed in writing to the
Transferors.
(i) Talisman has delivered to TNC all
information, reports, studies and other documents required by the Talisman
Agreement.
(j) Talisman has not entered into other
agreements for purchase and sale applicable to the Talisman Property other than
this Agreement and the Talisman Agreement.
(k) All items delivered pursuant to this
Agreement or the Talisman Agreement which have been prepared by Talisman, are
and will be true, correct and complete in all material respects and fairly
represent the information set forth herein and therein; no such items omit
information necessary to make the information contained therein or herein true
and correct in all material respects. Any such documents, inspections, tests
and studies prepared by third parties and delivered to any Party shall be given
by Talisman without representation or warranty of any kind, and shall at all
times be subject to the rights of the professionals and other third party
preparers of such documents, inspections, tests or studies; provided, however,
if Talisman has any knowledge of any inaccuracies contained in the documents,
inspections, tests or studies delivered, such inaccuracies shall be
specifically disclosed in writing by Talisman and such written disclosure shall
be delivered to the other Parties contemporaneously with the delivery of such
items. In the event that Talisman subsequently determines that there are
inaccuracies contained in the documents, inspections, tests or studies
delivered pursuant to this Section, Talisman shall disclose to the other
Parties any errors or misstatements contained in such documents of which
Talisman has knowledge.
(l) There are no parties other than
Talisman in occupancy or possession of any part of the Talisman Real Property
or the Talisman Leased Property, except Okeelanta, pursuant to the terms of
that certain Lease/Sublease Agreement entered into on May 1, 1991, recorded May
28, 1992, in O.R. Book 7260, Page 1887, of the Public Records of Palm Beach
County, Florida (the "Okeelanta Lease/Sublease"), as amended and disclosed to
the Transferor, and no person or entity has any right to occupy, possess or
lease any portion of the Talisman Real Property or, subject to the interest of
Okeelanta pursuant to the Okeelanta Lease/Sublease and lessors pursuant to the
Talisman Leases, the Talisman Leased Property.
(m) Except as disclosed by the Talisman
Title Binder, there are no pending applications, permits, petitions, contracts,
approvals, or other proceedings by Talisman with any governmental or
quasi-governmental authority, including but not limited to municipalities,
counties, districts, utilities, and/or federal or state agencies, concerning
the use or operation of, or title to the Talisman Real Property or Talisman
Leased Property or any portion thereof, and except as contemplated by this
Agreement, Talisman has not granted nor is obligated to grant any interest in
the Talisman Real Property or Talisman Leased Property to any of the foregoing
entities.
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(n) Neither Talisman nor any subsidiary of,
or entity otherwise controlled by, Talisman is a party to any agreement with
laborers, workers, employees, organized labor groups or independent contractors
that is binding upon the District or a Transferor receiving any interest in any
portion of the Talisman Property hereunder, whether or not such Party is or
becomes engaged in business activities on or concerning the Talisman Property
that are similar to such activities now or hereafter conducted by Talisman on
or concerning the Talisman Property.
(o) The Savannah Agreement represents the
entire agreement between the parties thereto with respect to the subject matter
thereof. The Savannah Agreement is in full force and effect, and no defaults by
Talisman have occurred and no acts have occurred which, with the passing of
time or the giving of notice, may become defaults by Talisman, and to
Talisman's knowledge, no defaults by the other party to the Savannah Agreement
have occurred, and no acts have occurred which, with the passage of time or the
giving of notice may become defaults by such other party; and Talisman has not
assigned, pledged or otherwise encumbered its interest in the Savannah
Agreement.
(p) There are no service contracts or
management agreements which run with title to the Talisman Property, and
neither the Transferor nor the District will have any obligation under such
agreements as a result of the transactions contemplated by this Agreement.
(q) No persons, firms, corporations or
other entities claiming by, through or under Talisman or St. Joe are entitled
to a real estate commission or other similar fees as a result of this Agreement
or the Talisman Agreement or the transactions contemplated hereby or thereby.
(r) Talisman has continuously operated the
Talisman Property in the ordinary course consistent with good husbandry
practices and with its past agricultural practices during the three years prior
to March 16, 1999 and except for cultivating and fertilizing, which Talisman
ceased on March 16, 1999, Talisman will continue to do so through Closing
(including, among other things, planting, growing sugar cane, and harvesting,
removing, using and selling sugar cane), all in compliance with all state,
federal and local laws and regulations applicable to the Talisman Property,
including, without limitation, Environmental Laws.
5.2. DISTRICT REPRESENTATIONS AND WARRANTIES. As a material
inducement to each Transferor entering into this Agreement, the District
represents and warrants to each Transferor that the following matters are true
as of the Effective Date and that they will also be true as of Closing and any
Deferred Closing:
(a) There is no pending, or to the
District's knowledge, threatened federal, state or local judiciary, county or
administrative proceeding to which the District is or will be a party that
could affect the District's ability to comply with its obligations under this
Agreement. No attachments, execution proceedings, assignments for the benefit
of creditors, insolvency, bankruptcy, reorganization or other proceedings are
pending or, to the District's knowledge, threatened against the District. In
the event any proceeding of the
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character described in this subparagraph is initiated prior to Closing, the
District shall promptly advise Transferors in writing.
(b) The execution and delivery of this
Agreement by the signatories hereto, and all the documents to be delivered by
the District to the Transferors at Closing by the signatories thereto, on
behalf of the District, and the performance of this Agreement by the District
have been duly authorized by the District, and this Agreement is binding upon
the District and enforceable against the District in accordance with its terms,
conditions and provisions. No consent to such execution, delivery and
performance of the District is required from any person, judicial or
administrative body, governmental authority or any other party other than any
such consent which already has been unconditionally given. Neither the
execution of this Agreement nor the consummation of the transactions
contemplated hereof will violate any restriction, law, court order, or
agreement to which the District is subject.
(c) The District has delivered to each
Transferor copies of the following: the Talisman Environmental Assessment and
all title, lease, and other information or documents which the District has
received from Talisman and TNC pursuant to the Talisman Agreement.
(d) All items delivered pursuant to this
Agreement which have been prepared by the District pursuant to this Agreement
are, and will be, true, correct and complete in all material respects and
fairly represent the information set forth therein; no such items omit
information necessary to make the information contained therein or herein true
and correct.
(e) The Cooperative Agreement represents
the entire agreement between the parties thereto with respect to the matters
set forth therein. The Cooperative Agreement is in full force and effect, and
no defaults by the District have occurred and no acts have occurred which, with
the passing of time or the giving of notice, may become defaults by the
District, and to the District's knowledge no defaults by the other parties
thereto have occurred, and no acts have occurred which, with the passing of
time or the giving of notice, may become defaults by such other Parties; and
the District has not assigned, pledged, encumbered or assigned its interest in
the Cooperative Agreement. The Talisman Agreement and this Agreement and the
transactions contemplated therein and herein, including, without limitation,
the Transferor's Reservations and the Talisman Lower Ranch Reservations do not
conflict with and will not be inconsistent with the Cooperative Agreement, and
the Cooperative Agreement does not restrict the use of the Talisman Real
Property conveyed to the Transferors pursuant to this Agreement.
(f) No persons, firms, corporations or
other entities claiming by, through or under the District are entitled to a
real estate commission or other similar fees as a result of this Agreement or
the Talisman Agreement or the transactions contemplated hereby or thereby.
5.3. TRANSFEROR REPRESENTATIONS AND WARRANTIES. As a
material inducement to the District, TNC, and DOI entering into this Agreement,
each Transferor individually and not
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jointly, represents and warrants to the District, TNC, and DOI that the
following matters are true as of the Effective Date and that they will also be
true as of Closing and any Deferred Closing, as applicable:
(a) Except as set forth below, Transferor
is the legal, fee simple title holder of the Transferor's Real Property and has
good and marketable title to such Transferor's Real Property, free and clear of
all easements, restrictions, conditions, liens, encumbrances, mortgages, leases
and security interests, except those which shall be discharged prior to Closing
and the Transferor's Permitted Exceptions. Okeelanta has disclosed to the
Parties hereto that it is not presently the fee simple owner of the King Realty
Parcel, but it shall perform all acts necessary to cause legal title to said
parcel to be conveyed at Closing in accordance with the terms and conditions
set forth herein for the conveyance of the balance of Transferor's Real
Property, except that the King Realty Parcel will not be transferred subject to
Transferor's Reservations but will be transferred subject to the King Realty
Lease. The Co-Op has disclosed to the Parties that it is not presently the fee
simple owner of the Co-Op Real Property, but it shall perform all acts
necessary to cause legal title to said parcel to be conveyed at Closing in
accordance with the terms and conditions set forth herein for the conveyance of
the balance of Transferors' Real Property. There shall be no change in the
ownership, operation or control of any party constituting Transferor from the
Effective Date through the date of Closing.
(b) At Closing, Transferor shall not be in
default, nor any circumstances exist which would give rise to a default under
any of the documents, recorded or unrecorded, referred to in Transferor's Title
Binder(s).
(c) Except as set forth in the District's
Environmental Assessment, Transferor's Real Property, and the occupancy, use
and operation thereof, are in material compliance with all (1) Environmental
Laws and (2) other applicable federal, state and local governmental laws,
ordinances, regulations, licenses, permits, and authorizations, including,
without limitation, applicable zoning laws and regulations and Governmental
Approvals, and Transferor has no knowledge of any violations.
(d) Except for the NEPA Lawsuit, and those
actions filed, maintained or threatened by the District or its representatives
relating to the condemnation of STA Land, there is no pending, or to
Transferor's knowledge, threatened federal, state or local judicial, county or
administrative proceedings affecting Transferor's Real Property or in which
Transferor is or will be party by reason of either Transferor's ownership of
Transferor's Real Property, including, without limitation, proceedings for or
involving zoning violations, or personal injuries, or damage alleged to have
occurred on Transferor's Real Property or by reason of the condition or use of
Transferor's Real Property. No attachments, execution proceedings, assignments
for the benefit of creditors, insolvency, bankruptcy, reorganization or other
proceedings are pending or, to Transferor's knowledge, threatened against
Transferor. In the event any proceeding of the character described in this
subsection is initiated prior to Closing, the affected Transferor shall
promptly advise the District, TNC, and DOI in writing.
(e) The execution and delivery of this
Agreement by the signatories hereto, and all the documents to be delivered by a
Transferor to the District, TNC and
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DOI at Closing by the signatories thereto, on behalf of a Transferor, and the
performance of this Agreement by a Transferor have been duly authorized by such
Transferor, and this Agreement is binding on and enforceable against such
Transferor, in accordance with the terms, conditions and provisions thereof.
Except as set forth in subparagraph (a) above and such lender consents which
are described in Transferor's Title Binder as "Requirements," and which
Transferor agrees to obtain prior to Closing, no consent to such execution,
delivery and performance of a Transferor is required from any person,
beneficiary, partner, limited partner, shareholder, creditor, investor,
judicial or administrative body, governmental authority or other party other
than any such consent which already has been unconditionally given. Neither the
execution of this Agreement nor the consummation of the transaction
contemplated hereby will violate any restriction, court order, governmental
law, ordinance, statute, rule, regulation, or agreement to which a Transferor,
or Transferor's Real Property is subject.
(f) As to the condition of a Transferor's
Real Property, except as provided in the District's Environmental Assessment:
(1) Each Transferor has obtained
and is in material compliance with any and all permits regarding the Disposal
of Pollutants on, or their removal or Disposal from, such Transferor's Real
Property.
(2) The Transferor is not aware
nor does it have any actual notice of any past or present conditions,
activities or practices, or unrecorded instruments which: (i) may give rise to
any Environmental Claims and Liabilities on Transferor's Real Property; or (ii)
otherwise materially impairs use or operation of the Transferor's Real Property
for agricultural purposes.
(3) There is no civil, criminal
or administrative action, suit, claim, demand, investigation, or notice of
violation pending or to the knowledge of Transferor, threatened against the
Transferor relating in any way to the Disposal of Pollutants on Transferor's
Real Property which has not been disclosed in writing to the District.
(g) Transferor has delivered to the
District all information reports, studies and other documents required by this
Agreement to be furnished by Transferor to the District.
(h) Except for an agreement of Okeelanta
with respect to the purchase or exchange of the King Realty Parcel and
agreements of Okeelanta and USSC with the Co-Op with respect to the purchase of
the Co-Op Real Property, Transferor has not entered into other agreements for
purchase and sale applicable to Transferor's Real Property other than this
Agreement.
(i) All items delivered pursuant to this
Agreement which have been prepared by Transferor pursuant to this Agreement,
are and will be true, correct and complete in all material respects and fairly
represent the information set forth therein; no such items omit information
necessary to make the information contained therein or herein true and correct.
