Sale and Purchase of McKinney Park

This contract is for the sale and purchase of McKinney Park, a 4 +/- acre property located in Lake County, Florida. The purchase price is $624,000, with the City of Clermont paying $124,800 at closing and the remaining balance in four equal annual payments. The contract includes representations and warranties from both the City of Clermont and the School Board of Lake County, Florida, regarding the property and the transaction. The contract also includes provisions for default, assignability, and governing law. • The property is being sold "as is, where is, with all faults" • The City of Clermont has the option to terminate the contract if the School Board of Lake County, Florida fails to cure any title objections • The contract includes a promissory note with a principal amount of $499,200 and an interest rate of 0% per annum • The City of Clermont is required to make annual principal payments of $124,800 starting in August 2024 and ending in August 2027 • The contract includes a provision for the City of Clermont to pay all collection costs, including reasonable attorney's fees, incurred in connection with any collection or litigation related to the contract.