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<br />~The <br />Weintraub <br />Companies <br /> <br />September 12, 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 Lease the property located at 18080 Collins Avenue, Sunny Isles Beach, <br />Florida 33160. <br /> <br />Dear Mr. Cohen: <br /> <br />This letter of intent sets forth the general terms and conditions under which Ocean Corporate <br />Center, LLC ("Tenant"), would be prepared to enter into a long term ground lease for the real <br />property located at 18080 Collins Avenue, Sunny Isles Florida (the "Leased Premises"), from The <br />City of Sunny Isles Beach ("City") as more particularly described in the legal description to be <br />provided by the City. The intent of the project to be developed on the Leased Premises is to create a <br />first class executive and professional condominium office building that will complement the high <br />end residential buildings of the Sunny Isles Beach skyline that will be architecturally harmonious <br />with its surrounding architecture as well as environmentally friendly. <br /> <br />Leased Premises <br />and Improvements: <br /> <br />The City will own fee simple title to the Leased Premises subject to Tenant's <br />option to purchase the Leased Premises as provided below. Until expiration <br />of the Term, without Tenant's prior exercise of its option to purchase the <br />Leased Premises, or a default under the Lease not cured within applicable <br />cure periods, title to the improvements constructed by Tenant shall be in <br />Tenant. <br /> <br />Rent: <br /> <br />Total rent during the term of the Lease will be an amount equal to <br />$7,500,000, plus an amount equal to 5.5% interest on the $4,500,000 rent <br />installment payments provided for in Section 2(f) below, payable as follows: <br /> <br />(a) The Tenant would make a $100,000 initial deposit into escrow to be <br />held in escrow by the firm of Harold Rifas, P.A., via Chicago Title <br />Insurance Company ("Escrow Agent") upon full execution and delivery of <br />this Letter of Intent. Upon full execution of the Ground Lease ("Lease"), <br />Tenant will deliver an additional $100,000 to Escrow Agent for a total <br />deposit ("Deposit") of $200,000. The Deposit will be held by Escrow Agent <br /> <br />20900 NE 30th Avenue, Suite 318, Aventura, FL 33180 Tel. 305-557-9398 Fax 305-466-0135 <br />