Declaration of Restrictive Covenants-7440 Collins EXHIBIT"C" 1911g10
DECLARATION OF RESTRICTIVE COVENANTS
THIS RESTRICTIVE COVENANT AGREEMENT(the"Agreement")is made and entered into this_
day of a4A&2013 ("Effective Date'),by and between the City of Miami Beach,Florida(hereinafter referred
to as"CITY"), and ,( _ ,with an address of iii (hereinafter referred to
as"GRANTEE").
WI TNESSETH:
WHEREAS, the CITY has as a goal of commercial reinvestment, development, revitalization, and
economic and social development; and
WHEREAS, for approved projects located within the North Beach Commercial Corridor(on Collins
Avenue,between 73rd and 75b Streets),the CITY may provide a grant of up to$30,000 per building.
NOR', THEREFORE,in consideration of the mutual covenants contained herein and other good and
valuable consideration, the value of which is hereby acknowledged by both parties, the parties agree as
follows:
1. GRANTEE agrees that the several covenants, conditions and restrictions contained in this
Restrictive Covenant shall attach to and run with the land, and shall be binding on GRANTEE, (his/its)
transferees, and(his/its) executors,heirs, successors and/or assigns and all persons claiming by,through or
under(him/it)for a period of five(5)years(the"Restrictive Period")from the date of completion of the
improvements(the"Restrictive Period")provided for in that certain North Beach Facade Improvement Grant
Agreement between GRANTEE and the CITY dated k the("Grant Agreement!
2.The property to which this Restrictive Covenant attaches is located at: 2cfcfa f�i/�i�s /,�_Miami
Folio Number
Beach,Florida,33140,legally described as: 02-3202-003-0150 Miami Beach,Florida,and
RECORDED IN BOOK N I A" ,PAGE IN THE PUBLIC RECORDS OF MIAMI-DADS
COUNTY,FLORIDA. PROPERTY CONTROL NUMBER PA- (hereinafter,the"Property").
3. Subject to the provisions of Section 4 below,the Property shall remain under the ownership of
GRANTEE for not less than the Restrictive Period;provided that upon a foreclosure by any lender,transfer in
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lieu of foreclosure or assignment of an FHA insured mortgage to HUD, such restriction shall terminate.
Upon the occurrence of any of these events,the CITY has and may exercise its right of first refusal to
purchase the property to recapture the financial assistance provided to GRANTEE.However,the Restrictive
Covenant shall automatically be revived and reinstated if,during the Restrictive Period,GRANTEE or any
entity that includes a direct or indirect ownership or those with whom GRANTEE has or had family or
business ties,obtains a direct or indirect ownership interest in the Property subsequent to the foreclosure or
other transfer.
4. During the Restrictive Period if GRANTEE,without the prior written consent of the CITY,(i)fails
to maintain(his/its)ownership of the Property, (ii)sells, conveys,or in any manner transfers title to the
Property(other than to the heirs and next of kin of GRANTEE in the event of the death or disability of
GRANTEE),or(iii)fails to maintain the property in compliance with applicable local, state and federal
codes,laws and regulations or(iv) assigns or transfers any controlling interest in GRANTEE if GRANTEE is
o " before the end of the last day of the Restrictive Period,the entire
an entity(i.e.more than 49/o}(the Events ) y
ty
amount of the Grant provided under the Grant Agreement shall become immediately due and payable.
5. This Restrictive Covenant shall attach to and run with the Property and the same shall bind all
persons claiming ownership of all or any portion of the business or the Property. GRANTEE hereby
acknowledges and agrees that the CITY is a beneficiary'of this Restrictive Covenant, and GRANTEE shall
not release or amend this Restrictive Covenant without the prior written consent of the CITY and it shall be
lawful for the CITY to initiate and prosecute any proceedings at law or in equity against the person or persons
violating or threatening to violate this Restrictive Covenant.
CITY will be irreparably damaged if this Restrictive Covenant is
6. GRANTEE acknowledges that the ep y g
not specifically enforced. Therefore,'in the event of a breach or threatened breach by the GRANTEE, its
successors and/or assigns, as to any provision of this Restrictive Covenant, the CITY shall be entitled to the
reimbursement of the Grant together with all rights and remedies, including injunctive relief, restraining such
breach without being required to show any actual damage, irreparable harm, or to post any bond or other
security.
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7. If any legal or equitable action or other proceeding is brought for the enforcement of this
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Restrictive Covenant, the successful and prevailing party shall be entitled to recover reasonable attorneys'
fees,court costs, and all expenses incurred in that action or proceeding in addition to any other relief to which
such party may be entitled.
8. Nothing in this Restrictive Covenant shall confer upon any person or entity, other than the CITY
and GRANTEE, any rights or remedies under or by reason of this Restrictive Covenant.
9. This Restrictive Covenant shall be governed according to the laws of the State of
Florida and the
venue shall be in Miami-Dade County,Florida.
10. Invalidation of any one of the provisions contained herein by a court of competent jurisdiction
shall in no way affect other provisions,which shall remain in full force and effect.
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IN WITNESS WHEREOF, the GRANTEE has executed this Restrictive Covenant on the day and
year first above written.
IN WITNESS WHE ies have set their hands and seals the day and year first above
written.
�a
ATTEST: �, �Rp,TEQ?THE=CITY OF MIAMI BEACH,FLORIDA
.....o SA
c z '°C H 2
City Clerk 'or
GRANTEE MUST EXECUTE THIS CONTRACT AS INDICATED BELOW. USE CORPORATION OR
NONCORPORATION FORMAT,AS APPLICABLE.
[If incorporated sign below]
ATTEST: GRANTEE/Aof Pr inted Namrganization
(Sec e
By: "IZ559�,
Signature of Presiders
(Corporate Seal)' Printed Name of Pr sident
? day of 20_4-5__
APPROVED AS TO
FORM &LANGUAGE
4 &FOR EXECUTION
Is
Attorney at