OPTION AGREEMENT
PARTIES: RemProp Corporation "RemProp"
1616 Gulf-to-Bay Boulevard
Clearwater, Florida 33755
Triple A Homes, Inc. "AAA"
1616 Gulf-to-Bay Boulevard
Clearwater, Florida 33755
DATE: April 1, 2000
RECITALS:
1. AAA wishes to obtain options to purchase lots 1 through 51 in the
currently unsubdivided Dade City, Florida, parcel (legal
descriptions of all such properties are attached as Exhibit A) (the
"Property").
2. RemProp deems it desirable to grant said options to AAA as partial
consideration for $500.
AGREEMENTS:
1. Grant of Options. RemProp hereby gives and grants to AAA, its
successors, and assigns the right and option to purchase, upon the
terms and conditions contained herein, the Property.
2. Term. This Agreement shall terminate on the tenth anniversary of the
date of execution hereof.
3. Exercise of Options. AAA has the right to purchase, at any time
during the term of this Agreement, and in its discretion, all or any
portion of the Property. AAA shall be deemed to have exercised its
option with regard to all or any portion of the Property upon
receipt by RemProp of a written notice specifying which lots AAA
wishes to acquire. If exercised only as to a portion of the
Property, the Option shall remain in effect, enforceable and
exercisable, as to the remaining portion of the Property, for the
term of this Agreement.
4. Right of AAA to Develop and Market. AAA shall have the right,
notwithstanding that it has not exercised its option under this
Agreement, to enter upon the Property, or any part of the Property,
for the purposes of subdividing, developing, and marketing the same.
5. Real Estate Taxes. AAA shall pay the annual real estate taxes for
the Property.
Exhibit Number 6.2
<PAGE>
5. Real Estate Taxes. AAA shall pay the annual real estate taxes for
the Property.
6. Closing. Within 30 days of AAA exercising any or all of its rights
under this Option Agreement, a closing will take place at the office
of AAA or its attorney. At the closing AAA shall deliver to RemProp
a Promissory Note for $2,000 for each lot AAA is acquiring under
this Option Agreement and RemProp shall execute and deliver a
Warranty Deed and any and all other documents needed to convey the
portion of the Property AAA is acquiring at that time.
7. Destruction of Premises. Destruction of the Property, or any
improvements or fixtures located thereon, after the exercise of this
Option, shall not relieve AAA of its obligation to purchase the
Property and pay the full purchase price, but AAA shall be entitled
to any insurance proceeds paid by reason thereof.
8. Remedies for Breach. In the event RemProp breaches this Agreement,
AAA shall have the right to specifically enforce the terms of this
Agreement.
9. Notices. All notices required or permitted by this Agreement shall
be in writing and shall be personally delivered or properly
addressed and mailed, postage prepaid, by registered or certified
mail, to the parties at the addresses stated on the first page of
this Agreement, unless otherwise directed in writing by any
recipient.
10. Miscellaneous.
a. This Agreement integrates the entire Agreement between the
parties with respect to the options and cannot be varied,
except by the written agreement of all the parties.
b. The terms and conditions of this Agreement shall be binding on
all parties, their heirs, representatives, successors, and
assigns.
c. If AAA does not exercise this Option Agreement as to all of
the Property for any reason by the end of the term, it shall
execute and deliver to RemProp, upon request, a quit claim
deed covering that part of the Property not acquired.
<PAGE>
IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
as of the date first above written.
In the presence of: REMPROP CORPORATION
/s/ Cheryl L. Crim By /s/ Richard E. Metz
------------------------------------ ---------------------------------
Its President
------------------------------
TRIPLE A HOMES, INC.
/s/ Cheryl L. Crim By /s/ Richard E. Metz
------------------------------------ ---------------------------------
Its President
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Subscribed and sworn to before me Melissa Trimble
this 19th day of April, 2000. My commission #CC 588326
Expires: August 9, 2000
/s/ Melissa Trimble bonded Thru Notary Public Underwriters
------------------------------------
Notary Public
<PAGE>
EXHIBIT "A"
Dade City Property - Legal Description:
That portion of the SW 1/4 of the NW 1/4 of Section 34, Township 24 south,
Range 21 East, lying West of the Fort King Highway and LESS AND EXCEPT the West
50 feet thereof AND LESS AND EXCEPT the following: Beginning at the SW corner of
the SW 1/4 of the NW 1/4, run North 379.15 feet, thence S-74 - E, 1375.56 feet,
more or less, to the SE corner of said SW 1/4 of NW 1/4, thence West to the
Point of Beginning; LESS AND EXCEPT that part of the above described lying North
and West of the San Antonio Road, Pasco County, Florida.
SUBJECT TO easement to Florida Power Corporation recorded in Deed Book
132, Page 408, Public Records of Pasco County, Florida.
