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<br /> <br />SECOND ADDENDUM TO PROMISSORY NOTE BETWEEN MANSIANA <br />OCEAN RESIDENCES. LLC. A FLORIDA LIMITED LIABILITY <br />COMPANY. AND THE CITY OF SUNNY ISLES BEACH <br /> <br />THIS SECOND ADDENDUM TO THE PROMISSORY NOTE BETWEEN MANSIANA <br />OCEAN RESIDENCES, LLC, A FLORIDA LIMITED LIABILITY COMPANY, (THE <br />"MAKER") AND THE CITY OF SUNNY ISLES BEACH, FLORIDA (THE "CITY"), attached to, <br />and approved by, City Resolution 2007-1158 on September 20,2007. The City and Maker hereby agree <br />as follows: <br /> <br />1. EXTENSION OF TIME The Maker agrees to pay the remaining balance of One Million Eight <br />Hundred Thirty-One Thousand Two Hundred Five Dollars ($1,831,205.00) plus interest no later than <br />December 31, 2008, <br /> <br />2. INTEREST RATE The remaining balance shall accrue interest at the rate of seven and a half <br />percent (7.5 %). This rate shall commence accruing on January 1,2008. <br /> <br />3. ADDENDUM CONTROLS The provisions of this Addendum shall control over any conflicting <br />provisions of the Promissory Note attached to, and approved by, City Resolution 2007-1158 on <br />September 20,2007, the First Addendum or any other written document. <br /> <br />r IN WITNESS WHEREOF, the parties hereto have executed this document as of the date <br />o ed above. <br />I <br /> <br /> <br />cI <br /> <br />MANSIANA OCEAN RESIDENCES, LLC, A <br />FLORIDA LIMITED LIABILITY COMPANY <br /> <br />~ <br />. <br /> <br />--B~~.I~ ~ <br /> <br />Print Name: jJ:r",\P~ \q''t'\+\~ <br /> <br />Print Name: <br /> <br />ATTEST <br /> <br /> <br />~~IA"~ <br /> <br />Jane Hines,~CMC; City_Clerk' " <br />"'-.' ",' . ", <br /> <br />, ' <br />1 0' <br />,,, " \ \ " <br /> <br />1 .. <br /> <br />APPROVED AS TO FORM AND LEGAL <br />SUFFI N <br /> <br /> <br />'" <br /> <br />" ' i <br /> <br />. . <br /> <br />"\.. ..." <br />,'......~. J, <br /> <br />, i <br /> <br />~. .."-. t. <br />