Estoppel Certificate
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ESTOPPEL CERTIFICATE
TO
Ocean Blvd II, LLC ("Tenant")
328 Walnut Street, Suite 2
Bloomington, IN 47401
Wachovia Bank, National Association ("Wachovia")
8739 Research Drive
URP4
NC 1075
Charlotte, NC 28262
Attn: Real Estate Capital Markets, Commercial Real Estate Finance
FROM:
City of Miami Beach, Florida ("Owner")
1700 Convention Circle Drive
Second Floor
Miami Beach, FL 33139
A. On the 1 st day of December, 1999, Owner entered into a land lease with Pelican
Development, L..L.c. ("Pelican") for certain land located at 1041 Collins Avenue, in the City
of Miami Beach, Florida ("Lease"). Pelican constructed a parking garage on the land
("Improvements"), which Lease and Improvements were subsequently assigned and conveyed
to Tenant. Tenant is desirous of obtaining a loan from Wachovia, secured by a first leasehold
mortgage (the "Mortgage") upon Tenant's interest in the Premises. Pursuant to Section 27.2 of
the Lease, Owner is executing this Estoppel Certificate for the benefit of Tenant, Wachovia and
its successors and assigns. All words used herein and not otherwise defined herein shall have
the meaning ascribed to such word in the Lease.
B. Owner hereby certifies to Tenant and Wachovia the following:
1. The Lease is unmodified and in full force and effect as of the date of this
Estoppel Certificate. A true, correct and complete copy of the Lease is attached to this
Estoppel Certificate. Except as reflected in the Lease, there are no other agreements
between Owner and Tenant.
2. The Base Rent under the Lease as of the date of this Estoppel Certificate is
$84,000 per year subject to adjustments as provided in the Lease and is paid in monthly
installments of$7,000.00. Such Base Rent has been paid through March 31, 2006.
3. The Percentage Rent under the Lease as ofthe date of this Estoppel
Certificate is two and one-half percent (2 lIz%) of Project Revenue for each Lease Year and
is due in annual installments, in arrears, within sixty (60) days after the end of each Lease
Year. Percentage Rent for the Lease Year ending December 31, 2005 has been paid in full
and no additional Percentage Rent is due to be paid as of the date of this Estoppel
Certificate.
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4. All Impositions payable by Tenant to Owner which are due and payable
under the Lease as of the date of this Estoppel Certificate have been paid.
5. To the actual knowledge of Owner but without independent inquiry, no
Event of Default has occurred and Owner has not given Tenant notice of any event that,
with the giving of notice or the passage of time, or both, would constitute an Event of
Default.
6. Owner has not assigned, conveyed, transferred or encumbered or
mortgaged its interest in the Lease or the Premises, and there are currently no mortgages
encumbering Landlord's interest in the Premises, and except for Tenant, no third party has
an option or preferential right to purchase all or any part of the Premises.
7. The statements contained herein may be relied upon by Tenant and
Wachovia.
IN WITNESS WHEREOF, the undersigned, who is authorized to execute th~ Estoppel
Certificate on behalf of Owner, has executed this Estoppel Certificate as ofthe 10 .... day of
Lt fA It- ,2006.
THE CITY OF MIAMI BEACH, FLORIDA
By:
Printed
Title:
Attest:
IUbr ~t~
\2.c~b~ T 'r At~ ~ lft-lL
ei .~ C!.- L l-=-lllL
(Printed Name and TItle)
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
~q--7r()b
Date
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