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HomeMy WebLinkAbout494-2004 RDA Reso RESOLUTION NO. 494-2004 A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY APPROVING A SETTLEMENT PROVIDING FOR THE EARLY TERMINATION OF THE RETAIL LEASE AGREEMENT BETWEEN THE MIAMI BEACH REDEVELOPMENT AGENCY (RDA), AS LANDLORD, AND ADOLFO DOMINGUEZ U.S.A., INC., AS TENANT, DATED DECEMBER 8, 2004, FOR SUITES 1, 2, 3 AND 4 IN THE ANCHOR SHOPS, LOCATED AT 100 16TH STREET, MIAMI BEACH, FLORIDA; APPROVING THE AFORESTATED SETTLEMENT SUBJECT TO AND CONDITIONED UPON TENANT'S EXECUTION AND SATISFACTION OF THE TERMS AND CONDITIONS SET FORTH IN THE ATTACHED LETTER AGREEMENT, DATED DECEMBER 8, 2004, BETWEEN THE RDA AND THE TENANT; FURTHER AUTHORIZING THE CHAIRMAN AND SECRETARY TO EXECUTE A NEW RETAIL LEASE AGREEMENT WITH THE REPLACEMENT TENANT, CUTS FITNESS FOR MEN, LLC, FOR THE ABOVE DESCRIBED RETAIL PREMISES. WHEREAS, on September 13, 2000, Adolfo Dominguez USA, Inc., (Tenant) executed a ten (10) year Retail Lease Agreement with the Miami Beach Redevelopment Agency (RDA and/or Landlord) for 2,884 square feet of space, located in the Anchor Shops of South Beach, located at 100 16th Street Suites 1-4, Miami Beach, Florida; and WHEREAS, since officially opening its doors in September, 2001, the Tenant has had a difficult time in achieving its sales expectations; and WHEREAS, in February, 2002, the RDA, as a gesture of goodwill, reduced the Tenant's rent by 25% to address a number of prevailing adverse conditions, including the lingering effects of 9/11 and a series of streetscape improvements along 16th Street that resulted in unannfunced street closures and loss of pedestrian traffic; and WHEREAS, despite the reduction in rent, the Tenant continues not to realize profitable sales revenues and has approached the RDA seeking early termination of its Retail Lease Agreement; and WHEREAS, on July 27, 2004, a meeting was held with the Tenant, to discuss possible exit options from the Retail Lease Agreement; and WHEREAS, in accordance with Section 8.1 of the Retail Lease Agreement, the Tenant was advised that its obligations to the RDA shall remain in full force and effect until an acceptable replacement tenant is identified and approved by the Landlord; and WHEREAS, it would be the Tenant's obligation to either procure an acceptable sublease for the remaining term of the Retail Lease Agreement; and WHEREAS, the Tenant has opted to attempt to find a suitable replacement tenant for the space; and WHEREAS, on November 15. 2004, the Tenant informed RDA staff that it had located a potential tenant, Cuts Fitness for Men, L.L.C (Cuts Fitness); and WHEREAS, subsequent to a review of Cuts Fitness' references and financial statements, the Administration has proceeded to negotiate a new lease agreement forthe Premises; and WHEREAS, execution of a new retail lease agreement with Cuts Fitness is subject to and conditioned upon the execution of the attached Letter Agreement between the RDA and Tenant, which specifies the terms and conditions by which the RDA shall consent to the termination of the Tenant's Retail Lease Agreement as follows: To the extent that the RDA is successful in negotiating and executing a new retail lease agreement with Cuts Fitness by January 31 , 2005, for the Premises currently occupied by the Tenant, the Tenant shall. concurrent with execution of said retail lease agreement: 1. pay brokerage fees to Cushman & Wakefield in connection with the Cuts Fitness retail lease, equivalent to six percent (6%) ofthe aggregate gross rental for the initial lease term of five (5) years, in the amount of $25.618.50; 2. pay brokerage fees to Virtual Realty USA, Inc., in connection with the Cuts Fitness retail lease, in the amount of $5.000.00 ; 3. pay to the RDA the sum of $13.662.44, equivalent to two (2) months of minimum monthly rent plus sales tax, to cover the rent abatement period requested by Cuts Fitness, starting on January 1, 