93-20976 RESO Incomplete
RESOLUTION NO.
93-20976
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA, APPROVING
A CONTRACT FOR SALE IN THE AMOUNT OF
$1,850,000 POR THE PROPERTY KNOWN AS THE
POINCIANA HOTEL SITE LOCATED AT 1555 COLLINS
AVENUE, AS A POTENTIAL SITE FOR A HOTEL
DBVELOPMENT .
WHEREAS, the city of Miami Beach is proceeding with its
plan for development of a major convention quality hotel and an
appropriate Request for Proposals addressing and further detailing
same has been finalized; and
WHEREAS, for the purpose of realizing the type of hotel
development contemplated by Request for Proposals, the city desires
to acquire the property known as the poinciana Hotel Site located
at 1555 Collins, Avenue, Miami Beach, Florida, (the "Poinciana
Site"); and
WHEREAS, at the October 6, 1993, city Commission meeting,
the Mayor and City commission authorized the Administration and the
City Attorney to proceed to negotiate to acquire the poinciana
Site; and
WHEREAS, the City Appraiser, Bob Gallagher, has submitted
his appraisal on the poinciana Site, certifying a value of
$2,100,000 on the property; said value consistent and within the
range specified in the appraisal; and
WHEREAS, the city Appraiser, J. Mark Quinlivan, has
submitted his appraisal on the poinciana Site, certifying a value
of $2,180,000 on the property; said value consistent and within the
range specified in the appraisal; and
WHEREAS, the sales contract for the acquisition of the
Poinciana site for a purchase price of $1,850,000 has been
negotiated and attached and incorporated herein as Exhibit "A".
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OP THE CITY OP MIAMI BEACH, FLORIDA, that the Mayor and
city commission herein approve the attached Contract for Sale in
the amount of $1,850,000 for the property identified and described
as the poinciana Site, located at 1555 Collins Avenue, Miami Beach,
Florida, as a potential site for a hotel development.
PASSED AND ADOPTED THIS 17th
DAY OF
November
, 1993.
MAYOR
ATTEST:
CITY CLERK
fORM APPROVED
By ~r.:,. ~_.:;?"
Date // //s /q?
,
e:\ceb\poincian.rso
.
,
PURCHASE AND SALE AGIlBEMIlNT
Thla Purehu. IDCI Sale Agroomont (lIle 0 A,r08mencO). dated , 1993 by and
belween ANTUN INVESTMENT CORP.. a PIDlIIIl corporation ("SellerO). and MIAMI BEACH
REDBVBLOPMENT AGENCY. a Florida munlelpaJ eorporlltioD (.Buyer"):
WITNESSETH:
In colllkleratlon of the mUllllI qroemenll bereln lilt tort:b the partJea benco aaroe II followl:
I. J:)eflnitloDl. The followllll terma whon used In tIIll Aaroemeat aba1I bave the followln,
meaningl:
1.1 A....""t.n~e Date. TIle Ac:ceptance Date Ihall be tho Btfectlve Dale.
1.2 1IIixK. Miami Bcadl Redovelopmem Aaeoey. a Plorlda IIlWIlclpal corporation.
1.3 BUller's Att....llell, RedevelopmeatAaeuc:y AtlDnIey. City of Miami Beach. 1700
Convention Ceeter Drive, Miami Beacb, Plorlda 33139.
1.4 ('.." to Close. The balaneo of lJIe Purdlue PrIeo lubject 10 the adjultmenta aod
prorationa u horeinaAor deac:rlbod.
1.5 ClDAln,. TIle delivery of tho Deed aDd othet c:1011Da c\oeumenta to Buy.
coDc:urreat1y with the delivery of the Purchue PrIce to the Seller u berelnafter provided.
1.6 pesl", Dat,. February 23. 1994 It 10:00 a.m.. or on auch othet dale u
dewmiDed in IICCOrdance with thll A,reemenl.
1.7 DMd. The SWutory Wlt1'lIItJ Deed which CODYoys the Property Il'om Seller 10
Buyer.
1.' Effective Dllte. Th. Meetlv. Dale IIWI be tha lateIl dale thla Aareement II
exec:utod by either Buyer or Sellet. notwlthatandln, that tills Aaroemelll &hall have been dated the date
firat writtan above.
1.9 Governmental Authorltvfi.). Any fedenl. Ital.. 00IIIICy. munlelpll or otller
govetDlllemal depanment. emity. authority. collllDlaslon. board, burelU. coun. aaeney or any
inltrumcatallty of any ofthcm which hu jurladlc:tlon over the Seller. the Buyer or the Property.
1.10 nnv....,m""tal Reaull'M1ent(I), Any law. enactment,. atIlUte. coda. ordinance,
rule, regulation. jud,mont. decr08. writ, Injunc:Uon, rranchl.., permit, certificate, Ilc:enae. authorization,
aaroement. or ocher dlreetlon or requlremlllt of any GoVet!'mMUlt Aulhorlty now exlatln, or hereafter
eaac:tecl, adopted. PromWllled. entered, or luued applleabl.to tho Sell.... th, Bur. or the Property or
10 any appurtenance, IINeture, UI. or facUlty, on or adjacent to. 01" JlI'OIlOIOll tor, the Property.
1.11 Perml""" ExCflPllonl. .Permltted ExceptlolllO meana dlOIe matten let forth on
Exhibit "B. attached henco and mad. a pan hereof. u 1lID. may be supplemeated In accordance willi
Parqraph 4.2 of tills Aareement.
1.12 '.u"""Y. 11IelandlOlallydllCflbed InBxblbkoA.lIIlcheltherJID (the oLaocl.)
toaether with the Property JUablll (u deIIned herein). .~"-
us ~ .1""'*, 1bo P1<lpMJ al.,... _ atl of s.u.'. rtaht. title and
\Dtereat, It any. In and to: alI.1to ImproVtmlll1l on tho Land: all ten......... beredllanlentl. rlahll.
prlvll.,. and appurtenlDCel re1atllll or belolllbl& to the !.and or In lIIywl.. apperUlDllII; any and atl
eueDlenta; all water and aewer lCCIII and water and lewer UII rtahla and aIl0cad0u; all ltonn water
dralnqe. UII rlihll and a1locatlonl; all utility hookup and III'Vlco rlihll; all .,anll, rlihll or othet
agreemonll a<<ectln, III, ~ or comprllln. the Permitted BxceptloDl; all permlll, 11_.. and granlJl
EXHIBIT wAw
7
AG~~:_~ -7- Afj:20..
DATE Ud7- q.3
,
of riaht, now exlatlna or bereafter arlllllJ with reapect to the Land; any land Iylna In the bed of any
Itreel, road or avonue, opened or propoaed, III front of or adjolnilla the Land, to the center Illle thereof,
and to any Itrlps or 10rllllldjo\DlDa the Land or any part thereof: and, subject to Ibe provWODl of thll
Aareement. any andllllUlDI of money and rlahta to receive money which Seller hu or may acquire by
reuon of the laklna by lawfu) authorlty throuah exerclle of eminent domain or deed Or aareement III lieu
thereof of any rlahta, property or thlna ohalue d*rlbed herein or any part thereof, Includlna any award
or pllyment made or to be made by reuon of the chlllJe of arlde of any Itreel. Sellw sball execute and
deliver to Buyer, It CIOtlnl and anytime thereafter on dem&Dd, all proper lnatrumenta for the conveyance
and asalanment of IUch title and the ullalllnent and collection of any luellaward, whlell conveyance shall
be free and clear of any IIC1l1, clalmI, OUtatandlD, billa and encumbrlDClllI.
1.14 Purcllwo Price, $1,850,000.
1.15 ~. ANTUN INVESTMENT CORP., a Panama Corporallon.
1.16 Seller'. Allomev. Irene Ponzl. Esq., Buellanan IllJenoll, P.C., 19495 Blscayne
Boulevard, Suite 606, Miami, Plorlda 33180, (305) 933-5600 (office).
. . 1.17 Title Commitment. ntle Commitment meana thM Title InauranCl Commitment
to be Issued by the TIlle Companythrouah III duly lIuthorlzed lIent III selected by Buyer propolln, to
Io.sure Buyer'l purchaae of the Property. Buyer may \IAII pro forma commitment or ,talus of tiUe report
U the Tille Commltmont. .
1.18 Title Conmany. 'I11e Tille Company II .uch ALTA member title underwriter
ae1ected by Buyer.
1.19 Title PoI~. An ALTA Porm B (1IIOIt current marketlblllty form) owner'l tllIe
InauranCl polley, \saued PURUIllt to the Title Comml1ment with the .tandard IlIceptlona deleted lncludln,
for IUrvoy mlltters, the aap, part1e6 III pOlleaalon and lleaa, which title policy ,hall be In the lIIIOuat of
the Purchue Price. lnaurlna Buyer'l title to the Property, subject amy to the Permitted &ceptloDl.
