|
GUARANTY
<br />THIS GUARANTY (the "Guaranty") made and entered into this 6' day of February,
<br />2025, by IOANNIS SOTIROPOULOS ("Guarantor"). individually, to and for the benefit of the
<br />CITY OF SUNNY ISLES BEACH, FLORIDA, a municipal corporation organized under the
<br />laws of the State of Florida ("Landlord").
<br />WITNESSETH:.
<br />WHEREAS, Landlord and CREMA DOWNTOWN CORP., as Tenant (the "Tenant")
<br />propose to enter into a certain Lease Agreement dated on or about the date hereof (the "Lease")
<br />pursuant to which Tenant shall lease approximately 1,440 square feet of interior space and
<br />approximately 1,655 square feet of exterior space (the "Premises") located at 18050 Collins
<br />Avenue, Sunny Isles Beach; and
<br />WHEREAS, Guarantor as the owner of Tenant is desirous that Landlord make and enter
<br />into the Lease with Tenant and will benefit from Tenant entering into the Lease; and
<br />WHEREAS, Landlord requires as a condition to its execution of the Lease that Guarantor
<br />guarantees the performance of the obligations of Tenant under the Lease, as set forth herein;
<br />NOW, THEREFORE, for and in consideration of Ten and No/ 100 Dollars ($10.00), the
<br />execution of the Lease by Landlord and for other good and valuable consideration, the receipt,
<br />adequacy and sufficiency of all of which are hereby acknowledged by Guarantor, Guarantor does
<br />hereby agree as follows:
<br />1. Guaranty — Guarantor, in his individual capacity, hereby unconditionally and
<br />personally guarantees, for the first three (3) years of the Lease, and thereafter on a twelve (12)
<br />month rolling basis, the full, faithful and punctual performance of each and all of the terms,
<br />covenants, agreements and conditions of the Lease to be kept and performed by Tenant, in
<br />accordance with and within the time prescribed by the Lease, including, without limitation, the
<br />payment of all Rent, (including, without limitation, all Minimum Rent, and Additional Rent), all
<br />other charges and other amounts accruing under the Lease, any damages owed Landlord in the
<br />event Tenant defaults under the Lease, together with interest on all of the foregoing as provided in
<br />the Lease, and all other costs and expenses of collection, including, without limitation, reasonable
<br />attorneys' fees (all of the foregoing sometimes hereinafter referred to as the "Obligations").
<br />Guarantor does hereby agree that if all or any part of the Obligations are not paid or performed by
<br />Tenant pursuant to the terms and conditions of the Lease, Guarantor will upon reasonable notice
<br />from Landlord make such payments to Landlord or perform such Obligations within a reasonable
<br />period of time.
<br />2. No Discharge - This Guaranty by Guarantor shall continue for the benefit of
<br />Landlord notwithstanding (i) any extension, renewal, modification, amendment or alteration of the
<br />Lease, (ii) any assignment of any all or any portion of the Lease or sublease of all or any portion
<br />of the Premises, with or without the consent of Landlord, (iii) any release, extension, acceleration,
<br />GUARANTY — IOANNIS SOTIROPOULOS Page I of 5
<br />
|