Purchase Money Security Agreement Version 2 �OZ3 - 3 zlzF�
PURCHASE-MONEY SECURI7V AGREEMENT
THIS PURCHASE-MONEV SECURITY AGREEMENT(as amentleq restatetl or ot�erwise motli(eQ
Ihis "AgreemenC') datetl as oC October 23, 2023 matle by MIAMI MUSIC FESTIVAL, INC., a floriCa
corporetion tlba Miami Beach Classical Music Festival (the "Festival" or "Grantor"), in (avor of CITY OF
MIAMI BEACH, FLORIDA. a Flonda municipal wrporation (�he Cdy or'Lender').
WHEREAS, on Juty 20, 2022. Ihe Mayor and Commission approvetl Resolution 2022-32261,
auMorizing a special eledion, submitting to the electorote of�he City of Miami Beach [he question asking
whether the Ciry shall be au�horizetl to issue general obligation bonds. not exceeding $159 OOO,OOQ to
improve facilities for resiliency of arts antl culNral institutions throughoW the Ci�y, including museums,
pertortnance venues,artistic playgmuntls,seniodcuttural centers.botanical garden,aquatic sculpture park.
and related artistlworkPorce�ousing: ana
WXEREAS, on November 8, 2022,the wters of the Qry of Miami Beach approved the issuance of a
General Obligation Bontl(or Atls 8 Culture(the"Bond")in�he nol ro exceetl amount oi 5159 million; and
WHEREAS, ihe Mal list of projects inGUEed a 83 million alloca�ion for Miscellaneous Arts 8 Cuflure
Pmlects,ro be vetted at a future date:antl
WMEREAS,pmjecbon mapping is a technologiral innova�ion that can iransform all surtaces in a given
space induding walls, s�ages. buiidings. and roads;anC
WHEREAS, on February 22, 2023, the Mayor and Commission adopteC Resolu�ion 2023-32509
appmving the acquisition by ihe Ciry of projection mapping projec�ors antl rela�ed protluction equipment
("EquipmenY') ihat allow for the Irans(ormation of Gty venues and facilities inlo immersive pertormance
expenences(the'Pmjecf)utilizing/untls up�o the amouM remaining in Ihe Miscellaneous Aris 8 Culture
Category,such equipment to be used initially Oy Miami Music Festival, Inc.dba t�e Miami Beach Classical
Music Festival (the 'Festival") for progremming tluring public pertortnances and activations, antl futlher,
referring lhe item to ihe GA. Bond Oversight Committee Qhe "Comminee") (or its consitleration of ihe
amount to be allocatea for such equipment acquisition; antl
WHEREAS. the Committee reviewetl ihe Project at its Maroh 30, 2023 meeting antl made a motion
recommentling funding in the amount of$1.5 million;antl
WHEREAS,on March 3 L 2023,the Finance ana Economic Resiliency Committee phe"FERCy heartl
input from s[aH antl various grantees regartling Tranche 1 of ihe eond and consitlered recommentlations
made by�he ACminislra�ion; antl
WHEREAS, the FERC matle several recommendations regarding iranche 1. including a suggestion
t�at Ne Festival shoWE provide a revenue share to the Ciry�.antl
WHEREAS, on April 28. 2023.the City Commission atlopted Resolution No. 2023-32592 accepting
lhe FERCs recommenda�ions and approving Tranc�e 1 in the not-to-euceed amount of$101,]00,000-, anC
WHEREAS,on May 17 antl June 28,2023,Ne Ivst antl secontl puGlic readings of Ihe bond issuance
resolution were heltl, antl t�e issuance was approvetl�, and
WMEREAS, Tranche 1 of�he Bontl was issued on July 27, 2023', and
WHEREAS, after consitlering various facrors, inclutling the leng�h of time it would take for Ihe Ciry�o
acquire the Equipment. ihe possible ezposure o(�he City d the Fwtival's use oi��e equipment resWtetl in
any injury to persons or property tlamage, as well as �he atlaitional neetl to (nd suitable storage for the
Eqwpmen�, �he Adminisiralion delermined Ihat making Ihe lunds available to the Festival to enable rt to
purchase t�e Eqwpment directly woultl be in[he best interesis of ihe Ciry'. and
WHEREAS,ihe Adminisiration conclutled the best mechanism for(untling the Festivafs purchase of
the Equipmenl woulE be a loan to t�e Festival secured by a lien (i e., a purcliase money security interes�
pursuant to Section 679.1031, FloriCa Statutes)on ihe Equipment; and
WHEREAS,on September 13.2023,the City Commission atlopted Resolulion 2023-32728 approving
a purc�ase money loan by Me Cily to the Grantor in �he amount of 81,500.000 with interes�of 15% per
annum to be(untled(rom the proceeds of ihe Bond Qhe"Purchase Money Loan');antl
WHEREAS, pursuan�to�he Purchase-Money Promissory Note of even date herewrth (as amende0,
restatetl, supplemented or otherwise motli0ed. the "Purchase-Money Note'), made by Grantor in Yawr ol
Ihe Lender. ihe LenEer made a loan to ihe Grantor in [he amount of One Million Five Hundred Thousand
and 00/100 Dollare to finance ihe cost to acquire equipment relating to ihe Project(a tletailed list o(such
equipment is set forth in En�ibit A attachetl hereto and incorporeted herein, antl such equipment referretl
�o heretn as"ProjectAssets');and
WHEREAS, in connection wi�h the transactions contemplatetl by the Purchase-Money Note antl as a
conGition precedenl Ihere�o,�he Lender has requested�hat ihe Granmr greM a continuing security interest
in and to the "Collateraf' (as hereinafier tle(ned� to secure ihe "Secured OC6gations" (as hereinafler
Cefined), anC ihe Grantor has agreed�o tlo so pursuant to ihe terms hereof.
NOW, THEREFORE, in consitleration of ihe premises antl other gootl an0 valuable consideration,
Ihe receipt anC suRiciency of which are hereby acknowleCgetl. and to induce ihe Lender to enter into and
make available loans pursuant to�he Purchase-Money Note,Ihe Grantor hereby agrees with the Lentler as
follows.
SECTION 1. Definitions. Capitalizetl terms used herein and not otherwise definetl in t�is Agreemen(
incNCing the preambles and recitals hereo( shall have the meaning assignetl thereto in �he Pumhau-
Money Note. In the event of a con0ict between the definition of capi�alizetl terms defined herein and [he
tlefinition of those same capitalizetl terms in the Purchase-Money Note, lhe definitions in ihe Pumhase-
Money Note shall wnbol. The following addi�ional terms when usetl in this Agreement shall have �he
following meanings:
"AoolicaGle Law" means all apphcable pwvisions of constitutions, s�atutes. laws, mles, trea�ies,
regula�ions and orders ai all Govemmental Authori�ies and all ortlers and decrees of all courts and
arbitrators.
"Collateral"shall have the meaning assignetl iherero in Section 2!a)hereof.
"Even[ot Defaulf ineans(i)�he occurrence of an"Event o(DefaulY'untler t�e Purchase-Money Note
and/or�ii)faiWre of Grantor to maintain Ihe msuiance required pursuant to t�is Agreement.
"Financino Sta�ements"shall mean Ihe UCG1 Financing Statements naming�he Grantor as tlebtor
and the Lentler as sewretl party,wi�h respect to the Colla�eral.
"Governmental AuthoriN' means �he govemment of any nation or any political subdivision thereoi.
whether at the national,state,territorial, provincial. municipal or any other level,antl any agency,authonty.
iretrumentality,regulatory boCy,wurt,central bank or other entity exercising executive.legislative,jutlicial,
taxing, regularory or adminisireHve powers or funcM1ons of,or pertaining to,government.
`Lien" means, with respect to any asset. any mortgage, lien, pletlge. charge, seariry mteresl or
encumbrence of any kind m respect o(such asset. For Ihe purposes of Nis Agreement. a Person sha�l be
tleemeC to own subject to a Lien any asset which it has acquired or holtls subject lo Ihe interest o(a vendor
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or lessor under any condi�ional sale agreement, capital lease or other title reteNion agreement relating to
such asset.
"Loan �ocuments' means this Agreement �he Purchase-Money Note and any olher Cocument
exewtetl in connection with the foregoing.
"Material Ativerse E%ecP' means, with respect to ihe Grentor, a material ativerse effec[ on the
properties. business, prospects. opera�ions or contli�ion(fnancial or ot�erwise)of the Grantor or the abiliry
of the Grantor to peRorm its obligatbns under ihe Loan Oocuments or any ma�erial contracts.
"Person" means an indivitlual, corpo�ation, partnership, limited liability company, associatioq tmst,
business trust. joint venture. joint srock company. pool, syntlicate, sole proprietorship, unincorporated
organizaeon, Governmental Authoriry or any other form of entiry or group Ihereof.
'Proceetls'means all"proceeds"(as tle(ned by ihe UCC)of.and all other pmfits, rentals or receipts,
in whatever form. arising fiom Me collec�ion, sale, lease, exchange, assignment, licensing or o�her
tlisposition of, or realization upon, ihe Collaterel, including. withou� limitation, all claims of ihe Grentor
against�hirtl parties for loss o(, tlamage to or destmc�ion of, or for proceeds payaGle under, or uneamed
premiums with respect to, policies of insurance in respect oL. any Collateral. and any contlemnation or
requisition paymenis with respect to any Collaterol.
'Secured Oblioafons"means ail indeb�etlness antl obligations under Ihe Purchase-Money Note and
any renewals and extensions�hereof an0 replacements antl substiNtions Ihereof
'SewriN Interests" means ihe securrcy in[eres�s granted pursuant lo Sec�ion 2. as wel�as all other
security interests createC or assignetl as atlditional security tor �he Securetl Obligations pursuant to Ihe
provisions o!this Agreement.
"UCC" means ihe Undorm Commercial Code as in eRect on the date hereot in the Sla�e o(
Rorida�, rov�ided ihat if by reason of mandatory provisions of law, the pertection or ihe effect of pertection
or non-pertection of ihe Security Inferests in any Collateral is govemetl by ihe Um(orm Commercial Code
as in effect in a jurisCiclion oNer ttian Flo�ida,"UCC"means the Unifo�m Commercial Code as in effect in
such o�her junsGiction for purposes of Ihe provisions hereof relating to such peRec�ion or effect of pertection
or non-petlection.
SECTION 2. The SecuriN Interesls.
(a)To secure the Pumhase-Money Note and to secure the(ull antl prompt payment antl peRormance
of all of[he Secured Obligations, ihe Granlor hereby grents lo [he Lentler a continuing security interes�in
and ta all of ihe Grantor s right, htle and interes� in antl all of the following,wherever located antl whe�her
now owned or hereafter acquiretl or arising(collectively,Ihe"Collateral")�.
