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Scott Robins Companies, Inc.-Purdy Agreement
AGREEMENT THIS AGREEMENT ("Agreement") is executed by and between SCOTT ROBINS COMPANIES, INC., a Florida corporation, PURDY PARTNERS, LLC, a Florida limited liability company, PURDY PARTNERS 1919, LLC, a Florida limited liability company, and 1849 PURDY PARTNERS, LLC, a Florida limited liability company (collectively, "Seller"); and CITY OF MIAMI BEACH, a municipal corporation ("City"). RECITALS A. Seller owns all of the Land (as hereafter defined) except for the Tremont Parcel (as hereafter defined) and Scott Robins Companies, Inc. ("SRC"), one of the parties comprising Seller, has an option to purchase the Tremont Parcel; B. Seller desires to (1) purchase the Tremont Parcel, (2) sell to City (in two separate closings) the City Property (as hereafter defined); (3) retain title to the Retained Property; and (4) upon completion of the Project (as hereafter defined), improve and operate the Retained Property as a retail development; C. Subject to City's ability to arrange acceptable parking revenue bond financing, City desires to (1) purchase the City Property; (2) thereafter cause the Project to be completed; and (3) upon completion of the Project, operate a parking garage upon the City Property; and D. Upon completion of the Project, the parties intend that the City Property and the Retained Property constitute amixed-use project, subject to the terms and conditions of the Declaration (as hereafter defined). NOW, THEREFORE, in consideration of the premises and other valuable considerations, Seller agrees to sell the City Property to City and City agrees to purchase the City Property from Seller on the terms and conditions contained herein: Section 1. Definitions and References. The following terms, as used in this Agreement, have the following meanings: "Agreement Date" means the date upon which this Agreement has been executed by both Seller and City. "A/E Agreement" means an agreement to be negotiated between, and executed by, Seller and Arquitectonica for the design, permitting, bid/award, and construction administration of the Project for an amount and on tenors approved by City and which is assigned to City at First Closing and modified in its entirety to conform with the City's standard form of architectural/engineering contract and otherwise as approved by City. The A/E Agreement shall provide that it shall terminate and City shall have no further obligations thereunder if the Financing Contingency (as defined in Section 8.1(a) is not satisfied or waived by City). "Cit~Property" means collectively (a) that portion of the real property described on Exhibit A hereto upon which the elevators, elevator lobby, stairwells, and garage ramp of the Project will be located; (b) the air rights on all portions of the Land 16 feet above the unfinished floor surface of the ground floor of the Project ("Air Rights"); (c) all tenements, hereditaments, easements, privileges, development rights and other appurtenances to the Land, except, however, for the Retained Property; and (d) all easements and other rights afforded to City under the Declaration. "City Tremont Parcel" means that portion of the Tremont Parcel identified as City Tremont Parcel on Exhibit A-2 hereto, to be acquired by the City, the legal description of which shall be determined pursuant to a survey approved by City and SRC. "Closin s "means the consummation of the sale and conveyance of the City Property by Seller to City and payment of the Purchase Price by City to Seller, pursuant to Section 8.1 of this Agreement. It is anticipated that there maybe two separate Closings. "Closing Dates" means the two separate dates upon which the Closings occur, as set forth in Section 8.1 of this Agreement. "Construction Commencement Date" means the date upon which construction of the Project has commenced. "Contracts" means all contracts, and other agreements, written or oral (exclusive of the Leases), governing or relating to the Land and Improvements. "Coun "means Miami-Dade County, a political subdivision of the State of Florida. "Declaration" means the Declaration of Commercial Condominium be executed by City and Seller at the Second Closing, which shall be consistent with the terms shown on Exhibit B hereto and which shall subject the Land and the Project to the condominium form of ownership; provided, however, if City determines that the creation of a commercial condominium is not necessary or advisable for establishing or maintaining the tax exempt status of the City Property, a commercial condominium shall not be created and in that event the term "Declaration" shall mean and refer to a Declaration of Covenants, Restrictions and Easements that complies with Exhibit B and contains such other provisions as are customary for projects involving air rights and a split fee arrangement. "Final Completion" means completion of the Project and issuance of a final Certificate of Use and final Certificate of Occupancy therefor. "Financin Contin ency" has the meaning indicated in Section 8.1(a). "First Closing" has the meaning indicated in Section 8.1(b). "Hazardous Substances" means (i) those substances included within the definitions of "hazardous substances," "hazardous materials," "toxic substances" or "solid waste" in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. § 960, et sec ., the Resource Conservation and Recovery Act of 1976, 42 U.S.C. § 6901, et sec ., the Hazardous Materials Transportation Act, 49 U.S.C. § 1801, et se____lc ., or the Clean Water -2- sunset harbor parking garage project (final agenda version 12-I 1-08) Act, 33 U.S.C. § 1321, et se ., and in the regulations promulgated pursuant thereto; (ii) those substances listed in the United States Department of Transportation Table (49 CFR § 172.101) or by the Environmental Protection Agency as "hazardous substances"; (iii) such other substances, materials and wastes which are regulated, or classified as hazardous or toxic, under applicable local, state or federal law or regulations; and (iv) any material, waste or substance which is petroleum, asbestos, polychlorinated biphenyls, flammable explosives or radioactive materials. "Improvements" means the buildings and other improvements located upon the Land on the Agreement Date. "Inspection Expiration Date" has the meaning set forth in Section 7.2. "Land" means the real property legally described on Exhibit A attached hereto, together with all tenements, hereditaments, development rights, easements, privileges, reversions, remainders and other rights and appurtenances belonging or in any manner appertaining thereto, including without limitation all reversionary interests in and to any adjoining or abutting rights- of-way. The Land includes approximately 43,500 square feet of land. "Leases" means all leases, licenses and other agreements, whether oral or written, for the use or occupancy of any portion of the Land or Improvements, including those listed on Schedule 4.8. "Permitted Exceptions" means the title exceptions set forth in Exhibit C hereto, and those revealed by the Title Commitment to which City has not objected by notice to Seller within the objection period described in Section 2.1. "Plans" means all architectural and engineering plans and specifications for the Project including the concept plans prepared by Arquitectonica dated August 1, 2008 and all plans and specifications heretofore or hereafter produced by Arquitectonica pursuant to the A/E Agreement and approved by City and, as to changes made after the First Closing which may materially and adversely affect the Retained Property, as approved by Seller. "Pre-Development Agreement" means that certain cost sharing agreement between Seller and City dated August 18, 2008 with respect to the sharing of certain pre- development costs. "Project" means the design, permitting, development and construction of a 458- space parking garage on the Land substantially as heretofore approved by the City's Design/Review Board (on October 6, 2008, File Number 21861) and Planning Board (on September 23, 2008, File Number 18969). The Project does not include build-out of any improvements or infrastructure for the Retained Property. "Project Completion" means issuance of a Certificate of Occupancy for the Project, achievement of substantial completion under the Project under the terms of any construction or design/build contract, and completion of all other work required for the immediate use and operation of the parking garage. -3- sunset harbor parking garage project (final agenda version l2-l 1-08) "Purchase Price" has the meaning set forth in Section 2.1. "Retained Property" means fee title to the Land up to the level of 16 feet above the unfinished level of the ground floor of the Project, excluding any portion thereof that constitutes City Property; together with development rights sufficient for development of approximately 31,000 square feet of retail space thereon (assuming the total Project includes approximately 175,000 square feet). "Second Closing" has the meaning indicated in Section 8.1(c). "SRC Tremont Parcel" means that portion of the Tremont Parcel identified as the SRC Tremont Parcel on Exhibit A-2 hereto to be acquired by SRC or an entity controlled by SRC or Scott Robins, the legal description of which shall be deternlined pursuant to a survey approved by SRC and City. "Survey" means the survey of the Land to be prepared by the Surveyor, as set forth in Section 3.2, that will include separate legal descriptions for the Land, the City Property, the City Tremont Parcel, the Retained Property and the SRC Tremont Parcel. "Surve,~ror" means a licensed land surveyor approved by City and Seller and acceptable to Title Company. "Title Agent" means an agent for the Underwriter designated by City by whom the Title Commitment and Title Policy are to be issued. "Title Commitment" means the Form B Owner's Marketability Title Insurance Commitment issued or to be issued to City with respect to the City Property, as contemplated by Section 3.1, which will include copies of all matters for which exception is made in Schedule B, Section lI thereof. "Title Policy" means the Form B Owner's Marketability Title Insurance Policy to be issued to City pursuant to the Title Commitment. "Tremont Option Contract" means that certain Option Agreement and Addendum to Commercial Real Estate Contract between Tremont Owners and SRC for the purchase of the Tremont Parcel, a true and correct copy of which is attached hereto as Exhibit D, as hereafter amended by amendments approved by City in writing pursuant to Section 6.3(b). "Tremont Owners" means Edwin Gonzalez and Grace Gonzalez, husband and wife, the current owners of the Tremont Parcel. "Tremont Parcel" means the portion of the Land that is identified as the Tremont Parcel and legally described on Exhibit A-1 hereto. "Underwriter(s)" means Chicago Title Insurance Company or another insurer acceptable to City, for and upon whom the Title Commitment and Title Policy are to be written and issued. -4- sunset harbor parking garage project (final agenda version 12-1 1-08) Section 2. Purchase Price and Terms of Payment. 2.1 Purchase Price. The purchase price for the City Property shall be Thirteen Million and No/100 Dollars ($13,000,000.00) (the "Purchase Price"), subject to adjustments and prorations as herein provided. The Purchase Price will be paid by City to Seller as and when required by Section 8 hereof. Section 3. Title Evidence. 3.1 Title Insurance Commitment. Within ten (10) business days after the Agreement Date, City shall cause the Title Agent to issue upon the Underwriter the Title Commitment in an amount equal to the Purchase Price (with such affirmative endorsements as may be reasonably obtainable and requested by City, including Form 9, survey, and contiguity endorsement and with endorsements to increase coverage as Project Costs are expended) and having an effective date subsequent to the Agreement Date. The Title Commitment shall show that Seller is vested with and can convey to City good, and marketable, and insurable fee simple title to the City Property subject only to the Permitted Exceptions and the acquisition of title to the Tremont Parcel. City will have until ten (10) business days after receipt of the Title Commitment (but in any event not beyond December 27, 2008) within which to cause the Title Commitment and Survey to be examined and to notify Seller of any objections to Seller's title reflected by the Title Commitment and/or Survey. Seller may, but shall have no obligation to, elect to cure or remove, at or prior to Closing, any objection raised by City; provided, however, that (i) prior to, or simultaneous with the First Closing, Seller shall acquire good, marketable and insurable title to the Tremont Parcel, free and clear of all liens and encumbrances, other than the Permitted Exceptions and (ii) Seller shall cause any mortgage or lien on the Land or [mprovements to be satisfied and released of record or shall comply with such other customary procedures as Title Underwriter shall approve to enable Title Underwriter to treat such mortgages as satisfied. If Seller elects not to, or is unable to, cure or remove any objection other than those referenced in (i) and (ii) above, City, at City's sole option, may: (a) accept title to the City Property in its then existing condition without an adjustment in the Purchase Price and proceed with Closing; or (b) terminate this Agreement by written notice to Seller, in which case this Agreement will be null and void and the parties hereto will have no further rights or obligations hereunder. 