Reso 2018-2882 - Laserfiche WebLink

Home Browse Search

PROMISSORY NOTE FOR SOUTH TOWER October /` 2018 • FOR VALUE RECEIVED, A3 DEVELOPMENT, LLC, a Florida limited liability corporation ("Maker"), with its principal address at 17780 Collins Avenue, 2"d Floor, Sunny Isles Beach, Florida 33160, unconditionally promises to pay to the order of City of Sunny Isles Beach ("Payee"), a Florida municipal corporation located at 18070 Collins Avenue, Sunny Isles, Beach, FL 33160, the principal amount of Eleven Million Sixty Five Thousand Two Hundred Seventy One Dollars and Ninety Four Cents ($11,065,271.94) (the "Indebtedness"), together with interest on the unpaid principal balance from time to time outstanding under this Promissory Note ("Note"), at the rate of Prime plus a half percent (0.5) per annum. Interest shall be computed for the actual number of days which have elapsed, on the basis of a 360-day year. The Indebtedness together with all accrued and unpaid interest hereunder shall be due and payable no later than nine (9) months from the date of issuance of a Temporary Certificate of Occupancy ("TCO") or Certificate of Occupancy ("CO") for any unit or area within the South Tower of the project commonly known as Estates of Acqualina, which was approved under Resolution Nos. 18-Z-165, 15-Z- 153, 14-Z-144 ("South Tower Maturity Date"). Interest under this Note shall begin to accrue upon the issuance of the below grade or master building for the South Tower. Maker shall pay quarterly interest payments for the Indebtedness to the Payee. In the event that condominium units within the South Tower are sold and title is transferred to a buyer prior to the South Tower Maturity Date, Maker shall pay quarterly principal payments to Payee in the amount of Seventy Eight Thousand Five Hundred Twenty Seven Dollars and No/100ths ($78,527.00) ("Unit Charge") per unit based on the actual closing of each unit. Maker shall provide the Payee with monthly reports to confirm the number of units that are sold within the South Tower. The Unit Charge set forth herein shall be reflected as a Settlement Charge paid by Maker in the Closing Statement of each unit. All payments made on this Note shall be applied by Payee to the reduction of the indebtness. The Indebtedness and accrued and unpaid interest thereon shall be due and payable on the Maturity Date. If any payment of interest or principal payment is not received by the Payee within five (5) days after its due date, Maker shall pay Payee a late charge equal to five percent (5.00%) of the overdue payment. If interest or principal payment is not received by the Payee within thirty (30) days from Payee's written notice to Maker that any such payment of interest or principal payment is due and payable, the entire balance of principal payment and accrued interest shall be due to Payee. If this Note is not paid promptly on the Maturity Date in accordance with its terms and is placed in the hands of an attorney for collection, Maker agrees to pay all reasonable attorney's fees and the costs and expenses of collection of this Note incurred by Payee. Promissory Note—A3 Development, LLC 295