48. Amended, Restated and Renewal and Consolidated Promissory Note (HOME Loan)D O C U M E N T A R Y S T A M P T AX E S IN T H E A M O U N T O F $1,7 5 0 .0 0 H A V E P R E V IO U S L Y B E E N P A ID O N
T H A T C E R T A IN LE A S E H O L D M O R T G A G E , S E C U R ITY A G R E E M E N T A N D F IX T U R E F ILI N G D A T E D
S E P T E M B E R 2 1, 2 023 , R E C O R D E D S E P T E M B E R 27 , 20 2 3 , IN O F F IC IA L R E C O R D S B O O K 33 9 0 2
P A G E 11 7 5 O F T H E P U B LI C R E C O R D S O F M IA M I-D A D E C O U N TY , F L O R ID A , W H IC H L E A S E H O L D
M O R T G A G E , S E C U R IT Y A G R E E M E N T A N D F IX T U R E FILI N G S E C U R E D A P R O M IS S O R Y N O T E IN
T H E A M O U N T O F FIV E H U N D R E D T H O U S A N D A N D 00 /10 0 D O L L A R S ($5 0 0 ,0 0 0 .0 0 ) (T H E "E X IS T IN G
IN D E B T E D N E S S "). A D D IT IO N A L D O C U M E N T A R Y S T A M P T A X E S IN T H E A M O U N T OF $1,7 6 4.0 0
A R E B E IN G P A ID S IM U L T A N E O U S L Y H E R E W IT H O N T H A T C E R T A IN A M E N D E D A N D R E S T A T E D
LE A S E H O L D M O R T G A G E , S E C U R ITY A G R E E M E N T A N D FIX T U R E F ILI N G , W H IC H M O R T G A G E
S E C U R E S T H E E X IS T IN G IN D E B T E D N E S S A N D T H E F U T U R E A D V A N C E O F F IV E H U N D R E D T H R E E
T H O U S A N D N IN E H U N D R E D S IX TY -N IN E A N D 00 /10 0 D O L L A R S ($5 0 3 ,9 6 9 .0 0 ) E V ID E N C E D B Y T H IS
T H IS A M E N D E D , R E S T A T E D , R E N E W A L A N D C O N S O LI D A T E D P R O M IS S O R Y N O T E (T H IS
"N O T E "). T H IS N O T E IS E X E M P T FR O M N O N R E C U R R IN G IN T A N G IB L E T A X P U R S U A N T T O
S E C T IO N 19 9 .18 3 , FL O R ID A S T A T U T E S .
AMENDED, RESTATED, RENEWAL AND CONSOLIDATED PROMISSORY NOTE
$1,003,969.00 December 15, 2023
Miami Beach, Florida
FOR VALUE RECEIVED the undersigned, VISTA BREEZE, LTD., a Florida limited
partnership, having its principal office at 161 NW 6th Street, Suite 1020, Miami, FL 33136
(hereinafter referred to as the "Maker"), promises to pay to the order of the CITY OF MIAMI
BEACH, FLORIDA, a Florida municipal corporation (hereinafter referred to as the "Holder"), at
1700 Convention Center Drive, Miami Beach, Florida 33139, Attention: City Manager, or such
other place as Holder may from time to time designate in writing, the principal sum of ONE
MILLION THREE THOUSAND NINE HUNDRED SIXTY-NINE AND 00/100 DOLLARS
($1,003,969.00) (together with any additional amounts that may be advanced by Holder in
connection herewith, the "Funds"), to be paid in lawful money of the United States of America in
accordance with the terms of this Amended, Restated, Renewal and Consolidated Promissory
Note (the "Note").
