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<br />. <br /> <br />. <br /> <br />. <br /> <br />FROMBERG, PERLOW & KORNIK, P .A. <br />Attorne~s at Law <br />18901 N.E. 29 Ave., Suite 100 <br />Aventura, Florida 33180 <br /> <br />Jeffrey M. Perlow <br /> <br />Telephone (305) 933-2000 <br />Telefax: (305) 936-0101 <br /> <br />October 9, 2007 <br /> <br />AMENDED THIRD AMENDED AND RESTATED LETTER OF INTENT <br /> <br />Planning and Zoning <br />City of Sunny Isles Beach <br />18070 Col/ins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />Re: Application for Site Plan Approval <br />Townhome Development to be known as OCEANIKA ("Project") <br />18915, 16925, 18955, 18965, 18985, 19001, 19025, 19035 Atlantic Boulevard, Sunny Isles <br />Beach, Florida ("Property") <br /> <br />Dear Sir or Madam: <br /> <br />This Amended Third Amended and Restated Letter of Intent replaces in its entirety the Third <br />Amended and Restated Letter of Intent dated October 8, 2007, and further amends and restates that certain <br />Letter of Intent concerning the Property dated June 25, 2007, that certain Amended and Restated Letter of <br />Intent dated August 8,2007, and that certain Second Amended and Restated Letter of Intent dated September <br />11,2007 ("Second Amended LOI"), and is being submitted on behalf of Oceanic Development, LLC, a Florida <br />limited liability company (the "Owner"). The Owner intends to build 20 new townhome units on the Property. <br /> <br />Simultaneously with the Second Amended LOI, Owner submitted a revised Public Hearing Application <br />("Application") constituting the "supplemental disclosure of Interest" as required under the section of the <br />Application appearing on pages 14 and 15 thereof concerning Contracts of Purchase, as the Owner, at the <br />initial time of filing the Application was under contract to purchase the Property from Beachwalk Properties, <br />LLC. The closing on the sale and purchase took place on August 29, 2007. A copy of the Warranty Deed <br />conveying title of the Property is attached to the Second Amended LOI as Exhibit "A." <br /> <br />The Property is zoned R-TH. Moderate Density Townhome Residential, pursuant to ~ 265.32 of the <br />Sunny Isles Beach Code ("Code"). Owner intends to request the City of Sunny Isles Beach ("City") to enact a <br />Resolution: <br /> <br />Abandoning the west 10' of the utility easement located within the previously vacated <br />alley/right of way ("Right of Way") located adjacent to the Property; <br /> <br />? Releasing any and all of the City's interest in and to the 5' utility e3~ement created in that <br />certain Declaration of Restrictions dated August 11. 1948, recorded in Deed Book 3049, <br />Page 139, of the Public Record of Miami-Dade County, Florida ("Public Records"), a copy of <br />which is attached to the Second Amended LOI as Exhibit "B"; <br /> <br />3. Releasing the restrictions contained in that certain Agreement dated October 6, 1950, <br />recorded in Deed Book 3356, Page 449 of the Public Records requiring that the <br />improvements to the property described therein be limited to a duplex for no more than two <br />families and terminating the Agreement, a copy of which is attached to the Second Amended <br />LOI as Exhibit "C'"; and <br /> <br />24 <br />