(i)all Prqect Assets purchasetl with Ihe proceeds of loans made to Gran�or purswn�to
the Purohase-Money Note,to the extent of such proceetls(the Project Assets listed in Exhibit A
constitute the initial Collateral hereunder);
(ii)all products antl Pmceeds of all or any such Project Assets: antl
(iii)although Maker shall not have an affirmative obligation ro upgrade or replace Pmject
Assets. [o ihe extent Maket acquires eqwpment that wili be usetl in substlN�ion of any of Ihe
Pmject Assets that is or become obsolete or irrepareble,then such equipment will�e deemeC
Collateral for all purposes.
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(b)In the Request for Funding to be tlelivered by the Grallor to lhe Lentler pureuant to the Pumhase-
Money Note, ihe Gran�or shall describe all Project Assets to be purUasetl with the proceeds of ihe
requested loan in sufficient tleWil to itlentity them as being subjec[to a purchase-money security interest
to�he estent provitletl by ApplicaGle Law.
(c)The Securiry Interests are grantetl as secunry onty antl shall no�subjec�the Lentler b,or transfer
to ihe Lender,or in any way affect or motlify. any obligation or liability o�ihe Grantor with respect to any of
the Collateral or any trensac[ion in connection therewith.
SECTION 3. Reoresentations and Warrant es. The Grantor represenis and wanants as follows�.
(a) The Grantor is a nob/or-profit corporation duly organized, valitlly existing and in gootl standing
under the laws of Floritla.
(b) T�e Grantor has ihe corporete power antl authority antl Ihe legal righ�to execule and tleliver, to
peAorm i�s obligations untler, and to gran! �he Sewri�y Interests in the Collaterol pursuant to, this
Agreemenl antl has taken all necessary coryorate action to autho�ize its execution, tlelivery antl
pertormance ot,and grant of Ihe Sewriry InteresLs on Ihe Collateral pursuant tq lhis Agreemen�.
(c� This Agreement cons�itutes a legal, valid and bintling obligation of t�e Grantor enforceable in
accortlance with its terms, except as enforceability may be limited by bankrupicy. insolvency,
reorganization, moralorium or similar laws aRecting the enforcement of cretlitors' righLs generally and by
the availabili�y of eqmtable remedies.
(d) The execulion. tlelivery antl pertormance of this Agreement will nof violate any pmvision of any
material Applicable Law or material contractual obligation of the Grantor and will not resutl in ihe creation
or imposilion of any Lien on any of the material properties or revenues of Me Grantor pursuant to any
Applicable Law or conlracNal obligation of lhe Grantor, except as contemplatetl hereby.
(e) No consent or authorization oC(ling with any arbitrator or Governmental Authonty and no consent
of any other Person (inclutling,without limitalion,any stockholtler or creditor o/ihe Grentor), is required in
connec�ion with the execution, delivery, per/ormance. valitlity or enforceability against the Grantor o(Mis
Agreement,except flings untler the Uniform Commercial Code.
(� No ma[erial litigation, invesligabon or proceetling of or before any arbitrator or Govemmen�al
Authority is penCing or, to the knowletlge of Ihe Grantor after tlue inquiry, Ihreatened by or against the
Granror or against any ot its propetlies or revenues with respect b this Agreement or any of the transactions
wntemplated hereby.
(g)The GraMor has gootl and marketa7le�itle to all of its Collateral,free and dear of any Liens.
(h) The Grantor has not pertormetl any acts Ihat woultl preven�or hinder the Lentler irom enforcing
any of ihe terms of t�is AgreemenL No financing statement, mortgage, secunry agreemenl or similar or
equivalent tlocument or instmment covering all or any part of�he Collateral is on f�le or of rewrtl in any
jurisdic�ion.
SECTION 4 Purther Assurances�. Covenants.
(a)GeneraL
(i)The Gran[or shall no�change ihe location of its chief executive oKce or principal place
of business unless it shall have given each Lentler thirty(30)days prior writlen notice thereof.
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�iq The Grantor shall maintain Ihe Colla�eral at a location within 30 mtlesfrom Miami Beach
Ciry Hall(1700 Convention Center Drive.Miami Beach. FL 33139)to be approved by LenCer in
w�iting antl the Granto�shall not change ihe location of any Colla�eral without Lentler s prior
written consenL The Grantor shall pmvitle the Lentler with access to ihe lacation where the
Collaterel will be stored(i.e.,a key andlor passcotle to enter storage(acility). Lentler shall have
the�ight to inspect ihe Colla�eral during business houre at any time. The Lender has made the
Pumhase Money Loan with the express unders�antling that ihe Pmjec�Assets will always be in
the exGusive wstotly antl control ot Grantor(antl not loanetl!or use by Ihirtl parties)and that
�he Collateral will be usetl primarily wilhin Ihe city limits of the Qry of Miami Beach to enhance
cultural ezperiences for�he City's residents. Notwiths(anding Ihe (oregoing, Ihe Grenlor may
from time to time. wi�h the City's p�ior written consent, use the Collaleral at other bcations
outsitle of the Ciry of Miami Beach Dut within ihe South Florida area (i.e., Miami-�ade County.
Broward Counry. Palm Beach County and Monroe Counry)provitletl that(A)Grantor shall in all
cases give priority to requests to use Ihe Project Asse�s for programming protlucetl or sponsored
Gy ihe Lentler. (B)any such uses will be pmCuctions in which Grantor has sole cusbdy antl
conUol of Ne Collateral (i e., Grantor may not loan the Collateral for use by any�hirtl party antl
(C) Granbr shall in all cases ensure �ha� its insumnce policies will aHorC coverage for the
equipment in connection with all such uses.
(iii) The Grantor shall not change Its name, Identiry, jurlstliction of inwrporetlon or
corporate stmcWre in any manner unless it shall have given each Lentler thirty(30�days prior
written natice thereot and deliveretl an opinion of counsel with respect Ihereto in accortlance
with Section 4lalNiil)he2of
(iv) The Grantor shall maintain Me Lentlere Secunty Interests In �he Collateral as (irst
prioriry pertected Liens thereoa The Grantor hereby irtevocably authonres Lentler at any time
and from time to time to fle in any fling oRice in any iunstliction any initial financing statements
antl amentlments therero tha�(a) aescnbe�he Collaterel antl @) provide any o�her information
required by Appiicable Law o(such juristliction for the suRciency or Bling offce acceptance of
any fnancing s�atement or amendment.including(i)whether the Grentor is an organization.�he
type of organization and any organizational itlenidication num0er issued to the Gran(or antl(ii),
in Ihe case of a fnancing statement filetl as a fixture fling, a suKcien( tlescrip�ion of the real
pmperty to which the Colla�eral relates. The Grantor agrees�o Nmish any such information to
either Lender promptly upon such Lender's request. The Grantor shall pay �he cos[s of, or
incitlental to, any recording or Filing of �he fnancing statements. fnancing statemem
amendments or continuation statemen(s concerning the Colla[eral.
(v) If any Collateral is a� any time in the possession or conhol of any warehousemaq
bailee.agent or processor,the Granror shall notity in writing such warehouseman,bailee,agent
or processor of the Sewnty Interesis created hereby, shall ob�ain such warehouseman's.
bailee's.agenCs or pmcessor's agreement in writing to holtl all such Collateral for the Lentler's
account subject to Ihe Lender s inst�uctions.and shall cause such warehouseman,bailee,agent
or processor to issue and delrver warehouse receip�s. bills o(lading or any similar tlocuments
relating to such Collaleral to lhe Lentler, in Lender's name antl in form and substance
acceptable to Ihe LenGer.
(vi)(A)The Grantor shall mainlain with Manclally sountl and reputable insurers insurance
with respect ro its properties and business againsl such casual�ies antl contingencies as shall
be in accordance with general practices of businesses engagetl in similar ac[ivtlies in similar
geographic areas. Such insurance shall be in such minimum amounts that the Grantor will not
be tleemetl a cainsurer under applicable insurance laws,regulations and policies antl o�herwise
shall be in such amounts. con�ain such terms,be in such forms antl Ge(or such penods as may
be reasonably satisfactory to the Lender. In atlCition, all such insurance shall be payable to ihe
Lender as loss payees.Wi�hout limi[ing�he foregoing.Grantor shall maintain the below required
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insurance in effect until such time as the Secured Obligations have been paitl in /ull and
satlsfetl. The maintenance of proper insurance is a material element of ihis Agreement antl
failure to maintain or renew the coverage shall be Ireatetl as an Event ot Default under (he
Purchase-Money No[e antl ihis Agreement.
(a) WorkeYs Compensation Insurance for alf employees of the vendor as requiretl by
Florida Statute 440, and Employer Liabiliry Insurance for botlily injury or tlisease.
Should the Vendor be exempt fmm this S+aWte,the Vendor and each employee shall
holtl the Ciry harmless fmm any injury incurred during pertormance of the Contract.
The exempt Vendor shall also submit (i) a written statement detailing Ihe numbe� ot
employees antl that they are no��equiretl to ca�ry Workers'Compensation insurance
and do no�anticipate hiring any atltlitional employees during ihe term of this coniract
or(ip a copy of a Certifica�e of Ezemptlon.
(b) Commercial General Liability Insurance on an occurrence basis. including producis
and completed operatlons, pmperty damage, boCily injury anC personal8 ativertising
injury with IimRs no less ihan 51,000.000 per occurrence. and 52,000,000 general
aggregate.
(c) Au[omobile Liabili�y Insurance covering any automobile, if ven0or has no owned
automobiles, �hen coverage for hiretl antl non-ownetl automobiles. with IimR no less
ihan Si 000,000 com�ined per accitlent for botlily injury and propeM1y damage.
(d) Casualty or Physical Hazard Insurance on an "all risks" basis, with broad fotm flood
and earthquake coverages antl elecironic tlata processing coverage, with a full
replacement wst endorsement and an"agreed amounY'clause in an amounl equal�o
100%of�he full replacement cost of Ihe Collateral,
(e) Umbrella Liability Insurance in an amount no less lhan $3,000 000 per occurrence.
The umbrella coverage must be as Gmad as Ihe primary Generel LiabilRy coverege.
The Lender reserves ihe right to motliry these requiremenis. inclutling IimiLs. 6ased on the
nature of the risk, prior ezperience. insurer, coverage,or other special circums�ances.
