276-97 RDA
RESOLUTION NO. 276-97
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY AUTHORIZING THE EXECUTIVE
DIRECTOR TO EXECUTE A JOINDER TO A CONSENT TO AN
ASSIGNMENT OF THE MARINA LEASE AGREEMENT OF THE MIAMI
BEACH MARINA FROM TALLAHASSEE BUILDING CORPORATION TO
MIAMI BEACH MARINA ASSOCIATES, LTD. AND AUTHORIZING THE
CHAIRMAN AND EXECUTIVE DIRECTOR TO EXECUTE A JOINDER TO
A THIRD AMENDMENT TO SAID MARINA LEASE AGREEMENT.
WHEREAS, the City of Miami Beach, Florida (the "City"), entered into a Lease Agreement
dated June 24, 1983 (the "Marina Lease Agreement"), with Carner-Mason Associates, Ltd., a Florida
limited partnership ("Carner-Mason"), pursuant to which Carner-Mason leased the Miami Beach
Marina from the City for a term of thirty years with three ten year options to extend the Marina
Lease Agreement; and
WHEREAS, the Miami Beach Redevelopment Agency (the "Agency"), approved said
Marina Lease Agreement and receives certain payments due thereunder; and
WHEREAS, the City and Tallahassee Building Corporation, a Delaware corporation
("TBC") entered into the First Amendment to Marina Lease Agreement, dated as of October 23,
1991 (the "First Amendment"), which, among other things, recognized TBC as the successor-in-
interest to Carner-Mason with regard to the Marina Lease Agreement; and
WHEREAS, the City and TBC entered into the Second Amendment to Marina Lease
Agreement, dated as of August II, 1994 (the" Second Amendment"); and
WHEREAS, TBC has notified the City that it plans to assign its interest in the Marina Lease
Agreement to Miami Beach Marina Associates, Ltd., a Florida limited partnership ("MBMA"), the
general partner of which is SoBe Marine, Inc., a Florida corporation, and the limited partners of
which are Robert W. Christoph, Trustee of the Christoph Family Trust, and ODP Investment, Inc.,
a Florida corporation; and
WHEREAS, the assignment of the Marina Lease Agreement from TBC to MBMA requires
the consent of the City Manager; and
WHEREAS, in conjunction with the assignment of the Marina Lease Agreement from TBC
to MBMA, the City and MBMA have agreed that it is necessary and desirable to enter into a Third
Amendment to Marina Lease Agreement (the "Third Amendment"), and it is appropriate for the
Agency to join in the aforesaid consent and the Third Amendment to the Marina Lease Agreement.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that:
1. The joinder to the Consent to Assignment of Marina Lease Agreement is hereby approved
and the Executive Director is hereby authorized to execute it in substantially the form
attached hereto.
2. The joinder to the Third Amendment is hereby approved and the Chairman and Executive
Director are hereby authorized to execute it in sub tially the form ched hereto.
PASSED and ADOPTED this 21st day of
ATTEST:
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SECRETARY
APPROVED AS TO
FORM & lANGUAGE
& FOR EXECU110N
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R eve opment Ag.ncy
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F:\A TTOILEVL IRESOLUTSIRDAMARIN. RES
Miami Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Telephone: (305) 673-7193
Fax: (305) 673-7772
REDEVELOPMENT AGENCY MEMORANDUM NO.
TO:
Chainnan Seymour Gelber and
DATE: May 21,1997
Members of the Miami Beach Redevelopment Agency
FROM:
Jo," Ga",ia~P,d,",a L~
Executive Director ~ r
Murray H. DUbb;".1IM ~
General Counsel
SUBJECT:
RESOLUTION APPROVING EXECUTION OF A JOINDER TO CONSENT
TO ASSIGNMENT OF THE MIAMI BEACH MARINA LEASE
AGREEMENT AND EXECUTION OF A JOINDER TO A THIRD
AMENDMENT TO SAID MARINA LEASE AGREEMENT
ADMINISTRATION RECOMMENDATION
Approve the Resolution.
BACKGROUND
Since 1991, the lessee of the Miami Beach Marina (the "Marina"), has been Tallahassee
Building Corporation ("TBC"), a subsidiary of Heller Financial, Inc. The City leases the Marina
pursuant to a Lease Agreement dated June 24, 1983, as amended by a First Amendment to Marina
Lease Agreement, dated as of October 23, 1991, and a Second Amendment to Marina Lease
Agreement, dated as of August 11,1994 (the "Marina Lease Agreement").
The Miami Beach Redevelopment Agency (the "Agency"), approved the Marina Lease
Agreement and receives certain payments due thereunder.
In March of this year, the City received notice that TBC intends to assign the Marina Lease
Agreement to Miami Beach Marina Associates, a Florida limited partnership ("MBMA"). The
general partner ofMBMA is SoBe Marina, Inc., whose President and sole shareholder is Robert W.
Christoph. Mr. Christoph is presently the President of RCI, Inc., a Florida corporation, which is the
current manager of the Marina. SoBe Marine, Inc. will own I % of MBMA, and the balance of that
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4. MBMA will cooperate with the City to create a new park and to create an appropriate
pedestrian linkage to 4th Street or Alton Road from the proposed park substantially in the area that
is shov.rn on the sketch attached hereto, so long as north/south vehicular access is maintained in at
least two locations along with the baywalk access, and the creation of such park does not reduc~ the
total number of parking spaces below 715. The capital cost of said park and pedestrian linkage will
be the City's n~sponsibility, however, MBMA has agreed to maintain and secure the park as part of
its Marina maintenance responsibility, so long as the park is constructed substantially as shown on
the attached sketch and access to the park can be limited to the main Marina driveway access or the
baywalk after sunset. Final design of the park will be subject to Mutually Acceptable Plans as
defined in the Marina Lease Agreement.
5. MBMA will agree to work with the City to identifY "excess" parking capacity at the
Marina, and to make such excess parking available to the City whenever possible. Such
arrangements will be subject to the City paying for any increased maintenance or security costs and
will be subject to the approval of subtenants of MBMA, if necessary. This may provide the City
with additional parking.
6. MBMA will contribute $10,000 to the City for the installation of new trees and
landscaping in the Marina and vicinity/neighborhood.
