Zoning Resolution 22-Z-189 - Laserfiche WebLink

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PROMISSORY NOTE FOR NORTH TOWER February _2022 FOR VALUE RECEIVED, LA PLAYA BEACH ASSOCIATES, LLC, a Florida limited liability corporation ("Maker"), with its principal address at 1300 Brickell Avenue, Miami, Florida, 33131, 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 Thirteen Million Five Hundred Sixty -Seven Thousand Four Hundred Nineteen Dollars ($13,567,419.00) (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. On the date of issuance of the below grade or master building permit for the North Tower for the project commonly known as La Playa, the Maker shall pay to the Payee ten percent (10%) of the Indebtedness, which amount is One Million Three Hundred Fifty -Six Thousand Seven Hundred Forty -Two Dollars ($1,356,742.00) ("Deposit"). The balance of the Indebtedness, together with all accrued and unpaid interest hereunder shall be due and payable no later than Seventy -Two (72) months from the date of issuance of the below grade or master building permit for the South Tower of the project commonly known as La Playa, which was approved under Resolution Nos. 22 -Z -XX, 16-Z-158, 15-Z-156 ("North Tower Maturity Date"). Interest under this Note shall begin to accrue upon the issuance of a below grade or master building permit for the North Tower or no later than Twenty -Four (24) months from the date issuance of the below grade or master building permit for the South Tower, whichever comes first. The Maker shall be required to make quarterly interest payments to the Payee thereafter. Maker shall obtain the master building permit for the North Tower no later than Twenty -Four (24) months from the date of issuance of the below grade or master building permit for the South Tower. If Maker fails to obtain the master building permit for the North Tower as set forth herein, interest on the balance of the Indebtedness shall begin to accrue until the principal amount is paid from the date of Twenty -Four (24) months from the issuance of the below grade or master building permit for the South Tower at a rate of Prime plus one percent (1%) per annum. The Indebtedness and accrued and unpaid interest thereon shall be due and payable on the North Tower 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 North Tower 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 Promissory Note — La Playa Associates, LLC 106