3.2 Survey. Not later than three (3) business days after the Agreement Date, Seller at Seller's sole cost and expense, will cause the Surveyor to prepare and deliver to City a current ALTA/ASCM survey of the Land, with the City Tremont Parcel and the SRC Tremont Parcel separately identified (the "Survey") certified to City, Seller, the Title Agent, and the Underwriter and containing legal descriptions for the above-surveyed property. If the Survey shows any encroachment, hiatus or other condition which could affect the marketability of title to the Land or could have an adverse effect upon the development or use of the Project, City will have the right to object to such condition as a defect in title pursuant to provisions of Section 3.1 -5- sunset harbor parking garage project (final agenda version 12-1 I-08) hereof. Within ten (10) business days after the Agreement Date (but in no event later than five (5) business days prior to the Inspection Expiration Date), Seller and City will work in good faith to prepare a sketch, based on the then existing Plans, of the City Tremont Parcel and the SRC Tremont Parcel to be used by the Surveyor as a basis of the Survey. Such sketch shall be subject to City's written approval. Within fifteen (15) days after completion of the sketch, Seller, at Seller's expense, shall cause the Surveyor to prepare (i) a survey of the Land containing legal descriptions of the Land, City Property, the Retained Property, the Tremont Parcel, the City Tremont Parcel, the SRC Tremont Parcel, each of which shall be subject to approval by City and Seller. 3.3 Subsequent Matters. If subsequent to the effective date of the Title Commitment new title exceptions are discovered or if subsequent to the certification date of the Survey new matters of survey are discovered, City shall have a period of ten (10) business days after City has actual knowledge thereof to raise new objections, in which case the provisions of Section 3.1 and/or Section 3.2 as applicable shall thereupon apply as to the new objections. Section 4. Seller's Representations and Warranties. Seller hereby represents and warrants to City as follows: 4.1 Due Execution and Performance. This Agreement has been duly executed and delivered by Seller and constitutes the legal, valid and binding obligation of Seller enforceable in accordance with its terms. The deed of conveyance and all other documents, instruments and agreements required to be delivered by Seller pursuant to this Agreement will be when executed and delivered, duly executed and delivered by Seller and constitute the legal, valid and binding obligations of Seller enforceable in accordance with their respective terms. Neither the execution, delivery or performance of this Agreement or any document, instrument or agreement required to be delivered by Seller pursuant hereto, nor the consummation of the transactions contemplated hereby, is prohibited by, or requires Seller to obtain the consent, approval or authorization of, or notice to or filing or registration with, any person, public authority, court or any other entity having jurisdiction over Seller or the Property, except any such approval as has already been obtained and except for Seller's acquisition of title to the Tremont Parcel. 4.2 Binding Agreements. The execution and delivery by Seller of this Agreement and the performance by Seller of Seller's obligations hereunder do not and will not conflict with, or result in a breach of or a default or violation under, any contract, agreement or arrangement to which Seller is a party or any statute, decree, judgment, regulation, order or rule of any governmental authority or court having jurisdiction over Seller or the Land. 4.3 Mechanic's Liens. At Closing there will not be any unpaid bills for labor, services or work performed or rendered upon the Land or for materials or supplies furnished or delivered to the Land that could result in the filing of mechanics', materialmen's or laborers' liens upon the Land. 4.4 Liti ation. There are no suits or proceedings pending or, to Seller's knowledge, threatened against or concerning Seller or any portion of the Land. Seller has -6- sunset harbor parking garage project (final agenda version 12-1 1-OS) received no written notice and has no knowledge of any pending or threatened condemnation, taking or similar proceeding affecting the Land or any portion thereof, or any pending public improvements in or about any portion of the Land that could result in special assessments or assessments against or affecting any of the Land or the City Property. 4.5 Sales Taxes. Seller and/or its predecessor in title has paid all sales taxes due with respect to the Land and Improvements and the rents or other revenue therefrom. 4.6 Hazardous Substances. Other than as disclosed by the environmental reports delivered to the City that are listed in Schedule 4.6 hereto, Seller has no knowledge of (i) any Hazardous Substance present on or within the Land or Improvements or otherwise adversely affecting the Land or Improvements; (ii) any present or past generation, recycling, reuse, sale, storage, handling, transport and/or disposal of any Hazardous Substance on or within the Land; or (iii) any failure to comply with any applicable governmental, environmental laws, regulations, ordinances or orders relating to the generation, recycling, reuse, sale, storage, handling, transport and/or disposal of any Hazardous Substance. City does not assume any responsibility or liability for Hazardous Substances on or within the Land and Seller shall be solely responsible for and agrees to perform at Seller's sole cost all remediation costs with respect thereto. 4.7 Contracts. There are no Contracts in effect with respect to the Land or Improvements that will remain in effect afl:er any Closing other than the Leases, true and complete copies of which shall be provided to City on or before the Agreement Date. 4.8 Leases. All Leases in effect with respect to the Land and [mprovements are cancelable upon thirty (30) days notice or less. There are no Leases or occupancy agreements in effect with respect to the Land except as listed on Schedule 4.8 hereto and any Leases hereafter executed in accordance with Section 8.6(e). 4.9 Tremont Option Contract. Exhibit D is a true and complete copy of the Tremont Option Contract and all amendments and other agreements related thereto. There are no other agreements in effect between the Seller and the current owner of the Tremont Parcel or any affiliates of either party. The Tremont Contract is in full force and effect and is not in default. 4.10 Adverse Information. Seller has no knowledge of any judicial or administrative action, or any action by adjacent landowners, or any other fact or condition, relating to the Land that would adversely affect the development and use of the Project. 4.11 Ownership and Control of Seller. SRC is a Florida corporation that is majority owned and controlled by Scott Robins. Each entity comprising Seller, other than SRC, is a Florida limited liability company in which Scott Robins has at least a 50% interest and is manager or managing member. All representations and/or warranties contained herein which are made "to Seller's knowledge" or "to the best of Seller's knowledge" shall include only the present, actual, and not imputed or constructive, knowledge of Scott Robins. All statements and information of Seller set forth in this Agreement are, and on and as of the Closing Date will be, correct in every material respect and shall survive Closing to the extent provided in this Agreement. -7- sunset harbor parking garage project (final agenda version 12-11-08) Section 5. Citespresentations and Warranties. City hereby represents and warrants to Seller as follows: 5.1 Standin og f City. City has full power and authority to execute, deliver, perform this Agreement and consummate the transactions contemplated hereby. 5.2 Due Execution and Performance. Upon satisfaction of the conditions specified in Section 7.5, this Agreement will have been duly authorized, executed and delivered by City and constitute the legal, valid and binding obligations of City enforceable in accordance with its terms. Section 6. Covenants of Seller. Seller hereby warrants to and covenants with City as follows: 6.1 Compliance. Prior to the Closing, Seller will continue to comply with all contracts, Leases, authorizations, approvals, and legal requirements applicable to the Land (but as to the Tremont Parcel the foregoing shall apply only subsequent to closing of the Tremont Option Contract. 6.2 Property. Seller will deliver the applicable City Property to City at each applicable Closing, free and clear of all parties in possession other than Leases or occupancy arrangements terminable upon not more than 30 days written notice. Seller will not perform or allow the performance of any additional construction on the Land or enter into any new contracts, Leases, or other agreements affecting or binding upon the Land after the Agreement Date without City's prior written consent other than Leases by the terms of this Agreement and each of which shall be terminable upon 30 days prior written notice or less. 6.3 Tremont Parcel. Prior to Closing, Seller shall (a) fully comply with its obligations under the Tremont Option Contract, (b) not modify the Tremont Option Contract unless City so requests, in which case Seller shall execute a modification or amendment in compliance therewith so long as the modification does not materially and adversely affect Seller (but a reduction in the purchase price or extension of the closing date by not more than ninety (90) days shall not in any event be deemed material and adverse), (c) not assign the Tremont Option Contract except as otherwise permitted by this Agreement, and (d) complete the closing of the Tremont Option Contract as and when required pursuant to the terms hereof. At Closing on the Tremont Parcel, Seller (if Seller bears all additional costs and if the Tremont Owners agree) may cause the Tremont Owners to convey title to the portion of the City Property constituting the Air Rights that is located on the Tremont Parcel directly to City and title to the portion of the Land that is located on the Tremont Parcel and the SRC Tremont Parcel directly to SRC or an entity controlled by SRC or Scott Robins. In order to effectuate the same, SRC may partially assign its rights under the Tremont Option Contract to an entity controlled by SRC or Scott Robins (as to that portion of the Land less the Air Rights on the Tremont Parcel and the SRC Tremont Parcel) and to City (as to Air Rights located on the Tremont Parcel). 