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(j) Except as set forth in Transferor's
Title Binder, there are no parties other than Transferor in occupancy or
possession of any part of Transferor's Real Property, and, except as set forth
in Transferor's Title Binder, no person or entity, has any right to occupy,
possess or lease any portion of Transferor's Real Property.
(k) Except as disclosed by Transferor's
Title Binder(s), there are no pending applications, permits, petitions,
contracts, approvals, or other proceedings with any governmental or
quasi-governmental authority, including but not limited to municipalities,
counties, districts, utilities, and/or federal or state agencies, concerning
the use or operation of, or title to Transferor's Real Property or any portion
thereof, and Transferor has not granted nor is obligated to grant any interest
in Transferor's Real Property to any of the foregoing entities.
(l) No Transferor or any subsidiary of, or
entity otherwise controlled by, Transferor is a party to any agreement with
laborers, workers, employees, organized labor groups or independent contractors
that is binding upon the District or any interest in any portion of
Transferor's Real Property, whether or not the District is or becomes engaged
in business activities on or concerning such Transferor's Real Property that
are similar to such activities now or hereafter conducted by Transferor on or
concerning such Transferor's Real Property.
(m) There are no service contracts or
management agreements which run with title to the Transferor's Real Property,
and the District will have no obligation under such agreements as a result of
the transactions contemplated by this Agreement.
(n) No persons, firms, corporations or
other entities claiming by, through or under a Transferor are entitled to a
real estate commission or other similar fees as a result of this Agreement or
the transactions contemplated by this Agreement.
(o) Okeelanta and USSC each hereby
acknowledge, covenant and agree that with respect to the portion of the Co-Op
Real Property in which legal title is currently vested in them, all of the
representation and warranties contained in this SECTION 5.3, as well as the
obligations and undertakings set forth in SECTIONS 7.1, 7.6, 7.7.2, 9.22 and
the covenants set forth in SECTIONS 13.1(A), 13.1(C) AND 13.4, shall be deemed
to have been given or made by Okeelanta or USSC, as applicable.
5.4. TNC REPRESENTATIONS AND WARRANTIES. As a material
inducement to each Transferor entering into this Agreement, TNC represents and
warrants to each Transferor that the following matters are true as of the
Effective Date and that they will also be true as of Closing and any Deferred
Closing:
(a) There is no pending, or to TNC's
knowledge, threatened federal, state or local judiciary, county or
administrative proceeding to which TNC is or will be a party that could affect
TNC's ability to comply with its obligations under this Agreement or the
Talisman Agreement. No attachments, execution proceedings, assignments for the
benefit of creditors, insolvency, bankruptcy, reorganization or other
proceedings are pending or, to TNC's
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knowledge, threatened against TNC. In the event any proceeding of the character
described in this subparagraph is initiated prior to Closing, TNC shall
promptly advise Transferors in writing.
(b) The execution and delivery of this
Agreement and the Talisman Agreement, and all the documents to be delivered by
TNC to Transferors at Closing, on behalf of TNC in the performance of this
Agreement by TNC have been duly authorized by TNC, and this Agreement and the
Talisman Agreement are binding upon TNC and enforceable against TNC in
accordance with their terms, conditions and provisions. No consent to such
execution, delivery and performance of TNC is required from any person,
judicial or administrative body, governmental authority or any other party
other than any such consent which already has been unconditionally given.
Neither the execution of this Agreement nor the consummation of the
transactions contemplated herein or therein will violate any restriction, law,
court order, or agreement to which TNC is subject.
(c) TNC has delivered to Transferor all
title, lease and other information or documents which TNC has received from
Talisman pursuant to the Talisman Agreement.
(d) All items delivered pursuant to this
Agreement which have been prepared by TNC pursuant to this Agreement are, and
will be, true, correct and complete in all material respects and fairly
represent the information set forth therein; no such items omit information
necessary to make the information contained therein or herein true and correct.
(e) The Talisman Agreement and this
Agreement represent the entire agreement between the parties thereto and hereto
with respect to the Talisman Property. The Talisman Agreement is in full force
and effect, and no defaults by TNC have occurred and no acts have occurred
which, with the passing of time or the giving of notice, may become defaults by
TNC, and to TNC's knowledge, no defaults by the other parties thereto have
occurred, and no acts have occurred which, with the passing of time or the
giving of notice, may become defaults by such other parties; and TNC has not
assigned, pledged or otherwise encumbered its interest in the Talisman
Agreement or the property described therein except with respect to its approval
of the Knight Agreement, which agreement does not affect the property subject
to this Agreement.
(f) The Cooperative Agreement represents
the entire agreement between the parties thereto with respect to the matters
set forth therein. The Cooperative Agreement is in full force and effect, and
no defaults by TNC have occurred and no acts have occurred which, with the
passing of time or the giving of notice, may become defaults by TNC, and to
TNC's knowledge, no defaults by the other parties thereto have occurred, and no
acts have occurred which, with the passing of time or the giving of notice, may
become defaults by such other parties; and TNC has not assigned, pledged,
encumbered or assigned its interest in the Cooperative Agreement. The Talisman
Agreement and this Agreement and the transactions contemplated therein and
herein, including, without limitation, the Transferor's Reservations and the
Talisman Lower Ranch Reservations do not conflict with and will not be
inconsistent with the Cooperative Agreement, and the Cooperative Agreement does
not restrict the use of the Talisman Real Property conveyed to the Transferors
pursuant to this Agreement.
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(g) No persons, firms, corporations or
other entities claiming by, through or under TNC are entitled to a real estate
commission or other similar fees as a result of this Agreement or the Talisman
Agreement or the transactions contemplated hereby or thereby.
5.5. DOI REPRESENTATIONS AND WARRANTIES. As a material
inducement to each Transferor entering into this Agreement, the DOI represents
and warrants to each Transferor that the following matters are true as of the
Effective Date and that they will also be true as of Closing and any Deferred
Closing:
(a) Except for the NEPA Lawsuit, there is
no pending, or to the DOI's knowledge, threatened federal, state or local
judiciary, county or administrative proceeding to which the DOI is or will be a
party that could affect the DOI's ability to comply with its obligations under
this Agreement or the Talisman Agreement. No attachments, execution
proceedings, assignments for the benefit of creditors, insolvency, bankruptcy,
reorganization or other proceedings are pending or, to the DOI's knowledge,
threatened against the DOI. In the event any proceeding of the character
described in this subparagraph is initiated prior to Closing, the DOI shall
promptly advise Transferors in writing.
(b) The execution and delivery of this
Agreement, and all the documents to be delivered by the DOI to Transferors at
Closing, on behalf of the DOI in the performance of this Agreement by the DOI
have been duly authorized by the DOI, and this Agreement is binding upon the
DOI and enforceable against the DOI in accordance with its terms, conditions
and provisions. Except for the NEPA Lawsuit: (i) no consent to such execution,
delivery and performance of the DOI is required from any person, judicial or
administrative body, governmental authority or any other party other than any
such consent which already has been unconditionally given by the execution
hereof; and (ii) neither the execution of this Agreement nor the consummation
of the transactions contemplated herein will violate any restriction, law,
court order, or agreement to which the DOI is subject.
(c) The Talisman Agreement and this
Agreement represent the entire agreement between the parties thereto and hereto
with respect to the Talisman Property. The Talisman Agreement is in full force
and effect, and no defaults by DOI have occurred, and no acts have occurred
which, with the passing of time or the giving of notice, may become defaults by
DOI, and to DOI's knowledge, no defaults by the other parties thereto have
occurred, and no acts have occurred which, with the passing of time or the
giving of notice, may become defaults by the other parties; and, except for the
Knight Agreement, the DOI has not assigned, pledged or otherwise encumbered any
interest in the Talisman Agreement or the property described therein.
(d) The Cooperative Agreement represents
the entire agreement between the parties thereto with respect to the matters
set forth therein. The Cooperative Agreement is in full force and effect, and
no defaults by DOI have occurred and no acts have occurred which, with the
passing of time or the giving of notice, may become defaults by DOI and to
DOI's knowledge, no defaults by the other parties thereto have occurred, and no
acts have occurred which, with the passing of time or the giving of notice, may
become defaults
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by such other parties; and the DOI has not assigned, pledged, encumbered or
assigned its interest in the Cooperative Agreement. The Talisman Agreement and
this Agreement and the transactions contemplated therein and herein, including,
without limitation, the Transferor's Reservations and the Talisman Lower Ranch
Reservations, do not conflict with and will not be inconsistent with the
Cooperative Agreement, and the Cooperative Agreement does not restrict the use
of the Talisman Real Property conveyed to the Transferors pursuant to this
Agreement.
(e) Nothing in this Agreement shall
constitute a waiver of the sovereign immunity of the United States, nor provide
a remedy against the United States, except to the extent such waiver or remedy
is otherwise permitted by law.
(f) No persons, firms, corporations or
other entities claiming by, through or under DOI are entitled to a real estate
commission or other similar fees as a result of this Agreement or the Talisman
Agreement or the transactions contemplated hereby or thereby.
5.6. RECIPROCAL REAL ESTATE BROKERAGE INDEMNITIES.
(a) AS TO TALISMAN'S PROPERTY. Talisman
agrees to indemnify the District and each Transferor and hold the District and
each Transferor harmless from any loss, liability, damage, cost, or expense
(including, without limitation, court costs, and reasonable attorneys fees)
paid or incurred by the District or any Transferor by reason of any claim to
any brokers, finders, agents or other fee in connection with the transactions
contemplated by the Talisman Agreement and this Agreement by any party claiming
by, through or under Talisman. The District, to the extent permitted by law and
subject to sovereign immunity limitations, and each Transferor agrees to
indemnify Talisman and hold Talisman harmless from any loss, liability, damage,
cost or expense (including without limitation, court costs, and reasonable
attorneys fees) paid or incurred by Talisman by reason of any claim to any
brokers, finders, agents or other fee in connection with the transactions
contemplated by the Talisman Agreement and this Agreement by any party claiming
by, through or under the District or such Transferor. These indemnities shall
survive Closing or termination of this Agreement.
(b) AS TO TRANSFEROR'S REAL PROPERTY. Each
Transferor agrees to indemnify the District and hold the District harmless from
any loss, liability, damage, cost, or expense (including, without limitation,
court costs, and reasonable attorneys fees) paid or incurred by the District by
reason of any claim to any brokers, finders, agents or other fee in connection
with the transactions contemplated by this Agreement by any party claiming by,
through or under such Transferor. The District, to the extent permitted by law,
and subject to sovereign immunity limitations, agrees to indemnify each
Transferor and hold each Transferor harmless from any loss, liability, damage,
cost or expense (including without limitation, court costs, and reasonable
attorneys fees) paid or incurred by a Transferor by reason of any claim to any
brokers, finders, agents or other fee in connection with the transactions
contemplated by the Talisman Agreement or this Agreement by any party claiming
by, through or under the District. These indemnities shall survive Closing or
termination of this Agreement.
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5.7. BREACH OF REPRESENTATION AND WARRANTIES. Each Party
(the "Defaulting Party") shall be liable to the other Parties (the "Other
Parties") before and after Closing or any Deferred Closing for any loss,
damages, liability, or cost (including but not limited to reasonable attorney's
fees and costs) that any Other Party incurs directly, indirectly or proximately
as a result of any warranty or representation made by the Defaulting Party in
this Agreement not being true and correct as of Closing and any Deferred
Closing; provided that Talisman's obligations with respect to breaches of
SECTIONS 5.1(E)(1), (H)(1), (H)(2)(I) AND (H)(3), other than fraudulent
breaches of such Sections, shall be governed by SECTION 7.8. Talisman's
obligations with respect to such fraudulent breaches shall be governed by this
SECTION 5.7.
5.8. REPRESENTATIONS AND WARRANTIES LIMITED. Each of the
Parties understands and acknowledges that except as provided in this Agreement
and the Talisman Agreement, each Party makes no representation or warranty of
any kind, either express or implied, to any other Party as to any of the
property which is the subject of this Agreement, including but not limited to:
(1) the physical or other condition, including environmental condition, or
condition with respect to Pollutants of the property; (2) title to or ownership
of the property; (3) the income potential, operating expenses, uses,
merchantability or fitness for particular purpose of the property, or (4) the
accuracy, reliability, or completeness of any information or documents provided
to any other party (including without limitation, the Talisman Environmental
Assessment). Notwithstanding anything to the contrary herein, the effect of the
representations and warranties made in this Agreement or the Talisman Agreement
shall not be diminished or deemed to be waived by any notices, inspections,
tests or investigations made by any Party or such Party's representatives. For
purposes of representations and warranties provided in this Agreement which are
qualified by the knowledge of a Party, the knowledge of such Party is limited
to the actual knowledge of the persons identified in EXHIBIT C. DOI and the
District shall be liable to the Parties for any loss, damages, liability or
costs of any other Party only to the extent such liability is otherwise
permitted by law.
