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<br />No Subordination: <br /> <br />Leasehold Mortgage: <br /> <br />Real Estate Taxes/ <br />Maintenance: <br /> <br />Lease Agreement: <br /> <br />Site Plan Approval: <br /> <br />Development Fees: <br /> <br />Alamo Lease: <br /> <br />Broker Commission: <br /> <br />costs. All other related closing costs shall be borne by the respective parties <br />in a manner customary to local transfers. <br /> <br />The Lease will not be subordinated to any mortgage or other encumbrance. <br /> <br />The Lease will include customary mortgage provisions allowing Tenant to <br />obtain leasehold mortgage fmancing including, without limitation, <br />customary mortgagee protection provisions, cure rights and replacement <br />lease. <br /> <br />The Lease will require Tenant to pay real estate taxes and assessments, and <br />Tenant will be responsible to maintain the Leased Premises and the <br />improvements in good repair at its sole cost and expense. <br /> <br />The Lease will be negotiated between the Tenant and the City based upon <br />the terms and conditions set forth herein. The Lease shall contain <br />customary representations and warranties from City and Tenant as to their <br />respective authority to enter into the Lease, and such other terms and <br />conditions as are customary in real estate ground lease agreements in <br />Miami-Dade County, Florida. The Lease is subject to the approval of the <br />City Commission. The Tenant will present a preliminary schematic of the <br />site plan at the public hearing for the approval of the Lease. <br /> <br />It is Tenant's intent to submit for Site Plan Approval within 90 days but no <br />later than 120 days of the execution of the Lease. The deposit shall become <br />non-refundable thirty (30) days after Tenant has obtained Site Plan <br />Approval for the development and construction of the Project, provided no <br />appeal of the City's approval has been fIled. If an appeal is fIled, then <br />Tenant may elect to terminate the Lease and the deposit shall be returned, <br />or Tenant may elect to extend the commencement date of the Lease until all <br />litigation with respect to the appeal has been completed. <br /> <br />The City of Sunny Isles Beach agrees to waive any permit fees and costs <br />involved in the development of the Project, and to a reduction in the <br />F.A.R. bonus fees, as long as the City is not obligated to in turn pay to <br />any other governmental agencies. <br /> <br />The Lease shall be contingent upon the Seller terminating the existing <br />lease between Seller and Alamo Rent a car, at the sole expense of Seller. <br /> <br />Tenant represents that it is not represented or has dealt with any real estate <br />brokers, salesman or fmder for this transaction. Landlord represents that <br />there are no other real estate brokers, salesman or finder for this <br />transaction. By executing below, the parties agree that no Broker has been <br />involved in this transaction, and that no commissions are due or payable. <br /> <br />mThO <br />Weintraub <br />Companies <br />