2005 and ending on February 28, 2005; 4. execute a Limited Guaranty and Suretyship Agreement (Guaranty), guaranteeing payment of one (1) year's rent plus sales tax, in the amount of $81.975.91 , in the event that Cuts Fitness defaults on its lease during its first year of operation; and WHEREAS, in the alternative, if the Landlord is not successful in executing a new lease with Cuts Fitness by January 31,2005, the Tenant shall pay one (1) year's rent plus State sales tax, in the amount of $81.975.91, plus brokerage fees, in the amount of $25.618.50, (representing an amount equal to 6% of the Minimum Rent for the first five years of a new retail lease or sublease, estimated on the basis of Tenant's current minimum annualized rent payments); and WHEREAS, the RDA recommends executing the attached Letter Agreement, specifying the aforestated terms and conditions, in settlement of Tenant's Retail Lease Agreement, subject to Tenant's compliance with the terms and conditions set forth in said Letter Agreement NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Chairman and Members of the Miami Beach Redevelopment Agency hereby approve a settlement, providing for the early termination of the Lease Agreement between the Miami Beach Redevelopment Agency (RDA), as Landlord, and Adolfo Dominguez U.S.A. Inc., as Tenant, dated September 13, 2000, for Suites 1,2, 3 and 4 in the Anchor Shops, located at 100 16th Street, Miami Beach, Florida; approving of the aforestated settlement subjectto and conditioned upon Tenant's execution and satisfaction of the terms and conditions set forth in the attached Letter Agreement, dated December 8, 2004, between the RDA and the Tenant; and further authorizing the Chairman and Secretary to execute a new retail lease agreement with the replacement tenant, Cuts Fitness for Men, LLC, for the above- described retail premises. PASSED and ADOPTED this 8th day of December, 20 ~ rtJ f~clw- SECRETARY JMG\CMC\KOB t:\Agenda\2004 IDec08\AD. Res.doc APPROVED AS 1'0 FORM & LANGUAGE & FOR EXECUTION 1!~ I~rie!.-TN &development A9encr Gener8I~ CITY OF MIAMI BEACH MIAMI BEACH REDEVELOPMENT AGENCY ITEM SUMMARY m Condensed Title: A Resolution approving a settlement, providing for the early termination of the Lease Agreement between the Miami Beach Redevelopment Agency (RDA) as Landlord and Adolfo Dominguez U.S.A. Inc., as Tenant, dated September 13, 2000, Suites 1,2,3 and 4 in the Anchor Shops, located at 100 16th Street, Miami Beach, Florida; approval of the aforestated Settlement subject to and conditioned upon Tenant's execution and satisfaction of the terms and conditions set forth in the Letter Agreement, dated December 8, 2004, between the RDA and the Tenant; and further authorizing the Chairman and Secretary to execute a new retail lease agreement with the replacement tenant, Cuts Fitness for Men, LLC, for the above described retail oremises. Issue: Shall the RDA authorize execution of the Letter Agreement between the Redevelopment Agency and Adolfo Dominguez USA, Inc., as well as authorize execution of a new lease agreement with Cuts Fitness for Men, LLC, subject to satisfaction of the terms set forth in the aforestated Letter AQreement? Item Summa {Recommendation: Since opening on September 13, 2004, Anchor Shops Tenant, Adolfo Dominguez USA, Inc., has a difficult time in achieving its sales expectations and has requested for early termination of its Lease. I n accordance with the Lease Agreement, the Tenant was advised it had two choices - to procure an acceptable replacement tenant for the remaining term of the Lease Agreement, or remit the balance of rent due plus annual CPI increases for the remaining 6-year term of the Lease. The Tenant opted to attempt finding a replacement tenant for the space. On November 15, the Tenant informed us that it had located a potential tenant, Cuts Fitness for Men, L.L.C (Cuts Fitness). Subsequent to a review of the Company's references and financial statements, the