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January 2-8 , 2022 <br />Via Regular U.S. Mail <br />Via E-mail: skassnfbdev.com <br />BEACH CLUB ACQUISITION, LLC <br />Attention: Sheryl Kass <br />19950 West Country Club Dive, 10'i' Floor <br />Aventura, Florida 33180 <br />Re: Letter Agreement between City of Sunny Isles Beach ("City") and Beach Club <br />Acquisition, LLC ("Beach Club") (collectively, the "Parties") related to the termination of <br />the Triple Net Leaseback Agreement dated July 29, 2016 ("Lease") for the property located <br />at 215 185 Street, Sunny Isles Beach, F133160 ("Property") <br />Dear Ms. Kass: <br />This letter agreement between the City and Beach Club ("Agreement"), will confirm that <br />pursuant to Section 1 of the Lease, the Parties mutually agree to terminate the Lease effective <br />January 31, 2022 ("Termination Date"), subject to the following terms and conditions: <br />1. Beach Club shall vacate the property and surrender the keys to the City on or before the <br />Termination Date. <br />2. Notwithstanding anything to the contrary in the Lease or Resolution 2014-2230, in <br />consideration of Beach Club's payment of $155,610.00 to the City, Beach Club shall surrender, <br />and Landlord shall accept the surrender, of the Property in "as is" condition, inclusive of the <br />sales center currently constructed on the Property. <br />3. In addition to the sum set forth in Paragraph 1, Beach Club shall pay to the City <br />$150,000.00, which amount represents past due rent due to the City for the period <br />commencing August 1, 2019, and ending January 31, 2022, pursuant to the Second <br />Amendment to the Lease dated September 9, 2019. <br />4. Beach Club shall pay the sums set forth in Paragraphs 1 and 2 above on or before March 15, <br />2022. This Agreement shall constitute the entire agreement between the parties with respect <br />to the subject matter hereof, and it shall supersede all previous and contemporaneous oral and <br />written negotiations, commitments, agreements, and understandings relating hereto. <br />5. Any modification of this Agreement shall be effective only if in writing and signed by the <br />Parties to this Agreement. <br />6. This Agreement shall be effective upon execution by all of the parties hereto, and subject to <br />the approval of the City Commission. <br />Please sign and date your signature below to confirm your agreement with the above terms <br />and conditions. <br />1 <br />