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<br />RESOLUTION NO. 2008-~ <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY <br />OF SUNNY ISLES BEACH, FLORIDA, RATIFYING THE <br />APPROVAL' TO AMEND RESOLUTION NO. 2007-1168 TO <br />EXTEND THE TIME FOR PAYMENT OF TRANSFER OF <br />DEVELOPMENT RIGHTS ("TDRS") BY MANSIANA OCEAN <br />RESIDENCES, LLC, (COMMONLY KNOWN AS THE SOLIS <br />DEVELOPMENT PROJECT); APPROVING THE SECOND <br />AMENDMENT TO PROMISSORY NOTE ATTACHED HERETO <br />AS EXHIBIT "A"; PROVIDING THE CITY MANAGER AND THE <br />CITY ATTORNEY WITH THE AUTHORITY TO DO ALL <br />THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING AN EFFECTIVE DATE. <br /> <br />WHEREAS, by Resolution No. 2007-1168, adopted on October 18, 2007, the City <br />Commission agreed to extend the time for payment of TDRs by Mansiana Ocean Residences, <br />LLC ("Mansiana"); and <br /> <br />WHEREAS, Mansiana has requested another extension of time to make the payment that <br />is required in accordance with the promissory note as approved pursuant to Resolution No. 2007- <br />1168; and <br /> <br />WHEREAS, the City Commission wishes to grant the request for extension of time to <br />make the necessary payment. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Sectionl. Incorporation of Recitals. The foregoing recitals are true and correct are <br />incorporated herein by reference as if they fully set forth herein. <br /> <br />Section 2. Amending Resolution No. 2007-1168. The City Commission hereby amends <br />Resolution No. 2007-1168 to extend the deadline for payment of TDRs by Mansiana Ocean <br />Residences, LLC. <br /> <br />Section 3. Approval of the Second Amendment to Promissory Note. The City Commission <br />hereby approves a Second Addendum to the Promissory Note attached hereto as Exhibit "A". <br /> <br />Section 4. Authority of the City Manager and City Attorney, The City Manager and the City <br />Attorney are hereby authorized to do all things necessary to effectuate the terms of this <br />Agreement. <br /> <br />Section 5. <br /> <br />Effective Date. This Resolution will become effective upon adoption. <br /> <br />Rl008- Mansiana Extension 2nd Amendment <br /> <br />Page 1 of2 <br />