Administration has proceeded to negotiate a new lease agreement for the Premises. Execution of the new proposed lease is subject to and conditioned upon the execution of the attached proposed Letter Agreement between the RDA and Adolfo Dominguez, which specifies the terms and conditions by which the RDA shall consent to the termination of the Tenant's lease agreement as follows: To the extent that the RDA is successful in negotiating and executing a new retail lease agreement with Cuts Fitness by January 31, 2005, Adolfo Dominguez shall: 1. Pay brokerage fees to Cushman & Wakefield in connection with the Cuts Fitness Retail Lease, equivalent to six percent (6%) of the aggregate gross rental for the initial lease term of five (5) years, in the amount of $25,618.50. 2. Pay brokerage fees to Virtual Realty USA, Inc., in connection with the Cuts Fitness Retail Lease, in the amount of $5.000.00 3. Pay to the RDA the sum of $13,662.44, equivalent to two (2) months of minimum monthly rent plus sales tax, to cover the rent abatement period requested by Cuts Fitness, starting on January 1, 2005 and ending on February 28, 2005. 4. Execute a Limited Guaranty and Suretyship Agreement (Guaranty), guaranteeing payment of one (1) year's rent plus sales tax, in the amount of $81.975.91, in the event that Cuts Fitness defaults on its lease during its first year of operation in the Premises. In the alternative, if the RDA is not successful in executing a new lease with Cuts Fitness by January 31,2005, Adolfo Dominguez shall pay one (1) year's rent plus State sales tax in the amount of $81 ,975.91, plus brokerage fees in the amount of $25.618.50, representing an amount equal to 6% of the minimum rent for the first five years of a new lease or sublease, estimated on the basis of the Tenant's current minimum annualized rent payments. It should be noted, that the one (1) year's rent will be based on the Tenant's current discounted rent Ius the 3% increase set to 0 into effect on December 1, 2004, Ius a licable State sales tax. Advisory Board Recommendation: N/A Financial Information: Source of Funds: "',n'~.., " Account Approved 1i D i~ 3 4' Finance Dept. Tc)t~l< islative Trackin Assistant City Manager City Manager T:\AGENDA\2004\DecOB04\RDA\AD.sum.doc AGENDA ITEM DATE 3A- ll- g-Ot{ CITY OF MIAMI BEACH CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139 WNW.ci.miamibeachfl.gov To: Frorn: Subject: MIAMI BEACH REDEVELOPMENT AGENCY MEMORANDUM Chairrnan and Mernbers of the Board of the Miarni Beach Redeveloprnent Agency Date: Decernber 8,2004 Jorge M. Gonzalez \ Executive Director J fIo/" 0- A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY APPROVING A SETTLEMENT PROVIDING FOR THE EARLY TERMINATION OF THE RETAIL LEASE AGREEMENT BETWEEN THE MIAMI BEACH REDEVELOPMENT AGENCY (RDA), AS LANDLORD, AND ADOLFO DOMINGUEZ U.S.A., INC., AS TENANT , DATED DECEMBER 8, 2004, FOR SUITES 1,2, 3 AND 41N THE ANCHOR SHOPS, LOCATED AT 100 16TH STREET, MIAMI BEACH, FLORIDA; APPROVAL OF THE AFORESTATED SETTLEMENT SUBJECT TO AND CONDITIONED UPON TENANT'S EXECUTION AND SATISFACTION OF THE TERMS AND CONDITIONS SET FORTH IN THE LETTER AGREEMENT, DATED DECEMBER 8, 2004, BETWEEN THE RDA AND THE TENANT; FURTHER AUTHORIZING THE CHAIRMAN AND SECRETARY TO EXECUTE A NEW RETAIL LEASE AGREEMENT WITH THE REPLACEMENT TENANT, CUTS FITNESS FOR MEN, LLC, FOR THE ABOVE DESCRIBED RETAIL PREMISES. RECOMMENDATION: Adopt the Resolution. ANALYSIS: Adolfo Dominguez USA, Inc., has been a tenant at the Anchor Shogs since September 13, 2000, executing a lease agreement for 2,884 square feet along 16 Street, for a term of 10 years at an annual rate of $86,520 ($30/sq.ft). Adolfo Dominguez (Tenant) is a Spanish clothing designer, operated under Adolfo Dominguez, S.A., a publicly traded company, with over 142 stores throughout Europe, Asia and South America. The Anchor Shops location is the Company's first retail store in the United States for women's, men's and youth