2. Purch.e and Sill.. Seller aar.. to ae11 and conyey the Propeny to Buyer and Buyer
.,r_ to purch.., and .~qulre the Prapert)' from Seller on the twma ud coadltloM benla let forth.
3. Purchue PrIce. 'I11. Purdlaae Price shall be $1,850,000, subject to prorations and
Idjuatmentl.
4. BvId...,.. of TItle,
4.1 TIde Cnmmltment. Within 10 days after die Bft'ectlve Date, Seller shill deliver
to Buyer either (a) an abI1ract of tide prepared or bl'O\laht c:urrent by a nputable and llIi1tlna abstract
firm or DOl exlatlna, dum c:ortIfted u correct by an exlltlna ftnn) purpol1lna to be an a<:curatc synopsll
of the iDltrumeotl affectlna title to the Property recorded In Dade County, PIorIdI throuah the Effective
Dato and which shall COmmetlCl with the earliest public records, or (b) III e..latlna tltlelnaurance polley
Issued by an ALTA member title underwriter, which pollc)' I, quallfted to be U8ecI u a bue for
reluuance of coverlle on the Property, toaether with abstract continuation from the eI'Iectlve dale of said
pollc)' or toðer with . computer print OIIt and name search of all eatrlllll refiect\llJ all documenta
atTectlllJ the Property from the Meetlve Date at the Policy, and toaether with copies of all documenll
referred to III the polley and the computer print OUt. Buyer shall prompt1y cause tile Title Company to
Iuue 1 Title Commltmlllll. 'I1Ie 11tle Commitment &halllWDe the Buyer. the propoaed lnaured, &haJl .
provide for tile proposed luuance of . Title Polley for tile filII ItIlOIIIIl of tile pun:haae price and shill
provide for the 11de Company to wure die Opp" upon delivery ot Ipproprla c\o(:o.tn-atlon by Seller
and th. delClt10n of tho IIlaDdard prInted exC~t10Dl upon delivery of the autulDlll')' documentation tmm
Seller ,
. --
4.2 1h....1..."n of TItle. Buyer shill, within 30 ~ an. rapt of tile tllle
documentadon referred to III "earaph 4.1(1) abov. or within 15 days an. ...Ipt of the tide
documentlllon rel'emd to In 'IfIIraph 4.1(b) above, notify Seller In wrIt1na of any obJectIona to title
(the OTlde Notice"). All exceptlona In Sclledule B..sect1oD D of the nde CommItmeaIt IIOl ralJed U
Objectionable by Buyer Ihall be deemed opermltted Exc:ept\ona" and fuhlbh OB. of this Aareement shall
be deemed to be lupplemented to lDdude aame. Seller mall have 30 da)'. from receipt of Buyer', Title
Notice within whlcll to cure or attempt to cure the tllle objectlona and Seller aareea to uae III best efforts
to do 10 and Seller 1111111 be abllaated to cure or correct any title objectlona, includlua IllCUlllbnnces,
-2-
8
,
-
,
moltiq. and liIIII that can be c:ured and paid or .ad.fted at the time 01 C1oaiDI. 'ntJe objectlou
requlrlD, p&ymec of money to cure ahall be paid by Seller from III OWl funda prior to Clo.11II or from
the cah to close . ao.lna. If Seller Is IIl11uCQl&Iful1n curlna and relllOYlq tuch title obJec:tIollllo the
aallsfactlon of the 11tIe Company and Buyer wlthill. .aid 30 day period. then Buyer shall have the option
of either (a) t",wWllI' thl. A,reemeat. or (b) ICteptllll the title ill.llIlllatIlIJ colldltlon with a reduction
In or credit l&aimI the purchase price for (1) any IIbttn, morta.... IItl11. IIIClImbrancea and any Seller
creatod title obj~ (or title obJectlolll irisin, OIIt of an qreemcnt to which Seller fa a party or 'Nhlch
Ia known to Soller), whether or DOl c;urrendy IIlltlna. which caD be CIIred. removed 01 record or utIsfled
by tho pl)'lllent ~ a )lquldated .UDI. and (2) up to $100.000 lor any 0Iher title objectlolll which can be
CIIred. removed ~ record or alltla1led by die paymllllt of a liquldalecllUllL Seller aareea and repte&enll
that It will use aood faith best etrortJ to correct 1111 auch title objectlolll, iDcIudln, CllrID& or aatlafyin,
all Schedule B-s.:tlon 1 requiremelllJ and removlna Schedule BeSectIon IT exceptlolll which are not
Permitted ExcepciDIII. within the tImo periods let forth ill. lhll Parqrapll, bllt ill. any cvont by Closing,
all of which shill be contlnulna obll,atlolll of Seller. Buyer may update the title and the TItle
Commitment bdn Cloatna and Buyer may raise a tlt1e objectlolll III a aublequellt TItle Notice In)'
matten revealed 1IJ IIIch update and Seller shall cause .ame to be Cllred. removed of record or aadlfled
within 30 da)'a ftam the date ot receipt of lbe aubaeqllellt Title Notice. In IUch event. tile C1011na DIl6
Iball be l'OIet to a date aot 1or1h ill. Bu)'er'l subsequent TItle Notice wlthlD 60 days from die dare ot sum
IlOtlce. Upoe ,-..)' curllll the title obJoc:tIoDl. die Sell... may, upon _ lease (10) buam.. dlya prlor
written notice froa Seller to Buy.. r.. the Cloallll Date to lDU1her bualnOll day not to exceed 30 clays
after the curl", ~dle tlt1e obJection. Notwlthslandln, the aforementioned. Seller alIall bave DO oblllallon
to nte any JawauJla to cure lII.y title objectloaa railed In the TIde Notice. Buy... alIall not have the riI\tt
to object to tide 1IJ tWOD of an)' title malt8/' wblch II cauaod by Buy....
4.3 Title Policy. ne TItle Polley alIa11 bllllued b)' Broad ancI Cassel. .. ..enta for
the Title ComPIJIf, punulllt to die IenIII of the TltI. Commitment. a eodoned by III)' tIldo_nlll
Issued lubsequt410 the dtcctlve dll6 of lhe Title CommltmoDt. All colli and IXpet1181 relat1n, dlrect1y
to die Title Colllllianeat (excludlD& die COlli related to curllll, removlD& and satlsfyln, title obJectloaa).
any endotsemenu. and the TItle Polley premium. ahall be paid by Buy....
".4 Survey.
A. Within 5 daya from lbe Effective Date, Seller ahall delIver to Bu)'. a copy ot any
aurvl)' of the I..ut. Durllll the DIII._ Period (II dcftucd below). II pan of tile Bu,.'1 dUI,_.
the Buyer may okaID. at ItI expeIII8. one or more IUrvey. (the .Survey, of the Land coDt.1inlna I\Idl
dalla and cettl~.. and prepared IUldCll' audllonnat, a Buyer may require. At BII7'f" option, the
Survey may be .a~ to thow the Joc:adol of any tide matten of record, wheth... or not lame are
Permitted Excepdaaa. and .udl oilier matten II reqUe8~ by Buyer or nile CompIll.Y.
B. If the SuNey (or lII.y update tIIereof) Ihowa any lllCl'Oadlllleftt 011 the Land, or
that any ~ located OD die Land encroach. on the land of olha. or If tile S1ItVey allows an)'
other ddect or oIIJr;don to Buy.... Includln, any mauer whIch would atrect either the markotabllll)' of
title to the Property or the 1158 ot the Properl)'. ludllllCl'OPcl.nvmt or detec:t or objection 1IIa11 be treated
In the aame m_ a title defecu IIId obJectIolll are trlllted IInder Paraaraph 4.2 of thia Acreement.
5. _Ions OM Ilnlrv on I'mnMtv. Buyer aba11 have a perlocl of time (the .DUlI.co
Period") to make IDspcctiOIll. ablell.. teatJ (Includlna soli and envlrolllllelltal tlltI). copl.. plw and
lurvey.. and olberwlae perform dDta_ a required by Buy... wllb reapect to the Property. lbe
DUlleace Period sIIaIl CODUDellCt with the Etrcctlve Date and termiII.ate 5 p.m.. Eaatem nme. on tile
later 01 (I) aIxl)' (60) c1aya after die Btrectlve DIIe. or (II) 'Ulllary 20, 1~. or on tile _t bUlIDeu da)'
after either of nilI cIatea If lame Is DOt a buliaeaa day. If. within aald DUta- Period. the Buy. for
any reaaon. dH...... ill. ItalOle dIacretIon that die Property II DOt aatlafactory. the Buyer 1IIa111O IIOIlfy
the Seller of III IIoc:tIon not to proceed her8llllder. In that tvCllll. tI1Ia AJreement ahaI1 be deemed
terminated and !be partiea shall be rei loved of all further obllptlolll. If tbe Buy... fall. to 10 noUtY Seller
wlthlD tho DUlS_ PClI'IocI, tho condltloD of the Property abaIl be d__ accepubl..by tile Bu)'er.
a.w- the Efredlve D... and dI. C1oa1D&. tile 1I11)'et'. throuah Ita authorIlIed ........ peraonnel.
emp\oyeM and IDIIIpeodIllt COntraclOrl, abaU baye the rlpt of MIry lIpoIl die Propeat)' III order to make
any and all IDapecdona.1lUd1., tcatJ. copl.. pllllS and aurveys ofthoPL_I1. all.. Buyer may deem
neceaally or appaprlate. ADy IIIdII1lIpec:doIII aball beat the coat of Buy... and by penonnellelected
b)' Buyer. Buyer acknowled,OI that all auch ill.lpect10lll are b Bu~'a Informadollll pIItpo111 only.
