HomeMy WebLinkAbout16th St Development Agrmt First Amendment (1)l(;i{() /llJat)- ~~ 10~
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R~~ 19 7 9 4 PG. 1219 Bf~: I 9395fC I ! 06
This InS1lVmenl WIIS prepvcd by
Illd lIlould be RNmed 10:
BriM p, Taaue, P.A.
Tew Carde_ Rebak Kellau l.ehman
DeMaril ot Tlaue, L,L p,
Sulle 2600. MIIlllI Center
201 South 81sclyne BoulcYltcl
Millal. Florida 331J1
o 1R:388021 2001 JUL 23 14:14
OOR5853'7S 21)00 DEC (16 10:16
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FIRST AMENDMENT TO
AGRItF.MRNT OF LJ:A.SF. AND DEVEI.OPMENT AGREEMENT
THIS FIRST AMENDMENT TO AGREEMENT OF LEASI. ANDAGREEMENT (Ibis "Amendment") made u of this K! day of2000, betweea THE CITY 0' MJAMJ BEACJf, FLORIDA, a municipBlcorplion (the "City"). and 16'111 STREET PARTNERS, LLC, a Florida limited liabilitycompany ("Tenant"). .
WITNESSETH:
WHEREAS, the City and Tenant have herelofore entered into a c:crtain Agreement ofLeasedatedUofSeplember1,1999 andrec:onled in Official Rec:ordsBook 18770 81 Page 46 inhePublicRecordaofMilllDi-Dade Colll1ty, Florida (the "Lease") and a Developmcnl ApcmentdatedUofSeptenlbcr1,1999 8Dd recorded in Omcial Records Book 18770 at Page 272 in thePublicRecordsofMiami-Dade COllnty, Florida {"Development Agreement"; and
WHEREAS, the ptUtics hereto c1eslre co modifY the Lea;c and Development Agreementupontheterms, provisions and conditions u arc more panll:u1Brly hereinafter set forth.
NOW, THEREFORE, in consideration of the premises and mutual covenantshereinaftercontained, the parties herelo lIpI:e lIS foUows:
I. Recllal~' D.,fi"",d Tt'!rm~. The recilllJs set forch above are true and by thisreferenceareincorporatedhen:in in lhcir entirety. All capitalized 1cmIs contained in thisAmendmentwhicharenototherwisedefUledhereinshall, for the purposes hereof, have the limemeaningsasareascribedtotheminthetease.
2. LcSal llo!l:~riplion5, Exhibit A to the Lea.~ and ExhIbit A to the DevelopmentApeementareherebydeletedandExhibitAtothisFirstAmendmentisherebysubstitutedin
Th1s Amendment 1s betna re-recDrded to attach the legal description
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t 19794 PG. 1220 U: I 9395fC 1107
lieu of bOlh such exhibits Exhibit 2\ to Ihe L.ease is hereby deleted and in Iicu thercof Exhibit
2.1 attBched 10 this First Amendmcnt is sUbstituted in lieu thereof.
3. Terminntion of Prior Ell.ql!ml!nlg. Pon:cl I (as identified on Exhibit A hereto) is
bwdencd by certain casements sc:t forth in the deeds recorded in Official Records Book 223, at
Page 283, and Official Records Book 187, at Page 3\S, Public Records of Miami-DlIde Cowlly,which easements are described therein u Easement "A," Easement "8," and Easement "C,"
respectively, which easements benefit Pon:el 2 (as identified on Exhlbit A hereto) (collectively,the "Prior Easements'," The City is the owner of 1111 the rc:aI property benefited and bwdened bythePriorEasements. By execution hereof, the City does hereby tenninate such Prior Euements.
Upon recording of this Amendment,lhe Prior Easements shall be extinguished and shall be of no
fwther force and effect.