apparel. Since officially opening its doors in September, 2001, the Tenant has a difficult time in achieving its sales expectations, laying fault on a number of factors, including its location along 16th Street, the lack of pedestrian traffic, the homeless problem and crime. Both Miami Beach Community Development Corporation (MBCDC/Property Manager) and RDA staff have worked tirelessly to mitigate some of the Tenant's concerns and to assist in creating venues to market the Anchor Shops, including but not limited to, extensive media advertising in local and national publications, the creation of a website and spearheading the creation of a merchant's association to fund future publicity efforts. Furthermore, in February, 2002, the RDA, as a gesture of goodwill, reduced the Tenant's rent by 25% to address a number of prevailing adverse conditions, including the lingering effects of 9/11 December 8" 2004 Redevelopment Agency Memorandum Anchor Shops - Adolfo Dominguez Early Lease Termination Agreement Page 2 of 4 and a series of streetscape improvements along 16th Street that resulted in unannounced street closures and further loss of pedestrian traffic. The discounted rent which was also extended to Art Connection Swiss Design, was only to last for eight months. With the approval of the RDA, it currently remains in effect. Despite these initiatives, the Tenant continues not to realize profitable sales revenues and is seeking early termination of the Lease Agreement. On July 27, 2004, a meeting was held with Susana Varsky of Adolfo Dominguez, to discuss possible exit strategies. In accordance with Section 8.1 of the Lease Agreement, the Tenant was advised that its obligations to the RDA (Landlord) shall remain in full force and effect until an acceptable tenant is identified and approved by the Landlord. As such, it would be the Tenant's obligation to either procure an acceptable sublease for the remaining term of the Lease Agreement, (as has been done in the past by two other tenants at the Anchor Shops), or the Tenant could remit the balance of rent due plus annual CPI increases for the remaining 6-year term of the Lease, which at the time of the meeting, was estimated at approximately $505,127. The Tenant opted to attempt finding a suitable sublease for the space. On November 15, the Tenant informed us that it had located a potential replacement tenant, Cuts Fitness for Men, L.L.C (Cuts Fitness). Ranked as the fastest growing men's fitness franchise in the United States, the New Jersey based company is interested in leasing the Premises to showcase its patented circuit training program and equipment for the purpose introducing new franchise opportunities in the South Florida market. It should be noted that based on discussions with the RDA's Leasing Broker, Felenstein, Koniver Stern (FKS), 16th Street, between Collins and Washington Avenues, is not particularly conducive for retailers such as Adolfo Dominguez, that instead require the synergy of a shopping mall environment and heavy pedestrian activity to survive. The street is more conducive to service-oriented businesses such as Cuts Fitness. Subsequent to a review of Cuts Fitness' references and financial statements, the Administration has proceeded to negotiate a new lease agreement for the Premises (the Proposed Lease). The Proposed Lease shall be for an initial term of five (5) years, with two (2) five (5) year renewal options, starting at a minimum annual rent of $76,613.00, or a rate of approximately $27/sq.ft., to be adjusted yearly by the greater of 3 percent (3%) or by CPI multiplier. All costs associated with the tenant improvements to the premises and other connections and services are the responsibility of the Tenant. The Tenant will also be required to execute an unconditional completion warranty for the retail space improvements. The Rent Commencement date starts two months (60 days) after the lease commencement date, to allow for the design, permitting