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<br />~The <br />Weintraub <br />Companies <br /> <br />July 15th, 2011 <br /> <br />Mr. Alan J. Cohen <br />City Manager <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />RE: Letter of Intent to purchase the property located at 18080 Collins Avenue, Sunny Isles <br />Beach, Florida 33160. <br /> <br />Dear Mr. Cohen: <br /> <br />This letter of intent sets forth the general terms and conditions under which Global Real <br />Holdings, LLC and Weintraub Investments, LLC ("Buyer"), would be prepared to purchase the <br />real property located at 18080 Collins Avenue, Sunny Isles, Florida from The City of Sunny Isles <br />Beach ("Seller") as more particularly described in the legal description to be provided by the <br />City (the "Property"). Buyer shall form a new entity to take title to the Property. The intent of <br />the project to be developed on the Property is to create a first class executive and professional <br />condominium office building that will complement the high end residential buildings of the <br />Sunny Isles Beach skyline that will be architecturally harmonious with its surrounding <br />architecture as well as environmentally friendly <br /> <br />Purchase Price: <br /> <br />The purchase price shall be Seven Million Five Hundred Thousand and <br />00/100 Dollars ($7,500,000.00) for the Property as set forth herein <br />("Purchase Price") and payable as further described herein. <br /> <br />Deposit: <br /> <br />Within Fifteen (15) business days of the full execution and delivery of <br />this LOI, Buyer shall place One Hundred Thousand and 00/1 00 <br />($100,000.00) in escrow as an earnest money deposit. Upon full <br />execution by both parties of the Purchase Agreement, Buyer will deliver <br />additional funds to bring the earnest money deposit to Two Hundred <br />Thousand and 00/1 00 Dollars ($200,000.00) (the "Deposit") to be held in <br />escrow by the firm of Harold Rifas, P.A. via Chicago Title ("Escrow <br />Agent"). Said deposit shall become nomefundable after Site Plan <br />Approval mentioned below, provided no appeal of the City's approval <br />has been filed. <br /> <br />20900 NE 30th Avenue, Suite 318, Aventura, FL 33180 Tel. 305-557-9398 Fax 305-466-0135 <br />