94-21167 Reso Exhibit to Promisory Note
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EXBIBYT wI- TO PROMISSORY NOti
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The amounc of the annual principal payment shall be determined as
follows:
The undersigned shall pay to Holder the greater of one-fifteenth
(1./15th) of the original principal balance of this note, and the amount,
after crediting the undersigned with any prior payments made to reduce
the balance of this note, which is the percentagc of the original
principal balance that is the percentage of the number of residential
units of the Sunset Harbour development that have closed as of che date
that the yearly payment is due.
For example, if the original principal balance is $1,000,000 and
the undersigned have not closed on any units ,i n years one and two, then,
as of year 2 of the note, the undersigned will have paid Holder $66,667
per year for a total of $133,334 (1/15 x $1,000,000 - $66,667 per year;
$66,667 x 2 = $133,334). Using the same example, if, as of che third
year, the undersigned have closed on forty (40%) percent of the
residential units, the undersigned will have to have paid Holder by year
3, the sum of $400,000 because 40% of $1,000,000 is $400,000. However,
the actual payment due would be $266,666 because the undersigned are
credited with the payments made in the previous two years in'the total
amount of $B3,334, and $266,666 ($400,000 - $133,334 _ $266,666) is
greater than the 1/15 payment of $66,667. If, in year 4, the number of
total units closed stays at forty (40t) percent, then the undersigned
will pay to Holder that year' $66,'667,' because $66,667 is greater than $0
(The undersigned have already paid Holder $400,000 and, under the
percentage test, the total due to have been paid by that year is
$400,000, or forty (40%) percent (number of units closed) of $1,000,000
(original principal balance)).
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Sunset Harbour Infrastructure Improvements Schedule
Sunset Sunset Sunset
Harbour Harbour Harbour
Townhomes North South Total Perc.
Closed Units 19 219 0 238 48.57%
Unclosed Units 31 9 212 252 51.43%
Total Units 50 228 212 490 100.00%
Original Amount
1,000,000.00
Percentage of Closed Units
48.57%
485,700.00
(261,753.50)
223.946.50
Gross Scheduled Payment
Less: Advance Payments
Net Scheduled Payment
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Yacht Club Southeastern, Inc.
February 21, 1997
~tl.,<: /;? 1. ?o.:<J>
Mr. David Cates
Capital Projects Coordinator
City ofMiaini Beach
1700 Convention Center Drive
Engineering - 4th Floor
Miami Beach, FL 33139
Dear David:
Pursuant to our recent conversation, please accept this letter as our request to defer the work
which was scheduled to be done in front of Sunset Harbour's South Tower by the City's contractor,
PNM Construction Corporation. The work in question relates to sidewalk curb and gutter and other
items described more particularly in PNM's contract with the City.
We have agreed that it makes sense to defer this work because of the construction activity
presently ongoing at the South Tower, which activity will continue for quite some period of time.
Obviously, it makes no sense for the work to be done only to have it broken up or destroyed by the
construction activity taking place at the South Tower. We are agreeable to having the City and its
contractor come back at a later time to do the work once site conditions permit completing work in that
area. Because it is the City's contractual responsibility for this work to be done, the City will
presumably receive credit from the contractor at this time. At some time in the future, when the work
is to be done, the City would still be responsible to pay for the cost of said work, or we would entertain
the possibility of our company doing the work at that time with the understanding, of course, that those
costs would be deducted from our obligation as part of the streetscape agreement for Sunset Harbour
Drive.
J trust that this letter meets with your aproval, and if you have any questions or comments,
please do not hesitate to contact me.
Very truly yours,
YACHT CLUB SOUTHEASTERN, INC.
IIO~
Vice President
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