6.4 Cooperation. Seller will cooperate with City in good faith in connection with all investigations, examinations and inspections being made by City with respect to this transaction and the Project. From and after the Agreement Date City shall have the right -8- sunset harbor parking garage project (final agenda version 12-11-08) to negotiate directly with the Tremont Owners in an effort to extend the closing of the Tremont Option Contract, reduce the purchase price or otherwise improve the terms thereof (and SRC shall approve any such changes and execute such documents as are required to evidence or effect such changes). Section 7. Conditions Precedent to Closin>?. The obligations of City to complete each of the two Closings on the purchase of the City Property pursuant to this Agreement are conditioned upon the fulfillment of each of the following conditions on or before the date of each such Closing contemplated by Section 8 hereof: 7.1 Correctness of Representations and Warranties. Each of the representations and warranties of Seller set forth herein shall have been true and complete in all material respects when made and on the Closing Date as if made at and as of that time. 7.2 Inspection Approval. City shall have conducted inspections and investigations pursuant to this Section 7.2 and shall have elected not to terminate the Agreement pursuant to the provisions hereof. City will have the right from and after the Agreement Date to inspect and investigate the physical and other conditions of the Land, the City Property, and the Retained Property (subject to the rights of the Tremont Owners and all aspects (including economic feasibility) of the transaction and the Project contemplated hereby and shall have full access to the Land for the purpose of conducting the foregoing inspections and investigations; provided, however, that City will not unreasonably interfere with existing tenants and other occupants of the Land. If City in its sole discretion is not satisfied with the Land, the City Property, the transaction, or the Project, City shall have the absolute right to terminate this Agreement, which may be exercised by sending written notice of termination to Seller ("Termination Notice"). Upon such termination, this Agreement shall be null and void and the parties will have no further rights or obligations hereunder. The City's right to terminate pursuant to this Section 7.2, however, shall expire (and City shall be deemed to have elected not to terminate pursuant to this Section 7.2} in the event City has not sent the Termination Notice to Seller on or before December 22, 2008 (the "Inspection Expiration Date"). To enable City to complete its investigations, Seller shall provide to City not later than five (5) business days after the Agreement Date all of the following with respect to all of the Land each certified to City and performed by a firm approved by City: (i) environmental site assessment together with a reliance letter in favor of City; and (ii) geotechnical and soil tests, together with a reliance letter in favor of City. The parties recognize that one or more of such items may be, or may have been, obtained pursuant to the Pre-Development Agreement. Seller agrees to cooperate with City in connection with its inspections and investigations and to provide to City any other information that Seller has in its possession or control with respect to the Land and the Project, including without limitation, copies of all environmental reports and inspections, prior owner's title policies and commitments, copies of plans and design concepts, and any other materials City may reasonably request. 7.3 A/E Agreement. Prior to the Inspection Expiration Date, Seller shall have negotiated the A/E Agreement and City shall have approved it in all respects. -9- sunset harbor parking garage project (final agenda version 12-1 1-08) 7.4 Absence of Adverse Change. Between the Inspection Expiration Date and the applicable Closing Date, no materially adverse change in the Land or the City Property or the Retained Property shall have occurred and no fact shall have arisen that has or could be expected to have a material adverse affect on the Land or the City Property or the Project or to prevent or materially impair or delay commencement and continuous development of the Project through Final Completion. 7.5 Commission Approval: Execution and Delivery. The City Commission shall have approved this Agreement and the transaction contemplated hereby and City shall have caused this Agreement to be executed and delivered to Seller. If either of the conditions precedent set forth in Sections 7.1, and 7_4 are not satisfied as of the date specified, Seller shall be afforded a period of three (3) days or such longer period as City in its sole discretion shall stipulate in which to cause them to be satisfied. There shall be no cure periods for the other conditions precedent specified in this Section 7. Seller agrees to use good faith to attempt to satisfy such conditions during such cure period. If the conditions are not satisfied within such cure period, then City may either (a) waive satisfaction of such condition(s) and proceed to Closing, or (b) terminate this Agreement by written notice to Seller, in which event this Agreement will be null and void and the parties will have no further rights or obligations hereunder. Section 8. Closings; Post Closing Obli ations. 8.1 Closinss. (a) Two Closings; Financing Contin ency. It is anticipated that consummation of the transactions contemplated hereby may occur in two separate Closings held on two separate Closing Dates as follows: (i) the First Closing shall occur simultaneously with Seller's closing of the Tremont Option Agreement and shall pertain only to the portion of the City Property constituting the Air Rights located on the Tremont Property; and (ii) the Second Closing shall occur only if the Financing Contingency is satisfied (as hereafter provided) or waived by City and shall pertain to the balance of the City Property. As used herein, the "Financing Contingency" shall be deemed satisfied only if within three (3) years after the Agreement Date City is able to issue parking revenue bonds at rates and terms acceptable to the City Commission to pay all of the City's costs of purchasing the City Property and developing and constructing the Project. City agrees that it will attempt in good faith to satisfy the Financing Contingency and will take such commercially reasonable steps as would be taken by a reasonable governmental entity to secure such public bond financing. (b) First Closine. If City does not terminate this Agreement on or before the Inspection Expiration Date, SRC shall exercise its option to purchase the Tremont Property pursuant to the Tremont Option Contract on December 31, 2008, thereby establishing the outside closing date of the Tremont Option Contract as March 31, 2009, unless extended by modification of the Tremont Option Contract approved by City. On the outside date for closing the Tremont Option Contract (or such earlier date as specified by City), the following shall occur: -10- sunset harbor parking garage project (final agenda version 12-11-08) (i) City shall pay the sum of (x) the purchase price under the Tremont Option Contract as modified (which amount shall be Eight Million Dollars ($8,000,000) unless subsequently reduced by modification); plus (y) $500,000, plus (z) $70,000, representing reimbursement to Seller of sixty-five percent (65%) of certain due diligence costs consistent with those identified in the Pre-Development Agreement but which exceed the amounts authorized therein to Seller and Seller shall simultaneously pay the purchase price (as modified) and all other amounts owed by Seller to Tremont Owners under the Tremont Option Contract; (ii) Seller shall acquire from the Tremont Owners title to the Tremont Parcel or, if the Tremont Owners agree to a direct conveyance to City as specified in subparagraph (iii) below, only the Tremont Parcel minus the Air Rights to be acquired by City pursuant to subparagraph (iii) below; (iii) City shall acquire title to the portion of the Air Rights located on the Tremont Parcel (other than the SRC Tremont Parcel) either from Seller or, if Tremont Owners agree, directly from the Tremont Owners, in either case by special warranty deed subject only to the Permitted Exceptions, and Seller shall satisfy or cause to be satisfied all requirements of Seller or Tremont Owners set forth in Section B-1 of City's Title Commitment with respect to the property being acquired by City; (iv) Seller shall cause Arquitectonica to execute and deliver to City a counterpart of the A/E Agreement which has been negotiated by Seller together with a consent to the assignment of the A/E Agreement to City and City shall execute and deliver an acceptance of assignment and assumption of the A/E Agreement, which consent and acceptance and assumption shall be in form and substance approved by City, including modification of the A/E Agreement so that it is restated on the City's standard form; provided, however, that the A/E Agreement shall provide that City's obligation thereunder shall terminate and be void if the Financing Contingency is not satisfied or waived by City; (v) Seller shall assign the Plans to City and shall obtain Arquitectonica's consent to such assignment (in form and substance approved by City); (vi) Seller shall comply with all requirements and shall execute and/or deliver all instruments that are required by or from Seller under Schedule B -Section 1 of the Title Commitment for the subject property then being acquired by City; (vii) the parties shall execute and record against the title to the Land a memorandum setting forth the terms of this Agreement and referring to City's rights hereunder; and (viii) City and Seller shall execute and deposit with Tew Cardenas LLP a cancellation of the memorandum described in Section 8.1(b~vii) with instructions to record it if the Financing Contingency is not satisfied. (c) Second Closing. If the Financing Contingency is satisfied or is waived in writing by City, then and in that event City shall be obligated to develop the Project. -Il- sunset harbor parking garage project (final agenda version l2-I 1-08) Within thirty (30) days after the Financing Contingency is satisfied and the proceeds of the bond financing are available to City or within thirty (30) days after the Financing Contingency is waived in writing by City, the following shall occur: (i) City shall pay the sum of Four Million Five Hundred Thousand Dollars ($4,500,000) to Seller; (ii) Seller shall simultaneously convey to City by special warranty deed, subject only to the Permitted Exceptions, all of the City Property, except for Air Rights to the Tremont Parcel previously acquired by City pursuant to Section 8.1(b) above; and (iii) Seller shall comply with all requirements and shall execute and/or deliver all instruments that are required by or from Seller under Schedule B -Section 1 of the Title Commitment for the City Property; against title to all of the Land. (iv) Seller and City shall execute the Declaration and record it (d) Financing Contingency Not Satisfied. In the event the Financing Contingency is not satisfied and is not waived by City, the City shall have no obligation to develop the Project and either party may at any time thereafter terminate this Agreement by written notice to the other; provided, however, if Seller exercises its termination right, City may within sixty (60) days thereafter waive the Financing Contingency, in which case Seller's termination shall be void and the Second Closing shall proceed as provided in subparagraph (c) above. If either party exercises its right to terminate (and in the case of a Seller termination, such termination is not rendered void by City's waiver of the Financing Contingency), the Second Closing shall not occur and the following shall occur instead: (i) Within thirty (30) days thereafter, Seller shall elect by written notice to City either (y) to convey by special warranty deed fee title to the Tremont Parcel (other than any portion thereof previously acquired by City) to City, free and clear of all liens, encumbrances and matters other than the Permitted Exceptions; or (z) to purchase from City the portion of the City Property located on the Tremont Parcel for a purchase price of Eight Million Five Hundred Thousand Dollars ($8,500,000); plus all amounts paid by City to Seller pursuant to Section 8.1(b)(i)(z); plus all A/E costs spent by the City (including costs for the Plans) plus all. predevelopment costs (including permit fees) spent by the City, and the City will convey title to such property to Seller or its designee by special warranty deed subject only to the Permitted Exceptions. As a further condition of Seller's election of option (z), and concurrent with its written notice to City, Seller shall remit a deposit, in the amount of $150,000, which deposit shall be retained by City in the event that Closing on option (z) does not occur within the time. period provided below. Seller shall be deemed to have elected option (z) unless Seller gives written notice that Seller has elected option (y) within the aforesaid thirty (30) day period. Regardless of which option Seller elects or is deemed to have elected, Closing shall occur within one hundred twenty (120) days after either party has provided written notice of termination of this Agreement; and -12- sunset harbor parking garage project (final agenda version 12-11-08) (ii) neither parry shall have any further rights or obligations under this Agreement except as otherwise specified in this Section and the parties shall execute such instrument as may be reasonably required to evidence termination of this Agreement and to release any encumbrance or cloud on title created hereby (and the release of the memorandum recorded pursuant to Section 8.1 Lb)(viil above shall be recorded in the Public Records). 8.2 Closing Expenses. (a) At each Closing, Seller shall pay or cause to be paid the cost of recording the deed to City and any corrective instruments, all documentary stamp taxes and surtax on the deed, any other applicable transfer or conveyance taxes, and the cost of the Survey. (b) At each Closing, City will receive a credit against the amount to be paid by City to Seller an amount equal to the premium of any Title Policy to be issued to City with respect to such Closing. (c) Each party will pay its own attorneys' fees and fees owed to its consultants or agents. 