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LEASE AGREEMENT
<br />THIS LEASE AGREEMENT ("Lease"), is made and entered into this '5041 day of May,
<br />2024 (the "Effective Date"), by and between:
<br />CITY OF SUNNY ISLES BEACH, a municipal corporation
<br />organized under the laws of the State of Florida, whose principal
<br />address is 18070 Collins Avenue, FL 33160 (hereinafter "LESSOR"
<br />or "CITY"),
<br />LA PLAYA BEACH ASSOCIATES, LLC, a foreign limited
<br />liability company organized under the laws of the State of Delaware,
<br />whose principal address is 1300 Brickell Avenue, Miami, FL 33131
<br />(hereinafter "LESSEE").
<br />In consideration of the mutual covenants exchanged herein and other good and valuable
<br />consideration, the receipt and sufficiency of which are hereby acknowledged, the LESSOR and
<br />LESSEE agree as follows:
<br />1. Premises. LESSOR hereby leases to LESSEE, and LESSEE hereby leases from
<br />LESSOR, the following described premises:
<br />(a) Certain interior portions of the temporary structure located at 215 185th Street,
<br />Sunny Isles Beach, Florida 33160, as more particularly depicted in Exhibit "A," hereinafter
<br />referred to as "Leased Premises."
<br />(b) Together with the right to use in common with LESSOR, its employees, visitors,
<br />and invitees, and LESSOR's other tenants and their employees, invites, and customers, if any, the
<br />parking areas, including 4 parking spaces dedicated, assigned to LESSEE, as well as fenced and
<br />secured, as depicted in Exhibit "A," provided by the LESSOR its successors, and assigns, in the
<br />designated areas for the parking of automobiles, which are contiguous to the building in which the
<br />Leased Premises are located; provided that the LESSOR retains the right to make reasonable rules
<br />and regulations with reference to the use of said parking area, including the right to provide for
<br />certain reserved parking as, from time to time, determined by the LESSOR, and particularly
<br />provided that employees, agents, and principals of LESSEE shall park in designated, fenced, and
<br />secured areas, as depicted in Exhibit "A" so as to assure LESSOR's invitees and visitors
<br />convenient and proximate parking contiguous to the building or buildings in which its employees,
<br />invitees, and visitors are located.
<br />(c) LESSEE acknowledges that LESSEE has inspected the Leased Premises and
<br />hereby accepts same in "as is" condition and further acknowledges that LESSOR has made no
<br />warranties and/or representations regarding the condition of the Leased Premises.
<br />2. Term. The Term of this Lease commences on Effective Date and shall run for an
<br />initial period of forty-two (42) months, unless the parties terminate the Lease earlier, with options
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