Reso 2011-1749 - Laserfiche WebLink

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GROUND LEASE AND DEVELOPMENT AGREEMENT This Ground Lease and Development Agreement (the "Lease") is made as of this ~ay of (..)UA-'( ,2011, by and between the CITY OF SUNNY ISLES BEACH, FLORIDA, a Florida municipal corporation ("Landlord" or "City"), whose address is 18070 Collins Avenue, Sunny Isles Beach, Florida 33160, and 4M INVESTORS, LLC, a Florida Limited Liability Company ("Tenant" and collectively with Landlord, the 'Parties" or individually, a "Party"), whose address is 3211 Ponce De Leon Blvd., Suite 301, Coral Gables, FL 33134. WIT N E SSE T H: WHEREAS, the City is the fee simple title holder of that certain real property located in Sunny Isles Beach, Miami-Dade County, Florida, which is legally described in Exhibit "A" attached hereto (the "Premises"), comprised of approximately 60,000 square feet of vacant land; and WHEREAS, Tenant desires to lease the Premises from Landlord, and Landlord desires to lease the Premises to Tenant, on the terms and conditions set forth in this Lease; and WHEREAS, the Landlord intends to build a park and parking garage ("Landlord's Parking Garage") on real property owned by Landlord which is legally described in Exhibit "B", and said property is located adjacent to the Premises. The property described in Exhibit "B" is hereinafter defined as Landlord's Property. NOW, THEREFORE, in consideration of the mutual promises and agreements set forth below, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Landlord and Tenant agree that the foregoing recitals are true and correct and further agree as follows: ARTICLE I Premises/ Term Section 1. Premises/Term. Landlord, in consideration of the rents and covenants hereinafter specified to be paid, kept and performed by Tenant, hereby demises and leases to Tenant, and Tenant hereby takes and hires from Landlord, the Premises previously identified in Exhibit "A" which is attached hereto and incorporated herein upon the terms, conditions and covenants hereinafter set forth for (i) an initial term of thirty (30) years ('Original Term") commencing on the date of issuance of a temporary Certificate of Occupancy or Certificate of Occupancy, whichever is earlier, for use of Tenant's Project as described in Exhibit "c" hereof and expiring thirty (30) years from the date of issuance of the temporary Certificate of Occupancy or Certificate of Occupancy, as the case may be. Landlord and Tenant agree that the Lease is being granted by Landlord on the condition that Tenant construct the Improvements on the Premises and sublease the Premises to at least one (1) Acceptable Vendor, as hereinafter defined, for purposes of operating a high-end restaurant facility on the Premises. 2 1