8.3 Delivery of Documents by Seller. At each Closing, in addition to any other documents specifically required to be delivered or acts required to be done pursuant to this Agreement, Seller will deliver, or cause to be delivered, to City the following (each of which shall be in form reasonably acceptable to City and Seller): (a) a special warranty deed or deeds conveying to City title to the portion of the City Property then being conveyed to City, subject only to the Permitted Exceptions; (b) a certificate of Seller, dated as of t11e Closing Date, certifying (i) that the representations and warranties of Seller contained in this Agreement are true as of the applicable Closing Date for such property in all respects; (ii) that there are no unpaid bills for labor, materials or services to the Land or Improvements and no labor, services or materials have been undertaken or supplied which .could be the basis for any claims against the Land or Improvements; (ii) that Seller is in sole and exclusive possession of the Land and Improvements subject only to the Leases and occupancy agreement listed in Schedule 4.8 and that no other person or entity has any right or claim to possession thereof, except, however, for tenants under Leases that are cancelable on thirty (30) days notice or less; (iii) the information customarily required by title insurance companies to insure title against matters arising during the "information gap"; and (iv) that all sales tax owed with respect to the Land and Improvements or the lease thereof have been paid in full. (c) an affidavit complying with the provisions of Section 1445(b)(2) of the Internal Revenue Code of 1954, as amended, stating that Seller is not a foreign person; (d) such evidence as the Underwriter and City shall reasonably require to verify the due execution, delivery and enforceability of the documents executed and delivered by Seller at Closing; -13- sunset harbor parking garage project (final agenda version 12-1 1-08) 8.4 Property Revenues and Obli ations. All revenue from the Land attributable to periods prior to each Closing shall belong solely to Seller. Seller agrees to pay and hold City harmless from all obligations of every kind with respect to the Land which arose or are attributable to periods prior to each Closing. Seller shall pay at each Closing or cause to be paid all ad valorem real estate taxes and assessments that are attributable to that portion of the City Property being conveyed to the City for all periods prior to each Closing. Seller shall be entitled to retain all rentals under Leases up to the date of the termination thereof pursuant to subparagraph 8.6(e) and shall be obligated to pay all expenses and obligations under the Leases. Seller shall hold City harmless from all obligations, liabilities, losses, damages, delays and costs (including attorneys' fees and court costs) incurred by City that arise from or under the Land and/or Leases and from all claims made by tenants or occupants thereunder until all tenants and occupants have vacated the Land; provided, however, the foregoing indemnity shall not apply with respect to any liabilities, losses, damages, delays and costs caused by City's gross negligence or willful misconduct. The provisions of this Section 8.4 shall survive Closing. 8.5 Execution and Delivery of Bilateral Agreements. At each Closing, in addition to any other documents required to be executed and delivered in counterparts by both parties, Seller and City will execute and deliver to each other closing statements accounting for sums adjusted or disbursed at Closing. 8.6 Post-Closing Obli ations. After Closing: (a) Seller shall pay (i) all costs relating to the development of the Retained Property (including all development costs, all electrical, HVAC, mechanical, plumbing and other costs relating to the Retained Property and all permitting fees, concurrency fees, mitigation costs, special assessments, and all other costs for developing the Retained Property); (ii) all costs in the categories listed in Exhibit E hereto; and (iii) all amounts paid or owed under the A/E Agreement that relate to the Retained Property or improvements thereon. Furthermore, in the event of any change orders or other increases in cost for unforeseen site conditions or other matters not specifically requested by City, such costs shall be allocated between Seller and City as follows: (i) to the extent the increased costs relate to or are caused by the Retained Property or Seller's intended improvements thereon, such costs shall be borne by Seller and promptly paid by Seller when due, and (ii) to the extent the increased costs relate to or are caused by the City Property or City's intended improvements thereon, such costs shall be borne by City and promptly paid by City when due; (b) No material changes shall be made by City to t11e Plans that were approved by the City's Design/Review Board and Planning Board unless such changes shall not materially delay completion of the Project and shall not adversely affect the Retained Property. Seller shall have no right to make any change orders under the Plans; (c) Seiler as to the Retained Property and City as to the City Property shall cooperate in good faith to achieve Project Completion. After issuance of a building permit for the Project City shall proceed diligently and in good faith to achieve Project Completion; -14- sunset harbor parking garage project (final agenda version 12-1 1-08) (d) Seller shall take all action necessary so that title to the Retained Property shall remain vested in a limited liability company in which Scott Robins or an entity wholly owned by him is the managing member and has not less than a majority ownership interest, free and clear of all liens, mortgages and other encumbrances through Project Completion; (e) Seller shall use diligent, good faith and continuous efforts to assure that all Leases are canceled and all tenants and occupants have vacated the Land not later than thirty (30) days prior to City's estimated Construction Commencement Date as specified by City after the Financing Contingency has been satisfied or waived by City, including pursuing summary eviction and other litigation to the extent required. Notice of such estimated Construction Commencement Date shall be given to Seller not less than sixty (60) days prior to the estimated Construction Commencement Date but shall not be given until City has provided its First Notice to Proceed to the contractor that specifies the date upon which the contractor shall proceed with construction (a copy of which City shall provide to Seller). If Seller fails to cause all tenants and occupants to vacate the Land by City's estimated Construction Commencement Date, Seller shall pay $3,000 per day to City thereafter until Seller has complied with such obligation, as agreed and liquidated damages (the parties agreeing that actual damages are difficult to ascertain but that such amount is fair and reasonable). Seller is and will remain the landlord under all such Leases and shall be entitled to all rental and shall be responsible for all obligations arising thereunder through the estimated Construction Commencement Date as specified by City as noted above. Seller shall hold City harmless from any and all costs, liability and damages, including, without limitation, those arising under any construction or design build contract (such as for delay damages), incurred by City if Seller fails to cause the Leases to be terminated and the Land vacated by all tenants and occupants as and when required by this subparagraph (e). Seller and City shall enter into a lease or other instrument approved by both parties to document the terms of this subparagraph (e) and to protect City from all liability arising under the Leases (including reflecting City as additional insured party under all liability and other insurance policies); (f) Seller shall pay all carrying costs (including real estate taxes and assessments) for the Retained Property and the City Property and shall indemnify, defend and hold City harmless from all damages, costs (including attorneys' fees at all levels) and liability arising therefrom until the Construction Commencement Date or until Seller has caused all tenants and occupants to vacate the Land, whichever is later; thereafter, Seller shall pay all carrying costs for the Retained Property and City shall pay all carrying costs for the City Property and, upon request of either party, the parties shall enter into a Lease or other instrument that includes the foregoing; (g) All environmental issues identified in the environmental reports listed on Schedule 4.6 hereto that require remediation and all costs of removal of any USTs and oil/water separators identified in those reports shall be borne by Seller. All environmental issues not identified in the environmental reports listed in Schedule 4.6 shall be handled as follows: (x) if discovered after the First Closing but prior to the earlier of ("Determination Date") (i) the exercise of the termination option under Section 8.1 which is not -15- sunset harbor parking garage project (final agenda version 12-1 I-O8) voided as provided therein or (ii) the Second Closing, the parties may agree to share the remediation costs as follows: 35% by Seller and 65% by City, but if the City determines in its sole and reasonable judgment and discretion that its share of such costs is financially unfeasible, the City may terminate this Agreement by written notice to Seller and Seller will make a payment to City as if such termination occurred under Section 8.1(d) for failure to satisfy the Financing Contingency, or (y) if discovered after the Determination Date and the City continues to own an interest in the City Property, Seller and City shall share the remediation costs as provided in clause (x) without any termination right; and (z) if discovered prior to the First Closing, either party may terminate this Agreement by written notice to the other. If either party gives notice of termination prior to First Closing, the other party may negate such termination by agreeing in writing to pay 100% of the costs of remediation. If the City gives notice of termination under this Section 8.6(h), Seller may void such termination by agreeing in writing to pay ] 00% of the costs of remediation. Upon any termination City will convey its interest in the Tremont Parcel to Seller by special warranty deed subject only to the Permitted Exceptions. (h) Seller may not commence development of the Retained Property prior to Project Completion unless either (y) a temporary or final shell Certificate of Occupancy for the parking garage has been issued; or (z) City in its reasonable judgment determines that such development will not delay or adversely affect completion or cost of the Project and achievement of Project Completion; (i) Seller and City shall cooperate to exchange corrective deeds, to the extent necessary, so that the legal descriptions of the City Property and the Retained Property match the as-built locations of such improvements upon completion of the Project; (j) If the Project is completed, City will allow Seller to meet its required parking for commercial/retail operations on the Retained Property under the City's Zoning Ordinance so long as City continues to operate a parking garage on the City Property; and (k) After the First Closing, City will proceed with preparation of Plans and permitting for the Project in accordance with the A/E Contract. The provisions of Section 8.7 shall survive Closing. Section 9. Brokers. Each party represents and warrants to the other that it has not consulted, dealt or negotiated with any real estate broker, finder, salesman or agent to whom a commission or other compensation is or could be due in connection with the sale of the City Property by Seller to City or the development of the Project, or any other matter associated with this Agreement. Each party hereby agrees to hold harmless the other from any costs, liabilities or expenses, including reasonable costs and attorneys' fees incurred in trial, appellate or post- judgment proceedings, related to or arising out of any breach of the representations, warranties and agreements set forth in this Section 9. Anything to the contrary notwithstanding, the representations, warranties and agreements of this Section 9 will survive closing of the transactions which are the subject of this Agreement and the delivery of the deed of conveyance, or any earlier termination of this Agreement. -16- sunset harbor parking garage project (final agenda version 12-1 1-08) Section 10. Default. 10.1 City's Default. If City fails or refuses to perform any of City's obligations set forth in this Agreement either before or after Closing, Seller may pursue its remedies at law and/or in equity. 