6. PRESERVATION OF REAL PROPERTY.
6.1. RISK OF LOSS. Each Transferor and Talisman assumes all
risk of loss or damage to its respective property which is to be transferred
pursuant to this Agreement prior to the Closing or a Deferred Closing, as
applicable.
6.2. INSURANCE. Talisman and each Transferor shall continue
to maintain all insurance coverage, if any, in force as of the Effective Date
with respect to its property which is to be transferred pursuant to this
Agreement until Closing or a Deferred Closing, as applicable.
7. DUE DILIGENCE.
7.1. TITLE AND OTHER INFORMATION FROM TRANSFEROR Each
Transferor has, with respect to such Transferor's Real Property, delivered to
the District copies of the following documents, if any, which are in
Transferor's possession or control: (a) all warranties, guarantees pertaining
to the Transferor's Real Property in effect on the Effective Date; (b) all
plans and specifications pertaining to improvements, including borrow pits,
irrigation systems and structures located on the Transferor's Real Property;
(c) Governmental Approvals as well as all
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unrecorded instruments and agreements that relate to the use or operation of
Transferor's Real Property; (d) all deeds by which Transferors acquired title
to Transferor's Real Property; (e) all existing title insurance policies
insuring title to any portion of the Transferor's Real Property, (f) all
surveys, environmental or engineering reports, studies, inspections or
analyses, copies of all historical overflight photographs, Material Safety Data
Sheets, hazardous waste shipment manifests or invoices and other physical
inspections or reports conducted with respect to the Transferor's Real Property
or on behalf of Transferor or otherwise, if any, which are in Transferor's
possession or control; (g) a list of litigation or, proceedings, pending or
threatened with respect to the Transferor's Real Property; and (h) a list of
any such documents or information described in (a) - (f) above not in
Transferor's possession or control but of which Transferor has knowledge.
Except as provided in SECTION 7.7.2(G), a Transferor shall not be required to
furnish financial information to the District. Any such documents, inspections,
tests and studies prepared by third parties and delivered to the District shall
be given by the Transferor without representation or warranty of any kind, and
shall at all times be subject to the rights of the professionals and other
third party preparers of such documents, inspections, tests or studies;
provided, however, if a Transferor has any knowledge of any inaccuracies
contained in the documents, inspections, tests or studies delivered, such
inaccuracies shall be specifically disclosed in writing by Transferor and such
written disclosure shall be delivered to the District contemporaneously with
the delivery of such items. In the event that a Transferor subsequently
determines that there are inaccuracies contained in the documents, inspections,
tests or studies delivered pursuant to this Section, Transferor shall disclose
to the District any errors or misstatements contained in such documents of
which Transferor has knowledge.
7.2. TRANSFERORS' ACCESS TO TALISMAN PROPERTY. Talisman
hereby agrees that on and after the Effective Date, each Transferor and each
Transferor's employees, agents, and consultants, shall have access to the
Talisman Property subject to that certain Access Agreement and Confidentiality
Agreement entered into by and between Talisman and each Transferor (the "Access
and Inspection Agreement"). Talisman will, upon written request received on or
before April 30, 1999 from any Transferor in accordance with the Access and
Inspection Agreement, promptly provide such Transferor with access to the farm
managers managing the Talisman Property and furnish such Transferor with crop
planting, fertilizing, maintenance, and harvesting records, copies of all
permits, service contracts, and other documents relating to the farming and
operation of the Talisman Property, and a list of all farming equipment and
personal property used in operating the Talisman Property. In addition,
Talisman shall cooperate with each Transferor by contacting current employees
of Talisman on behalf of each Transferor to assist in the Transferor's efforts
to interview and hire such employees subsequent to Closing; provided, however,
Transferor shall have no obligation to hire such employees. The provisions of
the preceding two sentences shall survive the Closing or a Deferred Closing, as
applicable.
7.3. DISTRICT INSPECTION PERIOD. The District shall have
until April 7, 1999 for the District or the District's Representatives and DOI
to make such investigations, studies and tests of each of Transferor's Real
Property including, but not limited to, conducting engineering inspections,
making soil and substrate drillings and borings, installing piezometers and
temporary or permanent groundwater monitoring wells, collecting soil, sediment,
surface water and groundwater samples, measuring water levels, and performing
environmental inspections and any other inspections, tests, studies,
investigations which the District deems necessary or
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advisable, in its sole and absolute discretion, in order to determine the
condition and compliance of each Transferor's Real Property under Environmental
Laws; provided, however, except as specifically set forth in this Agreement,
Transferors shall have no obligation to correct any condition which is
disclosed by such inspections, tests, studies or investigations. The District
shall keep each Transferor and all other Parties continuously informed of the
results of its assessment and shall provide a written report of the District's
Environmental Assessment to each Transferor and such other Parties no later
than April 7, 1999.
7.4. DISTRICT'S ACCESS TO TRANSFEROR'S REAL PROPERTY. Each
Transferor agrees: (i) on and after the Effective Date, the District and the
District's Representatives, shall be given access to the Transferor's Real
Property in the manner and subject to the terms of that certain Site Access
Release, Indemnification and Non-Disclosure Agreement (the "Access Agreement")
entered into by the District and each Transferor; except that Section 4 of each
Access Agreement is hereby amended to provide that the Access Agreement shall
terminate upon the earlier to occur of the Closing or the termination of this
Agreement and that Sections 1, 2, and 3 of the Access Agreement shall survive
termination of the Access Agreement; and (ii) Transferor shall make other good
faith efforts upon the District's reasonable request to provide the District
with other relevant or necessary information with respect to the Transferor's
Real Property.
7.5. TITLE BINDERS.
7.5.1 TALISMAN REAL PROPERTY. The Transferors each
hereby acknowledge and agree that the Talisman Permitted Exceptions are
permitted exceptions to the Talisman Property and the Talisman Additional
Lands. Talisman shall promptly commence and diligently and continuously pursue,
and in fact, satisfy, remove, or cure any exceptions to its title to the
Talisman Property and the Talisman Additional Lands other than the Talisman
Permitted Exceptions. Talisman shall not grant, convey, encumber, lease or
allow the imposition of any lien on any portion of the Talisman Property or the
Talisman Additional Lands to be conveyed by it at any time prior to Closing or
a Deferred Closing, as the case may be. Talisman will not execute or record any
instrument in any way affecting the title to any portion of the Talisman
Property or the Talisman Additional Lands to be conveyed by it at any time
prior to Closing or a Deferred Closing, as may be applicable, without the prior
written consent of the District or the Transferor, or their designees, to which
such parcel is to be conveyed or an interest therein is to be assigned
hereunder. Prior to or at Closing or a Deferred Closing, as applicable,
Talisman shall undertake such actions, pay such amounts of money and execute
such documents as may be necessary to satisfy all requirements set forth in the
Talisman Title Binder affecting the Talisman Property or the Talisman
Additional Lands, and to delete all exceptions other than the Talisman
Permitted Exceptions from the Talisman Title Binder.
7.6. TRANSFEROR'S REAL PROPERTY. The District hereby
acknowledges and agrees that the Transferor's Permitted Exceptions are
permitted exceptions to the Transferor's Real Property. Each Transferor shall
promptly commence and diligently and continuously pursue, and in fact satisfy,
remove, or cure any exceptions to its title other than the Transferor's
Permitted Exceptions. A Transferor shall not grant, convey, encumber, lease or
allow the imposition of any lien on any portion of such Transferor's Real
Property to be conveyed by it at
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any time prior to Closing or a Deferred Closing, as the case may be. A
Transferor will not execute or record any instrument in any way affecting the
title to any portion of such Transferor's Real Property to be conveyed by it at
any time prior to Closing or a Deferred Closing, as may be applicable, without
the prior written consent of the District. Prior to or at Closing or a Deferred
Closing, as applicable, a Transferor shall undertake such actions, pay such
amounts of money and execute such documents as may be necessary to satisfy all
requirements set forth in the applicable Transferor's Title Binder affecting
such Transferor's Real Property, and to delete all exceptions other than the
Transferor Permitted Exceptions from the Transferor's Title Binder.
7.7. ENVIRONMENTAL MATTERS.
7.7.1 TALISMAN REAL PROPERTY.
(a) TALISMAN DEFERRED PARCELS AND
NOTICE OF TALISMAN ADDITIONAL REMEDIATION PARCELS. The portions of Talisman
Real Property and Talisman Leased Property identified by the District as
Deferred Parcels are described on EXHIBIT A-8.1. The portions of Talisman Real
Property and Talisman Leased Property identified by the Transferors as Talisman
Additional Remediation Parcels are described in EXHIBIT A-3. Title to the
Talisman Additional Remediation Parcels shall be transferred at the Closing.
(b) USE RESTRICTIONS ON TALISMAN'S
DEFERRED PARCELS. As to the Talisman Deferred Parcels that are remediated as
required herein to aquatic or agricultural standards, each Transferor has been
informed that the DEP may require that, as a condition of issuing its
Governmental Confirmation to Talisman or issuing a Prospective Purchaser
Agreement to TNC, DOI and the District, a restriction be incorporated in the
deed of conveyance prohibiting future use for residential purposes unless and
until such Talisman Deferred Parcel is remediated to residential standards of
DEP. The Parties hereby agree that such a restriction, if required by the DEP
as a condition to the issuance of its Governmental Confirmation with respect to
a specific Talisman Deferred Parcel, is approved in concept. The actual
language of the restriction shall be subject to the review and reasonable
approval of the applicable Parties.
(c) TALISMAN'S DUTY TO REMEDIATE.
Talisman shall, at its sole cost and expense, complete any and all Remediation
of the Talisman Deferred Parcels and Talisman Additional Remediation Parcels
and take such actions as may be required to satisfy the Talisman Environmental
Assessment, the Transferor's Environmental Assessment and the Transferor's
Final Environmental Notice. Talisman shall cause Remediation of all the Soil
Deferred Parcels and Talisman Additional Remediation Parcels to be completed
within nine (9) months after the Closing. Talisman shall cause Remediation of
the Groundwater Deferred Parcels to be completed no later than twenty-four (24)
months after Closing.
(d) TALISMAN'S NOTICE OF PROPOSED
REMEDIATION PLAN. As to the Talisman Deferred Parcels and Talisman Additional
Remediation Parcels, Talisman shall provide to each Transferor a Remediation
Plan at least five (5) days prior to initiating the work contemplated by such
plan but in no event later than thirty (30) days after the Closing. Each
Transferor may provide comments to Talisman on the proposed Remediation Plan.
Talisman
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may consider any such comments but the ultimate content of the Remediation Plan
shall be in the sole discretion of Talisman, as long as the implementation of
the Remediation is reasonably expected to bring the Talisman Deferred Parcels
and the Talisman Additional Remediation Parcels into, and to cause all other
portions of the Talisman Real Property and Talisman Leased Property to be
maintained in, compliance with all Environmental Laws and satisfy the
requirements of the Talisman Environmental Assessment and Transferor's
Environmental Assessment. Talisman shall provide copies of all documents
submitted to the DEP to the District and each Transferor shall keep the
District and each Transferor reasonably informed and advised as to the status
of Talisman's implementation of the Remediation Plan.
(e) TALISMAN'S NOTICE OF COMPLETION. On or
prior to the date that Talisman is obligated to complete Remediation of a
Talisman Deferred Parcel or a Talisman Additional Remediation Parcel in
accordance with this Agreement, Talisman shall, as to such Talisman Deferred
Parcel or Talisman Additional Remediation Parcel, as applicable, provide to the
District and each applicable Transferor a Notice of Completion which shall
include the applicable Governmental Confirmation. A "deactivation letter" or
completion report from an agency shall be deemed to be a confirmation that no
further action is required by such agency. Notwithstanding the foregoing, the
affected Transferor and Talisman shall use their best efforts and cooperation
to arrange for the DEP to act as a clearing house and assume lead agency
responsibility for acquiring the above confirmations from other state and local
regulatory authorities, and, if applicable, federal regulatory authorities. If
the DEP agrees to assume lead agency responsibility, then written confirmation
from the DEP shall be deemed to be conclusive evidence of Governmental
Confirmation.
(f) TRANSFEROR'S FINAL ENVIRONMENTAL NOTICE
TO TALISMAN. At any time within thirty (30) days after the date a Talisman
Deferred Parcel is conveyed to a Transferor, or at any time within thirty (30)
days after Talisman has delivered its Notice of Completion as to a Talisman
Additional Remediation Parcel, such Transferor may conduct a final
environmental assessment ("Transferor's Final Environmental Assessment") and
deliver to Talisman a final environmental notice specifying matters requiring
additional Remediation on such parcel ("Transferor's Final Environmental
Notice"). If Talisman does not complete such additional Remediation in
accordance with the applicable provisions of this Agreement within thirty (30)
days after receipt of Transferor's Final Environmental Notice, then, such
Transferor may complete the Remediation and Talisman shall reimburse such
Transferor for all reasonable costs and expenses incurred by such Transferor to
complete the Remediation within thirty (30) days of receipt of written notice
from such Transferor.
