HomeMy WebLinkAboutLetter of Agreement Anchor ShopMIAMiBEACH
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, wv, rw.miamibeachfl.gov
Miami Beach Redevelopment Agency
Tel: (3051 673-7193, Fax: 1305) 673-7033
HAND-DELIVERED
February 8, 2006
Ms. Betty Amos
The Abkey Companies
9275 Coral Reef Drive, Suite 107
Miami, FI 33157
RE: Anchor Shops at South Beach Retail Lease, dated September 8, 1999, by and between
the Miami Beach Redevelopment Agency (Landlord) and Abkey No. 17, Inc. (Tenant)
for the Premises located at 1555 Washington Avenue, Suites #1-3, Miami Beach, Florida
33139 (Premises).
Dear Betty:
This Letter Agreement shall memorialize the understanding between the Miami Beach
Redevelopment Agency (RDA or Landlord) and Abkey No. 17, Inc. (Tenant), for early
termination of the above referenced Retail Lease.
Pursuant to the meeting on July 1, 2005, between the Tenant and the Landlord, the Tenant
opted to find a suitable replacement tenant for the Premises instead of having to remit Rent for
the remaining term of the Lease. The Tenant's search has since resulted in the Landlord
negotiating a new Retail Lease with BBQ Beach, Inc., (Proposed Lease) which is being
presented for approval by the RDA Board at its regular meeting on February 8, 2006.
To the extent that the Landlord is successful, on or before February 28, 2006, in approving and
executing the Proposed Lease with BBQ Beach, Inc., for the Premises currently occupied by
the Tenant; and 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 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 to survive termination.
The Tenant shall remit the following at the time of execution of this Letter Agreement:
Execution of a Limited Guaranty and Suretyship Agreement (Guaranty), guaranteeing
payment of one (1) year's rent plus sales tax, in the amount of $143,808., in the event that
BBQ Beach, Inc., defaults on the Proposed Lease during its first year of operation on the
Premises.
Payment in full of Minimum Rent due plus sales tax, in the amount of $33,640.02_, for the
period of November 1,2005 through January 31,2006.
February 8, 2006
Anchor Shops - Fuddruckers Early Termination Agreement
Page 2 of 2
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 Tenant's approval,
please have the duly authorized representatives of Abkey No 17, 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.
emstreet
Assistant Director
TH:kob
F:kSALL\RDAVknchor_Ret\Fudd ruckers~lease_termination_terms.Agreement_Draftl .doc
c: Jorge M. Gonzalez, Executive Director
Raul J. Aguila, First Assistant City Attorney
Rhonda Montoya, 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.
Abkey No. 17, Inc. Miami Beach Redevelopment Agency
si nat:r l- - igna'ture
Print Nam~'/1-itle Jorge M, Gonza~ez,
Executive Director
Attest:
FORM & LANGUA(3E
Prat Name ~' & FOR EXECUTION
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