Letter Approving EasementSeptember 9, 1999
City of Miami Beach
City Hall
1700 Convention Center Drive
Miami Beach, Florida 33139
Attn: City Manager and City Attorney
Re: Second Closing under Development Agreement
Ladies and Gentlemen:
We refer to that certain Development Agreement dated as of June 11, 1998 between the
City of Miami Beach, a Florida municipal corporation ("City") and Di Lido Beach Hotel
Corporation, a Florida corporation ("Owner"), recorded in Official Records Book 18165, at Page
955 of the Public Records of Miami -Dade County, as amended by that certain Amendment No. 1
To Agreement dated as of December 2, 1998, recorded in Official Records Book 18441, at Page
3590 of the Public Records of Miami -Dade County (collectively, the "Development
Agreement"). For your convenience, all capitalized terms used in this letter without definition
shall have the definitions as set forth in the Development Agreement. We are about to complete
the Second Closing, and in connection therewith we hereby confirm:
1. The Owner has voluntarily waived, for the Second Closing, the requirement that the City
issue the final building permit for the Planned Development in accordance with Section 11.3(b)
of the Development Agreement; and the City has waived the condition precedent that the Owner
deliver the Development Approvals and other permits and approvals for the Lincoln Road
Improvements as required by Section 11.4(f) of the Development Agreement.
2. The Owner has voluntarily agreed (a) to accelerate the posting of the performance bond
for the Lincoln Road Improvements pursuant to Section 8(e) of the Development Agreement so
that same shall be posted at the earlier of (i) nine (9) months after the date of the Second Closing,
or (ii) on or before the commencement of construction of the Lincoln Road Improvements; and
(b) that notwithstanding the provisions of Section 8(d) of the Development Agreement, the City
shall have no obligation, and shall not be required, to issue any (temporary or final) certificate of
occupancy for the Planned Development unless and until the Lincoln Road Improvements are
completed and accepted by the City.
F: ATIOLLEVUDILIDODDILIdoLdter2.doc
City of Miami Beach
September 9, 1999
Page 2
3. Except for the amendments described in paragraph 2 hereof, the Development Agreement
remains in full force and effect and has not been further modified.
Please acknowledge the forgoing by signing this letter in the space provided below.
DI LIDO BEACH HOTEL CORPORATION
By:
Name:
Title:
ACKNOWLEDGED THIS 9th DAY
OF SEPTEMBER, 1999
CITY OF MI I BEACH0
By:
Neisen O. Kasdin
Mayor
MIAMI/HERNANDEZJ/ 1072287/mzdr03 ! . DOC/9/08/99
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION