Reso 2014-2276 - Laserfiche WebLink

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• The remaining amount of Two Million Eight Hundred Thousand Seven Hundred Seventy Dollars ($2,800,770.00) shall be due and payable on an installment basis within eighteen (18) months from the date of Closing; • The purchaser shall execute a Promissory Note to make the installment payments of Two Million Eight Hundred Thousand Seven Hundred Seventy Dollars ($2,800,770.00), together with interest from the date of Closing at the rate of five percent (5 %) per annum; • The following payment schedule shall be reflected in the Promissory Note: (i) the first payment of $700,770.00 shall be paid to City within five (5) months of Closing; (ii) the second payment of $700,000.00 shall be paid to City within nine (9) months of Closing; (iii) the third payment of $700,000.00 shall be paid to City within fourteen (14) months of Closing; and (iv) the final payment of $700,000.00 shall be paid to City within eighteen (18) months of Closing; • The purchaser shall execute a First Mortgage in favor of the City which will secure purchaser's payment of the Promissory Note; • The City shall reserve the right to use the western boat slip on the Property for public purposes, including but not limited to a boat taxi. If City or its agents fail to operate a boat taxi within five (5) years from the date of Closing, the reservation of right shall be null and void; and • The Purchaser shall provide the City with a seven (7) foot pedestrian baywalk easement similar to the easements provided by property owners with properties located on the south side of Sunny Isles Boulevard. The City and the Purchaser shall enter into a Permanent Easement Agreement to facilitate the operation of a boat taxi on the western portion of the property and the baywalk easement.