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<br />Sun Trust Bank, South Florida <br />Mail Code FL-Miami-1042 <br />777 Brickell Avenue, 4h Floor <br />Miami, FL 33131 <br />Tel 305-579-7014 <br />Fax 305-579-7133 <br /> <br />Delle Joseph <br />First Vice President <br /> <br />SUNTRUST <br /> <br />February 23, 2010 <br /> <br />Mr. Doug Haag <br />Assistant City Manager <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Fl 33160 <br /> <br />Re: Proposal to City of Sunny Isles Beach- Up to $15,000,000 Tax Exempt Loan. <br /> <br />Dear Doug: <br /> <br />SunTrust Banks, Inc. is pleased to present this proposal to the City of Sunny Isles Beach <br />("Borrower", "City") for a Tax Exempt Term loan (the "Loan") in the amount of up to Fifteen <br />Million dollars ($15,000,000). <br /> <br />Sun Trust appreciates the opportunity to provide the City of Sunny Isles Beach with this Term <br />Loan proposal and views this as part of our genuine interest to work with and support the City of <br />Sunny Isles Beach. <br /> <br />Although the following provisions, terms and conditions are intended to be comprehensive, they <br />are not necessarily inclusive of all the anticipated terms that will be applicable to the credit. All of <br />such terms will be set forth in the final, definitive loan documents, and all such terms must be <br />acceptable to the Bank and its counsel. <br /> <br />Borrower: <br /> <br />City of Sunny Isles Beach, Florida <br /> <br />Amount: <br /> <br />Up to $15,000,000 <br /> <br />Maturity: <br /> <br />Fifteen (15) years from the closing date. <br /> <br />Purpose: <br /> <br />The Loan will be used to develop existing property owned by the City of <br />Sunny Isles Beach on Collins Avenue and Sunny Isles Boulevard into parks <br />in accordance with the City's Comprehensive Plan. <br /> <br />Terms: <br /> <br />Principal and Interest payments will be due on a quarterly basis starting <br />October 1, 2010 and every January 1 st, April 1 s" and July 1 st thereafter. Any <br />remaining principal and any accrued interest due at maturity. <br />