(B)City of Miami Beach must be inclutleo by endorsement as an atltlitional insuretl
with respect to all liabil�y policies (except Professional Liability antl WorkeS' Compensation)
arising ou�of work or opera�ions pertormetl on behatt of ihe contractor including materials,parts,
or equipment furnishetl in conneclion with such work or operations antl automobiles ovmeQ
leased, hiretl or bormwetl in ihe form of an enCorsement to Ihe conirector's insurance.
(G) All policies of insurance sha�l pmvitle for at least 30 tlays prior written
cancellation notice to ihe Lentler cb EXIGIS Insurance Compliance Services. In the event of
failure by the Granror ro provitle antl maintain insurance as herein provided,ihe Lentler may, at
its op�ion, provide such insurence anC charge the amount ihereo(to ihe Grantor. The Grantor
shall (urnish [he Lentler wlth cetlifcates of insurance antl policies evidenang compliance with
the foregoing insurance pmvisions.
(D)Grantor agrees to obtain any endorsement that may be necessary to affec[ihe
waiver of submgation on Ihe coverages requiretl. However. this provision applies regarCless of
whe�her��e Lender has receivetl a waiver of subrogation endorsemen�fmm the insurer.
(E) Insurance must be placed with insurers wi[h a current A.M. Best rating oi A�.VII
or higher. If not rateq exceptions may be maae for members of the Floritla Insurence Funtls
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(i.e. FWCIGA PAJUA). Carriers may alw be consideretl if they are IicenseC and authorized to
do insurance business in the Stale of Floritla.
(F) Granbr shall fumish Lentler with original certifcates antl amendatory
entlorsements, or wpies of the applicable insurance language, eRecting coverage requireG by
this con�ract All certifcates and endorsements are�o be receivetl and appmvetl by lhe Lentler
before funds are disbursetl pursuant to the Pumhase-Money Note. However, failure to obtain
�he reQuired documenls prior to tlisDursement by LenEer shall no�waive the G�antoYs obligation
lo provide Ihem. The LenOer reserves the right to require wmplete, cetli(ed copies of all
required insurance policies, inclutling entlorsements, required by �hese specifcations, at any
time
CERTIFICATE HOLDER MUST READ:
City of Miami Beach
c/o Exigis Insurance Compliance Services
PA. Box 9a7 Murne�a, CA 92564
All certi(cates of insurance, entlorsements, exemption letters shall be submitted ro
Lentlers servicing agent, EXIGIS,aC
Cert f cates-m am bea �anr k ks
(G)The pwceeds of any casualry insurence in respec�of any casualry loss o(any of
ihe Collateral shall, (i)so long as no Default or Event of Default has ocwrretl and is continuing
and to the extent iha�the amount of such proceeds is less than 5100,000, be tlisbursed to Ihe
Gronro�for tlirect application by ihe Gran�or solety to the repair or replacement of the Grantor's
pmperty so damagetl or destroyeQ antl(ii)in all other circumstances. be held by Ihe Lentler as
cash collateral for t0e Secured Obligations unless the Lentler otherwise agrees. The Lentler
may, in its sole option, disburse fmm time to time all or any patl of such proceetls so helE as
cash mllateral.. upon such terms and contlilions as ihe Lentler may reasonably prescnbe, ior
tlired application by the Granror solely�o the repair or replacement of�he Grentor s property so
damagetl or destroyed.or the Lender may apply all or any part of such prxeetls m the Securetl
Ob�igations.
(H) Compliance wi�h�he foregoing requirements in ihis Section 4(a)(vi)shall
no[relieve�he Granbr of ils liability antl obligation untler this section or untler any other sec�ion
of this agreement
(vii) The Grantor shall, pmmptly upon request of Lande�, pmvitle all information enE
evitlence �hat Lender may reasonably request conceming the Collateral to enable Lender tq
enforce�he pmvisions ot ihis Agreement.
(viiiJ Prior ro each tlate on which �he Grantor proposes to take any action contemplatetl
6y Section 4lal(il or Section 4(a7fiil hereM, Ihe Grantor shall, as reasonably reques�ed by t�e
Lender, a!its cos�and expense. cause to be tlelivered lo ihe Lentler an opinion of counsel, m
form antl content reasonably satisfactory to lhe Lentler.
(ix)The Grantor sha0 comply in all material respec�s with all Applicable Laws and maintain
in (ull torce and effect all necessary governmental approvals, in each case applicable to the
Collateral or any parl�hereof or ro the operation of the Grantor s business.
(x) The Grantor shall pay promptly when Cue all taxes. assessments and govemmental
charges or levies imposed apon !he Collateral or in respect of its income or profts therehom.
as well as all claims of any kind (includmg, without limilation, claims for labor, materials antl
supplies) against or with respecl la ihe Collateral, except that no such tax. assessment.
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governmental charge. lery or claim neetl be paitl it(A)the validiry�hereof is being contes�etl in
good faith by appropnate proceetlings and (B)such charge is adequately reserved against on
the Grantor's books in accordance with generalty acceptetl accoun�ing principles.
(xi)The Grantor shall noL
(A)sell.assign(by operation of law or otherwise)or otherwise dispose ol
any of the Collateral', or
(e) create or sutter lo exist any Lien or o�her charge or encumbrance
upon or with respecito any ofthe Collateralto secureindebtedness ofany Pe�son
ar entity.
(b)�ollateraL Etc The Grantor shall maintain each mate�ial item of Colla�eral in ihe same conCition.
repair and working order as w�en acquiretl, ortlinary wear antl tear excepted, antl in accordance with any
manufacNrer's manual, and shall as quickly as procticable provide all maintenance, service and repairs
necessary tor such purpose and shall promptly fumish [o Ihe Lender a statement respecting any material
loss or Camage to any material portion of the Collateral.
(c)Intlemnification. The Grantor shall intlemnify and holtl harmless t�e Lender antl ils oKcers.
employees. agen�s antl instrumentalities hom any and all IiaGility, losses or damages, inclutling attorneys
fees and costs of tlefense, w�ic� ihe Lentler or its offcers, employees, agents or insirumentalities may
incur as a resul�of claims, demands, suits,causes of actions or pmceetlings of any kintl or nature arising
out o/. relating to or resulting fmm(i) (i)any and all excise, sales or other taxes which may be payable or
determined to be payable with respect to any of the Collateral, (ii) compliance with any Applicable Law
applicable to any oi lhe Colla�eral or (iii� any of the lransactions contemplated by Ihis Agreement or lhe
pertormance oi this Agreemen� by ihe Gran�or or iLs employees, agents. servants, paMers. principals.
subconsul�ants or subconiractors.Grantor shall pay all claims antl losses in connection therewi�h antl shall
investigafe antl tlefend all claims. sui�s, or actions of any kind or nature in ihe name of Ne Lender, w�ere
applicable. including appellate pmceetlings. and shall pay all wsts,judgmen(s. anC attomeys'fees which
may issue ihereon. Grantor expressly untlerstands antl agrees that any insurance protection requiretl by
this Agreement or otherwise provided by ihe Gran�or shall in no way limit [he responsibility to indemnRy,
keep and save harmless antl defentl the Lender or i�s o�cers,employees,agenh antl instrumentalities as
herein provided. Grantor's obligation to intlemniry the Lender pursuant to the Poregoing shall survive the
ezpiration or terminatian of�his Agreement.Grentor rewgnires Ihe bmatl nature of�his intlemnification and
hold harmless clause.antl voluntarily makes�his covenant and expressly acknowletlges the receipt of gootl
ana valuable consitleration,provitletl by Ihe Lender in support of the obligation in acmrtlance with the laws
of Ihe Sta[e of Florida. Nothing herein s�all be cons�metl to waive any of the Lender's rigMs se� brth in
Section 7682$ Floritla statufes. Nolhing contained in ihis Agreement shall be tleemed a waiver af
sovereign immunity by ihe Lender.The obligations of(he Granror under Ihis Section 41c1 shall survive the
terminatian o(the other pwvisions of Ihis Agreement.
SECTION 5. ReD rt d R tlk . The Grantor respectivety covenanis and agrees wiN the
Lender that from and after�he date of this Agreemenl and until ihe Sewred Obligations have been paid in
full and sa�isfetl:
(a)Maintenance o(Rewrtls GeneralN. Grentor shall keep and maintain at its own cos�and expense
complete antl acwrate recorEs of the Collateral. inclutling, without limi�ation, a record ol all payments
received and all credi�s gronted with respect ta Ihe Collateral antl all other dealings with ihe Colla�eral, all
in a manner consistent with the Granror's past practice. For Lender's further security, ihe Grantor agrees
that upon the occurrence and tluring the continuation of any EveN of Default,the Gran�o�shall tleiiver and
Wm over any such books and recortls tlirectly to lhe�ender or its tlesignee.The Grantor shall permil any
represen�ative of Lender to inspect such books and records and shall provitle eleclronic copies (in such
format as Lentler shall requesi) or hartl copies ihereof to Lender upon �ender's reasonable request.
-Page 8 of 75-
Wi�hout limifing the foregoing.�he Grantor shall maintain acarate antl complete books antl records for all
receipts antl expenditures ofihe Purchase Money Loan antl the Projectin conformance with reasonable
general accoun�ing standards (the "Purchase Money Loan Books antl Records"). The Purohase Money
Loan Books antl Recortls, as well as all tlocuments pehaining ro payments received antl made in
conjunction wM1h the Purchase Money Loan, such as wuchers, bills, invoices, receipts antl canceletl
checks, shall be retained in a secure place anC in an ortlerly fashion in a loca�ion within ihe Ciry of Miami
Beach by the Grantor for a�leasl ihree(3)years atter Ihe later oC(a)December 1. 2023�. (b)the wmple[ion
of a Ciry requested or manaated audi�or compliance review;or(tl)[he conclusion of a legal action involving
[he Purchase Money Loan,ihe Granlor and/or Pmlect or acirvities rela�etl to the Purchase Money Loan phe
periotl tletermined pursuan( �o �he foregoing, the "Autlit Period). T�e Gran�or shall use reasonable
commercial eHorts to maintain�he Purchase Money Laon Books antl Recwds in such a manner ihat i�will
not be untluly costly or tliKcull for ihe Ciry to segregate,ascMain or identity Ihe use of che Purchase Money
loan proceeds antl to tletertnine Grantor's compliance with the �ertns and conditions of ihe Purchase
Money Note.ihis Agreement antl any olher Loan Document tluring an autlit by the Ciry. The City Manager
may examine the Purchase Money Books antl Records at Ihe Grenror's off�ces or o[her appwvetl site untler
ihe direct wntrol and supervision ofthe Grantor tluring regular business hours antl upon reasonable notice.