!lell. 'If'" to JIIUVIcIe contlll\lOlll acceu to die Property throuah 0011... for die purpoll of maldDlIllY
IlUIpecllolll. .ludlla. testa and aorve)'1 d.1red by Buyer. Sell... aareea 10 provide to Bayer reuoMble
ac:c_ to Seller'. S. re,ardlna matten pertalullll to the Propeny and the uae of. copy machine to make
-3.
9
wmanlles as to the condition of the Property except as 8pllClfically S81 forlh In this ^Irecment.
NOlwithatandina the forelolnl, Buyer mMY r~lnapect the condlllon of the Property on or before the
CloSinll DlIte IIIld Buyer may termlnllte this Agreement If, In Buyer's rOlll<<lDahle jllllgment, there Is any
adverse condition of the Property rovcaled hy RlIch r~inl;pection which arose after the expiration of the
Diligence }>eriod.
6. Seller's Representationt and Warranties, Seller hereby represenll and warrants to the
Ruyer the following manera. The reprosentlltiUllll and warranlles shall all be tl'lle and COrrect as of the
Effecllve Date (except lIS Ipocifically set forlh below) and all true and correct as of Closlnl and shall be
certlfled, confirmed and updaled by the Seller at Closing by delivery of a Certlflcate as of the Closing
Date in a form reaAOnahly acceptahle to Buyer as 01 and through the date of Closlna and as an
Inducement to the Buyer to Close under this Alreement.
6.1 Seller's Authllrlty and Performance. Seller has lela! rl,ht and IIbility to sell the
Property pursuant to this Alreoment. The ~xllCution and delivery of this Alroement by Seller and the
consummation by Seller of tile tranallctlons contemplaled by tills A,recment fa within Stlller'a capaclly
and all requisite aCllon, co'1>Orate and IItherwla~, has been taken 10 make this A,reement vlllid and
blndlnl on Seller and ita partnerl and their respective omcen. directol'li, shareholders and creditors, In
accordance with lIS terma. Seller ill not a foreign emllY and there Is no requirement fllr withboldlna of
any portion of the Purchase Price for Pederal Income tax purposes and an appropriate artldavlt to the
foregoing effect will be delivered at Chilling. Seller will promplly pay for, perform and comply with all
covenants. agreemllllll, repr8lentallons and wal'rantlCll contained In thill Agreement.
6.2 No LelIal Bar. The execution hy Selllll' uf thi. Aareement and the consummation
by Seller of the transactlon.~ hereby contemplated does nol, and on the C10slnl Date wlllnot, result In
II breach of. or default under. any Indenture, agreement, lease, Instrument or obliratlon to wblch S~IIl:l
is a party and which affectl all or any portion of the Property, or to Seller's knowledae, constllutes a
violation of any Oovernmentlll Requiremenl. To Seller's knowledle. the Prllpeny is not the subject of
a right of Or.t 1'el\llll, Ol'tlon,leas~. use agreement, or agreement 10 purchase. or any restriction on sale
In favor of any other person or entity.
6.3 No Default or Insolv8llllv. Seller Is not In default under any Indenture, manaage,
lleed of truat, luan agreemenl, lease or otller alrcement or ohligatlon to which Seller Is a party or which
affects any portion of lhe Property. Seller is not Illllolvent and wUl not be rendered insulvCllt by this
A,reement or the cOlUlummatlon of the lranllctlona contemplated hereby.
6.4 IillI. Sellea' is the owner of Ihe Property In fce simple ahmlute and hlllllood and
marketable title to tile Property, free and clear of allUens, encumbrances and restrictions of any kind.
except the Permlued Exceptions and encumbrances of record which, lubject 10 PlItagraph 4.2, will be
paid hy Sellu from ita uwn funda at Closlna or from Ihe fund. delivered by Buyer at Clolml. The Seller
Is nOI a party to, and the Pfllperty 15 not IIff0l.1ed by, any service, maintenance or property manaaoment
agreement, declsratlon of condominium, homeowner'sll&reement, rClltrlctlvc covcollnts, (lr any conlrll1.1
ur otller aflrcem~nt nf any kind eXC4lpt those described In Ihe Permlu.ed Excepllons, and no such
aarcemonts and documentR will he hlndlng upon the Property or the Buyer of the Propeny after Closing.
The total of all debta, mortgaaos, liens and encumbrances affocttnl tho Property are leas tIIan the
Purchase Price and the Cash to Close shllll b~ applied to SlItlafy and fully pay for all Much itema h~fure
any lIistrlhutlon ther~uf tu Seller. Seller shall nOI further encumher, mortgage or lien the Property In any
resl\OCI which would prevent CloRln, in acc:ardanc:e with the terms of this Alreemen!.
6.5 L1thratlon. Thero arc no actio"", RullS, vlolatlolll, cltatlons, claims, notlcea,
pruClledingl or investicatlona pendina or, 10 Ihe knowledao of Seller, threatened aaalnst Seller or the
Pfllperty affectlnl any ponlon of the Property, except 8& 581 forth in Exhlhlt "C.. To the extent there
are any item. on Exhlhlt .C., said Items ,hall be dlsmiued with prejudice or otherwise cured and
rasolved to Seller's satl~!l!..ctlon p,lor to closln..
~, 'j;~
6.6 EnvlnmmentaJ Condltlun and Environmental Audit. Seller hu nllt rec~lved
any notice from any person, ontlty or Governmental Authority re,ardlnl any actual or potential edverae
environmental condition or any Adverse Environmental Substances un, about or under thll Property. As
a condition to closin" there shllll nut be U5ed, manu"4CtUred. located, stored or disposed of on, under
or aboUt the Property sny Adverso Envlronmemal Subsunces. The term Adverse Environmental
Substances is defined 10 mlllln .Ib""tu., radlm, pcb's, uil or other petroleum based products. chemicals.
any nox lous, ha7.ardous, orrenslve, exploaive or toxic subslances or wast", or any "Huudoua Materials"
or "Toxic Suhstllnc",,", as such terms arc defined In the Comprehensive F.nvironmenlal Response.
....
10,
Compensation and Lilbility Act of 1980. as amcnded. 42 use 9601. d. seq.. Hazardous Mawlals
TransportMtion, 49 USC 1801. d. ~eq.. the Resource Conlervatlon and Recovery Act, 42 USC 6901. Ill.
seq., and in the reaulatlona adopted In publlcatllln.~ promulgated pursuant \0 any of me abovc ltaled lawa,
whlcb remains on the Property or wblch would require any cleanup, treattnent or other action pursuant
to Mny applicable law or any environmental audit of the Property. NOI later than 30 days after thl:
Bffective Date, Seller shall oblaln and deliver 10 BUYl:r a Pbase I Environmental Property A~~~'menl
Audit on the Property preparlll1 by an environmental engineering and conaulting firm reasonably
acceptable to !'luyer, t.(Igether with ~uch further tests, audita and reports as shal'-be recommendlll1 by any
~uch reports (collectively "Environmental Audit"). Thl: Environmental Audit shall be addres~ed In and
certified to Seller and Buyer and any successor and aSllgn of Buyer and any lender which may encumber
me Property wim a mortgage. If the Environmental Audit Indicates any adverse environmental condition
or lhe suspicion thereof, or mal any Adverse Bnvlronmental Sub~tancea arc on, under or aboUI lI1e
Propeny. or recommends any fUrther study Ilr rllllllldial work, then Ruyer's acceptance of the Property
and Ihe Environmental Audit shall be conditioned upon all the work helng performed and the delivery
10 Buyer of an updated Envlrnnmental Audit which shall Indicate, among other things, thaltherl: is no
prellence or suspicion of lI1e proacnce of any of !hI: aoovl:-mlllttloned material I or substances on and about
the Property. The final Environmental Audit shall rcOcct. If applicable, that any tank or other COnditions
and matcrlals on or under the Property sball have been properly removed and abandoned, and any
affected subsurface or surface ~oils shllll be properly removed and dllllosed and any soli ~Ialn.~ un the
surface shall be properly removed and disposed and any surface or subsurface debris shall bo properly,'
removed and disposed. }further, lI1e Environmental Audit shllll Include soil tll8t and croundwater lest
resullS. if required, and, If applicable, a statement 8a \0 any cleanup, treatment, monitoring, retllClval or
othlll' remedial action which has occurred on the site. The finall3nvlronmental Audit shall not require
or recommend any remedllll actllln, treatment or monitoring wlm respect to the Propeny or lI11Y
neighboring propeny. To the exlont any environmental cl.lnditillrul arl: revealed and require treaunent,
cleanup or romodlatllln in IIrder fur lIII Bnvirunmental Audit to be I.sued which meets 1110 criteria of this
paragraph, then lI1e Seller agreca, at leA oxponse, tll remedlate and remove such adverse environmental
conditions 10 Ihe effect thallbe clean 1!nvlronmental Audit shall he Issued by thl: ClosiJll: Date without
reference to any such advlll'll8 environmental condlllona. In such event, the Closing Dille shall he
extended to a date which II 14 bUllnen daYI after Buyer's receipt of an Environmental Audit without
reference to the adverse environmental conditions (and Indicating that any treatmont, clllllJ\up,
recommendations and remodlatlon hu been complllled), except that the Closlna Date shall not bc
extllllded by mure lb1l11120 daya without 1110 Buyer'l wrlllen approval. Further, the Buyer may terminate
Ibis Agreemont If the treatment, clean up and remedial costa or other recommeded action relating to the
presence IIr suspicion of preaence of any Adverse Environmental Substances exceed $100,000 md the
Seller refosell to pay all of me treatment. cleanup and remedial costs and to perform the treattnl:Dt,
cleanup and remediation beforo el(lIlng.