ANAL YSIS
Staff has satisfied itself that the new entity, MBMA, is sufficiently capitalized to continue
to operate the Marina in a satisfactory manner and that the changes to the Marina Lease Agreement
which have been negotiated, as described above, will be beneficial to the City, particularly in the
event that the City determines at a future date that it is necessary to build a parking garage on the
Marina site pursuant to the Second Amendment to Marina Lease Agreement. In addition, the
Agreement by MBMA to waive a provision of the parking agreement with Porto fino that requires
a payment of $350,000 (because the number of parking spaces in the Yacht Club has been reduced
from 150 to 115), will result in a $350,000 savings to the City. Additionally, the City has reduced
its responsibility to provide 800 parking spaces to 715 spaces and will receive $10,000 for further
beautification of the City.
CONCLUSION
The attached Resolution approves the execution of a joinder to the Consent to Assignment
of Marina Lease Agreement and approves execution of a joinder to a Third Amendment to Marina
Lease Agreement which memorializes the provisions stated above and provides for several minor
provisions to be amended as required by the Second Amendment to Marina Lease Agreement. It
is in the best interest of the Agency that the attached Resolution be adopted.
JGP: LL :MSD: jrn
Attachment
limited partnership will be owned by the Christoph Family Trust, Robert W. Christoph, Trustee
(49%) and GDP Investments, Inc. (50%), a Florida corporation, the President and sole shareholder
of which is Genaro Delgado Parker.
Mr. Christoph will continue to be the individual who is primarily responsible for the
operation of the Marina.
The lease is being assigned for consideration of$II,650,000. Heller Financial, Inc., the sole
shareholder of TBC, will receive $2,950,000 in cash from GDP Investments, Inc. and a note for
$8,700,000, secured by a leasehold mortgage on the Marina, from MBMA.
The City's staffhas reviewed the personal financial statements of Mr. Christoph and various
materials related to the operation and finances of the Marina, as well as information about Mr.
Parker, and is satisfied that MBMA will be sufficiently capitalized to operate the Marina.
In addition, the City's staff has negotiated the following changes to the Marina Lease
Agreement:
1. Under the Second Amendment to Marina Lease Agreement, the Marina is entitled
to 150 parking spaces in the building known as the "Yacht Club," which is under construction
immediately south of Rebecca Towers. Under an agreement with the developers of Portofino, the
City is required to pay $10,000 to the Marina lessee for each parking space fewer than 150 in the
event that 150 parking spaces are not provided. In the alternative, the City would have to provide
35 parking spaces on property at 4th Street and Alton Road on a long-term basis. The Yacht Club,
as designed, will provide 115 parking spaces to the Marina, resulting in a payment by the City to the
Marina lessee of $350,000. MBMA has agreed to waive this payment, provided that the Consent
to Assignment of Marina Lease Agreement and the Third Amendment to Marina Lease Agreement
(each of which is attached to the subject Resolution), are approved by the City Commission prior
to May 22, 1997.
2. Under several different scenarios and configurations for parking, the Marina Lease
requires the City to provide a total of 800 parking spaces to the Marina. MBMA has agreed to
reduce that nwnber to 715 parking spaces (plus sufficient parking spaces to meet the City's zoning
requirements with respect to any new retail space in any garage which may be constructed on the
Marina site). This will result in considerable savings to the City in the event that the City is
required to construct a garage on the Marina site and has to lease temporary parking spaces in the
immediate vicinity of the Marina, in order to meet the parking requirement of 715 parking spaces.
3. The City has agreed to make the small surface lot on the northeast corner of 4th Street
and Alton Road available to the Marina on a temporary basis until the City pwnp station on the
Marina site can be relocated. Approximately 20 parking spaces will be created. These will be used
primarily by the Marina during nights and weekends for employee parking. MBMA will be
responsible for maintenance of this lot and will be responsible for security during the times that it
has use of the lot.
THIRD AMENDMENT TO MARINA LEASE AGREEMENT
This Third Amendment to Marina Lease Agreement ("Third Amendment") is made as
of May t1 , 1997 between the City of Miami Beach, a Florida municipal corporation (the
"City"), and Miami Beach Marina Associates, Ltd., a Florida limited partnership.
Recitals
A. The City entered the Lease Agreement with Carner-Mason Associates, Ltd.
("Carner Mason") on June 24, 1983 (the "Lease").
B. Pursuant to a judgment of foreclosure, Tallahassee Building Corporation, a
Delaware corporation, ("Tallahassee") acquired the interest of Carner-Mason in the Lease on
or about October 17, 1989.
C. The City and Tallahassee entered into that certain First Amendment to Marina
Lease Agreement dated October 23, 1991 (the "First Amendment") and the Second Amendment
to the Marina Lease Agreement dated August 11, 1994 (the "Second Amendment") (collectively
the Lease as amended by the First Amendment, the Second Amendment and the Third
Amendment is hereafter referred to as the "Marina Lease").
D. Tallahassee has agreed to assign all of its right, title and interest in Marina Lease
to Miami Beach Marina Associates, Ltd., a Florida limited partnership ("Marina Associates")
subject to the City's consent to the assignment (the "Assignment"). SoRe Marine, Inc., a
Florida corporation, whose President and sole shareholder is Robert W. Christoph, is the sole
general partner of Marina Associates.
E. The City has consented to the Assignment subject to the terms and conditions of
this Third Amendment to the Marina Lease Agreement (the "Third Amendment").
MIAMI: F:\DOCS\CNM\RE\60003.1: 5/19/97 (3:34pm)
f/l M A-~
SWORN to and SUBSCRIBED before me this (;)1 day of .MarCh, 1997.
r,iylL{lJ.-1 Acuuluu-ty::'
Notary Public I . 1/ . '73 /
Print Name: N //1 OrJ e4 J~'1Q Mr
Commission No.: (} C3 c;"7 >? ?J 2.-
OfFICiAL NOTARY SEAL
LILLIAN BEA UCHAMP
NCYrARY PI..JBLIC STATE OF FLORIDA
COMMIS310N NO. CC347882
MY COMM1SSION EXP. FEB. 13,1998
My Commission Expires:
#56815
F. The City and Marina Associates have agreed to make further amendments to the
Marina Lease as provided by this Third Amendment.
Terms
1. Recitals.
The foregoing recitals are true and are made a part of this Agreement.