1. THIS NOTE IS SECURED BY A MORTGAGE.
This Note is secured by an Amended and Restated Leasehold Mortgage, Security
Agreement and Fixture Filing of even date herewith from Maker in favor of Holder (the "Mortgage)
encumbering the Maker's leasehold interest in certain real property located in Miami-Dade
County, Florida, at 175 South Shore Drive and 280 S. Shore Drive, Miami Beach, Miami-Dade
County, Florida (the "Premises"), which Mortgage amends, restates and supersedes a Leasehold
Mortgage, Security Agreement and Fixture Filing (the "Original Mortgage") dated as of September
21, 2023 and recorded September 27, 2023 in Official Records Book 33902, Page 1175 of the
Public Records of Miami-Dade County, Florida, from the Maker in favor of Holder. The Funds
have been funded through HOME Investment Partnership ("HOME") Program funds. A portion of
the Funds in the amount of $500,000.00 will be used solely for hard costs of construction of a new
seawall at the Premises, as part of the initial phase of the development of one hundred and
nineteen (119) studio apartment units of senior rental housing, for Extremely-Low, Very-Low- and
Low-Income persons, to be known as Vista Breeze (the "Project"), and a portion of the Funds in
the amount of $503,989.00 will be used solely for hard costs of construction of the Project in
accordance with the City Manager-approved budget, and for no other purpose. The Mortgage,
this Note and all other agreements, instruments, and documents delivered in connection herewith
and therewith, including the HOME Program Development Agreement, dated as of September
21, 2023, as amended and restated of even date herewith, as may be further amended from time
Page 1 of 7
to ti m e (c o ll e c tiv e ly , th e "H O M E P ro g r a m D e v el op m en t A g r e em en t") an d th a t c e rt a in D e c la ra tio n
o f R e s t r ic tiv e C o v e n a n ts d a te d a s o f S ep t em b er 2 1 , 2 0 2 3 a n d re c o rd e d o n S e p te m b e r 2 7 , 2 0 2 3
in O ffi c ia l R e c o r d s B o o k 3 3 9 0 2 , P a g e 1 1 9 5 o f th e P u b lic R e c o r d s o f M ia m i-D a d e C o u n ty , F lo rid a ,
a s a m e n d e d a n d re s ta te d o f e v e n d a te h e re w ith a n d to b e re c o r d e d in th e P u b lic R e c o rd s o f
M ia m i-D a d e C o u n ty , F lo r id a c o n te m p o r a n e o u s ly h e r e w ith , a s m a y b e fu rt h e r a m e n d e d fr o m tim e
to tim e (c o ll e c tiv e ly , th e "D e cl a r a ti on "), which subjects the Premises to certain recapture
provisions, covenants, and restrictions ("Covenants") for a period of thirty (30) years from the
Project Completion Date, as defined herein (the Affordability Period"), all dated as of September
21, 2023 or of even date herewith, as applicable, are collectively referred to herein as the "Loan
Documents." The "Project Completion Date" shall mean the date of issuance by the City of Miami
Beach Building Department of a Final Certificate of Occupancy for the Project.
2. INTEREST
Interest on this Note shall be zero percent (0%) per annum; except that if Maker fails to
pay this Note as required (at maturity, upon acceleration or otherwise) or otherwise defaults under
the terms of the Loan Documents, after the expiration of any applicable cure periods therein, the
loan evidenced by this Note shall bear interest at the rate prescribed by Section 55.03, Florida
Statutes, as accrues ("Default Interest Rate"), effective retroactively (a) with respect to the portion
of the Funds in the amount of $500,000.00, to September, 21, 2023 until paid to Holder and (b)
with respect to the portion of the Funds in the amount of $503,969.00, to the date hereof until paid
to Holder.
3. PAYMENTS
This loan is being provided by Holder to Maker as a deferred payment loan and shall be
advanced by Holder to Maker for eligible costs in such manner as provided for in the HOME
Program Development Agreement. This Note shall mature upon the expiration of the Affordability
Period ("Maturity Date"). So long as Maker is not in default of any of the provisions of this Note
or the other Loan Documents, no interest or principal payments shall be due prior to the Maturity
Date. Upon the earlier of (i) the Maturity Date, or (ii) an Event of Default under this Note, the total
amount of the Funds provided to Maker by Holder shall be due and payable to Holder under this
Note, together with accrued interest, if any, at the Default Interest Rate. Notwithstanding anything
contained herein to the contrary, the entire principal balance and interest, if any, may be forgiven
on the Maturity Date by Holder, in the sole and absolute discretion of the City Manager.