6.7 Panl", In Pouculon. There are 1111 parties lither than Seller in possession or
having a riaht to po_alon of any portion of tho Property other than Buyer In accordance with this
Agreement.
6.8 No Om. RClpreaentallon. and Warrantl... 1!xccpt as oxpr~uly set forth in this
Agrll4lml:nt, SIlIIt:r ha.~ not lDlICle any waruntles or representations concernlna tbe Property or any
component thereof, Including, without limitation, the condition of Property and any Improvements Incated
thereon, tbe concurrency status of tlte Property, lI1e 7.onlna or other land ule restrictions affecting lI1e
Property, the compliance of the Property IIr any pan therwf with any Ollvemmental RequlreD1enl, 1111:
\III: or lIXistl:ncl: IIr prillr use or exilteuce of Hazardous Materiall on the Property; or the accuracy Ilr
completeness of any statcment or oll1er mailer prcvloualy disclosed \0 Buyer. Except as spoclncally
provided for in tbls Agreement, there sre no expressed or implied warranties liven \0 Buyer in
C()Moctiun with the ABle (If the Property. Except lIlI exprea.,ly set fllrth in this AlrClCllTlent, Seller does
hereby dl.c1alln any and all warranties of merchantability, habitability and nlness that may be due from
Seller to Buyer.
6.9 Survival. The .rorcmentlonod reprcsentatlons altall be tNe u of CIOIln, and
sball expressly .urvlve lb. Closing and the Closing ahallllOt be deemed a waiver of any remedllli for
SeliCI' llI)t having complotod or rondered true and correct any panlelllu representation or warranty.
7. .yer'. Rcmadlea for Saner'. Jl.nUfO of . Renroaenlallon or Warrantv.
7.1 If any representatlonl or warranty let forth In this Agreement Is Mt true and
currect, thom Sl:l1l:r shalllll1tify' Buyer In wrttlng within two (2) days after SeUer alcenalns such condition
but In any event by Cloainc. '
.5-
11
7.2 It', at Closlo" any of Seller's representatlolll or warranties silt forth in this
Agreemerrt are not true, then Buyl:ll' may either; (a) terminate this Aareement by written notice thereof
to Seller, In which event alimonies expended by Buyer In connection with this Agreement .hall be paid
by Seller to Buyer upon demand. and shall In no event exceed $50,000.00, and which written notice shall
Include such supporting data as reasonably necessary, and thereupon the parties shall be relieved of all
further ohllgation.~ under thiR A,reement: or (b) elect to cloae under thla Agreement notwithstanding the
failure of such rCf)rcsentatlon or warranty, prnvlded, however, that any AUch election hy Buyer aball not
be a waiver of. and Seller shall remain obligated under, any of tho other provlalona of thla Agreement
Including those relating to curing and paying for any title objections and the provisions relating \0 a Seller
default.
7.3 Seller'a rll/lresentatlona and warrantletl under thl. Paragraph 6 aball survive
Closing.
8. Cundemnation. In the event of the illlltlrutionofany proeeedlnga, orany threat or llOlice
theroof, by any Governmental AudlOrlty which shall relate to a proposed taltlng IIf any pllnlon IIf the
l'roperty by eminent domain prior \0 Closln" Seller a,rOCl \0 furnish Buyer with a copy of such notice
of a proposed takina within flve (5) business days after Seller's receipt of such notification or by Closing.
whichever IN earlier. In Nuch event, then Buyer may, at ita uption, within twenty (20) days of Buyer's
receipt of lhe nollce of proposed takln, either; (a) cancel this A,rccmcnt and this A,rcement shall be
deemed canceled; or (b) Close, In which case, Buyer will beentltlecllo receive the entire condemnlllon
award; otherwise, the Purchlllle Price wUlIWt be at'tC4.0"led by any Condemnation. Buyer aball notify Seller
of lIS election wldlln said twenty (20) day period. If Buyer eleclR not tu so tennlnate thla Agreemeat or
fails to respond to Seller'a nollficatlon of proposed condemnation procoedln.. within .ald twonty (20)
daYN, then the parties heretll Khall pruceed tu Cloalng and Seller IIhIIIIllsIgn all of till right, till. and
InterOSlln an awards In connection with IUch taking to Buyer. The parrilli acknowledge that the Pnlpelty
Is a proposed site for condemnation by the Ruyer and thll, If thl. transaction shan close tn accordance
with the terms of this Agreement. then thiN transllCllon aball occur in lieu of any condemnation by the
Huyer.
9. Buyer'N R""rllA8IIt.tiOnA and Warranties. Buyer hereby representa and warrants to the
Seller as of the P.t'tecrlve Dlle and u of the Cloaln, Dato that Buyer hu full and comploto authority to
purchase the Property and to comply with the term. of thl. ^.reement. and the execution and delivery
of thil Al.'feement by Buyer and the conlllmmatlon by Buyer of the transactions hereby contemplated are
within Buyer's capacity and all requiNite action hal heen taken to make thill Agreement valid and binding
on Buyer in accordance with ita lerma.
10. C1oaln,. '/'he Closing shan commence at 10:00 a.m. on the Closing Date and shall take
place at the offtce of Seller's IItlllmey In Dade County. P1orlda.
11 , Seller's Closln, Documenta. At ClOsln,. Seller shall deliver tho followln, documenll
(.Seller's Closing Documents") to Buyer or Buyer'. AUorney and title agent. Copi.. of Seller', Closlna
Oocumenlll shall be delivered tu Buyer or Buyer's Attllrney and title agent for review and approval at
IllIIlthree (3) huslness days prior to the Closing Oate.
II.] DIId. The Deed which .hall be duly executed and acknowledged by Seller so as
to convey to Buyer good and marketable fee Ilmple title to the Prllperly free and clear of all liens,
encumbrances and other condition. of title other than the Permlued P.xC8ptlona.
11.2 Lien Affidavll. A lien affidavllln form reasonably required by Buyer arteating
that, among other things, (a) no Individual, entity or Governmental Authority hili any claim lIalllAt the
Property under the appJlcable construction nen law. (b) no Individual, entity or Governmental Authority
I. either in poI....ion of the Property or hill a PO'se&aOry interN. or claim in the Property, other than
Buyer In accordance with this A,reement (c) no Improvementa to tho Property have been made for which
payment In filII hill IIOt been made. and (d) the Propeny la free of allllena. c1alma and llftcumbrallces
(other than the PermItted EncumbrilllCllll), and ther.. are IW lIullltmdln. bl1\s pertaining theret",
11.3 Clan Affidavit An affidavit In form and oontent reasonably satllfacr.ory to lhe
Title Company to facillllte the insuring of the "gllp.: I... the deleting III an exception to the Title
Cummltment of any mattets appearln, between the ctl'cctlve date of the Title Commitment and the
ef'Iectlvo dllCl of tho Title Polley.
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12
11.4 FIRPT A. A FlRPT A Non-Foreign Entlty Transferor Certificate, Exemption
CCfllflcalC or provide for withholding., In accordllIlCe with Section 144' of the Internal Revenue Code.
11.5 Pom 1099-s. Sych federal Income tax reporll respectina the 8ale of the Property
as arc required hy the Internal Revenue Code of 1986.
