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<br /> <br />. C .. December 3,2008 <br />City ommlSSlon <br />Norman S. Edelcup <br />Mayor <br /> <br />Lewis J. Thaler <br />Vice Mayor <br /> <br />Roslyn Brezin <br />Commissioner <br /> <br />Gerry Goodman <br />Commissioner <br /> <br />George "Bud" Scholl <br />Commissioner <br /> <br />A. John Szerlag <br />City Manager <br /> <br />Hans Ottinol <br />City Attorney <br /> <br />Jane A. Hines <br />City Clerk <br /> <br />Via Fax and U.S. Mail <br /> <br />Barry Shelomovitz <br />LSB Investments <br />17700 Collins Avenue <br />Sunny Isles Beach, FL 33160 <br /> <br />RE: NON-BINDING LETTER OF INTENT FOR THE PROPOSED LEASE OF <br />CERT AIN REAL PROPERTY CONTAINING APPROXIMA TEL Y 8,148 SQUARE <br />FEET LOCATED IN THE CITY OF SUNNY ISLES BEACH, FLORIDA, COUNTY <br />OF MIAMI-DADE, AND STATE OF FLORIDA DEPICTED ON EXHIBIT "A" <br />A TT ACHED HERETO AND IN CORPORA TED HEREWITH ("THE PROPERTY") <br /> <br />Dear Mr. Shelomovitz: <br /> <br />This non-binding Letter of Intent sets forth some of the basic business terms pursuant to <br />which LSB Investment, a Florida Limited Liability company ("Tenant"), proposes to lease <br />the Property from the City of Sunny Isles Beach ("Landlord"). <br /> <br />1. Site. It is our understanding that Landlord is the fee owner of the Property <br />described in Exhibit "A" which currently abuts the Millennium Plaza. <br /> <br />2. Effective Date. The effective date of the Lease ("Effective Date") is the date <br />upon which the Mayor of the City of Sunny Isles Beach shall sign the Lease. The Lease <br />shall then commence ("Commencement Date") immediately following the execution at <br />which time Tenant shall commence paying rent ("Rent Commencement Date") and shall <br />continue to pay rent for the initial term of 20 years. <br /> <br />3. Rent and Term. Tenant shall pay annual rent of Twenty Five Thousand Dollars <br />($25,000.00) which shall be subject to an annualized increase per year based upon the lesser <br />of the cpr or 3%. The lease shall be for 20 years ("initial term") with an option to renew, <br />upon mutual agreement of the parties, for two (2) successive twenty (20) year period, <br />upon delivery of written notice from Tenant to Landlord sixty (60) days prior to the <br />expiration of the initial term. <br /> <br />4. Taxes and Insurance. Tenant shall be responsible for all taxes that the Property <br />may be subject to under Florida Law. Tenant shall maintain adequate insurance coverage at <br />all times and add Landlord as an additional insured on its insurance policy. <br /> <br />4. Conditions of Use. Tenant's obligations to go forward with the Lease and <br />tenant's obligation to commence construction on the Property are subject to and contingent <br />upon each and all of the following (hereinafter sometimes collectively referred to as the <br />"Conditions"): <br /> <br />Exhibit "A" <br />