4. Modificnlions of tense, The Lease Is hereby modified as follows:
11) Section 7,2(d) oflhe Lease Is hereby modified to read IS follows:
d) AdJu.tmeut. for Claims. All property insllt'lll1ce policies required
by this Article shall provide that all adjustments for claims with the
inslll'Cl'S involving a loss in excess of One MillioD Dollars ($ 1,000,000)
adjusted for inflation be mllde jolnd)' with Tennnt. Owocr and the
Recognized Mortgagee, Owner IInd Tenant nr""e nnd Ihe ReeoPnl7ed
Mortinree !Ihnll "Ir""e however 10 l\ppmve any In.<mrance allj_enl ~Q
Inn, .. the ingumnl!li! pmeeetk ro~"lher with IIIIY ndditlonlll amounls
which Tensnl and/or the Recqll'i7~.d Mortl!l\lee l\pt! to provide will he
sufficient to PllY the cosls of the Cn.-'~ RerllH'llrinn "
b) SectloD 7 J(g) of the L.ease Is hereby modified to read IS follows:
g) Duration of Po1h:les. reDlll1t shall procure policies for all
inswance required by an)' provision of this Lease fer fllReds If Bet I...
tho 881 (I) YI.. lIIId shall proc1Ire renewals thereof from time to time at
least f1fteen (I S) days before the expiration thereof, except tbal Builders'
Risk Insunuu:e shall only be renewed for !he Iarm of lIIl)' conslluction
period.. Tenant shall.t RJlljlft~~ m.llintnln inczunmce oFthl! ~ and in the
Blftounl", lUId sulliec. 10 the tmu.. condltioft!l nnd provisions rrquin!d Il.Y
the le""s oflhe r.el\Se "
c) Sectioll 9.1(b) ortlle Lease is ltereby modified to read as follows:
b) DisbunelDeut or Award. If all or Substantially Allor the
Premises un: taken or condemned as provided in SectioD, the Net
Condemnation Award paid or payable CO Owner, Tenant or any lender or
mongogee claiming through either of them in cOl1Dection with such taking
or condemnation shaJl be paid u (oUows: (I) there shall first be paid to
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a~~ 19,794 PG. 1221 l~: I 9395fCI !08
Owner an amounl equal 10 the Nel Condemnllllon AWIII'd multiplied by II
fraction, the nwneralor of which is the appraised value of the Land ~
l!ncumhe~d by Ihi~ I el\~l! immediately prior 10 such condemnation, andthedenominatorofwhichistheappraisedvalueofthePremises
immediately prior to such condemnation; (2) there shall next be paid to the
Recognized Mortgagee so much of the Net Condemnation Award u shall
equal the unpaid principal indebtedness secured by such RecognizedMortsaaecwithInterestthereonattheratespecifiedthereintothedateof
payment (Including any prepayment fees thereon and any so-called "yieldmaintenance" or "make-whole" amounts or other SW1lS intended 10 UlUre
10 the Rec:ognized Mortgagee a certain rale of return under the loansecuredbytheRecognizedMongDSc. if any, lIS well IS any costs payablebyTenanllncOMeclionwithsuchRecognizedMortgagepursuanttoany
swap" or other interest rate protection or hedging mechanism); and (3)the rcmainln, Net Condemnation Award shall be disbursed to Tenanl
The appraised values referred to in Section !M(b)(I) shall be determined
using the appraisal process outlined in Sectloa 3.1( e), except that the
appraised values shoJI be bosed upon "fair mlUke. VDIuc" and not Fair
MlIfket Rent.
Cd) Section 258(f) of the tease is hereby modified to read lIS follows:
f) in the case of a proceeding concerning Teaant, that Owner shall be
gnlJIled 8 security interest acceptllble to it in properly of Tenant (other Ih"ft
Ihe Improvement$) to secure the performance ofTCIlIU1t's obUgalionsunderthisLease, subject CO the rights of any Rcco&nized Mongagec undertheRecognizedMortgage."
