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<br />SELLER: <br /> <br />Haim Yehezkel <br />Plaza Isle LLC <br />210 71st. Street, Suite #309 <br />Miami Beach, Florida 33141 <br /> <br />With a Copy to: <br /> <br />Joel Piotrkowski, Esq. <br />Green Kahn Piotrkowski <br />317 71 St Street <br />Miami Beach, FL 33143-3013 <br /> <br />ESCROW AGENT: <br /> <br />Attn: Artie Montaner <br />Chicago Title Insurance Co. <br />2701 Gateway Drive <br />Pompano Beach, Fl 33069 <br /> <br />Notices personally delivered or sent by overnight courier shall be deemed given on the date of <br />receipt, notices sent via facsimile transmission shall be deemed given upon transmission, and <br />notices sent via certified mail in accordance with the foregoing shall be deemed given two (2) <br />days following the date upon which they are deposited in the U.S. Mails. <br /> <br />14. Risk of Loss. If, prior to Closing, the Property or any material portion thereof is <br />destroyed or damaged, Seller shall promptly notify Purchaser and Purchaser shall have the option <br />of either: (i) canceling this Agreement by delivery of written notice to Seller and both parties <br />shall be relieved of all further obligations under this Agreement; or (ii) Purchaser may proceed <br />with the Closing, whereupon Purchaser shall be entitled to (and Seller shall assign to Purchaser <br />all of Seller's interest in) all insurance and/or condemnation payments, awards and settlements <br />applicable to the Property. In the event Purchaser elects option (ii) above in connection with <br />casualty to the Property in which insurance proceeds are or will be paid and assigned to <br />Purchaser, then Purchaser shall receive a credit against the Purchase Price for any insurance <br />deductible that must be paid. In the event of casualty or damage caused by a party other than the <br />Seller prior to closing, proceeds from the insurance claims shall be rewarded to Seller. In the <br />event of a casualty or damage caused by a party other than the Seller after closing, proceeds from <br />insurance claims shall be rewarded to Seller. <br /> <br />15. Development Rights. Upon closing, Purchaser agrees to deposit 40,000 (forty <br />thousand) square feet in a development rights ("TDRs") in an account created on behalf of the <br />Seller. The account will be created consistent with the Code of the City of Sunny Isles Beach. <br />The Seller shall have the right to sell such TDRs for 15 years to any receiving site in the City <br />without the consent or approval of the City. The Seller shall have the right to sell the TDRs to <br />any party without the consent or approval of the City except that the Seller shall provide notice <br />to the City upon a sale in accordance with the City Code. <br /> <br />Agreement of Purchase and Sale 16200 Collins Ave. 9 <br />