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<br />WHEREAS, the City desires to reduce the size of the Loop Parking Lots in order to utilize <br />the western portion of the Loop Parking Lots (the "Park-Like Area") to create a park-like setting; <br />and <br /> <br />WHEREAS, Fortune desires to contribute to the creation of the park-like setting on the <br />Park-Like Area of the Loop Parking Lots by constructing certain improvements on that property; <br />and <br /> <br />WHEREAS, the City desires to accept Fortune's contribution of the construction of such <br />improvements and agrees to enter into an exclusive parking license agreement with Fortune for <br />the use of the Loop Parking Lots and a non exclusive parking license agreement for the use of <br />the Lehman Parking Lots; and <br /> <br />WHEREAS, this Agreement is consistent with the authority that the City has over the <br />Loop Parking Lots and the Lehman Parking Lots pursuant to its agreements with FDOT. <br /> <br />NOW, THEREFORE, in consideration of the execution and delivery of this Agreement <br />and other good and valuable consideration, the receipt and sufficiency of which is hereby <br />acknowledged, the parties agree as follows: <br /> <br />1. Recitals. The foregoing recitals are true and correct and are incorporated herein <br />in their entirety. <br /> <br />2. Improvements to Park-Like Area. Fortune agrees to construct the <br />improvements on the Park-Like Area under the Sunny Isles Beach Causeway (the <br />"Improvements") as such Improvements and the boundaries of the "Park-Like Area" are as <br />outlined in Exhibit "c" attached hereto and specifically listed on Exhibit "D" attached hereto <br />and; which Improvements shall have an estimated value in the amount of THREE HUNDRED <br />THOUSAND DOLLARS ($300,000.00). <br /> <br />3. Construction of Improvements. Provided that all approvals and permits <br />authorizing the construction of the Improvements have been issued (the "Government <br />Approvals"), Fortune shall commence construction of the Improvements within one (1) year <br />from the date a Resolution is issued by the Sunny Isles Beach City Commission (the "Effective <br />Date") authorizing the execution of this Agreement (the "Resolution"). Thereafter, Fortune <br />estimates that it will take approximately six (6) months to complete construction of the <br />Improvements. <br /> <br />4. Use of Loop Parkin2 Lots. The City hereby licenses to Fortune, on an exclusive <br />basis, the right to use the Loop Parking Lots for passenger automobile, truck, and construction <br />equipment only. No other use of the Loop Parking Lots is permitted without written permission <br />from the City. It is understood and agreed that Fortune shall make, at its sole cost and expense, <br />whatever improvements to the Loop Parking Lots that may be required in order to utilize the area <br />for the vehicle parking. <br /> <br />MIADOCS 781212 6 <br />