11.6 ~-l Reaulrements. Any documenll required In Schedule 8-1 of the Title
Commitment with tho exception of any d(lcumenta pertalnllll to the Buyer.
11.7 Re1lreaentltions and Warranties Certificate. A certificate of the Seller's GlII1eral
PaMer(s) restatlna and conflrmlna and certlfylnlf tho truth and aCl:\lfIll.")' of, and the full payment and
performance oc. all of Seller's repreaentatlons and warranties conlalnod In this Aareomont as of tho
Closinl Date.
11.8 Resolution. A ccrtlfled rcaolutlon and Incumbency certlflcate of the Seller
(Including Seller's directors l\IId shllfeholdenl. authorlzina the lII1terlna Into. execution and consummation
of this Aareement and the consummation of the transactions herein contemplated IInd tho Incumbent
officers, aa applicahle, authorized to execute dOCllmenta for Seller.
11.9 Ot2anizatlonal Documenla. A certificate of JlOOd atandlng Ind certified copies
of the oraanlzatlonlll documents, Includlna any certlfted Enalla\l transllltlons thereof, and as needed any
dacumenUl evidenclna the qualification to do business in f10rlda 8Dd any other documents reasonably
required hy Buyer and the Title Company.
11.10 OIhor Documonta. Any other documents required by this Aarccmont which Seller
Is obllgatod to dollver or to causo to bo dellverod and any other documents reasonably roqulrod by Buyor.
12. Ruver'a Cloaln, Documcnla, At Closlna the Buyer shall deliver the followlna documents
("Buyer's Clo~ing Document."). Copies of Buyer's closing Documents ahall be delivered to Seller or
Seller's Attorney for review and approval not less than three (3) buslnesa days prior to the Clo~ing Date.
12.1 CenlflcallQn, A cortlneale of Buyor aathorlzlna tho ontorlnalnto and execution
. of this Allreernent and lbe consummation of lbe transaction herein conlemplated.
12.2 Clodnll Staramsnl. A Closlna SlItement showlna all credits, costs, charaes and
other mattera relatina to the Property as set furtb in thil ^llrNlDClllt, Inc1UcJinIlI tax protlltion Igreement
to Incorporate the ohllglllllllUlllll: fllrtb In Paragraph 14.llIf thla Agreement.
12.3 ~relenta,lllna and Watrantiea Certifll:Jl'e. A eertlfitllllllXlnfirmlng the atlltul
of .11 of Buyer's representations and warranlles as of the Date of ClosllIJ.
12.4 Cash to Close. The totll amount IIf the Purch811e Price, subject to prorations lPId
idjustments.
13. Closlna Procedure. The Cloalng shall proceed In the fullowin& manner:
13.1 TrllllSfer "' Funda. At Closing, Buyer shall wlro transflll' to Seller the Cuh to
Close or pay same by check.
13.2 De1lvlll'Y of Documllllu, Buyer shall deliver Buyor'. Closing Dacum.nll and
So' Jor shall d.llver Seller's Closlnl Documenlll to one another at Cloling.
14. ClOllnll ('..Mta. Tax... Proratlona.
14.1 Iaua. Real..w. taxel ("tax..") shall be prOtateclul1f ClOSing with lIIlIltimum
diacount taken. TlIXeIIlhall be prorated based on amounts for the CIIrront year, except that If II'" ImOUDII
for the curr.nt year are nol avallabl.. proratlona shall be made based on the tlllea for the preceding year,
with ma",lmum dlacount taken. If, lubtequent to Cloldng, taxea lIr the year ot Closlna are detennlncd
to be higher or lower than as prorlled, a rl)-proratlon and adJUllIlIent will be made al tbe requlllt of Buyer
or Seller upon prelelll&tlon of the actual tax bill, and any plytDlltt required II a rtllUlt lit the re-prorlllon
shall be D' Jde within ten 001 daYl following demand thlll'ofor.
- 7.
13
,
14.2 Seller's Clolln. Casu. Sdler aha11 pay for the followlq ItemI from Ita own
fImda It or bcIore Cloam,:
(I> AD cettl1'Ied, \:Onftrmed or radftecl apeclaI .'-......IIeoa t1uoup dul
date of ClOIIq. If !he ImprovemelllS ptrtaha to SOVerJl.........1 1mprovemema which ImproVa.D bay.
beeII IIIbltlDtlll1y completed .. of tht Eft'ectlve Dare, IUdl IIeoa IbaIl be collllder.cl u cenlfled,
coll11rmed or ratified IIld s.n. a11I11, at Cloalq, be chat,ed wllh II1I111OI1Dt equal to die Jut _"'lite
of the applicable soverlllDll1tll body of the ImOlIDt of the ......"'...lj
(b> Mltleni required to be paid to obfaIJl clear title subjtct to th. IIm1tadou
colltained ill Article 4;
(c) AD fees, IIUft"'eo-tI, COItIII14 charS. bac:urred to ftlJfI1ll11d perform
the provlsloaa of tbIs AlfeemOl)f: aDd
(d) Documcatary ItaIIIp taX 1114 surtax to be alftxed 011 the Deed.
14.3 Buver's Closln, Costs, Buyer shaJ1 pay for the followiDlllems It the time of
C1011q:
(I) The COlt of tellOrdiq the Deed;
(b) The premium for the TIr1e Policy;
(e) 1bt COati for Buy.'. llUVey.
15. "~-"101l.. Full alId complete polltl.lon of the Property shall be delivered fill Buyer It
Cloaln..
16. n.",..l..
16.1 ~er's Defmlt, If thll trllllllCdoa fall. to cIa8e due fill I reIuaal or default by
Buyer, 1114 provl4ed Seller II DOt ill del'.Iult of thla Alfeemeat IDd all coJldldoDl precedem fill C10.m, are
satWied, the Sdlu ahaJJ live wriUen llOtIce to Buyer of eacb 4e&ult and Buyer IbaIl have leD (10) days
fill cure IIICh cIefauIl, .C~'11 dlat Buyer IbaIlIlOt be entitled fill Illy aotIcc It It &n. fill dON lbe wltb1n
tn"'I-::don on die C10aIq Date. If Buyer defaullJ by fIIIlq to cloIe the wlIbIn If-...olon on the
ClOIfII. Dace. IIId provided such tallure to clOl. is DOt clue to . Sell. 4etau1t. dIeD the Buyer abaIl be
deemellln defllull hereuDder wldlOUt Illy furtber IIOtice or riabt to cure. It Buyer JO defJuJts alId dul
default Is DOt dIIleIy CII1'td, thID Buyer IbaII PlY fill SeDer the IWlI of $50,000.00 II .,reed IIpQIl
I1qllldatelt damI&eI II a result 01 Buyer'. default hercun4er, IIld upon.\Idl paytDellt tbIs Aareemeat shall
be term'n.''''' lD wIIlch cue nellher Buyer !lOr Seller IhaIl have lilY ftItther oblJaatIoa or liability
hereunder or fII "O"ntctfOD herewith except as othecwll. alated III this A,rMlll8llt. Buyer and Seller
acbowledS' dill If Buyer 10 dsfllu1lJ. Seller will .uffer damI&u lD 111 A""'WIl which cannot be
ucettaiDed with reasonable certalnty on 1bt E1fectlv. Date, and tht SSO,ooo.OO Uquw..d damaa.
paYlJlOQt wUllllOlt clollly IpPtQxtmate the lI1lOunt neceaaary fill CO~1t8 Seller In lbe event oIsud!
default. Buyer IIId Seller aaree lbIt thla III bona fide liquidated ~o provlalon IIId DOt a peD<y or
forleiture provilioL
16.2 Seller's Default. If thla transactioD fal1a to daM due to a r'" or default by
Sell.., Buy<< abaI1 Jive wriUtD IIOtic:t to Seller of lOch dllfault IIId SeIl<< aha1I have _ (10) daya to wr. .
sucla default. -~'" 1IIIt Seller Iball DOt be entitled fill an, IIIltIce If Ie faIla to clOII the wllbln
IflDllctiOQ on the 0",1", Date. If StU. c1ttaWtI by taUlna to clOlt die wlthlll tI'IIIIlCtIon on the Cloaill,
Date, IDd provided IUc1I r.nure to clOll Is DOt due fill I Buyer default, mea lbe Seller Iball be ""-"<I
In cletadt herfWlder wldIout Illy Aulher DOdct or rlpt fill _.. If s.u. 10 d""',ltA IDd lbe default la
DOt tiIIIclIy CII1'ed, lIMD Buyer Ihall have die rlpt fill seek fill compel Sell... apeclflc pedbimaDce 01 tbIs
Aaneme... or III dul altenIIt1ve. fill c:acellbls A~. In wlllcIllYeIIt. Seller II1II1 pay fill Buyer lb.
I1IID 01 $50,000 II aareed upon liqul4ltod cIImaaw II I ,.. of Seller'. dcfIu1t hereuD4er, ID4 upOD
IUcIl paymeat ibis AIf-......t Iha1I be term'n....! In wblcll cue aeIdMr Buyer 11M Seller Iha1I have any
fIIrther obllptloG or IIabIUty herewlder or In cc:-"Ct1OD herewi1h flXcept II Olhetwile atarecI In this
Air"'" Tbt toreaolq a11a1l be Buyer'. 101. reaaedlea In tho tv_ 01 Seller'. default bereull4er ID4
Buyer IhII1 have 110 ac:don ..1fDst SelJer tor cIamq. odl.. dIaD In co"".-w. wkh die faIlur. of a
repr"'f .1_llon or WIn'IIIty whIcl1la discovered after closlD& or In connectlon wIdl the SelJer'J detauJr In
falIlq to pay lilY .um cmv"""P1ated by thla Aarcement II beinS rcqulrecl to be paid to COIII""'onU. lhe
-I.
14
within transaction. Buyer and Seller acknowledae that If Seller so defaults. and Buyer el8CIJ to cancel
thla Agreement In lieu of seeking Iplll:lftc pcrfumlllllC1l, the Buyer wUl IUtTer damages in an amount
which cannot bo ascertained with reas<lDMble certainty on the Effective Date and the $50,000.00 IIquldatc:d
damaae payment will most closely approximate the amount necessary to compensate Seller In the event
uf Kuch default. Buyer and Seller agree that this iM a bona fide liquidatlllldamage pCllviKlon and not M
penalty or forfeiture provision.
17. RllllI ElllIte Brokilrl. SlIlIlIr and Buyer rllprlllillllt and warrant to llIIch other that, except
a~ ~et forth In this Agrcemem, neither of them hl/l dealt IIr con.,ulted with lilY real estate hrokers,
salc.<men or f1ndcn in connection with this transaction. Scllcr rCflrclcnts that it hu dealt with ('.oconut
Grove Really, and Edmond Boutonn., the commlsslolli for whom shall be Seller's obllaatlon. Buyer
reprt:SentK that it haa not dealt with any hroker other than Coconut Grove Realty, and Edmund Boutonnet.
Seller and Buyer hereby mutually agree to indemnify, save and hold each other harmJeu fnlm and ..ain.<t
any and all losses, damaaes. claims, COSIl and expenses (Including attorney's fees and expenses) In any
way resulting from or coM8Cted with any claillll or suits for a broker's or uleaman's commission,
finder's foe or other like compcnSallon, mldo or brought by any perlOn or emlty reaultlnll from Its own
aCla, except aa aforesaid. In the event that Buyer shall retain any third party broker, aalespenon or
colliultant, Buyer shall be responsible for such pany's commissions and/or fees. lbis provision shall
survive Closing and the delivery of the Deed to Buyer.
18. Notices. Any notices required to be alven by the terms of thi, Aareement or under any
applicable law by eith<< party Ihan bo in wrltlnll and ihall bo either hand-dllllv<<eclllr sent by certlftecl
or realstered mall, pastage prepaid, return receipt requested, or lent via Pederal Expresl or odIer similar
courier service, and such notice ahall be deemed to have been given when postmarked, when
hand-delivered or when Kent via Cllurier Kervice in accordance with the tenns (If this Paragrll/lh. Such
written notice shall ho Iddrcssc:d 1/1 follow.:
Tu the Buyer:
with a copy to:
and to:
To the Seller:
MJAMI BEACH .REDEVELOPMBNT AGENCY
1700 Convention Conter DrIVe
MiamI Beach. Florida 33139
Attentlan: Executive Director
Office: (305) 673-7010
Fax: (305) 673.7002
Lawreace FebIaold, Haq.
Redevelopment A.cm:y Attorney
1700 ConY8lltlon Center Drive
Miami Belch, Florida 33139
Omce: (305) 673-7470
Fax: (3OS) 673-7002
David J. Berger. l>.A.
Bmall and Cusel
175 Northweat Pint Avenue
Suite 2000
Miami, Florida 33128-9965
Office: (305) 373-9444
FlIX: (305) 373-9495
ANTUN INVP.sTMRNTS. INC.
elo lretIe !lonzi, Eaq.
Suchall&ll IngCTlOn, P.C.
19495 BilCayno Boulevard
Suite 606
i'{onh Miami Jttlch, l10rlda 33180
Offtce: (305) 933-5600
FIX: (305) 933-2350
-9-
15
with a copy to:
Irene Ponzi, Esq.
Buclllllll\ Ingenoll, P.C.
19495 BiAcayne Boulevard
Suite 606
North Miami Beach, Florida 33180
Office: (305) 933-S600
Pax: (305) 933-2350
Notice delivered to c:oullSel for a party ahall be deemed de1lvlllY uf nutlce tu the party.
19. AlIllrnmont. Thla Alroement la not wtlnable by Seller. This Agreement may be freely
assigned by Buyer 10 the Miami aeaell Redevelopment Agency ur, If a $50,000 dllJlosit I. placed In
eacrow with an auorney selected by Buyer to aecure the ..sllnee', perfurmance of thll Alreement,
whereupon the Buyer shall be relea.~ed from any liability Uodlll thi. AlI'eement. Buyer muat notify Sellor
of any auch usllnmont in writing at leut len (l0) days prior to the Closina Date.
20.
Closing.
Miscellaneuus. All uf the pruvlslon., of this Paraarapb sball bo doomed 10 survive
20.1 Cuunb!martA. This Agreement may be executccl In any number of counterparts,
anyone and alluf wblch lI1all conltltuto the Agreemenl of !bo parties. The paragrapb headinal herein
contained arc for tho purposes of IdonllOcallon only and shall not be c:onsldolted in c:onStn.inll thia
Agreement.
20.2 Amendment. Nu modltlcatlon or amendment of dill Alroomenl shall bel of any
furce or eft'eet unlo... In wrldna executed by hadl Sailor and Buyer.
20.3 Attuml\Ys' FellS. If any party ubtaln., a judgment lIgaln.,t any uther party by
reason of any lIt1g&lion Irlltna out of thll Agreemenl, reasonable aUorneyl' fees and COStll mly bel
recovered and may be included in suell Judgment.
20.4 C'dlVernlnllu", and Venue. Thla Aareemanl shall be Inl8l'preted in accordance
with the laws of the State of Morida, both substantive and remedial. Venue sban be in Dade County.
Florida.
20.5 S,,~~...tora 8Ild A.alltRl. Thil Aareement ahallinure to the benefit of and be
bindinll: upon die IUCCll!lllUlll and permitted _Ians of the partillll hereto.
20.6 C"n"ll)lItation of Oat... If any date lXImputlld in th. mannllf herein aet furth fills
on alellal holiday or non-bualncsl day or non.banklnl day, dlen such date Ihan be e~tended 10 the Orst
hUAinllS5 day fullowinllwd legal holiday or non-businll.'. day or non-hanklllll day.
20.7 Time Is of the Baaence. Time ia of the essenco with respect to all times stilled
In this Agreement. Failure of either party to close dill transaction on the Cloalng Date without default
Oil tbe pan of the other party shall be considered a default In this Alrooment. The proviAloll5 herein
contained shall be strictly collSlrued for the reason thai both parllea Imend thai all lime periods provided
for In this Agreement Shall be strictly adhered to.
20.8 A~~~I.anec Date. This Agrocmcol.hall be null and void and of no fIIrdler force
and effect unless I copy of same executed by Seller is delivered to Buyer by or hefore tbe close of
buslnosl wldlln nve (5) daya after die datc of dll. Allrccment Orst wrlnen above.
20.9 MalhtMance of Pr~. The Property shall be maintained by Seller In the SllllUl
condition 18 exlsled 18 of the EffectIve D....
20.10 SlaDa. 'PTom and an.r the J!fI'ectlve Date, Ruyer sIlall have the rlahl (for no
additional consideration) 10 ulU1ze the Property for the installation of sipa al required by the Buyer.
Sbuuld the Buyer terminate thla Aareenlllllt, then Buyer Ihalllmmcdlately remove all such allns and shall
restore die Property 1lI III condition exllllng prior 10 Buyer's Iermlnatlon, rel80nable wear and tear
elcepled.
20.1 J B~",'. Indemnlflcatlnn. Buyer shall Indemnify Seller and hold Selllll: harmleas
t'rnm all claIms and expensOl for personal hllury, propeny damage, and liens of any kind caused by Buyer
. 10.
16
or Duyer's aaenta, emploYMll. or ind4lpendent contractors I1lslng out of Buyora' actlvlly on the Property
pur~uant to Parallraph 5 and Parllllraph 20.10 and thl~ Indemnlftcatlon shall Include Ind~lftc:atlun
allainst money judllDlIIDtl. lien judgmenta, Qlun c:ost~ and attorneys fees assessed aaainst Seller or the
Property. ..~ wellllll cuurt CURts and attorncy's fces Incurred by Seller In defending such a claim llialnst
Seller or agalnsl the Property.
