RESOLUTION 88-19238 RESOLUTION NO. 88-19238
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, TO APPROVE A
NOTE MODIFICATION AGREEMENT WITH PARK
WASHINGTON, INC. TO EXTEND A PROMISSORY NOTE
WITH A DUE DATE OF MAY 18, 1988 TO NOVEMBER
18, 1988 AND TO EXTEND A LETTER OF CREDIT
WITH A DUE DATE OF MAY 18, 1988 to NOVEMBER
18, 1988 AND AUTHORIZING THE MAYOR OF THE
CITY OF MIAMI BEACH TO EXECUTE, ON BEHALF OF
THE CITY, SUCH NOTE MODIFICATION AGREEMENT.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, THAT
WHEREAS, on November 18, 1987 pursuant to Resolution
No. 87-19078 the City Commission of the City of Miami Beach
authorized an interim finance program loan in favor of Park
Washington, Inc. in the amount of $80, 000. 00 for a redevelopment
project located at 437 Washington Avenue; and
WHEREAS, Park Washington, Inc. has requested the City
to extend the due date for the loan from May 18, 1988 to November
18 , 1988 and has agreed to extend the due date for the letter of
credit securing the Promissory Note to November 18, 1988 ;
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the City
Commission does hereby approve a Note Modification Agreement with
Park Washington, Inc. to extend the due date of an Interim
Finance Program Loan from May 18, 1988 to November 18 , 1988 and
does hereby authorize the Mayor of the City of Miami Beach to
execute, on behalf of the City such Note Modification Agreement a
copy of which is attached hereto.
PASSED AND ADOPTED this 4th da of May
1988 .
� YOR
ATTEST:
27 e
CITY CLERK
PNB/lg
Form Approved
Legal Department
By
Date ,;//:u ?'//22
NOTE MODIFICATION AGREEMENT
This Note Modification Agreement dated this 18th day
of May , 1988 by and between Park Washington, Inc. ,
a Florida corporation, (hereinafter "Maker") , having its
principal place of business at 1130 Washington Avenue, Miami
Beach, Florida and the City of Miami Beach, a Florida
municipality, (hereinafter "Payee") , having its offices located
at 1700 Convention Center Drive, Miami Beach, Florida
WITNESSET H:
WHEREAS, the Maker on or about November 16, 1987
executed a Promissory Note, (hereinafter "Promissory Note") in
favor of the Payee in the Principal Amount of $80, 000. 00, at an
interest rate of 6% per annum; and
WHEREAS, the Promissory Note provided for a Due Date of
May 18, 1988 and for an Irrevocable Standby Letter of Credit
(hereinafter "Letter of Credit") in favor of the Payee in the
amount of $80, 000. 00 plus interest; and
WHEREAS, the Maker has requested the Payee extend the
Due Date for the Promissory Note to November 18, 1988 ; and
WHEREAS, the Payee is agreeable to extending the Due
Date for the Promissory Note only if the Due Date for the Letter
of Credit is also extended to November 18, 1988 .
NOW THEREFORE, in consideration of the mutual covenants
herein contained and other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties agree as
follows:
1
1. The maturity date for the Promissory Note is
hereby extended to November 18, 1988.
2 . On or before the execution of this Note
Modification Agreement by the Payee, Maker shall provide Payee
with a new Letter of Credit in the amount of $80, 000. 00 plus
interest with a Due Date of November 18, 1988.
3 . In all other respects the terms and conditions of
the Promissory Note shall remain in full force and effect and the
parties hereby modify and confirm same.
FthM APPROVED
LEGAL DEPT. CITY OF BEACH
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Date S 1 d 9 •�pR �`
ATTEST:
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CITY CLERK s 7y3 /j y PARK WASti
GTON,
a Flori. corpo on
W ;tness By:
1 • Title: ji
Witne s
ATTEST:
By:
Title: ‘IC
(Corporate Seal)
2
ORIGINAL
RESOLUTION NO. 88-19238
(To approve a note modification agreement
with Park Washington, Inc. , to extend a
promissory note with a due date of May 18
1988 to November 18, 1988 and to extend
a Letter of Credit with a due date of May
18, 1988 to November 18, 1988 and authoriz-
ing the Mayor of the City of Miami Beach to
execute, on behalf of the City, such note
modification agreement)