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Consent to Assignment of Ground Lease for Change of Ownership From Centennial Bank to ADW2, LLC, and Landlord’s Estoppel Certificate to ADW2, LLC, Centennial Bank and Old Republic National Title Insurance Company for Lot No. 58 and Lot No. 59 Located at 15431 Flight Path Drive 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. On August 21, 2012, a Consent to Mortgage was executed with Florida Traditions Bank (Sho-Me’s lender). 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 to foreclose its mortgage on the Ground Lease’s improvements. Centennial Bank has now entered into an agreement to sell the improvements to ADW2, LLC and is seeking consent to assign the leases.
FINANCIAL IMPACT
There is no financial impact to the Airport.
LEGAL NOTE
In accordance with Part II, Chapter 2, Article V of the Hernando County Code of Ordinances.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairperson’s signature on the attached Consent to Assignment of Ground Lease for Change of Ownership from Centennial Bank to ADW2, LLC and Landlord’s Estoppel Certificates for both Lots 58 and 59.