2. Defined Terms.
Unless otherwise specifically defined in this Third Amendment, all capitalized terms used
in this Third Amendment shall have the respective meanings ascribed to them in the First
Amendment, the Second Amendment or the Lease, as applicable.
3. Amendments. The Second Amendment and the Marina Lease are hereby amended
as follows:
3.1 Section 3.3, The Surface Parking Alternative, of the Second Amendment
is hereby amended as follows:
Section 3.3.1 is deleted in its entirety.
Section 3.3.2 is amended to read as follows:
3.3.2. The Surface Parking Alternative shall include: a surface
parking lot containing not less than one hundred fifteen (115)
parking spaces reserved for users of the Marina on approximately
the southerly one hundred eighty (180) feet less the westerly 25
feet thereof of Area 1 (the" Area I Parking"); and surface parking
facilities located on Area 4 (the" Area 4 Parking"), including the
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creation of approximately 28 additional parking spaces upon the
removal, by the City, of the existing City pump station.
Until such time as the City removes the existing pump station, the
City shall improve and make the City owned parking lot located in
the Northeast quadrant of the intersection of 4th Street and Alton
Road (the "4th Street Lot") available to the Lessee for marina
parking primarily during weekday afternoons and evenings and all
day of weekends. Lessee shall have the right to secure the 4th
Street Lot during the times it has the use of said lot for parking
purposes.
Section 3.3.4 is amended to read as follows:
3.3.4. In addition to the Lessee implementing the Area 1 Parking
and the Area 4 Parking, the City shall implement the Area 3
Parking and Facilities as defined below in Section 3.5. It is the
intent of the parties that the combination of the Area 1 Parking,
the Area 4 Parking (including the 4th Street Lot on an interim
basis), and the Area 3 Parking and Facilities shall provide seven
hundred fifteen (715) parking spaces for users of the Marina.
3.2 The first two sentences of Section 3.4.1, The Area 1 Garage Alternative,
are amended to read as follows:
3.4.1 The Area 1 Garage Alternative.
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The City shall construct at no cost or expense to Lessee, other
than parking fees pursuant to Section 3.7, a parking garage on a
portion of Area 1 (the" Area 1 Garage") (being approximately the
southerly one hundred eighty (180) feet of Area 1 less the westerly
25 feet thereof) between the Core Building and the Rebecca
Towers (the "Area 1 Garage Location") subject to the final design
of the Area 1 Garage as set forth below. The Area 1 Garage
shall contain not less than four hundred (400) parking spaces plus
any parking spaces required by the Zoning Code for the Garage
Retail Space as defined below reserved for users of the Marina
facilities.
3.2.1 The following sentence shall be added to the end of Section 3.4.1:
It is the intent of the parties that the combination of the Area 1
Garage, the 200 parking spaces in Area 4 and the Area 3 Parking
and Facilities shall provide seven hundred fifteen (715) parking
spaces reserved for users of the Marina facilities plus any parking
spaces required by the Zoning Code for the Garage Retail Space.
3.3 The first three sentences of Section 3.4.2, The Area 4 Garage Alternative,
are amended to read as follows:
3.4.2 The Area 4 Garage Alternative.
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In the event that the City has acquired the Area 4 SSDI Rights, as
an alternative to the Area 1 Parking Garage, the City may
construct or cause to be constructed at no cost or expense to
Lessee, other than parking fees pursuant to Section 3.7, a parking
garage or garages on Area 4 (the "Area 4 Garage(s)") subject to
the final design of the Area 4 Garage(s) as set forth below. The
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Area 4 Garage(s) shall contain not less than four hundred eighty
five (485) parking spaces plus any parking spaces required by the
Zoning Code for the Area 4 Garage Retail Space as defined below,
reserved for users of the Marina facilities. Approximately One
hundred (100) of these parking spaces shall be located in the north
half of Area 4.
3.3.1 The following sentence shall be added to the end of Section 3.4.2:
It is the intent of the Parties that the combination of the Area 4
Garage(s), the Area 1 Parking and the Area 3 Parking and
Facilities shall provide seven hundred fifteen (715) parking spaces
plus any parking spaces required by the Zoning Code for the Area
4 Garage Retail Space reserved for users of the Marina facilities.
3.4 The first sentence of section 3.5.2 of the Second Amendment is amended
to read as follows:
3.5.2 The parties acknowledge that the Marina Lease has
been terminated as to Area 3, the City shall continue to
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In the event that the City has acquired the Area 4 SSDI Rights, as
an alternative to the Area 1 Parking Garage, the City may
construct or cause to be constructed at no cost or expense to
Lessee, other than parking fees pursuant to Section 3.7, a parking
garage or garages on Area 4 (the "Area 4 Garage(s)") subject to
the final design of the Area 4 Garage(s) as set forth below. The
Area 4 Garage(s) shall contain not less than four hundred eight
five (485) parking spaces plus any parking spaces required by the
Zoning Code for the Area 4 Garage Retail Space as defined below,
reserved for users of the Marina facilities. Approximately One
hundred (100) of these parking spaces shall be located in the north
half of Area 4.
3.3.1 The following sentence shall be added to the end of Section 3.4.2:
It is the intent of the Parties that the combination of the Area 4
Garage(s), the Area 1 Parking and the Area 3 Parking and
Facilities shall provide seven hundred fifteen (715) parking spaces
plus any parking spaces required by the Zoning Code for the Area
4 Garage Retail Space reserved for users of the Marina facilities.
3.4 The first sentence of section 3.5.2 of the Second Amendment is amended
to read as follows:
3.5.2 The parties acknowledge that the Marina Lease has
been terminated as to Area 3, the City shall continue to
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exercise its rights under the Portofino Agreement (as
defined below) and the SSDI documents to require SSDI,
or its successor, to construct on Area 3 (i) a permanent
parking facility or facilities having not less than one
hundred fifteen (115) parking spaces, and (ii) bathroom and
laundry facilities; and (iii) dropoff and loading and short
term parking facilities and access easements substantially as
contemplated by the Portofino Agreement (as defined
below) and the SSDI Documents (the "Area 3 Parking and
Facilities").
3.5 Section 3.5.4 of the Second Amendment is amended to read as follows:
3.5.4 After the permanent Area 3 Parking and Facilities
are placed into service and made available to Marina
Users, the Lessee shall thereafter until such time as the
Area 1 Garage or the Area 4 Garage(s) are placed in
service pay the City an additional $38,333.40 per year in
rent payable in monthly installments of $3,194.45. Such
additional rent shall be prorated for any portion of the
Lease Year to which it is applicable.