Notwithstanding anything to the contrary herein, Holder shall have the right to declare the
total unpaid balance hereof to be immediately due and payable, together with interest at the
Default Interest Rate, under the following circumstances (each, an "Event of Default): 1. upon
the sale or transfer of any part of, or interest in, the Premises or the refinance or encumbrance of
the Premises by the Maker without the City Manager's prior written consent during the Affordability
Period, except as otherwise provided in the Declaration and/or the Mortgage; 2. In the event that
Maker is not a natural person, and the Controlling Interest (as defined in the Mortgage) in Maker
is sold or transferred without the prior written approval of the City Manager, except as otherwise
provided in the Declaration and/or the Mortgage; 3. upon the occurrence of an event of default
pursuant to any one of the Loan Documents (including the Covenants incorporated in the
Declaration) now or hereafter evidencing, securing or guaranteeing payment of the indebtedness
evidenced by this Note, after the expiration of any applicable cure period provided in the Loan
Documents; 4. Upon Maker's failure to continuously operate all of the units in the Project as
affordable rental units pursuant to the stated use and purpose of the Project, after the expiration
of any applicable cure period provided in the Loan Documents; 5. Upon Maker's failure to provide
Page 2 of 7
th e C ity w ith p ro o f o f in s u ra n c e , a s re q u ire d b y th e L o a n D o c u m e n ts , w ith in fifte e n (1 5 ) d a y s fr o m
a w ritt e n re q u e s t; 6 . In th e e v e n t th a t fo re c lo s u re p ro c e e d in g s a re in s ti tu te d a g a in s t th e P re m is e s ;
o r 7 . A n y w ill fu l m is s ta te m e n t o f, o r fa ilu re to d is c lo s e , a m a te ria l fa c t b y M a k e r. E x e rc is e o f th is
rig h t s h a ll b e w ith o u t n o tic e to M a k e r, a s n o tic e o f s u c h e x e rc is e is e x p re s s ly w a iv e d .
A n y p a y m e n ts m a d e h e re u n d e r s h a ll b e a p p lie d fi rs t to u n p a id co s ts o f c o ll e c tio n , se rv ic in g
fe e s , a n d la te c h a rg e s , if a n y , th e n to a c c ru e d , d e fe rre d , a n d u n p a id in te re s t a n d th e b a la n c e , if
a n y , to th e p rin c ip a l b a la n c e .
4 . C H O IC E O F L A W
T h is N o te h a s b e e n e x e c u te d a n d d e liv e re d in , a n d is to b e g o v e rn e d b y a n d c o n s tru e d
u n d e r . th e la w s o f, th e S ta te o f F lo rid a , a s a m e n d e d , e x c e p t a s m o d ifi e d b y th e la w s a n d
re g u la tio n s o f th e U n ite d S ta te s o f A m e ric a , a n d w ith o u t re g a rd to p rin c ip le s o f c o n fl ic ts o f la w .
5 . E N F O R C E M E N T
T im e is o f th e e s s e n c e . In th e e v e n t th a t th is N o te is co lle c te d b y la w o r th ro u g h a tt o rn e y s
a t la w , o r u n d e r th e ir a d v ic e th e re fr o m , M a k e r a g re e s , to p a y a ll co s ts o f c o lle c tio n , in cl u d in g
re a s o n a b le a tt o rn e y s ' fe e s , w h e th e r o r n o t s u it is b ro u g h t, a n d w h e th e r in c u rre d in co n n e c tio n
w ith c o ll e c tio n , tria l, a p p e a l, b a n k ru p tc y o r o th e r c re d ito rs p ro c e e d in g s , o r o th e rw is e . V e n u e in
c o n n e c tio n w ith a n y liti g a tio n a ris in g o u t o f th is N o te s h a ll b e in M ia m i-D a d e C o u n ty , F lo rid a .
6 . N O W A IV E R
A c c e p ta n c e o f p a rt ia l p a y m e n ts o r p a y m e n ts m a rk e d "p a y m e n t in fu ll" o r "in sa tis fa c tio n "
o r w o rd s to s im ila r e ff e c t s h a ll n o t a ff e c t th e d u ty o f M a k e r to p a y a ll o b lig a tio n s d u e u n d e r th is
N o te , a n d s h a ll n o t a ff e c t th e rig h t o f H o ld e r to p u rs u e a ll re m e d ie s a v a il a b le to it u n d e r th e Lo a n
D o c u m e n ts .
T h e re m e d ie s o f H o ld e r s h a ll b e c u m u la tiv e a n d co n c u rre n t, a n d m a y b e p u rs u e d
s in g u la rly , s u c c e s s iv e ly , o r to g e th e r, a t th e s o le d is c re tio n o f H o ld e r, a n d m a y b e e x e rc is e d a s
o fte n a s o c c a s io n th e re fo re s h a ll a ris e . N o a c tio n o r o m is s io n o f H o ld e r, in cl u d in g s p e c ifi c a lly a n y
fa ilu re to e x e rc is e o r fo rb e a ra n c e in th e e x e rc is e o f a n y re m e d y , sh a ll b e d e e m e d to b e a w a iv e r
o r re le a s e o f th e s a m e , s u c h w a iv e r o r re le a s e to b e e ff e c tiv e o n ly to th e e x te n t s p e c ifi c a lly re ci te d
in a w ritt e n d o c u m e n t e x e c u te d b y H o ld e r. A w a iv e r o r re le a s e w ith re fe re n c e to a n y o n e e v e n t
s h a ll n o t b e c o n s tru e d a s c o n tin u in g o r a s c o n s titu tin g a ca u s e o f d e a lin g , n o r s h a ll it b e co n s tru e d
a s a b a r to , o r a s a w a iv e r o r re le a s e o f, a n y s u b s e q u e n t re m e d y a s to a s u b s e q u e n t e v e n t.
7 . N O T IC E
A n y n o tic e to b e g iv e n o r to b e s e rv e d u p o n th e M a k e r o r th e H o ld e r in co n n e c tio n w ith th is N o te ,
w h e th e r re q u ire d o r o th e rw is e , s h a ll b e g iv e n in w ritin g a n d d e liv e re d in p e rs o n o r se n t b y U n ite d
S ta te s C e rt ifi e d M a il o r re p u ta b le o v e rn ig h t c o u rie r (s u c h a s F e d e ra l E x p re s s ), p o s ta g e p re p a id ,
to th e p a rt ie s b e in g g iv e n s u c h n o tic e a t th e fo ll o w in g a d d re s s e s :
M a k e r: M r. K e n n e th N a y lo r
V is ta B re e z e , Lt d .
16 1 N W 6" Street, Suite 1020
Miami, Florida 33136
Page 3 of 7
W ith a co p y to :
and :
H o ld er:
W ith a co py to :
M r. M ig ue ll D e l C am pillo, Executive D irector
H ousing A utho rity of the C ity of M iam i Beach
20 0 A lton R oa d
M ia m i Beach, FL 33139
Fox R othschild LLP
BN Y M ello n C e nter
50 0 G rant Street, S u ite 2500
Pitt sb urgh, PA 15219
A tt ention: M ichae l H . Sym e
M s. A lb a Tarre, D e part m ent D irector
O ff ice of H ousing an d C om m unity Serv ices D irector
c/o O ff ice of H ousing and C om m unity D evelopm ent
C ity of M iam i Be ach
17 00 C o nvention C e nter D rive
M iam i B each, Florida 33139
and :
A lina T. H udak, C ity M anager
C ity of M ia m i Be a ch
17 0 0 C onventio n C e nter D rive
M ia m i Beach, Flo rida 33139
R afae l A. P az, C ity A ttorn ey
C ity of M iam i Be ach
17 0 0 C o nvention C enter D rive
M ia m i Be ach, Flo rida 33139
A ny pa rty m a y cha n g e said add ress by giving the other part ies hereto notice of such
ch an g e of add ress. N o tice g iven as he reinabo ve provided shall be deem ed given on the date of
its dep o sit in the U n ite d Sta te s M ail or w ith such rep utable overn ight courier, postage prepaid,
a n d , un le ss so o ne r re ce ive d , shall be de e m e d received by the part y to w hom it is addressed on
th e th ird ca lend a r da y fo llo w ing the date on w hich said notice is deposited in the m ail, or if a
co u rier sy ste m is use d , on the date of delivery of the notice.
