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Decl of Covenants & Restr. #21 DECLARATION OF COVENANTS AND RESTRICTIONS BY MIAMI BEACH REDEVELOPMENT AGENCY Dated as of September 20, 1996 Prepared by and Record and Return to: Andrew L. Jagoda c/o Squire, Sanders & Dempsey 201 South Biscayne Boulevard Suite 2900, Miami Center Miami, Florida 33131 DECLARATION OF COVENANTS AND RESTRICTIONS THIS DECLARATION (this "Declaration") is made as of the 20th day of September, 1996 by MIAMI BEACH REDEVELOPMENT AGENCY, a public body corporate and politic, with a mailing address at 1700 Convention Center Drive, Miami Beach, Florida 33139 (the "Owner"). RECITALS: A. In February 1993, the City Center/Historic Convention Village Redevelopment and Revitalization Area was officially established by the adoption of a Redevelopment Plan (the "Redevelopment Plan", as further defined below) resulting from the combined efforts of the City of Miami Beach, a municipal corporation of the State of Florida (the "City"), the Miami Beach Redevelopment Agency, Metropolitan Dade County and the State of Florida. The purposes of the Redevelopment Plan are, among other things, to eliminate blight, establish redevelopment, foster the development of convention quality hotels, ancillary improvements and facilities, and necessary linkages to the Miami Beach Convention Center. B. Pursuant to the Redevelopment Plan, Owner acquired land ("Land", as described on Exhibit A attached hereto and made a part hereof), known as Site I-A, which it has agreed to make available for a convention headquarters hotel (the "Hotel"). C. In furtherance of the Redevelopment Plan, the City published a Request for Proposals (the "RFP") dated November 29, 1993, seeking, among other things, proposals for the development and operation of a convention headquarters hotel. D. By virtue of a resolution adopted on July 21, 1994, after a public review process, Owner selected the predecessor of Tenant (as defined below) from among the groups which submitted proposals pursuant to the RFP and directed representatives of Owner to negotiate the terms under which Tenant's predecessor would develop, construct, own and operate the Hotel in accordance with requirements of the RFP. E. Owner and Tenant's predecessor entered into a Letter of Intent dated May 3, 1995, and approved by Loews Hotels Holding Corporation, a Delaware corporation, and the City, which, among other things, provides for the development, construction, furnishing and equipping of the Hotel. F. Owner, the City (to the extent provided) and MB Redevelopment, Inc., a Florida corporation ("Tenant"), have entered into that certain Agreement of Lease (the "Lease"), dated of even date herewith, pursuant to which, among other things, Owner has agreed to lease the 1 DOB:[04984,OOCS,MlAMI]DECLARA nON ,09 Land to Tenant. The Lease is to be recorded in the Public Records of Dade County, Florida immediately following the recordation of this Declaration. G. Owner, the City (to the extent provided therein) and Tenant (acting as "Developer") have entered into that certain Hotel Development Agreement dated as of the date hereof, pursuant to which Tenant (acting as "Developer") has agreed to construct the Hotel and related improvements in accordance with the terms thereof. H. By that certain bill of sale from Owner to Tenant dated as of the date hereof, Owner has conveyed to Tenant all of the right, title and interest of Owner in and to the improvements (except any parking meters (including, without limitation, the meters and poles comprising the parking meters and the money contained therein)) existing on the Land as of the date hereof. I. Owner desires to impose certain provisions of the Lease as covenants and restrictions upon the Land and any improvements located thereon. J. below). Tenant and the City have entered into a Convention Center Agreement (as defined NOW, THEREFORE, Owner hereby declares as follows: 1. Definitions. As used in this