4. Additional Provisions.
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4.1 Marina Park. Lessee shall cooperate with the City in its
creation of a new marina park and to create an appropriate
pedestrian linkage to 4th Street from this park substantially in the
area outlined on the attached Exhibit A; subject to north/south
vehicular access being maintained in at least two locations, along
with the Baywalk access and subject to the construction of the park
and pedestrian linkage not requiring the reduction of total parking
spaces reserved for users of the Marina facilities below 715
spaces. The capital cost of the park and pedestrian linkage shall
be solely the City's responsibility. Lessee shall maintain this park
as part of its marina maintenance responsibility, subject to the park
being constructed substantially as shown on Exhibit A and subject
to the access to the park being limited to the main marina
driveway access or the baywalk after sunset. Final design of the
park shall be subject to Mutually Acceptable Plans. Further,
construction of the park shall not commence until either the City
pump station is removed or the 4th Street Lot is made available to
the marina for parking purposes.
4.2 Trees. Lessee shall donate $10,000 to the City for the
installation of new trees and landscaping south of Fifth Street and
in the new Marina Park.
4.3 Additional Parking Provisions.
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4.3.1 Lessee agrees that if the City is required to
implement the Area 1 Parking Garage alternative as a result
of the termination of the Agreement between the City, the
Miami Beach Redevelopment Agency and West Side
Partners, Ltd. et al. dated November 3, 1995 (the
"Portofino Agreement"), that the City shall only be
required to provide interim parking, during the period of
time it takes to build the Area 1 Garage, of 715 spaces less
any parking required to any upland subtenant that is not
occupying the marina during the construction period;
provided, however, that the City shall identify the location
of the additional parking to be provided in the event that
Lessee is successful in resubleasing the empty space.
Further, upon expiration of the eighteen (18) month lease
provided for in paragraph 5.3(f) of the Portofino
Agreement, if necessary, the City may meet its interim
parking requirements until completion of the Area 1
Garage, in accordance with the Second Amendment, by
providing parking within the 300 feet of Area 4 or 500 feet
of Area 1 or within the two blocks on the south side of
Fifth Street between Lenox Avenue on the west and
Jefferson Avenue on the east (as shown on Exhibit B);
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provided, however, that not more than 75 spaces may be
provided either north of Fifth Street or in the blocks
located on the south side of Fifth Street and west of
Jefferson Avenue.
4.3.2 Lessee shall cooperate with the City to identify any
blocks of parking which are consistently underutilized
during particular times of the week. Assuming that such
"excess" parking is identified, Lessee shall cooperate with
the City to make this parking available to the City, subject
to the City paying for any increased maintenance or
security costs and subject to the approval of Lessee's
subtenants as may be necessary. The parties acknowledge
that Lessee does not believe that there is any "excess"
parking at the Marina.
4.3.3. Notwithstanding anything to the contrary contained
in the Marina Lease, the City shall not be obligated to
provide more than seven hundred and fifteen (715) parking
spaces plus the Garage Retail Spaces, defined below, to the
Marina at any time.
4.4 City Parking Payments.
Pursuant to the provisions of paragraph 3 of the Parking
Agreement which is part of the Porto fino Agreement, the
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City is required inter alia to pay the Lessee $10,000 per
parking space for each parking space less than 150 parking
spaces provided to Lessee in the Area 3 Parking and
Facilities or provide a long term lease for 35 parking
spaces located at the northeast comer of 4th Street and
Alton Road. As approved by the City, the Area 3 Parking
and Facilities will contain only 115 parking spaces;
therefore the Lessee is entitled to a payment of $350,000
from the City for this reduction in parking. Lessee hereby
agrees to forgive and waive its entitlement to this payment
and/ or long term lease.
5. Effective Date.
5.1 The obligations of either party which are required by the terms of
this Third Amendment to be performed shall become effective only
upon the execution and delivery of the Assignment and execution
of this Third Amendment by Marina Associates and the City.
Further, pursuant to paragraph 16 of the First Amendment, upon
the execution and delivery of the Assignment, Tallahassee and
Heller Financial, Inc. shall be released from all of their obligations
under the Marina Lease.
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5.2 The effective date of this Third Amendment shall be the date when
the last one of the City or Marina Associates has signed this
Amendment, as stated on the signature page.
6. Status of Marina Lease. as Amended. The City and Marina Associates
acknowledge and agree that the Marina Lease is current and in full force and effect and good
standing and that there are no outstanding defaults by Lessee or City under same and that to the
extent such defaults exist, they are hereby waived.
7. Conflict. In the event of any conflict or inconsistency between the terms and
proVIsIons of this Third Amendment and the Lease, the First Amendment or the Second
Amendment, this Third Amendment shall prevail.
8. Incorporation of Provisions. The provisions of Sections 7 through 27 of the First
Amendment (other than Section 13) are hereby modified to reference the First Amendment, the
Second Amendment and this Third Amendment, and such provisions shall be applicable to the
First Amendment, the Second Amendment and this Third Amendment.
9. Further Actions. City and Marina Associates agree to cooperate with each other
and to timely take all such further actions and to execute all such documents as may be
reasonably required to implement and effectuate the provisions of this Third Amendment and
the Marina Lease, as modified.
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IN WITNESS WHEREOF, the parties have executed this Third Amendment as
of the date set forth in the first paragraph of this Third Amendment.
Signed, sealed, and delivered
in the presence of:
~~~
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STATE OF FLORIDA )
)ss
COUNTY OF DADE ) ib \N?
The foregoing instrument was acknowledged before me this :;/) day of r 1uu ,
1997, by Seymour Gelber, Mayor, City of Miami Beach, Florida, and attested to by obert
Parcher, City Clerk, City of Miami Beach, Florida. ,He is personally known to m~ or has
produced as identification.._ ~ .
CL::;LJJ.-I tiu AUN U1!#-
Name: ~,/ I/o,^, WUC_hl/l-l!
Commission No.: C ~ ..3 C/ Q ;? >? Z__
- Notary Public, State of Florida
OFFICIAL NOTARY SEAL
LILLIAN BEAUCHAMP
N<Jf ARY PUBLIC STATE OF FLORIDA
COMMIs..~ION NO. CC347882
MY (OMMI~,SiON EXP. FEB_ 13,1998
Attest: f ~
Robert Parcher, City Clerk
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
11/ ~ ,/u.-,Q.
