Reso 2008-1350 - Laserfiche WebLink

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PROMISSORY NOTE ,2007 FOR VALUE RECEIVED, the undersigned, Regalia Holdings, 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 18070 Collins Avenue, 4th Floor, Sunny Isles, Beach, FL 33160 or at such other office as Payee may from time to time designate, the principal sum of One Million Two Hundred Eighty-Five Thousand Six Hundred Fourteen and 12/1 00 Dollars ($1,285,614.12) (the "Indebtedness"), together with interest from the date of issuance of the Permit (as hereinafter defined), at the rate of seven percent (7%) per annum. 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). Pursuant to City Resolution No. 06-Z-102, the City granted a modification to a previous site plan for the Maker's project known as the Regalia and located at 19505 Collins Avenue, Sunny Isles Beach, Florida (the "Project"). As part of the original approval for the Project, the City adopted Resolution No. 03-Z-75, which granted preliminary approval for the transfer of 54,385 square feet of Transferable Development Rights ("TDR's") from the City for a total purchase price of $4,500,206.86. In accordance with City Resolution 2006-891, Maker is required to pay the total price for the TDR's at the time of obtaining a building permit for the Project (the "Permit"), Maker is in the process of obtaining the Permit from the City for the Project. As part of a negotiated settlement with the City, Maker has agreed to pay for 38,847 square feet of TDR's at the time of obtaining the Permit as this is the actual amount of TDR's being utilized for the Project. Maker has agreed to pay for the remaining 15,538 square feet of TDR's prior to the earlier to occur of (the "Maturity Date"): (a) October 1,2008, (b) the issuance by the City of a temporary certificate of use and occupancy for the Project, or (c) the issuance by the City of a final certificate of occupancy for the Project. The price to be paid to the City for the remaining TDR's has been determined by the City to be the Indebtedness. 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 terms 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 maximum amount permissible under applicable law. If, from any circumstance whatsoever, MIAM] 1343042.27442013896