7.7.2 TRANSFEROR'S REAL PROPERTY
(a) NOTICE OF TRANSFEROR'S DEFERRED
PARCELS. The portions of Transferor's Real Property identified by the District
as of the Execution Date as Transferor's Deferred Parcels are described on
EXHIBIT A-8.2. By written notice to the applicable Transferor no later than
April 7, 1999, the District may designate Transferor Additional Remediation
Parcels based on the results of the District's Environmental Assessment. The
District's failure to timely designate any particular portion of a Transferor's
Real Property as Transferor's Deferred Parcels shall not adversely affect the
District's right to give District's Final Environmental
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Notice for all or any part of a Transferor's Real Property and to require
Remediation as provided in this Agreement.
(b) USE RESTRICTIONS ON TRANSFEROR'S
DEFERRED PARCELS AND TRANSFEROR'S ADDITIONAL REMEDIATION PARCELS. As to the
Transferor's Deferred Parcels and Transferor's Additional Remediation Parcels
that are remediated as required herein to aquatic or agricultural standards,
the District acknowledges and agrees that the DEP may require that, as a
condition of issuing its Governmental Confirmation to a Transferor, or issuing
a Prospective Purchaser Agreement to DOI and the District, a restriction be
incorporated in the deed of conveyance prohibiting future use for residential
purposes unless and until such Transferor's Deferred Parcel or Transferor's
Additional Remediation Parcel is remediated to residential standards of the
DEP. The Parties hereby agree that such a restriction, if required by the DEP
as a condition to the issuance of its Governmental Confirmation with respect to
a specific Transferor's Deferred Parcels or Transferor's Additional Remediation
Parcels, is approved in concept. The actual language of the restriction shall
be subject to the review and reasonable approval of the applicable Parties.
(c) TRANSFEROR'S DUTY TO REMEDIATE. A
Transferor shall, at its sole cost and expense, complete any and all necessary
Remediation of such Transferor's Deferred Parcels and Transferor's Additional
Remediation Parcels. Except for required post-Remediation groundwater
monitoring, a Transferor shall cause Remediation of Transferor's Deferred
Parcels and all Transferor's Additional Remediation Parcels of STA Land to be
completed within fifteen (15) months after Closing. A Transferor shall cause
Remediation of all other of such Transferor's Real Property to be completed
prior to termination of such Transferor's Reservations for such Transferor's
Real Property.
(d) TRANSFEROR'S NOTICE OF PROPOSED
REMEDIATION PLAN. As to each Transferor's Deferred Parcel and Transferor's
Additional Remediation Parcel, a Transferor shall provide to the District a
Remediation Plan at least forty-five (45) days prior to initiating the work
contemplated by such plan but in no event later than, (i) as to Transferor's
Deferred Parcels, sixty (60) days after Closing, (ii) as to all Transferor's
Additional Remediation Parcels located on STA Land, sixty (60) days after the
date of the District's notice identifying such Transferor's Additional
Remediation Parcels, and, (iii) as to Transferor's other Additional Remediation
Parcels, as provided in Transferor's Reservations for such Transferor's Real
Property. The District may provide comments to a Transferor on the proposed
Remediation Plan. A Transferor may consider any such comments but the ultimate
content of the Remediation Plan shall be in the sole discretion of Transferor,
as long as the implementation of the Remediation is reasonably expected to
timely bring the Transferor's Deferred Parcels into, and to cause all other
portions of the Transferor's Real Property to be maintained in, compliance with
all Environmental Laws.
(e) TRANSFEROR'S NOTICE OF COMPLETION. On
or prior to the date a Transferor is obligated to complete Remediation of a
Transferor's Deferred Parcel or Transferor's Additional Remediation Parcel in
accordance with this Agreement, each Transferor shall, as to such Transferor's
Deferred Parcel or Transferor's Additional Remediation Parcel, provide to the
District a Notice of Completion which shall include the applicable Governmental
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Confirmation. A "deactivation letter" or completion report from an agency shall
be deemed to be a confirmation that no further action is required by such
agency. Notwithstanding the foregoing, each Transferor and the District shall
use their best efforts and cooperation to arrange for the DEP to act as a
clearing house and assume lead agency responsibility for acquiring the above
confirmations from other state and local regulatory authorities and, if
applicable, Federal regulatory authorities. If the DEP agrees to assume lead
agency responsibility, then written confirmation from the DEP shall be deemed
to be conclusive evidence of Governmental Confirmation. For all of a
Transferor's Real Property, the written confirmations required by this Section
shall be issued as of the date of, or not more than thirty (30) days prior to,
termination of the Transferor's Reservations for such Transferor's Real
Property.
(f) DISTRICT'S FINAL ENVIRONMENTAL NOTICE
TO TRANSFEROR. At any time within thirty (30) days after the date a
Transferor's Deferred Parcel is conveyed to the District, the District may
conduct a final environmental assessment ("District's Final Environmental
Assessment") and deliver to a Transferor a final environmental notice
specifying matters requiring Remediation ("District's Final Environmental
Notice"). If the Transferor does not complete such additional Remediation in
accordance with the applicable provisions of this Agreement, within thirty (30)
days after receipt of District's Final Environmental Notice, then, in addition
to all other remedies for Transferor's failure to complete Remediation as
required pursuant to this Agreement, the District may cause such Remediation to
be completed.
(g) TRANSFEROR'S FINANCIAL ASSURANCES. As
an inducement to the District to waive any requirement for Transferor to place
monies or other security in escrow to guarantee such Transferor's Remediation
obligations as set forth in SECTION 7.7.2(C), USSC and FCC have furnished, as
of the Execution Date, either certified audited financial statements or
certified statements from their respective independent, certified public
accountant confirming a minimum net worth of each of USSC and FCC (the
"Financial Information"). The Financial Information shall be as of the end of
the most recent fiscal year of such entity and shall be updated by such entity
promptly upon the occurrence of any material adverse change in the net worth of
such entity.
7.8 INDEMNIFICATION BY TALISMAN AND ST. JOE. Talisman and
St. Joe each, jointly and severally, shall absolutely, irrevocably, and forever
indemnify, defend and hold harmless each Transferor and each Transferor's
representatives, employees, agents, successors and assigns, of and from any and
all Environmental Claims and Liabilities, and any and all Losses arising from,
connected with, or as a result of, (1) the condition of any portion of the
Talisman Property as of Talisman's surrender of possession of such portion of
Talisman's Property (except for any such condition which is caused by any act,
error or omission of a Transferor or such Transferor's employees, agents,
representatives, successors or assigns); (2) the release of a Pollutant that
existed on the Talisman Property as of Talisman's surrender of possession of
such portion of the Talisman Property; or (3) any breach of Talisman's
representations and warranties contained in SECTIONS 5.1(E)(1) and 5.1(H)(1),
(H)(2)(I) AND (H)(3).
Each of Talisman, St. Joe and the applicable
Transferor shall notify the other in writing of any Losses or Environmental
Claims and Liabilities described in the previous
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paragraph of which it becomes aware, within a reasonable time period after
discovery of such Losses or Environmental Claims and Liabilities (an
"Indemnification Claim"), but not later than the fifth anniversary of the
Closing or any Deferred Closing, as applicable. The failure to promptly notify
Talisman shall not relieve Talisman or St. Joe of their obligations hereunder
except to the extent that Talisman is actually prejudiced by such failure to
give notice. If, at the time a Transferor's Indemnification Claim is made, the
cumulative total of all Transferors' Indemnification Claims then made do not
exceed $500,000, the Transferor shall undertake the defense thereof or other
appropriate resolution thereof by representatives chosen by the Transferor
which are reasonably satisfactory to Talisman. If, at the time a Transferor's
Indemnification Claim is made, the cumulative total of all Transferors'
Indemnification Claims then made exceeds $500,000 but is less than $5,000,000,
Talisman shall undertake the defense thereof or other appropriate resolution
thereof by representatives chosen by Talisman which are reasonably satisfactory
to the Transferor. If, at the time a Transferor's Indemnification Claim is
made, the cumulative total of all Transferors' Indemnification Claims then made
exceeds $5,000,000, Talisman and the Transferor shall jointly undertake the
defense thereof or other appropriate resolution thereof by jointly chosen
representatives. The Transferor shall control the defense or other resolution
of any and all Indemnification Claims for $500,000 or less. Talisman shall
control the defense or other resolution of any and all Indemnification Claims
between $500,001 and $5,000,000. Talisman and the Transferor shall jointly
control the defense or other resolution of any and all Indemnification Claims
over $5,000,000. The party responsible for or charged with control of the
defense or other resolution of an Indemnification Claim will hereinafter be
referred to as the "defending party"; the other party not responsible for
control of the defense or other resolution of an Indemnification Claim will
hereinafter be referred to as the "non-defending party". The defending party
shall keep the non-defending party reasonably informed of the status of the
defense or other resolution of an Indemnification Claim. The non-defending
party shall have the right to be represented in any matter at its expense. If
the defending party fails, within a reasonable time after notice of any
Indemnification Claim, to defend or take other appropriate action to resolve
such Indemnification Claim, the non-defending party, at the expense of the
defending party, shall have the right to undertake the defense, compromise,
settlement or resolution of such Indemnification Claim on behalf of and for the
account and risk of such defending party, subject to the right of the defending
party to assume and control the defense or resolution of such Indemnification
Claim pursuant to the otherwise applicable provisions of this Section at any
time prior to settlement, compromise or final resolution or determination
thereof. The non-defending party shall, at the request and expense of the
defending party, provide reasonable assistance in the defense or resolution of
any such Indemnification Claim. In the case of any action, suit or proceeding,
if the defending party has undertaken defense of an Indemnification Claim and
if there is a reasonable probability that (i) an Indemnification Claim may
materially and adversely affect the non-defending party other than as a result
of money damages or other money payments, or (ii) the non-defending party may
have legal defenses available to it which are different from or additional to
the defenses available to the defending party, the non-defending party, at the
expense of defending party if such expenses are reasonable, shall have the
right to jointly control the defense, compromise or settlement of such
Indemnification Claim. Notwithstanding the foregoing, the non-defending party
shall not be liable for any compromise, settlement or resolution of any action,
suit or other proceeding effected without its written consent, which consent
shall not be unreasonably
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withheld or delayed. Neither the Transferor nor Talisman shall, without written
consent of the other, settle or compromise any Indemnification Claim or consent
to the entry of any judgment which does not include as an unconditional term
thereof the giving by the claimant or the plaintiff to Talisman and the
Transferor and their respective Affiliates a release from all liability in
respect of such Indemnification Claim. The non-defending party shall provide
such cooperation and such access to its books, records and properties as the
defending party shall reasonably request with respect to any Indemnification
Claim; and Talisman and the Transferor agree to cooperate with each other in
order to ensure the proper and adequate resolution or defense of any and all
Indemnification Claims.
Notwithstanding the foregoing: (1) any Indemnification
Claim must be made by written notice to Talisman within a reasonable period of
time after discovery of such claim but in no event later than five (5) years
from the date of closing of the portion of the Talisman Property to which such
claim relates. Talisman and St. Joe shall have no obligation under this Section
for any Indemnification Claim brought beyond the time period specified herein;
(2) Talisman and St. Joe shall have no obligation under this Section until the
aggregate of all Indemnification Claims exceeds $500,000; (3) to the extent
Indemnification Claims exceed $500,000, Talisman and St. Joe shall be
responsible for the payment of all such claims above $500,000, until the
aggregate of the payments made by Talisman or St. Joe equal $4,500,000; and (4)
to the extent that the aggregate of all Indemnification Claims exceeds
$5,000,000, Talisman and St. Joe shall be responsible for payment of 50% of all
such excess Indemnification Claims.
As between Transferor or any party claiming by,
through or under Transferor, Talisman and St. Joe, this SECTION 7.8 shall
supercede any statutory or common law liability of Talisman or St. Joe for
Pollutants on the Talisman Property, but shall not affect Talisman's or St.
Joe's statutory or common law liability with respect to the Talisman Additional
Lands.
8. CONDITIONS PRECEDENT TO CLOSING.
8.1. TALISMAN CONDITIONS PRECEDENT. The following shall be
the conditions precedent to Talisman's obligations to close at Closing or a
Deferred Closing, as the case may be, the transactions contemplated in the
Talisman Agreement and in this Agreement:
(a) All of the representations and
warranties of the other Parties contained in this Agreement shall be true and
correct in all material respects;
(b) Each of the other Parties shall have
complied in all material respects with its obligations under this Agreement;
(c) Each of the other parties to the
Talisman Agreement shall have complied in all material respects, with its
obligations under the Talisman Agreement, and the transactions contemplated
thereby shall simultaneously close with the transactions contemplated hereby;
and
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(d) On or before 11:00 a.m. March 26, 1999,
the parties to the NEPA Lawsuit shall have executed and filed with the District
Court having jurisdiction thereof the Stipulation attached hereto as EXHIBIT F,
dismissing such suit, with prejudice, upon such filing.
