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<br />Twenty Thousand (120,000) square feet of sellable Class A office space <br />(the "Project"), provided no appeal of the City's approval has been filed. <br /> <br />Development Fees: The City of Sunny Isles Beach agrees to waive any permit fees and <br />costs involved in the development of the Project, and to a reduction in <br />the F.A.R. bonus fees, as long as the City is not obligated to in turn pay <br />to any other governmental agencies. <br /> <br />Alamo Lease: The closing of the Purchase Agreement shall be contingent upon the <br />Seller terminating the existing lease between Seller and Alamo Rent a <br />car, at the sole expense of Seller. <br /> <br />Closing/Closing Costs: Closing shall take place once the project has obtained its Certificate of <br />Occupancy, or Thirty Six (36) months from Site Plan Approval, <br />whichever occurs first. Seller will bear its specific costs associated <br />with the transaction including its own legal costs. Seller shall pay for <br />the documentary stamps on the deed of conveyance, surtax, title <br />evidence, costs of recording corrective instruments and Seller's <br />attorneys' fee and costs. Real estate taxes and operating costs shall be <br />prorated through the date of closing. Buyer will bear its due diligence <br />costs, title premium, costs of recording of the deed and its own legal <br />fees and costs. All other related closing costs shall be borne by the <br />respective parties in a manner customary to local transfers. <br /> <br />Broker Commission: Purchaser represents that it is not represented or has dealt with any real <br />estate brokers, salesman or fmder for this transaction. Seller represents <br />that there are no other real estate brokers, salesman or finder for this <br />transaction. By executing below, the parties agree that no Broker has <br />been involved in this transaction, and that no commissions are due or <br />payable. <br /> <br />The purpose of this Letter is to set forth the present mutual intent of Buyer and Seller to <br />negotiate and attempt to enter into a Purchase Agreement. Neither Buyer nor Seller shall be <br />legally bound to purchase or sell the Property unless and until a Purchase Agreement containing <br />terms, conditions, and provisions satisfactory to both Buyer and Seller has been executed and <br />delivered by both parties. The terms of a fully-executed and delivered Purchase Agreement shall <br />fully supersede the terms of this Letter. During the preparation and negotiation of the Purchase <br />Agreement, the Parties agree to act in good faith in the negotiation of said Purchase Agreement. <br />Seller agrees not to deal with any other third parties concerning the sale of the Property, or <br />continue to market the Property for sale or enter into any agreements for sale of the Property <br />after the full execution of this letter. Notwithstanding that either or both parties may expend <br />substantial efforts in anticipation of entering into a Purchase Agreement (including the efforts <br />and sums in anticipation of entering into a Purchase Agreement), the parties acknowledge that in <br />no event will this Letter be construed as an enforceable contract to sell or purchase the Property <br /> <br />~The <br />Weintraub <br />Companies <br />