Agenda Item Name:
Title
Acceptance of a Title Exception for the Padgett Property
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Presenter:
Charlie Houder / (352) 264-6804
Description:
Request that the Board of County Commissioners (BoCC) accept a title exception for outstanding mineral rights on the Padgett Property and allow the transaction to purchase the property to proceed to closing.
Recommended Action:
Recommended Action
Accept the title exception for an outstanding one-half interest in mineral rights as per the reservation in the January 4, 1954 deed from W. P. Harden et al recorded in Book 315, Page 161, and authorize staff to proceed with the purchase of property from Jackie S. Padgett in accordance with the current Option Contract to Purchase Real Property.
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Prior Board Motions:
On April 15, 2020, the BoCC exercised the Option Contract to Purchase the 317-acre Lake Santa Fe - Padgett Property.
Fiscal Consideration:
Fiscal Consideration
There will be no change in the expenditures previously authorized.
Project #6194101 Lake Santa Fe - Padgett, total amount $731,688 from Wild Spaces Public Spaces.
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Background:
On April 15, 2020, the County exercised an option to purchase the 317-acre ? Lake Santa Fe - Padgett property. The Option Contract to Purchase (Contract) provides that the seller will convey the property with no permitted title exceptions (defects). Under the Contract, the County has 120 days to conduct due diligence and notify the seller of title defects. Once the seller is notified, she has 60 days within which to cure the defect. If the seller is unable to cure the defect within to time allowed, the County may elect to accept the defect and close, or to terminate the Contract.
An examination of the title determined that there is an outstanding mineral interest affecting approximately 40 acres of the property. This interest originated from a reservation of one-half of oil, gas, and mineral rights contained in a 1954 deed from W. L. Harden et al. In many cas...
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