Reso 2005-756 - Laserfiche WebLink

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EXHIBIT "2" PREPARED BY AND RETURN TO: R. Carlton Ward, Esquire (tl) Richards, Gilkey, Fite, Slaughter Pratesi & Ward, P.A. 1253 Park Street Clearwater, Florida 34616 W AIVERI EXTINGUISHMENT OF DEVELOPMENT/ DENSITY RIGHTS WHEREAS, Porto Bellagio Partners, LLC, a Delaware limited liability company, ("Owner"), was a developer of the Porto Bellagio Condominium according to the Declaration of Condominium recorded in OR Book 22644, beginning at Page 643, Public Records of Miami-Dade County, Florida (the "Condominium"); WHEREAS, the Condominium was created on Tracts A, C and that portion of Tract D of R.K. Marina Apartments according to the Plat thereof recorded in Plat Book 157, Page 70, Public Records of Miami-Dade County, Florida, (collectively hereinafter referred to as the "Condominium Parcel")' and WHEREAS, Owner is the Owner of Tract B of R.K. Marina Apartments consisting of approximately 17 acres, and has conveyed the Tract D remainder portion (Tract D of R.K. Marina Apartments less the property described in Exhibit "A" attached hereto the "Tract D Remainder Parcel"), to the City of Sunny Isles Beach, Florida; and WHEREAS, in consideration of and in conjunction with the transfer of said Tract D Remainder Parcel to the City of Sunny Isles Beach, Florida, Owner desires to represent, and acknowledge that it waives and acknowledges the extinguishment of any density and intensity associated with Tract B, except with respect to 4.56 acres. NOW, THEREFORE, in consideration of the foregoing provisions and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Owner hereby represents as follows: 1. The above recitals incorporated herein are true and correct. 2. Owner as the owner of Tract B of R,K. Marina Apartments according to the Plat thereof recorded in Plat Book 157, Page 70, Public Records of Miami-Dade County, Florida ("Tract B"), does hereby waive any remaining density and intensity associated with said Tract B, except with respect to 4.56 acres, thereof and does hereby acknowledge that all development rights with respect to Tract B are extinguished except with respect to 8.06 acres thereof, and Owner shall retain all density, intensity and development rights with respect to 4.56 acres thereof. 3. Owner acknowledges that the representations contained herein shall be deemed a covenant running with title to said Tract B and shall remain in full force and effect and shall be binding upon itself, its heirs, successors and assigns, until such time said restrictions should in the future be released in writing by the City Commissioners of the City of Sunny Isles Beach, Florida through the City Manager or designee following a duly advertised public hearing. RZOOS-Porto Bellagio Release Of Unity Of TttIe AltemateDoc Page 4 of 5