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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