20.12 No Recordation of AlIreement. This Agreement may Dot be recorded In any
Puhlic Records.
20.13 Dnftlnll. This Agrccmont and Exhlblta heretO havcI bwn nellotlated at lUIIllIlength
by Seller and Buyer, and the partlca mutually ..ree that for the purpose of cunstrulna the terms of this
Agreement. or said Exhlbllll. neither party shall be dtlllmod responsible for the authol'llblplhoroof. The
provl~lons of this para,rap/! shall survive Ihe closing and delivery of the deed uf conveyance.
20.14 t'urther Assurances. Each of the parllell hereto. without further consideration.
aarees 10 execute and deliver such other do~"IImenlll. and to talee such other acllon, whether prior or
suhsequent tu the Closln, may be necessary to more effectively consummate the purllose.~ ur subject
mallet hereof.
20.15 Survival. UnlellA utherwbe speelftcally slllOd to the contrary In this A.reemenl.
the provislolls of this Agreement and tho applicable payment. and performance obli,atiuns of the parties
set forth III this A,roomonlshalJ survive Closln. and delivery of the deecl of conveyance and shall survive
termination of this Aarelllllelll.
20.16 Annnlval by Redevelunment Allenc:y. This Aarcement.hall be blndln. upon the
Buyer only after It hIlA heen 8JlIlrovccl at a publle hearln, by the Miami Beach Redevelopment A.ency
and sillled by the Chslrman or Vice Chairman for tbe Miami Beach Redevelopment Agency or another
duly authorir.ed person.
IN WITNESS WHEREOF, each of the panleR hereto hllll allllod this A,reement under seal the
dlY and year appearlnll helow their respective .lgnaturea.
WITNESSES:
SBU.BR:
ANTIlN INVESTMENT CORP.. a Panlma Clll'JlOrltlon
By:
Antonio Jur . PrellidllJlt. lule Director
and lUIe Shareholder
(SHALl
Date:
,1993
BUYER:
MIAMI BEACH REDEVELOPMBNT AGBNCY.
I Florida municipal corporation
Dy:
(SIiALI
Dti:
_,,_.. .. 1993
.11 .
FORM APPROVED
lE~~T. _y::?
By\ ~" ~~
Date If //;$' /9:?
, ,-
17
Exhlhlt "A.
I_al DMerIDlIOll of the ProDcl'ty
TO BE INSERTED
~
,
18
~hlbit ItB"
1Wm'11.... Exlll!lltlontl
TO BE JNSERTED
19
~bit "C'
l.JU..lIM. VlolaUon... Rfr.
TO BE INSERTED
20
I
I
I
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I
QUINLIV AN APPIlAISAL
A PROFESSION A,L A.soclA. TtON
REAL ESTATE ApPRAISERS Be CoNBULT4KTS
1I730 S.W. 74TH STREET. SUITE 300
SoUTH MIAMI. FLORIDA 33143
TELE~HONE (301l) 663-6611
FAX (301l) 6611-4921
ORZGORY R. GUNTER. MAl
STAT'B.cIlIllTlptIlD OIll'fftRAL hp..AI.F.R
HZ 0000438
THOMAS F. M'AOENHEIMER, MAl
STATB.c.IIIT1pn:1) GEl'feRAL A.P.MSP-A
RZ 0000&83
J. MARK OUIMLIVAK. MAl
STAn..(:Il.TIPlt:D GB1..~....L '\..111..,1...
RZ OOOOlla
JAMES E. AOMI!:R. MAl
S'I'.n.c..np..o Ol!tifJUU.L .\.......1.8.
RZ 00003811
September 23, 1993
I
Mr. Harry S. Mavrogenes, Director
City of Miami Beach Development, Design,
and Historic Preservation Services Department
1700 Convention Center Drive
Miami Beach, Florida 33139
I
Mr. Mavrogenes:
.'
,
~
.
I
In accordance with your request and authorization, we have prepared this Appraisal
Report covering the following described property:
An ocean front land site known as the St. Moritz
Hotel Site, located at IS6S Collins Avenue, Miami
Beach, Florida.
The purpose of this Appraisal is to estimate the Market Value of the described
property as of September IS, 1993, being one of the dates of personal inspection.
The narrative Appraisal Report that follows sets forth the identification of the
piopeny, the assumptions and limiting conditions, pertinent facts about the area and
the subject property, comparable data, the results of the investigations and
analyses, and the reasoning leading to the conclusions set forth.
A survey of the described property was not provided for analysis. The site size
contained herein is based on recorded plats and the site size on the tax roll of Dade
County. The site size utilized herein is assumed to be correct.
I
.
.
-
21
Mr.1brrJ S. Ma..-.-. DIrector
~-'- 23, D93
Pqe Two
Based on the inspection of the property and the investigation and analyses
undertaken, we have fonned the opinion that, as of September 1S, 1993, the
subject property has a Market Value of:
Jl'otJa MILUoN 'l'IDu!B HllNDRIlD AND Thud r-FrYB 'l'JIo(&NI) DoUAllS
($4,335,000)
Respectfully submitted,
/)
I ,} ,'1 _
re..~~/~-
/..-:' Mark QuIoIma, MAl
)4'_ Certified Geoen1 Appni_
CertificatiOll Number: RZOOOOl12
~7
1'h0lDllS F. , MAl
SIaIe Certified Oeoen1 ApprU.r
Certificatioo Number: RZOOOO5S3
"
IMQ/nlm
(93-1S2D)
22.
HEDG-PETH & GALLAHER, INC.
REAL ESTATE Arl'RAI~E~S AND CONSULTANTS
liLEN~Elllh'l hl...1F nll.{Ii.:I:R~
l
CERTIFICATE OF APPRAISAL
ROBERT 1::. GALLAHER, JR. and PATRICIA J. BIRCH do hereby certify that upon
application by Ms. Marla Dumas, Redevelopment Coordinator for the City of Miami Beach,
they have made an investigation and analysis of the property legally described on page.
10 of this report and that, in their opinion, the market value of the fee simple title, as of
September 30, 1993 was as follows:
FIVE MILLION DOLLARS
~5.0Q0.QQP
The undersigned appraisers certify that, to the best of their knowledge and belief, the
. statements contained in this report are true and correct; the reported analyses, opinions,
and conclusions are limited only by the reported "Assumptions and Umiting Conditions"
at page 2, and are their personal, unbiased professional analyses, opinions, and
conclusions; their compensation is not contingent on an action or event resulting from the
analyses, opinions or conclusions in, or the use of, this report; also that this appraisal has
been prepared in conformity with the requirements of the Code of Professional Ethics and
the Standards of Professional Practice of the Appraisal Institute and in conformity with the
requirements of the State of Florida for state certified appraisals. The use of this report
is subject to the requirements of the Appraisal Institute and the State of Florida relating
to review by duly authorized representatives of the Institute and by the Real Estate Sub-
Committee of the Florida Real Estate Commission.
The appraisers do further certify that they have no present or prospective interest in the
property and no personal interest or bias with respect to the parties involved and that
they have made a personal inspection of the property that is the subject of this report and
that there has been no unacknowledged significant professional assistance.
I
I
~
As of the date of this report, Robert E. Gallaher, Jr., has completed the requirements
under the continuing education program for the Appraisal Institute and both Mr. Gallaher
and Ms. Birch have completed the continuing education requirements for the State of
Florida.
e~LAHER' JR., MAl ~;;. J BIRCH
State cert~'ii~neral Appraiser State Certified General Appraiser
Certificate No. RZ0000098 Certificate No. RZ0001294
DATED: OCTOBER 29,1993
One Datran Cente.. 9100 South Dadeland Boulevard, Suite 1704 . Miami, Florida 33156. Phon. (305)670.2111 . Fu(3051 670.9988
23
QUINLlV AN ApPRAISAL
A PROPZtltllOlfAL A..OCIATIOl'l'
REAL ESTATE ApPRAISERS Be CoMBULTA!fT8
11730 S.W. 74TH ST.""T. SUIT" 300
SoUTH MIAMI, FLORIDA 33143
J. MARK QUUfLlVAJ'Il'. MAl
STAT&-c..TIPIKD GIU..aAL App........
RZ 0000112
JAM!:S E. AGNER, MAl
STATB-c.aTI"'e:D O."ll!a.L Ap.aAIIlr.a
RZ 0000382
TELEPHP"" (3011) 863~611
FAX (3011) 6611.4921
GREGORY R. OUNTP.R. MAl
5'tATS.cllaT'PtBD GI!:"1!RAL A.PRAI8r.R
HZ 00004..'18
THOMAS F. MAOElt'HEIMER. MAl
STATIl-C..np'.D GBlfllaAL A.P.AI8r:R
RZ 0000IlII3
September 23, 1993
Mr. Harry S. Mavrogenes, Director
City of Miami Beach Development, Design,
and Historic Preservation Services Department
1700 Convention Center Drive
Miami Beach, Florida 33139
Mr. Mavrogenes:
In accordance with your request and authorization, we have prepared this Appraisal
Report covering the following described property:
An ocean front land site known as the Poinciana
Hotel Site, located at lSSS Collins Avenue, Miami
Beach, Florida.
