HomeMy WebLinkAboutLoews Hotel - MB Redevelopment Inc - Develop Agrmt - First AmendmentFIRST AMENDMENT TO HOTEL DEVELOPMENT AGREEMENT
THIS FIRST AMENDMENT TO HOTEL DEVELOPMENT AGREEMENT (the
Amendment") is made as of the 1st day of January, 1997, by MIAMI
BEACH REDEVELOPMENT AGENCY ("Owner") and MB REDEVELOPMENT, INC., a
Florida corporation ("
Developer").WIT N E SSE T
H:WHEREAS, Owner and Developer entered into that certain Hotel
Development Agreement dated as of September 20, 1996 (the "Agreement"), pursuant
to which Owner and Developer agreed on the plan of development, construction,
furnishing and equipping of
the Hotel; and WHEREAS, the Owner and Developer wish to amend certain
provisions
of the Agreement.NOW, THEREFORE, in consideration of the mutual
covenants contained herein and in consideration of Ten and No/100 ($10,00)
Dollars and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Owner
and Developer hereby agree as follows:1. Incorporation of Recitals. The above
recitals are true and correct and are incorporated
herein as if set forth in full.2. General Terms. All
defined terms (denoted by capitalization) used in this Amendment which are not defined herein,
shall have the same meaning as in the Agreement. Except as amended and
modified by this Amendment, all of the terms,covenants, conditions, and agreements of
the Agreement shall remain in full force and effect. In the event of any conflict
between the provisions of the Agreement and the
provisions of this Amendment, this Amendment shall control.3. HUD
Funds. Notwithstanding anything to
the contrary in the Agreement including without limitation Article 6): .a) Owner has
not entered into an agreement with the U.S. Department of
Housing
and Urban Development concerning loan guarantees relating to the Agreement;b) Owner will
not obtain any HUD Funds or any loan guarantees
in
connection with
HUD Funds relating to the Agreement; and c)available funds.Owner
has
obtained all of Owner's Contribution from other lawfully 4.
Notices.Notwithstanding anything
a) Copies of all Preliminary Plans and Specifications, Plans and
Specifications and modifications or proposed modifications thereto, including without
limitation working and other drawings, renderings, blueprints, specifications and layouts
all of the foregoing being herein called the "Detailed Plans"), shall be submitted solely to
Owner's Consultant at the following addresses:
Michael Antonik
Tishman Hotel Corporation
666 Fifth
Avenue New York, New
York 10103 David Rift,
Project Manager Tishman
Hotel Corporation
1601 Collins Avenue
Miami Beach, Florida 33139 b) All Notices (other than the Detailed Plans) shall
be distributed to each of the persons designated for receipt of documents to Owner
as
specified in Section 20.1 (a),c) Copies of all Notices to Owner
pursuant to Sections 3, 4 and 5 of the Agreement (whether or not
such Notice includes
Detailed
Plans) shall be distributed to Owner's Consultant. I 5,
Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original,
but all
of which together shall constitute one and the same document.IN
WITNESS WHEREOF, the following parties have executed this
Amendment as of
the
day and year
first above written,MB REDEVELOPMENT,
INC.ATTEST:BY:~
W -
r~
Robert Parcher,
Secretary Seymour Gelber,APPROVED
ASTOUAGEECUTlON J.!
L.~' \ -
11-'7