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<br />April 20, 2009 <br /> <br />Golden Strand Ocean Villa Resort Association, Inc <br />C/o Board of Directors <br />Joseph Feldman, President <br />John Cookson, Vice President <br />Marc-Andre Cuerrier, Secretary <br />Yvan Lacroix, Treasurer <br />John Shenk, Director <br />Diane Getschow, Director <br />Claude Archambault, Director <br />17901 Collins Avenue <br />Sunny Isles Beach, FL 33160 <br /> <br />Re: Letter of intent to lease property located in Sunny Isles Beach, Florida <br /> <br />Ladies and Gentlemen: <br /> <br />We submit this letter ("Letter") to express our interest in entering into a ninety- <br />nine year lease agreement (the "Agreement") between the Strand and the City (each as <br />described below) to lease the Property (also described below) under the following terms <br />and conditions: <br /> <br />1. Strand. Golden Strand Ocean Villa Resort Association, Inc <br />by and through its Board of Directors. <br /> <br />2. City. The City of Sunny Isles Beach Florida and/ or its <br />assigns. <br /> <br />3. Property. The Proferty consists of approximately .7 acres <br />located on Atlantic Blvd just north of 17811 Street in Sunny Isles Beach, Florida, the <br />legal description of which is attached as Exhibit "1" (hereinafter referred to as the <br />"Property") . <br /> <br />4. Lease Terms and Other Consideration. The consideration for <br />this transaction shall be as follows: <br /> <br />a. Annual Rent. The proposed annual rent to be paid by City is <br />$150,000.00 commencing upon the issuance of a Certificate of <br />Occupancy for the structure to be constructed, plus any other funds as <br /> <br />Exhibit "A" <br />