City ffomey ~7
MIAMI:F:\DOCS\CNM\RE\60003.1 :5/19/97 (3: 34pm)
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~21~
Name: 1l~5jJ ,;(,1 Fr,4//,-cO
rtH~ ~M)~::)
fame: '//I/71I/eK IZ/ol?l le::s
STATE OF FLORIDA
MIAMI:F:\DOCS\CNM\RE\60003. I :5/19/97 (3:34pm)
Miami Beach Marina Associates, Ltd.,
a Florida limited partnership
By: SoBe . ne, Inc. a Florida corporation,
gene artner
By:
,.
(
Name: \Q
Commission No.:
Notary Public, State of Florida
""""" Nakia L. Thompson
l'},~A'!'MY.~;. MY COMMISSION 1/ CC615381 EXPIRE.S
~*: :.~ January 22, 2001
~;;'.....i~~ BONOEO THRU TROY FAIN INSURANCE, INC
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LIMITED JOINDER OF MIAMI BEACH REDEVEWPMENT AGENCY
The Miami Beach Redevelopment Agency (the II Agency") hereby approves and agrees
to be bound by the Marina Lease as amended insofar as the Agency, as a separate and distinct
entity, is affected or obligated by the terms of the Marina Lease as amended, but only to the
extent that the Agency owns any portions of the Marina Site, has regulatory control of the
Marina Site (pursuant to the provisions of the Community Redevelopment Act and/or certain
licenses and permits which may be held by the Agency for the constructions, development and
operation of the Marina), or has authority to issue tax increment bonds.
Signed, sealed and delivered
in the presence of:
~a.~
(1J~,i _ ?~~
Miami
STATE OF FLORIDA
)
)ss
COUNTY OF DADE )
The foregoing instrument was acknowledged before me this d') t~ay of ~lLa~(,
1997, b Seymour Gelber, Chairman, Miami Beach Redevelopment Agency, and attested to by
~ ;:r (c' ( Ie, City of Miami Beach, Florida. He is personally known to me or
has produc as identification. .,. A. .,
4i!f{tl LA . fLl{t!i{,J/l~
Name: LIIIIO"y 73c Uf )C/7{OCfj?
Commission No.: ret '<,,(/'/ :>?'XJ.-
Notary Public, State of Fiorida
OFFICIAL NOTARY EAL
LILLIAN BEAUCHAMP
NOTARY PUBLIC STATE OF FLORIDA]
COMMIS3JON NO. C(3478B?
MY COMMISSION EXP. FEB. 13,199S
APPROVED AS TO
FORM & LANGUAGE
& FOR EXeCUnON
. ~/~i0/7
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MIAMI:F: \DOCS\CNM\RE\60003.1 :5/19/97 (3:34pm)
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CONSENT TO ASSIGNMENT OF MARINA LEASE AGREEMENT
BEFORE ME, the undersigned authority, personally appeared Jose Garcia Pedrosa, City
Manager and Executive Director of the Miami Beach Redevelopment Agency, City of Miami
Beach, Florida, who is personally known to me, who upon being duly sworn deposes and says:
1. That the Lease between the City of Miami Beach, a municipal corporation of the
State of Florida and Tallahassee Building Corporation, a Delaware corporation, as reflected in
the Lease Agreement dated June 24, 1983, between the City of Miami Beach and Carner-Mason
Associates, Ltd., as amended by the First Amendment to the Marina Lease dated October 23,
1991, and as further amended by the Second Amendment to the Marina Lease dated August 11,
1994, (the "Lease") is in full force and effect and good standing, and that there are no
outstanding defaults by Lessee under the Lease.
2. Pursuant to Article IX, paragraph 2 of the Lease, as modified by Section 16 of
the First Amendment of the Marina Lease, the City hereby consents to the assignment of the
Lease from Tallahassee Building Corporation to Miami Beach Marina Associates, Ltd., whose
sole general partner is SOBE Marina, Inc. and whose limited partners are Robert W. Christoph,
Trustee of the Christoph Family Trust, and G.D.P. Investments, Inc., a Florida corporation.
APPROVED AS TO
FORM & lANGUAGE
& FOR EXECUTION
~
SE GARCIA PEDROSA, CITY MANAGER,
ITY OF MIAMI BEACH, FLORIDA
A!iiifbll~ ~i9J
n /tL;/~
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUnON
J E GARCIA PEDROSA, EXECUTIVE
IRECfOR, MIAMI BEACH REDEVELOPMENT
AGENCY, CITY OF MIAMI BEACH, FLORIDA
1tI~~
Redevelopment AQ.ncy
Geneml Counsel
cj~L/V
Dote
MEMORANDUM OF LEASE AMENDMENTS
THIS MEMORANDUM OF LEASE AMENDMENTS ("Memorandum") is dated as
of the 27thday of May , 1997 and is by and between The City of Miami Beach,
a municipal corporation of the State of Florida ("Lessor") whose address is 1700 Convention
Center Drive, Miami Beach, Florida 33139, and Tallahassee Building Corp., a Delaware
corporation ("Lessee") whose address is 300 Alton Road, Miami Beach, Florida 33143. The
Miami B~ach Redevelopment Agency, a public agency organized and existing pursuant to the
Community Redevelopment Act of 1969, as amended, Chapter 163, Part III, Florida Statutes
(the "Agency"), has joined in the Memorandum for the limited purposes described herein.
RECITALS
A. On June 24, 1983, Lessor and Carner-Mason Associates, Ltd. ("Carner-
Mason") entered into a Lease Agreement ("Lease") for certain premises situated in the City of
Miami Beach, County of Dade and State of Florida, as more particularly described in the Lease
(the "Premises").
B. The Lease was evidenced among the public records by a Short Form Lease
recorded November 9, 1983 in Official Records Book 11963, Page 1143 of the Public Records
of Dade County, Florida.
C. Lessee acquired the interest of Carner-Mason under the Lease through the
foreclosure of a mortgage encumbering the Premises.
D. On October 23, 1991, Lessor and Lessee entered into a First Amendment
to Marina Lease Agreement (the "First Amendment") which, among other things, modified the
description of (i) the Premises described in the Lease; (ii) the lease term; and (iii) the required
rental payments.