Declaration, the terms defined below shall have the following meanings: 1.1 "Convention Center" means the Miami Beach Convention Center at the site bounded by the streets in Miami Beach, Florida that as of the date hereof bear the following names: Convention Center Drive, Dade Boulevard, Washington Avenue and 17th Street, with a gross building area of no less than one million (1,000,000) square feet and exhibit hall capacity aggregating not less than five hundred thousand (500,000) square feet. 1.2 "Convention Center Agreement" means that certain Convention Center Agreement, dated of the date hereof, between Tenant (acting as "Hotel Owner") and the City (in its capacity as owner of the Convention Center), together with all amendments, restatements, modifications and replacements thereof, pursuant to which, among other things, Tenant will (i) make available Hotel facilities and services for support of the Convention Center events and (ii) undertake joint marketing efforts. 1.3 "Declaration of Condominium" means that certain Declaration of Condominium for Loews Miami Beach Hotel, a Condominium, dated as of the date hereof, between Tenant, as Developer, and Owner. 2 DOB: [04984,DOCS.MlAMI]DECLARA TION.09 1.4 "Governmental Authority or Authorities" means the United States of America, the State of Florida, the City of Miami Beach, Metropolitan Dade County, the Miami Beach Redevelopment Agency (in its governmental as opposed to proprietary capacity) and any agency, department, commission, board, bureau, instrumentality or political subdivision (including any county or district) of any of the foregoing, now existing or hereafter created, having jurisdiction over any owner of, or any tenant or other occupant of, the Premises or over or under the Premises or any portion thereof, or any street, road, avenue or sidewalk comprising a part of, or in front of, the Premises, or any vault in or under the Premises or airspace over the Premises. 1.5 "Premises" means the Land and any building (including footings and foundations), equipment, ftxtures and other improvements and appurtenances of every kind and description now or hereafter erected, constructed or placed upon the Land (whether temporary or permanent), and any and all alterations and replacements thereof, additions thereto and substitutions therefor. 1.6 "Redevelopment Plan" means that certain plan addressing the rehabilitation, conservation and redevelopment of that certain City Center/Historic Convention Village Redevelopment and Revitalization Area described therein, of which the Land forms a part, as the same was adopted in February of 1993 by the Agency and the City and approved by the Board of County Commissioners of Dade County, Florida in March, 1993, and expiring on March 30, 2023. As used herein, references to the "Redevelopment Plan" shall not include any extensions or amendments thereof. 1.7 "Requirements" means: (i) any and all laws, rules, regulations, constitutions, orders, ordinances, charters, statutes, codes, executive orders and requirements of all Governmental Authorities having jurisdiction over a person or entity and/or the Premises, or any street, road, avenue or sidewalk comprising a part of, or lying in front of, the Premises or any vault in, or under the Premises (including, without limitation, any of the foregoing relating to handicapped access or parking, the Building Code of the City and the laws, rules, regulations, orders, ordinances, statutes, codes and requirements of any applicable Fire Rating Bureau or other body exercising similar functions); (ii) the temporary and/or permanent certiftcate or certiftcates of occupancy issued for the Premises as then in force; and (iii) any and all provisions and requirements of any property, casualty or other insurance policy carried with respect to the Premises. 