Reso 2014-2198 - Laserfiche WebLink

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FIRST AMENDMENT TO SUBLEASE AGREEMENT THIS FIRST AMENDMENT TO SUBLEASE AGREEMENT, dated October 25, 2013 (the "Sublease "), which was made and entered into by and among CITY OF SUNNY ISLES BEACH, FLORIDA, a municipal corporation of the State of Florida ( "Landlord "), AMERICAN FEDERATED TITLE CORP., as trustee under Florida Land Trust 43258 ( "Sublessor "), and BEACH BAR @ NEWPORT PIER, LLC, a Florida limited liability company ( "Subtenant "), shall read as follows: 1. Section 2 of the Sublease shall be amended to require that the Sublease Premises be operated by Subtenant as a restaurant similar in operation and quality to the "Dive Bar" restaurant owned by an affiliate of Subtenant, in Jupiter, Florida, and with a similar menu to such restaurant to be known as Beach Bar @ Newport Pier. The menu attached as Exhibit "A" to the Sublease is hereby replaced by the menu attached hereto as Exhibit "A ". 2. The last sentence of Section 4.1 of the Sublease is deleted in its entirety and replaced by the following: Notwithstanding the foregoing, the parties hereto agree and acknowledge that the Base Rent will be abated until three (3) months from the date the appropriate governmental agency issues a temporary certificate of occupancy or certificate of occupancy on the Sublease Premises, but in no event shall such date be later than April 1, 2014 (the "Rent Commencement Date "). 3. The first sentence of Section 4.2 of the Sublease is hereby deleted in its entirety and replaced by the following: Simultaneously with and in addition to the payment of Base Rent, Subtenant shall pay to Sublessor for each year of the Sublease Tenn, as percentage rent (the "Percentage Rent "), an amount equal to the product of (i) the applicable percentage as set forth on Exhibit "B" hereto and (ii) the applicable Gross Sales, as hereinafter defined, resulting from business conducted by Subtenant (or any of its concessionaires, if applicable) in, on or from the Prime Lease Premises for the applicable year, as set forth in Exhibit B. 4. Section 4.5 of the Sublease shall be amended to provide that Subtenant may grant a third party a contractual lien and security interest on all property and insurance proceeds identified in Section 4.5, subordinate only to Landlord's first lien and security interest on such property. Sublessor shall be permitted to file a UCC financing statement, provided however, such financing statement shall be subordinate to Landlord's UCC financing statement. 5. The first sentence of Section 6 of the Sublease is hereby deleted in its entirety and replaced by the following: Page l of 6