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<br />JUL-14-2005 THU 12:51 PM ShuLLs and Bowen <br /> <br />FAX NO. 3053819982 <br /> <br />P. 02 <br /> <br />AvmORIZATlON 10 MmDRAW AND TRANSFBR mlls AND 1mLEASE. <br />CBRTIPICATB <br /> <br />Fortune Ocean, LLLP. a Florida limited liability limited partnership, (collectively <br />referred to hereinafter as "Owner") certifies as fullows: <br /> <br />1) As of the date of execution of this Certificate, the Owner owns TDRs existing in the <br />Casino TDR Bank established by City of Sunny Isles Beach Resolution No. 2004-681, adopted <br />June 3, 2004, {the ''CASINO TDR BANK"}, in the amoUnt of 124,991 square feet and 61 <br />residential units. <br /> <br />2) Consent and authorization to withdraw and transfer TORs, as required by Section 265- <br />23. 7 of the Charter and Code of the City of Sunny Isles Beach, (the "Code") from the Casino <br />TDR Bank to TRG Sunny Isles V, Ltd., a Florida Limited Partnership TRO Sunny Isles VI~ Ltd.. <br />a Florida Limited Partnership. and TRG Sunny Isles vn, Ltd., a Florida Limited Partn~p <br />(collectively, the "fRO Receivers"), for the development of a Receiving Site at 15811 through <br />]6001 Conins Avenue, Sunny Isles BeaCh, ~ to he known as TRUMP TOWERS I, II, and In, <br />u hereby granted, in the follOwing allocation: <br /> <br />Owner consents to the withdrawal and transfer of ] 24,991 amount of <br />square feet of development rights and 61 residential units. <br /> <br />3) Owner hereby releases the CITY. including its elected and appointed officials, <br />employees, agents and consu]tai:1ts from any and all claims, suits, actions, damages, losses, <br />judgments or causes of action of whatever nature whioh the Owner may have arising out of the <br />approval by the CITY of the requested transfer of development rights pursuant to Zoning <br />Application No. Z 2004-08 submitted on October 6, 2004. as amended by the Fourth Amended <br />Application Letter dated May 20,2005, by TRG Sunny Isles, Ltd. (TRUMP TOWERS I, II, ill). <br />Owner hereby agrees to indemnifY and ho ld harmless the CITY, including its eJected and <br />appointed officials. employees, agents and consultants from any and all claims. suits, actions, <br />damages, losses, judgments or causes of action stemming 'from a dispute over the assertion of <br />Owner of the interests set furth in Section 2 above., and the transfer thereof to the TRG Receivers <br />in the amount stated. <br /> <br />4) The consent and authorization described in Section 2 above is contingent upon the <br />TDR's being acquired from Owner by or on the behalf of the TRG Receivers. Owner shall <br />provide written notification of the closing to the CITY. In the event that the acquisition of the <br />TDR's is not closed Upon on or before sixty (60) days after the public hearing a1Jtborizing the <br />transfer of TOR's, then this consent shall be null and void. The parties understand that in such <br />event, the approval of the transfer ofTDR's will need to be modified at public hearing to identify <br />an alternative source ofTDR's apart from Owner's interest in the CASINO TDR BANK. <br /> <br />OMM CONSENTIINDEMNIF"fORS 5 23 05 drdll2 <br />MIADOCS 804086 I <br />