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Consent to Assignment of Ground Lease for Change of Ownership From Centennial Bank to Lotion On The Ocean, LLC; and Landlord’s Estoppel Affidavit to Lotion On The Ocean, LLC, Centennial Bank, and Old Republic National Insurance Title Company for Lot Nos. 58, 59 and 65 Located at Brooksville-Tampa Bay Regional Airport
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BRIEF OVERVIEW
Sho-Me Nutriceuticals Acquisition Company (“Sho-Me”) and the County entered into a Ground Lease for Lot 58 (unaddressed) on November 6, 2001, and Lot 59 (15431 Flight Path Drive) on March 13, 2001. Dynamic Pharmaceuticals, Inc. (“Dynamic”) and the County entered into a Ground Lease for Lot 65 (15480 Aviation Loop Drive) on July 10, 2012. On August 28, 2012, a Consent to Mortgage was executed with Florida Traditions Bank for all three leases. Subsequently, Centennial Bank became the mortgagee as Florida Traditions Bank’s successor-in-interest by merger.
On September 5, 2019, Centennial Bank sued Sho-Me and Dynamic to foreclose its mortgages on the Ground Leases’ improvements. Centennial Bank has now entered into an agreement to sell the improvements to Lotion On The Ocean, LLC and is seeking consent to assign the leases.
The previous Consent to Mortgage for Lots 58 and Lots 59, approved by the Board on January 23, 2024, was revoked due to the failure of the sale of improvements occurring to a previous potential purchaser.
FINANCIAL IMPACT
There is no financial impact to the Airport.
LEGAL NOTE
The Board is authorized to act on this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairperson’s signature on the attached Consents to Assignment of Ground Lease for Change of Ownership from Centennial Bank to Lotion On The Ocean, LLC and Landlord’s Estoppel Affidavits for Lot 58, Lot 59 and Lot 65 of Hernando County Industrial Park Unit 1.