8.2 DISTRICT, TNC AND DOI CONDITIONS PRECEDENT. The
following shall be the conditions precedent to the obligations of the District,
TNC and DOI to close at Closing or a Deferred Closing, as the case may be:
(a) All of the representations and
warranties of the other Parties contained in this Agreement shall be true and
correct in all material respects;
(b) Each of the other Parties shall have
complied in all material respects with its obligations under this Agreement;
(c) Each of the other parties to the
Talisman Agreement shall have complied in all material respects with its
obligations under the Talisman Agreement and the transaction contemplated
thereby shall simultaneously close with the transactions contemplated hereby;
(d) On or before 11:00 a.m. March 26, 1999,
the parties to the NEPA Lawsuit shall have executed and filed with the District
Court having jurisdiction thereof the Stipulation attached hereto as EXHIBIT F,
dismissing such suit, with prejudice, upon such filing;
(e) The physical condition of each of the
parcels of the Transferor's Real Property to be conveyed to the District
subject to the Transferor's Reservation or the King Realty Lease, as
applicable, shall be in all material respects the same as it was on the
Effective Date, excluding the affects of: (i) reasonable wear and tear, (ii)
any Remediation (including necessary restoration) done by a Transferor, and
(iii) the normal and customary farming and related operations and activities
conducted on the Transferor's Real Property;
(f) The transactions contemplated by the
Purchase and Sale Agreement, dated the date hereof, between the District and
SFI relating to STA 1E shall have closed simultaneously with the transactions
contemplated by this Agreement;
(g) Okeelanta, Stofin Co., Inc., S.D. Sugar
Corporation, Sem-Chi Rice Products Corp., and New Hope South, Inc. shall have
executed and filed the STA Stipulation with the Circuit Court of the Fifteenth
Judicial Circuit in and for Palm Beach County, Florida; and
(h) Okeelanta shall have caused King Realty
to have executed a Warranty Deed conveying the King Realty Parcel to the
District and an assignment and assumption of the King Realty Lease to the
District.
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8.3. TRANSFEROR CONDITIONS PRECEDENT. The following shall
be the conditions precedent to the obligations of Transferors to close at
Closing or a Deferred Closing, as the case may be:
(a) All of the representations and
warranties of the other Parties contained in this Agreement shall be true and
correct in all material respects;
(b) Each of the other Parties shall have
complied in all material respects, with its obligations under this Agreement;
(c) Each of the Parties to the Talisman
Agreement shall have complied, in all material respects with its obligations
under the Talisman Agreement and the transaction contemplated thereby shall
simultaneously close with the transactions contemplated hereby;
(d) On or before 11:00 a.m. March 26, 1999,
the parties to the NEPA Lawsuit shall have executed and filed with the District
Court having jurisdiction thereof the Stipulation attached hereto as EXHIBIT F,
dismissing such suit, with prejudice, upon such filing;
(e) The physical condition of the Talisman
Property, shall be, in all material respects, the same as it was on the
Effective Date, excluding the effects of (i) reasonable wear and tear, (ii) any
Remediation (including restoration) done by Talisman, and (iii) the farming and
related activities conducted by Talisman on the Talisman Property, provided
that such Remediation, farming and related activities are performed by Talisman
in accordance with the Talisman Agreement and this Agreement;
(f) The transactions contemplated by the
Purchase and Sale Agreement, dated the date hereof between the District and SFI
relating to STA 1E, shall have closed simultaneously with the transactions
contemplated by this Agreement;
(g) The District shall have executed and
filed the STA Stipulation with the Circuit Court of the Fifteenth Judicial
Circuit in and for Palm Beach County, Florida;
(h) Each of the parties to the Cooperative
Agreement shall have complied with its obligations under the Cooperative
Agreement;
(i) Talisman shall have executed and
delivered to the Transferor a notice of termination of the Savannah Agreement
in the form attached hereto as EXHIBIT H; and
(j) The District shall have assumed the
King Realty Lease by executing and delivering to Okeelanta and King Realty the
assignment and assumption of the King Realty Lease.
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8.4. OBLIGATIONS TO COMPLETE CONDITIONS PRECEDENT. Subject
to the terms and conditions of this Agreement, each of the Parties shall take
or cause to be taken as promptly as practicable all reasonable actions that are
within its power to cause to be fulfilled its obligations to consummate the
transactions contemplated by this Agreement.
8.5. FAILURE OF CONDITIONS PRECEDENT. Should any of the
conditions precedent provided above fail to occur as of Closing, then the Party
for whose benefit the condition exists shall have the right, in its sole and
absolute discretion, to (a) waive the applicable condition precedent, (b) if
the failure to satisfy the condition precedent constitutes a default under this
Agreement, pursue its remedies in accordance with SECTION 12, or (c) terminate
this Agreement and thereafter this Agreement shall be null and void and no
Party shall have any further liability to the other Parties under this
Agreement, except for matters expressly stated herein as surviving termination
of this Agreement.
9. CLOSING DOCUMENTS. At the Closing and each Deferred Closing,
each Party shall deliver or cause to be delivered, as applicable, the following
documents:
9.1. STATUTORY WARRANTY DEED. Statutory Warranty Deeds
conveying to the District or the applicable Transferor or their designees all
of the transferring party's right, title and interest in and to the applicable
real property, subject to: (i) the Transferor's Reservations with respect to
the Transferor's Real Property, excluding the King Realty Parcel; (ii) the
Talisman Lower Ranch Reservations with respect to the Talisman Lower Ranch Real
Property; (iii) the King Realty Lease with respect to the King Realty Parcel;
and (iv) the Talisman Permitted Exceptions and the Transferor's Permitted
Exceptions, as applicable, will be executed and delivered by each transferring
Party to such other Party, or their designees, in accordance with the Schedule
of Deeds set forth on EXHIBIT B. Notwithstanding the foregoing, the conveyance
of Talisman's right, title and interest, if any, in the Talisman Real Property
Outparcels shall be by quitclaim deed.
9.2. TRANSFEROR'S AFFIDAVIT. An affidavit in favor of the
District and the Title Company sufficient to enable the Title Company to delete
from the Transferor's Title Binder(s) all exceptions other than the
Transferor's Permitted Exceptions. For purposes of this Paragraph,
"Transferor's Affidavit" shall include an appropriate affidavit from King
Realty.
9.3. TALISMAN'S AFFIDAVIT. An affidavit in favor of the
District, Transferors, and their designees, and the Title Company sufficient to
enable the Title Company to delete from the Talisman Title Binder all
exceptions other than the Talisman Permitted Exceptions.
9.4. NON-FOREIGN STATUS AFFIDAVIT. A non-foreign status
affidavit as required by SECTION 1445 of the Internal Revenue Code.
9.5 BENEFICIAL INTEREST AND DISCLOSURE AFFIDAVIT. A
Beneficial Interest and Disclosure Affidavit in the form attached hereto as
EXHIBIT I as required by Florida Statute 286.23.
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9.6. CERTIFICATE REGARDING REPRESENTATIONS AND WARRANTIES.
Certificate from each Party that all of the representations and warranties made
in this Agreement by such Party are true and correct in all material respects
as of the Closing.
9.7. TALISMAN'S BILL OF SALE. Except for the Talisman
Lower Ranch Irrigation System, Talisman's Irrigation System shall be conveyed
at Closing by Bill of Sale to the party receiving the Talisman Real Property or
the Talisman Leases upon which such portion of the Talisman Irrigation System
is located, conveying and warranting title to all of Talisman's right, title
and interest in and to such Talisman Irrigation System.
9.8. ASSIGNMENT/SUBLEASE OF TALISMAN LEASES. Assignments of
Leases in the form attached hereto as EXHIBIT J-1 assigning Talisman's
obligations under the Talisman Leases (except the Seventh Day Baptist Lease) to
the Transferors or their designees designated on EXHIBIT B and Sublease of the
Seventh Day Baptist Lease to TNC in the form attached hereto as EXHIBIT J-2.
9.9. SUBLEASE OF SEVENTH DAY BAPTIST LEASE. A Sublease in
the form attached hereto as EXHIBIT J-3 subleasing the Seventh Day Baptist
Lease from TNC to the Transferor, or the applicable designee, designated on
EXHIBIT B.
9.10. AMENDED AND RESTATED KING REALTY LEASE. An amended and
restated King Realty Lease in the form attached hereto as EXHIBIT K.
9.11. ASSIGNMENT AND ASSUMPTION OF RESERVATION. Assignment
and Assumption of Reservations in the form attached hereto as EXHIBIT E-7
assigning the Talisman Lower Ranch Reservations to the Transferors designated
on EXHIBIT B.
9.12. ASSIGNMENT OF SAVANNAH AGREEMENT. An Assignment of
Savannah Agreement in the form attached hereto as EXHIBIT L assigning
Talisman's obligations under the Savannah Agreement to the Transferors.
9.13. LICENSE AND PUMP OPERATING AGREEMENT. A License and
Pump Operating Agreement in the form attached hereto as EXHIBIT N by and
between Transferors and Talisman.
9.14. TRACT 100-102 OPTION AGREEMENT. An Option Agreement in
the form attached hereto as EXHIBIT O from Okeelanta to the District.
9.15. TALISMAN LOWER RANCH DEFERRED PARCELS OPTION
AGREEMENT. An Option Agreement in the form attached hereto as EXHIBIT P from
Talisman and the District to the Transferors.
9.16. PARKER LANDS AGREEMENT. The Parker Lands Agreement in
the form attached hereto as EXHIBIT Q from Okeelanta to the District or the
United States.
9.17. BOUNDARY AND LICENSE AGREEMENT. The Boundary and
License Agreement in the form attached hereto as EXHIBIT R by and between
Okeelanta and the District.
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9.18. HARVESTING OCCUPANCY AGREEMENT. The Harvesting
Occupancy Agreement in the form attached hereto as EXHIBIT S by and between
Talisman and the applicable Transferor or their designee.
9.19. AMENDMENT NUMBER ONE TO TALISMAN LOWER RANCH
RESERVATION. The Amendment Number One to Talisman Lower Ranch Reservation in
the form attached hereto as EXHIBIT E-8.
9.20. CLOSING STATEMENT. A closing statement.
9.21. EVIDENCE OF AUTHORITY. Talisman, the Transferors and
the District shall deliver to the Title Company such documents as may be
reasonably required by the Title Company and the other Party's counsel to
evidence the capacity of the Parties hereto and the authority of the persons
executing any documents on behalf of the Parties hereto.
9.22. TRANSFEROR'S TITLE POLICY. The Transferors shall cause
the Title Company to mark-up the Transferor's Title Binder, commit to furnish
to the District (at Transferor's sole cost and expense) one owner's policy of
title insurance with respect to Transferor's Real Property (the "Transferor's
Title Policy") consistent with the terms of this Agreement, in the form
promulgated by the State Department of Insurance of the State of Florida,
issued on the Title Company and insuring the District's title to the
Transferor's Real Property, subject only to the Transferor's Permitted
Exceptions, in the aggregate amount of the value for the Transferor's Real
Property designated on EXHIBIT B.
9.23. TALISMAN'S TITLE POLICY. Talisman shall cause the
Title Company to mark-up Talisman's Title Binder, commit to furnish to each of
the District, USSC, Okeelanta, SFI, the Co-Op, or their designees, and TNC (at
Talisman's sole cost and expense) separate owner's and leasehold policies of
title insurance in favor of each such party as indicated on EXHIBIT B
(collectively, the "Talisman Title Policy") consistent with the terms of this
Agreement, in the form promulgated by the State Department of Insurance of the
State of Florida, issued on the Title Company and insuring: (i) the District's
title to the Talisman Lower Ranch Real Property; (ii) each Transferor's, or its
designee's, title to that portion of the Talisman Real Property, the Talisman
Additional Lands, the Talisman Lower Ranch Reservations and the Talisman Leases
being transferred to such Transferor or its designee; and (iii) TNC as to the
Seventh Day Baptist Lease, subject only to the Talisman Permitted Exceptions
applicable to each such property, each policy to be in the aggregate amounts
designated on EXHIBIT B for all interests to be conveyed to such party. TNC
shall pay the cost of the leasehold policy of title insurance issued to
Transferors or their designees with respect to the Seventh Day Baptist Lease.
9.24. STA STIPULATION. The District and other parties to the
STA Stipulation shall execute the STA Stipulation.
9.25. NEPA LAWSUIT.(a) The parties to the NEPA Lawsuit shall
have executed the Stipulation attached hereto as EXHIBIT F.