3 DOB:[04984,DOCS .MIAMI]DECLARA TION ,09 1.8 "Unavoidable Delays" means delays due to strikes, slowdowns, lockouts, acts of God, inability to obtain labor or materials, war, enemy action, civil commotion, fire, casualty, catastrophic weather conditions, a court order which causes a delay (unless resulting from disputes between or among the party alleging an Unavoidable Delay, present or former employees, officers, members, partners or shareholders of such alleging party or aff11iates (or present or former employees, officers, partners, members or shareholders of such aff11iates) of such alleging party), the application of any Requirement, or another cause beyond such party's control or which, if susceptible to control by such party, shall be beyond the reasonable control of such party. In no event shall (i) any party's financial condition or inability to fund or obtain funding or financing constitute an "Unavoidable Delay" with respect to such party and (ii) any delay arising from a party's (or its affiliate's) default under any "Project Document" (as defmed in the Lease) constitute an "Unavoidable Delay" with respect to such party's obligations hereunder. 2. Covenants and Restrictions on Premises. Owner hereby agrees, for itself and its successors and assigns, that, from and after the effective date (the "Effective Date") of the expiration or termination of the Ground Lease (including, without limitation, any new lease executed thereunder as part of any "New Tenant's Documents" (as defmed in the Ground Lease)), the Premises, and the use and the possession thereof, shall be subject to all of the following covenants and restrictions, subject to the terms and conditions of this Declaration: 2.1. The Premises shall be used only for the operation of a convention center hotel with appropriate ancillary uses and amenities, and for no other purpose, without interruption (except for Unavoidable Delays and except in the ordinary course of business). 3. Condominium Ownership. Notwithstanding the provisions of Section 2 of this Declaration, the use of any ownership structure such as time share, time interval, cooperative or condominium (other than as contemplated by the Declaration of Condominium) shall be permitted, but shall only allow the individual owners to own their unit, ownership interest, or share for investment purposes and shall not include the right to possession or occupancy of rooms or space in the Hotel except as a guest in the ordinary course of business of the Hotel. Notwithstanding the use of such ownership structures, the use of the Premises shall be consistent with the operation of a fust-class convention center hotel, and the owner of the Hotel shall be bound by and comply with the Convention Center Agreement in accordance with its terms with respect to the entire Premises (notwithstanding the fact that portions of the Premises are owned by other persons or entities in accordance with such ownership structures). 4 DOB:[04984,DOCS.MIAMI]DECLARA nON ,09 4. Miscellaneous. 4.1 Successors and Assigns. The agreements, terms, covenants and conditions herein shall be binding upon Owner, its successors and assigns as owner of the Land, and the tenants and other occupants of the Premises and, except as otherwise provided herein, their respective successors and permitted assigns and shall be construed as covenants running with the Land. 4.2 Governing Law. This Declaration shall be governed by, and construed in accordance with, the laws of the State of Florida, without regard to principles of conflict of laws. 4.3 Headimzs. The captions contained in this Declaration are for the purpose of convenience of reference only and in no way define, limit or describe the scope or intent of this Declaration or in any way affect this Declaration. 