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ADDENDUM TO CONTRACT Addendum No 1 to the Contract dated between John H. Gerken Trustee (fee sim le) & Jai Amika, Inc. (leasehold inberest) city of Sunny Isles Beach concerning the property described as: The South 100 feet of the North 300 feet of Lot 3 of TATUM'S OCEAN PARK SUBDIVISION recorded in Plat Book 10, Page 64, Dade County, FL ( the "Contract"). Buyer and Seller make the following terms and conditions part of the Contract: 1. This Contract is contin ent upon the following conditions: a. Approval of the Contract b the City of Sunny Isles Beach city Commission no later than the 17th day of March 1998. b. Court approval of the Contract with respect to the fee simple interest. c Recei t by the City of Sunny Isles Beach of two (2) a praisals as required by Section 166.045 Florida Statutes _ as amended The appraisal of the real property (leasehold and fee simple) shall be equal to or greater than the Contract price. 2. John H. Gerken Trusteer and Buyer shall each pay for one 1 certified MAI appraisal of the real prop ert . In the event the court does not approve the sale of the fee simple portion of the real property, each party shall absorb the cost of the appraisal on a one -third (1/3) basis each. 3 All real property and personal property is being Qurchased in "as is where is" condition. Seller makes no representa- tions or warranty of any type either expressed or implied as to the condition and /or use of the real 2roperty and /or personal 2roperty. 4. The purchase price shall be allocated as follows: 1 900 000 for the leasehold interest payable to Jai Amika Inc. and 750,000 for the fee simple interest payable.to John H. Gerkenr Trustee. BUYER FAR/BAR Rev. 6/94 e.,v�.P- ' Date SELLER re f L' LLlJ1Y John H . er en, as Trustee, Yuille Trust U/A d/d 10/15/53 FLS W Date V,x Y�,Or Date oLASER Generated by Display Syste