Settlement Statement SETTLEMENT STATEMENT
City of Miami Beach, a Florida municipal corporation ("City ")
Bay Road Partners, LLC, a Florida limited liability company ( 'Bay.Road ")
December 15, 2010
CITY BAY ROAD
CREDITS CREDITS
Purchase Price 4,500,000.00
TOTAL CREDITS 0.00 ' 4
CASH DUE BAY ROAD FROM CITY . $4,500,000.00 $ 4
CITY BAY ROAD .
COSTS COSTS
COSTS AND CHARGES TO
BE DISBURSED AT CLOSING
Mortgage Payoff to City National Bank: $ 2,368,450.41
Construction Costs to City: 1,820,350.00
2010 Real Estate Taxes (02 -3233 -085- 001 - 0) 64,270.74
to Miari -Dade County Tax Collector
2010 Real Estate Taxes (02- 3233 -085 -0020 34,607,31
to Miami -Dade County Tax Collector
Lien Letters, Violation, Permit Searches.l,l 16.00
to Al Title Support Services
Attorneys Fees and Costs to Bilzin
Sumberg, et al 35,000.00
Reinstatement of Purdy Avenue Commercial 122.50 122.50
Condominium Association, inc. to Bilzin
Sumberg, et al
Title. Commitment Fee 250.00
to Chicago Title Insurance Company
Owner's Title Insurance Policy to $38,454.00 6;550.00
Tew Cardenas & Chicago Title Insurance
548771.1
r
Recording of First Amendment to Declaration
to Clerk of Court 34.80 34.80
Recording of Cancellation of Memorandum
of Agreement to Clerk of Court 30,50 30:50
Recording of Cancellation of Memorandum
of Lease to Clerk of Court 26.30 26.30
Recording of Satisfaction of Mortgage from
.City National Bank to Clerk of Court 18.50
TOTAL DEBITS: $ 38 '$4 9 330 9 827.10
CITY RECAP
Cash Due from City $4,500,000.00
Plus City's Costs 38,668.10
Total Cash - to Close from City $4 9 538 5 668.10
BAY ROAD RECAP
Cash Due -Bay Road from City $4,500,000.00
Less Bay Road's Costs' (- 4,330 5 827.10)
Bay Road's Net Proceeds $ 169
548771.1
RECEIPTS AND DISBURSEMENTS SCHEDULE
RECEIPTS -BY TEW CARDENAS
From City $4,4b1,331.19
DISBURSEMENTS BY TEW CARDENAS
Bay -Road via wire instructions attached
hereto as Exhibit A 169J72.90
- City National .via wire instructions attached
hereto as Exhibit B 2
City'via wire instructions attached hereto as
Exhibit C 1,820,350.00.
Miami -Dade County Tax Collector 981
Tew Cardenas, et al., as agent. for Chicago
Title Insurance Company. (covering title
insurance) 45,004.00
Al Title Support Service 1,11.6:00
Bilzin. Sumberg, et al 35,245.00
Clerk of Court via Tew Cardenas, et al., 201.70
Chicago Title Update Fee 250.00
TOTAL DISBURSEMENTS $4 9 538 7 668.10 .
548771.1
NOTES
1. This Settlement may be executed in multiple counterparts,' each of which shall be deemed
to. be an original and all of which , shall constitute one and the same Settlement Statement.'
2.' Having read, .approved and: agreed 'to the above credit and disbursement amounts . and
revisions the :undersigned parties hereby'. approve
each such credit and
other
p p y
disbursement provisions and hereby authorize and direct. Tew Cardenas, LLP to make the
disbursements set forth herein. Notwithstanding the . foregoing, should City of Bay Road.
discover any error in the figures and computations set forth in this Settlement Statement,
City and Bay Road agree to adjust among themselves the payments made pursuant hereto
to compensate for any bona fide error.
CITY OF MIAMI BEACH, FLORIDA, a
municipal corporation of the State of
Florida
By:
Dat
ATTEST:
By:
Date: -cG r-- WM E;Cn -_ l i 1610
[Bay Road signature page follows]. .
APPROVED AS TO .
FORM & LANGUAGE
FOR XECUTION
it ttorney Date
548771.1
BAY ROAD PARTNERS, LLC (BRP)
By: PaU P, LLC
By e —�--� - -
Scott Robins
Managing Member
sas�7 r. r
EXHIBIT A
Bay Road Wire Instructions
Name on Account: Bay Road Partners, LLC Operating Account'
Routing Number: 267090455
Account Number: 0080001815
Name of Bank:: Gibraltar Private Bank & Trust
Address: Miami Beach, Florida 33140
Telephone: (305)- 468 -4144
Memo: Closing'Proceeds
i
DEC -07 -2014 05i47PM FRO -CITY NA7IONAL'BANK_ 305 577 -7429 T - 7$5' P.001. /O01' F -909
c a
25 West Flagfer Street, Mlarni, FL 331-0
i 'Tel 305- 577.7329 Fax: 305.350 -106
ca�later�rran�l�7CICyRatr'oner, com
PAYOFF STATEMENT FOR ACCOUNT /NOTE: 1526599 =1 DATE:. December 7,.2010.'