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9.26. OTHER DOCUMENTS. Such other documents or instruments
as may be reasonably required by Talisman, the Transferors, the District, TNC
or the Title Company to consummate and close the transactions contemplated by
this Agreement.
10. CLOSING.
10.1. CLOSING DATE. The parties agree that the closing of
the transactions contemplated by this Agreement shall take place simultaneously
at 10:00 a.m. on March 26, 1999, except for the closings of the Talisman
Deferred Parcels and the Transferor Deferred Parcels, or such other date as the
Parties shall agree, at the West Palm Beach, Florida offices of Steel Hector &
Davis LLP, or at such other place as the parties shall agree.
10.2. ESCROW AGENT DELIVERIES. Each Party shall cause all
Closing documents to be furnished by such Party and all monies to be paid by
such Party with respect to the transactions contemplated herein, to be
delivered to the Escrow Agent by 10:00 a.m. on March 26, 1999, to be held by
Escrow Agent pursuant to the following SECTION 10.3 of this Agreement;
provided, however, the District shall pay the sum set forth in Section 4.2(b)
plus interest at the rate of 4.9 percent per annum from the Closing Date (the
"Deferred Purchase Price") from the proceeds of its $8,575,000 South Florida
Water Management District Revenue Note, Series 1999 (the "Note") to be issued
on or before April 15, 1999. The District covenants to issue the Note in such
amount as shall be sufficient to pay the Deferred Purchase Price; provided
however, in the event such Note is not issued on or before April 15, 1999, the
District shall pay Talisman the Deferred Purchase Price out of legally
available moneys of the District on April 15, 1999. The Deferred Purchase Price
shall bear interest from the date when due, whether by lapse of time or on
acceleration, at the rate of seven percent (7%) per annum until paid in full.
10.3. CLOSING PROCEDURES. At Closing, (i) the Title Company
shall issue an endorsement or mark-up of Talisman's Title Binder and each
Transferor's Title Binder deleting the SCHEDULE B-1 requirements and the other
exceptions other than the Talisman Permitted Exceptions and the Transferor's
Permitted Exceptions, as applicable, and agree to issue the owner's and
leasehold policies of title insurance in accordance with this Agreement; (ii)
closing expenses for all conveyances and assignments, shall be immediately
credited, released and paid as may be applicable from escrow pursuant to the
closing statement; and (iii) the deeds for conveyance of all of the real
property, except the Deferred Parcels and the Talisman Real Property
Outparcels, shall be recorded in the Public Records.
10.4. DEFERRED CLOSINGS. Title to each Talisman Deferred
Parcel or Transferor's Deferred Parcels (subject to the Transferor's
Reservations) shall, at the option of the Party entitled to receive such
Deferred Parcel, be conveyed: (i) within fifteen (15) days after such Party's
receipt of the applicable Notice of Completion; or (ii) at an earlier date
designated by such Party, or such later date as such Party and the transferring
Party shall agree. Title to any Talisman Deferred Parcel which is a part of the
Talisman Lower Ranch Real Property shall be conveyed, pursuant to the terms and
conditions of the Talisman Agreement, to the District subject to the Talisman
Lower Ranch Reservations, and at the Deferred Closing of any such Talisman
Deferred Parcel, Talisman shall execute an Assignment and Assumption of
Reservation in favor of the applicable Transferor or its designee, as
identified on EXHIBIT B and
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such Transferor or its designee and the District shall execute an Amendment
Number One to Talisman Lower Ranch Reservation in the form attached hereto as
EXHIBIT E-8. Title to the Talisman Lower Ranch Deferred Parcels shall be
conveyed, pursuant to the terms and conditions of the Talisman Agreement, to
the District; provided, however, if the applicable Transferor or Transferors
timely elect to exercise their option, pursuant to the Talisman Lower Ranch
Deferred Parcels Option Agreement attached hereto as EXHIBIT P, to include some
or all of the Talisman Lower Ranch Deferred Parcels in such Transferors' or its
designees' Talisman Lower Ranch Reservations, then to the extent of such
election, the Talisman Lower Ranch Deferred Parcels shall be conveyed to the
District subject to the Talisman Lower Ranch Reservations. At the Deferred
Closing of any Talisman Lower Ranch Deferred Parcel with respect to which such
Transferor has exercised such election, Talisman shall execute an Assignment
and Assumption of Reservation in favor of the applicable Transferor or its
designee identified on in the Talisman Lower Ranch Deferred Parcels Option
Agreement, and such Transferor or its designee and the District shall execute
an amendment to the Talisman Lower Ranch Reservation adding such Talisman Lower
Ranch Deferred Parcel(s) to the definition of "Property," as defined in the
Talisman Lower Ranch Reservations, and subjecting such Talisman Lower Ranch
Deferred Parcel(s) to the terms thereof. The Seventh Day Baptist Lease shall be
assigned to TNC pursuant to the terms and conditions of the Talisman Agreement.
Prerequisites and procedures applicable by this Agreement to the Closing shall,
unless specifically excepted in this Agreement, be deemed to apply to every
Deferred Closing.
11. CLOSING COSTS.
11.1. TITLE COSTS. Talisman shall pay any and all costs
(including, without limitation, search charges and premiums) required for the
issuance of the Talisman Title Binder (and periodic updates, continuations and
extensions thereof as to Talisman Real Property, the Talisman Additional Lands
and the Talisman Leased Property) and owners' policies insuring the District's
and each Transferor's, or their respective designee's, interest in the Talisman
Real Property and the Talisman Additional Lands and leasehold policies insuring
each Transferor's, or their respective designee's, interest in the Talisman
Leases and the Talisman Lower Ranch Reservations and TNC's interest in the
Seventh Day Baptist Lease. TNC shall pay the cost of the leasehold policy of
title insurance issued to Transferors, or their designee's, with respect to the
Seventh Day Baptist Lease. Each Transferor shall pay any and all costs
(including, without limitation, search charges and premiums) required for the
issuance of Transferor's Title Binder (and periodic updates, continuations and
extensions thereof as to Transferor's Real Property) and one owner's policy
insuring the District's interest in the Transferor's Real Property.
11.2. PRORATIONS, TAXES AND ASSESSMENTS. Talisman shall be
responsible for the payment of all rents associated with the Talisman Leases
and all real and personal property taxes (whether ad valorem or non-ad valorem
and including, without limitation, taxes and fees levied by the District) as
well as all pending, certified, confirmed and ratified special assessment liens
levied against the Talisman Property and the Talisman Additional Lands,
together with all other expenses related to the Talisman Property and the
Talisman Additional Lands, through the date of Closing or a Deferred Closing,
as the case may be, for such Talisman Property and the Talisman Additional
Lands ("Proration Date"). Taxes shall be paid by Talisman pursuant to Florida
Statutes ss.196.295, if applicable; otherwise taxes shall be prorated based on
the tax for
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the year of Closing or a Deferred Closing, as the case may be, for such
Talisman Property and the Talisman Additional Lands with due allowance made for
exemptions (if any). If the assessment for the year of Closing or a Deferred
Closing, as applicable, is not available, then taxes will be prorated on the
prior year's tax. Any tax proration based on an estimate or the prior year's
tax shall be subsequently readjusted at the request of either the Transferor or
the District upon receipt of a tax bill. The rents payable under the Talisman
Leases shall be prorated at time of Closing or any Deferred Closing, as
applicable. The provisions of this Section shall survive the Closing and any
Deferred Closing.
11.3. TALISMAN PROPERTY OPERATING EXPENSES. Talisman shall
be responsible for the payment of all operating expenses related to the
Talisman Property and the Talisman Additional Lands through the Proration Date
for such property. Talisman shall pay all utility charges and other operating
expenses attributable to such property (the "Operating Expenses") through the
Proration Date and the party taking possession of such property shall pay all
Operating Expenses attributable to such property after the Proration Date. At
Closing or a Deferred Closing, as applicable, Talisman shall provide the
District and each Transferor with a list of all utility services and companies
servicing the Talisman Property and the Talisman Additional Lands.
11.4. EXCISE, TRANSFER, SALES TAXES AND OTHER COSTS. The
cost of any excise, transfer and sales taxes and all recording fees and
documentary stamps and other closing costs imposed with respect to each
conveyance or assignment shall be paid at Closing or any Deferred Closing, as
the case may be, by the Party making such conveyance or assignment.
12. DEFAULTS; TERMINATION; REMEDIES.
12.1. FAILURE TO CLOSE. In the event a Party breaches its
obligation to close the transactions contemplated by this Agreement, then the
non-breaching Parties shall have the right to either (a) seek specific
performance of the breaching Party's obligations or (b) terminate this
Agreement by giving written notice thereof to the other Parties, whereupon all
Parties shall be released and relieved of any and all obligations hereunder,
except for those obligations which specifically survive termination of this
Agreement.
12.2. DEFAULT. If a Party fails to perform any of the terms,
conditions, covenants or provisions of this Agreement after Closing, in
addition to any other remedies available at law or equity, the Party harmed by
such breach shall have the right to seek specific performance of such Party's
obligations, without thereby waiving any action for damages resulting from such
breach. The rights set forth in this section shall be in addition to and shall
not be limited by any rights of indemnification which are set forth in this
Agreement other than the rights of indemnification set forth in SECTION 7.8.
12.3. DEFAULT NOTICE. In all cases (other than the failure
of: (i) a Party to pay the monies due by them at Closing pursuant to this
Agreement or the Talisman Agreement; (ii) a Party to execute and deliver the
items required to be executed and delivered by same at Closing or a Deferred
Closing; (iii) Talisman to timely vacate the Talisman Property or the Talisman
Additional Lands; and or (iv) Talisman or a Transferor to timely complete its
Remediation
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obligations), each Party shall, prior to exercising any remedy for a default
hereunder, give the defaulting Party advance written notice of the acts or
omissions alleged to have constituted a default. The Party receiving such
default notice shall have a period of thirty (30) days after receipt of such
notice to cure the default, if any. If same is not cured within such period,
then the Parties may exercise any remedies set forth in this Agreement to the
extent applicable to the subject act or omission.
13. COVENANTS.
13.1. COVENANTS IN FAVOR OF THE DISTRICT, TNC, AND DOI. As
a principal cause and material inducement to entering into this Agreement, each
Transferor, with respect to itself, hereby covenants as follows to the
District, TNC, and DOI (which covenants are made in an individual and not in a
joint and several manner), with the understanding that the District, TNC, and
DOI are reasonably relying on each such covenant and would not have entered
into this Agreement but for each such covenant:
(a) Each Transferor shall promptly notify
the District, TNC, and DOI of any material change in any condition with respect
to that Transferor's Real Property or of any event or circumstance which makes
any representation or warranty of the Transferor to the District, TNC, and DOI
under this Agreement untrue or misleading in any material respect or any
covenant of the Transferor under this Agreement incapable or less likely of
being performed. The Transferor's obligation to provide notice to the District,
TNC, and DOI under this subsection shall in no way relieve the Transferor of
any liability for a breach by a Transferor of any of that Transferor's
representations, warranties or covenants under this Agreement.
(b) Okeelanta shall perform all acts
necessary to cause legal title to the King Realty Parcel to be conveyed at
Closing in accordance with the terms and conditions of this Agreement.
(c) At all times prior to and after the
closing of the transactions contemplated by this Agreement, Transferor shall
perform when due all of Transferor's obligations under this Agreement,
including, without limitation, the Remediation, all in accordance with this
Agreement, and all applicable laws, ordinances, rules and regulations affecting
the Transferor's Real Property.
13.2. COVENANTS IN FAVOR OF TRANSFERORS. As a principal
cause and material inducement to entering into this Agreement, the following
Parties covenant as follows to the Transferors, with the understanding that the
Transferors are reasonably relying on each such covenant and would not have
entered into this Agreement but for each such covenant.
(a) Talisman hereby covenants as follows in
favor of each Transferor:
(1) At all times prior to and
after the closing of the transactions contemplated by this Agreement and the
Talisman Agreement, Talisman shall perform when due all of Talisman's
obligations under this Agreement, including, without
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limitation, the Remediation required to be completed pursuant to this Agreement
or the Talisman Agreement, all in accordance with this Agreement and the
Talisman Agreement, and all applicable laws, ordinances, rules and regulations
affecting the Talisman Real Property and the Talisman Leased Property.
(2) Talisman shall promptly
notify the Transferors of any material change in any condition with respect to
the Talisman Property or of any event or circumstance which makes any
representation or warranty of Talisman to the Transferors under this Agreement
untrue or misleading in any material respect or any covenant of Talisman under
this Agreement incapable or less likely of being performed. Talisman's
obligation to provide notice to the Transferors under this subsection shall in
no way relieve Talisman of any liability for a breach by Talisman of any of its
representations, warranties or covenants under this Agreement.
