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<br />The purpose of this Letter is to set forth the present mutual intent of Tenant and Seller to <br />negotiate and attempt to enter into a Lease. Neither City nor Tenant shall be legally bound to Lease <br />the Leased Premises unless and until a Lease containing terms, conditions, and provisions <br />satisfactory to both City and Tenant has been executed and delivered by both parties. The terms of <br />a fully-executed and delivered Lease shall fully supersede the terms of this Letter. During the <br />preparation and negotiation of the Lease, the parties agree to act in good faith in the negotiation of <br />said Lease. City agrees not to deal with any other third parties concerning the sale or lease of the <br />Leased Premises, or continue to market the Leased Premises for sale or lease or enter into any <br />agreements for sale or lease of the Leased Premises after the full execution of this letter. <br />Notwithstanding that either or both parties may expend substantial efforts in anticipation of entering <br />into the Lease (including the efforts and sums in anticipation of entering into the Lease), the parties <br />acknowledge that in no event will this Letter be construed as an enforceable contract to sell, <br />purchase or lease the Leased Premises and that each party accepts the risk that no such contract will <br />be executed. This letter of intent is subject to the approval of the City Commission, if the City <br />Commission rejects the Project at the conceptual stage prior to Site Plan Approval, this Lor shall be <br />null and void and all deposits and payments will be refunded. <br /> <br />If the terms and conditions set forth above are satisfactory, please execute and date this letter <br />in the space provided below and return it to Tenant on or before 5 p.m. on September 20th, 2011. <br /> <br />If you have any questions, please do not hesitate to call. We look forward to working with <br />you on this matter. <br /> <br />Sincerely, <br /> <br />ocean~c <br /> <br />fam Weintraub <br />Managing Member <br />Dale: ~! w\ \ 1 <br /> <br />Agreed and Accepted by City: <br /> <br />City of Sunny Isles Beach <br /> <br />By: <br /> <br />Authorized Signator: <br /> <br />Title: <br /> <br />Date: <br /> <br />mThO <br />Weintraub <br />Companies <br />