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DocuSign Envelope ID: 2F824D49-F88D-4ED1-B861-25C6564470E2 <br />EXECUTION COPY <br />LEASE AGREEMENT <br />C <br />THIS LEASE AGREEMENT ("Lease"), is made and entered into this Lday otr.e111 <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 />and <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 />WITNESSETH: <br />WHEREAS, LESSOR is the owner of the Leased Premises (as described below) and <br />LESSOR intends to grant a leasehold interest in its fee simple interest in the Leased Premises; and <br />WHEREAS, the LESSEE is a foreign limited liability company organized under the laws <br />of the State of Delaware; and <br />WHEREAS, LESSEE wishes to lease the Leased Premises for use as a temporary Sales <br />Center for the St. Regis Residences; and <br />WHEREAS, during the Lease Term, as defined herein, LESSEE will make improvements <br />to the Leased Premises, including replacement of fencing along Collins Avenue, donation and <br />planting of trees and shrubbery, installation of an irrigation system, and installation of pavers <br />throughout to provide designated parking areas and mitigate flooding; and <br />WHEREAS, the City Commission adopted on second reading by Ordinance No. on <br />May , 2024 approving the Lease of the Leased Premises for an initial term of forty-two <br />(42) months to "the LESSEE, with options for five (5) one (1) year renewal terms thereafter, at the <br />LESSOR's sole discretion, and authorizing execution of the Lease by the Mayor and City Manager, <br />a copy of said Ordinance being attached hereto as Exhibit A; and <br />NOW THEREFORE, in consideration of the mutual covenants exchanged herein and <br />other good and valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged, the LESSOR and LESSEE agree as follows: <br />