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<br />H &M Gables Investors, LLC <br />c/o Arthur Hertz <br />W ometco Enterplises, Inc. <br />3195 Ponce de Leon - 5th Floor <br />Coral Gables,FL 331:34 <br /> <br />Mr. Hans Ottinot <br />City Attorney <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, FL 33160 <br /> <br />Re: Land Lease (the "Lease"}between City of Sunny Isles Beach ("Lessor") <br />and H&M Gables Investors, LLC ("Lessee") of the land more <br />particularly described in Exhibit A attached hereto, consisting of <br />an approximate 1 acre site in: the City of Sunny Isles Beach, Florida <br />(the "Property") <br /> <br />Dear Mr. Ottinot: <br /> <br />We have been discussing the prospective lease of the Property. This Letter of <br />Intent sets forth a proposed l.mderstanding in principal between the Lessor andthe Lessee <br />with respect to the tern1S of the Lease and certain other matters. <br /> <br />1. Use of the Property. The Lessee shall use the Property for the constnlction, <br />development and. operation of an aquarillID and related facilities including but not <br />limited to, a restaurant, food, gift concessions, meeting rooms and party facilities <br />(the "Aquarium"). The Aquarium will be open to the public and will be used to <br />promote tourism for the City of Sunny Isles Beach. <br /> <br />2. Construction. The Lessee shall be responsible for the construction of the <br />Aquarium at its own cost and expense. <br /> <br />3. Lease Term. The term of the Lease shall be for 99 years. <br /> <br />4. Rent. <br /> <br />a) For the first four years of the Lease no rent shall be payable. <br /> <br />b) Thereafter, the Base Rent shall be $324,000 per year. Every fifth year of <br />the Lease, the Base Rent shall be adjusted by an amount based on the <br />Consumer Price Index Increase over the base year. The base year shall be <br />the fifth year of the Lease term. <br /> <br />9096504.1 <br />