Reso 2011-1750 - Laserfiche WebLink

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Payments and Closing: The sum of Three Million and 00/1 00 Dollars ($3,000,000.00) will be paid as follows: Including the earnest money deposit of Two Hundred Thousand, an additional Eight Hundred Thousand will paid to bring the total to One Million and 00/1 00 Dollars ($1,000,000) and shall be paid as a non-refundable payment within Thirty (30) days after the Site Plan Approval mentioned below has been granted, provided no appeal of the City's approval has been filed. Closing shall occur Thirty (30) days after receipt of the building permits or no later than Twelve (12) months after Site Plan Approval at which point an additional non refundable payment of Five Hundred Thousand and 00/100 Dollars ($500,000) shall be made. The remaining One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000) shall be paid within 30 days of the receipt of the Certificate of Use and Occupancy (or Temporary Certificate of Occupancy) or Thirty Six (36) months from the date of Site Plan Approval, whichever occurs first. The remaining Four Million Five Hundred Thousand and 00/1 00 Dollars ($4,500,000.00) shall be paid annually over a Twenty Five (25) year period with payments of principal and interest at the annual rate of Five and One Half Percent (5.5%) beginning two years after obtaining the Certificate of Occupancy (or Temporary Certificate of Occupancy), or Sixty (60) Months from receipt of Site Plan Approval, whichever occurs first. The City of Sunny Isles Beach shall hold a promissory note and a first mortgage encumbering the property securing the note. Anytime after Five (5) years from the date of closing, the Mortgagor shall have the option to payoff the balance then due on the note. Purchase Agreement: A purchase agreement for the purchase of the property will be negotiated between the Buyer and Seller using the Seller's contract as a base, and based upon the terms and conditions set forth herein. The Purchase Agreement shall contain customary representations and warranties from Seller and Buyer as to their respective authority to enter into the Purchase Agreement, and such other terms and conditions as are customary in real estate purchase agreements in Miami-Dade County, Florida. The purchase agreement is subject to the approval of the City Commission. The Buyer will present a preliminary schematic of the site plan at the public hearing for the approval of the Purchase Agreement. Site Plan Approval: It is Buyer's intent to submit for Site Plan Approval within 90 days but no later than 120 days of the execution of the Purchase Agreement. The deposit shall become non-refundable thirty (30) days after Buyer has obtained site plan approval for the development and construction of an office-retail building containing approximately One Hundred and mThO Weintraub Companies