and build-out of the interior improvements. A one-month security deposit and one-month prepaid rent are requirements of the Proposed Lease. December 8" 2004 Redevelopment Agency Memorandum Anchor Shops - Adolfo Dominguez Early Lease Termination Agreement Page 3 of 4 Execution of the Proposed Lease is subject to and conditioned upon the execution of the attached proposed Letter Agreement between the RDA and Adolfo Dominguez, which specifies the terms and conditions by which the RDA shall consent to the termination of the Tenant's lease agreement. According to the RDA's Leasing Broker, Felenstein, Koniver Stern (FKS), the RDA's Leasing Broker, the terms are acceptable by industry standards. The Letter Agreement provides for the following: To the extent that the RDA is successful in negotiating and executing a new retail lease agreement with Cuts Fitness by January 31,2005, Adolfo Dominguez shall: 1. Pay brokerage fees to Cushman & Wakefield in connection with the Cuts Fitness Retail Lease, equivalent to six percent (6%) of the aggregate gross rental for the initial lease term of five (5) years, in the amount of $25.618.50. 2. Pay brokerage fees to Virtual Realty USA, Inc., in connection with the Cuts Fitness Retail Lease, in the amount of $5.000.00. 3. Pay to the RDA the sum of $13.662.44, equivalent to two (2) months of minimum monthly rent plus sales tax, to cover the rent abatement period requested by Cuts Fitness, starting on January 1, 2005 and ending on February 28, 2005. 4. Execute a Limited Guaranty and Suretyship Agreement (Guaranty), guaranteeing payment of one (1) year's rent plus sales tax, in the amount of $81,975.91, in the event that Cuts Fitness defaults on its lease during its first year of operation in the Premises. In the alternative, if the RDA is not successful in executing a new lease with Cuts Fitness by January 31,2005, Adolfo Dominguez shall pay one (1) year's rent plus State sales tax in the amount of $81.975.91, plus brokerage fees in the amount of $25,618.50, representing an amount equal to 6% of the minimum rent for the first five years of a new lease or sublease, estimated on the basis of the Tenant's current minimum annualized rent payments. It should be noted, that the one (1) year's rent will be based on the Tenant's current discounted rent plus the 3% increase set to go into effect on December 1, 2004, plus applicable State sales tax. As in the case of certain other leases at the Anchor Shops, the Proposed Lease was delivered by outside brokers. Cushman & Wakefield of Florida, Inc., the Broker representing Cuts Fitness, is charging a commission of six percent (6%) of the aggregate gross rental forthe initial lease term, for a total of $25,618.50. Virtual Reality, Inc., the firm engaged by Adolfo Dominguez to locate a new sublease for the space, is charging a flat fee of $5,000.00 for its services. Pursuant to the aforementioned Letter Agreement, Adolfo Dominguez shall pay these fees directly to the respective firms, upon execution of the Proposed Lease with Cuts Fitness. The Administration recommends approving the settlement terms and conditions set forth in the attached proposed Letter Agreement, providing for early termination of the Retail Lease Agreement with Adolfo Dominguez and approving the Proposed Retail Lease December 8" 2004 Redevelopment Agency Memorandum Anchor Shops - Ado/fo Dominguez Early Lease Termination Agreement Page 4 of 4 Agreement with the replacement tenant, Cuts Fitness for Men, LLC, subject to satisfaction of the terms and conditions set forth in the aforementioned Letter Agreement. JMG/C~KOB T:\AGENDA\2004\DEC08\RDA\AD.MEM.DOC Enclosures: Proposed Letter Agreement - between RDA and Adolfo Dominguez Guaranty and Suretyship Agreement - by Adolfo Dominguez Proposed Lease Term Summary - between RDA and Cuts Fitness for Men, LLC Unconditional Completion Guaranty - by Cuts Fitness for Men, LLC if'l'l- 2-CJ ()~ MIAMI BEACH REDEVELOPMENT AGENCY Memorandum