Furthermore. the Ci�y Manager may. upon reasonable notice and a� the Cily's expense, autlil or have
auditetl all financial records of ttie Grantor. whe[her or not purpotled to be relatetl to the Grant Awartl or
[he Pmject.
(b�Furiher Itlen(ficafon of C011a�eraL The Grantor shalL if reques�ed by Lentler, fumish to Lender
sta[ements and schetlules furiher itlentirying and tlescribing the Coliateral and such other reports in
connection with the Collateral as Lentler may reasonably request,all in reasonable detail.
(c)Notices. In adtlition to the no�ices required by Section 5lbl hereof, ihe Grantor shall ativise �he
Lender promptly,in reasonable Cetail,(i)of any Lien or claim made or asserted against any of the Collateral.
(ii) of any material adverse change in the composition of ihe Collateral, antl (iii)of ihe occurrence ot any
ot�er event which could have a Material Ativerse ERect on ihe Collate�al or on ihe validiry, perteclion or
prioriry of t�e Security Interests.
SECTION 6. OBice of the Insoeclor General Pursuanl to Section 2-256 of�he Code of Ihe City of
Miami Beach Qhe"Code"),Ihe City has establisheG the Oflice o(the Inspector General("OIG')whmh may,
pursuan�b Section 2-256(f)of ihe Cotle, review, autlit. inspect, and imestigate city mniracts. programs,
pmjecis. procurements. and expentliWres associatetl with all general obligation bonds issuetl by ihe City,
including but not limited to �he Bonds. This ranCom audit is separate and tlistinct fmm any other audi�
performeC by or on behalf ot Ihe City, including, but not limitetl to, any autlils pursuant to Section 5(a) of
this Agreemen�. In connedion wi�h ihe foregoing�.
(a) Grantor acknowledges iha[Ihe OIG shall be authonzed to review, autlit, inspect and investiga�e
the Grant Books antl Remrtls and all related financial recortls of GraMor. In atltlitiort the Inspector General
sha0 have ihe power to subpoena witnesses, atlminister oaths. require the production of wi�nesses and
monitor Ci�y projects antl programs. Monitoring of Ihe GreN Awartl and (he Projec� may inGude lhe
issuance o!repotls concerning whether the Prqec�is on time,within Budget antl im m�formity with plans,
specifications,ot�er coMract tlocuments and appliwble law.
(b)At any time tluring the Autl1l Period and upon ten (10)tlays written notice�o Grantor.ihe Granto�
(antl any olher party��at rs suoject ro Ihese provisians) shall make the Grant Books and Records antl any
other tlocumeNs antl records in Ihe Grentors possession, custody or contml which in Me Inspector
General's sole�utlgment.pertain to pertormance of�his Agreement,inclutling.bu�not limited pmposals antl
agreements from anG with successtul coniractors antl tlesign consul�ants, all Pmjec6relatetl
correspondence, memorantla, instructions, finanaal tlocumenis. constmc�ion tlocumen(s, and con�ract
tlocumen[s.antl any supporting tlocumentation for�he foregoing.
-Page9of75-
(c) The OIG shall have the power to report andfor recommentl b the Ciry Commission whether Ihe
Pmled or any related progrem, coniract or transaction is or was necessary and, if deemed necessary,
whether Ihe methotl used for implemen�ing�he Pmject or rela�ed program,contract or transaction is or was
effcient both financially antl operationally. Monitoring of the Projec� may indude reporting wheUer ihe
projec[is on �ime, within butlget and in con�ormiry wdh plans, specilications, anG applicable law. The OIG
s�all have Ihe power to analyze t�e neetl for,anC reasonableness of, proposetl change ordere
(4)The OIG is authorized to investigale any allegetl violation Oy Grantor of�he City s Code of Contluct,
as set forth in Chapter 2,Atlicle VII of Ihe Cotle.
(e) The OIG is empoweretl to retain the services of indepentlen� private sector auaitors to conduct
one or more of the(unctions se�forth in�his Section 6.
(�The provisions in this sechon shall apply to ihe Grentor,its contracrors and�heir respective officers,
agents and employees. The Grantor shall incorpora�e the pmvisions in this Sec�ion 6 in all contrects antl
other agreemen�s exewted by its wntractors and equipment suppliers in connection with ihe peNormance
of ihis Agreement.
g. No�hing in ihis Section 6 shall impair any independent right �o lhe Ciry to conduct audits or
investigative acM1vities, including without limitation, ihe Ciry's audR nghis pursuan� to Section S�a). The
pmvisions of ihis Sec[ion 6 are neither intendetl nor shall�hey be construed to impose any liabiliry on ihe
City by�he Grantor, i�s contractore or�hird patlies for such monitoring or investigation or to the failure to
have conducted such monRoring or investigation antl neither�he Ciry nor the OIG shall have any obliga�ion
ro ezercise any of i�s respective rights for ihe beneft of the GranWr.
SECTION 7. General Authoritv.
(a) Gran[or hereby irrevocabty appoints the LenCer its We antl lawful attorneys, wiN full power o(
substiWtion, m the name of the Grantor.Ihe Lender or oMerv+ise,for ihe sole use antl benefit of the Lender,
but a� the Grantor s expense, �o ezercise, at any �ime antl hom time b time all or any of the following
pawers'
(i) b fle the Financing Statements antl any fnancing statemenls, fnancing statement
amendments and continuation statements referred b Section 41a1(iiil hereot
(ii)to demand,sue for.collect, receive and give acquittance for any and all monies tlue or
to become tlue with respect�o any Collateral or by virtuelhereof,
(iii)to setlle, compromise, compountl.pwsewte or defend any action or proceeding with
respect to any Collateral,
(iv) �o sell, transfer, assign or otherwise deal in or with the Collateral and �he Proceeds
ihereo(.aslully antl eRecWally as if�he Lender were the absoWte owner the�eof, antl
(v) to e#entl ihe time o!payment of any or all thereof antl to make any allowance and
other adjustmenis with reference to Ihe Collaterel;
m�fhat ihe LenEer shall not take any of the actions descnbetl in ihis Seclion 7 excepl those tlescribed
in clause (i)above unless an Event of Default shall have occurred antl be continuing antl ihe LenCer shall
grve t�e Grantor nol less Ihan ten (10)days' prior written no�ice of the lime and place of any sale or o�her
intendea tlisposition oi any of ihe Collateral, except any Collaterel which is perishable or ih�eatens to
decline speedily in value.
-Page 10 of 15-
(a)Grantor�ereby ratifies all[hat saia attorney shall lawFully do or cause to be done by virtue hereof.
This power of atlorney is a power coupletl with an interest and shall be inevocable.
(b) Granlor also authorizes ihe LenCer at any time and from time to time, to execute, in connection
wilh the sale provitletl for in Section 8 he�eof, any endorsements, assignments or other instmments of
corneyance or irensfer with respect to the Collateral.
SECTION B. Remetlies Uoon Event of Default.
(a) Ii any Event of Defaul� has occurred antl is con�inuinq the �ender may exercise all rights of a
sewretl party untler ihe UCC(whether or not in eRect in Ihe jurisdic(ion where such righ�s are exercised)
antl, in adtlition, ihe Lentler may sell t�e Collateral or any part thereof at public or prrvate sale, for cash.
upon cretlit or (or lu�ure delivery, antl at such price or prices as the Lender may deem satisfactory. The
LenCer may be ihe purchaser of any o�all of the Collateral so sold at any public sale(o�, i(the Colla�eral is
ot a type cusbmarily soltl in a �ecognized marke�or is of a lype which is the subject of widety tlis�ribuletl
stantlard pnce quotations or If othenvise permittetl untler appliwble taw,at any private sale)and�hereafter
hold�he same. absolutely,free hom any righ�or claim o!whatsoever kind. The Grantor shall ezecute antl
tleliver such tlocuments antl lake such other aceon as Ihe Lender deems reasonably necessary or
advisable in order that any such sale may be made in compliance with law. Upon any such sale.the Lender
shall have ihe right to tleliver, assign and hansfer lo the purchaser thereof�he Collateral so sold (without
warranry). The purohaser at any such sale shall holtl�he Collateral so soltl to it absolu�ety, hee From any
claim or right of whatsoever kinq including any equiry or righ�of retlemption of Ihe Granmr. To Ihe e#enl
permit[ed by law,the Granbr hereby speci(ically waives all rights of redemptioq stay or appraisal,which i�
has or may have under any law now existing or hereatler atlopted. The notice of such sale shall �e given
�o ihe Grantor ten (10)days prior to suc� sale antl (A) in case of a public sale, slate the �ime and place
(ixed tor such sale.and(B)in the case of a priva[e sale,state ihe day after which sale may be consummatetl.
Any such public sale shall be held at such time or times within orCinary business hours and at such place
or places as the Lentler may(x in the notice of such sale.At any such sale ttie Collateral may be sold in
one lot as an entirety or in separete parcels, as ihe Lentler may tletertnine. The Lentler shall not be
obligatetl to make any such sale pursuant ro any such notice.The LenGer may,withoutnotice or publica�ion,
adjoum any public or private sale or cause �he same to be adjoumed from time to�ime Gy announcement
a�Ihe lime and place fixed for the sale.and such sale may be made at any time or place to which ihe same
may be so atljourned. In case of any sale of all or any pan of fhe Colla�eral on credi�or for future delivery,
the Colla�eral so sold may be retained by�he Lentler un�il the selling price is paitl by the pumhaser�hereof,
but�he Lender shall not incur any liabiliry in case of�he faiWre of such purohaser to take up and pay for the
Collateral so sold and, in case of any such faiWre.suc�Collateral may again be sold upon like notice. The
Lender, insteatl of exercising Ihe power of sale herein conferred upon i�, may proceed by a suit or suils al
law or in equity b foreclose the Sewrily Interests antl sell the Collateral, or any portion thereof, under a
judgment or decree of a couh or couris of competent junsdiction. The Grantor shall remain liable for any
tlef�ciency.
(b) For the purpose of enforcing any antl all rights antl remedies under this Agreemen�, lhe Lender
may (i) require Grantor to, and the Grantor agrees that it shall, at its expense and upon Ihe request of
Lender,torthwith assemble all or any part of the Collateral as directetl by Lentler and make it available al
a place Cesignated by Lender Iha�is,in Lentlers opinion.reasonably convenlenl to Lentler and ihe Grantor,
whether at�he premises oF ihe Grantor or otherwise. (ii)to the extent permi�ted by Applicable Law, ente�,
with or without pmcess of law antl without breach of ihe peace, any premise where any of Ihe Collateral is
or may be locatetl and,wi�houtcharge or liability to ihe Lentler,seize antl remove such Collateral fmm such
premises. (iii) have access to antl use the Grantor's books and records relating to Ihe Collaleral antl (iv)
prior to the disposition oF the Coliateral, store or�ransfer such Collaleral without cha�ge in or by means of
any storage or transpotlation faciliry ownetl or leasetl by Ihe Grantor. process. repair or recondi�ion such
Colla�eral or otherwise prepare it for tlisposition in any manner and �o �he extent Ihe Lender deems
appropriate and, in connection with such preparation antl tlisposi�ion, use without charge any trademark.
trade name, copyrigh( patent or technical pmcess used by�he Grantor.
