Zoning Resolution 22-Z-189 - Laserfiche WebLink

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PROMISSORY NOTE FOR SOUTH 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 Twenty Million Three Hundred Fifty -One Thousand One Hundred Twenty -Eight Dollars ($20,351,128.00) (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 South 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 Two Million Thirty -Five Thousand One Hundred Thirteen Dollars ($2,035,113.00) ("Deposit"). The Indebtedness, less the Deposit, together with all accrued and unpaid interest hereunder shall be due and payable no later than the date of issuance of a Temporary Certificate of Occupancy ("TCO") 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 ("South Tower Maturity Date"). Interest under this Note shall begin to accrue upon the issuance of the below grade or master building permit for the South Tower. Thereafter, Maker shall pay quarterly interest payments for the balance of the Indebtedness to the Payee until this Note is paid in full. 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. Maker covenants and agrees that time is of the essence for payments due under this Note. All agreements between Maker and Payee, whether now existing or subsequently arising and whether written or oral, are expressly limited so that, in no contingency whatsoever, whether by reason of acceleration of the maturity of this Note or otherwise, shall the amount paid or agreed to be paid to Payee pursuant to the terms of this Note or otherwise or for the payment or performance of any covenant or obligation contained in this Note or in any other document evidencing, securing or pertaining to the indebtedness evidenced by this Note exceed the maximum amount permissible under applicable law. If, from any circumstance Promissory Note — La Playa Associates, LLC 109