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<br />Preview <br /> <br />Page 3 of 4 <br /> <br />obligations. <br /> <br />12. Developer shall also obtain the necessary insurance coverage and indemnify the City <br />for any actions taken in connection with the work. <br /> <br />13. Developer shall provide warranties for its work and correct any defective work upon <br />demand by the City. <br /> <br />14. There is no early completion bonus and Developer shall be required to pay liquidated <br />damages penalties in the amount of $2,000.00 <br />(two thousand dollars) per day for each day the work is delayed beyond the contract <br />deadlines. <br /> <br />Ground Lease and Develoument Agreement: The City of Sunny Isles Beach (the <br />"City") is the fee simple title holder of the property located at 151 Sunny Isles Boulevard. <br />The City and Developer desire to enter into a Ground Lease and Development <br />Agreement to develop the Project. The salient provisions of the Ground Lease and <br />Development Agreement are as follows: <br /> <br />I. The initial term shall be thirty (30) years with two (2) thirty (30) years options to <br />renew plus a third option for nine (9) years, for a total potential lease term of ninety nine <br />(99) years. <br /> <br />2. Developer shall be required to develop, manage, and operate at its sole expense a high- <br />end restaurant on the leased premises. <br /> <br />3. Commencing upon the payment of rent by the high-end restaurant operators, <br />Developer shall pay the City annual rent in the amount of 30% of the annual gross rent <br />from rent paid by subtenants. No annual rent is due if the premises are not leased. Gross <br />rent will be based on comparable market rates. Developer may deduct real estate property <br />taxes from Gross Rent. The Developer shall be responsible for payment of real estate <br />taxes at the time of issuance of Temporary Certificate of Occupancy or Certificate of <br />Occupancy issued for Tenant's Improvements. The City shall have the right to audit the <br />Developers books and records. <br /> <br />4. Within 180 days after finding an Acceptable Vendor, Developer shall at its sole <br />expense submit plans to the City for the construction of the restaurant area. The City has <br />the right to approve the Acceptable Vendor. <br /> <br />5. Developer shall commence construction of the restaurant area within 90 days from <br />issuing of Building Permit. <br /> <br />6. Developer and the City shall enter into a joint agreement with respect to the parking. <br />The parking garage will be under the day to day control of the City and the City will be <br />entitled to all revenue from the use of the parking garage. <br /> <br />7. Developer shall be responsible for locating and securing a vendor, acceptable to the <br />City, to occupy the high- end restaurant within six months from the date the Ground <br />Lease is approved by the City Commission. <br /> <br />http://sibagenda.sibfl.net/agenda/Preview.aspx?ItemID=551 &MeetingID=O&MeetingDate... 7/15/20 II <br />