m From: Jorge M. Gonzalez Executive Director Christina M. cuerv~ ~NtJ) fuJ Rt)A 00 1)1t-&~ Assistant Director "1 T Kento.Bonde~ Redevelopme~t ~rdinator Date: February 2, 2005 To: Via: Subject: Anchor Shops - Adolfo Dominguez Settlement Agreement Attached for your signature are two form-approved copies of the Settlement Agreement, executed by Fernando Trebolle, President/CEO of Adolfo Dominguez. You may recall that you signed a previous copy that was executed on behalf of Adolfo Dominguez by its local representative, Susana Varsky, under a Power of Attorney, so as not to delay the concurrent execution of the Lease with Cuts Fitness for its space in the Anchor Shops. Following Susana Varsky's execution of the Settlement Agreement on December 20, 2004, Cuts Fitness determined it could not commit to executing the Lease, citing certain financial issues as the reason. Consequently, pursuant to the Settlement Agreement, Adolfo Dominguez is obligated to continue paying rent plus applicable sales tax for one year; totaling $81,975.91 and brokerage fees totaling $20,337.44 . To the extent that a new lease is entered into prior to the end of the one-year repayment term, Adolfo Dominguez shall receive credit for any rent paid within this period by the new tenant. Once you have signed the copies of the Settlement Agreement, please return them to my attention. Thank you. CMC:KOB Attachments JMG/CMC:kob t:1$ALL IRDAlAnchor _ Rel\AD _manager _ memo.doc ," MI A M I B E A C H REDEVELOPMENT AGENCY 1700 Convention Center Drive, Miarni Beach, FI. 33139 http:\\ci.rniarni-beach.ft.us Tloh."......... ~ . Facsimile (305) 673.7772 -...-- ---..... ........... .---........ December 8,2004 Mr. Fernando Trebolle Adolfo Dominguez USA, Inc. Corporate Legal Department Poligono Industrial San Cibrao das Vinas Calle 4, Parcela 8 32901, Ourense, Spain RE: Anchor Shops at South Beach Retail Lease, dated September 13, 2004, by and between the Miami Beach Redevelopment Agency (Landlord) and Adolfo Dominguez USA, Inc. (Tenant) for the Premises located at 100 16th Street, Suite #1-4, Miami Beach, Florida 33139 Dear Mr. Trebolle: Pursuant to our meeting on October 7, 2004, this Letter Agreement shall memorialize the understanding between the Miami Beach Redevelopment Agency (RDA or Landlord) and Adolfo Dominguez USA, Inc. (Tenant), for early termination of the above referenced Retail Lease Agreement. To the extent that the Landlord is successful in executing a new retail lease agreement with Cuts Fitness for Men, LLC (Cuts Fitness) by January 31,2005, for the Premises currently occupied by the Tenant, the Tenant shall, concurrent with execution of said retail lease agreement: 1. remit brokerage fees to Cushman & Wakefield in connection with the Cuts Fitness Retail Lease, equivalent to six percent (6%) five percent (5%) of the aggregate gross rental for the initial lease term of five (5) years, in the amount of $25.618.50: $20.337.44. 2. remit Brokerage fees to Virtual Realty USA, Inc., in connection with the Cuts Fitness Retail Lease, in the amount of $5.000.00: 3. remit to the RDA, the sum of $13.662.44, equivalent to two (2) months of minimum monthly rent plus sales tax, to cover the rent abatement period requested by Cuts Fitness, starting on January 1, 2005 and ending on February 28, 2005; and 4. Execute a Limited Guaranty and Suretyship Agreement (Guaranty), guaranteeing payment of one (1) year's rent plus sales tax, in the amount of $81.975.91, in the event that Cuts Fitness defaults on its lease during its first year of operation in the Premises. In the alternative, if the Landlord is not successful in executing a new lease with Cuts Fitness by January 31, 2005, the Tenant shall pay one (1) year's rent plus State sales tax, in the amount of $81,975.91, plus brokerage fees in the amount of $25.618.50: $20.337.44, (representing an amount equal to six percent (6%) five percent (5%) of the Minimum Rent for the first five years of a new retail