EXHIBIT 10.79
TERMINATION OF LEASE AGREEMENT
THIS TERMINATION OF LEASE AGREEMENT is executed this 31st day of December,
2001 by and between Bankers Insurance Company, a Florida insurance company
("BIC") and Insurance Management Solutions Group, Inc., a Florida corporation
("IMSG").
R E C I T A L S
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1. There is that certain Bankers Financial Center Lease Agreement made by and
between BIC as "Landlord" dated January 7, 1997 and executed and effective
as of January 1, 1998 and amended pursuant to the First Amendment of Lease
dated August 1, 2001. The Lease as amended shall be herein called the,
"Lease".
2. BIC has, substantially simultaneously with the execution hereof executed
and delivered a Purchase and Sale Agreement ("Purchase and Sale Agreement")
by and between BIC as "Seller" and Osprey S.P. Properties LLC, a Florida
limited liability company as "Buyer".
3. Simultaneously with the execution and delivery of hereof Bankers Financial
Corporation, a Florida corporation and IMSG have entered into a Sublease
Agreement ("Sublease Agreement") on terms identical to the terms of the
Lease.
4. The Purchase and Sale Agreement requires the execution and delivery of this
Termination Agreement.
NOW, THEREFORE, IN CONSIDERATION OF the closing under the Purchase and
Sales Agreement, in further consideration of the execution and delivery of the
Sublease Agreement, as well as for other good and valuable consideration the
Lease is hereby terminated such termination to effective at the effective time
of the closing under the Purchase and Sale Agreement.
IN WITNESS WHERE OF the parties hereto have set their hands and seals as
of the day and year first above set forth.
Bankers Insurance Company,
a Florida insurance company
By: /s/ Xxxxx X. Xxxxxxxxx
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SIGNATURE
Xxxxx X. Xxxxxxxxx, Treasurer
As Its:
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(CORPORATE SEAL)