10.2 Seller's Default. In the event Seller fails or refuses to perform any of Seller's obligations under this Agreement either before or after Closing, City may pursue its remedies at law and/or in equity, including, without limitation, the right to specific performance. 10.3 Survival. The provisions of this Section 10 shall survive Closing. Section 11. Miscellaneous. Il.l Litis7atiotl. In the event of any litigation between Seller and City concerning the terms of this Agreement, the prevailing party will be entitled to reimbursement of its reasonable costs and expenses, including attorneys' fees, incurred in trial, appellate and post- judgment proceedings. Each party hereby waives trial by jury in any action, proceeding or counterclaim brought by either of the parties against the other in connection with any matter whatsoever arising out of or in any way connected with this Agreement, the Project, the DesignBuild Contract, the relationship of the parties, or any claim of injury or damage relating to any of the foregoing, or the enforcement of any remedy under any statute with respect thereto 11.2 Notices. Notices required or permitted to be given pursuant to the terms of this Agreement may be given by the parties' attorneys and will be delivered in person or sent by certified mail, return receipt requested, postage prepaid, by recognized contract carrier (such as UPS or FedEx) providing signed receipt for delivery, or by facsimile transmission, and will be deemed delivered on the date of delivery, if in person or facsimile transmission, two (2) days following the deposit with the Postal Service, if sent by mail, or one (1) day following deposit with the carrier for next day delivery, if sent by contract carrier. Notices from City may be given by the City Manager or Assistant City Manager. Notices will be delivered at the following addresses/facsimile numbers, subject to the right of any party to change the address/facsimile number at which it is to receive notice by written notice to the other party: To City: City of Miami Beach 1700 Convention Center Drive Miami Beach, Florida 33139 Attention: Jorge M. Gonzalez, City Manager Telephone: (305) 673-7010 Facsimile: (305) 673-7782 -17- sunset harbor parking garage project (final agenda version 12-1 1-08) Copy to: City of Miami Beach 1700 Convention Center Drive Miami Beach, Florida 33139 Attention: Tim Hemstreet Telephone: (305) 673-7010 Facsimile: (305) 673-7782 City of Miami Beach 1700 Convention Center Drive Miami Beach, Florida 33139 Attention: Jose Smith, City Attorney Telephone: (305) 673-7470 Facsimile: (305) 673-7002 Tew Cardenas LLP 1441 Brickell Avenue, 15th Floor Miami, Florida 33131 Attention: Brian P. Tague, P.A. Telephone: (305) 536-8480 Facsimile: (305) 536-1116 To Seller: Scott Robins Companies, Inc. 230 Fifth Street Miami Beach, Florida 33139 Attention: Scott Robins, President Telephone: (305) 674-0600 Facsimile: (305) 674-0619 Copy to: Bilzin Sumberg Baena Price & Axelrod LLP 200 South Biscayne Boulevard, Suite 2500 Miami, Florida 33131-5340 Attention: Martin A. Schwartz, Esq. Telephone: (305) 374-7580 Facsimile: (305) 374-7593 11.3 Itite~ration and Severability. This Agreement and the Exhibits and Schedules hereto (all of which are hereby incorporated herein and made a part hereof by reference) set forth the entire understanding of City and Seller with the respect to the matters which are the subject of this Agreement, superseding and/or incorporating all prior or contemporaneous oral or written agreements, and maybe changed, modified, or amended only by -18- sunset harbor parking garage project (final agenda version 12-1 1-08) an instrument in writing executed by the party against whom the enforcement of any such change, modification or amendment is sought. Any provision of this Agreement which is prohibited or unenforceable will be ineffective to the extent of such prohibition or invalidity without invalidating the remaining portions hereof. 11.4 Successors and Assigns. This Agreement will inure to the benefit of and be binding upon, and is intended solely for the benefit of, the parties hereto, and their respective heirs, personal representatives, successors, and assigns (subject, however, to Section 8.7(e)); and no third party will have any rights, privileges or other beneficial interests herein or hereunder. Neither party shall have the right to assign this Agreement prior to Project Completion without the prior written consent of the other. For purposes of this Section 11.4 the transfer of any legal or beneficial interest in Seller which results in Scott Robins holding less than a 50% and controlling interest in Seller shall be considered an assignment. The provisions of this Section 11.4 shall survive Closing until Project Completion. 11.5 Construction. Headings and similar structural elements set forth in this Agreement are intended for ease of reference only, and are not intended, and will not be construed, to reflect the intention of the parties or to affect the substance of this Agreement. This Agreement has been negotiated at arm's length between Seller and City, each represented by legal counsel of its choice and having an ample opportunity to .negotiate the form and substance hereof, and therefore in construing the provisions of this Agreement the parties will be deemed to have had equal roles in drafting. Each entity comprising Seller shall be jointly and severally liable for all of Seller's obligations and liabilities hereunder. 11.6 Survival. Except as otherwise provided in this Section to the contrary, the warranties and representations of City and Seller contained herein shall survive the Closing and the delivery of the deed. If (i) Seller gives City notice prior to Closing of the untruth or inaccuracy of any representation or warranty contained in this Agreement, or (ii) City otherwise obtains actual knowledge (which for purposes of this Section 11.4 shall mean only the present actual knowledge of the Assistant City Manager and not any constructive or imputed knowledge) prior to Closing of the untruth or inaccuracy of any representation or warranty contained in this Agreement, and City nevertheless elects to close this transaction, such representations and warranties shall not survive the Closing. Otherwise, the representations and warranties made in this Agreement shall survive the Closing through but not beyond the Limitation Date after which such representations and warranties shall be deemed merged into the Closing documents. The limitation shall not apply to the prosecution of any claim made and action commenced in accordance with clauses (a) and (b) below on or prior to the Limitation Date. Seller and City agree that, notwithstanding any provision of this Agreement or any provision of law to the contrary, any action which may be brought for the untruth or inaccuracy of any representation or warranty in this Agreement (a "Misrepresentation Claim") shall be forever barred unless, no later than 365 days following the Closing Date ("Limitation Date"), the party claiming such Misrepresentation Claim (a) delivers to the other a notice of the Misrepresentation Claim setting forth the basis for such Misrepresentation Claim, and (b) files a complaint or petition against the other party alleging such Misrepresentation Claim in an appropriate Federal district or state court and serves the same upon the party upon whom the claim is made. The provisions of this Section 11.6 shall apply only to warranties and representations set forth in this Agreement and -19- sunset harbor parking garage project (final agenda version 12-1 1-08) not to covenants or other provisions that by their terms survive closing nor to any warranties contained in any deeds or other instruments executed or delivered at Closing. 11.7 Governin Law. This Agreement is governed by and will be construed in accordance with the internal laws of the State of Florida. 11.8 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which will constitute the same instrument. 11.9 Further Assurances. In addition to the obligations required to be performed under this Agreement by the parties hereto at the closing, each such party agrees to perform such other acts, and to execute, acknowledge and deliver subsequent to the Closing such other instruments, documents and other materials, as the other party may reasonably request in order to effectuate the consummation of the transactions contemplated herein, and to complete construction of, and to operate the Project. The provisions of this Section 11.9 shall survive Closing. 11.10 Damage or Destruction to Improvements. It is understood that any Improvements presently existing on the Land (excluding the Tremont Outparcel) are intended to be demolished in connection with construction of the Project. Any damage to any Improvements will not affect the obligations of any party to this Agreement. Any proceeds payable for damage or destruction to the improvements prior to Closing shall be the sole property of Seller and shall not affect the Purchase Price payable by City. City agrees to execute such further documents as may be necessary in accordance with Section 11.9 to release any rights to such proceeds or to transfer such proceeds to Seller. 11.1 1 No Partnership. This Agreement does not and shall not be construed to create a partnership, joint venture or any other relationship between the parties except the relationship of seller and purchaser. [The remainder of page intentionally left blank) [Signatteres appear on next pages) -20- sunset harbor parking garage project (final agenda version 12-1 1-08) IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date(s) hereinafter set forth. SELLER: SCOTT ROBINS COMPANIES, INC., 'Pcnatirnr-'- By: Scott Robins, President PURDY PARTNERS, LLC Purdy Partners SRC, LLC, Manager By: Scott Robins, Managing Member PURDY PARTNERS 1919, LLC B Purdy Partners 1919 SRC, LLC, Manager By: Scott Robins, Managing Member 1849 PURDY PARTNERS, LLC By: Purdy Partners 1849 SRC, LLC, ~__, By: Scott Robins, Managing Member Date: Z. 1 ° (The remainder of page intentionally left blank) Signatures continue on next page) - 2:1- sunset harbor parking garage project (final agenda version 12-1 I-08).doc CITY: CITY OF MIAMI BEACH, FLORIDA, a municipal corporation of the State of Florida By: M i Herrera Bower, ayor ATTEST: B ~ ~" C~~~ SEAL Y ~ Robert Parcher, City Clerk Date: ~~ ~6 o2~a8 APPROVED AS TO FORM & LANGUAGE 7N 1~ 0~ Date -22- sunset hazbor parking gazage project (final agenda version 12-11-08).doc EXHIBITS A - Description of Land A-1 - Tremont Parcel -Legal Description A-2 - City Tremont Parcel -Legal Description B - Points to be Included in Declaration of Commercial Condominium C - Permitted Exceptions D - Tremont Option Agreement and Addendum to Commercial Real Estate Contract E - List of Certain Project Costs to be Paid by the Seller (SRC and its Affiliates) for Purdy Avenue Project SCHEDULES 4.6 - Environmental Reports 4.8 - Leases, Licenses atld Other Agreements - 23 - sunset harbor parking garage project (final agenda version 12-1 I-08) EXHIBIT "A" DESCRIPTION OF LAND l=xwlBr~` ~ Legai s~.si+:lcxn: PiKCei 1: F.asccxn 7x'2 r~C fr,crt S, I3[cx.k 8d, is3and'4'iuwv ~~divisn, ar recorde~~l iu P9at SuoJr b, Ynpe I l5 af[ho Pnblic 7Zec.~rads ttf Miami-1]ac3a Ccntnt±v, Flnridi 7Parcc! 3. 1~'es lJ2 oC lr~t 5. $Lot-k 7 A, lxlsratd, Vtw Subc7iti•israa~n, ns ztcoaa3ecl ira P7ai 13o61c 6, Page I 1 S t+CCht Public 8ccwrds of KtSnrmirl~nsle Ccrtmry. ~irr itt6 7'arcci i. Lnt b, ~7ack ]4, Lslattd '4'icv. ~tbdsviaicea. as er"ua,reltasl is Piaa E3.ank 5, Pt~t 1 73 of bra ~Pe~htic Ftcxtrrefa c,f tlfiaaari-E.lzfSt C"r:ruat~. Elnrida- Tartu •i: Easacrn it3~ U7 ln7t 7 asaat ta77 t*f Lit ~, ~9t'ck 7 4. Lr~arrci '.~iaw Suk+cii•.•isiurs• as rtinoordc3 Ira. Pltai Htgak E:, Pa~c I !;5 of the TuiStac itac~rarc7s rtl•Miatni-OadcCtxanty, ~'1~*ri3a; and lgts t asai ~. Bletck. 74-:R., sn~ strr s..a~atcraa 7S f'xt. ~f Lflt 3, ASaek 14..A,. Island r: ie~s ,kdd~txar4 es r~,~~tle+~ irA Pt~t BC+.~k 9, !?'fie 7~id ~ d,c Public Ltccor~ of t+lierr~-Dade Ccnaasy, Flrrtids; less tlu eastern ~t fter od Los 3, i31.-.clc I++_A ~w•hicic is rho 3,'rSO S!= tsurxbarn exrerasirrn of fhs parcel. rrfoaed to as 3'rrtn+axns Ctut- Parca7 rw Par-cs~1 S: Yi'at~rn i,'2 ~f Lnoa 7, Black lA, Lxinnd t°iew auk dsxaisiura, as r~a~rtiled in Plat Boon 6, PRge 11.5 cdtf» Pa~6ic Records of Miami-Dade Cuurxy, Floaida Clazxr°7zl;uzz: "l'hc avera~l ~Trth}mot Sara irs casa+~i~sel of a A3.SOf1aF inlt~^ic~r xr;:tsrspuGsu &a~ n•it~i 29U fss~ crf firaamg+e along tlae u-ast sis&e o7 Liey„ Rand nncf x i"nat of fiantage alareg the cast ssi7c csl' Pear)} A vc~^., xa-ii~la a rleryth of '7 3n Fx2_ 7~ rcc7 l is a ~, 7~ S~ vaer.~rT rrs. taagulrxr inte~inr site wr2h So Teri aC fr~araage n7e-cry. t»~t west xidk caf I3tr.• Raad. aaad n t)t'plh oC ~+`~ f{L~t-1- f'ar~c~ 2 is A 3„rSll ~F rxcta~gular antee~r siir» wrath 90 #e at,aC iirii:nra~c alnrsg t7ae last. sada of T~tra7p- hvernru.:astd a. r5rp[h cf-75 feet. 