4.4 Severability. If any provision of this Declaration or the application thereof to any person or entity or circumstances is, to any extent, fmally determined by a court of competent jurisdiction to be invalid and unenforceable, the remainder of this Declaration, and the application of such provision to persons or entities or circumstances other than those as to which it is held invalid and unenforceable, shall not be affected thereby and each term and provision of this Declaration shall be valid and enforceable to the fullest extent permitted by law. 4.5 Legal Effect. It is intended that the covenants and restrictions as set forth in this Declaration shall, to the fullest extent legally possible, run with the Land and be enforceable solely by the Miami Beach Redevelopment Agency or the City against Owner, its successors and assigns as owner of the Land, the Premises and any tenants and other occupants of the Premises. 4.6 Duration. Unless terminated in writing by the Miami Beach Redevelopment Agency or the City, all of the covenants and restrictions set forth in this Declaration shall continue from the Effective Date until the earliest to occur of (i) the termination of the Convention Center Agreement by the mutual agreement of the parties thereto or pursuant to the terms thereof; (ii) if, at any time the Convention Center ceases to be open and available for business for any reason whatsoever (including, without limitation, as a result of a condemnation or casualty), and within ninety (90) days following the date that the Convention Center ceases to be open and available for business, (a) the Convention Center has not reopened and become available for business, (b) the City does not elect, by notice to the owner of the Hotel, to restore and/or re-open the Convention Center or (c) if the City does so elect to restore and/or re-open the Convention Center, the City fails to pursue diligently the completion of any such restoration or re-opening; or (Hi) March 31, 2023. Upon the earliest to occur of any of 5 DOB:[04984,DOCS,MIAMI]DECLARA TION ,09 the events described in the preceding clauses (i), (ii) or (Hi), this Declaration shall automatically and without further instrument be void and of no force and effect. However, upon request of the owner of the Hotel, the Miami Beach Redevelopment Agency and the City shall execute an instrument in recordable form to evidence the termination of this Declaration. In no event shall this Declaration remain in effect beyond until March 30, 2023. 4.7 No Third Party Beneficiaries. Nothing in this Declaration shall confer upon any person or entity, other than the Miami Beach Redevelopment Agency, the City and the owner of the Hotel, any rights or remedies under or by reason of this Declaration. IN WITNESS WHEREOF, the Miami Beach Redevelopment Agency has executed this Declaration to be effective as of the day and year first set forth above. Ko W- p~ By: ATTEST: Robert. Parcher, Secretary SOLELY FOR THE PURPOSE OF BEING BOUND ONLY BY SUBSECTION 4.6 OF THE FOREGOING DECLARATION: rLol.u~ rl4L~ Robert Parcher, City Clerk ATTEST: , r rrJf"O'VED i j \1 I I' FORM APPROVED REDEVELOPMENT AGENCY GENERAL COUNSEL By ~t( 1(1t/e!j/-~-, Date )I /?-/o/f/{ LEGAL DEPT. By Date 6 DOB: [04984,DOCS,MIAMI]DECLARA TION.09 STATE OF FLORIDA ) ) ) SS: COUNTY OF DADE BEFORE ME, the undersigned authority, personally appeared Seymour Gelber, Chairman, and Robert Parcher, Secretary, of the MIAMI BEACH REDEVELOPMENT AGENCY, to me known to be the persons who signed the foregoing instrument and acknowledged the execution thereof to be the act and deed of said Agency for the uses and purposes therein mentioned, and that they affixed thereto the official seal of said Agency. Each such individual is personally known to me or produced a valid driver's license as identification. /} ct"V" WITNESS my hand and official seal in the County and State lasts aforesaid this ~f) day of September, 1996. Notary Public, State of Florida at My Commission Expires: STATE OF FLORIDA ) ) ) SS: COUNTY OF DADE BEFORE ME, the undersigned authority, personally appeared Seymour Gelber, Mayor, and Robert Parcher, City Clerk, of the CITY OF MIAMI BEACH, to me known to be the persons who signed the foregoing instrument and acknowledged the execution thereof to be the act and deed of said City for the