E. On August 11, 1994, Lessor and Lessee entered into a Second Amendment
to Marina Lease Agreement (the "Second Amendment") which further modified the obligations
of the parties.
F. rhe Lease was terminated as to a portion of the Premises pursuant to Partial
Release of Lease, recorded in Official Records Book 17077, Page 1193 of the Public Records
of Dade County, Florida (the "Partial Release").
G. A portion of the Premises contains submerged land leased to the Lessor by
the State of Florida pursuant to a Sovereignty Submerged Land Lease recorded in Official
Records Book 13020, Page 2520, as modified by instruments recorded in Official Records
Book 16171, Page 660, Official Records Book 16509, Page 3694, and Official Records Book
MIAMl:F:\DOCS\MXA \RE\55919.2:4122/97 (4:27pm)
t
17603, Page 2479, all of the Public Records of Dade County, Florida (the "Submerged Land
Lease").
H. Lessor has subleased to Lessee the property described in the SubmeFged
Land Lease which constitutes a portion of the Premises.
1.- The legal description contained in the Submerged Land Lease has been
modified from the description contained in the Marina Lease (defined below).
1. The parties are desirous of placing their respective interests in the Lease as
modified by the First Amendment, Second Amendment and the Partial Release (collectively,
the "Marina Lease"), including an accurate legal description of the Premises as a matter of
public record.
NOW, THEREFORE, in consideration of the mutual covenants herein contained
and the parties intending to be legally bound thereby, the parties hereto hereby agree as
follows:
1.
Memorandum.
The Recitals are true and correct and incorporated into the terms of this
2. Capitalized terms not defined in this Memorandum shall have the meanings
ascribed to them in the Marina Lease.
3. The Premises which are being leased by Lessor to Lessee are hereby
modified to be the property more particularly described on Exhibit 1 attached to made a part
of this Memorandum.
4. Subject to provisions for early termination of the Lease as to certain portions
of the Premises, the Initial Term of the Marina Lease shall terminate on January I, 2022.
5. Lessee has the right and option to extend the term of the Marina Lease for
three (3) additional periods of ten (10) years each upon the terms, covenants and conditions
set forth in the Marina Lease.
6. Lessee has been granted certain easements and additional rights pursuant to
other instruments recorded among the Public Records of Dade County, Florida.
7. Lessor and Lessee agree that upon termination of the Marina Lease or
portions of the Premises subject to the Marina Lease, Lessor and Lessee will join in an
agreement to be filed of record terminating this Memorandum or terminating it as to specific
portions of the Premises.
MIAMI:F:\DOCS\MXA\RE\55919.2:4/22/97 (4:27 pm)
2
i
8. The First Amendment and the Second Amendment incorrectly described the
State of incorporation of the Lessee as Florida when, in fact, it should have been Delaware.
Lessor and Lessee agree that any references in the Marina Lease to Lessee as being a Florida
corporation are hereby modified to reflect Lessee as a Delaware corporation.
9. The terms of this Memorandum shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.
IN WITNESS WHEREOF, the parties have executed this Memorandum of Lease
the day ~d year first above written.
LESSOR:
CITY OF MIAMI BEACH, a Florida
municipal co oration
By:
Name:
Print Name:
APPROVED A TO
FORM & lANGUAGE
& FOR EXECUTION
tE
Attest:
, City Clerk
di(~
City Attorney
LESSEE:
Date
TALLAHASSEE BUILDING
Delaware corporation
CORP.,
a
<'
BY~
Name: ~ ~\ 1J~1k
Its: f\\J? f-)~\ \'..Jv\~f..U:.~\
MIAMI:F:\DOCS\MXA \RE\559 J 9.2:4/22/97 (4:27pm)
3
,
:t
STATE OF FLORIDA )
) SS
COUNTY OF DADE )
-fL, //)/: ...-
The foregoing instrument was acknowledged before me this ~ day of ~,
1997 by ~V-J t1 0 v r crt. I h~r- , and ~ be...-r" Per r c h~----r- ,
the 1I aL/O"'- and e " it C (fi[-(L , respectively, of the City of Miami
Beach, a rrtunicipal corporation. :rhey are personally knov.rn to me or have produced
and , respectively, as identification.
d:jfL~/r:~~~~
Commission No.: (lr :31/7 ;>? >? 2.-/
Notary Public (
State of Florida at Large
OH/GAL NOTARY SEAL
LILLIAN BEAUCHAJ'.iP
l\'O'l'A,.'~Y PUBLIC STATE OF FLORIDA
COMMIS.~ION NO. CG47322
MY COMMISSION EXP. FEB. 13,1998
My commission expires:
STATE OF Xt
COUNTY OF ~tOOK
)
) SS
)
The foregoing instrument was acknowledged before me this ~day of ~
1997 by ~R I (!. Vb <; <,~ ~ , ...4 1/ P of Tallahassee Building
Corporation, a Delaware corporation, on behalf of the corporation. He~ personally known
to me ef has fYl velueed ~~ identification.
My commission expires:
~ "A~- --tfu A Jd .0 A-----
Na e: ~~ ~. E:o r ,-<'/1 .l--
Commission No.:
Notary Public
State of Hori,la at Large
TII, t\...ol S
~~~~~-'--' _._~.-
"OFFICIAL SEAL"
KAREN T: BERSCH
Notary Public, State of Illinois
My Commission Expires 9/16/97
MIAMI:F:\DOCS\MXA \RE\55919.2:4/22/97 (4:27pm)
4
JOINDER OF MIAMI BEACH REDEVELOPMENT AGENCY
The Miami Beach Redevelopment Agency (the "Agency") hereby joins in this
Memorandum to evidence its acknowledgement of the terms contained in this Memorandum,
but only for the purpose and to the extent it ov.rns or leases portions of the Premises subject
to the Marina Lease.
TII
IN WITNESS WHEREOF, the parties have executed this Joinder on the zt day
of MareiT; 1997.
MIk(
MIAMI BEACH DEVELOPMENT AGENCY
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
STATE OF FLORIDA
)
) SS
)
, f!i ~ tJ~:-;
. eve cpment AgMcy Dote
,~ Ie '
'. '.'~r}~""'" ...."In<...'. ..J.i' · ~ ""-"'4
The foregoing instrument was acknowledged bef~;~ "~e this ~ day of ~h:
1997 by SeiHovr C-€ Ib~~ , the of the
Miami Beach Redevelopment Agency. He/She is person~lly knov.rn to me or has produced
as identification.