'l`ime site i3 -~arrent7}• imtsm~cd with s tunseor}' CBS roaatweccinl Building which was hu:ilt ita t'459 sad has an arsljts5tit°r,9 txail~iing area trd'~, Ills SF and. eaclosett arcs of 6.81-s SF, tx3 ~t Llac 1"aakl"tc )tecnrds aC.'vlia.-ni.r~atle Caurttyr. Flarirfs. fi Per tip 8i~:. s~'~-_v, G°tc building ~ntarinY r ~t•33 bcail~direg area ~~C 7~t7f~a . _I- sunset harbor parking garage project (final agenda version l2-l 1-08) DeSCrr~ttatte- 4Ctt+tttknucd}, Panel 3 is n 7,3(yt? SF rtrraatt rectangular iatrraor rate with to fbet cd fruneage a6aa~ rite were side cd Bay Rtarcl star] 34 ~ ai it~ttage ttLan~ tha cant side of Purdy Avtxtttq stud a depth u# 9 St3 ieet- Sxcltactittg tlac aarttacrn 3,7Sd1 SF poaticm wtaich is rafarred tlo ea the Trevcttnai t7cat:Parud wiRL atx a+djustsecl btti3diag, axe~trE5,4E~1 SF, 3nti]t in t4ti2, Pam d ix a 23.2517 SF t..acartt i.xhatped intsriix sits with t2{t fast ref 6utt@trge 8lntsg. the salt Yuie of Ptady ]venue and 7 9Q ficM of fmnta fte elartg the mst side uu Iiay Road,: sad a cfepttr acE'75 to t5D feet Pares! 5 as : S~,T513 SF vacant re+cixxtgulxex iatarior site with Tit Feat aS Crcrntagc a[oatg thrt east xitlrx oC Purdry Aveacx; ata9 a daptta aT ?5 €t~L The rn•are71 rata is iavril at straet grates. ttttd t?,a utirtittg order xttsgrovertcents ands:`-uti!sroe Utt pray tsiral lrvekperYeat ppr~rocnrlel nFtha rtiet<~ ,and 3cr trot arFxe±:acu rria ~136taest sv~d Hest t~sa Hof ttre averatl nubjsal eiu. Hm~,cw+cr. wtit Nava nut 6odtuetrd tha cxtrt of~ dartnnli.R.ic+zt cod ibe catist:ict~ 6l+dt~ lrn_pa~ati=tatiance, es the ic~ct'ir» camrnen:iel and pa*kitag ust&'incats:,s x+mrld vf~at sts~t rwrt„ unxiI the a+ex7evalc~iment K„t`tlce tsvt~tttlt Butt 9itC itt rt:ca'S2~'laox with its $ts~hta.'! ar>d II.text t: Site. Situ Area: Pnzcei 1 - 3, i 50 !'yrsyat ~ - 3,'SO SF Pa:ct:t •t - 23,254 ': F (withtixut tlce "1'rcxtte~a't'tt f9ut-ptcrr.sl) Parcel. 4 - 2 ~.4U6 SF r+wtth the 1'r~ant~t t`°Mat-parc~T,e [ arse] 5 - 5..54 SF Exhibit A sunset harbor parking garage project (final agenda version 12-11-08) EXHIBIT "A-1" TREMONT PARCEL -LEGAL DESCRIPTION The East 1/2 of Lot 7 and all of Lot 8, Block 14, of the ALTON BEACH REALTY COMPANY'S PLAT OF ISLAND VIEW SUBDIVISION, as recorded in Plat Book 6, Page 115, of the Public Records of Miami-Dade County, Florida, and the East 1/2 of Lot 3 and all of Lots 1 and 2, Block 14A, of ISLAND VIEW ADDITION, as recorded in Plat Book 9, Page 144, of the Public Records of Miami-Dade County, Florida. sunset harbor parking garage project (final agenda version 12-1 1-08) EXHIBIT "A-2" CITY TREMONT PARCEL Legal description to be prepared as per contract. SRC TREMONT PARCEL Legal description to be prepared as per contract. sunset harbor parking garage project (final agenda version 12-1 I-08) EXHIBIT "B" POINTS TO BE INCLUDED IN DECLARATION 1. The City Property shall be separated from the Retained Property (but the City Property may contain more than one unit and the Retained Property may contain more than one unit). 2. Common Expenses shall be allocated equitably between the City Property and the Retained Property (and unless inequitable, the allocation shall be 35% to the Retained Property and 65% to the City Property). 3. Easements for support, utilities, encroachments, access, construction (including initial construction of the Project), repair, reconstruction, and other purposes shall be granted in favor of the City Property consistent with other air rights arrangements. All such easements shall survive any termination of the Declaration. 4. No retail or commercial use (or related uses) within the Retained Property may exceed 15,000 square feet, and no internal connections shall be allowed between two or more retail or commercial spaces if the aggregate of such spaces shall exceed 15,000 square feet. The following uses shall be prohibited in the Retained Property: (a) "Adult" bookstores or cinemas or establishments for the sale of drug- related paraphernalia. For purposes of this subparagraph: "Adult" bookstores or cinemas shall mean and include any establishments which sell or offer for sale or display any merchandise which is distinguished or characterized by emphasis on matter depicting, describing or related to (i) sexual activities or (ii) fondling or erotic touching of the body; and "establishments for the sale of drug-related paraphernalia" shall mean and include establishments which sell or offer for sale any merchandise which is commonly used or intended for use with or in the consumption of any narcotic, dangerous drug or other controlled substance; (b) Pawn shops; (c) Soup kitchen, homeless shelter or other similar facility; (d) Mental health facility, substance abuse facility or other rehabilitation center; (e) Gambling or bingo facility; (f) Auction or "flea market" facility; (g) Funeral home; (h) Laundromat or dry cleaners with on premises cleaning plants or facilities; Exhibit B Page 1 sunset harbor parking garage project (final agenda version 12-1 I-08) (i) Automobile, recreational vehicle or mobile home sales, rentals or repairs, excluding luxury or so-called "exotic" automobile sales; or (j) Manufacturing facilities. The restrictions and limitations set forth in this paragraph 4 shall survive any termination of the condominium. 5. Each unit shall comply with all applicable legal requirements. 6. Unit owners shall cooperate to assure the tax exempt status of the City Property and if any action or use by the owner of the Retained Property, or the Retained Property's use of the parking garage to satisfy its parking requirements under the City's Zoning Ordinance, results in a loss of the City's tax exemption, the owner of the Retained Property shall pay the City's taxes. The provisions of this paragraph 6 shall survive the termination of the Declaration. 7. The owner of the Retained Property shall waive all construction warranties provided in the Florida Condominium Act and shall look solely to any construction contractor for recourse for any construction defects. 8. The Declaration shall also include such provisions as are customarily included in Declarations of Commercial Condominium or Declarations of Covenant Conditions Restrictions and Easements for air rights transactions, as applicable (but modified as appropriate to reflect that a governmental entity is the owner of the City Property). Exhibit B Page 2 sunset harbor parking garage project (final agenda version 12-I t-08) EXHIBIT "C" PERMITTED EXCEPTIONS PARCEL 1: The East 75.63 feet of Lot 5, Block 14, of the ALTON BEACH REALTY COMPANY'S PLAT OF ISLAND VIEW SUBDIVISION, as recorded in Plat Book 6, Page 115, of the Public Records of Miami-Dade County, Florida. Matters set forth on the plat of ALTON BEACH REALTY COMPANY'S PLAT OF ISLAND VIEW SUBDIVISION, as recorded in Plat Book 6, Page 115 of the Public Records of Miami-Dade County, Florida. 2. Chain link fence on the South property line as shown on survey prepared by Blanco Surveyors Inc. dated 11 /21 /06, Job # 06-1937. 3. Order of the City of Miami Beach Design Review Board recorded in Official Records Book 26626, Page 2828 of the Public Records of Miami-Dade County, Florida (Lots 5,6,7,8 Block 14 of Plat Book 6, Page 115 and Lots 1 and 2 less the north 4 feet of the west one half of Lot 2 in Block 14A of Plat Book 9, Page 144). PARCEL 2: The West 74.47 feet of Lot 5, Block 14, of the ALTON BEACH REALTY COMPANY'S PLAT OF ISLAND VIEW SUBDIVISION, as recorded in Plat Book 6, Page 115, of the Public Records of Miami-Dade County, Florida. 1. Matters set forth on the plat of ALTON BEACH REALTY COMPANY'S PLAT OF ISLAND VIEW SUBDIVISION, as recorded in Plat Book 6, Page 115 of the Public Records of Miami-Dade County, Florida. 2. Possible encroachment of wire fence (i) onto property on North side of Lot 6 on West portion of North side and (ii) onto adjacent property to the North of Lot 6, a shown in survey prepared by Blanco Surveyors Inc. dated 11/21/06, Job # 06-1936. 3. Order of the City of Miami Beach Design Review Board recorded in Official Records Book 26626, Page 2828 of the Public Records of Miami-Dade County, Florida. (Lots 5,6,7,8 Block 14 of Plat Book 6, Page 115 and Lots 1 and 2 less the north 4 feet of the west one half of Lot 2 in Block 14A of Plat Book 9, Page 144). PARCEL 3: Lot 6, Block 14, of the ALTON BEACH REALTY COMPANY'S PLAT OF ISLAND VIEW SUBDIVISION, as recorded in Plat Book 6, Page 115, of the Public Records of Miami-Dade County, Florida. Exhibit C Page I sunset harbor parking garage project (final agenda version l2-I I-08) Matters set forth on the plat of ALTON BEACH REALTY COMPANY'S PLAT OF ISLAND VIEW SUBDIVISION, as recorded in Plat Book 6, Page 115 of the Public Records of Miami-Dade County, Florida. 2. Possible encroachment of wire fence (i) onto property on North side of Lot 6 on West portion of North side and (ii) onto adjacent property to the North of Lot 6, a shown in survey prepared by Blanco Surveyors Inc. dated 11/21/06, Job # 06-1936. 3. Order of the City of Miatni Beach Design Review Board recorded in Official Records Book 26626, Page 2828 of the Public Records of Miami-Dade County, Florida. (Lots 5,6,7,8 Block 14 of Plat Book 6, Page 115 and Lots 1 and 2 less the north 4 feet of the west one half of Lot 2 in Block 14A of Plat Book 9, Page 144). PARCEL 4 (the Tremont Parcel ): The East 1/2 of Lot 7 and all of Lot 8, Block 14, of the ALTON BEACH REALTY COMPANY'S PLAT OF ISLAND VIEW SUBDIVISION, as recorded in Plat Book 6, Page 1 l5, of the Public Records of Miami-Dade County, Florida, and the East 1/2 of Lot 3 and all of Lots 1 and 2, Block 14A, of ISLAND VIEW ADDITION, as recorded in Plat Book 9, Page 144, of the Public Records of Miami-Dade County, Florida. 1. Matters set forth on the plat of ALTON BEACH REALTY COMPANY'S PLAT OF ISLAND VIEW SUBDIVISION, as recorded in Plat Book 6, Page 115 of the Public Records of Miami-Dade County, Florida. 2. Matters set forth on the plat of ISLAND VIEW ADDITION, as recorded in Plat Book 9, Page 144 of the Public Records of Miami-Dade County, Florida. 3. Order of the City of Miami Beach Design Review Board recorded in Official Records Book 26626, Page 2828 of the Public Records of Miami-Dade County, Florida. (Lots 5,6,7,8 Block 14 of Plat Book 6, Page 115 and Lots 1 and 2 less the north 4 feet of the west one half of Lot 2 in Block 14A of Plat Book 9, Page 144). 4. Interim Lease Agreement from the City of Miami Beach for the Tremont Property. PARCEL 5: The West 1/2 of Lot 7 in Block 14, of the ALTON BEACH REALTY COMPANY'S PLAT OF ISLAND VIEW SUBDIVISION, as recorded in Plat Book 6, Page 115, of the Public Records of Miami-Dade County, Florida. Matters set forth on the plat of ALTON BEACH REALTY COMPANY'S PLAT OF ISLAND VIEW SUBDIVISION, as recorded in Plat Book 6, Page 115 of the Public Records of Miami-Dade County, Florida. Exhibit C Page 2 sunset harbor parking garage project (final agenda version 12-1 I-08) 2. Chain link fence on property line on the North and South and encroachment of chain link fence onto public right of way to the West as shown on Survey prepared by Blanco Surveyors Inc., Job # 08-234, dated 02/27/08. Exhibit C Page 3 sunset harbor parking garage project (final agenda version 12-I 1-08) EXHIBIT "D" TREMONT OPTION AGREEMENT AND ADDENDUM TO COMMERCIAL REAL ESTATE CONTRACT r:n >Nt, i~~ a66v rM'1°D ~nrsoatttacCfAfL t"'r~rTRA~ T)aat QPT.)(Yf+t •~w tti:I~:BMT AS~PD AItiV6h4tJM 7i~ COTs7MtRQA'[, C021TR.AC"T ["+!t ~ tr<aatr rata rvt. a+d ir+q ss c~rthr dsy otiuae 2{Kr7 bcatiwaa Cb'W[N i'. GfT1Y7G~1..'6~ sn3 GR+-Cf~ tr~~ lrmri,.nrd .efe! arse (w~Uvaly ^~c wd iSt,"CT1<'r ktt~/li.T1't8 GtitaMYA1~E, TJ~tG, a klxer'sdr 4°raapp,rraiets, rrwtfia rssiCts r"i3e+pr{'), 'APa to sba 1?r aK.ercy Inesmrd at ILtI(t-iai~ flsT Rgred. lwlisiaai Bsaelt, F4 33134; ~[T'ax Latta" Gi3 ZJ'~t1t:?~i.ta~t14 (ehr L'd CX`aNSt$JaTYX:XAt aC floc l.trartttaes cad a~rt+eaaa.ean oQ't6r pmrUus soot du: tlt car t}t{s A~ma*stt cad thr rxco wC Tt4.C4. ter.a~tt ass3 rvtLt=ie.w+:.y cd~hirh .one finesk+r ear~,asroirt8tai~ the T+estirs a@coo ss futloese i m of C~6_ ~cUrr doaa lc:~ry 6ierC aead gwwnt ,afro Dt~m~ the mocttasi.rc tad frtc~:ak:ir. riybt, pttvii~..ge, xsi ~.viun ee pawta, ,, a.. the sarstitroas itxncirrflcr ix+o•+iUs+i. alI aft[re sdiev4 tt~r#tt, ttxtr atad ixxeasse yt an~J a~ K'ec ~~r` 3a~mdlay. a~ iasyttrrraxrtata, m~~tttrr with raft rghts, caaoxa=ats and sp{raelrrtamra tttnarra7a, yt+csiartt tct tbs. bourn amdLiitEdffi aQ ate xr'vtntsrs sttam'iaaaT hrsetn ~radxe a Dart 1(tlta 'ma'y. TT,ie Agterrawt atw zannes iv tettan9 mat t,errnr, and prwaiaksna ~f arc Cnras~G" 2. ~'~rm _yr {~'r+Liti~ 7tta ittatwal asnn of sta.s 43piiaa aw,a c,xuetmio~ upxs dtr =acrtziae at tlc,st gabT rtAli er.itire wa xtartr 3 a. ~s'><i. Stts {3~ae~rr atsy bo ctcrariactl at arq i:atr durls~: ks utttirk ar a~xtsaudcd i4sesxt &7 +wsina~. ewr~x R.om Bayer ms S1ea}et tartaichmtr} also bE by fm:arrrn"if wf hr ~nao3 anzlrt~. iGtacwe ~uyrr ~r~tsisrs tias Oytiaaa, thrHtrlrsr it~B au2 tra maim,! rw nubr arTQttfoaa) t7rt Est p~srwearx, ku2 t3pieaa pro psymastaf ain~dx esY.ta shad au "be poarurrf and s~.nnt1 S.s ecvlasarsd t: fwwixhuca tasdiR tv F3r?vor, 3. ~ r.7orraarsaaaaisy, cvt ha"14yy 6, ZxirJT, au}rcr staan.p~q Ctaactty tD SallAr oar `~Clptirra Yevi iar Ura ratatrm d. 53~.4Xa) per ut¢ai m ~ R.a~la •d,vtrrr;s utstall~nraub. mUl 1.3w~sn etxr3res tIDr C3Pdan. The ilpdam Foe rlsru Irr 3a sri22riaa to sad tws cradtted W ai ra Paocbaa~ Prim, j3aryar uuq tccra{:=ttr thr CipMssa at aqt accts witb +asYtaacA ttwdr! M Saibar', whaarutasrt na f~ruw t7pti.