Laserfiche WebLink
<br />AMENDED AND RESTATED PROMISSORY NOTE <br /> <br />,2008 <br /> <br />Regalia Holdings, LLC ("Maker") executed a Promissory Note (the "Original Note") <br />payable to the City of Sunny Isles Beach ("Payee" or the "City"), which Original Note was in <br />the principal amount of $1,285,614.12. <br /> <br />Maker and Payee now desire to amend and restate the Original Note as follows: <br /> <br />FOR VALUE RECEIVED, the undersigned, Regalia Holdings, LLC, a Florida limited <br />liability company ("Maker"), promises to pay to the order of the City of Sunny Isles Beach, a <br />political subdivision of the State of Florida ("Payee" or the "City"), at 18070 Collins A venue, 4th <br />Floor, Sunny Isles, Beach, FL 33160 or at such other office as Payee may from time to time <br />designate, the principal sum of One Million Two Hundred Eighty-Five Thousand Six Hundred <br />Fourteen and l2/l 00 Dollars ($1,285,614.12) (the "Indebtedness"), together with interest from <br />the date of issuance of the Permit (as hereinafter defined), at the rate of seven percent (7%) per <br />annum through September 30, 2008, and at the revised rate of seven and a half percent (7.5%) <br />from October 1, 2008, through March 31, 2009. Interest shall accrue monthly on the <br />Indebtedness. All interest amounts shall be payable to the City a year from the date of issuance <br />of the Building Permit. All interest payments made during the extended period on this Note shall <br />be applied by Payee first to the payment of accrued and unpaid interest <br /> <br />Maker has paid to Payee $120,000.00 in accrued interest owed on this Note up to October <br />1, 2008. The parties have agreed to extend the payment terms for an additional six (6) months <br />from October 1, 2008, up to and including March 31, 2009. During this period, Maker agrees to <br />pay interest on a quarterly basis. The first quarterly interest payment shall be due on December <br />31, 2008. The Indebtedness and accrued and unpaid second quarterly interest shall be due and <br />payable on the revised Maturity Date of March 31, 2009 (as hereinafter defined). If Maker fails <br />to pay the Indebtedness and accrued and unpaid interest by the revised Maturity Date, the Payee <br />shall have the right to revoke the Permit or zoning approval. <br /> <br />All terms and conditions of the Original Note shall remain in full force and effect except <br />for the new terms described herein. <br /> <br />[Signatures on following page.) <br /> <br />Exhibit "A" <br /> <br />Amended and Restated Promissory Note - Regalia Holdings, LLC <br />