-Page 11 of 15-
SEC710N 9. LimRation on Duties o(the Lender Reaard nq Collateral. Beyond reasonable care in the
custotly ihereof. Ihe LenCer shall have no Cuty as to any Collateral in its possession or controi or in Ihe
possesslon or wniml o(any agent or Oailee or any income thereon or as ro the preservation of righis against
prior parties or any other rights pertaining thereto. The Lender shall be deemetl to have exercised
reasonable care in the custoGy of�he Collaleral in ils possession if the Collaterel is accortletl ireaMent
substantialty equal to that which it accortls its own propehy,antl lhe Lenaer shall not be liable or responsible
for any loss or tlamage to any of�he Collateral,or for any diminution in�he value t�ereo(, by reason of the
act or omission of any warehouseman, carrier, forwartling agency, consignee or o�her agent or bailee
selecfea by�he Lender in good fait�.
SECTION 10.Aoolication of Proceeds. Upon ihe occurrence and tlunng[he continuance of an Event
of De/ault, ihe proceetls of any sale of. or ol�er realization upon. all or any part ot�he Collateral shail �e
applied by lhe Lentler to the Secored Obliga�ions in any manner the Lende�tleems appropriale.The Lender
may make dis�ribution hereuntle�in wsh or in kind or in any combinatlon Ihereof.
SECTION 11. Exoenses. In the even� Ihat the Grantor fails to comply with ihe pmvisions o( ihe
Purchase-Money Nole,this Agreement or any other Loan Document,such that ihe value of any Collateral
or ihe validiry, pertedion. rank or value of the Security Interesis are thereby tliminishetl or poten�ially
diminishetl or put al risk,�he Lentler may, bu�shall nol be required to, effect such compliance on behalf of
the Grantor, and Me Grantor shall reimburse the Lender for the cosis ihereof on demand. All insurance
expenus and all expenses of proteding,storing,warehousing, appreising, insuring.handling. maintaining
and shipping t�e Colla�eral. any antl all excise, stamp.intangibles,hansfer, property,sales,and use Gzes
imposed by any sta�e, (ederal, or local authority or any other Governmental Au�hority on any of ihe
Collateral, or in respect of the sale o�other Cisposition Nereof, shall be bome and paid by�he Grentor:and
if�he Granror fails promptly to pay any portion thereof when due,�he Lender may,at i�s oplion,but shall not
Ee required to, pay ihe same antl charge [he Granlor's account �herefor. antl Ihe Gran�or agrees to
reimburse ihe Lentler therefor on demantl. All sums so paitl or inwrreC �y Ihe Lentler for any of ihe
/oregoing antl any and all other sums forwhich the Grantw may become liable hereunder antl all cosis and
eapenses(induCing reasonable attorneys'�ees,legal ezpenses and court wsts)inwrretl by the Lender in
enforcing or pmtecting ihe Sewrity Inleres�s or any of Iheir rights or remetliw thereon shall be payable by
the Grantor on tlemaritl antl shall bear interesl(after as well as before jutlgmenp un[il paid at ihe rate then
applicable under the Purchase-Money No�e and shall be additional Sewretl Obliga[ions hereunder.
SECTION 12 N �ices.Whenever it is pmvitletl herein that nofice,tlemanQ request.consent.approval
or o�her communication shall or may be given to, or served upon, either o(ihe parties by the other, or
whenever eilher of ihe parties tlesires to give or serve upon(he other any notice,tlemand,request.consent,
approval or other communica�ion wd�respect here�o or to�he Concession Area,each suc�notice,demantl,
request. consent, approval or other communication shall be in writlng (whether or not so intlica[ed
elsewhere in Ihis Agreemenry and shall be eRective for any purpose only if given or served in person with
a signetl receip�, by certified or registered US. Mail,retum receipt reques�ed, or by a rewgn¢ed national
courier service.postage prepaitl in all ins�ances,aCCressed as follows�.
Lender: I(to the City of Miami Beach,at
Qty of Miami Beach
1700 Convention Center Drive
Miami Beach, FL 33139
Attn: City Manager
Phone�. (305)673-7010
wi�h a copy to:
Ciry of Miami Beach
1700 Carnention Cenler�rive
-Page12of15-
Miami Beach, FL 33139
AM: Ciry Aqorney
P�one:(305)673-7470
Grantor: If to Miami Music Festival, a[
Miami Musk Festival, Inc.
1440 Ocean �nve
Miami Beach, FL 33139
Attentiort Michael Rossi
The Lender antl Ihe Gran(or may change ihe above mailing address a�any time upon giving the other party
written notification. All notices under Ihis Concession Agreement must be in wriling.
SECTION 13. RiaMs and RemeE es Cumulafve- Non a - �c The enumeration of the righis and
remetlies o/[he Lentler set forlh in this Agreement is not intentletl[o be exhaustive antl the exercise by the
Lentler o(any right or remetly shall wt preclude�he exercise of any other righ(s or remetlies, all of which
shall be cumula�ive, anC shall 6e in atldition to any other right or remedy grven hereunder or untler [he
Purchase-Money Note and other Loan Documents or that may now or hereafter exist in law or in equity or
by suil or otherwise. No delay or faiWre to �ake action on Ihe part of Me Lentler in eaercising any right,
power or privilege shali operate as a waiver Ihereof, nor shall any single or partial exercise of any such
right, power or privilege preclude o�her or further exercise ihereof w ihe exercise of any other right, power
or privilege or shall 6e consimetl to be a waiver ot any Event of DefaWt No muree of dealing behveen the
Gren�or. the Lender or �heir respecfive agents or employees shall be effective (o change, modify or
discharge any provision of this Agreement or any of ihe other Loan Documents or to constitu�e a waiver of
any Even�of Defaul�.
SECTION 14. Successors and Assions. This Agreement is for (he bene(t of the Lentler and its
permitted successors antl assigns. antl in tlie event ot an assignment of all or any of lhe Sewretl
Obliga�ions. the righ�s hereunder, to ihe ex�ent applicable to ihe intlebtedness so assigned. may �e
VansferreC wi�h such inaebtetlness. This Agreement shall be binding on Ihe Grantor antl its successors
antl assigns�, ro�videtl that�he Grantor may not assign any of its rights or obligations hereuntler without��e
prior writlen consent of ihe Lentler.
SECTION 15.Amentlments. Waivers and Consents. No�erm, covenant. agreement or condi�ion ot
this Agreement may be amentled or waiveC. nor may any consen�be given,except in the manner set forth
in the Purchase-Money Note.
SECTION 16. Powers Couoled wi�h an Interest All authorizalions antl agencies herein containetl with
respect to ihe Collateral are irrevocable and powers coupled with an interest.
SECTION 17. Governina Law. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUEO
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA, WITHOUT
REFERENCE TO THE CONFLICTS OR CHOICE OF LAW PRINCIPLES THEREOF EXCEPT AS
RE�UIRED BV THE UCC.
SECTION 18. Gonsent b Jurisdcton. The Grallor hereby vrewcably consen�s �o Ihe personal
jurisCiction of ihe state and lederal coutls located in Miami-Dade County. Florida in any action, claim or
o�her proceeding arising out of or any tlispute in connec�ion with this Agreement. any rights or obligations
hereuntler, or ihe pertormance ot such righis and obligaGons. The Gran�or hereby irrevocably wnsents to
the service of a summons antl complaint and other process in any action, daim or pmceetling brough[by
the Lentler in conneclion with this Agreement, any righis or obliga�ions hereunder. or the pertormance of
such rights and obligations,on behalf of itself or its pmperty.in permissible manner. Nothing in�his Section
18 shall aRect the right of�he LenAer fo serve legal process in any other manner permined by Applicable
-Page13of15 �
Law or affect ihe righl of Me Lender to bring any aclion or proceetling agains�Ihe Grantor or its properties
in the courts o(any other juristlictions.
SECTION 19. Waiver af Jury Tral. TO THE E%TENT PERMITTED BV LAW, THE LENDER AND
THE GRANTOR HEREBY IRREVOCABLY WAIVE THEIR RESPECTIVE RIGMTS TO A JURV TRIAL
WITH RESPECT TO ANY ACTION, CLAIM OR OTHER PROCEEDING ARISING OUT OF, OR ANY
DISPIITE IN CONNECTION WITH, TMIS AGREEMENT, ANV RIGMTS OR OBLIGATIONS
HEREUNDER, OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS.
SECTION 23. SeverabiliN. If any provision of ihis Agreement or any potlion of such pmvision or ihe
appliwtion ihereof to any Person or circumstance is, to any extent, finalty tleterminetl Ey a court o(
competent jurisdiction to be invalid or unenforceable, or shall become a violation of any local, State, or
Federal laws,Ihen the same as so applieG shall no longer be a part of this Agreement but lhe remainder of
�he Agreement, such provisions antl the application�hereof to other Persons or circumstances,shall not be
aRec�ed �hereby anC this Agreement as so motlified shall be valitl and eMorceable to the Nllest extent
permittetl bylaw.
SECTION 24. Hea�. The various headings of ihis Agreement are inserted for convenience only
antl shall not affect the meaning or interpretation of this Agreement or any pmvisions hereof.
SECTION 25. Countemarts. This Agreement may be exewted �y the parties hereto in severol
counterparts.each of which shall be deemed to be an original antl all of which shall constiWte together but
one antl ihe same agreement.
[Signature Page Follows]
-Pagel4of�5-
IN WITNESS WFIEREOF,the parties hereto have caused(hIs qgreement to be executetl urMerseal
by Uiei�duly authorized oficers,all as oF the day and year firsf written above.
GRANTOR:
MIAM/I�M/U�S��I�C�FE/S�TIVAL,INC.
ey: I�I.UuIA 140Y��..
Name: Mbhael Rossi
Title: PresiOent
LENDER:
THE CITY OF MIAMI BEACH, FLORIDA
ey:
ame:Alina T. H ak
Ti(1e: City Manager
rom�.m.:�o
ros.��..;u.wE
eraE¢wr��
�--•-6i.:--..