-w Fe.e peymss+os etzaTi bs 6uo -w yabis, Ord Suyss that srwaH.e ~s r of fbc I?ui-ri,sk Cswd a~ araurc~ aaterr~ amd mthleCt pasty s9eYi tsa,n say fatthar ~~ b t[ss attar rsdar -ddt ~reentmrt ttt't!w CaaRacc AtgU+arg axtrxats»3 i' dtls +6po at rya ~:.centtatdi to the C.Datrary troaw) sat DptlosXlrers ~atvdiq~ wll t77.tidt Feat aria to rrr} Ctpnirn Extsnsitxt}} tsrtws 5.add. t~sa)! ix desaws4 tw tbwbpwf-natiaa4hlq pravi6el that in tba eocrs~c oR a ti•ilura a[-~dr an r deAu7a icy Sritrr vsdst t3tis .M®aataorti ondrartmrdrt tires Carrrxrx ruder rfraseastaaxa Hadar the Caratssss wtrlCh ext6tbe 15u}+st to a astum of ehr i7etae~, rear uadar ewer cirtaistnart®er. ri ottUatr 7teea porrietataty nsLd bo ~ellcs tirtil {ts ss~4xtaLt7>a. sr.d setunt+td cv 1~t>far m t saara swwmor as tba G~paeit iaac*ss the Gwurret, tract oax adterr- r 8o es tfece fs a-o amatxad Lrs^eat oCA}stisu)a ufsa aaad=r Uria A~we+erc saes ar ttfe aye tdat...,.: t tr,~ .,y::.,-.r,. v? eoa~lit[ floe bbFtn of cwt e~tgaa tar vp io siz (b} murahs uaa.Z r7.5ceee~aer S7. '.f00i4 ca d1o ssttte lt:am and ac odorioaa ss -ot faro: id 3,e~ut 3 alwnas~ 11aa ')"w»sat} ')'t~cxarswsd Driiua I~.'~li.pc~u) ~.rs awcadt ~pUaw )`+socm[aa ire shaft b« ttbtr is com qty r$r+e {~~ rcwatG a~matra.~;c t 1'P"6. 'f1.a ;,:tl~: psyttksT cf Stxtr~•'Itvsasat! Tyu:lais 45~r vsr ~t~e fast ttarw {}l :swarl)gs at'rM cctmasia® prcfctd~ slssll bs poi3 wa 7iti}~ i. '2CtatF iC rarA arxtcstt{nn is w ctccecitxd Sbci r, ts+.laas i)rt}~ hat tltrarciard wr txor~aattJ tt:a t7pt3 ao adtfxruaral Sia,try d ]]v,iirta SY6Cr.J64C11 psymrtr try Liar Eivarar to thr ~otlw shed! hs payalrio na t:heaaLsar ]. ~~ u~arr=atC tlrs Zaasiud ttars,arh 2"lccct:rku 'J t, 2x548.. 4 ~~GY~,.t?JJ6- 'f!r Cteaatt~, slteR to facia cat the y74ttt do}^ (act eba £ver tsraairow.tgi day at.ereaa7se:r) ~stiaa.~p~t~ xtn <aarz.ra aC xsc cC~~~strr,n, nt cat rnrh r~iiex day at egFacd to 17y id ~ and gc31Er is watUn ptuviWd tlarx i. tLe rty wrc~r to tltctt 2s st9tn1n7eC ltzr i~:-~exr_tber 3~i waJ Jrau:rr ii. rhea oatlaer j~.rr ctr Ssilu saa)~uvs U,a w~~t~~w. oo ~sbartd iiso i'.'7s-snag i7~+s ..ith Worrier 7a @ma txttrr rw tat 72 attht a}'r(t1iWL+la ysu, so tLK tttw'Clwltiny dace. ayau 'Bali batw.wrr. iLe¢eraMr Id st>:i lancaay 1 7 nE da_r tRtpiicatrie ythir.,iii r~,cau4baQ txarin {btdtafi the pus{n6 @akaas se! tautL sbo,•a) sa ttts cxasrary narxritristanaltp rile L;txztrs~ is nat astxtr.~~crtt cra 6uasirt~„ bo~se ai2ntllltsvt tM rigtn as aoUamU c2a Clnuzp dauc ky yp is ast adai'Ea*< (ct LwNtsesvs.dr,yes Cf ara.~asaar,T~ ra ssrlisPr ua7 epees iso'.nrr ragtrirectzotara. ?;n agriltluratl E7ipcroatt F'e shell b+r 9va ra • aCaay Cttuitry t?ste aausi4rts"sy 5. bmuuc .~hnwltancnttrty aiah irsa awcarrotai~oat nE atr A rte, fysyrr marl i.'t~ tft,t• t6I ttS{I]03 17c).aeia wror tle L'r~ttrxt in as inirrssr tasrltt8 DcrouM uidt. l3Latnsc do Tot+tis,. i.3..F'.a+t~F.ary+rw A~;eat1 "L~e gt¢wst; shxtd e~win wcaptra+.fy ,rlt++.diblG to tt+taXw }C the IIvysr, t+t ias sots dlaca+sticcx xa~ at tae soh doefiwRa, aitaxs toot to rarrstlao t2te 4pr~t~tt and cat to -rise ~reirast: ixar Pro)atert7r s{ a tsc~isar.r tha esd of thr Clgttices psrio-t" iMstly eepnt Ute et~rN~e tcf tlae {?plea lrtFcjc in writing ss§atl tAe t3ep~ t fresco bc: draa~rid to t.e rrGav--afarwdal~ie to Etuyv.. oara7rt v:rt3et eiarasxtsizetsrs ami}er a~tt x:'G?+s.~arct ~hic.A aareu:ie ~ursr au r nscsrrr of the Iar;n-vx ~,!`firt:,.t~. ~ ~ 3'eUrr ahsii rtaya:._ar_:y x«':ptrw~ wlih 3 ^cr atMl arercas iD~ P~a4*~T awcra0e acd drtr~.t+ r~ dccuna.,~, aFCt.=st. w,•. va*u.ir! sad clasnhe rrf «t re+tuests, cMc~. th^t buycz zeauvbs`biy r.afeata x cmneetivsa vrif:i 3vycr's si`Piieae.,re C..r atp -.- c.r use aT ibe PTr-Ferry t#r Hrs}.~ea's raxacuptatcaf usG ~.d !^atf:IcTisB gcmtii. 77caippaa Fhe+~ticv. Ilcud. q.-gri. .,c,a arr. p ...r~ ityvt rw»r a¢t,rkZi trt ~ Yaeadln8 as t2ir qty anr3i ~d ~salrsaet In t)rr r~.arrt ,.i a C'rsaizyt arxS a~tr c;,rxxua r.:.ttx>x K,isx°r- i ~L•'~ :ri_~-3SiaC idny- ."..snaC YS Q7SS'r."S,t7Y''.~}f eat'r rl; ;'znv-r Exhibit D Page 1 sunset harbor parking garage project (final agenda version 12-1 1-08) da nra iw .rx w^~ .d.arsef?• artdu at rsyaat~r a6c r~fra~ c~c~aiisr .ad urc :uem~ns at~irtr Pasea+nir~ m xer. rxvpRxrp w oamrirau ro uaattta xa !ns ~J~+~~ aw aua tacymrcT as casceriP oe.aQac~ :n ta. svsas. otw,iyF doe. rwa eocat.• 6Dr +uh, r.etea R.Aris. 2s;aartetsa ~y,Ylolertatss: 77a= Trngrntt tw>'a ttr fstyrro,etworotr }hatxa amk wlt yrtnro~swl ptc~a~, sxr nr ~'9CEf7t3r; ptv.~roaw loot ttr_ Seth slot! dt~4u tits Yyt>otattp •wwstt rt ~i. mac twsd ch^ae of srzty uwctmka at ti;Mt of kt'ud prtits ~ sew tls~e sM suT op~at ~S3ifs~ ~wm}tr or naaurad wt~atd sowdCipat .niat~tgns ehstl t~ 4^v,.d by dk. Sa~.r~prctisor oaPY~ia~. 'It.ere Fs p.w,mt1} a't~t a~. else Proptatey ..fxns. Mrs wcvfras Dkc~cm'!,r 31: L3 ur. ~ ~`~t ni ~fri~!{ed tAat tQnesenmert,~ gpreutxs..Ssa~u snsi re~ctltwS isW urn 4~+ i lly L~w.w~sen epsf`i .S.Nles s&+k1! t6a ~ fGt 17dr tfvset< fy ~.+i &n Ar:Pez3, Ibmstw~s ~~~ in¢ru+ ws ~~ ~~ o~QCSvs~~ at'ATracwna CD;ritxi~iXlCa..&efl EaRiAx TgdE~. w1t41< p^e}}glf ~g}pryy 1C r7( ai~i }.a iA .1F apylis-abM, aa•Sec, eiecxsi_, .nd uthur axitiy resd ~ dtsclpna. yb~lf be p.m+w.d Zaiwd vn LLss fah arailabk 6f~x~ct t2uraoe. tm~rd+cl Ss1/sr Ws7J s.uc ssw..uawL~r t~iotta b aMd- me.wc~ a~f:s~s, viitities 4rrinv is t#u +Glu~ G1*awr saQteo+ k. a~$c r~$.G~ w. c~alx{Q nycn txc+~rx at aaw ea.n. a >~a.awbft nu"i'v .e~cronr ,.iu ea sda at ~tcsiatt by ariX7artsarK waeat paodi_ny rcwfye fffs>r:L Wlls ~ .ut<xnetaua. 11s. ~g P~c.xEr ri wflar C-csi Lanes itu the yeror of t~wriAt rrs +#.teemjocd m be hicleer ar inw,ex #rs~sx es aapursxrd. ~rc :t>rt~s~ sng r>SUrx~wai-lpi 6r ~.sd+atl tse stri9dt~etse(74j A~ daR> ~ah+idsn wufePg ~:asa ~4ii azecr tr*azatSsas srd sdJus~ama sNSB !.c liasl~sdaja ,irr exrpxs Ia ea3axlrs5tin. !o. Ourtag she s~ a~T !fait dart tca3 ~ csmitlaa Ilerwaf f9cpxe, m Arryv'a sspkwrsnutlvu astG aoasstwsxvai, snstx n..v. ins. >a m ~-atnr Sts Pnrpwtp arttb prtar ctaitk~ amd sDat1 fse..•e e9e is :aslar taass +s to t£re ardaptti4ailiby wd' #ntr Ftav.rt3 >t3se emu. tar's iaorrdsd sus of 4Ae PfevPacq•. t>Ml.dlny. pt,+ese ? ~It !°a.frcamsaail ao4isst sxa~rel'74 ppt'ananr~n tisst s$se }st,4, srifl txatrixu, taut: mr1 ss6es rttpaaigw artd t+ar~ T6a rev-aa of t entx* rtnll ba ym~wrd E7 tics ytn+td tvpk5eta3m cd tba CSoo trrCt. 9 ttndraaca ki etrmptsas tits rsgcc3~• ut ifw iniYwl fbq>.+rticnns +xr t7r !Ra d.atictY Kits Airs. 33 his IIS'aio. tb6 E~k..`ilvr:DMS Cd fi/fs . lYs7aitti,o wad .o[ea6 d;.riwF nrsscxsebfs buwttvcr i%a.srs, tlx Btntar to satsdssrt a ~tsass ri tnx~eciitro sltii stud}• it b ~eksd. ]t fs rlielttc+i Mstl.sli aa~ ur metre to crt tlsee Ctt~ttaxcat, is pcwsfcu3ar u set RseQ~ sa 7haa l.ai-taB tt++r.cE sit b. Doty wig pc}x rdscaetslc i 1, ~ilderrtte~rd 3elitr sad lit laolasT ahal! l.tutp coexFdsnriak itxe wdraw7y of tltti.+sr, 3soa ituSixts snG Plzirp 1-~,•:~•. +s Pvrasa~n u frttexetud gar+;ia :fits Strtr .R'rop~y u,2 my aoSoererrfos ab4iaswl 1x dssi +leaSfn~s wed any Burn c~.Nidixpc. ,wiltx:ax3 Ixmits~nx, say Baas cr imloetzwt}:a t}r guy~^i ~aau.rr~,7.tsd vas trr dsrricrpc~.amt at ~e Prvrt}•. 'his is e ,+cearrtr" miar=4a.rrrx far tccr}cr to crrra~ zz this n~r*.art>r~ d ps'r the Optfam Fawn. 1i" ~[3~L,~ - Sr_!fa err »ts ~~'~c gtls policy ~W !ra uo tktlitpaltka tb pzr~+•ir3s pR3vr a~rl+dra'rce oCtitY_ hx 3~3cr. .w,c:ILSS r*usfl Mtrue3r Oo~i{incs msvtc>:ssblr lilt~y. ~t~^st ompr M F1Crm11tcc! Ests~e.C~gr, enw.airel i3f1r ¢via179lons epptrartag on tDrC dd,r ~nyxtitxrxaaE lxot ah}ttsied to t*Y $sy++r'.7Aaricatsbleuric sloe!! Eaa 8sx+xcserwd accaasirsu is tha Thta 5znadmkk aacrre~* by wtlsxrity af'S7u 17h^sids ~ww soak is avatsdtax ~rrtth kw. >ti!i lics:a, rsrt,t*;tgas rutd title siwtLerss aiziah tense Txr satistS,ud v.ith ~u t~'r„wa:s of a.wef sEa71 ~c artfsl9od by Sdflav rt G]utng. tiro cwrrn of"Std. axsd Se/hsr ts"aa7i s6i3ceC}' eI! •ppiicibk tataxtx. rsr dbc sisexd.ocl C+oatrs..•t, w amn~A-d -+nc-+rrlrY. dxuite,~ ww•s. t~ than tttc re37tndstiitiry txf tixahr s~tast. ~tdt SAC OPt;crs rs catea>aa+e~ and ltxs a•4.+lilya4iens at' i}spsr t~ Ptrcl~r ttrr .. soli Senor io sa~t1 the Protxsrtlr, tfx ~xtsprcrt~+c ragtus road arr3iGrstiaru 4-~tCre Faistiaa sa sec Ibnh xg tfir waat#cd L~trr„-~a s txe ead xrsnafa rycraGva ciz4 tls¢ ierxnt of tltks ,yymtaterat erxd t9mee w/iwr tM rzexcs.rr at rh_ °iort. +tli regwFt+ed tialisrrrMs urt3sr e4e t3settassi aixwlt ke eac+dr sty 5tifsC +rsaR':;arxet 3 btgeisissa daps tr#'t5va Fi~r_ tler~ c[ rkls 4 d. ~~~ etrrn:e+se~Sx~ Seiler E.rrky nGrasexss v,Q anb W Etsx w su fofiaxtk s} 'three asc so sx.ti:cts, sera, pxtscitx~ttMass w rsrreWyu!ti-as pa dicta or. tc Cart icsoadnd~e eAr 9Wss, t3.aealma~ ~~ ~rliwr ~+r tfin Yxv~serty afSccxlr u~ll7rtc J4ogarty. D) 7'r the Gast at Se~sxk fcon•.+~•isit~c:~ Sfce ie rw pncaex.ca cekway ~. LCarer,(ats ir, +m rir^~'42+. drr.3e asr cr: aand+es'Iylxxr.7ad. ssses scalar orn ek~r $'aUrrbns Cxt anceEred of wxYt tevixsrttacre`al txtrrs trv+n {4a ~s~4'- stay mtlae ttf wx vbtrti-sx xlte :arty Sor~oaaeasaraB smtty rat ~v~ a wvlcr txttruataaa awn wtrlc94s ceuid p~.c xisa en ,pretests ofi' xssvtd or a•^attc miaw7c in the Prcc~t~~exsp..Shc.r im r~aiinrrri as wot~e acts snmpta±mt 21~ anv ra~osaxt rclarxnd oa ttrs Dsssamt:c Gr iadieat,sn stsvid rx rx4.~~ ta~fe w.iscz+esat sc e: to cay sXaafm e$ ~+^ sQserse wit gcri4ly at a~acical svrrwt t' ar inmem is rlrs. Pt+CgaM•- c'i 75a rxotasmlerremcs .w3wtiry. 4a 2tte ~l'~'t7 mr~ Gaen 43.de ao say {~i+.~+~smfnentwc ,~'.ntlasen t s~xrlsY a~rni+cu*Y. R~'+P yr tx+da+id:nl +shleh waaWffi aespcr. sn acxt upca ryv ne in sw_csn~xs +,a makr .soy rnrrattrt of trw7nmp m kxn6 .x in a~ersmact, fnstsli ar cts&xxr:a nary i eaaots as ao$-.it' dive Pmp!arx;.^ 3rcd r.a Wtcst guYf~ tea wrp c7pwt o: spti~ w pttrc.6ase, trine nr ~cxL"Y t'te Prr_{s'et r, eS} ~ rst rn rernics rx~ertrastt oe ~i,rr aix~r++e.:~xs os Srifci=,s krraw.i.:Rra apC=:xtnQ ttsa 1'repre2}^~, 'w'aze:ls. wctsrzd l+,rj.ud. tfra C'ltraicsa I7xws aad xbic.~, tf 9errzinataS Ia sneor3.arxc wig it3srr t~rr.~,,, v+•:^s'fei isin: Rr~;w.ez ar rtez+aaal~er tow Pr[s.~e.~rv nrre mac. '~:~xy (7Q~~ sx.ys .iAcr nw-n sw~rx~;xatiSac. AZ7 aI rt.e L C"?"iE r- u. - 2 . .. 1i23n ,1. -93a' Sin} 1x-.+.~. }rS 13~~F2"~e9R; tr.~zrr ~f 6'. ~ Exhibit D Page 2 sunset harbor parking garage project (final agenda version 12-11-08) ~ .atRteurUu and oyeaatiarsd oc+sirnta p'f ~.+¢ Ketler~iasd the iieaemi matLSaa theecir~ ie Ntla t~oaebevt atoll sapratsd srait aiaalt tx uur sa of the 7Cic+aititt disor naa alult iimt tis+rl~.e aluedn~ 13. 4II8! till 3diiar shall: Eatl trot floor iht linpwwcityy. enoepa m orator rgsshs, ta:unartuas or darotatiais ragtrirad by shy ieaav4C lisapia~sltly i" j~s w32li arRy ass!iliatt aoYlarx iaf siotralna as ~a+tar2t smeisrd ~' Scti¢ gcc~rp¢trpptcioaai>~a~tn ffi~e F4acpsaty asci but ~~ eaatQ Ya•.oewat s 7isa a+R Rht+ Tao~rgt or a6l~rtbe aC tlrc owner rbeeeex' (as Sella M aaiyp~ maenasttt; ~ta) arse cites lain as ' Se~~ilboui 12rt ash 9~ ~ sapid boa1~ or rosy tar-taa oe SRVw M' r srae a~oiad asst oastts.ct in suds i wa9r r am+c tt=li tsc kirndipg ots~tba T4sape~i'ep alMa~c Awe 4'74ssirp~4c.?~p~~• asat*71 n arend asxisapanta wisA iaaiRla~e pgr>mia w$ih la tlsc Ytapoagl 6tffOrlc dalta~rasray rrad ahafl pot aflaer ssry' IieM iC aCee+u.. e,~1ttH dre Pza¢arty. 9lx. ,4,~.3~` Q7t Ensc- A: calm .satt~ aLam s&a tlMtHer sH unrttt~p{lrri .errs,a amamttss, yaa~n.srec. tica,tea anA =oraards~ tsg of SatL~, s[ la tlse labQia ar eotitwr! aerufdler eM its pu7nssns ash- saes, rdaainy up dos ord. zhe the-mf anS Hutt artirr ~tlacamrnes x taap he sr~srmak+Ty naeyaiced to t~eniste dt: tetmmi of dsis Ccatpat~ tt appMasli~e, oeseiAnxiaei of payfmaxee .sf .lI bie swlas taioea art. rarq ea eft 'PSaici~Ea A]staartazarA of 3tc.wsin:. 7lrc Hit) oiaalr a3atl slsp iyC$aslc an 4C6'kt JAtrpgi'}a7a p~~{~ Est fbi~s spa i9As $tdzadsc33a aaCacJwad t:rrata Salitr shalt nrcise.~t+1Y ~+sM a as so sass t!«~~1lst ~uw'1 ssgnsMt RLb! 3M 3strcle , idat4~, s6.ps sa~'sxir~iit.Q saes and~cc~tWL~ Boa Ctrs 'iX to Bps 3si ii~es fn otales i4 KMYsant«at aG aai ads on doci. apm7pK aisd40e latraags6ffim Oar Dzry~ sdsil[ hew dse ~i.~wa, sa 2twyra"a cleatiou. sa +dJait ass d. steacsssani smct 9~'aarJtrass >lttw ao ~e4 Prrr~~s~~r ac taafbts z~ all. ebsbbrg~ notir o $wilo ro t~ aapeinrtat i;.swsh sa cotrsmisndiars. dos siasrasa, ab¢,~ said Bayer ahar~ ra~ua.sw a aiwiw~aQil t in Ass >hrsclsaaa 7'ria. ( vaiumrsil~ek;+ss ~d u+adH hoc +Eoc aryiag+s ~a23 zwt :so nakscsd ~a sarr+.sp*f ir+odifcstiasz m the e3m+~; stsasrisaA and sMrU seosiw the sasses a+is prcwscds as z[vo sash -rsra xr~a). 