8. N U M B E R A N D G E N D E R
W h en e v e r the co ntext so re q u ires, the ne uter ge nder includes the fem inine and/or m asculine, as
th e ca s e m ay be , an d the sin gula r num be r include s the plural, and the plural num ber incl udes the
sin gu lar.
9. BORROWER WAIVERS
M ake r he re b y (a) exp ressly w aives any valu ation and appraisal, presentm ent, dem and fo r
pa ym en t, no tice of dish ono r, pro test, notice of no n paym ent or pro test, all other fo rm s of notice
w h a tso e v e r, an d dilig en ce in co llectio n; and (b ) co nse nts that H older m ay, fr om tim e to tim e and
w ith ou t no tice to M a ke r or dem and , (i) exten d , rea rra nge, renew , or postpone any or all paym ents,
(ii) re le a se , excha n g e, ad d to , or sub stitute all or any part of the collateral fo r this N ote, and/or (iii)
Page 4 of 7
re le a se M a ke r, w ith o u t in a n y w a y m o d ifyin g , alte rin g , re le a sin g , aff e ctin g , o r lim itin g th e ir
re sp e ctive lia b ility o r th e lie n of an y se cu rity in stru m e n t.
10 . W A IV E R O F JU R Y T R IA L
B Y E X E C U T IN G T H IS N O T E , M A K E R K N O W IN G L Y , V O L U N T A R IL Y A N D
IN T E N T IO N A L L Y W A IV E S IT S R IG H T S O R T H E R IG H T S O F IT S H E IR S , A S S IG N S ,
S U C C E S S O R S , O R P E R S O N A L R E P R E S E N T A T IV E S T O A T R IA L B Y JU R Y , IF A N Y , IN A N Y
A C T IO N , P R O C E E D IN G , O R S U IT , W H E T H E R A R IS IN G IN C O N T RA C T , T O R T , O R
O T H E R W IS E , A N D W H E T H E R A S S E R T E D B Y W A Y O F C O M P L A IN T , A N S W E R ,
C R O S S C L A IM , C O U N T E R C LA IM , A F F IR M A T IV E D E F E N S E , O R O T H E R W IS E , B A S E D O N ,
A R IS IN G O U T O F , U N D E R , O R IN C O N N E C T IO N W IT H , T H IS N O T E , A N Y LO A N D O C U M E N T
O R A N Y O T H E R IN S T R U M E N T , D O C U M E N T , O R A G R E E M E N T E X E C U T E D O R T O B E
E X E C U T E D IN C O N N E C T IO N H E R E W IT H O R T H E R E W IT H O R W IT H R E S P E C T T O T H E
IN D E B T E D N E S S O R T H E R E N E W A L , M O D IF IC A T IO N , O R E X T E N S IO N O F A N Y O F T H E
FO R E G O I N G O R A N Y FU T U R E A D V A N C E T H E R E U N D E R. T H IS P R O V IS IO N IS A M A T E R IA L
IN D U C E M E N T FO R H O L D E R 'S E X T E N D IN G C R E D IT T O A M A K E R A N D N O W A IV E R O R
LI M IT A T IO N O F H O L D E R 'S R IG H T S H E R E U N D E R S H A L L B E E F F E C T IV E , U N L E S S IN
W R IT IN G A N D M A N U A L L Y S IG N E D O N H O L D E R 'S B E H A L F .
M a ke r a ckn o w le d g e s tha t the a b o ve pa ra g ra p h ha s be e n e x p re ssly ba rg a in e d fo r by
H o ld e r as pa rt of th e tra n sa ctio n w ith M a ke r a n d th a t, bu t fo r M a k e r's a g re e m e n t to su ch
pa ra g ra p h , H o ld e r w o u ld no t ha ve lo a n e d th e Fu n d s to th e M a ke r p u rsu a n t to th e te rm s o f th is
N o te .