�-S�
-Page 75 of 15-
Exhibit A
ProjectAssets
�.� _ �uincelmagingpntegration-Creative] Sales Quote
�= 22601 Davis �rive
� = Steding, VA 20164 Number: 02258
— � US 02258/Rev 5(Finap Miami Beach Classical Music Feslival Nov 29th 202�.
� Phone'. 703-742-7520
Fax:703-742-7586
Quwc[ Inucinc www.quinceimaging.com
lient Shi To
Miami Music Festival Miami Music Festival
Michael Rossi 1440 Ocean Drive
1440 Ocean Drive Miami, Florida 33139
Miami, Fiorida 33139 US
US
Mobile: 305-903-9251
�uWation Freparetl For Ouote6on Velitl Until
Mlchael Rossi
Saks Persan Cuatomer PO Terms Sales Tax
Scon Williams TBD
Slart Date Loetl In Deta Completion Uete
11/2]I2023 1V29/2023 11/30I2023
Type Oly. �escription ElemerrtType Time Fate Price Amount
Surround Prol��lon System
Re�ail 6 Christie M 4k25 FGB laser Projector Each ]3.99500 463,9]0.00
Re�ail 6 C115-Atlaplive-TECH-MOunt- Each 3.8350� 23,01000
Rigging frame
Re�ail 6 Case-ChnstieM�4K25shipping Each 1,988.00 11.928.00
case
Retail 6 Chris�ieM-SerieslensHD.6]-S� Eac� 5,495.00 32,910.00
]3
Retail 6 Chris�ie M-Series lens H�1.16-1.49 Eac� 8 495D0 50.91000
SD 1254.6
Retail 3 Case�Christie-ILS 0.6]lens(Dual EacM1 1,100.00 3,300.00
Pack)
Retail 3 Case-Chnstie-ILS 1.164491ens Each 1AWA0 3,300.00
(Dusl Pack�
Re�ail 5 Typhoon 204 Base Enclosure�or Each 1],900A0 B9.SW 00
Christie M4K25
Retail 5 Typhoon204L-TM1ermalinsulalion Eac� 1.050.00 5,250.00
Kit
Refail 5 Typhoon�Pair o�s�ainless steel Each 903.00 4.515.00
unis�mt mounfng rails
RMail 5 Typhoon 20aL-Pair of grab hantlles Eac� 399.50 1.99z W
Logistics t SM1lpping tempest Eac� 5.000.�0 5000.00
SM1ipping
Retail 1 PLS SG Kit,5 point green laser kit Each ]95.00 ]95.00
Re�ail 2 Christie OWU 1100A�GS-Black 10LP.Solitl Each 15.995.00 31.99�.00
proj¢cror 1920X1200 single chip Slale.Wll
�LP 1920x1200,
107001ms
ISO.3�Ib-no
lens
Retail 2 Chris[ie 0.65-0]5:1 Zoom Lens(G! EacF 3])5.00 ].550.00
GS Senes)
Petail 2 Christie L52�2.89 Zoom Lens(G I Each 2.002.00 6.004.00
GS Series)
1W12/202d 154 PM PBgB 1 01]
Ouincalmaging pmagraiion�Grea�ive� Salas Ouo�e�Numoec o225B)
TYPe Ory. Deacription Element Type Time Hate Price Amount
RetaA 2 Case�Chnstie-DWUtt00A�G5 Each ]90.00 L580.00
Pmlector
Surrountl Pro�eqion Syatem Tolal: 5�21,629.50
MeEia Server SysMm
No�e Core media server mmponents� all
cron�ainetl in roe meaia urver rack.
Re�aJ 2 Disguise GX 2C metlia server Each 65.00O.00 130 a00.00
Re�ail 4 Oisguise VFC quatl 3G HDS�I Enables[he Eacb ],500.00 30.000.00
outputmotlule GX2Cmedia
servers lo
oWput 3G-S�I
Retail t Disguiu Designer License Usetl to Each 11,500.00 t1,500.00
preprogrem
Disguise away
trom me main
rack.
Fetail 1 Smatl-UPS 2200VA LCD 120V -2U Eech 1200.00 1200.00
Re�ail 5 KVM-AtltlerX01P-POEDigi�alKVM NeM1vorketl Each 688.00 3,440.00
antl FV Exlentler wiM USB 8 Audlo KVM wlution
OverlPvialGbENefwork-Single (keyboartl.
Notle POE Poweretl Only �ideo,mouse)
whloh allows
�orremo�e
access antl
switching.
Re�ail 1 26 RU s�ock moun�raW-Free pick Physical Each 2,600.W 2600.00
maticase metliaserver
rack
Retail 1 Misc rack hertlware Each 2.500.00 2,500.00
Retail 1 16"Macbook PRO Apple M2 Max Each 5,000.00 5,000.00
wim 12?cnre
CPU,389wre
GPU, 16?core
Neural
Note Supplemental equipment neetletl tor
wppon arM con�igurztioa Exists
uparate Imm t�e metlia server rack.
Fielail 1 $erverSupporlKit4K(Blve) Inclutles- Each 5,000.�0 5,000.00
srorage case.
keybaartl.
mice, monimr.
antl pa�ch
cables.
Re[ail 1 Hartlwarein�egratiomsys�em Each 15.00000 15,000.00
flB�ail 1 ]"BK Atomos ShOgun Video Moni�or Allows br iM1e Eac� t,500.00 t,500.00
&Recortlar8Kp30/GNp120 moniroringof
HDMlantl
3GSDI
signals.
Retail 1 Manaqemenl Lap[op Separate Eac� 2250.00 2,250.00
compu�er
used lor
configuranon
oi rack
Sy612rt15 20d
remole access
m the metlia
urver system
via witi
iaiznaza i,sa Pnn p�a z o��
i
Quince Imaging[Inlegralion�Creative� Saies Ouo�e INumOeo 02258�
TYOe Oly. Dexrip�ion ElementType Time Pate Price Amount
Media Servar System Total: E215,990.00
Network Equipmenl
Note Network equipment necessary for
communlcation be�veen metlia
servers,pmleCors antl olher
tlevices.Also enables easy access ro
Ihe intemet when available.
Note Equipment con[ained insi0e[he
metlia server rack.
Retail 1 Switch�Netgear M9300-BXBF Each 2.a99.00 2,499.00
Retail 1 Switch-NetgearM4300-28GPoE- Eac� 1938.00 1.939.00
24x1G POEt S�ackable Managetl
Swi�ch
Retail 1 PSU-NetgearAPS550W100NES Eac� 358.00 358.W
a�xlliary power s�pply
Retail 1 Firewall-Netga�e 6100 Security Each 99900 999.W
6ateway with piSenu sopware
Retail 1 NetworkCablingSys�em Ea<h 2.000.00 2,000.00
Note EquipmentlhallivesinGepentlentot
Ihe medla server rack.Allows lor
remote access ol pmjecYors antl
ne�worketl KVM.
Retail 6 8porttOGbmanagetlswi�chwlSFP Each 350.00 1p0000
Retail 8 BChannelsingle-motle-ST-ST150m Each 1800.00 10600A0
(490')fiber optic cable
Retail 2 Access Poin��Ubiquiti UniFi EacM1 280.00 SW.00
nanoHD(UAP-nanoHD)
Network Equlpmmt Totel: 520,15C.00
3G-SDI Signal Manegement a Transmission
Note Equipment necessary for[he
conversion,management antl
transmission ot 3G-SDI signals ro
pml��ors antl other sources.As
quoRtl.��is system is capable a(up
to sixteen (16)3GSDI outpms.
Retail 1 AJA KUM03232-12G Compact EacM1 5.500.00 5.500.00
12G-SDI Rou[er(2 RUJ
Fe[ail 1 SDI Wbling System Each 4,000.00 4,000.00
Retail 4 MWti 8 Single motle 4 channel ST Each 1.988.00 ].952.00
Ilber ro MD-SDI Vansmitler
Relail 4 Mupi&Sirgle motle 4 channelST Each 1.988D0 ],952.00
liber to HD-SDI receiver
3GSUI Signal Management+Transmissian Totel: 525,404.00
aK H�MI 3.O Signel Managament a Traasmission
Note Eqwpmen�necessarylorlM1e
conversion.management aM
transmission oi 4K HDMI 2.0 signals
ro pmjecrors antl other sources.As
quotatl,this syetem is capeble oi up
ro�ow(4)HDMI 20 signals.
Retail 1 LighlwareBxBaKHDM12.ORoa�er Each 8,500.00 8,500.00
fietail 0 LGLC ro 4K sentl d receive kA EacM1 1.880.00 ]520.00
pisplayNet
Retail i 4K H�MI 2.0 Cabliny System TBD-Need Each 0.00 OAO
tlirecnon an
ca�le lengihs
4K H�MI 2.O Signal Managemenl•Trensmission Total: 521.620.00
I Oi 122023 456 PM Page 3 0�]
Ownce imaging pntegra�ion-CeeaOve] Saies Omte�Num�er.o2259)
TYce aY� ����P��a^ ElementType Time Hate Price Amaunt
LED Display System-Absen
Note SSM hig�x 14M witle rotal size.