(3) Talisman shall immediately
notify the Transferors, in writing, should it obtain any actual notice of any
past or present conditions, activities or practices, or unrecorded instruments
which: (i) may give rise to any Environmental Claims and Liabilities on the
Talisman Property, except as disclosed by the Talisman Environmental
Assessment; or (ii) materially impair the use or operation of the Talisman
Property for agricultural purposes.
(4) The Talisman Agreement shall
not be amended, revoked or otherwise modified without such Transferor's written
consent.
(5) In the event that Talisman is
in default under any of the Talisman Leases, Talisman shall cure such defaults
prior to Closing.
(6) If Talisman becomes aware
that it possesses or controls any information, report, study or other document
which was required to be delivered under the Talisman Agreement but which was
not so delivered, Talisman shall immediately provide same to the Transferors.
In addition, to the extent that the Transferor shall require further approvals,
licenses, permits and other instruments regarding the Talisman Property, then
Talisman, in order to ensure its compliance with its representations and
warranties under this Agreement, shall cooperate with the Transferor in
obtaining same.
(b) The District hereby covenants as
follows in favor of each Transferors:
(1) The District shall promptly
notify the Transferors of any event or circumstance which makes any
representation or warranty of the District to the Transferors under this
Agreement untrue or misleading in any material respect or any covenant of the
District under this Agreement incapable or less likely of being performed. The
District's obligation to provide notice to the Transferors under this
subsection shall in no way relieve the District of any liability for a breach
by the District of any of its representations, warranties or covenants under
this Agreement.
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(2) At all times prior to and
after the closing of the transactions contemplated by this Agreement, the
District shall perform when due all of the District's obligations under this
Agreement and the Talisman Agreement (if any). The District shall assume and
carry out all of TNC's obligations under the Talisman Agreement to enforce all
of Talisman's obligations under the Talisman Agreement with respect to
Remediation of the Talisman Lower Ranch Real Property, and the District shall
keep the Transferors reasonably informed of Talisman's performance of its
Remediation obligations under the Talisman Agreement as to the Talisman Lower
Ranch Real Property.
(3) The Talisman Agreement shall
not be amended, revoked or otherwise modified without each Transferor's written
consent.
(4) This Agreement shall
constitute approval of the District's Governing Board for the transfer of the
permits listed in EXHIBIT M, provided that the land use remains the same. This
approval is contingent upon Transferor's compliance with the conditions set
forth in EXHIBIT M. The actual permit transfers shall not occur until the
submission to the District of the completed applicable permit transfer forms,
payment of the applicable fees, and compliance with all conditions set forth in
EXHIBIT M.
(c) TNC hereby covenants as follows in
favor of each Transferor:
(1) TNC shall promptly notify the
Transferors of any event or circumstance which makes any representation or
warranty of TNC to the Transferors under this Agreement untrue or misleading in
any material respect or any covenant of TNC under this Agreement incapable or
less likely of being performed. TNC's obligation to provide notice to the
Transferors under this subsection shall in no way relieve TNC of any liability
for a breach by TNC of any of its representations, warranties or covenants
under this Agreement.
(2) At all times prior to and
after the closing of the transactions contemplated by this Agreement and the
Talisman Agreement, TNC shall perform when due all of TNC's obligations under
this Agreement and the Talisman Agreement excluding any obligation to enforce
Talisman's Remediation obligations under the Talisman Agreement.
(3) The Talisman Agreement shall
not be amended, revoked or otherwise modified without each Transferor's written
consent.
(d) The DOI hereby covenants as follows in
favor of each Transferor:
(1) The DOI shall promptly notify
the Transferors of event or circumstance which makes any representation or
warranty of the DOI to the Transferors under this Agreement untrue or
misleading in any material respect or any covenant of the DOI under this
Agreement incapable or less likely of being performed. The DOI's obligation to
provide notice to the Transferors under this subsection shall in no way relieve
the DOI of any
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liability for a breach by the DOI of any of its representations, warranties or
covenants under this Agreement.
(2) At all times prior to and
after the closing of the transactions contemplated by this Agreement, DOI shall
perform when due all of DOI's obligations under this Agreement.
13.3. COVENANT IN FAVOR OF DISTRICT, DOI AND TNC.
13.3.1 INDEMNIFICATION BY TRANSFEROR OF SAVANNAH
AGREEMENT PERFORMANCE. The Transferors shall jointly and severally, absolutely,
irrevocably, and forever indemnify, defend and hold harmless the District, DOI
and TNC, and their respective successors and assigns (the "Indemnified
Parties"), of and from any and all claims and liabilities, including court
costs, reasonable attorney fees, and other reasonable costs of defense,
including expert consultant and witness fees and costs arising from connected
with, or as a result of, the failure of the Transferors to fully and completely
perform the obligations of Talisman under the Savannah Agreement and the
Savannah Assignment. Each Indemnified Party shall notify the Transferors in
writing, of any claim or liability relating to this indemnification and
Transferors, at their sole expense, shall assume on behalf of the Indemnified
Parties, and conduct with due diligence and good faith, the defense thereof
with counsel satisfactory to Indemnified Parties in the Indemnified Parties'
reasonable discretion; provided, however, that the Indemnified Parties shall
have the right, at its option, to be represented in such matters by advisory
counsel of its own selection at its own expense. In the event of failure by the
Transferors to fully perform in accordance with this subsection, the
Indemnified Parties, at their option and without relieving the Transferors of
their obligations hereunder, may so perform, but all costs and expenses so
incurred by the Indemnified Parties in such event shall be reimbursed by the
Transferors to the Indemnified Parties, together with interest on the same from
the date any such expenses were paid by the Indemnified Parties until
reimbursed by Transferors, at the rate of interest which is two percent (2%)
above the rate of interest designated by Citibank, N.A. as its prime rate at
such time. The provisions of this subsection shall survive the Closing and the
Deferred Closings.
13.4. LIMITATION ON USE OF LAND VALUES. Other than for
purposes of documentary stamps taxes, ad valorem real property taxation, and
issues related to the performance of the obligations set forth in this
Agreement, the District, DOI, and the Transferors each covenant and agree that
the values of the property set forth in EXHIBIT B shall not be introduced into
evidence or otherwise used by any Party against Transferors or any of their
respective Affiliates, the District, or DOI for any purposes, directly or
indirectly, in any pending or future litigation or proceeding. Neither the
District nor DOI represents and warrants the manner in which the transactions
under this Agreement will be treated under state or federal income tax laws.
14. MISCELLANEOUS.
14.1. WAIVER OF RELOCATION ASSISTANCE. In consideration of
the negotiated Schedule of Values, each Transferor hereby waives any rights or
claims it may have under the
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Uniform Relocation Assistance and Real Property Acquisition Policy Act of 1970,
as amended (42 USC ss. 4601 et seq.).
14.2. TIME. Time is of the essence with regard to every
term, condition and provision set forth in this Agreement. Time periods shall
be calculated in calendar days unless otherwise specified. Time periods herein
of less than six (6) days shall in the computation exclude Saturdays, Sundays
and state or national legal holidays, and any time period provided for herein
which shall end on Saturday, Sunday or a legal holiday shall be extended to
5:00 p.m. of the next business day.
14.3. NOTICES. Any notice, request, demand, instruction, or
other communications to be given to the Parties hereunder (except those
required to be delivered at Closing), shall be in writing and shall be deemed
to be delivered upon the earlier to occur of (i) actual receipt if delivered by
hand or by commercial courier to the address indicated or if faxed with
confirmation of receipt, or (ii) the first attempted delivery by registered or
certified United Stated Postal Service mail, return receipt requested, postage
prepaid, addressed as follows:
If to District: THE SOUTH FLORIDA WATER MANAGEMENT DISTRICT
3301 Gun Club Road
West Palm Beach, Florida 33406
Attention: William Malone
Telefax: (561) 681-6233
If to USSC: UNITED STATES SUGAR CORPORATION
Senior Vice President, Administrative Services
Post Office Drawer 1207
Clewiston, Florida 33440
Attention: Malcolm S. Wade, Jr.
Telefax: (941) 983-4804
with copies to: UNITED STATES SUGAR CORPORATION
Vice President of Legal Affairs
Post Office Drawer 1207
Clewiston, Florida 33440
Attention: Lisa Gefen
Telefax: (941) 983-4804
THOMSON MURARO RAZOOK & HART, P.A.
One S.E. Third Avenue, 17th Floor
Miami, Florida 33131
Attention: Robert E. Muraro, Esquire
Telefax: (305) 374-1005
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If to Okeelanta: OKEELANTA CORPORATION
Post Office Box 1059
Palm Beach, Florida 33480
Attention: General Counsel
Telefax: (561) 659-3206
If to SFI: SOUTH FLORIDA INDUSTRIES, INC.
Post Office Box 1059
Palm Beach, Florida 33480
Attention: General Counsel
Telefax: (561) 659-3206
with a copy to: FLORIDA CRYSTALS CORPORATION
(in the case of 340 Royal Poinciana Way, Suite 316
Okeelanta and SFI) Palm Beach, Florida 33480
Attention: General Counsel
Telefax: (561) 659-3206
If to Co-Op: SUGAR CANE GROWERS COOPERATIVE OF FLORIDA
Post Office Box 666
Belle Glade, Florida 33430
Attention: Jeffrey J. Ward, Esquire
Telefax: (561) 996-4780
If to Talisman: TALISMAN SUGAR CORPORATION
Suite 400, duPont Center
1650 Prudential Drive
Jacksonville, Florida 32207
Attention: J. Malcolm Jones, Jr.
Senior Vice President
Telefax: (904) 858-5237
With copies to: THE ST. JOE COMPANY
Suite 400, duPont Center
1650 Prudential Drive
Jacksonville, Florida 32207
Attention: Robert M. Rhodes, Esquire
General Counsel
Telefax: (904) 858-5237
AND
Attention: Sharon R. Parks, Esquire
Telefax: (904) 858-5296
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If to DOI: THE UNITED STATES DEPARTMENT OF INTERIOR
Office of the Solicitor
Division of Conservation and Wildlife
Parks and Recreation Branch
1849 C Street, N.W.
Mail Stop 6556
Washington, D.C. 20240
Attention: Barry N. Roth, Esquire
Telefax: (202) 208-3877
If to TNC: THE NATURE CONSERVANCY
222 South Westmonte Drive, Suite 300
Altamonte Springs, Florida 32714-4269
Attention: Regional Attorney
Telefax: (407) 682-3077
with a copy to: BAKER & HOSTETLER LLP
200 South Orange Avenue, Suite 2300
Post Office Box 112
Orlando, Florida 32802-0112
Attention: G. Thomas Ball, Esquire
Telefax: (407) 841-0168
If to Escrow Agent: CHICAGO TITLE INSURANCE COMPANY
2701 Gateway Drive
Pompano Beach, Florida 33609
Attention: James W. Harvey III
Telefax: (954) 971-2050
The addresses for the purpose of this Section may be changed by a Party by
giving written notice of such change to the other Parties in the manner
provided herein.
14.4. ATTORNEY'S FEES. In the event it becomes necessary for
a Party to file a suit to enforce this Agreement or any provisions contained
herein, the prevailing Party or Parties in such suit shall be entitled to
recover, in addition to all other remedies set forth herein, reasonable
attorney's fees, and costs of court incurred in connection with such suit
including all appeals, except that payment of attorney's fees and costs by the
United States shall be limited to payments in accordance with the Equal Access
to Justice Act.
14.5. ENTIRE AGREEMENT AND MODIFICATION. This Agreement and
the Talisman Agreement constitute the entire agreement between the parties
hereto and thereto and supersedes all prior agreements and understandings (if
any) relating to the subject matter hereof and thereof, including, without
limitation, the Agreement in Concept. This Agreement cannot be amended,
modified or altered except by an agreement in writing executed by all Parties.
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14.6. BINDING EFFECT. This Agreement shall be binding upon
and shall insure to the benefit of the Parties hereto, and their respective
successors, permitted assigns and legal representatives.
14.7. ASSIGNMENT. The rights and privileges granted by this
Agreement are not assignable except as specifically provided in this Section.
The District may only assign its rights and privileges granted by this
Agreement to an agency of the State of Florida or the United States. Each
Transferor may only assign its rights and privileges granted by this Agreement
to its Affiliates.
14.8. HEADINGS. Section headings are for convenience of
reference only and shall in no way affect the interpretation of this Agreement.
14.9. GOVERNING LAW. The substantive laws of the State of
Florida, and the laws and title standards of the United States of America,
shall govern the validity, construction, performance, enforcement and
interpretation of this Agreement.
14.10. FULL EXECUTION. This Agreement shall be deemed fully
executed and binding upon each Party when all Parties have executed this
Agreement as set forth below and are in possession of the original, a photocopy
or faxed copy of the fully executed Agreement. Escrow Agent's execution of this
Agreement shall not be required for full execution of this Agreement, but shall
merely evidence acceptance by Escrow Agent of the provisions relating to the
Escrow Agent set forth in this Agreement.