e) Section 32 of the t.ease Is hereby modified by adding the followingprovisionassubsection36,2(h):
h) NOlwithsl:ll\dlng lIRything to the conllary contained in this Section
36.2, (i) Owner'. right of fll'St offer and other right! set forth in Section
36.2 shall not apply with respect to any lraIIsfer occunUlg u a result of the
fon:c1osure of a Recognized Mortgage or U II mult of an assianment or
other conveyanee in lieu of foreclosure of a Recognized Mortsaae, and (Ii)
durin& the pendency of a foreclosure acl1011 of a Recognizled Mortaage, a
Recosnized Mortgagee, notwithslandlng that It has not yet tU:qufrecltheinterestofTenantunderthisLease, may deliver to Owner lIII Offer Nol1ce
under which the proposed sale to Owner would be conliDgcnt upon the
Recognized Mortgagee (or iu desiguee) obl8iaing Tenanl's estate in and to
the Premises. In such event, Owner', period for electing to consununalethelUghtofflmOfferTransactionshallbethirty (30) clays after Owner's
receipt of the OtTer Notice, but in no eYenl earlier than five (5) business
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a~~ 19794 PG.1222 fl: I 9395fG II 09
days after \he first regularly scheduled mecting of !he Mayor and CityCommissionthatoccursafterOwner's receipt of the Offcr Notice. It IsundelSloodIlIIdagreedIhaIthisSection36.2(b) shall only apply 10 the filStsale, assignment or transfer which occurs after the foreclosure of anyRecognizedMongage."
j. RntificDliplI As modified by this Amendment, !he Lease and IheDevelopmentAgreementshallremaininfullforceandeffec:l and are hereby in all
respects ratificd and confirmed. '
IN WITNESS WHEREOf, the parties hereto have executed this Amendment as of theclayandyearfirstabovewrittlln
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Print Name: f:'. e i eP-
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dk4-.~~Print Name: ..~ . 'LItI
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FORM&LANOllAOE_. ;': '
FOR exeCunON
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a~~ 19794 PG.1223
f~: I 9395rc I ! 10
16" STREET PARTNERS Ltc,
a Florida Iimiled liability complllY
By:
By:
Print Name -i ~FTI/ IlnMAAl/K.
i;~/:~~~tr,~
STATE OF FLORIDA )
8S:
COUNTY Of MIAMI.DADE )
The fOfe80ing instrumenl was lIC~S~.re this ~daY of /IkItHt~
2000, by Neisen O. Kasdia, IS Mayor, an .., fflry Clerk, of the City of Miami
Beach, Florida, a mlllliclpal corporation of the Stale of Florida, on bebalf of such mUDiclpalcorporation. Thev are nersonully known to g}!Lor ~lIeed Florich. <hi........ I~
k1enlifieetiol1. &/~
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NOW)' Pub "
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Type, Print or Stamp Name '
My Commission Expires:
STA1100F ~ict
COUNTY OF M1\W;.n
SS:
ULLIAH IlAUCIfIIMI'
NOI'ARTftlIUCsrA'nOPRDIlDA
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COMMI!5IONm.AP.";~
The foregoing instrument was ltl:kaowledged before me lhJs I(,~y of ~r
tiy ,In-..(k ItGc'\ffirlS \he-I!. Prebtcfe'''''ofLNR. 16* Street, Inc" a Florida
corporalioD, ., Manaains Member and on behalf of 16* Street Partners LLC, a Florida Iimiced
liability company. He is personaJlf known to me or hu produc:ctl a Florida driver'. license u
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Cf'DIIIICQItI'Y, 'lCMl4I' , l My Commission Expires: ...___
Wi~\Po\IIl(JNG1IU8'PllM"""Ll-'. Placc1fII1tAmo........,....IIIWItloNI.400 ~~=
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5 . Notary Public, ChelDkee County, GIorgia
My Colllrisslon EIlplres FebrUllry 9, 2004
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19 i 9 4 PG. 1224
l.tGAt. DESCRIPTION
flmll;
DShinglon Avenue
LoiS 19 and 20. less the Wcslern 94 feellhcl'eof,and all 01 LoIS 21ll11d 22, Block
54. Fishel's Fin;1 Subdivision of Allon BCIlCh, as recorded in Plat Book 2, Page 17
01 the Public Records or MiDnli.Dade County, Florida TOGETHER with the righloringressandCgte55toandrromCollinsAvenucandtherellr' oC Lot 19
bereinabove described over and across thai certain 20' alleyway running rrom the
East side orsaid Lot 1910 Collins Avcnue and more particularly descried as the
South 20' orlbe North In or LoI 4, Block 54 aforcsaid.