COUNTY OF DADE
OFFICIAL NOTARY SEAL
L1LUAN BEAUCHAMP
NOTARY PUBLIC STATE OF FLORIDA
COMM;~ION NO. CC347882
MY COMMIS510'~ EXP. FEB. 13, lC:'B
c4Lij~~J~
Name: t.. Il/I'ON ?wa(/Ch~I--1P
Commission' No.: CC Jc('Jc?8v .
Notary Public
State of Florida at Large
My commission expires:
MIAMI:F:\DOCS\MXA \RE\559 I 9.2:4/22197 (4:27pm)
5
.---:
.-.
LEGALOCSCRJP110N ,
MFA 1
ALl OF LOTS 22 rnROUGH 2.9, INCWSlVE. AND Lor 21. lESS THE SOtm-lERLY
+0,00 FEEJll1EREDF. IN BLOe< 111. .OF .OCfAN BEACH. FLQRIDAADDmON
. :NO.:!'.ACCORDING TO TI-lE PLAT THEREOF. AS RECORDED IN PLAT BOoK 2. .
. AT PAQf:81 'Ofn-tE PUBUC .RE.CoRDS OF DADE caUNTY.FlORJDA,. . .
'TOGtlltERWT'Ilf A. 40.00 fOOT RJGHT 'OF WAY ON mE BAY SIDE OF mE
HOPE ':AND RQ!ECCA TOWER PROPERTY, (J3E1NG LOTS 15 TI-lROUGH 20 AND'
mE SQVT1-f(RLY +0.00. FEET 'OftOr 21,Blool< 111. OF OCEAN BEACH.
FtORIQA ADDITION NO. 3.; TOGETHER WITH AN EASEMENT OVER OR UNDER
AND l.1PoN-THt WE.STERlY.100.00 FEET OF lOTS 30 NlD 31. All. 'IN. BLOCK
f n. '')o~.. BEACH. . FlORIDA AQDlTION NO. :i; AS. RECORDED IN PLAT BOOK
2.. AT.pAc.t 'a 1'. OF ll-fEPUBUC. RECoRDS OF DADE COUNlY. F1..ORIDA;
, TOGE:rHE'R WTTH .. .
tHf: WESt. 2.00 FEET OF lO7s15 THROUGH 20 INCWSl\IE. AND mE.
. Wf:STERt.Y<40.ao FEET Of THE; SOUTHERLY 4<>.00 FEET OF LOT 21. BLOCK
111~: .,O:CE:AN BEAcH.F1.0RJDA AD.OmoN NO.3:; AS RECORDED IN PLAT BOOK
2.,:AJPMt 81. OFlHE PUBUC. RECORDS OF DADE COUNlY.. FLOR(DA; .
t~.eT//E.R aJ/rll iq'E .FCJt.Locu/#'Q
$t9S-EHiEN'r.s .1'9#4 c)THER R/6HT6: ,.'
">';;;._P.:t~~., "'.,. ... ..' ...,..../.
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COMPOSITE EXHIBIT "A"
,
-"
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I
LEGALPEscRJpTlON
MEA 2. .. ....' ,
MIAMI BEAOi~IW\.SO IIe-R E/qN'Ty- .sCl611~Rt7E LE/lSE t9Re,q
A PO~TION OF lAND. lYING WEST OF ANO ADJACCNT TO BLOCK 111, OF
. ,.. OC€An'BCACf1, . A..ORIOA"~pmON NO., S', ACCORDING TO TliE PLAT
. mEREOF~.AsRECOROED.IN:PLATBOOK 2. AT PAGE 81 OF ll-lE PUBUC
.R!coaos OF DADE,.COUNTY, ft.ORJO^ MORE PARTICULARLY DESCRIBED /oS' '.
'f'Qu.oWS~.CO~'ATTHENORniWEST'CORNER .OF:SECTION 3, . .
TOWNSHIP 54 SOL1TH, RANGE 4.2 EAST; TIiENC(; RUN ~LY ALONG ll-lE'
NORTH".1JNE OF'SAJO,.SECTlON 3 fOR 1,.350.00 FEt;Ti MORE OR LESS, TO A
POINT ON 11;r E:AS''1\:UNE OF BLOCK 90 OF TIiEAF'OREMENTIONED PLAT; '.
.TIiENCE:RUN SOOd30~Oo"E AlDNG THE EAST UNE OF BLOCKS '90. 89. 88,87. ..
. 86, 85. !5~.8J. 82.. .81.80, 79 AND A PORTION OF BLOCK 111 AND ALONG 1HElR
SOlJTHERlY EXTENS10NSfOR 5,207.00 FEET TO THE SOVTHEAST CORNER
Of LOT. 1. . Bl.OCK ..t 11 OF SAID SUBDMSlON; 1HENCE RUN sa9dOS'OO.W,
AlONG THE SOutH UNE. OF SAID LOT 1, BLOCK 111 FOR 260.00 FEET TO A
POINT ON 'THE. EAST . WATER UNE OF BISCAYNE BAY. SAID POINT ALSO BEJNG .
mE POlm. OF BEGINNING OF THE TRACT OF LAND HERElNAFTER .
OCSCRIBEOi. THENCE 'RUN N32d12'l fiw, ALDNG A UNE'300.00 WEST OF AND.:
PARAlLAWlTH THE WESTERLY RIGHT Of WAYUNE OF . ALTON ROAD FOR .
2,15Q.2B'FEET TO A: POlm, THENCE RUN N28d29'08"'W FOR 323.93 FEEl TO AN
INTERSECTION WITH;.. UNE.lHAT 1535.00 FEET NORTHERLY OF AND
'PARAlLa WITH TIiE NORTH UNE OF A LOT DESlGNATED 4.9 B AS SHOWN ON
TI-lE wAMENDEDPlAl OF. lOTS 43 TO 50, BlDCl< 111, OceAN BEACH, FlA, ,
ADDITION ,NO. 'S' ,'ASRECORDED IN PLAT BOOK 14., AT PAGE 70, OF ll-lE .