14.11. RADON DISCLOSURE. In accordance with Florida law, the
following disclosure is hereby made: RADON GAS: Radon is a naturally occurring
radioactive gas that, when it has accumulated in a building in sufficient
quantities, may present health risk to persons who are exposed to it over time.
Levels of radon that exceed federal and state guidelines have been found in
buildings in Florida. Additional information regarding radon and radon testing
may be obtained from your county public health unit.
14.12. ESCROW AGENT. Unless otherwise agreed by the Parties,
the Title Company shall act as "Escrow Agent" for the convenience of the
Parties without fee or other charges for such services as Escrow Agent and
pursuant to the following terms. The Escrow Agent shall not be liable to any
Party or person for misdelivery to any Party of items subject to this escrow,
unless such misdelivery is due to willful breach of this Agreement or gross
negligence of Escrow Agent. In the event that competing demands are made on
Escrow Agent, the Escrow Agent shall give written notice to the Parties
advising that, in the absence of written instructions, signed by all the
Parties received within the next ten (10) days, Escrow Agent shall interplead
any funds held by it with respect to which there are competing demands by
filing an interpleader action in a court permitted by this Agreement (to the
jurisdiction of which all Parties do hereby consent). If Escrow Agent receives
the aforesaid written instruction, it shall continue to hold any funds held by
it to which there are competing demands pursuant to such written instruction.
If Escrow Agent does not receive the aforesaid written instruction, it shall
pay in to the registry of the court any funds held by it to which there are
competing demands, including all interest earned thereon, whereupon the Escrow
Agent shall be relieved and released from any
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further liability as Escrow Agent hereunder. No funds held by Escrow Agent
shall be disbursed, except at Closing, without five (5) days' prior written
notice from Escrow Agent to all Parties.
14.13. SEVERABILITY. If any provision of this Agreement or
any other agreement entered into pursuant hereto is contrary to, prohibited by
or deemed invalid under applicable law or regulation, such provision shall be
inapplicable and deemed omitted to the extent as contrary, prohibited or
invalid, but the remainder hereof shall not be invalidated thereby and shall be
given full force and effect so far as possible. If any provision of this
Agreement may be construed in two or more ways, one of which would render the
provision invalid or otherwise voidable or unenforceable and another of which
would render the provision valid and enforceable, such provision shall have the
meaning which renders it valid and enforceable.
14.14. THIRD PARTIES. Unless expressly stated herein to the
contrary, nothing in this Agreement, whether express or implied, is intended to
confer any rights or remedies under or by reason of this Agreement on any
person other than the Parties hereto and their respective legal
representatives, successors and permitted assigns. Nothing in this Agreement is
intended to relieve or discharge the obligation or liability of any third
persons to any Party, nor shall any provision give any persons any right of
subrogation or action over or against any Party.
14.15. COUNTERPARTS. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. A photocopy or facsimile
copy of this Agreement and any signatory hereon shall be considered for all
purposes as an original.
14.16. WAIVER. Failure of Transferor to insist upon strict
performance of any covenant or condition of this Agreement, or to exercise any
right herein contained, shall not be construed as a waiver or relinquishment
for the future enforcement of any such covenant, condition or right; but the
same shall remain in full force and effect.
14.17. CONSTRUCTION. The Parties acknowledge that they have
had equal bargaining strength, and that any rule of construction to the effect
that ambiguities are to be resolved against one party or the other shall not
apply in the interpretation of this Agreement.
14.18. RECORDATION. Those Closing Documents described in
Sections 9.1 (excluding quit-claim deeds), 9.8, 9.9, 9.10, 9.11, 9.15, 9.16,
9.17, 9.19, a memorandum of the Option Agreement, and together with such other
of the documents furnished pursuant to this Agreement which a Party requires to
be recorded to perfect the interests to be conveyed hereunder shall be recorded
at Closing in the Public Records of Palm Beach and Hendry counties, as
applicable.
14.19. FURTHER ASSURANCES; ADDITIONAL DOCUMENTS. Each Party
agrees to execute any and all additional documents necessary to fully convey
such right, title or interest to such Party's property.
14.20. JURISDICTION AND VENUE. The Parties acknowledge that
a substantial portion of negotiations and anticipated performance and execution
of this Agreement occurred or
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shall occur in Palm Beach County, Florida, and that, therefore, each of the
Parties irrevocably and unconditionally (i) agrees that except for a forcible
entry and detainer suit or similar suit for possession of real property, or as
required by law to be filed in the appropriate state court in Palm Beach
County, Florida or Hendry County, Florida, as determined by the situs of such
property out of which the dispute arises, any suit, action, or legal proceeding
arising out of or related to this Agreement may be brought in the courts of
record of the State of Florida in Palm Beach County or the court of the United
States, Southern District of Florida; (ii) consents to the jurisdiction of each
such court in any suit, action or proceeding; and (iii) waives any objection
which it may have to the laying of venue of any such suit, action or proceeding
in any of such courts. With respect to the United States as a party to any
litigation under this Section, nothing shall be construed (a) to establish
venue except in accordance with federal law, or (b) to constitute a waiver of
the requirements of federal law that jurisdiction and claims against the United
States lie only in federal court.
14.21. RESERVATION OF CLAIMS, INCLUDING SEEPAGE. Nothing in
this Agreement shall be deemed to be a waiver of any cause of action or claims
which any Transferor or any of its Affiliates may now or hereafter have against
the District or any other party with respect to the District's or such other
party's use of any property, all of which claims (including, without
limitation, claims for damage, injury, or harm to property (real, personal or
otherwise) of a Transferor or any of its Affiliates caused by, without
limitation, trespass, flooding or seepage of water) are reserved and unaffected
by this Agreement. The foregoing provision shall not be deemed to toll any
applicable statutes of limitations.
14.22. SURVIVAL. All covenants contained in SECTION 13 of
this Agreement, all obligations contained in SECTIONS 14.23, all provisions
which, by their terms survive the Closing or a Deferred Closing, as applicable,
all remedies set forth in SECTIONS 5 AND 12.2, and all indemnifications in this
Agreement and other obligations that by their terms must be performed after the
Closing or a Deferred Closing, as applicable, including, without limitation,
Remediation obligations, shall survive the Closing or Deferred Closing, as the
case may be.
14.23. OBLIGATIONS OF USSC, FCC AND ST. JOE. St. Joe shall be
jointly and severally liable with Talisman for the obligations of Talisman
under this Agreement, and FCC shall be jointly and severally liable with each
of Okeelanta, SFI and New Hope Sugar Company, a Florida corporation ("New Hope
Sugar Company"), for the respective obligations of Okeelanta, SFI, and New Hope
Sugar Company under this Agreement and specifically including, but not limited
to, the obligations under the Talisman Lower Ranch Reservations and Transferors
Reservations to which Okeelanta, SFI or New Hope Sugar Company becomes a party
pursuant to this Agreement. USSC shall be jointly and severally liable with SBG
Farms, Inc. for the obligations of SBG Farms, Inc. under this Agreement. With
respect to the obligations of Sunset Sugar Farms, Inc., which has been
designated by USSC and Okeelanta to assume certain obligations of Talisman, and
which is fifty percent (50%) owned by each of SBG Farms, Inc. and Okeelanta,
USSC and FCC hereby each guarantee fifty percent (50%) of the obligations of
Talisman assumed by Sunset Sugar Farms, Inc. Talisman and St. Joe agree that,
in the event of any litigation or other dispute in any way related to any of
the obligations of Talisman assumed by Sunset Sugar Farms, Inc., Sunset Sugar
Farms, Inc. shall control the defense, compromise or
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settlement thereof, provided that in connection with any such litigation or
dispute, USSC and FCC shall indemnify and hold Talisman and St. Joe harmless.
14.24. EFFECTIVENESS OF THIS AGREEMENT. Unless all of the
parties to the NEPA Lawsuit shall have executed the Stipulation attached hereto
as EXHIBIT F and such Stipulation has been filed with the Court in that lawsuit
on or before 11:00 a.m. March 26, 1999, this Agreement shall be null and void
and only those provisions hereto which by their terms survive termination shall
remain in effect.
14.25. RELOCATION OF PUMPS. Talisman hereby agrees that in
consideration for USSC and FCC, jointly and severally, assuming the obligations
of Talisman listed in the Diversion Project Parcel Summary attached hereto as
EXHIBIT T, except the obligation to obtain permits, in connection with the
Relocation of Pump PS-19 in the District's S-5A Diversion Project more
particularly described in EXHIBIT T, Talisman shall credit the sum of
$136,095.00 to USSC and FCC at Closing. In addition, Talisman hereby agrees to
obtain the permits required in the Diversion Project Parcel Summary and to
transfer such permits to USSC and FCC within ten (10) days of issuance of such
permits.
THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.
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IN WITNESS WHEREOF, this Agreement has been executed by the Parties in
multiple counterparts and, subject to SECTION 14.24, is effective as of the
Execution Date.
"The District"
THE SOUTH FLORIDA WATER
MANAGEMENT DISTRICT, a public
corporation of the State of Florida
By:
- ------------------------------ ---------------------------------
Witness
As its:
-----------------------------
- ------------------------------
Witness Date:
-------------------------------
"TRANSFERORS"
"USSC"
UNITED STATES SUGAR CORPORATION,
a Delaware corporation
By:
- ------------------------------ ---------------------------------
Witness
As its:
-----------------------------
- ------------------------------
Witness Date:
-------------------------------
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"OKEELANTA"
OKEELANTA CORPORATION,
a Delaware corporation
By:
- ------------------------------ ---------------------------------
Witness
As its:
-----------------------------
- ------------------------------
Witness Date:
-------------------------------
"SFI"
SOUTH FLORIDA INDUSTRIES, INC.,
a Florida corporation
By:
- ------------------------------ ---------------------------------
Witness
As its:
-----------------------------
- ------------------------------
Witness Date:
-------------------------------
AND
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"FCC"
FLORIDA CRYSTALS CORPORATION,
a Delaware corporation
By:
- ------------------------------ ---------------------------------
Witness
As its:
-----------------------------
- ------------------------------
Witness Date:
-------------------------------
"Co-Op"
SUGAR CANE GROWERS COOPERATIVE
OF FLORIDA, an agricultural cooperative
By:
- ------------------------------ ---------------------------------
Witness
As its:
-----------------------------
- ------------------------------
Witness Date:
-------------------------------
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"DOI"
THE UNITED STATES DEPARTMENT
OF THE INTERIOR
By:
---------------------------------
Bruce Babbitt
As its: Secretary
Date:
-------------------------------
"TNC"
THE NATURE CONSERVANCY, a District
of Columbia non-profit corporation
By:
- ------------------------------ ---------------------------------
Witness Robert L. Bendick, Jr.
As its: Vice President
- ------------------------------
Witness Date:
-------------------------------
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"Talisman"
TALISMAN SUGAR CORPORATION,
a Florida corporation
By:
- ------------------------------ ---------------------------------
Witness J. Malcolm Jones, Jr.
As its: Senior Vice President
- ------------------------------
Witness Date:
-------------------------------
"St. Joe"
THE ST. JOE COMPANY
By:
- ------------------------------ ---------------------------------
Witness Robert M. Rhodes
As its: Senior Vice President and
General Counsel
- ------------------------------
Witness Date:
-------------------------------
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ENDORSEMENT OF THE STATE OF FLORIDA
The State of Florida hereby executes this Agreement for the purposes
of: (1) endorsing and supporting execution of this Agreement by the South
Florida Water Management District as a party to the Agreement; (2) endorsing and
accepting all benefits accruing directly and indirectly to the State of Florida,
as a result of the execution and closing of the transactions contemplated by
this Agreement, including significant advancements to Everglades protection and
restoration; and (3) acknowledging receipt of a copy of the Agreement. Nothing
in this Agreement shall constitute: (a) a waiver of the sovereign immunity of
the State of Florida, nor provide a remedy against the State of Florida, except
to the extent such waiver or remedy is otherwise provided by law; (b) a
guarantee of any obligations assumed by the South Florida Water Management
District or any other party to the Agreement; or (c) a waiver or consent to
jurisdiction or venue as to the State of Florida except in accordance with
applicable law.
THE STATE OF FLORIDA
By:
---------------------------------
Governor Jeb Bush
Date:
-------------------------------
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The undersigned hereby executes this Agreement for the following sole
and limited purposes to: (i) acknowledge receipt of a copy of this Agreement;
and (ii) evidence its agreement to hold in trust and/or disburse the funds
received in accordance with the terms of this Agreement.
"Escrow Agent"
CHICAGO TITLE INSURANCE COMPANY
By:
-----------------------------
Name:
---------------------------
As its:
-------------------------
Date:
---------------------------
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