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18555 DEVELOPERS LLC <br /> 18001 COLLINS AVENUE, 31ST FLOOR <br /> SUNNY ISLES BEACH, FL 33160 <br /> 305-932-1000 <br /> February 14, 2013 <br /> Hans Ottinot <br /> City Attorney <br /> City of Sunny Isles Beach <br /> 18070 Collins Avenue <br /> Sunny Isles Beach, FL 33160 <br /> Re: Porsche Design Tower Miami Project- 18555 Collins Avenue("Project") <br /> Dear Mr. Ottinot: <br /> The undersigned on behalf of 18555 Developers LLC as Developer of the above referenced <br /> project is hereby requesting an extension on the payment of Project Bonuses Fees due on the Project in <br /> the amount of$3,818,880. <br /> These extensions are requested to become effective upon the issuance to the Project of the <br /> Foundation only Permit (expected date of issuance of March, 2013) through the earlier to occur of the <br /> issuance by the City of the Master Building Permit or December 1, 2013 at which time the Bonus Fee <br /> Payments shall become due and owing. We confirm that the Developer will enter into a Promissory Note <br /> in favor of the City for the applicable amounts corresponding to the Project Bonuses and that the City has <br /> assessed an interest rate of Five (5%) per annum (pro-rated) on those outstanding Fees and Payments <br /> from the issuance of the Foundation only Permit through the earlier of issuance of the Master Building <br /> Permit or December 1, 2013. This of course is subject to the approval of the City Commission. <br /> This will also reconfirm that the Project will not be availing itself of 15,000 TDR's previously <br /> allocated to the Project. Please confirm the balance on deposit with the City in any primary or sub <br /> account in favor of the Developer and Project. <br /> Please confirm and advise upon approval by the City and we can formalize. <br /> Thank you for your consideration in this matter. <br /> Cori #111 y, <br /> "' arren tamm <br /> For the Co pany <br /> WJS:jw <br /> Cc: Gil Dezer <br /> Andrew Richards <br /> Christopher Russo, City Manager <br /> Minal Shah, Finance Director <br /> E\HIBI'F "A" <br />