PUBUC. RECORDS .OF PAOECOUNll', FlORIDA; TIiENC€ RUN N88d07'Z8.W .
fOR .l5.69 fEET;::n-fENCE RUN S57d47'44.W,FOR 254-50 FEEn TIiENCE RUN.
N32d12'lEr..w fOfr20.00 FEEn ll-lENCC RUNS57d47'4-4.W FOR 300.00 FEETIO
A POINTi .THENC(RUN S32d 12'1 bE FOR 1,154. 00 FEET TO A POINT; !HENce;
,RUN S57d+1'44"WF'OR 150.00 FEET TO A POINT:THfNCE RUN SJ2d12'l6"E.
FOR 500.00 FEET TO.. II POINT; "THENCE RUNN57."<f"l'fof"'f. FOR 150.00 FEET TO
A PorNT:.THEN~,.RUN:S32d12'16"E FOR 912:00F'EET TO A P01N't, 1HENCE
,RUN S67Q.4a'Zt'E' FOR 347.79 fEET TO A POINT:>TI-IENC€ RUN N57d47'44-E fOR
360.62 . FELr,t.AORE.:,OR J::E:SS, TO OTHER lANDS OF niE CilY Of MIAMI
. BEACH; THENCE RUN NJ2d11l3rw FOR 326.25 FEET, MORE OR lESS. BY
otHER .lANOS. Of" :nf~.'cnYof' MIAMI.. BEACH,.' TO . THE .POINT OF BEGINNING,'
'." COrifAJNING1.64~.SMJSQUARl:: FEET (37.8B ACRts), MORE OR LESS., '....
., ...
COMPOSITE EXHIBIT "A"
...,;
I
LEGAl.. DESCRiPTION
AREA 4
ALL OF LOTS 30 fuROUGH 42.. INClUSIVE. IN BLOCK 1 1 1, OF." 0C€N'l BEAcH,
FtORlUA, ADOmON 'NO. ,'5', ACcORDING TO THE PLATTHEREOF;.AS . . .
'RECORDED IN PLAT.'BOOK 2.. AT PAGE 81 Of THE PUBUC RECOfIDS OF DADE
"COUNTY, FlORJDI\ AND AlL OF -DADE COUNTYPROPER1Y OF 'MIAMIB~CH".
.; ACCORDING. TO lHE:PLAT .THEREOF ..AS. R~RDEO IN PLAT BOOI<., 1~ AT
:.' ,PAGE 70, OF mE ~UBLJC' RECORDS OF DADE CCUNlY. FlORJ~ A1$o
',.DESCRIBED AS THE AMENDED PLAT OF LO'fS .4-JTHROUGH 50. . INCLUSIVE:. IN
. 'BLOCK 111.'. OF .OceAN: BEACH FLORJDA. ADDmON NO.3- " ACCORDING TO THE,
PlATTIiROUGH, AS RECoRDED IN PLAT BOOKe. AT PAGE. 81 Of THEPUBUC'
,RECORDS. OF DADE COUNTY. FLORIDA. . (, ,
TOGETI-iER WITH RIGHTS UNDER 8AYWALK fAStMENTS RECORDED IN
OFFlC1AlRECORDS '800K 17077, PAGE 1232.
AND
RlGHTSUNDER ACCESs EASEMENT RECORDED IN 0FF1cw. RECQRDS 800K
17077, PAGE 1245 .
ANQ
RJGHTS UNDER PARKING AGREEMENT. RECORDED IN OFFlClAL RECORDS
BOOK 17077. PAG( 1196
AND
RJGHTS UNDER PARKlNG AGREEMENT REcORDED IN OfFlClAL RECORDS
BOOK 1287J, PAGE 2731.
Ca1POSITE EXHIBIT "A"
il)/ /J1/ek"'l /\<'/'11111' IS!!I noo,
A1illllli, Iln 1.11
Idl'flilolll,j()li/17l Ii {(ill
1',11 SlIlIi//' ,lO."/F2 I),IU()
MUIIIII
Ililrri.,,1111 "S.
1'lIlsllUig!1
l\f 1"11 I ",Ull
!'!lillld,'I!,iI/1I
Hn,-;fulI
f'ortllllld/'idalc
/J"'II 1\111"11
1'IIIII1i1l1,'S/'I'
WasilillgtOIl, n.c.
ECKERT SEAMANS CHERIN & MELLOTT
VIA HAND DELIVERY
Larry Levy, Esq.
First Assistant City Attorney
City of Miami Beach
1700 Convention Center Drive
Miami Beach, Florida 33139
_~.I.]~-t~la"""'''"".",\'.
May 23, 1997
-!VED
9 7 't' ') 19 II
,- \ /-IN /0: 52
CITY CLEFiWS OFfICE
Re: Third Amendment to Marina Lease Agreement
Dear Larry:
Enclosed please find two revised page 5 of the Third Amendment to Marina Lease
Agreement.
If you have any questions, please call me.
CNM/mp
Enclosure
#60489
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Very truly yours,
~ln.~~(InP)
Carter N. McDowell
CARTER N. McDOWELL
305/ 347-3815
In the event that the City has acquired the Area 4 SSDI Rights, as
an alternative to the Area 1 Parking Garage, the City may
construct or cause to be constructed at no cost or expense to
Lessee, other than parking fees pursuant to Section 3.7, a parking
garage or garages on Area 4 (the "Area 4 Garage(s)") subject to
the final design of the Area 4 Garage(s) as set forth below. The
Area 4 Garage(s) shall contain not less than four hundred eigh~
five (485) parking spaces plus any parking spaces required by the
Zoning Code for the Area 4 Garage Retail Space as defined below,
reserved for users of the Marina facilities. Approximately One
hundred (100) of these parking spaces shall be located in the north
half of Area 4.
3.3.1 The following sentence shall be added to the end of Section 3.4.2:
It is the intent of the Parties that the combination of the Area 4
Garage(s), the Area 1 Parking and the Area 3 Parking and
Facilities shall provide seven hundred fifteen (715) parking spaces
plus any parking spaces required by the Zoning Code for the Area
4 Garage Retail Space reserved for users of the Marina facilities.
3.4 The first sentence of section 3.5.2 of the Second Amendment is amended
to read as follows:
3.5.2 The parties acknowledge that the Marina Lease has
been terminated as to Area 3, the City shall continue to
MIAMI: F:\DOCS\CNM\RE\60003.1 :5/19/<n (3:34pm)
-5-