lease or sublease, estimated on the basis of Tenant's current minimum annualized rent payments). It should be noted, that the one (1) year's rent will be based on Tenant's current discounted rent plus the 3% increase set to go into effect on December 1, 2004. Upon Tenant's full and faithful performance of the conditions set forth in this Letter Agreement, including payment in full by Tenant of the amounts due to Landlord, herein as well as any outstanding Rent due at the time of execution of this Letter Agreement, Landlord shall voluntarily terminate the above referenced Retail Lease Agreement and shall release Tenant from any further obligation thereunder, except for any terms and conditions of said Lease which, by their express terms, are intended and survive termination. . , An action to enforce the terms and conditions of this Letter Agreement may be brought by the Landlord and may be an action at law or in equity against any party or person attempting to violate any provision of said Letter Agreement, either to restrain violations or to recover damages. This Letter Agreement shall be enforceable in Miami-Dade County, Florida and if legal action is necessary by any party with respect to the enforcement of any and all terms and conditions therein, exclusive venue for the enforcement of same shall lie in Miami-Dade County, Florida. If the aforestated terms and conditions of this Letter Agreement meet with Adolfo Dominguez USA, Inc.'s approval, please have the duly authorized representatives of Adolfo Dominguez USA, Inc. acknowledge, execute and attest to same in the spaces provided below. Upon execution by the Miami Beach Redevelopment Agency, we will forward a fully executed copy to your attention for your records. Sincerely, Christina M. Cuervo Assistant Director CMC:kob F:\$ALL \RDA \Anchor _ Ret\Adolfo Dorninguez\lease _ terrnination _ terrns.112304.doc c: Jorge M. Gonzalez, Executive Director Raul J. Aguila, First Assistant City Attorney Kent O. Bonde, Redevelopment Coordinator Roberto Datorre, President, Miami Beach Development Corporation I have read this letter Agreement and fully understand same, agree to be bound by the terms and conditions contained herein. Miami Beach Redevelopment Agency By: Signature BY.~VV-~ ~ Si ature JDt'~e. r:,O~'l-41~"a- Jor M. Gonzalez, Executive Director Witnessed by: APPROVED AS TO FORM & LANGUAGE & FOR EXECunON E ~ General ~\l LEGITI- wt 0... ~ ~,._- ...- - MACION.- --Yo, FERNANDO PEREZ RUBIO, Notario del Ilustre Colegio de Galicia, con residencia en la villa de ALLARIZ.- --------------------------------------------- l. DOY FE: Que las firmas que anteceden, han sido puestas en mi presencia, en el dia de la fecha, por don Fernando Trebolle Rodriguez, con DNI 34.953. 342-N, don Juan Manuel Fernandez Novo, con D.N.I. numero 34.593.022-X, Y don Adolfo Dominguez Fernandez, con D. N. 1. numero 34.589. 250-X, siendo idEmticas a las que acostumbran a usar en sus escri tos, y por 10 tanto son autenticas.- ------------------------------------- ALLARIZ, a veintiuno de diciembre del dos mil cuat~R.- ---------------------------------------------- -'..('xJco (10 CL\TO dOCUl:lento declaro C onocer. ----- '- ~ ~ ~~ I \.;,. ',' - "I! !7~('1:.. ~ ~';'nV -~-- ~7- 10" 00607'2.1 Ap,?stille (0 fegafizaci6n unica) . (Convention de La I-/ayc du 5 oCtobre 1961) 1 '. (Rea~Decret02433/1978,de2deOctubre) . Pals. Esnana EI prese:'1[c documento publico 2. H.1 sicio r;n:7:1~'a pcr Dcn~etV\O.(/\c:b "P~te.J C:..u..b.'O. 3 '\r....-.,~o " 0 d . \ ' .4 -~""::'~d~ C:7C.:,;c..J,juc;rJ~t2rioofe A la..r\~ 4 ce f"~:"~ (.",H , I"" . , . >J .0....... .;;)"'''C1ao,I.;r.;.;raGo co:; cI de fa Notana. _ CERnBCADO 5. En A COrtIna. C. CJ ILl <:::!e EiAefD c::l:2 .2-COS- . 7. P?r Don AntonIo F?cxnQ!la,' Nunez Vicedecano de fa Junta D;~"""~'I.''''' ""''''1' I/.,,-,",...c Colegl'o' .. -......... 4..1 \...;_ .. .......,.Jl, Notarial de Galicia, en funciones de Decano . 8. Con el numero: ).o:1s. - . 9J~timbre: 10.Firma.