Summary:
The plat of Millenium Parc consists of Lots 91, 92, and 93, as recorded in Plat Book 59, Page 94-98 of the Public Records of Orange County, Florida. The City of Orlando (City) owns and operates fire station #17 on Lot 91, and Millenium John Young, LLC (MJY) owns Lots 92 and 93. In 2006, the Millenium Parc Owners Association (Association) and Millenium Parc, Inc. (Declarant) executed and recorded a Supplemental Declaration of Protective Covenants (Declaration) that reserved to the Declarant, as the original developer, certain rights, power and control over the property. The Declarant subsequently filed bankruptcy and was dissolved in 2010 and no longer owns any of the property subject to the Declaration. MJY desires to sell its property but is unable to acquire title insurance coverage over matters arising under the Declaration, and the Declarant no longer exists to provide any of the approvals set forth in the Declaration. Since the the City, MJY and the Association own all of the lands encumbered by the Declaration, the title company will insure title to the property if the parties execute the First Amendment to Supplemental Declaration of Protective Covenants (First Amendment) prepared by the title company. MJY has requested that the City execute the First Amendment. The First Amendment provides for the termination of the rights of the Declarant under the Declaration, including, but not limited to, architectural and site plan approval rights, control over building areas on parcels, rights to limit, restrict or expand permitted uses, control of location, type and design of utility lines, and utility easement rights. Upon execution by the parties, the First Amendment will be recorded in the Public Records of Orange County, Florida. |