11 . R E C O U R S E A G A IN S T M A K E R
H o ld e r sh a ll ha ve fu ll re co u rse a g a in st M a ke r th ro u g h co m p le tio n o f th e P ro je ct, a s e v id e n c e d
fr o m th e P ro je ct se cu rin g th e C e rt ifi ca te o f O ccu p a n cy. Fo llo w in g co m p le tio n of th e P ro je ct, th is
N o te sh a ll be co m e a no n re co u rse o b lig a tio n of M a ke r a n d ne ith e r M a k e r no r a n y o th e r pa rt y sh a ll
ha ve a n y pe rso n a l lia b ility fo r re p a ym e n t of the Fu n d s, e xce p t w ith re s p e ct to a n y w illfu l
m issta te m e n t of, o r fa ilu re to d isclo se , a m a te ria l fa ct by M a ke r. R e c o ve ry a g a in st M a k e r fo r fra u d
o r m isre p re se n ta tio n is no t lim ite d to th e pro ce e d s of sa le of th e P re m ise s , b u t m a y in clu d e
pe rso n a l ju d g m e n t a n d exe cu tio n the re o n to th e fu ll exte n t a u th o riz e d by la w .
12 . CONSOLIDATION
This Note amends, restates, renews and supersedes that certain Promissory Note dated
as of September 21, 2023 in the original principal amount of Five Hundred Thousand and 00/100
Dollars made by Maker in favor of Holder (the "Original Note") by increasing the original principal
amount by Five Hundred Three Thousand Nine Hundred Sixty-Nine and 00/100 Dollars
($503,969.00), constituting a future advance under the Original Mortgage, and consolidating all
such indebtedness into one debt in the amount of One Million Three Thousand Nine Hundred
Sixty-Nine and 00/100 Dollars ($1,003,969.00) evidenced by this Note. For the avoidance of any
doubt, One Million Three Thousand Nine Hundred Sixty-Nine and 00/100 Dollars ($1,003,969.00)
represents the entire amount of Funds loaned to Maker by Holder to date and there are no other
Funds owed by Maker to Holder in relation to the Project. The execution of this Note is not
intended to and does not constitute a novation of the Original Note and is not intended to and
shall not be interpreted to result in a novation or loss of the existing lien priority of the Original
Mortgage, except as expressly set forth in the Subordination Agreements (as defined in the
Mortgage) entered into by Maker and Holder with each of the Senior Lenders (as defined in the
Page 5 of 7
M o rt g a g e ) o f e v e n d a te h e re w ith a n d re c o rd e d c o n te m p o ra n e o u s ly w ith th e M o rt g a g e in th e
P u b lic R e c o r d s o f M ia m i-D a d e C o u n ty , F lo r id a . H e re in a ft e r, a ll re fe re n c e s to th e O rig in a l N o te in
th e L o a n D o c u m e n ts s h a ll re fe r to th is N o te .
[S ig n a tu re a p p e a rs o n th e fo ll o w in g p a g e ]
Page 6 of 7
IN WITNESS WHEREOF, Maker has executed this Note on the day and year first above
written.
THIS PROMISSORY NOTE 15 EXEMPT FROM NONRECURRING INTANGIBLE TAX
PURSUANT TO SECTION 199.183, FLORIDA STATUTES.
MAKER:
VISTA BREEZE, LTD.
a Florida limited partnership
By: APC Vista Breeze, LLC,
a Florida limited liability company,
its Managing General Partn r
By:
ST A TE OF FLORIDA )
COUNTY OF MIAMI-DADE )
The foregoing Promissory Note was acknowledged before me, by means of __ physical
presence or _ online notarization, this 27"day of 1Omer ,2023, by Kenneth
Naylor, as Vice-President of APC Vista Breeze, LLC, a Florida limited liability company, the
managing general partner of VISTA BREEZE, LTD., a Florida limited partnership on behalf of the
partnership. He/she is personally known to me or has produced ·".st= ores@it,
~
. Notary Public State of Florida hh Rebeca Martinez
._.. My Commission III~Gul HH213601
Exp. 1/4/2026
o rope
Notary Public, State of Florida at Large
My commission expires: Ly4]2e T 1
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
-7ZCc» 1a-13-30 2
F- City Atto rn~ Dote
[Signature Page - City HOME Promissory Note]
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