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Amendment 1 Penn 17 LLC AMENDMENT NO. 1 TO THE RETAIL LEASE AGREEMENT BETWEEN THE CITY OF MIAMI BEACH, THE MIAMI BEACH REDEVELOPMENT AGENCY AND PENN 17, LLC., DATED SEPTEMBER 1.6, 2011, INVOLVING THE LEASE OF APPROXIMATELY 7,807 SQUARE FEET, OF GROUND FLOOR RETAIL SPACE AT THE PENNSYLVANIA AVENUE GARAGE, 1661 PENNSYLVANIA AVENUE, MIAMI BEACH, FLORIDA . o This Amendment No. 1 (this "Amendment "), is made and executed as of this R . day of t ( 2012 (the "Effective Date "), by and between the CITY OF MIAMI BEACH, FLORIDA, O D a municipal corporation organized and existing under the laws of the State of Florida (the "City "), the MIAMI BEACH REDEVELOPMENT AGENCY a public body .corporate and politic (the "RDA "), hereinafter referred to collectively as (the "Landlord"), and PENN 17, LLC., a Florida corporation, whose principal place of business is, located 1661 Pennsylvania Avenue, Suite 6, Miami Beach, Florida 33139 (the "Tenant) RECITALS: f, WHEREAS, on April 13, 2011, the Mayor and City Commission adopted Resolution No. 2011- 27647, approving a Lease Agreement (the Lease), between the City, the RDA and Penn 17 LLC. (Lessee), having a term of nine (9) years and 364 days, for use of approximately 77807 square feet of ground level retail space at the Pennsylvania Avenue Garage, 1661 Pennsylvania Avenue, Miami Beach, Florida, for a restaurant (primary use), with ancillary uses for a bakery, a bar /cafe, and a book and gift shop; and WHEREAS, on January 11, 2012, the Mayor and City Commission authorized the Administration to proceed in separating out the retail portion of the Pennsylvania Avenue Garage via a condom iniumization process so as to ensure the continued tax exempt status of the municipal parking garage; and WHEREAS, the condom iniumization process involved the preparation of a certified boundary survey, revealing the actual size of the aforestated retail space to be 7,655 square feet, and not 7,807 square feet as defined in the Lease; and WHEREAS, in order to address the difference in square footage, it is necessary to amend the Lease to reflect the adjusted square footage, and accordingly to also reduce the Lessee's annual base rent and the cost of Common Area Maintenance (CAM). NOW THEREFORE, in consideration of the mutual promises and conditions contained herein, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, Landlord and Tenant hereby agree as follows: 1. The above Recitals are true and correct and incorporated herein by reference. 2. Section 8 of the Lease Summary, entitled "Gross Rentable Area of Premises/ Retail Space" shall be amended as follows: Approximately 7-,907- 7,655 rentable square feet (in Suite G, as also shown in Exhibit "B "), plus 2,230 square feet for Additional Area (Exhibit "B -1 ") I" Amendment Penn 17, LLC Lease Retail Lease 3. The schedule in Section 11 of the Lease Summary, entitled "Minimum Rent' shall be amended as follows: MONTHLY PAYMENT LEASE YEAR ANNUAL MINIMUM RENT* (PLUS SALES TAX) 1 -2 $585,525 $574,125 $48,794 $47,844 3 -10 See Note ( *) See Note ( *) 4. The schedule in Section 18 of the Lease Summary, entitled "Cost Pass - Throughs" shall be amended as follows: Common Area Maintenance (CAM) Monthly /Annual Lease Year Cost per Square Foot Payment 1 $10.00 $8,364/mo - $199,3:78/yr $8,237/mo - $98,850/yr 2 -10 See Note ( *) See Note ( *) Note ( *) Beginning on the second anniversary of the Lease Commencement Date, and at the beginning of each succeeding year thereafter during the Term of the Lease, the CAM rate shall be adjusted to reflect the actual pro -rata share of Property Taxes and Insurance costs incurred by the Landlord during the previous calendar year. 5. Except as amended herein, all other terms and conditions of the Agreement shall remain unchanged and in full force and effect. 2 I" Amendment Penn 17, LLC Lease Retail Lease WITNESS WHEREOF, this Amendment has been duly executed by the parties hereto as of the day and year first above written. ATTEST: CITY OF MIAMI BEACH, FLORIDA City Clerk lVa y � B F� — J� day of , 2012. L INCORP ORATED' Y CH 26 ATTEST: MIAMI BEACH REDEVELOPMENT AGENCY ecretary airperson. day of &Rf'l 2012. P 7, LLC. ATTEST: Presi r S°" retary k/ Print Name ' STEVEN E. MCNEFF y 20 ` - Notary Public •State of Florida day of 9F P My Comm. Expires .. 17, 2014 .... ; Commission # EE 3023 APPROVED AS TQ FORM & LANGUAGE F: \Econ \$AIIWsset \Pennsylvania Ave Garage Leases \Gigi's \Penn 17 LLC 1 Amenment.doc tF EXECUTION City me Dada ' c 'vvvKKK...CCCyAAnJJJ'"'' H co 6 ix �lr va ri EIJ Pei 9 4 0 5� ` a U ot .,o Z�' �.. � :., Qom. .� � ��. , � y.;� �. • W : h t o 1 r!� � FY+ ,,/ �1� �W i � r y � ►alt � rI'} W W G5 w O e O, y 0 � x � w ttxx��� ZOO LU i i B B .vwrn..w- w ., { mow w w o m .w,... ..a e. mwu.uw oe m +mme� s we woaws .r rW ma»,em F- ^ a . <? l: 4J V Q Z }" �p 0 N {1J 16 4 yz $a a _ W t Q rn z who Z CL L L) -fl y ' C� U < ¢ "� CL �. 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