Purdy Partners LLC
C/O Scott Robins Companies
234 Sth St
Miami FL X3139 -6602
THIS PAYOFF STATEMENT , IS ISSUED PER YOUR REQUEST, FUNDS RECEIVED. AFTER 12.00 NOON MUST
INCLUDE INTEREST FOR EACH ADDITIONAL DAY AT PER DIEM SHOWN. ACCURACY OF FIGURES IS NOT
GUARANTEED, NOR WILL. A MISSTATEMENT AFFECT THE RIGHTS OF CNBF TO COLLECT ALL SUMS DUE AND
PAYABLE UNDER THE TERMS OF THE OBLIGATION. CONFIRM AMOUNT DUE PRMOR TO PAYOFF.
BORROWER: Purdy Partners
PROPERTY:
Vac Bld 1835 Purdy Ave;vft 1.838 Bay Rd , 1840 Say Rd M Beach Fl 33139
PAYOFF STATEMENT REQUEST FOR: December 15 2010
Current principal $2,360488.4Q
Interest 6,782.19 Daily ac&ual of 295.0610000
Late chargAs 0,00
Fee 01 2C 590.12 2 Days Clearance Of Funds:
Total p ayoff X2,367,860 :3i
WIRING INSTRUCTIONS. CITY NATIONAL BANK OF FLORIDA, ABA #066004367, FOR CREDIT TO .
ABOVE LOAN ACCOUNT, ATTN. COLLATERAL OPERATIONS. IF FQ1VDSARE WIRER, DEDUC - , AI1tY
CLE4R.4NCE OF FUNDS RFFL.FCTFD ABOVE. .
IMPORTANT NOTES:
ALTHOUGH NOT INCLUDED IN TH15 STATEMENT. ADDITIONAL FEES, CREDITS, AND DEBITS 10 ALL
BALANCES LISTED ABOVE MAYBE ADDED AT ANYTIME FROM THE :ISSUE DATE OF THIS STATEMENT
AND BEYOND THE STATEMENT'S GOOD THRU DATE, ITEMS THAT MAY POSSISILY CHANG' THE
PAYOFF BALANCES INCLUDE, BUT ARE NOT LIMITED TO:
• Change in escrow credit or escrows. due, as a result of Tax Dlsbursements or other Schedu :ad or
Unscheduled Disbursements.
• Earned Force Placed Insurance Premiums advancad from principal.
Scheduled or unscheduled Escrow Surplus refund to Borrower. .
• Variable raie change of Note Rate.
. ' Scheduled or unscheduled paymants made to principal.
Again, you are encouraged to verify tlis payeff amount before remitting payment.
IF THIS LOAN HAS A REVOLVING- LINE FEATURE, upon issuance of th +s statement all available balances will
be made unavailable until either (a) expiration of this Statement occurs or (b) Borrower's special request for
advances during this time is approved.
Y Please provide Bo rrower's' new contact ;nforrnation, as will be needed for post payoff correspondence.
Y If regular payments are being made via an ACH automatic monthly draft, the Borrower is encouraged to advise
the remitting institution of loan payoff. .
You may contact Ana M. Dorregard at (305) $77 -7431 p rl I (305); 35.) =1 fax
collateralcontrol @city national. cam with any questions or concerns regarding this statement.
Exhibit B
EXHIBIT C
City of Miami Beach Wire Instructions
Bank: SunTrust
Account Name: City of Miami Beach General Depository Account
Account No.: 0360002236568
ABA No.: 061000104
Bilzin Surnber
ATTORNEYS AT I...AW
Martin A.- Schwartz, Esq. ,
Tel 305.350.2367
fax 305.351.2256
mschwartz@bilzin.com
EXHIBIT D
For WIRING funds into our FIRM'S TRUST ACCOUNT, Tease
see below:
BANK: SABADELL , UNITED BANK
44 West Flagler Street
Miami, Florida
ABA No. 067009646
For Credit to:. BILZIN SUMBERG'B'AENA PRICE &
AXELROD LLP TRUST ACCOUNT
Account No.: 0031143 53
Reference: Purdy Partners /30796 /NIAS
MIAMI 2261282.1 7249634030
12/15/1 D 1:41 PM.