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<br />ny <br /> <br />PORTO BELLAGIO PARTNERS, LLC <br /> <br />17100 N. Bay Road, Sunny hIes Beach, FL. 33160 <br />I <br /> <br />September 16, 2005 <br /> <br />Jorge Vera, Director of Zoning & Planning <br />City of Sunny Isles Beach <br />18070 Collins Ave <br />Sunny Isles Beach, FI 33160 <br /> <br />Re: Creation of Sub-Account Bank within Porto Bellae:io Tract "D" TDR Bank <br /> <br />Dear Mr. Vera: <br /> <br />In accordance with our approved Resolution the City Commission of the City of Sunny <br />Isles Beach created an account in the TDR bank for the benefit of the undersigned owner <br />in the amount of 131,611 square feet and 72.5 units, Tract "D". (The balance of the <br />TDRs from Tract "D" was sent to an account for use by the City.) <br /> <br />This letter is our formal request and authorization of the City to transfer 126, 737 square <br />feet (and 70 units) from the bank of the Tract "D" TDR Bank to Sunny Isles <br />Development Company, LLC, a Florida limited liability company, or its assigns <br />("Transferee") and create a sub-account on its behalf in order to satisfy the approval by <br />the City Commission of June 17, 2004 by Resolution No. 04-Z-85 for Transferee to <br />utilize 126, 737 square feet ofTDRs in connection with its condominium project that was <br />commonly known as the "SEA." <br /> <br />Porto Bellagio Partners, LLC, a Delaware limited liability company, hereby releases the <br />City including its elected and appointed officials, employees, agents, and consultants, and <br />holds it harmless, from any and all claims, suits, actions, damages, losses, judgments or <br />causes of action of any nature whatsoever, it may have as a result of the City complying <br />with this request and authorization to withdraw the afore-stated amount and transfer it for <br />the benefit of the Transferee. <br /> <br />Yours truly, <br /> <br />'-~. ~ ~ <br />C i (c ,- <br />i / ~ __'. <br />Ba ara Sianco, Owner/Manager If,y <br />Porto Bellagio Partners,LLC <br /> <br /> <br />",..,.Y ~ Notary Public State of Florida <br />t,~ ~ Ivette lizano <br />'" ~ ~ My Commission OD432447 <br />.? OF ,...0" Expires 08/06/2009 <br /> <br />Notary Name Printed Stamped or Typed <br />~ersonaily Known L or mdUCed ro....... <br />1 ype ID produced I) ( , <br />I <br />