14'9"H a 4591"W wi[h gmuntl
suppon�or entire wall,intercon
cabling,spares�39-o),hanging
brackels.processoc PWs 44
atlddional iM x.SM�o enable large
hung ou[tloor walls
Note Will praviee Oly 2 20'e 2P9"'w
LED walls hung w 1 x.5 panels. Still
have 28.5 x.5 panels can make H
21'9"
Relail 156 Absen PL39 V10 outdoor LED Panel Eac� 1 649.00 29244A0
-( t000mm x SoOmm�
Fefail 28 AbsenPL3.9V10oWdoorLEDPanel Each 1.069.�0 29,3]200
-(SOOmm�SOOmm�
Retail 28 V10-LE�panelroaticase Eac� aa8.00 12,544A0
Retail 5 V10�LED panel case�small Each 398.00 1,890.00
Reldil 1 V10 Kit-SpdreS PartS dntl suppOrt EaCh t0,588D0 t0,588.p0
cables
Retail 1 Vawomfrontservicetool Each 1,000.00 1,000.00
Note Inclutles-LEDmotlules.MainPower
cabks,Main Data cables, Vacum
service�ool.Receiving cartls, Power
supplies. Power bub.V10 Britlge
boards
No�e Gmuntl 8 rigging suppor4 narging
bracke�s lor 401i1es witle. Gmund
suppotl b�15'x 45 intloor wall
Re�ail 2B AbsenPL-Singlehanging8gmuntl Eac� 58.00 ta,504.00
�r
Retail 15 Absen PL�Gmuntl support ski- 1 Each 696.00 10,4]040
meter
Retail 60 Absen PL Vertical Long Latltler Each 268.00 1fi.080.00
Retail 15 AOsenPL-VerticalShotlLatltler Each 208.00 3,12p.00
Retail t3 AbsenPL-LongHonzontal Each 188.00 2.444.00
Adlustable Beam
Re[ail 1 Absen PL�S�ort Hamm��al Each 168.01 168.01
Atljustable Beam
Retail 5 Absen PL Maintenance platlorm 1 Each 138.00 690.00
meter
Re[ail ]5 AbsenPL-Bracketclamp Each 152.00 11,900.00
Retail 12 GS roatl case 1 -PL Each 328.00 3,936.Op
t 130'S60'SOOmm Latlde�1 m-6 In
1
Re�ail 18 A0600-1-16 PL Dbl Hang�ar Each 500.00 9.00ODO
s�aritlartl A Version
Retail 2 �bl hang bar roatl case 10 in 1 case Each 35030 ]Op.60
Re�ail 1 ryew Misc Line EacM1 0.00 0.00
Re[ail 2 GSroaticase2-PVHTIA% Each a28.00 856.00
1130'8]0'WOmm ONrigger-B in 1
Retail 2 GS matl case 3-PL Euh 328.00 656.00
1230'600'460mm Base stantl 1x1 -
16int
Re�ad 2 GS roatl case S-PL/AT Each 328.00 656.00
1130'S80'SOOmm�PlaHorm:6in
1 rClamp:24 in 1�
10/122023 1:50 PM PgGe a af]
�uinceimagi�g pmegration�Creative; Sales Ouote(Numbeo 02258�
Type pry. peurlption FJement Type Time Rare Price Amount
Retail 3 GSroaticase8-PL Each 428D0 1284.W
1350'S80'SOOmm(Beam connector
I m:6 in 1 .Beam connepor O.Sm�.6
In 1 .�atltler0.5m:6 in I)
Misc t Signaldisinbution Eacn 0.00 0.00
Petail 1 LEOControllapbpcomputer Each 550.00 550.00
Fetail 2 Nova VX165 Each 5,450.00 10,900D0
Retail 2 Ex�mn�A6H�4KPLUS!1K6HDMI Each 1,29000 25B0.0p
DA(HDCP 22, HDMI Res up to
4KI60 4�4�.4)
Petail 4 4K-HDMIM-Mcable6' Each 9.49 3].96
Retail 4 Gable-CAT6-3ftblack Each 288 1f.52
Re�ail 2 Cable-CAT6-t00fl�lack Each 38.89 ]lJ6
Logis[ics 1 Shippirg LAXtoMIA Each ].500.00 ].5W.W
LEDUlaplay$ystem-AbsenTotal: $i10,259.85
Figgingrtruss
Relail 40 CM1cesebom 2"alummum shallow Each 1500 3.000.00
swive�-BLACK
Re�ail 00 Lightingsafety Each 15.00 600.Op
Misc 1 shackles Each 000 0.00
Misc 1 Miscriggirg Each 0.00 000
Rigging?russ To�al: 57,600.00
lig�ting Package
Mlsc 1 Show Ighting 24 Chauve� Each 18,000.00 18.000.00
color-tlahs
H121P
Lighting Package Total: 518.000.00
Power
Misc 1 Power OisVibution System Pmledion Gable SOOW Eac� 1Y.000.00 14.00000
10/4 1.SOOIL.
t 6 Hubble
L1430 MIF
conn,]5'19
pin 12AWG
SocapeK
cable.L14-30
t0 out 3 p�
power dlsUo. 1
Socapex x 4
ou�-4 power
con wt 3 ph
Power Total: 514,000.00
Sountl System/Package
Miw 1 MidMlxer Au010 package Qty 0 ApX2 Each 14,100.00 16.100.00
SM58,ply 1
Snure AD40-
4 channel
digilalwireless
receiver
Sound SysteMPackage Total: S1G,100.00
logistics
10��22023 t�.54 PM Pege i ol�
�
�ulnce Imeging�Inlegratlon-Greativa) Sales�uo�e(Numbeo 02258)
Type p1y. peacrip[ion Element Type Time Rate Price prtwunt
Logisiics t Shipping�53'DetlicateC All equip Each 10.000.00 10.000.00
tleliveretl to
QI.Rack
builtls,
acceptance
lesting oi
equipment.
re-pack antl
ship to FL
Logistics To[el: f10.000.00
SubtoWl: $1 A84,]9.35
�elivery�. go.0o
Sales Tax�. $0.00
To�al: 51.484.)5]35
APPlietl PaYmenf $0.00
8alance�ue'. $1 486,�935
1 N12�2023 1:50 PM Page 6 0l]
�-� Quiuelmaging Number
�= 22601 �avis Drive 02258
_ � Stetling,VA 201fi6 Name 02258/Rev 5(Final)Miami Beach
= � US
� P�one:]03-]A24520 Ss�es Pe�mn $colt Williams
QuINCE Imacwc Fu:]03442-]586 $gles Ouote Date 9It912023
��'�^� sn�v ro
Miami Music Fas�ival Miami Music Fes�ival
MicM1ael qossi 1A400ceanDme
1440 Ocean Drive Miami,Floritla 33139
Miami,qoritla 33139 US
US
Mobile�.305-903-9251
S4rt Date ComplMion Date $tatue Terms To�al
1112]/2023400PM 11f3020231:00AM Confirmea $1,484,]51.35
TERMS AND CONDITIONS
This Quote enumerates the services and equipment to be provided by quince Imaging, Ina ("Quince"�m the dient identified
in the Quote �the"Client",and mgether with Quince the"Parties", each a "Party"),and upon acceptance by the Client forms
the wntract between the Parties(the"Agreement"). quince reserves the right ro substitute equipment of similar or better
Qualiry as it sees fiq at Quince's sole discre[ion, at no additional wst to Client Quince rejects ali offier terms and conditions
proposed by Client,and mch rejected terms and mnditions are not induded in the Agreement.
AMENDMENT
This Agreement contains the entire mntract 6etween the Parties, and may not be changetl, al[ered, modified, limi[ed or
extended, unless expressed in writing and signed or mnfirmed hy the Parties via Email.
PAYMENTTERMS
Client will provide, in a timely manner, a Purchase Order#for contirmed orders if required 6y their procurement/acmunting
departments. Payment schedule rould vary based on project size and/or Client requirements it provided in the quote. quince
's standard payment terms are 50% due at time of Agreement signing, 25%due at the beginning of inztali, 15°b due upon
mmpletion of equipment install with the remaining balance of SO%due upon final prqect mmpletion.All invoices are NET 30.
If unpaiQ the outstanding balance of the invoice shall accrue interest at the rate ot 1.5%per month from the invoice date until
paid in full. If full payment is not received within 90 days of the invoice date,Quince may engage an attorney to collect the
outstanding balance and Qient shall pay quince's reasonable attorneys' fees and msts. It at any time 4uince reasonably
helieves in good faith that the financial responsibility of the Client has been impaired ar is unsatisfactory, advanre cash
payment or other security or means of assurance of payment will be given 6y Client upon reques[. ALL CHAN6E5 TO THE
ACCOUNT OR GAVEE ADDRE55 FOR PAVMENTS TO qUINCE MUST BE MADE 8V A FORMAL MODIFICATION TO THE
AGREEMENT, SIGNED BY AN OFFlCER OF QUINCE AND CONFIRMED BV A TELEVMONE CALL WITH A "KNOWN PERSON" AT
QUINCE A KNOWN PERSON IS SOM WNE WHO VOU PERSONALLV KNOW OR ARE OTHERWISE ABLE TO CONFIRM IS ACTUALLV
AN OFFICER OF qUINCE. IF VOU ARE CONTACTED BV ANYONE REQUESTIN6 TO CHANGE THE ACCOUNT OR PAVEE,THEN VOU
MUST CONTACT QUINCE IMMEDIATELY. CLIENT IS RESPONSIBLE FOR MISDIREQED PAVMENTS, and you shall indemnity
defend, and hold QU WCE harmless for any misdirected payments that occur as a result of your failure ro follow these
requiremen8. AN EMAIL CONFIRMATION IS NOT SUFFICIENt.
CANCELIATION
Client may cancel this Agreement by sending quince written notice by certified mail or Email.Cancellation is not effective until
Quinre receives the no[ice. Qient agrees [o compensate Quince for services rendered and costs incurred up to the time of
cancellation, induding if cancellation is due to a Force majeure event, and restocking (ees may apply. Payment will be due
within 15 days of invoiw. Should cancellation be received bY Quince tor any reason within 30 days of scheduled installation,
Client shall pay the ful I Agreement price.
FORCE MAIEURE
Nei[her Party shall be 1ia61e for any delay in manufacture, delivery, or its pertormance hereunder due to fires,war, act of
terrorism,civil commotion,earthquakes,epidemics,floods,accidents, plant ronditions,acts, demands or requirements of any
applicable Govemment, hansportation delays, interference from other Client vendors, or m any other acq cause or
occurrence beyond Lhe reasonable rontrol of the Party. If such a force majeure event wuses a suspension of performance 6y
Quince, it agrees to repay to Client any unearned portion ot deposits received. The Client agrees to mmpensate Quince for
services rendered and cost Inmrred up to the time of suspension if deposits collected are not enoogh.Quince shall use i[s best
efforts to mitigate costs m Qient.
CONFIDENTIALIT'
Client agrees to maintain in ronfidence and not to disdose, without the prior written approval of Quince or the order of a
wurt, the terms, prices and provisions of this Agreement,show layouts and other information related m the Agreement to
any person, firm or corporation other than its own agents, officers and employees having a need for such information.
RIGHT OF QUINCE TO ENGAGE IN OTHER ACTIVITIES
Client understands and agrees that Quince may perform services for other parties. Nothing in this Agreement will impair
Quinre 's right to perform similar services or any additional services tor any other party.
SECURITY
Client is required to provide a secure dimate-wntrolled bcation for the storage of epuipment upon delivery through the
completian of inztallation.Qient is responsible forany equipment loss or damage caused by, including but not limited to,acts
of God,fire,water, weather mnditions, mechanical delays, electrical surges, waq terrorist attacks, negligence or improper
wnduct of direct or indirect freight carriers or otherhansportation providers contracfed fordelivery of shipment.quince will
charge Client for any necessary repair or replacement costs related m thek or damage that occurs and wch amounts, if any,
will be added to the next installment invoice.