uses and purposes therein mentioned, and that they affixed thereto the official seal of said City. Each such individual is personally known to me or produced a valid driver's license as identification. /} f1 ~ WITNESS my hand and official seal in the County and State lasts aforesaid this (j...J:1 day of September, 1996. ~ J) \i>>Jd~ rY Notary Public, State of Florida at Lar 7 DOB:[04984.00CS,MlAMI]DECLARA TION.09 EXHmIT A Land 8 DOB:[04984,DQCS,MIAMijOECLARATlON,09 HOTEL LEGAL DESCRIPTION PARCEL I: LOTS 1, 2, 17 AND lB, BLOCK 55, FISHER'S FIRST SUBDIVISION OF Al TON BEACH, ACCORDING TO PLAT THEREOF, RECORDED IN PLAT BOOK 2, AT PAGE 77, OF THE PUBLIC RECORDS OF DIoDE COUNTY, FLORIDA, LESS THAT PART OF LOTS 2 AND 17 LYING NORTH OF A LINE. WHICH SAID LINE IS LOCATED .6ND DESCRIBED AS FOLLOWS: BEGIN AT THE NORTHWEST CORNER OF LOT 16, BLOCK 55, FISHER'S rlRST SUBDIVISION OF AL TON BEACH, THENCE RUN SOUTHWESTERL Y AlONG THE wESTERL Y LINE OF SAID LOTS 16 AND 17 FOR A DISTANCE OF 72 FEET TO A POINT, SAID POINT BEING THE POINT OF BEGINNING OF THE LINE BEING DESCRIBED; THENCE EASTERLY PARALLEL TO THE NORTHERLY LINE OF LOT 16 AND LOT .3, BLOCK 55 OF FISHER'S FIRST SUBDIVISION OF ALTON BEACH FOR A DIST ANCE OF 400 FEET TO A POINT IN THE EASTERLY LINE OF LOT 2, OF SAID BLOCK 55, F'lSHER'S FIRST SUBDIVISION OF AI. TON BEACH. A.S TO LOTS 2 AND 17, SAID PROPERTY MAY ~SO BE DESCRIBED AS lOTS 2 AND 17, LESS THE NORTH 21..3 FEET THEREOF, IN BLOCK 55, ALTON BEACH FISHER'S FIRST SUBDIVISION, ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 2, AT PAGE 77, OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA. PARCEL II: PARCEL OF LAND LYING BETWEEN BLOCK 55, OF riSHER'S FIRST SUBDIVISION OF At TON 8EACH, ACCORDING TO PLAT THEREOF', RECORDED IN PLAT BOOK 2, AT PAGE 77, OF THE PUBLIC RECORDS OF DIoDE COUNTY, FLORIDA. AND THE HIGH WATER MARK OF THE ATL.6NT/C OCEAN, WHICH SAID PARCEL OF LAND IS PARTICULARLY DESCRIBED AS FOLLOWS: BEGI~ AT THE SOUTHEAST CORNER OF SAID LOT 1, BLOCK 55. FISHER'S FIRST SUBDIVISION OF Al TON BEACH, THENCE RUN NORTHERLY AlONG THE EASTERL Y LINE OF LOT 1 AND LOT 2 OF SAID BLOCK 55, FISHER'S FIRST SUBDIVISION OF Al TON BEACH A DISTANCE OF 102.2 FEET MORE OR LESS TO A POINT IN THE EASTERLY LINE OF SAID LOT 2, WHICH SAJO POINT IS 72 FEET SOUTH OF THE NORTHEAST CORNER OF LOT .3 OF SAID BLOCK 55 OF FISHER'S F"IRST SUBDIVISION OF' ALTON BEACH: THENCE RUN IN AN EASTERLY DIRfCTlON ~O~G A LINE PARALLEL TO THE EASTERLY EXTENSION OF THE NORTH LINE OF SAJD LOT J. TO THE HIGH WATER MARK OF THE ATLANTIC OCEAN: THENCE RUN IN A SOUTHERl Y DIRECTION ALONG THE HIGH WATER MARK OF THE ATLANTIC OCE AN A DISTANCE OF 102.2 FEET MORE OR LESS TO A POINT ON SAID HIGH WATER MARK or THE ATLANTIC OCEAN WHICH IS THE INTERSECT/ON WITH THE E ASTERl Y EXTENSION OF' THE SOUTHERLY LINE OF SAID LOT 1: THENCE IN A WESTERl Y DIRECT/ON ALONG THE EASTERLY EXTENSION OF SAID SOUTH LINE or LOT , TO THE POINT OF' BEGINNING. 1 of It '3 HOTEL LEGAL DESCRIPTION PARCEL III: LOTS 3 AND 16 AND THE NORTH 21.3 FEET (AS MEASURED AlONG LOT LINES) OF LOTS 2 AND 17, BLOCK 55, FISHER'S FIRST SUBDIVISION OF ALTON BEACH. ACCORDING TO THE PLAT THEREOF AS FILED FOR RECORD IN PLAT BOOK 2, PAGE 77, OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDAi TOGETHER WITH: THAT CERTAIN PARCEL OF LAND LYING EAST OF AND ADJACENT TO THE LAND DESCRIBED ASOVE;SAlD LAND BOUNDED ON THE SOUTH BY THE SOUTH LINE OF THE ABOVE DESCRIBED PARCEL EXTENDED EASTERL Y BOUNDED ON THE NORTH BY THE NORTH LINE OF THE ABOVE DESCRIBED PARCEL EXTENDED EASTERL Y BOUNDED ON THE EAST BY THE MEAN HIGH WATER LINE OF THE ATLANTIC OCEAN AND BOUNDED ON THE WEST BY THE EAST LINE OF SAlD LOTS 2 AND .3 AFOREMENTIONED. PARCEL IV: LOTS 9, la, 11, 12 AND NORTH '12 OF LOT 8 AND THE NORTH '12 OF LOT 13. BLOCK 56 OF FISHER'S FIRST SUBDIVISION OF ALTON BEACH FLORIDA. A SUBDIVISION IN FRACTIONAL SECTION 34, TOWNSHIP 53 SOUTH, RANGE 42 EAST, ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 2, AT PAGE 77. OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA. PARCEL V: BEGINNING AT THE NORTHEAST CORNER OF LOT 9, IN BLOCK 56 OF FISHER'S FIRST SUBDIVISION OF AlTON BEACH, AS THE SAME IS SHOWN MARKED AND DESIGNATED ON A PLAT OF SAID SUBDIVISION, RECORDED IN PLAT BOOK 2, AT PAGE 77, IN THE OFFICE OF THE CLERK OF THE CIRCUIT COURT IN AND FOR DADE COUNTY. FLORIDAi THENCE RUN IN AN EASTERLY DIRECTION ALONG THE NORTH LINE OF LOT 9 OF' BLOCK 56, PRODUCED TO THE HIGH WATER LINE Of THE ATLANTIC OCEANi THENCE RUN IN A SOUTHERLY DIRECTION MEANDERING SAID HIGH WATER LINE A DISTANCE OF 76.05 FEET PLUS OR MINUS TO A POINT. SAID POINT BEING AT THE INTERSECTION OF THE LAST MENTIONED COURSE WITH THE CENTER LINE OF LOT 8 OF BLOCK 56 PRODUCED TO THE HIGH WATER LINE OF THE ATLANTIC OCEAN: THENCE RUN IN A WESTERLY OIRECTION ALONG SAID CENTER LINE OF' LOT 8. BLOCK 56 PRODUCED TO THE HIGH WATER LINE OF THE ATLANTIC OCEANi THENCE RUN IN A WESTERLY DIRECTION ALONG SAID CENTER LINE OF LOT 8, BLOCK 56 PRODUCED TO THE EAST LINE OF' BLOCK 56, AT ITS INTERSECTION WITH THE CENTER LINE OF LOT 8, IN BLOCK 56i THENCE RUN IN A NORTHERLY DIRECTION ALONG SAID EAST LINE OF BLOCK 56, A DISTANCE OF 76.05 FEET PLUS OR MINUS TO A POINT OF BEGINNING. , 2 of II '3 HOTEL LEGAL DESCRIPTION PARCEL VI: BEGINNING AT THE SOUTHEAST CORNER OF LOT 10, IN BLOCK 56 AS SHOWN 8'1' THE PLAT ENTITLED "FISHER'S FIRST SUBDIVISION OF Al TON BEACH", SAID PLAT BEING RECORDED IN PLAT BOOK 2, AT PAGE 77, OF THE PUBLIC RECORDS OF" DADE COUNTY, FLORIDA; RUN IN A NORTHERL Y DIRECTION AlONG THE EAST LINE OF SAID LOT 10, A DIST ANCE OF" 50.7 FEET TO THE NORTHEAST CORNER OF LOT 10; THENCE RUN IN AN EASTERL Y DIRECTION ALONG THE NORTH LINE OF SAID LOT 10, PRODUCED EASTERL Y TO THE HIGH WATER LINE OF THE ATLANil: OCEAN; THENCE RUN IN A SOUTHERLY DIRECTION, MEANDERING SAID HIGH WATER LINE A DISTANCE OF '50.7 FEET, PLUS OR MINUS, TO A POINTi THENCE RUN IN A WESTERLY DIRECTION ALONG THE SOUTH LINE OF LOT 10, IN BLOCK 56, PRODUCED EASTERLY, TO THE POINT OF BEGINNING. PARCEL VII: THE SOUTH '12 OF LOTS 8 AND 1.3 AND ALL OF lOTS 7 AND 14. LESS THE SOUTH 12,65 FEET OF SAID LOTS 7 AND 14, TOGETHER WITH THAT PIECE OF PARCEL OF LAND LYING BETWEEN THE NORTH AND SOUTH BOUNDARIES OF SAID PROPERTY EXTENDING EASTWARD TO THE ATLANTIC OCEAN, ALL L VING AND BEING IN BLOCK 56, OF FISHER'S FIRST SUBDIVISION OF ALTON BEACH, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 2, AT PAGE 77, OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA. PARCEL VIII: THAT PORTION OF AVENUE C (AlK/A 16TH STREET> AS SHOWN IN FISHER'S FIRST SUBDIVISION OF ALTON BEACH, RECORDED AT PLAT BOOK 2, AT PAGE 77, OF THE PUBLIC RECORDS OF DADE COUNTY, FLORIDA. AND ITS EASTERLY EXTENSION BOUNDED ON THE WEST BY THE EASTERLY RIGHT-OF-WAY LINE OF COLLINS AVENUE AND BOUNDED ON THE EAST BY THE EROSION CONTROL LINE, ALL OF WHICH IS MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE, AT THE NORTHWEST CORNER OF LOT 11, BLOCK 56, FISHER'S FIRST SUBDIVISION OF Ai.. TON BEACH, PLAT BOOK 2, AT PAGE 77, OF THE PUBllC RECORDS OF DADE COUNTY. FLORIDA. SAID POINT BEING THE POINT OF BEGINNING; THENCE NORTH 88 DEGREES 00 MINUTES 49 SECONDS EAST AlONG THE NORTH LINE OF SAID BLOCK 56 AND ITS EASTERLY EXTENSION FOR A DIST ANCE OF 576.20 FEET TO THE POINT OF INTERSECTION WITH THE EROSION CONTROL LINE OF THE ATLANTIC OCEAN; THENCE NORTH 8 DEGREES 54 MINUTES 53 SECONDS EAST. ALONG THE EROSION CONTROL LINE FOR A DIST ANCE OF 71.28 FEET TO THE POINT OF INTERSECTION WITH THE EASTERL Y EXTENSION OF THE SOUTH LINE OF BLOCK 55 OF THE ABOVE MENTIONED FISHER'S FIRST SUBDIVISION OF AlTON BEACH; THENCE SOUTH 88 DEGREES 00 MINUTES 49 SECONDS WEST, AlONG THE SOUTH LINE OF SAID BLOCK 55 AND ITS EASTERL Y EXTENSION FOR A DISTANCE OF 577.88 FEET TO THE POINT OF INTERSECTION WITH THE EASTERLY RIGHT-OF-WAY OF COLLINS AVENUE; THENCE SOUTH 07 DEGREES 35 MINUTES 04 SECONDS WEST,AlONG THE EASTERl Y RIGHT-OF-WAY LINE OF COLLINS AVENUE FOR A OIST ANCE OF 70.98 FEET TO THE POINT or BEGINNING. 3 of ;.3