Reso 2007-1168 - Laserfiche WebLink

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PROMISSORY NOTE .2007 FOR VALUE RECEIVED, the undersigned. Mansiana Ocean Residences, LLC a Florida limited liability company ("Maker"), promises to pay to the order of the City of Sunny Isles Beach, a political subdivision of the State of Florida ("Payee" or the "City"), at ] 8070 Collins A venue, 4th Floor, Sunny Isles, Beach, FL 33] 60 or at such other office as Payee may from time to time designate, the principal sum of Two Million Three Hundred Twenty Thousand Two Hundred Eight Dollars and Forty Cents ($2,320,208.40) (the "Indebtedness"), together with interest from the date of issuance of the Permit (as hereinafter defined), at the rate of five percent (5%). Interest shall accrue monthly on the Indebtedness. All payments made on this Note shall be applied by Payee first to the payment of accrued and unpaid interest and thereafter to the reduction of the Indebtedness. The Indebtedness and accrued and unpaid interest thereon shall be due and payable on the Maturity Date (as hereinafter defined). If Maker fails to pay the Indebtedness, the Payee shall have the right to revoke the Permit or zoning approval. Pursuant to City Resolution No. 05-Z-98, the City granted a moditication to a previous site plan for the Maker's project known as the Solis, Spa & Residences and located at ] 570] Collins Avenue, Sunny Isles Beach, Florida (the "Project"). As part of the approval for the Project, the City granted preliminary approval for the transfer of 63,820 square feet of Transferable Development Rights ("TOR's") from the City for a total purchase price of $5,156,017.80. In accordance with City Resolution 2005-859, Maker is required to pay the total price for the TOR's at the time of obtaining a building permit for the Project (the "Permit"). Maker has paid a ten percent (] 0%) ($515,601.00) deposit from the total purchase price. The balance of the purchase price is currently $4,640;416.80. Maker obtained the Permit from the City for the Project. As part of a negotiated settlement with the City, Maker has agreed to pay for fifty percent (50%) of the balance of the purchase price at the time of the issuance of the building permit. Maker has agreed to pay for the remaining balance of $2,320,208.40 within sixty (60) days of the date of issuance of the building permit (the "Maturity Date") The remaining balance has been determined by the City to be the Indebtedness. The date of the issuance of the building permit is August 22,2007. If this Note is not paid promptly on the Maturity Date in accordance with its terms and is placed in the hands of an attorney for collection, Maker agrees to pay all reasonable attorney's fees and the costs and expenses of collection of this Note incurred by Payee. Maker covenants and agrees that time is of the essence for payments due under this Note. All agreements between Maker and Payee, whether now existing or subsequently arising and whether written or oral, are expressly limited so that, in no contingency whatsoever, whether by reason of acceleration of the maturity of this Note or otherwise, shall the amount paid or agreed to be paid to Payee pursuant to the temlS of this Note or otherwise or for the payment or performance of any covenant or obligation contained in this Note or in any other document evidencing, securing or pertaining to the indebtedness evidenced by this Note exceed the Promissory Note - Mansiana. LLC Exhibit "A"