SAFETY
Client[o pmvide a safe wark environment always. This indudes but is no[ limi[ed to, direct mntac[ information with the
facilib/s satery manager,instructions on howto report accidents and injuries,siie specifc safery mles ortraining,work spaces
& pathways are dean and free of de6ris. Quince employees and subcontracmrs hired 6y Quince will mnform to satety rules
provided by the facility as well as state and bcal OSHa requirements.
IABOR
Labor charges in the quote are estimated based on the schedule provided by Qient Hours in excess of those in the quote may
result in additional charges.
TRAVEL
Client will reimburse Quince for travel related expenses[air,train, hotel,ground transportation, parking,meals, etc.]. Quince
has induded estimated travel costs in the Quote.Travel expenses in exress of estimated wsts will be billed on final invoice.
FAOLITV FEES
Quince is not responsible for any fees or penalties assessed by the facility. Electric charges,internet charges,drayage and any
other faciliryfees are the responsibility of Client.
TITLE TO PlANS,SPECIFICATIONS AND PLANNING MATERIAlS
Ownership of plans,speclfica[ions antl planning materials such as, but not limi[ed Io, elechonic or hantl tlrawings, narrative
descriptions and plans,msts sammanes and pricing proposals,etc. prepared by Quince shall remain[he property of Quince
unless otherwise provided in the Quote.Client agrees to use[he information solely fo�ffie purpose of completing the projec[
designated in the Quote. CLIEM WARRENTS THAT IT HAS THE RIGHT TO PROVIDE INFORMATION TO qUWCE FOR THE
PROIEQ. CLIENT SHALL TO THE FULLEST EXTENT GERMITTEO BV�AW DEFEND, INDEMNIFY AND HOLD HARMLESS QUINCE, ITS
OFFlCERS, AGENTS, EMPLOVEES, AND INDEMNITEES fROM AND AGAINA ANV AND ALL CLAIMS, LOSSES, SUITS, DAMAGES,
LEGAI AN� OTHERWISE IN ANY WAY, ARISING OUT OF OR RELATIN6 TO ANY CLAIM, ACTION OR PROCEEDING FOR
INFRINGEMENT OF ANV PATENT,COPVRIGHT OR ANY TRADEMARK RELATIN6 TO OR ARISING OUT OF THE INFORMATION,OR
OUT OF THE USE Oft DISPOSAL OF THE INFORMATION.
GOVERNING lAW(Jurizdiction and Venue�
Any dispute arising under or relating ro[his Agreement shall be submitted to the courts of Loudoun Counry,Virginia or the
UnK�p States Distrkt Court for the Esttem DisMct of Vhginp,a�y��g�•��g������and�uriyyiction o/such
courts.7AIs Agreement�hall be govemvd by and m�nnWed in a¢ordana wkh the laws of the Commonweakh of Viryinia
wilhout regard to Its choke o/law proWsb�n.The Agreement shall not pz�onsWp��w�st Quince as the Oaftn ot tAe
l�reemem.Further,the Varties hercEy eryressly waNe trlal Ey Jury In a�ry actbn or pro�eetling reiaung�o chetr b�slnass
relatlonship or this Agreement,wMcA walver is knowingly,wlllingly ond volunlarlly mWe by the Partles,ana tM Vertba
herehy rcOrespnt Nat no represpntsUons or/act of opiniq��eve heen made by a�ry peryon or en11N�a���e Mis waiver of
V416y�ury or ro{n arry way moElly or nuMHy 11s e1kc�.
11MIT11TON OF Ilp9�ury
Nolwithshnding the fprego�nq,�n no erent,IncIWMg due to eMher parry+s Mglleence,wlll ei�her party ye�pble W the oNer
for any los[revenues,bsl proflts,InclEentel,Indirett, ronsepuenHsl,speclel or punitive aamages.TNIS LIMRATION OF
1IA81LITY OOES NOT APPLV Rl CIIENT'S OBIIGRTION TO REPAIN AND PEVLACE D/MAGEO EQUIVMENT. FURTMER,THE
LIABIIITV OF qUINCE IS LIMI7ED�O THE AGREEMENL VRICE.
QU07EPENOD
ThB Quore Is wlid for 30 days hpm tAe Mte of quolaUan,The Quote xill be Ne Agreement when signed W Clie�t whlk wIW.
nRer ihis date,prices are suhjM to change based on avalla011ky af equipmeirc anE manpower,and redviced productian
timelhre.Availability of eQWpment antl manpower Is Eetermfned on a flnl come/first serveE basis.
MNRI�IIMG
Q�ince may rchr to Ib prpvision o(equlpmmt antl urvkez tu Uient in ib wrporate communiotions,marktting marerial�
socel medla,antl in desuiptkru of Quince's professlonal eaperknq antl pwRfiotbns M prospectHe clienti,an0 Quince ma
�e O�aoer+Phs arM vidm o/same,whkh images may he use0 hy quince tw maketlng Ourposes.
�B zg u1�, lu I zti �z-z
Dab: pe�:
�mDe�Y - qient /y� � n `
Sgrrewre: gpneWre: 1�1/N/\Ilne�.
Name/n1b: Q✓�v:� Z.�!?6inG. SNC �-(u.��.re I ) !'vcLer.
NemB/fiyg;
C Oo�C FO
EXHIBIT B
FORM OF DISBURSEMENT REQUEST
r,;�'�� � < � ,�' BE�CN
CITV OF MIAMI BEACH
�ISBURSEMENTREQUESTFORM
MAKER NAME: Miami Music Festival,Inc.
MAKER ADORESS: 7440 Ocean Drive
Miami Beach, FL 33139
Attn: Michael Rossi
MAKERCONTRACTADMINISTRATOR: MichaelRossi
MAKER CONTRACT ADMINISTRATOR'S E- mrossi�miamimusidestival.com
MAIL ADDRE55:
REQUESTNo.
Capitalizetl terms used herein antl not othe�wise dehnetl shall have Ihe meaning given �o them m the
PurchaSaMoney Note(Note)tlated October 23, 2023 made�y Miami Music Fes�ival, Ina(Maker)in favor
of the City of Miami eeach, FL(Holtler). Pursuanl ro the Note.to request disbursement of Pumhase Money
Loan proceeds, Maker shall incluoe a signed and no�arized original copy of ihis �isbursement Reques�,
along with (i) the i[emized list of Pro�ect Assets that will constitu[e �he Collateral untler [he Security
Agraement antl (ii) all appmpriate eupporting tlooumentatlon, incWaing, without limitation. a detalleC
irnoice(s)from�he equipment supplier who will be selling the Project Assets b Maker, antl (iii) insu�ance.
licensing and warranty lnformation relabng to the Pmject Assets(colleofively, ihe Items 7dentlfed in (i), (II),
antl (iii), Ihe Supporting Matenals'). The �isbursement Request will incluae a cetlification by Make�tha�
the Purchase Money Loan proceeds will be usetl on expenditures t�at qualRy as a capital expendiWre
pursuant ro Treas. Reg. Section 1.150-1(b) and relatetl I.R.S. guitlance, as Oeterminetl by !he Ciry in its
sole tliscretion, and otherwise comply with the requirements of Ihe Note and Sewrity Agreemen�.
Documentation tha� such equipmenL materials andior personal property shall be delivered to Maker in
Miami BeacR Roritla, must be submitted witM1 the Disbursement Reques� as a condition precedent �o
processing of(he�isbursement Request.
T�e Ciry shall make Purchase Money Loan Disbursements to�he Maker by check or wire transfer, as the
City determines in its sole tliscretion. Provided �hat an unwred default does not exist and ihat Maker is
othe�wlse in compliance wit� ihe terms of ihis Note and Ihe Security Agreement, Ihe City will make the
Purchase Money Loan disbursement within twenry-fve (25) business tlays o(its receipt of an acceptable
Purchase Money Loan Disbursemenl Request antl all Supporting Materials.Maker untlerstands and agrees
that tlisbursements to Ule Make�will be matle solely in accortlance with applicable state and fetleral laws.
Any anC all reimbursement obligations oflhe Ciry shall be fully subjec�to and contingent upon the availability
of funtling solely from Ihe GOBAC Program tuntls.
..__..__._....
.. Amoun�of Purchase Money Loan� �Et 500,000� ��� ��'��
......_ __.._ ____ _. �
�esSPreviousTotalDisbursements ��. ---�� �i
:...___ ___- '�.
. BalanceAvailable '�. � ����� -i
•__.__.. ..___ _ '___. .._ �
____...
, Funds Requestetl This Disbursement � �qea]5].35 ,;
Certi(cation of Payment: I cetlify �hat (1) one huntlretl percen� (100%1 0� [he amount to be tlisEursetl
pursuant to this Disbursemen� Requwt will be used solety to purchase Ihe Project AsseGs specRietl in
Exhibtl A ro Ihe Pumhase-Money Security Agreement fmm Maker to HWder tlated Oclober 23, 2023, (2)
the expenses to be paid out of �he disbursetl Purchase-Money Promissory Note are necessary antl
reasonable for Ihe completion of Ihe Project and in accordance with ��e tertns antl conditlons se�(orth in
this Note and ihe Security Agreement, (3)these expenses have not been,and will no(be,covered by any
other thirtl party(unding source. inGuding under any other separete agreement behveen the City and Maker
or any other grant agreement be�veen[he Maker antl any o�her patly,antl(4)all Supporting Documentation
submittetl in connection wi�h�his Disbursement Request is true, accura�e anG comple[e.
Maker:
Miami Music Festival, Inc:
Disbursemen(Reques�Preparetl By.
Michael Rossi �� n - Ip/2q/2023
./Coaa`i
Name Slgna�ure/Date
STATE OF PIX�k$)0, .�- � Texas
)
COUMYOFR4YJ�I�X,bLt.`•� � Kaufman
The foregoing instrument was ackwwleCged be/ore me by means ot O phys¢al presence or L✓i online
no�zetlo !M1is 24`htlayof October pO23by_(name)M�`naeiao:s� as (fitle) Presitlent �o�
Miami usc�P frvaliric ' �
company� . He/she( �=^ )is personally known to me or( ✓ )producetl
DRNER LICENSE as itlentification.
�k�i�.�i. JN.0 �N� y�q+�e��
� / _ / �'e onon.�.nwvn.ie
Notary Public _,•.� .�
Prin�Name_ Daphene Maytieltl �" " ,o���
My Gommissi p 09 Ol 2026 �� ."% "'s emees
4
onFx irer / / �„°���� xro�.m�mxe
Notarizetl oMlne using autlio-vitleo mmmunica[ion
Ciry ot Miami Beach
Reimbursement Request Reviewetl By:
Name Signaturel�ate