The purpose of this Appraisal is to estimate the Market Value of the described
property as of September lS, 1993, being one of the dates of personal inspection.
The narrative Appraisal Report that follows sets forth the identification of the
property, the assumptions and limiting conditions, pertinent facts about the area and
the subject property, comparable data, the results of the investigations and
analyses, and the reasoning leading to the conclusions set forth.
. A survey of the described property was not provided for analysis. The site size
contained herein is based on recorded plats and the site size on the tax roll of Dade
County. The site size utilized herein is assumed to be correct.
24
Mr. IIarrJ S. Mau-4!US, ~
~-- 23, 1J93 '
Pqe Two
!
I
I
Based on the inspection of the property and the investigation and analyses
undertaken, we have formed the opinion that, as of September' 15, 1993, the
subject property has a Market Value of:
Two MnuoN ONE HtlNDIUlD AND ElGBTY 'I'IIouwm DoUAltS
($2,180,000)
~
~
I
~
,
I
I
I
I
I
Respectfully submitted,
1
! " "1,
g'.' ~t /;;il-fl-
, 1/
~ Man QulnIIua, MAl
Slale Certified Geae..l Appniser
CertificatioD Number: RZOOOOll2
~ 74k.~n.l.
1b0lDM F. Mqeab~
Slate Certified Geaerai Appniser
CertificatiOD Number: RZOOOOSS3
JMQ/nlm
(93-IS2C)
25
HEDG-PETH & GALLAHER, INc.
REAL E~TATE APPRAISERS AND CONSULTANTS
1.1( FN<;FIl RFAI. E.....'''TE BRI)t;ER~
CERTIFICATE OF APPRAISAL
ROBERT E. GALLAHER, JR. and PATRICIA J. BIRCH do hereby certify that upon
application by Ms. Marla Dumas, Redevelopment Coordinator for the City o~ Miami Beach,
they have made an investigation and analysis of the property legally described on page.
10 of this report and that, in their opinion, the market value of the fee simple title, as of
September 30, 1993 was as follows:
AS AN INDIVIDUAL SITE DEVELOPED WITH AN APARTMENT CONDOMINIUM -
lWO MILLION ONE HUNDRED THOUSAND DOLLARS
$2,100..QQll
AS THOUGH ASSEMBLED WITH ADJOINING LAND -
lWO MILLION SEVEN HUNDRED THOUSAND DOLLARS
$2.700,000
The undersigned appraisers certify that, to the best of their knowledge and belief, the
statements contained in this report are true and correct; the reported analyses, opinions,
and conclusions are limited only by the reported "Assumptions and Limiting Conditions"
at page 2, and are their personal, unbiased professional analyses, opinions, and
conclusions; their compensation is not contingent on an action or event resulting from the
analyses, opinions or conclusions in, or the use of, this report; also that this appraisal has
been prepared in conformity with the requirements of the Code of Professional Ethics and
the Standards of Professional Practice of the Appraisal Institute and in conformity with the
requirements of the State of Florida for state' certified appraisals. The use of this report
is subject to the requirements of the Appraisal Institute and the State of Florida relating
to review by duly authorized representatives of the Institute and by the Real Estate Sub-
Committee of the Florida Real Estate Commission.
The appraisers do further certify that they have no present or prospective interest in the
property and no personal interest or bias with respect to the parties involved and that
they have made a personal inspection of the property that is the subject of this report and
that there has been no unacknowledged significant professional assistance.
As of the date of this report, Robert E. Gallaher, Jr., has completed the requirements
under the continuing education program for the Appraisal Institute and both Mr. Gallaher
and Ms. Birch have completed the continuing education requirements for the State of
Florida.
!/(7)1l;iflJ. ~ ~~~
ROBERT E. ;A~ER, JR., MAl ~~'A J. BIRCH
State Certified General Appraiser State Certified General Appraiser
Certificate No. RZ0000098 Certificate No. RZoo01294
DATED: OCTOBER 29, 1993
One Dalron Center. 9100 Soulh Dadeland Bculevard, Suile 1704 . Miami, Florida 33156. Phone (3051 670..2211 . Fax (305) 670-9988
:l6
MIAMI HERALD
"iue.s~v, NOV~M8ER 161 Iqq3
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f~ to '81_1 to: j. ~:8;
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AGENDA
ITEM
2.7
R-t-/tA.3
U:.Jl- q3
DATE
CITY OF
MIAMI
BEACH
~e
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
OFFICE OF THE CITY MANAGER TELEPHONE: (305) 673.1010
FAX: (305) 673-7782
COMMISSION MEMORANDUM NO. ~g3
TO:
Mayor Seymour Gelber and
Members of the City Commission
DATE: November 17, 1993
FROM:
Roger M. Ca
City Manager
SUBJECT:
UPDATE ON HOTEL SITE LAND ACQUISITION AND AUTHORIZATION
TO: (11 PROCEED WITH QUICK TAKE EMINENT DOMAIN ON THE ST.
MORITZ PROPERTY AT 1565 COLLINS AVENUE; AND (21 THE MAYOR
AND CITY CLERK TO EXECUTE A CONTRACT POR THE ACQUISITION
OP THE PORMER POINCIANA HOTEL SITE AT 1555 COLLINS AVENUE
ADMINISTRATION RECOMMENDATION:
It is recommended that: (1) the Administration and City Attorney be
authorized to file quick take eminent domain actions to acquire the
St. Moritz hotel and property at 1565 Collins Avenue; (2) that the
Mayor and City Clerk be authorized to sign a contract for
acquisition of the former poinciana property at 1555 Collins
Avenue.
BACKGROUND:
The Administration, legal staff and outside counsel, David Berger,
have been meeting with property owners or their representatives
since the original commission direction last month to pursue the
acquisition of the various parcels from 1535 Collins Avenue north
to 1565 Collins Avenue.
The Commission'S highest priority has been the acquisition of the
St. Moritz parcel, because of the imminent danger to the building
due to the present owners' neglect and also because it logically
ties into the Sands/New Yorker parcel that the City already has
under contract.
Unfortunately, due to the present ownership structure in a foreign
partnership and litigation between owners, it will be the most
difficult to acquire the property by negotiations. The City's
appraisals for the property are $5 million and $4.335 million. The
owners' representatives have substantially more in mind. It is the
Administration's belief that further negotiations will not be
successful allow;ing the building to further deteriorate. The
Agency must initiate eminent domain proceedings in order to be
assured of a timely and fair priced acquisition. Because the City
is also going out with an RFP in the very near future, it is
strongly recommended that a quick take action be taken.
A quick take requires the City to deposit the undisputed appraisal
amount into an escrow account at the time of filing the eminent
domain action. Title to the City is vested at this time.
Regardless of the final value determination by the Court, the City
is required to complete this acquisition and make full payment.
1
-1-
AGENDA OJ ^ ^
ITEM 1\- - t"lf\.
DATE~
A slow take process allows the City to withdraw from the procedure
at any time. Title to the property is not vested with the City
until issuance of the final judgement, at which time the City, if
they wish to complete the transaction, must make payment in full.
The City has also conducted successful negotiations on the
poinciana parcel. The site at 1555 Collins Avenue is just south of
the St. Moritz. The two appraisers have valued the property at (a)
$2.1 million as is versus $2.7 million as an assembled parcel and
(b) $2.19 million.
The parcel is vacant and would be valuable to the City/Agency as
either an adjunct to the Sands/St. Moritz assembly or if further
action is pursued to the south as an adjunct to the Royal Palm and
Shorecrest.
The owners have agreed to a price of $1,850,000, substantially
below the appraisals. A contract is being prepared and is under
review by the City Attorney's office. It will be distribuced in
the Addendum on Monday, November 15th, along with Resolutions
approving both actions discussed herein. It is similar to the
Sands contract, allowing a GO-day due diligence period for the City
to perform all necessary inspections. and 30 more days to close.
The Administration believes that this is a very advantageous
acquisition.
CONCLUSION:
The authorization for condemnation under quick take procedures for
the St. Moritz is necessary to obtain the property in a short time
before deterioration becomes too great to allow renovation. The
acquisition of the poinciana site below appraisal value is
extremely advantageous to the convention quality hotel proj ect.
Therefore, your approval of the poinciana contract is recommended
as well as authorization to initiate quick take procedures for the
St. Moritz.
The Resolution and the contract draft are under legal review and
will be sent to the Commission under separate cover Monday,
November 15, 1993.
RMC: jph
Attachments
2
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A TT ACHMENT RESOLUT'ON
3