160S Washinl!lon Avenue
The Westerly portions olLots 19 and 20. Block 54, Fisher's First Subdivision of
A1lon Beach, according to the Plat thereof. recorded in Plat Book 2, Page 77, oflbe
Public Records 01 Miami-Dade County, Florida, more particularly described as
lollows: CommCllcing allbe point where the Nol1h lot line of Lot 19 meelS tbe
West lot line ofl.ot 19, then proceed along the Westerly lot lines alLot 19 and 20
lora dislance of 100 feetj thence East, paralleling the North 101 line of Lol21, a
diSlllllCO of 94 fecti thence North, paralleling the Weslerly lot lines of LoIS 19 and
20 a distance of 100 feel to lhe North line of Lol19j thence West along tbe North
101 line ofLnl1 9 10 lhe Point of Dcginning.
1619 Washin!11on Avenue
All of Lots 17 and 18 less Easl 60 fect and inCluding lhe 20 fect of Alley now closed lying
Nonh of Lot 17 less East 60 fect all within Block 54 of FISHERS FIRST PLAT
SUBDIVISION OF Al..TON BEACH, accordinltolhe Plat thereof. as recorded in Pial
Book 2, at Page 77, oflho Public Records ofMlllIDi-Dade County, Florida.
LESS AND EXCEPT:
A ponionofl.ols 17,18, and II vacRlcd 20 foot Riley, all wilhln BlockS4, FISHERS FIRSI
SUBDIVISION OF ALTON BEACH, according to the Plat thereof, as recorded In Plat
Book 2, at Page 77, or the Public Records of Milll1ll-Dade County, Florid.. being more
plUticularly described as followlI:
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ft~~ 19794 PG.1225
Begin at the Southwest comer of LoI 16 of said Block 54; thence South 00.00'00. West
along the East right of way line or Woshipglon Avenuc for 116.79 fceti thcnce North
89"57'01" Basi along thc Soulb line ofan cxisting two slOry building (or 8520 fcct 10 Ihe
Southest comer of said building; tbcnce North 00'00'23" West along the Easterly line of
said buildinl and il8 northerly extension lhereoffor 116.70 feet to a point on the North line
ofsaid vllcated alleYi thcnce North 89'59'29" West along the said North line also being the
South line of Lots 15 and 16 of said Block 54 for 85.19 (celto lhe Point ofSeginning.
Air Ri~ls:
A pomon of loiS 17, 18 and II vacaled 20 foot olley, all within Block 54, FISHERS FIRST
SUBDIVISION OF ALTON BEACH, accordlnl to the Plat tbereor, as recorded in Plat
Book 2. al Page 77, ofthe Public Roconls orMllIlJJi.Dade County, Florida, and being more
particularly described as follows:
Begin at the Southwesl comer of Lot 16 of said Block 54; thcnce South 00"00'00" West
along the East right of way line of Woshinlton Avenue for 11679 (eeli lhence North
89'57'01" Easl alonlllhe South line of an existing two story building for 8520 Ccet to lhe
Soulhcut comer of said building; thence North 00'00'23' Wcsl along lhl: Eostcrly line of
said building and ils Northerly extension thereorfor 11670 fectto a poinl on the North line
of said vacated a1leyj lhencc North 89"59'29" West along the said North line also being the
South line ofLatl J 5 and 16 of said Block 54 for 85.19 Ceello thl: Point oCBcginnln~
The abovc--described pcrimetrical boundary at elevation + 29.00 feel and above, relative to
the National Geodetic Vertical Datum of 1929.
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