AGREEMENT FOR BOAT SLIP LEASE
THIS AGREEMENT for boat slip lease is made by and between THE COVE ON THE BAY, LLC, an Ohio limited liability company, hereinafter called the “Lessor” and ______, hereinafter (collectively) called the “Lessee”.
1.AGREEMENT FOR LEASE.
Lessor agrees to lease to Lessee and Lessee agrees to lease from Lessor Slip Number ______in The Docks at Cove on the Bay. The slip is represented and described in the drawing attached as “Exhibit A” and both parties agree to execute a boat slip lease containing the terms and conditions set forth therein.
2.CONSIDERATION.
As consideration for the boat slip lease, Lessee agrees to pay to Lessor the sum of $______as follows:
a.Earnest money deposit of $1,000.00 made by Lessee
to be held in escrow by Hartung Title Agency, Inc., and
to be credited to the purchase price at closing.$1,000.00
b.The balance of the purchase price to be paid in cash
and to be deposited in escrow as hereinafter provided.______
TOTAL______
3.TERM OF LEASE.
The lease will commence on the date of full execution of the boat slip lease, and shall expire at the termination of the State of Ohio Submerged Land Lease of Lessor, and any extensions thereof.
4.AUTOMATIC MEMBERSHIP.
Lessee acknowledges that Lessee is required to become an automatic member of The Docks at Cove on the Bay upon closing of this transaction, and the boat slip described herein and Lessee’s use of same shall be governed by the Articles of Incorporation, the Code of Regulations, the Declaration of Restrictions, Covenants and Easements, and such rules and regulations as are adopted by the Association, all as may be amended from time-to-time.
5.POSSESSION.
Lessor shall deliver possession of the boat slip to Lessee, in accordance with the terms and conditions set forth herein on the closing date.
6.ESCROW.
All documents and funds necessary to complete this transaction shall be placed in escrow with Hartung Title Agency, Inc., at least ten (10) days prior to closing date. This agreement shall be considered by the escrow agent as escrow instructions.
7.CLOSING.
The closing of this transaction shall occur on or before ______. Where Lessee is a purchaser of a Lot in Cove on the Bay Subdivision, the closing date shall be the same date as set for closing of the real estate transaction. The closing date may be extended by mutual agreement of the parties. At the time of closing, the escrow agent shall collect from the Lessee the initial capital contribution required under Article VII, Section 7 of the Code of Regulations of The Docks at Cove on the Bay, and a quarterly portion of the annual Association dues, prorated to the date of closing.
8.CHARGES AND CREDITS.
Lessor shall be responsible for the cost of preparation of the documents and recording of a boat slip lease for record.
9.DEFAULT.
In the event of the default of either party, the rights of the non-defaulting party shall be as provided herein and shall be the sole and exclusive remedies: (1) if Purchaser fails to perform any of the covenants of this contract, Seller may enforce specific performance of this agreement, bring an action for damages, or obtain the money deposited by Purchaser with the escrow agent, minus any escrow fees as liquidated damages; (2) if Seller fails to perform any of the covenants of this contract, all money paid or deposited pursuant to this contract by Purchaser shall be returned to Purchaser upon demand, or Purchaser shall have the right of specific performance.
10.NOTICES AND CORRESPONDENCE.
Notices required or permitted hereunder shall be deemed to be sufficiently given if made in writing and hand-delivered to the addressee or forwarded, postage paid, byUnited States certified or registered mail. Notices and correspondence shall be addressed:
To Purchaser:______
______
______
______
To Seller:The Cove on the Bay, LLC
c/o Greg Spatz
2785 S.E. 11th Street
Pompano Beach, Florida 33062
11.ASSIGNMENT OF AGREEMENT.
Lessee shall not transfer or assign the rights and/or obligations contained in this agreement without first having obtained the express written consent of the Lessor. Lessor may assign this agreement to The Docks at Cove on the Bay.
12.CONSTRUCTION OF AGREEMENT.
A.Ohio Law To Apply. This agreement shall be construed under and in accordance with the laws of the State of Ohio.
B.Invalid Provisions. In case any one or more of the provisions contained in this agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions hereof, and this agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.
C.Gender. Words of any gender used in this agreement shall be held and construed to include the other gender, and words in the singular shall be held to include the plural, and vice versa, when the context so requires.
D.Descriptive Heading. The descriptive headings used herein are for convenience only and are not intended nor shall they be construed to necessarily refer to the matter in sections which precede or follow them, and have no effect whatsoever in determining the rights or obligations of the parties.
13.PARTIES BOUND AND BENEFITED.
This Agreement shall be binding upon and benefit the parties and their respective heirs, executors, administrators, personal representatives, permitted successors and permitted assigns.
EXECUTED by Lessee at ______, Ohio, this ______day of ______, 200___.
WITNESS:LESSEE:
______
______
______
______
EXECUTED by Lessor at ______, Ohio, this ______day of ______, 200___.
WITNESS:THE COVE ON THE BAY, LLC
LESSOR:
______By:______
Greg Spatz, Member
______
RECEIPT OF DEPOSIT
Hartung Title Agency, Inc. hereby acknowledges receipt of the earnest money deposit to be held until directed by both parties to do otherwise.
______
RECEIPT
The Lessee herein hereby acknowledges the receipt of the following documents:
Lessee’sWitness
InitialsDateInitials
Declaration of Restrictions______
Boat Slip Lease______
Submerged Land Lease
of the State of Ohio______
Code of Regulations______
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