7 z Tha t' rill brrlr dellvtnsd 6~sa< ~ a!f Karate !epees +sisd e7 ciglrtit eE sr~s psiiy. ¢neix.9~x.~+~ ~t~l~E , Tr.:rsnt T~vi:~ Smiler ahsl! ~sidR daciunaassoaci cd tlst Csainfaa e~ oC anfr arvplbahi. ~ssu 17l, Xll: aaiiaxa: ~ttast be in =rittrag (awd may ba aww+t ttY Gat. =KD pc~ssronaricai aE rrariazslsud ircrpp xpar gig. Ne eoracidw~sd Rt3readua aOrk! tacad.~ ar dshr~azy is niiats.d, Fisaacz7 sddreeams sn yrr+a~.rd.d sae k~:~errw+arq~1 ~+sep saes eats ~oyisa te{ Notiaar 1o Hupw shall ba ;ti~mu[~viis?y :tad to Rw .tl T,ob~, EL:Y S i100 3uocea litilatu tyai+~r:,, Saha +K2, ]+Cwpi it~as+nh. FL E:l:F9. .Aatnt t~ls Id. Ramer. 13en„ Tail:y63.5'7~.76]~. Fant;343.6T4.TS41, Hsmit"I aaA.atrr uksic.at~m. t3aliwo Nt aJalier aha bs dslirrsad to std l.snirnart. aClX l.3neatn Rd. Ph li.`~uxzii Est+ Fitrrtda }31Y~-9CO8 71L° EAA31<46t:7'l Faei: 3t76.SA13f~a. R,raa, 1: . bletlirt's and lso?tiar"a aaaeacrsys ada+31 har+~r t!x atg~rT ao settasasvled~a ip ssiaitrt 6't7 aeaird cc ttlirixl . tMlr clLrni. raar.~t of aOiizt„ +ab aakpavr7ausrs+f atoll alls~rista dLS tagairecnein to sezci. da~tltaar norias r saxaeacp'a all ~ [Sctt ~ ~ ta~rvos?- k. A?.~ssra~«sibsl Ftaiycr's atixuwtr. izsa~r tuatura~a to iat~e*srrri Fiaytr is ariy ~i9+~paw. ~itfirvifi,satatdiu 736aa H.t i S F~t~t4,~ - it is for iirtaniica of iha lvardas zhar ca ttx ICit~-tg t7iata, Sabar slrrf I tpstssfra f6t+ ElcrXwr itra Pr~:s,wY wa o .laces cmdliiiss sa}bj.at a to rass.~exabta rraaar osd tmar_ la iha er~amt of aa_r ~i pnxtxestiet~t}, ~.s7kci atASU p-zcasy ly zs.,~~}y ~lkrpac atad~uysr shall mltar tias~a 6ro tfplrt ara3 ~ap~n tp tazr~;at~s this ,+.p nxmc: r. arid"or ~s {:~irra~t bj givicgd BedaSer wctrsan rswira ufHtryss4 e)eufnn» orrmlaste ~withia rht7iy tTl bashtieas s sSasr rer;t~{.x 4asr Aayar- oY ttsr sns-ce l-wri .sells rnd tr~awc r ratessao afYsi iyapcedt uui at7 [speiea Fris. st> ~ir.,~mr etect~mat to iatmiisals, llaz atadf all zrf !b cig~, tide asW 'laaeiapa la eR a.satdi is trsnse~t~an svlth such aet~ng m :E>'ir}'a ii ClaaoFSg. Kisk of lass ea sLc rerey (timrst Erne ar falser ~ Ei.nalttdicty. witlrsnta liiirltaiiws ~ atrU he taetY.st try, tics ants! It.o Masi l7siai I:'.:l w cs*Y aeM+ earatirrttmtsmt tsitY {inc~ila,~ anry r.ew ariwirnnt»aatad. sGtiisttitrssK~aiz) ps'iat w tlra ~o~ymrp~ cdMic~t) ssptasm~a.Tisrty a~uti~Ha}vr of SrRler'a !seat esilzsrrtt m[ Aka cost la tcfasir aap~ rmaL a Xt Asa rwasus~sbG wsi at'tspak alas soma frrn 'clan at eu:h damsgs att.9 awiarir3a ntC!{be icis.4 and quality La ~ttwrr f~S..UC+~, ec in Elsa s rsart af+aii_r www .a-.i1 eur_u~aitrratior.. ihsn Bzra'n- rnry hnrrnlrr~ts. the +~sn~r~4 flrttnr t7p+iro+s bas bees a:sstclsaod aid. +ttataadhar. aa<rapa as vtYrmaise apsctilisaffiy ss~s twtl~ in du t3antrari. pasts+et rraty shall, }s+.s mp zigl~t or ntmrdy a zbs ofhar. if m z$sa araai of argr a^c irariizaassmsi zamwdoettsa ar e4ae ezrt cf ra.ais end rws~aiiaa !s Sax ~zaa $atl,J~ilp u, irti= stair e~nena of as^y enr#raameataf aozttarta~a;bn ar la tat evrat ssrb crass la rrssra harp S~ gti6 acad psrync elezssa eo ~cAosr thr sa1a.:aUcr sAa1], of ChimtnR. maign m 9rter ati cf Sea'~:r`a rig3r„ eitlc end 1Lit+riiaL ~. acd ~a '.te troceadY of ast+r sled alt. ltra rtr CKhac ewaalb huarapce %I.atia In avaah drrnaCe, itas any ssetta a:pest8r3 ar iexzanstl 8rp Sar'~fAar fa¢ zrpmilr w aesborardaa oC ~amgRc ;polar as C'3oala,R, asd sbal~ ~ w Sagroa my tltft2rc+a_^c a.etswaar firs aasurenasr taoc+re/i9s srr« t~.a srpzraat. axtaaily coed ne and rcstaa~ ac ~~. a?rcpertr as rvisaca+e~l5 bx an appcsiasl ssr liid finirs a 'opzAtai~r eaatrnclnrs:ter_ai~9artaes~ttan neasasri~,tt srA{ataaa] a~5etiv. :C~. liuyrt.~ zrm}~ Gn at°a C~Uan is aety atL°S7fala of 8 +liizisav ka eai=te~a~~-t-ed;`a'i;.::.-. xtrw,:i sra~~ bn tasigcred by lbiysr t„c vey :~o,y*T bat s+var s~aa)~1trc ~h~+;i.^e an S_lfta an.+y ~ tlosi~ ~t ~sRri7t*~' E:.c '~MtiIC..,~'^,,, ~{i~, IA9s ,Ag*wc.mca; airtd !?~.e ""antswcs ma.~r 6e cx~a:ur_d 1r~ muttij~.e ~,r.~:-T n, vr~. ~saa. Ixa¢e tAer sire#l. S,rrrn .~nr ae~ts.a3 ~~inilr ur rc~rre;wi sand sms?t~rd sign~rcr.• sRsfl for a~i" par{+saaa cce*.~ ra ui o- gs~l Cit>Sar sL~it tca~a s r'ylrt, bJx n[rr ~aa cdlfgaCStre., rc :~rs~tl a NA~ww:eutidcca of Cti~va c chc tawr~ .u'src-,re* ~~tn i ~T3.CCN rs3R7Ft.?dLldT- 19S(3-1~f Ek ~-Y },+".xt~.;.i 4e`±i dSSeKC~rr t.:Yt z"al N! . .fir ~'~ Exhibit D Page 3 sunset harbor parking garage project (final agenda version 12-1 l-O8) rn 8~s l+rb-tc NeRSrrds of litaasri-Siisde C;cKrnry, 7'3aaYSS st ~Y teme tsraae m Sx c~tolnattaa od lAe ~~,yy. @cq~cir. settin ~vrdr ttrrs t~bc terms s+f tlsu Optim Ayssaat~esrt, wbic9 1temnesnt]em sftdl 4s ~twaotsd. a,asaaar't ad dati wcre* oo B+tyer riaswttsstsa.Yd,~r will tht}s Aµ~rtrsrrrsat 3~2~W*,t~c~,,tssa Exi ~''t a+~AV,t~c.~r. ~w~ r tta 4t'TTa+1ES:; Yt/kl~kA?C7P, etK ~y~ ht.s nc~e,cce ehks cM-raorr .~~resrc-r w:t~n srmssvr,cnN ,~a C`UtYII1KtRC7+l7. CC7K7'RA~C7' as a~t'tlue ~sy artd yetst !test t~so+e ~rtitx~a xe~r~;•rr~,s; seaa.~R: .--` ~ .dca- sya tp baatD Stf:#nwttt ED ' . CS?TtiZAI.SZ Puint Nrm,R~ ~t /+~I~.C ~t....___~..~a _~. >.._ . _._ 'Ut.•tM.ru - as la Dntb St~larx RACE (3QKZ.A. ,,.~ PYint Nss!se t ~:rs... __... IXCtY"gR: __,_ ~s~' R ~cKac~t.~ €~ wa~a~a s ra~~Di~, rrcacidevres Print t~.aresa; _ _ ~_ ~. . ~ ~-'-~i --?S a _^'L i%#' T+=d ;.~.. F+.~S r•.i{F isg--zY.?4 ~:np i3^+.;3 1._ 1SYanCL'Y'3.ISS3 CIIC*"f ~'1'} t'9C Y)" Exhibit D Page 4 sunset harbor parking garage project (final agenda version 12-1 I-08) [ij r!t uwey=wlAk casaseas., axkirtfoest. .axirraec. c~ii.rssr c:~CirawR ~f i ~t2r, gs.esevrnetl ~prn~ir., axes, Utessrs oe MLer ~pONefsAlfHttN a[ pees acxlianzatims wolf rrsprci Ro (ii) sli s'ssi~ae6is seehifar~esl, mr+aFupirai, ma sad odsrs plrtu r.d apeciBwiic~os. trncf~sllr.¢ m twih.ptaim uz! spadfkatianr,. and ~~ P~ ~+iivoRrtzad ssi4 scvo~rtx~~ aad tiert35c sRUdiiss srd neat eelacl~ m iamuc Pocryt~'~ ra onr+siu {~~uod Ue camm~atMne ate corEHrs~cxk~ ti~+rafi S'.*Y"':'Z -')°. Xc3 #: t!'"9+3:tT'C- 3i~. f5-1:16 .: FXa'wa .r fiXT-rlS3'i,^3i CK3 Cfi' ~r ~dy Exhibit D Page 5 sunset harbor parking garage project (final agenda version 12-11-08) Ram Z TeNiM, t.LM Y+iO@ siaere/ Hiex9daa' OM'R: EO~rFie AY teAat/li @rwteK tR 3:x4lft ayD¢~T~M t~43t3k36.~t°:74J.~.t9 !.. ott/1tSWYy~ x r~A~rCr~iOerrT, T~~R~u ^ pure to aeff tlq • &r,weef /40edrama: t n.xratitloe* a !ie_@tA^anihiw/rt~ t-,pb.#R M Lane wrtD1~ ~otle.wgy R reH l;:F w i eiST~ .t~.at n s:xst.Rx~ rawat» ya aars ~yvx cDr r a Art a >: ~ ,. .x tk.+.x..a rix.:. - tya y~ we r s,.__ bz~~, ,f3Y+i4.=.aa.' "'°~""~ .h ~errayYL!-per fA+' f Av~t~_CaTa~` C.~~ ... .._. ^a (ilx Oe7rapJV~rly W f/i fti 'Mopp~) Iffi ihr ?attrp atxd OGf!'.~11r IMi tID+N tyatQY1.. Ttxr'Efhatlrr lJa9r~ nl Ntf •+~ CmlraW ;4a 1M x1yeC- ett 'rtierh ever 1rtM11et IMr /r.e[ws a tlyr 4rtrw;d ortw. Ttklxe it of Vyo asawlea 3e tlyir C~rd•r[a ltmr :' prfoaar Ot 6 avlea a ICta wta nrx ced+peird bout (rdeedvq t'S~lurWY. 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M G PS'rtiy'%t'~IN A>d #tllr WSOriwv~a. ~ t_ Aq p1Gt++=7 .d~yylrMP#. f'R'AA{'y :.1471 Exhibit D Page 8 sunset harbor parking garage project (final agenda version 12-11-08) ~+,' h9r v+rw.~dr#mavt+ A+gw4tbnr ~ylrAr xMrr, sa.r step i4y P'!a%' b taAtby is wear tsUrw irAq ..na+..>br wy.s~wab4 q trw ~w#+a ?Ii eOn,ltat A E~Mri ..~W. y..ipwCngpp 0/ ttq !"#OQSR1 ~ sll-lftTRele Comd9#t#reR vrM, k+ie ~*1 ersi !a wrr•.nq MMI w11 re# A11{}+ it Cn t1~A n-iN~Iwa t## (kQ 41we: tM# i Re<flea h#IF PtiL10h M w ,rrr1{,rAf~r '•-ts+'rr11~r faedbAf7tiva Ca<f tfrel. rwtrn M t,Ae fro,?+<rs,ielesl in ! teu ids h fJ~k".x0'y 4+a*d~+it treat psAef+"t Ae,#dh ek,ies b pMwOrsA rrha wrA e,~rwd er, N deer stow d nt]orr ~ ~uaoged tlederA, emd iµ AhsA,r ~c,tde6nes beers YAStI 'k#u*d an braiidat;A fn ilc,riQn. I~06Mer+sd :rdnMw~7+z ,ey~s^mttq ra~ore wsd eatdae tasHrq met he abragW htrn yo#r taxatry pe,Aae a#eeitr a#N_ ~' ~wrOY ItRINw.'e~ Httkrwl raay Awses '~lrmtcfary hA 'r_+4',y!' 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T"tte twrtrvp °~raytr,' -8.#A,<r~ sr+X 'itrcrrcrr` mW tee a,+~u~ar dr cirri "?rr4r C.sr~ is dhrtrp sew- 9uyrr#, sw#w: na[ ta#xr M:t~:. poem,-+,at rsR'~snoyr~rtyyw~4~yw+cq +ra:<arz.~..s aM r+erW+~:ss iT° nssy nw.9erN i<:~-r..Mw;t "`~ err. #.- ~~ '! t:.. z sr.a 3#INt ! r e kJfF^'.=1 »~'r~a..^ew.laa ret cdiY ..~ ~ cxpr ce 3ri# w-~^. s y ,~ap7# ~: r,t n a.~a-~, 7<i::.~ :.,e ~ e;twa..'a.su~.~w, ~s fis"a='r`"`x`c'~aur{aw ..... r.« wrse..~„ '#+..ar 9a+'i+ra++et 7n: !0.t` Ri4MC Rr.~lrv#N ter+51 YM-!!9!c Exhibit D Page 9 sunset harbor parking garage project (final agenda version 12-t 1-08) {!,) Gwa ng Broioerv g...rr. .w~...r.. ~'aet*#erfkaR-ter x .see .ru a _g,,y_ '°" '° gT+^ea~^~~Mr t-+ `~ ~rp•rc x~r~~<c ostl +wlc +n#7 tar ~-- _ _..m c~rrpsseated Btgrarr (~ Set I.r~ i.! c~~U. S+aA3sw Ire.t+wwrt to C7 an k'9.8 or ettxr uaU! a? WA.-aC1^iM1Cap CPoi6tr (~'. 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Tasr...,.:,d ,t +Rrts ~araaaruo: C m7F'+ti~ Ycra ntc. 5ra ~a~'Ma.'rt_ tee Att aty.tr ntr+r.,.,a ¢a~ za~steb Exhibit D Page 10 sunset harbor parking garage project (final agenda version 12-t t-08) ~;l ~ ~ Pi ' Rstr-er 8 Town, LLP t ttop Sunset t{ertrour Dr)+re, suite 1t2 tdietN 6eatth, r=l. 53139 3tXi 8741 H1 ttr305d+t4-7441 Addendum ita Ctxrvnereiel CanVad between Pdrr (p F. C-.+nzatex and (4rmaa Gonralaz_ {g~band aed wFh ~_.__.. (3RLER) arld SCt7]'T/2Ot31NS COMPAMFS tA1G - • Flnrfda enrnorattan. endAer atcJnna ,_ {BUYE;R) cotroemir~g the aeM au+d purchase ,N the PropeAy descnbed as: Aa ~arrafefr YT d SF of land whh aoa~x9rn_fab ; <d! et m h)LL^+!~.~®ert5• Hoae,+~ 14~ bo A Pm3rr urd Bar xoads; jpgij' ~J-Jt S') ijvJ,f~~ VrEW SC~L+ P~ 6•!15 E1ll LO17 E ALL LOj~,~t_K !d ~ ~O7S f-t a E7SCT L07 ~ ~,~1~~14~ ~,ILS FiTDAt TAX~O!!,$~4t[R,7ECT7~ICE8~tCA'>'fQNtIYS~lRVE17 fTwr fuNo: 0232]50/2601 "he dsusee Ix;bw shall be inoorporyled Into the forrtrad rsterwxxd above only ~ initialed by adi parties ( ~( ) .. (j „~~. )(~) p, SECTION i037 Y_XCHANGE; _^iv~ dyer ~ t3eper`tsr~eq"ut+sle a Se~ia~ 1631 tax deta^red Aicehanga in cpnneetion with tnb M'ana9ollon. The parties ayrea to aooperote in eRacHnp the exehanye to acsrordsnce with Sectitxt 11}31 of the Mlertral Rsvonw Coda, Incfudinp axa4attioo d anq dca:Menta that may hQ reasonably necessary to effect the exehange; provided that (1) the pony regrras0ng the exa~anpe abet hear a! eddttlansi c.'+Sis inaared !tt canna:fon rAtl+ the exchon~. (2) lne rpn.requesting party shop nW be t9btlgeted tc delay the clesinq of to execute any note, cortracl. eX other docurr>ent providing for any pemm~al IMhility which wcr4d survive lir_ azcisengE QC•3R Rrv. ".'OC altltl6 Finntlr AfrGJalirrl ofAEAL7CRL'ti Ai: Ri~rylp f~]rryy, ~~nspd l6 AN~alrf. F tptt iJNtRegr 9.,>tlNyyYlaG2GCfJi)15C2i s~+urr ar.d AAdod Formattlny t{! 2006 Atta Star Saltwaw, lne. All Rights ReserwQ. (30~ ZT9AeDII Exhibit D Page 11 sunset harbor parking garage project (final agenda version 12-11-08) EXHIBIT "E" LIST OF CERTAIN PROJECT COSTS TO BE PAID BY THE SELLER (SRC AND ITS AFFILIATES) FOR PURDY AVENUE PROJECT [note pricing is subject to change for each line item after final construction costs have been dete-•minedJ Exhibit E Page 1 sunset harbor parking garage project (final agenda version 12-1 I-08) Exhibit D1 '~ ~ G a~ Sunset Harbor Gar~~e - Re~taii r..~se~r,.~. ttC RedMi ShM Bur~Fdi+np r Flood Panais ~ 1<uRU~ MEP e~ er Exhibit E Page 2 sunset harbor parking garage project (final agenda version 12-I 1-08) SCHEDULE 4.6 ENVIRONMENTAL REPORTS 1. Phase I & II Environmental Site Assessment of Vacant Lot Property: 1849 Purdy Avenue, Miami Beach, Florida 33139; prepared by EE&G Environmental Services, LLC; Project Number 2008-3072 2. Phase I & II Environmental Site Assessments of Purdy Office Building Property: 1835 Purdy Avenue & 1838-1840 Bay Road, Miami Beach, Florida 33139; prepared by EE&G Environmental Services, LLC; Project Number 2007-0174 3. Phase II Environmental Site Assessment of Commercial Properties: 1919 Purdy Avenue & 1930 Bay Road, Miami Beach, Florida 33139; prepared By EE&G Environmental Services, LLC; Project Number 2007-3039 4. Phase I Environmental Site Assessment of Purdy Avenue & Bay Road Properties: 1838, 1840 & 1850-1916 Bay Road and 1835 & 1849 Purdy Avenue, Miami Beach, Florida 33139; prepared by EE&G Environmental Services, LLC; Project Number 2008-3233 5. Phase II Environmental Site Assessment of Parking Lot Portion: 1850-1916 Purdy Avenue, Miami Beach, Florida 33139; prepared by EE&G Environmental Services, LLC; Project Number 2008-3233. Schedule 4.6 sunset harbor parking garage project (final agenda version 12-t 1-08) SCHEDULE 4.8 LEASES, LICENSES AND OTHER AGREEMENTS Lease dated February 2, 2008 between Purdy Partners, LLC and Black Sheep Capital LLC for 1835 Purdy Avenue, Miami Beach, Florida. Schedule 4.8 sunset harbor parking garage project (final agenda version 12-1 I-08)